# EDGAR Filing Document

**Accession Number:** 0000806633
**File Stem:** 0001752724-25-195284
**Filing Date:** 2025-8
**Character Count:** 197124
**Document Hash:** 364a73ffe22f3942016d0dbe51541fa4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-195284.hdr.sgml**: 20250820

**ACCESSION NUMBER**: 0001752724-25-195284

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250820

**DATE AS OF CHANGE**: 20250820

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04920
- **FILM NUMBER:** 251236641

**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 Ultra Growth Fund (Series ID: S000000879)

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

## Nport-Ex

---

| | |
|:---|:---|
| **WASATCH CORE GROWTH FUND (WGROX / WIGRX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 99.7%** |  |
|  | **Aerospace & Defense 2.0%** |  |
| 1038733 | Loar Holdings, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;89507623 |
|  | **Application Software 11.7%** |  |
| 8109423 | CCC Intelligent Solutions Holdings, Inc.\* | 76309670 |
| 2653996 | Clearwater Analytics Holdings, Inc., Class A\* | 58202132 |
| 356808 | Guidewire Software, Inc.\* | 84010444 |
| 1683616 | nCino, Inc.\* | 47090739 |
| 2020795 | Procore Technologies, Inc.\* | 138262794 |
| 753057 | Q2 Holdings, Inc.\* | 70478605 |
| 1424918 | Vertex, Inc., Class A\* | 50349478 |
|  |  | 524703862 |
|  | **Asset Management & Custody Banks 3.0%** |  |
| 812767 | Cohen & Steers, Inc. | 61241994 |
| 515103 | Hamilton Lane, Inc., Class A | 73206438 |
|  |  | 134448432 |
|  | **Automotive Parts & Equipment 2.6%** |  |
| 750242 | Modine Manufacturing Co.\* | 73898837 |
| 1167203 | XPEL, Inc.\* | 41902588 |
|  |  | 115801425 |
|  | **Automotive Retail 2.1%** |  |
| 2532556 | Valvoline, Inc.\* | 95907896 |
|  | **Broadline Retail 4.2%** |  |
| 1208273 | Global-e Online Ltd.\* | 40525476 |
| 1125434 | Ollie's Bargain Outlet Holdings, Inc.\* | 148309693 |
|  |  | 188835169 |
|  | **Building Products 6.0%** |  |
| 599348 | AAON, Inc. | 44201915 |
| 319160 | CSW Industrials, Inc. | 91544663 |
| 1480016 | Trex Co., Inc.\* | 80483270 |
| 522441 | UFP Industries, Inc. | 51909738 |
|  |  | 268139586 |
|  | **Cargo Ground Transportation 1.7%** |  |
| 270634 | Saia, Inc.\* | 74151010 |
|  | **Distributors 1.6%** |  |
| 240389 | Pool Corp. | 70068586 |
|  | **Diversified Support Services 1.0%** |  |
| 2673841 | ACV Auctions, Inc., Class A\* | 43369701 |
|  | **Electronic Equipment & Instruments 1.8%** |  |
| 619477 | Novanta, Inc.\* | 79869170 |
|  | **Electronic Manufacturing Services 3.4%** |  |
| 516249 | Fabrinet\* | 152128255 |
|  | **Environmental & Facilities Services 4.3%** |  |
| 1653606 | Casella Waste Systems, Inc., Class A\* | 190793060 |
|  | **Financial Exchanges & Data 2.6%** |  |
| 367974 | Morningstar, Inc. | 115518078 |
|  | **Health Care Equipment 1.3%** |  |
| 442535 | Inspire Medical Systems, Inc.\* | 57427767 |

---

------

---

| | |
|:---|:---|
| **WASATCH CORE GROWTH FUND (WGROX / WIGRX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Health Care Facilities 3.0%** |  |
| 865963 | Ensign Group, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;133583452 |
|  | **Health Care Technology 1.5%** |  |
| 5686332 | Certara, Inc.\* | 66530084 |
|  | **Home Furnishing Retail 1.0%** |  |
| 5017457 | Arhaus, Inc.\* <sup>‡</sup><sup>‡</sup> | 43501352 |
|  | **Home Improvement Retail 1.3%** |  |
| 783496 | Floor & Decor Holdings, Inc., Class A\* | 59514356 |
|  | **Human Resource & Employment Services 1.9%** |  |
| 477575 | Paylocity Holding Corp.\* | 86531814 |
|  | **Industrial Machinery & Supplies & Components 7.8%** |  |
| 480808 | Enpro, Inc. | 92098772 |
| 343457 | Kadant, Inc. | 109030425 |
| 379038 | RBC Bearings, Inc.\* | 145853822 |
|  |  | 346983019 |
|  | **Insurance Brokers 1.5%** |  |
| 654421 | Goosehead Insurance, Inc., Class A | 69047960 |
|  | **Investment Banking & Brokerage 1.6%** |  |
| 1146395 | Moelis & Co., Class A | 71443336 |
|  | **IT Consulting & Other Services 0.9%** |  |
| 433415 | Globant SA\* | 39371419 |
|  | **Life Sciences Tools & Services 1.5%** |  |
| 220452 | Medpace Holdings, Inc.\* | 69191065 |
|  | **Managed Health Care 3.8%** |  |
| 1609216 | HealthEquity, Inc.\* | 168581468 |
|  | **Other Specialty Retail 1.1%** |  |
| 385470 | Five Below, Inc.\* | 50565955 |
|  | **Packaged Foods & Meats 1.2%** |  |
| 777684 | Freshpet, Inc.\* | 52851405 |
|  | **Personal Care Products 1.7%** |  |
| 1343784 | BellRing Brands, Inc.\* | 77845407 |
|  | **Property & Casualty Insurance 1.1%** |  |
| 671643 | RLI Corp. | 48506057 |
|  | **Regional Banks 3.7%** |  |
| 1592532 | Bank OZK | 74944556 |
| 821539 | Pinnacle Financial Partners, Inc. | 90706121 |
|  |  | 165650677 |
|  | **Research & Consulting Services 1.6%** |  |
| 827555 | ICF International, Inc. | 70102184 |
|  | **Restaurants 1.5%** |  |
| 193998 | Wingstop, Inc. | 65326886 |
|  | **Self-Storage REITs 1.2%** |  |
| 1700303 | National Storage Affiliates Trust | 54392693 |
|  | **Semiconductor Materials & Equipment 4.5%** |  |
| 724045 | Camtek Ltd.\* | 61225245 |
| 512856 | Nova Ltd.\* | 141137971 |
|  |  | 202363216 |

---

------

---

| | |
|:---|:---|
| **WASATCH CORE GROWTH FUND (WGROX / WIGRX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Specialty Chemicals 1.3%** |  |
| 369906 | Balchem Corp. | $58889035 |
|  | **Trading Companies & Distributors 1.8%** |  |
| 678451 | SiteOne Landscape Supply, Inc.\* | 82051864 |
|  | **Transaction & Payment Processing Services 3.9%** |  |
| 1736892 | Shift4 Payments, Inc., Class A\* | 172143366 |
|  | **Total Common Stocks <br>(cost $3,479,569,676)** | **4455637690** |
|  | **Total Investments <br>(cost $3,479,569,676) 99.7%** | **4455637690** |
|  | **Other Assets less Liabilities 0.3%** | **11607832** |
|  | **NET ASSETS 100.0%** | $**4467245522** |
|  | \*Non-income producing.<br><sup>‡</sup><sup>‡</sup>Affiliated company (see Note 6).<br>REIT Real Estate Investment Trust.<br>See Notes to Schedules of Investments. |  |

---

At June 30, 2025, the Wasatch Core Growth Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Israel | 5.5 |
|  United States | 94.5 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH EMERGING INDIA FUND (WAINX / WIINX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 101.0%** |  |
|  | **Apparel Retail 3.6%** |  |
| 304276 | Trent Ltd. | $22058905 |
|  | **Asset Management & Custody Banks 5.1%** |  |
| 987769 | Kfin Technologies Ltd. | 15535431 |
| 507883 | Prudent Corporate Advisory Services Ltd. | 16044270 |
|  |  | 31579701 |
|  | **Building Products 3.2%** |  |
| 965922 | Astral Ltd. | 16974472 |
| 272454 | KRN Heat Exchanger & Refrigeration Ltd.\* | 2698558 |
|  |  | 19673030 |
|  | **Commodity Chemicals 1.1%** |  |
| 31611 | Solar Industries India Ltd. | 6487626 |
|  | **Computer & Electronics Retail 2.1%** |  |
| 2995412 | Aditya Vision Ltd. | 13013263 |
|  | **Construction Machinery & Heavy Transportation Equipment 1.0%** |  |
| 442280 | Action Construction Equipment Ltd. | 6289011 |
|  | **Consumer Finance 25.8%** |  |
| 5680780 | Bajaj Finance Ltd. | 62041801 |
| 2922947 | Cholamandalam Investment & Finance Co. Ltd. | 55532413 |
| 4617830 | Five-Star Business Finance Ltd.\* | 41594513 |
|  |  | 159168727 |
|  | **Diversified Banks 9.2%** |  |
| 1245334 | HDFC Bank Ltd. | 29072892 |
| 1110193 | Kotak Mahindra Bank Ltd. | 28009108 |
|  |  | 57082000 |
|  | **Diversified Support Services 4.1%** |  |
| 4284721 | CMS Info Systems Ltd. | 25006564 |
|  | **Electrical Components & Equipment 1.9%** |  |
| 150016 | Polycab India Ltd. | 11462490 |
|  | **Food Retail 1.1%** |  |
| 127822 | Avenue Supermarts Ltd.\* | 6519933 |
|  | **Health Care Facilities 9.9%** |  |
| 3641787 | Max Healthcare Institute Ltd. | 54185170 |
| 379956 | Rainbow Children's Medicare Ltd. | 6920326 |
|  |  | 61105496 |
|  | **Health Care Services 5.7%** |  |
| 265639 | Dr. Lal PathLabs Ltd. | 8663984 |
| 2302052 | Vijaya Diagnostic Centre Ltd. | 26454534 |
|  |  | 35118518 |
|  | **Health Care Supplies 2.3%** |  |
| 556507 | Poly Medicure Ltd. | 14432254 |
|  | **Hotels, Resorts & Cruise Lines 2.2%** |  |
| 138309 | MakeMyTrip Ltd.\* | 13557048 |
|  | **Industrial Machinery & Supplies & Components 4.4%** |  |
| 4332906 | Elgi Equipments Ltd. | 27111502 |
|  | **Interactive Media & Services 1.8%** |  |
| 650670 | Info Edge India Ltd. | 11296674 |

---

------

---

| | |
|:---|:---|
| **WASATCH EMERGING INDIA FUND (WAINX / WIINX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **IT Consulting & Other Services 2.4%** |  |
| 213341 | Persistent Systems Ltd. | $15037278 |
|  | **Life Sciences Tools & Services 8.4%** |  |
| 656469 | Divi's Laboratories Ltd. | 52155638 |
|  | **Regional Banks 5.7%** |  |
| 3686494 | AU Small Finance Bank Ltd. | 35151491 |
|  | **Total Common Stocks**<br> **(cost $389,775,584)** | **623307149** |
|  | **Total Investments**<br> **(cost $389,775,584) 101.0%<sup>§</sup>** | **623307149** |
|  | **Liabilities less Other Assets (1.0%)** | **(6021325)** |
|  | **NET ASSETS 100.0%** | $**617285824** |
|  | \*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 87.40%.<br>See Notes to Schedules of Investments. |  |

---

At June 30, 2025, the Wasatch Emerging India Fund's investments were in the following countries:

---

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

---

------

---

| | |
|:---|:---|
| **WASATCH EMERGING MARKETS SELECT FUND<br>(WAESX / WIESX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 100.8%** |  |
|  | **Airport Services 4.7%** |  |
| 221421 | Grupo Aeroportuario del Centro Norte SAB de CV | $2908699 |
| 648195 | Grupo Aeroportuario del Pacifico SAB de CV, Class B | 14879002 |
|  |  | 17787701 |
|  | **Apparel Retail 1.8%** |  |
| 92876 | Trent Ltd. | 6733173 |
|  | **Broadline Retail 8.2%** |  |
| 11891 | MercadoLibre, Inc.\* | 31078674 |
|  | **Construction & Engineering 0.6%** |  |
| 99000 | United Integrated Services Co. Ltd. | 2112729 |
|  | **Consumer Finance 12.6%** |  |
| 2495450 | Bajaj Finance Ltd. | 27253689 |
| 604229 | Cholamandalam Investment & Finance Co. Ltd. | 11479611 |
| 1003437 | Five-Star Business Finance Ltd.\* | 9038330 |
|  |  | 47771630 |
|  | **Diversified Banks 6.0%** |  |
| 328863 | HDFC Bank Ltd. | 7677457 |
| 1091588 | NU Holdings Ltd., Class A\* | 14976588 |
|  |  | 22654045 |
|  | **Electrical Components & Equipment 7.0%** |  |
| 253868 | Voltronic Power Technology Corp. | 10950713 |
| 1997602 | WEG SA | 15729034 |
|  |  | 26679747 |
|  | **Electronic Equipment & Instruments 3.4%** |  |
| 492007 | Chroma ATE, Inc. | 7449407 |
| 303920 | Shanghai BOCHU Electronic Technology Corp. Ltd., Class A | 5585926 |
|  |  | 13035333 |
|  | **Food Retail 1.0%** |  |
| 139408 | BBB Foods, Inc., Class A\* | 3869966 |
|  | **Health Care Facilities 4.7%** |  |
| 1188791 | Max Healthcare Institute Ltd. | 17687702 |
|  | **Hotels, Resorts & Cruise Lines 5.3%** |  |
| 75852 | MakeMyTrip Ltd.\* | 7435013 |
| 215574 | Trip.com Group Ltd. | 12624980 |
|  |  | 20059993 |
|  | **Industrial Machinery & Supplies & Components 1.6%** |  |
| 950699 | Elgi Equipments Ltd. | 5948635 |
|  | **Interactive Home Entertainment 5.7%** |  |
| 134705 | Sea Ltd., ADR\* | 21544718 |
|  | **Interactive Media & Services 3.4%** |  |
| 202300 | Tencent Holdings Ltd. | 13035323 |
|  | **IT Consulting & Other Services 4.9%** |  |
| 27255 | EPAM Systems, Inc.\* | 4819229 |
| 650500 | FPT Corp. | 2943039 |
| 85579 | Globant SA\* | 7773996 |
| 41798 | Persistent Systems Ltd. | 2946120 |
|  |  | 18482384 |

---

------

---

| | |
|:---|:---|
| **WASATCH EMERGING MARKETS SELECT FUND<br>(WAESX / WIESX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Life Sciences Tools & Services 5.9%** |  |
| 280826 | Divi's Laboratories Ltd. | $22311273 |
|  | **Property & Casualty Insurance 2.7%** |  |
| 992419 | Qualitas Controladora SAB de CV | 10191011 |
|  | **Regional Banks 2.3%** |  |
| 933650 | AU Small Finance Bank Ltd. | 8902548 |
|  | **Restaurants 2.7%** |  |
| 644200 | Meituan, Class B\* | 10362625 |
|  | **Semiconductor Materials & Equipment 1.5%** |  |
| 439578 | Gudeng Precision Industrial Co. Ltd. | 5606871 |
|  | **Semiconductors 13.5%** |  |
| 18913 | Alchip Technologies Ltd. | 2003825 |
| 130826 | ASPEED Technology, Inc. | 21275461 |
| 311799 | LEENO Industrial, Inc. | 11723960 |
| 1331862 | Silergy Corp. | 16223717 |
|  |  | 51226963 |
|  | **Technology Hardware, Storage & Peripherals 1.3%** |  |
| 196991 | Asia Vital Components Co. Ltd. | 5031631 |
|  | **Total Common Stocks**<br> **(cost $294,755,876)** | **382114675** |
|  | **Total Investments**<br> **(cost $294,755,876) 100.8%<sup>§</sup>** | **382114675** |
|  | **Liabilities less Other Assets (0.8%)** | **(3039471)** |
|  | **NET ASSETS 100.0%** | $**379075204** |
|  | \*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 59.94%.<br>ADR American Depositary Receipt.<br>See Notes to Schedules of Investments. |  |

---

At June 30, 2025, the Wasatch Emerging Markets Select Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Brazil | 8.0 |
|  China | 10.9 |
|  India | 33.4 |
|  Mexico | 8.3 |
|  Singapore | 5.6 |
|  South Korea | 3.1 |
|  Taiwan | 18.5 |
|  United States | 11.4 |
|  Vietnam | 0.8 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH EMERGING MARKETS SMALL CAP FUND<br>(WAEMX / WIEMX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 98.6%** |  |
|  | **Airport Services 4.4%** |  |
| 868089 | Grupo Aeroportuario del Centro Norte SAB de CV | $11403658 |
|  | **Asset Management & Custody Banks 4.7%** |  |
| 264279 | Kfin Technologies Ltd. | 4156527 |
| 256542 | Prudent Corporate Advisory Services Ltd. | 8104286 |
|  |  | 12260813 |
|  | **Automotive Retail 1.3%** |  |
| 95242 | Aldrees Petroleum & Transport Services Co. | 3234833 |
|  | **Building Products 0.3%** |  |
| 71825 | KRN Heat Exchanger & Refrigeration Ltd.\* | 711401 |
|  | **Commercial & Residential Mortgage Finance 3.2%** |  |
| 344343 | Aavas Financiers Ltd.\* | 8406766 |
|  | **Commodity Chemicals 0.7%** |  |
| 280662 | Berger Paints India Ltd. | 1939467 |
|  | **Communications Equipment 1.5%** |  |
| 159000 | Accton Technology Corp. | 3974007 |
|  | **Computer & Electronics Retail 0.6%** |  |
| 375118 | Aditya Vision Ltd. | 1629662 |
|  | **Construction & Engineering 1.1%** |  |
| 131000 | United Integrated Services Co. Ltd. | 2795631 |
|  | **Construction Machinery & Heavy Transportation Equipment 1.0%** |  |
| 181512 | Action Construction Equipment Ltd. | 2581014 |
|  | **Consumer Finance 11.3%** |  |
| 767221 | Cholamandalam Financial Holdings Ltd. | 19389916 |
| 1103429 | Five-Star Business Finance Ltd.\* | 9938996 |
|  |  | 29328912 |
|  | **Diversified Banks 2.8%** |  |
| 113293 | TBC Bank Group PLC | 7218235 |
|  | **Diversified Support Services 2.7%** |  |
| 518916 | CMS Info Systems Ltd. | 3028507 |
| 4112109 | Frontken Corp. Bhd. | 3872834 |
|  |  | 6901341 |
|  | **Drug Retail 2.8%** |  |
| 147240 | Clicks Group Ltd. | 3085563 |
| 40760 | Corporativo Fragua SAB de CV | 1198678 |
| 854819 | Yifeng Pharmacy Chain Co. Ltd., Class A | 2921544 |
|  |  | 7205785 |
|  | **Electrical Components & Equipment 2.1%** |  |
| 126314 | Voltronic Power Technology Corp. | 5448613 |
|  | **Electronic Equipment & Instruments 5.3%** |  |
| 525616 | Chroma ATE, Inc. | 7958276 |
| 13269 | Park Systems Corp. | 2794800 |
| 163487 | Shanghai BOCHU Electronic Technology Corp. Ltd., Class A | 3004824 |
|  |  | 13757900 |
|  | **Electronic Manufacturing Services 2.4%** |  |
| 21499 | Fabrinet\* | 6335325 |

---

------

---

| | |
|:---|:---|
| **WASATCH EMERGING MARKETS SMALL CAP FUND<br>(WAEMX / WIEMX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Food Retail 1.0%** |  |
| 63064 | BBB Foods, Inc., Class A\* | $&nbsp;&nbsp;&nbsp;&nbsp;1750657 |
| 1124732 | Philippine Seven Corp.\* | 908491 |
|  |  | 2659148 |
|  | **Health Care Facilities 2.5%** |  |
| 359910 | Rainbow Children's Medicare Ltd. | 6555218 |
|  | **Health Care Services 2.4%** |  |
| 539054 | Vijaya Diagnostic Centre Ltd. | 6194657 |
|  | **Human Resource & Employment Services 2.3%** |  |
| 6711 | Benefit Systems SA | 5903103 |
|  | **Industrial Machinery & Supplies & Components 3.1%** |  |
| 564751 | Elgi Equipments Ltd. | 3533714 |
| 1055730 | Shenzhen Envicool Technology Co. Ltd., Class A | 4379787 |
|  |  | 7913501 |
|  | **Interactive Media & Services 7.5%** |  |
| 3134426 | Baltic Classifieds Group PLC | 16048209 |
| 188710 | Info Edge India Ltd. | 3276308 |
|  |  | 19324517 |
|  | **IT Consulting & Other Services 4.0%** |  |
| 869615 | FPT Corp. | 3934375 |
| 51149 | Globant SA\* | 4646375 |
| 26283 | Persistent Systems Ltd. | 1852549 |
|  |  | 10433299 |
|  | **Life & Health Insurance 3.5%** |  |
| 61432 | Co. for Cooperative Insurance | 2588093 |
| 522315 | Discovery Ltd. | 6349491 |
|  |  | 8937584 |
|  | **Packaged Foods & Meats 1.1%** |  |
| 9781589 | Cisarua Mountain Dairy Tbk. PT | 2934175 |
|  | **Personal Care Products 1.0%** |  |
| 223451 | Proya Cosmetics Co. Ltd., Class A | 2583226 |
|  | **Property & Casualty Insurance 4.6%** |  |
| 1147952 | Qualitas Controladora SAB de CV | 11788157 |
|  | **Regional Banks 5.3%** |  |
| 1430516 | AU Small Finance Bank Ltd. | 13640269 |
|  | **Semiconductor Materials & Equipment 0.7%** |  |
| 143679 | Gudeng Precision Industrial Co. Ltd. | 1832643 |
|  | **Semiconductors 11.4%** |  |
| 76333 | ASPEED Technology, Inc. | 12413586 |
| 193510 | LEENO Industrial, Inc. | 7276173 |
| 804728 | Silergy Corp. | 9802576 |
|  |  | 29492335 |
|  | **Total Common Stocks<br>(cost $159,118,992)** | **255325195** |

---

------

---

| | |
|:---|:---|
| **WASATCH EMERGING MARKETS SMALL CAP FUND<br>(WAEMX / WIEMX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Total Investments<br>(cost $159,118,992) 98.6%<sup>§</sup>** | $**255325195** |
|  | **Other Assets less Liabilities 1.4%** | **3574118** |
|  | **NET ASSETS 100.0%** | $**258899313** |
|  | \*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 72.28%.<br>See Notes to Schedules of Investments. |  |

---

At June 30, 2025, the Wasatch Emerging Markets Small Cap Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  China | 5.1 |
|  India | 37.2 |
|  Indonesia | 1.2 |
|  Malaysia | 1.5 |
|  Mexico | 10.2 |
|  Philippines | 0.4 |
|  Poland | 2.3 |
|  Saudi Arabia | 2.3 |
|  South Africa | 3.7 |
|  South Korea | 3.9 |
|  Taiwan | 17.3 |
|  United Kingdom | 9.1 |
|  United States | 4.3 |
|  Vietnam | 1.5 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND<br>(WAFMX / WIFMX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 100.8%** |  |
|  | **Airport Services 3.1%** |  |
| 89986 | Grupo Aeroportuario del Centro Norte SAB de CV | $1182102 |
|  | **Automotive Retail 1.7%** |  |
| 18820 | Aldrees Petroleum & Transport Services Co. | 639209 |
|  | **Broadline Retail 9.4%** |  |
| 1370 | MercadoLibre, Inc.\* | 3580673 |
|  | **Computer & Electronics Retail 2.6%** |  |
| 141600 | FPT Digital Retail JSC\* | 972632 |
|  | **Consumer Finance 15.9%** |  |
| 302200 | Bajaj Finance Ltd. | 3300433 |
| 39227 | Cholamandalam Financial Holdings Ltd. | 991381 |
| 92820 | Cholamandalam Investment & Finance Co. Ltd. | 1763466 |
|  |  | 6055280 |
|  | **Distillers & Vintners 2.5%** |  |
| 181250 | Ginebra San Miguel, Inc. | 933117 |
|  | **Diversified Banks 20.4%** |  |
| 91052 | Banca Transilvania SA | 655792 |
| 1216300 | Bank Central Asia Tbk. PT | 650170 |
| 44428 | Bank for Foreign Trade of Vietnam JSC\* | 96976 |
| 602630 | HD Bank | 503047 |
| 955505 | Military Commercial Joint Stock Bank | 944017 |
| 132888 | NU Holdings Ltd., Class A\* | 1823223 |
| 37527 | TBC Bank Group PLC | 2390957 |
| 544100 | Vietnam Technological & Commercial Joint Stock Bank\* | 712497 |
|  |  | 7776679 |
|  | **Diversified Support Services 1.2%** |  |
| 486702 | Frontken Corp. Bhd. | 458382 |
|  | **Drug Retail 0.4%** |  |
| 5341 | Corporativo Fragua SAB de CV | 157069 |
|  | **Electrical Components & Equipment 1.4%** |  |
| 68300 | WEG SA | 537791 |
|  | **Food Retail 0.5%** |  |
| 6080 | BBB Foods, Inc., Class A\* | 168781 |
|  | **Health Care Facilities 8.6%** |  |
| 15380 | Akdital Holding | 2479970 |
| 10882 | Dr. Sulaiman Al Habib Medical Services Group Co. | 786724 |
|  |  | 3266694 |
|  | **Health Care Services 1.0%** |  |
| 8817 | Voxel SA | 392372 |
|  | **Interactive Home Entertainment 7.2%** |  |
| 17217 | Sea Ltd., ADR\* | 2753687 |
|  | **Interactive Media & Services 7.5%** |  |
| 556035 | Baltic Classifieds Group PLC | 2846890 |
|  | **IT Consulting & Other Services 6.4%** |  |
| 1315 | Elm Co. | 351116 |
| 334825 | FPT Corp. | 1514839 |
| 6396 | Globant SA\* | 581013 |
|  |  | 2446968 |

---

------

---

| | |
|:---|:---|
| **WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND<br>(WAFMX / WIFMX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Life & Health Insurance 4.0%** |  |
| 4128 | Bupa Arabia for Cooperative Insurance Co. | $196026 |
| 7329 | Co. for Cooperative Insurance | 308766 |
| 83467 | Discovery Ltd. | 1014662 |
|  |  | 1519454 |
|  | **Property & Casualty Insurance 4.6%** |  |
| 171622 | Qualitas Controladora SAB de CV | 1762362 |
|  | **Semiconductor Materials & Equipment 1.8%** |  |
| 8177 | Camtek Ltd.\* | 691447 |
|  | **Soft Drinks & Non-Alcoholic Beverages 0.6%** |  |
| 5888600 | Sariguna Primatirta Tbk. PT | 223184 |
|  | **Total Common Stocks<br>(cost $27,322,207)** | **38364773** |
|  | **Total Investments<br>(cost $27,322,207) 100.8%<sup>§</sup>** | **38364773** |
|  | **Liabilities less Other Assets (0.8%)** | **(294040)** |
|  | **NET ASSETS 100.0%** | $**38070733** |
|  | \*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 48.01%.<br>ADR American Depositary Receipt.<br>See Notes to Schedules of Investments. |  |

---

At June 30, 2025, the Wasatch Frontier Emerging Small Countries Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Brazil | 6.2 |
|  India | 15.8 |
|  Indonesia | 2.3 |
|  Israel | 1.8 |
|  Malaysia | 1.2 |
|  Mexico | 8.5 |
|  Morocco | 6.5 |
|  Philippines | 2.4 |
|  Poland | 1 |
|  Romania | 1.7 |
|  Saudi Arabia | 5.9 |
|  Singapore | 7.2 |
|  South Africa | 2.6 |
|  United Kingdom | 13.7 |
|  United States | 10.8 |
|  Vietnam | 12.4 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 101.0%** |  |
|  | **Application Software 7.8%** |  |
| 144764 | Clearwater Analytics Holdings, Inc., Class A\* | $&nbsp;&nbsp;&nbsp;&nbsp;3174674 |
| 7911 | Guidewire Software, Inc.\* | 1862645 |
| 63710 | nCino, Inc.\* | 1781969 |
| 35712 | Q2 Holdings, Inc.\* | 3342286 |
| 191600 | Rakus Co. Ltd. | 3071153 |
| 107074 | Technology One Ltd. | 2886249 |
|  |  | 16118976 |
|  | **Asset Management & Custody Banks 4.1%** |  |
| 26764 | Cohen & Steers, Inc. | 2016667 |
| 17315 | Hamilton Lane, Inc., Class A | 2460808 |
| 144119 | Kfin Technologies Ltd. | 2266674 |
| 77664 | Netwealth Group Ltd. | 1717423 |
|  |  | 8461572 |
|  | **Automotive Parts & Equipment 2.1%** |  |
| 32909 | Modine Manufacturing Co.\* | 3241536 |
| 31143 | XPEL, Inc.\* | 1118034 |
|  |  | 4359570 |
|  | **Automotive Retail 1.9%** |  |
| 103833 | Valvoline, Inc.\* | 3932156 |
|  | **Biotechnology 0.1%** |  |
| 119677 | C4 Therapeutics, Inc.\* | 171138 |
| 117164 | Sangamo Therapeutics, Inc.\* | 63421 |
|  |  | 234559 |
|  | **Broadline Retail 1.9%** |  |
| 29070 | Ollie's Bargain Outlet Holdings, Inc.\* | 3830845 |
|  | **Building Products 2.6%** |  |
| 96717 | Trex Co., Inc.\* | 5259470 |
|  | **Cargo Ground Transportation 2.0%** |  |
| 14710 | Saia, Inc.\* | 4030393 |
|  | **Consumer Finance 4.5%** |  |
| 155362 | Cholamandalam Financial Holdings Ltd. | 3926452 |
| 597119 | Five-Star Business Finance Ltd.\* | 5378473 |
|  |  | 9304925 |
|  | **Diversified Support Services 2.1%** |  |
| 152300 | Japan Elevator Service Holdings Co. Ltd. | 4384261 |
|  | **Drug Retail 2.0%** |  |
| 176900 | Sugi Holdings Co. Ltd. | 4043964 |
|  | **Electrical Components & Equipment 1.8%** |  |
| 88431 | Voltronic Power Technology Corp. | 3814512 |
|  | **Health Care Equipment 1.7%** |  |
| 10081 | DiaSorin SpA | 1078970 |
| 18401 | Inspire Medical Systems, Inc.\* | 2387898 |
|  |  | 3466868 |
|  | **Health Care Facilities 5.8%** |  |
| 44290 | Ensign Group, Inc. | 6832175 |
| 342989 | Max Healthcare Institute Ltd. | 5103241 |
|  |  | 11935416 |

---

------

---

| | |
|:---|:---|
| **WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Health Care Services 0.8%** |  |
| 150412 | Vijaya Diagnostic Centre Ltd. | $&nbsp;&nbsp;&nbsp;&nbsp;1728492 |
|  | **Home Furnishing Retail 0.9%** |  |
| 209012 | Arhaus, Inc.\* | 1812134 |
|  | **Home Improvement Retail 1.0%** |  |
| 26496 | Floor & Decor Holdings, Inc., Class A\* | 2012636 |
|  | **Homebuilding 1.1%** |  |
| 20361 | LGI Homes, Inc.\* | 1048998 |
| 61209 | Smith Douglas Homes Corp.\* | 1188679 |
|  |  | 2237677 |
|  | **Human Resource & Employment Services 2.5%** |  |
| 17364 | Paylocity Holding Corp.\* | 3146183 |
| 200300 | SMS Co. Ltd. | 2054658 |
|  |  | 5200841 |
|  | **Industrial Machinery & Supplies & Components 5.7%** |  |
| 8464 | Kadant, Inc. | 2686897 |
| 15791 | RBC Bearings, Inc.\* | 6076377 |
| 19507 | Standex International Corp. | 3052455 |
|  |  | 11815729 |
|  | **Insurance Brokers 0.9%** |  |
| 18459 | Goosehead Insurance, Inc., Class A | 1947609 |
|  | **Interactive Media & Services 0.5%** |  |
| 33485 | Hemnet Group AB | 983146 |
|  | **Investment Banking & Brokerage 1.0%** |  |
| 294860 | AJ Bell PLC | 2077308 |
|  | **IT Consulting & Other Services 4.0%** |  |
| 23148 | Globant SA\* | 2102764 |
| 51233 | Persistent Systems Ltd. | 3611143 |
| 103553 | Softcat PLC | 2440415 |
|  |  | 8154322 |
|  | **Leisure Products 0.7%** |  |
| 47779 | YETI Holdings, Inc.\* | 1505994 |
|  | **Life Sciences Tools & Services 3.1%** |  |
| 52688 | Divi's Laboratories Ltd. | 4185996 |
| 6762 | Medpace Holdings, Inc.\* | 2122321 |
|  |  | 6308317 |
|  | **Managed Health Care 3.8%** |  |
| 74934 | HealthEquity, Inc.\* | 7850086 |
|  | **Other Specialty Retail 1.0%** |  |
| 16504 | Five Below, Inc.\* | 2164995 |
|  | **Packaged Foods & Meats 1.7%** |  |
| 50752 | Freshpet, Inc.\* | 3449106 |
|  | **Personal Care Products 1.9%** |  |
| 66083 | BellRing Brands, Inc.\* | 3828188 |
|  | **Pharmaceuticals 0.1%** |  |
| 136683 | Esperion Therapeutics, Inc.\* | 134551 |
|  | **Regional Banks 4.9%** |  |
| 719393 | AU Small Finance Bank Ltd. | 6859563 |

---

------

---

| | |
|:---|:---|
| **WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 69550 | Bank OZK | $3273023 |
|  |  | 10132586 |
|  | **Research & Consulting Services 3.0%** |  |
| 121227 | BayCurrent, Inc. | 6236453 |
|  | **Semiconductor Materials & Equipment 4.7%** |  |
| 31025 | Camtek Ltd.\* | 2623474 |
| 86114 | Gudeng Precision Industrial Co. Ltd. | 1098395 |
| 21440 | Nova Ltd.\* | 5900288 |
|  |  | 9622157 |
|  | **Semiconductors 7.4%** |  |
| 37347 | ASPEED Technology, Inc. | 6073523 |
| 56232 | LEENO Industrial, Inc. | 2114380 |
| 32869 | Melexis NV | 2801754 |
| 349741 | Silergy Corp. | 4260276 |
|  |  | 15249933 |
|  | **Specialty Chemicals 1.1%** |  |
| 14594 | Balchem Corp. | 2323365 |
|  | **Trading Companies & Distributors 5.0%** |  |
| 64300 | Diploma PLC | 4316451 |
| 308800 | MonotaRO Co. Ltd. | 6078989 |
|  |  | 10395440 |
|  | **Transaction & Payment Processing Services 3.8%** |  |
| 79544 | Shift4 Payments, Inc., Class A\* | 7883606 |
|  | **Total Common Stocks <br>(cost $145,351,464)** | **208232158** |
|  | **Total Investments <br>(cost $145,351,464) 101.0%<sup>§</sup>** | **208232158** |
|  | **Liabilities less Other Assets (1.0%)** | **(2012531)** |
|  | **NET ASSETS 100.0%** | $**206219627** |
|  | \*Non-income producing.<br><sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 43.40%.<br>See Notes to Schedules of Investments. |  |

---

At June 30, 2025, the Wasatch Global Opportunities Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 2.2 |
|  Belgium | 1.4 |
|  India | 15.9 |
|  Israel | 4.1 |
|  Italy | 0.5 |
|  Japan | 12.4 |
|  South Korea | 1 |
|  Sweden | 0.5 |
|  Taiwan | 7.3 |
|  United Kingdom | 4.2 |
|  United States | 50.5 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 100.0%** |  |
|  | **Aerospace & Defense 3.7%** |  |
| 2054 | HEICO Corp., Class A | $&nbsp;&nbsp;&nbsp;&nbsp;531472 |
|  | **Application Software 13.2%** |  |
| 4367 | Descartes Systems Group, Inc.\* | 443611 |
| 513 | HubSpot, Inc.\* | 285551 |
| 4602 | Procore Technologies, Inc.\* | 314869 |
| 988 | Roper Technologies, Inc. | 560038 |
| 2348 | Xero Ltd.\* | 277837 |
|  |  | 1881906 |
|  | **Broadline Retail 8.5%** |  |
| 3728 | Dollarama, Inc. | 525274 |
| 264 | MercadoLibre, Inc.\* | 689998 |
|  |  | 1215272 |
|  | **Building Products 2.0%** |  |
| 5234 | Trex Co., Inc.\* | 284625 |
|  | **Cargo Ground Transportation 2.7%** |  |
| 2375 | Old Dominion Freight Line, Inc. | 385463 |
|  | **Consumer Finance 4.9%** |  |
| 63716 | Bajaj Finance Ltd. | 695865 |
|  | **Distributors 2.2%** |  |
| 1102 | Pool Corp. | 321211 |
|  | **Diversified Banks 4.8%** |  |
| 15308 | HDFC Bank Ltd. | 357372 |
| 23660 | NU Holdings Ltd., Class A\* | 324615 |
|  |  | 681987 |
|  | **Diversified Support Services 2.8%** |  |
| 8269 | Copart, Inc.\* | 405760 |
|  | **Drug Retail 3.2%** |  |
| 19900 | Sugi Holdings Co. Ltd. | 454917 |
|  | **Electrical Components & Equipment 2.3%** |  |
| 42000 | WEG SA | 330706 |
|  | **Electronic Components 4.1%** |  |
| 5879 | Amphenol Corp., Class A | 580551 |
|  | **Electronic Equipment & Instruments 3.4%** |  |
| 11033 | Halma PLC | 484945 |
|  | **Financial Exchanges & Data 3.7%** |  |
| 1671 | Morningstar, Inc. | 524577 |
|  | **Health Care Equipment 1.9%** |  |
| 2476 | DiaSorin SpA | 265007 |
|  | **Home Improvement Retail 1.9%** |  |
| 3628 | Floor & Decor Holdings, Inc., Class A\* | 275583 |
|  | **Hotels, Resorts & Cruise Lines 1.7%** |  |
| 4117 | Trip.com Group Ltd. | 241110 |
|  | **Industrial Machinery & Supplies & Components 3.4%** |  |
| 1257 | RBC Bearings, Inc.\* | 483694 |
|  | **Interactive Media & Services 4.1%** |  |
| 4205 | Scout24 SE | 580495 |

---

------

---

| | |
|:---|:---|
| **WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **IT Consulting & Other Services 1.5%** |  |
| 2369 | Globant SA\* | $215200 |
|  | **Managed Health Care 4.3%** |  |
| 5878 | HealthEquity, Inc.\* | 615779 |
|  | **Movies & Entertainment 2.7%** |  |
| 494 | Spotify Technology SA\* | 379066 |
|  | **Research & Consulting Services 4.0%** |  |
| 11117 | BayCurrent, Inc. | 571908 |
|  | **Semiconductor Materials & Equipment 3.1%** |  |
| 701 | ASM International NV | 449676 |
|  | **Semiconductors 4.6%** |  |
| 582 | Monolithic Power Systems, Inc. | 425663 |
| 19420 | Silergy Corp. | 236560 |
|  |  | 662223 |
|  | **Trading Companies & Distributors 2.4%** |  |
| 17276 | MonotaRO Co. Ltd. | 340093 |
|  | **Transaction & Payment Processing Services 2.9%** |  |
| 4139 | Shift4 Payments, Inc., Class A\* | 410216 |
|  | **Total Common Stocks<br>(cost $10,292,870)** | **14269307** |
|  | **Total Investments<br>(cost $10,292,870) 100.0%<sup>§</sup>** | **14269307** |
|  | **Other Assets less Liabilities 0.0%** | **6196** |
|  | **NET ASSETS 100.0%** | $**14275503** |
|  | \*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 34.72%.<br>See Notes to Schedules of Investments. |  |

---

At June 30, 2025, the Wasatch Global Select Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 1.9 |
|  Brazil | 4.6 |
|  Canada | 6.8 |
|  China | 1.7 |
|  Germany | 4.1 |
|  India | 7.4 |
|  Italy | 1.9 |
|  Japan | 9.6 |
|  Netherlands | 3.1 |
|  Sweden | 2.6 |
|  Taiwan | 1.7 |
|  United Kingdom | 3.4 |
|  United States | 51.2 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH GLOBAL VALUE FUND (FMIEX / WILCX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 98.7%** |  |
|  | **Broadline Retail 1.8%** |  |
| 174000 | Alibaba Group Holding Ltd. | $&nbsp;&nbsp;&nbsp;&nbsp;2463134 |
|  | **Consumer Staples Merchandise Retail 3.0%** |  |
| 35000 | Dollar General Corp. | 4003300 |
|  | **Diversified Banks 16.5%** |  |
| 55000 | Citigroup, Inc. | 4681600 |
| 187000 | ING Groep NV, ADR | 4089690 |
| 19000 | JPMorgan Chase & Co. | 5508290 |
| 47500 | Toronto-Dominion Bank | 3493740 |
| 162000 | United Overseas Bank Ltd. | 4585199 |
|  |  | 22358519 |
|  | **Diversified Metals & Mining 2.0%** |  |
| 115000 | BHP Group Ltd. | 2766623 |
|  | **Electric Utilities 10.4%** |  |
| 44000 | Duke Energy Corp. | 5192000 |
| 66000 | Evergy, Inc. | 4549380 |
| 99000 | Exelon Corp. | 4298580 |
|  |  | 14039960 |
|  | **Food Retail 2.8%** |  |
| 90000 | Koninklijke Ahold Delhaize NV | 3758980 |
|  | **Health Care Services 2.6%** |  |
| 20000 | Quest Diagnostics, Inc. | 3592600 |
|  | **Industrial REITs 1.9%** |  |
| 1625000 | Mapletree Industrial Trust | 2608278 |
|  | **Integrated Oil & Gas 8.0%** |  |
| 24000 | Chevron Corp. | 3436560 |
| 69000 | Suncor Energy, Inc. | 2584681 |
| 78000 | TotalEnergies SE | 4767569 |
|  |  | 10788810 |
|  | **Integrated Telecommunication Services 7.1%** |  |
| 110000 | AT&T, Inc. | 3183400 |
| 17000000 | Telkom Indonesia Persero Tbk. PT | 2908386 |
| 80000 | Verizon Communications, Inc. | 3461600 |
|  |  | 9553386 |
|  | **IT Consulting & Other Services 2.8%** |  |
| 41000 | Amdocs Ltd. | 3740840 |
|  | **Managed Health Care 2.3%** |  |
| 58500 | Centene Corp.\* | 3175380 |
|  | **Multi-Line Insurance 3.1%** |  |
| 87000 | AXA SA | 4272138 |
|  | **Other Specialized REITs 3.2%** |  |
| 132000 | VICI Properties, Inc. | 4303200 |
|  | **Paper Products 1.5%** |  |
| 73500 | UPM-Kymmene OYJ | 2007139 |
|  | **Pharmaceuticals 10.7%** |  |
| 39900 | Johnson & Johnson | 6094725 |
| 42950 | Novartis AG | 5213146 |

---

------

---

| | |
|:---|:---|
| **WASATCH GLOBAL VALUE FUND (FMIEX / WILCX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 180000 | Shionogi & Co. Ltd. | $3240410 |
|  |  | 14548281 |
|  | **Property & Casualty Insurance 1.6%** |  |
| 21000 | Axis Capital Holdings Ltd. | 2180220 |
|  | **Rail Transportation 3.3%** |  |
| 19400 | Union Pacific Corp. | 4463552 |
|  | **Reinsurance 2.6%** |  |
| 5500 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 3571340 |
|  | **Retail REITs 2.2%** |  |
| 140000 | Kimco Realty Corp. | 2942800 |
|  | **Semiconductors 1.2%** |  |
| 72000 | Intel Corp. | 1612800 |
|  | **Technology Hardware, Storage & Peripherals 2.7%** |  |
| 81500 | Samsung Electronics Co. Ltd. | 3604061 |
|  | **Tobacco 3.9%** |  |
| 56000 | KT&G Corp. | 5285641 |
|  | **Trading Companies & Distributors 1.5%** |  |
| 90000 | Toyota Tsusho Corp. | 2038612 |
|  | **Total Common Stocks <br>(cost $99,101,102)** | **133679594** |
|  | **Total Investments <br>(cost $99,101,102) 98.7%<sup>§</sup>** | **133679594** |
|  | **Other Assets less Liabilities 1.3%** | **1726722** |
|  | **NET ASSETS 100.0%** | $**135406316** |
|  | \*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 39.21%.<br>ADR American Depositary Receipt.<br>REIT Real Estate Investment Trust.<br>See Notes to Schedules of Investments. |  |

---

At June 30, 2025, the Wasatch Global Value Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 2.1 |
|  Canada | 4.5 |
|  China | 1.8 |
|  Finland | 1.5 |
|  France | 6.8 |
|  Germany | 2.7 |
|  Indonesia | 2.2 |
|  Japan | 3.9 |
|  Netherlands | 5.9 |
|  Singapore | 5.4 |
|  South Korea | 6.6 |
|  Switzerland | 3.9 |
|  United States | 52.7 |
|  **TOTAL** | **100.0**% |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 98.3%** |  |
|  | **Airport Services 2.2%** |  |
| 373819 | Grupo Aeroportuario del Centro Norte SAB de CV | $&nbsp;&nbsp;&nbsp;&nbsp;4910676 |
|  | **Apparel Retail 1.5%** |  |
| 64565 | Aritzia, Inc.\* | 3345005 |
|  | **Application Software 7.0%** |  |
| 50727 | Descartes Systems Group, Inc.\* | 5152977 |
| 299000 | Rakus Co. Ltd. | 4792665 |
| 219815 | Technology One Ltd. | 5925256 |
|  |  | 15870898 |
|  | **Asset Management & Custody Banks 4.1%** |  |
| 302051 | JTC PLC | 3538276 |
| 120290 | Kfin Technologies Ltd. | 1891897 |
| 177474 | Netwealth Group Ltd. | 3924571 |
|  |  | 9354744 |
|  | **Broadline Retail 1.9%** |  |
| 91900 | Ryohin Keikaku Co. Ltd. | 4407406 |
|  | **Building Products 2.4%** |  |
| 164527 | Carel Industries SpA | 4385676 |
| 69789 | Munters Group AB | 1022779 |
|  |  | 5408455 |
|  | **Casinos & Gaming 2.4%** |  |
| 197300 | Sportradar Group AG, Class A\* | 5540184 |
|  | **Commercial & Residential Mortgage Finance 2.2%** |  |
| 89273 | Aavas Financiers Ltd.\* | 2179505 |
| 392295 | OSB Group PLC | 2818511 |
|  |  | 4998016 |
|  | **Communications Equipment 0.5%** |  |
| 1608802 | Plover Bay Technologies Ltd. | 1188132 |
|  | **Consumer Finance 4.1%** |  |
| 296627 | Cholamandalam Financial Holdings Ltd. | 7496631 |
| 211182 | Five-Star Business Finance Ltd.\* | 1902195 |
|  |  | 9398826 |
|  | **Diversified Banks 2.1%** |  |
| 38100 | Rakuten Bank Ltd.\* | 1746614 |
| 48265 | TBC Bank Group PLC | 3075107 |
|  |  | 4821721 |
|  | **Diversified Real Estate Activities 1.1%** |  |
| 256640 | Patrizia SE | 2486563 |
|  | **Diversified Support Services 2.5%** |  |
| 201293 | Japan Elevator Service Holdings Co. Ltd. | 5794623 |
|  | **Drug Retail 2.8%** |  |
| 279000 | Sugi Holdings Co. Ltd. | 6377987 |
|  | **Electrical Components & Equipment 0.9%** |  |
| 47227 | Voltronic Power Technology Corp. | 2037158 |
|  | **Electronic Equipment & Instruments 5.0%** |  |
| 147163 | Halma PLC | 6468416 |
| 150617 | Lagercrantz Group AB, Class B | 3625466 |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 5743 | Park Systems Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;1209627 |
|  |  | 11303509 |
|  | **Health Care Equipment 2.2%** |  |
| 47070 | DiaSorin SpA | 5037907 |
|  | **Health Care Facilities 1.6%** |  |
| 242393 | Max Healthcare Institute Ltd. | 3606500 |
|  | **Health Care Technology 0.7%** |  |
| 56827 | JMDC, Inc. | 1566669 |
|  | **Human Resource & Employment Services 2.8%** |  |
| 2723 | Benefit Systems SA | 2395194 |
| 388205 | SMS Co. Ltd. | 3982169 |
|  |  | 6377363 |
|  | **Industrial Machinery & Supplies & Components 3.3%** |  |
| 81000 | Airtac International Group | 2411619 |
| 11629 | Kardex Holding AG | 4044667 |
| 29376 | Stabilus SE | 958666 |
|  |  | 7414952 |
|  | **Interactive Media & Services 10.1%** |  |
| 1075600 | Baltic Classifieds Group PLC | 5507054 |
| 130093 | Hemnet Group AB | 3819632 |
| 106200 | Kakaku.com, Inc. | 1969387 |
| 419420 | Rightmove PLC | 4539557 |
| 52035 | Scout24 SE | 7183369 |
|  |  | 23018999 |
|  | **Investment Banking & Brokerage 2.6%** |  |
| 828768 | AJ Bell PLC | 5838726 |
|  | **IT Consulting & Other Services 4.3%** |  |
| 61083 | Endava PLC, ADR\* | 935791 |
| 15890 | Globant SA\* | 1443448 |
| 8324 | Reply SpA | 1438554 |
| 257381 | Softcat PLC | 6065650 |
|  |  | 9883443 |
|  | **Life & Health Insurance 1.4%** |  |
| 271848 | Discovery Ltd. | 3304704 |
|  | **Movies & Entertainment 1.7%** |  |
| 31533 | CTS Eventim AG & Co. KGaA | 3921150 |
|  | **Property & Casualty Insurance 5.5%** |  |
| 156200 | Definity Financial Corp. | 9104163 |
| 325118 | Qualitas Controladora SAB de CV | 3338591 |
|  |  | 12442754 |
|  | **Regional Banks 2.1%** |  |
| 361961 | AU Small Finance Bank Ltd. | 3451374 |
| 16739 | EQB, Inc. | 1272987 |
|  |  | 4724361 |
|  | **Research & Consulting Services 3.2%** |  |
| 124300 | BayCurrent, Inc. | 6394542 |
| 125700 | Rise Consulting Group, Inc. | 972610 |
|  |  | 7367152 |
|  | **Semiconductor Materials & Equipment 1.4%** |  |
| 21407 | Camtek Ltd.\* | 1810176 |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 136200 | Japan Material Co. Ltd. | $1391761 |
|  |  | 3201937 |
|  | **Semiconductors 4.0%** |  |
| 10479 | ASPEED Technology, Inc. | 1704138 |
| 69098 | LEENO Industrial, Inc. | 2598155 |
| 24192 | Melexis NV | 2062127 |
| 229768 | Silergy Corp. | 2798857 |
|  |  | 9163277 |
|  | **Specialty Chemicals 0.8%** |  |
| 10669 | AlzChem Group AG | 1746768 |
|  | **Trading Companies & Distributors 7.9%** |  |
| 85411 | Diploma PLC | 5733630 |
| 429348 | MonotaRO Co. Ltd. | 8452079 |
| 249783 | OEM International AB, Class B | 3688724 |
|  |  | 17874433 |
|  | **Total Common Stocks <br>(cost $141,869,485)** | **223734998** |
|  | **Total Investments <br>(cost $141,869,485) 98.3%<sup>§</sup>** | **223734998** |
|  | **Other Assets less Liabilities 1.7%** | **3759735** |
|  | **NET ASSETS 100.0%** | $**227494733** |
|  | \*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 78.14%.<br>ADR American Depositary Receipt.<br>See Notes to Schedules of Investments. |  |

---

At June 30, 2025, the Wasatch International Growth Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 4.4 |
|  Belgium | 0.9 |
|  Canada | 8.4 |
|  Germany | 7.3 |
|  Hong Kong | 0.5 |
|  India | 9.2 |
|  Israel | 0.8 |
|  Italy | 4.9 |
|  Japan | 21.4 |
|  Mexico | 3.7 |
|  Poland | 1.1 |
|  South Africa | 1.5 |
|  South Korea | 1.7 |
|  Sweden | 5.4 |
|  Switzerland | 4.3 |
|  Taiwan | 4.0 |
|  United Kingdom | 19.9 |
|  United States | 0.6 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL OPPORTUNITIES FUND<br>(WAIOX / WIIOX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 100.2%** |  |
|  | **Alternative Carriers 2.6%** |  |
| 116307 | Chief Telecom, Inc. | $1611490 |
|  | **Application Software 12.9%** |  |
| 13873 | Atoss Software SE | 2306600 |
| 103801 | Bytes Technology Group PLC | 729104 |
| 123618 | m-up Holdings, Inc. | 1772502 |
| 76632 | Rakus Co. Ltd. | 1228333 |
| 3142 | Sidetrade\* | 928608 |
| 46900 | Smaregi, Inc. | 990442 |
|  |  | 7955589 |
|  | **Asset Management & Custody Banks 6.2%** |  |
| 76193 | JTC PLC | 892538 |
| 57463 | Prudent Corporate Advisory Services Ltd. | 1815284 |
| 119827 | Tatton Asset Management PLC | 1111888 |
|  |  | 3819710 |
|  | **Building Products 0.4%** |  |
| 23998 | KRN Heat Exchanger & Refrigeration Ltd.\* | 237691 |
|  | **Commercial & Residential Mortgage Finance 6.6%** |  |
| 68387 | Aavas Financiers Ltd.\* | 1669596 |
| 196555 | Mortgage Advice Bureau Holdings Ltd. | 2383854 |
|  |  | 4053450 |
|  | **Commodity Chemicals 2.3%** |  |
| 110430 | Berger Paints India Ltd. | 763108 |
| 13272 | Supreme Industries Ltd. | 679763 |
|  |  | 1442871 |
|  | **Communications Equipment 0.5%** |  |
| 410618 | Plover Bay Technologies Ltd. | 303250 |
|  | **Construction Machinery & Heavy Transportation Equipment 1.2%** |  |
| 52663 | Action Construction Equipment Ltd. | 748843 |
|  | **Consumer Finance 1.0%** |  |
| 41950 | Premium Group Co. Ltd. | 610342 |
|  | **Data Processing & Outsourced Services 1.4%** |  |
| 295300 | Infomart Corp. | 853392 |
|  | **Distributors 1.5%** |  |
| 37966 | Supply Network Ltd. | 934414 |
|  | **Diversified Support Services 12.8%** |  |
| 243041 | CMS Info Systems Ltd. | 1418440 |
| 802131 | Frontken Corp. Bhd. | 755457 |
| 113200 | Japan Elevator Service Holdings Co. Ltd. | 3258689 |
| 723156 | Johnson Service Group PLC | 1508813 |
| 239997 | Prestige International, Inc. | 1004367 |
|  |  | 7945766 |
|  | **Drug Retail 0.7%** |  |
| 45000 | Apotea Sverige AB\* | 418764 |
|  | **Electrical Components & Equipment 1.5%** |  |
| 21631 | Voltronic Power Technology Corp. | 933063 |
|  | **Electronic Equipment & Instruments 5.6%** |  |
| 96000 | Blackline Safety Corp.\* | 507582 |
| 41203 | Nayax Ltd.\* | 2080846 |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL OPPORTUNITIES FUND<br>(WAIOX / WIIOX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 4288 | Park Systems Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;903165 |
|  |  | 3491593 |
|  | **Food Retail 4.9%** |  |
| 16726 | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 1614525 |
| 946900 | Sheng Siong Group Ltd. | 1393564 |
|  |  | 3008089 |
|  | **Health Care Facilities 1.8%** |  |
| 59763 | Rainbow Children's Medicare Ltd. | 1088493 |
|  | **Health Care Services 2.6%** |  |
| 138893 | Vijaya Diagnostic Centre Ltd. | 1596119 |
|  | **Human Resource & Employment Services 2.2%** |  |
| 1571 | Benefit Systems SA | 1381877 |
|  | **Industrial Machinery & Supplies & Components 1.2%** |  |
| 116657 | Elgi Equipments Ltd. | 729937 |
|  | **Interactive Media & Services 7.6%** |  |
| 499784 | Baltic Classifieds Group PLC | 2558886 |
| 62326 | Hemnet Group AB | 1829940 |
| 22439 | MarkLines Co. Ltd. | 297728 |
|  |  | 4686554 |
|  | **Investment Banking & Brokerage 2.7%** |  |
| 239498 | AJ Bell PLC | 1687279 |
|  | **IT Consulting & Other Services 2.0%** |  |
| 57758 | baudroie, Inc.\* | 1266213 |
|  | **Personal Care Products 2.2%** |  |
| 89187 | Sarantis SA | 1386764 |
|  | **Property & Casualty Insurance 2.6%** |  |
| 155998 | Qualitas Controladora SAB de CV | 1601921 |
|  | **Real Estate Services 1.9%** |  |
| 19944 | AZOOM Co. Ltd. | 1200798 |
|  | **Regional Banks 1.6%** |  |
| 13251 | EQB, Inc. | 1007728 |
|  | **Research & Consulting Services 3.7%** |  |
| 90000 | Rise Consulting Group, Inc. | 696380 |
| 179800 | SIGMAXYZ Holdings, Inc. | 1563338 |
|  |  | 2259718 |
|  | **Semiconductor Materials & Equipment 0.6%** |  |
| 30822 | Gudeng Precision Industrial Co. Ltd. | 393138 |
|  | **Semiconductors 4.5%** |  |
| 12628 | Elmos Semiconductor SE | 1336367 |
| 38225 | LEENO Industrial, Inc. | 1437299 |
|  |  | 2773666 |
|  | **Trading Companies & Distributors 0.9%** |  |
| 93342 | Ashtead Technology Holdings PLC | 568166 |
|  | **Total Common Stocks <br>(cost $32,904,835)** | **61996688** |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL OPPORTUNITIES FUND<br>(WAIOX / WIIOX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Total Investments <br>(cost $32,904,835) 100.2%<sup>§</sup>** | $**61996688** |
|  | **Liabilities less Other Assets (0.2%)** | **(145258)** |
|  | **NET ASSETS 100.0%** | $**61851430** |
|  | \*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 81.64%.<br>See Notes to Schedules of Investments. |  |

---

At June 30, 2025, the Wasatch International Opportunities Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 1.5 |
|  Canada | 2.4 |
|  France | 1.5 |
|  Germany | 5.9 |
|  Greece | 2.2 |
|  Hong Kong | 0.5 |
|  India | 17.3 |
|  Israel | 6.0 |
|  Japan | 23.8 |
|  Malaysia | 1.2 |
|  Mexico | 2.6 |
|  Poland | 2.2 |
|  Singapore | 2.3 |
|  South Korea | 3.8 |
|  Sweden | 3.6 |
|  Taiwan | 4.7 |
|  United Kingdom | 18.5 |
|  **TOTAL** | **100.0**% |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL SELECT FUND (WAISX / WGISX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 96.4%** |  |
|  | **Aerospace & Defense 2.6%** |  |
| 4868 | BAE Systems PLC | $&nbsp;&nbsp;&nbsp;&nbsp;126339 |
|  | **Apparel, Accessories & Luxury Goods 1.9%** |  |
| 34 | Hermes International SCA | 92169 |
|  | **Application Software 7.2%** |  |
| 48 | Constellation Software, Inc. | 176004 |
| 1102 | Descartes Systems Group, Inc.\* | 111944 |
| 544 | Xero Ltd.\* | 64371 |
|  |  | 352319 |
|  | **Asset Management & Custody Banks 1.5%** |  |
| 56 | Partners Group Holding AG | 73266 |
|  | **Automobile Manufacturers 4.5%** |  |
| 444 | Ferrari NV | 217520 |
|  | **Broadline Retail 7.2%** |  |
| 1877 | Dollarama, Inc. | 264468 |
| 1777 | Ryohin Keikaku Co. Ltd. | 85223 |
|  |  | 349691 |
|  | **Building Products 3.8%** |  |
| 181 | Belimo Holding AG | 184494 |
|  | **Casinos & Gaming 3.8%** |  |
| 6634 | Sportradar Group AG, Class A\* | 186283 |
|  | **Diversified Banks 2.4%** |  |
| 2534 | Rakuten Bank Ltd.\* | 116166 |
|  | **Diversified Real Estate Activities 3.7%** |  |
| 4700 | Sumitomo Realty & Development Co. Ltd. | 181511 |
|  | **Drug Retail 2.7%** |  |
| 5800 | Sugi Holdings Co. Ltd. | 132589 |
|  | **Electronic Equipment & Instruments 3.5%** |  |
| 3882 | Halma PLC | 170630 |
|  | **Health Care Equipment 2.4%** |  |
| 1115 | DiaSorin SpA | 119339 |
|  | **Industrial Machinery & Supplies & Components 1.3%** |  |
| 146 | VAT Group AG | 61865 |
|  | **Interactive Home Entertainment 5.1%** |  |
| 2600 | Nintendo Co. Ltd. | 249677 |
|  | **Interactive Media & Services 7.1%** |  |
| 959 | REA Group Ltd. | 151866 |
| 1414 | Scout24 SE | 195201 |
|  |  | 347067 |
|  | **Movies & Entertainment 5.1%** |  |
| 325 | Spotify Technology SA\* | 249386 |
|  | **Pharmaceuticals 2.0%** |  |
| 4100 | Daiichi Sankyo Co. Ltd. | 94989 |
|  | **Property & Casualty Insurance 5.3%** |  |
| 4432 | Definity Financial Corp. | 258320 |
|  | **Real Estate Services 3.9%** |  |
| 1079 | FirstService Corp. | 188289 |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL SELECT FUND (WAISX / WGISX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Research & Consulting Services 5.6%** |  |
| 2350 | BayCurrent, Inc. | $120895 |
| 899 | Wolters Kluwer NV | 150347 |
|  |  | 271242 |
|  | **Semiconductor Materials & Equipment 7.1%** |  |
| 294 | ASM International NV | 188594 |
| 1060 | BE Semiconductor Industries NV | 158527 |
|  |  | 347121 |
|  | **Soft Drinks & Non-Alcoholic Beverages 2.1%** |  |
| 1935 | Coca-Cola HBC AG | 101089 |
|  | **Trading Companies & Distributors 2.0%** |  |
| 5000 | MonotaRO Co. Ltd. | 98429 |
|  | **Transaction & Payment Processing Services 2.6%** |  |
| 70 | Adyen NV\* | 128558 |
|  | **Total Common Stocks <br>(cost $3,413,153)** | **4698348** |
|  | **Total Investments <br>(cost $3,413,153) 96.4%<sup>§</sup>** | **4698348** |
|  | **Other Assets less Liabilities 3.6%** | **176719** |
|  | **NET ASSETS 100.0%** | $**4875067** |
|  | \*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 66.95%.<br>See Notes to Schedules of Investments. |  |

---

At June 30, 2025, the Wasatch International Select Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 4.6 |
|  Canada | 21.3 |
|  France | 1.9 |
|  Germany | 4.1 |
|  Italy | 7.2 |
|  Japan | 23.0 |
|  Netherlands | 13.3 |
|  Sweden | 5.3 |
|  Switzerland | 10.8 |
|  United Kingdom | 8.5 |
|  **TOTAL** | **100.0**% |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL VALUE FUND (WAIVX / WGIVX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 95.4%** |  |
|  | **Automotive Parts & Equipment 2.0%** |  |
| 3950 | Magna International, Inc. | $152692 |
|  | **Broadline Retail 1.9%** |  |
| 10300 | Alibaba Group Holding Ltd. | 145806 |
|  | **Construction & Engineering 1.8%** |  |
| 3000 | Bouygues SA | 135674 |
|  | **Diversified Banks 19.4%** |  |
| 19000 | HSBC Holdings PLC | 229828 |
| 11700 | ING Groep NV | 256437 |
| 247000 | Krung Thai Bank PCL | 161836 |
| 17200 | Nordea Bank Abp | 255524 |
| 31000 | Piraeus Financial Holdings SA | 214761 |
| 2710 | Toronto-Dominion Bank | 199327 |
| 5200 | United Overseas Bank Ltd. | 147179 |
|  |  | 1464892 |
|  | **Diversified Metals & Mining 2.4%** |  |
| 2600 | Rio Tinto Ltd. | 184055 |
|  | **Electronic Manufacturing Services 2.1%** |  |
| 17500 | Venture Corp. Ltd. | 157044 |
|  | **Food Retail 2.1%** |  |
| 3813 | Koninklijke Ahold Delhaize NV | 159255 |
|  | **Health Care Distributors 2.0%** |  |
| 9100 | Medipal Holdings Corp. | 147583 |
|  | **Industrial Machinery & Supplies & Components 2.4%** |  |
| 2400 | ANDRITZ AG | 178747 |
|  | **Industrial REITs 1.7%** |  |
| 78000 | Mapletree Industrial Trust | 125197 |
|  | **Integrated Oil & Gas 8.7%** |  |
| 20000 | BP PLC | 99646 |
| 11900 | Eni SpA | 192234 |
| 4400 | Suncor Energy, Inc. | 164820 |
| 3200 | TotalEnergies SE | 195593 |
|  |  | 652293 |
|  | **Integrated Telecommunication Services 6.2%** |  |
| 4200 | Deutsche Telekom AG | 153735 |
| 18032 | Telekom Austria AG | 204974 |
| 630000 | Telkom Indonesia Persero Tbk. PT | 107781 |
|  |  | 466490 |
|  | **Multi-Line Insurance 2.5%** |  |
| 3900 | AXA SA | 191510 |
|  | **Multi-Utilities 7.0%** |  |
| 9536 | Engie SA | 224123 |
| 20500 | National Grid PLC | 300912 |
|  |  | 525035 |
|  | **Paper Products 2.3%** |  |
| 6400 | UPM-Kymmene OYJ | 174771 |
|  | **Pharmaceuticals 9.1%** |  |
| 6700 | GSK PLC | 127745 |
| 1750 | Novartis AG | 212410 |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL VALUE FUND (WAIVX / WGIVX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 1970 | Sanofi SA | $190723 |
| 8500 | Shionogi & Co. Ltd. | 153020 |
|  |  | 683898 |
|  | **Real Estate Development 3.0%** |  |
| 213000 | Sino Land Co. Ltd. | 226874 |
|  | **Regional Banks 2.2%** |  |
| 14500 | Shizuoka Financial Group, Inc. | 168709 |
|  | **Reinsurance 3.8%** |  |
| 200 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 129867 |
| 920 | Swiss Re AG | 159148 |
|  |  | 289015 |
|  | **Soft Drinks & Non-Alcoholic Beverages 2.4%** |  |
| 5600 | Suntory Beverage & Food Ltd. | 179085 |
|  | **Technology Hardware, Storage & Peripherals 2.6%** |  |
| 4450 | Samsung Electronics Co. Ltd. | 196786 |
|  | **Tobacco 5.4%** |  |
| 4600 | British American Tobacco PLC | 218713 |
| 6400 | Japan Tobacco, Inc. | 188540 |
|  |  | 407253 |
|  | **Trading Companies & Distributors 2.4%** |  |
| 7900 | Toyota Tsusho Corp. | 178945 |
|  | **Total Common Stocks <br>(cost $6,267,422)** | **7191609** |
|  | **Total Investments <br>(cost $6,267,422) 95.4%<sup>§</sup>** | **7191609** |
|  | **Other Assets less Liabilities 4.6%** | **346952** |
|  | **NET ASSETS 100.0%** | $**7538561** |
|  | <sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 83.68%.<br>See Notes to Schedules of Investments.<br>|  |

---

At June 30, 2025, the Wasatch International Value Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 2.6 |
|  Austria | 5.3 |
|  Canada | 7.2 |
|  China | 2.0 |
|  Finland | 6.0 |
|  France | 13.0 |
|  Germany | 3.9 |
|  Greece | 3.0 |
|  Hong Kong | 3.2 |
|  Indonesia | 1.5 |
|  Italy | 2.7 |
|  Japan | 14.1 |
|  Netherlands | 5.8 |
|  Singapore | 6.0 |
|  South Korea | 2.7 |
|  Switzerland | 5.2 |
|  Thailand | 2.2 |
|  United Kingdom | 13.6 |
|  **TOTAL** | **100.0**% |

---

------

---

| | |
|:---|:---|
| **WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 121.5%** |  |
|  | **Agricultural & Farm Machinery 1.6%** |  |
| 4355 | Alamo Group, Inc. | $951045 |
|  | **Application Software 14.7%** |  |
| 8662 | Guidewire Software, Inc.<sup>\*</sup> <sup>†</sup><sup>†</sup> | 2039468 |
| 3194 | HubSpot, Inc.<sup>\*</sup> <sup>†</sup><sup>†</sup> | 1777876 |
| 4985 | Roper Technologies, Inc.<sup>†</sup><sup>†</sup> | 2825698 |
| 9451 | Workday, Inc., Class A<sup>\*</sup> <sup>†</sup><sup>†</sup> | 2268240 |
|  |  | 8911282 |
|  | **Asset Management & Custody Banks 3.2%** |  |
| 13573 | Hamilton Lane, Inc., Class A<sup>†</sup><sup>†</sup> | 1928995 |
|  | **Automotive Parts & Equipment 0.9%** |  |
| 15522 | XPEL, Inc.<sup>\*</sup> <sup>†</sup><sup>†</sup> | 557240 |
|  | **Automotive Retail 3.2%** |  |
| 51363 | Valvoline, Inc.<sup>\*</sup> | 1945117 |
|  | **Biotechnology 2.8%** |  |
| 357257 | C4 Therapeutics, Inc.<sup>\*</sup> | 510878 |
| 168804 | MacroGenics, Inc.<sup>\*</sup> | 204253 |
| 57441 | Nkarta, Inc.<sup>\*</sup> | 95352 |
| 25452 | Nurix Therapeutics, Inc.<sup>\*</sup> <sup>†</sup><sup>†</sup> | 289898 |
| 279690 | Sangamo Therapeutics, Inc.<sup>\*</sup> | 151396 |
| 15754 | Viking Therapeutics, Inc.<sup>\*</sup> <sup>†</sup><sup>†</sup> | 417481 |
|  |  | 1669258 |
|  | **Broadcasting 2.1%** |  |
| 74823 | TEGNA, Inc.<sup>†</sup><sup>†</sup> | 1254033 |
|  | **Building Products 2.0%** |  |
| 22815 | Trex Co., Inc.<sup>\*</sup> <sup>†</sup><sup>†</sup> | 1240680 |
|  | **Cargo Ground Transportation 2.1%** |  |
| 7751 | Old Dominion Freight Line, Inc.<sup>†</sup><sup>†</sup> | 1257987 |
|  | **Construction Machinery & Heavy Transportation Equipment 2.1%** |  |
| 11342 | Oshkosh Corp.<sup>†</sup><sup>†</sup> | 1287771 |
|  | **Consumer Finance 2.2%** |  |
| 96109 | EZCORP, Inc., Class A<sup>\*</sup> <sup>†</sup><sup>†</sup> | 1333993 |
|  | **Distributors 2.6%** |  |
| 5339 | Pool Corp.<sup>†</sup><sup>†</sup> | 1556212 |
|  | **Electronic Equipment & Instruments 2.9%** |  |
| 13694 | Novanta, Inc.<sup>\*</sup> <sup>†</sup><sup>†</sup> | 1765567 |
|  | **Electronic Manufacturing Services 4.4%** |  |
| 9113 | Fabrinet<sup>\*</sup> | 2685419 |
|  | **Financial Exchanges & Data 4.5%** |  |
| 8633 | Morningstar, Inc.<sup>†</sup><sup>†</sup> | 2710158 |
|  | **Health Care Equipment 2.0%** |  |
| 9445 | Inspire Medical Systems, Inc.<sup>\*</sup> <sup>†</sup><sup>†</sup> | 1225678 |
|  | **Health Care Facilities 5.7%** |  |
| 22172 | Ensign Group, Inc.<sup>†</sup><sup>†</sup> | 3420253 |
|  | **Health Care Services 4.4%** |  |
| 12973 | Addus HomeCare Corp.<sup>\*</sup> <sup>†</sup><sup>†</sup> | 1494360 |
| 39034 | Pennant Group, Inc.<sup>\*</sup> | 1165165 |
|  |  | 2659525 |

---

------

---

| | |
|:---|:---|
| **WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Health Care Supplies 2.2%** |  |
| 5346 | UFP Technologies, Inc.<sup>\*</sup> <sup>†</sup><sup>†</sup> | $1305279 |
|  | **Home Improvement Retail 2.2%** |  |
| 17605 | Floor & Decor Holdings, Inc., Class A<sup>\*</sup> <sup>†</sup><sup>†</sup> | 1337276 |
|  | **Homebuilding 2.1%** |  |
| 20143 | Champion Homes, Inc.<sup>\*</sup> <sup>†</sup><sup>†</sup> | 1261153 |
|  | **Human Resource & Employment Services 2.1%** |  |
| 7165 | Paylocity Holding Corp.<sup>\*</sup> <sup>†</sup><sup>†</sup> | 1298226 |
|  | **Industrial Machinery & Supplies & Components 8.3%** |  |
| 7930 | Kadant, Inc.<sup>†</sup><sup>†</sup> | 2517378 |
| 6465 | RBC Bearings, Inc.<sup>\*</sup> <sup>†</sup><sup>†</sup> | 2487732 |
|  |  | 5005110 |
|  | **Investment Banking & Brokerage 2.2%** |  |
| 20918 | Moelis & Co., Class A<sup>†</sup><sup>†</sup> | 1303610 |
|  | **IT Consulting & Other Services 1.0%** |  |
| 6822 | Globant SA<sup>\*</sup> <sup>†</sup><sup>†</sup> | 619710 |
|  | **Leisure Products 1.7%** |  |
| 33018 | YETI Holdings, Inc.<sup>\*</sup> <sup>†</sup><sup>†</sup> | 1040727 |
|  | **Life Sciences Tools & Services 2.4%** |  |
| 4550 | Medpace Holdings, Inc.<sup>\*</sup> <sup>†</sup><sup>†</sup> | 1428063 |
|  | **Managed Health Care 4.6%** |  |
| 26812 | HealthEquity, Inc.<sup>\*</sup> <sup>†</sup><sup>†</sup> | 2808825 |
|  | **Oil & Gas Equipment & Services 1.8%** |  |
| 24983 | Cactus, Inc., Class A<sup>†</sup><sup>†</sup> | 1092257 |
|  | **Oil & Gas Storage & Transportation 1.9%** |  |
| 103615 | DHT Holdings, Inc.<sup>†</sup><sup>†</sup> | 1120078 |
|  | **Other Specialty Retail 1.0%** |  |
| 4573 | Five Below, Inc.<sup>\*</sup> <sup>†</sup><sup>†</sup> | 599886 |
|  | **Packaged Foods & Meats 2.7%** |  |
| 32179 | Flowers Foods, Inc.<sup>†</sup><sup>†</sup> | 514221 |
| 16340 | Freshpet, Inc.<sup>\*</sup> <sup>†</sup><sup>†</sup> | 1110466 |
|  |  | 1624687 |
|  | **Passenger Airlines 1.6%** |  |
| 9051 | Copa Holdings SA, Class A | 995338 |
|  | **Pharmaceuticals 2.3%** |  |
| 476030 | Esperion Therapeutics, Inc.<sup>\*</sup> | 468604 |
| 98309 | Phathom Pharmaceuticals, Inc.<sup>\*</sup> <sup>†</sup><sup>†</sup> | 942783 |
|  |  | 1411387 |
|  | **Property & Casualty Insurance 1.5%** |  |
| 8942 | Axis Capital Holdings Ltd. <sup>†</sup><sup>†</sup> | 928358 |
|  | **Regional Banks 3.6%** |  |
| 46833 | Bank OZK<sup>†</sup><sup>†</sup> | 2203961 |
|  | **Research & Consulting Services 2.2%** |  |
| 15840 | ICF International, Inc.<sup>†</sup><sup>†</sup> | 1341806 |
|  | **Self-Storage REITs 2.5%** |  |
| 47741 | National Storage Affiliates Trust<sup>†</sup><sup>†</sup> | 1527235 |
|  | **Semiconductor Materials & Equipment 1.3%** |  |
| 36467 | PDF Solutions, Inc.<sup>\*</sup> <sup>†</sup><sup>†</sup> | 779664 |

---

------

---

| | |
|:---|:---|
| **WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Semiconductors 4.0%** |  |
| 3304 | Monolithic Power Systems, Inc.<sup>†</sup><sup>†</sup> | $2416480 |
|  | **Technology Distributors 1.0%** |  |
| 14094 | ScanSource, Inc.<sup>\*</sup> <sup>†</sup><sup>†</sup> | 589270 |
|  | **Transaction & Payment Processing Services 1.9%** |  |
| 11104 | Euronet Worldwide, Inc.<sup>\*</sup> <sup>†</sup><sup>†</sup> | 1125724 |
|  | **Total Common Stocks<br>(cost $66,843,867)** | **73524323** |
|  | **WARRANTS 0.0%** |  |
|  | **Biotechnology 0.0%** |  |
| 178571 | Sangamo Therapeutics, Inc., expiring 9/26/2029<sup>\* \*\*\* †</sup> | 17857 |
|  | **Total Warrants<br>(cost $36,978)** | **17857** |
|  | **COMMON STOCKS SOLD SHORT (42.6%)** |  |
|  | **Advertising 0.9%** |  |
| (46465) | Thryv Holdings, Inc.<sup>\*</sup> | (565014) |
|  | **Aerospace & Defense 0.6%** |  |
| (9479) | Rocket Lab Corp.<sup>\*</sup> | (339064) |
|  | **Alternative Carriers 0.7%** |  |
| (18887) | Globalstar, Inc.<sup>\*</sup> | (444789) |
|  | **Apparel Retail 0.8%** |  |
| (23060) | Revolve Group, Inc.<sup>\*</sup> | (462353) |
|  | **Apparel, Accessories & Luxury Goods 0.6%** |  |
| (67864) | Figs, Inc., Class A<sup>\*</sup> | (382753) |
|  | **Application Software 5.8%** |  |
| (33133) | Asana, Inc., Class A<sup>\*</sup> | (447296) |
| (22782) | Confluent, Inc., Class A<sup>\*</sup> | (567955) |
| (104429) | CS Disco, Inc.<sup>\*</sup> | (456355) |
| (50760) | Domo, Inc., Class B<sup>\*</sup> | (709117) |
| (30109) | Meridianlink, Inc.<sup>\*</sup> | (488669) |
| (60624) | Sprinklr, Inc., Class A<sup>\*</sup> | (512879) |
| (37041) | Yext, Inc.<sup>\*</sup> | (314848) |
|  |  | (3497119) |
|  | **Asset Management & Custody Banks 0.5%** |  |
| (1589) | ARES Management Corp., Class A | (275215) |
|  | **Biotechnology 0.7%** |  |
| (8266) | CRISPR Therapeutics AG<sup>\*</sup> | (402058) |
|  | **Communications Equipment 1.1%** |  |
| (7250) | Lumentum Holdings, Inc.<sup>\*</sup> | (689185) |
|  | **Electrical Components & Equipment 0.4%** |  |
| (29177) | Sunrun, Inc.<sup>\*</sup> | (238668) |
|  | **Electronic Equipment & Instruments 0.5%** |  |
| (308257) | SmartRent, Inc.<sup>\*</sup> | (305174) |
|  | **Health Care Equipment 0.9%** |  |
| (36952) | Alphatec Holdings, Inc.<sup>\*</sup> | (410167) |
| (64583) | Pulmonx Corp.<sup>\*</sup> | (167270) |
|  |  | (577437) |

---

------

---

| | |
|:---|:---|
| **WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Health Care Facilities 1.2%** |  |
| (25995) | Acadia Healthcare Co., Inc.<sup>\*</sup> | $(589827) |
| (1531) | National HealthCare Corp. | (163832) |
|  |  | (753659) |
|  | **Health Care REITs 0.6%** |  |
| (2229) | Welltower, Inc. | (342664) |
|  | **Health Care Services 0.5%** |  |
| (102842) | Talkspace, Inc.<sup>\*</sup> | (285901) |
|  | **Health Care Technology 0.6%** |  |
| (13755) | Phreesia, Inc.<sup>\*</sup> | (391467) |
|  | **Heavy Electrical Equipment 1.1%** |  |
| (14639) | Bloom Energy Corp., Class A<sup>\*</sup> | (350165) |
| (8512) | NuScale Power Corp.<sup>\*</sup> | (336735) |
|  |  | (686900) |
|  | **Homebuilding 0.7%** |  |
| (17752) | Legacy Housing Corp.<sup>\*</sup> | (402260) |
|  | **Hotels, Resorts & Cruise Lines 2.0%** |  |
| (4011) | Hyatt Hotels Corp., Class A | (560136) |
| (54347) | Lindblad Expeditions Holdings, Inc.<sup>\*</sup> | (634230) |
|  |  | (1194366) |
|  | **Household Appliances 0.6%** |  |
| (3429) | SharkNinja, Inc.<sup>\*</sup> | (339437) |
|  | **Human Resource & Employment Services 1.0%** |  |
| (10492) | Dayforce, Inc.<sup>\*</sup> | (581152) |
|  | **Interactive Home Entertainment 0.8%** |  |
| (4741) | ROBLOX Corp., Class A<sup>\*</sup> | (498753) |
|  | **Interactive Media & Services 1.9%** |  |
| (25434) | Angi, Inc.<sup>\*</sup> | (388123) |
| (271519) | Nextdoor Holdings, Inc.<sup>\*</sup> | (450721) |
| (39282) | Snap, Inc., Class A<sup>\*</sup> | (341361) |
|  |  | (1180205) |
|  | **Internet Services & Infrastructure 1.2%** |  |
| (2268) | MongoDB, Inc.<sup>\*</sup> | (476257) |
| (2039) | Twilio, Inc., Class A<sup>\*</sup> | (253570) |
|  |  | (729827) |
|  | **Investment Banking & Brokerage 1.0%** |  |
| (6660) | Robinhood Markets, Inc., Class A<sup>\*</sup> | (623576) |
|  | **Leisure Facilities 0.5%** |  |
| (9321) | Life Time Group Holdings, Inc.<sup>\*</sup> | (282706) |
|  | **Leisure Products 0.6%** |  |
| (48780) | Peloton Interactive, Inc., Class A<sup>\*</sup> | (338533) |
|  | **Life Sciences Tools & Services 0.9%** |  |
| (5659) | Revvity, Inc. | (547338) |
|  | **Multi-Family Residential REITs 0.5%** |  |
| (19394) | Elme Communities | (308365) |
|  | **Other Specialty Retail 0.1%** |  |
| (173254) | Leslie's, Inc.<sup>\*</sup> | (72749) |
|  | **Packaged Foods & Meats 1.9%** |  |
| (367999) | BRC, Inc., Class A<sup>\*</sup> | (482079) |

---

------

---

| | |
|:---|:---|
| **WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| (1823) | J.M. Smucker Co. | $(179019) |
| (2842) | The Marzetti Co. | (491012) |
|  |  | (1152110) |
|  | **Passenger Airlines 0.9%** |  |
| (61953) | Frontier Group Holdings, Inc.<sup>\*</sup> | (224890) |
| (31944) | Joby Aviation, Inc.<sup>\*</sup> | (337009) |
|  |  | (561899) |
|  | **Personal Care Products 0.8%** |  |
| (102542) | Coty, Inc., Class A<sup>\*</sup> | (476820) |
|  | **Real Estate Development 0.9%** |  |
| (8524) | Howard Hughes Holdings, Inc.<sup>\*</sup> | (575370) |
|  | **Real Estate Services 1.9%** |  |
| (571707) | Opendoor Technologies, Inc.<sup>\*</sup> | (304720) |
| (77291) | Real Brokerage, Inc.<sup>\*</sup> (Canada) | (348582) |
| (6912) | Zillow Group, Inc., Class C<sup>\*</sup> | (484186) |
|  |  | (1137488) |
|  | **Restaurants 1.7%** |  |
| (5601) | Cava Group, Inc.<sup>\*</sup> | (471772) |
| (36827) | Sweetgreen, Inc., Class A<sup>\*</sup> | (547986) |
|  |  | (1019758) |
|  | **Semiconductors 0.5%** |  |
| (34109) | SkyWater Technology, Inc.<sup>\*</sup> | (335633) |
|  | **Specialty Chemicals 0.8%** |  |
| (7548) | Albemarle Corp. | (473033) |
|  | **Telecom Tower REITs 0.7%** |  |
| (1794) | SBA Communications Corp. | (421303) |
|  | **Trading Companies & Distributors 0.6%** |  |
| (11034) | Xometry, Inc., Class A<sup>\*</sup> | (372839) |
|  | **Transaction & Payment Processing Services 1.9%** |  |
| (7149) | Affirm Holdings, Inc.<sup>\*</sup> | (494282) |
| (61371) | Payoneer Global, Inc.<sup>\*</sup> | (420391) |
| (11216) | Remitly Global, Inc.<sup>\*</sup> | (210524) |
|  |  | (1125197) |
|  | **Water Utilities 0.7%** |  |
| (9141) | California Water Service Group | (415733) |
|  | **Total Investments Sold Short <br>(proceeds $26,789,004) (42.6%)** | **(25805870)** |
|  | **Total Investments, Net of Investments Sold Short <br>(cost $40,091,841) 78.9%** | **47736310** |
|  | **Other Assets less Liabilities 21.1%** | **12777485** |
|  | **NET ASSETS 100.0%** | $**60513795** |
|  | <sup>\*</sup>Non-income producing.<br>\*\*\*Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 8, as applicable.<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 June 30, 2025 amounted to approximately $17,857 and represented 0.03% of net assets.<br><sup>†</sup><sup>†</sup>All or a portion of this security has been designated as collateral for short sales. |  |

---

------

---

| | |
|:---|:---|
| **WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

 <br> REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At June 30, 2025, the Wasatch Long/Short Alpha Fund's investments, excluding securities sold short, were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Norway | 1.5 |
|  Panama | 1.4 |
|  United States | 97.1 |
|  **TOTAL** | **100.0**% |

---

------

---

| | |
|:---|:---|
| **WASATCH MICRO CAP FUND (WMICX / WGICX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 97.9%** |  |
|  | **Aerospace & Defense 1.8%** |  |
| 351201 | TAT Technologies Ltd.\* | $10725679 |
|  | **Apparel Retail 1.5%** |  |
| 57409 | Boot Barn Holdings, Inc.\* | 8726168 |
|  | **Application Software 10.1%** |  |
| 126037 | Agilysys, Inc.\* | 14448882 |
| 374922 | Alkami Technology, Inc.\* | 11300149 |
| 612999 | AudioEye, Inc.\* | 7141438 |
| 367729 | Red Violet, Inc. | 18092267 |
| 1102010 | Weave Communications, Inc.\* | 9168723 |
|  |  | 60151459 |
|  | **Automotive Parts & Equipment 1.7%** |  |
| 279945 | XPEL, Inc.\* | 10050026 |
|  | **Biotechnology 0.0%** |  |
| 609978 | BriaPro Therapeutics Corp.\* \*\*\* <sup>†</sup> | 6100 |
|  | **Construction & Engineering 5.6%** |  |
| 134339 | Construction Partners, Inc., Class A\* | 14277549 |
| 96112 | Limbach Holdings, Inc.\* | 13465291 |
| 643856 | Orion Group Holdings, Inc.\* | 5839774 |
|  |  | 33582614 |
|  | **Consumer Finance 2.6%** |  |
| 1132232 | EZCORP, Inc., Class A\* | 15715380 |
|  | **Education Services 4.1%** |  |
| 551640 | Lincoln Educational Services Corp.\* | 12715302 |
| 349370 | Universal Technical Institute, Inc.\* | 11840149 |
|  |  | 24555451 |
|  | **Electronic Components 2.2%** |  |
| 131271 | Bel Fuse, Inc., Class B | 12823864 |
|  | **Electronic Equipment & Instruments 6.3%** |  |
| 527342 | Arlo Technologies, Inc.\* | 8943720 |
| 2414680 | Blackline Safety Corp.\* | 12767172 |
| 219235 | Napco Security Technologies, Inc. | 6509087 |
| 134929 | PAR Technology Corp.\* | 9360025 |
|  |  | 37580004 |
|  | **Financial Exchanges & Data 0.9%** |  |
| 2790338 | Open Lending Corp.\* | 5413256 |
|  | **Footwear 0.9%** |  |
| 226155 | Steven Madden Ltd. | 5423197 |
|  | **Health Care Equipment 1.1%** |  |
| 590052 | Axogen, Inc.\* | 6402064 |
|  | **Health Care Services 6.0%** |  |
| 126937 | Addus HomeCare Corp.\* | 14621873 |
| 359362 | Castle Biosciences, Inc.\* | 7338172 |
| 470904 | Pennant Group, Inc.\* | 14056484 |
|  |  | 36016529 |
|  | **Health Care Supplies 3.5%** |  |
| 313220 | OrthoPediatrics Corp.\* | 6727965 |

---

------

---

| | |
|:---|:---|
| **WASATCH MICRO CAP FUND (WMICX / WGICX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 57848 | UFP Technologies, Inc.\* | $14124168 |
|  |  | 20852133 |
|  | **Home Furnishings 0.6%** |  |
| 4592168 | Purple Innovation, Inc.\* | 3348609 |
|  | **Homebuilding 1.6%** |  |
| 496202 | Smith Douglas Homes Corp.\* <sup>‡</sup><sup>‡</sup> | 9636243 |
|  | **Human Resource & Employment Services 1.3%** |  |
| 763979 | Asure Software, Inc.\* | 7456435 |
|  | **Industrial Machinery & Supplies & Components 4.6%** |  |
| 519506 | Kornit Digital Ltd.\* | 10343365 |
| 109128 | Standex International Corp. | 17076349 |
|  |  | 27419714 |
|  | **Internet Services & Infrastructure 1.0%** |  |
| 244144 | Couchbase, Inc.\* | 5952231 |
|  | **Investment Banking & Brokerage 2.0%** |  |
| 607750 | Perella Weinberg Partners | 11802505 |
|  | **IT Consulting & Other Services 1.5%** |  |
| 768765 | Grid Dynamics Holdings, Inc.\* | 8879236 |
|  | **Leisure Products 1.5%** |  |
| 1431135 | Latham Group, Inc.\* | 9130641 |
|  | **Packaged Foods & Meats 7.0%** |  |
| 128618 | Freshpet, Inc.\* | 8740879 |
| 1890734 | Mama's Creations, Inc.\* <sup>‡</sup><sup>‡</sup> | 15693092 |
| 454923 | Vital Farms, Inc.\* | 17523634 |
|  |  | 41957605 |
|  | **Personal Care Products 1.0%** |  |
| 442925 | Lifevantage Corp. | 5793459 |
|  | **Pharmaceuticals 0.4%** |  |
| 241683 | Phathom Pharmaceuticals, Inc.\* | 2317740 |
|  | **Property & Casualty Insurance 3.9%** |  |
| 353060 | American Integrity Insurance Group, Inc.\* | 6492773 |
| 287423 | Bowhead Specialty Holdings, Inc.\* | 10786985 |
| 38253 | HCI Group, Inc. | 5822107 |
|  |  | 23101865 |
|  | **Regional Banks 3.4%** |  |
| 217249 | Esquire Financial Holdings, Inc. | 20564789 |
|  | **Research & Consulting Services 3.1%** |  |
| 102274 | ICF International, Inc. | 8663630 |
| 156374 | Willdan Group, Inc.\* | 9774939 |
|  |  | 18438569 |
|  | **Restaurants 2.9%** |  |
| 348816 | First Watch Restaurant Group, Inc.\* | 5595009 |
| 137068 | Kura Sushi USA, Inc., Class A\* | 11798813 |
|  |  | 17393822 |
|  | **Semiconductor Materials & Equipment 2.0%** |  |
| 576349 | Veeco Instruments, Inc.\* | 11711412 |
|  | **Semiconductors 3.2%** |  |
| 77851 | Impinj, Inc.\* | 8646911 |

---

------

---

| | |
|:---|:---|
| **WASATCH MICRO CAP FUND (WMICX / WGICX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 49862 | SiTime Corp.\* | $10624595 |
|  |  | 19271506 |
|  | **Soft Drinks & Non-Alcoholic Beverages 3.0%** |  |
| 494800 | Vita Coco Co., Inc.\* | 17862280 |
|  | **Systems Software 1.1%** |  |
| 239580 | TECSYS, Inc. | 6799902 |
|  | **Technology Distributors 2.5%** |  |
| 141867 | Climb Global Solutions, Inc. | 15167001 |
|  | **Trading Companies & Distributors 2.0%** |  |
| 1400399 | NPK International, Inc.\* | 11917396 |
|  | **Total Common Stocks<br>(cost $491,537,426)** | **583946884** |
|  | **PREFERRED STOCKS 1.3%** |  |
|  | **Textiles 1.3%** |  |
| 339559 | Johnnie-O Holdings, Inc., Series A Pfd.\* \*\*\* <sup>†</sup> | 7640078 |
|  | **Total Preferred Stocks<br>(cost $10,000,013)** | **7640078** |
|  | **WARRANTS 0.0%** |  |
|  | **Biotechnology 0.0%** |  |
| 1556949 | Sangamo Therapeutics, Inc., expiring 9/26/2029\* \*\*\* <sup>†</sup> | 155695 |
|  | **Pharmaceuticals 0.0%** |  |
| 7500 | IM Cannabis Corp., expiring 5/7/2026\* \*\*\* <sup>†</sup> |  |
|  | **Total Warrants<br>(cost $939,374)** | **155695** |
|  | **Total Investments<br>(cost $502,476,813) 99.2%** | **591742657** |
|  | **Other Assets less Liabilities 0.8%** | **4719874** |
|  | **NET ASSETS 100.0%** | $**596462531** |
|  | \*Non-income producing.<br>\*\*\*Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 8, as applicable.<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 June 30, 2025 amounted to approximately $7,801,873 and represented 1.31% of net assets.<br><sup>‡</sup><sup>‡</sup>Affiliated company (see Note 6).<br>See Notes to Schedules of Investments. |  |

---

At June 30, 2025, the Wasatch Micro Cap Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Canada | 3.3 |
|  Israel | 3.6 |
|  United States | 93.1 |
|  **TOTAL** | **100.0**% |

---

------

---

| | |
|:---|:---|
| **WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 99.3%** |  |
|  | **Aerospace & Defense 1.8%** |  |
| 196181 | TAT Technologies Ltd.\* | $5991368 |
|  | **Apparel Retail 0.9%** |  |
| 165796 | Shoe Carnival, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3102043 |
|  | **Apparel, Accessories & Luxury Goods 0.9%** |  |
| 204790 | Lakeland Industries, Inc. | 2787192 |
|  | **Application Software 9.5%** |  |
| 321088 | AudioEye, Inc.\* | 3740675 |
| 137269 | I3 Verticals, Inc., Class A\* | 3772152 |
| 281621 | PROS Holdings, Inc.\* | 4410185 |
| 196630 | Red Violet, Inc. | 9674196 |
| 243230 | SoundThinking, Inc.\* | 3175367 |
| 757393 | Weave Communications, Inc.\* | 6301510 |
|  |  | 31074085 |
|  | **Automotive Parts & Equipment 1.0%** |  |
| 36210 | Patrick Industries, Inc. | 3341097 |
|  | **Communications Equipment 1.8%** |  |
| 169628 | Digi International, Inc.\* | 5913232 |
|  | **Construction & Engineering 7.6%** |  |
| 69600 | Construction Partners, Inc., Class A\* | 7397088 |
| 64900 | Granite Construction, Inc. | 6068799 |
| 59761 | Limbach Holdings, Inc.\* | 8372516 |
| 352020 | Orion Group Holdings, Inc.\* | 3192821 |
|  |  | 25031224 |
|  | **Consumer Finance 2.1%** |  |
| 489235 | EZCORP, Inc., Class A\* | 6790582 |
|  | **Diversified Support Services 1.6%** |  |
| 40605 | VSE Corp. | 5318443 |
|  | **Education Services 1.8%** |  |
| 249729 | Lincoln Educational Services Corp.\* | 5756253 |
|  | **Electronic Components 2.1%** |  |
| 68760 | Bel Fuse, Inc., Class B | 6717164 |
|  | **Electronic Equipment & Instruments 5.4%** |  |
| 383935 | Arlo Technologies, Inc.\* | 6511538 |
| 970559 | Blackline Safety Corp.\* | 5131650 |
| 47635 | PAR Technology Corp.\* | 3304440 |
| 670251 | Powerfleet, Inc. NJ\* | 2888782 |
|  |  | 17836410 |
|  | **Electronic Manufacturing Services 1.7%** |  |
| 132466 | CTS Corp. | 5644376 |
|  | **Financial Exchanges & Data 0.9%** |  |
| 1499977 | Open Lending Corp.\* | 2909955 |
|  | **Food Distributors 2.0%** |  |
| 103600 | Chefs' Warehouse, Inc.\* | 6610716 |
|  | **Health Care Equipment 2.1%** |  |
| 2329567 | AOTI, Inc.\* | 2877911 |
| 377795 | Axogen, Inc.\* | 4099076 |
|  |  | 6976987 |

---

------

---

| | |
|:---|:---|
| **WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Health Care Services 4.0%** |  |
| 41119 | Addus HomeCare Corp.\* | $4736498 |
| 116000 | Pennant Group, Inc.\* | 3462600 |
| 697838 | Viemed Healthcare, Inc.\* | 4822060 |
|  |  | 13021158 |
|  | **Health Care Supplies 2.0%** |  |
| 26749 | UFP Technologies, Inc.\* | 6531036 |
|  | **Home Furnishing Retail 1.1%** |  |
| 398423 | Arhaus, Inc.\* | 3454327 |
|  | **Homebuilding 3.1%** |  |
| 101200 | Champion Homes, Inc.\* | 6336132 |
| 72100 | LGI Homes, Inc.\* | 3714592 |
|  |  | 10050724 |
|  | **Industrial Machinery & Supplies & Components 4.2%** |  |
| 143462 | Graham Corp.\* | 7102804 |
| 43505 | Standex International Corp. | 6807662 |
|  |  | 13910466 |
|  | **Investment Banking & Brokerage 4.1%** |  |
| 263000 | JDC Group AG\* | 7249344 |
| 321500 | Perella Weinberg Partners | 6243530 |
|  |  | 13492874 |
|  | **IT Consulting & Other Services 1.3%** |  |
| 358736 | Grid Dynamics Holdings, Inc.\* | 4143401 |
|  | **Leisure Products 1.5%** |  |
| 763508 | Latham Group, Inc.\* | 4871181 |
|  | **Mortgage REITs 1.2%** |  |
| 373000 | Sunrise Realty Trust, Inc. | 3953800 |
|  | **Packaged Foods & Meats 5.7%** |  |
| 1196000 | LT Foods Ltd. | 6787054 |
| 644298 | Mama's Creations, Inc.\* | 5347674 |
| 171141 | Vital Farms, Inc.\* | 6592351 |
|  |  | 18727079 |
|  | **Pharmaceuticals 1.1%** |  |
| 520720 | Journey Medical Corp.\* | 3738770 |
|  | **Property & Casualty Insurance 5.7%** |  |
| 237132 | American Integrity Insurance Group, Inc.\* | 4360857 |
| 140000 | Bowhead Specialty Holdings, Inc.\* | 5254200 |
| 17354 | HCI Group, Inc. | 2641279 |
| 109982 | Skyward Specialty Insurance Group, Inc.\* | 6355860 |
|  |  | 18612196 |
|  | **Regional Banks 5.5%** |  |
| 35455 | Axos Financial, Inc.\* | 2695998 |
| 67790 | Esquire Financial Holdings, Inc. | 6417002 |
| 316000 | Finwise Bancorp\* | 4743160 |
| 127500 | Third Coast Bancshares, Inc.\* | 4165425 |
|  |  | 18021585 |
|  | **Research & Consulting Services 2.9%** |  |
| 57000 | ICF International, Inc. | 4828470 |
| 76029 | Willdan Group, Inc.\* | 4752573 |
|  |  | 9581043 |

---

------

---

| | |
|:---|:---|
| **WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Semiconductor Materials & Equipment 3.5%** |  |
| 58213 | Camtek Ltd.\* | $4922491 |
| 317271 | Veeco Instruments, Inc.\* | 6446947 |
|  |  | 11369438 |
|  | **Soft Drinks & Non-Alcoholic Beverages 1.5%** |  |
| 136738 | Vita Coco Co., Inc.\* | 4936242 |
|  | **Technology Distributors 2.1%** |  |
| 62882 | Climb Global Solutions, Inc. | 6722715 |
|  | **Technology Hardware, Storage & Peripherals 1.2%** |  |
| 162138 | CPI Card Group, Inc.\* | 3845913 |
|  | **Trading Companies & Distributors 4.4%** |  |
| 187000 | ADENTRA, Inc. | 3961777 |
| 149551 | Karat Packaging, Inc. | 4211356 |
| 713305 | NPK International, Inc.\* | 6070226 |
|  |  | 14243359 |
|  | **Total Common Stocks<br>(cost $239,098,736)** | **325028434** |
|  | **WARRANTS 0.0%** |  |
|  | **Trading Companies & Distributors 0.0%** |  |
|  | Greenlane Holdings, Inc., expiring 2/24/2026\* \*\*\* <sup>†</sup> |  |
|  | **Total Warrants<br>(cost $396,902)** |  |
|  | **Total Investments<br>(cost $239,495,638) 99.3%<sup>§</sup>** | **325028434** |
|  | **Other Assets less Liabilities 0.7%** | **2439841** |
|  | **NET ASSETS 100.0%** | $**327468275** |
|  | \*Non-income producing.<br>\*\*\*Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 8, as applicable.<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 June 30, 2025 amounted to approximately $0 and represented 0.00% of net assets.<br><sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 2.07%.<br>REIT Real Estate Investment Trust.<br>See Notes to Schedules of Investments. |  |

---

At June 30, 2025, the Wasatch Micro Cap Value Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Canada | 2.8 |
|  Germany | 2.2 |
|  India | 2.1 |
|  Israel | 3.4 |
|  United States | 89.5 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 98.0%** | **COMMON STOCKS 98.0%** |
|  | **Aerospace & Defense 2.1%** |  |
| 468733 | Loar Holdings, Inc.\* | $40390723 |
|  | **Application Software 9.8%** |  |
| 501403 | Agilysys, Inc.\* | 57480840 |
| 910510 | Alkami Technology, Inc.\* | 27442771 |
| 1498596 | Clearwater Analytics Holdings, Inc., Class A\* | 32864210 |
| 1383415 | nCino, Inc.\* | 38694118 |
| 484236 | Procore Technologies, Inc.\* | 33131427 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;189613366 |
|  | **Asset Management & Custody Banks 1.8%** |  |
| 639298 | StepStone Group, Inc., Class A | 35481039 |
|  | **Automotive Parts & Equipment 1.3%** |  |
| 676177 | XPEL, Inc.\* | 24274754 |
|  | **Automotive Retail 2.5%** |  |
| 1289996 | Valvoline, Inc.\* | 48852149 |
|  | **Broadline Retail 4.8%** |  |
| 599504 | Global-e Online Ltd.\* | 20107364 |
| 544286 | Ollie's Bargain Outlet Holdings, Inc.\* | 71726009 |
|  |  | 91833373 |
|  | **Building Products 2.8%** |  |
| 364876 | AAON, Inc. | 26909605 |
| 489365 | Trex Co., Inc.\* | 26611669 |
|  |  | 53521274 |
|  | **Construction & Engineering 4.3%** |  |
| 478042 | Construction Partners, Inc., Class A\* | 50806304 |
| 235292 | Limbach Holdings, Inc.\* | 32964409 |
|  |  | 83770713 |
|  | **Diversified Support Services 1.3%** |  |
| 1515243 | ACV Auctions, Inc., Class A\* | 24577241 |
|  | **Electronic Manufacturing Services 3.9%** |  |
| 258172 | Fabrinet\* | 76078125 |
|  | **Health Care Equipment 2.6%** |  |
| 241252 | Inspire Medical Systems, Inc.\* | 31307272 |
| 138948 | TransMedics Group, Inc.\* | 18620422 |
|  |  | 49927694 |
|  | **Health Care Facilities 3.8%** |  |
| 480165 | Ensign Group, Inc. | 74070253 |
|  | **Health Care Services 2.4%** |  |
| 406035 | Addus HomeCare Corp.\* | 46771172 |
|  | **Health Care Supplies 2.2%** |  |
| 173482 | UFP Technologies, Inc.\* | 42357365 |
|  | **Health Care Technology 1.3%** |  |
| 2082298 | Certara, Inc.\* | 24362887 |
|  | **Home Improvement Retail 1.7%** |  |
| 436610 | Floor & Decor Holdings, Inc., Class A\* | 33164896 |
|  | **Homebuilding 0.7%** |  |
| 279047 | LGI Homes, Inc.\* | 14376501 |

---

------

---

| | |
|:---|:---|
| **WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Human Resource & Employment Services 3.0%** |  |
| 315752 | Paylocity Holding Corp.\* | $57211105 |
|  | **Industrial Machinery & Supplies & Components 4.1%** |  |
| 203144 | RBC Bearings, Inc.\* | 78169811 |
|  | **Insurance Brokers 2.2%** |  |
| 408147 | Goosehead Insurance, Inc., Class A | 43063590 |
|  | **IT Consulting & Other Services 2.1%** |  |
| 222508 | Globant SA\* | 20212627 |
| 1819886 | Grid Dynamics Holdings, Inc.\* | 21019683 |
|  |  | 41232310 |
|  | **Life Sciences Tools & Services 2.4%** |  |
| 145444 | Medpace Holdings, Inc.\* | 45649054 |
|  | **Managed Health Care 3.9%** |  |
| 720279 | HealthEquity, Inc.\* | 75456428 |
|  | **Other Specialty Retail 1.5%** |  |
| 226654 | Five Below, Inc.\* | 29732472 |
|  | **Packaged Foods & Meats 3.1%** |  |
| 470762 | Freshpet, Inc.\* | 31992985 |
| 710644 | Vital Farms, Inc.\* | 27374007 |
|  |  | 59366992 |
|  | **Personal Care Products 2.6%** |  |
| 849170 | BellRing Brands, Inc.\* | 49192418 |
|  | **Regional Banks 3.0%** |  |
| 514637 | Pinnacle Financial Partners, Inc. | 56821071 |
|  | **Restaurants 3.3%** |  |
| 261154 | Dutch Bros, Inc., Class A\* | 17855099 |
| 320744 | Shake Shack, Inc., Class A\* | 45096606 |
|  |  | 62951705 |
|  | **Semiconductor Materials & Equipment 6.4%** |  |
| 446110 | Camtek Ltd.\* | 37723062 |
| 311735 | Nova Ltd.\* | 85789471 |
|  |  | 123512533 |
|  | **Systems Software 3.7%** |  |
| 1162876 | JFrog Ltd.\* | 51026999 |
| 724190 | Onestream, Inc.\* | 20494577 |
|  |  | 71521576 |
|  | **Trading Companies & Distributors 2.4%** |  |
| 379343 | SiteOne Landscape Supply, Inc.\* | 45877742 |
|  | **Transaction & Payment Processing Services 5.0%** |  |
| 873165 | Paymentus Holdings, Inc., Class A\* | 28596154 |
| 683068 | Shift4 Payments, Inc., Class A\* | 67698869 |
|  |  | 96295023 |
|  | **Total Common Stocks<br>(cost $1,279,596,268)** | **1889477355** |
|  | **PREFERRED STOCKS 0.7%** |  |
|  | **Textiles 0.7%** |  |
| 611205 | Johnnie-O Holdings, Inc., Series A Pfd.\* \*\*\* <sup>†</sup> <sup>‡</sup><sup>‡</sup> | 13752113 |

---

------

---

| | |
|:---|:---|
| **WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Total Preferred Stocks <br>(cost $17,999,987)** | $**13752113** |
|  | **Total Investments <br>(cost $1,297,596,255) 98.7%** | **1903229468** |
|  | **Other Assets less Liabilities 1.3%** | **25832850** |
|  | **NET ASSETS 100.0%** | $**1929062318** |
|  | \*Non-income producing.<br>\*\*\*Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 8, as applicable.<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 June 30, 2025 amounted to approximately $13,752,113 and represented 0.71% of net assets.<br><sup>‡</sup><sup>‡</sup>Affiliated company (see Note 6).<br>See Notes to Schedules of Investments. |  |

---

At June 30, 2025, the Wasatch Small Cap Growth Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Israel | 7.5 |
|  United States | 92.5 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 99.2%** |  |
|  | **Agricultural & Farm Machinery 1.7%** |  |
| 121916 | Alamo Group, Inc. | $26624016 |
|  | **Agricultural Products & Services 1.5%** |  |
| 709679 | Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23007793 |
|  | **Application Software 0.7%** |  |
| 1303188 | Weave Communications, Inc.\* | 10842524 |
|  | **Asset Management & Custody Banks 4.9%** |  |
| 716571 | Artisan Partners Asset Management, Inc., Class A | 31765592 |
| 331115 | Cohen & Steers, Inc. | 24949515 |
| 137913 | Hamilton Lane, Inc., Class A | 19600196 |
|  |  | 76315303 |
|  | **Automotive Retail 2.4%** |  |
| 976528 | Valvoline, Inc.\* | 36981115 |
|  | **Broadcasting 1.8%** |  |
| 1678185 | TEGNA, Inc. | 28126381 |
|  | **Broadline Retail 2.5%** |  |
| 297852 | Ollie's Bargain Outlet Holdings, Inc.\* | 39250937 |
|  | **Building Products 4.2%** |  |
| 79230 | CSW Industrials, Inc. | 22725541 |
| 2023981 | Janus International Group, Inc.\* | 16475206 |
| 262173 | UFP Industries, Inc. | 26049509 |
|  |  | 65250256 |
|  | **Cargo Ground Transportation 1.2%** |  |
| 65122 | Saia, Inc.\* | 17842777 |
|  | **Commodity Chemicals 1.9%** |  |
| 201727 | Hawkins, Inc. | 28665407 |
|  | **Construction & Engineering 2.0%** |  |
| 325818 | Granite Construction, Inc. | 30467241 |
|  | **Construction Machinery & Heavy Transportation Equipment 2.4%** |  |
| 393753 | Allison Transmission Holdings, Inc. | 37402597 |
|  | **Education Services 3.6%** |  |
| 150047 | Grand Canyon Education, Inc.\* | 28358883 |
| 829261 | Universal Technical Institute, Inc.\* | 28103655 |
|  |  | 56462538 |
|  | **Electronic Equipment & Instruments 1.9%** |  |
| 1745977 | Arlo Technologies, Inc.\* | 29611770 |
|  | **Electronic Manufacturing Services 6.6%** |  |
| 647678 | Benchmark Electronics, Inc. | 25149337 |
| 746338 | CTS Corp. | 31801462 |
| 151035 | Fabrinet\* | 44506994 |
|  |  | 101457793 |
|  | **Health Care Facilities 2.7%** |  |
| 268424 | Ensign Group, Inc. | 41407086 |
|  | **Health Care Supplies 1.9%** |  |
| 120411 | UFP Technologies, Inc.\* | 29399550 |
|  | **Homebuilding 2.1%** |  |
| 279992 | Champion Homes, Inc.\* | 17530299 |

---

------

---

| | |
|:---|:---|
| **WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 280821 | LGI Homes, Inc.\* | $14467898 |
|  |  | 31998197 |
|  | **Industrial Machinery & Supplies & Components 7.0%** |  |
| 119174 | Enpro, Inc. | 22827780 |
| 426347 | Helios Technologies, Inc. | 14227199 |
| 133815 | Kadant, Inc. | 42479572 |
| 186646 | Standex International Corp. | 29206366 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;108740917 |
|  | **Investment Banking & Brokerage 1.8%** |  |
| 434207 | Moelis & Co., Class A | 27059780 |
|  | **IT Consulting & Other Services 1.1%** |  |
| 182276 | Globant SA\* | 16557952 |
|  | **Leisure Products 1.3%** |  |
| 621838 | YETI Holdings, Inc.\* | 19600334 |
|  | **Life Sciences Tools & Services 2.1%** |  |
| 105646 | Medpace Holdings, Inc.\* | 33158054 |
|  | **Managed Health Care 2.1%** |  |
| 306839 | HealthEquity, Inc.\* | 32144454 |
|  | **Mortgage REITs 1.2%** |  |
| 1774836 | Arbor Realty Trust, Inc. | 18990745 |
|  | **Oil & Gas Equipment & Services 1.0%** |  |
| 362965 | Cactus, Inc., Class A | 15868830 |
|  | **Oil & Gas Exploration & Production 1.4%** |  |
| 469597 | Matador Resources Co. | 22409169 |
|  | **Oil & Gas Storage & Transportation 0.7%** |  |
| 1050741 | DHT Holdings, Inc. | 11358510 |
|  | **Other Specialty Retail 1.0%** |  |
| 122840 | Five Below, Inc.\* | 16114151 |
|  | **Packaged Foods & Meats 2.2%** |  |
| 1304949 | Flowers Foods, Inc. | 20853085 |
| 186424 | Freshpet, Inc.\* | 12669375 |
|  |  | 33522460 |
|  | **Paper Products 1.4%** |  |
| 441385 | Sylvamo Corp. | 22113388 |
|  | **Passenger Airlines 1.5%** |  |
| 217293 | Copa Holdings SA, Class A | 23895711 |
|  | **Regional Banks 9.3%** |  |
| 432446 | Axos Financial, Inc.\* | 32883194 |
| 667235 | Bank OZK | 31400079 |
| 318919 | FB Financial Corp. | 14447031 |
| 236179 | Hancock Whitney Corp. | 13556675 |
| 291120 | Pinnacle Financial Partners, Inc. | 32142559 |
| 261779 | ServisFirst Bancshares, Inc. | 20290490 |
|  |  | 144720028 |
|  | **Research & Consulting Services 1.5%** |  |
| 276937 | ICF International, Inc. | 23459333 |
|  | **Self-Storage REITs 1.8%** |  |
| 888870 | National Storage Affiliates Trust | 28434951 |

---

------

---

| | |
|:---|:---|
| **WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Semiconductor Materials & Equipment 5.2%** |  |
| 265514 | Camtek Ltd.\* | $22451864 |
| 150989 | Nova Ltd.\* | 41552173 |
| 801507 | Veeco Instruments, Inc.\* | 16286622 |
|  |  | 80290659 |
|  | **Soft Drinks & Non-Alcoholic Beverages 2.3%** |  |
| 979312 | Vita Coco Co., Inc.\* | 35353163 |
|  | **Specialized Consumer Services 1.9%** |  |
| 496463 | Frontdoor, Inc.\* | 29261529 |
|  | **Technology Distributors 1.2%** |  |
| 440065 | ScanSource, Inc.\* | 18399118 |
|  | **Transaction & Payment Processing Services 4.2%** |  |
| 308340 | Euronet Worldwide, Inc.\* | 31259509 |
| 335090 | Shift4 Payments, Inc., Class A\* | 33210770 |
|  |  | 64470279 |
|  | **Total Common Stocks <br>(cost $1,274,317,852)** | **1537036796** |
|  | **Total Investments <br>(cost $1,274,317,852) 99.2%** | **1537036796** |
|  | **Other Assets less Liabilities 0.8%** | **12488059** |
|  | **NET ASSETS 100.0%** | $**1549524855** |
|  | \*Non-income producing.<br>REIT Real Estate Investment Trust.<br>See Notes to Schedules of Investments. |  |

---

At June 30, 2025, the Wasatch Small Cap Value Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Israel | 4.2 |
|  Norway | 0.7 |
|  Panama | 1.6 |
|  United States | 93.5 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 96.2%** | **COMMON STOCKS 96.2%** |
|  | **Application Software 4.8%** |  |
| 225601 | Procore Technologies, Inc.\* | $15435621 |
| 172807 | Q2 Holdings, Inc.\* | 16173007 |
|  |  | 31608628 |
|  | **Biotechnology 8.5%** |  |
| 5149948 | C4 Therapeutics, Inc.\* <sup>‡</sup><sup>‡</sup> | 7364425 |
| 509688 | Dyne Therapeutics, Inc.\* | 4852230 |
| 378372 | Exact Sciences Corp.\* | 20106688 |
| 723893 | Immatics NV\* | 3894544 |
| 2822577 | MacroGenics, Inc.\* | 3415318 |
| 1585065 | Nkarta, Inc.\* | 2631208 |
| 420943 | Nurix Therapeutics, Inc.\* | 4794541 |
| 5594097 | Sangamo Therapeutics, Inc.\* | 3028085 |
| 225322 | Viking Therapeutics, Inc.\* | 5971033 |
|  |  | 56058072 |
|  | **Broadline Retail 3.7%** |  |
| 252051 | Global-e Online Ltd.\* | 8453791 |
| 122085 | Ollie's Bargain Outlet Holdings, Inc.\* | 16088361 |
|  |  | 24542152 |
|  | **Building Products 1.9%** |  |
| 227949 | Trex Co., Inc.\* | 12395867 |
|  | **Distributors 1.6%** |  |
| 35714 | Pool Corp. | 10409917 |
|  | **Environmental & Facilities Services 3.9%** |  |
| 220792 | Casella Waste Systems, Inc., Class A\* | 25474981 |
|  | **Financial Exchanges & Data 1.1%** |  |
| 31821 | MarketAxess Holdings, Inc. | 7106902 |
|  | **Footwear 1.6%** |  |
| 202985 | On Holding AG, Class A\* | 10565369 |
|  | **Health Care Equipment 9.2%** |  |
| 203030 | Artivion, Inc.\* | 6314233 |
| 461234 | AtriCure, Inc.\* | 15114638 |
| 140978 | Inspire Medical Systems, Inc.\* | 18294715 |
| 171381 | PROCEPT BioRobotics Corp.\* | 9871546 |
| 84025 | TransMedics Group, Inc.\* | 11260190 |
|  |  | 60855322 |
|  | **Health Care Services 1.9%** |  |
| 627208 | Castle Biosciences, Inc.\* | 12807587 |
|  | **Health Care Supplies 2.5%** |  |
| 7713340 | Cerus Corp.\* | 10875809 |
| 405747 | RxSight, Inc.\* | 5274711 |
|  |  | 16150520 |
|  | **Home Improvement Retail 1.6%** |  |
| 134973 | Floor & Decor Holdings, Inc., Class A\* | 10252549 |
|  | **Human Resource & Employment Services 2.4%** |  |
| 88656 | Paylocity Holding Corp.\* | 16063581 |
|  | **Industrial Machinery & Supplies & Components 2.8%** |  |
| 47688 | RBC Bearings, Inc.\* | 18350342 |

---

------

---

| | |
|:---|:---|
| **WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | **Insurance Brokers 2.2%** |  |  |
| 137391 | Goosehead Insurance, Inc., Class A | $| 14496125 |
|  | **IT Consulting & Other Services 1.3%** |  |  |
| 90706 | Globant SA\* |  | 8239733 |
|  | **Managed Health Care 3.9%** |  |  |
| 247250 | HealthEquity, Inc.\* |  | 25901909 |
|  | **Oil & Gas Exploration & Production 1.8%** |  |  |
| 212954 | Magnolia Oil & Gas Corp., Class A |  | 4787206 |
| 154876 | Matador Resources Co. |  | 7390683 |
|  |  |  | 12177889 |
|  | **Other Specialty Retail 1.3%** |  |  |
| 63289 | Five Below, Inc.\* |  | 8302251 |
|  | **Packaged Foods & Meats 3.4%** |  |  |
| 330197 | Freshpet, Inc.\* |  | 22440188 |
|  | **Personal Care Products 1.9%** |  |  |
| 212115 | BellRing Brands, Inc.\* |  | 12287822 |
|  | **Pharmaceuticals 3.0%** |  |  |
| 413172 | Arvinas, Inc.\* |  | 3040946 |
| 7020569 | Esperion Therapeutics, Inc.\* |  | 6911048 |
| 1010788 | Phathom Pharmaceuticals, Inc.\* |  | 9693457 |
|  |  |  | 19645451 |
|  | **Regional Banks 1.9%** |  |  |
| 259549 | Bank OZK |  | 12214376 |
|  | **Semiconductor Materials & Equipment 12.0%** |  |  |
| 52158 | BE Semiconductor Industries NV |  | 7800407 |
| 100751 | Camtek Ltd.\* |  | 8519505 |
| 338449 | Kulicke & Soffa Industries, Inc. |  | 11710335 |
| 70754 | Nova Ltd.\* |  | 19471501 |
| 1056172 | PDF Solutions, Inc.\* |  | 22580957 |
| 453400 | Veeco Instruments, Inc.\* |  | 9213088 |
|  |  |  | 79295793 |
|  | **Semiconductors 1.8%** |  |  |
| 54831 | SiTime Corp.\* |  | 11683390 |
|  | **Specialty Chemicals 1.5%** |  |  |
| 63282 | Balchem Corp. |  | 10074494 |
|  | **Systems Software 9.1%** |  |  |
| 47773 | CyberArk Software Ltd.\* |  | 19437878 |
| 476485 | JFrog Ltd.\* |  | 20908162 |
| 62986 | Monday.com Ltd.\* |  | 19807837 |
|  |  |  | 60153877 |
|  | **Transaction & Payment Processing Services 3.6%** |  |  |
| 236263 | Shift4 Payments, Inc., Class A\* |  | 23416026 |
|  | **Total Common Stocks<br>(cost $536,798,141)** |  | **632971113** |
|  | **PREFERRED STOCKS 1.7%** | **PREFERRED STOCKS 1.7%** | **PREFERRED STOCKS 1.7%** |
|  | **Textiles 1.7%** |  |  |
| 509338 | Johnnie-O Holdings, Inc., Series A Pfd.\* \*\*\* <sup>†</sup> <sup>‡</sup><sup>‡</sup> |  | 11460105 |

---

------

---

| | |
|:---|:---|
| **WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Total Preferred Stocks<br>(cost $15,000,004)** | $**11460105** |
|  | **WARRANTS 0.0%** |  |
|  | **Biotechnology 0.0%** |  |
| 3026385 | Sangamo Therapeutics, Inc., expiring 9/26/2029\* \*\*\* <sup>†</sup> | 302639 |
|  | **Total Warrants<br>(cost $626,686)** | **302639** |
|  | **Total Investments<br>(cost $552,424,831) 97.9%<sup>§</sup>** | **644733857** |
|  | **Other Assets less Liabilities 2.1%** | **13539444** |
|  | **NET ASSETS 100.0%** | $**658273301** |
|  | \*Non-income producing.<br> \*\*\*Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 8, as applicable.<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 June 30, 2025 amounted to approximately $11,762,744 and represented 1.79% of net assets.<br> <sup>‡</sup><sup>‡</sup>Affiliated company (see Note 6).<br> <sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 1.18%.<br> See Notes to Schedules of Investments. |  |

---

At June 30, 2025, the Wasatch Ultra Growth Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Germany | 0.6 |
|  Israel | 11.8 |
|  Netherlands | 1.2 |
|  Switzerland | 1.6 |
|  United States | 84.8 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH U.S. SELECT FUND (WAUSX / WGUSX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 98.9%** |  |
|  | **Aerospace & Defense 4.1%** |  |
| 4828 | HEICO Corp., Class A | $1249245 |
|  | **Application Software 23.6%** |  |
| 2964 | ANSYS, Inc.\* | 1041016 |
| 3750 | Guidewire Software, Inc.\* | 882938 |
| 1342 | HubSpot, Inc.\* | 746997 |
| 3549 | Manhattan Associates, Inc.\* | 700821 |
| 14298 | Procore Technologies, Inc.\* | 978269 |
| 2214 | Roper Technologies, Inc. | 1254984 |
| 1048 | Tyler Technologies, Inc.\* | 621296 |
| 3883 | Workday, Inc., Class A\* | 931920 |
|  |  | 7158241 |
|  | **Asset Management & Custody Banks 2.4%** |  |
| 5181 | Hamilton Lane, Inc., Class A | 736324 |
|  | **Automotive Retail 3.0%** |  |
| 24012 | Valvoline, Inc.\* | 909334 |
|  | **Broadline Retail 1.4%** |  |
| 12977 | Global-e Online Ltd.\* | 435249 |
|  | **Building Products 1.8%** |  |
| 10336 | Trex Co., Inc.\* | 562072 |
|  | **Cargo Ground Transportation 2.7%** |  |
| 5011 | Old Dominion Freight Line, Inc. | 813285 |
|  | **Distributors 2.5%** |  |
| 2635 | Pool Corp. | 768050 |
|  | **Diversified Support Services 3.1%** |  |
| 19193 | Copart, Inc.\* | 941800 |
|  | **Electrical Components & Equipment 4.2%** |  |
| 7026 | AMETEK, Inc. | 1271425 |
|  | **Electronic Components 4.1%** |  |
| 12468 | Amphenol Corp., Class A | 1231215 |
|  | **Electronic Equipment & Instruments 2.4%** |  |
| 5776 | Novanta, Inc.\* | 744700 |
|  | **Electronic Manufacturing Services 3.8%** |  |
| 3959 | Fabrinet\* | 1166638 |
|  | **Financial Exchanges & Data 3.8%** |  |
| 3634 | Morningstar, Inc. | 1140822 |
|  | **Health Care Equipment 1.4%** |  |
| 3230 | Inspire Medical Systems, Inc.\* | 419157 |
|  | **Health Care Facilities 3.7%** |  |
| 7273 | Ensign Group, Inc. | 1121933 |
|  | **Home Improvement Retail 2.1%** |  |
| 8238 | Floor & Decor Holdings, Inc., Class A\* | 625758 |
|  | **Human Resource & Employment Services 2.0%** |  |
| 3281 | Paylocity Holding Corp.\* | 594484 |
|  | **Industrial Machinery & Supplies & Components 3.7%** |  |
| 2887 | RBC Bearings, Inc.\* | 1110918 |

---

------

---

| | |
|:---|:---|
| **WASATCH U.S. SELECT FUND (WAUSX / WGUSX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Life Sciences Tools & Services 2.6%** |  |
| 2546 | Medpace Holdings, Inc.\* | $799087 |
|  | **Managed Health Care 4.6%** |  |
| 13367 | HealthEquity, Inc.\* | 1400327 |
|  | **Personal Care Products 2.7%** |  |
| 14105 | BellRing Brands, Inc.\* | 817103 |
|  | **Restaurants 2.9%** |  |
| 2589 | Wingstop, Inc. | 871820 |
|  | **Semiconductor Materials & Equipment 3.9%** |  |
| 4258 | Nova Ltd.\* | 1171802 |
|  | **Semiconductors 2.6%** |  |
| 1069 | Monolithic Power Systems, Inc. | 781845 |
|  | **Transaction & Payment Processing Services 3.8%** |  |
| 11783 | Shift4 Payments, Inc., Class A\* | 1167813 |
|  | **Total Common Stocks <br>(cost $24,725,032)** | **30010447** |
|  | **Total Investments <br>(cost $24,725,032) 98.9%** | **30010447** |
|  | **Other Assets less Liabilities 1.1%** | **344134** |
|  | **NET ASSETS 100.0%** | $**30354581** |
|  | \*Non-income producing.<br>See Notes to Schedules of Investments. |  |

---

At June 30, 2025, the Wasatch U.S. Select Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Israel | 5.4 |
|  United States | 94.6 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH-HOISINGTON U.S. TREASURY FUND (WHOSX)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
|  | **U.S. GOVERNMENT OBLIGATIONS 99.0%** |  |
| $41000000 | U.S. Treasury Bond, 1.25%, 5/15/50 | $19729648 |
| 45200000 | U.S. Treasury Bond, 1.375%, 8/15/50 | 22328094 |
| 41100000 | U.S. Treasury Bond, 1.875%, 11/15/51 | 22913250 |
| 160000000 | U.S. Treasury STRIPS Principal, 0.00%, 8/15/47 | 53796963 |
| 33700000 | U.S. Treasury STRIPS Principal, 2.00%, 8/15/51 | 9413641 |
| 35200000 | U.S. Treasury STRIPS Principal, 3.625%, 5/15/53 | 9142103 |
|  | **Total U.S. Government Obligations<br>(cost $169,986,121)** | **137323699** |
|  | **Total Investments<br>(cost $169,986,121) 99.0%** | **137323699** |
|  | **Other Assets less Liabilities 1.0%** | **1370110** |
|  | **NET ASSETS 100.0%** | $**138693809** |
|  | <br> See Notes to Schedules of Investments. |  |

---

------

---

| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

**1. ORGANIZATION** 

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

On November 9, 2011, the Trust redesignated the shares of the Funds into Investor Class shares effective January 31, 2012, and authorized and designated a new Institutional Class of shares in the Funds. Currently 20 funds offer Institutional Class shares: Core Growth Fund, Global Value Fund and Small Cap Value Fund, which commenced operations on January 31, 2012; Emerging Markets Select Fund, which commenced operations on December 13, 2012; Emerging India Fund, Emerging Markets Small Cap Fund, Frontier Emerging Small Countries Fund, Global Opportunities Fund, International Growth Fund, International Opportunities Fund and Small Cap Growth Fund, which commenced operations on February 1, 2016; Global Select Fund and International Select Fund, which commenced operations on October 1, 2019; Micro Cap Fund, Micro Cap Value Fund and Ultra Growth Fund, which commenced operations on January 31, 2020; Long/Short Alpha Fund, which commenced operations on October 1, 2021; U.S. Select Fund, which commenced operations on June 13, 2022; and International Value Fund, which commenced operations on November 29, 2024. Each class of shares for each Fund has identical rights and privileges except with respect to purchase minimums, distribution and service charges, shareholder services, voting rights on matters affecting a single class of shares, and the exchange and conversion features. The Funds have entered into an investment advisory agreement with Wasatch Advisors LP, d/b/a Wasatch Global Investors, as investment advisor (the "Advisor" or "Wasatch").

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

**2. SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant policies related to investments of the Funds held at June 30, 2025. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

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

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

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

------

---

| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments (continued)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

**SIGNIFICANT ACCOUNTING POLICIES (continued)** 

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

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

**3. SECURITIES AND OTHER INVESTMENTS** 

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

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

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

**4. FINANCIAL DERIVATIVE INSTRUMENTS** 

**Foreign Currency Contracts –** The Funds may enter into foreign currency contracts to settle planned purchases or sales of securities or to protect against a possible loss resulting from an adverse change in the relationship between the U.S. dollar and a foreign currency involved in an underlying transaction. Foreign currency contracts are agreements between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in currency exchange rates. Foreign currency contracts are marked-to-market daily and the change in market value is recorded by a fund as unrealized appreciation or depreciation. When a foreign currency contract is closed, the fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. These contracts may involve market risk in excess of the

------

---

| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments (continued)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS (continued)** 

unrealized gain or loss reflected in the Schedule of Investments. In addition, a fund could be exposed to credit risk if a counterparty is unable or unwilling to meet the terms of the contracts or if the value of the currency changes unfavorably. In connection with these contracts, the Funds may segregate cash and/or securities in a sufficient amount as collateral in accordance with the terms of the respective contracts. None of the Funds entered into foreign currency contracts transactions during the period ended June 30, 2025.

**5. FEDERAL INCOME TAX INFORMATION** 

As of June 30, 2025, the cost and unrealized appreciation (depreciation) of securities on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core<br>Growth<br>Fund** | **Emerging<br>India<br>Fund** | **Emerging<br>Markets<br>Select<br>Fund** | **Emerging<br>Markets<br>Small Cap<br>Fund** | **Frontier<br>Emerging<br>Small<br>Countries<br>Fund** |
|  Cost | $3483799460 | $392246029 | $296796169 | $159599335 | $27347648 |
|  Gross appreciation | $1282246163 | $235917533 | $115068629 | $99025098 | $12223697 |
|  Gross (depreciation) | (310407933) | (4856413) | (29750123) | (3299238) | (1206572) |
|  Net appreciation | $971838230 | $201061120 | $85318506 | $95725860 | $11017125 |
|  | **Global<br>Opportunities<br>Fund** | **Global**<br>**Select**<br>**Fund** | **Global<br>Value<br>Fund** | **International<br>Growth<br>Fund** | **International**<br>**Opportunities**<br>**Fund** |
|  Cost | $146133995 | $10433596 | $100191686 | $144491929 | $33998644 |
|  Gross appreciation | $70157431 | $4551341 | $36755083 | $81222046 | $28224796 |
|  Gross (depreciation) | (8059268) | (715630) | (3267175) | (1978977) | (226752) |
|  Net appreciation | $62098163 | $3835711 | $33487908 | $79243069 | $27998044 |
|  | **International<br>Select<br>Fund** | **International**<br>**Value**<br>**Fund** | **Long/Short**<br>**Alpha**<br>**Fund** | **Micro<br>Cap<br>Fund** | **Micro Cap<br>Value<br>Fund** |
|  Cost | $3419201 | $6267450 | $40347675 | $508790469 | $239662182 |
|  Gross appreciation | $1409659 | $955476 | $17754247 | $112439838 | $97497564 |
|  Gross (depreciation) | (130512) | (31317) | (10365612) | (29487650) | (12131312) |
|  Net appreciation | $1279147 | $924159 | $7388635 | $82952188 | $85366252 |
|  | **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 | $1303607558 | $1291358140 | $562870457 | $24959207 | $169986121 |
|  Gross appreciation | $671698443 | $318426269 | $193788979 | $5661328 | $— |
|  Gross (depreciation) | (72076533) | (72747613) | (111925579) | (610088) | (32662422) |
|  Net appreciation (depreciation) | $599621910 | $245678656 | $81863400 | $5051240 | $(32662422) |

---

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

------

---

| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments (continued)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

**6. TRANSACTIONS WITH AFFILIATES** 

If a Fund's holding represents ownership of 5% or more of the voting securities of a company, the company is deemed to be an affiliate as defined by the 1940 Act. The following Funds conducted transactions during the period ended June 30, 2025 with an "affiliated company" as so defined:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,<br>Beginning<br>Of the<br>Period** | **Purchases<br>At Cost** | **Proceeds<br>From Sales** | **Value, End<br>Of the<br>Period** | **Dividends<br>Credited to<br>Income for the<br>Period ended<br>6/30/2025** | **Gain (Loss)<br>Realized on<br>Sale of Shares<br>For the<br>Period ended<br>6/30/2025** | **Change in<br>Unrealized<br>Appreciation<br>For the<br>Period ended<br>6/30/2025** |
|  **Core Growth Fund** |  |  |  |  |  |  |  |
|  **Common Stock** |  |  |  |  |  |  |  |
|  Arhaus, Inc. | $53777392 | $5739959 | $654861 | $43501352 | $— | $(359487) | $(15001651) |
|  **Micro Cap Fund** |  |  |  |  |  |  |  |
|  **Common Stock** |  |  |  |  |  |  |  |
|  Smith Douglas Homes Corp. | $8051447 | $7504502 | $155715 | $9636243 | $— | $(136281) | $(5627710) |
|  Mama's Creations Inc | 15589420 | 4101029 | 4894666 | 15693092 |  | 120429 | 776880 |
|  | $23640867 | $11605531 | $5050381 | $25329335 | $— | $(15852) | $(4850830) |
|  **Micro Cap Value Fund** |  |  |  |  |  |  |  |
|  **Common Stock** |  |  |  |  |  |  |  |
|  Gen Restaurant Group, Inc. | $3092771 | $632209 | $1880781 | $— | $— | $(2524224) | $680025 |
|  **Small Cap Growth Fund** |  |  |  |  |  |  |  |
|  **Preferred Stock** |  |  |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | $16698121 | $— | $— | $13752113 | $— | $— | $(2946008) |
|  **Ultra Growth Fund** |  |  |  |  |  |  |  |
|  **Common Stock** |  |  |  |  |  |  |  |
|  C4 Therapeutics Inc. | $14876670 | $7044151 | $— | $7364426 | $— | $— | $(14556395) |
|  Sangamo Therapeutics, Inc.\* | 9504446 | 497637 | 11977984 | 3028085 |  | (28274642) | 33278628 |
|  **Preferred Stock** |  |  |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | 13915114 |  |  | 11460105 |  |  | (2455009) |
|  **Warrants** |  |  |  |  |  |  |  |
|  Sangamo Therapeutics ,Inc., expiring 9/26/2029\* | 938180 |  |  | 302639 |  |  | (635541) |
|  | $39234410 | $7541788 | $11977984 | $22155255 | $— | $(28274642) | $15631683 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share Activity** | **Share Activity** | **Share Activity** | **Share Activity** | **Dividends<br>Credited to<br>Income for the<br>Period ended<br>6/30/2025** | **Gain (Loss)<br>Realized on<br>Sale of Shares<br>For the<br>Period ended<br>6/30/2025** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)**<br>**For the<br>Period ended<br>6/30/2025** |
|  | **Balance<br>9/30/2024** | **Purchases/<br>Additions** | **Sales/<br>Reductions** | **Balance<br>6/30/2025** | **Dividends<br>Credited to<br>Income for the<br>Period ended<br>6/30/2025** | **Gain (Loss)<br>Realized on<br>Sale of Shares<br>For the<br>Period ended<br>6/30/2025** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)**<br>**For the<br>Period ended<br>6/30/2025** |
|  **Core Growth Fund** |  |  |  |  |  |  |  |
|  **Common Stock** |  |  |  |  |  |  |  |
|  Arhaus, Inc. | 4368594 | 715034 | 66171 | 5017457 | $— | $(359487) | $(15001651) |
|  **Micro Cap Fund** |  |  |  |  |  |  |  |
|  Smith Douglas Homes Corp. | 213114 | 291587 | 8499 | 496202 | $— | $(136281) | $(5627710) |

---

------

---

| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments (continued)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

**TRANSACTIONS WITH AFFILIATES (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share Activity** | **Share Activity** | **Share Activity** | **Share Activity** | **Dividends<br>Credited to<br>Income for the<br>Period ended<br>6/30/2025** | **Gain (Loss)<br>Realized on<br>Sale of Shares<br>For the Period<br>ended<br>6/30/2025** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)**<br>**For the<br>Period ended<br>6/30/2025** |
|  | **Balance<br>9/30/2024** | **Purchases/<br>Additions** | **Sales/<br>Reductions** | **Balance<br>6/30/2025** | **Dividends<br>Credited to<br>Income for the<br>Period ended<br>6/30/2025** | **Gain (Loss)<br>Realized on<br>Sale of Shares<br>For the Period<br>ended<br>6/30/2025** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)**<br>**For the<br>Period ended<br>6/30/2025** |
|  Mama's Creations Inc | 2135537 | 508534 | 753337 | 1890734 | $— | $120429 | $776880 |
|  | 2348651 | 800121 | 761836 | 2386936 | $— | $(15852) | $(4850830) |
|  **Micro Cap Value Fund** |  |  |  |  |  |  |  |
|  **Common Stock** |  |  |  |  |  |  |  |
|  Gen Restaurant Group, Inc. | 366442 | 76602 | 443044 |  | $— | $(2524224) | $680025 |
|  **Small Cap Growth Fund** |  |  |  |  |  |  |  |
|  **Preferred Stock** |  |  |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | 611205 |  |  | 611205 | $— | $— | $(2946008) |
|  **Ultra Growth Fund** |  |  |  |  |  |  |  |
|  **Common Stock** |  |  |  |  |  |  |  |
|  C4 Therapeutics Inc. | 2609942 | 2540006 |  | 5149948 | $— | $— | $(14556395) |
|  Sangamo Therapeutics, Inc.\* | 10973844 | 1062379 | 6442126 | 5594097 |  | (28274642) | 33278628 |
|  **Preferred Stock** |  |  |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | 509338 |  |  | 509338 |  |  | (2455009) |
|  **Warrants** |  |  |  |  |  |  |  |
|  Sangamo Therapeutics ,Inc., expiring 9/26/2029\* | 3026385 |  |  | 3026385 |  |  | (635541) |
|  | 17119509 | 3602385 | 6442126 | 14279768 | $— | $(28274642) | $15631683 |

---

*\** *This security was deemed to no longer meet the criteria of an affiliated company at the reporting date. For financial statement purposes, the total amount of the gain (loss) realized on sale of shares and the total change in unrealized appreciation for the period ended September 30, 2024 is included in the Statements of Operations even though the security was not deemed an affiliated company as of the end of the year.* 

**7. RESTRICTED SECURITIES** 

The Funds may own investments that were purchased through private placement transactions or under Rule 144A of the Securities Act of 1933 (the "Securities Act") and cannot be sold without prior registration under the Securities Act or may be limited due to certain restrictions. These securities are generally deemed to be illiquid and are valued at fair value as determined by a designated Pricing Committee of the Advisor ("Pricing Committee"), comprised of personnel of the Advisor, with oversight by the Board of Trustees and in accordance with Board-approved Pricing Policies and Procedures. If and when such securities are registered, the costs of registering such securities are paid by the issuer. At June 30, 2025, the Funds held the following restricted securities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Security**<br>**Type** | **Acquisition<br>Date** | **Cost** | **Fair<br>Value** | **Value as a<br>Percent<br>Of Net Assets** |
|  **Long/Short Alpha Fund** |  |  |  |  |  |
|  Sangamo Therapeutics, Inc., expiring 9/26/2029 | Warrants | 3/22/2024 | $36977 | $17857 | 0.03% |
|  **Micro Cap Fund** |  |  |  |  |  |
|  BriaPro Therapeutics Corp. | Common Stocks | 9/5/2023 | $29 | $6100 | 0.00% |
|  Johnnie-O Holdings, Inc., Series A Pfd. | Preferred Stock | 3/16/2022 | 10000013 | 7640078 | 1.28% |
|  IM Cannabis Corp., expiring 5/7/2026 | Warrants | 5/5/2021 | 616971 | 0 | 0.00% |
|  Sangamo Therapeutics, Inc., expiring 9/26/2029 | Warrants | 3/22/2024 | 322404 | 155695 | 0.03% |
|  |  |  | $10939417 | $7801873 | 1.31% |
|  **Micro Cap Value Fund** |  |  |  |  |  |
|  Greenlane Holdings, Inc., expiring 2/24/2026 | Warrants | 2/22/2021 | $396902 | $0 | 0.00% |
|  **Small Cap Growth Fund** |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | Preferred Stock | 3/16/2022 | 17999987 | 16887594 | 0.71% |

---

------

---

| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments (continued)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

**RESTRICTED SECURITIES (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Security**<br>**Type** | **Acquisition<br>Date** | **Cost** | **Fair<br>Value** | **Value as a<br>Percent<br>Of Net Assets** |
|  **Ultra Growth Fund** |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | Preferred Stock | 3/16/2022 | $15000004 | $14460105 | 1.74% |
|  Sangamo Therapeutics, Inc., expiring 9/26/2029 | Warrants | 3/22/2024 | 626686 | 302639 | 0.05% |
|  |  |  | $15626690 | $11762744 | 1.79% |

---

**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.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated the Advisor as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determination relating to all Fund investments. The Advisor may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments.

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

------

---

| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments (continued)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

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

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

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

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

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

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

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

------

---

| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments (continued)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

the nature and duration of the restrictions for holding the securities, a stated NAV for the partnership, if applicable, and other relevant factors. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

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

The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Funds' assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>06/30/2025** |
|  **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 |  | $4455637690 | $— | $— | $4455637690 |
|  |  | $4455637690 | $— | $— | $4455637690 |
|  **Emerging India Fund** | **Emerging India Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
|  | Apparel Retail | $— | $22058905 | $— | $22058905 |
|  | Asset Management & Custody Banks | 16044270 | 15535431 |  | 31579701 |
|  | Building Products |  | 19673030 |  | 19673030 |
|  | Commodity Chemicals |  | 6487626 |  | 6487626 |
|  | Computer & Electronics Retail |  | 13013263 |  | 13013263 |
|  | Construction Machinery & Heavy Transportation Equipment |  | 6289011 |  | 6289011 |
|  | Consumer Finance |  | 159168727 |  | 159168727 |
|  | Diversified Banks |  | 57082000 |  | 57082000 |
|  | Diversified Support Services |  | 25006564 |  | 25006564 |
|  | Electrical Components & Equipment |  | 11462490 |  | 11462490 |
|  | Food Retail |  | 6519933 |  | 6519933 |
|  | Health Care Facilities | 54185170 | 6920326 |  | 61105496 |
|  | Health Care Services |  | 35118518 |  | 35118518 |
|  | Health Care Supplies |  | 14432254 |  | 14432254 |
|  | Industrial Machinery & Supplies & Components |  | 27111502 |  | 27111502 |
|  | Interactive Media & Services |  | 11296674 |  | 11296674 |
|  | IT Consulting & Other Services |  | 15037278 |  | 15037278 |
|  | Life Sciences Tools & Services |  | 52155638 |  | 52155638 |
|  | Regional Banks |  | 35151491 |  | 35151491 |
|  | Other | 13557048 |  |  | 13557048 |
|  |  | $83786488 | $539520661 | $— | $623307149 |
|  **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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
|  | Apparel Retail | $— | $6733173 | $— | $6733173 |
|  | Construction & Engineering |  | 2112729 |  | 2112729 |
|  | Consumer Finance |  | 47771630 |  | 47771630 |
|  | Diversified Banks | 14976588 | 7677457 |  | 22654045 |
|  | Electrical Components & Equipment | 15729034 | 10950713 |  | 26679747 |
|  | Electronic Equipment & Instruments |  | 13035333 |  | 13035333 |
|  | Hotels, Resorts & Cruise Lines | 7435013 | 12624980 |  | 20059993 |
|  | Industrial Machinery & Supplies & Components |  | 5948635 |  | 5948635 |
|  | Interactive Media & Services |  | 13035323 |  | 13035323 |
|  | IT Consulting & Other Services | 12593225 | 5889159 |  | 18482384 |
|  | Life Sciences Tools & Services |  | 22311273 |  | 22311273 |

---

------

---

| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments (continued)** | ***JUNE 30, 2025 (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>06/30/2025** |
|  | Regional Banks | $— | $8902548 | $— | $8902548 |
|  | Restaurants |  | 10362625 |  | 10362625 |
|  | Semiconductor Materials & Equipment |  | 5606871 |  | 5606871 |
|  | Semiconductors | 2003825 | 49223138 |  | 51226963 |
|  | Technology Hardware, Storage & Peripherals |  | 5031631 |  | 5031631 |
|  | Other | 102159772 |  |  | 102159772 |
|  |  | $154897457 | $227217218 | $— | $382114675 |
|  **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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
|  | Asset Management & Custody Banks | $8104286 | $4156527 | $— | $12260813 |
|  | Automotive Retail |  | 3234833 |  | 3234833 |
|  | Building Products |  | 711401 |  | 711401 |
|  | Commercial & Residential Mortgage Finance |  | 8406766 |  | 8406766 |
|  | Commodity Chemicals |  | 1939467 |  | 1939467 |
|  | Communications Equipment |  | 3974007 |  | 3974007 |
|  | Computer & Electronics Retail |  | 1629662 |  | 1629662 |
|  | Construction & Engineering |  | 2795631 |  | 2795631 |
|  | Construction Machinery & Heavy Transportation Equipment |  | 2581014 |  | 2581014 |
|  | Consumer Finance |  | 29328912 |  | 29328912 |
|  | Diversified Banks |  | 7218235 |  | 7218235 |
|  | Diversified Support Services |  | 6901341 |  | 6901341 |
|  | Drug Retail | 4284241 | 2921544 |  | 7205785 |
|  | Electrical Components & Equipment |  | 5448613 |  | 5448613 |
|  | Electronic Equipment & Instruments |  | 13757900 |  | 13757900 |
|  | Health Care Facilities |  | 6555218 |  | 6555218 |
|  | Health Care Services |  | 6194657 |  | 6194657 |
|  | Human Resource & Employment Services |  | 5903103 |  | 5903103 |
|  | Industrial Machinery & Supplies & Components |  | 7913501 |  | 7913501 |
|  | Interactive Media & Services | 16048209 | 3276308 |  | 19324517 |
|  | IT Consulting & Other Services | 4646375 | 5786924 |  | 10433299 |
|  | Life & Health Insurance |  | 8937584 |  | 8937584 |
|  | Personal Care Products |  | 2583226 |  | 2583226 |
|  | Regional Banks |  | 13640269 |  | 13640269 |
|  | Semiconductor Materials & Equipment |  | 1832643 |  | 1832643 |
|  | Semiconductors |  | 29492335 |  | 29492335 |
|  | Other | 35120463 |  |  | 35120463 |
|  |  | $68203574 | $187121621 | $— | $255325195 |
|  **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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
|  | Automotive Retail | $— | $639209 | $— | $639209 |
|  | Computer & Electronics Retail |  | 972632 |  | 972632 |
|  | Consumer Finance |  | 6055280 |  | 6055280 |
|  | Diversified Banks | 1823223 | 5953456 |  | 7776679 |
|  | Diversified Support Services |  | 458382 |  | 458382 |
|  | Health Care Facilities | 2479970 | 786724 |  | 3266694 |
|  | IT Consulting & Other Services | 581013 | 1865955 |  | 2446968 |
|  | Life & Health Insurance | 196026 | 1323428 |  | 1519454 |
|  | Soft Drinks & Non-Alcoholic Beverages |  | 223184 |  | 223184 |
|  | Other | 15006291 |  |  | 15006291 |
|  |  | $20086523 | $18278250 | $— | $38364773 |
|  **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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
|  | Application Software | $10161574 | $5957402 | $— | $16118976 |
|  | Asset Management & Custody Banks | 4477475 | 3984097 |  | 8461572 |

---

------

---

| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments (continued)** | ***JUNE 30, 2025 (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>06/30/2025** |
|  | Consumer Finance | $— | $9304925 | $— | $9304925 |
|  | Diversified Support Services |  | 4384261 |  | 4384261 |
|  | Drug Retail |  | 4043964 |  | 4043964 |
|  | Electrical Components & Equipment |  | 3814512 |  | 3814512 |
|  | Health Care Equipment | 2387898 | 1078970 |  | 3466868 |
|  | Health Care Services |  | 1728492 |  | 1728492 |
|  | Human Resource & Employment Services | 3146183 | 2054658 |  | 5200841 |
|  | Interactive Media & Services |  | 983146 |  | 983146 |
|  | Investment Banking & Brokerage |  | 2077308 |  | 2077308 |
|  | IT Consulting & Other Services | 2102764 | 6051558 |  | 8154322 |
|  | Life Sciences Tools & Services | 2122321 | 4185996 |  | 6308317 |
|  | Regional Banks | 3273023 | 6859563 |  | 10132586 |
|  | Research & Consulting Services |  | 6236453 |  | 6236453 |
|  | Semiconductor Materials & Equipment | 8523762 | 1098395 |  | 9622157 |
|  | Semiconductors |  | 15249933 |  | 15249933 |
|  | Trading Companies & Distributors |  | 10395440 |  | 10395440 |
|  | Other | 82548085 |  |  | 82548085 |
|  |  | $118743085 | $89489073 | $— | $208232158 |
|  **Global Select Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
|  | Application Software | $1604069 | $277837 | $— | $1881906 |
|  | Consumer Finance |  | 695865 |  | 695865 |
|  | Diversified Banks | 324615 | 357372 |  | 681987 |
|  | Drug Retail |  | 454917 |  | 454917 |
|  | Electronic Equipment & Instruments |  | 484945 |  | 484945 |
|  | Health Care Equipment |  | 265007 |  | 265007 |
|  | Hotels, Resorts & Cruise Lines |  | 241110 |  | 241110 |
|  | Interactive Media & Services |  | 580495 |  | 580495 |
|  | Research & Consulting Services |  | 571908 |  | 571908 |
|  | Semiconductor Materials & Equipment |  | 449676 |  | 449676 |
|  | Semiconductors | 425663 | 236560 |  | 662223 |
|  | Trading Companies & Distributors |  | 340093 |  | 340093 |
|  | Other | 6959175 |  |  | 6959175 |
|  |  | $9313522 | $4955785 | $— | $14269307 |
|  **Global Value Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
|  | Broadline Retail | $— | $2463134 | $— | $2463134 |
|  | Diversified Banks | 17773320 | 4585199 |  | 22358519 |
|  | Diversified Metals & Mining |  | 2766623 |  | 2766623 |
|  | Food Retail |  | 3758980 |  | 3758980 |
|  | Industrial REITs |  | 2608278 |  | 2608278 |
|  | Integrated Oil & Gas | 6021241 | 4767569 |  | 10788810 |
|  | Integrated Telecommunication Services | 6645000 | 2908386 |  | 9553386 |
|  | Multi-Line Insurance |  | 4272138 |  | 4272138 |
|  | Paper Products |  | 2007139 |  | 2007139 |
|  | Pharmaceuticals | 6094725 | 8453556 |  | 14548281 |
|  | Reinsurance |  | 3571340 |  | 3571340 |
|  | Technology Hardware, Storage & Peripherals |  | 3604061 |  | 3604061 |
|  | Tobacco |  | 5285641 |  | 5285641 |
|  | Trading Companies & Distributors |  | 2038612 |  | 2038612 |
|  | Other | 44054652 |  |  | 44054652 |
|  |  | $80588938 | $53090656 | $— | $133679594 |
|  **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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
|  | Application Software | $5152977 | $10717921 | $— | $15870898 |
|  | Asset Management & Custody Banks |  | 9354744 |  | 9354744 |
|  | Broadline Retail |  | 4407406 |  | 4407406 |

---

------

---

| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments (continued)** | ***JUNE 30, 2025 (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>06/30/2025** |
|  | Building Products | $— | $5408455 | $— | $5408455 |
|  | Commercial & Residential Mortgage Finance |  | 4998016 |  | 4998016 |
|  | Communications Equipment |  | 1188132 |  | 1188132 |
|  | Consumer Finance |  | 9398826 |  | 9398826 |
|  | Diversified Banks |  | 4821721 |  | 4821721 |
|  | Diversified Real Estate Activities |  | 2486563 |  | 2486563 |
|  | Diversified Support Services |  | 5794623 |  | 5794623 |
|  | Drug Retail |  | 6377987 |  | 6377987 |
|  | Electrical Components & Equipment |  | 2037158 |  | 2037158 |
|  | Electronic Equipment & Instruments |  | 11303509 |  | 11303509 |
|  | Health Care Equipment |  | 5037907 |  | 5037907 |
|  | Health Care Technology |  | 1566669 |  | 1566669 |
|  | Human Resource & Employment Services |  | 6377363 |  | 6377363 |
|  | Industrial Machinery & Supplies & Components |  | 7414952 |  | 7414952 |
|  | Interactive Media & Services | 5507054 | 17511945 |  | 23018999 |
|  | Investment Banking & Brokerage |  | 5838726 |  | 5838726 |
|  | IT Consulting & Other Services | 2379239 | 7504204 |  | 9883443 |
|  | Life & Health Insurance |  | 3304704 |  | 3304704 |
|  | Movies & Entertainment |  | 3921150 |  | 3921150 |
|  | Regional Banks | 1272987 | 3451374 |  | 4724361 |
|  | Research & Consulting Services |  | 7367152 |  | 7367152 |
|  | Semiconductor Materials & Equipment | 1810176 | 1391761 |  | 3201937 |
|  | Semiconductors |  | 9163277 |  | 9163277 |
|  | Specialty Chemicals |  | 1746768 |  | 1746768 |
|  | Trading Companies & Distributors |  | 17874433 |  | 17874433 |
|  | Other | 29845119 |  |  | 29845119 |
|  |  | $45967552 | $177767446 | $— | $223734998 |
|  **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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
|  | Alternative Carriers | $— | $1611490 | $— | $1611490 |
|  | Application Software |  | 7955589 |  | 7955589 |
|  | Asset Management & Custody Banks | 2927172 | 892538 |  | 3819710 |
|  | Building Products |  | 237691 |  | 237691 |
|  | Commercial & Residential Mortgage Finance |  | 4053450 |  | 4053450 |
|  | Commodity Chemicals |  | 1442871 |  | 1442871 |
|  | Communications Equipment |  | 303250 |  | 303250 |
|  | Construction Machinery & Heavy Transportation Equipment |  | 748843 |  | 748843 |
|  | Consumer Finance |  | 610342 |  | 610342 |
|  | Data Processing & Outsourced Services |  | 853392 |  | 853392 |
|  | Distributors |  | 934414 |  | 934414 |
|  | Diversified Support Services | 1508813 | 6436953 |  | 7945766 |
|  | Drug Retail |  | 418764 |  | 418764 |
|  | Electrical Components & Equipment |  | 933063 |  | 933063 |
|  | Electronic Equipment & Instruments | 507582 | 2984011 |  | 3491593 |
|  | Food Retail |  | 3008089 |  | 3008089 |
|  | Health Care Facilities |  | 1088493 |  | 1088493 |
|  | Health Care Services |  | 1596119 |  | 1596119 |
|  | Human Resource & Employment Services |  | 1381877 |  | 1381877 |
|  | Industrial Machinery & Supplies & Components |  | 729937 |  | 729937 |
|  | Interactive Media & Services | 2558886 | 2127668 |  | 4686554 |
|  | Investment Banking & Brokerage |  | 1687279 |  | 1687279 |
|  | IT Consulting & Other Services |  | 1266213 |  | 1266213 |
|  | Real Estate Services |  | 1200798 |  | 1200798 |
|  | Research & Consulting Services |  | 2259718 |  | 2259718 |
|  | Semiconductor Materials & Equipment |  | 393138 |  | 393138 |
|  | Semiconductors |  | 2773666 |  | 2773666 |
|  | Trading Companies & Distributors |  | 568166 |  | 568166 |

---

------

---

| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments (continued)** | ***JUNE 30, 2025 (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>06/30/2025** |
|  | Other | $3996413 | $— | $— | $3996413 |
|  |  | $11498866 | $50497822 | $— | $61996688 |
|  **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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
|  | Aerospace & Defense | $— | $126339 | $— | $126339 |
|  | Apparel, Accessories & Luxury Goods |  | 92169 |  | 92169 |
|  | Application Software | 287948 | 64371 |  | 352319 |
|  | Asset Management & Custody Banks |  | 73266 |  | 73266 |
|  | Automobile Manufacturers |  | 217520 |  | 217520 |
|  | Broadline Retail | 264468 | 85223 |  | 349691 |
|  | Building Products |  | 184494 |  | 184494 |
|  | Diversified Banks |  | 116166 |  | 116166 |
|  | Diversified Real Estate Activities |  | 181511 |  | 181511 |
|  | Drug Retail |  | 132589 |  | 132589 |
|  | Electronic Equipment & Instruments |  | 170630 |  | 170630 |
|  | Health Care Equipment |  | 119339 |  | 119339 |
|  | Industrial Machinery & Supplies & Components |  | 61865 |  | 61865 |
|  | Interactive Home Entertainment |  | 249677 |  | 249677 |
|  | Interactive Media & Services |  | 347067 |  | 347067 |
|  | Pharmaceuticals |  | 94989 |  | 94989 |
|  | Research & Consulting Services |  | 271242 |  | 271242 |
|  | Semiconductor Materials & Equipment |  | 347121 |  | 347121 |
|  | Soft Drinks & Non-Alcoholic Beverages |  | 101089 |  | 101089 |
|  | Trading Companies & Distributors |  | 98429 |  | 98429 |
|  | Transaction & Payment Processing Services |  | 128558 |  | 128558 |
|  | Other | 882278 |  |  | 882278 |
|  |  | $1434694 | $3263654 | $— | $4698348 |
|  **International Value Fund** | **International Value Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
|  | Broadline Retail | $— | $145806 | $— | $145806 |
|  | Construction & Engineering |  | 135674 |  | 135674 |
|  | Diversified Banks | 199327 | 1265565 |  | 1464892 |
|  | Diversified Metals & Mining |  | 184055 |  | 184055 |
|  | Electronic Manufacturing Services |  | 157044 |  | 157044 |
|  | Food Retail |  | 159255 |  | 159255 |
|  | Health Care Distributors |  | 147583 |  | 147583 |
|  | Industrial Machinery & Supplies & Components |  | 178747 |  | 178747 |
|  | Industrial REITs |  | 125197 |  | 125197 |
|  | Integrated Oil & Gas | 164820 | 487473 |  | 652293 |
|  | Integrated Telecommunication Services | 204974 | 261516 |  | 466490 |
|  | Multi-Line Insurance |  | 191510 |  | 191510 |
|  | Multi-Utilities |  | 525035 |  | 525035 |
|  | Paper Products |  | 174771 |  | 174771 |
|  | Pharmaceuticals |  | 683898 |  | 683898 |
|  | Real Estate Development |  | 226874 |  | 226874 |
|  | Regional Banks |  | 168709 |  | 168709 |
|  | Reinsurance |  | 289015 |  | 289015 |
|  | Soft Drinks & Non-Alcoholic Beverages |  | 179085 |  | 179085 |
|  | Technology Hardware, Storage & Peripherals |  | 196786 |  | 196786 |
|  | Tobacco |  | 407253 |  | 407253 |
|  | Trading Companies & Distributors |  | 178945 |  | 178945 |
|  | Other | 152692 |  |  | 152692 |
|  |  | $721813 | $6469796 | $— | $7191609 |
|  **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 |  | $73524323 | $— | $— | $73524323 |

---

------

---

| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments (continued)** | ***JUNE 30, 2025 (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>06/30/2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | $— | $— | $17857 | $17857 |
|  |  | $73524323 | $— | $17857 | $73542180 |
| &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; Securities Sold Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities Sold Short | $(25805870) | $— | $— | $(25805870) |
|  **Micro Cap Fund** | **Micro Cap Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
|  | Biotechnology | $— | $— | $6100 | $6100 |
|  | Other | 583940784 |  |  | 583940784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  | 7640078 | 7640078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  | 155695 | 155695 |
|  |  | $583940784 | $— | $7801873 | $591742657 |
|  **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; **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
|  | Packaged Foods & Meats | $11940025 | $6787054 | $— | $18727079 |
|  | Other | 306301355 |  |  | 306301355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  | 0 | 0 |
|  |  | $318241380 | $6787054 | $— | $325028434 |
|  **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; **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $1889477355 | $— | $— | $1889477355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  | 13752113 | 13752113 |
|  |  | $1889477355 | $— | $13752113 | $1903229468 |
|  **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; **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $1537036796 | $— | $— | $1537036796 |
|  |  | $1537036796 | $— | $— | $1537036796 |
|  **Ultra Growth Fund** | **Ultra Growth Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
|  | Semiconductor Materials & Equipment | $71495386 | $7800407 | $— | $79295793 |
|  | Other | 553675320 |  |  | 553675320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  | 11460105 | 11460105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  | 302639 | 302639 |
|  |  | $625170706 | $7800407 | $11762744 | $644733857 |
|  **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; **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $30010447 | $— | $— | $30010447 |
|  |  | $30010447 | $— | $— | $30010447 |
|  **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; **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S Government Obligations | $— | $137323699 | $— | $137323699 |
|  |  | $— | $137323699 | $— | $137323699 |

---

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

The valuation techniques used by the Funds to measure fair value for the period ended June 30, 2025 maximized the use of observable inputs and minimized the use of unobservable inputs.

------

---

| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments (continued)** | ***JUNE 30, 2025 (UNAUDITED)*** |

---

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

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Funds during the period ended June 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market<br>Value<br>Beginning<br>Balance<br>9/30/2024** | **Purchases<br>At Cost** | **Sales<br>(Proceeds)** | **Accrued<br>Discounts<br>(Premiums)** | **Realized<br>Gain/<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Transfers<br>In at<br>Market<br>Value** | **Transfers<br>Out at<br>Market<br>Value** | **Market<br>Value<br>Ending<br>Balance<br>06/30/2025** | **Net<br>Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>On<br>Investments<br>Held at<br>06/30/2025** |
|  **Long/Short Alpha Fund** | **Long/Short Alpha Fund** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants | $55357 | $— | $— | $— | $— | $(37500) | $— | $— | $17857 | $(37500) |
|  | $55357 | $— | $— | $— | $— | $(37500) | $— | $— | $17857 | $(37500) |
|  **Micro Cap Fund** | **Micro Cap Fund** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $6100 | $— | $— | $— | $— | $— | $— | $— | $6100 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 9276752 |  |  |  |  | (1636674) |  |  | 7640078 | (1636674) |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants | 482654 |  |  |  |  | (326959) |  |  | 155695 | (326959) |
|  | $9765506 | $— | $— | $— | $— | $(1963633) | $— | $— | $7801873 | $(1963633) |
|  **Micro Cap Value Fund** | **Micro Cap Value Fund** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  **Small Cap Growth Fund** | **Small Cap Growth Fund** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | $26060845 | $— | $(8000002) | $— | $— | $(4308730) | $— | $— | $13752113 | $(2946008) |
|  | $26060845 | $— | $(8000002) | $— | $— | $(4308730) | $— | $— | $13752113 | $(2946008) |
|  **Ultra Growth Fund** | **Ultra Growth Fund** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | $13915114 | $— | $— | $— | $— | $(2455009) | $— | $— | $11460105 | $(2455009) |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants | 938180 |  |  |  |  | (635541) |  |  | 302639 | (635541) |
|  | $14853294 | $— | $— | $— | $— | $(3090550) | $— | $— | $11762744 | $(3090550) |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Description** | **Fair Value at<br>06/30/2025** | **Valuation Technique** | **Unobservable Input** | **Range<br>(Average)** |
|  Long/Short Alpha Fund | Warrant: Biotechnology | $17857 | Black Scholes | Volatility | 40% |
|  Micro Cap Fund | Direct Venture Capital Investments: Textiles | $7640078 | Market comparable companies | EV/R\* multiple<br> Discount for lack of<br> marketability | 0.7 - 5.7 (2.4)<br> 46% |
|  Micro Cap Fund | Warrant: Biotechnology | $155695 | Black Scholes | Volatility | 40% |
|  Small Cap Growth Fund | Direct Venture Capital Investments: Textiles | $13752113 | Market comparable companies | EV/R\* multiple<br> Discount for lack of<br> marketability | 0.7 - 5.7 (2.4)<br> 46% |
|  Ultra Growth Fund | Direct Venture Capital Investments: Textiles | $11460105 | Market comparable companies | EV/R\* multiple<br> Discount for lack of<br> marketability | 0.7 - 5.7 (2.4)<br> 46% |
|  Ultra Growth Fund | Warrant: Biotechnology | $302639 | Black Scholes | Volatility | 40% |

---

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

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

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

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

## 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 Ultra Growth Fund

- **b. EDGAR series identifier (if any):** S000000879

- **c. LEI of Series:** 549300KFPWOEZ33CBW74

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $661495825.95

**Total Liabilities:** $850349.19

**Net Assets:** $660645476.76

**Cash Not Reported:** $16640585.21

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000002497 | -2.39%               | 4.27%                | 3.86%                |
| Class ID C000217854 | -2.41%               | 4.32%                | 3.87%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-33656088.40            | $15532473.18                               |
| Month 2  | $7003830.78              | $22711632.59                               |
| Month 3  | $9111649.16              | $16670607.94                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| On Holding AG                       | On Holding AG                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |    202985 | NS      | $10565369.25  | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Camtek Ltd/Israel                   | Camtek Ltd.                           | CUSIP: 000000000<br>LEI: 5493000H80W07HCKGS43 | Long             | EC               | CORP              | IL        |    100751 | NS      | $8519504.56   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK                            | Bank OZK                              | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |    259549 | NS      | $12214375.94  | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Nova Ltd                            | Nova Ltd.                             | CUSIP: 000000000<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               | CORP              | IL        |     70754 | NS      | $19471500.80  | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Kulicke & Soffa Industries Inc      | Kulicke & Soffa Industries, Inc.      | CUSIP: 501242101<br>LEI: 529900H6BEIRBF429744 | Long             | EC               | CORP              | US        |    338449 | NS      | $11710335.40  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corp                           | Pool Corp.                            | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |     35714 | NS      | $10409916.72  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Trex Co Inc                         | Trex Co., Inc.                        | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    227949 | NS      | $12395866.62  | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp                 | Exact Sciences Corp.                  | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |    378372 | NS      | $20106688.08  | 3.04%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc                    | RBC Bearings, Inc.                    | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47688 | NS      | $18350342.40  | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc            | MarketAxess Holdings, Inc.            | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Long             | EC               | CORP              | US        |     31821 | NS      | $7106902.14   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| AtriCure Inc                        | AtriCure, Inc.                        | CUSIP: 04963C209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    461234 | NS      | $15114638.18  | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Dyne Therapeutics Inc               | Dyne Therapeutics, Inc.               | CUSIP: 26818M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    509688 | NS      | $4852229.76   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| JFrog Ltd                           | JFrog Ltd.                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |    476485 | NS      | $20908161.80  | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Phathom Pharmaceuticals Inc         | Phathom Pharmaceuticals, Inc.         | CUSIP: 71722W107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1010788 | NS      | $9693456.92   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Ollie's Bargain Outlet Holdings Inc | Ollie's Bargain Outlet Holdings, Inc. | CUSIP: 681116109<br>LEI: 529900YO5DSQCPEFDZ05 | Long             | EC               | CORP              | US        |    122085 | NS      | $16088361.30  | 2.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                        | Balchem Corp.                         | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |     63282 | NS      | $10074494.40  | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Globant SA                          | Globant SA                            | CUSIP: 000000000<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | LU        |     90706 | NS      | $8239733.04   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Esperion Therapeutics Inc           | Esperion Therapeutics, Inc.           | CUSIP: 29664W105<br>LEI: 549300OFU56UKEWVUS92 | Long             | EC               | CORP              | US        |   7020569 | NS      | $6911048.12   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| RxSight Inc                         | RxSight, Inc.                         | CUSIP: 78349D107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    405747 | NS      | $5274711.00   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc         | Inspire Medical Systems, Inc.         | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |    140978 | NS      | $18294715.06  | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Viking Therapeutics Inc             | Viking Therapeutics, Inc.             | CUSIP: 92686J106<br>LEI: 529900IVC72YPFA25M37 | Long             | EC               | CORP              | US        |    225322 | NS      | $5971033.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Monday.com Ltd                      | Monday.com Ltd.                       | CUSIP: 000000000<br>LEI: 984500MDAFVD86E3B328 | Long             | EC               | CORP              | IL        |     62986 | NS      | $19807837.28  | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SANGAMO THERAPEUTICS WTS            | Sangamo Therapeutics, Inc.            | CUSIP: 000000000<br>LEI: 2549006WMRKRC4G32Z67 | N/A              | DE               |  | US        |   3026385 | NS      | $302638.50    | 0.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CyberArk Software Ltd               | CyberArk Software Ltd.                | CUSIP: 000000000<br>LEI: 529900YEXNDM894PWS93 | Long             | EC               | CORP              | IL        |     47773 | NS      | $19437878.24  | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Nkarta Inc                          | Nkarta, Inc.                          | CUSIP: 65487U108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1585065 | NS      | $2631207.90   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc               | TransMedics Group, Inc.               | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |     84025 | NS      | $11260190.25  | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| BE Semiconductor Industries NV      | BE Semiconductor Industries NV        | CUSIP: 000000000<br>LEI: 7245007A1YFLI2GNYX06 | Long             | EC               | CORP              | NL        |     52158 | NS      | $7800407.22   | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Shift4 Payments Inc                 | Shift4 Payments, Inc.                 | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    236263 | NS      | $23416025.93  | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Immatics NV                         | Immatics NV                           | CUSIP: 000000000<br>LEI: 984500DC691EZ96AF394 | Long             | EC               | CORP              | NL        |    723893 | NS      | $3894544.34   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc            | Procore Technologies, Inc.            | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Long             | EC               | CORP              | US        |    225601 | NS      | $15435620.42  | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Paylocity Holding Corp              | Paylocity Holding Corp.               | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |     88656 | NS      | $16063580.64  | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| MacroGenics Inc                     | MacroGenics, Inc.                     | CUSIP: 556099109<br>LEI: 5493001KJQUA83L8MH79 | Long             | EC               | CORP              | US        |   2822577 | NS      | $3415318.17   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Goosehead Insurance Inc             | Goosehead Insurance, Inc.             | CUSIP: 38267D109<br>LEI: 549300WH5MBIWHJ9XY95 | Long             | EC               | CORP              | US        |    137391 | NS      | $14496124.41  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeco Instruments Inc               | Veeco Instruments, Inc.               | CUSIP: 922417100<br>LEI: 5493004201F72ADDZW04 | Long             | EC               | CORP              | US        |    453400 | NS      | $9213088.00   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Sangamo Therapeutics Inc            | Sangamo Therapeutics, Inc.            | CUSIP: 800677106<br>LEI: 2549006WMRKRC4G32Z67 | Long             | EC               | CORP              | US        |   5594097 | NS      | $3028084.71   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corp             | Magnolia Oil & Gas Corp.              | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    212954 | NS      | $4787205.92   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| PDF Solutions Inc                   | PDF Solutions, Inc.                   | CUSIP: 693282105<br>LEI: 549300GMSP6MROFBI160 | Long             | EC               | CORP              | US        |   1056172 | NS      | $22580957.36  | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Arvinas Inc                         | Arvinas, Inc.                         | CUSIP: 04335A105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    413172 | NS      | $3040945.92   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc           | Casella Waste Systems, Inc.           | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Long             | EC               | CORP              | US        |    220792 | NS      | $25474980.96  | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| JOHNNIE O HOLDINGS, INC             | Johnnie-O Holdings, Inc.              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    509338 | NS      | $11460105.00  | 1.73%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Global-e Online Ltd                 | Global-e Online Ltd.                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |    252051 | NS      | $8453790.54   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc                    | HealthEquity, Inc.                    | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |    247250 | NS      | $25901910.00  | 3.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Five Below Inc                      | Five Below, Inc.                      | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Long             | EC               | CORP              | US        |     63289 | NS      | $8302251.02   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SiTime Corp                         | SiTime Corp.                          | CUSIP: 82982T106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     54831 | NS      | $11683389.48  | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co                | Matador Resources Co.                 | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |    154876 | NS      | $7390682.72   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Nurix Therapeutics Inc              | Nurix Therapeutics, Inc.              | CUSIP: 67080M103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    420943 | NS      | $4794540.77   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Cerus Corp                          | Cerus Corp.                           | CUSIP: 157085101<br>LEI: 254900BIEY9XIDA04Q21 | Long             | EC               | CORP              | US        |   7713340 | NS      | $10875809.40  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Artivion Inc                        | Artivion, Inc.                        | CUSIP: 228903100<br>LEI: 549300YTKV8DMSMG6K81 | Long             | EC               | CORP              | US        |    203030 | NS      | $6314233.00   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Freshpet Inc                        | Freshpet, Inc.                        | CUSIP: 358039105<br>LEI: 549300S4ZK8ZQ6HNPN59 | Long             | EC               | CORP              | US        |    330197 | NS      | $22440188.12  | 3.40%             |  |  |  | No            |                  1 | On Loan: No      |
| PROCEPT BioRobotics Corp            | PROCEPT BioRobotics Corp.             | CUSIP: 74276L105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    171381 | NS      | $9871545.60   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| C4 Therapeutics Inc                 | C4 Therapeutics, Inc.                 | CUSIP: 12529R107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   5149948 | NS      | $7364425.64   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings Inc                     | Q2 Holdings, Inc.                     | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |    172807 | NS      | $16173007.13  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Castle Biosciences Inc              | Castle Biosciences, Inc.              | CUSIP: 14843C105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    627208 | NS      | $12807587.36  | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc          | Floor & Decor Holdings, Inc.          | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |    134973 | NS      | $10252549.08  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| BellRing Brands Inc                 | BellRing Brands, Inc.                 | CUSIP: 07831C103<br>LEI: 549300S3BOK5CMTS8054 | Long             | EC               | CORP              | US        |    212115 | NS      | $12287821.95  | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-16

**Name of Applicant:** WASATCH FUNDS TRUST

**Signature:** Mike Yeates

**Name of Signer:** Mike Yeates

**Title:** CFO