# EDGAR Filing Document

**Accession Number:** 0000806633
**File Stem:** 0001410368-26-012107
**Filing Date:** 2026-2
**Character Count:** 203294
**Document Hash:** 91ce52dc5bef4cdf660a430bf17d3b10
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-012107.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0001410368-26-012107

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**PERIOD START**: 20260930

**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:** 26632122

**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 U.S. Select Fund (Series ID: S000076417)

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

## Nport-Ex

---

| | |
|:---|:---|
| **WASATCH CORE GROWTH FUND (WGROX / WIGRX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 99.2%** | **COMMON STOCKS 99.2%** |
|  | **Aerospace & Defense 2.1%** |  |
| 1061962 | Loar Holdings, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;72213416 |
|  | **Application Software 9.9%** | **Application Software 9.9%** |
| 8355323 | CCC Intelligent Solutions Holdings, Inc.\* | 66424818 |
| 2400504 | Clearwater Analytics Holdings, Inc., Class A\* | 57900156 |
| 278025 | Guidewire Software, Inc.\* | 55885805 |
| 1635278 | Procore Technologies, Inc.\* | 118950122 |
| 622093 | Q2 Holdings, Inc.\* | 44890231 |
|  |  | 344051132 |
|  | **Asset Management & Custody Banks 2.7%** | **Asset Management & Custody Banks 2.7%** |
| 517436 | Cohen & Steers, Inc. | 32484632 |
| 459903 | Hamilton Lane, Inc., Class A | 61769572 |
|  |  | 94254204 |
|  | **Automotive Parts & Equipment 1.6%** | **Automotive Parts & Equipment 1.6%** |
| 1107587 | XPEL, Inc.\* | 55279667 |
|  | **Automotive Retail 1.3%** | **Automotive Retail 1.3%** |
| 1576120 | Valvoline, Inc.\* | 45802047 |
|  | **Broadline Retail 3.9%** | **Broadline Retail 3.9%** |
| 1597544 | Global-e Online Ltd.\* | 62799455 |
| 652376 | Ollie's Bargain Outlet Holdings, Inc.\* | 71506933 |
|  |  | 134306388 |
|  | **Building Products 7.1%** | **Building Products 7.1%** |
| 443187 | AAON, Inc. | 33793009 |
| 236776 | CSW Industrials, Inc. | 69500859 |
| 508401 | Modine Manufacturing Co.\* | 67876618 |
| 941053 | Trex Co., Inc.\* | 33012139 |
| 469279 | UFP Industries, Inc. | 42727853 |
|  |  | 246910478 |
|  | **Cargo Ground Transportation 1.9%** | **Cargo Ground Transportation 1.9%** |
| 202648 | Saia, Inc.\* | 66168625 |
|  | **Construction & Engineering 1.9%** | **Construction & Engineering 1.9%** |
| 789891 | Everus Construction Group, Inc.\* | 67583074 |
|  | **Construction Machinery & Heavy Transportation Equipment 2.9%** | **Construction Machinery & Heavy Transportation Equipment 2.9%** |
| 912877 | Federal Signal Corp. | 99129313 |
|  | **Distributors 0.2%** | **Distributors 0.2%** |
| 22854 | Pool Corp. | 5227852 |
|  | **Electronic Equipment & Instruments 1.2%** | **Electronic Equipment & Instruments 1.2%** |
| 337438 | Novanta, Inc.\* | 40151748 |
|  | **Electronic Manufacturing Services 2.7%** | **Electronic Manufacturing Services 2.7%** |
| 203307 | Fabrinet\* | 92561611 |
|  | **Environmental & Facilities Services 4.3%** | **Environmental & Facilities Services 4.3%** |
| 1525522 | Casella Waste Systems, Inc., Class A\* | 149409625 |
|  | **Financial Exchanges & Data 1.1%** | **Financial Exchanges & Data 1.1%** |
| 176325 | Morningstar, Inc. | 38317186 |
|  | **Health Care Facilities 3.1%** | **Health Care Facilities 3.1%** |
| 625566 | Ensign Group, Inc. | 108973597 |
|  | **Health Care Technology 1.4%** | **Health Care Technology 1.4%** |
| 5425563 | Certara, Inc.\* | 47799210 |

---

------

---

| | |
|:---|:---|
| **WASATCH CORE GROWTH FUND (WGROX / WIGRX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Home Furnishing Retail 1.3%** |  |
| 4167455 | Arhaus, Inc.\* <sup>‡‡</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;46717171 |
|  | **Home Improvement Retail 1.0%** |  |
| 595297 | Floor & Decor Holdings, Inc., Class A\* | 36247634 |
|  | **Industrial Machinery & Supplies & Components 10.6%** |  |
| 423383 | Enpro, Inc. | 90659002 |
| 271594 | Kadant, Inc. | 77409722 |
| 273303 | RBC Bearings, Inc.\* | 122557264 |
| 361856 | Standex International Corp. | 78624072 |
|  |  | 369250060 |
|  | **Insurance Brokers 1.0%** |  |
| 490294 | Goosehead Insurance, Inc., Class A | 36110153 |
|  | **Investment Banking & Brokerage 2.5%** |  |
| 1246975 | Moelis & Co., Class A | 85717061 |
|  | **Life Sciences Tools & Services 2.7%** |  |
| 170078 | Medpace Holdings, Inc.\* | 95524309 |
|  | **Managed Health Care 4.6%** |  |
| 1735668 | HealthEquity, Inc.\* | 159004545 |
|  | **Other Specialty Retail 1.7%** |  |
| 322634 | Five Below, Inc.\* | 60771340 |
|  | **Packaged Foods & Meats 1.1%** |  |
| 640364 | Freshpet, Inc.\* | 39017379 |
|  | **Personal Care Products 0.8%** |  |
| 998830 | BellRing Brands, Inc.\* | 26698726 |
|  | **Property & Casualty Insurance 1.3%** |  |
| 706628 | RLI Corp. | 45210059 |
|  | **Regional Banks 2.6%** |  |
| 1986498 | Bank OZK | 91418638 |
|  | **Research & Consulting Services 1.9%** |  |
| 785288 | ICF International, Inc. | 66985066 |
|  | **Restaurants 1.3%** |  |
| 189751 | Wingstop, Inc. | 45253716 |
|  | **Semiconductor Materials & Equipment 4.9%** |  |
| 669379 | Camtek Ltd.\* | 71185110 |
| 297399 | Nova Ltd.\* | 97662857 |
|  |  | 168847967 |
|  | **Soft Drinks & Non-Alcoholic Beverages 0.4%** |  |
| 284782 | Vita Coco Co., Inc.\* | 15096294 |
|  | **Specialty Chemicals 2.1%** |  |
| 466577 | Balchem Corp. | 71554249 |
|  | **Trading Companies & Distributors 2.5%** |  |
| 685767 | SiteOne Landscape Supply, Inc.\* | 85419138 |

---

------

---

| | |
|:---|:---|
| **WASATCH CORE GROWTH FUND (WGROX / WIGRX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Transaction & Payment Processing Services 5.6%** |  |
| 2543334 | Paymentus Holdings, Inc., Class A\* | $&nbsp;&nbsp;&nbsp;&nbsp;80343921 |
| 1794550 | Shift4 Payments, Inc., Class A\* | 113002814 |
|  |  | 193346735 |
|  | **Total Common Stocks<br>(cost $2,853,342,937)** | **3446329413** |
|  | **Total Investments<br>(cost $2,853,342,937) 99.2%** | **3446329413** |
|  | **Other Assets less Liabilities 0.8%** | **28349076** |
|  | **NET ASSETS 100.0%** | $**3474678489** |
|  | \*Non-income producing.<br><sup>‡‡</sup>Affiliated company (see Note 6).<br>See Notes to Schedules of Investments. |  |

---

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

---

| | |
|:---|:---|
| **Country** | **%** |
|  Israel | 6.7 |
|  United States | 93.3 |
|  **TOTAL** | **100.0**% |

---

------

---

| | |
|:---|:---|
| **WASATCH EMERGING INDIA FUND (WAINX / WIINX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 105.9%** | **COMMON STOCKS 105.9%** |
|  | **Asset Management & Custody Banks 6.6%** |  |
| 1010708 | Kfin Technologies Ltd. | $12195476 |
| 371830 | Prudent Corporate Advisory Services Ltd. | 10542700 |
|  |  | 22738176 |
|  | **Building Products 5.0%** |  |
| 758023 | Astral Ltd. | 11725209 |
| 670349 | KRN Heat Exchanger & Refrigeration Ltd.\* | 5434432 |
|  |  | 17159641 |
|  | **Commodity Chemicals 1.1%** |  |
| 27685 | Solar Industries India Ltd. | 3775018 |
|  | **Computer & Electronics Retail 3.7%** |  |
| 2375020 | Aditya Vision Ltd. | 12893469 |
|  | **Construction Machinery & Heavy Transportation Equipment 1.2%** |  |
| 387371 | Action Construction Equipment Ltd. | 4082421 |
|  | **Consumer Finance 24.0%** |  |
| 2992180 | Bajaj Finance Ltd. | 32904964 |
| 1394195 | Cholamandalam Investment & Finance Co. Ltd. | 26444655 |
| 3904760 | Five-Star Business Finance Ltd. | 23706450 |
|  |  | 83056069 |
|  | **Diversified Banks 8.6%** |  |
| 1133582 | HDFC Bank Ltd. | 12522558 |
| 702212 | Kotak Mahindra Bank Ltd. | 17225579 |
|  |  | 29748137 |
|  | **Diversified Support Services 4.1%** |  |
| 3756710 | CMS Info Systems Ltd. | 14190160 |
|  | **Electrical Components & Equipment 1.2%** |  |
| 50576 | Polycab India Ltd. | 4292571 |
|  | **Health Care Facilities 10.5%** |  |
| 3119474 | Max Healthcare Institute Ltd. | 36283911 |
|  | **Health Care Services 4.2%** |  |
| 1239680 | Vijaya Diagnostic Centre Ltd. | 14628908 |
|  | **Health Care Supplies 4.1%** |  |
| 721050 | Poly Medicure Ltd. | 14246037 |
|  | **Hotels, Resorts & Cruise Lines 4.5%** |  |
| 188532 | MakeMyTrip Ltd.\* | 15482248 |
|  | **Industrial Machinery & Supplies & Components 5.4%** |  |
| 3501345 | Elgi Equipments Ltd. | 18493606 |
|  | **Life Sciences Tools & Services 7.7%** |  |
| 373127 | Divi's Laboratories Ltd. | 26520613 |
|  | **Managed Health Care 4.2%** |  |
| 2839284 | Medi Assist Healthcare Services Ltd.\* | 14511381 |

---

------

---

| | |
|:---|:---|
| **WASATCH EMERGING INDIA FUND (WAINX / WIINX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Regional Banks 9.8%** |  |
| 3042256 | AU Small Finance Bank Ltd. | $&nbsp;&nbsp;&nbsp;&nbsp;33674962 |
|  | **Total Common Stocks<br>(cost $271,685,808)** | **365777328** |
|  | **Total Investments<br>(cost $271,685,808) 105.9%<sup>§</sup>** | **365777328** |
|  | **Liabilities less Other Assets (5.9%)** | **(20228031)** |
|  | **NET ASSETS 100.0%** | $**345549297** |
|  | \*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 94.22%.<br>See Notes to Schedules of Investments. |  |

---

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

---

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

---

------

---

| | |
|:---|:---|
| **WASATCH EMERGING MARKETS SELECT FUND<br>(WAESX / WIESX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 100.5%** |  |
|  | **Airport Services 6.3%** |  |
| 303772 | Grupo Aeroportuario del Centro Norte SAB de CV | $&nbsp;&nbsp;&nbsp;&nbsp;4108155 |
| 382150 | Grupo Aeroportuario del Pacifico SAB de CV, Class B | 10039143 |
|  |  | 14147298 |
|  | **Apparel Retail 1.4%** |  |
| 67743 | Trent Ltd. | 3230721 |
|  | **Asset Management & Custody Banks 2.6%** |  |
| 478238 | Kfin Technologies Ltd. | 5770549 |
|  | **Broadline Retail 10.7%** |  |
| 7208 | MercadoLibre, Inc.\* | 14518786 |
| 75124 | Sea Ltd., ADR\* | 9583569 |
|  |  | 24102355 |
|  | **Construction & Engineering 1.7%** |  |
| 122973 | United Integrated Services Co. Ltd. | 3725255 |
|  | **Consumer Finance 12.3%** |  |
| 1482768 | Bajaj Finance Ltd. | 16305980 |
| 427993 | Cholamandalam Investment & Finance Co. Ltd. | 8118037 |
| 549189 | Five-Star Business Finance Ltd. | 3334218 |
|  |  | 27758235 |
|  | **Diversified Banks 6.2%** |  |
| 542327 | Inter & Co., Inc., Class A | 4598933 |
| 562922 | NU Holdings Ltd., Class A\* | 9423314 |
|  |  | 14022247 |
|  | **Electrical Components & Equipment 7.9%** |  |
| 171710 | Voltronic Power Technology Corp. | 5285715 |
| 1428702 | WEG SA | 12621082 |
|  |  | 17906797 |
|  | **Electronic Equipment & Instruments 4.9%** |  |
| 313007 | Chroma ATE, Inc. | 7741744 |
| 170125 | Shanghai BOCHU Electronic Technology Corp. Ltd., Class A | 3307134 |
|  |  | 11048878 |
|  | **Food Retail 2.6%** |  |
| 178102 | BBB Foods, Inc., Class A\* | 5946826 |
|  | **Health Care Facilities 4.9%** |  |
| 942363 | Max Healthcare Institute Ltd. | 10961020 |
|  | **Hotels, Resorts & Cruise Lines 6.3%** |  |
| 71176 | MakeMyTrip Ltd.\* | 5844973 |
| 116774 | Trip.com Group Ltd. | 8372857 |
|  |  | 14217830 |
|  | **Industrial Machinery & Supplies & Components 1.2%** |  |
| 529638 | Elgi Equipments Ltd. | 2797472 |
|  | **Interactive Media & Services 3.9%** |  |
| 113200 | Tencent Holdings Ltd. | 8687368 |
|  | **IT Consulting & Other Services 4.5%** |  |
| 18459 | EPAM Systems, Inc.\* | 3781880 |
| 598575 | FPT Corp. | 2177858 |
| 64271 | Globant SA\* | 4201395 |
|  |  | 10161133 |

---

------

---

| | |
|:---|:---|
| **WASATCH EMERGING MARKETS SELECT FUND<br>(WAESX / WIESX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Life Sciences Tools & Services 5.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;175398 | Divi's Laboratories Ltd. | $12466700 |
|  | **Property & Casualty Insurance 2.7%** |  |
| 586219 | Qualitas Controladora SAB de CV | 6076234 |
|  | **Regional Banks 3.2%** |  |
| 661326 | AU Small Finance Bank Ltd. | 7320268 |
|  | **Semiconductors 9.0%** |  |
| 28893 | Alchip Technologies Ltd. | 3225192 |
| 40831 | ASPEED Technology, Inc. | 9393996 |
| 33991 | Jentech Precision Industrial Co. Ltd. | 2963827 |
| 112108 | LEENO Industrial, Inc.\* | 4700755 |
|  |  | 20283770 |
|  | **Technology Hardware, Storage & Peripherals 2.7%** |  |
| 124988 | Asia Vital Components Co. Ltd. | 5998755 |
|  | **Total Common Stocks<br>(cost $154,034,767)** | **226629711** |
|  | **Total Investments<br>(cost $154,034,767) 100.5%<sup>§</sup>** | **226629711** |
|  | **Liabilities less Other Assets (0.5%)** | **(1026619)** |
|  | **NET ASSETS 100.0%** | $**225603092** |
|  | \*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 65.83%.<br>ADR American Depositary Receipt.<br>See Notes to Schedules of Investments. |  |

---

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

---

| | |
|:---|:---|
| **Country** | **%** |
|  Brazil | 11.8 |
|  China | 9 |
|  India | 33.6 |
|  Mexico | 11.5 |
|  Singapore | 4.2 |
|  South Korea | 2.1 |
|  Taiwan | 16.9 |
|  United States | 9.9 |
|  Vietnam | 1 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH EMERGING MARKETS SMALL CAP FUND<br>(WAEMX / WIEMX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 104.0%** |  |
|  | **Airport Services 4.6%** |  |
| 392825 | Grupo Aeroportuario del Centro Norte SAB de CV | $&nbsp;&nbsp;&nbsp;&nbsp;5312491 |
|  | **Alternative Carriers 0.8%** |  |
| 74143 | Chief Telecom, Inc. | 885957 |
|  | **Asset Management & Custody Banks 5.9%** |  |
| 264279 | Kfin Technologies Ltd. | 3188862 |
| 127015 | Prudent Corporate Advisory Services Ltd. | 3601326 |
|  |  | 6790188 |
|  | **Automotive Retail 1.6%** |  |
| 54858 | Aldrees Petroleum & Transport Services Co. | 1870275 |
|  | **Building Products 1.8%** |  |
| 257541 | KRN Heat Exchanger & Refrigeration Ltd.\* | 2087851 |
|  | **Commercial & Residential Mortgage Finance 2.7%** |  |
| 193580 | Aavas Financiers Ltd.\* | 3155835 |
|  | **Communications Equipment 4.0%** |  |
| 121012 | Accton Technology Corp. | 4566627 |
|  | **Computer & Electronics Retail 0.9%** |  |
| 198279 | Aditya Vision Ltd. | 1076414 |
|  | **Construction & Engineering 3.1%** |  |
| 116016 | United Integrated Services Co. Ltd. | 3514505 |
|  | **Consumer Finance 8.3%** |  |
| 404693 | Cholamandalam Financial Holdings Ltd. | 8169049 |
| 226332 | Five-Star Business Finance Ltd. | 1374099 |
|  |  | 9543148 |
|  | **Diversified Banks 7.4%** |  |
| 548176 | Inter & Co., Inc., Class A | 4648532 |
| 271072 | Optima bank SA | 2453226 |
| 26636 | TBC Bank Group PLC | 1455661 |
|  |  | 8557419 |
|  | **Diversified Support Services 1.6%** |  |
| 1778109 | Frontken Corp. Bhd. | 1826941 |
|  | **Electrical Components & Equipment 1.7%** |  |
| 63575 | Voltronic Power Technology Corp. | 1957017 |
|  | **Electronic Equipment & Instruments 7.4%** |  |
| 244616 | Chroma ATE, Inc. | 6050198 |
| 8158 | Park Systems Corp. | 1184668 |
| 63140 | Shanghai BOCHU Electronic Technology Corp. Ltd., Class A | 1227406 |
|  |  | 8462272 |
|  | **Electronic Manufacturing Services 2.6%** |  |
| 6522 | Fabrinet\* | 2969336 |
|  | **Food Retail 1.8%** |  |
| 63474 | BBB Foods, Inc., Class A\* | 2119397 |
|  | **Health Care Services 4.5%** |  |
| 46980 | Diagnostyka SA | 2234018 |
| 247984 | Vijaya Diagnostic Centre Ltd. | 2926348 |
|  |  | 5160366 |

---

------

---

| | |
|:---|:---|
| **WASATCH EMERGING MARKETS SMALL CAP FUND<br>(WAEMX / WIEMX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Human Resource & Employment Services 3.3%** |  |
| 3850 | Benefit Systems SA\* | $3756990 |
|  | **Industrial Machinery & Supplies & Components 3.7%** |  |
| 209830 | Elgi Equipments Ltd. | 1108292 |
| 205230 | Shenzhen Envicool Technology Co. Ltd., Class A | 3138747 |
|  |  | 4247039 |
|  | **Insurance Brokers 1.6%** |  |
| 61233 | Rasan Information Technology Co.\* | 1891103 |
|  | **Interactive Media & Services 1.9%** |  |
| 806018 | Baltic Classifieds Group PLC | 2205539 |
|  | **IT Consulting & Other Services 2.4%** |  |
| 363857 | FPT Corp. | 1323859 |
| 22285 | Globant SA\* | 1456770 |
|  |  | 2780629 |
|  | **Life & Health Insurance 3.5%** |  |
| 291359 | Discovery Ltd. | 4004075 |
|  | **Managed Health Care 0.4%** |  |
| 79637 | Medi Assist Healthcare Services Ltd.\* | 407019 |
|  | **Packaged Foods & Meats 2.1%** |  |
| 5629549 | Cisarua Mountain Dairy Tbk. PT | 1907464 |
| 20469 | Kri-Kri Milk Industry SA | 457048 |
|  |  | 2364512 |
|  | **Pharmaceuticals 0.7%** |  |
| 378000 | Consun Pharmaceutical Group Ltd. | 760843 |
|  | **Property & Casualty Insurance 1.8%** |  |
| 202052 | Qualitas Controladora SAB de CV | 2094294 |
|  | **Regional Banks 7.2%** |  |
| 741998 | AU Small Finance Bank Ltd. | 8213232 |
|  | **Semiconductor Materials & Equipment 3.6%** |  |
| 133697 | Anji Microelectronics Technology Shanghai Co. Ltd., Class A | 4168924 |
|  | **Semiconductors 8.3%** |  |
| 24401 | ASPEED Technology, Inc. | 5613942 |
| 23050 | Jentech Precision Industrial Co. Ltd. | 2009833 |
| 44502 | LEENO Industrial, Inc.\* | 1865995 |
|  |  | 9489770 |
|  | **Technology Hardware, Storage & Peripherals 2.8%** |  |
| 100000 | AURAS Technology Co. Ltd. | 3212562 |
|  | **Total Common Stocks<br>(cost $83,854,474)** | **119452570** |
|  | **Total Investments<br>(cost $83,854,474) 104.0%<sup>§</sup>** | **119452570** |
|  | **Liabilities less Other Assets (4.0%)** | **(4570556)** |
|  | **NET ASSETS 100.0%** | $**114882014** |
|  | \*Non-income producing.<br><sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 77.19%.<br>See Notes to Schedules of Investments. |  |

---

------

---

| | |
|:---|:---|
| **WASATCH EMERGING MARKETS SMALL CAP FUND<br>(WAEMX / WIEMX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

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

---

| | |
|:---|:---|
| **Country** | **%** |
|  Brazil | 3.9 |
|  China | 7.8 |
|  Greece | 2.4 |
|  India | 29.6 |
|  Indonesia | 1.6 |
|  Malaysia | 1.5 |
|  Mexico | 8.0 |
|  Poland | 5.0 |
|  Saudi Arabia | 3.1 |
|  South Africa | 3.3 |
|  South Korea | 2.6 |
|  Taiwan | 23.3 |
|  United Kingdom | 3.1 |
|  United States | 3.7 |
|  Vietnam | 1.1 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND**<br> **(WAFMX / WIFMX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 102.1%** |  |
|  | **Aerospace & Defense 1.7%** |  |
| 15986 | Theon International PLC | $&nbsp;&nbsp;&nbsp;&nbsp;500703 |
|  | **Airport Services 5.8%** |  |
| 126600 | Grupo Aeroportuario del Centro Norte SAB de CV | 1712114 |
|  | **Asset Management & Custody Banks 1.7%** |  |
| 12356 | Georgia Capital PLC\* | 515137 |
|  | **Automotive Retail 1.7%** |  |
| 14317 | Aldrees Petroleum & Transport Services Co. | 488110 |
|  | **Broadline Retail 10.6%** |  |
| 695 | MercadoLibre, Inc.\* | 1399911 |
| 13569 | Sea Ltd., ADR\* | 1730997 |
|  |  | 3130908 |
|  | **Computer & Electronics Retail 4.8%** |  |
| 250850 | FPT Digital Retail JSC\* | 1425934 |
|  | **Consumer Finance 17.5%** |  |
| 250851 | Bajaj Finance Ltd. | 2758605 |
| 37710 | Cholamandalam Financial Holdings Ltd. | 761206 |
| 86844 | Cholamandalam Investment & Finance Co. Ltd. | 1647230 |
|  |  | 5167041 |
|  | **Distillers & Vintners 2.4%** |  |
| 143360 | Ginebra San Miguel, Inc. | 718841 |
|  | **Diversified Banks 26.3%** |  |
| 175762 | Banca Transilvania SA | 1221589 |
| 142406 | Commercial International Bank - Egypt (CIB) | 307501 |
| 1196 | Credicorp Ltd. | 343252 |
| 398744 | HD Bank\* | 449740 |
| 109488 | Inter & Co., Inc., Class A | 928458 |
| 2673 | Lion Finance Group PLC | 334188 |
| 1257390 | Military Commercial Joint Stock Bank | 1206783 |
| 104681 | NU Holdings Ltd., Class A\* | 1752360 |
| 5805 | TBC Bank Group PLC | 317244 |
| 664200 | Vietnam Technological & Commercial Joint Stock Bank | 881391 |
|  |  | 7742506 |
|  | **Diversified Support Services 1.4%** |  |
| 411302 | Frontken Corp. Bhd. | 422598 |
|  | **Electronic Manufacturing Services 2.2%** |  |
| 1396 | Fabrinet\* | 635571 |
|  | **Food Retail 1.1%** |  |
| 9323 | BBB Foods, Inc., Class A\* | 311295 |
|  | **Health Care Facilities 1.6%** |  |
| 2331 | Akdital Holding | 301731 |
| 2451 | Dr. Sulaiman Al Habib Medical Services Group Co. | 167939 |
|  |  | 469670 |
|  | **Health Care Services 1.8%** |  |
| 11120 | Diagnostyka SA | 528784 |
|  | **Human Resource & Employment Services 1.7%** |  |
| 514 | Benefit Systems SA\* | 501583 |
|  | **Insurance Brokers 3.0%** |  |
| 28557 | Rasan Information Technology Co.\* | 881947 |

---

------

---

| | |
|:---|:---|
| **WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND**<br> **(WAFMX / WIFMX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Interactive Media & Services 1.0%** |  |
| 110444 | Baltic Classifieds Group PLC | $302212 |
|  | **IT Consulting & Other Services 1.3%** |  |
| 487 | Elm Co. | 97117 |
| 77238 | FPT Corp. | 281023 |
|  |  | 378140 |
|  | **Life & Health Insurance 3.5%** |  |
| 74508 | Discovery Ltd. | 1023945 |
|  | **Marine Ports & Services 3.6%** |  |
| 110890 | International Container Terminal Services, Inc. | 1064130 |
|  | **Packaged Foods & Meats 1.8%** |  |
| 1269700 | Cisarua Mountain Dairy Tbk. PT | 430213 |
| 4595 | Kri-Kri Milk Industry SA | 102601 |
|  |  | 532814 |
|  | **Property & Casualty Insurance 1.6%** |  |
| 45022 | Qualitas Controladora SAB de CV | 466659 |
|  | **Semiconductor Materials & Equipment 2.4%** |  |
| 6714 | Camtek Ltd.\* | 714000 |
|  | **Wireless Telecommunication Services 1.6%** |  |
| 2200900 | Safaricom PLC | 483686 |
|  | **Total Common Stocks<br>(cost $25,592,970)** | **30118328** |
|  | **Total Investments<br>(cost $25,592,970) 102.1%<sup>§</sup>** | **30118328** |
|  | **Liabilities less Other Assets (2.1%)** | **(631275)** |
|  | **NET ASSETS 100.0%** | $**29487053** |
|  | \*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 47.40%.<br>ADR American Depositary Receipt.<br>See Notes to Schedules of Investments. |  |

---

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

---

| | |
|:---|:---|
| **Country** | **%** |
|  Brazil | 8.9 |
|  Cyprus | 1.7 |
|  Egypt | 1 |
|  Greece | 0.3 |
|  India | 17.2 |
|  Indonesia | 1.4 |
|  Israel | 2.4 |
|  Kenya | 1.6 |
|  Malaysia | 1.4 |
|  Mexico | 8.3 |
|  Morocco | 1 |
|  Peru | 1.1 |
|  Philippines | 5.9 |
|  Poland | 3.4 |
|  Romania | 4.1 |
|  Saudi Arabia | 5.4 |
|  Singapore | 5.7 |
|  South Africa | 3.4 |
|  United Kingdom | 4.9 |
|  United States | 6.8 |
|  Vietnam | 14.1 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 101.9%** |  |
|  | **Application Software 8.2%** |  |
| 109729 | Clearwater Analytics Holdings, Inc., Class A\* | $&nbsp;&nbsp;&nbsp;&nbsp;2646663 |
| 6291 | Guidewire Software, Inc.\* | 1264554 |
| 57419 | nCino, Inc.\* | 1472223 |
| 32185 | Q2 Holdings, Inc.\* | 2322470 |
| 547376 | Rakus Co. Ltd. | 3633628 |
| 83594 | Technology One Ltd. | 1550374 |
|  |  | 12889912 |
|  | **Asset Management & Custody Banks 4.3%** |  |
| 25704 | Cohen & Steers, Inc. | 1613697 |
| 15605 | Hamilton Lane, Inc., Class A | 2095908 |
| 162288 | Kfin Technologies Ltd. | 1958211 |
| 68700 | Netwealth Group Ltd. | 1171096 |
|  |  | 6838912 |
|  | **Automotive Parts & Equipment 0.9%** |  |
| 28068 | XPEL, Inc.\* | 1400874 |
|  | **Automotive Retail 1.7%** |  |
| 90055 | Valvoline, Inc.\* | 2616998 |
|  | **Biotechnology 0.2%** |  |
| 107860 | C4 Therapeutics, Inc.\* | 206013 |
| 105596 | Sangamo Therapeutics, Inc.\* | 44350 |
|  |  | 250363 |
|  | **Broadline Retail 1.6%** |  |
| 22430 | Ollie's Bargain Outlet Holdings, Inc.\* | 2458552 |
|  | **Building Products 5.1%** |  |
| 19169 | AAON, Inc. | 1461636 |
| 63080 | Carel Industries SpA | 1812406 |
| 23707 | Modine Manufacturing Co.\* | 3165121 |
| 43251 | Trex Co., Inc.\* | 1517245 |
|  |  | 7956408 |
|  | **Cargo Ground Transportation 2.7%** |  |
| 12879 | Saia, Inc.\* | 4205251 |
|  | **Consumer Finance 3.7%** |  |
| 140874 | Cholamandalam Financial Holdings Ltd. | 2843653 |
| 503288 | Five-Star Business Finance Ltd. | 3055546 |
|  |  | 5899199 |
|  | **Diversified Support Services 1.9%** |  |
| 269500 | Japan Elevator Service Holdings Co. Ltd. | 2986720 |
|  | **Drug Retail 2.1%** |  |
| 143900 | Sugi Holdings Co. Ltd. | 3382922 |
|  | **Electrical Components & Equipment 1.4%** |  |
| 70897 | Voltronic Power Technology Corp. | 2182409 |
|  | **Environmental & Facilities Services 2.5%** |  |
| 39550 | Casella Waste Systems, Inc., Class A\* | 3873527 |
|  | **Health Care Facilities 5.5%** |  |
| 30843 | Ensign Group, Inc. | 5372851 |
| 289721 | Max Healthcare Institute Ltd. | 3369866 |
|  |  | 8742717 |

---

------

---

| | |
|:---|:---|
| **WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Health Care Services 1.0%** |  |
| 133051 | Vijaya Diagnostic Centre Ltd. | $&nbsp;&nbsp;&nbsp;&nbsp;1570075 |
|  | **Home Furnishing Retail 1.2%** |  |
| 166403 | Arhaus, Inc.\* | 1865378 |
|  | **Home Improvement Retail 0.9%** |  |
| 23880 | Floor & Decor Holdings, Inc., Class A\* | 1454053 |
|  | **Homebuilding 1.1%** |  |
| 18350 | LGI Homes, Inc.\* | 788316 |
| 55164 | Smith Douglas Homes Corp.\* | 925100 |
|  |  | 1713416 |
|  | **Human Resource & Employment Services 1.6%** |  |
| 11458 | Paylocity Holding Corp.\* | 1747345 |
| 82140 | SMS Co. Ltd. | 707343 |
|  |  | 2454688 |
|  | **Industrial Machinery & Supplies & Components 7.1%** |  |
| 7628 | Kadant, Inc. | 2174133 |
| 11749 | RBC Bearings, Inc.\* | 5268604 |
| 17365 | Standex International Corp. | 3773067 |
|  |  | 11215804 |
|  | **Insurance Brokers 0.9%** |  |
| 19241 | Goosehead Insurance, Inc., Class A | 1417100 |
|  | **Interactive Media & Services 0.8%** |  |
| 66957 | Hemnet Group AB | 1251817 |
|  | **Investment Banking & Brokerage 1.2%** |  |
| 326003 | AJ Bell PLC | 1938791 |
|  | **IT Consulting & Other Services 0.9%** |  |
| 19432 | Persistent Systems Ltd. | 1356628 |
|  | **Life Sciences Tools & Services 3.5%** |  |
| 46607 | Divi's Laboratories Ltd. | 3312669 |
| 3797 | Medpace Holdings, Inc.\* | 2132585 |
|  |  | 5445254 |
|  | **Managed Health Care 3.9%** |  |
| 67536 | HealthEquity, Inc.\* | 6186973 |
|  | **Other Specialty Retail 1.7%** |  |
| 14169 | Five Below, Inc.\* | 2668873 |
|  | **Packaged Foods & Meats 2.2%** |  |
| 56334 | Freshpet, Inc.\* | 3432431 |
|  | **Personal Care Products 1.2%** |  |
| 72671 | BellRing Brands, Inc.\* | 1942496 |
|  | **Pharmaceuticals 0.3%** |  |
| 123187 | Esperion Therapeutics, Inc.\* | 455792 |
|  | **Regional Banks 5.9%** |  |
| 585793 | AU Small Finance Bank Ltd. | 6484187 |
| 62682 | Bank OZK | 2884626 |
|  |  | 9368813 |
|  | **Research & Consulting Services 1.6%** |  |
| 62727 | BayCurrent, Inc. | 2600892 |

---

------

---

| | |
|:---|:---|
| **WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Semiconductor Materials & Equipment 3.8%** |  |
| 22503 | Camtek Ltd.\* | $&nbsp;&nbsp;&nbsp;&nbsp;2393082 |
| 10731 | Nova Ltd.\* | 3523953 |
|  |  | 5917035 |
|  | **Semiconductors 6.1%** |  |
| 24348 | ASPEED Technology, Inc. | 5601749 |
| 49742 | LEENO Industrial, Inc.\* | 2085711 |
| 29075 | Melexis NV | 1951594 |
|  |  | 9639054 |
|  | **Specialty Chemicals 1.6%** |  |
| 16311 | Balchem Corp. | 2501455 |
|  | **Trading Companies & Distributors 7.3%** |  |
| 54505 | Diploma PLC | 3877930 |
| 331300 | MonotaRO Co. Ltd. | 5275359 |
| 153409 | OEM International AB, Class B | 2422817 |
|  |  | 11576106 |
|  | **Transaction & Payment Processing Services 4.3%** |  |
| 63079 | Paymentus Holdings, Inc., Class A\* | 1992666 |
| 74949 | Shift4 Payments, Inc., Class A\* | 4719538 |
|  |  | 6712204 |
|  | **Total Common Stocks<br>(cost $118,761,863)** | **160369892** |
|  | **Total Investments<br>(cost $118,761,863) 101.9%<sup>§</sup>** | **160369892** |
|  | **Liabilities less Other Assets (1.9%)** | **(2931610)** |
|  | **NET ASSETS 100.0%** | $**157438282** |
|  | \*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 40.67%.<br>See Notes to Schedules of Investments. |  |

---

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

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 1.7 |
|  Belgium | 1.2 |
|  India | 14.9 |
|  Israel | 3.7 |
|  Italy | 1.1 |
|  Japan | 11.6 |
|  South Korea | 1.3 |
|  Sweden | 2.3 |
|  Taiwan | 4.9 |
|  United Kingdom | 3.6 |
|  United States | 53.7 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 98.2%** |  |
|  | **Aerospace & Defense 4.1%** |  |
| 2054 | HEICO Corp., Class A | $&nbsp;&nbsp;&nbsp;&nbsp;518491 |
|  | **Application Software 11.1%** |  |
| 3929 | Descartes Systems Group, Inc.\* | 344680 |
| 726 | HubSpot, Inc.\* | 291344 |
| 2158 | Manhattan Associates, Inc.\* | 374003 |
| 5446 | Procore Technologies, Inc.\* | 396142 |
|  |  | 1406169 |
|  | **Broadline Retail 6.3%** |  |
| 3728 | Dollarama, Inc. | 557183 |
| 124 | MercadoLibre, Inc.\* | 249768 |
|  |  | 806951 |
|  | **Building Products 1.4%** |  |
| 5234 | Trex Co., Inc.\* | 183609 |
|  | **Cargo Ground Transportation 2.9%** |  |
| 1119 | Saia, Inc.\* | 365376 |
|  | **Consumer Finance 3.8%** |  |
| 43325 | Bajaj Finance Ltd. | 476444 |
|  | **Distributors 2.0%** |  |
| 1102 | Pool Corp. | 252082 |
|  | **Diversified Banks 2.8%** |  |
| 21226 | NU Holdings Ltd., Class A\* | 355323 |
|  | **Drug Retail 2.5%** |  |
| 13300 | Sugi Holdings Co. Ltd. | 312668 |
|  | **Electrical Components & Equipment 3.5%** |  |
| 50300 | WEG SA | 444348 |
|  | **Electronic Equipment & Instruments 4.1%** |  |
| 11080 | Halma PLC | 525911 |
|  | **Environmental & Facilities Services 3.0%** |  |
| 6270 | Rollins, Inc. | 376325 |
|  | **Financial Exchanges & Data 2.9%** |  |
| 1671 | Morningstar, Inc. | 363125 |
|  | **Home Improvement Retail 2.0%** |  |
| 4107 | Floor & Decor Holdings, Inc., Class A\* | 250075 |
|  | **Hotels, Resorts & Cruise Lines 2.3%** |  |
| 4117 | Trip.com Group Ltd. | 295195 |
|  | **Industrial Machinery & Supplies & Components 4.4%** |  |
| 1257 | RBC Bearings, Inc.\* | 563676 |
|  | **Interactive Media & Services 3.3%** |  |
| 4205 | Scout24 SE | 422350 |
|  | **Life Sciences Tools & Services 3.0%** |  |
| 5421 | Divi's Laboratories Ltd. | 385306 |
|  | **Managed Health Care 4.2%** |  |
| 5878 | HealthEquity, Inc.\* | 538484 |
|  | **Movies & Entertainment 1.7%** |  |
| 370 | Spotify Technology SA\* | 214863 |

---

------

---

| | |
|:---|:---|
| **WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Property & Casualty Insurance 4.1%** |  |
| 9481 | Definity Financial Corp. | $524493 |
|  | **Research & Consulting Services 6.7%** |  |
| 8917 | BayCurrent, Inc. | 369732 |
| 6148 | UL Solutions, Inc., Class A | 484831 |
|  |  | 854563 |
|  | **Semiconductor Materials & Equipment 3.3%** |  |
| 701 | ASM International NV | 424382 |
|  | **Semiconductors 7.6%** |  |
| 2200 | ASPEED Technology, Inc. | 506154 |
| 513 | Monolithic Power Systems, Inc. | 464963 |
|  |  | 971117 |
|  | **Trading Companies & Distributors 2.9%** |  |
| 22776 | MonotaRO Co. Ltd. | 362667 |
|  | **Transaction & Payment Processing Services 2.3%** |  |
| 4639 | Shift4 Payments, Inc., Class A\* | 292118 |
|  | **Total Common Stocks<br>(cost $10,523,051)** | **12486111** |
|  | **Total Investments<br>(cost $10,523,051) 98.2%<sup>§</sup>** | **12486111** |
|  | **Other Assets less Liabilities 1.8%** | **231218** |
|  | **NET ASSETS 100.0%** | $**12717329** |
|  | \*Non-income producing.<br><sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 35.58%.<br>See Notes to Schedules of Investments. |  |

---

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

---

| | |
|:---|:---|
| **Country** | **%** |
|  Brazil | 6.4 |
|  Canada | 11.4 |
|  China | 2.4 |
|  Germany | 3.4 |
|  India | 6.9 |
|  Japan | 8.4 |
|  Netherlands | 3.4 |
|  Sweden | 1.7 |
|  Taiwan | 4.0 |
|  United Kingdom | 4.2 |
|  United States | 47.8 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH GLOBAL SMALL CAP VALUE (WACVX / WGCVX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 93.3%** |  |
|  | **Advertising 1.1%** |  |
| 1326 | 4imprint Group PLC | $&nbsp;&nbsp;&nbsp;&nbsp;68249 |
|  | **Aerospace & Defense 1.3%** |  |
| 6306 | Mildef Group AB | 81557 |
|  | **Agricultural & Farm Machinery 1.8%** |  |
| 662 | Alamo Group, Inc. | 111130 |
|  | **Apparel, Accessories & Luxury Goods 0.9%** |  |
| 24000 | Li Ning Co. Ltd. | 57668 |
|  | **Asset Management & Custody Banks 7.9%** |  |
| 3200 | Integral Corp. | 67689 |
| 11183 | MA Financial Group Ltd. | 81159 |
| 15247 | P10, Inc., Class A | 149573 |
| 7578 | Patria Investments Ltd. | 120415 |
| 5540 | Pollen Street Group Ltd. | 70345 |
|  |  | 489181 |
|  | **Broadline Retail 1.3%** |  |
| 35894 | B&M European Value Retail SA | 81368 |
|  | **Cargo Ground Transportation 2.0%** |  |
| 369 | Saia, Inc.\* | 120486 |
|  | **Commercial & Residential Mortgage Finance 1.3%** |  |
| 2419 | Merchants Bancorp | 82391 |
|  | **Commodity Chemicals 1.1%** |  |
| 5095 | Gulf Oil Lubricants India Ltd. | 68126 |
|  | **Communications Equipment 2.9%** |  |
| 236000 | Plover Bay Technologies Ltd. | 181357 |
|  | **Construction & Engineering 1.4%** |  |
| 1125 | Limbach Holdings, Inc.\* | 87581 |
|  | **Construction Machinery & Heavy Transportation Equipment 1.1%** |  |
| 4027 | Metso OYJ | 70066 |
|  | **Construction Materials 1.2%** |  |
| 7200 | GCC SAB de CV | 73018 |
|  | **Copper 1.2%** |  |
| 21514 | Arizona Sonoran Copper Co., Inc.\* | 74924 |
|  | **Distributors 0.9%** |  |
| 359 | Inter Cars SA | 56020 |
|  | **Diversified Banks 1.8%** |  |
| 18120 | City Union Bank Ltd. | 58650 |
| 903 | TBC Bank Group PLC | 49349 |
|  |  | 107999 |
|  | **Diversified Support Services 1.3%** |  |
| 4105 | Healthcare Services Group, Inc.\* | 78488 |
|  | **Electronic Components 0.9%** |  |
| 214 | Littelfuse, Inc. | 54125 |
|  | **Electronic Equipment & Instruments 2.1%** |  |
| 10520 | Blackline Safety Corp.\* | 49436 |
| 2500 | Jeol Ltd. | 80349 |
|  |  | 129785 |

---

------

---

| | |
|:---|:---|
| **WASATCH GLOBAL SMALL CAP VALUE (WACVX / WGCVX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Food Retail 1.1%** |  |
| 2400 | Halows Co. Ltd. | $&nbsp;&nbsp;&nbsp;&nbsp;70720 |
|  | **Health Care Equipment 2.3%** |  |
| 144065 | AOTI, Inc.\* | 53478 |
| 2656 | Axogen, Inc.\* | 86931 |
|  |  | 140409 |
|  | **Health Care Facilities 2.4%** |  |
| 163000 | Chaoju Eye Care Holdings Ltd. | 57596 |
| 5196 | CVS Group PLC | 89932 |
|  |  | 147528 |
|  | **Health Care Supplies 3.0%** |  |
| 274300 | Riverstone Holdings Ltd. | 185512 |
|  | **Heavy Electrical Equipment 1.5%** |  |
| 4525 | R&S Group Holding AG | 89927 |
|  | **Homebuilding 2.6%** |  |
| 1088 | Champion Homes, Inc.\* | 91936 |
| 1603 | LGI Homes, Inc.\* | 68865 |
|  |  | 160801 |
|  | **Human Resource & Employment Services 3.2%** |  |
| 2501 | Barrett Business Services, Inc. | 90561 |
| 13300 | Insource Co. Ltd. | 72809 |
| 4197 | SMS Co. Ltd. | 36142 |
|  |  | 199512 |
|  | **Industrial Machinery & Supplies & Components 0.9%** |  |
| 366 | Krones AG | 57982 |
|  | **Internet Services & Infrastructure 0.9%** |  |
| 4200 | User Local, Inc. | 52264 |
|  | **Investment Banking & Brokerage 5.2%** |  |
| 1843 | Flow Traders Ltd.\* | 54445 |
| 30183 | FRP Advisory Group PLC | 54518 |
| 2636 | Marex Group PLC | 101117 |
| 4100 | Nuvama Wealth Management Ltd. | 67518 |
| 2597 | Perella Weinberg Partners | 44928 |
|  |  | 322526 |
|  | **IT Consulting & Other Services 5.5%** |  |
| 12000 | Acer E-Enabling Service Business, Inc. | 80636 |
| 4531 | Hackett Group, Inc. | 88943 |
| 8200 | System Support Holdings, Inc. | 75664 |
| 21895 | ULS Group, Inc. | 95064 |
|  |  | 340307 |
|  | **Leisure Products 1.5%** |  |
| 2081 | YETI Holdings, Inc.\* | 91918 |
|  | **Life Sciences Tools & Services 0.9%** |  |
| 93 | Medpace Holdings, Inc.\* | 52233 |
|  | **Oil & Gas Drilling 1.0%** |  |
| 7106 | Odfjell Drilling Ltd. | 61483 |
|  | **Oil & Gas Equipment & Services 1.0%** |  |
| 1401 | Cactus, Inc., Class A | 63998 |
|  | **Oil & Gas Exploration & Production 0.8%** |  |
| 1230 | Matador Resources Co. | 52201 |

---

------

---

| | |
|:---|:---|
| **WASATCH GLOBAL SMALL CAP VALUE (WACVX / WGCVX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Other Specialty Retail 1.2%** |  |
| 11236 | Watches of Switzerland Group PLC\* | $71217 |
|  | **Pharmaceuticals 1.2%** |  |
| 181 | Virbac SACA | 75894 |
|  | **Regional Banks 3.7%** |  |
| 1921 | Plumas Bancorp | 85849 |
| 6000 | Regional SAB de CV | 47534 |
| 1117 | Western Alliance Bancorp | 93906 |
|  |  | 227289 |
|  | **Research & Consulting Services 4.7%** |  |
| 1800 | BayCurrent, Inc. | 74634 |
| 7510 | Elixirr International PLC | 83617 |
| 12500 | Rise Consulting Group, Inc. | 67719 |
| 12100 | SIGMAXYZ Holdings, Inc. | 63805 |
|  |  | 289775 |
|  | **Semiconductors 4.1%** |  |
| 861 | Elmos Semiconductor SE | 97142 |
| 1222 | Melexis NV | 82024 |
| 11937 | X-Fab Silicon Foundries SE\* | 72157 |
|  |  | 251323 |
|  | **Specialized Finance 1.3%** |  |
| 9069 | Burford Capital Ltd. | 80895 |
|  | **Specialty Chemicals 0.8%** |  |
| 6500 | Allied Supreme Corp. | 47756 |
|  | **Steel 1.9%** |  |
| 4080 | Hill & Smith PLC | 117108 |
|  | **Trading Companies & Distributors 7.1%** |  |
| 2184 | ADENTRA, Inc. | 54069 |
| 1306 | DXP Enterprises, Inc.\* | 143386 |
| 114457 | Emeco Holdings Ltd.\* | 94229 |
| 2652 | Global Industrial Co. | 77491 |
| 795 | IMCD NV | 72156 |
|  |  | 441331 |
|  | **Total Common Stocks<br>(cost $5,802,783)** | **5765428** |
|  | **Total Investments<br>(cost $5,802,783) 93.3%<sup>§</sup>** | **5765428** |
|  | **Other Assets less Liabilities 6.7%** | **414583** |
|  | **NET ASSETS 100.0%** | $**6180011** |
|  | \*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 49.85%.<br>See Notes to Schedules of Investments. |  |

---

------

---

| | |
|:---|:---|
| **WASATCH GLOBAL SMALL CAP VALUE (WACVX / WGCVX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

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

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 3 |
|  Belgium | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
|  Brazil | 2.1 |
|  Canada | 3.1 |
|  China | 2 |
|  Finland | 1.2 |
|  France | 2.6 |
|  Germany | 2.7 |
|  Hong Kong | 3.1 |
|  India | 3.4 |
|  Japan | 13.1 |
|  Mexico | 2.1 |
|  Netherlands | 2.2 |
|  Norway | 1.1 |
|  Poland | 1 |
|  Singapore | 3.2 |
|  Sweden | 1.4 |
|  Switzerland | 1.6 |
|  Taiwan | 2.2 |
|  United Kingdom | 13.7 |
|  United States | 33.8 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH GLOBAL VALUE FUND (FMIEX / WILCX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 97.5%** |  |
|  | **Apparel, Accessories & Luxury Goods 2.1%** |  |
| 45000 | PVH Corp. | $3015900 |
|  | **Broadline Retail 1.6%** |  |
| 126000 | Alibaba Group Holding Ltd. | 2313480 |
|  | **Cargo Ground Transportation 1.9%** |  |
| 38400 | ArcBest Corp. | 2848896 |
|  | **Consumer Staples Merchandise Retail 2.4%** |  |
| 27000 | Dollar General Corp. | 3584790 |
|  | **Diversified Banks 18.0%** |  |
| 55000 | Citigroup, Inc. | 6417950 |
| 175000 | ING Groep NV, ADR | 4900000 |
| 19000 | JPMorgan Chase & Co. | 6122180 |
| 47500 | Toronto-Dominion Bank | 4476777 |
| 162000 | United Overseas Bank Ltd. | 4412153 |
|  |  | 26329060 |
|  | **Diversified Metals & Mining 2.7%** |  |
| 40000 | Rio Tinto Ltd. | 3902223 |
|  | **Electric Utilities 9.0%** |  |
| 40000 | Duke Energy Corp. | 4688400 |
| 58000 | Evergy, Inc. | 4204420 |
| 99000 | Exelon Corp. | 4315410 |
|  |  | 13208230 |
|  | **Food Retail 2.5%** |  |
| 90000 | Koninklijke Ahold Delhaize NV | 3690620 |
|  | **Health Care Services 2.0%** |  |
| 17000 | Quest Diagnostics, Inc. | 2950010 |
|  | **Integrated Oil & Gas 8.1%** |  |
| 24000 | Chevron Corp. | 3657840 |
| 69000 | Suncor Energy, Inc. | 3062533 |
| 78000 | TotalEnergies SE | 5085443 |
|  |  | 11805816 |
|  | **Integrated Telecommunication Services 6.8%** |  |
| 130000 | AT&T, Inc. | 3229200 |
| 17000000 | Telkom Indonesia Persero Tbk. PT | 3557001 |
| 77000 | Verizon Communications, Inc. | 3136210 |
|  |  | 9922411 |
|  | **IT Consulting & Other Services 2.3%** |  |
| 42500 | Amdocs Ltd. | 3421675 |
|  | **Managed Health Care 1.2%** |  |
| 43000 | Centene Corp.\* | 1769450 |
|  | **Multi-Line Insurance 2.8%** |  |
| 87000 | AXA SA | 4174347 |
|  | **Other Specialized REITs 2.9%** |  |
| 151000 | VICI Properties, Inc. | 4246120 |
|  | **Paper & Plastic Packaging Products & Materials 2.0%** |  |
| 68000 | Sonoco Products Co. | 2967520 |
|  | **Paper Products 1.9%** |  |
| 95000 | UPM-Kymmene OYJ | 2746394 |

---

------

---

| | |
|:---|:---|
| **WASATCH GLOBAL VALUE FUND (FMIEX / WILCX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Pharmaceuticals 9.8%** |  |
| 29000 | Johnson & Johnson | $6001550 |
| 36000 | Novartis AG | 4960652 |
| 187000 | Shionogi & Co. Ltd. | 3384666 |
|  |  | 14346868 |
|  | **Rail Transportation 2.8%** |  |
| 17500 | Union Pacific Corp. | 4048100 |
|  | **Reinsurance 2.5%** |  |
| 5500 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 3619475 |
|  | **Retail REITs 2.6%** |  |
| 185000 | Kimco Realty Corp. | 3749950 |
|  | **Semiconductors 1.9%** |  |
| 75000 | Intel Corp.\* | 2767500 |
|  | **Technology Hardware, Storage & Peripherals 2.3%** |  |
| 40000 | Samsung Electronics Co. Ltd. | 3352596 |
|  | **Tobacco 3.4%** |  |
| 50000 | KT&G Corp. | 4932144 |
|  | **Trading Companies & Distributors 0.8%** |  |
| 35000 | Toyota Tsusho Corp. | 1180172 |
|  | **Transaction & Payment Processing Services 1.2%** |  |
| 25500 | Fiserv, Inc.\* | 1712835 |
|  | **Total Common Stocks<br>(cost $98,694,133)** | **142606582** |
|  | **Total Investments<br>(cost $98,694,133) 97.5%<sup>§</sup>** | **142606582** |
|  | **Other Assets less Liabilities 2.5%** | **3673280** |
|  | **NET ASSETS 100.0%** | $**146279862** |
|  | \*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 31.71%.<br>ADR American Depositary Receipt.<br>REIT Real Estate Investment Trust.<br>See Notes to Schedules of Investments. |  |

---

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

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 2.7 |
|  Canada | 5.3 |
|  China | 1.6 |
|  Finland | 1.9 |
|  France | 6.5 |
|  Germany | 2.6 |
|  Indonesia | 2.5 |
|  Japan | 3.2 |
|  Netherlands | 6.0 |
|  Singapore | 3.1 |
|  South Korea | 5.8 |
|  Switzerland | 3.5 |
|  United States | 55.3 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX)**  | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 99.1%** |  |
|  | **Aerospace & Defense 2.2%** |  |
| 48724 | Exosens SAS | $2769536 |
| 87614 | Mildef Group AB | 1133138 |
|  |  | 3902674 |
|  | **Airport Services 3.0%** |  |
| 384568 | Grupo Aeroportuario del Centro Norte SAB de CV | 5200824 |
|  | **Apparel Retail 1.6%** |  |
| 33893 | Aritzia, Inc.\* | 2897777 |
|  | **Application Software 4.3%** |  |
| 5343 | Descartes Systems Group, Inc.\* | 468727 |
| 785920 | Rakus Co. Ltd. | 5217146 |
| 106268 | Technology One Ltd. | 1970897 |
|  |  | 7656770 |
|  | **Asset Management & Custody Banks 4.1%** |  |
| 255835 | JTC PLC | 4427912 |
| 108769 | Kfin Technologies Ltd. | 1312436 |
| 89957 | Netwealth Group Ltd. | 1533454 |
|  |  | 7273802 |
|  | **Building Products 3.0%** |  |
| 182576 | Carel Industries SpA | 5245748 |
|  | **Casinos & Gaming 2.0%** |  |
| 135841 | Lottomatica Group SpA | 3560013 |
|  | **Commercial & Residential Mortgage Finance 3.6%** |  |
| 138318 | Aavas Financiers Ltd.\* | 2254927 |
| 485837 | OSB Group PLC | 4160726 |
|  |  | 6415653 |
|  | **Communications Equipment 1.3%** |  |
| 3012781 | Plover Bay Technologies Ltd. | 2315211 |
|  | **Consumer Finance 3.5%** |  |
| 308576 | Cholamandalam Financial Holdings Ltd. | 6228851 |
|  | **Diversified Banks 3.4%** |  |
| 443038 | Inter & Co., Inc., Class A | 3756962 |
| 19200 | Rakuten Bank Ltd.\* | 847659 |
| 26139 | TBC Bank Group PLC | 1428499 |
|  |  | 6033120 |
|  | **Diversified Real Estate Activities 1.3%** |  |
| 233482 | Patrizia SE | 2222311 |
|  | **Diversified Support Services 2.2%** |  |
| 348586 | Japan Elevator Service Holdings Co. Ltd. | 3863187 |
|  | **Drug Retail 3.7%** |  |
| 245554 | Apotea AB\* | 2453761 |
| 171300 | Sugi Holdings Co. Ltd. | 4027064 |
|  |  | 6480825 |
|  | **Electrical Components & Equipment 2.2%** |  |
| 35451 | Pfisterer Holding SE\* | 3171415 |
| 22970 | Voltronic Power Technology Corp. | 707081 |
|  |  | 3878496 |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX)**  | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Electronic Equipment & Instruments 5.2%** |  |
| 86368 | Halma PLC | $4099445 |
| 154137 | Lagercrantz Group AB, Class B | 3535587 |
| 9944 | Park Systems Corp. | 1444023 |
|  |  | 9079055 |
|  | **Health Care Facilities 1.3%** |  |
| 201688 | Max Healthcare Institute Ltd. | 2345918 |
|  | **Health Care Services 1.0%** |  |
| 35346 | Diagnostyka SA | 1680792 |
|  | **Health Care Supplies 1.5%** |  |
| 4021500 | Riverstone Holdings Ltd. | 2719778 |
|  | **Health Care Technology 0.7%** |  |
| 47327 | JMDC, Inc. | 1201683 |
|  | **Heavy Electrical Equipment 0.5%** |  |
| 13794 | Sinfonia Technology Co. Ltd. | 799580 |
|  | **Human Resource & Employment Services 2.5%** |  |
| 3065 | Benefit Systems SA\* | 2990955 |
| 169377 | SMS Co. Ltd. | 1458578 |
|  |  | 4449533 |
|  | **Industrial Machinery & Supplies & Components 3.6%** |  |
| 5128 | Goodwin PLC | 1464045 |
| 12514 | Kardex Holding AG | 4333953 |
| 23476 | Stabilus SE | 559050 |
|  |  | 6357048 |
|  | **Interactive Media & Services 3.4%** |  |
| 90947 | Hemnet Group AB | 1700330 |
| 22039 | Scout24 SE | 2213595 |
| 47149 | SMG Swiss Marketplace Group AG\* | 2156079 |
|  |  | 6070004 |
|  | **Investment Banking & Brokerage 4.4%** |  |
| 689608 | AJ Bell PLC | 4101207 |
| 86297 | flatexDEGIRO AG | 3697130 |
|  |  | 7798337 |
|  | **IT Consulting & Other Services 0.9%** |  |
| 76547 | Softcat PLC | 1457079 |
| 34902 | ULS Group, Inc. | 151538 |
|  |  | 1608617 |
|  | **Life & Health Insurance 1.8%** |  |
| 226201 | Discovery Ltd. | 3108625 |
|  | **Other Specialty Retail 1.6%** |  |
| 440646 | Watches of Switzerland Group PLC\* | 2792937 |
|  | **Property & Casualty Insurance 4.9%** |  |
| 104904 | Definity Financial Corp. | 5803330 |
| 270518 | Qualitas Controladora SAB de CV | 2803953 |
|  |  | 8607283 |
|  | **Regional Banks 5.0%** |  |
| 636974 | AU Small Finance Bank Ltd. | 7050713 |
| 270262 | Shawbrook Group PLC\* | 1770497 |
|  |  | 8821210 |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Research & Consulting Services 2.0%** |  |
| 69000 | BayCurrent, Inc. | $2860994 |
| 130000 | Rise Consulting Group, Inc. | 704274 |
|  |  | 3565268 |
|  | **Semiconductor Materials & Equipment 2.8%** |  |
| 17815 | Camtek Ltd.\* | 1894536 |
| &nbsp;&nbsp;&nbsp;&nbsp;302352 | Japan Material Co. Ltd. | 2988277 |
|  |  | 4882813 |
|  | **Semiconductors 2.1%** |  |
| 10479 | ASPEED Technology, Inc. | 2410905 |
| 20131 | Melexis NV | 1351248 |
|  |  | 3762153 |
|  | **Specialty Chemicals 1.1%** |  |
| 10350 | AlzChem Group AG | 1869553 |
|  | **Technology Hardware, Storage & Peripherals 0.9%** |  |
| 135667 | Dynavox Group AB\* | 1498407 |
|  | **Trading Companies & Distributors 10.5%** |  |
| 71071 | Diploma PLC | 5056570 |
| 459048 | MonotaRO Co. Ltd. | 7309517 |
| 386354 | OEM International AB, Class B | 6101762 |
|  |  | 18467849 |
|  | **Total Common Stocks<br>(cost $132,808,670)** | **174661705** |
|  | **Total Investments<br>(cost $132,808,670) 99.1%<sup>§</sup>** | **174661705** |
|  | **Other Assets less Liabilities 0.9%** | **1586847** |
|  | **NET ASSETS 100.0%** | $**176248552** |
|  | \*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 75.08%.<br>See Notes to Schedules of Investments. |  |

---

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

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 2.0 |
|  Belgium | 0.8 |
|  Brazil | 2.1 |
|  Canada | 5.2 |
|  France | 1.6 |
|  Germany | 7.9 |
|  Hong Kong | 1.3 |
|  India | 11.0 |
|  Israel | 1.1 |
|  Italy | 5.0 |
|  Japan | 18.0 |
|  Mexico | 4.6 |
|  Poland | 2.7 |
|  Singapore | 1.6 |
|  South Africa | 1.8 |
|  South Korea | 0.8 |
|  Sweden | 9.4 |
|  Switzerland | 3.7 |
|  Taiwan | 1.8 |
|  United Kingdom | 17.6 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL OPPORTUNITIES FUND<br>(WAIOX / WIIOX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 101.1%** |  |
|  | **Aerospace & Defense 0.8%** |  |
| 23000 | Mildef Group AB | $297466 |
|  | **Alternative Carriers 2.5%** |  |
| 75307 | Chief Telecom, Inc. | 899866 |
|  | **Application Software 10.9%** |  |
| 6749 | Atoss Software SE | 911919 |
| 154036 | m-up Holdings, Inc. | 891219 |
| 127464 | Rakus Co. Ltd. | 846140 |
| 1409 | Sidetrade\* | 400464 |
| 41400 | Smaregi, Inc. | 809259 |
|  |  | 3859001 |
|  | **Asset Management & Custody Banks 5.9%** |  |
| 40281 | Prudent Corporate Advisory Services Ltd. | 1142109 |
| 106425 | Tatton Asset Management PLC | 946807 |
|  |  | 2088916 |
|  | **Building Products 1.6%** |  |
| 71783 | KRN Heat Exchanger & Refrigeration Ltd.\* | 581935 |
|  | **Commercial & Residential Mortgage Finance 3.8%** |  |
| 56671 | Aavas Financiers Ltd.\* | 923878 |
| 45508 | Mortgage Advice Bureau Holdings Ltd. | 421414 |
|  |  | 1345292 |
|  | **Communications Equipment 2.1%** |  |
| 965618 | Plover Bay Technologies Ltd. | 742042 |
|  | **Construction Machinery & Heavy Transportation Equipment 1.2%** |  |
| 41663 | Action Construction Equipment Ltd. | 439077 |
|  | **Consumer Finance 1.5%** |  |
| 41950 | Premium Group Co. Ltd. | 520353 |
|  | **Data Processing & Outsourced Services 2.3%** |  |
| 295300 | Infomart Corp. | 798733 |
|  | **Distributors 2.3%** |  |
| 38396 | Supply Network Ltd. | 829194 |
|  | **Diversified Banks 1.3%** |  |
| 51497 | Optima bank SA | 466053 |
|  | **Diversified Support Services 6.8%** |  |
| 156374 | CMS Info Systems Ltd. | 590669 |
| 106000 | Japan Elevator Service Holdings Co. Ltd. | 1174740 |
| 139197 | Prestige International, Inc. | 646981 |
|  |  | 2412390 |
|  | **Drug Retail 2.4%** |  |
| 83495 | Apotea AB\* | 834345 |
|  | **Electrical Components & Equipment 1.8%** |  |
| 20631 | Voltronic Power Technology Corp. | 635080 |
|  | **Electronic Equipment & Instruments 5.1%** |  |
| 96000 | Blackline Safety Corp.\* | 451131 |
| 14446 | Nayax Ltd.\* | 730154 |
| 4288 | Park Systems Corp. | 622684 |
|  |  | 1803969 |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL OPPORTUNITIES FUND<br>(WAIOX / WIIOX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Food Retail 5.1%** |  |
| 8198 | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | $905383 |
| 442400 | Sheng Siong Group Ltd. | 904411 |
|  |  | 1809794 |
|  | **Health Care Services 4.3%** |  |
| 9485 | Diagnostyka SA | 451036 |
| 89347 | Vijaya Diagnostic Centre Ltd. | 1054344 |
|  |  | 1505380 |
|  | **Health Care Technology 1.6%** |  |
| 33000 | eWeLL Co. Ltd. | 551036 |
|  | **Hotels, Resorts & Cruise Lines 1.2%** |  |
| 37000 | tripla Co. Ltd.\* | 426527 |
|  | **Human Resource & Employment Services 3.1%** |  |
| 1109 | Benefit Systems SA\* | 1082208 |
|  | **Industrial Machinery & Supplies & Components 2.8%** |  |
| 87406 | Elgi Equipments Ltd. | 461666 |
| 20000 | Gala Precision Engineering Ltd.\* | 172872 |
| 1300 | Goodwin PLC | 371150 |
|  |  | 1005688 |
|  | **Interactive Media & Services 2.6%** |  |
| 219860 | Baltic Classifieds Group PLC | 601611 |
| 17077 | Hemnet Group AB | 319269 |
|  |  | 920880 |
|  | **Investment Banking & Brokerage 3.0%** |  |
| 180171 | AJ Bell PLC | 1071505 |
|  | **IT Consulting & Other Services 2.9%** |  |
| 23958 | baudroie, Inc.\* | 348366 |
| 10500 | Globant SA\* | 686385 |
|  |  | 1034751 |
|  | **Packaged Foods & Meats 1.6%** |  |
| 24842 | Kri-Kri Milk Industry SA | 554692 |
|  | **Personal Care Products 2.8%** |  |
| 61171 | Sarantis SA | 984868 |
|  | **Pharmaceuticals 0.6%** |  |
| 114000 | Consun Pharmaceutical Group Ltd. | 229461 |
|  | **Property & Casualty Insurance 2.2%** |  |
| 73598 | Qualitas Controladora SAB de CV | 762853 |
|  | **Real Estate Services 3.3%** |  |
| 34588 | AZOOM Co. Ltd. | 1176459 |
|  | **Research & Consulting Services 5.3%** |  |
| 63975 | Elixirr International PLC | 712302 |
| 90000 | Rise Consulting Group, Inc. | 487574 |
| 126400 | SIGMAXYZ Holdings, Inc. | 666526 |
|  |  | 1866402 |
|  | **Semiconductor Materials & Equipment 0.8%** |  |
| 28600 | Japan Material Co. Ltd. | 282666 |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL OPPORTUNITIES FUND<br>(WAIOX / WIIOX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Semiconductors 5.6%** |  |
| 8664 | Elmos Semiconductor SE | $977509 |
| 24168 | LEENO Industrial, Inc.\* | 1013379 |
|  |  | 1990888 |
|  | **Total Common Stocks<br>(cost $25,496,071)** | **35809770** |
|  | **Total Investments<br>(cost $25,496,071) 101.1%<sup>§</sup>** | **35809770** |
|  | **Liabilities less Other Assets (1.1%)** | **(388159)** |
|  | **NET ASSETS 100.0%** | $**35421611** |
|  | \*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 74.53%.<br>See Notes to Schedules of Investments. |  |

---

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

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 2.3 |
|  Canada | 1.3 |
|  China | 0.6 |
|  France | 1.1 |
|  Germany | 5.3 |
|  Greece | 5.6 |
|  Hong Kong | 2.1 |
|  India | 15.0 |
|  Israel | 4.6 |
|  Japan | 26.9 |
|  Mexico | 2.1 |
|  Poland | 4.3 |
|  Singapore | 2.5 |
|  South Korea | 4.6 |
|  Sweden | 4.0 |
|  Taiwan | 4.3 |
|  United Kingdom | 11.5 |
|  United States | 1.9 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL SELECT FUND (WAISX / WGISX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 98.8%** |  |
|  | **Aerospace & Defense 3.5%** |  |
| 6469 | BAE Systems PLC | $&nbsp;&nbsp;&nbsp;&nbsp;148884 |
|  | **Apparel, Accessories & Luxury Goods 1.1%** |  |
| 19 | Hermes International SCA | 47174 |
|  | **Application Software 3.2%** |  |
| 30 | Constellation Software, Inc. | 72159 |
| 729 | Descartes Systems Group, Inc.\* | 63953 |
|  |  | 136112 |
|  | **Automobile Manufacturers 1.5%** |  |
| 174 | Ferrari NV | 64661 |
|  | **Automotive Retail 3.8%** |  |
| 5081 | Auto1 Group SE\* | 161104 |
|  | **Broadline Retail 5.3%** |  |
| 1511 | Dollarama, Inc. | 225833 |
|  | **Building Products 3.2%** |  |
| 140 | Belimo Holding AG | 136789 |
|  | **Casinos & Gaming 4.1%** |  |
| 6588 | Lottomatica Group SpA | 172653 |
|  | **Construction & Engineering 6.7%** |  |
| 2144 | AtkinsRealis Group, Inc. | 138398 |
| 3000 | Kraftia Corp. | 147544 |
|  |  | 285942 |
|  | **Diversified Banks 2.4%** |  |
| 2334 | Rakuten Bank Ltd.\* | 103043 |
|  | **Diversified Real Estate Activities 4.1%** |  |
| 7000 | Sumitomo Realty & Development Co. Ltd. | 175742 |
|  | **Drug Retail 2.4%** |  |
| 4300 | Sugi Holdings Co. Ltd. | 101088 |
|  | **Electrical Components & Equipment 4.0%** |  |
| 1905 | Pfisterer Holding SE\* | 170420 |
|  | **Electronic Equipment & Instruments 4.4%** |  |
| 3898 | Halma PLC | 185018 |
|  | **Industrial Machinery & Supplies & Components 2.5%** |  |
| 4500 | Ebara Corp. | 106064 |
|  | **Interactive Home Entertainment 3.0%** |  |
| 1900 | Nintendo Co. Ltd. | 128278 |
|  | **Interactive Media & Services 5.7%** |  |
| 362 | REA Group Ltd. | 44129 |
| 1063 | Scout24 SE | 106768 |
| 2030 | SMG Swiss Marketplace Group AG\* | 92830 |
|  |  | 243727 |
|  | **Movies & Entertainment 3.5%** |  |
| 254 | Spotify Technology SA\* | 147500 |
|  | **Other Specialty Retail 4.3%** |  |
| 5563 | Jumbo SA | 182400 |
|  | **Pharmaceuticals 2.7%** |  |
| 5300 | Daiichi Sankyo Co. Ltd. | 112543 |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL SELECT FUND (WAISX / WGISX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Property & Casualty Insurance 4.2%** |  |
| 3259 | Definity Financial Corp. | $180289 |
|  | **Real Estate Services 1.7%** |  |
| 462 | FirstService Corp. | 71847 |
|  | **Regional Banks 0.8%** |  |
| 3000 | SBI Shinsei Bank Ltd.\* | 33325 |
|  | **Research & Consulting Services 1.8%** |  |
| 1850 | BayCurrent, Inc. | 76708 |
|  | **Semiconductor Materials & Equipment 6.6%** |  |
| 264 | ASM International NV | 159824 |
| 770 | BE Semiconductor Industries NV | 120379 |
|  |  | 280203 |
|  | **Soft Drinks & Non-Alcoholic Beverages 4.4%** |  |
| 3591 | Coca-Cola HBC AG | 185775 |
|  | **Trading Companies & Distributors 5.2%** |  |
| 1757 | Finning International, Inc. | 95201 |
| 8000 | MonotaRO Co. Ltd. | 127386 |
|  |  | 222587 |
|  | **Transaction & Payment Processing Services 2.7%** |  |
| 70 | Adyen NV\* | 112880 |
|  | **Total Common Stocks<br>(cost $3,518,359)** | **4198589** |
|  | **Total Investments<br>(cost $3,518,359) 98.8%<sup>§</sup>** | **4198589** |
|  | **Other Assets less Liabilities 1.2%** | **49446** |
|  | **NET ASSETS 100.0%** | $**4248035** |
|  | \*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 70.33%.<br>See Notes to Schedules of Investments. |  |

---

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

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 1 |
|  Canada | 20.2 |
|  France | 1.1 |
|  Germany | 10.4 |
|  Greece | 4.3 |
|  Italy | 5.7 |
|  Japan | 26.5 |
|  Netherlands | 9.4 |
|  Sweden | 3.5 |
|  Switzerland | 5.5 |
|  United Kingdom | 12.4 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL SMALL CAP VALUE**<br> **(WASVX / WGSVX)**  | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 98.2%** | **COMMON STOCKS 98.2%** |
|  | **Advertising 1.8%** |  |
| 1043 | 4imprint Group PLC | $&nbsp;&nbsp;&nbsp;&nbsp;53683 |
|  | **Aerospace & Defense 2.1%** |  |
| 4674 | Mildef Group AB | 60450 |
|  | **Apparel, Accessories & Luxury Goods 1.6%** |  |
| 19000 | Li Ning Co. Ltd. | 45654 |
|  | **Asset Management & Custody Banks 8.8%** |  |
| 2100 | Integral Corp. | 44421 |
| 8176 | MA Financial Group Ltd. | 59336 |
| 5930 | Patria Investments Ltd. | 94228 |
| 4630 | Pollen Street Group Ltd. | 58790 |
|  |  | 256775 |
|  | **Broadline Retail 2.2%** |  |
| 27930 | B&M European Value Retail SA | 63315 |
|  | **Commodity Chemicals 1.4%** |  |
| 3130 | Gulf Oil Lubricants India Ltd. | 41852 |
|  | **Communications Equipment 4.6%** |  |
| 174000 | Plover Bay Technologies Ltd. | 133713 |
|  | **Construction Machinery & Heavy Transportation Equipment 1.9%** |  |
| 3153 | Metso OYJ | 54860 |
|  | **Construction Materials 1.8%** |  |
| 5300 | GCC SAB de CV | 53749 |
|  | **Copper 2.0%** |  |
| 16873 | Arizona Sonoran Copper Co., Inc.\* | 58761 |
|  | **Distributors 1.5%** |  |
| 280 | Inter Cars SA | 43693 |
|  | **Diversified Banks 2.7%** |  |
| 12338 | City Union Bank Ltd. | 39935 |
| 707 | TBC Bank Group PLC | 38638 |
|  |  | 78573 |
|  | **Electronic Equipment & Instruments 3.4%** |  |
| 8239 | Blackline Safety Corp.\* | 38717 |
| 1900 | Jeol Ltd. | 61065 |
|  |  | 99782 |
|  | **Food Retail 1.3%** |  |
| 1300 | Halows Co. Ltd. | 38307 |
|  | **Health Care Equipment 1.3%** |  |
| 104896 | AOTI, Inc.\* | 38938 |
|  | **Health Care Facilities 3.6%** |  |
| 127500 | Chaoju Eye Care Holdings Ltd. | 45052 |
| 3557 | CVS Group PLC | 61564 |
|  |  | 106616 |
|  | **Health Care Supplies 4.2%** |  |
| 182100 | Riverstone Holdings Ltd. | 123156 |
|  | **Heavy Electrical Equipment 2.2%** |  |
| 3317 | R&S Group Holding AG | 65920 |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL SMALL CAP VALUE**<br> **(WASVX / WGSVX)**  | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Human Resource & Employment Services 2.4%** |  |
| 7800 | Insource Co. Ltd. | $&nbsp;&nbsp;&nbsp;&nbsp;42700 |
| 3168 | SMS Co. Ltd. | 27281 |
|  |  | 69981 |
|  | **Industrial Machinery & Supplies & Components 1.6%** |  |
| 288 | Krones AG | 45625 |
|  | **Internet Services & Infrastructure 1.3%** |  |
| 3000 | User Local, Inc. | 37331 |
|  | **Investment Banking & Brokerage 7.2%** |  |
| 1443 | Flow Traders Ltd.\* | 42628 |
| 22407 | FRP Advisory Group PLC | 40473 |
| 2018 | Marex Group PLC | 77410 |
| 3061 | Nuvama Wealth Management Ltd. | 50408 |
|  |  | 210919 |
|  | **IT Consulting & Other Services 6.3%** |  |
| 9000 | Acer E-Enabling Service Business, Inc. | 60477 |
| 5900 | System Support Holdings, Inc. | 54441 |
| 16326 | ULS Group, Inc. | 70884 |
|  |  | 185802 |
|  | **Oil & Gas Drilling 1.6%** |  |
| 5565 | Odfjell Drilling Ltd. | 48150 |
|  | **Other Specialty Retail 1.9%** |  |
| 8800 | Watches of Switzerland Group PLC\* | 55777 |
|  | **Packaged Foods & Meats 0.9%** |  |
| 25900 | Sappe PCL | 25279 |
|  | **Pharmaceuticals 1.8%** |  |
| 123 | Virbac SACA | 51574 |
|  | **Regional Banks 1.3%** |  |
| 4800 | Regional SAB de CV | 38027 |
|  | **Research & Consulting Services 7.4%** |  |
| 1400 | BayCurrent, Inc. | 58049 |
| 6062 | Elixirr International PLC | 67495 |
| 9300 | Rise Consulting Group, Inc. | 50383 |
| 7800 | SIGMAXYZ Holdings, Inc. | 41130 |
|  |  | 217057 |
|  | **Semiconductors 6.5%** |  |
| 675 | Elmos Semiconductor SE | 76156 |
| 910 | Melexis NV | 61082 |
| 8906 | X-Fab Silicon Foundries SE\* | 53835 |
|  |  | 191073 |
|  | **Specialty Chemicals 1.3%** |  |
| 5300 | Allied Supreme Corp. | 38940 |
|  | **Steel 2.7%** |  |
| 2745 | Hill & Smith PLC | 78789 |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL SMALL CAP VALUE**<br> **(WASVX / WGSVX)**  | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Trading Companies & Distributors 5.6%** |  |
| 1710 | ADENTRA, Inc. | $42334 |
| 85380 | Emeco Holdings Ltd.\* | 70291 |
| 580 | IMCD NV | 52642 |
|  |  | 165267 |
|  | **Total Common Stocks<br>(cost $2,960,629)** | **2877388** |
|  | **Total Investments<br>(cost $2,960,629) 98.2%<sup>§</sup>** | **2877388** |
|  | **Other Assets less Liabilities 1.8%** | **51334** |
|  | **NET ASSETS 100.0%** | $**2928722** |
|  | \*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 76.38%.<br>See Notes to Schedules of Investments. |  |

---

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

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 4.5 |
|  Belgium | 2.1 |
|  Brazil | 3.3 |
|  Canada | 4.9 |
|  China | 3.1 |
|  Finland | 1.9 |
|  France | 3.7 |
|  Germany | 4.2 |
|  Hong Kong | 4.6 |
|  India | 4.6 |
|  Japan | 18.3 |
|  Mexico | 3.2 |
|  Netherlands | 3.3 |
|  Norway | 1.7 |
|  Poland | 1.5 |
|  Singapore | 4.3 |
|  Sweden | 2.1 |
|  Switzerland | 2.3 |
|  Taiwan | 3.5 |
|  Thailand | 0.9 |
|  United Kingdom | 20.7 |
|  United States | 1.3 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL VALUE FUND (WAIVX / WGIVX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 96.2%** | **COMMON STOCKS 96.2%** |
|  | **Automotive Parts & Equipment 2.4%** |  |
| 6556 | Magna International, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;349497 |
|  | **Broadline Retail 1.4%** |  |
| 11300 | Alibaba Group Holding Ltd. | 207479 |
|  | **Construction & Engineering 1.4%** |  |
| 4017 | Bouygues SA | 208825 |
|  | **Diversified Banks 22.3%** |  |
| 1394600 | Bank Rakyat Indonesia Persero Tbk. PT | 305427 |
| 34337 | HSBC Holdings PLC | 540325 |
| 18489 | ING Groep NV | 519693 |
| 447300 | Krung Thai Bank PCL | 401087 |
| 29266 | Nordea Bank Abp | 550565 |
| 36000 | Piraeus Bank SA | 287435 |
| 3994 | Toronto-Dominion Bank | 376426 |
| 11300 | United Overseas Bank Ltd. | 307761 |
|  |  | 3288719 |
|  | **Diversified Metals & Mining 2.7%** |  |
| 4079 | Rio Tinto Ltd. | 397929 |
|  | **Electronic Manufacturing Services 2.6%** |  |
| 32300 | Venture Corp. Ltd. | 379996 |
|  | **Food Retail 1.7%** |  |
| 6233 | Koninklijke Ahold Delhaize NV | 255596 |
|  | **Gas Utilities 1.1%** |  |
| 5494 | Naturgy Energy Group SA | 167283 |
|  | **Health Care Distributors 2.1%** |  |
| 17600 | Medipal Holdings Corp. | 311569 |
|  | **Industrial Machinery & Supplies & Components 2.0%** |  |
| 3854 | ANDRITZ AG | 300529 |
|  | **Integrated Oil & Gas 8.9%** |  |
| 46487 | BP PLC | 271110 |
| 17284 | Eni SpA | 327638 |
| 6623 | Suncor Energy, Inc. | 293959 |
| 6339 | TotalEnergies SE | 413290 |
|  |  | 1305997 |
|  | **Integrated Telecommunication Services 5.9%** |  |
| 10460 | Deutsche Telekom AG | 340484 |
| 26783 | Telekom Austria AG | 283278 |
| 1142100 | Telkom Indonesia Persero Tbk. PT | 238968 |
|  |  | 862730 |
|  | **Multi-Line Insurance 3.3%** |  |
| 10000 | AXA SA | 479810 |
|  | **Multi-Utilities 6.2%** |  |
| 12678 | Engie SA | 333043 |
| 38035 | National Grid PLC | 583399 |
|  |  | 916442 |
|  | **Paper Products 2.3%** |  |
| 11622 | UPM-Kymmene OYJ | 335985 |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL VALUE FUND (WAIVX / WGIVX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Pharmaceuticals 8.0%** |  |
| 1915 | Novartis AG | $263879 |
| 9773 | Richter Gedeon Nyrt | 295437 |
| 3592 | Sanofi SA | 347545 |
| 15300 | Shionogi & Co. Ltd. | 276927 |
|  |  | 1183788 |
|  | **Real Estate Development 2.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;319000 | Sino Land Co. Ltd. | 419755 |
|  | **Real Estate Operating Companies 2.1%** |  |
| 4226 | LEG Immobilien SE | 308227 |
|  | **Regional Banks 2.2%** |  |
| 21300 | Shizuoka Financial Group, Inc. | 330719 |
|  | **Reinsurance 3.5%** |  |
| 775 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 510017 |
|  | **Soft Drinks & Non-Alcoholic Beverages 3.1%** |  |
| 15300 | Suntory Beverage & Food Ltd. | 460125 |
|  | **Specialty Chemicals 1.5%** |  |
| 3600 | Arkema SA | 219397 |
|  | **Technology Hardware, Storage & Peripherals 2.2%** |  |
| 3800 | Samsung Electronics Co. Ltd. | 318497 |
|  | **Tobacco 4.5%** |  |
| 5364 | British American Tobacco PLC | 304089 |
| 10000 | Japan Tobacco, Inc. | 359423 |
|  |  | 663512 |
|  | **Total Common Stocks<br>(cost $11,945,238)** | **14182423** |
|  | **Total Investments<br>(cost $11,945,238) 96.2%<sup>§</sup>** | **14182423** |
|  | **Other Assets less Liabilities 3.8%** | **559447** |
|  | **NET ASSETS 100.0%** | $**14741870** |
|  | <sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 82.69%.<br>See Notes to Schedules of Investments. |  |

---

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

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 2.8 |
|  Austria | 4.1 |
|  Canada | 7.2 |
|  China | 1.5 |
|  Finland | 6.2 |
|  France | 14.1 |
|  Germany | 8.2 |
|  Greece | 2.0 |
|  Hong Kong | 3.0 |
|  Hungary | 2.1 |
|  Indonesia | 3.8 |
|  Italy | 2.3 |
|  Japan | 12.3 |
|  Netherlands | 5.5 |
|  Singapore | 4.8 |
|  South Korea | 2.2 |
|  Spain | 1.2 |
|  Switzerland | 1.9 |
|  Thailand | 2.8 |
|  United Kingdom | 12.0 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 133.0%** |  |
|  | **Aerospace & Defense 2.3%** |  |
| 13069 | Loar Holdings, Inc.\* <sup>††</sup> | $888692 |
|  | **Agricultural & Farm Machinery 2.6%** |  |
| 5820 | Alamo Group, Inc.<sup>††</sup> | 977003 |
|  | **Application Software 12.2%** |  |
| 108789 | CCC Intelligent Solutions Holdings, Inc.\* <sup>††</sup> | 864873 |
| 7955 | Guidewire Software, Inc.\* <sup>††</sup> | 1599034 |
| 2329 | HubSpot, Inc.\* <sup>††</sup> | 934628 |
| 17110 | Procore Technologies, Inc.\* <sup>††</sup> | 1244581 |
|  |  | 4643116 |
|  | **Asset Management & Custody Banks 3.3%** |  |
| 9374 | Hamilton Lane, Inc., Class A<sup>††</sup> | 1259022 |
|  | **Automotive Parts & Equipment 2.0%** |  |
| 15522 | XPEL, Inc.\* <sup>††</sup> | 774703 |
|  | **Automotive Retail 2.9%** |  |
| 38388 | Valvoline, Inc.\* <sup>††</sup> | 1115555 |
|  | **Biotechnology 2.4%** |  |
| 243988 | C4 Therapeutics, Inc.\* | 466017 |
| 96036 | MacroGenics, Inc.\* | 154618 |
| 57441 | Nkarta, Inc.\* | 106266 |
| 5573 | Viking Therapeutics, Inc.\* <sup>††</sup> | 196058 |
|  |  | 922959 |
|  | **Cargo Ground Transportation 2.9%** |  |
| 3304 | Saia, Inc.\* <sup>††</sup> | 1078822 |
|  | **Construction Machinery & Heavy Transportation Equipment 3.0%** |  |
| 9131 | Oshkosh Corp.<sup>††</sup> | 1147128 |
|  | **Consumer Finance 2.9%** |  |
| 57251 | EZCORP, Inc., Class A\* | 1111814 |
|  | **Distributors 2.8%** |  |
| 4695 | Pool Corp.<sup>††</sup> | 1073981 |
|  | **Electronic Equipment & Instruments 2.0%** |  |
| 6452 | Novanta, Inc.\* <sup>††</sup> | 767723 |
|  | **Electronic Manufacturing Services 4.0%** |  |
| 3318 | Fabrinet\* | 1510619 |
|  | **Environmental & Facilities Services 4.0%** |  |
| 15317 | Casella Waste Systems, Inc., Class A\* <sup>††</sup> | 1500147 |
|  | **Financial Exchanges & Data 3.0%** |  |
| 5217 | Morningstar, Inc.<sup>††</sup> | 1133706 |
|  | **Health Care Equipment 1.1%** |  |
| 4317 | Inspire Medical Systems, Inc.\* <sup>††</sup> | 398157 |
|  | **Health Care Facilities 4.3%** |  |
| 9320 | Ensign Group, Inc.<sup>††</sup> | 1623544 |
|  | **Health Care Services 4.9%** |  |
| 10225 | Addus HomeCare Corp.\* <sup>††</sup> | 1098063 |
| 27329 | Pennant Group, Inc.\* | 769311 |
|  |  | 1867374 |

---

------

---

| | |
|:---|:---|
| **WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Health Care Supplies 2.3%** |  |
| 3996 | UFP Technologies, Inc.\* <sup>††</sup> | $887232 |
|  | **Home Improvement Retail 2.4%** |  |
| 15132 | Floor & Decor Holdings, Inc., Class A\* | 921387 |
|  | **Homebuilding 2.7%** |  |
| 12268 | Champion Homes, Inc.\* <sup>††</sup> | 1036646 |
|  | **Industrial Machinery & Supplies & Components 8.8%** |  |
| 5520 | Kadant, Inc.<sup>††</sup> | 1573310 |
| 3992 | RBC Bearings, Inc.\* <sup>††</sup> | 1790133 |
|  |  | 3363443 |
|  | **Investment Banking & Brokerage 3.8%** |  |
| 20918 | Moelis & Co., Class A<sup>††</sup> | 1437903 |
|  | **Leisure Products 1.1%** |  |
| 9536 | YETI Holdings, Inc.\* <sup>††</sup> | 421205 |
|  | **Life Sciences Tools & Services 4.5%** |  |
| 3031 | Medpace Holdings, Inc.\* <sup>††</sup> | 1702361 |
|  | **Managed Health Care 5.6%** |  |
| 23385 | HealthEquity, Inc.\* <sup>††</sup> | 2142300 |
|  | **Oil & Gas Storage & Transportation 2.0%** |  |
| 63441 | DHT Holdings, Inc.<sup>††</sup> | 774615 |
|  | **Other Specialty Retail 4.0%** |  |
| 3678 | Five Below, Inc.\* <sup>††</sup> | 692788 |
| 56917 | Sally Beauty Holdings, Inc.\* | 811637 |
|  |  | 1504425 |
|  | **Packaged Foods & Meats 1.7%** |  |
| 10584 | Freshpet, Inc.\* <sup>††</sup> | 644883 |
|  | **Passenger Airlines 2.2%** |  |
| 6964 | Copa Holdings SA, Class A | 839928 |
|  | **Pharmaceuticals 3.1%** |  |
| 229479 | Esperion Therapeutics, Inc.\* <sup>††</sup> | 849072 |
| 19882 | Phathom Pharmaceuticals, Inc.\* <sup>††</sup> | 329843 |
|  |  | 1178915 |
|  | **Property & Casualty Insurance 1.9%** |  |
| 6837 | Axis Capital Holdings Ltd.<sup>††</sup> | 732174 |
|  | **Regional Banks 3.9%** |  |
| 32087 | Bank OZK<sup>††</sup> | 1476644 |
|  | **Research & Consulting Services 6.9%** |  |
| 14040 | ICF International, Inc. | 1197612 |
| 18113 | UL Solutions, Inc., Class A<sup>††</sup> | 1428391 |
|  |  | 2626003 |
|  | **Self-Storage REITs 1.6%** |  |
| 21385 | National Storage Affiliates Trust<sup>††</sup> | 603271 |
|  | **Semiconductor Materials & Equipment 1.3%** |  |
| 16683 | PDF Solutions, Inc.\* <sup>††</sup> | 475966 |
|  | **Semiconductors 3.9%** |  |
| 1613 | Monolithic Power Systems, Inc.<sup>††</sup> | 1461959 |
|  | **Technology Distributors 1.5%** |  |
| 14094 | ScanSource, Inc.\* <sup>††</sup> | 550512 |

---

------

---

| | |
|:---|:---|
| **WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Transaction & Payment Processing Services 5.2%** |  |
| 11104 | Euronet Worldwide, Inc.\* <sup>††</sup> | $845126 |
| 17831 | Shift4 Payments, Inc., Class A\* <sup>††</sup> | 1122818 |
|  |  | 1967944 |
|  | **Total Common Stocks<br>(cost $43,539,965)** | **50543781** |
|  | **WARRANTS 0.0%** |  |
|  | **Biotechnology 0.0%** |  |
| 178571 | Sangamo Therapeutics, Inc., expiring 9/26/2029\* \*\*\* <sup>†</sup> | 7143 |
|  | **Total Warrants<br>(cost $36,977)** | **7143** |
|  | **COMMON STOCKS SOLD SHORT (53.0%)** |  |
|  | **Advertising 0.9%** |  |
| (59144) | Thryv Holdings, Inc.\* | (357821) |
|  | **Aerospace & Defense 1.0%** |  |
| (5283) | Rocket Lab Corp.\* | (368542) |
|  | **Alternative Carriers 0.9%** |  |
| (5876) | Globalstar, Inc.\* | (358671) |
|  | **Apparel Retail 1.2%** |  |
| (15418) | Revolve Group, Inc.\* | (465469) |
|  | **Application Software 6.3%** |  |
| (33133) | Asana, Inc., Class A\* | (454253) |
| (32970) | Bitdeer Technologies Group, Class A\* (Singapore) | (369594) |
| (35844) | CS Disco, Inc.\* | (278149) |
| (24875) | Domo, Inc., Class B\* | (209696) |
| (3857) | ServiceTitan, Inc., Class A\* | (410771) |
| (30668) | SoundHound AI, Inc., Class A\* | (305760) |
| (46140) | Sprinklr, Inc., Class A\* | (358969) |
|  |  | (2387192) |
|  | **Biotechnology 0.8%** |  |
| (75084) | Sana Biotechnology, Inc.\* | (305592) |
|  | **Communications Equipment 1.0%** |  |
| (1059) | Lumentum Holdings, Inc.\* | (390337) |
|  | **Construction & Engineering 0.6%** |  |
| (7932) | Ameresco, Inc., Class A\* | (232328) |
|  | **Consumer Finance 0.7%** |  |
| (5769) | Upstart Holdings, Inc.\* | (252278) |
|  | **Electrical Components & Equipment 2.0%** |  |
| (17680) | Fluence Energy, Inc.\* | (349711) |
| (22043) | Sunrun, Inc.\* | (405591) |
|  |  | (755302) |
|  | **Electronic Equipment & Instruments 1.1%** |  |
| (215774) | SmartRent, Inc.\* | (435863) |
|  | **Health Care Equipment 1.5%** |  |
| (20630) | Alphatec Holdings, Inc.\* | (434055) |
| (64583) | Pulmonx Corp.\* | (142729) |
|  |  | (576784) |

---

------

---

| | |
|:---|:---|
| **WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Health Care Facilities 1.4%** |  |
| (21966) | Acadia Healthcare Co., Inc.\* | $(311697) |
| (1531) | National HealthCare Corp. | (209885) |
|  |  | (521582) |
|  | **Health Care Services 1.4%** |  |
| (151482) | Talkspace, Inc.\* | (549880) |
|  | **Health Care Technology 0.6%** |  |
| (13755) | Phreesia, Inc.\* | (232735) |
|  | **Heavy Electrical Equipment 1.3%** |  |
| (2837) | Bloom Energy Corp., Class A\* | (246507) |
| (18626) | NuScale Power Corp.\* | (263930) |
|  |  | (510437) |
|  | **Homebuilding 0.9%** |  |
| (17752) | Legacy Housing Corp.\* | (346519) |
|  | **Hotels, Resorts & Cruise Lines 2.2%** |  |
| (2819) | Hyatt Hotels Corp., Class A | (451942) |
| (27427) | Lindblad Expeditions Holdings, Inc.\* | (395497) |
|  |  | (847439) |
|  | **Interactive Home Entertainment 0.5%** |  |
| (2154) | ROBLOX Corp., Class A\* | (174539) |
|  | **Interactive Media & Services 3.2%** |  |
| (25434) | Angi, Inc.\* | (328861) |
| (169847) | Nextdoor Holdings, Inc.\* | (356679) |
| (66370) | Snap, Inc., Class A\* | (535606) |
|  |  | (1221146) |
|  | **Internet Services & Infrastructure 2.5%** |  |
| (13005) | Applied Digital Corp.\* | (318883) |
| (804) | MongoDB, Inc.\* | (337431) |
| (2039) | Twilio, Inc., Class A\* | (290027) |
|  |  | (946341) |
|  | **IT Consulting & Other Services 0.8%** |  |
| (55547) | BigBear.ai Holdings, Inc.\* | (299954) |
|  | **Leisure Facilities 0.7%** |  |
| (9321) | Life Time Group Holdings, Inc.\* | (247752) |
|  | **Leisure Products 0.8%** |  |
| (48780) | Peloton Interactive, Inc., Class A\* | (300485) |
|  | **Life Sciences Tools & Services 1.1%** |  |
| (4261) | Revvity, Inc. | (412252) |
|  | **Multi-Family Residential REITs 0.9%** |  |
| (19394) | Elme Communities | (337456) |
|  | **Other Specialty Retail 0.0%** |  |
| (8662) | Leslie's, Inc.\* | (14292) |
|  | **Packaged Foods & Meats 2.3%** |  |
| (367999) | BRC, Inc., Class A\* | (408479) |
| (1823) | J.M. Smucker Co. | (178308) |
| (1656) | Marzetti Co. | (272279) |
|  |  | (859066) |

---

------

---

| | |
|:---|:---|
| **WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Passenger Airlines 1.9%** |  |
| (94003) | Frontier Group Holdings, Inc.\* | $(442754) |
| (21496) | Joby Aviation, Inc.\* | (283747) |
|  |  | (726501) |
|  | **Personal Care Products 0.8%** |  |
| (102542) | Coty, Inc., Class A\* | (315829) |
|  | **Real Estate Development 0.8%** |  |
| (3899) | Howard Hughes Holdings, Inc.\* | (311023) |
|  | **Real Estate Services 1.6%** |  |
| (104923) | Real Brokerage, Inc.\* | (382969) |
| (3162) | Zillow Group, Inc., Class C\* | (215712) |
|  |  | (598681) |
|  | **Restaurants 2.0%** |  |
| (6964) | Cava Group, Inc.\* | (408717) |
| (51743) | Sweetgreen, Inc., Class A\* | (349783) |
|  |  | (758500) |
|  | **Semiconductors 1.1%** |  |
| (21963) | SkyWater Technology, Inc.\* | (398848) |
|  | **Specialty Chemicals 1.2%** |  |
| (3184) | Albemarle Corp. | (450345) |
|  | **Telecom Tower REITs 0.7%** |  |
| (1334) | SBA Communications Corp. | (258036) |
|  | **Trading Companies & Distributors 0.6%** |  |
| (3887) | Xometry, Inc., Class A\* | (231160) |
|  | **Transaction & Payment Processing Services 2.7%** |  |
| (4043) | Affirm Holdings, Inc.\* | (300920) |
| (61371) | Payoneer Global, Inc.\* | (344905) |
| (26197) | Remitly Global, Inc.\* | (361519) |
|  |  | (1007344) |
|  | **Water Utilities 1.0%** |  |
| (9141) | California Water Service Group | (396080) |
|  | **Total Investments Sold Short<br>(proceeds $21,139,230) (53.0%)** | **(20160401)** |
|  | **Total Investments, Net of Investments Sold Short<br>(cost $22,437,712) 80.0%** | **30390523** |
|  | **Other Assets less Liabilities 20.0%** | **7616298** |
|  | **NET ASSETS 100.0%** | $**38006821** |
|  | \*Non-income producing.<br>\*\*\*Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs<br>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<br>(see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule<br>144A of the Securities Act of 1933 at December 31, 2025 amounted to approximately $7,143 and<br>represented 0.02% of net assets.<br><sup>††</sup>All or a portion of this security has been designated as collateral for short sales.<br>REIT Real Estate Investment Trust.<br>See Notes to Schedules of Investments. |  |

---

At December 31, 2025, the Wasatch Long/Short Alpha Fund's investments, excluding securities sold short were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Norway | 1.5 |
|  Panama | 1.7 |
|  United States | 96.8 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH MICRO CAP FUND (WMICX / WGICX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 97.8%** |  |
|  | **Aerospace & Defense 5.6%** |  |
| 196398 | Exosens SAS | $11163518 |
| 512007 | Mildef Group AB | 6621940 |
| 357987 | TAT Technologies Ltd.\* | 15987699 |
|  |  | 33773157 |
|  | **Application Software 5.7%** |  |
| 552314 | AudioEye, Inc.\* | 5517617 |
| 396653 | Red Violet, Inc. | 22589388 |
| 823030 | Weave Communications, Inc.\* | 6246798 |
|  |  | 34353803 |
|  | **Automotive Parts & Equipment 4.1%** |  |
| 1875110 | Holley, Inc.\* | 7744205 |
| 336898 | XPEL, Inc.\* | 16814579 |
|  |  | 24558784 |
|  | **Biotechnology 0.0%** |  |
| 609978 | BriaPro Therapeutics Corp.\* \*\*\* <sup>†</sup> | 6100 |
|  | **Commercial & Residential Mortgage Finance 0.5%** |  |
| 1543153 | LoanDepot, Inc., Class A\* | 3194327 |
|  | **Construction & Engineering 5.4%** |  |
| 355005 | Cardinal Infrastructure Group, Inc., Class A\* | 8584021 |
| 159555 | Limbach Holdings, Inc.\* | 12421356 |
| 1136254 | Orion Group Holdings, Inc.\* | 11294365 |
|  |  | 32299742 |
|  | **Consumer Finance 2.7%** |  |
| 831408 | EZCORP, Inc., Class A\* | 16145943 |
|  | **Education Services 4.7%** |  |
| 656939 | Lincoln Educational Services Corp.\* | 15865077 |
| 456979 | Universal Technical Institute, Inc.\* | 11940861 |
|  |  | 27805938 |
|  | **Electronic Components 2.3%** |  |
| 82580 | Bel Fuse, Inc., Class B | 14008045 |
|  | **Electronic Equipment & Instruments 7.2%** |  |
| 755247 | Arlo Technologies, Inc.\* | 10565906 |
| 2457347 | Blackline Safety Corp.\* | 11547767 |
| 217140 | Napco Security Technologies, Inc. | 9054738 |
| 230160 | Nayax Ltd.\* | 11633052 |
|  |  | 42801463 |
|  | **Financial Exchanges & Data 0.9%** |  |
| 3440644 | Open Lending Corp.\* | 5332998 |
|  | **Health Care Equipment 2.6%** |  |
| 7217000 | AOTI, Inc.\* <sup>‡‡ §§</sup> | 2678999 |
| 389484 | Axogen, Inc.\* | 12747811 |
|  |  | 15426810 |
|  | **Health Care Services 5.5%** |  |
| 67601 | Addus HomeCare Corp.\* | 7259671 |
| 253777 | Castle Biosciences, Inc.\* | 9871925 |
| 551036 | Pennant Group, Inc.\* | 15511664 |
|  |  | 32643260 |

---

------

---

| | |
|:---|:---|
| **WASATCH MICRO CAP FUND (WMICX / WGICX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Health Care Supplies 3.2%** |  |
| 287153 | OrthoPediatrics Corp.\* | $5099837 |
| 63846 | UFP Technologies, Inc.\* | 14175728 |
|  |  | 19275565 |
|  | **Home Furnishings 0.6%** |  |
| 5068889 | Purple Innovation, Inc.\* | 3500068 |
|  | **Homebuilding 2.3%** |  |
| 150152 | LGI Homes, Inc.\* | 6450530 |
| 427731 | Smith Douglas Homes Corp.\* | 7173049 |
|  |  | 13623579 |
|  | **Industrial Machinery & Supplies & Components 2.8%** |  |
| 176628 | Kornit Digital Ltd.\* | 2539911 |
| 64978 | Standex International Corp. | 14118420 |
|  |  | 16658331 |
|  | **Investment Banking & Brokerage 1.5%** |  |
| 518316 | Perella Weinberg Partners | 8966867 |
|  | **Leisure Products 1.5%** |  |
| 1405375 | Latham Group, Inc.\* | 8924131 |
|  | **Packaged Foods & Meats 8.3%** |  |
| 170572 | Freshpet, Inc.\* | 10392952 |
| 1640559 | Mama's Creations, Inc.\* | 22131141 |
| 528990 | Vital Farms, Inc.\* | 16895941 |
|  |  | 49420034 |
|  | **Pharmaceuticals 3.8%** |  |
| 2817014 | Esperion Therapeutics, Inc.\* | 10422952 |
| 749134 | Phathom Pharmaceuticals, Inc.\* | 12428133 |
|  |  | 22851085 |
|  | **Property & Casualty Insurance 3.2%** |  |
| 304193 | American Integrity Insurance Group, Inc.\* | 6336340 |
| 456006 | Bowhead Specialty Holdings, Inc.\* | 13014411 |
|  |  | 19350751 |
|  | **Regional Banks 4.0%** |  |
| 236863 | Esquire Financial Holdings, Inc. | 24176605 |
|  | **Research & Consulting Services 6.2%** |  |
| 403362 | BlackSky Technology, Inc.\* | 7563038 |
| 190178 | ICF International, Inc. | 16222183 |
| 126932 | Willdan Group, Inc.\* | 13157771 |
|  |  | 36942992 |
|  | **Restaurants 2.2%** |  |
| 447630 | First Watch Restaurant Group, Inc.\* | 6750261 |
| 125355 | Kura Sushi USA, Inc., Class A\* | 6559827 |
|  |  | 13310088 |
|  | **Semiconductor Materials & Equipment 2.0%** |  |
| 408324 | Veeco Instruments, Inc.\* | 11669900 |
|  | **Semiconductors 2.0%** |  |
| 215679 | Ambiq Micro, Inc.\* | 6146851 |
| 1641064 | indie Semiconductor, Inc., Class A\* | 5792956 |
|  |  | 11939807 |

---

------

---

| | |
|:---|:---|
| **WASATCH MICRO CAP FUND (WMICX / WGICX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Soft Drinks & Non-Alcoholic Beverages 2.0%** |  |
| 228906 | Vita Coco Co., Inc.\* | $12134307 |
|  | **Technology Distributors 2.8%** |  |
| 162079 | Climb Global Solutions, Inc. | 16660100 |
|  | **Trading Companies & Distributors 2.2%** |  |
| 1121312 | NPK International, Inc.\* | 13366039 |
|  | **Total Common Stocks<br>(cost $486,004,252)** | **585120619** |
|  | **PREFERRED STOCKS 1.5%** |  |
|  | **Textiles 1.5%** |  |
| 339559 | Johnnie-O Holdings, Inc., Series A Pfd.\* \*\*\* <sup>†</sup> | 8947380 |
|  | **Total Preferred Stocks**<br> **(cost $10,000,013)** | **8947380** |
|  | **WARRANTS 0.0%** |  |
|  | **Biotechnology 0.0%** |  |
| 1556949 | Sangamo Therapeutics, Inc., expiring 9/26/2029\* \*\*\* <sup>†</sup> | 62278 |
|  | **Pharmaceuticals 0.0%** |  |
| 7500 | IM Cannabis Corp., expiring 5/7/2026\* \*\*\* <sup>†</sup> |  |
|  | **Total Warrants**<br> **(cost $939,374)** | **62278** |
|  | **Total Investments**<br> **(cost $496,943,639) 99.3%<sup>§</sup>** | **594130277** |
|  | **Other Assets less Liabilities 0.7%** | **4053042** |
|  | **NET ASSETS 100.0%** | $**598183319** |
|  | \*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 December 31, 2025 amounted to approximately $9,015,758 and represented 1.51% of net assets.<br><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 5.37%.<br><sup>§§</sup>The aggregate value of illiquid holdings at December 31, 2025 amounted to approximately $2,678,999 and represented 0.45% of net assets.<br>See Notes to Schedules of Investments. |  |

---

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

---

| | |
|:---|:---|
| **Country** | **%** |
|  Canada | 1.9 |
|  France | 1.9 |
|  Israel | 5.1 |
|  Sweden | 1.1 |
|  United States | 90.0 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 100.1%** |  |
|  | **Aerospace & Defense 6.6%** |  |
| 290217 | Mildef Group AB | $&nbsp;&nbsp;&nbsp;&nbsp;3753463 |
| 133267 | Optex Systems Holdings, Inc.\* | 1889726 |
| 196181 | TAT Technologies Ltd.\* | 8761444 |
| 45499 | VSE Corp. | 7860862 |
|  |  | 22265495 |
|  | **Application Software 6.9%** |  |
| 321088 | AudioEye, Inc.\* | 3207669 |
| 137269 | I3 Verticals, Inc., Class A\* | 3457806 |
| 224352 | Red Violet, Inc. | 12776847 |
| 515763 | Weave Communications, Inc.\* | 3914641 |
|  |  | 23356963 |
|  | **Asset Management & Custody Banks 1.0%** |  |
| 356357 | P10, Inc., Class A | 3495862 |
|  | **Automotive Parts & Equipment 2.4%** |  |
| 1002705 | Holley, Inc.\* | 4141172 |
| 36210 | Patrick Industries, Inc. | 3926250 |
|  |  | 8067422 |
|  | **Cargo Ground Transportation 0.9%** |  |
| 41512 | ArcBest Corp. | 3079775 |
|  | **Communications Equipment 3.4%** |  |
| 264738 | Digi International, Inc.\* | 11460508 |
|  | **Construction & Engineering 7.6%** |  |
| 178559 | Cardinal Infrastructure Group, Inc., Class A\* | 4317557 |
| 67550 | Granite Construction, Inc. | 7791892 |
| 97562 | Limbach Holdings, Inc.\* | 7595202 |
| 607958 | Orion Group Holdings, Inc.\* | 6043102 |
|  |  | 25747753 |
|  | **Consumer Finance 2.5%** |  |
| 430968 | EZCORP, Inc., Class A\* | 8369399 |
|  | **Education Services 1.8%** |  |
| 249729 | Lincoln Educational Services Corp.\* | 6030955 |
|  | **Electronic Components 2.8%** |  |
| 55910 | Bel Fuse, Inc., Class B | 9484013 |
|  | **Electronic Equipment & Instruments 4.5%** |  |
| 406270 | Arlo Technologies, Inc.\* | 5683717 |
| 1029184 | Blackline Safety Corp.\* | 4836426 |
| 856759 | Powerfleet, Inc. NJ\* | 4557958 |
|  |  | 15078101 |
|  | **Electronic Manufacturing Services 1.9%** |  |
| 148001 | CTS Corp. | 6344803 |
|  | **Financial Exchanges & Data 0.7%** |  |
| 1499977 | Open Lending Corp.\* | 2324964 |
|  | **Food Distributors 2.2%** |  |
| 117862 | Chefs' Warehouse, Inc.\* | 7346339 |

---

------

---

| | |
|:---|:---|
| **WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Health Care Equipment 3.2%** |  |
| 4049567 | AOTI, Inc.\* <sup>§§</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;1503226 |
| 279849 | Axogen, Inc.\* | 9159458 |
|  |  | 10662684 |
|  | **Health Care Services 1.3%** |  |
| 41119 | Addus HomeCare Corp.\* | 4415769 |
|  | **Health Care Supplies 2.1%** |  |
| 31688 | UFP Technologies, Inc.\* | 7035687 |
|  | **Home Furnishing Retail 1.3%** |  |
| 398423 | Arhaus, Inc.\* | 4466322 |
|  | **Homebuilding 3.4%** |  |
| 100162 | Champion Homes, Inc.\* | 8463689 |
| 72100 | LGI Homes, Inc.\* | 3097416 |
|  |  | 11561105 |
|  | **Industrial Machinery & Supplies & Components 3.1%** |  |
| 49401 | Graham Corp.\* | 3173026 |
| 34466 | Standex International Corp. | 7488773 |
|  |  | 10661799 |
|  | **Investment Banking & Brokerage 4.6%** |  |
| 317225 | JDC Group AG\* | 9506472 |
| 351359 | Perella Weinberg Partners | 6078511 |
|  |  | 15584983 |
|  | **Leisure Products 1.4%** |  |
| 763508 | Latham Group, Inc.\* | 4848276 |
|  | **Mortgage REITs 0.9%** |  |
| 328668 | Sunrise Realty Trust, Inc. | 3099339 |
|  | **Packaged Foods & Meats 5.4%** |  |
| 1021519 | LT Foods Ltd. | 4435659 |
| 621285 | Mama's Creations, Inc.\* | 8381135 |
| 169349 | Vital Farms, Inc.\* | 5409007 |
|  |  | 18225801 |
|  | **Pharmaceuticals 1.7%** |  |
| 727266 | Journey Medical Corp.\* | 5607221 |
|  | **Property & Casualty Insurance 5.1%** |  |
| 303360 | American Integrity Insurance Group, Inc.\* | 6318989 |
| 142679 | Bowhead Specialty Holdings, Inc.\* | 4072059 |
| 137677 | Skyward Specialty Insurance Group, Inc.\* | 7036671 |
|  |  | 17427719 |
|  | **Regional Banks 5.7%** |  |
| 35455 | Axos Financial, Inc.\* | 3054803 |
| 67790 | Esquire Financial Holdings, Inc. | 6919325 |
| 338459 | Finwise Bancorp\* | 6071955 |
| 88996 | Third Coast Bancshares, Inc.\* | 3382738 |
|  |  | 19428821 |
|  | **Research & Consulting Services 4.8%** |  |
| 102291 | ICF International, Inc. | 8725422 |
| 72638 | Willdan Group, Inc.\* | 7529655 |
|  |  | 16255077 |
|  | **Semiconductor Materials & Equipment 1.9%** |  |
| 229268 | Veeco Instruments, Inc.\* | 6552479 |

---

------

---

| | |
|:---|:---|
| **WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Soft Drinks & Non-Alcoholic Beverages 1.0%** |  |
| 64491 | Vita Coco Co., Inc.\* | $3418668 |
|  | **Technology Distributors 1.9%** |  |
| 63985 | Climb Global Solutions, Inc. | 6577018 |
|  | **Trading Companies & Distributors 6.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;205564 | ADENTRA, Inc. | 5089115 |
| 77932 | DXP Enterprises, Inc.\* | 8556154 |
| 596236 | NPK International, Inc.\* | 7107133 |
|  |  | 20752402 |
|  | **Total Common Stocks<br>(cost $243,283,525)** | **339033522** |
|  | **Total Investments<br>(cost $243,283,525) 100.1%** | **339033522** |
|  | **Liabilities less Other Assets (0.1%)** | **(375950)** |
|  | **NET ASSETS 100.0%** | $**338657572** |
|  | \*Non-income producing.<br><sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 2.86%.<br><sup>§§</sup>The aggregate value of illiquid holdings at December 31, 2025 amounted to approximately $1,503,226 and represented 0.44% of net assets.<br>REIT Real Estate Investment Trust.<br>See Notes to Schedules of Investments. |  |

---

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

---

| | |
|:---|:---|
| **Country** | **%** |
|  Canada | 2.9 |
|  Germany | 2.8 |
|  India | 1.3 |
|  Israel | 2.6 |
|  Sweden | 1.1 |
|  United States | 89.3 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 98.9%** |  |
|  | **Aerospace & Defense 2.4%** |  |
| 484986 | Loar Holdings, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;32979048 |
|  | **Application Software 11.4%** |  |
| 361590 | Agilysys, Inc.\* | 42971355 |
| 729890 | Alkami Technology, Inc.\* | 16838562 |
| 3804722 | CCC Intelligent Solutions Holdings, Inc.\* | 30247540 |
| 830131 | Clearwater Analytics Holdings, Inc., Class A\* | 20022760 |
| 570915 | nCino, Inc.\* | 14638261 |
| 479492 | Procore Technologies, Inc.\* | 34878248 |
|  |  | 159596726 |
|  | **Asset Management & Custody Banks 2.0%** |  |
| 443839 | StepStone Group, Inc., Class A | 28481149 |
|  | **Automotive Parts & Equipment 1.7%** |  |
| 473032 | XPEL, Inc.\* | 23609027 |
|  | **Automotive Retail 1.9%** |  |
| 911408 | Valvoline, Inc.\* | 26485517 |
|  | **Broadline Retail 6.6%** |  |
| 815230 | Global-e Online Ltd.\* | 32046691 |
| 446146 | Ollie's Bargain Outlet Holdings, Inc.\* | 48902063 |
| 906572 | Pattern Group, Inc., Class A\* | 10461841 |
|  |  | 91410595 |
|  | **Building Products 2.0%** |  |
| 365547 | AAON, Inc. | 27872959 |
|  | **Construction & Engineering 6.2%** |  |
| 304788 | Construction Partners, Inc., Class A\* | 33084737 |
| 318009 | Everus Construction Group, Inc.\* | 27208850 |
| 335683 | Limbach Holdings, Inc.\* | 26132922 |
|  |  | 86426509 |
|  | **Electronic Manufacturing Services 3.3%** |  |
| 102114 | Fabrinet\* | 46490462 |
|  | **Health Care Equipment 1.2%** |  |
| 138077 | TransMedics Group, Inc.\* | 16797067 |
|  | **Health Care Facilities 4.0%** |  |
| 324350 | Ensign Group, Inc. | 56501770 |
|  | **Health Care Services 2.9%** |  |
| 381765 | Addus HomeCare Corp.\* | 40997743 |
|  | **Health Care Supplies 2.3%** |  |
| 143177 | UFP Technologies, Inc.\* | 31789589 |
|  | **Health Care Technology 1.1%** |  |
| 1703798 | Certara, Inc.\* | 15010460 |
|  | **Home Improvement Retail 1.5%** |  |
| 354432 | Floor & Decor Holdings, Inc., Class A\* | 21581365 |
|  | **Human Resource & Employment Services 3.2%** |  |
| 290777 | Paylocity Holding Corp.\* | 44343493 |
|  | **Industrial Machinery & Supplies & Components 4.0%** |  |
| 123426 | RBC Bearings, Inc.\* | 55347921 |
|  | **Insurance Brokers 1.1%** |  |
| 207473 | Goosehead Insurance, Inc., Class A | 15280386 |

---

------

---

| | |
|:---|:---|
| **WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Investment Banking & Brokerage 3.5%** |  |
| 291067 | PJT Partners, Inc., Class A | $48666402 |
|  | **Life Sciences Tools & Services 2.8%** |  |
| 70606 | Medpace Holdings, Inc.\* | 39655860 |
|  | **Managed Health Care 4.1%** |  |
| 623742 | HealthEquity, Inc.\* | 57141005 |
|  | **Other Specialty Retail 2.5%** |  |
| 186613 | Five Below, Inc.\* | 35150425 |
|  | **Packaged Foods & Meats 3.8%** |  |
| 372611 | Freshpet, Inc.\* | 22703188 |
| 932091 | Vital Farms, Inc.\* | 29770987 |
|  |  | 52474175 |
|  | **Personal Care Products 1.7%** |  |
| 866291 | BellRing Brands, Inc.\* | 23155958 |
|  | **Restaurants 2.8%** |  |
| 370562 | Dutch Bros, Inc., Class A\* | 22685806 |
| 193474 | Shake Shack, Inc., Class A\* | 15704284 |
|  |  | 38390090 |
|  | **Semiconductor Materials & Equipment 6.6%** |  |
| 366004 | Camtek Ltd.\* | 38922695 |
| 161997 | Nova Ltd.\* | 53198195 |
|  |  | 92120890 |
|  | **Systems Software 3.4%** |  |
| 545876 | JFrog Ltd.\* | 34095415 |
| 759992 | Onestream, Inc.\* | 13968653 |
|  |  | 48064068 |
|  | **Trading Companies & Distributors 3.2%** |  |
| 357471 | SiteOne Landscape Supply, Inc.\* | 44526588 |
|  | **Transaction & Payment Processing Services 5.7%** |  |
| 1235809 | Paymentus Holdings, Inc., Class A\* | 39039206 |
| 636368 | Shift4 Payments, Inc., Class A\* | 40072093 |
|  |  | 79111299 |
|  | **Total Common Stocks<br>(cost $1,030,648,513)** | **1379458546** |
|  | **PREFERRED STOCKS 1.1%** |  |
|  | **Textiles 1.1%** |  |
| 611205 | Johnnie-O Holdings, Inc., Series A Pfd.\* \*\*\* <sup>† ‡‡</sup> | 16105252 |
|  | **Total Preferred Stocks<br>(cost $17,999,987)** | **16105252** |
|  | **Total Investments<br>(cost $1,048,648,500) 100.0%** | **1395563798** |
|  | **Liabilities less Other Assets (0.0%)** | **(236773)** |
|  | **NET ASSETS 100.0%** | $**1395327025** |

---

------

---

| | |
|:---|:---|
| **WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| |
|:---|
| \*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. |
| <sup>†</sup>Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at December 31, 2025 amounted to approximately $16,105,252 and represented 1.15% of net assets.<br><sup>‡‡</sup>Affiliated company (see Note 6).<br>See Notes to Schedules of Investments. |

---

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

---

| | |
|:---|:---|
| **Country** | **%** |
|  Israel | 8.9 |
|  United States | 91.1 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 99.5%** |  |
|  | **Agricultural & Farm Machinery 1.9%** |  |
| 147825 | Alamo Group, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;24815383 |
|  | **Agricultural Products & Services 2.0%** |  |
| 751351 | Fresh Del Monte Produce, Inc. | 26770636 |
|  | **Asset Management & Custody Banks 4.9%** |  |
| 696091 | Artisan Partners Asset Management, Inc., Class A | 28358747 |
| 267710 | Cohen & Steers, Inc. | 16806834 |
| 148448 | Hamilton Lane, Inc., Class A | 19938051 |
|  |  | 65103632 |
|  | **Automotive Retail 1.5%** |  |
| 673711 | Valvoline, Inc.\* | 19578042 |
|  | **Broadline Retail 2.1%** |  |
| 254143 | Ollie's Bargain Outlet Holdings, Inc.\* | 27856614 |
|  | **Building Products 4.0%** |  |
| 95774 | CSW Industrials, Inc. | 28112542 |
| 275649 | UFP Industries, Inc. | 25097842 |
|  |  | 53210384 |
|  | **Cargo Ground Transportation 1.5%** |  |
| 60829 | Saia, Inc.\* | 19861885 |
|  | **Commodity Chemicals 2.6%** |  |
| 238995 | Hawkins, Inc. | 33951630 |
|  | **Construction & Engineering 1.9%** |  |
| 216577 | Granite Construction, Inc. | 24982157 |
|  | **Construction Machinery & Heavy Transportation Equipment 4.9%** |  |
| 419771 | Allison Transmission Holdings, Inc. | 41095581 |
| 188981 | Oshkosh Corp. | 23741683 |
|  |  | 64837264 |
|  | **Education Services 3.6%** |  |
| 204980 | Grand Canyon Education, Inc.\* | 34090224 |
| 524753 | Universal Technical Institute, Inc.\* | 13711796 |
|  |  | 47802020 |
|  | **Electronic Components 1.2%** |  |
| 96799 | Bel Fuse, Inc., Class B | 16420014 |
|  | **Electronic Equipment & Instruments 1.7%** |  |
| 1617598 | Arlo Technologies, Inc.\* | 22630196 |
|  | **Electronic Manufacturing Services 4.7%** |  |
| 854551 | CTS Corp. | 36634601 |
| 58442 | Fabrinet\* | 26607474 |
|  |  | 63242075 |
|  | **Health Care Equipment 0.8%** |  |
| 246803 | CONMED Corp. | 10020202 |
|  | **Health Care Facilities 2.3%** |  |
| 174231 | Ensign Group, Inc. | 30351040 |
|  | **Health Care Supplies 2.3%** |  |
| 138909 | UFP Technologies, Inc.\* | 30841965 |
|  | **Health Care Technology 1.1%** |  |
| 1713270 | Certara, Inc.\* | 15093909 |

---

------

---

| | |
|:---|:---|
| **WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Homebuilding 1.7%** |  |
| 273858 | Champion Homes, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;23141001 |
|  | **Industrial Machinery & Supplies & Components 7.7%** |  |
| 134877 | Enpro, Inc. | 28881212 |
| 250529 | Helios Technologies, Inc. | 13400796 |
| 115154 | Kadant, Inc. | 32821193 |
| 128063 | Standex International Corp. | 27825529 |
|  |  | 102928730 |
|  | **Investment Banking & Brokerage 2.4%** |  |
| 473922 | Moelis & Co., Class A | 32577398 |
|  | **Leisure Products 1.0%** |  |
| 306116 | YETI Holdings, Inc.\* | 13521144 |
|  | **Life Sciences Tools & Services 2.3%** |  |
| 54130 | Medpace Holdings, Inc.\* | 30402115 |
|  | **Managed Health Care 2.3%** |  |
| 337088 | HealthEquity, Inc.\* | 30880632 |
|  | **Mortgage REITs 0.8%** |  |
| 1453894 | Arbor Realty Trust, Inc. | 11282217 |
|  | **Oil & Gas Equipment & Services 1.0%** |  |
| 302458 | Cactus, Inc., Class A | 13816282 |
|  | **Oil & Gas Exploration & Production 0.9%** |  |
| 279907 | Matador Resources Co. | 11879253 |
|  | **Oil & Gas Storage & Transportation 0.8%** |  |
| 855991 | DHT Holdings, Inc. | 10451650 |
|  | **Other Specialty Retail 1.8%** |  |
| 1668912 | Sally Beauty Holdings, Inc.\* | 23798685 |
|  | **Packaged Foods & Meats 2.0%** |  |
| 919413 | Flowers Foods, Inc. | 10003213 |
| 265205 | Freshpet, Inc.\* | 16158941 |
|  |  | 26162154 |
|  | **Passenger Airlines 1.8%** |  |
| 196990 | Copa Holdings SA, Class A | 23758964 |
|  | **Personal Care Products 1.1%** |  |
| 532592 | BellRing Brands, Inc.\* | 14236184 |
|  | **Property & Casualty Insurance 1.3%** |  |
| 266929 | RLI Corp. | 17078117 |
|  | **Regional Banks 6.3%** |  |
| 219258 | Axos Financial, Inc.\* | 18891269 |
| 815864 | Bank OZK | 37546061 |
| 217295 | Hancock Whitney Corp. | 13837346 |
| 191628 | ServisFirst Bancshares, Inc. | 13756974 |
|  |  | 84031650 |
|  | **Research & Consulting Services 2.1%** |  |
| 331044 | ICF International, Inc. | 28238053 |
|  | **Self-Storage REITs 0.8%** |  |
| 395781 | National Storage Affiliates Trust | 11164982 |

---

------

---

| | |
|:---|:---|
| **WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Semiconductor Materials & Equipment 3.8%** |  |
| 230662 | Camtek Ltd.\* | $24529750 |
| 79066 | Nova Ltd.\* | 25964484 |
|  |  | 50494234 |
|  | **Soft Drinks & Non-Alcoholic Beverages 1.9%** |  |
| 485610 | Vita Coco Co., Inc.\* | 25742186 |
|  | **Specialized Consumer Services 3.8%** |  |
| 3018707 | ADT, Inc. | 24360966 |
| 465315 | Frontdoor, Inc.\* | 26844022 |
|  |  | 51204988 |
|  | **Technology Distributors 1.4%** |  |
| 478257 | ScanSource, Inc.\* | 18680718 |
|  | **Trading Companies & Distributors 2.1%** |  |
| 254622 | DXP Enterprises, Inc.\* | 27954949 |
|  | **Transaction & Payment Processing Services 3.4%** |  |
| 311414 | Euronet Worldwide, Inc.\* | 23701720 |
| 337661 | Shift4 Payments, Inc., Class A\* | 21262513 |
|  |  | 44964233 |
|  | **Total Common Stocks<br>(cost $1,167,852,493)** | **1325759567** |
|  | **Total Investments<br>(cost $1,167,852,493) 99.5%** | **1325759567** |
|  | **Other Assets less Liabilities 0.5%** | **7200180** |
|  | **NET ASSETS 100.0%** | $**1332959747** |
|  | \*Non-income producing.<br>REIT Real Estate Investment Trust.<br>See Notes to Schedules of Investments. |  |

---

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

---

| | |
|:---|:---|
| **Country** | **%** |
|  Israel | 3.8 |
|  Norway | 0.8 |
|  Panama | 1.8 |
|  United States | 93.6 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 97.6%** |  |
|  | **Aerospace & Defense 2.4%** |  |
| 167976 | Loar Holdings, Inc.\* | $11422368 |
|  | **Application Software 4.5%** |  |
| 178586 | Procore Technologies, Inc.\* | 12990346 |
| 117358 | Q2 Holdings, Inc.\* | 8468553 |
|  |  | 21458899 |
|  | **Biotechnology 6.7%** |  |
| 2825933 | C4 Therapeutics, Inc.\* | 5397532 |
| 398577 | Dyne Therapeutics, Inc.\* | 7796166 |
| 504505 | Immatics NV\* | 5297303 |
| 307477 | Intellia Therapeutics, Inc.\* | 2764218 |
| 1662048 | MacroGenics, Inc.\* | 2675897 |
| 1487369 | Nkarta, Inc.\* | 2751633 |
| 155813 | Viking Therapeutics, Inc.\* | 5481501 |
|  |  | 32164250 |
|  | **Broadline Retail 4.4%** |  |
| 198893 | Global-e Online Ltd.\* | 7818484 |
| 89929 | Ollie's Bargain Outlet Holdings, Inc.\* | 9857117 |
| 286185 | Pattern Group, Inc., Class A\* | 3302575 |
|  |  | 20978176 |
|  | **Building Products 1.3%** |  |
| 178947 | Trex Co., Inc.\* | 6277461 |
|  | **Construction & Engineering 1.2%** |  |
| 65254 | Everus Construction Group, Inc.\* | 5583132 |
|  | **Diversified Support Services 0.8%** |  |
| 488477 | ACV Auctions, Inc., Class A\* | 3917586 |
|  | **Electronic Manufacturing Services 2.1%** |  |
| 22055 | Fabrinet\* | 10041200 |
|  | **Environmental & Facilities Services 4.0%** |  |
| 193227 | Casella Waste Systems, Inc., Class A\* | 18924652 |
|  | **Footwear 1.6%** |  |
| 169362 | On Holding AG, Class A\* | 7871946 |
|  | **Health Care Equipment 9.9%** |  |
| 200368 | Artivion, Inc.\* | 9138784 |
| 347227 | AtriCure, Inc.\* | 13736300 |
| 109463 | Inspire Medical Systems, Inc.\* | 10095773 |
| 217744 | PROCEPT BioRobotics Corp.\* | 6850226 |
| 59934 | TransMedics Group, Inc.\* | 7290971 |
|  |  | 47112054 |
|  | **Health Care Services 2.2%** |  |
| 275188 | Castle Biosciences, Inc.\* | 10704813 |
|  | **Health Care Supplies 2.3%** |  |
| 5352660 | Cerus Corp.\* | 11026480 |
|  | **Home Improvement Retail 1.6%** |  |
| 123577 | Floor & Decor Holdings, Inc., Class A\* | 7524604 |
|  | **Human Resource & Employment Services 2.2%** |  |
| 67703 | Paylocity Holding Corp.\* | 10324708 |
|  | **Industrial Machinery & Supplies & Components 3.0%** |  |
| 31868 | RBC Bearings, Inc.\* | 14290567 |

---

------

---

| | |
|:---|:---|
| **WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Insurance Brokers 1.5%** |  |
| 94758 | Goosehead Insurance, Inc., Class A | $6978927 |
|  | **Managed Health Care 3.9%** |  |
| 201381 | HealthEquity, Inc.\* | 18448513 |
|  | **Other Specialty Retail 2.3%** |  |
| 59388 | Five Below, Inc.\* | 11186324 |
|  | **Packaged Foods & Meats 3.6%** |  |
| 282095 | Freshpet, Inc.\* | 17188048 |
|  | **Personal Care Products 0.9%** |  |
| 167155 | BellRing Brands, Inc.\* | 4468053 |
|  | **Pharmaceuticals 6.9%** |  |
| 670192 | Aquestive Therapeutics, Inc.\* | 4329440 |
| 264200 | Arvinas, Inc.\* | 3133412 |
| 4415356 | Esperion Therapeutics, Inc.\* | 16336817 |
| 543837 | Phathom Pharmaceuticals, Inc.\* | 9022256 |
|  |  | 32821925 |
|  | **Regional Banks 2.1%** |  |
| 213742 | Bank OZK | 9836407 |
|  | **Restaurants 1.0%** |  |
| 75210 | Dutch Bros, Inc., Class A\* | 4604356 |
|  | **Semiconductor Materials & Equipment 12.9%** |  |
| 51931 | BE Semiconductor Industries NV | 8118682 |
| 78130 | Camtek Ltd.\* | 8308735 |
| 265475 | Kulicke & Soffa Industries, Inc. | 12095041 |
| 41367 | Nova Ltd.\* | 13584509 |
| 495322 | PDF Solutions, Inc.\* | 14131537 |
| 182352 | Veeco Instruments, Inc.\* | 5211620 |
|  |  | 61450124 |
|  | **Semiconductors 2.5%** |  |
| 33920 | SiTime Corp.\* | 11980205 |
|  | **Specialty Chemicals 0.7%** |  |
| 20847 | Balchem Corp. | 3197096 |
|  | **Systems Software 4.9%** |  |
| 268428 | JFrog Ltd.\* | 16766013 |
| 46424 | Monday.com Ltd.\* | 6850325 |
|  |  | 23616338 |
|  | **Transaction & Payment Processing Services 4.2%** |  |
| 248644 | Paymentus Holdings, Inc., Class A\* | 7854664 |
| 197715 | Shift4 Payments, Inc., Class A\* | 12450114 |
|  |  | 20304778 |
|  | **Total Common Stocks<br>(cost $346,347,465)** | **465703990** |
|  | **PREFERRED STOCKS 2.8%** |  |
|  | **Textiles 2.8%** |  |
| 509338 | Johnnie-O Holdings, Inc., Series A Pfd.\* \*\*\* <sup>† ‡‡</sup> | 13421056 |
|  | **Total Preferred Stocks<br>(cost $15,000,004)** | **13421056** |

---

------

---

| | |
|:---|:---|
| **WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **WARRANTS 0.2%** |  |
|  | **Biotechnology 0.2%** |  |
| 810000 | C4 Therapeutics, Inc., expiring 9/30/2027\* \*\*\* <sup>†</sup> | $267300 |
| 810000 | C4 Therapeutics, Inc., expiring 9/30/2030\* \*\*\* <sup>†</sup> | 534600 |
| 3026385 | Sangamo Therapeutics, Inc., expiring 9/26/2029\* \*\*\* <sup>†</sup> | 121055 |
|  |  | 922955 |
|  | **Total Warrants<br>(cost $1,476,171)** | **922955** |
|  | **Total Investments<br>(cost $362,823,640) 100.6%<sup>§</sup>** | **480048001** |
|  | **Liabilities less Other Assets (0.6%)** | **(2895244)** |
|  | **NET ASSETS 100.0%** | $**477152757** |
|  | \*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 December 31, 2025 amounted to approximately $14,344,011 and represented 3.00% of net assets.<br><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 1.70%.<br>See Notes to Schedules of Investments. |  |

---

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

---

| | |
|:---|:---|
| **Country** | **%** |
|  Germany | 1.1 |
|  Israel | 7.6 |
|  Netherlands | 1.7 |
|  Switzerland | 1.6 |
|  United States | 88.0 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH U.S. SELECT FUND (WAUSX / WGUSX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 99.9%** |  |
|  | **Aerospace & Defense 3.9%** |  |
| 2717 | HEICO Corp., Class A | $685852 |
|  | **Application Software 15.8%** |  |
| 3184 | Guidewire Software, Inc.\* | 640016 |
| 965 | HubSpot, Inc.\* | 387255 |
| 3242 | Manhattan Associates, Inc.\* | 561871 |
| 9475 | Procore Technologies, Inc.\* | 689211 |
| 1100 | Tyler Technologies, Inc.\* | 499345 |
|  |  | 2777698 |
|  | **Asset Management & Custody Banks 3.2%** |  |
| 4178 | Hamilton Lane, Inc., Class A | 561147 |
|  | **Automotive Retail 2.5%** |  |
| 15331 | Valvoline, Inc.\* | 445519 |
|  | **Broadline Retail 3.2%** |  |
| 14145 | Global-e Online Ltd.\* | 556040 |
|  | **Building Products 4.1%** |  |
| 4128 | AAON, Inc. | 314760 |
| 3915 | Builders FirstSource, Inc.\* | 402814 |
|  |  | 717574 |
|  | **Cargo Ground Transportation 2.7%** |  |
| 1459 | Saia, Inc.\* | 476393 |
|  | **Electrical Components & Equipment 3.1%** |  |
| 2698 | AMETEK, Inc. | 553926 |
|  | **Electronic Equipment & Instruments 2.5%** |  |
| 3695 | Novanta, Inc.\* | 439668 |
|  | **Electronic Manufacturing Services 4.4%** |  |
| 1696 | Fabrinet\* | 772155 |
|  | **Environmental & Facilities Services 4.4%** |  |
| 12969 | Rollins, Inc. | 778399 |
|  | **Financial Exchanges & Data 2.4%** |  |
| 1947 | Morningstar, Inc. | 423102 |
|  | **Health Care Facilities 4.8%** |  |
| 4879 | Ensign Group, Inc. | 849922 |
|  | **Home Improvement Retail 2.4%** |  |
| 6873 | Floor & Decor Holdings, Inc., Class A\* | 418497 |
|  | **Industrial Machinery & Supplies & Components 5.4%** |  |
| 2109 | RBC Bearings, Inc.\* | 945739 |
|  | **Investment Banking & Brokerage 3.5%** |  |
| 3714 | PJT Partners, Inc., Class A | 620981 |
|  | **Life Sciences Tools & Services 4.6%** |  |
| 1449 | Medpace Holdings, Inc.\* | 813831 |
|  | **Managed Health Care 5.0%** |  |
| 9542 | HealthEquity, Inc.\* | 874143 |
|  | **Research & Consulting Services 4.6%** |  |
| 10238 | UL Solutions, Inc., Class A | 807369 |
|  | **Restaurants 2.3%** |  |
| 1713 | Wingstop, Inc. | 408533 |

---

------

---

| | |
|:---|:---|
| **WASATCH U.S. SELECT FUND (WAUSX / WGUSX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Semiconductor Materials & Equipment 4.9%** |  |
| 2617 | Nova Ltd.\* | $859397 |
|  | **Semiconductors 3.3%** |  |
| 637 | Monolithic Power Systems, Inc. | 577351 |
|  | **Transaction & Payment Processing Services 6.9%** |  |
| 17907 | Paymentus Holdings, Inc., Class A\* | 565682 |
| 10174 | Shift4 Payments, Inc., Class A\* | 640657 |
|  |  | 1206339 |
|  | **Total Common Stocks<br>(cost $14,787,472)** | **17569575** |
|  | **Total Investments<br>(cost $14,787,472) 99.9%** | **17569575** |
|  | **Other Assets less Liabilities 0.1%** | **19890** |
|  | **NET ASSETS 100.0%** | $**17589465** |
|  | \*Non-income producing.<br>See Notes to Schedules of Investments. |  |

---

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

---

| | |
|:---|:---|
| **Country** | **%** |
|  Israel | 8.1 |
|  United States | 91.9 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH-HOISINGTON U.S. TREASURY FUND (WHOSX)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Principal**<br>**Amount** |  | **Value** |
|  | **U.S. GOVERNMENT OBLIGATIONS 98.5%** |  |
| $26200000 | U.S. Treasury Bond, 1.25%, 5/15/50 | $12607727 |
| 39000000 | U.S. Treasury Bond, 1.375%, 8/15/50 | 19276054 |
| 31000000 | U.S. Treasury Bond, 1.875%, 11/15/51 | 17220742 |
| 176000000 | U.S. Treasury STRIPS Principal, 0.00%, 8/15/47 | 60382522 |
| 33700000 | U.S. Treasury STRIPS Principal, 2.00%, 8/15/51 | 9424744 |
| 35200000 | U.S. Treasury STRIPS Principal, 3.625%, 5/15/53 | 9113868 |
|  | **Total U.S. Government Obligations<br>(cost $154,220,060)** | **128025657** |
|  | **Total Investments<br>(cost $154,220,060) 98.5%** | **128025657** |
|  | **Other Assets less Liabilities 1.5%** | **1884594** |
|  | **NET ASSETS 100.0%** | $**129910251** |
|  | See Notes to Schedules of Investments. |  |

---

------

---

| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments** | ***DECEMBER 31, 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 22 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 Small Cap Value Fund, Global Value Fund, International Growth Fund, International Opportunities Fund, International Small Cap Value 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, U.S. Select Fund, Global Small Cap Value and International Small Cap Value 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 21 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; International Value Fund, which commenced operations on November 29, 2024; Global Small Cap Value and International Small Cap Value, which commenced operations on October 1, 2025. 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 December 31, 2025. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

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

**Valuation of Securities –** All investments in securities are recorded at their estimated fair value as described in Note 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)** | ***DECEMBER 31, 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)** | ***DECEMBER 31, 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 December 31, 2025.

**5. FEDERAL INCOME TAX INFORMATION** 

As of December 31, 2025, the cost and unrealized appreciation (depreciation) of securities on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core**<br>**Growth**<br>**Fund** | **Emerging**<br>**India**<br>**Fund** | **Emerging**<br>**Markets**<br>**Select**<br>**Fund** | **Emerging**<br>**Markets**<br>**Small Cap**<br>**Fund** | **Frontier**<br>**Emerging**<br>**Small**<br>**Countries**<br>**Fund** |
|  Cost | $2868079235 | $273710391 | $156463193 | $84013986 | $25601870 |
|  Gross appreciation | $805116458 | $117771298 | $80850327 | $39071550 | $5040946 |
|  Gross (depreciation) | (226866280) | (25704361) | (10683809) | (3632966) | (524488) |
|  Net appreciation | $578250178 | $92066937 | $70166518 | $35438584 | $4516458 |
|  | **Global**<br>**Opportunities**<br>**Fund** | **Global**<br>**Select Fund** | **Global**<br>**Small Cap**<br>**Value**<br>**Fund** | **Global**<br>**Value**<br>**Fund** | **International**<br>**Growth**<br>**Fund** |
|  Cost | $119916251 | $10616313 | $5805586 | $99784717 | $135164634 |
|  Gross appreciation | $49466149 | $2478166 | $302463 | $45255607 | $44184620 |
|  Gross (depreciation) | (9012508) | (608368) | (342621) | (2433742) | (4687549) |
|  Net appreciation (depreciation) | $40453641 | $1869798 | $(40158) | $42821865 | $39497071 |
|  | **International**<br>**Opportunities**<br>**Fund** | **International**<br>**Select Fund** | **International**<br>**Small Cap**<br>**Value Fund** | **International**<br>**Value Fund** | **Long/Short**<br>**Alpha**<br>**Fund** |
|  Cost | $26211252 | $3543087 | $2960944 | $11945266 | $22734315 |
|  Gross appreciation | $10820332 | $799424 | $147493 | $2296721 | $16500276 |
|  Gross (depreciation) | (1221814) | (143922) | (231049) | (59564) | (8844068) |
|  Net appreciation (depreciation) | $9598518 | $655502 | $(83556) | $2237157 | $7656208 |
|  | **Micro Cap**<br>**Fund** | **Micro Cap**<br>**Value**<br>**Fund** | **Small Cap**<br>**Growth**<br>**Fund** | **Small Cap**<br>**Value**<br>**Fund** | **Ultra**<br>**Growth**<br>**Fund** |
|  Cost | $503602981 | $243861997 | $1054997035 | $1181373405 | $370532364 |
|  Gross appreciation | $129196659 | $105566511 | $420068466 | $217353887 | $146359161 |
|  Gross (depreciation) | (38669363) | (10394986) | (79501703) | (72967725) | (36843524) |
|  Net appreciation | $90527296 | $95171525 | $340566763 | $144386162 | $109515637 |
|  | **U.S.**<br>**Select**<br>**Fund** | **U.S.**<br>**Treasury**<br>**Fund** |  |  |  |
|  Cost | $14908465 | $154220060 |  |  |  |
|  Gross appreciation | $3491025 | $— |  |  |  |
|  Gross (depreciation) | (829915) | (26194403) |  |  |  |
|  Net appreciation (depreciation) | $2661110 | $(26194403) |  |  |  |

---

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)** | ***DECEMBER 31, 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 December 31, 2025 with an "affiliated company" as so defined:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,**<br>**Beginning**<br>**Of the**<br>**Period** | **Purchases**<br>**At Cost** | **Proceeds**<br>**From Sales** | **Value, End**<br>**Of the**<br>**Period** | **Dividends**<br>**Credited to**<br>**Income for the**<br>**Period ended**<br>**12/31/2025** | **Gain (Loss)**<br>**Realized on**<br>**Sale of Shares**<br>**For the**<br>**Period ended**<br>**12/31/2025** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**For the**<br>**Period ended**<br>**12/31/2025** |
|  **Core Growth Fund** |  |  |  |  |  |  |  |
|  **Common Stock** |  |  |  |  |  |  |  |
|  Arhaus, Inc. | $52944246 | $— | $8192058 | $46717171 | $— | $(2467911) | $4432894 |
|  **Micro Cap Fund** |  |  |  |  |  |  |  |
|  **Common Stock** |  |  |  |  |  |  |  |
|  AOTI, Inc. | $4125109 | $— | $— | $2678999 | $— | $— | $(1446110) |
|  Smith Douglas Homes Corp. \* | 8440208 | 1422041 | 2018703 | 7173049 |  | (1259472) | 588975 |
|  | $12565317 | $1422041 | $2018703 | $9852048 | $— | $(1259472) | $(857135) |
|  **Small Cap Growth Fund** |  |  |  |  |  |  |  |
|  **Preferred Stock** |  |  |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | $13263149 | $— | $— | $16105252 | $— | $— | $2842103 |
|  **Ultra Growth Fund** |  |  |  |  |  |  |  |
|  **Preferred Stock** |  |  |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | $11052635 | $— | $— | $13421056 | $— | $— | $2368421 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share Activity** | **Share Activity** | **Share Activity** | **Share Activity** | **Dividends**<br>**Credited to**<br>**Income for the**<br>**Period ended**<br>**12/31//2025** | **Gain (Loss)**<br>**Realized on**<br>**Sale of Shares**<br>**For the**<br>**Period ended**<br>**12/31/2025** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**For the**<br>**Period ended**<br>**12/31/2025** |
|  | **Balance**<br>**09/30/2025** | **Purchases/**<br>**Additions** | **Sales/**<br>**Reductions** | **Balance**<br>**12/31/2025** | **Dividends**<br>**Credited to**<br>**Income for the**<br>**Period ended**<br>**12/31//2025** | **Gain (Loss)**<br>**Realized on**<br>**Sale of Shares**<br>**For the**<br>**Period ended**<br>**12/31/2025** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**For the**<br>**Period ended**<br>**12/31/2025** |
|  **Core Growth Fund** |  |  |  |  |  |  |  |
|  **Common Stock** |  |  |  |  |  |  |  |
|  Arhaus, Inc. | 4980644 |  | 813189 | 4167455 | $— | $(2467911) | $4432894 |
|  **Micro Cap Fund** |  |  |  |  |  |  |  |
|  AOTI, Inc. | 7217000 |  |  | 7217000 | $— | $— | $(1446110) |
|  Smith Douglas Homes Corp. \* | 477928 | 73010 | 123207 | 427731 |  | (1259472) | 588975 |
|  | 7694928 | 73010 | 123207 | 7644731 | $— | $(1259472) | $(857135) |
|  **Small Cap Growth Fund** |  |  |  |  |  |  |  |
|  **Preferred Stock** |  |  |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | 611205 |  |  | 611205 | $— | $— | $2842103 |
|  **Ultra Growth Fund** | **Ultra Growth Fund** | **Ultra Growth Fund** | **Ultra Growth Fund** | **Ultra Growth Fund** | **Ultra Growth Fund** | **Ultra Growth Fund** | **Ultra Growth Fund** |
|  **Preferred Stock** |  |  |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | 509338 |  |  | 509338 | $— | $— | $2368421 |

---

*\** *This security was deemed to no longer meet the criteria of an affiliated company at the reporting date. For financial statement purposes, the total amount of the gain (loss) realized on sale of shares and the total change in unrealized appreciation for the year ended September 30, 2025 is included in the Statements of Operations even though the security was not deemed an affiliated company as of the end of the year.* 

------

---

| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments (continued)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

**7. RESTRICTED SECURITIES** 

The Funds may own investments that were purchased through private placement transactions or under Rule 144A of the Securities Act of 1933 (the "Securities Act") and cannot be sold without prior registration under the Securities Act or may be limited due to certain restrictions. These securities are generally deemed to be illiquid and are valued at fair value as determined by a designated Pricing Committee of the Advisor ("Pricing Committee"), comprised of personnel of the Advisor, with oversight by the Board of Trustees and in accordance with Board-approved Pricing Policies and Procedures. If and when such securities are registered, the costs of registering such securities are paid by the issuer. At December 31, 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 | $7143 | 0.02% |
|  **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 | 8947380 | 1.50% |
|  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 | 62278 | 0.01% |
|  |  |  | $10939417 | $9015758 | 1.51% |
|  **Small Cap Growth Fund** |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | Preferred Stock | 3/16/2022 | $17999987 | $16105252 | 1.15% |
|  **Ultra Growth Fund** |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | Preferred Stock | 3/16/2022 | $15000004 | $13421056 | 2.81% |
|  Sangamo Therapeutics, Inc., expiring 9/26/2029 | Warrants | 3/22/2024 | 626686 | 121055 | 0.03% |
|  C4 Therapeutics, Inc., Class A expiring 9/30/2027 | Warrants | 10/16/2025 | 338866 | 267300 | 0.06% |
|  C4 Therapeutics, Inc., Class B expiring 9/30/2030 | Warrants | 10/16/2025 | 510619 | 534600 | 0.11% |
|  |  |  | $16476175 | $14344011 | 3.01% |

---

**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.

------

---

| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments (continued)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

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.

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

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

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

------

---

| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments (continued)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

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

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

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

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

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

The following is a summary of the fair valuations according to the inputs used as of December 31, 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>**12/31/2025** |
|  **Core Growth Fund** | **Core 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 | $3446329413 | $— | $— | $3446329413 |
|  |  | $3446329413 | $— | $— | $3446329413 |
|  **Emerging India Fund** | **Emerging India 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 |  |  |  |  |
|  | Asset Management & Custody Banks | $10542700 | $12195476 | $— | $22738176 |
|  | Building Products |  | 17159641 |  | 17159641 |
|  | Commodity Chemicals |  | 3775018 |  | 3775018 |
|  | Computer & Electronics Retail |  | 12893469 |  | 12893469 |

---

------

---

| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments (continued)** | ***DECEMBER 31, 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>**12/31/2025** |
|  | Construction Machinery & Heavy Transportation Equipment |  | 4082421 |  | 4082421 |
|  | Consumer Finance |  | 83056069 |  | 83056069 |
|  | Diversified Banks |  | 29748137 |  | 29748137 |
|  | Electrical Components & Equipment |  | 4292571 |  | 4292571 |
|  | Health Care Facilities |  | 36283911 |  | 36283911 |
|  | Health Care Services |  | 14628908 |  | 14628908 |
|  | Health Care Supplies |  | 14246037 |  | 14246037 |
|  | Industrial Machinery & Supplies & Components |  | 18493606 |  | 18493606 |
|  | Life Sciences Tools & Services |  | 26520613 |  | 26520613 |
|  | Managed Health Care |  | 14511381 |  | 14511381 |
|  | Regional Banks |  | 33674962 |  | 33674962 |
|  | Other | 29672408 |  |  | 29672408 |
|  |  | $40215108 | $325562220 | $— | $365777328 |
|  **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 | $— | $3230721 | $— | $3230721 |
|  | Asset Management & Custody Banks |  | 5770549 |  | 5770549 |
|  | Construction & Engineering |  | 3725255 |  | 3725255 |
|  | Consumer Finance |  | 27758235 |  | 27758235 |
|  | Electrical Components & Equipment |  | 17906797 |  | 17906797 |
|  | Electronic Equipment & Instruments |  | 11048878 |  | 11048878 |
|  | Health Care Facilities |  | 10961020 |  | 10961020 |
|  | Hotels, Resorts & Cruise Lines | 5844973 | 8372857 |  | 14217830 |
|  | Industrial Machinery & Supplies & Components |  | 2797472 |  | 2797472 |
|  | Interactive Media & Services |  | 8687368 |  | 8687368 |
|  | IT Consulting & Other Services | 7983275 | 2177858 |  | 10161133 |
|  | Life Sciences Tools & Services |  | 12466700 |  | 12466700 |
|  | Regional Banks |  | 7320268 |  | 7320268 |
|  | Semiconductors |  | 20283770 |  | 20283770 |
|  | Technology Hardware, Storage & Peripherals |  | 5998755 |  | 5998755 |
|  | Other | 64294960 |  |  | 64294960 |
|  |  | $78123208 | $148506503 | $— | $226629711 |
|  **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 |  |  |  |  |
|  | Alternative Carriers | $— | $885957 | $— | $885957 |
|  | Asset Management & Custody Banks | 3601326 | 3188862 |  | 6790188 |
|  | Automotive Retail |  | 1870275 |  | 1870275 |
|  | Building Products |  | 2087851 |  | 2087851 |
|  | Commercial & Residential Mortgage Finance |  | 3155835 |  | 3155835 |
|  | Communications Equipment |  | 4566627 |  | 4566627 |
|  | Computer & Electronics Retail |  | 1076414 |  | 1076414 |
|  | Construction & Engineering |  | 3514505 |  | 3514505 |
|  | Consumer Finance |  | 9543148 |  | 9543148 |
|  | Diversified Banks | 4648532 | 3908887 |  | 8557419 |
|  | Diversified Support Services |  | 1826941 |  | 1826941 |
|  | Electrical Components & Equipment |  | 1957017 |  | 1957017 |
|  | Electronic Equipment & Instruments |  | 8462272 |  | 8462272 |
|  | Health Care Services |  | 5160366 |  | 5160366 |
|  | Human Resource & Employment Services |  | 3756990 |  | 3756990 |
|  | Industrial Machinery & Supplies & Components |  | 4247039 |  | 4247039 |
|  | Insurance Brokers |  | 1891103 |  | 1891103 |
|  | IT Consulting & Other Services | 1456770 | 1323859 |  | 2780629 |
|  | Managed Health Care |  | 407019 |  | 407019 |
|  | Pharmaceuticals |  | 760843 |  | 760843 |
|  | Regional Banks |  | 8213232 |  | 8213232 |

---

------

---

| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments (continued)** | ***DECEMBER 31, 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>**12/31/2025** |
|  | Semiconductor Materials & Equipment |  | 4168924 |  | 4168924 |
|  | Semiconductors |  | 9489770 |  | 9489770 |
|  | Technology Hardware, Storage & Peripherals |  | 3212562 |  | 3212562 |
|  | Other | 21069644 |  |  | 21069644 |
|  |  | $30776272 | $88676298 | $— | $119452570 |
|  **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 |  |  |  |  |
|  | Aerospace & Defense | $— | $500703 | $— | $500703 |
|  | Asset Management & Custody Banks |  | 515137 |  | 515137 |
|  | Automotive Retail |  | 488110 |  | 488110 |
|  | Consumer Finance |  | 5167041 |  | 5167041 |
|  | Diversified Banks | 4212962 | 3529544 |  | 7742506 |
|  | Diversified Support Services |  | 422598 |  | 422598 |
|  | Health Care Services |  | 528784 |  | 528784 |
|  | Human Resource & Employment Services |  | 501583 |  | 501583 |
|  | Insurance Brokers |  | 881947 |  | 881947 |
|  | IT Consulting & Other Services |  | 378140 |  | 378140 |
|  | Marine Ports & Services |  | 1064130 |  | 1064130 |
|  | Other | 11927649 |  |  | 11927649 |
|  |  | $16140611 | $13977717 | $— | $30118328 |
|  **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 | $7705910 | $5184002 | $— | $12889912 |
|  | Asset Management & Custody Banks | 3709605 | 3129307 |  | 6838912 |
|  | Building Products | 6144002 | 1812406 |  | 7956408 |
|  | Consumer Finance |  | 5899199 |  | 5899199 |
|  | Diversified Support Services |  | 2986720 |  | 2986720 |
|  | Drug Retail |  | 3382922 |  | 3382922 |
|  | Electrical Components & Equipment |  | 2182409 |  | 2182409 |
|  | Health Care Facilities | 5372851 | 3369866 |  | 8742717 |
|  | Health Care Services |  | 1570075 |  | 1570075 |
|  | Human Resource & Employment Services | 1747345 | 707343 |  | 2454688 |
|  | Interactive Media & Services |  | 1251817 |  | 1251817 |
|  | IT Consulting & Other Services |  | 1356628 |  | 1356628 |
|  | Life Sciences Tools & Services | 2132585 | 3312669 |  | 5445254 |
|  | Regional Banks | 2884626 | 6484187 |  | 9368813 |
|  | Research & Consulting Services |  | 2600892 |  | 2600892 |
|  | Semiconductors |  | 9639054 |  | 9639054 |
|  | Trading Companies & Distributors | 2422817 | 9153289 |  | 11576106 |
|  | Other | 64227366 |  |  | 64227366 |
|  |  | $96347107 | $64022785 | $— | $160369892 |
|  **Global Select Fund** | **Global Select Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
|  | Consumer Finance | $— | $476444 | $— | $476444 |
|  | Drug Retail |  | 312668 |  | 312668 |
|  | Electrical Components & Equipment |  | 444348 |  | 444348 |
|  | Electronic Equipment & Instruments |  | 525911 |  | 525911 |
|  | Hotels, Resorts & Cruise Lines |  | 295195 |  | 295195 |
|  | Interactive Media & Services |  | 422350 |  | 422350 |
|  | Life Sciences Tools & Services |  | 385306 |  | 385306 |
|  | Research & Consulting Services | 484831 | 369732 |  | 854563 |
|  | Semiconductor Materials & Equipment |  | 424382 |  | 424382 |
|  | Semiconductors | 464963 | 506154 |  | 971117 |
|  | Trading Companies & Distributors |  | 362667 |  | 362667 |
|  | Other | 7011160 |  |  | 7011160 |
|  |  | $7960954 | $4525157 | $— | $12486111 |

---

------

---

| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments (continued)** | ***DECEMBER 31, 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>**12/31/2025** |
|  **Global Small Cap Value** | **Global Small Cap Value** |  |  |  |  |
| &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 |  |  |  |  |
|  | Advertising | $— | $68249 | $— | $68249 |
|  | Aerospace & Defense |  | 81557 |  | 81557 |
|  | Apparel, Accessories & Luxury Goods |  | 57668 |  | 57668 |
|  | Asset Management & Custody Banks | 340333 | 148848 |  | 489181 |
|  | Broadline Retail |  | 81368 |  | 81368 |
|  | Commodity Chemicals |  | 68126 |  | 68126 |
|  | Communications Equipment |  | 181357 |  | 181357 |
|  | Construction Machinery & Heavy Transportation Equipment |  | 70066 |  | 70066 |
|  | Distributors |  | 56020 |  | 56020 |
|  | Diversified Banks |  | 107999 |  | 107999 |
|  | Electronic Equipment & Instruments | 49436 | 80349 |  | 129785 |
|  | Food Retail |  | 70720 |  | 70720 |
|  | Health Care Equipment | 86931 | 53478 |  | 140409 |
|  | Health Care Facilities | 57596 | 89932 |  | 147528 |
|  | Health Care Supplies |  | 185512 |  | 185512 |
|  | Heavy Electrical Equipment |  | 89927 |  | 89927 |
|  | Human Resource & Employment Services | 90561 | 108951 |  | 199512 |
|  | Industrial Machinery & Supplies & Components |  | 57982 |  | 57982 |
|  | Internet Services & Infrastructure |  | 52264 |  | 52264 |
|  | Investment Banking & Brokerage | 200563 | 121963 |  | 322526 |
|  | IT Consulting & Other Services | 88943 | 251364 |  | 340307 |
|  | Oil & Gas Drilling |  | 61483 |  | 61483 |
|  | Other Specialty Retail |  | 71217 |  | 71217 |
|  | Pharmaceuticals |  | 75894 |  | 75894 |
|  | Research & Consulting Services | 83617 | 206158 |  | 289775 |
|  | Semiconductors |  | 251323 |  | 251323 |
|  | Specialty Chemicals |  | 47756 |  | 47756 |
|  | Steel |  | 117108 |  | 117108 |
|  | Trading Companies & Distributors | 274946 | 166385 |  | 441331 |
|  | Other | 1411478 |  |  | 1411478 |
|  |  | $2684404 | $3081024 | $— | $5765428 |
|  **Global Value Fund** | **Global Value Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
|  | Broadline Retail | $— | $2313480 | $— | $2313480 |
|  | Diversified Banks | 21916907 | 4412153 |  | 26329060 |
|  | Diversified Metals & Mining |  | 3902223 |  | 3902223 |
|  | Food Retail |  | 3690620 |  | 3690620 |
|  | Integrated Oil & Gas | 6720373 | 5085443 |  | 11805816 |
|  | Integrated Telecommunication Services | 6365410 | 3557001 |  | 9922411 |
|  | Multi-Line Insurance |  | 4174347 |  | 4174347 |
|  | Paper Products |  | 2746394 |  | 2746394 |
|  | Pharmaceuticals | 6001550 | 8345318 |  | 14346868 |
|  | Reinsurance |  | 3619475 |  | 3619475 |
|  | Technology Hardware, Storage & Peripherals |  | 3352596 |  | 3352596 |
|  | Trading Companies & Distributors |  | 1180172 |  | 1180172 |
|  | Other | 55223120 |  |  | 55223120 |
|  |  | $96227360 | $46379222 | $— | $142606582 |
|  **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 |  |  |  |  |
|  | Aerospace & Defense | $— | $3902674 | $— | $3902674 |
|  | Application Software | 468727 | 7188043 |  | 7656770 |
|  | Asset Management & Custody Banks | 4427912 | 2845890 |  | 7273802 |
|  | Building Products |  | 5245748 |  | 5245748 |
|  | Casinos & Gaming |  | 3560013 |  | 3560013 |

---

------

---

| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments (continued)** | ***DECEMBER 31, 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>**12/31/2025** |
|  | Commercial & Residential Mortgage Finance |  | 6415653 |  | 6415653 |
|  | Communications Equipment |  | 2315211 |  | 2315211 |
|  | Consumer Finance |  | 6228851 |  | 6228851 |
|  | Diversified Banks | 3756962 | 2276158 |  | 6033120 |
|  | Diversified Real Estate Activities |  | 2222311 |  | 2222311 |
|  | Diversified Support Services |  | 3863187 |  | 3863187 |
|  | Drug Retail |  | 6480825 |  | 6480825 |
|  | Electrical Components & Equipment |  | 3878496 |  | 3878496 |
|  | Electronic Equipment & Instruments |  | 9079055 |  | 9079055 |
|  | Health Care Facilities |  | 2345918 |  | 2345918 |
|  | Health Care Services |  | 1680792 |  | 1680792 |
|  | Health Care Supplies |  | 2719778 |  | 2719778 |
|  | Health Care Technology |  | 1201683 |  | 1201683 |
|  | Heavy Electrical Equipment |  | 799580 |  | 799580 |
|  | Human Resource & Employment Services |  | 4449533 |  | 4449533 |
|  | Industrial Machinery & Supplies & Components |  | 6357048 |  | 6357048 |
|  | Interactive Media & Services |  | 6070004 |  | 6070004 |
|  | Investment Banking & Brokerage | 4101207 | 3697130 |  | 7798337 |
|  | IT Consulting & Other Services |  | 1608617 |  | 1608617 |
|  | Other Specialty Retail |  | 2792937 |  | 2792937 |
|  | Regional Banks | 1770497 | 7050713 |  | 8821210 |
|  | Research & Consulting Services |  | 3565268 |  | 3565268 |
|  | Semiconductor Materials & Equipment | 1894536 | 2988277 |  | 4882813 |
|  | Semiconductors |  | 3762153 |  | 3762153 |
|  | Specialty Chemicals |  | 1869553 |  | 1869553 |
|  | Technology Hardware, Storage & Peripherals |  | 1498407 |  | 1498407 |
|  | Trading Companies & Distributors | 6101762 | 12366087 |  | 18467849 |
|  | Other | 19814509 |  |  | 19814509 |
|  |  | $42336112 | $132325593 | $— | $174661705 |
|  **International Opportunities Fund** | **International Opportunities 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 |  |  |  |  |
|  | Aerospace & Defense | $— | $297466 | $— | $297466 |
|  | Alternative Carriers |  | 899866 |  | 899866 |
|  | Application Software |  | 3859001 |  | 3859001 |
|  | Building Products |  | 581935 |  | 581935 |
|  | Commercial & Residential Mortgage Finance |  | 1345292 |  | 1345292 |
|  | Communications Equipment |  | 742042 |  | 742042 |
|  | Construction Machinery & Heavy Transportation Equipment |  | 439077 |  | 439077 |
|  | Consumer Finance |  | 520353 |  | 520353 |
|  | Data Processing & Outsourced Services |  | 798733 |  | 798733 |
|  | Distributors |  | 829194 |  | 829194 |
|  | Diversified Banks |  | 466053 |  | 466053 |
|  | Diversified Support Services | 590669 | 1821721 |  | 2412390 |
|  | Drug Retail |  | 834345 |  | 834345 |
|  | Electrical Components & Equipment |  | 635080 |  | 635080 |
|  | Electronic Equipment & Instruments | 451131 | 1352838 |  | 1803969 |
|  | Food Retail | 905383 | 904411 |  | 1809794 |
|  | Health Care Services |  | 1505380 |  | 1505380 |
|  | Health Care Technology |  | 551036 |  | 551036 |
|  | Hotels, Resorts & Cruise Lines |  | 426527 |  | 426527 |
|  | Human Resource & Employment Services |  | 1082208 |  | 1082208 |
|  | Industrial Machinery & Supplies & Components |  | 1005688 |  | 1005688 |
|  | Interactive Media & Services | 601611 | 319269 |  | 920880 |
|  | IT Consulting & Other Services | 686385 | 348366 |  | 1034751 |
|  | Pharmaceuticals |  | 229461 |  | 229461 |
|  | Real Estate Services |  | 1176459 |  | 1176459 |
|  | Research & Consulting Services | 712302 | 1154100 |  | 1866402 |
|  | Semiconductor Materials & Equipment |  | 282666 |  | 282666 |

---

------

---

| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments (continued)** | ***DECEMBER 31, 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>**12/31/2025** |
|  | Semiconductors |  | 1990888 |  | 1990888 |
|  | Other | 5462834 |  |  | 5462834 |
|  |  | $9410315 | $26399455 | $— | $35809770 |
|  **International Select Fund** | **International 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 |  |  |  |  |
|  | Aerospace & Defense | $— | $148884 | $— | $148884 |
|  | Apparel, Accessories & Luxury Goods |  | 47174 |  | 47174 |
|  | Automobile Manufacturers |  | 64661 |  | 64661 |
|  | Automotive Retail |  | 161104 |  | 161104 |
|  | Building Products |  | 136789 |  | 136789 |
|  | Casinos & Gaming |  | 172653 |  | 172653 |
|  | Construction & Engineering | 138398 | 147544 |  | 285942 |
|  | Diversified Banks |  | 103043 |  | 103043 |
|  | Diversified Real Estate Activities |  | 175742 |  | 175742 |
|  | Drug Retail |  | 101088 |  | 101088 |
|  | Electrical Components & Equipment |  | 170420 |  | 170420 |
|  | Electronic Equipment & Instruments |  | 185018 |  | 185018 |
|  | Industrial Machinery & Supplies & Components |  | 106064 |  | 106064 |
|  | Interactive Home Entertainment |  | 128278 |  | 128278 |
|  | Interactive Media & Services |  | 243727 |  | 243727 |
|  | Pharmaceuticals |  | 112543 |  | 112543 |
|  | Research & Consulting Services |  | 76708 |  | 76708 |
|  | Semiconductor Materials & Equipment |  | 280203 |  | 280203 |
|  | Soft Drinks & Non-Alcoholic Beverages |  | 185775 |  | 185775 |
|  | Trading Companies & Distributors | 95201 | 127386 |  | 222587 |
|  | Transaction & Payment Processing Services |  | 112880 |  | 112880 |
|  | Other | 977306 |  |  | 977306 |
|  |  | $1210905 | $2987684 | $— | $4198589 |
|  **International Small Cap Value** | **International Small Cap Value** |  |  |  |  |
| &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 |  |  |  |  |
|  | Advertising | $— | $53683 | $— | $53683 |
|  | Aerospace & Defense |  | 60450 |  | 60450 |
|  | Apparel, Accessories & Luxury Goods |  | 45654 |  | 45654 |
|  | Asset Management & Custody Banks | 153018 | 103757 |  | 256775 |
|  | Broadline Retail |  | 63315 |  | 63315 |
|  | Commodity Chemicals |  | 41852 |  | 41852 |
|  | Communications Equipment |  | 133713 |  | 133713 |
|  | Construction Machinery & Heavy Transportation Equipment |  | 54860 |  | 54860 |
|  | Distributors |  | 43693 |  | 43693 |
|  | Diversified Banks |  | 78573 |  | 78573 |
|  | Electronic Equipment & Instruments | 38717 | 61065 |  | 99782 |
|  | Food Retail |  | 38307 |  | 38307 |
|  | Health Care Equipment |  | 38938 |  | 38938 |
|  | Health Care Facilities | 45052 | 61564 |  | 106616 |
|  | Health Care Supplies |  | 123156 |  | 123156 |
|  | Heavy Electrical Equipment |  | 65920 |  | 65920 |
|  | Human Resource & Employment Services |  | 69981 |  | 69981 |
|  | Industrial Machinery & Supplies & Components |  | 45625 |  | 45625 |
|  | Internet Services & Infrastructure |  | 37331 |  | 37331 |
|  | Investment Banking & Brokerage | 117883 | 93036 |  | 210919 |
|  | IT Consulting & Other Services |  | 185802 |  | 185802 |
|  | Oil & Gas Drilling |  | 48150 |  | 48150 |
|  | Other Specialty Retail |  | 55777 |  | 55777 |
|  | Packaged Foods & Meats |  | 25279 |  | 25279 |
|  | Pharmaceuticals |  | 51574 |  | 51574 |
|  | Research & Consulting Services | 67495 | 149562 |  | 217057 |
|  | Semiconductors |  | 191073 |  | 191073 |

---

------

---

| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments (continued)** | ***DECEMBER 31, 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>12/31/2025** |
|  | Specialty Chemicals |  | 38940 |  | 38940 |
|  | Steel |  | 78789 |  | 78789 |
|  | Trading Companies & Distributors | 42334 | 122933 |  | 165267 |
|  | Other | 150537 |  |  | 150537 |
|  |  | $615036 | $2262352 | $— | $2877388 |
|  **International Value Fund** | **International 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 |  |  |  |  |
|  | Broadline Retail | $— | $207479 | $— | $207479 |
|  | Construction & Engineering |  | 208825 |  | 208825 |
|  | Diversified Banks | 1064948 | 2223771 |  | 3288719 |
|  | Diversified Metals & Mining |  | 397929 |  | 397929 |
|  | Electronic Manufacturing Services |  | 379996 |  | 379996 |
|  | Food Retail |  | 255596 |  | 255596 |
|  | Gas Utilities |  | 167283 |  | 167283 |
|  | Health Care Distributors |  | 311569 |  | 311569 |
|  | Industrial Machinery & Supplies & Components |  | 300529 |  | 300529 |
|  | Integrated Oil & Gas | 293959 | 1012038 |  | 1305997 |
|  | Integrated Telecommunication Services | 283278 | 579452 |  | 862730 |
|  | Multi-Line Insurance |  | 479810 |  | 479810 |
|  | Multi-Utilities |  | 916442 |  | 916442 |
|  | Paper Products |  | 335985 |  | 335985 |
|  | Pharmaceuticals |  | 1183788 |  | 1183788 |
|  | Real Estate Development |  | 419755 |  | 419755 |
|  | Real Estate Operating Companies |  | 308227 |  | 308227 |
|  | Regional Banks |  | 330719 |  | 330719 |
|  | Reinsurance |  | 510017 |  | 510017 |
|  | Soft Drinks & Non-Alcoholic Beverages |  | 460125 |  | 460125 |
|  | Specialty Chemicals |  | 219397 |  | 219397 |
|  | Technology Hardware, Storage & Peripherals |  | 318497 |  | 318497 |
|  | Tobacco |  | 663512 |  | 663512 |
|  | Other | 349497 |  |  | 349497 |
|  |  | $1991682 | $12190741 | $— | $14182423 |
|  **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; **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $50543781 | $— | $— | $50543781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  | 7143 | 7143 |
|  |  | $50543781 | $— | $7143 | $50550924 |
| &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 | $(20160401) | $— | $— | $(20160401) |
|  **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 |  |  |  |  |
|  | Aerospace & Defense | $15987699 | $17785458 | $— | $33773157 |
|  | Biotechnology |  |  | 6100 | 6100 |
|  | Electronic Equipment & Instruments | 31168411 | 11633052 |  | 42801463 |
|  | Health Care Equipment | 12747811 | 2678999 |  | 15426810 |
|  | Other | 493113089 |  |  | 493113089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  | 8947380 | 8947380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  | 62278 | 62278 |
|  |  | $553017010 | $32097509 | $9015758 | $594130277 |
|  **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 |  |  |  |  |
|  | Aerospace & Defense | $18512032 | $3753463 | $— | $22265495 |
|  | Health Care Equipment | 9159458 | 1503226 |  | 10662684 |
|  | Packaged Foods & Meats | 13790142 | 4435659 |  | 18225801 |
|  | Other | 287879542 |  |  | 287879542 |
|  |  | $329341174 | $9692348 | $— | $339033522 |

---

------

---

| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments (continued)** | ***DECEMBER 31, 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>12/31/2025** |
|  **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 | $1379458546 | $— | $— | $1379458546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  | 16105252 | 16105252 |
|  |  | $1379458546 | $— | $16105252 | $1395563798 |
|  **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 | $1325759567 | $— | $— | $1325759567 |
|  |  | $1325759567 | $— | $— | $1325759567 |
|  **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 | $53331442 | $8118682 | $— | $61450124 |
|  | Other | 404253866 |  |  | 404253866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  | 13421056 | 13421056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  | 922955 | 922955 |
|  |  | $457585308 | $8118682 | $14344011 | $480048001 |
|  **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 | $17569575 | $— | $— | $17569575 |
|  |  | $17569575 | $— | $— | $17569575 |
|  **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 | $— | $128025657 | $— | $128025657 |
|  |  | $— | $128025657 | $— | $128025657 |

---

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

The valuation techniques used by the Funds to measure fair value for the period ended December 31, 2025 maximized the use of observable inputs and minimized the use of unobservable inputs.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Funds during the period ended December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market<br>Value<br>Beginning<br>Balance<br>9/30/2025** | **Purchases<br>At Cost** | **Sales<br>(Proceeds)** | **Accrued<br>Discounts<br>(Premiums)** | **Realized<br>Gain/<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Transfers<br>In at<br>Market<br>Value** | **Transfers<br>Out at<br>Market<br>Value** | **Market<br>Value<br>Ending<br>Balance<br>12/31/2025** | **Net**<br>**Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>On<br>Investments<br>Held<br>at 12/31/2025** |
|  **Long/Short Alpha Fund** | **Long/Short Alpha Fund** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants | $26786 | $— | $— | $— | $— | $(19643) | $— | $— | $7143 | $(19643) |
|  | $26786 | $— | $— | $— | $— | $(19643) | $— | $— | $7143 | $(19643) |
|  **Micro Cap Fund** | **Micro Cap Fund** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $4880240 | $— | $(3700005) | $— | $— | $(1174135) | $— | $— | $6100 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 7368430 |  |  |  |  | 1578950 |  |  | 8947380 | 1578950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants | 233542 |  |  |  |  | (171264) |  |  | 62278 | (171264) |
|  | $12482212 | $— | $(3700005) | $— | $— | $233551 | $— | $— | $9015758 | $1407686 |
|  **Micro Cap Value Fund** | **Micro Cap Value Fund** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $3293330 | $— | $(2499998) | $— | $— | $(793332) | $— | $— | $— | $— |
|  | $3293330 | $— | $(2499998) | $— | $— | $(793332) | $— | $— | $— | $— |
|  **Small Cap Growth Fund** | **Small Cap Growth Fund** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | $13263149 | $— | $— | $— | $— | $2842103 | $— | $— | $16105252 | $2842103 |
|  | $13263149 | $— | $— | $— | $— | $2842103 | $— | $— | $16105252 | $2842103 |
|  **Ultra Growth Fund** | **Ultra Growth Fund** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | $11052635 | $— | $— | $— | $— | $2368421 | $— | $— | $13421056 | $2368421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants | 453958 | 849485 |  |  |  | (380488) |  |  | 922955 | (380488) |
|  | $11506593 | $849485 | $— | $— | $— | $1987933 | $— | $— | $14344011 | $1987933 |

---

------

---

| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments (continued)** | ***DECEMBER 31, 2025 (UNAUDITED)*** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Description** | **Fair Value at<br>12/31/2025** | **Valuation Technique** | **Unobservable Input** | **Range<br>(Average)** |
|  Long/Short Alpha Fund | Warrant: Biotechnology | $7143 | Black Scholes | Volatility | 40% |
|  Micro Cap Fund | Direct Venture Capital Investments: Textiles | $8947380 | Market comparable companies | EV/R\* multiple<br> Discount for lack of<br> marketability | 0.6 - 5.4 (2.5)<br> 46% |
|  Micro Cap Fund | Warrant: Biotechnology | $62278 | Black Scholes | Volatility | 40% |
|  Small Cap Growth Fund | Direct Venture Capital Investments: Textiles | $16105252 | Market comparable companies | EV/R\* multiple<br> Discount for lack of<br> marketability | 0.6 - 5.4 (2.5)<br> 46% |
|  Ultra Growth Fund | Direct Venture Capital Investments: Textiles | $13421056 | Market comparable companies | EV/R\* multiple<br> Discount for lack of<br> marketability | 0.6 - 5.4 (2.5)<br> 46% |
|  Ultra Growth Fund | Warrant: Biotechnology | $267300 | Black Scholes | Volatility | 40% |
|  Ultra Growth Fund | Warrant: Biotechnology | $121055 | Black Scholes | Volatility | 40% |
|  Ultra Growth Fund | Warrant: Biotechnology | $534600 | Black Scholes | Volatility | 40% |

---

*<sup>\*</sup>* *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 U.S. Select Fund

- **b. EDGAR series identifier (if any):** S000076417

- **c. LEI of Series:** 549300LTC1J7GZ0W2D16

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $17707353.31

**Total Liabilities:** $84522.16

**Net Assets:** $17622831.15

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000236276 | 0.41%                | -0.54%               | -3.23%               |
| Class ID C000236277 | 0.41%                | -0.54%               | -3.22%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $508431.80               | $-417591.49                                |
| Month 2  | $-262995.13              | $176818.87                                 |
| Month 3  | $85025.09                | $-678945.39                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AAON Inc                     | AAON, Inc.                     | CUSIP: 000360206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4128 | NS      | $314760.00    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| AMETEK Inc                   | AMETEK, Inc.                   | CUSIP: 031100100<br>LEI: 549300WZDEF9KKE40E98 | Long             | EC               | CORP              | US        |      2698 | NS      | $553926.38    | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc     | Builders FirstSource, Inc.     | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |      3915 | NS      | $402814.35    | 2.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Ensign Group Inc/The         | Ensign Group, Inc.             | CUSIP: 29358P101<br>LEI: 5493003K4HEEA8Q0BC72 | Long             | EC               | CORP              | US        |      5100 | NS      | $888420.00    | 5.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc   | Floor & Decor Holdings, Inc.   | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Long             | EC               | CORP              | US        |      6873 | NS      | $418496.97    | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc       | Guidewire Software, Inc.       | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Long             | EC               | CORP              | US        |      3184 | NS      | $640015.84    | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc            | Hamilton Lane, Inc.            | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Long             | EC               | CORP              | US        |      4178 | NS      | $561147.18    | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc             | HealthEquity, Inc.             | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |      9542 | NS      | $874142.62    | 4.96%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                   | HEICO Corp.                    | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |      2717 | NS      | $685852.31    | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                  | HubSpot, Inc.                  | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |      1019 | NS      | $408924.70    | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates Inc     | Manhattan Associates, Inc.     | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |      3242 | NS      | $561871.02    | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc         | Medpace Holdings, Inc.         | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |      1449 | NS      | $813830.85    | 4.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc | Monolithic Power Systems, Inc. | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |       675 | NS      | $611793.00    | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Morningstar Inc              | Morningstar, Inc.              | CUSIP: 617700109<br>LEI: 529900YGNQPOVAXQ7F29 | Long             | EC               | CORP              | US        |      1947 | NS      | $423102.57    | 2.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                  | Novanta, Inc.                  | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      3695 | NS      | $439668.05    | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| PJT Partners Inc             | PJT Partners, Inc.             | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |      3714 | NS      | $620980.80    | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Paymentus Holdings Inc       | Paymentus Holdings, Inc.       | CUSIP: 70439P108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     17907 | NS      | $565682.13    | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc     | Procore Technologies, Inc.     | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Long             | EC               | CORP              | US        |      9475 | NS      | $689211.50    | 3.91%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc             | RBC Bearings, Inc.             | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2109 | NS      | $945738.87    | 5.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins Inc                  | Rollins, Inc.                  | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |     12969 | NS      | $778399.38    | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Saia Inc                     | Saia, Inc.                     | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Long             | EC               | CORP              | US        |      1459 | NS      | $476392.68    | 2.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Shift4 Payments Inc          | Shift4 Payments, Inc.          | CUSIP: 82452J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10174 | NS      | $640656.78    | 3.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc       | Tyler Technologies, Inc.       | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |      1100 | NS      | $499345.00    | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| UL Solutions Inc             | UL Solutions, Inc.             | CUSIP: 903731107<br>LEI: 549300F7CUV5ESKV9P71 | Long             | EC               | CORP              | US        |     10238 | NS      | $807368.68    | 4.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Valvoline Inc                | Valvoline, Inc.                | CUSIP: 92047W101<br>LEI: 549300CMHPBEY6VPOT75 | Long             | EC               | CORP              | US        |     15331 | NS      | $445518.86    | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Wingstop Inc                 | Wingstop, Inc.                 | CUSIP: 974155103<br>LEI: 549300SSH3F8HPIM3Q47 | Long             | EC               | CORP              | US        |      1713 | NS      | $408533.37    | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Fabrinet                     | Fabrinet                       | CUSIP: 000000000<br>LEI: 5493004TETZ6IYF7CV44 | Long             | EC               | CORP              | KY        |      1696 | NS      | $772154.88    | 4.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Global-e Online Ltd          | Global-e Online Ltd.           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     14145 | NS      | $556039.95    | 3.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Nova Ltd                     | Nova Ltd.                      | CUSIP: 000000000<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               | CORP              | IL        |      2617 | NS      | $859396.63    | 4.88%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-20

**Name of Applicant:** WASATCH FUNDS TRUST

**Signature:** Mike Yeates

**Name of Signer:** Mike Yeates

**Title:** CFO