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

Schedule of Investments


Shares			Value
		COMMON STOCKS 99.7%

		Aerospace & Defense 2.0%
	1,038,733	Loar Holdings, Inc.*	$	89,507,623

		Application Software 11.7%
	8,109,423	CCC Intelligent Solutions Holdings, Inc.*		76,309,670
	2,653,996	Clearwater Analytics Holdings, Inc., Class A*		58,202,132
	356,808	Guidewire Software, Inc.*		84,010,444
	1,683,616	nCino, Inc.*		47,090,739
	2,020,795	Procore Technologies, Inc.*		138,262,794
	753,057	Q2 Holdings, Inc.*		70,478,605
	1,424,918	Vertex, Inc., Class A*		50,349,478

				524,703,862

		Asset Management & Custody Banks 3.0%
	812,767	Cohen & Steers, Inc.		61,241,994
	515,103	Hamilton Lane, Inc., Class A		73,206,438

				134,448,432

		Automotive Parts & Equipment 2.6%
	750,242	Modine Manufacturing Co.*		73,898,837
	1,167,203	XPEL, Inc.*		41,902,588

				115,801,425

		Automotive Retail 2.1%
	2,532,556	Valvoline, Inc.*		95,907,896

		Broadline Retail 4.2%
	1,208,273	Global-e Online Ltd.*		40,525,476
	1,125,434	Ollie’s Bargain Outlet Holdings, Inc.*		148,309,693

				188,835,169

		Building Products 6.0%
	599,348	AAON, Inc.		44,201,915
	319,160	CSW Industrials, Inc.		91,544,663
	1,480,016	Trex Co., Inc.*		80,483,270
	522,441	UFP Industries, Inc.		51,909,738

				268,139,586

		Cargo Ground Transportation 1.7%
	270,634	Saia, Inc.*		74,151,010

		Distributors 1.6%
	240,389	Pool Corp.		70,068,586

		Diversified Support Services 1.0%
	2,673,841	ACV Auctions, Inc., Class A*		43,369,701

		Electronic Equipment & Instruments 1.8%
	619,477	Novanta, Inc.*		79,869,170

		Electronic Manufacturing Services 3.4%
	516,249	Fabrinet*		152,128,255

		Environmental & Facilities Services 4.3%
	1,653,606	Casella Waste Systems, Inc., Class A*		190,793,060

		Financial Exchanges & Data 2.6%
	367,974	Morningstar, Inc.		115,518,078

		Health Care Equipment 1.3%
	442,535	Inspire Medical Systems, Inc.*		57,427,767


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

Schedule of Investments (continued)


Shares			Value
		Health Care Facilities 3.0%
	865,963	Ensign Group, Inc.	$	133,583,452

		Health Care Technology 1.5%
	5,686,332	Certara, Inc.*		66,530,084

		Home Furnishing Retail 1.0%
	5,017,457	Arhaus, Inc.* ^‡^‡		43,501,352

		Home Improvement Retail 1.3%
	783,496	Floor & Decor Holdings, Inc., Class A*		59,514,356

		Human Resource & Employment Services 1.9%
	477,575	Paylocity Holding Corp.*		86,531,814

		Industrial Machinery & Supplies & Components 7.8%
	480,808	Enpro, Inc.		92,098,772
	343,457	Kadant, Inc.		109,030,425
	379,038	RBC Bearings, Inc.*		145,853,822

				346,983,019

		Insurance Brokers 1.5%
	654,421	Goosehead Insurance, Inc., Class A		69,047,960

		Investment Banking & Brokerage 1.6%
	1,146,395	Moelis & Co., Class A		71,443,336

		IT Consulting & Other Services 0.9%
	433,415	Globant SA*		39,371,419

		Life Sciences Tools & Services 1.5%
	220,452	Medpace Holdings, Inc.*		69,191,065

		Managed Health Care 3.8%
	1,609,216	HealthEquity, Inc.*		168,581,468

		Other Specialty Retail 1.1%
	385,470	Five Below, Inc.*		50,565,955

		Packaged Foods & Meats 1.2%
	777,684	Freshpet, Inc.*		52,851,405

		Personal Care Products 1.7%
	1,343,784	BellRing Brands, Inc.*		77,845,407

		Property & Casualty Insurance 1.1%
	671,643	RLI Corp.		48,506,057

		Regional Banks 3.7%
	1,592,532	Bank OZK		74,944,556
	821,539	Pinnacle Financial Partners, Inc.		90,706,121

				165,650,677

		Research & Consulting Services 1.6%
	827,555	ICF International, Inc.		70,102,184

		Restaurants 1.5%
	193,998	Wingstop, Inc.		65,326,886

		Self-Storage REITs 1.2%
	1,700,303	National Storage Affiliates Trust		54,392,693

		Semiconductor Materials & Equipment 4.5%
	724,045	Camtek Ltd.*		61,225,245
	512,856	Nova Ltd.*		141,137,971

				202,363,216


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

Schedule of Investments


Shares			Value
		COMMON STOCKS 101.0%

		Apparel Retail 3.6%
	304,276	Trent Ltd.	$	22,058,905

		Asset Management & Custody Banks 5.1%
	987,769	Kfin Technologies Ltd.		15,535,431
	507,883	Prudent Corporate Advisory Services Ltd.		16,044,270

				31,579,701

		Building Products 3.2%
	965,922	Astral Ltd.		16,974,472
	272,454	KRN Heat Exchanger & Refrigeration Ltd.*		2,698,558

				19,673,030

		Commodity Chemicals 1.1%
	31,611	Solar Industries India Ltd.		6,487,626

		Computer & Electronics Retail 2.1%
	2,995,412	Aditya Vision Ltd.		13,013,263

		Construction Machinery & Heavy Transportation Equipment 1.0%
	442,280	Action Construction Equipment Ltd.		6,289,011

		Consumer Finance 25.8%
	5,680,780	Bajaj Finance Ltd.		62,041,801
	2,922,947	Cholamandalam Investment & Finance Co. Ltd.		55,532,413
	4,617,830	Five-Star Business Finance Ltd.*		41,594,513

				159,168,727

		Diversified Banks 9.2%
	1,245,334	HDFC Bank Ltd.		29,072,892
	1,110,193	Kotak Mahindra Bank Ltd.		28,009,108

				57,082,000

		Diversified Support Services 4.1%
	4,284,721	CMS Info Systems Ltd.		25,006,564

		Electrical Components & Equipment 1.9%
	150,016	Polycab India Ltd.		11,462,490

		Food Retail 1.1%
	127,822	Avenue Supermarts Ltd.*		6,519,933

		Health Care Facilities 9.9%
	3,641,787	Max Healthcare Institute Ltd.		54,185,170
	379,956	Rainbow Children’s Medicare Ltd.		6,920,326

				61,105,496

		Health Care Services 5.7%
	265,639	Dr. Lal PathLabs Ltd.		8,663,984
	2,302,052	Vijaya Diagnostic Centre Ltd.		26,454,534

				35,118,518

		Health Care Supplies 2.3%
	556,507	Poly Medicure Ltd.		14,432,254

		Hotels, Resorts & Cruise Lines 2.2%
	138,309	MakeMyTrip Ltd.*		13,557,048

		Industrial Machinery & Supplies & Components 4.4%
	4,332,906	Elgi Equipments Ltd.		27,111,502

		Interactive Media & Services 1.8%
	650,670	Info Edge India Ltd.		11,296,674


WASATCH EMERGING MARKETS SELECT FUND (WAESX / WIESX)		*JUNE 30, 2025 (UNAUDITED)*

Schedule of Investments


Shares			Value
		COMMON STOCKS 100.8%

		Airport Services 4.7%
	221,421	Grupo Aeroportuario del Centro Norte SAB de CV	$	2,908,699
	648,195	Grupo Aeroportuario del Pacifico SAB de CV, Class B		14,879,002

				17,787,701

		Apparel Retail 1.8%
	92,876	Trent Ltd.		6,733,173

		Broadline Retail 8.2%
	11,891	MercadoLibre, Inc.*		31,078,674

		Construction & Engineering 0.6%
	99,000	United Integrated Services Co. Ltd.		2,112,729

		Consumer Finance 12.6%
	2,495,450	Bajaj Finance Ltd.		27,253,689
	604,229	Cholamandalam Investment & Finance Co. Ltd.		11,479,611
	1,003,437	Five-Star Business Finance Ltd.*		9,038,330

				47,771,630

		Diversified Banks 6.0%
	328,863	HDFC Bank Ltd.		7,677,457
	1,091,588	NU Holdings Ltd., Class A*		14,976,588

				22,654,045

		Electrical Components & Equipment 7.0%
	253,868	Voltronic Power Technology Corp.		10,950,713
	1,997,602	WEG SA		15,729,034

				26,679,747

		Electronic Equipment & Instruments 3.4%
	492,007	Chroma ATE, Inc.		7,449,407
	303,920	Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		5,585,926

				13,035,333

		Food Retail 1.0%
	139,408	BBB Foods, Inc., Class A*		3,869,966

		Health Care Facilities 4.7%
	1,188,791	Max Healthcare Institute Ltd.		17,687,702

		Hotels, Resorts & Cruise Lines 5.3%
	75,852	MakeMyTrip Ltd.*		7,435,013
	215,574	Trip.com Group Ltd.		12,624,980

				20,059,993

		Industrial Machinery & Supplies & Components 1.6%
	950,699	Elgi Equipments Ltd.		5,948,635

		Interactive Home Entertainment 5.7%
	134,705	Sea Ltd., ADR*		21,544,718

		Interactive Media & Services 3.4%
	202,300	Tencent Holdings Ltd.		13,035,323

		IT Consulting & Other Services 4.9%
	27,255	EPAM Systems, Inc.*		4,819,229
	650,500	FPT Corp.		2,943,039
	85,579	Globant SA*		7,773,996
	41,798	Persistent Systems Ltd.		2,946,120

				18,482,384


WASATCH EMERGING MARKETS SELECT FUND (WAESX / WIESX)		*JUNE 30, 2025 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Life Sciences Tools & Services 5.9%
	280,826	Divi’s Laboratories Ltd.	$	22,311,273

		Property & Casualty Insurance 2.7%
	992,419	Qualitas Controladora SAB de CV		10,191,011

		Regional Banks 2.3%
	933,650	AU Small Finance Bank Ltd.		8,902,548

		Restaurants 2.7%
	644,200	Meituan, Class B*		10,362,625

		Semiconductor Materials & Equipment 1.5%
	439,578	Gudeng Precision Industrial Co. Ltd.		5,606,871

		Semiconductors 13.5%
	18,913	Alchip Technologies Ltd.		2,003,825
	130,826	ASPEED Technology, Inc.		21,275,461
	311,799	LEENO Industrial, Inc.		11,723,960
	1,331,862	Silergy Corp.		16,223,717

				51,226,963

		Technology Hardware, Storage & Peripherals 1.3%
	196,991	Asia Vital Components Co. Ltd.		5,031,631

		Total Common Stocks (cost $294,755,876)		382,114,675

		Total Investments (cost $294,755,876) 100.8%^§		382,114,675
		Liabilities less Other Assets (0.8%)		(3,039,471	)

		NET ASSETS 100.0%	$	379,075,204


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 59.94%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

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


Country	%
Brazil		8.0
China		10.9
India		33.4
Mexico		8.3
Singapore		5.6
South Korea		3.1
Taiwan		18.5
United States		11.4
Vietnam		0.8

TOTAL		100.0	%


WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX / WIEMX)		*JUNE 30, 2025 (UNAUDITED)*

Schedule of Investments


Shares			Value
		COMMON STOCKS 98.6%

		Airport Services 4.4%
	868,089	Grupo Aeroportuario del Centro Norte SAB de CV	$	11,403,658

		Asset Management & Custody Banks 4.7%
	264,279	Kfin Technologies Ltd.		4,156,527
	256,542	Prudent Corporate Advisory Services Ltd.		8,104,286

				12,260,813

		Automotive Retail 1.3%
	95,242	Aldrees Petroleum & Transport Services Co.		3,234,833

		Building Products 0.3%
	71,825	KRN Heat Exchanger & Refrigeration Ltd.*		711,401

		Commercial & Residential Mortgage Finance 3.2%
	344,343	Aavas Financiers Ltd.*		8,406,766

		Commodity Chemicals 0.7%
	280,662	Berger Paints India Ltd.		1,939,467

		Communications Equipment 1.5%
	159,000	Accton Technology Corp.		3,974,007

		Computer & Electronics Retail 0.6%
	375,118	Aditya Vision Ltd.		1,629,662

		Construction & Engineering 1.1%
	131,000	United Integrated Services Co. Ltd.		2,795,631

		Construction Machinery & Heavy Transportation Equipment 1.0%
	181,512	Action Construction Equipment Ltd.		2,581,014

		Consumer Finance 11.3%
	767,221	Cholamandalam Financial Holdings Ltd.		19,389,916
	1,103,429	Five-Star Business Finance Ltd.*		9,938,996

				29,328,912

		Diversified Banks 2.8%
	113,293	TBC Bank Group PLC		7,218,235

		Diversified Support Services 2.7%
	518,916	CMS Info Systems Ltd.		3,028,507
	4,112,109	Frontken Corp. Bhd.		3,872,834

				6,901,341

		Drug Retail 2.8%
	147,240	Clicks Group Ltd.		3,085,563
	40,760	Corporativo Fragua SAB de CV		1,198,678
	854,819	Yifeng Pharmacy Chain Co. Ltd., Class A		2,921,544

				7,205,785

		Electrical Components & Equipment 2.1%
	126,314	Voltronic Power Technology Corp.		5,448,613

		Electronic Equipment & Instruments 5.3%
	525,616	Chroma ATE, Inc.		7,958,276
	13,269	Park Systems Corp.		2,794,800
	163,487	Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		3,004,824

				13,757,900

		Electronic Manufacturing Services 2.4%
	21,499	Fabrinet*		6,335,325


WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX / WIEMX)		*JUNE 30, 2025 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Food Retail 1.0%
	63,064	BBB Foods, Inc., Class A*	$	1,750,657
	1,124,732	Philippine Seven Corp.*		908,491

				2,659,148

		Health Care Facilities 2.5%
	359,910	Rainbow Children’s Medicare Ltd.		6,555,218

		Health Care Services 2.4%
	539,054	Vijaya Diagnostic Centre Ltd.		6,194,657

		Human Resource & Employment Services 2.3%
	6,711	Benefit Systems SA		5,903,103

		Industrial Machinery & Supplies & Components 3.1%
	564,751	Elgi Equipments Ltd.		3,533,714
	1,055,730	Shenzhen Envicool Technology Co. Ltd., Class A		4,379,787

				7,913,501

		Interactive Media & Services 7.5%
	3,134,426	Baltic Classifieds Group PLC		16,048,209
	188,710	Info Edge India Ltd.		3,276,308

				19,324,517

		IT Consulting & Other Services 4.0%
	869,615	FPT Corp.		3,934,375
	51,149	Globant SA*		4,646,375
	26,283	Persistent Systems Ltd.		1,852,549

				10,433,299

		Life & Health Insurance 3.5%
	61,432	Co. for Cooperative Insurance		2,588,093
	522,315	Discovery Ltd.		6,349,491

				8,937,584

		Packaged Foods & Meats 1.1%
	9,781,589	Cisarua Mountain Dairy Tbk. PT		2,934,175

		Personal Care Products 1.0%
	223,451	Proya Cosmetics Co. Ltd., Class A		2,583,226

		Property & Casualty Insurance 4.6%
	1,147,952	Qualitas Controladora SAB de CV		11,788,157

		Regional Banks 5.3%
	1,430,516	AU Small Finance Bank Ltd.		13,640,269

		Semiconductor Materials & Equipment 0.7%
	143,679	Gudeng Precision Industrial Co. Ltd.		1,832,643

		Semiconductors 11.4%
	76,333	ASPEED Technology, Inc.		12,413,586
	193,510	LEENO Industrial, Inc.		7,276,173
	804,728	Silergy Corp.		9,802,576

				29,492,335

		Total Common Stocks (cost $159,118,992)		255,325,195


WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND (WAFMX / WIFMX)		*JUNE 30, 2025 (UNAUDITED)*

Schedule of Investments


Shares			Value
		COMMON STOCKS 100.8%

		Airport Services 3.1%
	89,986	Grupo Aeroportuario del Centro Norte SAB de CV	$	1,182,102

		Automotive Retail 1.7%
	18,820	Aldrees Petroleum & Transport Services Co.		639,209

		Broadline Retail 9.4%
	1,370	MercadoLibre, Inc.*		3,580,673

		Computer & Electronics Retail 2.6%
	141,600	FPT Digital Retail JSC*		972,632

		Consumer Finance 15.9%
	302,200	Bajaj Finance Ltd.		3,300,433
	39,227	Cholamandalam Financial Holdings Ltd.		991,381
	92,820	Cholamandalam Investment & Finance Co. Ltd.		1,763,466

				6,055,280

		Distillers & Vintners 2.5%
	181,250	Ginebra San Miguel, Inc.		933,117

		Diversified Banks 20.4%
	91,052	Banca Transilvania SA		655,792
	1,216,300	Bank Central Asia Tbk. PT		650,170
	44,428	Bank for Foreign Trade of Vietnam JSC*		96,976
	602,630	HD Bank		503,047
	955,505	Military Commercial Joint Stock Bank		944,017
	132,888	NU Holdings Ltd., Class A*		1,823,223
	37,527	TBC Bank Group PLC		2,390,957
	544,100	Vietnam Technological & Commercial Joint Stock Bank*		712,497

				7,776,679

		Diversified Support Services 1.2%
	486,702	Frontken Corp. Bhd.		458,382

		Drug Retail 0.4%
	5,341	Corporativo Fragua SAB de CV		157,069

		Electrical Components & Equipment 1.4%
	68,300	WEG SA		537,791

		Food Retail 0.5%
	6,080	BBB Foods, Inc., Class A*		168,781

		Health Care Facilities 8.6%
	15,380	Akdital Holding		2,479,970
	10,882	Dr. Sulaiman Al Habib Medical Services Group Co.		786,724

				3,266,694

		Health Care Services 1.0%
	8,817	Voxel SA		392,372

		Interactive Home Entertainment 7.2%
	17,217	Sea Ltd., ADR*		2,753,687

		Interactive Media & Services 7.5%
	556,035	Baltic Classifieds Group PLC		2,846,890

		IT Consulting & Other Services 6.4%
	1,315	Elm Co.		351,116
	334,825	FPT Corp.		1,514,839
	6,396	Globant SA*		581,013

				2,446,968


WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND (WAFMX / WIFMX)		*JUNE 30, 2025 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Life & Health Insurance 4.0%
	4,128	Bupa Arabia for Cooperative Insurance Co.	$	196,026
	7,329	Co. for Cooperative Insurance		308,766
	83,467	Discovery Ltd.		1,014,662

				1,519,454

		Property & Casualty Insurance 4.6%
	171,622	Qualitas Controladora SAB de CV		1,762,362

		Semiconductor Materials & Equipment 1.8%
	8,177	Camtek Ltd.*		691,447

		Soft Drinks & Non-Alcoholic Beverages 0.6%
	5,888,600	Sariguna Primatirta Tbk. PT		223,184

		Total Common Stocks (cost $27,322,207)		38,364,773

		Total Investments (cost $27,322,207) 100.8%^§		38,364,773
		Liabilities less Other Assets (0.8%)		(294,040	)

		NET ASSETS 100.0%	$	38,070,733


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 48.01%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

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


Country	%
Brazil		6.2
India		15.8
Indonesia		2.3
Israel		1.8
Malaysia		1.2
Mexico		8.5
Morocco		6.5
Philippines		2.4
Poland		1.0
Romania		1.7
Saudi Arabia		5.9
Singapore		7.2
South Africa		2.6
United Kingdom		13.7
United States		10.8
Vietnam		12.4

TOTAL		100.0	%


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

Schedule of Investments


Shares			Value
		COMMON STOCKS 101.0%

		Application Software 7.8%
	144,764	Clearwater Analytics Holdings, Inc., Class A*	$	3,174,674
	7,911	Guidewire Software, Inc.*		1,862,645
	63,710	nCino, Inc.*		1,781,969
	35,712	Q2 Holdings, Inc.*		3,342,286
	191,600	Rakus Co. Ltd.		3,071,153
	107,074	Technology One Ltd.		2,886,249

				16,118,976

		Asset Management & Custody Banks 4.1%
	26,764	Cohen & Steers, Inc.		2,016,667
	17,315	Hamilton Lane, Inc., Class A		2,460,808
	144,119	Kfin Technologies Ltd.		2,266,674
	77,664	Netwealth Group Ltd.		1,717,423

				8,461,572

		Automotive Parts & Equipment 2.1%
	32,909	Modine Manufacturing Co.*		3,241,536
	31,143	XPEL, Inc.*		1,118,034

				4,359,570

		Automotive Retail 1.9%
	103,833	Valvoline, Inc.*		3,932,156

		Biotechnology 0.1%
	119,677	C4 Therapeutics, Inc.*		171,138
	117,164	Sangamo Therapeutics, Inc.*		63,421

				234,559

		Broadline Retail 1.9%
	29,070	Ollie’s Bargain Outlet Holdings, Inc.*		3,830,845

		Building Products 2.6%
	96,717	Trex Co., Inc.*		5,259,470

		Cargo Ground Transportation 2.0%
	14,710	Saia, Inc.*		4,030,393

		Consumer Finance 4.5%
	155,362	Cholamandalam Financial Holdings Ltd.		3,926,452
	597,119	Five-Star Business Finance Ltd.*		5,378,473

				9,304,925

		Diversified Support Services 2.1%
	152,300	Japan Elevator Service Holdings Co. Ltd.		4,384,261

		Drug Retail 2.0%
	176,900	Sugi Holdings Co. Ltd.		4,043,964

		Electrical Components & Equipment 1.8%
	88,431	Voltronic Power Technology Corp.		3,814,512

		Health Care Equipment 1.7%
	10,081	DiaSorin SpA		1,078,970
	18,401	Inspire Medical Systems, Inc.*		2,387,898

				3,466,868

		Health Care Facilities 5.8%
	44,290	Ensign Group, Inc.		6,832,175
	342,989	Max Healthcare Institute Ltd.		5,103,241

				11,935,416


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

Schedule of Investments (continued)


Shares			Value
		Health Care Services 0.8%
	150,412	Vijaya Diagnostic Centre Ltd.	$	1,728,492

		Home Furnishing Retail 0.9%
	209,012	Arhaus, Inc.*		1,812,134

		Home Improvement Retail 1.0%
	26,496	Floor & Decor Holdings, Inc., Class A*		2,012,636

		Homebuilding 1.1%
	20,361	LGI Homes, Inc.*		1,048,998
	61,209	Smith Douglas Homes Corp.*		1,188,679

				2,237,677

		Human Resource & Employment Services 2.5%
	17,364	Paylocity Holding Corp.*		3,146,183
	200,300	SMS Co. Ltd.		2,054,658

				5,200,841

		Industrial Machinery & Supplies & Components 5.7%
	8,464	Kadant, Inc.		2,686,897
	15,791	RBC Bearings, Inc.*		6,076,377
	19,507	Standex International Corp.		3,052,455

				11,815,729

		Insurance Brokers 0.9%
	18,459	Goosehead Insurance, Inc., Class A		1,947,609

		Interactive Media & Services 0.5%
	33,485	Hemnet Group AB		983,146

		Investment Banking & Brokerage 1.0%
	294,860	AJ Bell PLC		2,077,308

		IT Consulting & Other Services 4.0%
	23,148	Globant SA*		2,102,764
	51,233	Persistent Systems Ltd.		3,611,143
	103,553	Softcat PLC		2,440,415

				8,154,322

		Leisure Products 0.7%
	47,779	YETI Holdings, Inc.*		1,505,994

		Life Sciences Tools & Services 3.1%
	52,688	Divi’s Laboratories Ltd.		4,185,996
	6,762	Medpace Holdings, Inc.*		2,122,321

				6,308,317

		Managed Health Care 3.8%
	74,934	HealthEquity, Inc.*		7,850,086

		Other Specialty Retail 1.0%
	16,504	Five Below, Inc.*		2,164,995

		Packaged Foods & Meats 1.7%
	50,752	Freshpet, Inc.*		3,449,106

		Personal Care Products 1.9%
	66,083	BellRing Brands, Inc.*		3,828,188

		Pharmaceuticals 0.1%
	136,683	Esperion Therapeutics, Inc.*		134,551

		Regional Banks 4.9%
	719,393	AU Small Finance Bank Ltd.		6,859,563


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

Schedule of Investments (continued)


Shares			Value
	69,550	Bank OZK	$	3,273,023

				10,132,586

		Research & Consulting Services 3.0%
	121,227	BayCurrent, Inc.		6,236,453

		Semiconductor Materials & Equipment 4.7%
	31,025	Camtek Ltd.*		2,623,474
	86,114	Gudeng Precision Industrial Co. Ltd.		1,098,395
	21,440	Nova Ltd.*		5,900,288

				9,622,157

		Semiconductors 7.4%
	37,347	ASPEED Technology, Inc.		6,073,523
	56,232	LEENO Industrial, Inc.		2,114,380
	32,869	Melexis NV		2,801,754
	349,741	Silergy Corp.		4,260,276

				15,249,933

		Specialty Chemicals 1.1%
	14,594	Balchem Corp.		2,323,365

		Trading Companies & Distributors 5.0%
	64,300	Diploma PLC		4,316,451
	308,800	MonotaRO Co. Ltd.		6,078,989

				10,395,440

		Transaction & Payment Processing Services 3.8%
	79,544	Shift4 Payments, Inc., Class A*		7,883,606

		Total Common Stocks (cost $145,351,464)		208,232,158

		Total Investments (cost $145,351,464) 101.0%^§		208,232,158
		Liabilities less Other Assets (1.0%)		(2,012,531	)

		NET ASSETS 100.0%	$	206,219,627


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 43.40%. See Notes to Schedules of Investments.

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


Country	%
Australia		2.2
Belgium		1.4
India		15.9
Israel		4.1
Italy		0.5
Japan		12.4
South Korea		1.0
Sweden		0.5
Taiwan		7.3
United Kingdom		4.2
United States		50.5

TOTAL		100.0	%


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

Schedule of Investments


Shares			Value
		COMMON STOCKS 100.0%

		Aerospace & Defense 3.7%
	2,054	HEICO Corp., Class A	$	531,472

		Application Software 13.2%
	4,367	Descartes Systems Group, Inc.*		443,611
	513	HubSpot, Inc.*		285,551
	4,602	Procore Technologies, Inc.*		314,869
	988	Roper Technologies, Inc.		560,038
	2,348	Xero Ltd.*		277,837

				1,881,906

		Broadline Retail 8.5%
	3,728	Dollarama, Inc.		525,274
	264	MercadoLibre, Inc.*		689,998

				1,215,272

		Building Products 2.0%
	5,234	Trex Co., Inc.*		284,625

		Cargo Ground Transportation 2.7%
	2,375	Old Dominion Freight Line, Inc.		385,463

		Consumer Finance 4.9%
	63,716	Bajaj Finance Ltd.		695,865

		Distributors 2.2%
	1,102	Pool Corp.		321,211

		Diversified Banks 4.8%
	15,308	HDFC Bank Ltd.		357,372
	23,660	NU Holdings Ltd., Class A*		324,615

				681,987

		Diversified Support Services 2.8%
	8,269	Copart, Inc.*		405,760

		Drug Retail 3.2%
	19,900	Sugi Holdings Co. Ltd.		454,917

		Electrical Components & Equipment 2.3%
	42,000	WEG SA		330,706

		Electronic Components 4.1%
	5,879	Amphenol Corp., Class A		580,551

		Electronic Equipment & Instruments 3.4%
	11,033	Halma PLC		484,945

		Financial Exchanges & Data 3.7%
	1,671	Morningstar, Inc.		524,577

		Health Care Equipment 1.9%
	2,476	DiaSorin SpA		265,007

		Home Improvement Retail 1.9%
	3,628	Floor & Decor Holdings, Inc., Class A*		275,583

		Hotels, Resorts & Cruise Lines 1.7%
	4,117	Trip.com Group Ltd.		241,110

		Industrial Machinery & Supplies & Components 3.4%
	1,257	RBC Bearings, Inc.*		483,694

		Interactive Media & Services 4.1%
	4,205	Scout24 SE		580,495


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

Schedule of Investments (continued)


Shares			Value
		IT Consulting & Other Services 1.5%
	2,369	Globant SA*	$	215,200

		Managed Health Care 4.3%
	5,878	HealthEquity, Inc.*		615,779

		Movies & Entertainment 2.7%
	494	Spotify Technology SA*		379,066

		Research & Consulting Services 4.0%
	11,117	BayCurrent, Inc.		571,908

		Semiconductor Materials & Equipment 3.1%
	701	ASM International NV		449,676

		Semiconductors 4.6%
	582	Monolithic Power Systems, Inc.		425,663
	19,420	Silergy Corp.		236,560

				662,223

		Trading Companies & Distributors 2.4%
	17,276	MonotaRO Co. Ltd.		340,093

		Transaction & Payment Processing Services 2.9%
	4,139	Shift4 Payments, Inc., Class A*		410,216

		Total Common Stocks (cost $10,292,870)		14,269,307

		Total Investments (cost $10,292,870) 100.0%^§		14,269,307
		Other Assets less Liabilities 0.0%		6,196

		NET ASSETS 100.0%	$	14,275,503


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 34.72%. See Notes to Schedules of Investments.

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


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

TOTAL		100.0	%


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

Schedule of Investments


Shares			Value
		COMMON STOCKS 98.7%

		Broadline Retail 1.8%
	174,000	Alibaba Group Holding Ltd.	$	2,463,134

		Consumer Staples Merchandise Retail 3.0%
	35,000	Dollar General Corp.		4,003,300

		Diversified Banks 16.5%
	55,000	Citigroup, Inc.		4,681,600
	187,000	ING Groep NV, ADR		4,089,690
	19,000	JPMorgan Chase & Co.		5,508,290
	47,500	Toronto-Dominion Bank		3,493,740
	162,000	United Overseas Bank Ltd.		4,585,199

				22,358,519

		Diversified Metals & Mining 2.0%
	115,000	BHP Group Ltd.		2,766,623

		Electric Utilities 10.4%
	44,000	Duke Energy Corp.		5,192,000
	66,000	Evergy, Inc.		4,549,380
	99,000	Exelon Corp.		4,298,580

				14,039,960

		Food Retail 2.8%
	90,000	Koninklijke Ahold Delhaize NV		3,758,980

		Health Care Services 2.6%
	20,000	Quest Diagnostics, Inc.		3,592,600

		Industrial REITs 1.9%
	1,625,000	Mapletree Industrial Trust		2,608,278

		Integrated Oil & Gas 8.0%
	24,000	Chevron Corp.		3,436,560
	69,000	Suncor Energy, Inc.		2,584,681
	78,000	TotalEnergies SE		4,767,569

				10,788,810

		Integrated Telecommunication Services 7.1%
	110,000	AT&T, Inc.		3,183,400
	17,000,000	Telkom Indonesia Persero Tbk. PT		2,908,386
	80,000	Verizon Communications, Inc.		3,461,600

				9,553,386

		IT Consulting & Other Services 2.8%
	41,000	Amdocs Ltd.		3,740,840

		Managed Health Care 2.3%
	58,500	Centene Corp.*		3,175,380

		Multi-Line Insurance 3.1%
	87,000	AXA SA		4,272,138

		Other Specialized REITs 3.2%
	132,000	VICI Properties, Inc.		4,303,200

		Paper Products 1.5%
	73,500	UPM-Kymmene OYJ		2,007,139

		Pharmaceuticals 10.7%
	39,900	Johnson & Johnson		6,094,725
	42,950	Novartis AG		5,213,146


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

Schedule of Investments (continued)


Shares			Value
	180,000	Shionogi & Co. Ltd.	$	3,240,410

				14,548,281

		Property & Casualty Insurance 1.6%
	21,000	Axis Capital Holdings Ltd.		2,180,220

		Rail Transportation 3.3%
	19,400	Union Pacific Corp.		4,463,552

		Reinsurance 2.6%
	5,500	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		3,571,340

		Retail REITs 2.2%
	140,000	Kimco Realty Corp.		2,942,800

		Semiconductors 1.2%
	72,000	Intel Corp.		1,612,800

		Technology Hardware, Storage & Peripherals 2.7%
	81,500	Samsung Electronics Co. Ltd.		3,604,061

		Tobacco 3.9%
	56,000	KT&G Corp.		5,285,641

		Trading Companies & Distributors 1.5%
	90,000	Toyota Tsusho Corp.		2,038,612

		Total Common Stocks (cost $99,101,102)		133,679,594

		Total Investments (cost $99,101,102) 98.7%^§		133,679,594
		Other Assets less Liabilities 1.3%		1,726,722

		NET ASSETS 100.0%	$	135,406,316


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 39.21%. ADR American Depositary Receipt. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

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


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

TOTAL		100.0	%


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

Schedule of Investments


Shares			Value
		COMMON STOCKS 98.3%

		Airport Services 2.2%
	373,819	Grupo Aeroportuario del Centro Norte SAB de CV	$	4,910,676

		Apparel Retail 1.5%
	64,565	Aritzia, Inc.*		3,345,005

		Application Software 7.0%
	50,727	Descartes Systems Group, Inc.*		5,152,977
	299,000	Rakus Co. Ltd.		4,792,665
	219,815	Technology One Ltd.		5,925,256

				15,870,898

		Asset Management & Custody Banks 4.1%
	302,051	JTC PLC		3,538,276
	120,290	Kfin Technologies Ltd.		1,891,897
	177,474	Netwealth Group Ltd.		3,924,571

				9,354,744

		Broadline Retail 1.9%
	91,900	Ryohin Keikaku Co. Ltd.		4,407,406

		Building Products 2.4%
	164,527	Carel Industries SpA		4,385,676
	69,789	Munters Group AB		1,022,779

				5,408,455

		Casinos & Gaming 2.4%
	197,300	Sportradar Group AG, Class A*		5,540,184

		Commercial & Residential Mortgage Finance 2.2%
	89,273	Aavas Financiers Ltd.*		2,179,505
	392,295	OSB Group PLC		2,818,511

				4,998,016

		Communications Equipment 0.5%
	1,608,802	Plover Bay Technologies Ltd.		1,188,132

		Consumer Finance 4.1%
	296,627	Cholamandalam Financial Holdings Ltd.		7,496,631
	211,182	Five-Star Business Finance Ltd.*		1,902,195

				9,398,826

		Diversified Banks 2.1%
	38,100	Rakuten Bank Ltd.*		1,746,614
	48,265	TBC Bank Group PLC		3,075,107

				4,821,721

		Diversified Real Estate Activities 1.1%
	256,640	Patrizia SE		2,486,563

		Diversified Support Services 2.5%
	201,293	Japan Elevator Service Holdings Co. Ltd.		5,794,623

		Drug Retail 2.8%
	279,000	Sugi Holdings Co. Ltd.		6,377,987

		Electrical Components & Equipment 0.9%
	47,227	Voltronic Power Technology Corp.		2,037,158

		Electronic Equipment & Instruments 5.0%
	147,163	Halma PLC		6,468,416
	150,617	Lagercrantz Group AB, Class B		3,625,466


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

Schedule of Investments (continued)


Shares			Value
	5,743	Park Systems Corp.	$	1,209,627

				11,303,509

		Health Care Equipment 2.2%
	47,070	DiaSorin SpA		5,037,907

		Health Care Facilities 1.6%
	242,393	Max Healthcare Institute Ltd.		3,606,500

		Health Care Technology 0.7%
	56,827	JMDC, Inc.		1,566,669

		Human Resource & Employment Services 2.8%
	2,723	Benefit Systems SA		2,395,194
	388,205	SMS Co. Ltd.		3,982,169

				6,377,363

		Industrial Machinery & Supplies & Components 3.3%
	81,000	Airtac International Group		2,411,619
	11,629	Kardex Holding AG		4,044,667
	29,376	Stabilus SE		958,666

				7,414,952

		Interactive Media & Services 10.1%
	1,075,600	Baltic Classifieds Group PLC		5,507,054
	130,093	Hemnet Group AB		3,819,632
	106,200	Kakaku.com, Inc.		1,969,387
	419,420	Rightmove PLC		4,539,557
	52,035	Scout24 SE		7,183,369

				23,018,999

		Investment Banking & Brokerage 2.6%
	828,768	AJ Bell PLC		5,838,726

		IT Consulting & Other Services 4.3%
	61,083	Endava PLC, ADR*		935,791
	15,890	Globant SA*		1,443,448
	8,324	Reply SpA		1,438,554
	257,381	Softcat PLC		6,065,650

				9,883,443

		Life & Health Insurance 1.4%
	271,848	Discovery Ltd.		3,304,704

		Movies & Entertainment 1.7%
	31,533	CTS Eventim AG & Co. KGaA		3,921,150

		Property & Casualty Insurance 5.5%
	156,200	Definity Financial Corp.		9,104,163
	325,118	Qualitas Controladora SAB de CV		3,338,591

				12,442,754

		Regional Banks 2.1%
	361,961	AU Small Finance Bank Ltd.		3,451,374
	16,739	EQB, Inc.		1,272,987

				4,724,361

		Research & Consulting Services 3.2%
	124,300	BayCurrent, Inc.		6,394,542
	125,700	Rise Consulting Group, Inc.		972,610

				7,367,152

		Semiconductor Materials & Equipment 1.4%
	21,407	Camtek Ltd.*		1,810,176


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

Schedule of Investments (continued)


Shares			Value
	136,200	Japan Material Co. Ltd.	$	1,391,761

				3,201,937

		Semiconductors 4.0%
	10,479	ASPEED Technology, Inc.		1,704,138
	69,098	LEENO Industrial, Inc.		2,598,155
	24,192	Melexis NV		2,062,127
	229,768	Silergy Corp.		2,798,857

				9,163,277

		Specialty Chemicals 0.8%
	10,669	AlzChem Group AG		1,746,768

		Trading Companies & Distributors 7.9%
	85,411	Diploma PLC		5,733,630
	429,348	MonotaRO Co. Ltd.		8,452,079
	249,783	OEM International AB, Class B		3,688,724

				17,874,433

		Total Common Stocks (cost $141,869,485)		223,734,998

		Total Investments (cost $141,869,485) 98.3%^§		223,734,998
		Other Assets less Liabilities 1.7%		3,759,735

		NET ASSETS 100.0%	$	227,494,733


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 78.14%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

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


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

TOTAL		100.0	%


WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX / WIIOX)		*JUNE 30, 2025 (UNAUDITED)*

Schedule of Investments


Shares			Value
		COMMON STOCKS 100.2%

		Alternative Carriers 2.6%
	116,307	Chief Telecom, Inc.	$	1,611,490

		Application Software 12.9%
	13,873	Atoss Software SE		2,306,600
	103,801	Bytes Technology Group PLC		729,104
	123,618	m-up Holdings, Inc.		1,772,502
	76,632	Rakus Co. Ltd.		1,228,333
	3,142	Sidetrade*		928,608
	46,900	Smaregi, Inc.		990,442

				7,955,589

		Asset Management & Custody Banks 6.2%
	76,193	JTC PLC		892,538
	57,463	Prudent Corporate Advisory Services Ltd.		1,815,284
	119,827	Tatton Asset Management PLC		1,111,888

				3,819,710

		Building Products 0.4%
	23,998	KRN Heat Exchanger & Refrigeration Ltd.*		237,691

		Commercial & Residential Mortgage Finance 6.6%
	68,387	Aavas Financiers Ltd.*		1,669,596
	196,555	Mortgage Advice Bureau Holdings Ltd.		2,383,854

				4,053,450

		Commodity Chemicals 2.3%
	110,430	Berger Paints India Ltd.		763,108
	13,272	Supreme Industries Ltd.		679,763

				1,442,871

		Communications Equipment 0.5%
	410,618	Plover Bay Technologies Ltd.		303,250

		Construction Machinery & Heavy Transportation Equipment 1.2%
	52,663	Action Construction Equipment Ltd.		748,843

		Consumer Finance 1.0%
	41,950	Premium Group Co. Ltd.		610,342

		Data Processing & Outsourced Services 1.4%
	295,300	Infomart Corp.		853,392

		Distributors 1.5%
	37,966	Supply Network Ltd.		934,414

		Diversified Support Services 12.8%
	243,041	CMS Info Systems Ltd.		1,418,440
	802,131	Frontken Corp. Bhd.		755,457
	113,200	Japan Elevator Service Holdings Co. Ltd.		3,258,689
	723,156	Johnson Service Group PLC		1,508,813
	239,997	Prestige International, Inc.		1,004,367

				7,945,766

		Drug Retail 0.7%
	45,000	Apotea Sverige AB*		418,764

		Electrical Components & Equipment 1.5%
	21,631	Voltronic Power Technology Corp.		933,063

		Electronic Equipment & Instruments 5.6%
	96,000	Blackline Safety Corp.*		507,582
	41,203	Nayax Ltd.*		2,080,846


WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX / WIIOX)		*JUNE 30, 2025 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
	4,288	Park Systems Corp.	$	903,165

				3,491,593

		Food Retail 4.9%
	16,726	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		1,614,525
	946,900	Sheng Siong Group Ltd.		1,393,564

				3,008,089

		Health Care Facilities 1.8%
	59,763	Rainbow Children’s Medicare Ltd.		1,088,493

		Health Care Services 2.6%
	138,893	Vijaya Diagnostic Centre Ltd.		1,596,119

		Human Resource & Employment Services 2.2%
	1,571	Benefit Systems SA		1,381,877

		Industrial Machinery & Supplies & Components 1.2%
	116,657	Elgi Equipments Ltd.		729,937

		Interactive Media & Services 7.6%
	499,784	Baltic Classifieds Group PLC		2,558,886
	62,326	Hemnet Group AB		1,829,940
	22,439	MarkLines Co. Ltd.		297,728

				4,686,554

		Investment Banking & Brokerage 2.7%
	239,498	AJ Bell PLC		1,687,279

		IT Consulting & Other Services 2.0%
	57,758	baudroie, Inc.*		1,266,213

		Personal Care Products 2.2%
	89,187	Sarantis SA		1,386,764

		Property & Casualty Insurance 2.6%
	155,998	Qualitas Controladora SAB de CV		1,601,921

		Real Estate Services 1.9%
	19,944	AZOOM Co. Ltd.		1,200,798

		Regional Banks 1.6%
	13,251	EQB, Inc.		1,007,728

		Research & Consulting Services 3.7%
	90,000	Rise Consulting Group, Inc.		696,380
	179,800	SIGMAXYZ Holdings, Inc.		1,563,338

				2,259,718

		Semiconductor Materials & Equipment 0.6%
	30,822	Gudeng Precision Industrial Co. Ltd.		393,138

		Semiconductors 4.5%
	12,628	Elmos Semiconductor SE		1,336,367
	38,225	LEENO Industrial, Inc.		1,437,299

				2,773,666

		Trading Companies & Distributors 0.9%
	93,342	Ashtead Technology Holdings PLC		568,166

		Total Common Stocks (cost $32,904,835)		61,996,688


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

Schedule of Investments


Shares			Value
		COMMON STOCKS 96.4%

		Aerospace & Defense 2.6%
	4,868	BAE Systems PLC	$	126,339

		Apparel, Accessories & Luxury Goods 1.9%
	34	Hermes International SCA		92,169

		Application Software 7.2%
	48	Constellation Software, Inc.		176,004
	1,102	Descartes Systems Group, Inc.*		111,944
	544	Xero Ltd.*		64,371

				352,319

		Asset Management & Custody Banks 1.5%
	56	Partners Group Holding AG		73,266

		Automobile Manufacturers 4.5%
	444	Ferrari NV		217,520

		Broadline Retail 7.2%
	1,877	Dollarama, Inc.		264,468
	1,777	Ryohin Keikaku Co. Ltd.		85,223

				349,691

		Building Products 3.8%
	181	Belimo Holding AG		184,494

		Casinos & Gaming 3.8%
	6,634	Sportradar Group AG, Class A*		186,283

		Diversified Banks 2.4%
	2,534	Rakuten Bank Ltd.*		116,166

		Diversified Real Estate Activities 3.7%
	4,700	Sumitomo Realty & Development Co. Ltd.		181,511

		Drug Retail 2.7%
	5,800	Sugi Holdings Co. Ltd.		132,589

		Electronic Equipment & Instruments 3.5%
	3,882	Halma PLC		170,630

		Health Care Equipment 2.4%
	1,115	DiaSorin SpA		119,339

		Industrial Machinery & Supplies & Components 1.3%
	146	VAT Group AG		61,865

		Interactive Home Entertainment 5.1%
	2,600	Nintendo Co. Ltd.		249,677

		Interactive Media & Services 7.1%
	959	REA Group Ltd.		151,866
	1,414	Scout24 SE		195,201

				347,067

		Movies & Entertainment 5.1%
	325	Spotify Technology SA*		249,386

		Pharmaceuticals 2.0%
	4,100	Daiichi Sankyo Co. Ltd.		94,989

		Property & Casualty Insurance 5.3%
	4,432	Definity Financial Corp.		258,320

		Real Estate Services 3.9%
	1,079	FirstService Corp.		188,289


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

Schedule of Investments (continued)


Shares			Value
		Research & Consulting Services 5.6%
	2,350	BayCurrent, Inc.	$	120,895
	899	Wolters Kluwer NV		150,347

				271,242

		Semiconductor Materials & Equipment 7.1%
	294	ASM International NV		188,594
	1,060	BE Semiconductor Industries NV		158,527

				347,121

		Soft Drinks & Non-Alcoholic Beverages 2.1%
	1,935	Coca-Cola HBC AG		101,089

		Trading Companies & Distributors 2.0%
	5,000	MonotaRO Co. Ltd.		98,429

		Transaction & Payment Processing Services 2.6%
	70	Adyen NV*		128,558

		Total Common Stocks (cost $3,413,153)		4,698,348

		Total Investments (cost $3,413,153) 96.4%^§		4,698,348
		Other Assets less Liabilities 3.6%		176,719

		NET ASSETS 100.0%	$	4,875,067


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 66.95%. See Notes to Schedules of Investments.

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


Country	%
Australia		4.6
Canada		21.3
France		1.9
Germany		4.1
Italy		7.2
Japan		23.0
Netherlands		13.3
Sweden		5.3
Switzerland		10.8
United Kingdom		8.5

TOTAL		100.0	%


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

Schedule of Investments


Shares			Value
		COMMON STOCKS 95.4%

		Automotive Parts & Equipment 2.0%
	3,950	Magna International, Inc.	$	152,692

		Broadline Retail 1.9%
	10,300	Alibaba Group Holding Ltd.		145,806

		Construction & Engineering 1.8%
	3,000	Bouygues SA		135,674

		Diversified Banks 19.4%
	19,000	HSBC Holdings PLC		229,828
	11,700	ING Groep NV		256,437
	247,000	Krung Thai Bank PCL		161,836
	17,200	Nordea Bank Abp		255,524
	31,000	Piraeus Financial Holdings SA		214,761
	2,710	Toronto-Dominion Bank		199,327
	5,200	United Overseas Bank Ltd.		147,179

				1,464,892

		Diversified Metals & Mining 2.4%
	2,600	Rio Tinto Ltd.		184,055

		Electronic Manufacturing Services 2.1%
	17,500	Venture Corp. Ltd.		157,044

		Food Retail 2.1%
	3,813	Koninklijke Ahold Delhaize NV		159,255

		Health Care Distributors 2.0%
	9,100	Medipal Holdings Corp.		147,583

		Industrial Machinery & Supplies & Components 2.4%
	2,400	ANDRITZ AG		178,747

		Industrial REITs 1.7%
	78,000	Mapletree Industrial Trust		125,197

		Integrated Oil & Gas 8.7%
	20,000	BP PLC		99,646
	11,900	Eni SpA		192,234
	4,400	Suncor Energy, Inc.		164,820
	3,200	TotalEnergies SE		195,593

				652,293

		Integrated Telecommunication Services 6.2%
	4,200	Deutsche Telekom AG		153,735
	18,032	Telekom Austria AG		204,974
	630,000	Telkom Indonesia Persero Tbk. PT		107,781

				466,490

		Multi-Line Insurance 2.5%
	3,900	AXA SA		191,510

		Multi-Utilities 7.0%
	9,536	Engie SA		224,123
	20,500	National Grid PLC		300,912

				525,035

		Paper Products 2.3%
	6,400	UPM-Kymmene OYJ		174,771

		Pharmaceuticals 9.1%
	6,700	GSK PLC		127,745
	1,750	Novartis AG		212,410


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

Schedule of Investments (continued)


Shares			Value
	1,970	Sanofi SA	$	190,723
	8,500	Shionogi & Co. Ltd.		153,020

				683,898

		Real Estate Development 3.0%
	213,000	Sino Land Co. Ltd.		226,874

		Regional Banks 2.2%
	14,500	Shizuoka Financial Group, Inc.		168,709

		Reinsurance 3.8%
	200	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		129,867
	920	Swiss Re AG		159,148

				289,015

		Soft Drinks & Non-Alcoholic Beverages 2.4%
	5,600	Suntory Beverage & Food Ltd.		179,085

		Technology Hardware, Storage & Peripherals 2.6%
	4,450	Samsung Electronics Co. Ltd.		196,786

		Tobacco 5.4%
	4,600	British American Tobacco PLC		218,713
	6,400	Japan Tobacco, Inc.		188,540

				407,253

		Trading Companies & Distributors 2.4%
	7,900	Toyota Tsusho Corp.		178,945

		Total Common Stocks (cost $6,267,422)		7,191,609

		Total Investments (cost $6,267,422) 95.4%^§		7,191,609
		Other Assets less Liabilities 4.6%		346,952

		NET ASSETS 100.0%	$	7,538,561


		^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 83.68%. See Notes to Schedules of Investments.

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


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

TOTAL		100.0	%


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

Schedule of Investments


Shares			Value
		COMMON STOCKS 121.5%

		Agricultural & Farm Machinery 1.6%
	4,355	Alamo Group, Inc.	$	951,045

		Application Software 14.7%
	8,662	Guidewire Software, Inc.^*^†^†		2,039,468
	3,194	HubSpot, Inc.^*^†^†		1,777,876
	4,985	Roper Technologies, Inc.^†^†		2,825,698
	9,451	Workday, Inc., Class A^*^†^†		2,268,240

				8,911,282

		Asset Management & Custody Banks 3.2%
	13,573	Hamilton Lane, Inc., Class A^†^†		1,928,995

		Automotive Parts & Equipment 0.9%
	15,522	XPEL, Inc.^*^†^†		557,240

		Automotive Retail 3.2%
	51,363	Valvoline, Inc.^*		1,945,117

		Biotechnology 2.8%
	357,257	C4 Therapeutics, Inc.^*		510,878
	168,804	MacroGenics, Inc.^*		204,253
	57,441	Nkarta, Inc.^*		95,352
	25,452	Nurix Therapeutics, Inc.^*^†^†		289,898
	279,690	Sangamo Therapeutics, Inc.^*		151,396
	15,754	Viking Therapeutics, Inc.^*^†^†		417,481

				1,669,258

		Broadcasting 2.1%
	74,823	TEGNA, Inc.^†^†		1,254,033

		Building Products 2.0%
	22,815	Trex Co., Inc.^*^†^†		1,240,680

		Cargo Ground Transportation 2.1%
	7,751	Old Dominion Freight Line, Inc.^†^†		1,257,987

		Construction Machinery & Heavy Transportation Equipment 2.1%
	11,342	Oshkosh Corp.^†^†		1,287,771

		Consumer Finance 2.2%
	96,109	EZCORP, Inc., Class A^*^†^†		1,333,993

		Distributors 2.6%
	5,339	Pool Corp.^†^†		1,556,212

		Electronic Equipment & Instruments 2.9%
	13,694	Novanta, Inc.^*^†^†		1,765,567

		Electronic Manufacturing Services 4.4%
	9,113	Fabrinet^*		2,685,419

		Financial Exchanges & Data 4.5%
	8,633	Morningstar, Inc.^†^†		2,710,158

		Health Care Equipment 2.0%
	9,445	Inspire Medical Systems, Inc.^*^†^†		1,225,678

		Health Care Facilities 5.7%
	22,172	Ensign Group, Inc.^†^†		3,420,253

		Health Care Services 4.4%
	12,973	Addus HomeCare Corp.^*^†^†		1,494,360
	39,034	Pennant Group, Inc.^*		1,165,165

				2,659,525


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

Schedule of Investments (continued)


Shares			Value
		Health Care Supplies 2.2%
	5,346	UFP Technologies, Inc.^*^†^†	$	1,305,279

		Home Improvement Retail 2.2%
	17,605	Floor & Decor Holdings, Inc., Class A^*^†^†		1,337,276

		Homebuilding 2.1%
	20,143	Champion Homes, Inc.^*^†^†		1,261,153

		Human Resource & Employment Services 2.1%
	7,165	Paylocity Holding Corp.^*^†^†		1,298,226

		Industrial Machinery & Supplies & Components 8.3%
	7,930	Kadant, Inc.^†^†		2,517,378
	6,465	RBC Bearings, Inc.^*^†^†		2,487,732

				5,005,110

		Investment Banking & Brokerage 2.2%
	20,918	Moelis & Co., Class A^†^†		1,303,610

		IT Consulting & Other Services 1.0%
	6,822	Globant SA^*^†^†		619,710

		Leisure Products 1.7%
	33,018	YETI Holdings, Inc.^*^†^†		1,040,727

		Life Sciences Tools & Services 2.4%
	4,550	Medpace Holdings, Inc.^*^†^†		1,428,063

		Managed Health Care 4.6%
	26,812	HealthEquity, Inc.^*^†^†		2,808,825

		Oil & Gas Equipment & Services 1.8%
	24,983	Cactus, Inc., Class A^†^†		1,092,257

		Oil & Gas Storage & Transportation 1.9%
	103,615	DHT Holdings, Inc.^†^†		1,120,078

		Other Specialty Retail 1.0%
	4,573	Five Below, Inc.^*^†^†		599,886

		Packaged Foods & Meats 2.7%
	32,179	Flowers Foods, Inc.^†^†		514,221
	16,340	Freshpet, Inc.^*^†^†		1,110,466

				1,624,687

		Passenger Airlines 1.6%
	9,051	Copa Holdings SA, Class A		995,338

		Pharmaceuticals 2.3%
	476,030	Esperion Therapeutics, Inc.^*		468,604
	98,309	Phathom Pharmaceuticals, Inc.^*^†^†		942,783

				1,411,387

		Property & Casualty Insurance 1.5%
	8,942	Axis Capital Holdings Ltd.^†^†		928,358

		Regional Banks 3.6%
	46,833	Bank OZK^†^†		2,203,961

		Research & Consulting Services 2.2%
	15,840	ICF International, Inc.^†^†		1,341,806

		Self-Storage REITs 2.5%
	47,741	National Storage Affiliates Trust^†^†		1,527,235

		Semiconductor Materials & Equipment 1.3%
	36,467	PDF Solutions, Inc.^*^†^†		779,664


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

Schedule of Investments (continued)


Shares			Value
		Semiconductors 4.0%
	3,304	Monolithic Power Systems, Inc.^†^†	$	2,416,480

		Technology Distributors 1.0%
	14,094	ScanSource, Inc.^*^†^†		589,270

		Transaction & Payment Processing Services 1.9%
	11,104	Euronet Worldwide, Inc.^*^†^†		1,125,724

		Total Common Stocks (cost $66,843,867)		73,524,323


		WARRANTS 0.0%

		Biotechnology 0.0%
	178,571	Sangamo Therapeutics, Inc., expiring 9/26/2029^{* *** †}		17,857


		Total Warrants (cost $36,978)		17,857


		COMMON STOCKS SOLD SHORT (42.6%)

		Advertising 0.9%
	(46,465)	Thryv Holdings, Inc.^*		(565,014	)

		Aerospace & Defense 0.6%
	(9,479)	Rocket Lab Corp.^*		(339,064	)

		Alternative Carriers 0.7%
	(18,887)	Globalstar, Inc.^*		(444,789	)

		Apparel Retail 0.8%
	(23,060)	Revolve Group, Inc.^*		(462,353	)

		Apparel, Accessories & Luxury Goods 0.6%
	(67,864)	Figs, Inc., Class A^*		(382,753	)

		Application Software 5.8%
	(33,133)	Asana, Inc., Class A^*		(447,296	)
	(22,782)	Confluent, Inc., Class A^*		(567,955	)
	(104,429)	CS Disco, Inc.^*		(456,355	)
	(50,760)	Domo, Inc., Class B^*		(709,117	)
	(30,109)	Meridianlink, Inc.^*		(488,669	)
	(60,624)	Sprinklr, Inc., Class A^*		(512,879	)
	(37,041)	Yext, Inc.^*		(314,848	)

				(3,497,119	)

		Asset Management & Custody Banks 0.5%
	(1,589)	ARES Management Corp., Class A		(275,215	)

		Biotechnology 0.7%
	(8,266)	CRISPR Therapeutics AG^*		(402,058	)

		Communications Equipment 1.1%
	(7,250)	Lumentum Holdings, Inc.^*		(689,185	)

		Electrical Components & Equipment 0.4%
	(29,177)	Sunrun, Inc.^*		(238,668	)

		Electronic Equipment & Instruments 0.5%
	(308,257)	SmartRent, Inc.^*		(305,174	)

		Health Care Equipment 0.9%
	(36,952)	Alphatec Holdings, Inc.^*		(410,167	)
	(64,583)	Pulmonx Corp.^*		(167,270	)

				(577,437	)


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

Schedule of Investments (continued)


Shares			Value
		Health Care Facilities 1.2%
	(25,995)	Acadia Healthcare Co., Inc.^*	$	(589,827	)
	(1,531)	National HealthCare Corp.		(163,832	)

				(753,659	)

		Health Care REITs 0.6%
	(2,229)	Welltower, Inc.		(342,664	)

		Health Care Services 0.5%
	(102,842)	Talkspace, Inc.^*		(285,901	)

		Health Care Technology 0.6%
	(13,755)	Phreesia, Inc.^*		(391,467	)

		Heavy Electrical Equipment 1.1%
	(14,639)	Bloom Energy Corp., Class A^*		(350,165	)
	(8,512)	NuScale Power Corp.^*		(336,735	)

				(686,900	)

		Homebuilding 0.7%
	(17,752)	Legacy Housing Corp.^*		(402,260	)

		Hotels, Resorts & Cruise Lines 2.0%
	(4,011)	Hyatt Hotels Corp., Class A		(560,136	)
	(54,347)	Lindblad Expeditions Holdings, Inc.^*		(634,230	)

				(1,194,366	)

		Household Appliances 0.6%
	(3,429)	SharkNinja, Inc.^*		(339,437	)

		Human Resource & Employment Services 1.0%
	(10,492)	Dayforce, Inc.^*		(581,152	)

		Interactive Home Entertainment 0.8%
	(4,741)	ROBLOX Corp., Class A^*		(498,753	)

		Interactive Media & Services 1.9%
	(25,434)	Angi, Inc.^*		(388,123	)
	(271,519)	Nextdoor Holdings, Inc.^*		(450,721	)
	(39,282)	Snap, Inc., Class A^*		(341,361	)

				(1,180,205	)

		Internet Services & Infrastructure 1.2%
	(2,268)	MongoDB, Inc.^*		(476,257	)
	(2,039)	Twilio, Inc., Class A^*		(253,570	)

				(729,827	)

		Investment Banking & Brokerage 1.0%
	(6,660)	Robinhood Markets, Inc., Class A^*		(623,576	)

		Leisure Facilities 0.5%
	(9,321)	Life Time Group Holdings, Inc.^*		(282,706	)

		Leisure Products 0.6%
	(48,780)	Peloton Interactive, Inc., Class A^*		(338,533	)

		Life Sciences Tools & Services 0.9%
	(5,659)	Revvity, Inc.		(547,338	)

		Multi-Family Residential REITs 0.5%
	(19,394)	Elme Communities		(308,365	)

		Other Specialty Retail 0.1%
	(173,254)	Leslie’s, Inc.^*		(72,749	)

		Packaged Foods & Meats 1.9%
	(367,999)	BRC, Inc., Class A^*		(482,079	)


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

Schedule of Investments (continued)


Shares			Value
	(1,823)	J.M. Smucker Co.	$	(179,019	)
	(2,842)	The Marzetti Co.		(491,012	)

				(1,152,110	)

		Passenger Airlines 0.9%
	(61,953)	Frontier Group Holdings, Inc.^*		(224,890	)
	(31,944)	Joby Aviation, Inc.^*		(337,009	)

				(561,899	)

		Personal Care Products 0.8%
	(102,542)	Coty, Inc., Class A^*		(476,820	)

		Real Estate Development 0.9%
	(8,524)	Howard Hughes Holdings, Inc.^*		(575,370	)

		Real Estate Services 1.9%
	(571,707)	Opendoor Technologies, Inc.^*		(304,720	)
	(77,291)	Real Brokerage, Inc.^* (Canada)		(348,582	)
	(6,912)	Zillow Group, Inc., Class C^*		(484,186	)

				(1,137,488	)

		Restaurants 1.7%
	(5,601)	Cava Group, Inc.^*		(471,772	)
	(36,827)	Sweetgreen, Inc., Class A^*		(547,986	)

				(1,019,758	)

		Semiconductors 0.5%
	(34,109)	SkyWater Technology, Inc.^*		(335,633	)

		Specialty Chemicals 0.8%
	(7,548)	Albemarle Corp.		(473,033	)

		Telecom Tower REITs 0.7%
	(1,794)	SBA Communications Corp.		(421,303	)

		Trading Companies & Distributors 0.6%
	(11,034)	Xometry, Inc., Class A^*		(372,839	)

		Transaction & Payment Processing Services 1.9%
	(7,149)	Affirm Holdings, Inc.^*		(494,282	)
	(61,371)	Payoneer Global, Inc.^*		(420,391	)
	(11,216)	Remitly Global, Inc.^*		(210,524	)

				(1,125,197	)

		Water Utilities 0.7%
	(9,141)	California Water Service Group		(415,733	)

		Total Investments Sold Short (proceeds $26,789,004) (42.6%)		(25,805,870	)

		Total Investments, Net of Investments Sold Short (cost $40,091,841) 78.9%		47,736,310
		Other Assets less Liabilities 21.1%		12,777,485

		NET ASSETS 100.0%	$	60,513,795


		^Non-income producing. **Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 8, as applicable. ^†Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at June 30, 2025 amounted to approximately $17,857 and represented 0.03% of net assets. ^†^†All or a portion of this security has been designated as collateral for short sales.


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

Schedule of Investments


Shares			Value
		COMMON STOCKS 97.9%

		Aerospace & Defense 1.8%
	351,201	TAT Technologies Ltd.*	$	10,725,679

		Apparel Retail 1.5%
	57,409	Boot Barn Holdings, Inc.*		8,726,168

		Application Software 10.1%
	126,037	Agilysys, Inc.*		14,448,882
	374,922	Alkami Technology, Inc.*		11,300,149
	612,999	AudioEye, Inc.*		7,141,438
	367,729	Red Violet, Inc.		18,092,267
	1,102,010	Weave Communications, Inc.*		9,168,723

				60,151,459

		Automotive Parts & Equipment 1.7%
	279,945	XPEL, Inc.*		10,050,026

		Biotechnology 0.0%
	609,978	BriaPro Therapeutics Corp.* *** ^†		6,100

		Construction & Engineering 5.6%
	134,339	Construction Partners, Inc., Class A*		14,277,549
	96,112	Limbach Holdings, Inc.*		13,465,291
	643,856	Orion Group Holdings, Inc.*		5,839,774

				33,582,614

		Consumer Finance 2.6%
	1,132,232	EZCORP, Inc., Class A*		15,715,380

		Education Services 4.1%
	551,640	Lincoln Educational Services Corp.*		12,715,302
	349,370	Universal Technical Institute, Inc.*		11,840,149

				24,555,451

		Electronic Components 2.2%
	131,271	Bel Fuse, Inc., Class B		12,823,864

		Electronic Equipment & Instruments 6.3%
	527,342	Arlo Technologies, Inc.*		8,943,720
	2,414,680	Blackline Safety Corp.*		12,767,172
	219,235	Napco Security Technologies, Inc.		6,509,087
	134,929	PAR Technology Corp.*		9,360,025

				37,580,004

		Financial Exchanges & Data 0.9%
	2,790,338	Open Lending Corp.*		5,413,256

		Footwear 0.9%
	226,155	Steven Madden Ltd.		5,423,197

		Health Care Equipment 1.1%
	590,052	Axogen, Inc.*		6,402,064

		Health Care Services 6.0%
	126,937	Addus HomeCare Corp.*		14,621,873
	359,362	Castle Biosciences, Inc.*		7,338,172
	470,904	Pennant Group, Inc.*		14,056,484

				36,016,529

		Health Care Supplies 3.5%
	313,220	OrthoPediatrics Corp.*		6,727,965


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

Schedule of Investments (continued)


Shares			Value
	57,848	UFP Technologies, Inc.*	$	14,124,168

				20,852,133

		Home Furnishings 0.6%
	4,592,168	Purple Innovation, Inc.*		3,348,609

		Homebuilding 1.6%
	496,202	Smith Douglas Homes Corp.* ^‡^‡		9,636,243

		Human Resource & Employment Services 1.3%
	763,979	Asure Software, Inc.*		7,456,435

		Industrial Machinery & Supplies & Components 4.6%
	519,506	Kornit Digital Ltd.*		10,343,365
	109,128	Standex International Corp.		17,076,349

				27,419,714

		Internet Services & Infrastructure 1.0%
	244,144	Couchbase, Inc.*		5,952,231

		Investment Banking & Brokerage 2.0%
	607,750	Perella Weinberg Partners		11,802,505

		IT Consulting & Other Services 1.5%
	768,765	Grid Dynamics Holdings, Inc.*		8,879,236

		Leisure Products 1.5%
	1,431,135	Latham Group, Inc.*		9,130,641

		Packaged Foods & Meats 7.0%
	128,618	Freshpet, Inc.*		8,740,879
	1,890,734	Mama’s Creations, Inc.* ^‡^‡		15,693,092
	454,923	Vital Farms, Inc.*		17,523,634

				41,957,605

		Personal Care Products 1.0%
	442,925	Lifevantage Corp.		5,793,459

		Pharmaceuticals 0.4%
	241,683	Phathom Pharmaceuticals, Inc.*		2,317,740

		Property & Casualty Insurance 3.9%
	353,060	American Integrity Insurance Group, Inc.*		6,492,773
	287,423	Bowhead Specialty Holdings, Inc.*		10,786,985
	38,253	HCI Group, Inc.		5,822,107

				23,101,865

		Regional Banks 3.4%
	217,249	Esquire Financial Holdings, Inc.		20,564,789

		Research & Consulting Services 3.1%
	102,274	ICF International, Inc.		8,663,630
	156,374	Willdan Group, Inc.*		9,774,939

				18,438,569

		Restaurants 2.9%
	348,816	First Watch Restaurant Group, Inc.*		5,595,009
	137,068	Kura Sushi USA, Inc., Class A*		11,798,813

				17,393,822

		Semiconductor Materials & Equipment 2.0%
	576,349	Veeco Instruments, Inc.*		11,711,412

		Semiconductors 3.2%
	77,851	Impinj, Inc.*		8,646,911


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

Schedule of Investments (continued)


Shares			Value
	49,862	SiTime Corp.*	$	10,624,595

				19,271,506

		Soft Drinks & Non-Alcoholic Beverages 3.0%
	494,800	Vita Coco Co., Inc.*		17,862,280

		Systems Software 1.1%
	239,580	TECSYS, Inc.		6,799,902

		Technology Distributors 2.5%
	141,867	Climb Global Solutions, Inc.		15,167,001

		Trading Companies & Distributors 2.0%
	1,400,399	NPK International, Inc.*		11,917,396

		Total Common Stocks (cost $491,537,426)		583,946,884


		PREFERRED STOCKS 1.3%

		Textiles 1.3%
	339,559	Johnnie-O Holdings, Inc., Series A Pfd.* *** ^†		7,640,078

		Total Preferred Stocks (cost $10,000,013)		7,640,078


		WARRANTS 0.0%

		Biotechnology 0.0%
	1,556,949	Sangamo Therapeutics, Inc., expiring 9/26/2029* *** ^†		155,695

		Pharmaceuticals 0.0%
	7,500	IM Cannabis Corp., expiring 5/7/2026* *** ^†		—

		Total Warrants (cost $939,374)		155,695

		Total Investments (cost $502,476,813) 99.2%		591,742,657
		Other Assets less Liabilities 0.8%		4,719,874

		NET ASSETS 100.0%	$	596,462,531


		Non-income producing. **Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 8, as applicable. ^†Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at June 30, 2025 amounted to approximately $7,801,873 and represented 1.31% of net assets. ^‡^‡Affiliated company (see Note 6). See Notes to Schedules of Investments.

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


Country	%
Canada		3.3
Israel		3.6
United States		93.1

TOTAL		100.0	%


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

Schedule of Investments


Shares			Value
		COMMON STOCKS 99.3%

		Aerospace & Defense 1.8%
	196,181	TAT Technologies Ltd.*	$	5,991,368

		Apparel Retail 0.9%
	165,796	Shoe Carnival, Inc.		3,102,043

		Apparel, Accessories & Luxury Goods 0.9%
	204,790	Lakeland Industries, Inc.		2,787,192

		Application Software 9.5%
	321,088	AudioEye, Inc.*		3,740,675
	137,269	I3 Verticals, Inc., Class A*		3,772,152
	281,621	PROS Holdings, Inc.*		4,410,185
	196,630	Red Violet, Inc.		9,674,196
	243,230	SoundThinking, Inc.*		3,175,367
	757,393	Weave Communications, Inc.*		6,301,510

				31,074,085

		Automotive Parts & Equipment 1.0%
	36,210	Patrick Industries, Inc.		3,341,097

		Communications Equipment 1.8%
	169,628	Digi International, Inc.*		5,913,232

		Construction & Engineering 7.6%
	69,600	Construction Partners, Inc., Class A*		7,397,088
	64,900	Granite Construction, Inc.		6,068,799
	59,761	Limbach Holdings, Inc.*		8,372,516
	352,020	Orion Group Holdings, Inc.*		3,192,821

				25,031,224

		Consumer Finance 2.1%
	489,235	EZCORP, Inc., Class A*		6,790,582

		Diversified Support Services 1.6%
	40,605	VSE Corp.		5,318,443

		Education Services 1.8%
	249,729	Lincoln Educational Services Corp.*		5,756,253

		Electronic Components 2.1%
	68,760	Bel Fuse, Inc., Class B		6,717,164

		Electronic Equipment & Instruments 5.4%
	383,935	Arlo Technologies, Inc.*		6,511,538
	970,559	Blackline Safety Corp.*		5,131,650
	47,635	PAR Technology Corp.*		3,304,440
	670,251	Powerfleet, Inc. NJ*		2,888,782

				17,836,410

		Electronic Manufacturing Services 1.7%
	132,466	CTS Corp.		5,644,376

		Financial Exchanges & Data 0.9%
	1,499,977	Open Lending Corp.*		2,909,955

		Food Distributors 2.0%
	103,600	Chefs’ Warehouse, Inc.*		6,610,716

		Health Care Equipment 2.1%
	2,329,567	AOTI, Inc.*		2,877,911
	377,795	Axogen, Inc.*		4,099,076

				6,976,987


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

Schedule of Investments (continued)


Shares			Value
		Health Care Services 4.0%
	41,119	Addus HomeCare Corp.*	$	4,736,498
	116,000	Pennant Group, Inc.*		3,462,600
	697,838	Viemed Healthcare, Inc.*		4,822,060

				13,021,158

		Health Care Supplies 2.0%
	26,749	UFP Technologies, Inc.*		6,531,036

		Home Furnishing Retail 1.1%
	398,423	Arhaus, Inc.*		3,454,327

		Homebuilding 3.1%
	101,200	Champion Homes, Inc.*		6,336,132
	72,100	LGI Homes, Inc.*		3,714,592

				10,050,724

		Industrial Machinery & Supplies & Components 4.2%
	143,462	Graham Corp.*		7,102,804
	43,505	Standex International Corp.		6,807,662

				13,910,466

		Investment Banking & Brokerage 4.1%
	263,000	JDC Group AG*		7,249,344
	321,500	Perella Weinberg Partners		6,243,530

				13,492,874

		IT Consulting & Other Services 1.3%
	358,736	Grid Dynamics Holdings, Inc.*		4,143,401

		Leisure Products 1.5%
	763,508	Latham Group, Inc.*		4,871,181

		Mortgage REITs 1.2%
	373,000	Sunrise Realty Trust, Inc.		3,953,800

		Packaged Foods & Meats 5.7%
	1,196,000	LT Foods Ltd.		6,787,054
	644,298	Mama’s Creations, Inc.*		5,347,674
	171,141	Vital Farms, Inc.*		6,592,351

				18,727,079

		Pharmaceuticals 1.1%
	520,720	Journey Medical Corp.*		3,738,770

		Property & Casualty Insurance 5.7%
	237,132	American Integrity Insurance Group, Inc.*		4,360,857
	140,000	Bowhead Specialty Holdings, Inc.*		5,254,200
	17,354	HCI Group, Inc.		2,641,279
	109,982	Skyward Specialty Insurance Group, Inc.*		6,355,860

				18,612,196

		Regional Banks 5.5%
	35,455	Axos Financial, Inc.*		2,695,998
	67,790	Esquire Financial Holdings, Inc.		6,417,002
	316,000	Finwise Bancorp*		4,743,160
	127,500	Third Coast Bancshares, Inc.*		4,165,425

				18,021,585

		Research & Consulting Services 2.9%
	57,000	ICF International, Inc.		4,828,470
	76,029	Willdan Group, Inc.*		4,752,573

				9,581,043


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

Schedule of Investments (continued)


Shares			Value
		Semiconductor Materials & Equipment 3.5%
	58,213	Camtek Ltd.*	$	4,922,491
	317,271	Veeco Instruments, Inc.*		6,446,947

				11,369,438

		Soft Drinks & Non-Alcoholic Beverages 1.5%
	136,738	Vita Coco Co., Inc.*		4,936,242

		Technology Distributors 2.1%
	62,882	Climb Global Solutions, Inc.		6,722,715

		Technology Hardware, Storage & Peripherals 1.2%
	162,138	CPI Card Group, Inc.*		3,845,913

		Trading Companies & Distributors 4.4%
	187,000	ADENTRA, Inc.		3,961,777
	149,551	Karat Packaging, Inc.		4,211,356
	713,305	NPK International, Inc.*		6,070,226

				14,243,359

		Total Common Stocks (cost $239,098,736)		325,028,434


		WARRANTS 0.0%

		Trading Companies & Distributors 0.0%
	—	Greenlane Holdings, Inc., expiring 2/24/2026* *** ^†		—

		Total Warrants (cost $396,902)		—

		Total Investments (cost $239,495,638) 99.3%^§		325,028,434
		Other Assets less Liabilities 0.7%		2,439,841

		NET ASSETS 100.0%	$	327,468,275


		Non-income producing. **Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 8, as applicable. ^†Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at June 30, 2025 amounted to approximately $0 and represented 0.00% of net assets. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 2.07%. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

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


Country	%
Canada		2.8
Germany		2.2
India		2.1
Israel		3.4
United States		89.5

TOTAL		100.0	%


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

Schedule of Investments


Shares			Value
		COMMON STOCKS 98.0%

		Aerospace & Defense 2.1%
	468,733	Loar Holdings, Inc.*	$	40,390,723

		Application Software 9.8%
	501,403	Agilysys, Inc.*		57,480,840
	910,510	Alkami Technology, Inc.*		27,442,771
	1,498,596	Clearwater Analytics Holdings, Inc., Class A*		32,864,210
	1,383,415	nCino, Inc.*		38,694,118
	484,236	Procore Technologies, Inc.*		33,131,427

				189,613,366

		Asset Management & Custody Banks 1.8%
	639,298	StepStone Group, Inc., Class A		35,481,039

		Automotive Parts & Equipment 1.3%
	676,177	XPEL, Inc.*		24,274,754

		Automotive Retail 2.5%
	1,289,996	Valvoline, Inc.*		48,852,149

		Broadline Retail 4.8%
	599,504	Global-e Online Ltd.*		20,107,364
	544,286	Ollie’s Bargain Outlet Holdings, Inc.*		71,726,009

				91,833,373

		Building Products 2.8%
	364,876	AAON, Inc.		26,909,605
	489,365	Trex Co., Inc.*		26,611,669

				53,521,274

		Construction & Engineering 4.3%
	478,042	Construction Partners, Inc., Class A*		50,806,304
	235,292	Limbach Holdings, Inc.*		32,964,409

				83,770,713

		Diversified Support Services 1.3%
	1,515,243	ACV Auctions, Inc., Class A*		24,577,241

		Electronic Manufacturing Services 3.9%
	258,172	Fabrinet*		76,078,125

		Health Care Equipment 2.6%
	241,252	Inspire Medical Systems, Inc.*		31,307,272
	138,948	TransMedics Group, Inc.*		18,620,422

				49,927,694

		Health Care Facilities 3.8%
	480,165	Ensign Group, Inc.		74,070,253

		Health Care Services 2.4%
	406,035	Addus HomeCare Corp.*		46,771,172

		Health Care Supplies 2.2%
	173,482	UFP Technologies, Inc.*		42,357,365

		Health Care Technology 1.3%
	2,082,298	Certara, Inc.*		24,362,887

		Home Improvement Retail 1.7%
	436,610	Floor & Decor Holdings, Inc., Class A*		33,164,896

		Homebuilding 0.7%
	279,047	LGI Homes, Inc.*		14,376,501


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

Schedule of Investments (continued)


Shares			Value
		Human Resource & Employment Services 3.0%
	315,752	Paylocity Holding Corp.*	$	57,211,105

		Industrial Machinery & Supplies & Components 4.1%
	203,144	RBC Bearings, Inc.*		78,169,811

		Insurance Brokers 2.2%
	408,147	Goosehead Insurance, Inc., Class A		43,063,590

		IT Consulting & Other Services 2.1%
	222,508	Globant SA*		20,212,627
	1,819,886	Grid Dynamics Holdings, Inc.*		21,019,683

				41,232,310

		Life Sciences Tools & Services 2.4%
	145,444	Medpace Holdings, Inc.*		45,649,054

		Managed Health Care 3.9%
	720,279	HealthEquity, Inc.*		75,456,428

		Other Specialty Retail 1.5%
	226,654	Five Below, Inc.*		29,732,472

		Packaged Foods & Meats 3.1%
	470,762	Freshpet, Inc.*		31,992,985
	710,644	Vital Farms, Inc.*		27,374,007

				59,366,992

		Personal Care Products 2.6%
	849,170	BellRing Brands, Inc.*		49,192,418

		Regional Banks 3.0%
	514,637	Pinnacle Financial Partners, Inc.		56,821,071

		Restaurants 3.3%
	261,154	Dutch Bros, Inc., Class A*		17,855,099
	320,744	Shake Shack, Inc., Class A*		45,096,606

				62,951,705

		Semiconductor Materials & Equipment 6.4%
	446,110	Camtek Ltd.*		37,723,062
	311,735	Nova Ltd.*		85,789,471

				123,512,533

		Systems Software 3.7%
	1,162,876	JFrog Ltd.*		51,026,999
	724,190	Onestream, Inc.*		20,494,577

				71,521,576

		Trading Companies & Distributors 2.4%
	379,343	SiteOne Landscape Supply, Inc.*		45,877,742

		Transaction & Payment Processing Services 5.0%
	873,165	Paymentus Holdings, Inc., Class A*		28,596,154
	683,068	Shift4 Payments, Inc., Class A*		67,698,869

				96,295,023

		Total Common Stocks (cost $1,279,596,268)		1,889,477,355


		PREFERRED STOCKS 0.7%

		Textiles 0.7%
	611,205	Johnnie-O Holdings, Inc., Series A Pfd.* *** ^†^‡^‡		13,752,113


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

Schedule of Investments


Shares			Value
		COMMON STOCKS 99.2%

		Agricultural & Farm Machinery 1.7%
	121,916	Alamo Group, Inc.	$	26,624,016

		Agricultural Products & Services 1.5%
	709,679	Fresh Del Monte Produce, Inc.		23,007,793

		Application Software 0.7%
	1,303,188	Weave Communications, Inc.*		10,842,524

		Asset Management & Custody Banks 4.9%
	716,571	Artisan Partners Asset Management, Inc., Class A		31,765,592
	331,115	Cohen & Steers, Inc.		24,949,515
	137,913	Hamilton Lane, Inc., Class A		19,600,196

				76,315,303

		Automotive Retail 2.4%
	976,528	Valvoline, Inc.*		36,981,115

		Broadcasting 1.8%
	1,678,185	TEGNA, Inc.		28,126,381

		Broadline Retail 2.5%
	297,852	Ollie’s Bargain Outlet Holdings, Inc.*		39,250,937

		Building Products 4.2%
	79,230	CSW Industrials, Inc.		22,725,541
	2,023,981	Janus International Group, Inc.*		16,475,206
	262,173	UFP Industries, Inc.		26,049,509

				65,250,256

		Cargo Ground Transportation 1.2%
	65,122	Saia, Inc.*		17,842,777

		Commodity Chemicals 1.9%
	201,727	Hawkins, Inc.		28,665,407

		Construction & Engineering 2.0%
	325,818	Granite Construction, Inc.		30,467,241

		Construction Machinery & Heavy Transportation Equipment 2.4%
	393,753	Allison Transmission Holdings, Inc.		37,402,597

		Education Services 3.6%
	150,047	Grand Canyon Education, Inc.*		28,358,883
	829,261	Universal Technical Institute, Inc.*		28,103,655

				56,462,538

		Electronic Equipment & Instruments 1.9%
	1,745,977	Arlo Technologies, Inc.*		29,611,770

		Electronic Manufacturing Services 6.6%
	647,678	Benchmark Electronics, Inc.		25,149,337
	746,338	CTS Corp.		31,801,462
	151,035	Fabrinet*		44,506,994

				101,457,793

		Health Care Facilities 2.7%
	268,424	Ensign Group, Inc.		41,407,086

		Health Care Supplies 1.9%
	120,411	UFP Technologies, Inc.*		29,399,550

		Homebuilding 2.1%
	279,992	Champion Homes, Inc.*		17,530,299


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

Schedule of Investments (continued)


Shares			Value
	280,821	LGI Homes, Inc.*	$	14,467,898

				31,998,197

		Industrial Machinery & Supplies & Components 7.0%
	119,174	Enpro, Inc.		22,827,780
	426,347	Helios Technologies, Inc.		14,227,199
	133,815	Kadant, Inc.		42,479,572
	186,646	Standex International Corp.		29,206,366

				108,740,917

		Investment Banking & Brokerage 1.8%
	434,207	Moelis & Co., Class A		27,059,780

		IT Consulting & Other Services 1.1%
	182,276	Globant SA*		16,557,952

		Leisure Products 1.3%
	621,838	YETI Holdings, Inc.*		19,600,334

		Life Sciences Tools & Services 2.1%
	105,646	Medpace Holdings, Inc.*		33,158,054

		Managed Health Care 2.1%
	306,839	HealthEquity, Inc.*		32,144,454

		Mortgage REITs 1.2%
	1,774,836	Arbor Realty Trust, Inc.		18,990,745

		Oil & Gas Equipment & Services 1.0%
	362,965	Cactus, Inc., Class A		15,868,830

		Oil & Gas Exploration & Production 1.4%
	469,597	Matador Resources Co.		22,409,169

		Oil & Gas Storage & Transportation 0.7%
	1,050,741	DHT Holdings, Inc.		11,358,510

		Other Specialty Retail 1.0%
	122,840	Five Below, Inc.*		16,114,151

		Packaged Foods & Meats 2.2%
	1,304,949	Flowers Foods, Inc.		20,853,085
	186,424	Freshpet, Inc.*		12,669,375

				33,522,460

		Paper Products 1.4%
	441,385	Sylvamo Corp.		22,113,388

		Passenger Airlines 1.5%
	217,293	Copa Holdings SA, Class A		23,895,711

		Regional Banks 9.3%
	432,446	Axos Financial, Inc.*		32,883,194
	667,235	Bank OZK		31,400,079
	318,919	FB Financial Corp.		14,447,031
	236,179	Hancock Whitney Corp.		13,556,675
	291,120	Pinnacle Financial Partners, Inc.		32,142,559
	261,779	ServisFirst Bancshares, Inc.		20,290,490

				144,720,028

		Research & Consulting Services 1.5%
	276,937	ICF International, Inc.		23,459,333

		Self-Storage REITs 1.8%
	888,870	National Storage Affiliates Trust		28,434,951


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

Schedule of Investments (continued)


Shares			Value
		Semiconductor Materials & Equipment 5.2%
	265,514	Camtek Ltd.*	$	22,451,864
	150,989	Nova Ltd.*		41,552,173
	801,507	Veeco Instruments, Inc.*		16,286,622

				80,290,659

		Soft Drinks & Non-Alcoholic Beverages 2.3%
	979,312	Vita Coco Co., Inc.*		35,353,163

		Specialized Consumer Services 1.9%
	496,463	Frontdoor, Inc.*		29,261,529

		Technology Distributors 1.2%
	440,065	ScanSource, Inc.*		18,399,118

		Transaction & Payment Processing Services 4.2%
	308,340	Euronet Worldwide, Inc.*		31,259,509
	335,090	Shift4 Payments, Inc., Class A*		33,210,770

				64,470,279

		Total Common Stocks (cost $1,274,317,852)		1,537,036,796

		Total Investments (cost $1,274,317,852) 99.2%		1,537,036,796
		Other Assets less Liabilities 0.8%		12,488,059

		NET ASSETS 100.0%	$	1,549,524,855


		*Non-income producing. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

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


Country	%
Israel		4.2
Norway		0.7
Panama		1.6
United States		93.5

TOTAL		100.0	%


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

Schedule of Investments


Shares			Value
		COMMON STOCKS 96.2%

		Application Software 4.8%
	225,601	Procore Technologies, Inc.*	$	15,435,621
	172,807	Q2 Holdings, Inc.*		16,173,007

				31,608,628

		Biotechnology 8.5%
	5,149,948	C4 Therapeutics, Inc.* ^‡^‡		7,364,425
	509,688	Dyne Therapeutics, Inc.*		4,852,230
	378,372	Exact Sciences Corp.*		20,106,688
	723,893	Immatics NV*		3,894,544
	2,822,577	MacroGenics, Inc.*		3,415,318
	1,585,065	Nkarta, Inc.*		2,631,208
	420,943	Nurix Therapeutics, Inc.*		4,794,541
	5,594,097	Sangamo Therapeutics, Inc.*		3,028,085
	225,322	Viking Therapeutics, Inc.*		5,971,033

				56,058,072

		Broadline Retail 3.7%
	252,051	Global-e Online Ltd.*		8,453,791
	122,085	Ollie’s Bargain Outlet Holdings, Inc.*		16,088,361

				24,542,152

		Building Products 1.9%
	227,949	Trex Co., Inc.*		12,395,867

		Distributors 1.6%
	35,714	Pool Corp.		10,409,917

		Environmental & Facilities Services 3.9%
	220,792	Casella Waste Systems, Inc., Class A*		25,474,981

		Financial Exchanges & Data 1.1%
	31,821	MarketAxess Holdings, Inc.		7,106,902

		Footwear 1.6%
	202,985	On Holding AG, Class A*		10,565,369

		Health Care Equipment 9.2%
	203,030	Artivion, Inc.*		6,314,233
	461,234	AtriCure, Inc.*		15,114,638
	140,978	Inspire Medical Systems, Inc.*		18,294,715
	171,381	PROCEPT BioRobotics Corp.*		9,871,546
	84,025	TransMedics Group, Inc.*		11,260,190

				60,855,322

		Health Care Services 1.9%
	627,208	Castle Biosciences, Inc.*		12,807,587

		Health Care Supplies 2.5%
	7,713,340	Cerus Corp.*		10,875,809
	405,747	RxSight, Inc.*		5,274,711

				16,150,520

		Home Improvement Retail 1.6%
	134,973	Floor & Decor Holdings, Inc., Class A*		10,252,549

		Human Resource & Employment Services 2.4%
	88,656	Paylocity Holding Corp.*		16,063,581

		Industrial Machinery & Supplies & Components 2.8%
	47,688	RBC Bearings, Inc.*		18,350,342


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

Schedule of Investments (continued)


Shares			Value
		Insurance Brokers 2.2%
	137,391	Goosehead Insurance, Inc., Class A	$	14,496,125

		IT Consulting & Other Services 1.3%
	90,706	Globant SA*		8,239,733

		Managed Health Care 3.9%
	247,250	HealthEquity, Inc.*		25,901,909

		Oil & Gas Exploration & Production 1.8%
	212,954	Magnolia Oil & Gas Corp., Class A		4,787,206
	154,876	Matador Resources Co.		7,390,683

				12,177,889

		Other Specialty Retail 1.3%
	63,289	Five Below, Inc.*		8,302,251

		Packaged Foods & Meats 3.4%
	330,197	Freshpet, Inc.*		22,440,188

		Personal Care Products 1.9%
	212,115	BellRing Brands, Inc.*		12,287,822

		Pharmaceuticals 3.0%
	413,172	Arvinas, Inc.*		3,040,946
	7,020,569	Esperion Therapeutics, Inc.*		6,911,048
	1,010,788	Phathom Pharmaceuticals, Inc.*		9,693,457

				19,645,451

		Regional Banks 1.9%
	259,549	Bank OZK		12,214,376

		Semiconductor Materials & Equipment 12.0%
	52,158	BE Semiconductor Industries NV		7,800,407
	100,751	Camtek Ltd.*		8,519,505
	338,449	Kulicke & Soffa Industries, Inc.		11,710,335
	70,754	Nova Ltd.*		19,471,501
	1,056,172	PDF Solutions, Inc.*		22,580,957
	453,400	Veeco Instruments, Inc.*		9,213,088

				79,295,793

		Semiconductors 1.8%
	54,831	SiTime Corp.*		11,683,390

		Specialty Chemicals 1.5%
	63,282	Balchem Corp.		10,074,494

		Systems Software 9.1%
	47,773	CyberArk Software Ltd.*		19,437,878
	476,485	JFrog Ltd.*		20,908,162
	62,986	Monday.com Ltd.*		19,807,837

				60,153,877

		Transaction & Payment Processing Services 3.6%
	236,263	Shift4 Payments, Inc., Class A*		23,416,026

		Total Common Stocks (cost $536,798,141)		632,971,113


		PREFERRED STOCKS 1.7%

		Textiles 1.7%
	509,338	Johnnie-O Holdings, Inc., Series A Pfd.* *** ^†^‡^‡		11,460,105


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

Schedule of Investments


Shares			Value
		COMMON STOCKS 98.9%

		Aerospace & Defense 4.1%
	4,828	HEICO Corp., Class A	$	1,249,245

		Application Software 23.6%
	2,964	ANSYS, Inc.*		1,041,016
	3,750	Guidewire Software, Inc.*		882,938
	1,342	HubSpot, Inc.*		746,997
	3,549	Manhattan Associates, Inc.*		700,821
	14,298	Procore Technologies, Inc.*		978,269
	2,214	Roper Technologies, Inc.		1,254,984
	1,048	Tyler Technologies, Inc.*		621,296
	3,883	Workday, Inc., Class A*		931,920

				7,158,241

		Asset Management & Custody Banks 2.4%
	5,181	Hamilton Lane, Inc., Class A		736,324

		Automotive Retail 3.0%
	24,012	Valvoline, Inc.*		909,334

		Broadline Retail 1.4%
	12,977	Global-e Online Ltd.*		435,249

		Building Products 1.8%
	10,336	Trex Co., Inc.*		562,072

		Cargo Ground Transportation 2.7%
	5,011	Old Dominion Freight Line, Inc.		813,285

		Distributors 2.5%
	2,635	Pool Corp.		768,050

		Diversified Support Services 3.1%
	19,193	Copart, Inc.*		941,800

		Electrical Components & Equipment 4.2%
	7,026	AMETEK, Inc.		1,271,425

		Electronic Components 4.1%
	12,468	Amphenol Corp., Class A		1,231,215

		Electronic Equipment & Instruments 2.4%
	5,776	Novanta, Inc.*		744,700

		Electronic Manufacturing Services 3.8%
	3,959	Fabrinet*		1,166,638

		Financial Exchanges & Data 3.8%
	3,634	Morningstar, Inc.		1,140,822

		Health Care Equipment 1.4%
	3,230	Inspire Medical Systems, Inc.*		419,157

		Health Care Facilities 3.7%
	7,273	Ensign Group, Inc.		1,121,933

		Home Improvement Retail 2.1%
	8,238	Floor & Decor Holdings, Inc., Class A*		625,758

		Human Resource & Employment Services 2.0%
	3,281	Paylocity Holding Corp.*		594,484

		Industrial Machinery & Supplies & Components 3.7%
	2,887	RBC Bearings, Inc.*		1,110,918


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

Schedule of Investments (continued)


Shares			Value
		Life Sciences Tools & Services 2.6%
	2,546	Medpace Holdings, Inc.*	$	799,087

		Managed Health Care 4.6%
	13,367	HealthEquity, Inc.*		1,400,327

		Personal Care Products 2.7%
	14,105	BellRing Brands, Inc.*		817,103

		Restaurants 2.9%
	2,589	Wingstop, Inc.		871,820

		Semiconductor Materials & Equipment 3.9%
	4,258	Nova Ltd.*		1,171,802

		Semiconductors 2.6%
	1,069	Monolithic Power Systems, Inc.		781,845

		Transaction & Payment Processing Services 3.8%
	11,783	Shift4 Payments, Inc., Class A*		1,167,813

		Total Common Stocks (cost $24,725,032)		30,010,447

		Total Investments (cost $24,725,032) 98.9%		30,010,447
		Other Assets less Liabilities 1.1%		344,134

		NET ASSETS 100.0%	$	30,354,581


		*Non-income producing. See Notes to Schedules of Investments.

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


Country	%
Israel		5.4
United States		94.6

TOTAL		100.0	%


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

1. ORGANIZATION

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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


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

SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

3. SECURITIES AND OTHER INVESTMENTS

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

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

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

4. FINANCIAL DERIVATIVE INSTRUMENTS

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


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

FINANCIAL DERIVATIVE INSTRUMENTS (continued)

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

5. FEDERAL INCOME TAX INFORMATION

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


	Core Growth Fund			Emerging India Fund			Emerging Markets Select Fund			Emerging Markets Small Cap Fund			Frontier Emerging Small Countries Fund
Cost	$	3,483,799,460		$	392,246,029		$	296,796,169		$	159,599,335		$	27,347,648

Gross appreciation	$	1,282,246,163		$	235,917,533		$	115,068,629		$	99,025,098		$	12,223,697
Gross (depreciation)		(310,407,933	)		(4,856,413	)		(29,750,123	)		(3,299,238	)		(1,206,572	)

Net appreciation	$	971,838,230		$	201,061,120		$	85,318,506		$	95,725,860		$	11,017,125


	Global Opportunities Fund			Global Select Fund			Global Value Fund			International Growth Fund			International Opportunities Fund
Cost	$	146,133,995		$	10,433,596		$	100,191,686		$	144,491,929		$	33,998,644

Gross appreciation	$	70,157,431		$	4,551,341		$	36,755,083		$	81,222,046		$	28,224,796
Gross (depreciation)		(8,059,268	)		(715,630	)		(3,267,175	)		(1,978,977	)		(226,752	)

Net appreciation	$	62,098,163		$	3,835,711		$	33,487,908		$	79,243,069		$	27,998,044


	International Select Fund			International Value Fund			Long/Short Alpha Fund			Micro Cap Fund			Micro Cap Value Fund
Cost	$	3,419,201		$	6,267,450		$	40,347,675		$	508,790,469		$	239,662,182

Gross appreciation	$	1,409,659		$	955,476		$	17,754,247		$	112,439,838		$	97,497,564
Gross (depreciation)		(130,512	)		(31,317	)		(10,365,612	)		(29,487,650	)		(12,131,312	)

Net appreciation	$	1,279,147		$	924,159		$	7,388,635		$	82,952,188		$	85,366,252


	Small Cap Growth Fund			Small Cap Value Fund			Ultra Growth Fund			U.S. Select Fund			U.S. Treasury Fund
Cost	$	1,303,607,558		$	1,291,358,140		$	562,870,457		$	24,959,207		$	169,986,121

Gross appreciation	$	671,698,443		$	318,426,269		$	193,788,979		$	5,661,328		$	—
Gross (depreciation)		(72,076,533	)		(72,747,613	)		(111,925,579	)		(610,088	)		(32,662,422	)

Net appreciation (depreciation)	$	599,621,910		$	245,678,656		$	81,863,400		$	5,051,240		$	(32,662,422	)

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


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

6. TRANSACTIONS WITH AFFILIATES

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


	Value, Beginning Of the Period		Purchases At Cost		Proceeds From Sales		Value, End Of the Period		Dividends Credited to Income for the Period ended 6/30/2025		Gain (Loss) Realized on Sale of Shares For the Period ended 6/30/2025			Change in Unrealized Appreciation For the Period ended 6/30/2025
Core Growth Fund
Common Stock
Arhaus, Inc.	$	53,777,392	$	5,739,959	$	654,861	$	43,501,352	$	—	$	(359,487	)	$	(15,001,651	)

Micro Cap Fund
Common Stock
Smith Douglas Homes Corp.	$	8,051,447	$	7,504,502	$	155,715	$	9,636,243	$	—	$	(136,281	)	$	(5,627,710	)
Mama’s Creations Inc		15,589,420		4,101,029		4,894,666		15,693,092		—		120,429			776,880

	$	23,640,867	$	11,605,531	$	5,050,381	$	25,329,335	$		$	(15,852	)	$	(4,850,830	)

Micro Cap Value Fund
Common Stock
Gen Restaurant Group, Inc.	$	3,092,771	$	632,209	$	1,880,781	$	—	$	—	$	(2,524,224	)	$	680,025

Small Cap Growth Fund
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.	$	16,698,121	$	—	$	—	$	13,752,113	$	—	$	—		$	(2,946,008	)

Ultra Growth Fund
Common Stock
C4 Therapeutics Inc.	$	14,876,670	$	7,044,151	$	—	$	7,364,426	$	—	$	—		$	(14,556,395	)
Sangamo Therapeutics, Inc.*		9,504,446		497,637		11,977,984		3,028,085		—		(28,274,642	)		33,278,628
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.		13,915,114		—		—		11,460,105		—		—			(2,455,009	)
Warrants
Sangamo Therapeutics ,Inc., expiring 9/26/2029*		938,180		—		—		302,639		—		—			(635,541	)

	$	39,234,410	$	7,541,788	$	11,977,984	$	22,155,255	$	—	$	(28,274,642	)	$	15,631,683


	Share Activity								Dividends Credited to Income for the Period ended 6/30/2025		Gain (Loss) Realized on Sale of Shares For the Period ended 6/30/2025			Change in Unrealized Appreciation (Depreciation) For the Period ended 6/30/2025
	Balance 9/30/2024		Purchases/ Additions		Sales/ Reductions		Balance 6/30/2025		Dividends Credited to Income for the Period ended 6/30/2025
Core Growth Fund
Common Stock
Arhaus, Inc.		4,368,594		715,034		66,171		5,017,457	$	—	$	(359,487	)	$	(15,001,651	)

Micro Cap Fund
Smith Douglas Homes Corp.		213,114		291,587		8,499		496,202	$	—	$	(136,281	)	$	(5,627,710	)


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

TRANSACTIONS WITH AFFILIATES (continued)


	Share Activity								Dividends Credited to Income for the Period ended 6/30/2025		Gain (Loss) Realized on Sale of Shares For the Period ended 6/30/2025			Change in Unrealized Appreciation (Depreciation) For the Period ended 6/30/2025
	Balance 9/30/2024		Purchases/ Additions		Sales/ Reductions		Balance 6/30/2025		Dividends Credited to Income for the Period ended 6/30/2025
Mama’s Creations Inc		2,135,537		508,534		753,337		1,890,734	$	—	$	120,429		$	776,880

		2,348,651		800,121		761,836		2,386,936	$	—	$	(15,852	)	$	(4,850,830	)

Micro Cap Value Fund
Common Stock
Gen Restaurant Group, Inc.		366,442		76,602		443,044		—	$	—	$	(2,524,224	)	$	680,025

Small Cap Growth Fund
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.		611,205		—		—		611,205	$	—	$	—		$	(2,946,008	)

Ultra Growth Fund
Common Stock
C4 Therapeutics Inc.		2,609,942		2,540,006		—		5,149,948	$	—	$	—		$	(14,556,395	)
Sangamo Therapeutics, Inc.*		10,973,844		1,062,379		6,442,126		5,594,097		—		(28,274,642	)		33,278,628
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.		509,338		—		—		509,338		—		—			(2,455,009	)
Warrants
Sangamo Therapeutics ,Inc., expiring 9/26/2029*		3,026,385		—		—		3,026,385		—		—			(635,541	)

		17,119,509		3,602,385		6,442,126		14,279,768	$	—	$	(28,274,642	)	$	15,631,683

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

7. RESTRICTED SECURITIES

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


	Security Type		Acquisition Date		Cost		Fair Value		Value as a Percent Of Net Assets
Long/Short Alpha Fund
Sangamo Therapeutics, Inc., expiring 9/26/2029		Warrants		3/22/2024	$	36,977	$	17,857		0.03	%


Micro Cap Fund
BriaPro Therapeutics Corp.		Common Stocks		9/5/2023	$	29	$	6,100		0.00	%
Johnnie-O Holdings, Inc., Series A Pfd.		Preferred Stock		3/16/2022		10,000,013		7,640,078		1.28	%
IM Cannabis Corp., expiring 5/7/2026		Warrants		5/5/2021		616,971		0		0.00	%
Sangamo Therapeutics, Inc., expiring 9/26/2029		Warrants		3/22/2024		322,404		155,695		0.03	%
					$	10,939,417	$	7,801,873		1.31	%


Micro Cap Value Fund
Greenlane Holdings, Inc., expiring 2/24/2026		Warrants		2/22/2021	$	396,902	$	0		0.00	%


Small Cap Growth Fund
Johnnie-O Holdings, Inc., Series A Pfd.		Preferred Stock		3/16/2022		17,999,987		16,887,594		0.71	%


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

RESTRICTED SECURITIES (continued)


	Security Type	Acquisition Date		Cost		Fair Value		Value as a Percent Of Net Assets
Ultra Growth Fund
Johnnie-O Holdings, Inc., Series A Pfd.	Preferred Stock		3/16/2022	$	15,000,004	$	14,460,105		1.74	%
Sangamo Therapeutics, Inc., expiring 9/26/2029	Warrants		3/22/2024		626,686		302,639		0.05	%
				$	15,626,690	$	11,762,744		1.79	%

8. FAIR VALUE MEASUREMENTS AND INVESTMENTS

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

•

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

•

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.

•

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, represent the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether a security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

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

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


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

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

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

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

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

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

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

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

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


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

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

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

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

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


Fund	Category	Quoted Prices In Active Markets For Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 06/30/2025
Core Growth Fund
Assets
Common Stocks		$	4,455,637,690	$	—	$	—	$	4,455,637,690

		$	4,455,637,690	$	—	$	—	$	4,455,637,690

Emerging India Fund
Assets
Common Stocks
	Apparel Retail	$	—	$	22,058,905	$	—	$	22,058,905
	Asset Management & Custody Banks		16,044,270		15,535,431		—		31,579,701
	Building Products		—		19,673,030		—		19,673,030
	Commodity Chemicals		—		6,487,626		—		6,487,626
	Computer & Electronics Retail		—		13,013,263		—		13,013,263
	Construction Machinery & Heavy Transportation Equipment		—		6,289,011		—		6,289,011
	Consumer Finance		—		159,168,727		—		159,168,727
	Diversified Banks		—		57,082,000		—		57,082,000
	Diversified Support Services		—		25,006,564		—		25,006,564
	Electrical Components & Equipment		—		11,462,490		—		11,462,490
	Food Retail		—		6,519,933		—		6,519,933
	Health Care Facilities		54,185,170		6,920,326		—		61,105,496
	Health Care Services		—		35,118,518		—		35,118,518
	Health Care Supplies		—		14,432,254		—		14,432,254
	Industrial Machinery & Supplies & Components		—		27,111,502		—		27,111,502
	Interactive Media & Services		—		11,296,674		—		11,296,674
	IT Consulting & Other Services		—		15,037,278		—		15,037,278
	Life Sciences Tools & Services		—		52,155,638		—		52,155,638
	Regional Banks		—		35,151,491		—		35,151,491
	Other		13,557,048		—		—		13,557,048

		$	83,786,488	$	539,520,661	$	—	$	623,307,149

Emerging Markets Select Fund
Assets
Common Stocks
	Apparel Retail	$	—	$	6,733,173	$	—	$	6,733,173
	Construction & Engineering		—		2,112,729		—		2,112,729
	Consumer Finance		—		47,771,630		—		47,771,630
	Diversified Banks		14,976,588		7,677,457		—		22,654,045
	Electrical Components & Equipment		15,729,034		10,950,713		—		26,679,747
	Electronic Equipment & Instruments		—		13,035,333		—		13,035,333
	Hotels, Resorts & Cruise Lines		7,435,013		12,624,980		—		20,059,993
	Industrial Machinery & Supplies & Components		—		5,948,635		—		5,948,635
	Interactive Media & Services		—		13,035,323		—		13,035,323
	IT Consulting & Other Services		12,593,225		5,889,159		—		18,482,384
	Life Sciences Tools & Services		—		22,311,273		—		22,311,273


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

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)


Fund	Category	Quoted Prices In Active Markets For Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 06/30/2025
	Regional Banks	$	—	$	8,902,548	$	—	$	8,902,548
	Restaurants		—		10,362,625		—		10,362,625
	Semiconductor Materials & Equipment		—		5,606,871		—		5,606,871
	Semiconductors		2,003,825		49,223,138		—		51,226,963
	Technology Hardware, Storage & Peripherals		—		5,031,631		—		5,031,631
	Other		102,159,772		—		—		102,159,772

		$	154,897,457	$	227,217,218	$	—	$	382,114,675

Emerging Markets Small Cap Fund
Assets
Common Stocks
	Asset Management & Custody Banks	$	8,104,286	$	4,156,527	$	—	$	12,260,813
	Automotive Retail		—		3,234,833		—		3,234,833
	Building Products		—		711,401		—		711,401
	Commercial & Residential Mortgage Finance		—		8,406,766		—		8,406,766
	Commodity Chemicals		—		1,939,467		—		1,939,467
	Communications Equipment		—		3,974,007		—		3,974,007
	Computer & Electronics Retail		—		1,629,662		—		1,629,662
	Construction & Engineering		—		2,795,631		—		2,795,631
	Construction Machinery & Heavy Transportation Equipment		—		2,581,014		—		2,581,014
	Consumer Finance		—		29,328,912		—		29,328,912
	Diversified Banks		—		7,218,235		—		7,218,235
	Diversified Support Services		—		6,901,341		—		6,901,341
	Drug Retail		4,284,241		2,921,544		—		7,205,785
	Electrical Components & Equipment		—		5,448,613		—		5,448,613
	Electronic Equipment & Instruments		—		13,757,900		—		13,757,900
	Health Care Facilities		—		6,555,218		—		6,555,218
	Health Care Services		—		6,194,657		—		6,194,657
	Human Resource & Employment Services		—		5,903,103		—		5,903,103
	Industrial Machinery & Supplies & Components		—		7,913,501		—		7,913,501
	Interactive Media & Services		16,048,209		3,276,308		—		19,324,517
	IT Consulting & Other Services		4,646,375		5,786,924		—		10,433,299
	Life & Health Insurance		—		8,937,584		—		8,937,584
	Personal Care Products		—		2,583,226		—		2,583,226
	Regional Banks		—		13,640,269		—		13,640,269
	Semiconductor Materials & Equipment		—		1,832,643		—		1,832,643
	Semiconductors		—		29,492,335		—		29,492,335
	Other		35,120,463		—		—		35,120,463

		$	68,203,574	$	187,121,621	$	—	$	255,325,195

Frontier Emerging Small Countries Fund
Assets
Common Stocks
	Automotive Retail	$	—	$	639,209	$	—	$	639,209
	Computer & Electronics Retail		—		972,632		—		972,632
	Consumer Finance		—		6,055,280		—		6,055,280
	Diversified Banks		1,823,223		5,953,456		—		7,776,679
	Diversified Support Services		—		458,382		—		458,382
	Health Care Facilities		2,479,970		786,724		—		3,266,694
	IT Consulting & Other Services		581,013		1,865,955		—		2,446,968
	Life & Health Insurance		196,026		1,323,428		—		1,519,454
	Soft Drinks & Non-Alcoholic Beverages		—		223,184		—		223,184
	Other		15,006,291		—		—		15,006,291

		$	20,086,523	$	18,278,250	$	—	$	38,364,773

Global Opportunities Fund
Assets
Common Stocks
	Application Software	$	10,161,574	$	5,957,402	$	—	$	16,118,976
	Asset Management & Custody Banks		4,477,475		3,984,097		—		8,461,572


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

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)


Fund	Category	Quoted Prices In Active Markets For Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 06/30/2025
	Consumer Finance	$	—	$	9,304,925	$	—	$	9,304,925
	Diversified Support Services		—		4,384,261		—		4,384,261
	Drug Retail		—		4,043,964		—		4,043,964
	Electrical Components & Equipment		—		3,814,512		—		3,814,512
	Health Care Equipment		2,387,898		1,078,970		—		3,466,868
	Health Care Services		—		1,728,492		—		1,728,492
	Human Resource & Employment Services		3,146,183		2,054,658		—		5,200,841
	Interactive Media & Services		—		983,146		—		983,146
	Investment Banking & Brokerage		—		2,077,308		—		2,077,308
	IT Consulting & Other Services		2,102,764		6,051,558		—		8,154,322
	Life Sciences Tools & Services		2,122,321		4,185,996		—		6,308,317
	Regional Banks		3,273,023		6,859,563		—		10,132,586
	Research & Consulting Services		—		6,236,453		—		6,236,453
	Semiconductor Materials & Equipment		8,523,762		1,098,395		—		9,622,157
	Semiconductors		—		15,249,933		—		15,249,933
	Trading Companies & Distributors		—		10,395,440		—		10,395,440
	Other		82,548,085		—		—		82,548,085

		$	118,743,085	$	89,489,073	$	—	$	208,232,158

Global Select Fund
Assets
Common Stocks
	Application Software	$	1,604,069	$	277,837	$	—	$	1,881,906
	Consumer Finance		—		695,865		—		695,865
	Diversified Banks		324,615		357,372		—		681,987
	Drug Retail		—		454,917		—		454,917
	Electronic Equipment & Instruments		—		484,945		—		484,945
	Health Care Equipment		—		265,007		—		265,007
	Hotels, Resorts & Cruise Lines		—		241,110		—		241,110
	Interactive Media & Services		—		580,495		—		580,495
	Research & Consulting Services		—		571,908		—		571,908
	Semiconductor Materials & Equipment		—		449,676		—		449,676
	Semiconductors		425,663		236,560		—		662,223
	Trading Companies & Distributors		—		340,093		—		340,093
	Other		6,959,175		—		—		6,959,175

		$	9,313,522	$	4,955,785	$	—	$	14,269,307

Global Value Fund
Assets
Common Stocks
	Broadline Retail	$	—	$	2,463,134	$	—	$	2,463,134
	Diversified Banks		17,773,320		4,585,199		—		22,358,519
	Diversified Metals & Mining		—		2,766,623		—		2,766,623
	Food Retail		—		3,758,980		—		3,758,980
	Industrial REITs		—		2,608,278		—		2,608,278
	Integrated Oil & Gas		6,021,241		4,767,569		—		10,788,810
	Integrated Telecommunication Services		6,645,000		2,908,386		—		9,553,386
	Multi-Line Insurance		—		4,272,138		—		4,272,138
	Paper Products		—		2,007,139		—		2,007,139
	Pharmaceuticals		6,094,725		8,453,556		—		14,548,281
	Reinsurance		—		3,571,340		—		3,571,340
	Technology Hardware, Storage & Peripherals		—		3,604,061		—		3,604,061
	Tobacco		—		5,285,641		—		5,285,641
	Trading Companies & Distributors		—		2,038,612		—		2,038,612
	Other		44,054,652		—		—		44,054,652

		$	80,588,938	$	53,090,656	$	—	$	133,679,594

International Growth Fund
Assets
Common Stocks
	Application Software	$	5,152,977	$	10,717,921	$	—	$	15,870,898
	Asset Management & Custody Banks		—		9,354,744		—		9,354,744
	Broadline Retail		—		4,407,406		—		4,407,406


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

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)


Fund	Category	Quoted Prices In Active Markets For Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 06/30/2025
	Building Products	$	—	$	5,408,455	$	—	$	5,408,455
	Commercial & Residential Mortgage Finance		—		4,998,016		—		4,998,016
	Communications Equipment		—		1,188,132		—		1,188,132
	Consumer Finance		—		9,398,826		—		9,398,826
	Diversified Banks		—		4,821,721		—		4,821,721
	Diversified Real Estate Activities		—		2,486,563		—		2,486,563
	Diversified Support Services		—		5,794,623		—		5,794,623
	Drug Retail		—		6,377,987		—		6,377,987
	Electrical Components & Equipment		—		2,037,158		—		2,037,158
	Electronic Equipment & Instruments		—		11,303,509		—		11,303,509
	Health Care Equipment		—		5,037,907		—		5,037,907
	Health Care Technology		—		1,566,669		—		1,566,669
	Human Resource & Employment Services		—		6,377,363		—		6,377,363
	Industrial Machinery & Supplies & Components		—		7,414,952		—		7,414,952
	Interactive Media & Services		5,507,054		17,511,945		—		23,018,999
	Investment Banking & Brokerage		—		5,838,726		—		5,838,726
	IT Consulting & Other Services		2,379,239		7,504,204		—		9,883,443
	Life & Health Insurance		—		3,304,704		—		3,304,704
	Movies & Entertainment		—		3,921,150		—		3,921,150
	Regional Banks		1,272,987		3,451,374		—		4,724,361
	Research & Consulting Services		—		7,367,152		—		7,367,152
	Semiconductor Materials & Equipment		1,810,176		1,391,761		—		3,201,937
	Semiconductors		—		9,163,277		—		9,163,277
	Specialty Chemicals		—		1,746,768		—		1,746,768
	Trading Companies & Distributors		—		17,874,433		—		17,874,433
	Other		29,845,119		—		—		29,845,119

		$	45,967,552	$	177,767,446	$	—	$	223,734,998

International Opportunities Fund
Assets
Common Stocks
	Alternative Carriers	$	—	$	1,611,490	$	—	$	1,611,490
	Application Software		—		7,955,589		—		7,955,589
	Asset Management & Custody Banks		2,927,172		892,538		—		3,819,710
	Building Products		—		237,691		—		237,691
	Commercial & Residential Mortgage Finance		—		4,053,450		—		4,053,450
	Commodity Chemicals		—		1,442,871		—		1,442,871
	Communications Equipment		—		303,250		—		303,250
	Construction Machinery & Heavy Transportation Equipment		—		748,843		—		748,843
	Consumer Finance		—		610,342		—		610,342
	Data Processing & Outsourced Services		—		853,392		—		853,392
	Distributors		—		934,414		—		934,414
	Diversified Support Services		1,508,813		6,436,953		—		7,945,766
	Drug Retail		—		418,764		—		418,764
	Electrical Components & Equipment		—		933,063		—		933,063
	Electronic Equipment & Instruments		507,582		2,984,011		—		3,491,593
	Food Retail		—		3,008,089		—		3,008,089
	Health Care Facilities		—		1,088,493		—		1,088,493
	Health Care Services		—		1,596,119		—		1,596,119
	Human Resource & Employment Services		—		1,381,877		—		1,381,877
	Industrial Machinery & Supplies & Components		—		729,937		—		729,937
	Interactive Media & Services		2,558,886		2,127,668		—		4,686,554
	Investment Banking & Brokerage		—		1,687,279		—		1,687,279
	IT Consulting & Other Services		—		1,266,213		—		1,266,213
	Real Estate Services		—		1,200,798		—		1,200,798
	Research & Consulting Services		—		2,259,718		—		2,259,718
	Semiconductor Materials & Equipment		—		393,138		—		393,138
	Semiconductors		—		2,773,666		—		2,773,666
	Trading Companies & Distributors		—		568,166		—		568,166


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

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)


Fund	Category	Quoted Prices In Active Markets For Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 06/30/2025
	Other	$	3,996,413	$	—	$	—	$	3,996,413

		$	11,498,866	$	50,497,822	$	—	$	61,996,688

International Select Fund
Assets
Common Stocks
	Aerospace & Defense	$	—	$	126,339	$	—	$	126,339
	Apparel, Accessories & Luxury Goods		—		92,169		—		92,169
	Application Software		287,948		64,371		—		352,319
	Asset Management & Custody Banks		—		73,266		—		73,266
	Automobile Manufacturers		—		217,520		—		217,520
	Broadline Retail		264,468		85,223		—		349,691
	Building Products		—		184,494		—		184,494
	Diversified Banks		—		116,166		—		116,166
	Diversified Real Estate Activities		—		181,511		—		181,511
	Drug Retail		—		132,589		—		132,589
	Electronic Equipment & Instruments		—		170,630		—		170,630
	Health Care Equipment		—		119,339		—		119,339
	Industrial Machinery & Supplies & Components		—		61,865		—		61,865
	Interactive Home Entertainment		—		249,677		—		249,677
	Interactive Media & Services		—		347,067		—		347,067
	Pharmaceuticals		—		94,989		—		94,989
	Research & Consulting Services		—		271,242		—		271,242
	Semiconductor Materials & Equipment		—		347,121		—		347,121
	Soft Drinks & Non-Alcoholic Beverages		—		101,089		—		101,089
	Trading Companies & Distributors		—		98,429		—		98,429
	Transaction & Payment Processing Services		—		128,558		—		128,558
	Other		882,278		—		—		882,278

		$	1,434,694	$	3,263,654	$	—	$	4,698,348

International Value Fund
Assets
Common Stocks
	Broadline Retail	$	—	$	145,806	$	—	$	145,806
	Construction & Engineering		—		135,674		—		135,674
	Diversified Banks		199,327		1,265,565		—		1,464,892
	Diversified Metals & Mining		—		184,055		—		184,055
	Electronic Manufacturing Services		—		157,044		—		157,044
	Food Retail		—		159,255		—		159,255
	Health Care Distributors		—		147,583		—		147,583
	Industrial Machinery & Supplies & Components		—		178,747		—		178,747
	Industrial REITs		—		125,197		—		125,197
	Integrated Oil & Gas		164,820		487,473		—		652,293
	Integrated Telecommunication Services		204,974		261,516		—		466,490
	Multi-Line Insurance		—		191,510		—		191,510
	Multi-Utilities		—		525,035		—		525,035
	Paper Products		—		174,771		—		174,771
	Pharmaceuticals		—		683,898		—		683,898
	Real Estate Development		—		226,874		—		226,874
	Regional Banks		—		168,709		—		168,709
	Reinsurance		—		289,015		—		289,015
	Soft Drinks & Non-Alcoholic Beverages		—		179,085		—		179,085
	Technology Hardware, Storage & Peripherals		—		196,786		—		196,786
	Tobacco		—		407,253		—		407,253
	Trading Companies & Distributors		—		178,945		—		178,945
	Other		152,692		—		—		152,692

		$	721,813	$	6,469,796	$	—	$	7,191,609

Long/Short Alpha Fund
Assets
Common Stocks		$	73,524,323	$	—	$	—	$	73,524,323


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

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)


Fund	Category	Quoted Prices In Active Markets For Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 06/30/2025
Warrants		$	—		$	—	$	17,857	$	17,857

		$	73,524,323		$	—	$	17,857	$	73,542,180

Other Financial Instruments
Securities Sold Short		$	(25,805,870	)	$	—	$	—	$	(25,805,870	)

Micro Cap Fund
Assets
Common Stocks
	Biotechnology	$	—		$	—	$	6,100	$	6,100
	Other		583,940,784			—		—		583,940,784
Preferred Stocks			—			—		7,640,078		7,640,078
Warrants			—			—		155,695		155,695

		$	583,940,784		$	—	$	7,801,873	$	591,742,657

Micro Cap Value Fund
Assets
Common Stocks
	Packaged Foods & Meats	$	11,940,025		$	6,787,054	$	—	$	18,727,079
	Other		306,301,355			—		—		306,301,355
Warrants			—			—		0		0

		$	318,241,380		$	6,787,054	$	—	$	325,028,434

Small Cap Growth Fund
Assets
Common Stocks		$	1,889,477,355		$	—	$	—	$	1,889,477,355
Preferred Stocks			—			—		13,752,113		13,752,113

		$	1,889,477,355		$	—	$	13,752,113	$	1,903,229,468

Small Cap Value Fund
Assets
Common Stocks		$	1,537,036,796		$	—	$	—	$	1,537,036,796

		$	1,537,036,796		$	—	$	—	$	1,537,036,796

Ultra Growth Fund
Assets
Common Stocks
	Semiconductor Materials & Equipment	$	71,495,386		$	7,800,407	$	—	$	79,295,793
	Other		553,675,320			—		—		553,675,320
Preferred Stocks			—			—		11,460,105		11,460,105
Warrants			—			—		302,639		302,639

		$	625,170,706		$	7,800,407	$	11,762,744	$	644,733,857

U.S. Select Fund
Assets
Common Stocks		$	30,010,447		$	—	$	—	$	30,010,447

		$	30,010,447		$	—	$	—	$	30,010,447

U.S. Treasury Fund
Assets
U.S Government Obligations		$	—		$	137,323,699	$	—	$	137,323,699

		$	—		$	137,323,699	$	—	$	137,323,699

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

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


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

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

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


Fund	Market Value Beginning Balance 9/30/2024		Purchases At Cost		Sales (Proceeds)			Accrued Discounts (Premiums)		Realized Gain/ (Loss)		Change in Unrealized Appreciation (Depreciation)			Transfers In at Market Value		Transfers Out at Market Value		Market Value Ending Balance 06/30/2025		Net Change in Unrealized Appreciation (Depreciation) On Investments Held at 06/30/2025
Long/Short Alpha Fund
Warrants	$	55,357	$	—	$	—		$	—	$	—	$	(37,500	)	$	—	$	—	$	17,857	$	(37,500	)

	$	55,357	$	—	$	—		$	—	$	—	$	(37,500	)	$	—	$	—	$	17,857	$	(37,500	)

Micro Cap Fund
Common Stocks	$	6,100	$	—	$	—		$	—	$	—	$	—		$	—	$	—	$	6,100	$	—
Preferred Stocks		9,276,752		—		—			—		—		(1,636,674	)		—		—		7,640,078		(1,636,674	)
Warrants		482,654		—		—			—		—		(326,959	)		—		—		155,695		(326,959	)

	$	9,765,506	$	—	$	—		$	—	$	—	$	(1,963,633	)	$	—	$	—	$	7,801,873	$	(1,963,633	)

Micro Cap Value Fund
Warrants	$	—	$	—	$	—		$	—	$	—	$	—		$	—	$	—	$	—	$	—

	$	—	$	—	$	—		$	—	$	—	$	—		$	—	$	—	$	—	$	—

Small Cap Growth Fund
Preferred Stocks	$	26,060,845	$	—	$	(8,000,002	)	$	—	$	—	$	(4,308,730	)	$	—	$	—	$	13,752,113	$	(2,946,008	)

	$	26,060,845	$	—	$	(8,000,002	)	$	—	$	—	$	(4,308,730	)	$	—	$	—	$	13,752,113	$	(2,946,008	)

Ultra Growth Fund
Preferred Stocks	$	13,915,114	$	—	$	—		$	—	$	—	$	(2,455,009	)	$	—	$	—	$	11,460,105	$	(2,455,009	)
Warrants		938,180		—		—			—		—		(635,541	)		—		—		302,639		(635,541	)

	$	14,853,294	$	—	$	—		$	—	$	—	$	(3,090,550	)	$	—	$	—	$	11,762,744	$	(3,090,550	)

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

Fund

Description

Fair Value at
06/30/2025

Valuation Technique

Unobservable Input

Range
(Average)

Long/Short Alpha Fund

Warrant: Biotechnology

17,857

Black Scholes

Volatility

40%

Micro Cap Fund

Direct Venture Capital Investments: Textiles

7,640,078

Market comparable companies

EV/R* multiple

Discount for lack of

marketability

0.7 - 5.7 (2.4)

46%

Micro Cap Fund

Warrant: Biotechnology

155,695

Black Scholes

Volatility

40%

Small Cap Growth Fund

Direct Venture Capital Investments: Textiles

13,752,113

Market comparable companies

EV/R* multiple

Discount for lack of

marketability

0.7 - 5.7 (2.4)

46%

Ultra Growth Fund

Direct Venture Capital Investments: Textiles

11,460,105

Market comparable companies

EV/R* multiple

Discount for lack of

marketability

0.7 - 5.7 (2.4)

46%

Ultra Growth Fund

Warrant: Biotechnology

302,639

Black Scholes

Volatility

40%

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

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

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

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


Shares			Value
		Specialty Chemicals 1.3%
	369,906	Balchem Corp.	$	58,889,035

		Trading Companies & Distributors 1.8%
	678,451	SiteOne Landscape Supply, Inc.*		82,051,864

		Transaction & Payment Processing Services 3.9%
	1,736,892	Shift4 Payments, Inc., Class A*		172,143,366

		Total Common Stocks (cost $3,479,569,676)		4,455,637,690

		Total Investments (cost $3,479,569,676) 99.7%		4,455,637,690
		Other Assets less Liabilities 0.3%		11,607,832

		NET ASSETS 100.0%	$	4,467,245,522


		*Non-income producing. ^‡^‡Affiliated company (see Note 6). REIT Real Estate Investment Trust. See Notes to Schedules of Investments.


Shares			Value
		IT Consulting & Other Services 2.4%
	213,341	Persistent Systems Ltd.	$	15,037,278

		Life Sciences Tools & Services 8.4%
	656,469	Divi’s Laboratories Ltd.		52,155,638

		Regional Banks 5.7%
	3,686,494	AU Small Finance Bank Ltd.		35,151,491

		Total Common Stocks (cost $389,775,584)		623,307,149

		Total Investments (cost $389,775,584) 101.0%^§		623,307,149
		Liabilities less Other Assets (1.0%)		(6,021,325	)

		NET ASSETS 100.0%	$	617,285,824


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 87.40%. See Notes to Schedules of Investments.


Shares		Value
	Total Investments (cost $159,118,992) 98.6%^§	$	255,325,195
	Other Assets less Liabilities 1.4%		3,574,118

	NET ASSETS 100.0%	$	258,899,313


	*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 72.28%. See Notes to Schedules of Investments.


Shares		Value
	Total Investments (cost $32,904,835) 100.2%^§	$	61,996,688
	Liabilities less Other Assets (0.2%)		(145,258	)

	NET ASSETS 100.0%	$	61,851,430


	*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 81.64%. See Notes to Schedules of Investments.


Shares		Value
	Total Preferred Stocks (cost $17,999,987)	$	13,752,113

	Total Investments (cost $1,297,596,255) 98.7%		1,903,229,468
	Other Assets less Liabilities 1.3%		25,832,850

	NET ASSETS 100.0%	$	1,929,062,318


	Non-income producing. **Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 8, as applicable. ^†Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at June 30, 2025 amounted to approximately $13,752,113 and represented 0.71% of net assets. ^‡^‡Affiliated company (see Note 6). See Notes to Schedules of Investments.


Shares			Value
		Total Preferred Stocks (cost $15,000,004)	$	11,460,105


		WARRANTS 0.0%

		Biotechnology 0.0%
	3,026,385	Sangamo Therapeutics, Inc., expiring 9/26/2029* *** ^†		302,639

		Total Warrants (cost $626,686)		302,639

		Total Investments (cost $552,424,831) 97.9%^§		644,733,857
		Other Assets less Liabilities 2.1%		13,539,444

		NET ASSETS 100.0%	$	658,273,301


		Non-income producing. **Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 8, as applicable. ^†Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at June 30, 2025 amounted to approximately $11,762,744 and represented 1.79% of net assets. ^‡^‡Affiliated company (see Note 6). ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 1.18%. See Notes to Schedules of Investments.


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


Principal Amount			Value
		U.S. GOVERNMENT OBLIGATIONS 99.0%
	$41,000,000	U.S. Treasury Bond, 1.25%, 5/15/50	$	19,729,648
	45,200,000	U.S. Treasury Bond, 1.375%, 8/15/50		22,328,094
	41,100,000	U.S. Treasury Bond, 1.875%, 11/15/51		22,913,250
	160,000,000	U.S. Treasury STRIPS Principal, 0.00%, 8/15/47		53,796,963
	33,700,000	U.S. Treasury STRIPS Principal, 2.00%, 8/15/51		9,413,641
	35,200,000	U.S. Treasury STRIPS Principal, 3.625%, 5/15/53		9,142,103

		Total U.S. Government Obligations (cost $169,986,121)		137,323,699

		Total Investments (cost $169,986,121) 99.0%		137,323,699
		Other Assets less Liabilities 1.0%		1,370,110

		NET ASSETS 100.0%	$	138,693,809


		See Notes to Schedules of Investments.