HTML


WASATCH CORE GROWTH FUND (WGROX / WIGRX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments


Shares			Value
		COMMON STOCKS 100.1%

		Aerospace & Defense 2.6%
	939,920	Loar Holdings, Inc.*	$	75,766,951

		Application Software 4.6%
	5,172,257	CCC Intelligent Solutions Holdings, Inc.*		26,688,846
	350,828	Guidewire Software, Inc.*		43,169,386
	683,507	Procore Technologies, Inc.*		27,764,054
	2,515,625	SailPoint, Inc.*		36,828,750

				134,451,036

		Asset Management & Custody Banks 0.7%
	265,472	Hamilton Lane, Inc., Class A		20,927,158

		Automotive Parts & Equipment 1.8%
	1,065,713	XPEL, Inc.*		52,859,365

		Automotive Retail 1.6%
	1,216,329	Valvoline, Inc.*		48,093,649

		Broadline Retail 5.5%
	2,421,971	Global-e Online Ltd.*		84,115,053
	1,018,031	Ollie’s Bargain Outlet Holdings, Inc.*		78,266,223

				162,381,276

		Building Products 8.2%
	811,449	AAON, Inc.		102,940,420
	203,851	CSW Industrials, Inc.		56,731,733
	966,473	Trex Co., Inc.*		48,362,309
	347,364	UFP Industries, Inc.		31,519,810

				239,554,272

		Cargo Ground Transportation 1.2%
	85,516	Saia, Inc.*		36,015,919

		Construction & Engineering 1.5%
	263,850	Everus Construction Group, Inc.*		43,785,907

		Construction Machinery & Heavy Transportation Equipment 4.2%
	459,065	Allison Transmission Holdings, Inc.		51,754,988
	550,499	Federal Signal Corp.		70,733,617

				122,488,605

		Electrical Components & Equipment 1.6%
	112,955	Preformed Line Products Co.		46,374,805

		Electronic Components 1.3%
	119,082	Bel Fuse, Inc., Class B		39,659,069

		Electronic Equipment & Instruments 2.2%
	407,711	Novanta, Inc.*		66,147,033

		Electronic Manufacturing Services 2.9%
	859,696	CTS Corp.		56,043,582
	53,108	Fabrinet*		29,850,945

				85,894,527

		Environmental & Facilities Services 4.9%
	1,491,620	Casella Waste Systems, Inc., Class A*		144,642,391

		Health Care Facilities 2.4%
	435,226	Ensign Group, Inc.		69,766,728

		Home Improvement Retail 1.2%
	589,572	Floor & Decor Holdings, Inc., Class A*		34,996,994


WASATCH CORE GROWTH FUND (WGROX / WIGRX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Homebuilding 2.1%
	715,911	Champion Homes, Inc.*	$	63,086,077

		Industrial Machinery & Supplies & Components 10.0%
	146,753	Enpro, Inc.		55,315,608
	152,571	ESCO Technologies, Inc.		53,405,953
	234,755	Kadant, Inc.		73,767,064
	63,805	RBC Bearings, Inc.*		41,094,248
	192,840	Standex International Corp.		68,973,083

				292,555,956

		Insurance Brokers 0.8%
	509,293	Goosehead Insurance, Inc., Class A*		24,700,710

		Investment Banking & Brokerage 5.5%
	1,015,433	Moelis & Co., Class A		66,429,627
	354,339	PJT Partners, Inc., Class A		53,483,929
	343,685	StoneX Group, Inc.*		40,726,672

				160,640,228

		Life Sciences Tools & Services 5.6%
	136,556	Medpace Holdings, Inc.*		72,318,692
	673,975	Repligen Corp.*		91,957,149

				164,275,841

		Managed Health Care 6.8%
	2,228,785	HealthEquity, Inc.*		201,303,861

		Packaged Foods & Meats 1.1%
	543,451	Freshpet, Inc.*		32,128,823

		Property & Casualty Insurance 2.1%
	1,023,319	RLI Corp.		60,447,453

		Regional Banks 1.7%
	945,360	Bank OZK		49,243,802

		Restaurants 1.0%
	164,512	Wingstop, Inc.		28,528,026

		Semiconductor Materials & Equipment 5.9%
	540,600	Camtek Ltd.*		88,182,672
	111,214	Nova Ltd.*		60,382,529
	332,318	PDF Solutions, Inc.*		23,524,791

				172,089,992

		Soft Drinks & Non-Alcoholic Beverages 1.2%
	542,411	Vita Coco Co., Inc.*		35,875,064

		Specialty Chemicals 2.4%
	411,133	Balchem Corp.		69,460,920

		Systems Software 2.3%
	730,578	JFrog Ltd.*		66,394,929

		Trading Companies & Distributors 1.1%
	284,534	SiteOne Landscape Supply, Inc.*		32,553,535

		Transaction & Payment Processing Services 2.1%
	1,359,756	Paymentus Holdings, Inc., Class A*		32,851,705
	622,906	Shift4 Payments, Inc., Class A*		30,298,148

				63,149,853

		Total Common Stocks (cost $2,479,811,680)		2,940,240,755


WASATCH EMERGING INDIA FUND (WAINX / WIINX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments


Shares			Value
		COMMON STOCKS 100.8%

		Apparel Retail 2.0%
	160,592	Trent Ltd.	$	5,578,155

		Asset Management & Custody Banks 6.4%
	1,296,509	Kfin Technologies Ltd.		12,068,207
	167,561	Prudent Corporate Advisory Services Ltd.		5,305,535

				17,373,742

		Automotive Retail 7.3%
	703,117	Cartrade Tech Ltd.*		20,052,179

		Building Products 4.8%
	419,150	Astral Ltd.		5,920,723
	540,637	KRN Heat Exchanger & Refrigeration Ltd.*		7,179,594

				13,100,317

		Commodity Chemicals 1.6%
	22,191	Solar Industries India Ltd.		4,389,113

		Computer & Electronics Retail 3.9%
	1,526,811	Aditya Vision Ltd.		10,624,455

		Construction Machinery & Heavy Transportation Equipment 2.1%
	515,680	Action Construction Equipment Ltd.		5,590,927

		Consumer Finance 16.3%
	1,648,946	Bajaj Finance Ltd.		17,537,493
	603,243	Cholamandalam Investment & Finance Co. Ltd.		11,428,802
	2,896,961	Five-Star Business Finance Ltd.		15,486,871

				44,453,166

		Diversified Banks 4.3%
	838,924	HDFC Bank Ltd.		7,080,063
	1,152,524	Kotak Mahindra Bank Ltd.		4,781,182

				11,861,245

		Diversified Support Services 0.8%
	748,315	CMS Info Systems Ltd.		2,222,172

		Electrical Components & Equipment 1.7%
	44,096	Polycab India Ltd.		4,650,148

		Health Care Facilities 9.4%
	2,152,922	Max Healthcare Institute Ltd.		25,710,850

		Health Care Services 0.9%
	172,074	Vijaya Diagnostic Centre Ltd.		2,459,035

		Health Care Supplies 3.7%
	568,991	Poly Medicure Ltd.		10,149,941

		Hotels, Resorts & Cruise Lines 4.2%
	212,668	MakeMyTrip Ltd.*		11,333,078

		Industrial Machinery & Supplies & Components 3.9%
	167,621	Azad Engineering Ltd.*		3,646,883
	1,104,387	Elgi Equipments Ltd.		6,985,988

				10,632,871

		Insurance Brokers 1.0%
	152,838	PB Fintech Ltd.*		2,633,274

		Investment Banking & Brokerage 3.3%
	1,280,209	Billionbrains Garage Ventures Ltd.*		2,738,428
	332,000	Nuvama Wealth Management Ltd.		6,345,161

				9,083,589


WASATCH EMERGING MARKETS SELECT FUND (WAESX / WIESX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments


Shares			Value
		COMMON STOCKS 100.5%

		Aerospace & Defense 1.0%
	3,805	LIG Defense&Aerospace Co. Ltd.	$	1,765,826

		Airport Services 5.1%
	191,972	Grupo Aeroportuario del Centro Norte SAB de CV		2,718,291
	241,830	Grupo Aeroportuario del Pacifico SAB de CV, Class B		6,115,896

				8,834,187

		Asset Management & Custody Banks 2.3%
	418,660	Kfin Technologies Ltd.		3,896,984

		Broadline Retail 8.2%
	5,042	MercadoLibre, Inc.*		8,558,241
	58,739	Sea Ltd., ADR*		5,628,958

				14,187,199

		Construction & Engineering 4.1%
	167,968	United Integrated Services Co. Ltd.		7,074,019

		Consumer Finance 8.3%
	941,568	Bajaj Finance Ltd.		10,014,119
	226,301	Cholamandalam Investment & Finance Co. Ltd.		4,287,409

				14,301,528

		Diversified Banks 2.9%
	378,301	NU Holdings Ltd., Class A*		5,054,101

		Electrical Components & Equipment 9.5%
	64,700	Contemporary Amperex Technology Co. Ltd., Class A		3,760,983
	35,106	Polycab India Ltd.		3,702,106
	986,202	WEG SA		8,961,652

				16,424,741

		Electronic Equipment & Instruments 7.1%
	118,049	Chroma ATE, Inc.		8,203,634
	253,558	Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		4,002,889

				12,206,523

		Food Retail 2.8%
	115,080	BBB Foods, Inc., Class A*		4,795,384

		Health Care Facilities 4.4%
	631,889	Max Healthcare Institute Ltd.		7,546,211

		Heavy Electrical Equipment 0.9%
	9,377	Sanil Electric Co. Ltd.		1,475,176

		Hotels, Resorts & Cruise Lines 3.0%
	70,012	MakeMyTrip Ltd.*		3,730,940
	38,029	Trip.com Group Ltd.*		1,512,041

				5,242,981

		Industrial Machinery & Supplies & Components 1.5%
	408,135	Elgi Equipments Ltd.		2,581,727

		Insurance Brokers 2.6%
	51,633	PB Fintech Ltd.*		889,595
	86,253	Rasan Information Technology Co.*		3,549,109

				4,438,704

		Interactive Media & Services 1.4%
	42,100	Tencent Holdings Ltd.		2,323,185


WASATCH EMERGING MARKETS SELECT FUND (WAESX / WIESX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Investment Banking & Brokerage 1.1%
	97,934	Nuvama Wealth Management Ltd.	$	1,871,708

		Life Sciences Tools & Services 4.4%
	110,041	Divi’s Laboratories Ltd.		7,655,918

		Marine Ports & Services 2.6%
	305,786	International Container Terminal Services, Inc.		4,449,550

		Other Specialty Retail 1.7%
	538,828	Lenskart Solutions Ltd.*		2,934,643

		Pharmaceuticals 0.3%
	35,568	Aether Industries Ltd.*		511,213

		Property & Casualty Insurance 1.0%
	167,898	Qualitas Controladora SAB de CV		1,682,388

		Regional Banks 2.9%
	458,699	AU Small Finance Bank Ltd.		5,033,561

		Restaurants 1.1%
	670,697	Eternal Ltd.*		1,879,797

		Semiconductor Materials & Equipment 8.2%
	168,368	Anji Microelectronics Technology Shanghai Co. Ltd., Class A		8,490,761
	27,410	Hon Precision, Inc.		5,631,472

				14,122,233

		Semiconductors 7.8%
	31,892	Alchip Technologies Ltd.		4,271,301
	15,047	ASPEED Technology, Inc.		7,939,674
	20,556	LEENO Industrial, Inc.		1,132,806

				13,343,781

		Technology Hardware, Storage & Peripherals 4.3%
	91,797	Asia Vital Components Co. Ltd.		7,425,478

		Total Common Stocks (cost $108,651,865)		173,058,746

		Total Investments (cost $108,651,865) 100.5%^§		173,058,746
		Liabilities less Other Assets (0.5%)		(858,574	)

		NET ASSETS 100.0%	$	172,200,172


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 69.98%. ADR American Depositary Receipt. See Notes to Schedules of Investments.


WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX / WIEMX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments


Shares			Value
		COMMON STOCKS 99.7%

		Aerospace & Defense 2.1%
	2,227	LIG Defense&Aerospace Co. Ltd.	$	1,033,508
	34,383	Theon International PLC		1,173,660

				2,207,168

		Airport Services 0.8%
	59,325	Grupo Aeroportuario del Centro Norte SAB de CV		840,032

		Asset Management & Custody Banks 1.3%
	29,443	Kfin Technologies Ltd.		274,062
	34,158	Prudent Corporate Advisory Services Ltd.		1,081,556

				1,355,618

		Automotive Retail 0.6%
	21,473	Cartrade Tech Ltd.*		612,388

		Building Products 2.0%
	158,469	KRN Heat Exchanger & Refrigeration Ltd.*		2,104,449

		Communications Equipment 4.8%
	64,000	Accton Technology Corp.		5,104,778

		Computer & Electronics Retail 1.1%
	97,240	Aditya Vision Ltd.		676,653
	107,100	FPT Digital Retail JSC*		490,286

				1,166,939

		Construction & Engineering 4.6%
	116,016	United Integrated Services Co. Ltd.		4,886,046

		Consumer Finance 2.5%
	151,647	Cholamandalam Financial Holdings Ltd.		2,658,336

		Diversified Banks 6.9%
	477,528	Commercial International Bank - Egypt (CIB)		1,240,925
	17,407	Lion Finance Group PLC		2,617,564
	812,900	Military Commercial Joint Stock Bank		781,107
	185,958	Optima bank SA		2,127,274
	9,103	TBC Bank Group PLC		534,825

				7,301,695

		Electrical Components & Equipment 9.1%
	15,463	Bizlink Holding, Inc.		947,575
	59,727	Cenergy Holdings SA		1,573,754
	732,382	Electrical Industries Co.		2,814,867
	308,300	Jiangsu Shemar Electric Co. Ltd., Class A		2,318,480
	19,191	Polycab India Ltd.		2,023,789

				9,678,465

		Electronic Equipment & Instruments 8.7%
	248,000	Argosy Research, Inc.		1,408,239
	80,191	Chroma ATE, Inc.		5,572,750
	4,961	Park Systems Corp.		808,578
	88,396	Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		1,395,497

				9,185,064

		Electronic Manufacturing Services 1.9%
	3,598	Fabrinet*		2,022,364

		Food Retail 1.8%
	45,184	BBB Foods, Inc., Class A*		1,882,817


WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX / WIEMX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Health Care Facilities 0.8%
	74,158	Max Healthcare Institute Ltd.	$	885,617

		Health Care Services 1.0%
	78,235	Vijaya Diagnostic Centre Ltd.		1,118,022

		Heavy Electrical Equipment 5.6%
	258,800	Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS		1,537,565
	7,843	Sanil Electric Co. Ltd.		1,233,849
	240,520	TD Power Systems Ltd.		3,162,936

				5,934,350

		Human Resource & Employment Services 3.1%
	2,529	Benefit Systems SA*		3,275,708

		Industrial Machinery & Supplies & Components 3.2%
	51,945	Airtac International Group		2,201,869
	12,764	Elgi Equipments Ltd.		80,741
	93,899	Shenzhen Envicool Technology Co. Ltd., Class A		1,108,678

				3,391,288

		Insurance Brokers 4.9%
	29,171	PB Fintech Ltd.*		502,592
	113,283	Rasan Information Technology Co.*		4,661,331

				5,163,923

		Investment Banking & Brokerage 1.0%
	485,675	Billionbrains Garage Ventures Ltd.*		1,038,882

		IT Consulting & Other Services 0.5%
	7,068	Edarat Communication & Information Technology Co.*		536,139

		Life & Health Insurance 3.8%
	252,529	Discovery Ltd.		4,077,716

		Other Specialty Retail 0.9%
	180,098	Lenskart Solutions Ltd.*		980,876

		Packaged Foods & Meats 1.0%
	31,289	Kri-Kri Milk Industry SA		1,086,825

		Pharmaceuticals 4.1%
	95,131	Acutaas Chemicals Ltd.		3,551,833
	52,754	Aether Industries Ltd.*		758,224

				4,310,057

		Property & Casualty Insurance 0.8%
	80,752	Qualitas Controladora SAB de CV		809,159

		Regional Banks 2.9%
	283,000	AU Small Finance Bank Ltd.		3,105,518

		Semiconductor Materials & Equipment 8.4%
	125,768	Anji Microelectronics Technology Shanghai Co. Ltd., Class A		6,342,452
	3,563	Camtek Ltd.*		581,196
	16,982	Horng Terng Automation Co. Ltd.		744,270
	1,356	Nova Ltd.*		736,227
	1,998	WinWay Technology Co. Ltd.		518,212

				8,922,357

		Semiconductors 6.4%
	9,971	Alchip Technologies Ltd.		1,335,418
	8,525	ASPEED Technology, Inc.		4,498,287
	17,398	LEENO Industrial, Inc.		958,774

				6,792,479

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND

(WAFMX / WIFMX)

JUNE 30, 2026 (UNAUDITED)

Schedule of Investments


Shares			Value
		COMMON STOCKS 101.0%

		Aerospace & Defense 5.9%
	124,185	Aselsan Elektronik Sanayi Ve Ticaret AS	$	918,484
	13,244	Theon International PLC		452,082

				1,370,566

		Airport Services 0.6%
	5,925	Grupo Aeroportuario del Pacifico SAB de CV, Class B		149,844

		Asset Management & Custody Banks 6.5%
	27,202	Georgia Capital PLC*		1,509,047

		Broadline Retail 2.9%
	281	MercadoLibre, Inc.*		476,967
	2,074	Sea Ltd., ADR*		198,751

				675,718

		Computer & Electronics Retail 0.5%
	25,987	FPT Digital Retail JSC*		118,964

		Consumer Finance 7.3%
	58,172	Bajaj Finance Ltd.		618,693
	40,984	Cholamandalam Investment & Finance Co. Ltd.		776,466
	1,126,079	U Consumer Finance*		282,159

				1,677,318

		Diversified Banks 21.6%
	119,352	Banca Transilvania SA		1,009,958
	167,182	Commercial International Bank - Egypt (CIB)		434,447
	3,609	Credicorp Ltd.		1,405,994
	456,384	HD Bank*		449,375
	1,100,790	Military Commercial Joint Stock Bank		1,057,737
	20,086	NU Holdings Ltd., Class A*		268,349
	276,200	Vietnam Technological & Commercial Joint Stock Bank		352,614

				4,978,474

		Electrical Components & Equipment 7.7%
	20,587	Cenergy Holdings SA		542,450
	319,360	Electrical Industries Co.		1,227,441

				1,769,891

		Electronic Manufacturing Services 2.4%
	980	Fabrinet*		550,838

		Food Retail 1.8%
	9,736	BBB Foods, Inc., Class A*		405,699

		Heavy Electrical Equipment 4.8%
	114,285	Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS		678,982
	33,088	TD Power Systems Ltd.		435,121

				1,114,103

		Human Resource & Employment Services 3.3%
	591	Benefit Systems SA*		765,498

		Insurance Brokers 6.6%
	36,954	Rasan Information Technology Co.*		1,520,571

		IT Consulting & Other Services 1.6%
	4,986	Edarat Communication & Information Technology Co.*		378,210

		Life & Health Insurance 4.7%
	67,035	Discovery Ltd.		1,082,449

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND

(WAFMX / WIFMX)

JUNE 30, 2026 (UNAUDITED)

Schedule of Investments (continued)


Shares			Value
		Marine Ports & Services 7.5%
	119,230	International Container Terminal Services, Inc.	$	1,734,938

		Packaged Foods & Meats 2.1%
	14,253	Kri-Kri Milk Industry SA		495,078

		Property & Casualty Insurance 0.9%
	20,422	Qualitas Controladora SAB de CV		204,635

		Semiconductor Materials & Equipment 9.6%
	6,280	Camtek Ltd.*		1,024,394
	2,197	Nova Ltd.*		1,192,839

				2,217,233

		Wireless Telecommunication Services 2.7%
	2,364,100	Safaricom PLC		621,843

		Total Common Stocks (cost $19,947,142)		23,340,917

		Total Investments (cost $19,947,142) 101.0%^§		23,340,917
		Liabilities less Other Assets (1.0%)		(240,505	)

		NET ASSETS 100.0%	$	23,100,412


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 54.19%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At June 30, 2026, the Wasatch Frontier Emerging Small Countries Fund’s investments were in the following countries:


Country	%
Brazil		1.2
Cyprus		1.9
Egypt		3.1
Greece		4.4
India		7.8
Israel		9.5
Kenya		2.7
Mexico		3.3
Peru		6.0
Philippines		7.4
Poland		3.3
Romania		4.3
Saudi Arabia		13.4
Singapore		0.9
South Africa		4.6
Turkey		6.8
United Kingdom		6.5
United States		4.4
Vietnam		8.5

TOTAL		100.0	%


WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments


Shares			Value
		COMMON STOCKS 98.5%

		Aerospace & Defense 1.9%
	20,139	Exosens SAS	$	1,315,392
	19,009	Loar Holdings, Inc.*		1,532,315

				2,847,707

		Airport Services 0.9%
	92,769	Grupo Aeroportuario del Centro Norte SAB de CV		1,313,593

		Application Software 4.6%
	158,969	CCC Intelligent Solutions Holdings, Inc.*		820,280
	14,502	Guidewire Software, Inc.*		1,784,471
	448,076	Rakus Co. Ltd.		2,624,536
	81,992	Technology One Ltd.		1,682,066

				6,911,353

		Asset Management & Custody Banks 3.6%
	20,318	Cohen & Steers, Inc.		1,547,012
	14,173	Hamilton Lane, Inc., Class A		1,117,258
	301,391	Kfin Technologies Ltd.		2,805,417

				5,469,687

		Automotive Parts & Equipment 0.8%
	24,623	XPEL, Inc.*		1,221,301

		Automotive Retail 0.9%
	35,989	Valvoline, Inc.*		1,423,005

		Broadline Retail 3.9%
	63,694	Global-e Online Ltd.*		2,212,093
	47,932	Ollie’s Bargain Outlet Holdings, Inc.*		3,685,012

				5,897,105

		Building Products 5.5%
	17,465	AAON, Inc.		2,215,610
	61,871	Carel Industries SpA		2,244,528
	7,328	CSW Industrials, Inc.		2,039,382
	35,217	Trex Co., Inc.*		1,762,259

				8,261,779

		Cargo Ground Transportation 1.0%
	3,492	Saia, Inc.*		1,470,691

		Construction & Engineering 2.6%
	14,412	Construction Partners, Inc., Class A*		1,711,713
	13,391	Everus Construction Group, Inc.*		2,222,237

				3,933,950

		Consumer Finance 3.2%
	124,995	Cholamandalam Financial Holdings Ltd.		2,191,133
	493,642	Five-Star Business Finance Ltd.		2,638,962

				4,830,095

		Diversified Metals & Mining 1.0%
	507,838	Imdex Ltd.		1,447,130

		Diversified Support Services 1.6%
	228,100	Japan Elevator Service Holdings Co. Ltd.		2,449,951

		Drug Retail 1.5%
	117,600	Sugi Holdings Co. Ltd.		2,285,528


WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Environmental & Facilities Services 2.5%
	39,512	Casella Waste Systems, Inc., Class A*	$	3,831,479

		Food Retail 1.1%
	40,503	BBB Foods, Inc., Class A*		1,687,760

		Health Care Facilities 4.6%
	22,235	Ensign Group, Inc.		3,564,270
	284,168	Max Healthcare Institute Ltd.		3,393,621

				6,957,891

		Health Care Services 1.2%
	130,501	Vijaya Diagnostic Centre Ltd.		1,864,933

		Home Improvement Retail 0.8%
	21,129	Floor & Decor Holdings, Inc., Class A*		1,254,217

		Homebuilding 1.4%
	24,462	Champion Homes, Inc.*		2,155,591

		Hotels, Resorts & Cruise Lines 2.0%
	57,298	MakeMyTrip Ltd.*		3,053,410

		Industrial Machinery & Supplies & Components 6.4%
	8,119	Kadant, Inc.		2,551,233
	5,217	RBC Bearings, Inc.*		3,360,061
	10,414	Standex International Corp.		3,724,776

				9,636,070

		Insurance Brokers 1.1%
	18,872	Goosehead Insurance, Inc., Class A*		915,292
	44,075	PB Fintech Ltd.*		759,376

				1,674,668

		Investment Banking & Brokerage 4.5%
	268,604	AJ Bell PLC		2,181,522
	28,111	Marex Group PLC		1,713,366
	18,712	PJT Partners, Inc., Class A		2,824,389

				6,719,277

		Life Sciences Tools & Services 4.4%
	43,456	Divi’s Laboratories Ltd.		3,023,378
	6,659	Medpace Holdings, Inc.*		3,526,540

				6,549,918

		Managed Health Care 3.9%
	64,477	HealthEquity, Inc.*		5,823,563

		Other Specialty Retail 0.8%
	6,503	Five Below, Inc.*		1,169,174

		Packaged Foods & Meats 1.1%
	27,429	Freshpet, Inc.*		1,621,602

		Pharmaceuticals 0.3%
	27,697	Aether Industries Ltd.*		398,084

		Property & Casualty Insurance 0.5%
	14,538	Definity Financial Corp.		771,260

		Regional Banks 5.1%
	451,170	AU Small Finance Bank Ltd.		4,950,941
	52,674	Bank OZK		2,743,789

				7,694,730


WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Research & Consulting Services 1.5%
	61,527	BayCurrent, Inc.	$	2,296,334

		Restaurants 0.5%
	4,620	Wingstop, Inc.		801,154

		Semiconductor Materials & Equipment 3.5%
	14,444	Camtek Ltd.*		2,356,105
	5,285	Nova Ltd.*		2,869,438

				5,225,543

		Semiconductors 4.6%
	8,149	ASPEED Technology, Inc.		4,299,887
	22,082	LEENO Industrial, Inc.		1,216,901
	14,999	Melexis NV		1,343,003

				6,859,791

		Soft Drinks & Non-Alcoholic Beverages 1.2%
	26,684	Vita Coco Co., Inc.*		1,764,880

		Specialty Chemicals 2.0%
	17,347	Balchem Corp.		2,930,776

		Systems Software 1.6%
	26,591	JFrog Ltd.*		2,416,590

		Trading Companies & Distributors 7.3%
	44,056	Diploma PLC		4,164,277
	376,300	MonotaRO Co. Ltd.		4,279,905
	150,469	OEM International AB, Class B		2,595,621

				11,039,803

		Transaction & Payment Processing Services 1.6%
	50,105	Paymentus Holdings, Inc., Class A*		1,210,537
	24,917	Shift4 Payments, Inc., Class A*		1,211,963

				2,422,500

		Total Common Stocks (cost $110,213,684)		148,383,873

		Total Investments (cost $110,213,684) 98.5%^§		148,383,873
		Other Assets less Liabilities 1.5%		2,282,922

		NET ASSETS 100.0%	$	150,666,795


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 37.31%. See Notes to Schedules of Investments.


WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments


Shares			Value
		COMMON STOCKS 99.9%

		Aerospace & Defense 7.7%
	2,182	HEICO Corp., Class A	$	562,760
	4,873	Loar Holdings, Inc.*		392,812

				955,572

		Application Software 5.7%
	1,624	Guidewire Software, Inc.*		199,833
	2,055	Manhattan Associates, Inc.*		286,159
	5,446	Procore Technologies, Inc.*		221,217

				707,209

		Asset Management & Custody Banks 1.7%
	2,699	Hamilton Lane, Inc., Class A		212,762

		Broadline Retail 6.6%
	3,728	Dollarama, Inc.		493,176
	195	MercadoLibre, Inc.*		330,991

				824,167

		Building Products 1.5%
	2,083	Builders FirstSource, Inc.*		186,387

		Cargo Ground Transportation 3.4%
	1,012	Saia, Inc.*		426,214

		Casinos & Gaming 1.8%
	7,940	Lottomatica Group SpA		220,294

		Consumer Finance 4.3%
	49,834	Bajaj Finance Ltd.		530,013

		Diversified Banks 2.9%
	27,237	NU Holdings Ltd., Class A*		363,886

		Electrical Components & Equipment 3.7%
	50,300	WEG SA		457,078

		Electronic Equipment & Instruments 4.5%
	10,587	Halma PLC		553,365

		Environmental & Facilities Services 2.5%
	7,293	Rollins, Inc.		304,410

		Health Care Facilities 2.9%
	2,224	Ensign Group, Inc.		356,507

		Health Care Supplies 1.6%
	8,300	Asahi Intecc Co. Ltd.		194,603

		Home Improvement Retail 2.6%
	5,359	Floor & Decor Holdings, Inc., Class A*		318,110

		Hotels, Resorts & Cruise Lines 1.3%
	4,117	Trip.com Group Ltd.*		163,693

		Industrial Machinery & Supplies & Components 5.4%
	1,041	RBC Bearings, Inc.*		670,467

		Interactive Media & Services 2.0%
	3,045	Scout24 SE		251,988

		Life Sciences Tools & Services 3.0%
	5,421	Divi’s Laboratories Ltd.		377,157

		Managed Health Care 5.3%
	7,273	HealthEquity, Inc.*		656,897


WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Movies & Entertainment 2.0%
	537	Spotify Technology SA*	$	246,553

		Property & Casualty Insurance 4.1%
	9,481	Definity Financial Corp.		502,979

		Research & Consulting Services 7.3%
	7,517	BayCurrent, Inc.		280,553
	6,148	UL Solutions, Inc., Class A		626,235

				906,788

		Semiconductor Materials & Equipment 4.9%
	528	ASM International NV		607,190

		Semiconductors 6.2%
	888	ASPEED Technology, Inc.		468,560
	219	Monolithic Power Systems, Inc.		302,737

				771,297

		Trading Companies & Distributors 5.0%
	6,182	Finning International, Inc.		436,674
	15,976	MonotaRO Co. Ltd.		181,705

				618,379

		Total Common Stocks (cost $10,530,158)		12,383,965

		Total Investments (cost $10,530,158) 99.9%^§		12,383,965
		Other Assets less Liabilities 0.1%		14,125

		NET ASSETS 100.0%	$	12,398,090


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 30.88%. See Notes to Schedules of Investments.

At June 30, 2026, the Wasatch Global Select Fund’s investments were in the following countries:


Country	%
Brazil		6.6
Canada		11.6
China		1.3
Germany		2.0
India		7.3
Italy		1.8
Japan		5.3
Netherlands		4.9
Sweden		2.0
Taiwan		3.8
United Kingdom		4.5
United States		48.9

TOTAL		100.0	%


WASATCH GLOBAL SMALL CAP VALUE FUND (WACVX / WGCVX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments


Shares			Value
		COMMON STOCKS 98.1%

		Advertising 0.8%
	1,365	4imprint Group PLC	$	66,630

		Aerospace & Defense 3.4%
	42,467	Austal Ltd.*		119,205
	8,401	Mildef Group AB		159,982

				279,187

		Asset Management & Custody Banks 3.2%
	8,745	Pollen Street Group Ltd.		96,905
	37,135	Qualitas Ltd.		78,674
	10,507	Ridgepost Capital, Inc., Class A		82,690

				258,269

		Broadline Retail 4.4%
	36,957	B&M European Value Retail PLC		95,672
	3,572	Global-e Online Ltd.*		124,055
	1,825	Ollie’s Bargain Outlet Holdings, Inc.*		140,306

				360,033

		Commercial & Residential Mortgage Finance 1.3%
	2,112	Merchants Bancorp		105,600

		Commodity Chemicals 1.3%
	9,697	Gulf Oil Lubricants India Ltd.		108,910

		Communications Equipment 2.3%
	184,000	Plover Bay Technologies Ltd.		187,175

		Construction & Engineering 5.9%
	1,158	Limbach Holdings, Inc.*		89,166
	23,537	Maas Group Holdings Ltd.		86,855
	46,867	Tasmea Ltd.		308,381

				484,402

		Construction Materials 1.1%
	7,400	GCC SAB de CV		88,440

		Distributors 1.0%
	371	Inter Cars SA		79,194

		Electrical Components & Equipment 1.7%
	697	ASTA Energy Solutions AG*		54,370
	19,883	Rosebank Industries PLC*		87,467

				141,837

		Electronic Equipment & Instruments 3.6%
	30,000	Argosy Research, Inc.		170,352
	2,600	Jeol Ltd.		120,594

				290,946

		Food Retail 1.2%
	4,300	Halows Co. Ltd.		98,555

		Gold 1.5%
	144,254	NeXGold Mining Corp.*		120,021

		Health Care Equipment 5.2%
	158,376	AOTI, Inc.*		128,756
	4,204	AtriCure, Inc.*		117,628
	1,795	Axogen, Inc.*		82,911
	40,000	Zylox-Tonbridge Medical Technology Co. Ltd., Class H		92,559

				421,854


WASATCH GLOBAL SMALL CAP VALUE FUND (WACVX / WGCVX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Health Care Facilities 2.3%
	308,000	Chaoju Eye Care Holdings Ltd.	$	96,328
	6,023	CVS Group PLC		93,639

				189,967

		Health Care Supplies 1.6%
	200,800	Riverstone Holdings Ltd.		132,823

		Heavy Electrical Equipment 1.9%
	4,657	R&S Group Holding AG		157,531

		Homebuilding 1.3%
	1,649	LGI Homes, Inc.*		105,008

		Human Resource & Employment Services 2.2%
	2,577	Barrett Business Services, Inc.		91,535
	186,199	PeopleIN Ltd.*		89,888

				181,423

		Industrial Machinery & Supplies & Components 1.2%
	759	Krones AG		97,477

		Internet Services & Infrastructure 0.9%
	7,100	User Local, Inc.		72,386

		Investment Banking & Brokerage 7.6%
	2,559	Flow Traders Ltd.*		75,447
	92,746	FRP Advisory Group PLC		140,861
	2,308	Marex Group PLC		140,673
	4,222	Nuvama Wealth Management Ltd.		80,691
	4,570	Perella Weinberg Partners		72,937
	717	PJT Partners, Inc., Class A		108,224

				618,833

		IT Consulting & Other Services 5.2%
	17,000	Acer E-Enabling Service Business, Inc.		111,830
	6,871	Hackett Group, Inc.		74,001
	13,500	System Support Holdings, Inc.		81,096
	49,700	ULS Group, Inc.		155,237

				422,164

		Life Sciences Tools & Services 1.2%
	183	Medpace Holdings, Inc.*		96,915

		Oil & Gas Drilling 0.8%
	7,316	Odfjell Drilling Ltd.		61,937

		Oil & Gas Equipment & Services 3.9%
	18,943	Atlas Energy Solutions, Inc.		314,643

		Oil & Gas Exploration & Production 0.7%
	1,147	Matador Resources Co.		57,098

		Other Specialty Retail 1.3%
	11,568	Watches of Switzerland Group PLC*		108,890

		Pharmaceuticals 0.7%
	153	Virbac SACA*		58,115

		Property & Casualty Insurance 1.7%
	2,311	Skyward Specialty Insurance Group, Inc.*		134,847


WASATCH GLOBAL SMALL CAP VALUE FUND (WACVX / WGCVX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Real Estate Services 1.4%
	12,600	NS Group, Inc.	$	113,742

		Regional Banks 4.1%
	1,980	Plumas Bancorp		115,711
	29,338	Shawbrook Group PLC*		126,670
	1,151	Western Alliance Bancorp		94,612

				336,993

		Research & Consulting Services 3.6%
	4,400	BayCurrent, Inc.		164,219
	9,351	Elixirr International PLC		85,585
	6,500	Public Policy Holding Co., Inc.		48,165

				297,969

		Semiconductors 2.7%
	537	Elmos Semiconductor SE		111,249
	1,258	Melexis NV		112,641

				223,890

		Specialized Finance 1.0%
	19,867	Burford Capital Ltd.		81,455

		Specialty Chemicals 1.0%
	12,500	Allied Supreme Corp.		85,162

		Steel 2.0%
	4,547	Hill & Smith PLC		165,553

		Trading Companies & Distributors 6.5%
	2,247	ADENTRA, Inc.		61,235
	425	DXP Enterprises, Inc.*		71,715
	150,985	Emeco Holdings Ltd.*		102,187
	816	IMCD NV		73,786
	10,010	NPK International, Inc.*		159,259
	2,600	Totech Corp.		66,750

				534,932

		Transaction & Payment Processing Services 3.4%
	11,645	Paymentus Holdings, Inc., Class A*		281,343

		Total Common Stocks (cost $7,523,287)		8,022,149

		Total Investments (cost $7,523,287) 98.1%^§		8,022,149
		Other Assets less Liabilities 1.9%		157,553

		NET ASSETS 100.0%	$	8,179,702


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 50.89%. See Notes to Schedules of Investments.


WASATCH GLOBAL VALUE FUND (FMIEX / WILCX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments


Shares			Value
		COMMON STOCKS 98.8%

		Apparel, Accessories & Luxury Goods 2.4%
	53,500	PVH Corp.	$	3,972,910

		Broadline Retail 2.0%
	43,300	PDD Holdings, Inc., ADR*		3,302,924

		Consumer Staples Merchandise Retail 1.6%
	23,200	Dollar General Corp.		2,670,552

		Diversified Banks 17.3%
	44,000	Citigroup, Inc.		6,158,240
	175,000	ING Groep NV, ADR		5,491,500
	20,000	JPMorgan Chase & Co.		6,546,600
	90,500	U.S. Bancorp		5,466,200
	162,000	United Overseas Bank Ltd.		4,988,760

				28,651,300

		Diversified Metals & Mining 2.2%
	30,000	Rio Tinto Ltd.		3,609,595

		Electric Utilities 6.4%
	41,000	Duke Energy Corp.		5,189,780
	116,000	Exelon Corp.		5,407,920

				10,597,700

		Food Retail 2.2%
	90,000	Koninklijke Ahold Delhaize NV		3,621,813

		Gas Utilities 2.5%
	131,000	Naturgy Energy Group SA		4,106,090

		Health Care Services 2.1%
	16,100	Quest Diagnostics, Inc.		3,412,395

		Integrated Oil & Gas 8.3%
	24,000	Chevron Corp.		3,978,240
	69,000	Suncor Energy, Inc.		3,712,110
	78,000	TotalEnergies SE		6,031,387

				13,721,737

		Integrated Telecommunication Services 5.3%
	150,000	AT&T, Inc.		3,105,000
	19,500,000	Telkom Indonesia Persero Tbk. PT		2,590,209
	72,000	Verizon Communications, Inc.		3,048,480

				8,743,689

		IT Consulting & Other Services 2.1%
	70,000	Amdocs Ltd.		3,537,800

		Managed Health Care 2.3%
	59,500	Centene Corp.*		3,819,305

		Multi-Line Insurance 2.9%
	96,500	AXA SA		4,835,559

		Other Specialized REITs 2.4%
	151,000	VICI Properties, Inc.		4,009,050

		Paper & Plastic Packaging Products & Materials 2.7%
	79,000	Sonoco Products Co.		4,451,650

		Paper Products 1.8%
	110,000	UPM-Kymmene OYJ		2,915,813


WASATCH GLOBAL VALUE FUND (FMIEX / WILCX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Passenger Airlines 2.5%
	235,000	Japan Airlines Co. Ltd.	$	4,106,480

		Pharmaceuticals 9.4%
	27,000	Johnson & Johnson		6,857,190
	31,500	Novartis AG		4,923,208
	218,500	Shionogi & Co. Ltd.		3,733,403

				15,513,801

		Rail Transportation 3.0%
	18,200	Union Pacific Corp.		4,950,400

		Real Estate Operating Companies 1.9%
	50,000	LEG Immobilien SE		3,158,058

		Reinsurance 1.8%
	5,500	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		3,071,532

		Retail REITs 2.4%
	159,000	Kimco Realty Corp.		4,030,650

		Semiconductors 2.4%
	29,000	Intel Corp.*		4,049,270

		Systems Software 3.3%
	14,800	Microsoft Corp.		5,520,696

		Technology Hardware, Storage & Peripherals 1.5%
	780,000	Chicony Electronics Co. Ltd.		2,565,316

		Tobacco 3.0%
	45,500	KT&G Corp.		5,007,514

		Transaction & Payment Processing Services 1.1%
	38,000	Fiserv, Inc.*		1,863,900

		Total Common Stocks (cost $120,974,049)		163,817,499

		Total Investments (cost $120,974,049) 98.8%^§		163,817,499
		Other Assets less Liabilities 1.2%		1,996,327

		NET ASSETS 100.0%	$	165,813,826


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 33.56%. ADR American Depositary Receipt. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.


WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments


Shares			Value
		COMMON STOCKS 97.6%

		Aerospace & Defense 2.8%
	46,621	Exosens SAS	$	3,045,081
	92,552	Mildef Group AB		1,762,491

				4,807,572

		Airport Services 0.8%
	96,268	Grupo Aeroportuario del Centro Norte SAB de CV		1,363,138

		Apparel Retail 1.0%
	15,583	Aritzia, Inc.*		1,718,333

		Application Software 2.5%
	534,120	Rakus Co. Ltd.		3,128,525
	57,142	Technology One Ltd.		1,172,268

				4,300,793

		Asset Management & Custody Banks 1.5%
	26,195	Next Generation Technology Group, Inc.*		2,577,915

		Building Products 3.8%
	177,063	Carel Industries SpA		6,423,411
	5,142	KRN Heat Exchanger & Refrigeration Ltd.*		67,065

				6,490,476

		Casinos & Gaming 2.3%
	144,320	Lottomatica Group SpA		4,004,125

		Communications Equipment 1.6%
	2,778,781	Plover Bay Technologies Ltd.		2,826,733

		Construction & Engineering 3.4%
	553,392	Tasmea Ltd.		3,641,277
	49,907	United Integrated Services Co. Ltd.		2,101,847

				5,743,124

		Construction Machinery & Heavy Transportation Equipment 1.3%
	30,352	FLSmidth & Co. AS		2,224,309

		Construction Materials 0.5%
	74,700	Maeda Kosen Co. Ltd.		812,198

		Consumer Finance 1.6%
	50,951	Cholamandalam Financial Holdings Ltd.		893,159
	138,200	Premium Group Co. Ltd.		1,777,751

				2,670,910

		Diversified Banks 0.9%
	128,561	Optima bank SA		1,470,679

		Diversified Metals & Mining 1.4%
	838,685	Imdex Ltd.		2,389,908

		Diversified Real Estate Activities 1.8%
	341,902	Patrizia SE		3,018,409

		Diversified Support Services 1.3%
	211,386	Japan Elevator Service Holdings Co. Ltd.		2,270,431

		Drug Retail 1.5%
	131,400	Sugi Holdings Co. Ltd.		2,553,728

		Electrical Components & Equipment 3.3%
	9,827	ASTA Energy Solutions AG*		766,563
	34,676	Cenergy Holdings SA		913,682
	37,156	Pfisterer Holding SE		4,018,103

				5,698,348


WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Electronic Components 1.4%
	71,212	Kohoku Kogyo Co. Ltd.	$	2,368,764

		Electronic Equipment & Instruments 6.4%
	230,000	Argosy Research, Inc.		1,306,028
	70,992	Halma PLC		3,710,637
	170,002	Lagercrantz Group AB, Class B		4,482,972
	9,281	Park Systems Corp.		1,512,681

				11,012,318

		Food Retail 1.8%
	71,970	BBB Foods, Inc., Class A*		2,998,990

		Health Care Distributors 1.0%
	208,787	Asker Healthcare Group AB		1,695,674

		Health Care Facilities 1.1%
	154,645	Max Healthcare Institute Ltd.		1,846,818

		Health Care Supplies 2.9%
	108,987	Asahi Intecc Co. Ltd.		2,555,319
	3,715,200	Riverstone Holdings Ltd.		2,457,491

				5,012,810

		Heavy Electrical Equipment 2.8%
	37,394	Sinfonia Technology Co. Ltd.		3,735,523
	81,424	TD Power Systems Ltd.		1,070,759

				4,806,282

		Human Resource & Employment Services 1.8%
	2,421	Benefit Systems SA*		3,135,820

		Industrial Machinery & Supplies & Components 3.2%
	53,000	Airtac International Group		2,246,589
	9,412	Kardex Holding AG		2,636,257
	38,841	Stabilus SE		673,032

				5,555,878

		Interactive Media & Services 0.5%
	9,937	Scout24 SE		822,332

		Investment Banking & Brokerage 6.8%
	643,626	AJ Bell PLC		5,227,340
	68,476	flatexDEGIRO SE		2,940,099
	56,353	Marex Group PLC		3,434,715

				11,602,154

		Life & Health Insurance 2.0%
	211,119	Discovery Ltd.		3,409,048

		Other Specialty Retail 3.3%
	57,671	Jumbo SA		1,479,706
	434,187	Watches of Switzerland Group PLC*		4,087,020

				5,566,726

		Pharmaceuticals 0.5%
	20,255	Acutaas Chemicals Ltd.		756,246
	6,446	Aether Industries Ltd.*		92,647

				848,893

		Property & Casualty Insurance 3.5%
	97,910	Definity Financial Corp.		5,194,252
	82,618	Qualitas Controladora SAB de CV		827,857

				6,022,109


WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX / WIIOX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments


Shares			Value
		COMMON STOCKS 96.9%

		Aerospace & Defense 4.0%
	220,897	GomSpace Group AB*	$	342,562
	41,416	Mildef Group AB		788,695

				1,131,257

		Apparel Retail 1.4%
	43,000	HUMAN MADE, Inc.*		400,296

		Application Software 1.6%
	76,664	Rakus Co. Ltd.		449,048

		Asset Management & Custody Banks 7.0%
	5,500	Next Generation Technology Group, Inc.*		541,268
	15,968	Prudent Corporate Advisory Services Ltd.		505,600
	299,610	Qualitas Ltd.		634,751
	30,838	Tatton Asset Management PLC		304,334

				1,985,953

		Automotive Retail 3.0%
	29,874	Cartrade Tech Ltd.*		851,976

		Building Products 1.6%
	33,445	KRN Heat Exchanger & Refrigeration Ltd.*		444,146

		Communications Equipment 2.7%
	741,618	Plover Bay Technologies Ltd.		754,416

		Computer & Electronics Retail 1.0%
	62,790	FPT Digital Retail JSC*		287,442

		Construction & Engineering 6.1%
	104,346	Maas Group Holdings Ltd.		385,052
	206,611	Tasmea Ltd.		1,359,484

				1,744,536

		Consumer Finance 4.2%
	87,671	Five-Star Business Finance Ltd.		468,681
	55,950	Premium Group Co. Ltd.		719,719

				1,188,400

		Distributors 1.5%
	19,670	Supply Network Ltd.		436,341

		Diversified Banks 2.1%
	51,497	Optima bank SA		589,102

		Diversified Support Services 3.5%
	30,854	Black Diamond Group Ltd.		401,815
	55,900	Japan Elevator Service Holdings Co. Ltd.		600,404

				1,002,219

		Drug Retail 1.8%
	65,250	Apotea AB		499,571

		Electrical Components & Equipment 0.9%
	3,375	ASTA Energy Solutions AG*		263,270

		Electronic Components 2.4%
	6,717	Kohoku Kogyo Co. Ltd.		223,431
	52,932	SEMCNS Co. Ltd.*		459,423

				682,854


WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX / WIIOX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Electronic Equipment & Instruments 8.4%
	169,000	Argosy Research, Inc.	$	959,647
	14,446	Nayax Ltd.*		937,917
	3,090	Park Systems Corp.		503,629

				2,401,193

		Gold 1.7%
	590,574	NeXGold Mining Corp.*		491,364

		Health Care Equipment 0.9%
	111,000	Zylox-Tonbridge Medical Technology Co. Ltd., Class H		256,853

		Health Care Facilities 1.0%
	4,368	Clinica Baviera SA		287,474

		Health Care Services 1.5%
	9,485	Diagnostyka SA, Series F		438,406

		Health Care Technology 0.8%
	20,700	eWeLL Co. Ltd.		236,820

		Industrial Machinery & Supplies & Components 0.8%
	39,502	Circus SE*		241,261

		Internet Services & Infrastructure 1.1%
	29,500	User Local, Inc.		300,757

		Investment Banking & Brokerage 5.6%
	72,152	AJ Bell PLC		585,997
	400,910	FRP Advisory Group PLC		608,896
	14,933	JDC Group AG*		387,318

				1,582,211

		IT Consulting & Other Services 4.7%
	38,058	baudroie, Inc.		620,554
	3,756	Edarat Communication & Information Technology Co.*		284,909
	137,400	ULS Group, Inc.		429,166

				1,334,629

		Managed Health Care 1.5%
	110,403	Medi Assist Healthcare Services Ltd.*		426,553

		Packaged Foods & Meats 3.0%
	24,842	Kri-Kri Milk Industry SA		862,888

		Personal Care Products 1.5%
	24,460	Sarantis SA		413,071

		Real Estate Services 1.6%
	17,988	AZOOM Co. Ltd.		463,404

		Regional Banks 1.0%
	68,922	Shawbrook Group PLC*		297,577

		Research & Consulting Services 2.1%
	63,975	Elixirr International PLC		585,531

		Semiconductor Materials & Equipment 3.2%
	6,000	Horng Terng Automation Co. Ltd.		262,962
	40,200	Japan Material Co. Ltd.		647,513

				910,475

		Semiconductors 2.6%
	3,531	Elmos Semiconductor SE		731,510

		Specialized Finance 1.5%
	51,000	J-Lease Co. Ltd.		414,899

		Specialty Chemicals 1.6%
	14,720	5N Plus, Inc.*		454,392


WASATCH INTERNATIONAL SELECT FUND (WAISX / WGISX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments


Shares			Value
		COMMON STOCKS 98.8%

		Aerospace & Defense 4.7%
	3,253	BAE Systems PLC	$	79,720
	3,357	Kongsberg Gruppen ASA		101,166

				180,886

		Broadline Retail 3.9%
	1,145	Dollarama, Inc.		151,472

		Building Products 1.9%
	66	Belimo Holding AG		74,209

		Casinos & Gaming 3.9%
	5,382	Lottomatica Group SpA		149,323

		Construction & Engineering 7.5%
	1,690	AtkinsRealis Group, Inc.		104,957
	3,200	Kraftia Corp.		184,916

				289,873

		Construction Machinery & Heavy Transportation Equipment 7.2%
	20,706	Kongsberg Maritime AS*		107,186
	9,800	Metso OYJ		170,412

				277,598

		Diversified Banks 5.1%
	9,006	Bankinter SA		150,813
	5,682	NOBA Bank Group AB		45,773

				196,586

		Electrical Components & Equipment 3.8%
	626	Pfisterer Holding SE		67,696
	460	Prysmian SpA		77,438

				145,134

		Electronic Equipment & Instruments 5.2%
	2,680	Halma PLC		140,079
	120	Keyence Corp.		60,659

				200,738

		Health Care Equipment 4.1%
	816	ResMed, Inc.		159,022

		Health Care Supplies 1.6%
	2,600	Asahi Intecc Co. Ltd.		60,960

		Industrial Machinery & Supplies & Components 4.5%
	4,400	Ebara Corp.		172,315

		Interactive Home Entertainment 0.9%
	800	Nintendo Co. Ltd.		33,632

		Interactive Media & Services 2.1%
	952	Scout24 SE		78,782

		Movies & Entertainment 4.5%
	377	Spotify Technology SA*		173,092

		Oil & Gas Equipment & Services 2.9%
	1,697	TechnipFMC PLC		112,511

		Oil & Gas Exploration & Production 1.7%
	6,468	Whitecap Resources, Inc.		67,177


WASATCH INTERNATIONAL SELECT FUND (WAISX / WGISX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Oil & Gas Storage & Transportation 0.9%
	170	Gaztransport Et Technigaz SA	$	36,027

		Other Specialty Retail 4.3%
	6,482	Jumbo SA		166,313

		Property & Casualty Insurance 4.5%
	3,259	Definity Financial Corp.		172,894

		Regional Banks 2.7%
	11,900	SBI Shinsei Bank Ltd.		101,841

		Research & Consulting Services 0.9%
	950	BayCurrent, Inc.		35,456

		Semiconductor Materials & Equipment 9.4%
	177	ASM International NV		203,547
	473	BE Semiconductor Industries NV		156,209

				359,756

		Soft Drinks & Non-Alcoholic Beverages 4.9%
	2,873	Coca-Cola HBC AG, Class DI		187,279

		Trading Companies & Distributors 5.7%
	2,438	Finning International, Inc.		172,211
	4,000	MonotaRO Co. Ltd.		45,495

				217,706

		Total Common Stocks (cost $3,243,264)		3,800,582

		Total Investments (cost $3,243,264) 98.8%^§		3,800,582
		Other Assets less Liabilities 1.2%		46,539

		NET ASSETS 100.0%	$	3,847,121


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 64.44%. See Notes to Schedules of Investments.

At June 30, 2026, the Wasatch International Select Fund’s investments were in the following countries:


Country	%
Canada		17.6
Finland		4.5
France		0.9
Germany		3.8
Greece		4.4
Italy		6.0
Japan		18.3
Netherlands		9.5
Norway		5.5
Spain		4.0
Sweden		5.8
Switzerland		1.9
United Kingdom		10.7
United States		7.1

TOTAL		100.0	%

WASATCH INTERNATIONAL SMALL CAP VALUE FUND

(WASVX / WGSVX)

JUNE 30, 2026 (UNAUDITED)

Schedule of Investments


Shares			Value
		COMMON STOCKS 99.6%

		Advertising 1.3%
	1,368	4imprint Group PLC	$	66,777

		Aerospace & Defense 5.5%
	36,172	Austal Ltd.*		101,535
	9,109	Mildef Group AB		173,465

				275,000

		Asset Management & Custody Banks 3.3%
	8,414	Pollen Street Group Ltd.		93,237
	34,266	Qualitas Ltd.		72,596

				165,833

		Broadline Retail 1.9%
	36,629	B&M European Value Retail PLC		94,823

		Commodity Chemicals 2.0%
	8,919	Gulf Oil Lubricants India Ltd.		100,172

		Communications Equipment 3.8%
	188,000	Plover Bay Technologies Ltd.		191,244

		Construction & Engineering 7.8%
	25,138	Maas Group Holdings Ltd.		92,763
	45,153	Tasmea Ltd.		297,103

				389,866

		Construction Materials 1.7%
	7,000	GCC SAB de CV		83,660

		Distributors 1.6%
	367	Inter Cars SA		78,340

		Electrical Components & Equipment 2.7%
	570	ASTA Energy Solutions AG*		44,463
	20,900	Rosebank Industries PLC*		91,941

				136,404

		Electronic Equipment & Instruments 5.3%
	26,000	Argosy Research, Inc.		147,638
	2,500	Jeol Ltd.		115,956

				263,594

		Food Retail 1.6%
	3,500	Halows Co. Ltd.		80,219

		Gold 1.5%
	86,946	NeXGold Mining Corp.*		72,340

		Health Care Equipment 3.7%
	146,199	AOTI, Inc.*		118,856
	28,000	Zylox-Tonbridge Medical Technology Co. Ltd., Class H		64,792

				183,648

		Health Care Facilities 2.5%
	167,000	Chaoju Eye Care Holdings Ltd.		52,230
	4,665	CVS Group PLC		72,526

				124,756

		Health Care Supplies 2.7%
	200,700	Riverstone Holdings Ltd.		132,757

WASATCH INTERNATIONAL SMALL CAP VALUE FUND

(WASVX / WGSVX)

JUNE 30, 2026 (UNAUDITED)

Schedule of Investments (continued)


Shares			Value
		Heavy Electrical Equipment 2.9%
	4,350	R&S Group Holding AG	$	147,146

		Human Resource & Employment Services 1.8%
	185,246	PeopleIN Ltd.*		89,428

		Industrial Machinery & Supplies & Components 1.0%
	377	Krones AG		48,418

		Internet Services & Infrastructure 1.4%
	6,800	User Local, Inc.		69,327

		Investment Banking & Brokerage 8.3%
	1,892	Flow Traders Ltd.*		55,782
	93,122	FRP Advisory Group PLC		141,433
	2,297	Marex Group PLC		140,002
	4,014	Nuvama Wealth Management Ltd.		76,715

				413,932

		IT Consulting & Other Services 6.1%
	14,000	Acer E-Enabling Service Business, Inc.		92,095
	14,100	System Support Holdings, Inc.		84,701
	41,300	ULS Group, Inc.		128,999

				305,795

		Oil & Gas Drilling 1.2%
	7,298	Odfjell Drilling Ltd.		61,784

		Other Specialty Retail 2.2%
	11,541	Watches of Switzerland Group PLC*		108,636

		Packaged Foods & Meats 0.7%
	34,000	Sappe PCL		33,774

		Pharmaceuticals 1.2%
	161	Virbac SACA*		61,154

		Real Estate Services 2.2%
	12,400	NS Group, Inc.		111,937

		Regional Banks 1.5%
	17,328	Shawbrook Group PLC*		74,815

		Research & Consulting Services 4.5%
	4,100	BayCurrent, Inc.		153,022
	7,950	Elixirr International PLC		72,762

				225,784

		Semiconductors 4.9%
	660	Elmos Semiconductor SE		136,731
	1,193	Melexis NV		106,820

				243,551

		Specialty Chemicals 1.2%
	9,000	Allied Supreme Corp.		61,317

		Steel 3.5%
	4,790	Hill & Smith PLC		174,401


WASATCH INTERNATIONAL VALUE FUND (WAIVX / WGIVX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments


Shares			Value
		COMMON STOCKS 98.9%

		Automotive Parts & Equipment 2.5%
	7,000	Magna International, Inc.	$	460,300

		Broadline Retail 1.9%
	4,650	PDD Holdings, Inc., ADR*		354,702

		Building Products 1.1%
	8,900	Sanwa Holdings Corp.		208,653

		Diversified Banks 25.0%
	9,200	DNB Bank ASA		273,905
	40,597	HSBC Holdings PLC		767,660
	25,094	ING Groep NV		791,799
	476,500	Krung Thai Bank PCL		547,027
	39,781	Nordea Bank Abp		753,971
	39,919	Piraeus Bank SA*		415,511
	4,720	Toronto-Dominion Bank		573,888
	16,200	United Overseas Bank Ltd.		498,876

				4,622,637

		Diversified Metals & Mining 2.3%
	3,471	Rio Tinto Ltd.		417,630

		Electronic Manufacturing Services 2.9%
	39,800	Venture Corp. Ltd.		527,541

		Food Retail 1.4%
	6,642	Koninklijke Ahold Delhaize NV		267,290

		Gas Utilities 3.7%
	22,000	Naturgy Energy Group SA		689,572

		Health Care Distributors 2.2%
	24,500	Medipal Holdings Corp.		396,956

		Industrial Machinery & Supplies & Components 2.3%
	4,857	ANDRITZ AG		419,822

		Integrated Oil & Gas 10.1%
	76,000	BP PLC		468,444
	19,200	Eni SpA		450,464
	6,941	Suncor Energy, Inc.		373,417
	7,452	TotalEnergies SE		576,229

				1,868,554

		Integrated Telecommunication Services 3.3%
	11,068	Deutsche Telekom AG		301,761
	2,300,000	Telkom Indonesia Persero Tbk. PT		305,512

				607,273

		Multi-Line Insurance 3.7%
	13,549	AXA SA		678,933

		Multi-Utilities 3.5%
	39,100	National Grid PLC		644,905

		Paper Products 2.0%
	14,100	UPM-Kymmene OYJ		373,754

		Passenger Airlines 2.9%
	30,200	Japan Airlines Co. Ltd.		527,726


WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments


Shares			Value
		COMMON STOCKS 128.0%

		Aerospace & Defense 2.7%
	13,069	Loar Holdings, Inc.^*^†^†	$	1,053,492

		Agricultural & Farm Machinery 2.5%
	5,820	Alamo Group, Inc.		957,332

		Application Software 6.9%
	133,840	CCC Intelligent Solutions Holdings, Inc.^*^†^†		690,614
	4,738	Circle Internet Group, Inc.^*^†^†		296,741
	7,955	Guidewire Software, Inc.^*^†^†		978,863
	17,110	Procore Technologies, Inc.^*^†^†		695,008

				2,661,226

		Asset Management & Custody Banks 1.9%
	9,202	Hamilton Lane, Inc., Class A^†^†		725,394

		Automotive Parts & Equipment 2.0%
	15,522	XPEL, Inc.^*^†^†		769,891

		Automotive Retail 3.2%
	31,371	Valvoline, Inc.^*^†^†		1,240,409

		Biotechnology 4.4%
	182,566	C4 Therapeutics, Inc.^*		852,583
	96,036	MacroGenics, Inc.^*		443,686
	57,441	Nkarta, Inc.^*		162,558
	5,573	Viking Therapeutics, Inc.^*^†^†		217,403

				1,676,230

		Broadline Retail 3.7%
	41,481	Global-e Online Ltd.^*		1,440,635

		Building Products 2.5%
	7,430	AAON, Inc.^†^†		942,570

		Cargo Ground Transportation 2.5%
	2,238	Saia, Inc.^*^†^†		942,556

		Construction & Engineering 4.3%
	5,115	Construction Partners, Inc., Class A^*^†^†		607,509
	6,318	Everus Construction Group, Inc.^*^†^†		1,048,472

				1,655,981

		Construction Machinery & Heavy Transportation Equipment 5.3%
	13,325	Allison Transmission Holdings, Inc.^†^†		1,502,261
	3,551	Oshkosh Corp.^†^†		545,007

				2,047,268

		Consumer Finance 1.0%
	11,150	EZCORP, Inc., Class A^*^†^†		385,455

		Electronic Equipment & Instruments 3.4%
	8,171	Novanta, Inc.^*^†^†		1,325,663

		Electronic Manufacturing Services 3.0%
	2,074	Fabrinet^*		1,165,754

		Environmental & Facilities Services 4.4%
	17,343	Casella Waste Systems, Inc., Class A^*^†^†		1,681,751

		Health Care Facilities 3.8%
	9,031	Ensign Group, Inc.^†^†		1,447,669


WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Health Care Services 6.6%
	10,225	Addus HomeCare Corp.^*^†^†	$	1,027,306
	24,062	Pediatrix Medical Group, Inc.^*		609,490
	24,026	Pennant Group, Inc.^*		887,761

				2,524,557

		Health Care Supplies 3.3%
	4,858	UFP Technologies, Inc.^*^†^†		1,288,002

		Home Improvement Retail 2.3%
	15,132	Floor & Decor Holdings, Inc., Class A^*^†^†		898,235

		Homebuilding 3.2%
	13,979	Champion Homes, Inc.^*^†^†		1,231,829

		Industrial Machinery & Supplies & Components 8.9%
	5,520	Kadant, Inc.^†^†		1,734,550
	2,624	RBC Bearings, Inc.^*^†^†		1,690,013

				3,424,563

		Investment Banking & Brokerage 3.6%
	20,918	Moelis & Co., Class A^†^†		1,368,456

		Life Sciences Tools & Services 5.6%
	3,007	Medpace Holdings, Inc.^*^†^†		1,592,477
	4,078	Repligen Corp.^*^†^†		556,402

				2,148,879

		Managed Health Care 5.5%
	23,385	HealthEquity, Inc.^*^†^†		2,112,133

		Metal, Glass & Plastic Containers 2.6%
	21,261	Silgan Holdings, Inc.^†^†		986,298

		Other Specialty Retail 1.4%
	38,737	Sally Beauty Holdings, Inc.^*^†^†		547,741

		Packaged Foods & Meats 1.9%
	12,425	Freshpet, Inc.^*^†^†		734,566

		Pharmaceuticals 0.6%
	19,882	Phathom Pharmaceuticals, Inc.^*^†^†		215,720

		Property & Casualty Insurance 1.0%
	3,748	Axis Capital Holdings Ltd.^†^†		402,685

		Regional Banks 2.4%
	18,058	Bank OZK^†^†		940,641

		Research & Consulting Services 6.8%
	14,040	ICF International, Inc.		1,022,955
	15,833	UL Solutions, Inc., Class A^†^†		1,612,749

				2,635,704

		Semiconductor Materials & Equipment 2.3%
	12,558	PDF Solutions, Inc.^*^†^†		888,981

		Semiconductors 1.2%
	346	Monolithic Power Systems, Inc.^†^†		478,297

		Systems Software 4.6%
	19,501	JFrog Ltd.^*^†^†		1,772,251

		Technology Distributors 2.6%
	8,729	ScanSource, Inc.^*^†^†		454,694
	1,989	TD SYNNEX Corp.^†^†		531,739

				986,433


WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Transaction & Payment Processing Services 4.1%
	11,104	Euronet Worldwide, Inc.^*^†^†	$	812,702
	15,878	Shift4 Payments, Inc., Class A^*^†^†		772,306
				1,585,008

		Total Common Stocks (cost $40,342,163)		49,290,255


		WARRANTS 0.0%

		Biotechnology 0.0%
	178,571	Sangamo Therapeutics, Inc., expiring 9/26/2029^**** ^†		—

		Total Warrants (cost $36,977)		—


		COMMON STOCKS SOLD SHORT (46.0%)

		Aerospace & Defense 1.6%
	(3,208)	Rocket Lab Corp.^*		(326,093	)
	(51,415)	Satellogic, Inc., Class A^*		(294,094	)

				(620,187	)

		Apparel Retail 0.9%
	(15,418)	Revolve Group, Inc.^*		(352,918	)

		Application Software 6.1%
	(40,936)	Asana, Inc., Class A^*		(286,552	)
	(24,912)	Bitdeer Technologies Group, Class A^* (Singapore)		(395,353	)
	(101,527)	CS Disco, Inc.^*		(383,772	)
	(75,150)	Domo, Inc., Class B^*		(235,220	)
	(4,171)	ServiceTitan, Inc., Class A^*		(294,931	)
	(25,987)	SoundHound AI, Inc., Class A^*		(168,136	)
	(46,140)	Sprinklr, Inc., Class A^*		(238,082	)
	(86,006)	Thryv Holdings, Inc.^*		(338,864	)

				(2,340,910	)

		Biotechnology 0.9%
	(102,628)	Sana Biotechnology, Inc.^*		(358,172	)

		Communications Equipment 1.4%
	(2,144)	Applied Optoelectronics, Inc.^*		(317,655	)
	(232)	Lumentum Holdings, Inc.^*		(199,070	)

				(516,725	)

		Construction & Engineering 0.8%
	(11,533)	Ameresco, Inc., Class A^*		(318,311	)

		Consumer Finance 1.1%
	(11,422)	Upstart Holdings, Inc.^*		(404,681	)

		Electrical Components & Equipment 1.7%
	(17,649)	Fluence Energy, Inc.^*		(350,862	)
	(22,043)	Sunrun, Inc.^*		(294,935	)

				(645,797	)

		Electronic Equipment & Instruments 0.7%
	(215,774)	SmartRent, Inc.^*		(256,771	)

		Health Care Equipment 0.9%
	(30,308)	Alphatec Holdings, Inc.^*		(262,164	)
	(64,583)	Pulmonx Corp.^*		(83,958	)

				(346,122	)


WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Health Care Facilities 1.6%
	(15,990)	Acadia Healthcare Co., Inc.^*	$	(472,185	)
	(676)	National HealthCare Corp.		(142,879	)

				(615,064	)

		Health Care Technology 0.9%
	(33,578)	Phreesia, Inc.^*		(345,518	)

		Heavy Electrical Equipment 1.8%
	(1,197)	Bloom Energy Corp., Class A^*		(362,332	)
	(32,560)	NuScale Power Corp.^*		(326,577	)

				(688,909	)

		Homebuilding 1.2%
	(17,752)	Legacy Housing Corp.^*		(466,345	)

		Hotels, Resorts & Cruise Lines 1.6%
	(1,462)	Hyatt Hotels Corp., Class A		(283,394	)
	(12,135)	Lindblad Expeditions Holdings, Inc.^*		(342,692	)

				(626,086	)

		Interactive Home Entertainment 0.8%
	(5,941)	ROBLOX Corp., Class A^*		(323,072	)

		Interactive Media & Services 2.0%
	(25,434)	Angi, Inc.^*		(151,332	)
	(169,847)	Nextdoor Holdings, Inc.^*		(385,553	)
	(56,060)	Snap, Inc., Class A^*		(248,906	)

				(785,791	)

		Internet Services & Infrastructure 1.6%
	(9,385)	Applied Digital Corp.^*		(350,060	)
	(804)	MongoDB, Inc.^*		(270,064	)

				(620,124	)

		IT Consulting & Other Services 0.7%
	(73,435)	BigBear.ai Holdings, Inc.^*		(269,506	)

		Leisure Facilities 1.0%
	(9,321)	Life Time Group Holdings, Inc.^*		(380,670	)

		Leisure Products 1.1%
	(67,809)	Peloton Interactive, Inc., Class A^*		(400,751	)

		Life Sciences Tools & Services 1.2%
	(4,261)	Revvity, Inc.		(474,079	)

		Other Specialty Retail 0.2%
	(8,662)	Leslie’s, Inc.^*		(87,919	)

		Packaged Foods & Meats 1.1%
	(276,065)	BRC, Inc., Class A^*		(306,432	)
	(939)	J.M. Smucker Co.		(105,638	)

				(412,070	)

		Passenger Airlines 2.4%
	(72,905)	Frontier Group Holdings, Inc.^*		(576,679	)
	(38,296)	Joby Aviation, Inc.^*		(341,600	)

				(918,279	)

		Personal Care Products 0.8%
	(142,720)	Coty, Inc., Class A^*		(308,275	)

		Property & Casualty Insurance 0.5%
	(1,173)	HCI Group, Inc.		(205,568	)

		Real Estate Development 0.4%
	(2,134)	Howard Hughes Holdings, Inc.^*		(152,560	)


WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Real Estate Services 1.7%
	(211,688)	Real Brokerage, Inc.^*	$	(385,272	)
	(8,736)	Zillow Group, Inc., Class C^*		(275,359	)

				(660,631	)

		Restaurants 2.2%
	(4,741)	Cava Group, Inc.^*		(372,074	)
	(51,743)	Sweetgreen, Inc., Class A^*		(455,856	)

				(827,930	)

		Specialty Chemicals 0.6%
	(1,733)	Albemarle Corp.		(234,007	)

		Telecom Tower REITs 0.6%
	(1,334)	SBA Communications Corp.		(235,398	)

		Trading Companies & Distributors 1.0%
	(3,887)	Xometry, Inc., Class A^*		(375,173	)

		Transaction & Payment Processing Services 1.9%
	(4,043)	Affirm Holdings, Inc.^*		(329,707	)
	(18,094)	Remitly Global, Inc.^*		(405,486	)

				(735,193	)

		Water Utilities 1.0%
	(8,007)	California Water Service Group		(389,541	)

		Total Investments Sold Short (proceeds $20,530,755) (46.0%)		(17,699,053	)

		Total Investments, Net of Investments Sold Short (cost $19,848,385) 82.0%		31,591,202

		Other Assets less Liabilities 18.0%		6,909,451

		NET ASSETS 100.0%	$	38,500,653


		^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, 2026 amounted to approximately $0 and represented 0.00% of net assets. ^†^†All or a portion of this security has been designated as collateral for short sales. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At June 30, 2026, the Wasatch Long/Short Alpha Fund’s investments, excluding securities sold short, were in the following countries:


Country	%
Israel		2.9
United States		97.1

TOTAL		100.0	%


WASATCH MICRO CAP FUND (WMICX / WGICX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments


Shares			Value
		COMMON STOCKS 98.1%

		Aerospace & Defense 6.5%
	202,404	Exosens SAS	$	13,220,150
	626,575	Mildef Group AB		11,932,023
	380,963	TAT Technologies Ltd.*		18,373,846

				43,526,019

		Application Software 6.2%
	140,235	Agilysys, Inc.*		14,654,557
	423,997	Red Violet, Inc.*		27,017,089

				41,671,646

		Automotive Parts & Equipment 3.5%
	2,334,450	Holley, Inc.*		5,952,847
	353,495	XPEL, Inc.*		17,533,352

				23,486,199

		Biotechnology 1.1%
	609,978	BriaPro Therapeutics Corp.* *** ^†		610
	761,872	C4 Therapeutics, Inc.*		3,557,942
	771,218	MacroGenics, Inc.*		3,563,027

				7,121,579

		Commercial & Residential Mortgage Finance 0.4%
	2,273,900	LoanDepot, Inc., Class A*		2,842,375

		Communications Equipment 1.6%
	144,148	Digi International, Inc.*		10,803,893

		Construction & Engineering 5.8%
	171,812	Cardinal Infrastructure Group, Inc., Class A*		16,184,690
	83,389	Limbach Holdings, Inc.*		6,420,953
	987,935	Orion Group Holdings, Inc.*		16,617,067

				39,222,710

		Construction Materials 4.0%
	1,186,405	Suncrete, Inc., Class A*		26,729,705

		Consumer Finance 1.4%
	281,544	EZCORP, Inc., Class A*		9,732,976

		Education Services 3.7%
	255,515	Lincoln Educational Services Corp.*		12,750,199
	280,656	Universal Technical Institute, Inc.*		12,003,657

				24,753,856

		Electronic Components 0.7%
	14,077	Bel Fuse, Inc., Class B		4,688,204

		Electronic Equipment & Instruments 7.9%
	815,710	Arlo Technologies, Inc.*		10,995,771
	515,175	LightPath Technologies, Inc., Class A*		8,423,111
	240,630	Napco Security Technologies, Inc.		9,139,127
	259,718	Nayax Ltd.*		16,862,253
	359,239	Unusual Machines, Inc.*		8,011,030

				53,431,292

		Financial Exchanges & Data 1.7%
	3,721,830	Open Lending Corp.*		11,574,891

		Health Care Equipment 2.9%
	7,193,822	AOTI, Inc.* ^‡^‡^§^§		5,848,404
	293,589	Axogen, Inc.*		13,560,876

				19,409,280


WASATCH MICRO CAP FUND (WMICX / WGICX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Health Care Services 3.6%
	276,685	Castle Biosciences, Inc.*	$	6,598,937
	484,039	Pennant Group, Inc.*		17,885,241

				24,484,178

		Health Care Supplies 2.8%
	511,133	OrthoPediatrics Corp.*		9,777,974
	33,611	UFP Technologies, Inc.*		8,911,285

				18,689,259

		Home Furnishings 0.3%
	5,024,165	Purple Innovation, Inc.*		1,793,627

		Homebuilding 3.2%
	209,748	LGI Homes, Inc.*		13,356,753
	526,284	Smith Douglas Homes Corp.* ^‡^‡		8,178,453

				21,535,206

		Industrial Machinery & Supplies & Components 6.0%
	585,672	Elmet Group Co.*		11,561,165
	429,959	Kornit Digital Ltd.*		6,986,834
	60,346	Standex International Corp.		21,583,954

				40,131,953

		Insurance Brokers 0.5%
	73,203	Goosehead Insurance, Inc., Class A*		3,550,346

		Leisure Products 1.2%
	1,207,314	Latham Group, Inc.*		7,811,322

		Oil & Gas Equipment & Services 2.2%
	886,299	Atlas Energy Solutions, Inc.		14,721,426

		Packaged Foods & Meats 4.7%
	122,442	Freshpet, Inc.*		7,238,771
	1,013,727	Mama’s Creations, Inc.*		18,095,027
	638,484	Suja Life, Inc., Class A*		6,486,997

				31,820,795

		Pharmaceuticals 3.6%
	642,475	Aquestive Therapeutics, Inc.*		2,672,696
	91,924	Eton Pharmaceuticals, Inc.*		3,327,649
	1,384,940	Journey Medical Corp.* ^‡^‡		9,805,375
	806,558	Phathom Pharmaceuticals, Inc.*		8,751,154

				24,556,874

		Property & Casualty Insurance 1.7%
	609,256	American Integrity Insurance Group, Inc.		11,472,290

		Regional Banks 3.8%
	217,165	Esquire Financial Holdings, Inc.		25,866,523

		Research & Consulting Services 3.8%
	240,096	BlackSky Technology, Inc.*		6,703,480
	107,001	ICF International, Inc.		7,796,093
	143,436	Willdan Group, Inc.*		11,345,788

				25,845,361

		Restaurants 1.2%
	136,121	Kura Sushi USA, Inc., Class A*		7,835,125


WASATCH MICRO CAP FUND (WMICX / WGICX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Semiconductor Materials & Equipment 1.9%
	80,744	PDF Solutions, Inc.*	$	5,715,868
	96,709	Veeco Instruments, Inc.*		7,330,542

				13,046,410

		Semiconductors 2.3%
	80,854	Ambiq Micro, Inc.*		7,139,408
	1,812,464	indie Semiconductor, Inc., Class A*		8,137,964

				15,277,372

		Soft Drinks & Non-Alcoholic Beverages 0.8%
	76,631	Vita Coco Co., Inc.*		5,068,374

		Systems Software 1.1%
	198,030	A10 Networks, Inc.		7,398,401

		Technology Distributors 1.3%
	370,385	Climb Global Solutions, Inc.		8,596,636

		Trading Companies & Distributors 3.2%
	1,366,724	NPK International, Inc.*		21,744,579

		Transaction & Payment Processing Services 1.5%
	587,378	Flywire Corp.*		10,320,231

		Total Common Stocks (cost $491,451,168)		660,560,913


		PREFERRED STOCKS 1.2%

		Textiles 1.2%
	339,559	Johnnie-O Holdings, Inc., Series A Pfd.* *** ^†		7,935,494

		Total Preferred Stocks (cost $10,000,013)		7,935,494


		WARRANTS 0.0%

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

		Total Warrants (cost $322,404)		—

		Total Investments (cost $501,773,585) 99.3%^§		668,496,407
		Other Assets less Liabilities 0.7%		4,393,315

		NET ASSETS 100.0%	$	672,889,722


		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, 2026 amounted to approximately $7,936,104 and represented 1.18% 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 5.34%. ^§^§The aggregate value of illiquid holdings at June 30, 2026 amounted to approximately $5,848,404 and represented 0.87% of net assets. See Notes to Schedules of Investments.


WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments


Shares			Value
		COMMON STOCKS 97.4%

		Aerospace & Defense 5.6%
	377,749	Mildef Group AB	$	7,193,568
	323,788	Optex Systems Holdings, Inc.*		4,542,746
	205,327	TAT Technologies Ltd.*		9,902,921

				21,639,235

		Agricultural & Farm Machinery 0.8%
	19,028	Alamo Group, Inc.		3,129,916

		Application Software 5.4%
	201,199	I3 Verticals, Inc., Class A*		4,297,611
	262,535	Red Violet, Inc.*		16,728,730

				21,026,341

		Automotive Parts & Equipment 1.7%
	1,355,257	Holley, Inc.*		3,455,905
	36,210	Patrick Industries, Inc.		3,250,934

				6,706,839

		Communications Equipment 2.3%
	116,206	Digi International, Inc.*		8,709,640

		Construction & Engineering 7.1%
	103,842	Cardinal Infrastructure Group, Inc., Class A*		9,781,916
	27,287	Granite Construction, Inc.		4,313,529
	48,276	Limbach Holdings, Inc.*		3,717,252
	561,252	Orion Group Holdings, Inc.*		9,440,259

				27,252,956

		Construction Materials 4.0%
	677,457	Suncrete, Inc., Class A*		15,263,106

		Consumer Finance 1.1%
	123,651	EZCORP, Inc., Class A*		4,274,615

		Education Services 2.1%
	164,965	Lincoln Educational Services Corp.*		8,231,753

		Electrical Components & Equipment 2.0%
	10,788	Preformed Line Products Co.		4,429,121
	754,485	Rosebank Industries PLC*		3,319,030

				7,748,151

		Electronic Components 1.5%
	17,192	Bel Fuse, Inc., Class B		5,725,624

		Electronic Equipment & Instruments 3.0%
	468,921	Arlo Technologies, Inc.*		6,321,055
	1,377,154	Powerfleet, Inc. NJ*		5,274,500

				11,595,555

		Electronic Manufacturing Services 2.7%
	160,961	CTS Corp.		10,493,047

		Financial Exchanges & Data 0.5%
	621,197	Open Lending Corp.*		1,931,923

		Food Distributors 1.7%
	69,164	Chefs’ Warehouse, Inc.*		6,646,660

		Health Care Equipment 3.2%
	4,258,635	AOTI, Inc.* ^§^§		3,462,168
	191,170	Axogen, Inc.*		8,830,142

				12,292,310


WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Health Care Services 0.9%
	33,514	Addus HomeCare Corp.*	$	3,367,151

		Health Care Supplies 2.2%
	52,171	Cerus Corp.*		152,339
	31,688	UFP Technologies, Inc.*		8,401,440

				8,553,779

		Home Furnishing Retail 1.6%
	233,306	Arhaus, Inc.		1,964,436
	269,383	Bob’s Discount Furniture, Inc.*		4,261,639

				6,226,075

		Homebuilding 2.2%
	98,134	Champion Homes, Inc.*		8,647,568

		Industrial Machinery & Supplies & Components 5.7%
	334,836	Elmet Group Co.*		6,609,663
	45,098	Graham Corp.*		5,582,681
	27,617	Standex International Corp.		9,877,772

				22,070,116

		Investment Banking & Brokerage 2.7%
	280,076	JDC Group AG*		7,264,336
	204,003	Perella Weinberg Partners		3,255,888

				10,520,224

		Leisure Products 1.3%
	763,508	Latham Group, Inc.*		4,939,897

		Life Sciences Tools & Services 1.6%
	62,487	Mesa Laboratories, Inc.		6,220,581

		Oil & Gas Equipment & Services 2.2%
	506,803	Atlas Energy Solutions, Inc.		8,417,998

		Packaged Foods & Meats 4.0%
	350,464	Armanino Foods of Distinction, Inc.		3,627,303
	176,366	LT Foods Ltd.		685,294
	418,771	Mama’s Creations, Inc.*		7,475,062
	363,102	Suja Life, Inc., Class A*		3,689,116

				15,476,775

		Pharmaceuticals 1.5%
	814,349	Journey Medical Corp.*		5,765,591

		Property & Casualty Insurance 5.7%
	352,744	American Integrity Insurance Group, Inc.		6,642,169
	184,006	Bowhead Specialty Holdings, Inc.*		5,507,300
	168,999	Skyward Specialty Insurance Group, Inc.*		9,861,092

				22,010,561

		Regional Banks 2.8%
	26,211	Esquire Financial Holdings, Inc.		3,121,992
	283,038	Finwise Bancorp*		4,104,051
	88,996	Third Coast Bancshares, Inc.*		3,595,439

				10,821,482

		Research & Consulting Services 3.7%
	69,451	ICF International, Inc.		5,060,200
	384,543	Public Policy Holding Co., Inc.		2,849,463
	79,598	Willdan Group, Inc.*		6,296,202

				14,205,865


WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Semiconductor Materials & Equipment 1.5%
	78,991	Veeco Instruments, Inc.*	$	5,987,518

		Semiconductors 1.2%
	1,046,484	indie Semiconductor, Inc., Class A*		4,698,713

		Soft Drinks & Non-Alcoholic Beverages 0.8%
	43,899	Vita Coco Co., Inc.*		2,903,480

		Systems Software 1.2%
	120,589	A10 Networks, Inc.		4,505,205

		Technology Distributors 1.0%
	165,624	Climb Global Solutions, Inc.		3,844,133

		Trading Companies & Distributors 7.4%
	253,381	ADENTRA, Inc.		6,905,112
	55,654	DXP Enterprises, Inc.*		9,391,056
	768,538	NPK International, Inc.*		12,227,440

				28,523,608

		Transaction & Payment Processing Services 1.5%
	339,349	Flywire Corp.*		5,962,362

		Total Common Stocks (cost $254,477,176)		376,336,353

		Total Investments (cost $254,477,176) 97.4%^§		376,336,353
		Other Assets less Liabilities 2.6%		9,916,613

		NET ASSETS 100.0%	$	386,252,966

		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 1.93%. ^§^§The aggregate value of illiquid holdings at June 30, 2026 amounted to approximately $3,462,168 and represented 0.90% of net assets. See Notes to Schedules of Investments.

At June 30, 2026, the Wasatch Micro Cap Value Fund’s investments were in the following countries:


Country	%
Canada		1.9
Germany		1.9
India		0.2
Israel		2.6
Sweden		1.9
United Kingdom		0.9
United States		90.6

TOTAL		100.0	%


WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments


Shares			Value
		COMMON STOCKS 97.8%

		Aerospace & Defense 3.4%
	481,075	Loar Holdings, Inc.*	$	38,779,456

		Application Software 4.7%
	333,975	Agilysys, Inc.*		34,900,388
	1,800,259	CCC Intelligent Solutions Holdings, Inc.*		9,289,336
	238,749	Procore Technologies, Inc.*		9,697,984

				53,887,708

		Asset Management & Custody Banks 1.6%
	437,401	StepStone Group, Inc., Class A		18,090,905

		Automotive Parts & Equipment 2.0%
	466,170	XPEL, Inc.*		23,122,032

		Automotive Retail 1.9%
	549,997	Valvoline, Inc.*		21,746,881

		Broadline Retail 8.9%
	1,094,725	Global-e Online Ltd.*		38,019,799
	377,149	Ollie’s Bargain Outlet Holdings, Inc.*		28,995,215
	1,378,824	Pattern Group, Inc., Class A*		34,732,577

				101,747,591

		Building Products 2.3%
	203,567	AAON, Inc.		25,824,510

		Construction & Engineering 6.8%
	335,462	Construction Partners, Inc., Class A*		39,842,822
	183,035	Everus Construction Group, Inc.*		30,374,658
	101,528	Limbach Holdings, Inc.*		7,817,656

				78,035,136

		Construction Machinery & Heavy Transportation Equipment 1.7%
	151,473	Federal Signal Corp.		19,462,766

		Electronic Manufacturing Services 2.0%
	41,401	Fabrinet*		23,270,674

		Health Care Equipment 1.9%
	309,995	Axogen, Inc.*		14,318,669
	112,586	TransMedics Group, Inc.*		7,477,962

				21,796,631

		Health Care Facilities 3.3%
	237,122	Ensign Group, Inc.		38,010,657

		Health Care Services 6.8%
	293,540	Addus HomeCare Corp.*		29,491,964
	204,419	Billiontoone, Inc., Class A*		24,526,191
	648,180	Pennant Group, Inc.*		23,950,251

				77,968,406

		Health Care Supplies 3.2%
	139,559	UFP Technologies, Inc.*		37,001,278

		Home Improvement Retail 1.7%
	320,550	Floor & Decor Holdings, Inc., Class A*		19,027,848

		Human Resource & Employment Services 0.3%
	27,568	Paylocity Holding Corp.*		2,881,683

		Industrial Machinery & Supplies & Components 2.9%
	51,217	RBC Bearings, Inc.*		32,986,821


WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Insurance Brokers 1.0%
	224,981	Goosehead Insurance, Inc., Class A*	$	10,911,578

		Investment Banking & Brokerage 5.9%
	463,729	Marex Group PLC		28,264,283
	256,632	PJT Partners, Inc., Class A		38,736,034

				67,000,317

		Life Sciences Tools & Services 4.8%
	69,239	Medpace Holdings, Inc.*		36,668,282
	135,943	Repligen Corp.*		18,548,063

				55,216,345

		Managed Health Care 5.9%
	752,084	HealthEquity, Inc.*		67,928,227

		Other Specialty Retail 1.4%
	88,761	Five Below, Inc.*		15,958,340

		Packaged Foods & Meats 0.9%
	179,713	Freshpet, Inc.*		10,624,633

		Pharmaceuticals 1.0%
	178,241	Tarsus Pharmaceuticals, Inc.*		11,218,489

		Property & Casualty Insurance 1.6%
	302,830	RLI Corp.		17,888,168

		Restaurants 3.4%
	426,736	Dutch Bros, Inc., Class A*		30,643,912
	153,846	Shake Shack, Inc., Class A*		8,618,453

				39,262,365

		Semiconductor Materials & Equipment 6.3%
	173,611	Camtek Ltd.*		28,319,426
	57,777	Nova Ltd.*		31,369,444
	169,596	PDF Solutions, Inc.*		12,005,701

				71,694,571

		Systems Software 4.1%
	401,794	JFrog Ltd.*		36,515,039
	941,176	Netskope, Inc., Class A*		10,296,465

				46,811,504

		Trading Companies & Distributors 2.8%
	279,535	SiteOne Landscape Supply, Inc.*		31,981,599

		Transaction & Payment Processing Services 3.3%
	611,889	Flywire Corp.*		10,750,890
	1,120,645	Paymentus Holdings, Inc., Class A*		27,074,783

				37,825,673


		Total Common Stocks (cost $828,666,555)		1,117,962,792


		PREFERRED STOCKS 1.2%

		Textiles 1.2%
	611,205	Johnnie-O Holdings, Inc., Series A Pfd.* *** ^†^‡^‡		14,283,861

		Total Preferred Stocks (cost $17,999,987)		14,283,861


WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments


Shares			Value
		COMMON STOCKS 99.3%

		Agricultural & Farm Machinery 1.3%
	105,220	Alamo Group, Inc.	$	17,307,638

		Agricultural Products & Services 1.0%
	470,297	Del Monte Corp.		13,125,989

		Asset Management & Custody Banks 4.5%
	671,577	Artisan Partners Asset Management, Inc., Class A		23,189,554
	331,750	Cohen & Steers, Inc.		25,259,445
	158,598	Hamilton Lane, Inc., Class A		12,502,280

				60,951,279

		Automotive Retail 2.3%
	792,549	Valvoline, Inc.*		31,337,388

		Broadline Retail 1.9%
	326,932	Ollie’s Bargain Outlet Holdings, Inc.*		25,134,532

		Building Products 5.4%
	87,608	CSW Industrials, Inc.		24,381,306
	445,136	Trex Co., Inc.*		22,274,606
	302,989	UFP Industries, Inc.		27,493,222

				74,149,134

		Cargo Ground Transportation 1.6%
	51,470	Saia, Inc.*		21,677,105

		Commercial Printing 1.4%
	189,872	Cimpress PLC*		19,309,982

		Commodity Chemicals 1.6%
	157,350	Hawkins, Inc.		22,359,435

		Construction & Engineering 1.4%
	122,854	Granite Construction, Inc.		19,420,760

		Construction Machinery & Heavy Transportation Equipment 3.8%
	295,244	Allison Transmission Holdings, Inc.		33,285,808
	118,391	Oshkosh Corp.		18,170,651

				51,456,459

		Education Services 2.9%
	159,002	Grand Canyon Education, Inc.*		22,754,776
	390,705	Universal Technical Institute, Inc.*		16,710,453

				39,465,229

		Electrical Components & Equipment 1.9%
	63,976	Preformed Line Products Co.		26,265,987

		Electronic Components 2.0%
	79,609	Bel Fuse, Inc., Class B		26,512,981

		Electronic Equipment & Instruments 2.9%
	1,723,479	Arlo Technologies, Inc.*		23,232,497
	220,861	Ralliant Corp.		16,261,995

				39,494,492

		Electronic Manufacturing Services 3.4%
	716,479	CTS Corp.		46,707,266

		Health Care Facilities 2.3%
	194,070	Ensign Group, Inc.		31,109,421


WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Health Care Services 1.9%
	990,740	Pediatrix Medical Group, Inc.*	$	25,095,444

		Health Care Supplies 2.2%
	114,173	UFP Technologies, Inc.*		30,270,688

		Health Care Technology 0.9%
	1,814,406	Certara, Inc.*		11,884,359

		Homebuilding 2.3%
	353,559	Champion Homes, Inc.*		31,155,619

		Industrial Machinery & Supplies & Components 10.4%
	69,495	Enpro, Inc.		26,194,750
	76,635	ESCO Technologies, Inc.		26,825,315
	245,913	Helios Technologies, Inc.		21,947,735
	116,698	Kadant, Inc.		36,670,013
	82,025	Standex International Corp.		29,337,882

				140,975,695

		Investment Banking & Brokerage 4.6%
	552,770	Moelis & Co., Class A		36,162,213
	226,428	StoneX Group, Inc.*		26,831,718

				62,993,931

		Life Sciences Tools & Services 2.3%
	60,092	Medpace Holdings, Inc.*		31,824,122

		Managed Health Care 2.7%
	405,271	HealthEquity, Inc.*		36,604,077

		Multi-Line Insurance 2.1%
	562,567	Horace Mann Educators Corp.		29,056,586

		Oil & Gas Equipment & Services 1.5%
	403,409	Cactus, Inc., Class A		20,666,643

		Other Specialized REIT’s 1.7%
	389,941	EPR Properties		22,620,477

		Other Specialty Retail 1.4%
	1,370,971	Sally Beauty Holdings, Inc.*		19,385,530

		Packaged Foods & Meats 1.0%
	226,890	Freshpet, Inc.*		13,413,737

		Property & Casualty Insurance 2.9%
	414,246	RLI Corp.		24,469,511
	255,726	Skyward Specialty Insurance Group, Inc.*		14,921,612

				39,391,123

		Regional Banks 6.7%
	175,145	Axos Financial, Inc.*		17,057,372
	787,634	Bank OZK		41,027,855
	205,550	Hancock Whitney Corp.		15,358,696
	212,672	ServisFirst Bancshares, Inc.		18,449,296

				91,893,219

		Research & Consulting Services 0.7%
	136,595	ICF International, Inc.		9,952,312

		Semiconductor Materials & Equipment 1.9%
	98,683	Camtek Ltd.*		16,097,171
	16,876	Nova Ltd.*		9,162,655

				25,259,826


WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Soft Drinks & Non-Alcoholic Beverages 1.2%
	254,526	Vita Coco Co., Inc.*	$	16,834,350

		Specialized Consumer Services 4.0%
	3,450,262	ADT, Inc.		22,426,703
	418,961	Frontdoor, Inc.*		32,507,184

				54,933,887

		Technology Distributors 1.7%
	452,407	ScanSource, Inc.*		23,565,881

		Trading Companies & Distributors 1.7%
	139,124	DXP Enterprises, Inc.*		23,475,784

		Transaction & Payment Processing Services 1.9%
	184,051	Euronet Worldwide, Inc.*		13,470,693
	262,323	Shift4 Payments, Inc., Class A*		12,759,391

				26,230,084

		Total Common Stocks (cost $1,135,912,604)		1,353,268,451

		Total Investments (cost $1,135,912,604) 99.3%		1,353,268,451
		Other Assets less Liabilities 0.7%		10,046,677

		NET ASSETS 100.0%	$	1,363,315,128

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

At June 30, 2026, the Wasatch Small Cap Value Fund’s investments were in the following countries:


Country	%
Israel		1.9
United States		98.1

TOTAL		100.0	%


WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments


Shares			Value
		COMMON STOCKS 95.5%

		Aerospace & Defense 2.9%
	167,976	Loar Holdings, Inc.*	$	13,540,545

		Application Software 3.3%
	90,211	Agilysys, Inc.*		9,427,050
	143,204	Procore Technologies, Inc.*		5,816,946

				15,243,996

		Biotechnology 10.6%
	2,503,777	C4 Therapeutics, Inc.*		11,692,639
	433,765	Dyne Therapeutics, Inc.*		9,633,921
	431,224	Immatics NV*		4,368,299
	124,557	Intellia Therapeutics, Inc.*		2,107,504
	1,117,456	MacroGenics, Inc.*		5,162,647
	1,487,369	Nkarta, Inc.*		4,209,254
	299,841	Viking Therapeutics, Inc.*		11,696,797

				48,871,061

		Broadline Retail 5.0%
	259,197	Global-e Online Ltd.*		9,001,912
	103,911	Ollie’s Bargain Outlet Holdings, Inc.*		7,988,678
	241,912	Pattern Group, Inc., Class A*		6,093,763

				23,084,353

		Building Products 3.3%
	54,160	AAON, Inc.		6,870,737
	163,149	Trex Co., Inc.*		8,163,976

				15,034,713

		Construction & Engineering 3.4%
	58,404	Construction Partners, Inc., Class A*		6,936,643
	51,656	Everus Construction Group, Inc.*		8,572,313

				15,508,956

		Construction Machinery & Heavy Transportation Equipment 1.6%
	58,143	Federal Signal Corp.		7,470,794

		Electronic Manufacturing Services 1.7%
	13,763	Fabrinet*		7,735,907

		Environmental & Facilities Services 3.7%
	176,212	Casella Waste Systems, Inc., Class A*		17,087,278

		Footwear 1.5%
	191,372	On Holding AG, Class A*		6,778,396

		Health Care Equipment 2.4%
	223,752	AtriCure, Inc.*		6,260,581
	68,538	TransMedics Group, Inc.*		4,552,294

				10,812,875

		Health Care Services 2.3%
	88,572	Billiontoone, Inc., Class A*		10,626,869

		Health Care Supplies 2.0%
	3,196,487	Cerus Corp.*		9,333,742

		Home Improvement Retail 1.8%
	141,313	Floor & Decor Holdings, Inc., Class A*		8,388,340

		Industrial Machinery & Supplies & Components 3.0%
	21,419	RBC Bearings, Inc.*		13,795,121


WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value
		Insurance Brokers 1.2%
	117,387	Goosehead Insurance, Inc., Class A*	$	5,693,269

		Internet Services & Infrastructure 2.5%
	44,710	Snowflake, Inc.*		11,378,695

		Life Sciences Tools & Services 7.2%
	561,637	Adaptive Biotechnologies Corp.*		12,047,113
	8,639	Medpace Holdings, Inc.*		4,575,128
	68,729	Repligen Corp.*		9,377,385
	19,952	West Pharmaceutical Services, Inc.		7,162,768

				33,162,394

		Managed Health Care 4.4%
	224,032	HealthEquity, Inc.*		20,234,570

		Other Specialty Retail 1.5%
	37,455	Five Below, Inc.*		6,734,034

		Packaged Foods & Meats 3.6%
	282,789	Freshpet, Inc.*		16,718,486

		Pharmaceuticals 3.0%
	719,415	Aquestive Therapeutics, Inc.*		2,992,766
	1,846,873	Esperion Therapeutics, Inc.*		5,836,119
	461,876	Phathom Pharmaceuticals, Inc.*		5,011,355

				13,840,240

		Property & Casualty Insurance 1.2%
	95,508	RLI Corp.		5,641,658

		Regional Banks 1.8%
	162,796	Bank OZK		8,480,044

		Restaurants 2.3%
	146,060	Dutch Bros, Inc., Class A*		10,488,569

		Semiconductor Materials & Equipment 8.8%
	18,903	BE Semiconductor Industries NV		6,242,755
	52,947	Camtek Ltd.*		8,636,715
	43,400	Kulicke & Soffa Industries, Inc.		5,805,184
	11,433	Nova Ltd.*		6,207,433
	193,528	PDF Solutions, Inc.*		13,699,847

				40,591,934

		Semiconductors 3.1%
	53,858	Lattice Semiconductor Corp.*		8,238,120
	8,399	SiTime Corp.*		6,261,958

				14,500,078

		Systems Software 3.8%
	156,029	JFrog Ltd.*		14,179,915
	298,007	Netskope, Inc., Class A*		3,260,197

				17,440,112

		Trading Companies & Distributors 1.0%
	39,721	SiteOne Landscape Supply, Inc.*		4,544,480

		Transaction & Payment Processing Services 1.6%
	307,200	Paymentus Holdings, Inc., Class A*		7,421,952

		Total Common Stocks (cost $312,380,986)		440,183,461


WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments (continued)


Shares			Value

		PREFERRED STOCKS 2.6%

		Textiles 2.6%
	509,338	Johnnie-O Holdings, Inc., Series A Pfd.* *** ^†^‡^‡	$	11,903,229

		Total Preferred Stocks (cost $15,000,004)		11,903,229


		WARRANTS 1.0%

		Biotechnology 1.0%
	810,000	C4 Therapeutics, Inc., expiring 9/30/2027* *** ^†		2,089,800
	810,000	C4 Therapeutics, Inc., expiring 9/30/2030* *** ^†		2,405,700
	3,026,385	Sangamo Therapeutics, Inc., expiring 9/26/2029* *** ^†		—

				4,495,500

		Total Warrants (cost $1,476,171)		4,495,500

		Total Investments (cost $328,857,161) 99.1%^§		456,582,190
		Other Assets less Liabilities 0.9%		4,376,847

		NET ASSETS 100.0%	$	460,959,037

*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, 2026 amounted to approximately $16,398,729 and represented 3.56% 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 1.35%.

See Notes to Schedules of Investments.

At June 30, 2026, the Wasatch Ultra Growth Fund’s investments were in the following countries:


Country	%
Germany		1.0
Israel		5.2
Netherlands		1.4
Switzerland		1.5
United States		90.9

TOTAL		100.0	%


WASATCH U.S. SELECT FUND (WAUSX / WGUSX)		*JUNE 30, 2026 (UNAUDITED)*

Schedule of Investments


Shares			Value
		COMMON STOCKS 99.0%

		Aerospace & Defense 7.0%
	2,547	HEICO Corp., Class A	$	656,897
	6,774	Loar Holdings, Inc.*		546,052

				1,202,949

		Application Software 8.5%
	2,233	Circle Internet Group, Inc.*		139,853
	2,461	Guidewire Software, Inc.*		302,826
	3,559	Manhattan Associates, Inc.*		495,591
	6,284	Procore Technologies, Inc.*		255,256
	882	Tyler Technologies, Inc.*		257,949

				1,451,475

		Asset Management & Custody Banks 1.5%
	3,240	Hamilton Lane, Inc., Class A		255,409

		Automotive Retail 2.8%
	12,082	Valvoline, Inc.*		477,722

		Broadline Retail 2.8%
	14,026	Global-e Online Ltd.*		487,123

		Building Products 5.6%
	5,224	AAON, Inc.		662,717
	3,283	Builders FirstSource, Inc.*		293,763

				956,480

		Cargo Ground Transportation 2.8%
	1,120	Saia, Inc.*		471,699

		Construction & Engineering 3.3%
	3,441	Everus Construction Group, Inc.*		571,034

		Electrical Components & Equipment 4.0%
	2,834	AMETEK, Inc.		685,658

		Electronic Equipment & Instruments 3.6%
	3,802	Novanta, Inc.*		616,837

		Electronic Manufacturing Services 2.2%
	676	Fabrinet*		379,966

		Environmental & Facilities Services 2.5%
	10,085	Rollins, Inc.		420,948

		Health Care Facilities 3.2%
	3,436	Ensign Group, Inc.		550,791

		Home Improvement Retail 1.8%
	5,169	Floor & Decor Holdings, Inc., Class A*		306,832

		Household Appliances 4.9%
	5,498	SharkNinja, Inc.*		837,180

		Industrial Machinery & Supplies & Components 3.6%
	965	RBC Bearings, Inc.*		621,518

		Investment Banking & Brokerage 3.6%
	4,129	PJT Partners, Inc., Class A		623,231

		Life Sciences Tools & Services 9.7%
	1,141	Medpace Holdings, Inc.*		604,262
	3,199	Repligen Corp.*		436,472
	1,739	West Pharmaceutical Services, Inc.		624,301

				1,665,035


WASATCH FUNDS – Notes to Schedule of Investments		*JUNE 30, 2026 (UNAUDITED)*

1. ORGANIZATION

Wasatch Funds Trust (the “Trust”) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and consists of 22 series or funds (each a “Fund” and collectively the “Funds”). The Core Growth Fund, Emerging Markets Small Cap Fund, Global Opportunities Fund, Global Select Fund, Global 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, Global Small Cap Value Fund, International Select Fund, International Small Cap Value 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 21 funds offer Institutional Class shares: Core Growth Fund, Global Value Fund and Small Cap Value Fund, which commenced operations on January 31, 2012; Emerging Markets Select Fund, which commenced operations on December 13, 2012; Emerging India Fund, Emerging Markets Small Cap Fund, Frontier Emerging Small Countries Fund, Global Opportunities Fund, International Growth Fund, International Opportunities Fund and Small Cap Growth Fund, which commenced operations on February 1, 2016; Global Select Fund and International Select Fund, which commenced operations on October 1, 2019; Micro Cap Fund, Micro Cap Value Fund and Ultra Growth Fund, which commenced operations on January 31, 2020; Long/Short Alpha Fund, which commenced operations on October 1, 2021; U.S. Select Fund, which commenced operations on June 13, 2022; International Value Fund, which commenced operations on November 29, 2024; Global Small Cap Value Fund and International Small Cap Value Fund, which commenced operations on October 1, 2025. Each class of shares for each Fund has identical rights and privileges except with respect to purchase minimums, distribution and service charges, shareholder services, voting rights on matters affecting a single class of shares, and the exchange and conversion features. The Funds have entered into an investment advisory agreement with Wasatch Advisors LP, d/b/a Wasatch Global Investors, as investment advisor (the “Advisor” or “Wasatch”).

The Core Growth, Emerging India, Emerging Markets Select, Emerging Markets Small Cap, Frontier Emerging Small Countries, Global Opportunities, Global Select, Global Small Cap Value, Global Value, International Growth, International Opportunities, International Select, International Small Cap Value, 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, 2026. 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, 2026 (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


WASATCH FUNDS – Notes to Schedule of Investments (continued)		*JUNE 30, 2026 (UNAUDITED)*

FINANCIAL DERIVATIVE INSTRUMENTS (continued)

contract was opened and the value at the time it was closed. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Schedule of Investments. In addition, a fund could be exposed to credit risk if a counterparty is unable or unwilling to meet the terms of the contracts or if the value of the currency changes unfavorably. In connection with these contracts, the Funds may segregate cash and/or securities in a sufficient amount as collateral in accordance with the terms of the respective contracts. None of the Funds entered into foreign currency contracts transactions during the period ended June 30, 2026.

5. FEDERAL INCOME TAX INFORMATION

As of June 30, 2026, 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	$	2,513,554,190		$	226,807,772		$	109,725,486		$	70,321,066		$	19,951,767

Gross appreciation	$	560,084,822		$	73,407,910		$	67,733,328		$	37,226,271		$	3,850,750
Gross (depreciation)		(133,398,257	)		(24,618,649	)		(4,400,068	)		(1,794,778	)		(461,600	)

Net appreciation	$	426,686,565		$	48,789,261		$	63,333,260		$	35,431,493		$	3,389,150


	Global Opportunities Fund			Global Select Fund			Global Small Cap Value Fund			Global Value Fund			International Growth Fund
Cost	$	110,757,343		$	10,613,166		$	7,552,534		$	122,036,268		$	124,944,178

Gross appreciation	$	44,446,583		$	2,858,325		$	1,038,271		$	49,800,662		$	45,786,276
Gross (depreciation)		(6,820,053	)		(1,087,526	)		(568,656	)		(8,019,431	)		(3,645,673	)

Net appreciation	$	37,626,530		$	1,770,799		$	469,615		$	41,781,231		$	42,140,603


	International Opportunities Fund			International Select Fund			International Small Cap Value Fund			International Value Fund			Long/Short Alpha Fund
Cost	$	23,185,813		$	3,249,671		$	4,625,855		$	15,986,396		$	20,005,859

Gross appreciation	$	5,855,495		$	752,389		$	723,419		$	2,780,651		$	18,938,523
Gross (depreciation)		(1,490,483	)		(201,478	)		(374,118	)		(510,336	)		(7,353,180	)

Net appreciation	$	4,365,012		$	550,911		$	349,301		$	2,270,315		$	11,585,343


	Micro Cap Fund			Micro Cap Value Fund			Small Cap Growth Fund			Small Cap Value Fund			Ultra Growth Fund
Cost	$	508,963,060		$	254,799,913		$	852,483,396		$	1,150,326,315		$	336,051,963

Gross appreciation	$	192,213,390		$	131,113,095		$	323,346,135		$	257,471,839		$	131,590,464
Gross (depreciation)		(32,680,043	)		(9,576,655	)		(43,582,878	)		(54,529,703	)		(11,060,237	)

Net appreciation	$	159,533,347		$	121,536,440		$	279,763,257		$	202,942,136		$	120,530,227


	U.S. Select Fund			U.S. Treasury Fund
Cost	$	14,758,916		$	103,754,943

Gross appreciation	$	3,363,938		$	—
Gross (depreciation)		(1,145,938	)		(251,171	)
Net appreciation (depreciation)	$	2,218,000		$	(251,171	)

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, 2026 (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, 2026 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 6/30/2026		Gain (Loss) Realized on Sale of Shares For the Period ended 6/30/2026			Change in Unrealized Appreciation For the Period ended 6/30/2026
Core Growth Fund
Common Stock
Arhaus, Inc. *	$	52,944,246	$	—	$	48,110,434	$	—	$	—	$	(8,719,897	)	$	3,886,085

Micro Cap Fund
Common Stock
AOTI, Inc.	$	4,125,109	$	23,768	$	28,723	$	5,848,404	$	—	$	(13,364	)	$	1,741,614
Journey Medical Corp.		—		10,188,667		—		9,805,375		—		—			(383,292	)
Smith Douglas Homes Corp.		8,440,208		3,409,773		2,094,346		8,178,453		—		(1,270,602	)		(306,580	)

	$	12,565,317	$	13,622,208	$	2,123,069	$	23,832,232	$	—	$	(1,283,966	)	$	1,051,742

Small Cap Growth Fund
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.	$	13,263,149	$	—	$	—	$	14,283,861	$	—	$	—		$	1,020,712

Ultra Growth Fund
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.	$	11,052,635	$	—	$	—	$	11,903,229	$	—	$	—		$	850,594


	Share Activity								Dividends Credited To Income for the Period ended 6/30/2026		Gain (Loss) Realized on Sale of Shares For the Period ended 6/30/2026			Change in Unrealized Appreciation For the Period ended 6/30/2026
	Balance 9/30/2025		Purchases/ Additions		Sales/ Reductions		Balance 6/30/2026
Core Growth Fund
Common Stock
Arhaus, Inc. *		4,980,644		—		4,980,644		—	$	—	$	(8,719,897	)	$	3,886,085

Micro Cap Fund
Common Stock
AOTI, Inc.		7,217,000		40,500		63,678		7,193,822	$	—	$	(13,364	)	$	1,741,614
Journey Medical Corp.		—		1,384,940		—		1,384,940		—		—			(383,292	)
Smith Douglas Homes Corp.		477,928		175,503		127,147		526,284		—		(1,270,602	)		(306,580	)

		7,694,928		1,600,943		190,825		9,105,046	$	—	$	(1,283,966	)	$	1,051,742

Small Cap Growth Fund
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.		611,205		—		—		611,205	$	—	$	—		$	1,020,712

Ultra Growth Fund
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.		509,338		—		—		509,338	$	—	$	—		$	850,594

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


WASATCH FUNDS – Notes to Schedule of Investments (continued)		*JUNE 30, 2026 (UNAUDITED)*

7. RESTRICTED SECURITIES

The Funds may own investments that were purchased through private placement transactions or under Rule 144A of the Securities Act of 1933 (the “Securities Act”) and cannot be sold without prior registration under the Securities Act or may be limited due to certain restrictions. These securities are generally deemed to be illiquid and are valued at fair value as determined by a designated Pricing Committee of the Advisor (“Pricing Committee”), comprised of personnel of the Advisor, with oversight by the Board of Trustees and in accordance with Board-approved Pricing Policies and Procedures. If and when such securities are registered, the costs of registering such securities are paid by the issuer. At June 30, 2026, 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	$	—		0.00	%


Micro Cap Fund
BriaPro Therapeutics Corp.		Common Stocks		9/5/2023	$	29	$	610		0.00	%
Johnnie-O Holdings, Inc., Series A Pfd.		Preferred Stock		3/16/2022		10,000,013		7,935,494		1.18	%
Sangamo Therapeutics, Inc., expiring 9/26/2029		Warrants		3/22/2024		322,403		—		0.00	%
					$	10,322,445	$	7,936,104		1.18	%


Small Cap Growth Fund
Johnnie-O Holdings, Inc., Series A Pfd.		Preferred Stock		3/16/2022	$	17,999,987	$	14,283,861		1.25	%


Ultra Growth Fund
Johnnie-O Holdings, Inc., Series A Pfd.		Preferred Stock		3/16/2022	$	15,000,004	$	11,903,229		2.58	%
C4 Therapeutics Inc., Class A, expiring 9/30/2027		Warrants		10/16/2025		338,866		2,089,800		0.45	%
C4 Therapeutics Inc., Class B, expiring 9/30/2030		Warrants		10/16/2025		510,619		2,405,700		0.52	%
Sangamo Therapeutics, Inc., expiring 9/26/2029		Warrants		3/22/2024		626,686		—		0.00	%
					$	16,476,175	$	16,398,729		3.55	%

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.


WASATCH FUNDS – Notes to Schedule of Investments (continued)		*JUNE 30, 2026 (UNAUDITED)*

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

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

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

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

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

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

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.


WASATCH FUNDS – Notes to Schedule of Investments (continued)		*JUNE 30, 2026 (UNAUDITED)*

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

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

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

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

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

The following is a summary of the fair valuations according to the inputs used as of June 30, 2026 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 6/30/2026
Core Growth Fund
Assets
Common Stocks		$	2,940,240,755	$	—	$	—	$	2,940,240,755

		$	2,940,240,755	$	—	$	—	$	2,940,240,755

Emerging India Fund
Assets
Common Stocks
	Apparel Retail	$	—	$	5,578,155	$	—	$	5,578,155
	Asset Management & Custody Banks		—		17,373,742		—		17,373,742
	Automotive Retail		—		20,052,179		—		20,052,179
	Building Products		—		13,100,317		—		13,100,317
	Commodity Chemicals		—		4,389,113		—		4,389,113
	Computer & Electronics Retail		—		10,624,455		—		10,624,455
	Construction Machinery & Heavy Transportation Equipment		—		5,590,927		—		5,590,927
	Consumer Finance		—		44,453,166		—		44,453,166
	Diversified Banks		—		11,861,245		—		11,861,245


WASATCH FUNDS – Notes to Schedule of Investments (continued)		*JUNE 30, 2026 (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 6/30/2026
	Diversified Support Services	$	—	$	2,222,172	$	—		2,222,172
	Electrical Components & Equipment		—		4,650,148		—		4,650,148
	Health Care Facilities		—		25,710,850		—		25,710,850
	Health Care Services		—		2,459,035		—		2,459,035
	Health Care Supplies		—		10,149,941		—		10,149,941
	Industrial Machinery & Supplies & Components		—		10,632,871		—		10,632,871
	Insurance Brokers		—		2,633,274		—		2,633,274
	Investment Banking & Brokerage		—		9,083,589		—		9,083,589
	Life Sciences Tools & Services		—		11,831,431		—		11,831,431
	Managed Health Care		—		10,190,052		—		10,190,052
	Other Specialty Retail		—		4,929,689		—		4,929,689
	Pharmaceuticals		—		16,650,243		—		16,650,243
	Regional Banks		—		17,307,576		—		17,307,576
	Restaurants		—		2,789,785		—		2,789,785
	Other		11,333,078		—		—		11,333,078

		$	11,333,078	$	264,263,955	$	—	$	275,597,033

Emerging Markets Select Fund
Assets
Common Stocks
	Asset Management & Custody Banks	$	—	$	3,896,984	$	—	$	3,896,984
	Construction & Engineering		—		7,074,019		—		7,074,019
	Consumer Finance		—		14,301,528		—		14,301,528
	Electrical Components & Equipment		8,961,652		7,463,089		—		16,424,741
	Electronic Equipment & Instruments		—		12,206,523		—		12,206,523
	Health Care Facilities		—		7,546,211		—		7,546,211
	Heavy Electrical Equipment		—		1,475,176		—		1,475,176
	Hotels, Resorts & Cruise Lines		3,730,940		1,512,041		—		5,242,981
	Industrial Machinery & Supplies & Components		—		2,581,727		—		2,581,727
	Insurance Brokers		3,549,109		889,595		—		4,438,704
	Interactive Media & Services		—		2,323,185		—		2,323,185
	Investment Banking & Brokerage		—		1,871,708		—		1,871,708
	Life Sciences Tools & Services		—		7,655,918		—		7,655,918
	Marine Ports & Services		—		4,449,550		—		4,449,550
	Other Specialty Retail		—		2,934,643		—		2,934,643
	Pharmaceuticals		—		511,213		—		511,213
	Regional Banks		—		5,033,561		—		5,033,561
	Restaurants		—		1,879,797		—		1,879,797
	Semiconductor Materials & Equipment		—		14,122,233		—		14,122,233
	Semiconductors		—		13,343,781		—		13,343,781
	Technology Hardware, Storage & Peripherals		—		7,425,478		—		7,425,478
	Other		36,319,085		—		—		36,319,085

		$	52,560,786	$	120,497,960	$	—	$	173,058,746

Emerging Markets Small Cap Fund
Assets
Common Stocks
	Aerospace & Defense	$	1,033,508	$	1,173,660	$	—	$	2,207,168
	Asset Management & Custody Banks		—		1,355,618		—		1,355,618
	Automotive Retail		—		612,388		—		612,388
	Building Products		—		2,104,449		—		2,104,449
	Communications Equipment		—		5,104,778		—		5,104,778
	Computer & Electronics Retail		—		1,166,939		—		1,166,939
	Construction & Engineering		—		4,886,046		—		4,886,046
	Consumer Finance		—		2,658,336		—		2,658,336
	Diversified Banks		—		7,301,695		—		7,301,695
	Electrical Components & Equipment		—		9,678,465		—		9,678,465
	Electronic Equipment & Instruments		—		9,185,064		—		9,185,064
	Health Care Facilities		—		885,617		—		885,617
	Health Care Services		—		1,118,022		—		1,118,022
	Heavy Electrical Equipment		—		5,934,350		—		5,934,350
	Human Resource & Employment Services		—		3,275,708		—		3,275,708


WASATCH FUNDS – Notes to Schedule of Investments (continued)		*JUNE 30, 2026 (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 6/30/2026
	Industrial Machinery & Supplies & Components	$	—	$	3,391,288	$	—		3,391,288
	Insurance Brokers		4,661,331		502,592		—		5,163,923
	Investment Banking & Brokerage		—		1,038,882		—		1,038,882
	Life & Health Insurance		—		4,077,716		—		4,077,716
	Other Specialty Retail		—		980,876		—		980,876
	Pharmaceuticals		—		4,310,057		—		4,310,057
	Regional Banks		—		3,105,518		—		3,105,518
	Semiconductor Materials & Equipment		1,317,423		7,604,934		—		8,922,357
	Semiconductors		—		6,792,479		—		6,792,479
	Technology Hardware, Storage & Peripherals		—		3,317,484		—		3,317,484
	Other		7,177,336		—		—		7,177,336

		$	14,189,598	$	91,562,961	$	—	$	105,752,559

Frontier Emerging Small Countries Fund
Assets
Common Stocks
	Aerospace & Defense	$	918,484	$	452,082	$	—	$	1,370,566
	Asset Management & Custody Banks		—		1,509,047		—		1,509,047
	Computer & Electronics Retail		—		118,964		—		118,964
	Consumer Finance		—		1,677,318		—		1,677,318
	Diversified Banks		2,684,301		2,294,173		—		4,978,474
	Electrical Components & Equipment		—		1,769,891		—		1,769,891
	Heavy Electrical Equipment		—		1,114,103		—		1,114,103
	Human Resource & Employment Services		—		765,498		—		765,498
	Life & Health Insurance		—		1,082,449		—		1,082,449
	Marine Ports & Services		—		1,734,938		—		1,734,938
	Other		7,219,669		—		—		7,219,669

		$	10,822,454	$	12,518,463	$	—	$	23,340,917

Global Opportunities Fund
Assets
Common Stocks
	Aerospace & Defense	$	1,532,315	$	1,315,392	$	—	$	2,847,707
	Application Software		2,604,751		4,306,602		—		6,911,353
	Asset Management & Custody Banks		2,664,270		2,805,417		—		5,469,687
	Consumer Finance		—		4,830,095		—		4,830,095
	Diversified Metals & Mining		—		1,447,130		—		1,447,130
	Diversified Support Services		—		2,449,951		—		2,449,951
	Drug Retail		—		2,285,528		—		2,285,528
	Health Care Facilities		3,564,270		3,393,621		—		6,957,891
	Health Care Services		—		1,864,933		—		1,864,933
	Insurance Brokers		915,292		759,376		—		1,674,668
	Investment Banking & Brokerage		4,537,755		2,181,522		—		6,719,277
	Life Sciences Tools & Services		3,526,540		3,023,378		—		6,549,918
	Pharmaceuticals		—		398,084		—		398,084
	Regional Banks		2,743,789		4,950,941		—		7,694,730
	Research & Consulting Services		—		2,296,334		—		2,296,334
	Semiconductors		—		6,859,791		—		6,859,791
	Trading Companies & Distributors		—		11,039,803		—		11,039,803
	Other		70,086,993		—		—		70,086,993

		$	92,175,975	$	56,207,898	$	—	$	148,383,873

Global Select Fund
Assets
Common Stocks
	Casinos & Gaming	$	—	$	220,294	$	—	$	220,294
	Consumer Finance		—		530,013		—		530,013
	Electronic Equipment & Instruments		—		553,365		—		553,365
	Health Care Supplies		—		194,603		—		194,603
	Hotels, Resorts & Cruise Lines		—		163,693		—		163,693
	Interactive Media & Services		—		251,988		—		251,988
	Life Sciences Tools & Services		—		377,157		—		377,157


WASATCH FUNDS – Notes to Schedule of Investments (continued)		*JUNE 30, 2026 (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 6/30/2026
	Research & Consulting Services	$	626,235	$	280,553	$	—		906,788
	Semiconductor Materials & Equipment		—		607,190		—		607,190
	Semiconductors		302,737		468,560		—		771,297
	Trading Companies & Distributors		436,674		181,705		—		618,379
	Other		7,189,198		—		—		7,189,198

		$	8,554,844	$	3,829,121	$	—	$	12,383,965

Global Small Cap Value
Assets
Common Stocks
	Aerospace & Defense	$	159,982	$	119,205	$	—	$	279,187
	Asset Management & Custody Banks		161,364		96,905		—		258,269
	Broadline Retail		264,361		95,672		—		360,033
	Commodity Chemicals		—		108,910		—		108,910
	Communications Equipment		—		187,175		—		187,175
	Construction & Engineering		89,166		395,236		—		484,402
	Electrical Components & Equipment		—		141,837		—		141,837
	Electronic Equipment & Instruments		—		290,946		—		290,946
	Food Retail		—		98,555		—		98,555
	Health Care Equipment		200,539		221,315		—		421,854
	Health Care Facilities		—		189,967		—		189,967
	Health Care Supplies		—		132,823		—		132,823
	Heavy Electrical Equipment		—		157,531		—		157,531
	Human Resource & Employment Services		91,535		89,888		—		181,423
	Industrial Machinery & Supplies & Components		—		97,477		—		97,477
	Internet Services & Infrastructure		—		72,386		—		72,386
	Investment Banking & Brokerage		462,695		156,138		—		618,833
	IT Consulting & Other Services		74,001		348,163		—		422,164
	Other Specialty Retail		—		108,890		—		108,890
	Pharmaceuticals		—		58,115		—		58,115
	Real Estate Services		—		113,742		—		113,742
	Research & Consulting Services		133,750		164,219		—		297,969
	Semiconductors		—		223,890		—		223,890
	Specialty Chemicals		—		85,162		—		85,162
	Steel		—		165,553		—		165,553
	Trading Companies & Distributors		292,209		242,723		—		534,932
	Other		1,930,124		—		—		1,930,124

		$	3,859,726	$	4,162,423	$	—	$	8,022,149

Global Value Fund
Assets
Common Stocks
	Diversified Banks	$	23,662,540	$	4,988,760	$	—	$	28,651,300
	Diversified Metals & Mining		—		3,609,595		—		3,609,595
	Gas Utilities		—		4,106,090		—		4,106,090
	Integrated Oil & Gas		7,690,350		6,031,387		—		13,721,737
	Integrated Telecommunication Services		6,153,480		2,590,209		—		8,743,689
	Multi-Line Insurance		—		4,835,559		—		4,835,559
	Paper Products		—		2,915,813		—		2,915,813
	Passenger Airlines		—		4,106,480		—		4,106,480
	Pharmaceuticals		6,857,190		8,656,611		—		15,513,801
	Real Estate Operating Companies		—		3,158,058		—		3,158,058
	Reinsurance		—		3,071,532		—		3,071,532
	Technology Hardware, Storage & Peripherals		—		2,565,316		—		2,565,316
	Tobacco		—		5,007,514		—		5,007,514
	Other		63,811,015		—		—		63,811,015

		$	108,174,575	$	55,642,924	$	—	$	163,817,499

International Growth Fund
Assets
Common Stocks
	Aerospace & Defense	$	1,762,491	$	3,045,081	$	—	$	4,807,572


WASATCH FUNDS – Notes to Schedule of Investments (continued)		*JUNE 30, 2026 (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 6/30/2026
	Application Software	$	—	$	4,300,793	$	—		4,300,793
	Asset Management & Custody Banks		—		2,577,915		—		2,577,915
	Building Products		6,423,411		67,065		—		6,490,476
	Casinos & Gaming		—		4,004,125		—		4,004,125
	Communications Equipment		—		2,826,733		—		2,826,733
	Construction & Engineering		—		5,743,124		—		5,743,124
	Construction Machinery & Heavy Transportation Equipment		—		2,224,309		—		2,224,309
	Construction Materials		—		812,198		—		812,198
	Consumer Finance		—		2,670,910		—		2,670,910
	Diversified Banks		—		1,470,679		—		1,470,679
	Diversified Metals & Mining		—		2,389,908		—		2,389,908
	Diversified Real Estate Activities		—		3,018,409		—		3,018,409
	Diversified Support Services		—		2,270,431		—		2,270,431
	Drug Retail		—		2,553,728		—		2,553,728
	Electrical Components & Equipment		—		5,698,348		—		5,698,348
	Electronic Components		—		2,368,764		—		2,368,764
	Electronic Equipment & Instruments		—		11,012,318		—		11,012,318
	Health Care Distributors		—		1,695,674		—		1,695,674
	Health Care Facilities		—		1,846,818		—		1,846,818
	Health Care Supplies		—		5,012,810		—		5,012,810
	Heavy Electrical Equipment		—		4,806,282		—		4,806,282
	Human Resource & Employment Services		—		3,135,820		—		3,135,820
	Industrial Machinery & Supplies & Components		—		5,555,878		—		5,555,878
	Interactive Media & Services		—		822,332		—		822,332
	Investment Banking & Brokerage		3,434,715		8,167,439		—		11,602,154
	Life & Health Insurance		—		3,409,048		—		3,409,048
	Other Specialty Retail		—		5,566,726		—		5,566,726
	Pharmaceuticals		—		848,893		—		848,893
	Regional Banks		2,348,517		3,363,418		—		5,711,935
	Research & Consulting Services		—		2,601,369		—		2,601,369
	Semiconductor Materials & Equipment		2,712,359		5,056,919		—		7,769,278
	Semiconductors		—		3,286,876		—		3,286,876
	Specialty Chemicals		1,387,964		2,514,929		—		3,902,893
	Trading Companies & Distributors		—		20,166,685		—		20,166,685
	Other		12,102,570		—		—		12,102,570

		$	30,172,027	$	136,912,754	$	—	$	167,084,781

International Opportunities Fund
Assets
Common Stocks
	Aerospace & Defense	$	788,695	$	342,562	$	—	$	1,131,257
	Apparel Retail		—		400,296		—		400,296
	Application Software		—		449,048		—		449,048
	Asset Management & Custody Banks		939,085		1,046,868		—		1,985,953
	Automotive Retail		—		851,976		—		851,976
	Building Products		—		444,146		—		444,146
	Communications Equipment		—		754,416		—		754,416
	Computer & Electronics Retail		—		287,442		—		287,442
	Construction & Engineering		—		1,744,536		—		1,744,536
	Consumer Finance		—		1,188,400		—		1,188,400
	Distributors		—		436,341		—		436,341
	Diversified Banks		—		589,102		—		589,102
	Diversified Support Services		401,815		600,404		—		1,002,219
	Drug Retail		—		499,571		—		499,571
	Electrical Components & Equipment		—		263,270		—		263,270
	Electronic Components		—		682,854		—		682,854
	Electronic Equipment & Instruments		—		2,401,193		—		2,401,193
	Health Care Equipment		—		256,853		—		256,853
	Health Care Services		—		438,406		—		438,406
	Health Care Technology		—		236,820		—		236,820
	Industrial Machinery & Supplies & Components		—		241,261		—		241,261


WASATCH FUNDS – Notes to Schedule of Investments (continued)		*JUNE 30, 2026 (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 6/30/2026
	Internet Services & Infrastructure	$	—	$	300,757	$	—		300,757
	Investment Banking & Brokerage		996,214		585,997		—		1,582,211
	IT Consulting & Other Services		284,909		1,049,720		—		1,334,629
	Managed Health Care		—		426,553		—		426,553
	Real Estate Services		—		463,404		—		463,404
	Semiconductor Materials & Equipment		—		910,475		—		910,475
	Semiconductors		—		731,510		—		731,510
	Specialized Finance		—		414,899		—		414,899
	Technology Hardware, Storage & Peripherals		—		520,279		—		520,279
	Trading Companies & Distributors		794,479		393,972		—		1,188,451
	Other		3,392,297		—		—		3,392,297

		$	7,597,494	$	19,953,331	$	—	$	27,550,825

International Select Fund
Assets
Common Stocks
	Aerospace & Defense	$	101,166	$	79,720	$	—	$	180,886
	Building Products		—		74,209		—		74,209
	Casinos & Gaming		—		149,323		—		149,323
	Construction & Engineering		104,957		184,916		—		289,873
	Construction Machinery & Heavy Transportation Equipment		107,186		170,412		—		277,598
	Diversified Banks		—		196,586		—		196,586
	Electrical Components & Equipment		—		145,134		—		145,134
	Electronic Equipment & Instruments		—		200,738		—		200,738
	Health Care Supplies		—		60,960		—		60,960
	Industrial Machinery & Supplies & Components		—		172,315		—		172,315
	Interactive Home Entertainment		—		33,632		—		33,632
	Interactive Media & Services		—		78,782		—		78,782
	Oil & Gas Storage & Transportation		—		36,027		—		36,027
	Other Specialty Retail		—		166,313		—		166,313
	Regional Banks		—		101,841		—		101,841
	Research & Consulting Services		—		35,456		—		35,456
	Semiconductor Materials & Equipment		—		359,756		—		359,756
	Soft Drinks & Non-Alcoholic Beverages		—		187,279		—		187,279
	Trading Companies & Distributors		172,211		45,495		—		217,706
	Other		836,168		—		—		836,168

		$	1,321,688	$	2,478,894	$	—	$	3,800,582

International Small Cap Value
Assets
Common Stocks
	Aerospace & Defense	$	173,465	$	101,535	$	—	$	275,000
	Asset Management & Custody Banks		72,596		93,237		—		165,833
	Broadline Retail		—		94,823		—		94,823
	Commodity Chemicals		—		100,172		—		100,172
	Communications Equipment		—		191,244		—		191,244
	Construction & Engineering		—		389,866		—		389,866
	Electrical Components & Equipment		—		136,404		—		136,404
	Electronic Equipment & Instruments		—		263,594		—		263,594
	Food Retail		—		80,219		—		80,219
	Health Care Equipment		—		183,648		—		183,648
	Health Care Facilities		—		124,756		—		124,756
	Health Care Supplies		—		132,757		—		132,757
	Heavy Electrical Equipment		—		147,146		—		147,146
	Human Resource & Employment Services		—		89,428		—		89,428
	Industrial Machinery & Supplies & Components		—		48,418		—		48,418
	Internet Services & Infrastructure		—		69,327		—		69,327
	Investment Banking & Brokerage		281,435		132,497		—		413,932
	IT Consulting & Other Services		—		305,795		—		305,795
	Other Specialty Retail		—		108,636		—		108,636
	Packaged Foods & Meats		—		33,774		—		33,774


WASATCH FUNDS – Notes to Schedule of Investments (continued)		*JUNE 30, 2026 (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 6/30/2026
	Pharmaceuticals	$	—		$	61,154	$	—		61,154
	Real Estate Services		—			111,937		—		111,937
	Research & Consulting Services		72,762			153,022		—		225,784
	Semiconductors		—			243,551		—		243,551
	Specialty Chemicals		—			61,317		—		61,317
	Steel		—			174,401		—		174,401
	Trading Companies & Distributors		61,099			243,425		—		304,524
	Other		437,716			—		—		437,716

		$	1,099,073		$	3,876,083	$	—	$	4,975,156

International Value Fund
Assets
Common Stocks
	Building Products	$	—		$	208,653	$	—	$	208,653
	Diversified Banks		573,888			4,048,749		—		4,622,637
	Diversified Metals & Mining		—			417,630		—		417,630
	Electronic Manufacturing Services		—			527,541		—		527,541
	Gas Utilities		—			689,572		—		689,572
	Health Care Distributors		—			396,956		—		396,956
	Industrial Machinery & Supplies & Components		—			419,822		—		419,822
	Integrated Oil & Gas		373,417			1,495,137		—		1,868,554
	Integrated Telecommunication Services		—			607,273		—		607,273
	Multi-Line Insurance		—			678,933		—		678,933
	Multi-Utilities		—			644,905		—		644,905
	Paper Products		—			373,754		—		373,754
	Passenger Airlines		—			527,726		—		527,726
	Pharmaceuticals		—			1,585,122		—		1,585,122
	Real Estate Development		—			463,643		—		463,643
	Real Estate Operating Companies		—			406,189		—		406,189
	Regional Banks		—			518,166		—		518,166
	Reinsurance		—			404,884		—		404,884
	Soft Drinks & Non-Alcoholic Beverages		—			484,872		—		484,872
	Specialty Chemicals		—			378,480		—		378,480
	Tobacco		—			949,107		—		949,107
	Other		1,082,292			—		—		1,082,292

		$	2,029,597		$	16,227,114	$	—	$	18,256,711

Long/Short Alpha Fund
Assets
Common Stocks		$	49,290,255		$	—	$	—	$	49,290,255
Warrants			—			—		—		—

		$	49,290,255		$	—	$	—	$	49,290,255

Other Financial Instruments
Securities Sold Short		$	(17,699,053	)	$	—	$	—	$	(17,699,053	)

Micro Cap Fund
Assets
Common Stocks
	Aerospace & Defense	$	30,305,869		$	13,220,150	$	—	$	43,526,019
	Biotechnology		7,120,969			—		610		7,121,579
	Electronic Equipment & Instruments		36,569,039			16,862,253		—		53,431,292
	Health Care Equipment		13,560,876			5,848,404		—		19,409,280
	Other		537,072,743			—		—		537,072,743
	Preferred Stocks		—			—		7,935,494		7,935,494
	Warrants		—			—		—		—

		$	624,629,496		$	35,930,807	$	7,936,104	$	668,496,407

Micro Cap Value Fund
Assets
Common Stocks
	Electrical Components & Equipment	$	4,429,121		$	3,319,030	$	—	$	7,748,151
	Health Care Equipment		8,830,142			3,462,168		—		12,292,310
	Packaged Foods & Meats		14,791,481			685,294		—		15,476,775
	Other		340,819,117			—		—		340,819,117

		$	368,869,861		$	7,466,492	$	—	$	376,336,353


WASATCH FUNDS – Notes to Schedule of Investments (continued)		*JUNE 30, 2026 (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 6/30/2026
Small Cap Growth Fund
Assets
Common Stocks		$	1,117,962,792	$	—	$	—	$	1,117,962,792
Preferred Stocks			—		—		14,283,861		14,283,861

		$	1,117,962,792	$	—	$	14,283,861	$	1,132,246,653

Small Cap Value Fund
Assets
Common Stocks		$	1,353,268,451	$	—	$	—	$	1,353,268,451

		$	1,353,268,451	$	—	$	—	$	1,353,268,451

Ultra Growth Fund
Assets
Common Stocks
	Semiconductor Materials & Equipment	$	34,349,179	$	6,242,755	$	—	$	40,591,934
	Other		399,591,527		—		—		399,591,527
Preferred Stocks			—		—		11,903,229		11,903,229
Warrants			—		—		4,495,500		4,495,500

		$	433,940,706	$	6,242,755	$	16,398,729	$	456,582,190

U.S. Select Fund
Assets
Common Stocks		$	16,976,916	$	—	$	—	$	16,976,916

		$	16,976,916	$	—	$	—	$	16,976,916

U.S. Treasury Fund
Assets
U.S Government Obligations		$	—	$	103,503,772	$	—	$	103,503,772

		$	—	$	103,503,772	$	—	$	103,503,772

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, 2026 maximized the use of observable inputs and minimized the use of unobservable inputs.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Funds during the period ended June 30, 2026:


Fund	Market Value Beginning Balance 9/30/2025		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 6/30/2026		Net Change in Unrealized Appreciation (Depreciation) On Investments Held at 6/30/2026
Long/Short Alpha Fund
Warrants	$	26,786	$	—	$	—		$	—	$	—	$	(26,786	)	$	—	$	—	$	—	$	(26,786	)

	$	26,786	$	—	$	—		$	—	$	—	$	(26,786	)	$	—	$	—	$	—		(26,786	)

Micro Cap Fund
Common Stocks	$	4,880,240	$	—	$	(3,700,005	)	$	—	$	—	$	(1,179,625	)	$	—	$	—	$	610	$	(5,490	)
Preferred Stocks		7,368,430		—		—			—		—		567,064			—		—		7,935,494		567,064
Warrants		233,542		—		—			—		—		(233,542	)		—		—	$	—		(233,542	)

	$	12,482,212	$	—	$	(3,700,005	)	$	—	$	—	$	(846,103	)	$	—	$	—	$	7,936,104	$	328,032

Micro Cap Value Fund
Common Stocks	$	3,293,330	$	—	$	(2,499,998	)	$	—	$	—	$	(793,332	)	$	—	$	—	$	—	$	—

	$	3,293,330	$	—	$	(2,499,998	)	$	—	$	—	$	(793,332	)	$	—	$	—	$	—	$	—

Small Cap Growth Fund
Preferred Stocks	$	13,263,149	$	—	$	—		$	—	$	—	$	1,020,712		$	—	$	—	$	14,283,861	$	1,020,712

	$	13,263,149	$	—	$	—		$	—	$	—	$	1,020,712		$	—	$	—	$	14,283,861	$	1,020,712

Ultra Growth Fund
Preferred Stocks	$	11,052,635	$	—	$	—		$	—	$	—	$	850,594		$	—	$	—	$	11,903,229	$	850,594
Warrants		453,958		849,485		—			—		—		3,192,057			—		—		4,495,500		3,192,057

	$	11,506,593	$	849,485	$	—		$	—	$	—	$	4,042,651		$	—	$	—	$	16,398,729	$	4,042,651


Shares		Value
	Total Investments (cost $2,479,811,680) 100.1%	$	2,940,240,755
	Liabilities less Other Assets (0.1%)		(4,324,306	)

	NET ASSETS 100.0%	$	2,935,916,449


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


Shares			Value
		Life Sciences Tools & Services 4.3%
	170,057	Divi’s Laboratories Ltd.	$	11,831,431

		Managed Health Care 3.7%
	2,637,452	Medi Assist Healthcare Services Ltd.*		10,190,052

		Other Specialty Retail 1.8%
	905,137	Lenskart Solutions Ltd.*		4,929,689

		Pharmaceuticals 6.1%
	104,192	Acutaas Chemicals Ltd.		3,890,137
	887,794	Aether Industries Ltd.*		12,760,106

				16,650,243

		Regional Banks 6.3%
	1,577,207	AU Small Finance Bank Ltd.		17,307,576

		Restaurants 1.0%
	995,374	Eternal Ltd.*		2,789,785

		Total Common Stocks (cost $224,162,383)		275,597,033

		Total Investments (cost $224,162,383) 100.8%^§		275,597,033
		Liabilities less Other Assets (0.8%)		(2,160,136	)

		NET ASSETS 100.0%	$	273,436,897


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 96.65%. See Notes to Schedules of Investments.


Shares			Value
		Technology Hardware, Storage & Peripherals 3.1%
	23,000	Asia Vital Components Co. Ltd.	$	1,860,475
	44,991	AURAS Technology Co. Ltd.		1,457,009

				3,317,484

		Total Common Stocks (cost $69,968,250)		105,752,559

		Total Investments (cost $69,968,250) 99.7%^§		105,752,559
		Other Assets less Liabilities 0.3%		329,800

		NET ASSETS 100.0%	$	106,082,359

		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 86.31%. See Notes to Schedules of Investments.


Shares			Value
		Regional Banks 3.3%
	306,502	AU Small Finance Bank Ltd.	$	3,363,418
	543,941	Shawbrook Group PLC*		2,348,517

				5,711,935

		Research & Consulting Services 1.5%
	69,700	BayCurrent, Inc.		2,601,369

		Semiconductor Materials & Equipment 4.5%
	16,628	Camtek Ltd.*		2,712,359
	313,952	Japan Material Co. Ltd.		5,056,919

				7,769,278

		Semiconductors 1.9%
	3,041	ASPEED Technology, Inc.		1,604,609
	18,788	Melexis NV		1,682,267

				3,286,876

		Specialty Chemicals 2.3%
	44,963	5N Plus, Inc.*		1,387,964
	12,670	Alzchem Group AG		2,514,929

				3,902,893

		Trading Companies & Distributors 11.8%
	55,370	Diploma PLC		5,233,702
	23,312	IMCD NV		2,107,960
	456,548	MonotaRO Co. Ltd.		5,192,618
	442,453	OEM International AB, Class B		7,632,405

				20,166,685

		Total Common Stocks (cost $123,300,085)		167,084,781

		Total Investments (cost $123,300,085) 97.6%^§		167,084,781
		Other Assets less Liabilities 2.4%		4,152,592

		NET ASSETS 100.0%	$	171,237,373


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 79.95%. See Notes to Schedules of Investments.


Shares			Value
		Technology Hardware, Storage & Peripherals 1.8%
	149,781	Concurrent Technologies PLC	$	520,279

		Trading Companies & Distributors 4.2%
	582,109	Emeco Holdings Ltd.*		393,972
	30,894	Momentum Group AB		361,947
	106,685	Zedcor, Inc.*		432,532

				1,188,451

		Total Common Stocks (cost $23,016,303)		27,550,825

		Total Investments (cost $23,016,303) 96.9%^§		27,550,825
		Other Assets less Liabilities 3.1%		892,947

		NET ASSETS 100.0%	$	28,443,772


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 70.15%. See Notes to Schedules of Investments.


Country	%
China		10.6
Cyprus		1.1
Egypt		1.2
Greece		4.5
India		23.3
Israel		1.2
Mexico		3.3
Poland		3.1
Saudi Arabia		7.6
South Africa		3.9
South Korea		3.8
Taiwan		28.9
Turkey		1.4
United Kingdom		3.0
United States		1.9
Vietnam		1.2

TOTAL		100.0	%


Country	%
Australia		2.1
Belgium		0.9
Canada		0.5
France		0.9
India		16.9
Israel		5.0
Italy		1.5
Japan		9.4
Mexico		2.0
South Korea		0.8
Sweden		1.8
Taiwan		2.9
United Kingdom		5.4
United States		49.9

TOTAL		100.0	%


Country	%
Australia		11.7
Canada		6.5
China		0.9
Germany		5.9
Greece		6.8
Hong Kong		2.7
India		9.8
Israel		3.4
Japan		22.0
Poland		1.6
Saudi Arabia		1.0
South Korea		3.5
Spain		1.1
Sweden		7.2
Taiwan		4.4
United Kingdom		10.5
Vietnam		1.0

TOTAL		100.0	%


Shares			Value
		Trading Companies & Distributors 6.1%
	2,242	ADENTRA, Inc.	$	61,099
	153,597	Emeco Holdings Ltd.*		103,955
	861	IMCD NV		77,855
	2,400	Totech Corp.		61,615

				304,524

		Total Common Stocks (cost $4,625,275)		4,975,156

		Total Investments (cost $4,625,275) 99.6%^§		4,975,156
		Other Assets less Liabilities 0.4%		21,122

		NET ASSETS 100.0%	$	4,996,278


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 76.90%. See Notes to Schedules of Investments.


Country	%
Australia		15.2
Belgium		2.1
Canada		2.7
China		2.4
France		1.2
Germany		4.6
Hong Kong		3.8
India		3.6
Japan		16.2
Mexico		1.7
Netherlands		2.7
Norway		1.2
Poland		1.6
Singapore		2.7
Sweden		3.5
Switzerland		3.0
Taiwan		6.0
Thailand		0.7
United Kingdom		22.7
United States		2.4

TOTAL		100.0	%


Shares			Value
		Pharmaceuticals 8.6%
	1,300	Novartis AG	$	203,180
	10,411	Richter Gedeon Nyrt		403,573
	7,146	Sanofi SA		611,009
	21,500	Shionogi & Co. Ltd.		367,360

				1,585,122

		Real Estate Development 2.5%
	353,000	Sino Land Co. Ltd.		463,643

		Real Estate Operating Companies 2.2%
	6,431	LEG Immobilien SE		406,189

		Regional Banks 2.8%
	27,600	Shizuoka Financial Group, Inc.		518,166

		Reinsurance 2.2%
	725	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		404,884

		Soft Drinks & Non-Alcoholic Beverages 2.6%
	17,400	Suntory Beverage & Food Ltd.		484,872

		Specialty Chemicals 2.1%
	6,000	Arkema SA		378,480

		Tobacco 5.1%
	7,347	British American Tobacco PLC		454,654
	13,400	Japan Tobacco, Inc.		494,453

				949,107

		Total Common Stocks (cost $15,869,915)		18,256,711

		Total Investments (cost $15,869,915) 98.9%^§		18,256,711
		Other Assets less Liabilities 1.1%		211,355

		NET ASSETS 100.0%	$	18,468,066


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 87.87%. ADR American Depositary Receipt. See Notes to Schedules of Investments.


Country	%
Australia		2.3
Austria		2.3
Canada		7.7
China		1.9
Finland		6.2
France		12.3
Germany		6.1
Greece		2.3
Hong Kong		2.5
Hungary		2.2
Indonesia		1.7
Italy		2.5
Japan		16.4
Netherlands		5.8
Norway		1.5
Singapore		5.6
Spain		3.8
Switzerland		1.1
Thailand		3.0
United Kingdom		12.8

TOTAL		100.0	%


Shares		Value
	Total Investments (cost $846,666,542) 99.0%	$	1,132,246,653
	Other Assets less Liabilities 1.0%		11,248,094

	NET ASSETS 100.0%	$	1,143,494,747

	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, 2026 amounted to approximately $14,283,861 and represented 1.25% of net assets. ^‡^‡Affiliated company (see Note 6). See Notes to Schedules of Investments.


Shares			Value
		Managed Health Care 6.2%
	11,715	HealthEquity, Inc.*	$	1,058,099

		Research & Consulting Services 3.9%
	6,635	UL Solutions, Inc., Class A		675,841

		Restaurants 2.0%
	1,925	Wingstop, Inc.		333,814

		Semiconductor Materials & Equipment 6.7%
	3,436	Camtek Ltd.*		560,481
	1,095	Nova Ltd.*		594,519

				1,155,000

		Semiconductors 1.7%
	216	Monolithic Power Systems, Inc.		298,590

		Systems Software 3.4%
	6,340	JFrog Ltd.*		576,179

		Transaction & Payment Processing Services 1.7%
	12,314	Paymentus Holdings, Inc., Class A*		297,506

		Total Common Stocks (cost $14,476,104)		16,976,916

		Total Investments (cost $14,476,104) 99.0%		16,976,916
		Other Assets less Liabilities 1.0%		171,290

		NET ASSETS 100.0%	$	17,148,206


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


WASATCH-HOISINGTON U.S. TREASURY FUND (WHOSX)		*JUNE 30, 2026 (UNAUDITED)*


Principal Amount			Value
		U.S. GOVERNMENT OBLIGATIONS 95.7%
	$88,900,000	U.S. Treasury Bill, 3.714%, 4/15/27	$	86,218,420
	17,500,000	U.S. Treasury Note, 3.375%, 2/29/28		17,285,352
		Total U.S. Government Obligations (cost $103,754,943)		103,503,772

		Total Investments (cost $103,754,943) 95.7%		103,503,772
		Other Assets less Liabilities 4.3%		4,660,072

		NET ASSETS 100.0%	$	108,163,844


		See Notes to Schedules of Investments.