Wasatch Funds Trust

N-CSR 1 d553414dncsr.htm WASATCH FUNDS TRUST Wasatch Funds Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-04920

WASATCH FUNDS TRUST

(Exact name of registrant as specified in charter)

505 Wakara Way, 3rd Floor

Salt Lake City, UT 84108

(Address of principal executive offices) (Zip code)


(Name and Address of Agent for Service)		Copy to:

Eric S. Bergeson Wasatch Advisors, LP 505 Wakara Way, 3^rd Floor Salt Lake City, UT 84108		Eric F. Fess, Esq. Chapman & Cutler LLP 320 S. Canal Street Chicago, IL 60606

Registrant’s telephone number, including area code: (801) 533-0777

Date of fiscal year end: September 30

Date of reporting period: September 30, 2023

Item 1. Report to Shareholders.

(a)	A copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “1940 Act”) is filed herewith.


		WASATCHGLOBAL.COM

SEPTEMBER 30, 2023

2023 Annual Report



Fund Name	Investor Class	Institutional Class

Wasatch Core Growth Fund	WGROX	WIGRX

Wasatch Emerging India Fund	WAINX	WIINX

Wasatch Emerging Markets Select Fund	WAESX	WIESX

Wasatch Emerging Markets Small Cap Fund	WAEMX	WIEMX

Wasatch Frontier Emerging Small Countries Fund	WAFMX	WIFMX

Wasatch Global Opportunities Fund	WAGOX	WIGOX

Wasatch Global Select Fund	WAGSX	WGGSX

Wasatch Global Value Fund	FMIEX	WILCX

Wasatch Greater China Fund	WAGCX	WGGCX

Wasatch International Growth Fund	WAIGX	WIIGX



Fund Name	Investor Class	Institutional Class

Wasatch International Opportunities Fund	WAIOX	WIIOX

Wasatch International Select Fund	WAISX	WGISX

Wasatch Long/Short Alpha Fund	WALSX	WGLSX

Wasatch Micro Cap Fund	WMICX	WGICX

Wasatch Micro Cap Value Fund	WAMVX	WGMVX

Wasatch Small Cap Growth Fund	WAAEX	WIAEX

Wasatch Small Cap Value Fund	WMCVX	WICVX

Wasatch Ultra Growth Fund	WAMCX	WGMCX

Wasatch U.S. Select Fund	WAUSX	WGUSX

Wasatch-Hoisington U.S. Treasury Fund	WHOSX	—

Wasatch Funds

Salt Lake City, Utah

wasatchglobal.com

800.551.1700


Table of Contents


Letter to Shareholders			2

Wasatch Core Growth Fund^® Management Discussion			4

Portfolio Summary			5

Wasatch Emerging India Fund^® Management Discussion			6

Portfolio Summary			7

Wasatch Emerging Markets Select Fund^® Management Discussion			8

Portfolio Summary			9

Wasatch Emerging Markets Small Cap Fund^® Management Discussion			10

Portfolio Summary			11

Wasatch Frontier Emerging Small Countries Fund^® Management Discussion			12

Portfolio Summary			13

Wasatch Global Opportunities Fund^® Management Discussion			14

Portfolio Summary			15

Wasatch Global Select Fund^® Management Discussion			16

Portfolio Summary .			17

Wasatch Global Value Fund^® Management Discussion			18

Portfolio Summary			19

Wasatch Greater China Fund^® Management Discussion			20

Portfolio Summary			21

Wasatch International Growth Fund^® Management Discussion			22

Portfolio Summary			23

Wasatch International Opportunities Fund^® Management Discussion			24

Portfolio Summary			25

Wasatch International Select Fund^® Management Discussion			26

Portfolio Summary			27

Wasatch Long/Short Alpha Fund^™ Management Discussion			28

Portfolio Summary			29

Wasatch Micro Cap Fund^® Management Discussion			30

Portfolio Summary			31

Wasatch Micro Cap Value Fund^® Management Discussion			32

Portfolio Summary			33

Wasatch Small Cap Growth Fund^® Management Discussion			34

Portfolio Summary			35

Wasatch Small Cap Value Fund^® Management Discussion			36

Portfolio Summary			37

Wasatch Ultra Growth Fund^® Management Discussion			38

Portfolio Summary			39

Wasatch U.S. Select Fund^™ Management Discussion			40

Portfolio Summary			41

Wasatch-Hoisington U.S. Treasury Fund^® Management Discussion			42

Portfolio Summary			43

Management Discussions — Definitions of Financial Terms and Index Descriptions			44

Operating Expenses			47

Schedule of Investments			50

Statements of Assets and Liabilities			86

Statements of Operations			92

Statements of Changes in Net Assets			98

Statement of Cash Flows			106

Financial Highlights			108

Notes to Financial Highlights			116

Notes to Financial Statements			117

Supplemental Information			148

Management of the Trust			148

Proxy Voting Policies, Procedures and Record			151

Quarterly Portfolio Holdings Disclosure on Form N-PORT			151

Statement Regarding Liquidity Risk Management Program			151

Service Providers			152

Contact Wasatch			152

This material must be accompanied or preceded by a prospectus.

Please read the prospectus carefully before you invest.

Wasatch Funds are distributed by ALPS Distributors, Inc.

Letter to Shareholders — The “Growthier” Side of Value Has Been Back in Favor

LOGO

Jim Larkins

Lead Portfolio Manager

Wasatch Small Cap Value Fund

LOGO

Austin Bone

Portfolio Manager

Wasatch Small Cap Value Fund

DEAR FELLOW SHAREHOLDERS:

The third quarter of 2023 was negative for stocks as investors fretted over persistent inflation, higher-for-longer interest rates, the threat of a recession and infighting among government bureaucrats. Still, the year-to-date period has been positive for U.S. small-caps as measured by the Russell 2000^® Index. To set the stage for our outlook, it’s helpful to consider market movements in both 2022 and 2023.

Broadly speaking, stocks were down significantly during 2022. Micro- and small-caps fell even more than large-caps. And growth-oriented names performed worse than value names. The main reasons for the declines were spiking inflation and interest rates. Growth stocks were hit especially hard due to their priciness and the greater impact of higher interest rates on growth companies’ cash flows, which are typically weighted further into the future.

In general, the Wasatch funds underperformed their benchmarks during 2022 mainly because the funds have greater growth orientations. Our Small Cap Value and Micro Cap Value funds also underperformed because they tend to invest on the “growthier” side of value.

Year-to-date through September 30, 2023, however, several Wasatch funds — including the Small Cap Value and Micro Cap Value funds — have outperformed their benchmarks. This isn’t surprising because the economy has been strong, and growth and the “growthier” side of value have been back in favor.

MICRO- AND SMALL-CAPS MAY SEE A ROTATION TO THEIR ADVANTAGE

Given the significant declines in 2022 and the comparatively tepid rebounds in 2023, micro- and small-caps are still a long way from recouping their losses. On the other hand, the large-cap indexes — which include stocks linked to artificial intelligence (AI) — are reasonably close to their all-time highs.

Thousands of micro- and small-caps have continued to underperform in 2023 and large-cap indexes have been disproportionately powered by AI beneficiaries — a condition described as a narrowing of market breadth. In thinking about the narrowness of breadth, we consider the Wall Street aphorism that says, in order for an upward move to be sustainable, the generals must lead and the troops must follow. In today’s narrow market environment, the generals have mainly been AI beneficiaries and the troops have included thousands of micro- and small-cap stocks.

Clearly, the troops haven’t followed the generals thus far in 2023. So, according to the aphorism, we don’t yet know whether or not we’re in the midst of a sustainable upward move. But our point here isn’t that we should invest based on Wall Street aphorisms. Market conditions change too quickly, and aphorisms don’t make for an effective investment approach. Instead, we think the aphorism helps describe what investors should be prepared for psychologically. If investors are prepared, we believe they’ll be better able to ignore short-term volatility and stick to a long-term approach.

With the preceding discussion as context, we think there are two main scenarios for the market. Both scenarios, in our view, are likely to favor micro- and small-caps — at least on a relative basis. That said, at Wasatch we try to build portfolios for all seasons rather than for a specific economic environment.

In the first scenario, the economy could pull off a “Goldilocks” soft landing (or could experience only a minor recession). If this scenario plays out, we think the micro- and small-cap troops will have a greater probability of catching up to the AI generals — which may take a breather.

In the second scenario, the economy could undergo a deeper recession. If this scenario occurs, we think the AI generals and other expensive large-caps will be particularly vulnerable to sharp declines. Meanwhile, we believe micro- and small-caps will hold up relatively well because they haven’t already risen too much since 2022’s market rout.

Although we don’t specialize in macro forecasts, our outlook is closer to the first scenario. A hard landing seems unlikely in the next few quarters. But a modest-growth, muddle-through environment is plausible based on signals from the Federal Reserve and what we’re hearing from the management teams of our companies.

THE WASATCH SMALL CAP VALUE FUND

The Wasatch Small Cap Value Fund began on December 17, 1997 and has a long-tenured investment team. As mentioned, this is a “value” fund but our orientation is on the “growthier” side of value. Although our orientation was detrimental in 2022, it’s been advantageous in 2023. Overall, we’re very pleased with the Fund’s performance, company characteristics, diversification and risk profile.

We’ve managed the Fund with the same investment philosophy for decades, but we’re always on the lookout for ways to make incremental improvements to our process. Over the past several years, sector and factor exposures (e.g., growth versus value and interest-rate sensitivity) have intensified in influencing market trends. During this period, members of our team have developed proprietary quantitative and qualitative decision-support tools that help us better understand these exposures — and consider the potential effects on portfolios.


		SEPTEMBER 30, 2023 (Unaudited)

In no way do the decision-support tools change our long-term focus or replace our bottom-up fundamental analysis of individual companies. Like the initial screening process Wasatch has used since the 1970s, the tools simply complement our analysis and help us manage risk through customized portfolio diversification. Our goal is to properly balance portfolios so that our stock picking “alpha” drives performance more than sector and factor overweights and underweights.

Earlier this year, housing, consumer and non-bank financial exposures were significant contributors to Fund performance. Using the decision-support tools in conjunction with fundamental analysis, we recently reduced these exposures somewhat — which we think improved the Fund’s risk profile. At the other end of the spectrum, regional banks generally haven’t done well in 2023 and could be underpriced. The decision-support tools have prompted us to do more stock-specific research on regional banks that could be added to the Fund.

Today, the Small Cap Value Fund’s portfolio consists of companies exhibiting some of the highest-quality characteristics (e.g., returns on capital) we’ve seen in years. Additionally, almost all of the companies have low debt levels. We think these characteristics, among others, position the Fund relatively well for most economic environments.

We like to say that Wasatch Small Cap Value is a “value” fund in a growth shop. We put the word in quotes because we have a non-traditional approach to “value.” In fact, we believe the strong quality- and growth-oriented research capabilities Wasatch has developed since the firm’s founding in 1975 provide us with significant advantages over many traditional value managers.

The small-cap research team at Wasatch seeks to identify the highest-quality growth companies throughout the U.S. We’re members of this team. So when prices falter due to the volatility inherent in small companies, we’re prepared to purchase these same stocks as value names, often ahead of other portfolio managers.

ANOTHER “VALUE” FUND IN THE WASATCH GROWTH SHOP

The Small Cap Value Fund isn’t the only “value” fund in the Wasatch growth shop. The Wasatch Micro Cap Value Fund has existed for over 20 years, starting on July 28, 2003. What’s more, Lead Portfolio Manager Brian Bythrow has helmed the Fund continuously for the entire period since its inception.

Associate Portfolio Manager Thomas Bradley has worked with Brian for over nine years. Prior to becoming the Fund’s Associate Portfolio Manager, Thomas was a Senior Research Analyst on Wasatch’s U.S. micro/small cap team.

As micro-caps, most of the companies in the Fund aren’t household names and are often overlooked by analysts at major brokerage firms. Brian and Thomas specialize in this less-trafficked area of the market. Under their direction, the Micro Cap Value Fund invests in 70 to 90 companies — primarily with market capitalizations below $1.5 billion at the time of purchase. Up to 30% of the Fund may be invested in international (non-U.S.) holdings.

Ideally, Brian and Thomas buy companies that are well-priced and that will see an acceleration in revenue and earnings growth. If Wasatch latches onto something really special, we think that with time brokerage analysts will discover it. Moreover, as investors at large become more interested in the companies the Fund owns, demand for these stocks increases and price/earnings (P/E) multiples will often expand — providing another source of returns.

With sincere thanks for your continuing investment and for your trust,

Jim Larkins and Austin Bone

Information in this report regarding market or economic trends, or the factors influencing historical or future performance, reflects the opinions of management as of the date of this report. These statements should not be relied upon for any other purpose. Past performance is no guarantee of future results, and there is no guarantee that the market forecasts discussed will be realized.

Wasatch Advisors LP, doing business as Wasatch Global Investors, is the investment advisor to Wasatch Funds.

Wasatch Funds are distributed by ALPS Distributors, Inc. (ADI). ADI is not affiliated with Wasatch Global Investors

Definitions of financial terms and index descriptions and disclosures begin on page 44.


Wasatch Core Growth Fund (WGROX / WIGRX)		SEPTEMBER 30, 2023 (Unaudited)

Management Discussion

The Wasatch Core Growth Fund is managed by a team of Wasatch portfolio managers led by JB Taylor, Paul Lambert and Mike Valentine.

LOGO

JB Taylor

Lead Portfolio Manager

LOGO

Paul Lambert Portfolio Manager

LOGO

Mike Valentine

Portfolio Manager

OVERVIEW

For the 12 months ended September 30, 2023, the Wasatch Core Growth Fund — Investor Class gained 21.51% while the benchmark Russell 2000^® Growth Index increased 9.59% and the Russell 2000 Index rose 8.93%.

In a welcome reversal from being hit hard amid calendar year 2022’s rising inflation and interest rates, growth-oriented stocks rose for the first half of calendar year 2023 as investors became hopeful that the Federal Reserve (Fed) was nearing the end of its interest-rate hiking cycle. Our companies posted strong operating results in 2022 and entered 2023 with their stocks trading at some of the most attractive valuations we’d seen in several years.

Toward the end of the 12-month reporting period, the economy stayed strong and the unemployment rate remained low. Wages, energy prices and overall inflation continued to be elevated. In response, the Fed announced that it would likely keep rates higher for longer. Stocks broadly declined on concerns over the effects of higher interest rates and a potential recession.

DETAILS OF THE YEAR

Among sectors, our stock selections in health care and consumer discretionary contributed most to Fund performance relative to the benchmark during the 12-month period. Conversely, our lack of exposure to the energy sector and our selections in real estate were disadvantageous.

The strongest contributor to Fund performance during the 12-month period was Altra Industrial Motion Corp. The company manufactures motion-control and power transmission products for industrial applications. Altra’s share price rocketed early in the period after the company agreed to be acquired by a larger competitor at a substantial premium to the then-current stock price. We subsequently sold our position.

Another strong position in the Fund was Saia, Inc. This U.S. trucking company creates efficiencies by combining goods from multiple shippers that alone would comprise “less than a full truckload.” Although trucking activity in the U.S. has been slowing, this situation is clearly understood by investors

and is largely factored into stock prices. Regarding Saia in particular, we think the company will continue to gain market share because it offers specialized logistics capabilities, value-added services, an expanded network-coverage area and increasingly attractive pricing.

Paylocity was the largest detractor from Fund performance during the period. The company saw its stock price pressured despite strong fundamentals in the underlying business. Paylocity provides cloud-based payroll and human-resources software targeted at smaller firms. Although Paylocity’s earnings release from early in the period contained an abundance of positive takeaways, the Fed’s focus on the red-hot U.S. labor market as a source of inflationary pressures may have spooked some investors. Because a portion of Paylocity’s pricing structure is tied to employee headcounts at customer firms, revenues are vulnerable to potential upticks in layoffs and attrition.

Silk Road Medical, Inc. was another large detractor for the 12-month period. The company provides medical devices used in its minimally invasive procedure (called Transcarotid Artery Revascularization, or TCAR) to treat blockages in the carotid artery. Silk Road’s stock price fell sharply after the Centers for Medicare & Medicaid Services (CMS) issued a proposed coverage decision placing traditional carotid stenting at the same reimbursement level as TCAR, a move some investors feared could hurt Silk Road’s revenues. Although CMS has leveled the playing field on reimbursements, we think that over time the competitive landscape may be shaped more by outcomes than by reimbursements.

OUTLOOK

We think most of our growth companies and their stocks have already adjusted to an environment of higher-for-longer interest rates. But recession fears have reemerged, and more specific concerns have grown regarding government infighting, global tensions and consumers’ well-being. A potential warning sign has been the increasing rate of theft at warehouses and retailers.

The managers at most of the consumer-centric companies we own have told us that underlying business conditions have been reasonably strong. But the managers have also said that they have some concerns about what lies ahead.

For our part, we don’t invest based on fears or predictions surrounding those fears. We buy high-quality companies with headroom for growth, significant returns on capital, healthy cash flows and low debt levels. We think these companies can weather a variety of economic scenarios. Moreover, we stay diversified with respect to sectors and factors like economic cyclicality and interest-rate sensitivity.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Core Growth Fund (WGROX / WIGRX)		SEPTEMBER 30, 2023 (Unaudited)

Portfolio Summary

TOTAL RETURNS



	1 Year		5 Years		10 Years

Core Growth (WGROX) — Investor		21.51%		7.13%		10.48%

Core Growth (WIGRX) — Institutional		21.64%		7.27%		10.61%

Russell 2000^® Growth Index		9.59%		1.55%		6.72%

Russell 2000^® Index		8.93%		2.40%		6.65%

The performance data quoted represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted. To obtain the most recent month-end performance data available, please visit wasatchglobal.com. The Advisor may absorb certain Fund expenses, without which total returns would have been lower. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

As of the January 31, 2023 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Core Growth Fund are Investor Class: 1.19% / Institutional Class — Gross: 1.06%, Net: 1.05%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

Wasatch will deduct a 2.00% redemption fee on Fund shares held 60 days or less. Performance data do not reflect the deduction of fees, including sales charges, or the taxes you would pay on fund distributions or the redemption of fund shares. Fees and taxes, if reflected, would reduce the performance quoted. Wasatch does not charge any sales fees. For more complete information including charges, risks and expenses, read the prospectus carefully.

Investing in small cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Investing in foreign securities, especially in emerging markets, entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

HealthEquity, Inc.		3.9%

RBC Bearings, Inc.		3.6%

Kadant, Inc.		3.3%

Guidewire Software, Inc.		3.1%

Ensign Group, Inc.		3.0%



Company	% of Net Assets

ICON PLC		2.9%

Balchem Corp.		2.8%

Five Below, Inc.		2.8%

Hamilton Lane, Inc., Class A		2.8%

Trex Co., Inc.		2.8%

As of September 30, 2023, there were 53 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO

Past performance does not predict future performance. The graph above does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions or the redemption of fund shares. Wasatch does not charge any sales fees.


Wasatch Emerging India Fund (WAINX / WIINX)		SEPTEMBER 30, 2023 (Unaudited)

Management Discussion

The Wasatch Emerging India Fund is managed by a team of Wasatch portfolio managers led by Ajay Krishnan.

LOGO

Ajay Krishnan, CFA

Lead Portfolio Manager

OVERVIEW

For the 12 months ended September 30, 2023, the Wasatch Emerging India Fund — Investor Class gained 5.23% but underperformed its benchmark, the MSCI India Investable Market Index (IMI), which gained 13.07%.

India’s appeal as an alternative to China continued to encourage foreign

inflows into Indian stocks. After pulling a record $17 billion from India’s equity market in 2022, global investors reversed that exodus in 2023, purchasing a net $17.2 billion of shares through September 1. With growth slowing in Europe, the U.S. and parts of Asia, India’s economy has outpaced developed-market economies and stood out from its emerging-market peers.

DETAILS OF THE YEAR

As oceans of money flowed into Indian equities from abroad, the Index benefited more than the Fund did. The financials sector was the Fund’s biggest source of underperformance relative to the benchmark as our stocks lagged those in the Index. Conversely, information-technology (IT) was a bright spot in the Fund. Our IT holdings outperformed their benchmark counterparts and overweight positioning in the sector was a plus.

Trent Ltd. was the top contributor to Fund performance for the year as the company delivered strong revenue growth. Trent operates a leading chain of retail stores specializing in fashion apparel, cosmetics, perfumes and toiletries. Management cited growing relevance for the company’s offerings, resilience in its business model and the attractiveness of its differentiated platform. Trent has continued to execute its expansion strategy, opening a significant number of new stores over the course of the year.

Persistent Systems Ltd. was also a strong contributor. The company provides outsourced software development to clients across a range of industries. Uncertainty in the global economic outlook had caused Persistent’s revenue growth to slow as customers pushed out spending and took longer to make decisions and sign contracts. The company’s share price moved significantly higher as the situation improved. Persistent stands to benefit from its strategic partnerships with hyperscaler cloud providers, which include Amazon Web Services (AWS), Microsoft and Google Cloud. Persistent is launching a suite of Google Cloud-powered solutions designed to help clients identify and implement opportunities to integrate generative AI (artificial intelligence) technologies into their businesses.

Aavas Financiers Ltd. was the largest detractor from Fund performance for the 12-month period. Aavas specializes in housing loans for low- and middle-income borrowers. Reports that founder, managing director and former CEO Sushil Agarwal had trimmed his ownership stake in the company impacted shares of Aavas in April. Although the move, which was part of a leadership transition, was unexpected and rattled investors, the stock has since recovered much of its lost ground. Fundamentals of the business remain quite solid in our view, and our research suggests the new managing director is highly qualified.

Another detractor was Avenue Supermarts Ltd. The company operates a chain of hypermarkets and supermarkets offering food, kitchenware, garments, footwear, toys, games, bath linens, electronics and other household items. Avenue’s stock was affected by a slowdown in earnings growth, which management attributed to lower sales contributions from apparel and general merchandise, which typically carry higher profit margins than food.

OUTLOOK

Over the past year or so, India’s industrialization has emerged as a potentially significant long-term theme in the Fund. In June, President Joe Biden hosted Indian Prime Minister Narendra Modi’s first state visit to the United States. The agenda included several deals in semiconductors and defense intended to improve military and economic ties between the two nations. India’s nascent foray into semiconductors is part of a broader push to establish a robust manufacturing sector capable of driving the country’s next stage of growth and development.

When investing in industrials, we pay close attention to the capacity utilization rate. Capacity utilization measures the current output of a business as a percentage of its potential output. As growth-oriented investors, we generally want to own companies whose capacity utilization is rising. A falling utilization rate may indicate weakening demand. A utilization rate that’s too high and rising too rapidly could force a business into a capital-spending cycle that compresses profit margins and reduces returns on capital. In a worst-case scenario, a company might have to raise more capital to build a costly new facility that may take many years to utilize fully. A better situation would be a business that can add capacity in a modular fashion, as needed.

The wave of industrialization sweeping across India has caused us to broaden our investment approach. While we continue to seek high-quality companies with strong cash flows and high returns on equity, we’re paying increased attention to firms with more room for fundamental improvement. Because these firms typically trade at less-expensive valuations than the highest-quality companies and stand to benefit more from broad-based improvement in India’s economy, we believe a wider approach to India is both justified and desirable.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Emerging India Fund (WAINX / WIINX)		SEPTEMBER 30, 2023 (Unaudited)

Portfolio Summary

TOTAL RETURNS



	1 Year		5 Years		10 Years

Emerging India (WAINX) — Investor		5.23%		11.10%		14.77%

Emerging India (WIINX) — Institutional		5.34%		11.26%		14.91%

MSCI India IMI Index		13.07%		10.83%		10.75%

As of the January 31, 2023 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Emerging India Fund are Investor Class: 1.51% / Institutional Class: 1.38%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

Performance for the Institutional Class prior to 2/1/2016 is based on the performance of the Investor Class. Performance of the Fund’s Institutional Class prior to 2/1/2016 uses the actual expenses of the Fund’s Investor Class without any adjustments. For any such period of time, the performance of the Fund’s Institutional Class would have been substantially similar to, yet higher than, the performance of the Fund’s Investor Class, because the shares of both classes are invested in the same portfolio of securities, but the classes bear different expenses.

Investing in small cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Investing in foreign securities, especially in emerging markets, entails special risks, such as unstable currencies, highly volatile securities markets and political and social instability, which are described in more detail in the prospectus. Investing in small cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Being non-diversified, the Fund can invest a larger portion of its assets in the stocks of a limited number of companies than a diversified fund. Non-diversification increases the risk of loss to the Fund if the values of these securities decline.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

Bajaj Finance Ltd.		9.4%

Elgi Equipments Ltd.		7.6%

HDFC Bank Ltd.		7.1%

AU Small Finance Bank Ltd.		7.0%

Trent Ltd.		6.2%



Company	% of Net Assets

Divi’s Laboratories Ltd.		5.5%

Persistent Systems Ltd.		5.1%

Dr Lal PathLabs Ltd.		4.7%

Cholamandalam Investment & Finance Co. Ltd.		4.1%

Vijaya Diagnostic Centre Pvt. Ltd.		4.0%

As of September 30, 2023, there were 31 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO


Wasatch Emerging Markets Select Fund (WAESX / WIESX)		SEPTEMBER 30, 2023 (Unaudited)

Management Discussion

The Wasatch Emerging Markets Select Fund is managed by a team of Wasatch portfolio managers led by Ajay Krishnan, Neal Dihora and Scott Thomas.

LOGO

Ajay Krishnan, CFA

Lead Portfolio Manager

LOGO

Neal Dihora, CFA

Portfolio Manager

LOGO

Scott Thomas, CFA Associate Portfolio
Manager

OVERVIEW

For the 12-month period ended September 30, 2023, the Wasatch Emerging Markets Select Fund — Investor Class gained 10.42%. The Fund underperformed the 11.70% gain of the benchmark MSCI Emerging Markets Index.

Emerging-market stocks performed reasonably well over the past 12 months despite fears that a prolonged period of high global interest rates would dampen growth prospects in the developing world. The state of China’s economy figured prominently in the minds of investors as the country’s lackluster recovery from zero-Covid lockdowns and trouble in the property market elicited calls for government stimulus. China was one of the Index’s weaker-performing markets. Although the Fund’s Chinese holdings underperformed their benchmark counterparts, our significantly underweight position offset much of the effect of stock selection.

India’s appeal as an alternative to China continued to encourage foreign inflows into Indian stocks. After pulling a record $17 billion from India’s equity market in 2022, global investors reversed course this year, purchasing a net $17.2 billion of shares through September 1, 2023. With growth slowing in Europe, the U.S. and parts of Asia, India’s economy has outpaced developed-market economies and stood out from its emerging-market peers. In what was a somewhat more speculative investment environment, our focus on what we believe are high-quality businesses gained less traction, and our Indian stocks underperformed their benchmark counterparts.

DETAILS OF THE YEAR

Taiwan was a significant detractor from the Fund’s performance relative to the benchmark. The underperformance was driven largely by holdings tied to exports of semiconductor chips. For example, the Fund’s largest individual detractor was Silergy Corp. The company manufactures integrated-circuit chips used in a wide array of electronic devices. Silergy’s shares have struggled in recent quarters amid competitive pressures and a weak demand environment, which we believe is cyclical and temporary. Lower expectations for the automotive segment of the business may also have dampened enthusiasm

for the stock. Even so, Silergy’s value proposition and long-term prospects remain attractive in our view.

Another weak stock in the Fund was Sea Ltd., ADR. Based in Singapore, the company provides e-commerce, digital entertainment and financial services in Southeast Asia. Factors weighing on this holding included lackluster revenue growth tied to weak consumer sentiment throughout much of the region. Investors have also been concerned about how the company will balance growth with profitability going forward. Although we’re closely monitoring a new competitive threat, we believe Sea’s focus on earnings and core markets continues to support a positive long-term outlook.

MercadoLibre, Inc., a provider of e-commerce platforms and payment solutions in Latin America, was the top contributor to Fund performance for the year. MercadoLibre benefited from strong revenue growth helped by robust increases in total payment volume and gross merchandise volume.

Another strong performer was NU Holdings Ltd., the holding company for Nubank, one of the largest financial-technology (fintech) banks in Latin America. Investors seemingly took note as NU management cited the bank’s strong capital position, excess liquidity, efficient operations and ability to scale its platform by leveraging sustainable cost advantages. Moreover, increased market penetration in Brazil has been a key driver of growth for NU Holdings as it expands its product portfolios and international footprint.

OUTLOOK

The growing rivalry between China and the U.S. appears to be working to India’s advantage. Growing exports of electronics from India have been partially attributable to mobile phones produced in India as part of a broader China Plus One strategy adopted by manufacturers seeking to diversify their supply chains. For example, Apple now makes almost 7% of its iPhones in India, up sharply from around 1% in 2021.

India’s Production-Linked Incentive (PLI) scheme has also contributed to the recent surge in industrial expansion. Through the PLI and other priorities within the Make in India initiative, the Modi government seeks to boost manufacturing to 25% of GDP from around 14% currently.

For the most part, companies owned in the Fund have been meeting our expectations and continue to be on track for double-digit revenue and earnings growth. With the economic and geopolitical backdrops in heightened states of flux, however, we’ve become more attuned to short-term developments. These include incremental data points in the U.S., Europe and other developed markets that may significantly impact emerging economies. Rather than overreact, we seek to evaluate company news within its proper long-term context. Our goal in doing so is to determine whether short-term developments will likely impair a company’s outlook.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Emerging Markets Select Fund (WAESX / WIESX)		SEPTEMBER 30, 2023 (Unaudited)

Portfolio Summary

TOTAL RETURNS



	1 Year		5 Years		10 Years

Emerging Markets Select (WAESX) — Investor		10.42%		7.30%		4.51%

Emerging Markets Select (WIESX) — Institutional		10.61%		7.52%		4.75%

MSCI Emerging Markets Index		11.70%		0.55%		2.07%

MSCI Emerging Markets Mid Cap Growth Index		15.23%		1.55%		3.13%

As of the January 31, 2023 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Emerging Markets Select Fund are Investor Class: 1.32% / Institutional Class: 1.14%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

Investing in foreign securities, especially in emerging markets, entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus. Investing in small cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Being non-diversified, the Fund can invest a larger portion of its assets in the stocks of a limited number of companies than a diversified fund. Non-diversification increases the risk of loss to the Fund if the values of these securities decline.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

MercadoLibre, Inc.		8.2%

Bajaj Finance Ltd.		8.1%

NU Holdings Ltd., Class A		6.6%

Globant SA		6.4%

HDFC Bank Ltd.		6.0%



Company	% of Net Assets

Voltronic Power Technology Corp.		4.9%

Lasertec Corp.		4.3%

WEG SA		4.2%

Raia Drogasil SA		4.0%

AU Small Finance Bank Ltd.		3.9%

As of September 30, 2023, there were 36 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO


Wasatch Emerging Markets Small Cap Fund (WAEMX / WIEMX)		SEPTEMBER 30, 2023 (Unaudited)

Management Discussion

The Wasatch Emerging Markets Small Cap Fund is managed by a team of Wasatch portfolio managers led by Ajay Krishnan, Dan Chace, Scott Thomas, Kevin Unger and Anh Hoang.

LOGO

Ajay Krishnan, CFA

Lead Portfolio Manager

LOGO

Kevin Unger, CFA

Associate Portfolio Manager

LOGO

Dan Chace, CFA

Portfolio Manager

LOGO

Anh Hoang, CFA

Associate Portfolio Manager

LOGO

Scott Thomas, CFA

Portfolio Manager

OVERVIEW

The Wasatch Emerging Markets Small Cap Fund — Investor Class gained 12.39% for the 12 months ended September 30, 2023. Over the same period, the benchmark MSCI

Emerging Markets Small Cap Index gained 23.06%.

Stocks generally did well in India, the most heavily weighted country in both the Index and the Fund. Record inflows from domestic retail clients forced some Indian small-cap stock funds to turn away new investors — a sign that speculative, indiscriminate buying had made reasonably valued small companies difficult to find in India. In that environment, our focus on what we believe are high-quality businesses gained less traction, and our Indian stocks underperformed.

Taiwan was also a source of underperformance relative to the benchmark. Soft overseas demand for semiconductor chips had sent Taiwan’s export-driven economy into recession during the first quarter of calendar year 2023. Beginning in May, however, enthusiasm about artificial intelligence (AI) reached a fever pitch, causing shares of technology-hardware manufacturers linked to AI microprocessors to surge. Although our group of Taiwanese stocks delivered a double-digit gain, they didn’t keep pace with the benchmark’s Taiwan component.

China’s economic rebound from zero-Covid lockdowns disappointed investors, intensifying calls for additional stimulus measures. Recent data pointed to a cooling economy, raising concerns about softening domestic demand, falling exports and the possibility for deflation. Because China was one of the worst-performing emerging markets in the Index over the past 12 months, the Fund benefited from underweight positioning relative to the benchmark.

DETAILS OF THE YEAR

Mexico contributed the most to the Fund’s relative performance helped by stock selection and overweight positioning. The top individual contributor to Fund performance for the

year was Grupo Aeroportuario del Centro Norte SAB de CV. Often referred to as “OMA,” the company operates international airports in the northern and central regions of Mexico under contracts with the government. Pent-up demand for travel has raised passenger counts and boosted revenues at the company’s airports.

ASPEED Technology, Inc. was also a significant contributor. ASPEED is a fabless designer of integrated circuits, specializing in areas that include server management and audio-visual extensions. Enthusiasm about AI helped push ASPEED’s stock price higher. Investors reckoned that the massive data-processing requirements of AI’s large language models may lead to increased demand for the company’s chips.

Aavas Financiers Ltd. was the Fund’s largest detractor. Aavas specializes in housing loans for low- and middle-income borrowers. Reports that founder, managing director and former CEO Sushil Agarwal had trimmed his ownership stake in Aavas impacted its share price in April. The move, which was part of a leadership transition, was unexpected and rattled investors. Fundamentals of the business remain quite solid in our view, and our research suggests the new managing director is highly qualified.

Pet Center Comercio e Participacoes SA also detracted and was sold on deteriorating fundamentals. The company sells food, medicines, toys, beds and other products for pets in Brazil through its digital platform and retail stores. Increasing competition from online sellers is impacting Pet Center’s revenues and margins. With no immediate improvement in sight, we decided to move on.

OUTLOOK

Changes underway in Saudi Arabia have caught our attention as well. The world’s largest exporter of petroleum, Saudi Arabia is benefiting as crude oil fetches higher prices on world markets. More important, the Saudi government is taking steps to diversify the economy away from the oil industry, which currently accounts for about 45% of GDP. Facilitated by other key initiatives designed to improve the investment environment and make the kingdom a more desirable place to live and work, Saudi Arabia may be on the cusp of a major long-term transformation. We’ve initiated positions in two Saudi companies in the Fund.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Emerging Markets Small Cap Fund (WAEMX / WIEMX)		SEPTEMBER 30, 2023 (Unaudited)

Portfolio Summary

TOTAL RETURNS



	1 Year		5 Years		10 Years

Emerging Markets Small Cap (WAEMX) — Investor		12.39%		6.37%		3.80%

Emerging Markets Small Cap (WIEMX) — Institutional		12.66%		6.57%		3.93%

MSCI Emerging Markets Small Cap Index		23.06%		6.45%		4.57%

MSCI Emerging Markets Index		11.70%		0.55%		2.07%

As of the January 31, 2023 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Emerging Markets Small Cap Fund are Investor Class: 1.91% / Institutional Class: 1.78%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

AU Small Finance Bank Ltd.		6.6%

Voltronic Power Technology Corp.		5.8%

Globant SA		5.7%

Persistent Systems Ltd.		4.7%

Grupo Aeroportuario del Centro Norte SAB de CV		4.2%



Company	% of Net Assets

LEENO Industrial, Inc.		3.9%

Qualitas Controladora SAB de CV		3.6%

Trent Ltd.		3.6%

Aavas Financiers Ltd.		3.2%

Raia Drogasil SA		3.1%

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO


Wasatch Frontier Emerging Small Countries Fund (WAFMX / WIFMX)		SEPTEMBER 30, 2023 (Unaudited)

Management Discussion

The Wasatch Frontier Emerging Small Countries Fund is managed by a team of Wasatch portfolio managers led by Scott Thomas.

LOGO

Scott Thomas, CFA

Lead Portfolio Manager

OVERVIEW

During 2022, rising interest rates and inflation sapped investor enthusiasm for growth-oriented stocks. However, as it appeared that many central banks were near the end of their rate-hiking cycles, investors began to reward the strong operating results of many of our companies, leading to significant

gains for many stocks in the portfolio.

In this environment, the Wasatch Frontier Emerging Small Countries Fund — Investor Class gained 16.73% for the 12 months ended September 30, 2023, outperforming the benchmark MSCI Frontier Emerging Markets Index, which returned 13.60%.

DETAILS OF THE YEAR

MercadoLibre, Inc. was the Fund’s top individual contributor to performance for the year. The U.S.-traded company, which is headquartered in Uruguay, operates an online e-commerce, payments, and credit system in 18 Latin American countries. MercadoLibre has experienced considerable growth this year, and strong operating results have pushed the stock higher. We believe MercadoLibre has a long runway for growth as digital payments and e-commerce shopping keep gaining traction in Latin America.

Mexico’s Qualitas Controladora SAB de CV was another top performer. The auto insurer is rebounding from a difficult period when mobility trends and accident frequency returned to pre-pandemic levels while inflation simultaneously increased the cost of spare parts for vehicle repairs. As the company and industry peers raise prices and inflation settles down, we think profitability should recover on the back of improving underwriting results and the company’s investment portfolio benefiting from higher interest rates. Looking ahead, we continue to like the company’s long-term growth potential and stability as the market leader in an underpenetrated Mexican insurance market.

Vietnamese information-technology (IT) provider FPT Corp. also contributed. In September, FPT reported eight-month results that included solid revenue and earnings growth. In addition, FPT has outpaced rivals in penetrating the important Japanese market. The company also benefits from a twofold labor advantage: wages for software engineers are lower in Vietnam than in China or India; and FTP has forward-looking recruitment, training and talent-development programs that attract top talent within the country.

Mobile World Investment Corp. was the largest detractor from Fund performance. Mobile World is a Vietnamese

retailer of digital devices and consumer electronics. More recently, the company began building out a grocery and pharmacy business. We sold the stock because we believe the potential for slowing electronic sales could be a headwind for the company. Further, we believe some of Mobile World’s core businesses have reached market saturation. In addition, management is having trouble finding the right expansion strategy for the grocery format, and has been changing the format strategy every few quarters.

Another large detractor was Dlocal Ltd. Based in Uruguay, the company offers payment solutions world-wide. Dlocal’s stock price fell sharply in November after an investment-research firm published a short-sale report containing scathing allegations. The company subsequently issued a targeted rebuttal and announced a share-buyback plan. We sold the stock to pursue other ideas that represented better opportunities.

Wilcon Depot, Inc., the leading operator of home-improvement stores in the Philippines, also detracted. Wilcon’s earnings growth decelerated recently due to persistent inflation, which increases costs for the company and reduces demand for large home improvement projects. However, we still like the company. Wilcon enjoys a scale advantage relative to smaller, independent home-improvement stores. This has given Wilcon more bargaining power with suppliers, allowing it to offer a wider selection of goods at better prices.

OUTLOOK

While an economic slowdown in developed markets would be an undeniable headwind for frontier and emerging-market countries, we believe their economies, and more specifically the companies in which we invest, are well-positioned to weather tougher macroeconomic conditions. Many frontier- and small emerging-market economies are ahead of the developed world in addressing inflation and are further along in their respective rate cycles.

Separately, the firms in which we invest tend to have strong balance sheets, and many have a history of generating high levels of return on invested capital. Such traits should help them withstand an economic slowdown, in our view. Further, many of these businesses are tied to secular trends that we believe could push forward even if the economic environment deteriorates.

Given the confidence we have in our holdings, the Fund’s positioning hasn’t changed much. The two most heavily weighted sectors in the Fund are IT and financials, where we own many businesses driven by financial technology (fintech). We believe our holdings in both sectors are enabling a digital transformation that will benefit businesses and consumers across frontier and small emerging markets.

While we continue to look for new investment opportunities, we feel constructive about the growth potential of our Fund as it stands today.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Frontier Emerging Small Countries Fund (WAFMX / WIFMX)		SEPTEMBER 30, 2023 (Unaudited)

Portfolio Summary

TOTAL RETURNS



	1 Year		5 Years		10 Years

Frontier Emerging Small Countries (WAFMX) — Investor		16.73%		2.80%		-0.07%

Frontier Emerging Small Countries (WIFMX) — Institutional		17.34%		3.02%		0.12%

MSCI Frontier Emerging Markets Index		13.60%		-1.09%		-0.03%

MSCI Frontier Markets Index		6.48%		1.63%		2.25%

As of the January 31, 2023 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Frontier Emerging Small Countries Fund are Investor Class — Gross: 2.29%, Net: 2.19% / Institutional Class — Gross: 2.08%, Net: 1.99%. The expense ratio shown elsewhere in this report may be different. Expenses include direct expenses paid to the Advisor as well as indirect expenses incurred by the Fund as a result of its investments in other investment companies (each an “Acquired Fund”), before any expense reimbursements by the Advisor. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

Investing in foreign securities, especially in frontier and emerging markets, entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus. Investing in small cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Being non-diversified, the Fund can invest a larger portion of its assets in the stocks of a limited number of companies than a diversified fund. Non-diversification increases the risk of loss to the Fund if the values of these securities decline.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

FPT Corp.		10.8%

Bajaj Finance Ltd.		9.2%

MercadoLibre, Inc.		8.2%

Bank for Foreign Trade of Vietnam JSC		6.4%

Qualitas Controladora SAB de CV		6.4%



Company	% of Net Assets

NU Holdings Ltd., Class A		6.3%

Globant SA		4.5%

WEG SA		3.9%

Raia Drogasil SA		3.8%

DCVFMVN Diamond ETF		3.7%

As of September 30, 2023, there were 37 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO


Wasatch Global Opportunities Fund (WAGOX / WIGOX)		SEPTEMBER 30, 2023 (Unaudited)

Management Discussion

The Wasatch Global Opportunities Fund is managed by a team of Wasatch portfolio managers led by JB Taylor, Ajay Krishnan, Ken Applegate and Paul Lambert.

LOGO

JB Taylor

Lead Portfolio Manager

LOGO

Ken Applegate, CFA

Portfolio Manager

LOGO

Ajay Krishnan, CFA

Lead Portfolio Manager

LOGO

Paul Lambert

Portfolio Manager

OVERVIEW

Global equities rallied for much of the 12-month period ended September 30, 2023, driven in part by signs that inflation may have peaked in some economies. This gave investors hope that central banks may be near the end of their interest-rate hiking cycles. Strong economic data, particularly in

the U.S., also helped drive stocks higher. While equities ended the period with gains, markets turned lower in the third quarter of 2023 after the U.S. Federal Reserve (Fed) indicated it may leave interest rates higher for longer than originally anticipated.

During this period, The Wasatch Global Opportunities Fund — Investor Class gained 12.76% but underperformed its benchmark, the MSCI AC (All Country) World Small Cap Index, which was up 15.24%

DETAILS OF THE YEAR

Silk Road Medical, Inc. was the largest detractor from Fund performance for the 12-month period. The U.S. company provides medical devices used in its minimally invasive procedure (called Transcarotid Artery Revascularization, or TCAR) to treat blockages in the carotid artery. Silk Road’s stock price fell sharply after the Centers for Medicare & Medicaid Services (CMS) issued a proposed coverage decision placing traditional carotid stenting at the same reimbursement level as TCAR, a move some investors feared could hurt Silk Road’s revenues. Although CMS has leveled the playing field on reimbursements, we think that over time the competitive landscape may be shaped more by outcomes than by reimbursements.

Another large detractor was Aavas Financiers Ltd. An Indian non-bank financial company, Aavas specializes in housing loans for low- and middle-income borrowers. In the fourth quarter of 2022, the stock was down after management announced plans to sustain elevated investment spending on technology to support the company’s future growth. Later in the period, reports that the firm’s founder, managing director and former CEO Sushil Agarwal had trimmed his ownership stake in the company further weighed on the

stock. We continue to like Aavas. Fundamentals of the business remain solid in our view.

Saia, Inc. was the top contributor to performance. The U.S. transport company creates efficiencies by combining goods from multiple shippers that alone would fill “less than a full truckload.” News that a competing trucking company was shutting down operations and filing for bankruptcy boosted the stock as investors foresaw possible increased demand for Saia’s services. Over the long term, we think Saia’s specialized logistics capabilities will continue to be in especially high demand.

Another top contributor was BayCurrent Consulting Inc., a Japan-based business-management and information-technology (IT) consultant. Positive operating results, including solid revenue growth, drove the stock higher during the period. Demand for digital-transformation projects, a key area of focus for BayCurrent, continues to be strong. Japan’s digitalization progress lags that of many countries. The pandemic and work-from-home environment underscored its need to catch up. As Japanese enterprises undertake large-scale digitalization projects, we believe domestic IT consultants such as BayCurrent have a strong home-country advantage relative to global competitors.

OUTLOOK

While uncertainty remains about how long the Fed will keep rates high, we believe we’re near the top of the interest-rate cycle. As such, we don’t expect a large valuation reset for growth stocks. Instead, we think investors’ attention may turn to companies that can thrive in a higher-for-longer interest-rate environment. It will be a difficult landscape for many businesses.

In the past year, the cost of capital for businesses has increased substantially. Companies that relied on inexpensive debt to fund growth initiatives may have to pare back those plans now. Meanwhile, as central banks leave interest rates high, the risk of a global recession increases. That would be a headwind to corporate earnings for almost any company, but particularly those with cyclical business models.

We believe an environment of slower growth and rising capital costs should favor the types of high-quality growth companies Wasatch seeks. Our investment process focuses on firms with strong balance sheets, low levels of debt and a steady history of earnings growth and cash flow generation. We think these self-funded businesses can continue to carry out their growth plans during difficult periods that may force their competitors to retrench.

In a higher-for-longer rate regime that creates operating headwinds for many businesses, we expect the market to reward the stocks of companies that can grow through that cycle. And we feel very good about our companies’ ability to do that.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Global Opportunities Fund (WAGOX / WIGOX)		SEPTEMBER 30, 2023 (Unaudited)

Portfolio Summary

TOTAL RETURNS



	1 Year		5 Years		10 Years

Global Opportunities (WAGOX) — Investor		12.76%		6.02%		7.92%

Global Opportunities (WIGOX) — Institutional		12.94%		6.17%		8.05%

MSCI AC World Small Cap Index		15.24%		3.53%		6.16%

As of the January 31, 2023 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Global Opportunities Fund are Investor Class: 1.50% / Institutional Class — Gross: 1.38%, Net: 1.35%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

Investing in small and micro cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Investing in foreign securities, especially in emerging markets, entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

AU Small Finance Bank Ltd.		4.6%

HealthEquity, Inc.		3.7%

BayCurrent Consulting, Inc.		3.6%

Ensign Group, Inc.		3.5%

Globant SA		3.4%



Company	% of Net Assets

RBC Bearings, Inc.		3.2%

Five Below, Inc.		2.8%

Saia, Inc.		2.8%

Trex Co., Inc.		2.5%

Medpace Holdings, Inc.		2.4%

As of September 30, 2023, there were 62 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO


Wasatch Global Select Fund (WAGSX / WGGSX)		SEPTEMBER 30, 2023 (Unaudited)

Management Discussion

The Wasatch Global Select Fund is managed by a team of Wasatch portfolio managers led by Ken Applegate, Paul Lambert, Linda Lasater and Mike Valentine.

LOGO

Ken Applegate, CFA

Portfolio Manager

LOGO

Linda Lasater, CFA

Portfolio Manager

LOGO

Paul Lambert

Portfolio Manager

LOGO

Mike Valentine

Portfolio Manager

OVERVIEW

the U.S., also helped drive stocks higher. While equities ended the period with gains, markets turned lower in the third quarter of 2023 after the Federal Reserve indicated it may leave interest rates higher for longer than originally anticipated.

During this period, the Wasatch Global Select Fund —Investor Class gained 17.80% but underperformed its benchmark, the MSCI AC (All Country) World Index, which was up 20.80%.

DETAILS OF THE YEAR

GMO Payment Gateway, Inc. was the largest detractor from Fund performance during the 12-month period. The Japan-based company provides credit-card transaction services for e-commerce firms. GMO’s stock was down after its management team suggested that as the company becomes a more strategic payment partner to larger companies, its growth rate could become more volatile from period to period — though we believe it should still achieve its mid-term target of a 25% earnings growth rate. We were less concerned about the guidance. As GMO expands its value proposition and works on bigger projects, we’re not surprised to see its growth follow a less linear path. We also believe that as the company grows larger, it wouldn’t be surprising if the company adjusts its long-term profit growth target to a 20% compound annual growth rate, or slightly higher. That growth is still impressive in our view.

Silergy Corp. was another large detractor. Silergy manufactures integrated-circuit chips used in a wide array of electronic devices. The company’s shares have struggled in 2023

amid competitive pressures and a weak demand environment, which we believe is cyclical and temporary. Lower expectations for the automotive segment of the business may also have dampened enthusiasm for the stock. Even so, Silergy’s value proposition and long-term prospects remain attractive in our view.

The largest contributor to Fund performance was Copart, Inc., a global provider of online vehicle auction and remarketing services to automotive resellers such as insurance, rental car, fleet and finance companies. Solid operating results continued to drive the stock higher during the period. Copart is one of the largest holdings in the portfolio, and we continue to like the value proposition of its marketplace for automobile buyers and sellers.

Old Dominion Freight Line, Inc. was another top contributor. The company creates efficiencies by combining goods from multiple shippers that alone would fill “less than a full truckload.” News that a competing trucking company was shutting down operations and filing for bankruptcy was a catalyst for the stock as investors foresaw possible increased demand for Old Dominion’s services. Over the long term, we think Old Dominion’s logistics capabilities will continue to be in high demand.

OUTLOOK

While uncertainty remains about how long the U.S. Federal Reserve will keep rates high, we believe we’re near the top of the interest-rate cycle. As such, we don’t expect a large valuation reset for growth stocks. Instead, we think investors’ attention may turn to companies that can thrive in a higher-for-longer interest-rate environment. It will be a difficult landscape for many businesses.

In the past year, the cost of capital for businesses has increased substantially. Companies that had relied on inexpensive debt to fund growth initiatives may have to pare back those plans now. Meanwhile, as central banks leave interest rates high, the risk of a global recession increases. That would be a headwind to corporate earnings for almost any company, but particularly those with cyclical business models.

We believe an environment of slower growth and rising capital costs should favor the types of high-quality growth companies that Wasatch seeks — firms with strong balance sheets, low levels of debt and a steady history of earnings growth and cash flow generation. In a higher-for-longer rate regime that creates operating headwinds for many businesses, we expect the market to reward the stocks of companies that can grow through that cycle. And we feel very good about our companies’ ability to do that.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Global Select Fund (WAGSX / WGGSX)		SEPTEMBER 30, 2023 (Unaudited)

Portfolio Summary

TOTAL RETURNS



	1 Year		Since Inception 10/1/2019

Global Select (WAGSX) — Investor		17.80%		3.83%

Global Select (WGGSX) — Institutional		18.25%		4.24%

MSCI AC World Index		20.80%		7.77%

MSCI AC World Mid Cap Growth Index		17.15%		5.26%

As of the January 31, 2023 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Global Select Fund are Investor Class — Gross: 2.35%, Net: 1.35% / Institutional Class — Gross: 1.53%, Net: 0.95%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

Investing in foreign securities, especially in emerging and frontier markets, entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus. Investing in small cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

Roper Technologies, Inc.		5.3%

Amphenol Corp., Class A		5.1%

Bajaj Finance Ltd.		4.9%

Copart, Inc.		4.6%

ICON PLC		4.0%



Company	% of Net Assets

BayCurrent Consulting, Inc.		3.9%

Old Dominion Freight Line, Inc.		3.9%

HealthEquity, Inc.		3.8%

Pool Corp.		3.7%

HDFC Bank Ltd.		3.6%

As of September 30, 2023, there were 35 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT††

LOGO

††Inception: October 1, 2019. Past performance does not predict future performance. The graph above does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions or the redemption of fund shares. Wasatch does not charge any sales fees.


Wasatch Global Value Fund (FMIEX / WILCX)		SEPTEMBER 30, 2023 (Unaudited)

Management Discussion

The Wasatch Global Value Fund is managed by a team of Wasatch portfolio managers led by David Powers.

LOGO

David Powers, CFA

Lead Portfolio Manager

OVERVIEW

For the 12 months ended September 30, 2023, the Wasatch Global Value Fund — Investor Class gained 16.16%, while the benchmark MSCI AC (All Country) World Value Index rose 16.98%.

Global equities finished the fourth quarter of calendar year 2022 in

positive territory. Market gains were concentrated in October and November when signs of peaking inflation and less hawkish commentary from the U.S. Federal Reserve raised hopes that the central bank would end its interest-rate hiking cycle in early 2023. Also supporting sentiment, the Chinese government began to ease the zero-Covid policy that had weighed on global economic growth for much of 2022.

Market sentiment remained generally optimistic in the first half of calendar year 2023. But stocks world-wide headed lower in the third quarter of 2023 as rising oil prices added to increasing investor concerns that global central banks would keep interest rates “higher for longer” in order to tamp down inflation. In addition, softening economic data in the U.S. and Europe, along with continued instability in China’s overleveraged property sector, raised the prospect of slowing global growth.

DETAILS OF THE YEAR

Among sectors, consumer discretionary and communication services detracted most significantly from Fund performance on an absolute basis and relative to the benchmark. Contributions to relative performance were led by positioning within financials and energy, where our holdings outperformed their benchmark counterparts.

TotalEnergies SE was a top contributor to Fund performance for the period. The French energy company benefited from the sharp rise in global crude-oil prices, as well as from strength in European natural-gas prices. In addition, the company’s results benefited from historically wide refining margins, given capacity constraints in the wake of the Ukraine conflict. Finally, the company’s annual Investor Day presentation was well-received, featuring plans for additional share buybacks and dividend increases.

Dutch multinational bank ING Groep NV, ADR was another leading contributor during the period. Sentiment with respect to banks benefited from higher net interest margins with the rise in interest rates. In addition, ING’s earnings in the fourth quarter of 2022 surprised to the upside, while credit guidance and loss provisions remained in line with or better than expectations despite concerns that high inflation and interest rates were taking a toll on consumers. ING

also implemented a major share buyback program in 2022 on top of paying a special dividend.

The largest detractor from Fund performance for the 12-month period was South Korean casino operator Kangwon Land, Inc. The company operates Korea’s only casino that’s open to the country’s citizens. Results were negatively impacted by a slower-than-expected recovery from Covid-19, which weighed on casino traffic. An exacerbating factor in the company’s weakness stemmed from many high-rolling, VIP Korean gamblers becoming accustomed to frequenting Macau, a special administrative region of China referred to as “The Las Vegas of Asia.” In addition, Kangwon’s results were squeezed on the expense side as the company invested in facility upgrades designed to expand capacity and improve customer experience. We chose to exit our position.

Facebook parent Meta Platforms, Inc. was another laggard in the 12-month period. In the fourth quarter of calendar year 2022, the market was caught off guard by guidance with respect to Meta’s capital expenditures. Meta had been investing heavily in product development related to virtual reality, losing billions of dollars on a quarterly basis on an initiative not expected to become profitable for some years out. This was despite a deteriorating backdrop in a slowing economy with respect to digital-advertising spending, the company’s main source of revenue. Management had previously signaled that it was prepared to curtail investment in its Reality Labs segment in 2023, pending an improved operating environment for Meta’s core platform, but later reversed course. We exited the position.

OUTLOOK

We’ve been skeptical of the “soft landing” narrative that has prevailed recently. As such, we continue to view a recession at some point in 2024 as more likely than not as the economy digests the impact of the increases in borrowing costs already implemented by central banks. Given this outlook, we’ve adopted an increasingly defensive stance, moving into less-expensive areas of the market that feature more stable earnings and higher dividends. This stance worked against us to some degree in recent months as the rise in Treasury yields weighed on high-dividend, bond-surrogate sectors such as utilities and real estate, but we believe it leaves us well-positioned for what we think will be an inevitable economic slowing.

As always, regardless of the short-term direction of the markets, we’ll continue to adhere to our discipline in selecting stocks in response to a shifting macroeconomic and geopolitical backdrop.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Global Value Fund (FMIEX / WILCX)		SEPTEMBER 30, 2023 (Unaudited)

Portfolio Summary

TOTAL RETURNS



	1 Year		5 Years		10 Years

Global Value (FMIEX) — Investor		16.16%		5.88%		7.17%

Global Value (WILCX) — Institutional		16.23%		6.02%		7.31%

MSCI AC World Value Index		16.98%		3.97%		5.27%

As of the January 31, 2023 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Global Value Fund are Investor Class — Gross: 1.20%, Net: 1.10% / Institutional Class — Gross: 1.14%, Net: 0.95%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

Investments in value stocks can perform differently from the market as a whole and from other types of stocks and can continue to be undervalued by the market for long periods of time. Investing in foreign securities entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus. Loss of principal is a risk of investing.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

TotalEnergies SE		5.3%

Johnson & Johnson		4.8%

Novartis AG		4.5%

Duke Energy Corp.		4.2%

Exelon Corp.		4.0%



Company	% of Net Assets

KT&G Corp.		4.0%

Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen		3.5%

Union Pacific Corp.		3.5%

Bristol-Myers Squibb Co.		3.3%

United Overseas Bank Ltd.		3.2%

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO


Wasatch Greater China Fund (WAGCX / WGGCX)		SEPTEMBER 30, 2023 (Unaudited)

Management Discussion

The Wasatch Greater China Fund is managed by a team of Wasatch portfolio managers led by Dan Chace, Allison He, Pedro Huerta, Kai Pan and Kevin Unger.

LOGO

Dan Chace, CFA

Lead Portfolio Manager

LOGO

Kai Pan, PhD

Associate Portfolio Manager

LOGO

Allison He, CFA

Associate Portfolio Manager

LOGO

Kevin Unger, CFA

Associate Portfolio Manager

LOGO

Pedro Huerta, CFA

Associate Portfolio Manager

OVERVIEW

The Wasatch Greater China Fund — Investor Class was down -13.75% during the 12 months ended September 30, 2023, while the benchmark MSCI China Index gained 5.24%.

Chinese equities were volatile during the period. Stocks in China rallied in late 2022 and early 2023, fueled by the government’s decision to lift pandemic-related social restrictions. However, soft economic data, rising geopolitical tensions and concern about China’s real-estate sector created negative investor sentiment toward the country and weighed on Chinese equities later in the period.

DETAILS OF THE YEAR

Among sectors, the Fund’s overweight to consumer staples, stock selection in information technology and underweight to communication services detracted most from performance relative to the benchmark for the 12-month period.

Foshan Haitian Flavouring & Food Co. Ltd. was the largest detractor from Fund performance for the period. The company produces soy sauce, oyster sauce and other condiments. Weaker earnings results weighed on the stock late in 2022, but we continue to like the company. Inventory in some of Haitian’s distribution channels has built up, but we expect revenue to pick up as that headwind eases. Over the long term, we expect the company to do well amid consolidation of the condiment market and China’s growing consumer preference for premium condiment brands.

Silergy Corp. was another large detractor. Silergy manufactures integrated-circuit chips used in a wide array of electronic devices. The company’s shares struggled in 2023 amid competitive pressures and a weak demand environment, which we believe is cyclical and temporary. Lower expectations for the automotive segment of Silergy’s

business may also have dampened enthusiasm for the stock. Even so, the company’s value proposition and long-term prospects remain attractive in our view.

The largest contributor to Fund performance for the period was Airtac International Group. Headquartered in Taiwan, the company manufactures pneumatic actuators for industrial automation systems. The stock rose in 2023 as China continued its reopening from the pandemic, and investors anticipated a significant uptick in factory production and increased demand for Airtac’s actuators and their replacement products. While reopening benefited Airtac in 2023, we believe there are opportunities for longer-term growth as Chinese businesses increasingly depend on factory automation to improve efficiency and replace an aging workforce.

Shenzhen Inovance Technology Co. Ltd. was another top contributor. The company develops and manufactures a range of industrial automation products for different industries. Inovance’s most recent operating results were strong in our view, and we believe they were particularly impressive given weakness in China’s manufacturing sector. Like Airtac, we believe Inovance is poised for long-term growth tied to increased automation in China. We believe that Inovance, as China’s leading automation company, also benefits from import substitution, which has helped the company consistently gain market share over the past two decades. Further, we like Inovance’s expansion into several promising end markets, including robotics. Put together, we believe these factors hold the potential for sustainable annual revenue growth in excess of 20% for the next several years.

OUTLOOK

China’s economy is facing headwinds. The country is experiencing a real-estate downturn, simmering geopolitical tensions and weaker-than-expected consumer spending coming out of the pandemic lockdown, to name a few.

But these challenges may not be as bad as doomsday headlines suggest. We don’t believe indebtedness among property developers will set off a financial crisis, and we think the government has enough liquidity to address problems and prevent a significant level of financial contagion.

Regarding consumer spending, a stalled property market has made consumers more cautious about purchases, but consumers haven’t stopped spending altogether. When we visited China in 2023, we saw a lot of “consumption downgrading.” Consumers have pared back spending on luxury items and more expensive restaurants — but they’re still going out.

Meanwhile, geopolitical outcomes are tough to predict. While geopolitics are a concern, in some ways the decoupling of the U.S. and Chinese economies helps make a case for investing in China over the long term. As China and the West become less integrated, we believe two separate spheres of innovation could develop. And we believe long-term global investors could benefit from having exposure to both those spheres.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Greater China Fund (WAGCX / WGGCX)		SEPTEMBER 30, 2023 (Unaudited)

Portfolio Summary

TOTAL RETURNS



	1 Year		Since Inception 11/30/2020

Greater China (WAGCX) — Investor		-13.75%		-20.84%

Greater China (WGGCX) — Institutional		-13.56%		-20.87%

MSCI China Index		5.24%		-17.39%

As of the January 31, 2023 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Greater China Fund are Investor Class — Gross: 3.56%, Net: 1.62% / Institutional Class — Gross: 2.61%, Net: 1.36%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

Investing in small cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Investing in foreign securities, especially in emerging markets, entails special risks, such as unstable currencies, highly volatile securities markets and political and social instability, which are described in more detail in the prospectus. Being non-diversified, the Fund can invest a larger portion of its assets in the stocks of a limited number of companies than a diversified fund. Non-diversification increases the risk of loss to the Fund if the values of these securities decline.

The Fund is subject to risks associated with investments in the Greater China Region that could affect the value of your investment. The Fund may invest in securities through the China Stock Connect programs, which subject the Fund to unique accessibility risks affecting the Fund’s ability to efficiently execute its strategy. These risks are described in more detail in the prospectus.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

H World Group Ltd.		5.9%

Kweichow Moutai Co. Ltd., Class A		5.5%

Airtac International Group		5.3%

Shenzhen Inovance Technology Co. Ltd., Class A		5.1%

Tencent Holdings Ltd.		5.0%



Company	% of Net Assets

Wuxi Biologics Cayman, Inc.		4.4%

Techtronic Industries Co. Ltd.		4.0%

Silergy Corp.		4.0%

Chailease Holding Co. Ltd.		3.9%

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		3.7%

As of September 30, 2023, there were 33 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT††

LOGO

††Inception: November 30, 2020. Past performance does not predict future performance. The graph above does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions or the redemption of fund shares. Wasatch does not charge any sales fees.


Wasatch International Growth Fund (WAIGX / WIIGX)		SEPTEMBER 30, 2023 (Unaudited)

Management Discussion

The Wasatch International Growth Fund is managed by a team of Wasatch portfolio managers led by Ken Applegate, Linda Lasater and Derrick Tzau.

LOGO

Ken Applegate, CFA

Lead Portfolio Manager

LOGO

Linda Lasater, CFA

Portfolio Manager

LOGO

Derrick Tzau, CFA

Associate Portfolio Manager

OVERVIEW

International equities rallied for much of the 12-month period ended September 30, 2023, driven in part by signs that inflation may have peaked in some economies. This raised hopes that central banks may be near the end of their interest-rate hiking cycles. Strong economic data in select countries also helped drive stocks higher. While equities ended the period with gains, markets turned lower in the third quarter of 2023 after the U.S. Federal Reserve indicated it may leave interest rates higher for longer than originally anticipated.

In this environment, the Wasatch International Growth Fund — Investor Class gained 7.84% during the period but underperformed the benchmark MSCI AC (All Country) World ex USA Small Cap Index, which rose 19.01%.

DETAILS OF THE YEAR

For the 12-month period, the Fund’s holdings in the information-technology (IT) and health-care sectors underperformed those in the benchmark and detracted from relative performance. On a geographic basis, the Fund’s holdings in Japan and Italy detracted most from relative results. However, the Fund’s overweight position in Mexico and stock selection in Australia contributed to relative performance.

The largest detractor from Fund performance during the year was Pet Center Comercio e Participacoes SA. The Brazil-based company sells food, medicines, toys, beds and other pet products through its digital platform and retail stores. Increasing competition from online sellers has impacted Pet Center’s revenues and margins. With no immediate improvement in sight, we decided to move on and sold the stock.

Another large detractor was Endava PLC, a British IT-services company. Cyclical concerns weighed on the company’s stock after Endava lowered its guidance, anticipating a temporary slowdown in global IT spending. We viewed the stock-price decline as an attractive buying opportunity, and we added to our position. While revenue growth could be slower in the next few quarters, we believe Endava is tied to powerful long-term secular growth trends. The firm specializes in digital-transformation consulting, agile software

development and various automation solutions. Digital transformation will continue to be a business imperative for most firms over the next several years, and we think Endava will play a critical role in helping many companies pivot their operations.

The top contributor to Fund performance for the 12-month period was Grupo Aeroportuario del Centro Norte SAB de CV, a Mexico-based international airport operator known as “OMA.” The company, which has government contracts to run 13 airports in northern and central Mexico, has benefited from a rebound in travel as the post-pandemic environment unleashed pent-up demand. Early in 2023, OMA reported earnings that included an 11.8% increase in net income and a 20.7% jump in passenger traffic compared with the prior-year quarter. Traffic has now surpassed pre-pandemic levels, the company said.

Canadian bank EQB, Inc. was another top contributor during the period. Strong earnings results propelled the stock higher during the second quarter of 2023. We spent time with management in Canada this year and continue to like the business. The conservatively managed alternative lender targets its lending and services in niche market segments where Canada’s six largest banks don’t typically compete. EQB’s market leadership position in these specialized markets has allowed it to grow a profitable business in a relatively low-risk fashion. The company’s focus on digital and online banking has also been disruptive, allowing it to quickly grow deposits and customers.

OUTLOOK

With central banks indicating they will likely keep interest rates higher for longer than they anticipated heading into the year, the macroeconomic outlook has turned murkier. At a minimum, the operating environment for businesses could become more challenging.

Already, rising interest rates have increased businesses’ cost of capital considerably. And in an inflationary environment, other cost pressures remain elevated. An economic downturn would be another headwind for corporate earnings.

While this sounds negative, we feel positive about the companies we hold going into a potentially challenging environment. At Wasatch, our focus is on high-quality companies.

The key characteristics we seek in companies include strong balance sheets, high levels of return on invested capital (ROIC) and a long history of free cash flow growth.

We believe these traits will enable our companies to withstand a tough operating environment better than many of their competitors. In fact, in prior downturns, we’ve seen our businesses go on the offensive when their competitors are back on their heels. So while we’re uncertain about what higher interest rates will mean for the economy, we feel good about the companies we own in an uncertain environment.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch International Growth Fund (WAIGX / WIIGX)		SEPTEMBER 30, 2023 (Unaudited)

Portfolio Summary

TOTAL RETURNS



	1 Year		5 Years		10 Years

International Growth (WAIGX) — Investor		7.84%		-2.77%		2.11%

International Growth (WIIGX) — Institutional		7.92%		-2.67%		2.19%

MSCI AC World ex USA Small Cap Index		19.01%		2.58%		4.35%

MSCI World ex USA Small Cap Index		17.32%		1.28%		4.13%

As of the January 31, 2023 prospectus, the Total Annual Fund Operating Expenses for the Wasatch International Growth Fund are Investor Class: 1.44% / Institutional Class: 1.33%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

BayCurrent Consulting, Inc.		3.5%

Descartes Systems Group, Inc.		3.3%

Diploma PLC		3.2%

AU Small Finance Bank Ltd.		3.0%

JMDC, Inc.		3.0%



Company	% of Net Assets

EQB, Inc.		2.9%

SMS Co. Ltd.		2.7%

CAE, Inc.		2.6%

CyberArk Software Ltd.		2.5%

Voltronic Power Technology Corp.		2.5%

As of September 30, 2023, there were 68 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO


Wasatch International Opportunities Fund (WAIOX / WIIOX)		SEPTEMBER 30, 2023 (Unaudited)

Management Discussion

The Wasatch International Opportunities Fund is managed by a team of Wasatch portfolio managers led by Linda Lasater, Dan Chace and Allison He.

LOGO

Linda Lasater, CFA

Lead Portfolio Manager

LOGO

Dan Chace, CFA

Portfolio Manager

LOGO

Allison He, CFA

Associate Portfolio Manager

OVERVIEW

For the 12-month period ending September 30, 2023, the Wasatch International Opportunities Fund — Investor Class gained 8.37%, trailing the benchmark MSCI AC (All Country) World ex USA Small Cap Index, which was up 19.01%.

International equities rallied for much of the 12-month period, driven in part by signs that inflation may have peaked in some economies. This raised hopes that central banks may be near the end of their interest-rate hiking cycles. Strong economic data in select countries also drove stocks higher. While equities ended the period with gains, markets turned lower in the third quarter of 2023 after the U.S. Federal Reserve indicated it may leave interest rates higher for longer than originally anticipated.

DETAILS OF THE YEAR

The largest detractor from Fund performance during the 12-month period was Kin & Carta PLC, a trans-Atlantic, digital-transformation consultancy. Disappointing earnings results for the first half of the company’s fiscal year weighed on the stock. Management cited worsening economic conditions as a reason for the slowdown in revenue. We like the company’s exposure to digital transformation, which is a theme in our portfolio as digital transformation is a key priority for businesses around the world. But Kin & Carta lacks the scale and diversity of some of its competitors, so it was disproportionately hurt by some large project delays and postponements. Going forward, we’ll continue to monitor how Kin & Carta can manage this period and continue to grow scale.

continue to like Aavas. Fundamentals of the business remain solid in our view.

Pro Medicus Ltd. was the largest contributor to Fund performance during the period. The Australia-based medical-imaging specialist reported strong operating results for its 2023 financial year. An announcement that Pro Medicus’ subsidiary, Visage Imaging, had signed a 10-year contract to provide enterprise-wide image distribution at one of the largest not-for-profit health-care systems in the U.S. also drove the stock higher. Pro Medicus is one of the largest holdings in our portfolio, and our thesis on the stock is unchanged. The company offers new technology that makes it easier for hospital professionals to archive digital images and retrieve them more quickly than prior technologies. The company has already won contracts for its digital imaging and storage solutions with some of the world’s preeminent hospitals and clinics, and we believe more hospital systems will follow.

Another top contributor was Grupo Aeroportuario del Centro Norte SAB de CV, a Mexico-based international airport operator known as “OMA.” The company, which has government contracts to run 13 airports in northern and central Mexico, has benefited from a rebound in travel as the post-pandemic environment unleashed pent-up demand. Early in 2023, OMA reported earnings that included an 11.8% increase in net income and a 20.7% jump in passenger traffic compared with the prior-year quarter. Traffic has now surpassed pre-pandemic levels.

OUTLOOK

While this sounds negative, we feel positive about the companies we hold going into a potentially challenging environment. At Wasatch, our focus is on high-quality companies.

The key characteristics we seek in companies include strong balance sheets, high levels of return on invested capital (ROIC) and a long history of free cash flow growth.

We believe these traits enable our companies to withstand a tough operating environment better than many of their competitors. In fact, in prior downturns, we’ve seen our businesses go on the offensive when their competitors are back on their heels. So while we’re uncertain about what higher interest rates will mean for the economy, we feel good about the companies we own in an uncertain environment.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch International Opportunities Fund (WAIOX / WIIOX)		SEPTEMBER 30, 2023 (Unaudited)

Portfolio Summary

TOTAL RETURNS



	1 Year		5 Years		10 Years

International Opportunities (WAIOX) — Investor		8.37%		-1.31%		4.19%

International Opportunities (WIIOX) — Institutional		8.24%		-1.30%		4.31%

MSCI AC World ex USA Small Cap Index		19.01%		2.58%		4.35%

MSCI World ex USA Small Cap Index		17.32%		1.28%		4.13%

As of the January 31, 2023 prospectus, the Total Annual Fund Operating Expenses for the Wasatch International Opportunities Fund are Investor Class: 1.96% / Institutional Class: 1.91%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

Japan Elevator Service Holdings Co. Ltd.		3.1%

Johns Lyng Group Ltd.		3.1%

Pro Medicus Ltd.		3.0%

DiscoverIE Group PLC		2.9%

JTC PLC		2.9%



Company	% of Net Assets

Bytes Technology Group PLC		2.7%

SIGMAXYZ Holdings, Inc.		2.4%

Atoss Software AG		2.3%

Nexus AG		2.3%

Qualitas Controladora SAB de CV		2.3%

As of September 30, 2023, there were 80 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO


Wasatch International Select Fund (WAISX / WGISX)		SEPTEMBER 30, 2023 (Unaudited)

Management Discussion

The Wasatch International Select Fund is managed by a team of Wasatch portfolio managers led by Ken Applegate, Linda Lasater and Derrick Tzau.

LOGO

Ken Applegate, CFA

Lead Portfolio Manager

LOGO

Linda Lasater, CFA

Lead Portfolio Manager

LOGO

Derrick Tzau, CFA Associate Portfolio Manager

OVERVIEW

International equities rallied for much of the 12-month period ended September 30, 2023, driven in part by signs that inflation may have peaked in some economies. This gave investors hope that central banks may be near the end of their interest-rate hiking cycles. Strong economic data in select countries also played a role in driving stocks higher. While equities ended the period with gains, markets turned lower in the third quarter of 2023 after the Federal Reserve indicated it may leave interest rates higher for longer than originally anticipated.

In this environment, the Wasatch International Select Fund — Investor Class gained 15.17% but underperformed the benchmark MSCI EAFE Index, which was up 25.65%.

DETAILS OF THE YEAR

Adyen NV was the largest detractor from Fund performance during the 12-month period. The Dutch payments processor allows businesses to facilitate e-commerce, mobile and point-of-sale payments from customers. Adyen’s stock price plunged after its first-half earnings for 2023 fell below consensus estimates. Sales growth was slower than expected, and hiring costs hurt profit margins during the period. While the results were disappointing, we continue to like the company. The continued hiring is largely the result of planned product development and expansion to new customer bases, and we believe these investments should improve growth in 2024 and beyond. Going forward, we believe Adyen plays an important role in addressing businesses’ need to streamline payments that come from multiple channels.

GMO Payment Gateway, Inc. was another detractor. The Japan-based company provides credit-card transaction services for e-commerce firms. GMO’s stock was down after its management team suggested that as the company becomes a more strategic payment partner to larger companies, its growth rate could become more volatile from period to period, though we believe it should still achieve its mid-term target of a 25% earnings growth rate. We were less concerned about the guidance. As GMO expands its value proposition and works on bigger projects, we’re not surprised to see its growth follow a less linear path. We also believe that as

the company grows larger, it wouldn’t be surprising if the company adjusts its long-term profit growth target to a 20% compound annual growth rate — or slightly higher. That growth is still impressive, in our view.

The most significant contributor to the Fund’s performance during the period was BayCurrent Consulting, Inc., a Japan-based business-management and information-technology (IT) consultant. Positive operating results, including solid revenue growth, drove the stock higher during the period. Demand for digital-transformation projects, a key area of focus for BayCurrent, continues to be strong. Japan is behind many countries when it comes to digitalization. The pandemic and work-from-home environment underscored its need to catch up. As Japanese enterprises undertake large-scale digitalization projects, we believe domestic IT consultants such as BayCurrent have a strong home-country advantage relative to global competitors.

Another top contributor was Hermes International. The French luxury-design house specializes in handbags, leather goods, jewelry, clothing and lifestyle accessories, including its globally famous and highly coveted Birkin bags. Strong sales results for the fourth quarter of 2022 propelled the stock, as did investor expectations that luxury-goods spending will increase as more consumers travel internationally and shop. We continue to think Hermes’ management team has managed its brands well, helping the company command a relatively high degree of pricing power.

OUTLOOK

With central banks indicating they will likely keep interest rates higher for longer than they anticipated, the macroeconomic outlook has turned murkier. But at minimum, we expect the operating environment for businesses in the coming quarters to be challenging.

While this sounds negative, we feel positive about the companies we hold going into a potentially challenging environment. At Wasatch, our focus is on high-quality companies. The key characteristics we seek in companies include strong balance sheets, high levels of return on invested capital (ROIC) and a long history of steady free cash flow growth.

We believe these high-quality traits enable our companies to withstand a tough operating environment better than many of their competitors. In fact, in prior downturns, we’ve seen our businesses go on the offensive when their competitors are back on their heels.

So, while we’re uncertain about what higher interest rates will mean for the global economy, we feel good about the companies we own in an uncertain environment.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch International Select Fund (WAISX / WGISX)		SEPTEMBER 30, 2023 (Unaudited)

Portfolio Summary

TOTAL RETURNS



	1 Year			Since Inception 10/1/2019

International Select (WAISX) — Investor		15.17	%		0.62	%

International Select (WGISX) — Institutional		15.76	%		1.06	%

MSCI EAFE Index		25.65	%		4.41	%

MSCI EAFE Mid Cap Growth Index		18.73	%		1.06	%

As of the January 31, 2023 prospectus, the Total Annual Fund Operating Expenses for the Wasatch International Select Fund are Investor Class — Gross: 3.34%, Net: 1.30% / Institutional Class — Gross: 2.37%, Net: 0.90%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

Scout24 SE		5.5%

BayCurrent Consulting, Inc.		5.2%

CAE, Inc.		5.1%

FirstService Corp.		4.8%

Assa Abloy AB		4.6%



Company	% of Net Assets

Descartes Systems Group, Inc.		4.6%

Sugi Holdings Co. Ltd.		4.5%

Amadeus IT Group SA		4.4%

Hermes International SCA		4.3%

Dassault Systemes SE		4.2%

As of September 30, 2023, there were 26 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT††

LOGO


Wasatch Long/Short Alpha Fund (WALSX / WGLSX)		SEPTEMBER 30, 2023 (Unaudited)

Management Discussion

The Wasatch Long/Short Alpha Fund is managed by a team of Wasatch portfolio managers led by Mick Rasmussen.

LOGO

Mick Rasmussen, CFA

Lead Portfolio Manager

OVERVIEW

The Wasatch Long/Short Alpha Fund — Investor Class gained 27.87% for the 12-month period ended September 30, 2023. Over the same period, the benchmark Russell 2500^TM Index gained 11.28%. Both our long and short positions contributed to the Fund’s positive return and outperformance of its benchmark for the year.

Higher-for-longer interest rates, surging Treasury-bond yields, inflation and worries about a possible recession meant the past year was a volatile period for the market. Generally speaking, the Fund seeks less long exposure and less short exposure when the market is especially erratic. This is because erratic movements tend to increase the Fund’s risk sensitivities.

We want to remind shareholders that the Wasatch Long/Short Alpha Fund takes a directional approach, meaning we’re always biased toward greater long exposure than short exposure. As of September 30, the Fund’s long exposure was about 112% and its short exposure was approximately -33%. We primarily hold small- and mid-cap companies, with our longs typically being somewhat bigger in market capitalization than our shorts.

On the long side, the Fund’s annual return was helped by holdings in several industry groups including consumer services, software & services, and consumer discretionary distribution & retail. At the other end of the spectrum, the Fund was hurt by holdings in pharmaceuticals biotechnology & life sciences, and commercial & professional services.

Among shorts, the Fund was aided by positions in health care equipment & services, capital goods, and media & entertainment. Conversely, the Fund was hurt by positions in technology hardware & equipment and financial services.

LONG POSITIONS DURING THE YEAR

The 11 largest contributors to Fund performance for the year came from the long side of the portfolio. NeoGames SA was the top contributor. The company provides technology and services to state lotteries and other lottery operators. NeoGames offers a full-service solution that includes all the elements required to conduct lottery games via instant tickets, personal computers, smartphones and other devices. The management team has continually impressed us as it has effectively capitalized on the trend of more and more states starting to offer lotteries. In May, NeoGames agreed to an acquisition offer. The stock has been up substantially since then. We’ve reduced the size of our position since the announcement.

The largest detractor among our long positions was Silvergate Capital Corp., which we sold due to deteriorating

fundamentals. Silvergate is the holding company for a bank that was largely focused on providing services to the cryptocurrency industry. The bank ran into trouble when depositors started to leave en masse. We exited our position when plummeting deposits came to light. The bank is ceasing operations and winding down.

SHORT POSITIONS DURING THE YEAR

Turning to short positions, contributors were those stocks that declined in price. Our shorting of Xometry, Inc. contributed significantly to the Fund’s return. The company runs an online marketplace that allows customers to purchase custom-manufactured parts in the aerospace, health-care and automotive segments. Xometry’s financials look unattractive to us, and we don’t have a great deal of confidence in management.

Among shorts, detractors were those stocks that rose in price. A large detractor from Fund performance was Yext, Inc. The company provides digital-media technology services including advertising, business listings on search sites and real-time reputation management. We had sold the stock short because there had been some negative momentum in the company’s operations. But sales and earnings recently showed improvement and sent the share price higher.

OUTLOOK

For much of the past year, investors focused on the interest-rate outlook and how it might affect different industry groups. Now that the Federal Reserve appears to be nearing the end of its hiking cycle, we’ve noticed a shift in market dynamics. Investors have become more discerning regarding how individual companies might weather a higher-for-longer rate environment. As fundamental stock pickers, we view this as a positive development for the Wasatch Long/Short Alpha Fund.

If interest rates do in fact stay elevated, we believe quality companies with robust business models, strong cash flows and healthy balance sheets will be rewarded. Such companies are owned on the long side of the Fund’s portfolio. They should experience a tailwind, as low leverage and self-financed growth are especially important amid higher interest rates. We’re also encouraged by the fact that valuations are much more reasonable than they were before the market correction experienced in 2022.

Of course, the current environment isn’t without risks. While most investors seem to agree that interest-rate hikes are nearly complete, there’s a good deal of uncertainty about whether the economy will tip into a recession. For our part, we think this economic scenario is plausible and maybe even likely. In preparation for continued uncertainty, the Fund is structured for a variety of environments.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Long/Short Alpha Fund (WALSX / WGLSX)		SEPTEMBER 30, 2023 (Unaudited)

Portfolio Summary

TOTAL RETURNS



	1 Year			Since Inception 10/1/2021

Long/Short Alpha (WALSX) — Investor		27.87	%		7.29	%

Long/Short Alpha (WGLSX) — Institutional		28.14	%		7.52	%

Russell 2500^™ Index		11.28	%		-6.31	%

FTSE U.S. 3-Month Treasury Bill Index		4.71	%		2.65	%

As of the January 31, 2023 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Long/Short Alpha Fund are Investor Class — Gross: 3.14%, Net: 2.41% / Institutional Class — Gross: 3.10%, Net: 2.20%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

Equity investing involves risks, including potential loss of the principal amount invested. Short selling incurs significant unique risks, including potentially unlimited downside risk, high short-sale related expenses, and unavailability of securities to sell short, among others, all of which could negatively impact the performance of the Fund. Additionally, the Fund may not be able to borrow the securities it intends to sell short.

The Fund’s investments in long and short equity positions expose it to changes in the value of securities, which exceed the value of the Fund’s assets. Investment in the Fund will involve market risks associated with different types of investment decisions than those made for a typical “long only” fund. The Fund relies on quantitative models which entail unique risks, including the risk that a model may be limited or incorrect. These risks are described in more detail in the prospectus.

Being non-diversified, the Fund can invest a larger portion of its assets in the stocks of a limited number of companies than a diversified fund. Non-diversification increases the risk of loss to the Fund if the values of these securities decline.

TOP 10 LONG EQUITY HOLDINGS*



Company	% of Net Assets

HealthEquity, Inc.		4.1%

RBC Bearings, Inc.		3.7%

Kadant, Inc.		3.5%

Pool Corp.		3.3%

Paylocity Holding Corp.		3.2%



Company	% of Net Assets

Ensign Group, Inc.		3.1%

Globant SA		2.9%

Innospec, Inc.		2.9%

Intra-Cellular Therapies, Inc.		2.9%

ICF International, Inc.		2.8%

As of September 30, 2023, there were 58 long and 56 short holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT††

LOGO

††Inception: October 1, 2021. Past performance does not predict future performance. The graph above does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions or the redemption of fund shares. Wasatch does not charge any sales fees.


Wasatch Micro Cap Fund (WMICX / WGICX)		SEPTEMBER 30, 2023 (Unaudited)

Management Discussion

The Wasatch Micro Cap Fund is managed by a team of Wasatch portfolio managers led by Ken Korngiebel and Natalie Pesqué.

LOGO

Ken Komgiebel, CFA

Lead Portfolio Manager

LOGO

Natalie Pesqué, CFA

Portfolio Manager

OVERVIEW

For the 12 months ended September 30, 2023, the Wasatch Micro Cap Fund — Investor Class gained 6.12% and outperformed the benchmark

Russell Microcap^® Growth Index, which declined -3.10%.

The stocks of U.S. micro-cap growth companies moved higher during the fourth quarter of calendar year 2022, carried by optimism about the future of inflation and interest rates. Market sentiment during the first half of 2023 was also generally positive. Investors were seemingly optimistic that the U.S. Federal Reserve (Fed) was nearing the completion of its tightening cycle and that an economic “soft landing” was possible.

Later, micro-cap equities struggled during the third quarter of calendar year 2023 as hawkish comments from the Fed dashed hopes for an early pivot toward lower interest rates. Labor strikes and the potential impact of a government shutdown added to jitters in financial markets. Selloffs in the stock and bond markets deepened in September after the Fed signaled a more aggressive future path for interest rates than investors had been expecting.

DETAILS OF THE YEAR

The top contributor to Fund performance for the 12-month period was UFP Technologies, Inc. UFP is a manufacturing-outsourcing company for the health-care, industrials and consumer-facing sectors. Investors began to take notice of the company’s ability to capitalize on the secular growth of the broader medical market, including robotic surgery. UFP also benefited from an improving business mix following its expansion into new markets. In addition, the company raised its outlook at its June 2023 investor meeting, which added further fuel to the stock’s rally.

Another strong contributor was Dream Finders Homes, Inc. The company designs, builds and sells single-family homes and apartments. Dream Finder’s stock fell significantly in 2022’s small-cap bear market, pressured by the rapid rise in interest rates. But in mid-2023, with housing still underdeveloped and investors anticipating the end of interest-rate hikes, the stock rebounded. We like that Dream Finders operates in markets with significant headroom due to long-term needs for affordable homes. We also like the company’s asset-light approach, which we think limits the company’s upside potential but — perhaps more importantly — lowers its risk profile. Finally, we’re impressed with how Dream Finders leverages

its overhead through large-scale construction projects in concentrated regions.

Silk Road Medical, Inc. was the largest detractor from Fund performance for the 12-month period. The company provides medical devices used in its minimally invasive procedure (called Transcarotid Artery Revascularization, or TCAR) to treat blockages in the carotid artery. Silk Road’s stock price fell sharply after the Centers for Medicare & Medicaid Services (CMS) issued a proposed coverage decision placing traditional carotid stenting at the same reimbursement level as TCAR, a move some investors feared could hurt Silk Road’s revenues. Although CMS has leveled the playing field on reimbursements, we think that over time the competitive landscape may be shaped more by outcomes than by reimbursements.

Another significant detractor for the period was Grid Dynamics Holdings, Inc. The company provides Fortune 1000 businesses and other firms with a range of technology services — including consulting, software design, internet business development, cloud computing and legacy replatforming. Grid’s substantial operations in Ukraine at the outbreak of hostilities there — as well as a temporary slowdown in the global trend toward digitalization — weighed on the company’s stock price. In recent months, however, an upturn in investor sentiment toward digitalization boosted shares of Grid and other IT service providers. From a fundamental standpoint, management’s ability to navigate inevitable challenges and thrive in the digitalization space has impressed us, and the company’s long-term growth prospects remain attractive in our view.

OUTLOOK

After a strong summer in 2023, more recent figures from Bank of America show that consumer spending has slowed since Labor Day, especially in discretionary categories. Meanwhile, credit-card losses and delinquencies are climbing. Auto-loan delinquencies and Chapter 11 bankruptcy filings are also on the rise. The upcoming end of the student-loan moratorium could add additional cost pressure for many households.

Because consumption accounts for about 70% of U.S. GDP, it makes sense to consider how the mood of consumers may affect the broader economy. And recent data on that front have been mixed.

However, our investment approach doesn’t rely on macro forecasts. In this environment, we’re vigilant about the quality of our companies, and we’ve allocated a larger portion of the Fund to holdings with stable growth. We believe our focus on seeking high-quality micro-caps with strong underlying fundamentals will benefit the Fund through this period of macro uncertainty.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Micro Cap Fund (WMICX / WGICX)		SEPTEMBER 30, 2023 (Unaudited)

Portfolio Summary

TOTAL RETURNS



	1 Year		5 Years		10 Years

Micro Cap (WMICX) — Investor		6.12%		4.82%		9.93%

Micro Cap (WGICX) — Institutional		6.12%		4.83%		9.93%

Russell Microcap^® Growth Index		-3.10%		-2.81%		3.12%

Russell Microcap^® Index		-1.35%		0.23%		5.25%

As of the January 31, 2023 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Micro Cap Fund are Investor Class: 1.66% / Institutional Class: 1.59%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

Performance for the Institutional Class prior to 1/31/2020 is based on the performance of the Investor Class. Performance of the Fund’s Institutional Class prior to 1/31/2020 uses the actual expenses of the Fund’s Investor Class without any adjustments. For any such period of time, the performance of the Fund’s Institutional Class would have been substantially similar to, yet higher than, the performance of the Fund’s Investor Class, because the shares of both classes are invested in the same portfolio of securities, but the classes bear different expenses.

Investing in micro cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Investing in foreign securities, especially in emerging markets, entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

Construction Partners, Inc., Class A		3.3%

Esquire Financial Holdings, Inc.		3.1%

Kadant, Inc.		3.0%

Addus HomeCare Corp.		2.9%

Transcat, Inc.		2.9%



Company	% of Net Assets

XPEL, Inc.		2.6%

ICF International, Inc.		2.5%

Agilysys, Inc.		2.4%

DMC Global, Inc.		2.4%

Veeco Instruments, Inc.		2.4%

As of September 30, 2023, there were 79 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO


Wasatch Micro Cap Value Fund (WAMVX / WGMVX)		SEPTEMBER 30, 2023 (Unaudited)

Management Discussion

The Wasatch Micro Cap Value Fund is managed by a team of Wasatch portfolio managers led by Brian Bythrow and Thomas Bradley.

LOGO

Brian Bythrow, CFA

Lead Portfolio Manager

LOGO

Thomas Bradley

Associate Portfolio Manager

OVERVIEW

Near the end of calendar year 2022, investors were optimistic about the prospect of moderating inflation and the end of U.S. Federal Reserve interest-rate hikes.

While some of this optimism continued into calendar year 2023, the first quarter of the year was volatile. Micro-caps sold off in February due to jitters regarding overheated economic activity, stubbornly elevated inflation and persistently rising interest rates. In March, volatility continued when several regional banks in the U.S. failed. But by the end of 2023’s first quarter, micro-caps had made up some lost ground.

Toward mid-2023, decelerating inflation and the possibility that the U.S. would sidestep a recession kept market sentiment largely positive. But stocks eventually declined on the weight of persistent inflation, higher-for-longer interest rates, government rancor and reemerging fears of a recession.

For the 12 months ended September 30, 2023, the Wasatch Micro Cap Value Fund — Investor Class gained 6.45%, outperforming the -1.35% loss in the benchmark Russell Microcap^® Index.

DETAILS OF THE YEAR

Sterling Infrastructure, Inc. was the Fund’s top contributor for the 12-month period. The company had historically focused on municipal and state contracts for highway paving and bridge, water, sewer and light-rail developments. More recently, Sterling has specialized in site preparation for large data centers and manufacturing facilities. Before the third quarter of 2023, we thought the stock was very inexpensive. Then, the company reported robust earnings growth and the stock’s price/earnings multiple also expanded.

Bowman Consulting Group Ltd. was also a strong contributor for the period. The company provides a broad range of real-estate, energy, infrastructure and environmental-management services. We expect that the less cyclical nature of government spending will continue to benefit businesses like Bowman that are involved in public infrastructure projects. In fact, the company was selected as the prime design consultant for the Pennsylvania Turnpike Commission’s Allegheny Tunnel Transportation Improvement Project. Because we view Bowman’s stock as underpriced in the context of the company’s strong fundamentals and peer valuations, we’re optimistic about the prospect for continued positive performance.

Among the largest detractors from Fund performance for the period was AgileThought, Inc., which provides end-to-end digital transformation services to Fortune 1000 customers in diverse industries. The company’s services include consulting, data management and automation, custom software development and cloud computing. The stock was down due to investors’ nervousness about the company’s projected failure to meet a debt payment, inability to raise capital on reasonable terms, and lowered sales and earnings guidance. In hindsight, we were correct about the attractiveness of AgileThought’s business model. Still, we should have been more concerned about the company’s debt level — a factor that usually puts us on high alert. Although we try to avoid making excuses, we do offer reasons for our mistakes. In the case of AgileThought, the reason was that we simply underestimated the potential for a banking crisis to close off access to capital. We ultimately exited the position.

Another significant detractor was Bioventus, Inc. The medical-device company offers diagnostic systems and equipment to facilitate bone healing and osteoarthritis pain treatments. Late in 2022, the company’s earnings disappointed investors. Moreover, because Bioventus carries significant debt and operates in a highly competitive environment, we expected that the company’s financial outlook would be unlikely to improve in a reasonable timeframe and that its next round of financing would be dilutive to existing shareholders. As such, we chose to exit our position.

OUTLOOK

We don’t expect the U.S. economy to experience a deep recession in the coming year. But a moderate recession or a slow-growth, muddle-through environment seems like a plausible alternative to the “Goldilocks” soft landing that many pundits predict.

We think our high-quality, cash-generating companies position the Fund well for most economic scenarios. In fact, we believe the overall quality of our holdings has never been better. Additionally, we think our international names give us added diversification in terms of valuations, political conditions and economic cycles.

Going forward, we believe initiatives such as the U.S. Infrastructure Investment and Jobs Act should continue to provide a bit of a tailwind for some of our more defensive companies like Sterling Infrastructure, which is discussed above. In addition, we’re reducing the number of positions we hold. In a difficult investing environment, we want to own fewer companies that depend on potentially cash-strapped consumers, and we want to have greater position sizes in companies benefiting from favorable business dynamics.

We think the quality and reasonable prices of our holdings should work to the Fund’s advantage over the longer term regardless of what happens in the short term.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Micro Cap Value Fund (WAMVX / WGMVX)		SEPTEMBER 30, 2023 (Unaudited)

Portfolio Summary

TOTAL RETURNS



	1 Year		5 Years		10 Years

Micro Cap Value (WAMVX) — Investor		6.45%		6.15%		9.65%

Micro Cap Value (WGMVX) — Institutional		6.41%		6.27%		9.71%

Russell Microcap^® Index		-1.35%		0.23%		5.25%

As of the January 31, 2023 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Micro Cap Value Fund are Investor Class: 1.70% / Institutional Class — Gross: 1.63%, Net: 1.60%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

Investing in micro cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Investments in value stocks can perform differently from the market as a whole and from other types of stocks and can continue to be undervalued by the market for long periods of time. Investing in foreign securities, especially in emerging markets, entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

Skyline Champion Corp.		3.3%

Esquire Financial Holdings, Inc.		2.4%

Construction Partners, Inc., Class A		2.3%

ICF International, Inc.		2.1%

Instem PLC		1.9%



Company	% of Net Assets

Veeco Instruments, Inc.		1.9%

JDC Group AG		1.8%

Sterling Infrastructure, Inc.		1.8%

EZCORP, Inc., Class A		1.7%

HCI Group, Inc.		1.6%

As of September 30, 2023, there were 83 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†Also

includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO


Wasatch Small Cap Growth Fund (WAAEX / WIAEX)		SEPTEMBER 30, 2023 (Unaudited)

Management Discussion

The Wasatch Small Cap Growth Fund is managed by a team of Wasatch portfolio managers led by JB Taylor, Ken Korngiebel and Ryan Snow.

LOGO

JB Taylor

Lead Portfolio Manager

LOGO

Ken Korngiebel, CFA

Portfolio Manager

LOGO

Ryan Snow

Portfolio Manager

OVERVIEW

For the 12 months ended September 30, 2023, the Wasatch Small Cap Growth Fund — Investor Class gained 10.62% while the benchmark Russell 2000^® Growth Index increased 9.59% and the Russell 2000 Index rose 8.93%.

Early in the period, stocks were down mostly based on rising inflation and interest rates. The stocks of growth-oriented and small-cap companies were hit especially hard. Starting in January, investors became hopeful about the possibility of an economic “soft landing.” Later, stocks broadly declined as investors grew concerned about the prospect of continued higher interest rates and a potential recession.

We think most of our growth-oriented companies and their stocks have already adjusted to an environment of higher-for-longer interest rates. So we’re optimistic that the Fund has the potential to hold up well in down markets — which is a characteristic we often view as even more important than outperforming in up markets.

DETAILS OF THE YEAR

Among sectors, our stock selections in consumer discretionary, financials and consumer staples contributed most to Fund performance relative to the benchmark during the 12-month period. Conversely, our selections in information technology and energy — along with our underweight to the latter sector — were disadvantageous.

Among the Fund’s top contributors for the 12-month period was Medpace Holdings, Inc. Medpace is a contract research organization supplying clinical development services to small biotech businesses. The stock had been down partially due to concerns that Silicon Valley Bank’s collapse could hinder some Medpace customers from funding research programs. At the time, we believed that short-term risks had increased but that the company’s underlying fundamentals supported attractive long-term growth. Additionally, since Medpace generates large amounts of cash, we thought the company could enhance shareholder value by repurchasing stock. Our optimism and patience were later rewarded as the company’s operating performance exceeded expectations.

Another strong position in the Fund was landscaper supplier SiteOne Landscape Supply, Inc. Early in the period, the stock suffered greatly amid fears of rising interest rates and a real-estate downturn. Later, however, the stock gained when SiteOne had better-than-expected operating performance. With SiteOne improving its competitive position as a one-stop shop for landscaping needs, some locations aren’t just treading water — they’re growing.

Silk Road Medical, Inc. was the Fund’s largest detractor for the 12-month period. The company provides medical devices used in its minimally invasive procedure (called Transcarotid Artery Revascularization, or TCAR) to treat blockages in the carotid artery. Silk Road’s stock price fell sharply after the Centers for Medicare & Medicaid Services (CMS) issued a proposed coverage decision placing traditional carotid stenting at the same reimbursement level as TCAR, a move some investors feared could hurt Silk Road’s revenues. Although CMS has leveled the playing field on reimbursements, we think that over time the competitive landscape may be shaped more by outcomes than by reimbursements.

Sangamo Therapeutics, Inc., which specializes in the treatment and cure of single-gene disorders, was another significant detractor. The company’s stock declined after two of its big-name partners announced they weren’t planning to renew existing collaborations. The news raised additional funding questions for Sangamo, which had announced earlier that it would complete its trial targeting sickle-cell disease but wouldn’t invest further in the program.

OUTLOOK

As mentioned above, we think most of our growth companies and their stocks have already adjusted to an environment of higher-for-longer interest rates. But recession fears have reemerged, and more specific concerns have grown regarding government infighting, global tensions and consumers’ well-being. A potential warning sign has been the increasing rate of theft at warehouses and retailers.

Although many investors are concerned that a deep recession is on the horizon, we think they should also be psychologically prepared for a different outcome: It’s possible that previous interest-rate hikes have yet to be felt throughout the economy. As a result, the Federal Reserve could respond to slower economic growth and act counter to its previous rhetoric by skipping further rate hikes, and perhaps by cutting rates in the not-too-distant future. If this is the outcome, we could see a resilient stock market based on steady consumer demand and reasonable valuations among small-caps — especially relative to large-caps.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Small Cap Growth Fund (WAAEX / WIAEX)		SEPTEMBER 30, 2023 (Unaudited)

Portfolio Summary

TOTAL RETURNS



	1 Year		5 Years		10 Years

Small Cap Growth (WAAEX) — Investor		10.62%		4.22%		7.98%

Small Cap Growth (WIAEX) — Institutional		10.71%		4.33%		8.09%

Russell 2000^® Growth Index		9.59%		1.55%		6.72%

Russell 2000^® Index		8.93%		2.40%		6.65%

As of the January 31, 2023 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Small Cap Growth Fund are Investor Class: 1.15% / Institutional Class — Gross: 1.06%, Net: 1.05%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

Investing in small cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Investing in foreign securities, especially in emerging markets, entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

RBC Bearings, Inc.		4.2%

Ensign Group, Inc.		4.1%

HealthEquity, Inc.		3.8%

Nova Ltd.		3.6%

SiteOne Landscape Supply, Inc.		3.4%



Company	% of Net Assets

BellRing Brands, Inc.		3.3%

CyberArk Software Ltd.		3.3%

Medpace Holdings, Inc.		3.3%

Globant SA		3.0%

Pinnacle Financial Partners, Inc.		3.0%

As of September 30, 2023, there were 56 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO


Wasatch Small Cap Value Fund (WMCVX / WICVX)		SEPTEMBER 30, 2023 (Unaudited)

Management Discussion

The Wasatch Small Cap Value Fund is managed by a team of Wasatch portfolio managers led by Jim Larkins and Austin Bone.

LOGO

Jim Larkins

Lead Portfolio Manager

LOGO

Austin Bone

Portfolio Manager

OVERVIEW

For the 12-month period ended September 30, 2023, the Wasatch Small Cap Value Fund — Investor Class gained 24.90% and outperformed the

benchmark Russell 2000^® Value Index, which rose 7.84%.

Shifting interest-rate expectations fueled high volatility for U.S. equities in the last three months of 2022, continuing a trend that was in place throughout the calendar year. Small-cap value stocks performed reasonably well in this shifting environment. Despite some ongoing volatility during the first half of calendar year 2023, equities performed well on hopes that the U.S. Federal Reserve was nearing the end of its long series of interest-rate hikes and that the economy would experience a soft landing.

Later, stocks lost ground in August and September as investors grew increasingly concerned about persistent inflation and slowing economic growth. Despite the difficult macro environment, the Fund finished the 12-month period much stronger than the benchmark.

DETAILS OF THE YEAR

We began to shift toward the higher end of the quality spectrum in 2022 as the market backdrop became less supportive, and we continued this process throughout 2023. At the end of September, in fact, the Fund was near the highest level of quality in its history. Along this same line, the average debt of our portfolio companies was on the low end of its historical range. These characteristics held the Fund in good stead during a time of rising interest rates and concerns about the economic outlook.

The strongest contributor to Fund performance during the 12-month period was Altra Industrial Motion Corp. The company manufactures motion-control and power-transmission products for industrial applications. Altra’s share price rocketed early in the period after the company agreed to be acquired by a larger competitor at a substantial premium to the then-current stock price. We subsequently sold our position.

Another top contributor for the period was Medpace Holdings, Inc. The company is a contract research organization supplying clinical development services to small biotech businesses. The stock had been down partially due to concerns that Silicon Valley Bank’s collapse could hinder some Medpace customers from funding research programs. At the

time, we believed that short-term risks had increased but that the company’s underlying fundamentals supported attractive long-term growth. Additionally, since Medpace generates large amounts of cash, we thought the company could enhance shareholder value by repurchasing stock.

ServisFirst Bancshares, Inc. was the most significant detractor from Fund performance during the period. The stock was down amid lingering investor concern about the banking industry that began when several U.S. regional banks failed in March 2023. We continue to have a favorable long-term view of ServisFirst’s ability to drive profitable growth given our positive take on the company’s management team and exposure to fast-growing areas in the southeastern United States.

Another large detractor was National Storage Affiliates Trust. High mortgage rates have led to fewer people moving, which in turn has depressed demand for storage. We think the stock has been overly punished, and we’ve been encouraged by the combination of insider buying, share buybacks and fundamentals that appear set to bottom.

OUTLOOK

Throughout the period, we’ve continued rotating positions in the portfolio to capture value opportunities as they’ve presented themselves. In the down market of 2022, we added a number of Fallen Angels (our term for faster-growing companies that have hit a bump in the road and dropped into value territory). Many of these stocks have since rebounded to more appropriate valuation levels, prompting us to reduce or eliminate the positions. We’ve used the proceeds of these sales to establish new investments in companies that have underperformed, particularly within the industrials sector. We believe this opportunistic approach of harvesting returns from ideas we no longer find attractive and rotating those assets into good companies that have fallen into value territory has played a key role in our longer-term outperformance.

More broadly speaking, we’ve made no changes to our approach of emphasizing balance and quality. Given the heightened uncertainty and the potential for the economy to enter a challenging period, we don’t think it makes sense to take on elevated risk or make large “bets” on any single area of the market. Similarly, we think these conditions call for a continued focus on holding the most fundamentally sound companies in our universe and avoiding those that may be less equipped for economic challenges. We believe this approach helps build the type of “all-weather” portfolio that can outperform if headline risk remains elevated, while still participating in market upside.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Small Cap Value Fund (WMCVX / WICVX)		SEPTEMBER 30, 2023 (Unaudited)

Portfolio Summary

TOTAL RETURNS



	1 Year		5 Years		10 Years

Small Cap Value (WMCVX) — Investor		24.90%		5.51%		8.86%

Small Cap Value (WICVX) — Institutional		25.07%		5.64%		8.98%

Russell 2000^® Value Index		7.84%		2.59%		6.19%

Russell 2000^® Index		8.93%		2.40%		6.65%

As of the January 31, 2023 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Small Cap Value Fund are Investor Class: 1.16% / Institutional Class — Gross: 1.06%, Net: 1.05%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

Investing in small cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Investments in value stocks can perform differently from the market as a whole and from other types of stocks and can continue to be undervalued by the market for long periods of time. Investing in foreign securities, especially in emerging markets, entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

Kadant, Inc.		3.7%

Ensign Group, Inc.		3.5%

Innospec, Inc.		3.1%

Fabrinet		2.9%

Grand Canyon Education, Inc.		2.8%



Company	% of Net Assets

Magnolia Oil & Gas Corp., Class A		2.6%

Bank OZK		2.4%

HealthEquity, Inc.		2.4%

Skyline Champion Corp.		2.4%

Valvoline, Inc.		2.2%

As of September 30, 2023, there were 64 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO


Wasatch Ultra Growth Fund (WAMCX / WGMCX)		SEPTEMBER 30, 2023 (Unaudited)

Management Discussion

The Wasatch Ultra Growth Fund is managed by a team of Wasatch portfolio managers led by John Malooly.

LOGO

John Malooly, CFA

Lead Portfolio Manager

OVERVIEW

For the 12 months ended September 30, 2023, the Wasatch Ultra Growth Fund — Investor Class rose 0.95% but underperformed the benchmark Russell 2000^® Growth Index, which gained 9.59%.

Equities struggled in calendar year 2022 as the U.S. Federal Reserve (Fed)

and other central banks around the world hiked interest rates in an effort to tamp down rising inflation. The first six months of calendar year 2023 were volatile but largely positive in the face of uncertainty about interest rates and U.S. economy. Growth stocks outperformed as the pause in rate hikes gave investors hope that the Fed was nearing the end of its tightening cycle.

In the third quarter of calendar year 2023, bond yields — after having moved sideways since October 2022 — resumed an upward climb that had previously roiled financial markets. As bond yields and Fed policy rates moved higher, borrowing became more expensive — making it harder for consumers to spend and for businesses to expand.

Selloffs in the stock and bond markets deepened in September 2023 after the Fed signaled a more aggressive path for monetary policy than investors had expected. Small-cap growth stocks were hit hard as skittish investors fled to safer alternatives.

DETAILS OF THE YEAR

Health care was the worst-performing sector of the Fund for the 12-month period, on an absolute basis and relative to the benchmark. Although health care is often thought of as a defensive area that could hold its own when other parts of the market do poorly, the small-cap health-care sector includes many firms with products and services that are either still in development or still gaining acceptance by practitioners. We believe the health-care companies owned in the Fund have the potential to create significant value by serving unmet medical needs and offering innovative, cost-reducing solutions.

The Fund’s largest detractor from performance for the 12-month period was Silk Road Medical, Inc. The company provides medical devices used in its minimally invasive procedure (called Transcarotid Artery Revascularization, or TCAR) to treat blockages in the carotid artery. Silk Road’s stock price fell sharply after the Centers for Medicare & Medicaid Services (CMS) issued a proposed coverage decision placing traditional carotid stenting at the same reimbursement level as TCAR, a move some investors feared could hurt Silk Road’s revenues. Although CMS has leveled the playing field on reimbursements, we think that over time the competitive landscape may be shaped more by outcomes than by reimbursements.

Exact Sciences Corp. was the largest contributor to Fund performance for the period. The company makes Cologuard, a stool-based test for colorectal cancer. Shares of Exact Sciences rose after the company reported a significant rise in quarterly revenue versus the year-ago period. Investors also cheered as management raised its full-year revenue guidance and announced its expectation to generate positive free cash flow in 2023, a year sooner than previously projected. Positive top-line results from a study for next-generation Cologuard 2.0 position Exact Sciences to remain at the forefront of non-invasive cancer detection.

Another top contributor to Fund performance was Floor & Decor Holdings, Inc. A multi-channel specialty retailer of hard-surface flooring, Floor & Decor has become a “category killer” among the big-box home centers. Because the company cuts out middlemen and buys in large quantities, it can offer its customers a wider selection of flooring at lower prices than most of its competitors. Floor & Decor’s expanding retail footprint, strong cash flows and solid balance sheet provide the company with what we consider a built-in engine for self-funded growth.

OUTLOOK

We don’t try to predict interest rates, recessions or fluctuations in demand for goods and services. Instead, we seek companies whose innovations can create their own demand and gain market share within their categories. We look for strong business models with recurring revenue streams and management teams that have demonstrated strong execution. If the U.S. economy does slip into a recession, we believe our companies are reasonably positioned to hold their own and continue to grow.

To the extent that rate increases are behind us, we expect small-cap equity returns going forward to be determined more by revenue and earnings growth — and less by the effects of interest rates on P/E multiples. In the meantime, we continue to look for companies with strong fundamentals and favorable long-term prospects. We believe businesses that grow at attractive rates over time will ultimately be rewarded by the market.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Ultra Growth Fund (WAMCX / WGMCX)		SEPTEMBER 30, 2023 (Unaudited)

Portfolio Summary

TOTAL RETURNS



	1 Year		5 Years		10 Years

Ultra Growth (WAMCX) — Investor		0.95%		4.22%		10.58%

Ultra Growth (WGMCX) — Institutional		1.13%		4.32%		10.63%

Russell 2000^® Growth Index		9.59%		1.55%		6.72%

As of the January 31, 2023 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Ultra Growth Fund are Investor Class: 1.18% / Institutional Class — Gross: 1.06%, Net: 1.05%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

Investing in small cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Investing in foreign securities, especially in emerging markets, entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

Freshpet, Inc.		3.6%

Inspire Medical Systems, Inc.		3.3%

Floor & Decor Holdings, Inc., Class A		3.2%

Intra-Cellular Therapies, Inc.		3.1%

Paylocity Holding Corp.		3.1%



Company	% of Net Assets

CyberArk Software Ltd.		2.8%

HealthEquity, Inc.		2.8%

Nova Ltd.		2.8%

Balchem Corp.		2.7%

Globant SA		2.6%

As of September 30, 2023, there were 69 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO


Wasatch U.S. Select Fund (WAUSX / WGUSX)		SEPTEMBER 30, 2023 (Unaudited)

Management Discussion

The Wasatch U.S. Select Fund is managed by a team of Wasatch portfolio managers led by Mike Valentine, Paul Lambert, Austin Bone and Mick Rasmussen.

LOGO

Mike Valentine

Portfolio Manager

LOGO

Austin Bone

Portfolio Manager

LOGO

Paul Lambert

Portfolio Manager

LOGO

Mick Rasmussen

Portfolio Manager

OVERVIEW

For the 12-month period ended September 30, 2023, the Wasatch U.S. Select Fund — Investor Class gained 23.92% but underperformed its benchmark, the Russell 3000^® Growth Index, which was up 26.63%.

Early in the period, stocks were down mostly based on rising inflation and interest rates.

The stocks of growth-oriented and small-cap companies were hit especially hard. Starting in January, investors became hopeful about the possibility of an economic “soft landing.” Later, stocks broadly declined as investors grew concerned about the prospect of continued higher interest rates and a potential recession.

DETAILS OF THE YEAR

Paylocity Holding Corp. was the largest detractor from Fund performance during the period. The company saw its stock price pressured despite strong fundamentals in the underlying business. Paylocity provides cloud-based payroll and human-resources software targeted at smaller firms. Although Paylocity’s earnings release from early in the period contained an abundance of positive takeaways, the Federal Reserve’s focus on the red-hot U.S. labor market as a source of inflationary pressures may have spooked some investors. Because a portion of Paylocity’s pricing structure is tied to employee headcounts at customer firms, revenues are vulnerable to potential upticks in layoffs and attrition.

Fox Factory Holding Corp. was another detractor. The company produces high-performance shock absorbers and suspension components for mountain bikes, offroad vehicles and trucks. Amid the Covid-19 pandemic, the company performed exceptionally well as people bought bikes for enjoyment. As bike production eventually exceeded demand,

however, inventories grew too large. Going forward, with dealers offering discounted prices and gradually paring inventories, we think Fox Factory’s sales of bike shocks could decline some. Concern about that decline and fears of a recession weighed on the stock.

While we acknowledge these challenges, we think the market has already accounted for them. And we note that Fox Factory is still regarded as the leading maker of high-performance bike shocks, which puts it in a strong competitive position for the long term. Moreover, Fox Factory has maintained healthy dealer relationships, and its products for trucks and other powered vehicles aren’t facing the same inventory challenges as the bike products.

The largest contributor to Fund performance during the period was Copart, Inc., a global provider of online vehicle auction and remarketing services to automotive resellers such as insurance, rental car, fleet and finance companies. Solid operating results continued to drive the stock higher during the period. Copart is one of the largest holdings in the Fund and our research team has followed the company for years. We continue to like the value proposition of its marketplace for automobile buyers and sellers and believe Copart is poised for considerable earnings growth.

Old Dominion Freight Line, Inc. was another top contributor. The company creates efficiencies by combining goods from multiple shippers that alone would fill “less than a full truckload.” News that a competing trucking company was shutting down operations and filing for bankruptcy boosted the stock as investors foresaw possible increased demand for Old Dominion’s services. Over the long term, we think Old Dominion’s logistics capabilities will continue to be in high demand.

OUTLOOK

As mentioned above, we think most of our growth companies and their stocks have already adjusted to an environment of higher-for-longer interest rates. But recession fears have reemerged, and other concerns have grown regarding government infighting, global tensions and consumers’ well-being. A potential warning sign has been the increasing rate of theft at warehouses and retailers.

Although many investors are concerned that a deep recession is on the horizon, we think they should also be psychologically prepared for a different outcome: It’s possible that previous interest-rate hikes have yet to be felt throughout the economy. As a result, the Federal Reserve could respond to slower economic growth and act counter to its previous rhetoric by skipping further rate hikes and perhaps by cutting rates in the not-too-distant future. If this is the outcome, we could see a resilient stock market based on steady consumer demand and reasonable valuations among small-caps — especially relative to large-caps.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch U.S. Select Fund (WAUSX / WGUSX)		SEPTEMBER 30, 2023 (Unaudited)

Portfolio Summary

TOTAL RETURNS



	1 Year			Since Inception 6/13/2022

Wasatch U.S. Select Fund (WAUSX) — Investor		23.92	%		15.59	%

Wasatch U.S. Select Fund (WGUSX) — Institutional		24.25	%		15.74	%

Russell 3000^® Growth Index		26.63	%		19.15	%

Russell Midcap^® Growth Index		17.47	%		14.51	%

As of the January 31, 2023 prospectus, the Total Annual Fund Operating Expenses for the Wasatch U.S. Select Fund are Investor Class — Gross: 11.81%, Net: 1.01% / Institutional Class — Gross: 10.54%, Net: 0.86%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

Roper Technologies, Inc.		4.5%

Amphenol Corp., Class A		4.4%

Ensign Group, Inc.		4.3%

AMETEK, Inc.		4.2%

Copart, Inc.		4.1%



Company	% of Net Assets

HealthEquity, Inc.		4.1%

HEICO Corp., Class A		3.7%

Balchem Corp.		3.4%

Valvoline, Inc.		3.4%

RBC Bearings, Inc.		3.2%

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT††

LOGO

††Inception: June 13, 2022. Past performance does not predict future performance. The graph above does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions or the redemption of fund shares. Wasatch does not charge any sales fees.


Wasatch-Hoisington U.S. Treasury Fund (WHOSX)		SEPTEMBER 30, 2023 (Unaudited)

Management Discussion

The Wasatch-Hoisington U.S. Treasury Fund is sub-advised by Hoisington Investment Management Company (HIMCo).

LOGO

Van Hoisington

Lead Portfolio Manager

LOGO

Van R. Hoisington, Jr.

Portfolio Manager

LOGO

David Hoisington

Portfolio Manager

OVERVIEW

The Wasatch-Hoisington U.S. Treasury Fund, which is invested in long-dated U.S. Treasury securities, fell -12.82% for the 12 months ended September 30, 2023. The Bloomberg US Aggregate Bond Index returned 0.64% for the same period. Thirty-year Treasury bond yields closed at 4.77% at the end of September 2023, up from 3.759% at the end of September 2022.

The 12-month percent change of the consumer-price index (CPI) fell about 5.40% from its peak in June 2022 to August 2023. Faster decreases have occurred since 1953, but all of the declines were during and immediately after recessions. Based on historical experience, inflation fell further during recessions. In the eight recessions since 1958, the average low rate of increase in the CPI was 1.3%. Treasury bond yields and inflation (a fundamental determinant of yields over time) diverged sharply in the past year, suggesting that the value in bonds has increased substantially.

DETAILS OF THE YEAR

The long history of business cycles illustrates that inflations lead recessions. Inflations don’t just happen, they are caused. A varying mix of idiosyncratic elements is always at play from cycle to cycle, but one abiding constant is monetary excess. This, in turn, must be reversed in order to address the drop in the standard of living and the increase of unaffordability that are essential to consumer well-being. Accordingly, a more complete description of these aggregate fluctuations is that monetary accelerations precede inflations, which require monetary decelerations that inevitably lead to recessions.

The process of monetary reversal to the 2020–22 inflation is presently at an advanced stage, suggesting a repeat of the standard business-cycle process. The quick spread of inflation in this cycle was abetted by massive fiscal stimulation, unprecedentedly coordinated with central bank operations — with the U.S. Federal Reserve (Fed) financing the budget deficit outside the normal channels outlined in the Federal Reserve Act of 1913.

As a result of the Fed’s engineered reduction in permanent reserves of the depository institutions since early 2022, other

deposit liabilities (ODL), in real terms, have fallen over the latest 12-, 24- and 36-month intervals. Combined with inflation, the bank balance sheet contracted unprecedentedly. Also, the real federal-funds rate in September rose to the highest level since 2007. This type of central bank policy has repeatedly led into recessions.

The peak in the financial cycle occurred in the fourth quarter of 2021, right in the middle of the typical five- to nine-quarter lag typical of monetary policy post-World War II. Monetary conditions have steadily tightened through the end of the third quarter. Historically, these more restrictive conditions will expose, through bankruptcy and liquidation, those who took excessive risk during the monetary largess of 2020 until early 2022. Such developments point the economy in the direction of an economic downturn and lower inflation.

In past cycles, cost pressures — including increases in oil, other commodities and wages — all rose but the Fed still won the battle against inflation. Cost pressures in a severely constrained monetary environment serve to reduce economic activity. Oil, for example, is a highly price-inelastic good. Thus, when its price rises, consumers and businesses are forced to reduce discretionary spending. When wages and other costs move higher, businesses are unable to fully pass along the higher costs and corporate profits fall, resulting in weaker economic activity. The concept of a wage-price spiral is flawed. What actually occurs is a money, price and wage spiral. For these costs to result in higher inflation, the Fed would have to undertake a further round of monetary largess when inflation is still above the Fed’s official target, which FOMC members affirmed again they would not do at their last meeting.

OUTLOOK

In the past three quarters, real GDI declined at a 0.6% annual rate while real GDP increased at a 2.3% pace. Over the past three quarters, the average of real GDP and GDI was just 0.8%. Given the extent to which these data are revised, this is not significantly different than zero. However, monetary and fiscal restraint intensified during this span, suggesting that the revisions are more likely to take the results lower rather than higher. In addition, the global economy has continued to deteriorate. In the 12 months ended July 2023, the volume of world trade declined 3.2%, a contraction normally associated with recessions. The erosion of this very high multiplier sector indicates that the foreign sector will add to the downward force of the financial cycle. This environment should be favorable for lower U.S. Treasury bond yields.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch-Hoisington U.S. Treasury Fund (WHOSX)		SEPTEMBER 30, 2023 (Unaudited)

Portfolio Summary

TOTAL RETURNS



	1 Year			5 Years			10 Years

U.S. Treasury		-12.82	%		-3.99	%		0.34	%

Bloomberg US Aggregate Bond Index		0.64	%		0.10	%		1.13	%

As of the January 31, 2023 prospectus, the Total Annual Fund Operating Expenses for the Wasatch-Hoisington U.S. Treasury Fund are 0.67%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

Investments in fixed income funds are subject to the same interest rate, inflation, credit and other risks associated with the underlying bonds. Return of principal is not guaranteed.

TOP U.S. TREASURY HOLDINGS*



Company	Maturity Date		% of Net Assets

U.S. Treasury Bond, 1.250%		5/15/2050		25.6%

U.S. Treasury Bond, 1.375%		8/15/2050		22.0%

U.S. Treasury Bond, 1.875%		11/15/2051		16.0%



Company	Maturity Date		% of Net Assets

U.S. Treasury Bond, 2.250%		8/15/2046		14.7%

U.S. Treasury Bond, 3.000%		8/15/2048		14.0%

U.S. Treasury Bond, 2.500%		2/15/2045		6.3%

As of September 30, 2023, there were 6 holdings in the Fund. Repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

INVESTMENTS & CASH

LOGO

†

Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO


Wasatch Funds Management Discussions

DEFINITIONS OF FINANCIAL TERMS

Alpha is a risk-adjusted measure of the so-called “excess return” on an investment. It is a common measure of assessing an active manager’s performance as it is the return in excess of a benchmark index or “risk-free” investment. The difference between the fair and actually expected rates of return on a stock is called the stock’s alpha.

CFA^® stands for Chartered Financial Analyst and is a trademark owned by the CFA Institute.

The “cloud” is the internet. Cloud-computing is a model for delivering information-technology services in which resources are retrieved from the internet through web-based tools and applications rather than from a direct connection to a server.

The consumer-price index (CPI), also called the cost-of-living index, is an inflationary indicator that measures the change in the cost of a fixed basket of products and services, including housing, electricity, food and transportation. The headline CPI includes volatile food and energy prices, while the core CPI excludes food and energy.

Cost of capital is the return required to make a company’s expenditures on a project, such as building a new manufacturing facility, worthwhile. Another description of cost of capital is the cost of funds used for financing a business. From an investment perspective, it is the return expected by those who provide capital for the business, such as stock or bondholders or entities that issue loans to the company.

Diversification is a strategy that mixes a variety of investments within a portfolio in an attempt to reduce risk. Diversification does not eliminate the risk of experiencing investment losses.

Earnings growth is a measure of growth in a company’s net income over a specific period, often one year.

The Federal Reserve Act of 1913 was legislation that created the central banking system (the Federal Reserve) and laid the foundation of the modern U.S. financial system. Its objectives included prevention of financial panics with the ready availability of cash from a money reserve, an expanding-contracting money supply to match the state of the economy and a new currency — the Federal Reserve Note.

Free cash flow is a measure of a company’s financial performance, calculated as operating cash flow minus capital expenditures. It is the cash a company generates after spending the money required to maintain or expand its asset base.

Gross domestic income (GDI) is the sum of income earned while producing goods and services within a nation’s borders. GDI is a statistic used by the Federal Reserve Bank to gauge economic activity based on income.

Gross domestic product (GDP) is a basic measure of a country’s economic performance and is the market value of all final goods and services made within the borders of a country in a year.

Net interest margin (NIM) is a measure of a financial firm’s profitability. NIM compares the net interest income a financial firm generates from credit products like loans and

mortgages with the interest it pays holders of savings accounts and certificates of deposit.

Other deposit liabilities (ODL) equal M2 minus currency in circulation and money market mutual fund shares.

The price/earnings (P/E) ratio, also known as the P/E multiple, is the price of a stock divided by its earnings per share.

The real federal-funds rate is the federal-funds rate (the interest rate that banks with excess reserves at a Federal Reserve district bank charge other banks that need overnight loans) adjusted for inflation.

Return on capital is a measure of how effectively a company uses the money, owned or borrowed, that has been invested in its operations.

Return on equity (ROE) measures a company’s efficiency in generating profits from shareholders’ equity.

Return on invested capital (ROIC) assesses a company’s efficiency at allocating the capital under its control to profitable investments.

Sales growth is the increase in sales over a specified period of time, not necessarily one year.

Valuation is the process of determining the current worth of an asset or company.

INDEX DESCRIPTIONS AND DISCLOSURES

The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid adjustable-rate mortgage [ARM] pass-throughs), asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS) (agency and non-agency).

The FTSE U.S. 3-Month Treasury Bill Index measures monthly return equivalents of yield averages not marked to market. The 3-Month Treasury Bill indexes consist of the last three 3-month Treasury bill issues.

The MSCI AC (All Country) World Index captures large- and mid-cap representation across 23 developed-market and 24 emerging-market countries.

The MSCI AC (All Country) World ex USA Small Cap Index is an unmanaged index and includes reinvestment of all dividends of issuers located in countries throughout the world representing developed and emerging markets, excluding securities of U.S. issuers. This index is a free float adjusted market capitalization index designed to measure the performance of small-capitalization securities.

The MSCI AC (All Country) World Mid Cap Growth Index is an unmanaged index capturing mid-cap securities exhibiting growth style characteristics across developed and emerging countries.

The MSCI AC (All Country) World Small Cap Index is an unmanaged index and includes reinvestment of all dividends of issuers located in countries throughout the world representing developed and emerging markets. This index is a free float adjusted market capitalization index designed to measure the performance of small-capitalization securities.


Wasatch Funds Management Discussions		SEPTEMBER 30, 2023 (Unaudited)

INDEX DESCRIPTIONS AND DISCLOSURES (continued)

The MSCI AC (All Country) World Value Index captures large- and mid-cap securities exhibiting overall value style characteristics across 23 developed-market countries and 24 emerging-market countries.

The MSCI China Index captures large- and mid-cap representation across China A shares, H shares, B shares, Red chips, P chips and foreign listings (e.g. ADRs). The index covers about 85% of this China equity universe. Currently, the index includes large-cap A and mid-cap A shares represented at 20% of their free float adjusted market capitalization.

The MSCI EAFE Index is an unmanaged index and includes reinvestment of all dividends of issuers located in 21 developed-market countries, excluding the U.S. and Canada. This index is a free float adjusted market capitalization index designed to measure the performance of mid-cap and large-cap securities.

The MSCI EAFE Mid Cap Growth Index is an unmanaged index capturing mid-cap securities exhibiting growth style characteristics across developed markets around the world, excluding the U.S. and Canada.

The MSCI Emerging Markets Index captures large- and mid-cap representation across 24 emerging-market countries.

The MSCI Emerging Markets Mid Cap Growth Index measures the equity market performance of mid-cap securities exhibiting growth style characteristics in emerging-market countries.

The MSCI Emerging Markets Small Cap Index captures small-cap representation across 24 emerging-market countries.

The MSCI Frontier Emerging Markets and MSCI Frontier Markets indexes are free float adjusted market capitalization indexes designed to measure equity market performance in the global frontier and emerging markets.

The MSCI India Investable Market Index (IMI) covers all investable large-, mid- and small-cap securities across India, targeting approximately 99% of the Indian market’s free float adjusted market capitalization.

The MSCI World ex USA Small Cap Index is a free float adjusted market capitalization weighted index designed to measure the equity market performance of small-capitalization securities in developed markets, excluding the United States.

Pertaining to the use of MSCI information. Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk

of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties or originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

The Russell 2000 Index is an unmanaged total-return index of the smallest 2,000 companies in the Russell 3000 Index, as ranked by total market capitalization. The Russell 2000 is widely used in the industry to measure the performance of small-company stocks.

The Russell 2000 Growth Index measures the performance of Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 2000 Value Index measures the performance of Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values.

The Russell 2500 Index is a market-cap weighted index that includes the smallest 2,500 small- and mid-cap stocks covered in the broad-based Russell 3000 of U.S.-based listed equities.

The Russell 3000 Growth Index measures the performance of Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values. It is constructed to provide a barometer of the broad growth market.

The Russell Microcap Index is an unmanaged total return index of the smallest 1,000 securities in the small-cap Russell 2000 Index along with the next smallest 1,000 companies, based on a ranking of all U.S. equities by market capitalization.

The Russell Microcap Growth Index is an unmanaged total return index measuring the performance of the micro-cap growth segment of the U.S. equity market.

The Russell Midcap Growth Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values.

Pertaining to the use of Russell information. The Wasatch Funds have been developed solely by Wasatch Global Investors. The Funds are not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the Russell Indexes used in these materials vest in the relevant LSE Group company which owns the Index. Russell ^® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. TMX^® is a trademark of TSX, Inc. and used by the LSE Group under license. The Indexes are calculated by or on behalf of FTSE International Limited or


Wasatch Funds Management Discussions		SEPTEMBER 30, 2023 (Unaudited)

INDEX DESCRIPTIONS AND DISCLOSURES (continued)

its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Wasatch Funds or the suitability of the Index for the purpose to which it is being put by Wasatch Global Investors.

You cannot invest directly in these or any indexes.


Wasatch Funds		SEPTEMBER 30, 2023

Operating Expenses (Unaudited)


	Account Value						Expenses Paid During Period*			Annualized Expense Ratio*
Fund/Class and Return	Beginning of Period April 1, 2023			End of Period September 30, 2023			Expenses Paid During Period*			Annualized Expense Ratio*
Core Growth Fund — Investor Class
Actual		$	1,000.00		$	1,046.00		$	5.90		1.15%
Hypothetical (5% before expenses)		$	1,000.00		$	1,019.30		$	5.82		1.15%
Core Growth Fund — Institutional Class
Actual		$	1,000.00		$	1,046.60		$	5.44		1.06%
Hypothetical (5% before expenses)		$	1,000.00		$	1,019.75		$	5.37		1.06%
Emerging India Fund — Investor Class
Actual		$	1,000.00		$	1,156.90		$	7.79		1.44%
Hypothetical (5% before expenses)		$	1,000.00		$	1,017.85		$	7.28		1.44%
Emerging India Fund — Institutional Class
Actual		$	1,000.00		$	1,156.70		$	7.14		1.32%
Hypothetical (5% before expenses)		$	1,000.00		$	1,018.45		$	6.68		1.32%
Emerging Markets Select Fund — Investor Class
Actual		$	1,000.00		$	960.90		$	6.54		1.33%
Hypothetical (5% before expenses)		$	1,000.00		$	1,018.40		$	6.73		1.33%
Emerging Markets Select Fund — Institutional Class
Actual		$	1,000.00		$	961.80		$	5.51		1.12%
Hypothetical (5% before expenses)		$	1,000.00		$	1,019.45		$	5.67		1.12%
Emerging Markets Small Cap Fund — Investor Class
Actual		$	1,000.00		$	1,000.00		$	9.73		1.94%
Hypothetical (5% before expenses)		$	1,000.00		$	1,015.34		$	9.80		1.94%
Emerging Markets Small Cap Fund — Institutional Class
Actual		$	1,000.00		$	1,003.70		$	8.64		1.72%
Hypothetical (5% before expenses)		$	1,000.00		$	1,016.44		$	8.69		1.72%
Frontier Emerging Small Countries Fund — Investor Class
Actual		$	1,000.00		$	1,036.20		$	11.08		2.17%
Hypothetical (5% before expenses)		$	1,000.00		$	1,014.19		$	10.96		2.17%
Frontier Emerging Small Countries Fund — Institutional Class
Actual		$	1,000.00		$	1,035.60		$	10.05		1.97%
Hypothetical (5% before expenses)		$	1,000.00		$	1,015.19		$	9.95		1.97%
Global Opportunities Fund — Investor Class
Actual		$	1,000.00		$	1,010.80		$	7.36		1.46%
Hypothetical (5% before expenses)		$	1,000.00		$	1,017.75		$	7.39		1.46%
Global Opportunities Fund — Institutional Class
Actual		$	1,000.00		$	1,010.70		$	6.86		1.36%
Hypothetical (5% before expenses)		$	1,000.00		$	1,018.25		$	6.88		1.36%
Global Select Fund — Investor Class
Actual		$	1,000.00		$	995.20		$	6.80		1.36%
Hypothetical (5% before expenses)		$	1,000.00		$	1,018.25		$	6.88		1.36%
Global Select Fund — Institutional Class
Actual		$	1,000.00		$	998.10		$	4.81		0.96%
Hypothetical (5% before expenses)		$	1,000.00		$	1,020.26		$	4.86		0.96%
Global Value Fund — Investor Class
Actual		$	1,000.00		$	989.20		$	5.54		1.11%
Hypothetical (5% before expenses)		$	1,000.00		$	1,019.50		$	5.62		1.11%
Global Value Fund — Institutional Class
Actual		$	1,000.00		$	989.90		$	4.84		0.97%
Hypothetical (5% before expenses)		$	1,000.00		$	1,020.21		$	4.91		0.97%
Greater China Fund — Investor Class
Actual		$	1,000.00		$	753.50		$	6.68		1.52%
Hypothetical (5% before expenses)		$	1,000.00		$	1,017.45		$	7.69		1.52%
Greater China Fund — Institutional Class
Actual		$	1,000.00		$	753.90		$	5.54		1.26%
Hypothetical (5% before expenses)		$	1,000.00		$	1,018.75		$	6.38		1.26%


Wasatch Funds

Operating Expenses (Unaudited) (continued)


	Account Value						Expenses Paid During Period*			Annualized Expense Ratio*
Fund/Class and Return	Beginning of Period April 1, 2023			End of Period September 30, 2023			Expenses Paid During Period*			Annualized Expense Ratio*
International Growth Fund — Investor Class
Actual		$	1,000.00		$	922.30		$	6.26		1.30%
Hypothetical (5% before expenses)		$	1,000.00		$	1,018.55		$	6.58		1.30%
International Growth Fund — Institutional Class
Actual		$	1,000.00		$	922.60		$	5.78		1.20%
Hypothetical (5% before expenses)		$	1,000.00		$	1,019.05		$	6.07		1.20%
International Opportunities Fund — Investor Class
Actual		$	1,000.00		$	947.70		$	9.23		1.89%
Hypothetical (5% before expenses)		$	1,000.00		$	1,015.59		$	9.55		1.89%
International Opportunities Fund — Institutional Class
Actual		$	1,000.00		$	945.20		$	9.17		1.88%
Hypothetical (5% before expenses)		$	1,000.00		$	1,015.64		$	9.50		1.88%
International Select Fund — Investor Class
Actual		$	1,000.00		$	947.30		$	6.59		1.35%
Hypothetical (5% before expenses)		$	1,000.00		$	1,018.30		$	6.83		1.35%
International Select Fund — Institutional Class
Actual		$	1,000.00		$	949.00		$	4.59		0.94%
Hypothetical (5% before expenses)		$	1,000.00		$	1,020.36		$	4.76		0.94%
Long/Short Alpha Fund — Investor Class
Actual		$	1,000.00		$	1,072.80		$	14.50		2.79%
Hypothetical (5% before expenses)		$	1,000.00		$	1,011.08		$	14.07		2.79%
Long/Short Alpha Fund — Institutional Class
Actual		$	1,000.00		$	1,074.40		$	13.10		2.52%
Hypothetical (5% before expenses)		$	1,000.00		$	1,012.43		$	12.71		2.52%
Micro Cap Fund — Investor Class
Actual		$	1,000.00		$	980.60		$	8.04		1.62%
Hypothetical (5% before expenses)		$	1,000.00		$	1,016.95		$	8.19		1.62%
Micro Cap Fund — Institutional Class
Actual		$	1,000.00		$	980.60		$	7.84		1.58%
Hypothetical (5% before expenses)		$	1,000.00		$	1,017.15		$	7.99		1.58%
Micro Cap Value Fund — Investor Class
Actual		$	1,000.00		$	961.20		$	8.41		1.71%
Hypothetical (5% before expenses)		$	1,000.00		$	1,016.50		$	8.64		1.71%
Micro Cap Value Fund — Institutional Class
Actual		$	1,000.00		$	961.40		$	7.92		1.61%
Hypothetical (5% before expenses)		$	1,000.00		$	1,017.00		$	8.14		1.61%
Small Cap Growth Fund — Investor Class
Actual		$	1,000.00		$	1,006.50		$	5.68		1.13%
Hypothetical (5% before expenses)		$	1,000.00		$	1,019.40		$	5.72		1.13%
Small Cap Growth Fund — Institutional Class
Actual		$	1,000.00		$	1,006.70		$	5.38		1.07%
Hypothetical (5% before expenses)		$	1,000.00		$	1,019.70		$	5.42		1.07%
Small Cap Value Fund — Investor Class
Actual		$	1,000.00		$	1,072.80		$	6.13		1.18%
Hypothetical (5% before expenses)		$	1,000.00		$	1,019.15		$	5.97		1.18%
Small Cap Value Fund — Institutional Class
Actual		$	1,000.00		$	1,073.20		$	5.72		1.10%
Hypothetical (5% before expenses)		$	1,000.00		$	1,019.55		$	5.57		1.10%
Ultra Growth Fund — Investor Class
Actual		$	1,000.00		$	932.50		$	5.86		1.21%
Hypothetical (5% before expenses)		$	1,000.00		$	1,019.00		$	6.12		1.21%
Ultra Growth Fund — Institutional Class
Actual		$	1,000.00		$	933.40		$	5.19		1.07%
Hypothetical (5% before expenses)		$	1,000.00		$	1,019.70		$	5.42		1.07%


Wasatch Funds		SEPTEMBER 30, 2023

Operating Expenses (Unaudited) (continued)


	Account Value						Expenses Paid During Period*			Annualized Expense Ratio*
Fund/Class and Return	Beginning of Period April 1, 2023			End of Period September 30, 2023			Expenses Paid During Period*			Annualized Expense Ratio*
U.S. Select Fund — Investor Class
Actual		$	1,000.00		$	1,024.60		$	5.18		1.02%
Hypothetical (5% before expenses)		$	1,000.00		$	1,019.95		$	5.17		1.02%
U.S. Select Fund — Institutional Class
Actual		$	1,000.00		$	1,025.40		$	4.42		0.87%
Hypothetical (5% before expenses)		$	1,000.00		$	1,020.71		$	4.41		0.87%
U.S. Treasury Fund — Investor Class
Actual		$	1,000.00		$	837.50		$	3.22		0.70%
Hypothetical (5% before expenses)		$	1,000.00		$	1,021.56		$	3.55		0.70%

*Expenses are equal to a fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the full fiscal year (183/365).


Wasatch Core Growth Fund (WGROX / WIGRX)

Schedule of Investments


Shares			Value


		COMMON STOCKS 99.0%

		Application Software 9.5%
	4,273,981	Clearwater Analytics Holdings, Inc., Class A*	$	82,658,792
	707,199	Five9, Inc.*		45,472,896
	1,099,397	Guidewire Software, Inc.*		98,945,730
	1,808,374	PowerSchool Holdings, Inc., Class A*		40,977,755
	1,141,930	Q2 Holdings, Inc.*		36,850,081

				304,905,254


		Asset Management & Custody Banks 4.6%
	905,630	Cohen & Steers, Inc.		56,773,945
	995,319	Hamilton Lane, Inc., Class A		90,016,650

				146,790,595


		Automotive Parts & Equipment 3.6%
	621,489	Fox Factory Holding Corp.*		61,577,130
	721,613	XPEL, Inc.*		55,643,579

				117,220,709


		Automotive Retail 2.4%
	2,407,481	Valvoline, Inc.		77,617,187


		Broadline Retail 1.5%
	632,166	Ollie’s Bargain Outlet Holdings, Inc.*		48,790,572


		Building Products 4.2%
	259,501	CSW Industrials, Inc.		45,474,955
	1,446,669	Trex Co., Inc.*		89,158,211

				134,633,166


		Cargo Ground Transportation 2.1%
	165,304	Saia, Inc.*		65,898,440


		Distributors 2.6%
	236,505	Pool Corp.		84,219,430


		Electronic Equipment & Instruments 2.3%
	508,501	Novanta, Inc.*		72,939,383


		Electronic Manufacturing Services 2.0%
	383,246	Fabrinet*		63,856,449


		Financial Exchanges & Data 3.9%
	155,841	MarketAxess Holdings, Inc.		33,293,871
	307,713	Morningstar, Inc.		72,078,693
	2,891,061	Open Lending Corp., Class A*		21,162,567

				126,535,131


		Health Care Equipment 1.5%
	171,039	Inspire Medical Systems, Inc.*		33,940,979
	917,887	Silk Road Medical, Inc.*		13,759,126

				47,700,105


		Health Care Facilities 3.0%
	1,041,205	Ensign Group, Inc.		96,759,181


Shares			Value


		Health Care Supplies 1.2%
	2,148,522	Neogen Corp.*	$	39,833,598


		Health Care Technology 0.9%
	1,882,100	Certara, Inc.*		27,365,734


		Home Improvement Retail 1.4%
	506,935	Floor & Decor Holdings, Inc., Class A*		45,877,618


		Homebuilding 0.9%
	223,257	Installed Building Products, Inc.		27,882,567


		Human Resource & Employment Services 2.0%
	357,876	Paylocity Holding Corp.*		65,026,069


		Industrial Machinery & Supplies & Components 8.2%
	780,931	Helios Technologies, Inc.		43,326,052
	465,844	Kadant, Inc.		105,071,114
	492,837	RBC Bearings, Inc.*		115,387,927

				263,785,093


		Insurance Brokers 1.1%
	482,454	Goosehead Insurance, Inc., Class A*		35,957,297


		Investment Banking & Brokerage 1.9%
	1,383,245	Moelis & Co., Class A		62,425,847


		IT Consulting & Other Services 2.8%
	448,760	Globant SA*		88,787,166


		Leisure Products 1.7%
	1,111,818	YETI Holdings, Inc.*		53,611,864


		Life Sciences Tools & Services 4.8%
	383,540	ICON PLC*		94,446,725
	247,268	Medpace Holdings, Inc.*		59,871,001

				154,317,726


		Managed Health Care 3.9%
	1,738,623	HealthEquity, Inc.*		127,006,410


		Metal, Glass & Plastic Containers 1.2%
	1,599,374	TriMas Corp.		39,600,500


		Other Specialty Retail 2.8%
	555,639	Five Below, Inc.*		89,402,315


		Packaged Foods & Meats 1.0%
	483,515	Freshpet, Inc.*		31,853,968


		Personal Care Products 2.3%
	1,815,877	BellRing Brands, Inc.*		74,868,609


		Pharmaceuticals 0.9%
	576,170	Intra-Cellular Therapies, Inc.*		30,012,695


		Regional Banks 2.3%
	1,979,632	Bank OZK		73,384,958


		Self-Storage REITs 2.0%
	2,073,230	National Storage Affiliates Trust		65,804,320


Wasatch Core Growth Fund (WGROX / WIGRX)		SEPTEMBER 30, 2023

Schedule of Investments (continued)


Shares			Value


		Semiconductor Materials & Equipment 1.5%
	440,886	Nova Ltd.*	$	49,573,222


		Semiconductors 1.5%
	103,574	Monolithic Power Systems, Inc.		47,851,188


		Specialized Consumer Services 0.7%
	3,941,226	Mister Car Wash, Inc.*		21,716,155


		Specialty Chemicals 5.1%
	717,897	Balchem Corp.		89,047,944
	741,234	Innospec, Inc.		75,754,115

				164,802,059


		Systems Software 2.2%
	426,016	CyberArk Software Ltd.*		69,768,640


		Transaction & Payment Processing Services 1.5%
	849,504	Shift4 Payments, Inc., Class A*		47,037,036


		Total Common Stocks (cost $2,416,739,625)		3,185,418,256


		WARRANTS 0.0%

		Insurance Brokers 0.0%
	540,000	Hagerty, Inc., expiring 12/2/2026* *** ^§§		982,800


		Total Warrants (cost $1,859,173)		982,800


		Total Investments (cost $2,418,598,798) 99.0%		3,186,401,056

		Other Assets less Liabilities 1.0%		32,550,036


		Net Assets 100.0%	$	3,218,951,092


		Non-income producing. **Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 12, as applicable. ^§§The aggregate value of illiquid holdings at September 30, 2023 amounted to approximately $982,800 and represented 0.03% of net assets. REIT Real Estate Investment Trust.

		See Notes to Financial Statements.

At September 30, 2023, Wasatch Core Growth Fund’s investments were in the following countries (unaudited):


Country	%
Ireland		3.0
Israel		3.7
United States		93.3

TOTAL		100.0	%


Wasatch Emerging India Fund (WAINX / WIINX)		SEPTEMBER 30, 2023

Schedule of Investments


Shares			Value


		COMMON STOCKS 97.5%

		Apparel Retail 6.2%
	1,336,758	Trent Ltd.	$	33,411,685


		Apparel, Accessories & Luxury Goods 1.5%
	17,825	Page Industries Ltd.		8,350,803


		Automotive Parts & Equipment 1.4%
	207,348	Tube Investments of India Ltd.		7,441,020


		Commercial & Residential Mortgage Finance 2.2%
	561,862	Aavas Financiers Ltd.*		11,746,977


		Commodity Chemicals 4.6%
	2,573,488	Berger Paints India Ltd.		17,604,499
	149,327	Supreme Industries Ltd.		7,411,392

				25,015,891


		Construction Machinery & Heavy Transportation Equipment 0.9%
	590,794	Action Construction Equipment Ltd.		4,883,976


		Consumer Finance 13.5%
	538,025	Bajaj Finance Ltd.		50,465,943
	1,511,701	Cholamandalam Investment & Finance Co. Ltd.		22,112,170

				72,578,113


		Diversified Banks 10.2%
	2,099,929	HDFC Bank Ltd.		38,512,485
	780,288	Kotak Mahindra Bank Ltd.		16,261,202

				54,773,687


		Diversified Chemicals 0.8%
	150,276	Pidilite Industries Ltd.		4,407,532


		Food Retail 3.5%
	421,249	Avenue Supermarts Ltd.*		18,606,199


		Footwear 0.2%
	351,318	Campus Activewear Ltd.*		1,221,387


		Health Care Facilities 2.0%
	1,575,624	Max Healthcare Institute Ltd.		10,763,098


		Health Care Services 8.7%
	830,544	Dr Lal PathLabs Ltd.		25,198,921
	3,590,652	Vijaya Diagnostic Centre Pvt. Ltd.		21,585,098

				46,784,019


		Heavy Electrical Equipment 0.5%
	282,108	Elecon Engineering Co. Ltd.		2,620,373


		Industrial Machinery & Supplies & Components 8.9%
	6,659,561	Elgi Equipments Ltd.		40,849,173
	306,402	GMM Pfaudler Ltd.		6,860,256

				47,709,429


Shares			Value


		Interactive Media & Services 2.3%
	247,995	Info Edge India Ltd.	$	12,400,223


		IT Consulting & Other Services 8.7%
	313,780	LTIMindtree Ltd.		19,605,366
	395,454	Persistent Systems Ltd.		27,480,996

				47,086,362


		Life Sciences Tools & Services 5.5%
	655,012	Divi’s Laboratories Ltd.		29,630,378


		Metal, Glass & Plastic Containers 0.5%
	254,644	Mold-Tek Packaging Ltd.		2,801,661


		Property & Casualty Insurance 0.9%
	311,655	ICICI Lombard General Insurance Co. Ltd.		4,902,380


		Regional Banks 7.0%
	4,411,685	AU Small Finance Bank Ltd.		37,757,154


		Research & Consulting Services 3.3%
	322,935	L&T Technology Services Ltd.		17,723,346


		Specialty Chemicals 3.2%
	454,471	Asian Paints Ltd.		17,273,711


		Systems Software 1.0%
	63,917	Tata Elxsi Ltd.		5,546,546


		Total Common Stocks (cost $336,471,485)		525,435,950


		Total Investments (cost $336,471,485) 97.5%^§		525,435,950

		Other Assets less Liabilities 2.5%		13,605,579


		Net Assets 100.0%	$	539,041,529


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 91.33%.

		See Notes to Financial Statements.

At September 30, 2023, Wasatch Emerging India Fund’s investments were in the following countries (unaudited):


Country	%
India		100.0

TOTAL		100.0	%


Wasatch Emerging Markets Select Fund (WAESX / WIESX)		SEPTEMBER 30, 2023

Schedule of Investments


Shares			Value


		COMMON STOCKS 99.1%

		Airport Services 3.5%
	950,940	Grupo Aeroportuario del Pacifico SAB de CV, Class B	$	15,629,738


		Apparel Retail 1.6%
	283,041	Trent Ltd.		7,074,487


		Apparel, Accessories & Luxury Goods 1.4%
	13,790	Page Industries Ltd.		6,460,453


		Broadline Retail 9.6%
	29,188	MercadoLibre, Inc.*		37,006,881
	418,907	momo.com, Inc.		6,544,063

				43,550,944


		Consumer Finance 9.3%
	389,495	Bajaj Finance Ltd.		36,534,050
	369,022	Cholamandalam Investment & Finance Co. Ltd.		5,397,812

				41,931,862


		Diversified Banks 12.6%
	1,491,443	HDFC Bank Ltd.		27,352,913
	4,115,691	NU Holdings Ltd., Class A*		29,838,760

				57,191,673


		Diversified Chemicals 1.0%
	147,625	Pidilite Industries Ltd.		4,329,779


		Drug Retail 4.0%
	3,332,363	Raia Drogasil SA		18,310,743


		Electrical Components & Equipment 9.1%
	447,765	Voltronic Power Technology Corp.		22,051,049
	2,626,402	WEG SA		18,951,289

				41,002,338


		Health Care Facilities 0.8%
	554,684	Max Healthcare Institute Ltd.		3,789,050


		Health Care Services 1.9%
	284,287	Dr Lal PathLabs Ltd.		8,625,342


		Hotels, Resorts & Cruise Lines 0.8%
	884,500	H World Group Ltd.*		3,478,261


		Industrial Machinery & Supplies & Components 2.8%
	371,691	Airtac International Group		11,292,957
	130,222	Techtronic Industries Co. Ltd.		1,257,109

				12,550,066


		Interactive Home Entertainment 2.5%
	253,991	Sea Ltd., ADR*		11,162,904


Shares			Value


		Interactive Media & Services 1.9%
	220,000	Tencent Holdings Ltd.	$	8,528,065


		IT Consulting & Other Services 6.4%
	147,076	Globant SA*		29,098,987


		Life Sciences Tools & Services 4.3%
	226,220	Divi’s Laboratories Ltd.		10,233,376
	330,138	Hangzhou Tigermed Consulting Co. Ltd., Class A		3,017,002
	1,040,813	Wuxi Biologics Cayman, Inc.*		6,049,057

				19,299,435


		Property & Casualty Insurance 1.0%
	593,544	Qualitas Controladora SAB de CV		4,459,882


		Regional Banks 3.9%
	2,085,937	AU Small Finance Bank Ltd.		17,852,373


		Restaurants 1.6%
	501,500	Meituan, Class B*		7,259,809


		Semiconductor Materials & Equipment 4.3%
	123,900	Lasertec Corp.		19,267,986


		Semiconductors 8.2%
	126,894	ASPEED Technology, Inc.		10,930,951
	83,518	LEENO Industrial, Inc.		9,503,951
	1,325,836	Silergy Corp.		12,567,375
	1,192,542	Sino Wealth Electronic Ltd., Class A		4,110,738

				37,113,015


		Specialized Finance 2.8%
	2,250,008	Chailease Holding Co. Ltd.		12,634,326


		Specialty Chemicals 2.3%
	280,175	Asian Paints Ltd.		10,649,001


		Systems Software 0.2%
	10,520	Tata Elxsi Ltd.		912,897


		Transaction & Payment Processing Services 1.3%
	317,077	Dlocal Ltd.*		6,078,366


		Total Common Stocks (cost $505,581,950)		448,241,782


		Total Investments (cost $505,581,950) 99.1%^§		448,241,782

		Other Assets less Liabilities 0.9%		4,041,660


		Net Assets 100.0%	$	452,283,442


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 61.40%. ADR American Depositary Receipt.

		See Notes to Financial Statements.


Wasatch Emerging Markets Select Fund (WAESX / WIESX)		SEPTEMBER 30, 2023

Schedule of Investments (continued)

At September 30, 2023, Wasatch Emerging Markets Select Fund’s investments were in the following countries (unaudited):


Country	%
Brazil		15.0
China		7.2
Hong Kong		0.3
India		31.1
Japan		4.3
Mexico		4.5
Singapore		2.5
South Korea		2.1
Taiwan		17.0
United States		14.7
Uruguay		1.3

TOTAL		100.0	%


Wasatch Emerging Markets Small Cap Fund (WAEMX / WIEMX)		SEPTEMBER 30, 2023

Schedule of Investments


Shares			Value


		COMMON STOCKS 104.0%

		Airport Services 4.2%
	1,295,125	Grupo Aeroportuario del Centro Norte SAB de CV	$	14,055,943


		Apparel Retail 3.6%
	489,492	Trent Ltd.		12,234,640


		Application Software 1.4%
	138,832	Text SA		4,612,085


		Asset Management & Custody Banks 0.5%
	8,982,454	VEF AB*		1,789,563


		Broadline Retail 1.6%
	345,960	momo.com, Inc.		5,404,503


		Commercial & Residential Mortgage Finance 3.2%
	509,672	Aavas Financiers Ltd.*		10,655,828


		Commodity Chemicals 1.4%
	681,024	Berger Paints India Ltd.		4,658,692


		Communications Equipment 2.4%
	535,000	Accton Technology Corp.		8,208,063


		Construction Machinery & Heavy Transportation Equipment 1.0%
	415,522	Action Construction Equipment Ltd.		3,435,038


		Consumer Finance 1.2%
	6,941,588	Ngern Tid Lor PCL		3,965,260


		Diversified Support Services 1.4%
	7,016,200	Frontken Corp. Bhd.		4,693,143


		Drug Retail 5.1%
	509,646	Clicks Group Ltd.		6,962,167
	1,864,668	Raia Drogasil SA		10,246,020

				17,208,187


		Electrical Components & Equipment 5.8%
	395,863	Voltronic Power Technology Corp.		19,495,036


		Electronic Components 1.4%
	461,000	Sinbon Electronics Co. Ltd.		4,621,043


		Electronic Equipment & Instruments 2.9%
	761,616	Chroma ATE, Inc.		6,531,432
	6,886	Honeywell Automation India Ltd.		3,298,879

				9,830,311


Shares			Value


		Electronic Manufacturing Services 2.3%
	45,272	Fabrinet*	$	7,543,221


		Health Care Facilities 0.7%
	13,532,100	Mitra Keluarga Karyasehat Tbk PT		2,364,068


		Health Care Services 2.9%
	316,551	Dr Lal PathLabs Ltd.		9,604,240


		Heavy Electrical Equipment 0.7%
	252,002	Elecon Engineering Co. Ltd.		2,340,732


		Home Improvement Retail 1.9%
	16,151,297	Wilcon Depot, Inc.		6,280,552


		Hotels, Resorts & Cruise Lines 1.6%
	1,394,570	H World Group Ltd.*		5,484,091


		Human Resource & Employment Services 0.5%
	4,067	Benefit Systems SA		1,643,129


		Industrial Machinery & Supplies & Components 4.1%
	167,500	Airtac International Group		5,089,094
	1,427,311	Elgi Equipments Ltd.		8,755,002

				13,844,096


		Interactive Media & Services 3.3%
	3,416,426	Baltic Classifieds Group PLC		8,128,343
	57,878	Info Edge India Ltd.		2,894,011

				11,022,354


		IT Consulting & Other Services 12.0%
	455,800	FPT Corp.		1,737,588
	95,972	Globant SA*		18,988,060
	61,798	LTIMindtree Ltd.		3,861,216
	225,765	Persistent Systems Ltd.		15,688,923

				40,275,787


		Life & Health Insurance 2.0%
	942,684	Discovery Ltd.*		6,828,998


		Metal, Glass & Plastic Containers 0.5%
	164,244	Mold-Tek Packaging Ltd.		1,807,056


		Movies & Entertainment 0.5%
	20,537	JYP Entertainment Corp.		1,705,324


		Multi-Line Insurance 0.4%
	40,679	Co. for Cooperative Insurance		1,366,650


		Oil & Gas Refining & Marketing 1.7%
	148,351	Aldrees Petroleum & Transport Services Co.		5,542,571


		Packaged Foods & Meats 0.7%
	9,612,700	Cisarua Mountain Dairy PT TBK		2,469,260


Wasatch Emerging Markets Small Cap Fund (WAEMX / WIEMX)		SEPTEMBER 30, 2023

Schedule of Investments (continued)


Shares			Value


		Personal Care Products 1.4%
	331,107	Proya Cosmetics Co. Ltd., Class A	$	4,615,612


		Property & Casualty Insurance 3.6%
	1,612,284	Qualitas Controladora SAB de CV		12,114,680


		Regional Banks 8.1%
	2,572,278	AU Small Finance Bank Ltd.		22,014,694
	718,662	Regional SAB de CV		5,161,666

				27,176,360


		Research & Consulting Services 3.8%
	21,696,900	CTOS Digital Bhd.		6,464,842
	115,874	L&T Technology Services Ltd.		6,359,407

				12,824,249


		Semiconductor Materials & Equipment 2.4%
	399,000	Materials Analysis Technology, Inc.		3,269,027
	68,491	Tokai Carbon Korea Co. Ltd.		4,792,887

				8,061,914


		Semiconductors 9.2%
	77,651	ASPEED Technology, Inc.		6,689,042
	116,276	LEENO Industrial, Inc.		13,231,656
	926,572	Silergy Corp.		8,782,819
	585,464	Sino Wealth Electronic Ltd., Class A		2,018,116

				30,721,633


		Specialized Finance 1.3%
	770,100	Chailease Holding Co. Ltd.		4,324,293


		Transaction & Payment Processing Services 1.3%
	227,674	Dlocal Ltd.*		4,364,511


		Total Common Stocks (cost $249,101,336)		349,192,716


		Total Investments (cost $249,101,336) 104.0%^§		349,192,716

		Liabilities less Other Assets (4.0%)		(13,335,726	)


		Net Assets 100.0%	$	335,856,990


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 70.25%.

		See Notes to Financial Statements.

At September 30, 2023, Wasatch Emerging Markets Small Cap Fund’s investments were in the following countries (unaudited):


Country	%
Brazil		2.9
China		3.5
India		30.8
Indonesia		1.4
Malaysia		3.2
Mexico		9.0
Philippines		1.8
Poland		1.8
Saudi Arabia		2.0
South Africa		3.9
South Korea		5.7
Sweden		0.5
Taiwan		20.7
Thailand		1.1
United Kingdom		2.3
United States		7.6
Uruguay		1.3
Vietnam		0.5

TOTAL		100.0	%


Wasatch Frontier Emerging Small Countries Fund (WAFMX / WIFMX)		SEPTEMBER 30, 2023

Schedule of Investments


Shares			Value


		COMMON STOCKS 101.6%

		Airport Services 3.3%
	60,300	Grupo Aeroportuario del Centro Norte SAB de CV	$	654,434
	31,600	Grupo Aeroportuario del Pacifico SAB de CV, Class B		519,380

				1,173,814


		Application Software 0.9%
	9,910	Text SA		329,216


		Asset Management & Custody Banks 4.2%
	1,197,100	DCVFMVN Diamond ETF		1,305,947
	891,292	VEF AB*		177,571

				1,483,518


		Broadline Retail 8.2%
	2,265	MercadoLibre, Inc.*		2,871,748


		Consumer Finance 13.8%
	34,176	Bajaj Finance Ltd.		3,205,658
	80,474	Cholamandalam Investment & Finance Co. Ltd.		1,177,121
	756,978	Ngern Tid Lor PCL		432,410

				4,815,189


		Distillers & Vintners 1.0%
	129,290	Ginebra San Miguel, Inc.		356,498


		Diversified Banks 17.0%
	1,090,600	Bank Central Asia Tbk PT		621,353
	619,589	Bank for Foreign Trade of Vietnam JSC*		2,226,057
	3,317	Credicorp Ltd.		424,476
	306,515	NU Holdings Ltd., Class A*		2,222,234
	12,350	TBC Bank Group PLC		449,787

				5,943,907


		Diversified Support Services 1.1%
	566,600	Frontken Corp. Bhd.		378,999


		Drug Retail 5.6%
	18,958	Clicks Group Ltd.		258,981
	12,500	Corporativo Fragua SAB de CV		351,449
	243,048	Raia Drogasil SA		1,335,506

				1,945,936


		Electrical Components & Equipment 3.9%
	188,600	WEG SA		1,360,878


		Electronic Manufacturing Services 2.3%
	4,784	Fabrinet*		797,110


		Food Retail 0.5%
	2,142	Dino Polska SA*		173,596


Shares			Value


		Health Care Facilities 0.8%
	1,404	Dr Sulaiman Al Habib Medical Services Group Co.	$	88,235
	1,009,000	Mitra Keluarga Karyasehat Tbk PT		176,273

				264,508


		Home Improvement Retail 1.9%
	1,692,800	Wilcon Depot, Inc.		658,258


		Human Resource & Employment Services 0.9%
	806	Benefit Systems SA		325,636


		Interactive Home Entertainment 1.2%
	9,813	Sea Ltd., ADR*		431,281


		Interactive Media & Services 1.9%
	275,953	Baltic Classifieds Group PLC		656,546


		IT Consulting & Other Services 15.3%
	995,366	FPT Corp.		3,794,507
	7,960	Globant SA*		1,574,886

				5,369,393


		Life & Health Insurance 2.1%
	100,127	Discovery Ltd.*		725,341


		Multi-Line Insurance 1.1%
	11,417	Co. for Cooperative Insurance		383,565


		Oil & Gas Refining & Marketing 3.0%
	27,827	Aldrees Petroleum & Transport Services Co.		1,039,650


		Property & Casualty Insurance 6.4%
	299,222	Qualitas Controladora SAB de CV		2,248,350


		Regional Banks 2.0%
	98,900	Regional SAB de CV		710,332


		Research & Consulting Services 1.8%
	2,133,100	CTOS Digital Bhd.		635,582


		Semiconductors 1.4%
	52,000	Silergy Corp.		492,899


		Total Common Stocks (cost $30,325,725)		35,571,750


		Total Investments (cost $30,325,725) 101.6%^§		35,571,750

		Liabilities less Other Assets (1.6%)		(564,111	)


		Net Assets 100.0%	$	35,007,639


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 44.69%. ADR American Depositary Receipt. ETF Exchange-Traded Fund.

		See Notes to Financial Statements.


Wasatch Frontier Emerging Small Countries Fund (WAFMX / WIFMX)		SEPTEMBER 30, 2023

Schedule of Investments (continued)

At September 30, 2023, Wasatch Frontier Emerging Small Countries Fund’s investments were in the following countries (unaudited):


Country	%
Brazil		13.8
India		12.3
Indonesia		2.2
Malaysia		2.9
Mexico		12.6
Peru		1.2
Philippines		2.9
Poland		2.3
Saudi Arabia		4.3
Singapore		1.2
South Africa		2.8
Sweden		0.5
Taiwan		1.4
Thailand		1.2
United Kingdom		3.1
United States		14.7
Vietnam		20.6

TOTAL		100.0	%


Wasatch Global Opportunities Fund (WAGOX / WIGOX)		SEPTEMBER 30, 2023

Schedule of Investments


Shares			Value


		COMMON STOCKS 97.6%

		Apparel Retail 1.2%
	26,647	Boot Barn Holdings, Inc.*	$	2,163,470


		Application Software 6.0%
	32,895	Five9, Inc.*		2,115,148
	40,462	Guidewire Software, Inc.*		3,641,580
	58,727	Q2 Holdings, Inc.*		1,895,120
	118,400	Rakus Co. Ltd.		1,624,383
	196,311	Technology One Ltd.		1,946,767

				11,222,998


		Asset Management & Custody Banks 2.6%
	40,968	Hamilton Lane, Inc., Class A		3,705,146
	116,507	Netwealth Group Ltd.		1,123,540

				4,828,686


		Automotive Parts & Equipment 2.5%
	28,175	Fox Factory Holding Corp.*		2,791,579
	23,800	XPEL, Inc.*		1,835,218

				4,626,797


		Automotive Retail 1.3%
	75,916	Valvoline, Inc.		2,447,532


		Biotechnology 0.2%
	127,976	C4 Therapeutics, Inc.*		238,035
	125,288	Sangamo Therapeutics, Inc.*		75,148

				313,183


		Broadline Retail 1.8%
	44,361	Ollie’s Bargain Outlet Holdings, Inc.*		3,423,782


		Building Products 2.5%
	75,393	Trex Co., Inc.*		4,646,471


		Cargo Ground Transportation 2.8%
	13,257	Saia, Inc.*		5,284,903


		Commercial & Residential Mortgage Finance 1.3%
	113,741	Aavas Financiers Ltd.*		2,378,009


		Diversified Real Estate Activities 0.5%
	109,261	Patrizia SE		865,853


		Drug Retail 1.3%
	59,200	Sugi Holdings Co. Ltd.		2,351,517


		Electrical Components & Equipment 2.3%
	86,896	Voltronic Power Technology Corp.		4,279,361


		Financial Exchanges & Data 0.8%
	203,086	Open Lending Corp., Class A*		1,486,590


Shares			Value


		Health Care Equipment 2.5%
	10,779	DiaSorin SpA	$	981,563
	11,887	Inspire Medical Systems, Inc.*		2,358,856
	90,431	Silk Road Medical, Inc.*		1,355,561

				4,695,980


		Health Care Facilities 4.0%
	69,453	Ensign Group, Inc.		6,454,267
	141,184	Max Healthcare Institute Ltd.		964,429

				7,418,696


		Health Care Services 1.4%
	86,276	Dr Lal PathLabs Ltd.		2,617,636


		Health Care Supplies 1.0%
	105,738	Neogen Corp.*		1,960,383


		Health Care Technology 1.7%
	85,450	JMDC, Inc.		3,099,659


		Home Improvement Retail 1.5%
	31,794	Floor & Decor Holdings, Inc., Class A*		2,877,357


		Homebuilding 0.8%
	14,671	LGI Homes, Inc.*		1,459,618


		Human Resource & Employment Services 2.8%
	14,535	Paylocity Holding Corp.*		2,641,010
	148,148	SMS Co. Ltd.		2,517,620

				5,158,630


		Industrial Machinery & Supplies & Components 4.1%
	32,878	Helios Technologies, Inc.		1,824,071
	25,296	RBC Bearings, Inc.*		5,922,553

				7,746,624


		IT Consulting & Other Services 8.4%
	48,604	Endava PLC, ADR*		2,787,439
	32,509	Globant SA*		6,431,906
	32,276	LTIMindtree Ltd.		2,016,645
	64,182	Persistent Systems Ltd.		4,460,153

				15,696,143


		Leisure Products 1.6%
	61,855	YETI Holdings, Inc.*		2,982,648


		Life Sciences Tools & Services 2.4%
	18,719	Medpace Holdings, Inc.*		4,532,431


		Managed Health Care 3.7%
	95,315	HealthEquity, Inc.*		6,962,761


		Other Specialty Retail 2.8%
	32,673	Five Below, Inc.*		5,257,086


Wasatch Global Opportunities Fund (WAGOX / WIGOX)		SEPTEMBER 30, 2023

Schedule of Investments (continued)


Shares			Value


		Packaged Foods & Meats 1.6%
	46,740	Freshpet, Inc.*	$	3,079,231


		Personal Care Products 1.4%
	63,200	BellRing Brands, Inc.*		2,605,736


		Pharmaceuticals 1.3%
	146,161	Esperion Therapeutics, Inc.*		143,238
	43,973	Intra-Cellular Therapies, Inc.*		2,290,553

				2,433,791


		Regional Banks 6.8%
	999,455	AU Small Finance Bank Ltd.		8,553,779
	109,874	Bank OZK		4,073,029

				12,626,808


		Research & Consulting Services 4.9%
	201,170	BayCurrent Consulting, Inc.		6,703,552
	45,808	L&T Technology Services Ltd.		2,514,038

				9,217,590


		Semiconductor Materials & Equipment 1.8%
	29,361	Nova Ltd.*		3,301,351


		Semiconductors 5.0%
	20,400	ASPEED Technology, Inc.		1,757,305
	28,052	Melexis NV		2,414,285
	6,626	Monolithic Power Systems, Inc.		3,061,212
	230,000	Silergy Corp.		2,180,131

				9,412,933


		Specialty Chemicals 2.2%
	33,807	Balchem Corp.		4,193,420


		Systems Software 3.0%
	21,615	CyberArk Software Ltd.*		3,539,889
	23,561	Tata Elxsi Ltd.		2,044,560

				5,584,449


		Trading Companies & Distributors 2.6%
	70,119	Diploma PLC		2,559,875
	214,200	MonotaRO Co. Ltd.		2,283,627

				4,843,502


		Transaction & Payment Processing Services 1.2%
	41,000	GMO Payment Gateway, Inc.		2,237,107


		Total Common Stocks (cost $148,322,442)		182,320,722


		Total Investments (cost $148,322,442) 97.6%^§		182,320,722

		Other Assets less Liabilities 2.4%		4,449,209


		Net Assets 100.0%	$	186,769,931


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 34.52%. ADR American Depositary Receipt.

		See Notes to Financial Statements.

At September 30, 2023, Wasatch Global Opportunities Fund’s investments were in the following countries (unaudited):


Country	%
Australia		1.7
Belgium		1.3
Germany		0.5
India		14.0
Israel		3.8
Italy		0.5
Japan		11.4
Taiwan		4.5
United Kingdom		2.9
United States		59.4

TOTAL		100.0	%


Wasatch Global Select Fund (WAGSX / WGGSX)		SEPTEMBER 30, 2023

Schedule of Investments


Shares			Value


		COMMON STOCKS 100.2%

		Application Software 16.8%
	9,377	Dassault Systemes SE	$	348,284
	6,980	Descartes Systems Group, Inc.*		512,303
	3,270	Five9, Inc.*		210,261
	675	HubSpot, Inc.*		332,438
	1,593	Roper Technologies, Inc.		771,458
	3,667	Xero Ltd.*		263,723

				2,438,467


		Broadline Retail 3.4%
	386	MercadoLibre, Inc.*		489,402


		Building Products 5.5%
	19,076	Assa Abloy AB, Class B		414,494
	6,156	Trex Co., Inc.*		379,394

				793,888


		Cargo Ground Transportation 3.9%
	1,370	Old Dominion Freight Line, Inc.		560,522


		Consumer Finance 4.9%
	7,546	Bajaj Finance Ltd.		707,803


		Distributors 3.7%
	1,514	Pool Corp.		539,135


		Diversified Banks 3.6%
	28,522	HDFC Bank Ltd.		523,091


		Diversified Support Services 4.6%
	15,532	Copart, Inc.*		669,274


		Drug Retail 3.0%
	10,800	Sugi Holdings Co. Ltd.		428,993


		Electrical Components & Equipment 2.2%
	43,500	WEG SA		313,882


		Electronic Components 5.1%
	8,726	Amphenol Corp., Class A		732,897


		Financial Exchanges & Data 5.8%
	1,668	MarketAxess Holdings, Inc.		356,351
	2,078	Morningstar, Inc.		486,751

				843,102


		Health Care Equipment 1.8%
	2,794	DiaSorin SpA		254,429


		Health Care Supplies 1.7%
	2,316	Coloplast AS, Class B		245,072


		Health Care Technology 2.0%
	8,200	JMDC, Inc.		297,451


		Hotels, Resorts & Cruise Lines 3.2%
	7,727	Amadeus IT Group SA		466,731


		Industrial Machinery & Supplies & Components 3.0%
	1,882	RBC Bearings, Inc.*		440,633


Shares			Value


		IT Consulting & Other Services 2.4%
	1,755	Globant SA*	$	347,227


		Life Sciences Tools & Services 4.0%
	2,356	ICON PLC*		580,165


		Managed Health Care 3.8%
	7,626	HealthEquity, Inc.*		557,079


		Other Specialty Retail 3.0%
	2,734	Five Below, Inc.*		439,901


		Research & Consulting Services 3.9%
	17,180	BayCurrent Consulting, Inc.		572,486


		Semiconductor Materials & Equipment 1.8%
	1,700	Lasertec Corp.		264,371


		Semiconductors 3.5%
	734	Monolithic Power Systems, Inc.		339,108
	17,419	Silergy Corp.		165,112

				504,220


		Specialized Finance 1.5%
	39,882	Chailease Holding Co. Ltd.		223,947


		Transaction & Payment Processing Services 2.1%
	3,036	Block, Inc.*		134,373
	3,138	GMO Payment Gateway, Inc.		171,221

				305,594


		Total Common Stocks (cost $14,201,628)		14,539,762


		Total Investments (cost $14,201,628) 100.2%^§		14,539,762

		Liabilities less Other Assets (0.2%)		(27,426	)


		Net Assets 100.0%	$	14,512,336


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 36.85%.

		See Notes to Financial Statements.


Wasatch Global Select Fund (WAGSX / WGGSX)		SEPTEMBER 30, 2023

Schedule of Investments (continued)

At September 30, 2023, Wasatch Global Select Fund’s investments were in the following countries (unaudited):


Country	%
Australia		1.8
Brazil		2.2
Canada		3.5
Denmark		1.7
France		2.4
India		8.5
Ireland		4.0
Italy		1.7
Japan		11.9
Spain		3.2
Sweden		2.8
Taiwan		2.7
United States		53.6

TOTAL		100.0	%


Wasatch Global Value Fund (FMIEX / WILCX)		SEPTEMBER 30, 2023

Schedule of Investments


Shares			Value


		COMMON STOCKS 97.0%

		Aerospace & Defense 2.0%
	240,000	BAE Systems PLC	$	2,916,442


		Biotechnology 2.1%
	40,000	Gilead Sciences, Inc.		2,997,600


		Diversified Banks 11.7%
	63,000	Citigroup, Inc.		2,591,190
	211,000	ING Groep NV, ADR		2,780,980
	29,000	JPMorgan Chase & Co.		4,205,580
	46,000	Toronto-Dominion Bank		2,771,345
	219,000	United Overseas Bank Ltd.		4,561,354

				16,910,449


		Diversified Metals & Mining 2.2%
	112,000	BHP Group Ltd.		3,146,170


		Electric Utilities 10.3%
	68,000	Duke Energy Corp.		6,001,680
	53,500	Eversource Energy		3,111,025
	152,000	Exelon Corp.		5,744,080

				14,856,785


		Electrical Components & Equipment 0.6%
	4,000	Eaton Corp. PLC		853,120


		Electronic Manufacturing Services 2.2%
	975,000	Hon Hai Precision Industry Co. Ltd.		3,142,654


		Food Retail 5.0%
	144,000	Koninklijke Ahold Delhaize NV		4,340,115
	73,000	Seven & i Holdings Co. Ltd.		2,857,963

				7,198,078


		Industrial REITs 2.2%
	1,900,000	Mapletree Industrial Trust		3,136,464


		Integrated Oil & Gas 8.2%
	123,000	Suncor Energy, Inc.		4,229,951
	117,000	TotalEnergies SE		7,692,670

				11,922,621


		Integrated Telecommunication Services 6.5%
	216,000	AT&T, Inc.		3,244,320
	12,000,000	Telkom Indonesia Persero Tbk PT		2,908,881
	100,000	Verizon Communications, Inc.		3,241,000

				9,394,201


		Multi-Line Insurance 2.2%
	107,000	AXA SA		3,174,568


		Oil & Gas Drilling 2.2%
	62,000	Noble Corp. PLC		3,140,300


		Packaged Foods & Meats 2.5%
	106,000	Kraft Heinz Co.		3,565,840


		Personal Care Products 2.3%
	164,000	Kenvue, Inc.		3,293,120


Shares			Value


		Pharmaceuticals 17.5%
	82,500	Bristol-Myers Squibb Co.	$	4,788,300
	44,655	Johnson & Johnson		6,955,016
	63,000	Novartis AG		6,434,104
	70,000	Otsuka Holdings Co. Ltd.		2,485,356
	137,000	Pfizer, Inc.		4,544,290

				25,207,066


		Property & Casualty Insurance 2.9%
	74,000	Axis Capital Holdings Ltd.		4,171,380


		Rail Transportation 3.4%
	24,500	Union Pacific Corp.		4,988,935


		Reinsurance 3.5%
	13,000	Muenchener Rueckversicherungs-Gesellschaft AG		5,062,883


		Retail REITs 2.1%
	173,000	Kimco Realty Corp.		3,043,070


		Technology Hardware, Storage & Peripherals 1.4%
	40,000	Samsung Electronics Co. Ltd.		2,022,164


		Tobacco 4.0%
	91,000	KT&G Corp.		5,811,459


		Total Common Stocks (cost $126,564,184)		139,955,369


		Total Investments (cost $126,564,184) 97.0%^§		139,955,369

		Other Assets less Liabilities 3.0%		4,284,372


		Net Assets 100.0%	$	144,239,741


		^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 41.38%. ADR American Depositary Receipt.

		See Notes to Financial Statements.

At September 30, 2023, Wasatch Global Value Fund’s investments were in the following countries (unaudited):


Country	%
Australia		2.2
Canada		5.0
France		7.8
Germany		3.6
Indonesia		2.1
Japan		3.8
Netherlands		5.1
Singapore		5.5
South Korea		5.6
Switzerland		4.6
Taiwan		2.2
United Kingdom		2.1
United States		50.4

TOTAL		100.0	%


Wasatch Greater China Fund (WAGCX / WGGCX)		SEPTEMBER 30, 2023

Schedule of Investments


Shares			Value


		COMMON STOCKS 97.3%

		Apparel, Accessories & Luxury Goods 1.7%
	7,300	Shenzhou International Group Holdings Ltd.	$	69,420


		Application Software 2.3%
	29,064	Glodon Co. Ltd., Class A		93,094


		Construction Materials 1.1%
	11,800	Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		43,412


		Distillers & Vintners 7.9%
	900	Kweichow Moutai Co. Ltd., Class A		223,211
	4,500	Wuliangye Yibin Co. Ltd., Class A		96,970

				320,181


		Diversified Banks 1.2%
	11,500	China Merchants Bank Co. Ltd., Class H		47,743


		Drug Retail 3.7%
	31,598	Yifeng Pharmacy Chain Co. Ltd., Class A		152,191


		Electrical Components & Equipment 3.5%
	5,040	Contemporary Amperex Technology Co. Ltd., Class A		140,781


		Electronic Components 4.6%
	23,300	Shenzhen H&T Intelligent Control Co. Ltd., Class A		45,638
	14,000	Sinbon Electronics Co. Ltd.		140,335

				185,973


		Health Care Equipment 3.7%
	4,100	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		152,348


		Hotels, Resorts & Cruise Lines 5.9%
	60,800	H World Group Ltd.*		239,094


		Industrial Machinery & Supplies & Components 14.4%
	7,100	Airtac International Group		215,717
	22,763	Shenzhen Inovance Technology Co. Ltd., Class A		208,012
	16,778	Techtronic Industries Co. Ltd.		161,968

				585,697


		Interactive Media & Services 4.9%
	5,200	Tencent Holdings Ltd.		201,572


		Life & Health Insurance 5.7%
	14,100	AIA Group Ltd.		114,029
	21,000	Ping An Insurance Group Co. of China Ltd., Class H		119,104

				233,133


		Life Sciences Tools & Services 7.5%
	13,800	Hangzhou Tigermed Consulting Co. Ltd., Class A		126,113
	30,687	Wuxi Biologics Cayman, Inc.*		178,348

				304,461


		Other Specialty Retail 1.4%
	3,900	China Tourism Group Duty Free Corp. Ltd., Class A		57,097


Shares			Value


		Packaged Foods & Meats 2.6%
	11,587	Foshan Haitian Flavouring & Food Co. Ltd., Class A	$	60,691
	12,500	Inner Mongolia Yili Industrial Group Co. Ltd., Class A		45,599

				106,290


		Personal Care Products 3.6%
	8,037	Proya Cosmetics Co. Ltd., Class A		112,035
	2,782	Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		35,678

				147,713


		Regional Banks 2.4%
	26,500	Bank of Ningbo Co. Ltd., Class A		97,993


		Restaurants 3.7%
	10,300	Meituan, Class B*		149,105


		Semiconductors 8.3%
	1,814	3peak, Inc., Class A		45,343
	17,000	Silergy Corp.		161,140
	38,256	Sino Wealth Electronic Ltd., Class A		131,870

				338,353


		Specialized Finance 3.9%
	28,078	Chailease Holding Co. Ltd.		157,665


		Systems Software 3.3%
	34,700	Hangzhou Dptech Technologies Co. Ltd., Class A		72,039
	5,000	Sangfor Technologies, Inc., Class A*		63,973

				136,012


		Total Common Stocks (cost $6,368,355)		3,959,328


		Total Investments (cost $6,368,355) 97.3%^§		3,959,328

		Other Assets less Liabilities 2.7%		110,603


		Net Assets 100.0%	$	4,069,931


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 97.28%.

		See Notes to Financial Statements.

At September 30, 2023, Wasatch Greater China Fund’s investments were in the following countries (unaudited):


Country	%
China		76.0
Hong Kong		7.0
Taiwan		17.0

TOTAL		100.0	%


Wasatch International Growth Fund (WAIGX / WIIGX)		SEPTEMBER 30, 2023

Schedule of Investments


Shares			Value


		COMMON STOCKS 99.6%

		Aerospace & Defense 2.6%
	509,081	CAE, Inc.*	$	11,885,116


		Airport Services 1.8%
	772,560	Grupo Aeroportuario del Centro Norte SAB de CV		8,384,564


		Apparel, Accessories & Luxury Goods 1.5%
	455,978	Canada Goose Holdings, Inc.*		6,687,342


		Application Software 8.6%
	202,909	Descartes Systems Group, Inc.*		14,892,692
	265,519	Fortnox AB		1,413,346
	66,775	Kinaxis, Inc.*		7,530,716
	469,000	Rakus Co. Ltd.		6,434,421
	1,072,565	Systena Corp.		1,927,784
	698,531	Technology One Ltd.		6,927,156

				39,126,115


		Asset Management & Custody Banks 2.1%
	997,791	Netwealth Group Ltd.		9,622,243


		Brewers 1.4%
	81,124	Royal Unibrew AS		6,265,240


		Broadline Retail 1.3%
	340,481	B&M European Value Retail SA		2,428,593
	273,400	Ryohin Keikaku Co. Ltd.		3,536,366

				5,964,959


		Commercial & Residential Mortgage Finance 2.1%
	128,090	Aavas Financiers Ltd.*		2,678,007
	1,782,034	OSB Group PLC		7,070,459

				9,748,466


		Commodity Chemicals 0.6%
	374,317	Berger Paints India Ltd.		2,560,598


		Construction & Engineering 1.8%
	1,926,016	Johns Lyng Group Ltd.		8,040,740


		Diversified Real Estate Activities 1.2%
	702,606	Patrizia SE		5,567,895


		Diversified Support Services 1.3%
	400,680	Japan Elevator Service Holdings Co. Ltd.		5,869,036


		Drug Retail 4.4%
	263,921	Clicks Group Ltd.		3,605,369
	1,045,732	Raia Drogasil SA		5,746,112
	270,400	Sugi Holdings Co. Ltd.		10,740,713

				20,092,194


		Electrical Components & Equipment 2.5%
	226,969	Voltronic Power Technology Corp.		11,177,525


Shares			Value


		Electronic Equipment & Instruments 2.2%
	433,048	Halma PLC	$	10,202,923


		Health Care Equipment 1.6%
	77,469	DiaSorin SpA		7,054,526


		Health Care Facilities 0.6%
	411,573	Max Healthcare Institute Ltd.		2,811,458


		Health Care Services 1.2%
	179,732	Dr Lal PathLabs Ltd.		5,453,116


		Health Care Supplies 0.6%
	212,928	Menicon Co. Ltd.		2,737,114


		Health Care Technology 3.8%
	373,327	JMDC, Inc.		13,542,263
	70,099	Pro Medicus Ltd.		3,740,495

				17,282,758


		Human Resource & Employment Services 4.4%
	718,732	SMS Co. Ltd.		12,214,099
	185,000	TechnoPro Holdings, Inc.		4,020,661
	79,500	Visional, Inc.*		3,999,639

				20,234,399


		Industrial Machinery & Supplies & Components 3.8%
	149,000	Airtac International Group		4,527,015
	978,599	Elgi Equipments Ltd.		6,002,642
	117,156	Stabilus SE		6,545,845

				17,075,502


		Interactive Media & Services 3.9%
	128,100	Kakaku.com, Inc.		1,297,219
	814,441	Rightmove PLC		5,557,985
	155,277	Scout24 SE		10,766,677

				17,621,881


		Investment Banking & Brokerage 1.0%
	1,307,150	AJ Bell PLC		4,376,278


		IT Consulting & Other Services 8.3%
	161,192	Endava PLC, ADR*		9,244,361
	40,164	Globant SA*		7,946,447
	46,459	Persistent Systems Ltd.		3,228,541
	109,818	Reply SpA		10,304,450
	391,460	Softcat PLC		6,968,481

				37,692,280


		Life Sciences Tools & Services 0.8%
	34,182	Gerresheimer AG		3,581,631


		Movies & Entertainment 2.1%
	168,213	CTS Eventim AG & Co. KGaA		9,548,366


		Pharmaceuticals 1.0%
	459,371	JCR Pharmaceuticals Co. Ltd.		4,585,245


Wasatch International Growth Fund (WAIGX / WIIGX)		SEPTEMBER 30, 2023

Schedule of Investments (continued)


Shares			Value


		Property & Casualty Insurance 3.5%
	195,017	Definity Financial Corp.	$	5,384,235
	1,400,805	Qualitas Controladora SAB de CV		10,525,630

				15,909,865


		Publishing 0.6%
	271,161	Future PLC		2,928,698


		Regional Banks 5.9%
	1,591,284	AU Small Finance Bank Ltd.		13,618,913
	235,573	EQB, Inc.		13,077,272

				26,696,185


		Research & Consulting Services 3.5%
	473,300	BayCurrent Consulting, Inc.		15,771,691


		Semiconductor Materials & Equipment 0.3%
	21,852	Tokai Carbon Korea Co. Ltd.		1,529,167


		Semiconductors 4.9%
	30,500	ASPEED Technology, Inc.		2,627,343
	65,207	LEENO Industrial, Inc.		7,420,247
	104,431	Melexis NV		8,987,817
	350,768	Silergy Corp.		3,324,870

				22,360,277


		Soft Drinks & Non-Alcoholic Beverages 0.4%
	134,752	Fevertree Drinks PLC		1,972,931


		Specialty Chemicals 1.3%
	681,658	Hexpol AB		6,039,871


		Systems Software 2.5%
	68,608	CyberArk Software Ltd.*		11,235,932


		Trading Companies & Distributors 6.7%
	402,292	Diploma PLC		14,686,706
	713,068	Howden Joinery Group PLC		6,380,202
	22,281	IMCD NV		2,817,092
	603,348	MonotaRO Co. Ltd.		6,432,407

				30,316,407


		Transaction & Payment Processing Services 1.5%
	126,900	GMO Payment Gateway, Inc.		6,924,119


		Total Common Stocks (cost $366,801,912)		452,934,653


		Total Investments (cost $366,801,912) 99.6%^§		452,934,653

		Other Assets less Liabilities 0.4%		1,720,066


		Net Assets 100.0%	$	454,654,719


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 71.05%. ADR American Depositary Receipt.

		See Notes to Financial Statements.

At September 30, 2023, Wasatch International Growth Fund’s investments were in the following countries (unaudited):


Country	%
Australia		6.3
Belgium		2.0
Brazil		1.3
Canada		13.1
Denmark		1.4
Germany		7.9
India		8.0
Israel		2.5
Italy		3.8
Japan		22.1
Mexico		4.2
Netherlands		0.6
South Africa		0.8
South Korea		2.0
Sweden		1.6
Taiwan		4.8
United Kingdom		15.9
United States		1.7

TOTAL		100.0	%


Wasatch International Opportunities Fund (WAIOX / WIIOX)		SEPTEMBER 30, 2023

Schedule of Investments


Shares			Value


		COMMON STOCKS 99.5%

		Advertising 1.9%
	576,324	YouGov PLC	$	5,273,797


		Air Freight & Logistics 1.5%
	295,819	AZ-COM MARUWA Holdings, Inc.		4,208,060


		Alternative Carriers 1.4%
	360,307	Chief Telecom, Inc.		3,950,178


		Application Software 14.4%
	31,304	Atoss Software AG		6,468,470
	1,266,170	Bytes Technology Group PLC		7,705,731
	21,458	Esker SA		2,830,649
	974,041	Fortnox AB		5,184,779
	251,400	m-up Holdings, Inc.		2,151,408
	52,144	Mensch und Maschine Software SE		2,530,433
	268,532	Rakus Co. Ltd.		3,684,111
	815,664	Systena Corp.		1,466,041
	140,567	Text SA		4,669,723
	83,896	Vitec Software Group AB, Class B		3,934,860

				40,626,205


		Asset Management & Custody Banks 3.4%
	926,131	JTC PLC		8,189,563
	7,278,148	VEF AB*		1,450,016

				9,639,579


		Brewers 0.8%
	28,296	Royal Unibrew AS		2,185,312


		Commercial & Residential Mortgage Finance 3.7%
	251,970	Aavas Financiers Ltd.*		5,267,994
	807,508	Mortgage Advice Bureau Holdings Ltd.		5,280,889

				10,548,883


		Commodity Chemicals 2.6%
	524,042	Berger Paints India Ltd.		3,584,826
	74,867	Supreme Industries Ltd.		3,715,796

				7,300,622


		Construction & Engineering 3.1%
	2,070,675	Johns Lyng Group Ltd.		8,644,664


		Consumer Finance 2.7%
	101,612	Gruppo MutuiOnline SpA		2,680,361
	465,350	Premium Group Co. Ltd.		4,954,499

				7,634,860


		Data Processing & Outsourced Services 0.4%
	441,200	Infomart Corp.		1,183,110


		Diversified Support Services 6.0%
	590,400	Japan Elevator Service Holdings Co. Ltd.		8,647,995
	2,695,562	Johnson Service Group PLC		4,451,100
	914,837	Prestige International, Inc.		3,780,534

				16,879,629


Shares			Value


		Electrical Components & Equipment 4.4%
	976,836	DiscoverIE Group PLC	$	8,080,659
	87,631	Voltronic Power Technology Corp.		4,315,557

				12,396,216


		Electronic Equipment & Instruments 1.2%
	150,594	Nayax Ltd.*		3,487,789


		Food Retail 1.9%
	46,785	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		2,675,088
	2,429,800	Sheng Siong Group Ltd.		2,700,243

				5,375,331


		Health Care Services 3.5%
	137,489	Dr Lal PathLabs Ltd.		4,171,452
	933,763	Vijaya Diagnostic Centre Pvt. Ltd.		5,613,289

				9,784,741


		Health Care Technology 5.4%
	119,506	Nexus AG		6,509,439
	160,158	Pro Medicus Ltd.		8,546,059

				15,055,498


		Heavy Electrical Equipment 0.6%
	168,769	Elecon Engineering Co. Ltd.		1,567,618


		Hotels, Resorts & Cruise Lines 0.2%
	28,500	Temairazu, Inc.		480,323


		Human Resource & Employment Services 1.8%
	5,667	Benefit Systems SA		2,289,553
	161,662	SMS Co. Ltd.		2,747,277

				5,036,830


		Industrial Machinery & Supplies & Components 2.2%
	649,661	Elgi Equipments Ltd.		3,984,965
	100,380	GMM Pfaudler Ltd.		2,247,480

				6,232,445


		Interactive Media & Services 4.1%
	2,186,913	Baltic Classifieds Group PLC		5,203,092
	351,424	Hemnet Group AB		6,204,694

				11,407,786


		Investment Banking & Brokerage 1.7%
	447,492	AJ Bell PLC		1,498,183
	144,300	Strike Co. Ltd.		3,228,988

				4,727,171


		IT Consulting & Other Services 6.4%
	12,962	Adesso SE		1,400,842
	38,589	Aubay		1,579,257
	297,102	Avant Group Corp.		2,583,441
	98,289	Base Co. Ltd.		2,829,929
	156,653	Cigniti Technologies Ltd.		1,473,842
	95,223	Digital Value SpA		5,058,789
	1,947,576	Kin & Carta PLC*		1,969,901
	16,181	Nagarro SE*		1,167,293

				18,063,294


Wasatch International Opportunities Fund (WAIOX / WIIOX)		SEPTEMBER 30, 2023

Schedule of Investments (continued)


Shares			Value


		Life Sciences Tools & Services 1.2%
	137,800	Ergomed PLC*	$	2,259,314
	172,824	Tarsons Products Ltd.*		1,092,911

				3,352,225


		Metal, Glass & Plastic Containers 0.9%
	218,979	Mold-Tek Packaging Ltd.		2,409,265


		Movies & Entertainment 0.2%
	46,880	NexTone, Inc.*		541,433


		Other Specialty Retail 0.8%
	120,091	Musti Group Oyj*		2,280,716


		Packaged Foods & Meats 0.4%
	728,879	Cloetta AB, Class B		1,217,648


		Personal Care Products 1.2%
	431,912	Sarantis SA		3,356,297


		Pharmaceuticals 0.8%
	237,983	JCR Pharmaceuticals Co. Ltd.		2,375,444


		Property & Casualty Insurance 2.3%
	855,098	Qualitas Controladora SAB de CV		6,425,195


		Publishing 1.2%
	318,454	Future PLC		3,439,491


		Real Estate Services 0.6%
	29,544	AZOOM Co. Ltd.		1,616,663


		Regional Banks 2.2%
	109,911	EQB, Inc.		6,101,446


		Research & Consulting Services 6.2%
	8,037,618	CTOS Digital Bhd.		2,394,901
	82,015	Funai Soken Holdings, Inc.		1,430,956
	140,837	Management Solutions Co. Ltd.		2,640,255
	287,214	NICE Information Service Co. Ltd.		2,103,029
	635,800	SIGMAXYZ Holdings, Inc.		6,681,887
	369,247	Talenom Oyj		2,131,510

				17,382,538


		Restaurants 0.0%
	630,045	Patisserie Holdings PLC* *** ^§^§		7,687


		Semiconductor Materials & Equipment 2.2%
	549,059	Materials Analysis Technology, Inc.		4,498,467
	25,875	Tokai Carbon Korea Co. Ltd.		1,810,690

				6,309,157


		Semiconductors 2.9%
	44,772	Elmos Semiconductor SE		3,011,737
	45,212	LEENO Industrial, Inc.		5,144,911

				8,156,648


Shares			Value


		Systems Software 0.3%
	39,655	TECSYS, Inc.	$	817,478


		Trading Companies & Distributors 0.8%
	421,431	Ashtead Technology Holdings PLC		2,247,001


		Total Common Stocks (cost $245,832,122)		279,726,273


		Total Investments (cost $245,832,122) 99.5%^§		279,726,273

		Other Assets less Liabilities 0.5%		1,541,992


		Net Assets 100.0%	$	281,268,265


		Non-income producing. **Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 12, as applicable. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 69.86%. ^§^§The aggregate value of illiquid holdings at September 30, 2023 amounted to approximately $7,687 and represented 0.00% of net assets.

		See Notes to Financial Statements.

At September 30, 2023, Wasatch International Opportunities Fund’s investments were in the following countries (unaudited):


Country	%
Australia		6.1
Canada		2.5
Denmark		0.8
Finland		1.6
France		1.6
Germany		7.5
Greece		1.2
India		12.5
Israel		2.2
Italy		2.8
Japan		20.5
Malaysia		0.8
Mexico		2.3
Poland		2.5
Singapore		1.0
South Korea		3.2
Sweden		6.4
Taiwan		4.6
United Kingdom		19.9

TOTAL		100.0	%


Wasatch International Select Fund (WAISX / WGISX)		SEPTEMBER 30, 2023

Schedule of Investments


Shares			Value


		COMMON STOCKS 98.6%

		Aerospace & Defense 5.1%
	8,703	CAE, Inc.*	$	203,182


		Apparel, Accessories & Luxury Goods 4.3%
	94	Hermes International SCA		171,346


		Application Software 12.4%
	4,502	Dassault Systemes SE		167,215
	2,526	Descartes Systems Group, Inc.*		185,398
	2,021	Xero Ltd.*		145,346

				497,959


		Asset Management & Custody Banks 3.5%
	125	Partners Group Holding AG		140,324


		Broadline Retail 4.1%
	2,381	Dollarama, Inc.		164,045


		Building Products 6.5%
	8,485	Assa Abloy AB, Class B		184,367
	1,015	Kingspan Group PLC		75,804

				260,171


		Drug Retail 4.5%
	4,500	Sugi Holdings Co. Ltd.		178,747


		Electronic Equipment & Instruments 3.8%
	6,387	Halma PLC		150,482


		Health Care Equipment 2.5%
	1,088	DiaSorin SpA		99,076


		Health Care Supplies 3.1%
	1,181	Coloplast AS, Class B		124,970


		Health Care Technology 3.6%
	4,001	JMDC, Inc.		145,135


		Hotels, Resorts & Cruise Lines 4.4%
	2,928	Amadeus IT Group SA		176,859


		Industrial Machinery & Supplies & Components 3.2%
	202	Rational AG		127,806


		Interactive Media & Services 9.5%
	1,612	REA Group Ltd.		159,205
	3,180	Scout24 SE		220,497

				379,702


		IT Consulting & Other Services 7.5%
	2,351	Endava PLC, ADR*		134,830
	1,100	Obic Co. Ltd.		166,672

				301,502


		Life Sciences Tools & Services 3.9%
	637	ICON PLC*		156,861


Shares			Value


		Real Estate Services 4.8%
	1,328	FirstService Corp.	$	193,160


		Research & Consulting Services 5.2%
	6,300	BayCurrent Consulting, Inc.		209,934


		Trading Companies & Distributors 2.4%
	9,200	MonotaRO Co. Ltd.		98,083


		Transaction & Payment Processing Services 4.3%
	93	Adyen NV*		68,953
	1,900	GMO Payment Gateway, Inc.		103,671

				172,624


		Total Common Stocks (cost $3,998,692)		3,951,968


		Total Investments (cost $3,998,692) 98.6%^§		3,951,968

		Other Assets less Liabilities 1.4%		54,376


		Net Assets 100.0%	$	4,006,344


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 72.75%. ADR American Depositary Receipt.

		See Notes to Financial Statements.

At September 30, 2023, Wasatch International Select Fund’s investments were in the following countries (unaudited):


Country	%
Australia		7.7
Canada		18.9
Denmark		3.2
France		8.6
Germany		8.8
Ireland		5.9
Italy		2.5
Japan		22.8
Netherlands		1.7
Spain		4.5
Sweden		4.7
Switzerland		3.5
United Kingdom		7.2

TOTAL		100.0	%


Wasatch Long/Short Alpha Fund (WALSX / WGLSX)

Schedule of Investments


Shares			Value


		COMMON STOCKS 111.7%

		Apparel Retail 1.3%
	19,106	Shoe Carnival, Inc.	$	459,117


		Application Software 11.5%
	10,311	Five9, Inc.*		662,997
	9,788	Guidewire Software, Inc.* ††		880,920
	1,585	HubSpot, Inc.* ††		780,613
	1,974	Roper Technologies, Inc.††		955,969
	3,237	Workday, Inc., Class A* ††		695,469

				3,975,968


		Asset Management & Custody Banks 2.7%
	10,152	Hamilton Lane, Inc., Class A††		918,147


		Automotive Retail 1.8%
	19,230	Valvoline, Inc.		619,975


		Biotechnology 1.9%
	43,855	Atara Biotherapeutics, Inc.*		64,905
	69,480	C4 Therapeutics, Inc.*		129,233
	4,409	Kymera Therapeutics, Inc.* ††		61,285
	20,031	Nkarta, Inc.*		27,843
	14,331	Nurix Therapeutics, Inc.*		112,642
	179,325	Sangamo Therapeutics, Inc.*		107,559
	13,315	Viking Therapeutics, Inc.* ††		147,397

				650,864


		Broadcasting 1.8%
	41,892	TEGNA, Inc.††		610,366


		Building Products 1.5%
	8,404	Trex Co., Inc.* ††		517,939


		Casinos & Gaming 0.8%
	9,992	NeoGames SA*		269,784


		Consumer Finance 1.5%
	63,216	EZCORP, Inc., Class A*		521,532


		Data Processing & Outsourced Services 2.4%
	10,182	Concentrix Corp.††		815,680


		Distributors 3.3%
	3,157	Pool Corp.††		1,124,208


		Electronic Equipment & Instruments 1.9%
	9,443	Cognex Corp.††		400,761
	1,820	Novanta, Inc.* ††		261,061

				661,822


		Electronic Manufacturing Services 2.3%
	4,695	Fabrinet*		782,281


		Financial Exchanges & Data 4.8%
	4,229	MarketAxess Holdings, Inc.††		903,484
	3,172	Morningstar, Inc.††		743,009

				1,646,493


Shares			Value


		Health Care Equipment 4.1%
	4,908	Inspire Medical Systems, Inc.* ††	$	973,943
	28,938	Silk Road Medical, Inc.* ††		433,781

				1,407,724


		Health Care Facilities 3.1%
	11,451	Ensign Group, Inc.††		1,064,141


		Health Care Services 3.6%
	7,569	Addus HomeCare Corp.* ††		644,803
	53,058	Pennant Group, Inc.*		590,536

				1,235,339


		Health Care Supplies 2.1%
	4,546	UFP Technologies, Inc.* ††		733,952


		Home Improvement Retail 2.2%
	8,386	Floor & Decor Holdings, Inc., Class A* ††		758,933


		Homebuilding 2.5%
	13,582	Skyline Champion Corp.* ††		865,445


		Human Resource & Employment Services 3.2%
	6,081	Paylocity Holding Corp.* ††		1,104,918


		Industrial Machinery & Supplies & Components 7.2%
	5,346	Kadant, Inc.††		1,205,790
	5,430	RBC Bearings, Inc.* ††		1,271,326

				2,477,116


		Investment Banking & Brokerage 1.6%
	12,361	Moelis & Co., Class A††		557,852


		IT Consulting & Other Services 4.4%
	4,978	Globant SA* ††		984,897
	44,367	Grid Dynamics Holdings, Inc.*		540,390

				1,525,287


		Leisure Products 3.4%
	16,469	Vista Outdoor, Inc.*		545,453
	12,771	YETI Holdings, Inc.* ††		615,818

				1,161,271


		Life Sciences Tools & Services 2.8%
	3,950	Medpace Holdings, Inc.* ††		956,414


		Managed Health Care 4.0%
	19,144	HealthEquity, Inc.* ††		1,398,469


		Multi-Sector Holdings 1.0%
	18,607	Cannae Holdings, Inc.* ††		346,834


		Oil & Gas Equipment & Services 2.0%
	13,767	Cactus, Inc., Class A††		691,241


		Oil & Gas Exploration & Production 2.2%
	32,716	Magnolia Oil & Gas Corp., Class A††		749,524


		Other Specialty Retail 2.4%
	5,180	Five Below, Inc.* ††		833,462


Wasatch Long/Short Alpha Fund (WALSX / WGLSX)		SEPTEMBER 30, 2023

Schedule of Investments (continued)


Shares				Value


			Packaged Foods & Meats 1.4%
	7,559		Freshpet, Inc.* ††	$	497,987


			Pharmaceuticals 3.3%
	143,726		Esperion Therapeutics, Inc.*		140,852
	19,093		Intra-Cellular Therapies, Inc.* ††		994,554

					1,135,406


			Property & Casualty Insurance 1.7%
	10,625		Axis Capital Holdings Ltd.††		598,931


			Regional Banks 2.4%
	22,068		Bank OZK††		818,061


			Research & Consulting Services 2.8%
	8,066		ICF International, Inc.††		974,453


			Semiconductors 2.4%
	1,811		Monolithic Power Systems, Inc.††		836,682


			Specialty Chemicals 2.9%
	9,860		Innospec, Inc.††		1,007,692


			Trading Companies & Distributors 2.2%
	7,744		Transcat, Inc.* ††		758,680


			Transaction & Payment Processing Services 1.3%
	10,159		Block, Inc.* ††		449,637


			Total Common Stocks (cost $38,487,647)		38,519,627


			COMMON STOCKS SOLD SHORT (32.4%)

			Aerospace & Defense 0.7%
	(15,295	)	Spirit AeroSystems Holdings, Inc., Class A*		(246,861	)


			Alternative Carriers 0.7%
	(170,886	)	Globalstar, Inc.*		(223,861	)


			Aluminum 0.6%
	(29,376	)	Century Aluminum Co.*		(211,213	)


			Application Software 2.6%
	(11,248	)	Alteryx, Inc., Class A*		(423,937	)
	(18,610	)	Domo, Inc., Class B*		(182,564	)
	(4,951	)	Nutanix, Inc., Class A*		(172,691	)
	(20,371	)	Yext, Inc.*		(128,948	)

					(908,140	)


			Asset Management & Custody Banks 0.6%
	(2,129	)	Ares Management Corp., Class A		(219,010	)


			Biotechnology 0.4%
	(833	)	Karuna Therapeutics, Inc.*		(140,852	)


			Broadcasting 0.6%
	(61,630	)	iHeartMedia, Inc., Class A*		(194,751	)


Shares				Value


			Building Products 0.5%
	(11,690	)	JELD-WEN Holding, Inc.*	$	(156,178	)


			Commercial & Residential Mortgage Finance 0.7%
	(19,905	)	TFS Financial Corp.		(235,277	)


			Commercial Printing 0.4%
	(7,447	)	Deluxe Corp.		(140,674	)


			Commodity Chemicals 0.3%
	(17,574	)	PureCycle Technologies, Inc.*		(98,590	)


			Electrical Components & Equipment 1.2%
	(16,216	)	Plug Power, Inc.*		(123,242	)
	(28,710	)	Stem, Inc.*		(121,730	)
	(13,114	)	Sunrun, Inc.*		(164,712	)

					(409,684	)


			Electronic Equipment & Instruments 0.7%
	(85,305	)	SmartRent, Inc.*		(222,646	)


			Health Care Equipment 2.4%
	(8,402	)	Alphatec Holdings, Inc.*		(108,974	)
	(16,926	)	Nevro Corp.*		(325,318	)
	(27,365	)	Pulmonx Corp.*		(282,680	)
	(35,442	)	Sight Sciences, Inc.*		(119,440	)

					(836,412	)


			Health Care REITs 0.7%
	(3,019	)	Welltower, Inc.		(247,316	)


			Health Care Technology 0.6%
	(181,668	)	American Well Corp., Class A*		(212,551	)


			Heavy Electrical Equipment 0.6%
	(14,899	)	Bloom Energy Corp., Class A*		(197,561	)


			Hotel & Resort REITs 0.4%
	(11,702	)	Park Hotels & Resorts, Inc.		(144,169	)


			Hotels, Resorts & Cruise Lines 0.8%
	(1,287	)	Hyatt Hotels Corp., Class A		(136,525	)
	(19,749	)	Lindblad Expeditions Holdings, Inc.*		(142,193	)

					(278,718	)


			Human Resource & Employment Services 1.0%
	(5,114	)	Ceridian HCM Holding, Inc.*		(346,985	)


			Interactive Home Entertainment 0.8%
	(9,823	)	ROBLOX Corp., Class A*		(284,474	)


			Interactive Media & Services 0.6%
	(99,158	)	Angi, Inc.*		(196,333	)


			Life Sciences Tools & Services 1.6%
	(219	)	Mettler-Toledo International, Inc.*		(242,667	)
	(2,772	)	Revvity, Inc.		(306,861	)

					(549,528	)


Wasatch Long/Short Alpha Fund (WALSX / WGLSX)		SEPTEMBER 30, 2023

Schedule of Investments (continued)


Shares				Value


			Mortgage REITs 1.0%
	(25,448	)	Chimera Investment Corp.	$	(138,946	)
	(23,412	)	Rithm Capital Corp.		(217,497	)

					(356,443	)


			Movies & Entertainment 0.8%
	(13,807	)	Endeavor Group Holdings, Inc., Class A		(274,759	)


			Multi-Family Residential REITs 0.5%
	(13,719	)	Elme Communities		(187,127	)


			Multi-Utilities 0.3%
	(3,188	)	CenterPoint Energy, Inc.		(85,598	)


			Oil & Gas Refining & Marketing 0.3%
	(2,651	)	Par Pacific Holdings, Inc.*		(95,277	)


			Other Specialty Retail 0.7%
	(42,121	)	Leslie’s, Inc.*		(238,405	)


			Packaged Foods & Meats 0.2%
	(646	)	J M Smucker Co.		(79,400	)


			Passenger Airlines 0.7%
	(21,325	)	Hawaiian Holdings, Inc.*		(134,987	)
	(16,688	)	Joby Aviation, Inc.*		(107,638	)

					(242,625	)


			Personal Care Products 0.7%
	(22,725	)	Coty, Inc., Class A*		(249,293	)


			Pharmaceuticals 0.6%
	(21,731	)	Viatris, Inc.		(214,268	)


			Real Estate Development 0.7%
	(3,323	)	Howard Hughes Holdings, Inc.*		(246,334	)


			Regional Banks 0.7%
	(15,303	)	CVB Financial Corp.		(253,571	)


			Research & Consulting Services 0.8%
	(27,834	)	Dun & Bradstreet Holdings, Inc.		(278,062	)


			Restaurants 0.9%
	(27,411	)	Sweetgreen, Inc., Class A*		(322,079	)


			Semiconductors 0.9%
	(28,494	)	SkyWater Technology, Inc.*		(171,534	)
	(3,717	)	Wolfspeed, Inc.*		(141,618	)

					(313,152	)


Shares				Value


			Telecom Tower REITs 0.8%
	(1,406	)	SBA Communications Corp.	$	(281,439	)


			Trading Companies & Distributors 1.1%
	(6,196	)	FTAI Aviation Ltd.		(220,268	)
	(8,505	)	Xometry, Inc., Class A*		(144,415	)

					(364,683	)


			Transaction & Payment Processing Services 0.6%
	(9,751	)	Affirm Holdings, Inc.*		(207,404	)


			Water Utilities 0.6%
	(4,084	)	California Water Service Group		(193,214	)


			Total Investments Sold Short (proceeds $14,247,432)(32.4%)		(11,184,917	)


			Total Investments, Net of Investments Sold Short (cost $24,240,215) 79.3%		27,334,710


			Other Assets less Liabilities 20.7%		7,139,561


			Net Assets 100.0%	$	34,474,271


			*Non-income producing. ††All or a portion of this security has been designated as collateral for short sales. REIT Real Estate Investment Trust.

			See Notes to Financial Statements.

At September 30, 2023, Wasatch Long/Short Alpha Fund’s investments, excluding securities sold short were in the following countries (unaudited):


Country	%
Israel		0.7
United States		99.3

TOTAL		100.0	%


Wasatch Micro Cap Fund (WMICX / WGICX)		SEPTEMBER 30, 2023

Schedule of Investments


Shares			Value


		COMMON STOCKS 95.5%

		Advertising 0.8%
	256,928	Thryv Holdings, Inc.*	$	4,822,539


		Aerospace & Defense 0.9%
	124,023	Ducommun, Inc.*		5,396,241


		Apparel Retail 2.1%
	148,263	Boot Barn Holdings, Inc.*		12,037,473


		Application Software 8.1%
	210,175	Agilysys, Inc.*		13,905,178
	717,416	Applied Digital Corp.*		4,476,676
	466,987	CS Disco, Inc.*		3,100,794
	586,589	Enfusion, Inc., Class A*		5,261,703
	229,874	Q2 Holdings, Inc.*		7,418,034
	118,543	Sprout Social, Inc., Class A*		5,912,925
	858,875	Weave Communications, Inc.*		6,999,831

				47,075,141


		Asset Management & Custody Banks 1.3%
	968,689	GCM Grosvenor, Inc., Class A		7,517,027


		Automotive Parts & Equipment 3.9%
	105,301	Patrick Industries, Inc.		7,903,893
	193,420	XPEL, Inc.*		14,914,616

				22,818,509


		Biotechnology 2.7%
	803,916	Allovir, Inc.*		1,728,419
	340,062	Atara Biotherapeutics, Inc.*		503,292
	511,415	BriaCell Therapeutics Corp.*		3,196,344
	609,978	BriaPro Therapeutics Corp.* *** ^†		24,399
	83,578	Denali Therapeutics, Inc.*		1,724,214
	140,110	Dyne Therapeutics, Inc.*		1,255,386
	118,822	Kymera Therapeutics, Inc.*		1,651,626
	368,325	MacroGenics, Inc.*		1,716,394
	276,809	Nurix Therapeutics, Inc.*		2,175,719
	1,180,362	Sangamo Therapeutics, Inc.*		707,981
	100,595	Viking Therapeutics, Inc.*		1,113,587

				15,797,361


		Building Products 3.4%
	55,256	CSW Industrials, Inc.		9,683,062
	955,159	Janus International Group, Inc.*		10,220,201

				19,903,263


		Construction & Engineering 3.2%
	520,267	Construction Partners, Inc., Class A*		19,020,962


		Consumer Finance 1.5%
	1,044,587	EZCORP, Inc., Class A*		8,617,843


		Data Processing & Outsourced Services 0.9%
	484,888	TaskUS, Inc., Class A*		5,033,137


		Distillers & Vintners 0.1%
	843,723	Vintage Wine Estates, Inc.*		480,078


Shares			Value


		Electrical Components & Equipment 1.6%
	306,623	Allient, Inc.	$	9,480,783


		Electronic Equipment & Instruments 3.4%
	287,582	Napco Security Technologies, Inc.		6,398,699
	494,256	nLight, Inc.*		5,140,262
	68,740	OSI Systems, Inc.*		8,114,070

				19,653,031


		Financial Exchanges & Data 1.0%
	821,455	Open Lending Corp., Class A*		6,013,051


		Health Care Equipment 1.9%
	373,285	Paragon 28, Inc.*		4,684,727
	416,526	Silk Road Medical, Inc.*		6,243,724

				10,928,451


		Health Care Services 5.2%
	197,022	Addus HomeCare Corp.*		16,784,304
	309,055	Castle Biosciences, Inc.*		5,219,939
	763,917	Pennant Group, Inc.*		8,502,396

				30,506,639


		Health Care Supplies 3.1%
	197,005	OrthoPediatrics Corp.*		6,304,160
	75,161	UFP Technologies, Inc.*		12,134,743

				18,438,903


		Health Care Technology 1.4%
	191,027	Simulations Plus, Inc.		7,965,826


		Home Furnishings 0.5%
	1,636,593	Purple Innovation, Inc.		2,798,574


		Homebuilding 1.2%
	309,073	Dream Finders Homes, Inc., Class A*		6,870,693


		Human Resource & Employment Services 1.8%
	510,014	Asure Software, Inc.*		4,824,732
	497,674	DLH Holdings Corp.*		5,807,856

				10,632,588


		Industrial Machinery & Supplies & Components 6.9%
	170,764	Helios Technologies, Inc.		9,473,987
	77,524	Kadant, Inc.		17,485,538
	368,678	Kornit Digital Ltd.*		6,971,701
	4,363,506	Markforged Holding Corp.*		6,327,084

				40,258,310


		Insurance Brokers 1.9%
	151,381	Goosehead Insurance, Inc., Class A*		11,282,426


		Internet Services & Infrastructure 1.3%
	774,572	BigCommerce Holdings, Inc., Series 1*		7,645,026


		IT Consulting & Other Services 2.3%
	1,083,810	Grid Dynamics Holdings, Inc.*		13,200,806


Wasatch Micro Cap Fund (WMICX / WGICX)		SEPTEMBER 30, 2023

Schedule of Investments (continued)


Shares			Value


		Leisure Facilities 1.4%
	523,749	Xponential Fitness, Inc., Class A*	$	8,118,110


		Leisure Products 1.1%
	282,720	MasterCraft Boat Holdings, Inc.*		6,282,038


		Life Sciences Tools & Services 0.3%
	524,247	Inotiv, Inc.*		1,614,681


		Oil & Gas Equipment & Services 2.4%
	573,987	DMC Global, Inc.*		14,045,462


		Packaged Foods & Meats 1.5%
	134,232	Freshpet, Inc.*		8,843,204


		Pharmaceuticals 0.7%
	72,301	Arvinas, Inc.*		1,419,992
	1,495,196	Esperion Therapeutics, Inc.*		1,465,292
	7,810,171	PharmaCielo Ltd.*		1,150,034

				4,035,318


		Regional Banks 3.1%
	391,029	Esquire Financial Holdings, Inc.		17,866,115


		Research & Consulting Services 2.5%
	120,054	ICF International, Inc.		14,503,724


		Restaurants 2.4%
	223,147	Chuy’s Holdings, Inc.*		7,939,570
	89,725	Kura Sushi USA, Inc., Class A*		5,932,617

				13,872,187


		Semiconductor Materials & Equipment 5.8%
	106,402	Nova Ltd.*		11,963,841
	254,935	PDF Solutions, Inc.*		8,259,894
	492,942	Veeco Instruments, Inc.*		13,856,599

				34,080,334


		Semiconductors 2.8%
	141,460	Impinj, Inc.*		7,784,544
	76,073	SiTime Corp.*		8,691,340

				16,475,884


		Soft Drinks & Non-Alcoholic Beverages 1.1%
	257,075	Vita Coco Co., Inc.*		6,694,233


		Systems Software 2.9%
	68,101	CyberArk Software Ltd.*		11,152,901
	127,550	Rapid7, Inc.*		5,839,239

				16,992,140


		Trading Companies & Distributors 2.9%
	175,285	Transcat, Inc.*		17,172,671


		Transaction & Payment Processing Services 2.2%
	1,499,417	Cantaloupe, Inc.*		9,371,356
	892,711	Payfare, Inc.*		3,555,727

				12,927,083


		Total Common Stocks (cost $533,639,549)		557,717,865


Shares			Value


		PREFERRED STOCKS 1.4%

		Textiles 1.4%
	339,559	Johnnie-O Holdings, Inc., Series A Pfd.* *** †	$	8,292,031


		Total Preferred Stocks (cost $10,000,013)		8,292,031


		WARRANTS 0.1%

		Pharmaceuticals 0.1%
	1,202,790	Esperion Therapeutics, Inc., expiring 9/22/2026* *** †		192,446
	45,000	IM Cannabis Corp., expiring 5/7/2026* *** †		—

				192,446


		Total Warrants (cost $1,230,197)		192,446


		Total Investments (cost $544,869,759) 97.0%		566,202,342

		Other Assets less Liabilities 3.0%		17,752,642


		Net Assets 100.0%	$	583,954,984

		Non-income producing. **Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 12, as applicable. †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at September 30, 2023 amounted to approximately $8,508,876 and represented 1.46% of net assets.

		See Notes to Financial Statements.

At September 30, 2023, Wasatch Micro Cap Fund’s investments were in the following countries (unaudited):


Country	%
Canada		1.4
Israel		5.3
United States		93.3

TOTAL		100.0	%


Wasatch Micro Cap Value Fund (WAMVX / WGMVX)		SEPTEMBER 30, 2023

Schedule of Investments


Shares			Value


		COMMON STOCKS 96.2%

		Aerospace & Defense 0.9%
	59,266	Ducommun, Inc.*	$	2,578,664


		Agricultural Products & Services 0.2%
	63,383	Winfarm SAS*		536,093


		Air Freight & Logistics 1.0%
	495,000	Radiant Logistics, Inc.*		2,796,750


		Apparel Retail 0.9%
	103,000	Shoe Carnival, Inc.		2,475,090


		Application Software 3.7%
	144,000	Fund Technologies PLC*		2,564,493
	197,942	Red Violet, Inc.*		3,960,819
	459,000	Weave Communications, Inc.*		3,740,850

				10,266,162


		Asset Management & Custody Banks 0.8%
	637,021	Fiducian Group Ltd.		2,319,000


		Automotive Parts & Equipment 0.9%
	33,000	Patrick Industries, Inc.		2,476,980


		Automotive Retail 0.7%
	439,000	CarParts.com, Inc.*		1,808,680


		Casinos & Gaming 0.8%
	518,000	Full House Resorts, Inc.*		2,211,860


		Commercial & Residential Mortgage Finance 1.0%
	407,262	Mortgage Advice Bureau Holdings Ltd.		2,663,386


		Communications Equipment 3.6%
	136,614	Digi International, Inc.*		3,688,578
	349,500	Harmonic, Inc.*		3,365,685
	687,000	Lantronix, Inc.*		3,057,150

				10,111,413


		Construction & Engineering 5.4%
	128,000	Bowman Consulting Group Ltd.*		3,587,840
	175,000	Construction Partners, Inc., Class A*		6,398,000
	66,739	Sterling Infrastructure, Inc.*		4,903,982

				14,889,822


		Consumer Finance 1.7%
	554,614	EZCORP, Inc., Class A*		4,575,565


		Diversified Metals & Mining 0.8%
	773,000	Foran Mining Corp.*		2,111,415


		Diversified Real Estate Activities 1.2%
	137,000	RMR Group, Inc., Class A		3,359,240


Shares			Value


		Diversified Support Services 1.2%
	2,026,000	Johnson Service Group PLC	$	3,345,473


		Electrical Components & Equipment 1.0%
	87,000	Allient, Inc.		2,690,040


		Electronic Equipment & Instruments 1.5%
	336,966	Luna Innovations, Inc.*		1,974,621
	100,653	Napco Security Technologies, Inc.		2,239,529

				4,214,150


		Electronic Manufacturing Services 1.3%
	127,691	Kimball Electronics, Inc.*		3,496,180


		Environmental & Facilities Services 1.0%
	274,000	Aris Water Solutions, Inc., Class A		2,734,520


		Food Distributors 1.1%
	144,317	Chefs’ Warehouse, Inc.*		3,056,634


		Food Retail 1.4%
	136,000	Halows Co. Ltd.		3,823,271


		Health Care Equipment 1.3%
	482,557	Biomerica, Inc.*		414,082
	108,000	Inmode Ltd.*		3,289,680

				3,703,762


		Health Care Services 6.5%
	48,000	Addus HomeCare Corp.*		4,089,120
	130,600	Cross Country Healthcare, Inc.*		3,237,574
	390,700	InfuSystem Holdings, Inc.*		3,766,348
	282,000	Pennant Group, Inc.*		3,138,660
	541,000	Viemed Healthcare, Inc.*		3,640,930

				17,872,632


		Health Care Supplies 1.0%
	89,000	OrthoPediatrics Corp.*		2,848,000


		Health Care Technology 3.1%
	528,000	Instem PLC*		5,363,071
	61,155	Nexus AG		3,331,086

				8,694,157


		Homebuilding 3.3%
	144,000	Skyline Champion Corp.*		9,175,681


		Industrial Machinery & Supplies & Components 3.8%
	182,000	Graham Corp.*		3,021,200
	34,000	John Bean Technologies Corp.		3,574,760
	15,000	Kadant, Inc.		3,383,250
	36,000	Kornit Digital Ltd.*		680,760

				10,659,970


Wasatch Micro Cap Value Fund (WAMVX / WGMVX)

Schedule of Investments (continued)


Shares			Value


		Integrated Telecommunication Services 0.8%
	167,332	Ooma, Inc.*	$	2,176,989


		Internet Services & Infrastructure 1.4%
	387,000	BigCommerce Holdings, Inc., Series 1*		3,819,690


		Investment Banking & Brokerage 1.8%
	268,000	JDC Group AG*		4,901,834


		IT Consulting & Other Services 1.5%
	350,200	Grid Dynamics Holdings, Inc.*		4,265,436


		Life Sciences Tools & Services 1.7%
	254,000	Ergomed PLC*		4,164,482
	162,234	Inotiv, Inc.*		499,681

				4,664,163


		Mortgage REITs 0.6%
	146,000	AFC Gamma, Inc.		1,714,040


		Movies & Entertainment 0.4%
	758,300	Thunderbird Entertainment Group, Inc.*		1,194,745


		Oil & Gas Exploration & Production 1.2%
	201,000	HighPeak Energy, Inc.		3,392,880


		Packaged Foods & Meats 3.6%
	366,000	Hilton Food Group PLC		3,190,886
	1,707,000	LT Foods Ltd.		3,410,495
	779,000	Mama’s Creations, Inc.*		3,404,230

				10,005,611


		Pharmaceuticals 2.2%
	566,000	Biote Corp., Class A*		2,897,920
	213,685	Harrow, Inc.*		3,070,653

				5,968,573


		Property & Casualty Insurance 3.7%
	82,000	HCI Group, Inc.		4,451,780
	339,000	Kingsway Financial Services, Inc.*		2,559,450
	120,033	Skyward Specialty Insurance Group, Inc.*		3,284,103

				10,295,333


		Publishing 1.0%
	74,000	Scholastic Corp.		2,822,360


		Regional Banks 5.8%
	108,000	Axos Financial, Inc.*		4,088,880
	144,000	California BanCorp*		2,894,400
	143,000	Esquire Financial Holdings, Inc.		6,533,670
	136,000	First Western Financial, Inc.*		2,468,400

				15,985,350


Shares			Value


		Research & Consulting Services 3.0%
	49,000	ICF International, Inc.	$	5,919,690
	2,129,000	Knights Group Holdings PLC		2,436,542

				8,356,232


		Restaurants 1.1%
	252,000	GEN Restaurant Group, Inc.* ^{‡^‡}		2,933,280


		Semiconductor Materials & Equipment 1.9%
	187,445	Veeco Instruments, Inc.*		5,269,079


		Semiconductors 2.8%
	68,000	Impinj, Inc.*		3,742,040
	35,163	SiTime Corp.*		4,017,373

				7,759,413


		Specialized Finance 1.0%
	95,000	A-Mark Precious Metals, Inc.		2,786,350


		Steel 1.2%
	70,000	Haynes International, Inc.		3,256,400


		Systems Software 1.5%
	92,600	Rapid7, Inc.*		4,239,228


		Technology Distributors 0.0%
	2,572	Climb Global Solutions, Inc.		110,622


		Trading Companies & Distributors 5.1%
	142,948	ADENTRA, Inc.		3,228,894
	111,000	Global Industrial Co.		3,718,500
	162,000	Karat Packaging, Inc.		3,735,720
	284,800	NOW, Inc.*		3,380,576

				14,063,690


		Transaction & Payment Processing Services 0.9%
	118,000	i3 Verticals, Inc., Class A*		2,494,520


		Water Utilities 0.9%
	84,000	Consolidated Water Co. Ltd.		2,388,960


		Total Common Stocks (cost $221,573,785)		266,359,368


		LIMITED LIABILITY COMPANY MEMBERSHIP INTEREST 0.0%

		Pharmaceuticals 0.0%
	50,528	Regenacy Pharmaceuticals LLC* *** †		505


		Total Limited Liability Company Membership Interest (cost $30,001)		505


Wasatch Micro Cap Value Fund (WAMVX / WGMVX)		SEPTEMBER 30, 2023

Schedule of Investments (continued)


Shares			Value


		WARRANTS 0.0%

		Trading Companies & Distributors 0.0%
	1,447	Greenlane Holdings, Inc., expiring 2/24/2026* *** †	$	—


		Total Warrants (cost $396,902)		—


		Total Investments (cost $222,000,688) 96.2%^§		266,359,873

		Other Assets less Liabilities 3.8%		10,633,491


		Net Assets 100.0%	$	276,993,364


		Non-income producing. **Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 12, as applicable. †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at September 30, 2023 amounted to approximately $505 and represented 0.00% of net assets. ‡‡Affiliated company (see Note 8). ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 9.44%. REIT Real Estate Investment Trust.

		See Notes to Financial Statements.

At September 30, 2023, Wasatch Micro Cap Value Fund’s investments were in the following countries (unaudited):


Country	%
Australia		0.9
Canada		2.4
France		0.2
Germany		3.1
India		1.3
Israel		1.5
Japan		1.4
United Kingdom		8.9
United States		80.3

TOTAL		100.0	%


Wasatch Small Cap Growth Fund (WAAEX / WIAEX)

Schedule of Investments


Shares			Value


		COMMON STOCKS 97.1%

		Apparel Retail 2.4%
	628,294	Boot Barn Holdings, Inc.*	$	51,011,190


		Application Software 6.7%
	1,825,627	Clearwater Analytics Holdings, Inc., Class A*		35,307,626
	534,205	Five9, Inc.*		34,349,382
	1,054,766	nCino, Inc.*		33,541,559
	768,815	Sprout Social, Inc., Class A*		38,348,492

				141,547,059


		Asset Management & Custody Banks 2.7%
	1,808,043	StepStone Group, Inc., Class A		57,097,998


		Automotive Parts & Equipment 5.4%
	615,201	Fox Factory Holding Corp.*		60,954,115
	670,618	XPEL, Inc.*		51,711,354

				112,665,469


		Biotechnology 0.9%
	2,375,642	Allovir, Inc.*		5,107,631
	1,573,492	Atara Biotherapeutics, Inc.*		2,328,768
	101,738	Kymera Therapeutics, Inc.*		1,414,158
	415,441	Nkarta, Inc.*		577,463
	898,101	Nurix Therapeutics, Inc.*		7,059,074
	2,685,382	Sangamo Therapeutics, Inc.*		1,610,692

				18,097,786


		Broadline Retail 3.9%
	651,845	Global-e Online Ltd.*		25,904,320
	721,051	Ollie’s Bargain Outlet Holdings, Inc.*		55,650,716

				81,555,036


		Building Products 3.6%
	608,614	AAON, Inc.		34,611,878
	1,373,067	AZEK Co., Inc.*		40,835,013

				75,446,891


		Distillers & Vintners 0.1%
	3,047,336	Vintage Wine Estates, Inc.* ^{‡^‡}		1,733,934


		Financial Exchanges & Data 0.7%
	2,029,469	Open Lending Corp., Class A*		14,855,713


		Health Care Equipment 3.8%
	438,784	Axonics, Inc.*		24,624,558
	212,562	Inspire Medical Systems, Inc.*		42,180,804
	902,174	Silk Road Medical, Inc.*		13,523,588

				80,328,950


		Health Care Facilities 4.1%
	933,823	Ensign Group, Inc.		86,780,171


		Health Care Services 0.7%
	824,664	Castle Biosciences, Inc.*		13,928,575


		Health Care Supplies 2.1%
	2,321,311	Neogen Corp.*		43,037,106


Shares			Value


		Home Improvement Retail 2.3%
	540,117	Floor & Decor Holdings, Inc., Class A*	$	48,880,588


		Homebuilding 2.0%
	420,489	LGI Homes, Inc.*		41,834,451


		Human Resource & Employment Services 2.9%
	340,384	Paylocity Holding Corp.*		61,847,773


		Industrial Machinery & Supplies & Components 7.0%
	793,052	Helios Technologies, Inc.		43,998,525
	821,290	Kornit Digital Ltd.*		15,530,594
	372,165	RBC Bearings, Inc.*		87,134,991

				146,664,110


		Insurance Brokers 2.0%
	554,516	Goosehead Insurance, Inc., Class A*		41,328,077


		IT Consulting & Other Services 4.8%
	313,027	Globant SA*		61,932,392
	3,257,401	Grid Dynamics Holdings, Inc.*		39,675,144

				101,607,536


		Leisure Products 2.8%
	1,217,048	YETI Holdings, Inc.*		58,686,055


		Life Sciences Tools & Services 3.3%
	286,434	Medpace Holdings, Inc.*		69,354,264


		Managed Health Care 3.8%
	1,084,172	HealthEquity, Inc.*		79,198,765


		Other Specialty Retail 2.5%
	325,686	Five Below, Inc.*		52,402,877


		Packaged Foods & Meats 1.1%
	357,818	Freshpet, Inc.*		23,573,050


		Personal Care Products 3.3%
	1,693,405	BellRing Brands, Inc.*		69,819,088


		Pharmaceuticals 1.7%
	1,654,642	Esperion Therapeutics, Inc.*		1,621,549
	671,903	Intra-Cellular Therapies, Inc.*		34,999,427

				36,620,976


		Regional Banks 3.0%
	942,039	Pinnacle Financial Partners, Inc.		63,154,295


		Restaurants 1.0%
	350,362	Shake Shack, Inc., Class A*		20,345,521


		Semiconductor Materials & Equipment 3.6%
	675,412	Nova Ltd.*		75,943,325


		Semiconductors 1.3%
	234,069	SiTime Corp.*		26,742,383


		Specialized Consumer Services 0.8%
	2,956,334	Mister Car Wash, Inc.*		16,289,400


Wasatch Small Cap Growth Fund (WAAEX / WIAEX)		SEPTEMBER 30, 2023

Schedule of Investments (continued)


Shares			Value


		Systems Software 6.1%
	419,747	CyberArk Software Ltd.*	$	68,741,966
	1,262,072	JFrog Ltd.*		32,006,146
	576,089	Rapid7, Inc.*		26,373,355

				127,121,467


		Trading Companies & Distributors 4.7%
	440,862	SiteOne Landscape Supply, Inc.*		72,058,894
	271,312	Transcat, Inc.*		26,580,437

				98,639,331


		Total Common Stocks (cost $1,702,986,462)		2,038,139,210


		PREFERRED STOCKS 1.2%

		Systems Software 0.5%
	1,114,610	DataStax, Inc., Series E Pfd.* *** †		8,994,903


		Textiles 0.7%
	611,205	Johnnie-O Holdings, Inc., Series A Pfd.* *** † ‡‡		14,925,626


		Total Preferred Stocks (cost $25,999,989)		23,920,529


		WARRANTS 0.0%

		Pharmaceuticals 0.0%
	2,908,006	Esperion Therapeutics, Inc., expiring 9/22/2026* *** †		465,281


		Total Warrants (cost $1,411,160)		465,281


		Total Investments (cost $1,730,397,611) 98.3%		2,062,525,020

		Other Assets less Liabilities 1.7%		36,490,452


		Net Assets 100.0%	$	2,099,015,472


		Non-income producing. **Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 12, as applicable. †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at September 30, 2023 amounted to approximately $24,385,810 and represented 1.16% of net assets. ‡‡Affiliated company (see Note 8).

		See Notes to Financial Statements.

At September 30, 2023, Wasatch Small Cap Growth Fund’s investments were in the following countries (unaudited):


Country	%
Israel		9.0
United States		91.0

TOTAL		100.0	%


Wasatch Small Cap Value Fund (WMCVX / WICVX)

Schedule of Investments


Shares			Value

		COMMON STOCKS 97.9%

		Application Software 2.6%
	170,939	Five9, Inc.*	$	10,991,378
	240,158	Guidewire Software, Inc.*		21,614,220

				32,605,598


		Asset Management & Custody Banks 4.1%
	689,214	Artisan Partners Asset Management, Inc., Class A		25,790,388
	274,982	Hamilton Lane, Inc., Class A		24,869,372

				50,659,760


		Automotive Parts & Equipment 2.7%
	239,268	Fox Factory Holding Corp.*		23,706,673
	122,898	Patrick Industries, Inc.		9,224,724

				32,931,397


		Automotive Retail 2.2%
	853,779	Valvoline, Inc.		27,525,835


		Biotechnology 1.2%
	1,322,255	Atara Biotherapeutics, Inc.*		1,956,938
	839,820	C4 Therapeutics, Inc.*		1,562,065
	484,250	Dyne Therapeutics, Inc.*		4,338,880
	39,527	Kymera Therapeutics, Inc.*		549,425
	543,742	Nurix Therapeutics, Inc.*		4,273,812
	151,412	Viking Therapeutics, Inc.*		1,676,131

				14,357,251


		Broadcasting 1.4%
	124,162	Nexstar Media Group, Inc.		17,801,106


		Broadline Retail 2.0%
	318,349	Ollie’s Bargain Outlet Holdings, Inc.*		24,570,176


		Building Products 2.4%
	1,134,260	Janus International Group, Inc.*		12,136,582
	171,727	UFP Industries, Inc.		17,584,845

				29,721,427


		Cargo Ground Transportation 1.7%
	51,088	Saia, Inc.*		20,366,231


		Construction & Engineering 1.5%
	510,943	Construction Partners, Inc., Class A*		18,680,076


		Construction Machinery & Heavy Transportation Equipment 3.3%
	434,073	Allison Transmission Holdings, Inc.		25,636,351
	733,247	Wabash National Corp.		15,486,177

				41,122,528


		Data Processing & Outsourced Services 1.8%
	269,754	Concentrix Corp.		21,609,993


		Education Services 2.8%
	290,456	Grand Canyon Education, Inc.*		33,948,497


		Electronic Components 1.5%
	764,988	Vishay Intertechnology, Inc.		18,910,503


Shares			Value

		Electronic Manufacturing Services 2.9%
	212,564	Fabrinet*	$	35,417,414


		Financial Exchanges & Data 0.7%
	1,116,702	Open Lending Corp., Class A*		8,174,259


		Health Care Facilities 3.5%
	460,218	Ensign Group, Inc.		42,768,059


		Health Care Services 1.1%
	532,984	Cross Country Healthcare, Inc.*		13,212,673


		Health Care Supplies 2.5%
	622,303	Neogen Corp.*		11,537,498
	116,630	UFP Technologies, Inc.*		18,829,913

				30,367,411


		Home Furnishings 0.8%
	466,130	Lovesac Co.*		9,285,310


		Homebuilding 4.7%
	201,629	Century Communities, Inc.		13,464,784
	153,428	LGI Homes, Inc.*		15,264,552
	462,557	Skyline Champion Corp.*		29,474,132

				58,203,468


		Industrial Machinery & Supplies & Components 6.3%
	160,538	Albany International Corp., Class A		13,851,219
	310,351	Helios Technologies, Inc.		17,218,273
	204,525	Kadant, Inc.		46,130,614

				77,200,106


		Investment Banking & Brokerage 2.0%
	559,642	Moelis & Co., Class A		25,256,643


		Leisure Products 3.1%
	396,327	Vista Outdoor, Inc.*		13,126,350
	523,319	YETI Holdings, Inc.*		25,234,442

				38,360,792


		Life Sciences Tools & Services 1.5%
	77,116	Medpace Holdings, Inc.*		18,672,097


		Managed Health Care 2.4%
	410,500	HealthEquity, Inc.*		29,987,025


		Mortgage REITs 1.5%
	1,233,535	Arbor Realty Trust, Inc.		18,725,061


		Oil & Gas Equipment & Services 1.8%
	454,057	Cactus, Inc., Class A		22,798,202


		Oil & Gas Exploration & Production 4.5%
	1,399,990	Magnolia Oil & Gas Corp., Class A		32,073,771
	387,735	Matador Resources Co.		23,062,478

				55,136,249


Wasatch Small Cap Value Fund (WMCVX / WICVX)		SEPTEMBER 30, 2023

Schedule of Investments (continued)


Shares			Value

		Other Specialty Retail 1.1%
	196,149	Signet Jewelers Ltd.	$	14,085,460


		Pharmaceuticals 0.9%
	203,608	Intra-Cellular Therapies, Inc.*		10,605,941


		Property & Casualty Insurance 1.7%
	378,309	Axis Capital Holdings Ltd.		21,325,278


		Regional Banks 10.2%
	530,217	Axos Financial, Inc.*		20,074,015
	809,956	Bank OZK		30,025,069
	456,478	FB Financial Corp.		12,945,716
	371,136	Hancock Whitney Corp.		13,728,321
	394,067	Pinnacle Financial Partners, Inc.		26,418,252
	430,898	ServisFirst Bancshares, Inc.		22,479,949

				125,671,322


		Self-Storage REITs 2.0%
	794,301	National Storage Affiliates Trust		25,211,114


		Semiconductor Materials & Equipment 3.8%
	205,753	Nova Ltd.*		23,134,867
	864,479	Veeco Instruments, Inc.*		24,300,505

				47,435,372


		Semiconductors 0.9%
	93,786	SiTime Corp.*		10,715,051


		Specialized Consumer Services 0.7%
	1,679,602	Mister Car Wash, Inc.*		9,254,607


		Specialty Chemicals 3.1%
	371,456	Innospec, Inc.		37,962,803


		Steel 1.3%
	318,102	Commercial Metals Co.		15,717,420


Shares			Value

		Trading Companies & Distributors 0.4%
	117,510	Rush Enterprises, Inc., Class A	$	4,797,933


		Transaction & Payment Processing Services 1.3%
	206,611	Euronet Worldwide, Inc.*		16,400,781


		Total Common Stocks (cost $971,882,970)		1,207,558,229


		Total Investments (cost $971,882,970) 97.9%		1,207,558,229

		Other Assets less Liabilities 2.1%		25,467,123


		Net Assets 100.0%	$	1,233,025,352


		*Non-income producing. REIT Real Estate Investment Trust.

		See Notes to Financial Statements.

At September 30, 2023, Wasatch Small Cap Value Fund’s investments were in the following countries (unaudited):


Country	%
Israel		1.9
United States		98.1

TOTAL		100.0	%


Wasatch Ultra Growth Fund (WAMCX / WGMCX)

Schedule of Investments


Shares			Value


		COMMON STOCKS 98.9%

		Application Software 9.0%
	445,303	Five9, Inc.*	$	28,632,983
	59,973	HubSpot, Inc.*		29,536,702
	203,084	nCino, Inc.*		6,458,071
	681,702	Q2 Holdings, Inc.*		21,998,524
	384,803	Sprout Social, Inc., Class A*		19,193,974

				105,820,254


		Automotive Parts & Equipment 1.5%
	175,123	Fox Factory Holding Corp.*		17,351,187


		Biotechnology 6.2%
	1,826,476	Allovir, Inc.*		3,926,923
	3,222,951	Atara Biotherapeutics, Inc.*		4,769,968
	466,747	BioAtla, Inc.*		793,470
	3,007,842	C4 Therapeutics, Inc.* ^{‡^‡}		5,594,586
	226,049	Denali Therapeutics, Inc.*		4,663,391
	680,788	Dyne Therapeutics, Inc.*		6,099,861
	260,830	Exact Sciences Corp.*		17,793,823
	814,036	Exagen, Inc.*		1,994,388
	196,016	Kymera Therapeutics, Inc.*		2,724,622
	987,112	MacroGenics, Inc.*		4,599,942
	1,120,901	Nkarta, Inc.*		1,558,052
	867,303	Nurix Therapeutics, Inc.*		6,817,002
	10,172,716	Sangamo Therapeutics, Inc.* ^{‡^‡}		6,101,595
	530,460	Viking Therapeutics, Inc.*		5,872,192

				73,309,815


		Broadline Retail 1.6%
	241,913	Ollie’s Bargain Outlet Holdings, Inc.*		18,670,845


		Building Products 2.5%
	472,429	Trex Co., Inc.*		29,115,799


		Distillers & Vintners 0.1%
	2,930,621	Vintage Wine Estates, Inc.*		1,667,523


		Distributors 1.7%
	55,219	Pool Corp.		19,663,486


		Financial Exchanges & Data 2.8%
	82,213	MarketAxess Holdings, Inc.		17,563,985
	2,091,522	Open Lending Corp., Class A*		15,309,941

				32,873,926


		Health Care Equipment 8.0%
	488,627	Artivion, Inc.*		7,407,585
	533,927	AtriCure, Inc.*		23,386,003
	196,325	Inspire Medical Systems, Inc.*		38,958,733
	769,525	Paragon 28, Inc.*		9,657,539
	1,009,595	Silk Road Medical, Inc.*		15,133,829

				94,543,689


		Health Care Services 1.6%
	1,095,093	Castle Biosciences, Inc.*		18,496,121


		Health Care Supplies 0.8%
	5,582,875	Cerus Corp.*		9,044,258


		Home Improvement Retail 3.2%
	419,965	Floor & Decor Holdings, Inc., Class A*		38,006,832


Shares			Value


		Homebuilding 2.9%
	126,114	LGI Homes, Inc.*	$	12,547,082
	341,415	Skyline Champion Corp.*		21,754,964

				34,302,046


		Human Resource & Employment Services 3.1%
	199,196	Paylocity Holding Corp.*		36,193,913


		Industrial Machinery & Supplies & Components 2.3%
	536,729	Kornit Digital Ltd.*		10,149,545
	74,185	RBC Bearings, Inc.*		17,368,934

				27,518,479


		Insurance Brokers 1.4%
	220,157	Goosehead Insurance, Inc., Class A*		16,408,301


		Internet Services & Infrastructure 2.0%
	2,370,565	BigCommerce Holdings, Inc., Series 1*		23,397,477


		IT Consulting & Other Services 3.4%
	160,103	Endava PLC, ADR*		9,181,907
	154,982	Globant SA*		30,663,189

				39,845,096


		Managed Health Care 2.8%
	452,124	HealthEquity, Inc.*		33,027,658


		Metal, Glass & Plastic Containers 1.1%
	540,590	TriMas Corp.		13,385,008


		Oil & Gas Exploration & Production 3.0%
	1,025,483	Magnolia Oil & Gas Corp., Class A		23,493,816
	200,634	Matador Resources Co.		11,933,710

				35,427,526


		Other Specialty Retail 2.5%
	187,037	Five Below, Inc.*		30,094,253


		Packaged Foods & Meats 3.6%
	645,155	Freshpet, Inc.*		42,502,811


		Pharmaceuticals 3.7%
	128,656	Arvinas, Inc.*		2,526,804
	4,681,699	Esperion Therapeutics, Inc.*		4,588,065
	698,258	Intra-Cellular Therapies, Inc.*		36,372,259

				43,487,128


		Regional Banks 2.4%
	766,066	Bank OZK		28,398,067


		Semiconductor Materials & Equipment 7.1%
	505,216	Kulicke & Soffa Industries, Inc.		24,568,654
	289,578	Nova Ltd.*		32,560,151
	842,948	PDF Solutions, Inc.*		27,311,515

				84,440,320


Wasatch Ultra Growth Fund (WAMCX / WGMCX)		SEPTEMBER 30, 2023

Schedule of Investments (continued)


Shares			Value


		Semiconductors 6.6%
	223,852	Impinj, Inc.*	$	12,318,575
	58,713	Monolithic Power Systems, Inc.		27,125,406
	262,160	Power Integrations, Inc.		20,005,430
	160,869	SiTime Corp.*		18,379,283

				77,828,694


		Specialty Chemicals 2.7%
	257,378	Balchem Corp.		31,925,167


		Systems Software 6.3%
	203,796	CyberArk Software Ltd.*		33,375,671
	709,071	JFrog Ltd.*		17,982,041
	143,696	Monday.com Ltd.*		22,879,277

				74,236,989


		Transaction & Payment Processing Services 3.0%
	227,909	Block, Inc.*		10,087,253
	455,571	Shift4 Payments, Inc., Class A*		25,224,966

				35,312,219


		Total Common Stocks (cost $1,184,147,372)		1,166,294,887


		PREFERRED STOCKS 1.1%

		Textiles 1.1%
	509,338	Johnnie-O Holdings, Inc., Series A Pfd.* *** † ‡‡		12,438,034


		Total Preferred Stocks (cost $15,000,004)		12,438,034


Shares			Value


		WARRANTS 0.1%

		Insurance Brokers 0.1%
	450,000	Hagerty, Inc., expiring 12/2/2026* *** ^§^§	$	819,000


		Pharmaceuticals 0.0%
	2,161,987	Esperion Therapeutics, Inc., expiring 9/22/2026* *** †		345,918


		Total Warrants (cost $2,624,153)		1,164,918


		Total Investments (cost $1,201,771,529) 100.1%		1,179,897,839

		Liabilities less Other Assets (0.1%)		(1,280,611	)


		Net Assets 100.0%	$	1,178,617,228


		Non-income producing. **Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 12, as applicable. †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at September 30, 2023 amounted to approximately $12,783,952 and represented 1.08% of net assets. ‡‡Affiliated company (see Note 8). ^§^§The aggregate value of illiquid holdings at September 30, 2023 amounted to approximately $819,000 and represented 0.07% of net assets. ADR American Depositary Receipt.

		See Notes to Financial Statements.

At September 30, 2023, Wasatch Ultra Growth Fund’s investments were in the following countries (unaudited):


Country	%
Israel		8.4
United Kingdom		0.8
United States		90.8

TOTAL		100.0	%


Wasatch U.S. Select Fund (WAUSX / WGUSX)		SEPTEMBER 30, 2023

Schedule of Investments


Shares			Value


		COMMON STOCKS 98.2%

		Aerospace & Defense 3.7%
	3,524	HEICO Corp., Class A	$	455,371


		Application Software 19.5%
	1,298	ANSYS, Inc.*		386,220
	2,660	Five9, Inc.*		171,038
	3,643	Guidewire Software, Inc.*		327,870
	395	HubSpot, Inc.*		194,538
	1,151	Roper Technologies, Inc.		557,406
	1,019	Tyler Technologies, Inc.*		393,477
	1,859	Workday, Inc., Class A*		399,406

				2,429,955


		Asset Management & Custody Banks 3.2%
	4,415	Hamilton Lane, Inc., Class A		399,293


		Automotive Parts & Equipment 2.2%
	2,768	Fox Factory Holding Corp.*		274,253


		Automotive Retail 3.4%
	13,221	Valvoline, Inc.		426,245


		Building Products 2.6%
	5,285	Trex Co., Inc.*		325,715


		Cargo Ground Transportation 3.2%
	962	Old Dominion Freight Line, Inc.		393,593


		Distributors 2.9%
	1,029	Pool Corp.		366,427


		Diversified Support Services 4.1%
	11,858	Copart, Inc.*		510,961


		Electrical Components & Equipment 4.2%
	3,557	AMETEK, Inc.		525,582


		Electronic Components 4.4%
	6,491	Amphenol Corp., Class A		545,179


		Electronic Equipment & Instruments 4.0%
	5,898	Cognex Corp.		250,311
	1,763	Novanta, Inc.*		252,885

				503,196


		Financial Exchanges & Data 4.8%
	1,165	MarketAxess Holdings, Inc.		248,891
	1,469	Morningstar, Inc.		344,098

				592,989


		Health Care Equipment 1.8%
	1,151	Inspire Medical Systems, Inc.*		228,404


		Health Care Facilities 4.3%
	5,766	Ensign Group, Inc.		535,834


		Health Care Technology 2.4%
	1,489	Veeva Systems, Inc., Class A*		302,937


Shares			Value


		Home Improvement Retail 2.0%
	2,695	Floor & Decor Holdings, Inc., Class A*	$	243,898


		Human Resource & Employment Services 2.2%
	1,516	Paylocity Holding Corp.*		275,457


		Industrial Machinery & Supplies & Components 3.2%
	1,713	RBC Bearings, Inc.*		401,065


		IT Consulting & Other Services 1.9%
	1,226	Globant SA*		242,564


		Life Sciences Tools & Services 4.9%
	1,532	ICON PLC*		377,255
	967	Medpace Holdings, Inc.*		234,140

				611,395


		Managed Health Care 4.1%
	7,065	HealthEquity, Inc.*		516,098


		Other Specialty Retail 2.7%
	2,067	Five Below, Inc.*		332,580


		Semiconductors 1.8%
	487	Monolithic Power Systems, Inc.		224,994


		Specialty Chemicals 3.4%
	3,454	Balchem Corp.		428,434


		Transaction & Payment Processing Services 1.3%
	3,531	Block, Inc.*		156,282


		Total Common Stocks (cost $11,327,575)		12,248,701


		Total Investments (cost $11,327,575) 98.2%		12,248,701

		Other Assets less Liabilities 1.8%		220,459


		Net Assets 100.0%	$	12,469,160


		*Non-income producing.

		See Notes to Financial Statements.

At September 30, 2023, Wasatch U.S. Select Fund’s investments were in the following countries (unaudited):


Country	%
Ireland		3.1
United States		96.9

TOTAL		100.0	%


Wasatch-Hoisington U.S. Treasury Fund (WHOSX)		SEPTEMBER 30, 2023

Schedule of Investments


Principal Amount			Value


		U.S. GOVERNMENT OBLIGATIONS 98.6%
$	129,000,000	U.S. Treasury Bond, 1.25%, 5/15/50	$	60,740,860
	107,300,000	U.S. Treasury Bond, 1.375%, 8/15/50		52,279,410
	68,000,000	U.S. Treasury Bond, 1.875%, 11/15/51		37,843,594
	54,900,000	U.S. Treasury Bond, 2.25%, 8/15/46		34,769,285
	22,150,000	U.S. Treasury Bond, 2.50%, 2/15/45		15,028,256
	45,530,000	U.S. Treasury Bond, 3.00%, 8/15/48		33,231,564


		Total U.S. Government Obligations (cost $359,945,905)		233,892,969


		Total Investments (cost $359,945,905) 98.6%		233,892,969

		Other Assets less Liabilities 1.4%		3,293,522


		Net Assets 100.0%	$	237,186,491


		See Notes to Financial Statements.


Wasatch Funds

Statements of Assets and Liabilities


	Core Growth Fund			Emerging India Fund			Emerging Markets Select Fund

Assets:
Investments, at cost
Unaffiliated issuers		$	2,418,598,798		$	336,471,485		$	505,581,950

		$	2,418,598,798		$	336,471,485		$	505,581,950

Investments, at market value
Unaffiliated issuers		$	3,186,401,056		$	525,435,950		$	448,241,782

			3,186,401,056			525,435,950			448,241,782
Cash			36,013,778			29,066,771			5,079,145
Foreign currency on deposit (cost of $0, $4,857, $1, $164,870, $95,265, $529, $1,315 and $88,995, respectively)			—			4,857			1
Receivable for investment securities sold			32,622,775			—			—
Capital shares receivable			2,062,523			295,983			261,469
Interest and dividends receivable			680,035			322,245			360,566
Receivable from Investment Advisor			—			—			—
Prepaid expenses and other assets			97,779			29,489			25,583

Total Assets			3,257,877,946			555,155,295			453,968,546

Liabilities:
Payable for securities purchased			31,578,697			—			—
Capital shares payable			3,905,265			394,840			141,979
Dividends payable to shareholders			—			—			—
Payable to Advisor			2,820,758			551,166			375,460
Accrued fund administration fees			69,247			8,937			8,146
Accrued expenses and other liabilities			552,887			170,807			117,426
Foreign capital gains taxes payable			—			14,988,016			1,042,093
Line of credit payable			—			—			—

Total Liabilities			38,926,854			16,113,766			1,685,104

Commitments and contingent liabilities
Net Assets		$	3,218,951,092		$	539,041,529		$	452,283,442

Net Assets Consist of:
Capital stock		$	432,905		$	907,256		$	300,318
Paid-in-capital in excess of par			2,510,546,685			351,909,837			566,688,458
Distributable earnings (accumulated loss)			707,971,502			186,224,436			(114,705,334	)

Net Assets		$	3,218,951,092		$	539,041,529		$	452,283,442

Net Assets
Investor Class			1,593,801,276			254,154,541			59,458,259
Institutional Class			1,625,149,816			284,886,988			392,825,183

Capital Stock Issued and Outstanding (Unlimited number of shares authorized, $0.01 par value)
Investor Class			21,638,021			43,090,530			4,036,832
Institutional Class			21,652,462			47,635,065			25,994,918

Net Asset Value, Redemption Price and Offering Price Per Share
Investor Class		$	73.66		$	5.90		$	14.73

Institutional Class		$	75.06		$	5.98		$	15.11

See Notes to Financial Statements.


		SEPTEMBER 30, 2023


Emerging Markets Small Cap Fund			Frontier Emerging Small Countries Fund				Global Opportunities Fund			Global Select Fund				Global Value Fund



	$	249,101,336		$	30,325,725			$	148,322,442		$	14,201,628			$	126,564,184

	$	249,101,336		$	30,325,725			$	148,322,442		$	14,201,628			$	126,564,184


	$	349,192,716		$	35,571,750			$	182,320,722		$	14,539,762			$	139,955,369


		349,192,716			35,571,750				182,320,722			14,539,762				139,955,369
		6,351,751			56,458				6,057,619			240				3,905,163
		164,920			95,297				527			1,316				90,060
		—			—				355,157			—				728,147
		131,836			120				6,205			—				87,405
		182,945			11,910				130,541			12,347				394,365
		—			—				—			6,174				—
		31,941			11,923				13,192			24,841				17,519

		356,056,109			35,747,458				188,883,963			14,584,680				145,178,028


		265,669			89,169				986,681			—				460,847
		16,179,645			4,436				89,223			—				181,423
		—			—				—			—				26,377
		517,769			58,696				200,263			—				122,449
		5,856			—				2,378			—				2,483
		140,489			66,584				70,742			30,204				144,708
		3,089,691			520,934				764,745			31,983				—
		—			—				—			10,157				—

		20,199,119			739,819				2,114,032			72,344				938,287


	$	335,856,990		$	35,007,639			$	186,769,931		$	14,512,336			$	144,239,741


	$	1,238,631		$	122,307			$	497,025		$	13,991			$	169,360
		242,200,963			133,868,032				155,782,512			15,992,886				290,835,066
		92,417,396			(98,982,700	)			30,490,394			(1,494,541	)			(146,764,685	)

	$	335,856,990		$	35,007,639			$	186,769,931		$	14,512,336			$	144,239,741


		131,822,708			30,980,405				117,595,886			4,619,933				112,591,219
		204,034,282			4,027,234				69,174,045			9,892,403				31,648,522



		49,011,218			10,845,967				31,421,501			450,233				13,214,388
		74,851,891			1,384,732				18,280,959			948,871				3,721,628


	$	2.69		$	2.86			$	3.74		$	10.26			$	8.52

	$	2.73		$	2.91			$	3.78		$	10.43			$	8.50


Wasatch Funds

Statements of Assets and Liabilities (continued)


	Greater China Fund				International Growth Fund			International Opportunities Fund

Assets:
Investments, at cost
Unaffiliated issuers		$	6,368,355			$	366,801,912		$	245,832,122
Affiliated issuers¹			—				—			—

		$	6,368,355			$	366,801,912		$	245,832,122

Investments, at market value
Unaffiliated issuers		$	3,959,328			$	452,934,653		$	279,726,273
Affiliated issuers¹			—				—			—

			3,959,328				452,934,653			279,726,273
Cash			103,994				1,493,823			2,584,263
Foreign currency on deposit (cost of $3,788, $132,602, $147,724, $33, $0, $5, $64,929, and $0, respectively)			3,784				132,126			147,499
Receivable for investment securities sold			—				4,643,951			52
Capital shares receivable			600				647,782			123,936
Interest and dividends receivable			5,331				1,057,456			540,728
Receivable from Investment Advisor			14,378				—			—
Prepaid expenses and other assets			10,840				29,772			18,676

Total Assets			4,098,255				460,939,563			283,141,427

Liabilities:
Securities sold short, at value (proceeds of $0, $0, $0, $0, $14,247,432, $0, $0, and $0, respectively)			—				—			—
Payable for securities purchased			—				2,459,459			—
Capital shares payable			—				1,805,322			153,506
Dividends payable to shareholders			—				—			—
Payable to Advisor			—				486,099			414,955
Accrued fund administration fees			—				9,345			4,479
Accrued expenses and other liabilities			28,324				147,332			132,599
Foreign capital gains taxes payable			—				1,377,287			1,167,623
Line of credit payable			—				—			—
Dividends payable on securities sold short			—				—			—

Total Liabilities			28,324				6,284,844			1,873,162

Commitments and contingent liabilities
Net Assets		$	4,069,931			$	454,654,719		$	281,268,265

Net Assets Consist of:
Capital stock		$	8,390			$	209,541		$	1,021,674
Paid-in-capital in excess of par			10,632,240				377,286,717			289,695,966
Distributable earnings (accumulated loss)			(6,570,699	)			77,158,461			(9,449,375	)

Net Assets		$	4,069,931			$	454,654,719		$	281,268,265

Net Assets
Investor Class			1,754,651				231,089,464			54,963,547
Institutional Class			2,315,280				223,565,255			226,304,718

Capital Stock Issued and Outstanding (Unlimited number of shares authorized, $0.01 par value)
Investor Class			361,044				10,699,133			20,236,549
Institutional Class			477,993				10,254,933			81,930,834

Net Asset Value, Redemption Price and Offering Price Per Share
Investor Class		$	4.86			$	21.60		$	2.72

Institutional Class		$	4.84			$	21.80		$	2.76

¹	See Note 8 for information on affiliated issuers.

See Notes to Financial Statements.


		SEPTEMBER 30, 2023


International Select Fund				Long/Short Alpha Fund			Micro Cap Fund				Micro Cap Value Fund				Small Cap Growth Fund



	$	3,998,692			$	38,487,647		$	544,869,759			$	218,713,502			$	1,681,924,264
		—				—			—				3,287,186				48,473,347

	$	3,998,692			$	38,487,647		$	544,869,759			$	222,000,688			$	1,730,397,611


	$	3,951,968			$	38,519,627		$	566,202,342			$	263,426,593			$	2,045,865,460
		—				—			—				2,933,280				16,659,560

		3,951,968				38,519,627			566,202,342				266,359,873				2,062,525,020
		11				7,854,132			18,450,894				10,844,679				27,806,585

		32				—			4				64,940				—
		91,951				—			253,145				632,776				10,339,582
		—				250			418,366				127,812				1,780,647
		11,087				18,180			17,806				112,794				53,695
		11,939				—			—				—				—
		24,675				24,130			29,206				73,595				70,490

		4,091,663				46,416,319			585,371,763				278,216,469				2,102,576,019


		—				11,184,917			—				—				—
		—				676,787			150,876				606,100				—
		5,858				4,612			334,726				149,489				1,257,243
		—				—			—				—				—
		—				16,059			754,359				358,136				1,919,901
		—				694			15,206				6,574				50,974
		26,090				44,321			161,612				102,806				332,429
		—				—			—				—				—
		53,371				—			—				—				—
		—				14,658			—				—				—

		85,319				11,942,048			1,416,779				1,223,105				3,560,547


	$	4,006,344			$	34,474,271		$	583,954,984			$	276,993,364			$	2,099,015,472


	$	3,882			$	29,907		$	962,053			$	932,337			$	642,993
		5,079,512				31,871,086			718,626,015				279,616,794				2,048,009,551
		(1,077,050	)			2,573,278			(135,633,084	)			(3,555,767	)			50,362,928

	$	4,006,344			$	34,474,271		$	583,954,984			$	276,993,364			$	2,099,015,472


		2,480,574				22,895,437			509,106,450				234,553,279				837,158,455
		1,525,770				11,578,834			74,848,534				42,440,085				1,261,857,017



		241,898				1,988,951			83,881,850				79,031,638				25,924,511
		146,274				1,001,711			12,323,474				14,202,075				38,374,739


	$	10.25			$	11.51		$	6.07			$	2.97			$	32.29

	$	10.43			$	11.56		$	6.07			$	2.99			$	32.88


Wasatch Funds

Statements of Assets and Liabilities (continued)


	Small Cap Value Fund			Ultra Growth Fund				U.S. Select Fund

Assets:
Investments, at cost
Unaffiliated issuers		$	971,882,970		$	1,112,846,415			$	11,327,575
Affiliated issuers¹			—			88,925,114				—

		$	971,882,970		$	1,201,771,529			$	11,327,575

Investments, at market value
Unaffiliated issuers		$	1,207,558,229		$	1,155,763,624			$	12,248,701
Affiliated issuers¹			—			24,134,215				—

			1,207,558,229			1,179,897,839				12,248,701
Cash			21,319,567			1,274,990				214,193
Receivable for investment securities sold			5,301,771			2,814,594				—
Capital shares receivable			1,718,005			364,010				—
Interest and dividends receivable			483,576			154,704				4,146
Receivable from Investment Advisor			—			—				16,829
Prepaid expenses and other assets			45,807			48,367				18,532

Total Assets			1,236,426,955			1,184,554,504				12,502,401

Liabilities:
Payable for securities purchased			1,425,850			2,991,917				—
Capital shares payable			568,406			1,540,276				36
Dividends payable to shareholders			—			—				—
Payable to Advisor			1,130,064			1,029,926				—
Accrued fund administration fees			34,173			33,615				237
Accrued expenses and other liabilities²			243,110			341,542				32,968

Total Liabilities			3,401,603			5,937,276				33,241

Commitments and contingent liabilities
Net Assets		$	1,233,025,352		$	1,178,617,228			$	12,469,160

Net Assets Consist of:
Capital stock		$	1,340,836		$	443,645			$	10,317
Paid-in-capital in excess of par			965,881,890			1,334,834,159				11,780,106
Distributable earnings (accumulated loss)			265,802,626			(156,660,576	)			678,737

Net Assets		$	1,233,025,352		$	1,178,617,228			$	12,469,160

Net Assets
Investor Class			537,439,297			800,490,325				4,351,566
Institutional Class			695,586,055			378,126,903				8,117,594

Capital Stock Issued and Outstanding (Unlimited number of shares authorized, $0.01 par value)
Investor Class			58,803,157			30,163,487				360,380
Institutional Class			75,280,403			14,201,017				671,328

Net Asset Value, Redemption Price and Offering Price Per Share
Investor Class		$	9.14		$	26.54			$	12.07

Institutional Class		$	9.24		$	26.63			$	12.09

¹	See Note 8 for information on affiliated issuers.

All material liabilities have been disclosed in accordance with Article 6-04(x) of Regulation S-X. For presentation purposes, the accrued expenses and other liabilities for the U.S. Select Fund have been consolidated and consist of audit fees, printing expenses, borrowing fees, transfer agent fees, director’s fees and accounting expenses.

See Notes to Financial Statements.


		SEPTEMBER 30, 2023


U.S. Treasury Fund



	$	359,945,905
		—

	$	359,945,905


	$	233,892,969
		—

		233,892,969
		3,684,346
		—
		215,969
		1,682,026
		—
		24,842

		239,500,152


		—
		2,000,748
		116,831
		103,442
		7,511
		85,129

		2,313,661


	$	237,186,491


	$	223,075
		441,770,912
		(204,807,496	)

	$	237,186,491


		237,186,491
		—



		22,307,467
		—


	$	10.63

	$	—


Wasatch Funds

Statements of Operations


	Core Growth Fund				Emerging India Fund				Emerging Markets Select Fund

Investment Income:
Interest		$	1,367,979			$	810,561			$	570,960
Dividends¹
Unaffiliated issuers			17,834,757				2,023,676				4,015,966

Total investment income			19,202,736				2,834,237				4,586,926

Expenses:
Investment advisory fees			29,924,950				6,136,081				4,294,082
Shareholder servicing fees — Investor Class			1,708,987				310,628				111,833
Shareholder servicing fees — Institutional Class			45,058				26,715				7,713
Fund administration fees			—				—				17,281
Fund accounting fees			317,389				22,868				36,911
Reports to shareholders — Investor Class			226,476				38,507				15,067
Reports to shareholders — Institutional Class			148,894				12,372				55,059
Custody fees			13,242				162,678				105,245
Federal and state registration fees — Investor Class			67,090				27,937				29,758
Federal and state registration fees — Institutional Class			75,921				25,482				110,884
Legal fees			90,346				30,201				25,230
Trustees’ fees			359,987				64,920				49,700
Interest			139,622				13,814				10,169
Audit fees			45,397				45,397				45,397
Other expenses			268,147				89,986				79,912

Total expenses before reimbursement			33,431,506				7,007,586				4,994,241
Reimbursement of expenses by Advisor			—				—				—

Net Expenses			33,431,506				7,007,586				4,994,241

Net Investment Income (Loss)			(14,228,770	)			(4,173,349	)			(407,315	)

Realized Gain (Loss):
Investments sold			(37,492,694	)			24,787,332				(12,671,858	)
Foreign currency transactions			24				(670,584	)			(142,605	)
Foreign capital gains taxes			9,052				(6,827,918	)			(105,848	)

Net realized gain (loss)			(37,483,618	)			17,288,830				(12,920,311	)

Change in Unrealized Appreciation (Depreciation):
Investments			599,301,263				6,596,902				48,769,045
Foreign currency translations			1,028				(4,054	)			1,829
Deferred foreign capital gains taxes			—				1,685,438				(1,042,093	)

Net change in unrealized appreciation			599,302,291				8,278,286				47,728,781

Net gain on investments			561,818,673				25,567,116				34,808,470

Net Increase in Net Assets Resulting from Operations		$	547,589,903			$	21,393,767			$	34,401,155

¹	Net of $0, $567,493, $564,103, $771,020, $46,424, $103,243, $8,461 and $457,825 in foreign withholding taxes, respectively.

See Notes to Financial Statements.


		YEAR ENDED SEPTEMBER 30, 2023


Emerging Markets Small Cap Fund				Frontier Emerging Small Countries Fund				Global Opportunities Fund				Global Select Fund				Global Value Fund


	$	284,301			$	22,346			$	73,162			$	4,137			$	251,447

		4,290,886				418,172				966,130				107,538				5,408,834

		4,575,187				440,518				1,039,292				111,675				5,660,281


		6,014,482				585,185				2,268,505				121,907				1,300,066
		245,284				71,530				157,201				20,249				171,704
		3,450				2,899				3,296				7,344				3,180
		—				—				—				—				—
		9,274				8,975				17,375				11,657				19,506
		26,455				18,036				17,650				14,046				28,772
		20,672				5,234				11,990				3,031				7,330
		31,025				26,731				7,024				3,932				15,098
		31,180				16,452				23,004				16,139				17,862
		48,949				16,021				20,201				16,689				16,820
		22,757				2,365				11,072				860				8,919
		47,346				4,724				22,145				1,754				17,411
		71,609				2,429				11,856				621				3,512
		45,397				45,396				45,397				45,396				45,396
		119,053				27,230				45,828				22,300				31,890

		6,736,933				833,207				2,662,544				285,925				1,687,466
		—				(74,937	)			(24,184	)			(130,967	)			(125,427	)

		6,736,933				758,270				2,638,360				154,958				1,562,039

		(2,161,746	)			(317,752	)			(1,599,068	)			(43,283	)			4,098,242


		(1,227,866	)			(2,362,972	)			(704,376	)			(237,515	)			1,272,667
		(392,399	)			(20,407	)			(30,767	)			(2,383	)			(18,870	)
		(2,826,345	)			(20,960	)			(125,556	)			—				—

		(4,446,610	)			(2,404,339	)			(860,699	)			(239,898	)			1,253,797


		49,898,091				8,216,689				22,900,878				2,517,426				13,361,410
		15,404				39				3,330				264				14,384
		1,158,697				(11,714	)			(177,080	)			(15,350	)			—

		51,072,192				8,205,014				22,727,128				2,502,340				13,375,794

		46,625,582				5,800,675				21,866,429				2,262,442				14,629,591

	$	44,463,836			$	5,482,923			$	20,267,361			$	2,219,159			$	18,727,833


Wasatch Funds

Statements of Operations (continued)


	Greater China Fund				International Growth Fund				International Opportunities Fund

Investment Income:
Interest		$	2,927			$	308,035			$	406,980
Dividends¹
Unaffiliated issuers			59,678				7,784,279				4,750,738

Total investment income			62,605				8,092,314				5,157,718

Expenses:
Investment advisory fees			53,552				6,895,216				6,354,504
Shareholder servicing fees — Investor Class			27,109				332,572				81,654
Shareholder servicing fees — Institutional Class			3,661				6,151				232,562
Fund administration fees			955				—				—
Fund accounting fees			14,603				3,000				3,000
Reports to shareholders — Investor Class			16,097				28,037				6,278
Reports to shareholders — Institutional Class			3,382				14,367				64,130
Custody fees			5,009				—				—
Federal and state registration fees — Investor Class			15,645				25,278				17,794
Federal and state registration fees — Institutional Class			15,754				23,948				28,577
Legal fees			545				3,671				24,365
Trustees’ fees			688				70,102				51,970
Dividends on securities sold short			—				—				—
Interest			984				854				49,028
Audit fees			45,396				4,260				45,396
Other expenses			13,132				21,258				48,951

Total expenses before reimbursement			216,512				7,428,714				7,008,209
Reimbursement of expenses by Advisor			(142,052	)			—				—

Net Expenses			74,460				7,428,714				7,008,209

Net Investment Income (Loss)			(11,855	)			663,600				(1,850,491	)

Realized Gain (Loss):
Investments sold			(856,177	)			9,975,278				(1,995,695	)
Investments in affiliates			—				—				—
Foreign currency transactions			(10,063	)			(28,402	)			(337,871	)
Short positions			—				—				—
Foreign capital gains taxes			—				(973,705	)			(577,861	)

Net realized gain (loss)			(866,240	)			8,973,171				(2,911,427	)

Change in Unrealized Appreciation (Depreciation):
Investments			22,180				44,251,098				42,981,305
Investments in affiliates			—				—				—
Foreign currency translations			45				67,365				17,952
Short positions			—				—				—
Deferred foreign capital gains taxes			—				1,087,988				634,372

Net change in unrealized appreciation			22,225				45,406,451				43,633,629

Net gain (loss) on investments			(844,015	)			54,379,622				40,722,202

Net Increase (Decrease) in Net Assets Resulting from Operations		$	(855,870	)		$	55,043,222			$	38,871,711

¹	Net of $4,604, $844,283, $577,228, $7,794, $0, $0, $33,341 and $0 in foreign withholding taxes, respectively.

See Notes to Financial Statements.


		YEAR ENDED SEPTEMBER 30, 2023


International Select Fund				Long/Short Alpha Fund				Micro Cap Fund				Micro Cap Value Fund				Small Cap Growth Fund


	$	6,349			$	206,687			$	408,991			$	309,285			$	1,014,182

		41,885				184,186				872,762				2,442,591				3,535,712

		48,234				390,873				1,281,753				2,751,876				4,549,894


		42,285				340,830				9,430,557				4,522,158				21,280,647
		22,260				32,115				550,395				323,934				914,461
		4,417				9,380				2,722				3,042				27,577
		787				2,035				—				—				—
		12,214				12,160				81,744				39,526				236,654
		14,709				9,510				52,635				33,563				61,232
		2,394				10,279				6,369				5,187				197,022
		2,921				5,301				4,143				32,702				8,758
		16,163				19,760				30,347				32,954				58,122
		16,204				20,780				22,159				21,204				83,180
		334				1,603				16,726				19,209				18,312
		702				3,217				81,032				39,697				265,989
		—				127,024				—				—				—
		2,110				112,887				21,450				7,140				42,486
		45,397				45,397				45,397				45,397				45,397
		5,859				7,573				50,428				47,947				233,295

		188,756				759,851				10,396,104				5,173,660				23,473,132
		(127,196	)			(73,014	)			—				(19,774	)			(55,580	)

		61,560				686,837				10,396,104				5,153,886				23,417,552

		(13,326	)			(295,964	)			(9,114,351	)			(2,402,010	)			(18,867,658	)


		(374,602	)			(515,353	)			(56,166,527	)			(28,259,984	)			(224,581,475	)
		—				—				—				—				(21,327,040	)
		1,999				—				(2,151	)			(5,490	)			—
		—				423,719				—				—				—
		—				—				—				—				—

		(372,603	)			(91,634	)			(56,168,678	)			(28,265,474	)			(245,908,515	)


		1,212,107				6,176,966				93,042,266				50,323,579				403,786,901
		—				—				9,814,260				(353,906	)			70,493,994
		392				—				116				642				—
		—				536,143				—				—				—
		—				—				—				—				—

		1,212,499				6,713,109				102,856,642				49,970,315				474,280,895

		839,896				6,621,475				46,687,964				21,704,841				228,372,380

	$	826,570			$	6,325,511			$	37,573,613			$	19,302,831			$	209,504,722


Wasatch Funds

Statements of Operations (continued)


	Small Cap Value Fund				Ultra Growth Fund				U.S. Select Fund

Investment Income:
Interest		$	690,819			$	242,052			$	5,728
Dividends¹
Unaffiliated issuers			12,897,076				3,392,810				37,796

Total investment income			13,587,895				3,634,862				43,524

Expenses:
Investment advisory fees			13,272,874				13,618,273				66,994
Shareholder servicing fees — Investor Class			586,829				1,510,263				21,804
Shareholder servicing fees — Institutional Class			6,390				4,900				7,230
Fund administration fees			—				—				1,207
Fund accounting fees			139,122				215,944				11,860
Reports to shareholders — Investor Class			122,373				131,405				14,109
Reports to shareholders — Institutional Class			46,806				69,129				2,841
Custody fees			7,254				14,994				6,009
Federal and state registration fees — Investor Class			40,096				48,787				22,827
Federal and state registration fees — Institutional Class			37,381				29,053				23,192
Legal fees			83,265				84,203				42,660
Trustees’ fees			172,448				176,640				853
Interest			138,696				39,238				1,401
Audit fees			45,397				45,397				45,397
Other expenses			188,404				156,194				9,029

Total expenses before reimbursement			14,887,335				16,144,420				277,413
Reimbursement of expenses by Advisor			(2,238	)			(82,717	)			(195,725	)

Net Expenses			14,885,097				16,061,703				81,688

Net Investment Income (Loss)			(1,297,202	)			(12,426,841	)			(38,164	)

Realized Gain (Loss):
Investments sold			41,102,032				(94,168,634	)			(209,723	)
Investments in affiliates			—				(219,740	)			—

Net realized gain (loss)			41,102,032				(94,388,374	)			(209,723	)

Change in Unrealized Appreciation (Depreciation):
Investments			240,858,243				137,405,396				1,484,893
Investments in affiliates			—				(7,889,960	)			—

Net change in unrealized appreciation			240,858,243				129,515,436				1,484,893

Net gain (loss) on investments			281,960,275				35,127,062				1,275,170

Net Increase (Decrease) in Net Assets Resulting from Operations		$	280,663,073			$	22,700,221			$	1,237,006

¹	Net of $0, $0, $0 and $0 in foreign withholding taxes, respectively.

See Notes to Financial Statements.


		YEAR ENDED SEPTEMBER 30, 2023


U.S. Treasury Fund


	$	9,535,356

		—

		9,535,356


		1,415,763
		288,925
		—
		—
		63,121
		36,915
		—
		1,220
		38,179
		—
		17,989
		36,396
		6,666
		45,397
		30,347

		1,980,918
		—

		1,980,918

		7,554,438


		(10,525,742	)
		—

		(10,525,742	)


		(31,741,954	)
		—

		(31,741,954	)

		(42,267,696	)

	$	(34,713,258	)


Wasatch Funds

Statements of Changes in Net Assets


	Core Growth Fund								Emerging India Fund
	Year Ended September 30, 2023				Year Ended September 30, 2022				Year Ended September 30, 2023				Year Ended September 30, 2022

Operations:
Net investment loss		$	(14,228,770	)		$	(18,490,609	)		$	(4,173,349	)		$	(6,490,534	)
Net realized gain (loss) on investments, foreign currency translations and foreign capital gains taxes			(37,483,618	)			31,668,868				17,288,830				3,645,528
Change in unrealized appreciation (depreciation) on investments, foreign currency translations and deferred foreign capital gains taxes			599,302,291				(1,245,547,699	)			8,278,286				(102,601,153	)

Net increase (decrease) in net assets resulting from operations			547,589,903				(1,232,369,440	)			21,393,767				(105,446,159	)


Distributions to shareholders from distributable earnings
Investor Class			(10,015,380	)			(326,601,199	)			(2,530,535	)			(11,748,479	)
Institutional Class			(8,797,567	)			(284,274,389	)			(3,141,875	)			(15,680,233	)

Capital share transactions:
Investor Class
Shares sold			205,760,122				248,203,167				70,967,363				95,937,161
Shares issued to holders in reinvestment of dividends			9,663,297				313,193,819				2,518,483				11,693,871
Shares redeemed			(254,416,109	)			(404,340,602	)			(55,755,585	)			(81,140,243	)
Redemption fees			31,821				85,040				58,675				156,749

Net increase (decrease)			(38,960,869	)			157,141,424				17,788,936				26,647,538

Institutional Class
Shares sold			478,434,862				459,051,536				63,515,860				103,481,526
Shares issued to holders in reinvestment of dividends			8,404,896				261,121,349				2,783,843				14,141,713
Shares redeemed			(389,845,088	)			(441,359,771	)			(102,365,815	)			(86,825,415	)
Redemption fees			17,880				34,409				4,896				4,276

Net increase (decrease)			97,012,550				278,847,523				(36,061,216	)			30,802,100

Total increase (decrease) in net assets			586,828,637				(1,407,256,081	)			(2,550,923	)			(75,425,233	)

Net assets:
Beginning of period			2,632,122,455				4,039,378,536				541,592,452				617,017,685

End of period		$	3,218,951,092			$	2,632,122,455			$	539,041,529			$	541,592,452


Capital share transactions — shares:
Investor Class
Shares sold			2,896,074				3,067,009				12,661,811				14,380,076
Shares issued to holders in reinvestment of dividends			146,814				3,484,190				454,600				1,745,354
Shares redeemed			(3,629,021	)			(5,082,081	)			(10,197,681	)			(13,153,521	)

Net increase (decrease) in shares outstanding			(586,133	)			1,469,118				2,918,730				2,971,909

Institutional Class
Shares sold			6,582,658				5,572,521				11,006,780				15,727,057
Shares issued to holders in reinvestment of dividends			125,409				2,857,846				496,229				2,085,798
Shares redeemed			(5,586,198	)			(5,462,162	)			(18,528,379	)			(14,125,635	)

Net increase (decrease) in shares outstanding			1,121,869				2,968,205				(7,025,370	)			3,687,220

See Notes to Financial Statements.


		SEPTEMBER 30, 2023


Emerging Markets Select Fund								Emerging Markets Small Cap Fund								Frontier Emerging Small Countries Fund
Year Ended September 30, 2023				Year Ended September 30, 2022				Year Ended September 30, 2023				Year Ended September 30, 2022				Year Ended September 30, 2023				Year Ended September 30, 2022


	$	(407,315	)		$	(1,850,351	)		$	(2,161,746	)		$	(3,683,664	)		$	(317,752	)		$	(585,297	)
		(12,920,311	)			(44,531,178	)			(4,446,610	)			11,618,896				(2,404,339	)			(4,778,617	)
		47,728,781				(162,164,202	)			51,072,192				(264,732,578	)			8,205,014				(26,870,663	)

		34,401,155				(208,545,731	)			44,463,836				(256,797,346	)			5,482,923				(32,234,577	)



		—				(578,279	)			(4,637,409	)			(20,036,368	)			—				(365,738	)
		—				(1,049,729	)			(6,561,216	)			(19,590,549	)			—				(154,376	)



		27,199,931				103,497,531				12,204,101				105,275,533				2,419,428				8,123,117
		—				577,642				4,508,533				18,833,390				—				328,775
		(25,526,941	)			(99,601,938	)			(50,862,341	)			(160,261,548	)			(6,268,489	)			(7,070,629	)
		14,784				146,604				1,919				55,766				763				5,510

		1,687,774				4,619,839				(34,147,788	)			(36,096,859	)			(3,848,298	)			1,386,773


		177,284,054				493,239,547				44,585,663				181,799,296				524,186				5,067,490
		—				703,049				6,409,243				18,882,311				—				151,926
		(104,582,899	)			(209,153,428	)			(92,152,531	)			(133,630,699	)			(7,698,689	)			(3,101,280	)
		9,515				22,278				189				8,861				—				680

		72,710,670				284,811,446				(41,157,436	)			67,059,769				(7,174,503	)			2,118,816

		108,799,599				79,257,546				(42,040,013	)			(265,461,353	)			(5,539,878	)			(29,249,102	)


		343,483,843				264,226,297				377,897,003				643,358,356				40,547,517				69,796,619

	$	452,283,442			$	343,483,843			$	335,856,990			$	377,897,003			$	35,007,639			$	40,547,517




		1,822,227				5,017,233				4,593,516				27,825,702				887,606				2,500,260
		—				27,069				1,747,493				4,673,298				—				82,815
		(1,725,509	)			(5,279,941	)			(19,331,821	)			(46,719,791	)			(2,363,897	)			(2,143,065	)

		96,718				(235,639	)			(12,990,812	)			(14,220,791	)			(1,476,291	)			440,010


		11,715,079				25,805,080				16,640,314				50,113,813				182,614				1,341,838
		—				32,205				2,455,649				4,628,017				—				37,887
		(7,015,055	)			(11,943,908	)			(34,198,393	)			(39,909,264	)			(3,003,418	)			(1,098,403	)

		4,700,024				13,893,377				(15,102,430	)			14,832,566				(2,820,804	)			281,322


Wasatch Funds

Statements of Changes in Net Assets (continued)


	Global Opportunities Fund								Global Select Fund
	Year Ended September 30, 2023				Year Ended September 30, 2022				Year Ended September 30, 2023				Year Ended September 30, 2022

Operations:
Net investment income (loss)		$	(1,599,068	)		$	(2,165,481	)		$	(43,283	)		$	(80,784	)
Net realized gain (loss) on investments, foreign currency translations and foreign capital gains taxes			(860,699	)			2,277,633				(239,898	)			(1,103,900	)
Change in unrealized appreciation (depreciation) on investments, foreign currency translations and deferred foreign capital gains taxes			22,727,128				(103,364,198	)			2,502,340				(6,431,292	)

Net increase (decrease) in net assets resulting from operations			20,267,361				(103,252,046	)			2,219,159				(7,615,976	)


Distributions to shareholders from distributable earnings
Investor Class			(2,469,318	)			(14,804,572	)			—				(813,040	)
Institutional Class			(1,256,428	)			(5,997,363	)			—				(1,403,979	)

Capital share transactions:
Investor Class
Shares sold			15,177,039				38,979,429				742,409				701,016
Shares issued to holders in reinvestment of dividends			2,451,806				14,715,236				—				813,040
Shares redeemed			(17,931,633	)			(43,287,302	)			(657,559	)			(1,370,547	)
Redemption fees			16,218				28,823				44				553

Net increase (decrease)			(286,570	)			10,436,186				84,894				144,062

Institutional Class
Shares sold			16,220,644				42,443,771				1,442,045				1,995,085
Shares issued to holders in reinvestment of dividends			1,232,291				5,863,776				—				1,403,979
Shares redeemed			(9,258,774	)			(28,092,909	)			(1,941,141	)			(443,486	)
Redemption fees			7,159				9,216				—				1,864

Net increase (decrease)			8,201,320				20,223,854				(499,096	)			2,957,442

Total increase (decrease) in net assets			24,456,365				(93,393,941	)			1,804,957				(6,731,491	)

Net assets:
Beginning of period			162,313,566				255,707,507				12,707,379				19,438,870

End of period		$	186,769,931			$	162,313,566			$	14,512,336			$	12,707,379


Capital share transactions — shares:
Investor Class
Shares sold			3,976,976				7,436,719				71,179				55,182
Shares issued to holders in reinvestment of dividends			681,057				2,829,853				—				60,003
Shares redeemed			(4,819,099	)			(9,804,570	)			(66,153	)			(115,462	)

Net increase (decrease) in shares outstanding			(161,066	)			462,002				5,026				(277	)

Institutional Class
Shares sold			4,268,507				8,859,854				135,077				156,998
Shares issued to holders in reinvestment of dividends			338,542				1,119,041				—				102,780
Shares redeemed			(2,481,754	)			(6,435,070	)			(187,359	)			(35,444	)

Net increase (decrease) in shares outstanding			2,125,295				3,543,825				(52,282	)			224,334

See Notes to Financial Statements.

100


		SEPTEMBER 30, 2023


Global Value Fund								Greater China Fund								International Growth Fund
Year Ended September 30, 2023				Year Ended September 30, 2022				Year Ended September 30, 2023				Year Ended September 30, 2022				Year Ended September 30, 2023				Year Ended September 30, 2022


	$	4,098,242			$	3,409,192			$	(11,855	)		$	(41,487	)		$	663,600			$	(793,184	)
		1,253,797				9,848,363				(866,240	)			(2,177,886	)			8,973,171				9,194,155
		13,375,794				(24,676,596	)			22,225				(1,896,553	)			45,406,451				(522,144,840	)

		18,727,833				(11,419,041	)			(855,870	)			(4,115,926	)			55,043,222				(513,743,869	)



		(10,067,943	)			(6,647,351	)			(141,340	)			—				—				(51,916,282	)
		(1,984,214	)			(588,496	)			(182,828	)			—				—				(63,352,795	)



		14,508,523				12,745,551				2,706,778				2,125,309				21,529,056				36,385,889
		9,793,517				6,472,405				136,465				—				—				47,744,025
		(21,196,441	)			(20,117,303	)			(2,569,096	)			(2,306,356	)			(94,366,997	)			(101,922,857	)
		1,465				4,373				735				12,309				4,094				6,797

		3,107,064				(894,974	)			274,882				(168,738	)			(72,833,847	)			(17,786,146	)


		27,828,434				14,594,609				221,271				3,202,467				50,417,754				85,055,620
		1,981,574				586,805				182,828				—				—				58,809,032
		(13,918,802	)			(4,195,399	)			(244,872	)			(4,677,922	)			(177,515,926	)			(176,000,636	)
		—				941				—				1,913				288				36

		15,891,206				10,986,956				159,227				(1,473,542	)			(127,097,884	)			(32,135,948	)

		25,673,946				(8,562,906	)			(745,929	)			(5,758,206	)			(144,888,509	)			(678,935,040	)


		118,565,795				127,128,701				4,815,860				10,574,066				599,543,228				1,278,478,268

	$	144,239,741			$	118,565,795			$	4,069,931			$	4,815,860			$	454,654,719			$	599,543,228




		1,623,915				1,348,226				385,915				230,759				941,753				1,279,011
		1,121,963				705,208				21,457				—				—				1,409,210
		(2,402,888	)			(2,164,178	)			(401,094	)			(261,868	)			(4,199,293	)			(3,659,382	)

		342,990				(110,744	)			6,278				(31,109	)			(3,257,540	)			(971,161	)


		3,119,622				1,554,788				36,679				332,766				2,174,266				3,020,035
		227,804				65,481				28,929				—				—				1,723,594
		(1,576,669	)			(445,783	)			(39,340	)			(571,578	)			(7,760,428	)			(6,816,735	)

		1,770,757				1,174,486				26,268				(238,812	)			(5,586,162	)			(2,073,106	)

101


Wasatch Funds

Statements of Changes in Net Assets (continued)


	International Opportunities Fund								International Select Fund
	Year Ended September 30, 2023				Year Ended September 30, 2022				Year Ended September 30, 2023				Year Ended September 30, 2022

Operations:
Net investment loss		$	(1,850,491	)		$	(5,978,343	)		$	(13,326	)		$	(35,905	)
Net realized gain (loss) on investments, foreign currency translations and foreign capital gains taxes			(2,911,427	)			(23,853,442	)			(372,603	)			(566,918	)
Net realized gain on short positions			—				—				—				—
Change in unrealized appreciation (depreciation) on investments, foreign currency translations and deferred foreign capital gains taxes			43,633,629				(330,844,989	)			1,212,499				(3,012,107	)

Net increase (decrease) in net assets resulting from operations			38,871,711				(360,676,774	)			826,570				(3,614,930	)


Distributions to shareholders from distributable earnings
Investor Class			—				(16,548,898	)			—				—
Institutional Class			—				(79,947,261	)			—				—

Capital share transactions:
Investor Class
Shares sold			3,030,199				5,319,580				567,929				750,357
Shares issued to holders in reinvestment of dividends			—				15,590,314				—				—
Shares redeemed			(18,226,908	)			(21,059,497	)			(1,002,772	)			(1,279,134	)
Redemption fees			278				1,397				66				3,030

Net increase (decrease)			(15,196,431	)			(148,206	)			(434,777	)			(525,747	)

Institutional Class
Shares sold			101,667,560				267,454,540				234,204				172,693
Shares issued to holders in reinvestment of dividends			—				54,694,120				—				—
Shares redeemed			(262,755,106	)			(261,107,430	)			(1,920,874	)			(239,743	)
Redemption fees			1,755				1,997				—				—

Net increase (decrease)			(161,085,791	)			61,043,227				(1,686,670	)			(67,050	)

Total increase (decrease) in net assets			(137,410,511	)			(396,277,912	)			(1,294,877	)			(4,207,727	)

Net assets:
Beginning of period			418,678,776				814,956,688				5,301,221				9,508,948

End of period		$	281,268,265			$	418,678,776			$	4,006,344			$	5,301,221


Capital share transactions — shares:
Investor Class
Shares sold			1,082,959				1,512,692				53,173				62,125
Shares issued to holders in reinvestment of dividends			—				3,600,534				—				—
Shares redeemed			(6,444,150	)			(5,994,663	)			(93,757	)			(98,010	)

Net increase (decrease) in shares outstanding			(5,361,191	)			(881,437	)			(40,584	)			(35,885	)

Institutional Class
Shares sold			35,611,451				76,495,700				21,420				13,285
Shares issued to holders in reinvestment of dividends			—				12,430,482				—				—
Shares redeemed			(92,719,054	)			(76,677,983	)			(184,467	)			(18,239	)

Net increase (decrease) in shares outstanding			(57,107,603	)			12,248,199				(163,047	)			(4,954	)

¹	Fund inception date was October 1, 2021.

See Notes to Financial Statements.

102


		SEPTEMBER 30, 2023


Long/Short Alpha Fund								Micro Cap Fund								Micro Cap Value Fund
Year Ended September 30, 2023				Year Ended September 30, 2022¹				Year Ended September 30, 2023				Year Ended September 30, 2022				Year Ended September 30, 2023				Year Ended September 30, 2022


	$	(295,964	)		$	(337,969	)		$	(9,114,351	)		$	(14,765,182	)		$	(2,402,010	)		$	(4,330,858	)
		(515,353	)			(2,660,151	)			(56,168,678	)			(86,728,624	)			(28,265,474	)			(14,266,891	)
		423,719				2,809,512				—				—				—				—
		6,713,109				(3,618,614	)			102,856,642				(363,166,568	)			49,970,315				(129,242,061	)

		6,325,511				(3,807,222	)			37,573,613				(464,660,374	)			19,302,831				(147,839,810	)



		(8,767	)			—				—				(257,919,727	)			—				(73,081,163	)
		(15,251	)			—				—				(41,304,544	)			—				(12,549,879	)



		13,168,964				10,437,484				33,463,338				83,326,504				22,857,756				82,141,646
		8,767				—				—				243,675,646				—				71,677,406
		(1,261,633	)			(1,076,313	)			(116,465,408	)			(261,308,270	)			(54,114,071	)			(91,551,333	)
		1,573				3,329				14,068				33,892				10,095				36,520

		11,917,671				9,364,500				(82,988,002	)			65,727,772				(31,246,220	)			62,304,239


		2,056,609				19,173,989				27,199,923				67,953,958				7,176,101				29,173,118
		15,251				—				—				39,473,070				—				12,450,069
		(7,783,134	)			(2,766,684	)			(32,492,270	)			(128,240,524	)			(10,481,824	)			(21,836,415	)
		112				1,686				10,699				11,080				28				5,345

		(5,711,162	)			16,408,991				(5,281,648	)			(20,802,416	)			(3,305,695	)			19,792,117

		12,508,002				21,966,269				(50,696,037	)			(718,959,289	)			(15,249,084	)			(151,374,496	)


		21,966,269				—				634,651,021				1,353,610,310				292,242,448				443,616,944

	$	34,474,271			$	21,966,269			$	583,954,984			$	634,651,021			$	276,993,364			$	292,242,448




		1,197,021				1,015,942				5,437,121				10,095,488				7,480,974				20,799,592
		853				—				—				27,690,414				—				17,964,263
		(117,061	)			(107,804	)			(19,188,011	)			(32,162,553	)			(17,802,001	)			(25,266,275	)

		1,080,813				908,138				(13,750,890	)			5,623,349				(10,321,027	)			13,497,580


		195,782				1,806,617				4,428,333				7,928,370				2,319,222				7,138,745
		1,479				—				—				4,490,679				—				3,104,755
		(721,914	)			(280,253	)			(5,498,652	)			(14,843,245	)			(3,424,390	)			(5,938,809	)

		(524,653	)			1,526,364				(1,070,319	)			(2,424,196	)			(1,105,168	)			4,304,691

103


Wasatch Funds

Statements of Changes in Net Assets (continued)


	Small Cap Growth Fund								Small Cap Value Fund
	Year Ended September 30, 2023				Year Ended September 30, 2022				Year Ended September 30, 2023				Year Ended September 30, 2022

Operations:
Net investment income (loss)		$	(18,867,658	)		$	(27,936,551	)		$	(1,297,202	)		$	1,462,850
Net realized gain (loss) on investments, foreign currency translations and foreign capital gains taxes			(245,908,515	)			16,878,405				41,102,032				43,619,406
Change in unrealized appreciation (depreciation) on investments, foreign currency translations and deferred foreign capital gains taxes			474,280,895				(1,488,390,413	)			240,858,243				(450,637,702	)

Net increase (decrease) in net assets resulting from operations			209,504,722				(1,499,448,559	)			280,663,073				(405,555,446	)


Distributions to shareholders from distributable earnings
Investor Class			—				(298,275,007	)			(14,251,795	)			(63,940,106	)
Institutional Class			—				(324,759,466	)			(16,822,096	)			(65,113,713	)

Capital share transactions:
Investor Class
Shares sold			79,618,700				170,077,569				116,447,228				143,290,709
Shares issued to holders in reinvestment of dividends			—				287,667,859				13,955,521				62,945,104
Shares redeemed			(178,994,414	)			(365,759,690	)			(282,576,107	)			(220,687,194	)
Redemption fees			18,999				58,888				13,475				22,718

Net increase (decrease)			(99,356,715	)			92,044,626				(152,159,883	)			(14,428,663	)

Institutional Class
Shares sold			286,077,811				491,403,328				190,194,138				264,173,350
Shares issued to holders in reinvestment of dividends			—				302,906,157				16,171,156				63,842,825
Shares redeemed			(284,170,719	)			(419,314,392	)			(304,139,627	)			(235,173,800	)
Redemption fees			26,249				38,065				2,402				4,480

Net increase (decrease)			1,933,341				375,033,158				(97,771,931	)			92,846,855

Total increase (decrease) in net assets			112,081,348				(1,655,405,248	)			(342,632	)			(456,191,073	)

Net assets:
Beginning of period			1,986,934,124				3,642,339,372				1,233,367,984				1,689,559,057

End of period		$	2,099,015,472			$	1,986,934,124			$	1,233,025,352			$	1,233,367,984


Capital share transactions — shares:
Investor Class
Shares sold			2,525,103				4,006,813				13,547,910				15,186,572
Shares issued to holders in reinvestment of dividends			—				6,173,130				1,703,971				6,281,947
Shares redeemed			(5,649,071	)			(9,055,389	)			(32,584,605	)			(23,985,547	)

Net increase (decrease) in shares outstanding			(3,123,968	)			1,124,554				(17,332,724	)			(2,517,028	)

Institutional Class
Shares sold			8,823,826				12,084,062				21,364,303				27,501,939
Shares issued to holders in reinvestment of dividends			—				6,395,822				1,955,400				6,314,820
Shares redeemed			(8,796,106	)			(10,126,348	)			(35,737,259	)			(24,955,438	)

Net increase (decrease) in shares outstanding			27,720				8,353,536				(12,417,556	)			8,861,321

¹	Fund inception date was June 13, 2022.

See Notes to Financial Statements.

104


		SEPTEMBER 30, 2023


Ultra Growth Fund								U.S. Select Fund								U.S. Treasury Fund
Year Ended September 30, 2023				Year Ended September 30, 2022				Year Ended September 30, 2023				Year Ended September 30, 2022¹				Year Ended September 30, 2023				Year Ended September 30, 2022


	$	(12,426,841	)		$	(20,763,778	)		$	(38,164	)		$	(5,676	)		$	7,554,438			$	6,738,135
		(94,388,374	)			3,391,857				(209,723	)			648				(10,525,742	)			(61,233,193	)
		129,515,436				(1,105,267,854	)			1,484,893				(563,767	)			(31,741,954	)			(76,105,948	)

		22,700,221				(1,122,639,775	)			1,237,006				(568,795	)			(34,713,258	)			(130,601,006	)



		—				(229,039,647	)			—				—				(7,520,379	)			(6,840,922	)
		(556,115	)			(76,370,747	)			—				—				—				—



		140,857,739				253,924,593				3,363,172				2,035,197				104,573,763				156,984,468
		—				218,714,597				—				—				7,116,523				6,430,282
		(343,414,222	)			(686,348,727	)			(1,123,085	)			(60,314	)			(119,870,843	)			(201,642,801	)
		70,675				82,520				214				1,206				77,856				244,125

		(202,485,808	)			(213,627,017	)			2,240,301				1,976,089				(8,102,701	)			(37,983,926	)


		119,499,535				231,569,168				5,630,616				3,960,693				—				—
		542,074				74,406,337				—				—				—				—
		(134,959,357	)			(263,423,838	)			(1,984,494	)			(22,839	)			—				—
		3,547				6,041				583				—				—				—

		(14,914,201	)			42,557,708				3,646,705				3,937,854				—				—

		(195,255,903	)			(1,599,119,478	)			7,124,012				5,345,148				(50,336,338	)			(175,425,854	)


		1,373,873,131				2,972,992,609				5,345,148				—				287,522,829				462,948,683

	$	1,178,617,228			$	1,373,873,131			$	12,469,160			$	5,345,148			$	237,186,491			$	287,522,829




		4,960,624				6,764,579				281,732				187,794				8,465,746				9,747,128
		—				5,346,238				—				—				581,305				424,698
		(12,258,146	)			(18,891,335	)			(104,083	)			(5,063	)			(9,678,169	)			(12,805,705	)

		(7,297,522	)			(6,780,518	)			177,649				182,731				(631,118	)			(2,633,879	)


		4,213,786				6,254,360				476,235				368,377				—				—
		19,784				1,815,231				—				—				—				—
		(4,783,978	)			(7,374,887	)			(171,254	)			(2,030	)			—				—

		(550,408	)			694,704				304,981				366,347				—				—

105


Wasatch Funds

Statement of Cash Flows


	Long/Short Alpha Fund
	Year Ended September 30, 2023

Cash flows from operating activities:
Net increase in net assets resulting from operations		$	6,325,511
Adjustments to reconcile net increase in net assets resulting from operations
Long-term investments purchased			(32,595,029	)
Long-term investments sold			24,635,348
Short-term investments purchased			(68,066,328	)
Short-term investments sold			68,066,421
Purchases to cover securities sold short			(8,333,258	)
Securities sold short			13,146,540
Increase in dividends and interest receivable			(6,623	)
Decrease in prepaid expenses and other assets			6,132
Increase in investment securities purchased payable			676,787
Increase in dividend payable on securities sold short			14,494
Decrease in accrued fund administration fees			(2,418	)
Increase in payable to Advisor			12,488
Decrease in accrued expenses and other liabilities			(6,623	)
Net realized loss from unaffiliated investments			515,446
Net realized gain from securities sold short			(423,719	)
Net realized gain from short-term investments			(93	)
Net change in unrealized appreciation on unaffiliated investments			(6,176,966	)
Net change in unrealized appreciation on securities sold short			(536,143	)

Net cash from operating activities			(2,748,033	)


Cash flows from financing activities:
Proceeds from shares sold			15,233,328
Payment on shares redeemed			(9,040,155	)
Redemption fees			1,685

Net cash from financing activities			6,194,858


Net increase in cash			3,446,825
Cash at beginning of year			4,407,307

Cash at end of year		$	7,854,132


Supplemental Disclosure of Cash Flow Information:
Dividend on securities sold short during the year		$	127,024
Interest expense paid during the year			112,887

106

(This page intentionally left blank.)

107


Wasatch Funds

Financial Highlights


				Income (Loss) from Investment Operations												Less Distributions
	Net Asset Value Beginning of Period			Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Operations			Redemption Fees (See Note 2)			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions
Core Growth Fund — Investor Class
Year ended 9/30/23		$	61.04		(0.39	)		13.47			13.08			—	⁴		—			(0.46	)		(0.46	)
Year ended 9/30/22		$	104.75		(0.48	)		(27.40	)		(27.88	)		—	⁴		—			(15.83	)		(15.83	)
Year ended 9/30/21		$	77.61		(0.63	)		34.37			33.74			—	⁴		—			(6.60	)		(6.60	)
Year ended 9/30/20		$	73.17		(0.32	)		12.47			12.15			—	⁴		—			(7.71	)		(7.71	)
Year ended 9/30/19		$	81.04		(0.42	)		(1.40	)		(1.82	)		0.01			—			(6.06	)		(6.06	)
Core Growth Fund — Institutional Class
Year ended 9/30/23		$	62.13		(0.28	)		13.67			13.39			—	⁴		—			(0.46	)		(0.46	)
Year ended 9/30/22		$	106.20		(0.41	)		(27.83	)		(28.24	)		—	⁴		—			(15.83	)		(15.83	)
Year ended 9/30/21		$	78.53		(0.50	)		34.77			34.27			—	⁴		—			(6.60	)		(6.60	)
Year ended 9/30/20		$	73.86		(0.29	)		12.67			12.38			—	⁴		—			(7.71	)		(7.71	)
Year ended 9/30/19		$	81.62		(0.26	)		(1.44	)		(1.70	)		—	⁴		—			(6.06	)		(6.06	)
Emerging India Fund — Investor Class
Year ended 9/30/23		$	5.67		(0.04	)		0.33			0.29			—	⁴		—			(0.06	)		(0.06	)
Year ended 9/30/22		$	6.95		(0.06	)		(0.92	)		(0.98	)		—	⁴		—			(0.30	)		(0.30	)
Year ended 9/30/21		$	4.22		(0.05	)		2.78			2.73			—	⁴		—			—			—
Year ended 9/30/20		$	4.25		(0.06	)		0.04			(0.02	)		—	⁴		—			(0.01	)		(0.01	)
Year ended 9/30/19		$	3.95		(0.05	)		0.62			0.57			—	⁴		—			(0.27	)		(0.27	)
Emerging India Fund — Institutional Class
Year ended 9/30/23		$	5.74		(0.05	)		0.35			0.30			—	⁴		—			(0.06	)		(0.06	)
Year ended 9/30/22		$	7.03		(0.06	)		(0.93	)		(0.99	)		—	⁴		—			(0.30	)		(0.30	)
Year ended 9/30/21		$	4.26		(0.05	)		2.82			2.77			—	⁴		—			—			—
Year ended 9/30/20		$	4.28		(0.02	)		0.01			(0.01	)		—	⁴		—			(0.01	)		(0.01	)
Year ended 9/30/19		$	3.97		(0.01	)		0.59			0.58			—	⁴		—			(0.27	)		(0.27	)
Emerging Markets Select Fund — Investor Class
Year ended 9/30/23		$	13.34		(0.04	)		1.43			1.39			—	⁴		—			—			—
Year ended 9/30/22		$	22.49		(0.17	)		(8.93	)		(9.10	)		0.04			—			(0.09	)		(0.09	)
Year ended 9/30/21		$	14.40		0.11			7.97			8.08			0.01			—			—			—
Year ended 9/30/20		$	11.32		(0.04	)		3.12			3.08			—	⁴		—			—			—
Year ended 9/30/19		$	10.40		(0.13	)		1.05			0.92			—	⁴		—			—			—
Emerging Markets Select Fund — Institutional Class
Year ended 9/30/23		$	13.66		—			1.45			1.45			—	⁴		—			—			—
Year ended 9/30/22		$	23.01		(0.04	)		(9.22	)		(9.26	)		—	⁴		—			(0.09	)		(0.09	)
Year ended 9/30/21		$	14.71		(0.03	)		8.33			8.30			—	⁴		—			—			—
Year ended 9/30/20		$	11.53		(0.05	)		3.23			3.18			—	⁴		—			—			—
Year ended 9/30/19		$	10.56		(0.01	)		0.98			0.97			—	⁴		—			—			—
Emerging Markets Small Cap Fund — Investor Class
Year ended 9/30/23		$	2.47		(0.05	)		0.35			0.30			—	⁴		—			(0.08	)		(0.08	)
Year ended 9/30/22		$	4.23		(0.05	)		(1.46	)		(1.51	)		—	⁴		(0.01	)		(0.24	)		(0.25	)
Year ended 9/30/21		$	3.02		(0.03	)		1.49			1.46			—	⁴		—			(0.25	)		(0.25	)
Year ended 9/30/20		$	2.64		(0.04	)		0.58			0.54			—	⁴		—			(0.16	)		(0.16	)
Year ended 9/30/19		$	2.78		(0.05	)		0.21			0.16			—	⁴		—			(0.30	)		(0.30	)
Emerging Markets Small Cap Fund — Institutional Class
Year ended 9/30/23		$	2.50		(0.02	)		0.33			0.31			—	⁴		—			(0.08	)		(0.08	)
Year ended 9/30/22		$	4.27		(0.02	)		(1.49	)		(1.51	)		—	⁴		(0.01	)		(0.25	)		(0.26	)
Year ended 9/30/21		$	3.04		(0.03	)		1.51			1.48			—	⁴		—			(0.25	)		(0.25	)
Year ended 9/30/20		$	2.65		(0.02	)		0.57			0.55			—	⁴		—			(0.16	)		(0.16	)
Year ended 9/30/19		$	2.79		(0.02	)		0.18			0.16			—	⁴		—			(0.30	)		(0.30	)
Frontier Emerging Small Countries Fund — Investor Class
Year ended 9/30/23		$	2.45		(0.05	)		0.46			0.41			—	⁴		—			—			—
Year ended 9/30/22		$	4.40		(0.03	)		(1.89	)		(1.92	)		—	⁴		(0.03	)		—			(0.03	)
Year ended 9/30/21		$	3.02		(0.07	)		1.45			1.38			—	⁴		—			—			—
Year ended 9/30/20		$	2.74		(0.07	)		0.35			0.28			—	⁴		—			—			—
Year ended 9/30/19		$	2.51		—	⁴		0.23			0.23			—	⁴		—			—			—

See Notes to Financial Highlights and Notes to Financial Statements.

108


		(for a share outstanding throughout each period)


					Ratios to Average Net Assets												Supplemental Data
Net Asset Value End of Period		Total Return (%)¹			Expenses Net of Waivers and Reimbursements (%)²			Expenses Before Waivers and Reimbursements (%)²			Net Investment Income (Loss) Net of Waivers and Reimbursements (%)²			Net Investment Income (Loss) Before Waivers and Reimbursements (%)²			Net Assets End of Period (000s)		Portfolio Turnover Rate^{1 3}

$	73.66		21.51			1.17	^5 8		1.17	^5 8		(0.53	)		(0.53	)	$	1,593,801		33%
$	61.04		(31.47	)		1.19	^5 8		1.19	^5 8		(0.59	)		(0.59	)	$	1,356,653		29%
$	104.75		44.82			1.17	⁵		1.17	⁵		(0.65	)		(0.65	)	$	2,174,178		35%
$	77.61		17.41			1.19	⁵		1.19	⁵		(0.48	)		(0.48	)	$	1,595,920		38%
$	73.17		(0.37	)		1.19	⁵		1.19	⁵		(0.59	)		(0.59	)	$	1,435,994		31%

$	75.06		21.64			1.06	^5 8		1.06	^5 8		(0.42	)		(0.42	)	$	1,625,150		33%
$	62.13		(31.37	)		1.05	^5 8		1.06	^5 8		(0.46	)		(0.46	)	$	1,275,470		29%
$	106.20		44.98			1.05	⁵		1.05	⁵		(0.54	)		(0.55	)	$	1,865,201		35%
$	78.53		17.58			1.05	⁵		1.08	⁵		(0.45	)		(0.48	)	$	1,134,229		38%
$	73.86		(0.22	)		1.05	⁵		1.09	⁵		(0.45	)		(0.48	)	$	849,787		31%

$	5.90		5.23			1.50	^5 8		1.50	^5 8		(0.92	)		(0.92	)	$	254,155		26%
$	5.67		(14.79	)		1.51	^5 8		1.51	^5 8		(1.13	)		(1.13	)	$	227,767		25%
$	6.95		64.69			1.52	⁵		1.52	⁵		(1.15	)		(1.15	)	$	258,617		21%
$	4.22		(0.38	)		1.64	⁶		1.64	⁶		(0.89	)		(0.89	)	$	136,415		44%
$	4.25		15.06			1.68	⁶		1.68	⁶		(0.99	)		(0.99	)	$	187,625		21%

$	5.98		5.34			1.36	^5 8		1.36	^5 8		(0.79	)		(0.79	)	$	284,887		26%
$	5.74		(14.77	)		1.38	^5 8		1.38	^5 8		(1.01	)		(1.01	)	$	313,825		25%
$	7.03		65.02			1.37	⁵		1.37	⁵		(0.97	)		(0.97	)	$	358,401		21%
$	4.26		(0.15	)		1.45	⁶		1.45	⁶		(0.69	)		(0.69	)	$	145,981		44%
$	4.28		15.23			1.49	⁶		1.49	⁶		(0.75	)		(0.75	)	$	92,214		21%

$	14.73		10.42			1.36	^5 8		1.36	^5 8		(0.31	)		(0.31	)	$	59,458		14%
$	13.34		(40.42	)		1.32	^5 8		1.32	^5 8		(0.73	)		(0.73	)	$	52,571		31%
$	22.49		56.18			1.37	⁵		1.37	⁵		(0.55	)		(0.55	)	$	93,932		20%
$	14.40		27.21			1.51	⁶		1.80	⁶		(0.69	)		(0.99	)	$	14,984		35%
$	11.32		8.85	⁵		1.51	⁶		1.97	⁶		(0.51	)		(0.97	)	$	9,771		14%

$	15.11		10.61			1.13	^5 8		1.13	^5 8		(0.06	)		(0.06	)	$	392,825		14%
$	13.66		(40.40	)		1.14	^5 8		1.14	^5 8		(0.40	)		(0.40	)	$	290,912		31%
$	23.01		56.42			1.18	⁵		1.18	⁵		(0.44	)		(0.44	)	$	170,294		20%
$	14.71		27.58			1.21	⁶		1.41	⁶		(0.40	)		(0.59	)	$	43,682		35%
$	11.53		9.19			1.21	⁶		1.43	⁶		(0.14	)		(0.36	)	$	34,375		14%

$	2.69		12.39			1.96	^6 7		1.96	^6 7		(0.72	)		(0.72	)	$	131,823		21%
$	2.47		(37.93	)		1.91	^6 7		1.91	^6 7		(0.74	)		(0.74	)	$	153,161		36%
$	4.23		50.23			1.88	⁵		1.88	⁵		(1.07	)		(1.07	)	$	322,350		22%
$	3.02		21.12			1.95	⁶		1.95	⁶		(1.02	)		(1.02	)	$	197,524		20%
$	2.64		7.29			1.97	⁶		1.99	⁶		(0.83	)		(0.84	)	$	191,405		16%

$	2.73		12.66			1.78	^6 7		1.78	^6 7		(0.51	)		(0.51	)	$	204,034		21%
$	2.50		(37.75	)		1.78	^6 7		1.78	^6 7		(0.58	)		(0.58	)	$	224,736		36%
$	4.27		50.53			1.76	⁵		1.76	⁵		(0.94	)		(0.94	)	$	321,008		22%
$	3.04		21.41			1.81	⁶		1.81	⁶		(0.88	)		(0.88	)	$	176,548		20%
$	2.65		7.25			1.82	⁶		1.85	⁶		(0.73	)		(0.76	)	$	174,050		16%

$	2.86		16.73			2.16	^6 7		2.31	^6 7		(0.91	)		(1.05	)	$	30,980		29%
$	2.45		(43.89	)		2.15	^5 8		2.29	^5 8		(1.13	)		(1.26	)	$	30,132		44%
$	4.40		45.70			2.12	⁵		2.12	⁵		(1.33	)		(1.33	)	$	52,307		39%
$	3.02		10.22			2.15	⁵		2.38	⁵		(1.12	)		(1.34	)	$	39,899		33%
$	2.74		9.16			2.20	⁶		2.30	⁶		0.78			0.69		$	43,789		63%

109


Wasatch Funds

Financial Highlights (continued)


				Income (Loss) from Investment Operations												Less Distributions
	Net Asset Value Beginning of Period			Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Operations			Redemption Fees (See Note 2)			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions
Frontier Emerging Small Countries Fund — Institutional Class
Year ended 9/30/23		$	2.48		(0.19	)		0.62			0.43			—			—			—			—
Year ended 9/30/22		$	4.46		(0.03	)		(1.91	)		(1.94	)		—	⁴		(0.04	)		—			(0.04	)
Year ended 9/30/21		$	3.05		(0.04	)		1.45			1.41			—	⁴		—			—			—
Year ended 9/30/20		$	2.76		(0.08	)		0.37			0.29			—	⁴		—			—			—
Year ended 9/30/19		$	2.53		0.03			0.20			0.23			—	⁴		—			—			—
Global Opportunities Fund — Investor Class
Year ended 9/30/23		$	3.39		(0.04	)		0.47			0.43			—	⁴		—			(0.08	)		(0.08	)
Year ended 9/30/22		$	5.83		(0.04	)		(1.96	)		(2.00	)		—	⁴		(0.01	)		(0.43	)		(0.44	)
Year ended 9/30/21		$	3.92		(0.04	)		2.05			2.01			—	⁴		—			(0.10	)		(0.10	)
Year ended 9/30/20		$	3.46		(0.05	)		0.81			0.76			—	⁴		—			(0.30	)		(0.30	)
Year ended 9/30/19		$	4.09		(0.03	)		(0.06	)		(0.09	)		—	⁴		—			(0.54	)		(0.54	)
Global Opportunities Fund — Institutional Class
Year ended 9/30/23		$	3.42		(0.02	)		0.46			0.44			—	⁴		—			(0.08	)		(0.08	)
Year ended 9/30/22		$	5.88		(0.03	)		(1.99	)		(2.02	)		—	⁴		(0.01	)		(0.43	)		(0.44	)
Year ended 9/30/21		$	3.94		(0.05	)		2.09			2.04			—	⁴		—			(0.10	)		(0.10	)
Year ended 9/30/20		$	3.48		(0.03	)		0.79			0.76			—	⁴		—			(0.30	)		(0.30	)
Year ended 9/30/19		$	4.10		(0.03	)		(0.05	)		(0.08	)		—			—			(0.54	)		(0.54	)
Global Select Fund — Investor Class
Year ended 9/30/23		$	8.71		(0.06	)		1.61			1.55			—	⁴		—			—			—
Year ended 9/30/22		$	15.83		(0.10	)		(5.24	)		(5.34	)		—	⁴		—			(1.78	)		(1.78	)
Year ended 9/30/21		$	12.60		(0.12	)		3.36			3.24			0.01			—			(0.02	)		(0.02	)
Year ended 9/30/20¹⁰		$	10.00		(0.06	)		2.65			2.59			0.01			—			—			—
Global Select Fund — Institutional Class
Year ended 9/30/23		$	8.82		(0.02	)		1.63			1.61			—			—			—			—
Year ended 9/30/22		$	15.94		(0.05	)		(5.29	)		(5.34	)		—	⁴		—			(1.78	)		(1.78	)
Year ended 9/30/21		$	12.64		(0.07	)		3.39			3.32			—	⁴		—			(0.02	)		(0.02	)
Year ended 9/30/20¹⁰		$	10.00		(0.04	)		2.68			2.64			—	⁴		—			—			—
Global Value Fund — Investor Class
Year ended 9/30/23		$	8.00		0.25			1.05			1.30			—	⁴		(0.24	)		(0.54	)		(0.78	)
Year ended 9/30/22		$	9.24		0.23			(0.96	)		(0.73	)		—	⁴		(0.23	)		(0.28	)		(0.51	)
Year ended 9/30/21		$	6.56		0.18			2.65			2.83			—	⁴		(0.15	)		—			(0.15	)
Year ended 9/30/20		$	7.74		0.16			(1.09	)¹²		(0.93	)		—	⁴		(0.21	)		(0.04	)		(0.25	)
Year ended 9/30/19		$	9.29		0.19			(0.42	)		(0.23	)		—	⁴		(0.19	)		(1.13	)		(1.32	)
Global Value Fund — Institutional Class
Year ended 9/30/23		$	7.99		0.25			1.05			1.30			—			(0.25	)		(0.54	)		(0.79	)
Year ended 9/30/22		$	9.23		0.25			(0.97	)		(0.72	)		—	⁴		(0.24	)		(0.28	)		(0.52	)
Year ended 9/30/21		$	6.56		0.19			2.63			2.82			0.01			(0.16	)		—			(0.16	)
Year ended 9/30/20		$	7.73		0.16			(1.07	)¹²		(0.91	)		—	⁴		(0.22	)		(0.04	)		(0.26	)
Year ended 9/30/19		$	9.28		0.19			(0.41	)		(0.22	)		—	⁴		(0.20	)		(1.13	)		(1.33	)
Greater China Fund — Investor Class
Year ended 9/30/23		$	5.98		(0.04	)		(0.69	)		(0.73	)		—	⁴		(0.39	)		—			(0.39	)
Year ended 9/30/22		$	9.83		(0.05	)		(3.83	)⁹		(3.88	)		0.03			—			—			—
Period ended 9/30/21¹³		$	10.00		(0.05	)		(0.17	)		(0.22	)		0.05			—			—			—
Greater China Fund — Institutional Class
Year ended 9/30/23		$	5.96		—	⁴		(0.71	)		(0.71	)		—			(0.41	)		—			(0.41	)
Year ended 9/30/22		$	9.82		(0.07	)		(3.79	)⁹		(3.86	)		—	⁴		—			—			—
Period ended 9/30/21¹³		$	10.00		(0.03	)		(0.15	)		(0.18	)		—	⁴		—			—			—
International Growth Fund — Investor Class
Year ended 9/30/23		$	20.03		(0.03	)		1.60			1.57			—	⁴		—			—			—
Year ended 9/30/22		$	38.79		(0.07	)		(15.16	)		(15.23	)		—	⁴		—			(3.53	)		(3.53	)
Year ended 9/30/21		$	34.07		(0.17	)		8.68			8.51			—	⁴		—			(3.79	)		(3.79	)
Year ended 9/30/20		$	28.23		(0.20	)		6.82			6.62			—	⁴		—			(0.78	)		(0.78	)
Year ended 9/30/19		$	36.95		(0.08	)		(4.26	)		(4.34	)		—	⁴		—			(4.38	)		(4.38	)

See Notes to Financial Highlights and Notes to Financial Statements.

110


		(for a share outstanding throughout each period)


					Ratios to Average Net Assets												Supplemental Data
Net Asset Value End of Period		Total Return (%)¹			Expenses Net of Waivers and Reimbursements (%)²			Expenses Before Waivers and Reimbursements (%)²			Net Investment Income (Loss) Net of Waivers and Reimbursements (%)²			Net Investment Income (Loss) Before Waivers and Reimbursements (%)²			Net Assets End of Period (000s)		Portfolio Turnover Rate^{1 3}

$	2.91		17.34			1.96	^6 7		2.61	^6 7		(0.83	)		(1.47	)	$	4,027		29%
$	2.48		(43.89	)		1.95	^5 8		2.08	^5 8		(0.88	)		(1.00	)	$	10,416		44%
$	4.46		46.23			1.95	⁵		2.08	⁵		(1.13	)		(1.26	)	$	17,490		39%
$	3.05		10.51			1.96	⁵		2.18	⁵		(0.98	)		(1.20	)	$	10,560		33%
$	2.76		9.09			2.00	⁶		2.15	⁶		1.04			0.90		$	16,456		63%

$	3.74		12.76			1.50	^6 7		1.50	^6 7		(0.93	)		(0.93	)	$	117,596		30%
$	3.39		(36.97	)		1.50	^5 8		1.50	^5 8		(1.00	)		(1.00	)	$	107,048		33%
$	5.83		51.70			1.46	⁵		1.46	⁵		(1.08	)		(1.08	)	$	181,563		22%
$	3.92		23.20			1.53	⁵		1.53	⁵		(1.03	)		(1.03	)	$	100,698		20%
$	3.46		0.82			1.56	⁵		1.56	⁵		(0.95	)		(0.95	)	$	103,710		24%

$	3.78		12.94			1.36	^6 7		1.40	^6 7		(0.79	)		(0.83	)	$	69,174		30%
$	3.42		(36.94	)		1.35	^5 8		1.38	^5 8		(0.85	)		(0.87	)	$	55,266		33%
$	5.88		52.21			1.35	⁵		1.40	⁵		(0.96	)		(1.01	)	$	74,144		22%
$	3.94		23.09			1.35	⁵		1.48	⁵		(0.83	)		(0.96	)	$	38,795		20%
$	3.48		1.09			1.35	⁵		1.57	⁵		(0.74	)		(0.95	)	$	19,060		24%

$	10.26		17.80			1.36	^5 8		2.57	^5 8		(0.58	)		(1.79	)	$	4,620		24%
$	8.71		(37.76	)		1.35	^5 8		2.35	^5 8		(0.77	)		(1.77	)	$	3,879		30%
$	15.83		25.84			1.35	⁵		2.17	⁵		(0.86	)		(1.68	)	$	7,054		58%
$	12.60		26.00			1.36	⁶		4.70	⁶		(0.81	)		(4.16	)	$	4,306		35%

$	10.43		18.25			0.96	^5 8		1.74	^5 8		(0.18	)		(0.96	)	$	9,892		24%
$	8.82		(37.47	)		0.95	^5 8		1.53	^5 8		(0.35	)		(0.93	)	$	8,828		30%
$	15.94		26.31			0.95	⁵		1.56	⁵		(0.46	)		(1.07	)	$	12,385		58%
$	12.64		26.40			0.96	⁶		2.79	⁶		(0.42	)		(2.25	)	$	9,065		35%

$	8.52		16.16			1.11	^5 8		1.18	^5 8		2.80			2.73		$	112,591		43%
$	8.00		(8.55	)		1.10	^5 8		1.20	^5 8		2.46			2.36		$	102,983		47%
$	9.24		43.20			1.10	⁵		1.18	⁵		1.97			1.89		$	119,966		41%
$	6.56		(12.18	)¹²		1.10	⁵		1.30	⁵		2.04			1.84		$	96,323		76%
$	7.74		(0.40	)		1.10	⁵		1.19	⁵		2.30			2.22		$	146,704		49%

$	8.50		16.23			0.96	^5 8		1.12	^5 8		3.00			2.84		$	31,649		43%
$	7.99		(8.42	)		0.95	^5 8		1.14	^5 8		2.89			2.71		$	15,583		47%
$	9.23		43.26			0.99	⁵		1.43	⁵		2.04			1.60		$	7,163		41%
$	6.56		(11.93	)¹²		0.95	⁵		1.38	⁵		2.21			1.78		$	6,449		76%
$	7.73		(0.25	)		0.97	⁵		1.23	⁵		2.44			2.19		$	7,978		49%

$	4.86		(13.75	)		1.53	^6 7		4.77	^6 7		(0.41	)		(3.65	)	$	1,755		57%
$	5.98		(39.17	)¹⁶		1.62	^6 7 18		3.56	^6 7 18		(0.56	)		(2.50	)	$	2,122		109%
$	9.83		(1.70	)		1.51	⁶		3.76	⁶		(0.60	)		(2.85	)	$	3,795		43%

$	4.84		(13.56	)		1.27	^6 7		3.39	^6 7		(0.06	)		(2.18	)	$	2,315		57%
$	5.96		(39.31	)¹⁶		1.36	^6 7 18		2.61	^6 7 18		(0.47	)		(1.72	)	$	2,694		109%
$	9.82		(1.80	)		1.26	⁶		3.09	⁶		(0.34	)		(2.17	)	$	6,779		43%

$	21.60		7.84			1.41	^5 8		1.41	^5 8		0.08			0.08		$	231,089		31%
$	20.03		(42.98	)		1.44	^5 8		1.44	^5 8		(0.14	)		(0.14	)	$	279,608		20%
$	38.79		26.59			1.41	⁵		1.41	⁵		(0.47	)		(0.47	)	$	579,102		25%
$	34.07		23.73			1.47	⁵		1.47	⁵		(0.50	)		(0.50	)	$	497,104		45%
$	28.23		(9.76	)		1.46	⁵		1.46	⁵		(0.25	)		(0.25	)	$	543,990		40%

111


Wasatch Funds

Financial Highlights (continued)


				Income (Loss) from Investment Operations												Less Distributions
	Net Asset Value Beginning of Period			Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Operations			Redemption Fees (See Note 2)			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions
International Growth Fund — Institutional Class
Year ended 9/30/23		$	20.20		0.08			1.52			1.60			—	⁴		—			—			—
Year ended 9/30/22		$	39.04		(0.02	)		(15.29	)		(15.31	)		—	⁴		—			(3.53	)		(3.53	)
Year ended 9/30/21		$	34.24		(0.13	)		8.72			8.59			—	⁴		—			(3.79	)		(3.79	)
Year ended 9/30/20		$	28.33		(0.12	)		6.81			6.69			—	⁴		—			(0.78	)		(0.78	)
Year ended 9/30/19		$	37.03		(0.04	)		(4.28	)		(4.32	)		—	⁴		—			(4.38	)		(4.38	)
International Opportunities Fund — Investor Class
Year ended 9/30/23		$	2.51		(0.06	)		0.27			0.21			—	⁴		—			—			—
Year ended 9/30/22		$	5.26		(0.05	)		(2.06	)		(2.11	)		—	⁴		—			(0.64	)		(0.64	)
Year ended 9/30/21		$	4.64		(0.07	)		0.79			0.72			—	⁴		—			(0.10	)		(0.10	)
Year ended 9/30/20		$	3.54		(0.09	)		1.28			1.19			—			—			(0.09	)		(0.09	)
Year ended 9/30/19		$	3.58		(0.09	)		0.13			0.04			—	⁴		—			(0.08	)		(0.08	)
International Opportunities Fund — Institutional Class
Year ended 9/30/23		$	2.55		(0.02	)		0.23			0.21			—	⁴		—			—			—
Year ended 9/30/22		$	5.33		(0.03	)		(2.11	)		(2.14	)		—	⁴		—			(0.64	)		(0.64	)
Year ended 9/30/21		$	4.71		(0.05	)		0.77			0.72			—	⁴		—			(0.10	)		(0.10	)
Year ended 9/30/20		$	3.58		(0.04	)		1.26			1.22			—			—			(0.09	)		(0.09	)
Year ended 9/30/19		$	3.62		(0.02	)		0.06			0.04			—	⁴		—			(0.08	)		(0.08	)
International Select Fund — Investor Class
Year ended 9/30/23		$	8.90		(0.07	)		1.42			1.35			—	⁴		—			—			—
Year ended 9/30/22		$	14.96		(0.10	)		(5.97	)		(6.07	)		0.01			—			—			—
Year ended 9/30/21		$	12.61		(0.07	)		2.41			2.34			0.01			—			—			—
Year ended 9/30/20¹⁰		$	10.00		(0.04	)		2.64			2.60			0.01			—			—			—
International Select Fund — Institutional Class
Year ended 9/30/23		$	9.01		0.03			1.39			1.42			—			—			—			—
Year ended 9/30/22		$	15.10		(0.04	)		(6.05	)		(6.09	)		—			—			—			—
Year ended 9/30/21		$	12.69		—	⁴		2.41			2.41			—			—			—			—
Year ended 9/30/20¹⁰		$	10.00		(0.02	)		2.68			2.66			0.03			—			—			—
Long/Short Alpha Fund — Investor Class
Year ended 9/30/23		$	9.01		(0.08	)		2.59			2.51			—	⁴		—			(0.01	)		(0.01	)
Year ended 9/30/22¹⁴		$	10.00		(0.16	)		(0.83	)		(0.99	)		—	⁴		—			—			—
Long/Short Alpha Fund — Institutional Class
Year ended 9/30/23		$	9.03		(0.12	)		2.66			2.54			—	⁴		—			(0.01	)		(0.01	)
Year ended 9/30/22¹⁴		$	10.00		(0.13	)		(0.84	)		(0.97	)		—	⁴		—			—			—
Micro Cap Fund — Investor Class
Year ended 9/30/23		$	5.72		(0.11	)		0.46			0.35			—	⁴		—			—			—
Year ended 9/30/22		$	12.55		(0.13	)		(3.80	)		(3.93	)		—	⁴		—			(2.90	)		(2.90	)
Year ended 9/30/21		$	9.56		(0.19	)		3.85			3.66			—	⁴		—			(0.67	)		(0.67	)
Year ended 9/30/20		$	7.45		(0.10	)		3.08			2.98			—			—			(0.87	)		(0.87	)
Year ended 9/30/19		$	9.86		(0.08	)		(0.55	)		(0.63	)		—	⁴		—			(1.78	)		(1.78	)
Micro Cap Fund — Institutional Class
Year ended 9/30/23		$	5.72		(0.09	)		0.44			0.35			—	⁴		—			—			—
Year ended 9/30/22		$	12.55		(0.13	)		(3.80	)		(3.93	)		—	⁴		—			(2.90	)		(2.90	)
Year ended 9/30/21		$	9.55		(0.19	)		3.86			3.67			—	⁴		—			(0.67	)		(0.67	)
Period ended 9/30/20¹¹		$	7.74		(0.05	)		1.86			1.81			—			—			—			—
Micro Cap Value Fund — Investor Class
Year ended 9/30/23		$	2.79		(0.03	)		0.21			0.18			—	⁴		—			—			—
Year ended 9/30/22		$	5.10		(0.04	)		(1.33	)		(1.37	)		—	⁴		—			(0.94	)		(0.94	)
Year ended 9/30/21		$	3.65		(0.04	)		2.02			1.98			—	⁴		—			(0.53	)		(0.53	)
Year ended 9/30/20		$	3.21		(0.04	)		0.78			0.74			—			—			(0.30	)		(0.30	)
Year ended 9/30/19		$	3.83		(0.03	)		(0.20	)		(0.23	)		—	⁴		(0.02	)		(0.37	)		(0.39	)
Micro Cap Value Fund — Institutional Class
Year ended 9/30/23		$	2.81		(0.02	)		0.20			0.18			—	⁴		—			—			—
Year ended 9/30/22		$	5.12		(0.04	)		(1.33	)		(1.37	)		—	⁴		—			(0.94	)		(0.94	)
Year ended 9/30/21		$	3.66		(0.05	)		2.04			1.99			—	⁴		—			(0.53	)		(0.53	)
Period ended 9/30/20¹¹		$	3.26		(0.01	)		0.41			0.40			—			—			—			—

See Notes to Financial Highlights and Notes to Financial Statements.

112


		(for a share outstanding throughout each period)


					Ratios to Average Net Assets												Supplemental Data
Net Asset Value End of Period		Total Return (%)¹			Expenses Net of Waivers and Reimbursements (%)²			Expenses Before Waivers and Reimbursements (%)²			Net Investment Income (Loss) Net of Waivers and Reimbursements (%)²			Net Investment Income (Loss) Before Waivers and Reimbursements (%)²			Net Assets End of Period (000s)		Portfolio Turnover Rate^{1 3}

$	21.80		7.92			1.29	^5 8		1.29	^5 8		0.16			0.16		$	223,565		31%
$	20.20		(42.90	)		1.33	^5 8		1.33	^5 8		(0.03	)		(0.03	)	$	319,936		20%
$	39.04		26.70			1.32	⁵		1.32	⁵		(0.38	)		(0.38	)	$	699,377		25%
$	34.24		23.89			1.35	⁵		1.36	⁵		(0.38	)		(0.38	)	$	569,068		45%
$	28.33		(9.67	)		1.35	⁵		1.35	⁵		(0.13	)		(0.13	)	$	595,341		40%

$	2.72		8.37			1.97	^6 7		1.97	^6 7		(0.52	)		(0.52	)	$	54,964		20%
$	2.51		(45.24	)		1.96	^5 8		1.96	^5 8		(1.05	)		(1.05	)	$	64,198		39%
$	5.26		15.68			1.91	⁵		1.91	⁵		(1.14	)		(1.14	)	$	139,189		35%
$	4.64		34.24			2.02	⁶		2.02	⁶		(1.20	)		(1.20	)	$	129,071		35%
$	3.54		1.61			2.09	⁶		2.09	⁶		(1.04	)		(1.04	)	$	132,503		46%

$	2.76		8.24			1.92	^6 7		1.92	^6 7		(0.51	)		(0.51	)	$	226,305		20%
$	2.55		(45.21	)		1.91	^5 8		1.91	^5 8		(0.97	)		(0.97	)	$	354,481		39%
$	5.33		15.44			1.89	⁵		1.89	⁵		(1.10	)		(1.10	)	$	675,768		35%
$	4.71		34.71			1.93	⁵		1.93	⁵		(1.06	)		(1.06	)	$	544,914		35%
$	3.58		1.59			1.96	⁶		1.96	⁶		(0.81	)		(0.81	)	$	376,578		46%

$	10.25		15.17			1.35	^6 7		3.88	^6 7		(0.41	)		(2.95	)	$	2,481		22%
$	8.90		(40.51	)		1.30	^5 8		3.34	^5 8		(0.72	)		(2.76	)	$	2,514		27%
$	14.96		18.64			1.30	⁵		3.09	⁵		(0.68	)		(2.46	)	$	4,763		35%
$	12.61		26.10			1.30	⁵		6.96	⁵		(0.55	)		(6.20	)	$	2,861		36%

$	10.43		15.76			0.94	^6 7		3.19	^6 7		(0.05	)		(2.30	)	$	1,526		22%
$	9.01		(40.33	)		0.90	^5 8		2.37	^5 8		(0.30	)		(1.76	)	$	2,788		27%
$	15.10		18.99			0.90	⁵		3.03	⁵		(0.27	)		(2.40	)	$	4,746		35%
$	12.69		26.90			0.90	⁶		7.68	⁶		(0.19	)		(6.96	)	$	2,069		36%

$	11.51		27.87			2.67	^6 7 17		2.85	^6 7 17		(1.16	)		(1.34	)	$	22,895		75%
$	9.01		(9.90	)		2.41	^6 7 17		3.14	^6 7 17		(1.62	)		(2.35	)	$	8,184		55%

$	11.56		28.14			2.34	^6 7 17		2.71	^6 7 17		(0.99	)		(1.37	)	$	11,579		75%
$	9.03		(9.70	)		2.20	^6 7 17		3.10	^6 7 17		(1.47	)		(2.37	)	$	13,782		55%

$	6.07		6.12			1.66	^5 8		1.66	^5 8		(1.46	)		(1.46	)	$	509,106		57%
$	5.72		(39.42	)		1.66	^5 8		1.66	^5 8		(1.54	)		(1.54	)	$	558,093		59%
$	12.55		38.81			1.63	⁵		1.63	⁵		(1.52	)		(1.52	)	$	1,155,133		63%
$	9.56		43.47			1.66	⁵		1.66	⁵		(1.48	)		(1.48	)	$	746,749		75%
$	7.45		(1.15	)		1.66	⁵		1.66	⁵		(1.31	)		(1.31	)	$	473,505		67%

$	6.07		6.12			1.59	^5 8		1.59	^5 8		(1.39	)		(1.39	)	$	74,849		57%
$	5.72		(39.40	)		1.59	^5 8		1.59	^5 8		(1.47	)		(1.47	)	$	76,558		59%
$	12.55		38.96			1.56	⁵		1.56	⁵		(1.45	)		(1.45	)	$	198,477		63%
$	9.55		23.39			1.60	⁵		1.62	⁵		(1.43	)		(1.45	)	$	59,124		75%

$	2.97		6.45			1.73	^5 8		1.73	^5 8		(0.82	)		(0.82	)	$	234,553		59%
$	2.79		(32.47	)		1.70	^5 8		1.70	^5 8		(1.13	)		(1.13	)	$	249,290		50%
$	5.10		58.11			1.66	⁵		1.66	⁵		(1.15	)		(1.15	)	$	387,236		82%
$	3.65		24.17			1.74	⁵		1.74	⁵		(1.01	)		(1.01	)	$	222,963		63%
$	3.21		(4.50	)		1.74	⁵		1.74	⁵		(0.90	)		(0.90	)	$	249,523		66%

$	2.99		6.41			1.61	^5 8		1.65	^5 8		(0.69	)		(0.74	)	$	42,440		59%
$	2.81		(32.31	)		1.60	^5 8		1.63	^5 8		(1.03	)		(1.06	)	$	42,952		50%
$	5.12		58.25			1.60	⁵		1.61	⁵		(1.10	)		(1.10	)	$	56,381		82%
$	3.66		12.27			1.60	⁵		1.84	⁵		(0.99	)		(1.23	)	$	25,317		63%

113


Wasatch Funds

Financial Highlights (continued)


				Income (Loss) from Investment Operations												Less Distributions
	Net Asset Value Beginning of Period			Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Operations			Redemption Fees (See Note 2)			Dividends from Net Investment Income			Distributions from Net Realized Gains			Total Distributions
Small Cap Growth Fund — Investor Class
Year ended 9/30/23		$	29.19		(0.38	)		3.48			3.10			—	⁴		—			—			—
Year ended 9/30/22		$	62.46		(0.46	)		(21.99	)		(22.45	)		—	⁴		—			(10.82	)		(10.82	)
Year ended 9/30/21		$	46.64		(0.57	)		19.94			19.37			—	⁴		—			(3.55	)		(3.55	)
Year ended 9/30/20		$	40.23		(0.32	)		12.52			12.20			—			—			(5.79	)		(5.79	)
Year ended 9/30/19		$	55.30		(0.28	)		(2.33	)		(2.61	)		—	⁴		—			(12.46	)		(12.46	)
Small Cap Growth Fund — Institutional Class
Year ended 9/30/23		$	29.70		(0.28	)		3.46			3.18			—	⁴		—			—			—
Year ended 9/30/22		$	63.29		(0.42	)		(22.35	)		(22.77	)		—	⁴		—			(10.82	)		(10.82	)
Year ended 9/30/21		$	47.18		(0.51	)		20.17			19.66			—	⁴		—			(3.55	)		(3.55	)
Year ended 9/30/20		$	40.60		(0.28	)		12.65			12.37			—			—			(5.79	)		(5.79	)
Year ended 9/30/19		$	55.61		(0.24	)		(2.31	)		(2.55	)		—	⁴		—			(12.46	)		(12.46	)
Small Cap Value Fund — Investor Class
Year ended 9/30/23		$	7.49		(0.02	)		1.86			1.84			—	⁴		—			(0.19	)		(0.19	)
Year ended 9/30/22		$	10.68		—	⁴		(2.38	)		(2.38	)		—	⁴		—	⁴		(0.81	)		(0.81	)
Year ended 9/30/21		$	6.99		(0.02	)		3.71			3.69			—	⁴		—			—			—
Year ended 9/30/20		$	7.61		0.01			(0.54	)		(0.53	)		—			(0.04	)		(0.05	)		(0.09	)
Year ended 9/30/19		$	8.53		0.03			(0.36	)		(0.33	)		—	⁴		—			(0.59	)		(0.59	)
Small Cap Value Fund — Institutional Class
Year ended 9/30/23		$	7.56		—			1.87			1.87			—	⁴		—			(0.19	)		(0.19	)
Year ended 9/30/22		$	10.78		0.01			(2.41	)		(2.40	)		—	⁴		(0.01	)		(0.81	)		(0.82	)
Year ended 9/30/21		$	7.05		—	⁴		3.73			3.73			—	⁴		—			—			—
Year ended 9/30/20		$	7.67		0.03			(0.55	)		(0.52	)		—			(0.05	)		(0.05	)		(0.10	)
Year ended 9/30/19		$	8.58		0.03			(0.35	)		(0.32	)		—	⁴		—			(0.59	)		(0.59	)
Ultra Growth Fund — Investor Class
Year ended 9/30/23		$	26.29		(0.38	)		0.63			0.25			—	⁴		—			—			—
Year ended 9/30/22		$	50.98		(0.43	)		(18.93	)		(19.36	)		—	⁴		—			(5.33	)		(5.33	)
Year ended 9/30/21		$	39.56		(0.48	)		13.30			12.82			0.01			—			(1.41	)		(1.41	)
Year ended 9/30/20		$	25.30		(0.17	)		14.98			14.81			0.01			—			(0.56	)		(0.56	)
Year ended 9/30/19		$	27.68		(0.18	)		(0.60	)		(0.78	)		0.01			—			(1.61	)		(1.61	)
Ultra Growth Fund — Institutional Class
Year ended 9/30/23		$	26.37		(0.23	)		0.53			0.30			—	⁴		(0.04	)		—			(0.04	)
Year ended 9/30/22		$	51.05		(0.34	)		(19.01	)		(19.35	)		—	⁴		—			(5.33	)		(5.33	)
Year ended 9/30/21		$	39.58		(0.41	)		13.28			12.87			0.01			—			(1.41	)		(1.41	)
Period ended 9/30/20¹¹		$	29.39		(0.09	)		10.28			10.19			—	⁴		—			—			—
U.S. Select Fund — Investor Class
Year ended 9/30/23		$	9.74		(0.03	)		2.36			2.33			—	⁴		—			—			—
Year ended 9/30/22¹⁵		$	10.00		(0.01	)		(0.26	)		(0.27	)		0.01			—			—			—
U.S. Select Fund — Institutional Class
Year ended 9/30/23		$	9.73		(0.03	)		2.39			2.36			—	⁴		—			—			—
Year ended 9/30/22¹⁵		$	10.00		(0.01	)		(0.26	)		(0.27	)		—			—			—			—
U.S. Treasury Fund — Investor Class
Year ended 9/30/23		$	12.53		0.34			(1.91	)		(1.57	)		—	⁴		(0.33	)		—			(0.33	)
Year ended 9/30/22		$	18.10		0.28			(5.57	)		(5.29	)		0.01			(0.29	)		—			(0.29	)
Year ended 9/30/21		$	22.42		0.25			(3.00	)		(2.75	)		0.01			(0.24	)		(1.34	)		(1.58	)
Year ended 9/30/20		$	19.26		0.30			3.13			3.43			0.03			(0.30	)		—			(0.30	)
Year ended 9/30/19		$	15.26		0.34			3.99			4.33			0.01			(0.34	)		—			(0.34	)

See Notes to Financial Highlights and Notes to Financial Statements.

114


		(for a share outstanding throughout each period)


					Ratios to Average Net Assets												Supplemental Data
Net Asset Value End of Period		Total Return (%)¹			Expenses Net of Waivers and Reimbursements (%)²			Expenses Before Waivers and Reimbursements (%)²			Net Investment Income (Loss) Net of Waivers and Reimbursements (%)²			Net Investment Income (Loss) Before Waivers and Reimbursements (%)²			Net Assets End of Period (000s)		Portfolio Turnover Rate^{1 3}

$	32.29		10.62			1.15	^5 8		1.15	^5 8		(0.94	)		(0.94	)	$	837,158		27%
$	29.19		(42.42	)		1.15	^5 8		1.15	^5 8		(1.05	)		(1.05	)	$	848,033		32%
$	62.46		42.49			1.12	⁵		1.12	⁵		(1.00	)		(1.00	)	$	1,744,187		40%
$	46.64		33.26			1.16	⁵		1.16	⁵		(0.89	)		(0.89	)	$	1,247,871		37%
$	40.23		1.67	⁵		1.17	⁶		1.17	⁶		(0.80	)		(0.80	)	$	978,825		26%

$	32.88		10.71			1.06	^5 8		1.07	^5 8		(0.85	)		(0.85	)	$	1,261,857		27%
$	29.70		(42.35	)		1.05	^5 8		1.06	^5 8		(0.94	)		(0.95	)	$	1,138,901		32%
$	63.29		42.62			1.05	⁵		1.06	⁵		(0.92	)		(0.93	)	$	1,898,152		40%
$	47.18		33.39			1.05	⁵		1.08	⁵		(0.78	)		(0.81	)	$	1,233,331		37%
$	40.60		1.80			1.06	⁶		1.09	⁶		(0.68	)		(0.72	)	$	712,833		26%

$	9.14		24.90			1.18	^6 7		1.18	^6 7		(0.15	)		(0.15	)	$	537,439		61%
$	7.49		(24.18	)		1.16	^5 8		1.16	^5 8		0.04			0.04		$	570,201		61%
$	10.68		52.79			1.16	⁵		1.16	⁵		(0.16	)		(0.16	)	$	840,022		50%
$	6.99		(7.13	)		1.21	⁵		1.21	⁵		0.22			0.22		$	525,957		58%
$	7.61		(2.69	)		1.20	⁵		1.20	⁵		0.51			0.51		$	454,451		25%

$	9.24		25.07			1.07	^6 7		1.07	^6 7		(0.06	)		(0.06	)	$	695,586		61%
$	7.56		(24.15	)		1.05	^5 8		1.06	^5 8		0.14			0.14		$	663,167		61%
$	10.78		52.91			1.05	⁵		1.06	⁵		(0.05	)		(0.06	)	$	849,537		50%
$	7.05		(6.94	)		1.05	⁵		1.08	⁵		0.38			0.34		$	472,331		58%
$	7.67		(2.55	)		1.05	⁵		1.09	⁵		0.70			0.66		$	368,498		25%

$	26.54		0.95			1.23	^5 8		1.23	^5 8		(0.96	)		(0.96	)	$	800,490		25%
$	26.29		(41.70	)		1.18	^5 8		1.18	^5 8		(1.00	)		(1.00	)	$	984,853		34%
$	50.98		32.78			1.16	⁵		1.16	⁵		(0.96	)		(0.96	)	$	2,255,327		35%
$	39.56		59.54			1.19	⁵		1.19	⁵		(0.95	)		(0.95	)	$	1,733,280		37%
$	25.30		(1.35	)		1.24	⁵		1.24	⁵		(0.93	)		(0.93	)	$	623,154		17%

$	26.63		1.13			1.06	^5 8		1.08	^5 8		(0.79	)		(0.81	)	$	378,127		25%
$	26.37		(41.62	)		1.05	^5 8		1.06	^5 8		(0.87	)		(0.88	)	$	389,020		34%
$	51.05		32.89			1.05	⁵		1.06	⁵		(0.86	)		(0.87	)	$	717,666		35%
$	39.58		34.67			1.05	⁵		1.07	⁵		(0.97	)		(0.98	)	$	348,388		37%

$	12.07		23.92			1.02	^6 7		4.56	^6 7		(0.53	)		(4.07	)	$	4,352		31%
$	9.74		(2.60	)		1.01	^6 7		11.81	^6 7		(0.59	)		(11.39	)	$	1,779		4%

$	12.09		24.25			0.87	^6 7		2.46	^6 7		(0.38	)		(1.98	)	$	8,118		31%
$	9.73		(2.70	)		0.86	^6 7		10.54	^6 7		(0.43	)		(10.11	)	$	3,566		4%

$	10.63		(12.82	)		0.70	^5 8		0.70	^5 8		2.67			2.67		$	237,186		13%
$	12.53		(29.44	)		0.67	^5 8		0.67	^5 8		1.70			1.70		$	287,523		47%
$	18.10		(12.74	)		0.66	⁵		0.66	⁵		1.30			1.30		$	462,949		50%
$	22.42		18.06			0.66	⁵		0.66	⁵		1.41			1.41		$	545,586		13%
$	19.26		28.73			0.69	⁵		0.69	⁵		2.05			2.05		$	379,644		29%

115


Wasatch Funds		SEPTEMBER 30, 2023

Notes to Financial Highlights

¹	Not annualized for periods less than one year.

²	Annualized for periods less than one year.

³	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

⁴	Represents amounts less than $0.005 per share.

⁵	Includes interest expenses of less than 0.005%.

⁶	Includes interest expenses of more than 0.005%.

⁷	Includes extraordinary expenses greater than or equal to 0.01% (see Note 7 in “Notes to Financial Statements”).

⁸	Includes extraordinary expenses of less than 0.01% (see Note 7 in “Notes to Financial Statements”).

⁹	The Advisor reimbursed the Greater China Fund $258,290 for losses from a trade error. The reimbursement reduced the Net Realized and Unrealized Losses on Investments by $0.24 per share.

¹⁰	Fund inception date was October 1, 2019.

¹¹	Institutional Class inception date was January 31, 2020.

¹²

Net Realized and Unrealized Gains (Losses) on Investments per share reflects a large, non-recurring receivable for security litigation which amounted to $0.07 and $0.07 per share for the Investor Class and Institutional Class, respectively. Excluding this non-recurring receivable, Net Realized and Unrealized Gains (Losses) on Investments would have been $(1.16) and $(1.14) per share for the Investor Class and Institutional Class, respectively. Excluding this non-recurring receivable, Total Return would have been (13.11)% and (13.00)% for the Investor Class and Institutional Class, respectively.

¹³	Fund inception date was November 30, 2020.

¹⁴	Fund inception date was October 1, 2021.

¹⁵	Fund inception date was June 13, 2022.

¹⁶	The Advisor reimbursed the Greater China Fund $258,290 for losses from a trade error. The reimbursement increased the total return by 3.54%.

¹⁷	Includes interest expense and dividend payments for securities sold short. The ratios excluding such expenses are listed below:


	Expenses Net of Waivers and Reimbursements(%)²		Expenses Before Waivers and Reimbursements(%)²
Long/Short Alpha Fund — Investor Class
Year ended 9/30/23		1.76		1.93
Year ended 9/30/22		1.75		2.48

Long/Short Alpha Fund — Institutional Class
Year ended 9/30/23		1.50		1.87
Year ended 9/30/22		1.50		2.40

¹⁸	Includes interest expense and extraordinary expenses. The ratios excluding such expenses are listed below:


	Expenses Net of Waivers and Reimbursements(%)²		Expenses Before Waivers and Reimbursements(%)²
Greater China Fund — Investor Class
Year ended 9/30/22		1.51		3.46

Greater China Fund — Institutional Class
Year ended 9/30/22		1.26		2.51

116


Wasatch Funds		SEPTEMBER 30, 2023

Notes to Financial Statements

1. ORGANIZATION

Wasatch Funds Trust (the “Trust”) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and consists of 20 series or funds (each a “Fund” and collectively the “Funds”). The Core Growth Fund, Global Opportunities Fund, Global Select Fund, Global Value Fund, International Growth Fund, International Opportunities Fund, Micro Cap Fund, Micro Cap Value Fund, Small Cap Growth Fund, Small Cap Value Fund, Ultra Growth Fund and Wasatch-Hoisington U.S. Treasury Fund (“U.S. Treasury Fund”) (sub-advised) are each classified as a diversified fund. The Emerging India Fund, Emerging Markets Select Fund, Emerging Markets Small Cap Fund, Frontier Emerging Small Countries Fund, Greater China Fund, International Select Fund, Long/Short Alpha Fund and U.S. Select Fund are each classified as a non-diversified fund. Each Fund maintains its own investment objective(s). The investment objective(s) adopted by each Fund are included in each Fund’s summary description in the Funds’ 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 19 funds offer Institutional Class shares: Core Growth Fund, Global Value Fund and Small Cap Value Fund, which commenced operations on January 31, 2012; Emerging Markets Select Fund, which commenced operations on December 13, 2012; Emerging India Fund, Emerging Markets Small Cap Fund, Frontier Emerging Small Countries Fund, Global Opportunities Fund, International Growth Fund, International Opportunities Fund and Small Cap Growth Fund, which commenced operations on February 1, 2016; Global Select Fund and International Select Fund, which commenced operations on October 1, 2019; Micro Cap Fund, Micro Cap Value Fund and Ultra Growth Fund, which commenced operations on January 31, 2020; Greater China Fund, which commenced operations on November 30, 2020; Long/Short Alpha Fund, which commenced operations on October 1, 2021; and U.S. Select Fund, which commenced operations on June 13, 2022. Each class of shares for each Fund has identical rights and privileges except with respect to purchase minimums, distribution and service charges, shareholder services, voting rights on matters affecting a single class of shares, and the exchange and conversion features. The Funds have entered into an investment advisory agreement with Wasatch Advisors LP, d/b/a Wasatch Global Investors, as investment advisor (the “Advisor” or “Wasatch”).

The Core Growth, Emerging India, Emerging Markets Select, Emerging Markets Small Cap, Frontier Emerging Small Countries, Global Opportunities, Global Select, Global Value, Greater China, International Growth, Inter

national Opportunities, International Select, Long/Short

Alpha, Micro Cap, Micro Cap Value, Small Cap Growth, Small Cap Value, Ultra Growth and U.S. Select Funds are referred to herein as the “Equity Funds.”

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant policies related to investments of the Funds held at September 30, 2023. 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 12.

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

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

Expenses — The Funds contract for various services on a collective basis. Most expenses are directly attributable to

117


Wasatch Funds

Notes to Financial Statements (continued)

each Fund and therefore are charged accordingly. Expenses not directly attributable to one or more Funds are allocated among applicable Funds on an equitable and consistent basis considering such things as the nature and type of expense and the relative net assets of the Funds.

Use of Management Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported changes in net assets during the reporting period. Actual results could differ from those estimates.

Guarantees and Indemnifications — In the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. Based on experience, however, the risk of loss is expected to be remote.

Redemption Fees — The Funds deduct a fee of 2.00% from redemption proceeds on shares of the Funds held 60 days or less. Redemption fees retained by the Funds are credited to additional paid-in capital.

Other — Income, expenses, and realized and unrealized gains or losses on investments are generally allocated to each class of shares based on its relative net assets, except that each class separately bears expenses related specifically to that class, such as certain shareholder servicing fees.

3. SECURITIES AND OTHER INVESTMENTS

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

Short Sales — The Equity Funds (the Long/Short Alpha Fund in particular) may enter into short sales whereby a fund sells a security it generally does not own (the security is borrowed), in anticipation of a decline in the security’s price. The initial amount of a short sale is recorded as a liability which is marked-to-market daily. Fluctuations in the value of the short liability are recorded as unrealized gains or losses. If a Fund shorts a security when also holding a long position in the security (a “short against the box”), as the security’s price declines, the short position increases in value, offsetting the long position’s decrease in

value. The opposite effect occurs if the security’s price rises. A Fund realizes a gain or loss upon closing of the short sale (returning the security to the counterparty by way of purchase or delivery of a long position owned). Possible losses from short sales may be unlimited, whereas losses from security purchases cannot exceed the total amount invested. The Funds are liable to the lender for any dividends payable on securities while those securities are in a short position. These dividends are an expense of the Funds. The Funds designate collateral consisting of cash, U.S. government securities or other liquid assets sufficient to collateralize the market value of short positions.

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

4. FINANCIAL DERIVATIVE INSTRUMENTS

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

118


		SEPTEMBER 30, 2023

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 fiscal year ended September 30, 2023.

5. PURCHASES AND SALES OF SECURITIES

The cost of investment securities purchased and proceeds from sales of investment securities, excluding U.S. government and short-term securities, for the year ended September 30, 2023 are summarized below:


	Core Growth Fund			Emerging India Fund			Emerging Markets Select Fund			Emerging Markets Small Cap Fund			Frontier Emerging Small Countries Fund
Purchases		$	1,001,290,698		$	126,308,270		$	139,281,218		$	74,525,827		$	10,248,031
Sales			996,559,790			169,422,388			59,064,907			157,736,937			19,760,832

	Global Opportunities Fund			Global Select Fund			Global Value Fund			Greater China Fund			International Growth Fund
Purchases		$	53,850,229		$	3,379,952		$	68,752,505		$	3,033,692		$	170,156,454
Sales			57,139,338			3,836,966			59,571,272			3,024,349			362,980,659

	International Opportunities Fund			International Select Fund			Long/Short Alpha Fund			Micro Cap Fund			Micro Cap Value Fund
Purchases		$	69,451,421		$	1,126,278		$	32,620,030		$	351,858,416		$	171,750,688
Sales			221,767,387			3,200,172			24,635,348			462,357,892			200,479,210

	Small Cap Growth Fund			Small Cap Value Fund			Ultra Growth Fund			U.S. Select Fund
Purchases		$	573,469,126		$	803,130,567		$	341,384,454		$	8,435,020
Sales			727,519,653			1,096,770,569			562,943,938			2,786,413

Purchases and sales of U.S. government securities in the U.S. Treasury Fund were $35,611,413 and $44,465,645, respectively.

6. FEDERAL INCOME TAX INFORMATION

It is the Funds’ policy to qualify as regulated investment companies and distribute substantially all of their taxable income to shareholders. The Funds’ tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return.

Management has analyzed the Funds’ tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements.

As of September 30, 2023, 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		$	2,435,148,782			$	343,317,822			$	512,527,583			$	249,253,978			$	30,652,799

Gross appreciation		$	983,942,577			$	190,738,339			$	38,639,404			$	127,635,458			$	8,758,901
Gross (depreciation)			(232,690,303	)			(8,620,211	)			(102,925,205	)			(27,696,720	)			(3,839,950	)

Net appreciation (depreciation)		$	751,252,274			$	182,118,128			$	(64,285,801	)		$	99,938,738			$	4,918,951

119


Wasatch Funds

Notes to Financial Statements (continued)


	Global Opportunities Fund				Global Select Fund				Global Value Fund				Greater China Fund				International Growth Fund
Cost		$	148,869,333			$	14,381,883			$	127,649,776			$	6,453,113			$	373,396,928

Gross appreciation		$	49,554,717			$	2,366,587			$	19,142,604			$	37,434			$	119,951,487
Gross (depreciation)			(16,103,328	)			(2,208,708	)			(6,837,011	)			(2,531,219	)			(40,413,762	)

Net appreciation (depreciation)		$	33,451,389			$	157,879			$	12,305,593			$	(2,493,785	)		$	79,537,725


	International Opportunities Fund				International Select Fund				Long/Short Alpha Fund				Micro Cap Fund				Micro Cap Value Fund
Cost		$	248,928,276			$	4,020,404			$	38,704,697			$	571,634,331			$	224,564,254

Gross appreciation		$	79,250,987			$	470,767			$	3,274,240			$	110,279,439			$	61,184,408
Gross (depreciation)			(48,452,990	)			(539,203	)			(3,459,310	)			(115,711,428	)			(19,388,778	)

Net appreciation (depreciation)		$	30,797,997			$	(68,436	)		$	(185,070	)		$	(5,431,989	)		$	41,795,630


	Small Cap Growth Fund				Small Cap Value Fund				Ultra Growth Fund				U.S. Select Fund				U.S. Treasury Fund
Cost		$	1,737,067,336			$	982,685,764			$	1,210,390,717			$	11,491,612			$	360,237,483

Gross appreciation		$	649,812,165			$	299,920,100			$	307,863,189			$	1,232,719			$	—
Gross (depreciation)			(324,354,481	)			(75,047,635	)			(338,356,067	)			(475,630	)			(126,344,514	)

Net appreciation (depreciation)		$	325,457,684			$	224,872,465			$	(30,492,878	)		$	757,089			$	(126,344,514	)

The difference between book-basis and tax-basis unrealized gains (losses) is primarily attributable to the tax deferral of losses on wash sales, unrealized appreciation (depreciation) on passive foreign investment companies (PFICs) and other temporary tax adjustments.

The components of accumulated earnings on a tax basis as of September 30, 2023 were as follows:


	Core Growth Fund				Emerging India Fund				Emerging Markets Select Fund				Emerging Markets Small Cap Fund				Frontier Emerging Small Countries Fund				Global Opportunities Fund
Undistributed capital gains		$	—			$	24,135,461			$	—			$	—			$	—			$	—

Accumulated earnings			—				24,135,461				—				—				—				—
Accumulated capital and other losses			(43,280,772	)			(4,998,944	)			(49,348,674	)			(4,429,060	)			(103,679,322	)			(2,194,759	)
Other undistributed ordinary losses			—				(15,536	)			(26,299	)			—				(17,612	)			(117	)
Net unrealized appreciation (depreciation)			751,252,274				167,103,455				(65,330,361	)			96,846,456				4,714,234				32,685,270

Total accumulated earnings (accumulated losses)		$	707,971,502			$	186,224,436			$	(114,705,334	)		$	92,417,396			$	(98,982,700	)		$	30,490,394


	Global Select Fund				Global Value Fund				Greater China Fund				International Growth Fund				International Opportunities Fund				International Select Fund
Undistributed ordinary income		$	—			$	379,739			$	10,156			$	—			$	—			$	—

Accumulated earnings			—				379,739				10,156				—				—				—
Accumulated capital and other losses			(1,620,015	)			(159,427,297	)			(4,087,061	)			(960,145	)			(39,061,328	)			(1,008,515	)
Net unrealized appreciation (depreciation)			125,474				12,282,873				(2,493,794	)			78,118,606				29,611,953				(68,535	)

Total accumulated earnings (accumulated losses)		$	(1,494,541	)		$	(146,764,685	)		$	(6,570,699	)		$	77,158,461			$	(9,449,375	)		$	(1,077,050	)

120


		SEPTEMBER 30, 2023


	Long/Short Alpha Fund				Micro Cap Fund				Micro Cap Value Fund				Small Cap Growth Fund				Small Cap Value Fund				Ultra Growth Fund
Undistributed capital gains		$	—			$	—			$	—			$	—			$	41,093,945			$	—

Accumulated earnings			—				—				—				—				41,093,945				—
Accumulated capital and other losses			(304,167	)			(130,201,094	)			(45,350,334	)			(275,094,759	)			(163,784	)			(126,167,699	)
Net unrealized appreciation (depreciation)			2,877,445				(5,431,990	)			41,794,567				325,457,687				224,872,465				(30,492,877	)

Total accumulated earnings (accumulated losses)		$	2,573,278			$	(135,633,084	)		$	(3,555,767	)		$	50,362,928			$	265,802,626			$	(156,660,576	)


	U.S. Select Fund				U.S. Treasury Fund
Undistributed ordinary income		$	—			$	170,269

Accumulated earnings			—				170,269
Accumulated capital and other losses			(78,351	)			(78,516,420	)
Other undistributed ordinary losses			—				(116,831	)
Net unrealized appreciation (depreciation)			757,088				(126,344,514	)

Total (accumulated losses)		$	678,737			$	(204,807,496	)

Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from ordinary income and realized capital gains for financial reporting purposes. The Funds may utilize earnings and profits distributed to shareholders on redemption of shares as part of the dividends-paid deduction (tax equalization).

Differences between income and/or capital gains as determined on a book basis and a tax basis are primarily due to passive foreign investment company shares, foreign capital gains taxes, foreign currency transactions, corporate actions, wash sales and investments in REITs. These reclassifications have no effect on net assets or net asset value per share.

The Funds are permitted to carry forward capital losses for an unlimited period. The losses that are carried forward retain their character as either short-term or long-term capital losses.

Capital loss carryforwards as of September 30, 2023 are as follows:


	Non-expiring
Fund	Short Term			Long Term
Core Growth Fund		$	32,334,969		$	—
Emerging Markets Select Fund			45,411,144			3,923,721
Emerging Markets Small Cap Fund			1,490,760			—
Frontier Emerging Small Countries Fund			96,160,025			7,354,242
Global Opportunities Fund			917,211			—
Global Select Fund			1,458,136			123,160
Global Value Fund*			23,782,581			135,644,716
Greater China Fund			2,780,306			1,306,755
International Growth Fund			960,145			—
International Opportunities Fund			37,354,855			—
International Select Fund			501,571			501,829
Long/Short Alpha Fund			—			87,209
Micro Cap Fund			123,569,394			—
Micro Cap Value Fund			39,391,606			4,160,249
Small Cap Growth Fund			149,544,835			111,547,750
Ultra Growth Fund			116,902,186			—
U.S. Select Fund			45,685			—
U.S. Treasury Fund			20,196,523			58,319,897

*	The Fund’s capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.

121


Wasatch Funds

Notes to Financial Statements (continued)

During the tax year ended September 30, 2023, the Funds used capital loss carryforwards in the following amounts:


Fund	Amount Used
Global Value Fund		$	875,460

Under current tax law, Post-October Capital Losses and Late-Year Ordinary Losses may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The Funds have elected to defer losses as follows:


Fund	Post-October Capital Losses			Late-Year Ordinary Losses
Core Growth Fund		$	—		$	(10,945,803	)
Emerging India Fund			—			(4,998,944	)
Emerging Markets Select Fund			—			(13,809	)
Emerging Markets Small Cap Fund			—			(2,938,300	)
Frontier Emerging Small Countries Fund			—			(165,055	)
Global Opportunities Fund			—			(1,277,548	)
Global Select Fund			—			(38,719	)
International Opportunities Fund			—			(1,706,473	)
International Select Fund			—			(5,115	)
Long/Short Alpha Fund			—			(216,958	)
Micro Cap Fund			—			(6,631,700	)
Micro Cap Value Fund			—			(1,798,479	)
Small Cap Growth Fund			—			(14,002,174	)
Small Cap Value Fund			—			(163,784	)
Ultra Growth Fund			—			(9,265,513	)
U.S. Select Fund			—			(32,666	)

The tax character of distributions paid during the year ended September 30, 2023 was as follows:


2023	Core Growth Fund			Emerging India Fund			Emerging Markets Select Fund			Emerging Markets Small Cap Fund			Frontier Emerging Small Countries Fund
Ordinary Income		$	—		$	—		$	—		$	—		$	—
Capital Gains			18,812,947			5,672,410			—			11,198,625			—

Total		$	18,812,947		$	5,672,410		$	—		$	11,198,625		$	—


2023	Global Opportunities Fund			Global Select Fund			Global Value Fund			Greater China Fund			International Growth Fund
Ordinary Income		$	—		$	—		$	4,022,313		$	324,168		$	—
Capital Gains			3,725,746			—			8,029,844			—			—

Total		$	3,725,746		$	—		$	12,052,157		$	324,168		$	—


2023	International Opportunities Fund			International Select Fund			Long/Short Alpha Fund			Micro Cap Fund			Micro Cap Value Fund
Ordinary Income		$	—		$	—		$	24,018		$	—		$	—
Capital Gains			—			—			—			—			—

Total		$	—		$	—		$	24,018		$	—		$	—


2023	Small Cap Growth Fund			Small Cap Value Fund			Ultra Growth Fund			U.S. Select Fund			U.S. Treasury Fund
Ordinary Income		$	—		$	—		$	556,115		$	—		$	7,520,379
Capital Gains			—			31,073,891			—			—			—

Total		$	—		$	31,073,891		$	556,115		$	—		$	7,520,379

122


		SEPTEMBER 30, 2023

The tax character of distribution paid during the year ended September 30, 2022 was as follows:


2022	Core Growth Fund			Emerging India Fund			Emerging Markets Select Fund			Emerging Markets Small Cap Fund			Frontier Emerging Small Countries Fund
Ordinary Income		$	54,338,675		$	—		$	—		$	1,341,382		$	520,114
Capital Gains			556,536,913			27,428,712			1,628,008			38,285,535			—

Total		$	610,875,588		$	27,428,712		$	1,628,008		$	39,626,917		$	520,114


2022	Global Opportunities Fund			Global Select Fund			Global Value Fund			Greater China Fund			International Growth Fund
Ordinary Income		$	—		$	589,852		$	6,296,926		$	—		$	—
Capital Gains			20,801,935			1,627,167			938,921			—			115,269,077

Total		$	20,801,935		$	2,217,019		$	7,235,847		$	—		$	115,269,077


2022	International Opportunities Fund			International Select Fund			Long/Short Alpha Fund			Micro Cap Fund			Micro Cap Value Fund
Ordinary Income		$	—		$	—		$	—		$	103,250,262		$	25,989,892
Capital Gains			96,496,159			—			—			195,974,009			59,641,150

Total		$	96,496,159		$	—		$	—		$	299,224,271		$	85,631,042


2022	Small Cap Growth Fund			Small Cap Value Fund			Ultra Growth Fund			U.S. Select Fund			U.S. Treasury Fund
Ordinary Income		$	16,453,548		$	6,291,559		$	96,277,696		$	—		$	6,840,922
Capital Gains			606,580,925			122,762,260			209,132,698			—			—

Total		$	623,034,473		$	129,053,819		$	305,410,394		$	—		$	6,840,922

The tax character of distributions paid may differ from that shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes.

EU Reclaims — Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Funds’ understanding of the applicable countries’ tax rules and rates. Several Wasatch Funds have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (“EU”) countries. These filings are subject to various administrative and judicial proceedings within these countries. Such tax reclaims received during the year, if any, are included in dividend income in the Statements of Operations and any related receivable, if any, is reflected as interest and dividends receivable in the Statements of Assets and Liabilities. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by the Funds, if any, reduce the amounts of foreign taxes Fund shareholders can use as tax credits in their individual income tax returns.

In the event that EU reclaims received by the Funds during the fiscal year exceed foreign withholding taxes paid, and the Funds had previously passed foreign tax credits on to their shareholders, the Funds may enter into a closing agreement with the Internal Revenue Service (IRS) in order to pay the associated tax liability on behalf of the Funds’ shareholders.

7. RELATED PARTY TRANSACTIONS

Investment Advisory Fees, Expense Limitations — As the Funds’ investment advisor, the Advisor receives a monthly fee calculated on average daily net assets. The Advisor has contractually agreed to waive its fees and/or reimburse the Investor Class shares and the Institutional Class shares of certain Funds should a Fund’s operating expenses exceed a specified annual limitation through at least January 31, 2024. If operating expenses are less than the specified expense limit for the Fund, the Advisor shall be entitled to recoup the fees waived or reduced to the extent that the operating expenses and the amounts reimbursed do not exceed such expense limit for the Fund, under the period of the agreement (currently through January 31, 2024). A Fund may only make a repayment to

123


Wasatch Funds

Notes to Financial Statements (continued)

the Advisor for the amount reimbursed if such repayment does not cause the Fund’s expense ratio, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived; and (ii) the Fund’s current expense cap. All amounts not recovered at the end of the period expire on January 31, 2024. Shareholder expenses will increase if the Advisor does not renew the contractual expense cap after its expiration date. Ordinary operating expenses exclude any interest, dividend

expense on short sales/interest expense, taxes, brokerage commissions, other investment-related costs, acquired fund fees and expenses, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Funds’ business in excess of such limitations. Investment advisory fees and fees waived, if any, for the year ended September 30, 2023 are disclosed in the Statements of Operations. Investment advisory fee and expense limitation annual rates are shown below.


Fund	Advisory Fee		Expense Limitation Investor Class		Expense Limitation Institutional Class		Contractual Expense Limitation/ Reimbursement Recoverable Expiration Date		Reimbursement Recoverable
Core Growth Fund		1.00%		1.50%		1.05%		1/31/2024		$	—
Emerging India Fund		1.25%		1.75%		1.50%		1/31/2024			—
Emerging Markets Select Fund		1.00%		1.50%		1.20%		1/31/2024			—
Emerging Markets Small Cap Fund		1.65%		1.95%		1.80%		1/31/2024			—
Frontier Emerging Small Countries Fund		1.65%		2.15%		1.95%		1/31/2024			74,937
Global Opportunities Fund		1.25%		1.75%		1.35%		1/31/2024			24,184
Global Select Fund		0.85%		1.35%		0.95%		1/31/2024			130,967
Global Value Fund		0.90%		1.10%		0.95%		1/31/2024			125,427
Greater China Fund		1.00%		1.50%		1.25%		1/31/2024			142,052
International Growth Fund		1.25%		1.75%		1.35%		1/31/2024			—
International Opportunities Fund		1.75%		2.25%		1.95%		1/31/2024			—
International Select Fund		0.80%		1.30%		0.90%		1/31/2024			127,196
Long/Short Alpha Fund		1.25%		1.75%		1.50%		1/31/2024			73,014
Micro Cap Fund		1.50%		1.95%		1.60%		1/31/2024			—
Micro Cap Value Fund		1.50%		1.95%		1.60%		1/31/2024			19,774
Small Cap Growth Fund		1.00%		1.50%		1.05%		1/31/2024			55,580
Small Cap Value Fund		1.00%		1.50%		1.05%		1/31/2024			2,238
Ultra Growth Fund		1.00%		1.50%		1.05%		1/31/2024			82,717
U.S. Select Fund		0.75%		1.00%		0.85%		1/31/2024			195,725
U.S. Treasury Fund		0.50%		0.75%		N/A		1/31/2024			—

Affiliated Trades — Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in the procedures adopted by the Board of Trustees (the “Board”). The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund (or funds) that is, or could be, considered an affiliate by virtue of having a common investment advisor (or affiliated investment advisors), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, each transaction is effected at the current market price, as that term is defined under the procedures. The Funds did not execute any trades pursuant to Rule 17a-7 for the year ended September 30, 2023.

Compensation — Beginning in the calendar year of 2022, and unchanged in the calendar year 2023, the Funds’ method of compensating Trustees was to pay each Independent Trustee a retainer of $150,000 per year for services rendered and a fee of $30,000 for each regularly scheduled Board of Trustees meeting, including the executive session held with respect to the investment advisory contract renewal process for the Funds, whether attended in person or telephonically (including any committee meeting

attended) (collectively, the “Base Compensation”). Trustees received an additional $12,000 for in-person attendance of any special Board meeting or committee meeting (or any combination thereof), and $6,000 for telephonic attendance of any special Board meeting or committee meeting (or any combination thereof). In addition, the Chair of the Board received an additional 25% of the Base Compensation and the Chair of a Committee received an additional 15% of the Base Compensation. Accordingly, to implement this additional compensation for services as a Chair, the Chair of the Board received an additional fee of $75,000 a year as Chair. The Chair of the Audit Committee and the Chair of the Nominating Committee each received an additional $45,000 per year as Chair.

Payments by Advisor — During 2022, the Advisor reimbursed the Greater China Fund $258,290 for losses from a trade error. The impact of the payment is reflected in the Total Return and Realized and Unrealized Gains (Losses) on Investments sections in the Financial Highlights.

Payments by Sub-Advisor — Pursuant to a sub-advisory agreement entered into between the Advisor and Hoisington Investment Management Company (“HIMCo”), the Sub-Advisor for the U.S. Treasury Fund, (“HIMCo

124


		SEPTEMBER 30, 2023

Sub-Advisory Agreement”), and subject to the supervision of the Advisor, HIMCo directs the investment of the U.S. Treasury Fund’s assets and is responsible for the continuing management of the Fund’s assets, including the placement of orders to purchase or sell securities on behalf of the Fund. The HIMCo Sub-Advisory Agreement provides that the Advisor shall pay HIMCo a monthly management fee computed at the annual rate of 0.02% of the Fund’s average daily net assets as long as and whenever the Fund has net assets less than $20 million and one-half (1/2) of the monthly fee the Advisor receives from the Fund under the Advisory and Service Contract as long as and whenever the Fund has net assets of $20 million or more. The Advisor retains the remainder of the advisory fee paid under the Advisory and Service Contract. The Sub-Advisor may reimburse the Advisor for certain expenses.

Transfer Agent Intermediary Fees Reimbursed to the Advisor — Each Fund paid fees to, and reimbursed certain out-of-pocket expenses of, the Funds’ transfer agent during the period. In addition, the Advisor and the Funds’ distributor have entered into selling dealer agreements and service agreements with certain financial services companies, broker-dealers, banks, advisors, retirement service providers or other authorized agents or organizations (each an “Intermediary”— together, “Intermediaries”) to

accept purchase, exchange and redemption orders on the Funds’ behalf. For Investor Class shares of the Funds, some Intermediaries do not charge investors a direct transaction fee but instead charge a fee for accounting and shareholder services that the agent provided to Fund shareholders on the Funds’ behalf. Those services typically included recordkeeping, transaction processing for shareholders’ accounts, communication of tax information, income distribution and other services. Generally, the fee was either a per account charge based on the number of accounts to which the Intermediary provided such services, or was a percentage (as of September 30, 2023 up to 0.40% annually) of the average value of the Funds’ Investor Class shares held in such accounts. The Advisor paid the Intermediary fees and the Funds reimbursed the Advisor for the portion of such fees, which are intended to compensate the Intermediary for provision of services of the type that would be provided by the Funds’ transfer agent or other service providers if the shares were registered on the books of the Funds’ transfer agent. Institutional Class shares of the Funds do not reimburse the Advisor for payments to Intermediaries. The Funds’ reimbursement of expenses incurred for services provided by Intermediaries are included in “Shareholder servicing fees — Investor Class” in the Statements of Operations.

10% Shareholders — As of September 30, 2023, the Funds had individual shareholder accounts and/or omnibus shareholder accounts (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of each Fund as detailed below:


Fund	Number of Accounts		Percent of Shares Outstanding
Core Growth Fund		2		49.84	%
Emerging India Fund		3		68.75	%
Emerging Markets Select Fund		4		81.74	%
Emerging Markets Small Cap Fund		2		67.92	%
Frontier Emerging Small Countries Fund		3		65.93	%
Global Opportunities Fund		2		64.91	%
Global Select Fund		4		78.51	%
Global Value Fund		2		75.51	%
Greater China Fund		4		79.34	%
International Growth Fund		2		44.46	%
International Opportunities Fund		2		40.70	%
International Select Fund		3		74.35	%
Long/Short Alpha Fund		3		93.95	%
Micro Cap Fund		2		44.45	%
Micro Cap Value Fund		2		58.87	%
Small Cap Growth Fund		3		64.13	%
Small Cap Value Fund		3		58.54	%
Ultra Growth Fund		2		63.45	%
U.S. Select Fund		2		70.14	%
U.S. Treasury Fund		4		65.22	%

125


Wasatch Funds

Notes to Financial Statements (continued)

Affiliated Interests — As of September 30, 2023, the Advisor and its affiliates, and the retirement plans of the Advisor and its affiliates, held shares of the Funds, which may be redeemed at any time as detailed below:


Fund	Number of Accounts*		Percent of Shares Outstanding
Core Growth Fund		25		2.81	%
Emerging India Fund		33		5.31	%
Emerging Markets Select Fund		26		3.04	%
Emerging Markets Small Cap Fund		19		2.88	%
Frontier Emerging Small Countries Fund		15		2.43	%
Global Opportunities Fund		18		5.73	%
Global Select Fund		21		66.77	%
Global Value Fund		13		3.73	%
Greater China Fund		15		63.28	%
International Growth Fund		18		0.67	%
International Opportunities Fund		17		1.97	%
International Select Fund		13		60.48	%
Long/Short Alpha Fund		17		47.71	%
Micro Cap Fund		19		2.00	%
Micro Cap Value Fund		20		2.34	%
Small Cap Growth Fund		23		1.60	%
Small Cap Value Fund		18		1.57	%
Ultra Growth Fund		22		1.65	%
U.S. Select Fund		14		48.07	%
U.S. Treasury Fund		12		1.08	%

*	Multiple accounts with the same beneficial owner are treated as one account.

8. 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 year ended September 30, 2023 with an “affiliated company” as so defined:


	Value, Beginning Of the Year			Purchases At Cost			Proceeds From Sales			Value, End Of the Year			Dividends Credited to Income for the Year ended 9/30/2023			Gain (Loss) Realized on Sale of Shares For the Year ended 9/30/2023				Change in Unrealized Appreciation For the Year ended 9/30/2023
Micro Cap Fund
Common Stock
PharmaCielo Ltd.*		$	2,546,853		$	—		$	28,982		$	1,150,034		$	—		$	(289,416	)		$	(1,078,421	)

Micro Cap Value Fund
Common Stock
Gen Restaurant Group, Inc.		$	—		$	3,287,186		$	—		$	2,933,280		$	—		$	—			$	(353,906	)

Small Cap Growth Fund
Common Stock
Pennant Group, Inc.*		$	20,382,041		$	—		$	20,817,841		$	—		$	—		$	(15,036,554	)		$	15,472,354
TaskUS, Inc., Class A*			23,923,988			3,174,795			19,361,247			—			—			(50,578,425	)			42,840,889
Vintage Wine Estates, Inc. — PIPE Shares			15,235,000			—			3,199,600			1,733,934			—			(21,327,040	)			11,025,574
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.			13,770,449			—			—			14,925,626			—			—				1,155,177

		$	73,311,478		$	3,174,795		$	43,378,688		$	16,659,560		$	—		$	(86,942,019	)		$	70,493,994

Ultra Growth Fund
Common Stock
C4 Therapeutics, Inc.		$	10,656,944		$	4,037,041		$	94,629		$	5,594,586		$	—		$	(28,114	)		$	(8,976,656	)
Conformis, Inc.*			2,631,685			—			1,202,907			—			—			(13,249,337	)			11,820,559
Exagen, Inc.*			2,625,714			—			417,714			1,994,388			—			(2,480,581	)			2,266,969
Sangamo Therapeutics, Inc.			24,303,868			5,114,607			245,487			6,101,595			—			(191,626	)			(22,879,767	)
Vintage Wine Estates, Inc. — PIPE Shares*			11,654,883			—			1,580,896			1,667,523			—			(11,188,284	)			2,781,820
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.			11,475,385			—			—			12,438,034			—			—				962,649

		$	63,348,479		$	9,151,648		$	3,541,633		$	27,796,126		$	—		$	(27,137,942	)		$	(14,024,426	)

126


		SEPTEMBER 30, 2023


	Share Activity								Dividends Credited to Income for the Year ended 9/30/2023			Gain (Loss) Realized on Sale of Shares For the Year ended 9/30/2023				Change in Unrealized Appreciation For the Year ended 9/30/2023
	Balance 9/30/2022		Purchases/ Additions		Sales/ Reductions		Balance 9/30/2023		Dividends Credited to Income for the Year ended 9/30/2023
Micro Cap Fund
Common Stock
PharmaCielo Ltd.*		7,995,671		—		185,500		7,810,171		$	—		$	(289,416	)		$	(1,078,421	)

Micro Cap Value Fund
Common Stock
Gen Restaurant Group, Inc.		—		252,000		—		252,000		$	—		$	—			$	(353,906	)

Small Cap Growth Fund
Common Stock
Pennant Group, Inc.*		1,957,929		—		1,957,929		—		$	—		$	(15,036,554	)		$	15,472,354
TaskUS, Inc., Class A*		1,485,962		220,546		1,706,508		—			—			(50,578,425	)			42,840,889
Vintage Wine Estates, Inc. — PIPE Shares		5,500,000		—		2,452,664		3,047,336			—			(21,327,040	)			11,025,574
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.		611,205		—		—		611,205			—			—				1,155,177

		9,555,096		220,546		6,117,101		3,658,541		$	—		$	(86,942,019	)		$	70,493,994

Ultra Growth Fund
Common Stock
C4 Therapeutics, Inc.		1,215,159		1,805,590		12,907		3,007,842		$	—		$	(28,114	)		$	(8,976,656	)
Conformis, Inc.*		13,764,042		—		13,764,042		—			—			(13,249,337	)			11,820,559
Exagen, Inc.*		968,898		—		154,862		814,036			—			(2,480,581	)			2,266,969
Sangamo Therapeutics, Inc.		4,959,973		5,265,425		52,682		10,172,716			—			(191,626	)			(22,879,767	)
Vintage Wine Estates, Inc. — PIPE Shares*		4,207,539		—		1,276,918		2,930,621			—			(11,188,284	)			2,781,820
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.		509,338		—		—		509,338			—			—				962,649

		25,624,949		7,071,015		15,261,411		17,434,553		$	—		$	(27,137,942	)		$	(14,024,426	)

This security was deemed to no longer meet the criteria of an affiliated company at the reporting date. For financial statement purposes, the total amount of the gain (loss) realized on sale of shares and the total change in unrealized appreciation for the period ended September 30, 2023 is included in the Statements of Operations even though the security was not deemed an affiliated company as of the end of the year.

9. 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 September 30, 2023, the Funds held the following restricted securities:


	Security Type	Acquisition Date		Cost			Fair Value			Value as a Percent Of Net Assets
Micro Cap Fund
BriaPro Therapeutics Corp.	Common Stocks		9/5/2023		$	29		$	24,399		0.00	%
Johnnie-O Holdings, Inc., Series A Pfd.	Preferred Stock		3/16/2022			10,000,013			8,292,031		1.42	%
Esperion Therapeutics, Inc., expiring 9/22/2026	Warrants		12/3/2021			613,226			192,446		0.03	%
IM Cannabis Corp., expiring 5/7/2026	Warrants		5/5/2021			616,971			0		0.00	%

					$	11,230,239		$	8,508,876		1.45	%


Micro Cap Value Fund
Regenacy Pharmaceuticals LLC	LLC Membership Interest		2/3/2011		$	30,001		$	505		0.00	%
Greenlane Holdings, Inc., expiring 2/24/2026	Warrants		2/22/2021			396,902			0		0.00	%

					$	426,903		$	505		0.00	%


Small Cap Growth Fund
DataStax, Inc., Series E Pfd.	Preferred Stock		8/12/2014		$	8,000,002		$	8,994,903		0.43	%
Johnnie-O Holdings, Inc., Series A Pfd.	Preferred Stock		3/16/2022			17,999,987			14,925,626		0.71	%
Esperion Therapeutics, Inc., expiring 9/22/2026	Warrants		12/3/2021			1,411,160			465,281		0.02	%

					$	27,411,149		$	24,385,810		1.16	%

127


Wasatch Funds

Notes to Financial Statements (continued)


	Security Type	Acquisition Date		Cost			Fair Value			Value as a Percent Of Net Assets
Ultra Growth Fund
Johnnie-O Holdings, Inc., Series A Pfd.	Preferred Stock		3/16/2022		$	15,000,004		$	12,438,034		1.06	%
Esperion Therapeutics, Inc., expiring 9/22/2026	Warrants		12/3/2021			1,074,843			345,918		0.03	%

					$	16,074,847		$	12,783,952		1.09	%

10. LINE OF CREDIT

Effective May 10, 2023, the Trust and each Fund renewed and amended agreements for two open lines of credit totaling $300,000,000, one of which is $100,000,000 committed, and the other of which is $200,000,000 uncommitted, with State Street Bank and Trust Company (together, the “Line”) that mature on May 10, 2024. The agreements, as amended, had no change in the committed, uncommitted and total amounts available on the Line. The Funds incur commitment fees on the undrawn portion of the committed part of the Line, and interest expense to the extent of amounts drawn (borrowed) under the entire Line. Interest is based on the overnight federal-funds rate in effect on the date of borrowing, plus a margin. Commitment fees are pro-rated among the Funds based upon relative average net assets. Interest expense is charged directly to a Fund based upon actual amounts borrowed by that Fund.

For the year ended September 30, 2023, the following Funds had borrowings:


Funds Utilizing the Line of Credit	Average Daily Borrowings			Number of Days Outstanding		Interest Expense			Weighted Average Annualized Interest Rate			Balance at 9/30/2023
Core Growth Fund		$	14,630,105		28		$	53,028		4.66	%		$	—
Emerging India Fund			1,254,443		12			2,600		6.22	%			—
Emerging Markets Small Cap Fund			3,220,157		99			44,274		5.00	%			—
Frontier Emerging Small Countries Fund			602,421		11			910		4.94	%			—
Global Opportunities Fund			653,537		56			5,317		5.23	%			—
Global Select Fund			84,269		21			262		5.34	%			10,157
Greater China Fund			249,152		16			651		5.88	%			—
International Growth Fund			3,812,778		41			21,322		4.91	%			—
International Opportunities Fund			7,778,087		24			31,899		6.15	%			—
International Select Fund			515,053		19			1,608		5.91	%			53,371
Micro Cap Fund			2,923,831		14			5,823		5.12	%			—
Micro Cap Value Fund			112,178		1			17		5.58	%			—
Small Cap Growth Fund			6,938,874		14			13,611		5.04	%			—
Small Cap Value Fund			45,663,536		13			102,508		6.22	%			—
Ultra Growth Fund			2,160,753		22			7,392		5.60	%			—
U.S. Select Fund			310,144		14			627		5.20	%			—
U.S. Treasury Fund			286,581		1			44		5.58	%			—

11. PRINCIPAL RISKS

Market Risk — Market risk is the risk that a particular security, or shares of a Fund in general, may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a Fund could decline in value or underperform other investments due to short-term market movements or any longer periods during more prolonged market downturns. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a Fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries

more significantly than others. Such events could adversely affect the prices and liquidity of a Fund’s portfolio securities or other instruments and could result in disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of a Fund’s shares and result in increased market volatility.

Additional Market Disruption Risk — In late February 2022, Russia launched a large scale military attack on Ukraine. The invasion significantly amplified already existing geopolitical tensions among Russia, Ukraine, Europe, NATO and the West, including the U.S. In response to the military action by Russia, various countries, including the U.S., the United Kingdom (“U.K.”), and the EU, issued broad-ranging economic sanctions against Russia. Such sanctions included, among other things, a prohibition on

128


		SEPTEMBER 30, 2023

doing business with certain Russian companies, large financial institutions, officials and oligarchs; a commitment by certain countries and the EU to remove selected Russian banks from the Society for Worldwide Interbank Financial Telecommunications (“SWIFT”), the electronic banking network that connects banks globally; and restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions. Additional sanctions may be imposed in the future. Such sanctions (and any future sanctions) and other actions against Russia may adversely impact, among other things, the Russian economy and various sectors of the economy, including but not limited to, financials, energy, metals and mining, engineering and defense and defense-related materials sectors; may result in a decline in the value and liquidity of Russian securities; may result in boycotts, tariffs, and purchasing and financing restrictions on Russia’s government, companies and certain individuals; may weaken the value of the ruble; downgrade Russia’s credit rating; may freeze Russian securities and/or funds invested in prohibited assets and may impair the ability to trade in Russian securities and/or other assets; and may have other adverse consequences on the Russian government, economy, companies and region. Further, several large corporations and U.S. states have divested interests and curtailed business dealings with certain Russian businesses. Countermeasures or retaliatory actions by Russia may further impair the value and liquidity of Russian securities.

The ramifications of the hostilities and sanctions, however, may not be limited to Russia and Russian companies but may spill over to and negatively impact other regional and global economic markets of the world (including Europe and the United States); companies in other countries (particularly those that have done business with Russia) and various sectors, industries and markets relating to securities and commodities globally, such as oil and natural gas. Accordingly, the actions discussed above and the potential for a wider conflict could increase financial market volatility, cause severe negative effects on regional and global economic markets, industries, and companies and have a negative effect on a Fund’s investments and performance beyond any direct or indirect exposure to Russian issuers or those of adjoining geographic regions. In addition, Russia may take retaliatory actions and other countermeasures, including cyberattacks and espionage against other countries and companies in the world, which may negatively impact such countries and the companies in which the Funds invest. Accordingly, there may be heightened risk of cyberattacks which result in, among other things, disruptions in the functioning and operations of industries or companies around the world, including in the United States and Europe.

The extent and duration of the military action or future escalation of such hostilities, the extent and impact of

existing and any future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant negative impact on the Funds’ performance and the value of an investment in the Funds, particularly with respect to Russian exposure.

Shareholder Concentration Risk — A significant portion of the net assets of several Wasatch Funds are owned by a group of investors advised by a common investment advisor or have a significant portion of net assets in relatively few related accounts. In the event of significant redemption activity by these shareholders, these Funds could experience a loss when selling portfolio securities to meet such redemption requests. The Funds could be forced to sell portfolio securities at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Fund expenses may increase, and performance may be materially affected.

Global Pandemic Risk — The value of a Fund’s investments may be impacted by global health crises or other events. For example, an outbreak of the respiratory disease designated as Covid-19 was first detected in China in December 2019 and subsequently spread internationally. The transmission of Covid-19 and efforts to contain its spread have resulted in international, national and local border closings and other significant travel restrictions and disruptions; significant disruptions to business operations across many industries, to supply chains and to customer activity; and event cancellations and restrictions; service cancellations, reductions and other changes; significant challenges in health-care service preparation and delivery; quarantines, and general concern and uncertainty that have negatively affected the economic environment. These impacts also have caused significant market volatility and disruption, which may continue over extended periods. The ultimate impact of Covid-19 or other health emergencies on the domestic and global economies is impossible to predict accurately. Less developed countries and their health-care systems may be more vulnerable to these impacts. The impact of this Covid-19 pandemic may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession and may adversely impact the value of an investment in a Fund.

Region Risk — The Funds, except the U.S. Treasury Fund, invest in equity and fixed-income securities of non-U.S. issuers. Because certain foreign markets are illiquid, market prices may not necessarily represent realizable value. Although the Funds maintain diversified investment portfolios, political or economic developments within a particular country or region may have an adverse effect on the ability of domiciled issuers to meet their obligations. These risks are exaggerated for securities of issuers tied economically to emerging- and frontier-market countries. Additionally, political or economic developments may have an

129


Wasatch Funds

Notes to Financial Statements (continued)

adverse effect on the liquidity and volatility of portfolio securities and currency holdings.

Indian Market and India Region Risk — The Emerging India Fund, the Emerging Markets Select Fund, the Emerging Markets Small Cap Fund, the Frontier Emerging Small Countries Fund, the Global Opportunities Fund, the Global Select Fund, the International Growth Fund, and the International Opportunities Fund may invest a significant amount of their assets in the securities of companies tied economically to India (the “India region”). Companies in the India region with economic ties to India may be located in India, Bangladesh, Pakistan and Sri Lanka. The securities markets in the India region are substantially smaller, less liquid and more volatile than the major securities markets in the United States and the securities markets in the India region are comparatively underdeveloped. Financial intermediaries may not perform as well as their counterparts in the United States or in other countries with more developed securities markets. In some cases, physical delivery of securities in small lots has been required and shortages of vault capacity and trained personnel has existed among qualified custodial banks in the India region. A Fund may be unable to sell securities when the registration process is incomplete and may experience delays in receiving dividends. If a market’s trading volume is limited by operational difficulties, the ability of a Fund to invest may be impaired. A Fund’s ability to buy or sell India region securities may be impaired if the Fund’s ability to transact is denied, delayed, suspended or not renewed by local regulators. In previous years, exchange-listed companies in the information-technology sector and related industries (such as software) have grown so as to represent a significant portion of the total capitalization of the Indian market. The value of these companies will generally fluctuate in response to technological and regulatory developments. In addition, governmental actions, including economic and tax reforms, can have a significant effect on economic conditions in the India region, which could adversely affect the value and liquidity of investments. The government in India has exercised and continues to exercise significant influence over many aspects of the economy. Government actions, bureaucratic obstacles and inconsistent economic reform within the Indian government have had a significant effect on its economy and could adversely affect market conditions, economic growth and the profitability of private enterprises in India. Further, any actions or other factors that may impede the flow of foreign capital to India may also inhibit its growth. Although the governments of India, Bangladesh, Pakistan and Sri Lanka have begun to institute economic reform policies, there can be no assurance that they will continue to pursue such policies or, if they do, that such policies will succeed. In addition, large portions of many Indian companies remain in the hands of their founders (including members of their families) and

the corporate governance of such family-owned companies may be weaker and less transparent. Religious, cultural and military disputes persist in India, and between India and Pakistan (as well as sectarian groups within each country). The longstanding border dispute with Pakistan remains unresolved. In recent years, terrorists believed to be based in Pakistan struck Mumbai (India’s financial capital), further damaging relations between the two countries. If the Indian government is unable to control the violence and disruption associated with these tensions (including both domestic and external sources of terrorism), the result may be military conflict, which could destabilize the economy of India. Both India and Pakistan have tested nuclear arms, and the threat of deployment of such weapons could hinder development of the Indian economy, and escalating tensions could impact the broader region, including China.

Liquidity Risk — The trading market for a particular security may be less liquid than it appears and market prices may not represent realizable value. This may be likely when a Fund has a proportionately large investment in securities with small market capitalizations or securities in foreign markets that trade infrequently. Reduced liquidity will have an adverse impact on a Fund’s ability to sell such securities quickly at the currently marked price if necessary to meet redemptions.

Greater China Region Risk — The Greater China Fund is subject to additional risks associated with its investments in the Greater China Region. The Greater China Region includes The People’s Republic of China (“PRC” or “China”), Hong Kong, and Taiwan. The other Equity Funds may also invest in countries in the Asia region, including China, Hong Kong, and Taiwan, and therefore may also be subject to the risks of investing in such countries. China may be subject to considerable degrees of economic, political or social instability. China is an emerging market and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese governmental actions can have a significant effect on economic conditions in China, Hong Kong, and Taiwan or on a particular issuer or industry, which could adversely affect the value and liquidity of investments. The Chinese government exercises significant control over China’s economy through, among other things, its industrial policies, monetary policies, management of currency exchange rates, and management of the payment of foreign currency-denominated obligations. Changes in these policies may adversely impact industries and companies in China. Although over the years the Chinese government has been reforming economic and market practices, the Chinese government could, at any time, alter or discontinue such economic reform programs adversely affecting industries and companies in China.

Chinese companies are also subject to the risk that Chinese authorities can intervene in their operations and business structure.

130


		SEPTEMBER 30, 2023

The Chinese economy has grown rapidly in recent years and there is no assurance that this growth rate will be maintained. China’s economy may experience a significant slowdown, an economic recession or periods of substantial inflation which may have a negative effect on its securities market. China’s economy, particularly its export-oriented industries, may be adversely impacted by the developments in the economies and governmental actions of their principal trading partners, including the United States, such as a reduction in spending on Chinese products and services, a downturn in the economies of China’s key trading partners, and the imposition of trading, restrictions, tariffs or other protectionist trade policies.

The United States and China have been engaged in an ongoing trade war with one another, which has led to trade frictions between their economies and negative repercussions for global markets and other nations closely affiliated with those countries. The current political climate has intensified concerns about the ongoing trade war between China and the United States, as each country has imposed tariffs on the other country’s products. These actions may significantly reduce international trade, substantially reduce the price of goods, cause an oversupply of certain manufactured goods and trigger the possible failure of individual companies and/or large segments of China’s export industry which could have a negative impact on a Fund’s performance. In addition, there is a risk that further capital controls and/or sanctions may be imposed, which could include the prohibition of, or restrictions on, the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory action such as the seizure of assets. Further, any perceived actions by China to assist Russia in evading sanctions imposed as a result of the Ukraine invasion may result in new or expanded sanctions against China. Any of these actions could severely impair a Fund’s ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to Chinese securities and assets, including the ability to transfer the Fund’s assets and income back into the United States, and could negatively impact the value and/or liquidity of such assets or otherwise adversely affect a Fund’s operations, causing the Fund to decline in value. Events such as these and their consequences are difficult to predict, and it is unclear whether further tariffs or escalating actions may be imposed in the future.

In addition, on June 3, 2021, President Biden signed an executive order which, in general terms, prohibits U.S. persons from purchasing or selling publicly traded securities or derivatives of such securities in certain companies with ties to China’s military and related materials sector or surveillance technology industry as listed in the order or as determined by the U.S. Secretary of the Treasury (hereafter, “Chinese Military-Industrial Complex Companies” or “CMICs”). The list of CMICs is subject to change from time

to time, which could prevent a Fund from acquiring securities previously deemed suitable investments or result in a forced sale of securities in the portfolio at an inopportune time or price which may result in losses to the Fund. Such government prohibitions may affect the value of the securities held in the portfolio directly or indirectly as well as negatively impact the market for other China-based issuers resulting in reduced liquidity and price declines. The government prohibition also could lead to the inability to transact in the securities of other companies within the Greater China Region as a result of trade tensions between the U.S. and China.

On December 2, 2020, the U.S. Congress also passed the Holding Foreign Companies Accountable Act, which could cause the securities of foreign issuers (including Chinese issuers) to be delisted from U.S. stock exchanges if those companies do not permit U.S. oversight of the auditing of their financial information. To the extent a Fund invests in securities of Chinese companies listed in the U.S., delisting could decrease the Fund‘s ability to transact in such securities and could significantly impact their liquidity and market price. In addition, the Fund would have to seek other markets in which to transact in such securities which would also increase the Fund’s costs. It is difficult to predict the consequences of these actions or whether further tariffs and actions will be taken.

Further, China’s domestically oriented industries may be particularly sensitive and adversely affected by changes in government policy and investment cycles as China’s consumer class continues to grow. China has historically managed its currency in a tight range relative to the U.S. dollar but this may be subject to greater uncertainty as Chinese authorities may change the policies that determine the exchange rate mechanism. In addition, the Chinese government may actively attempt to influence the operation of Chinese markets through, among other things, currency controls, direct investments, limitations on specific types of transactions (such as short selling), limitations or prohibitions on investors (including foreign institutional investors) with regard to selling holdings in Chinese companies, limitations or prohibitions on foreign ownership in certain industries or the repatriation of assets by foreign investors under certain circumstances or similar actions.

Certain securities issued by companies located or operating in China, such as China A-Shares described in the following pages, are subject to trading restrictions, quota limitations, and less market liquidity. Chinese authorities may intervene in the Chinese securities markets and halt or suspend trading of securities for short or even longer periods of time. The Chinese securities markets have experienced considerable volatility, and have been subject to relatively frequent and excessive trading halts and suspensions which, among other things, contribute to uncertainty in the markets, reduce the liquidity of securities subject to a

131


Wasatch Funds

Notes to Financial Statements (continued)

trading halt or suspension and lead to greater market execution and valuation risks. Such actions could adversely impact a Fund’s ability to achieve its investment objective(s), and to trade China shares during such periods and could result in the Fund’s limiting or suspending shareholder redemption privileges as permitted in accordance with applicable law. The Chinese markets generally continue to experience inefficiencies, volatility and pricing anomalies resulting from governmental influence, lack of publicly available information and/or political or social instability. Under current rules of the PRC, there is a limit as to how many shares a single foreign investor is permitted to hold in a PRC-listed company and a limit as to the maximum combined holdings of all foreign investors in a PRC-listed company. As a result, a Fund may have to sell securities at an inopportune time or price, may not be able to execute its investment strategy, and its performance may be hindered.

Additional risks of loss from investing in China include currency fluctuations, interest rate fluctuations, less liquidity, higher rates of inflation, expropriation (the confiscation of assets and property), confiscatory taxation, nationalization, imposition of tariffs, limitations on repatriation of currency, exchange control regulations (including currency blockage), trading halts, and differing legal, accounting, auditing, financial and reporting standards. Financial reporting by Chinese companies does not have as much regulatory oversight as in the United States. Frequent intervention by the Chinese government, limits on credible corporate governance standards, limited transparency of market and accounting information, and limited oversight of accounting firms increase the risk of insider dealing, market manipulation, improper accounting and accounting fraud and other corporate misconduct. There may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies.

Internal social unrest or confrontations with neighboring countries, including military conflicts in response to such events, strained international relations and security concerns such as terrorism, may also adversely impact China’s economy, disrupting its economic growth and adversely affecting a Fund’s investments. Any spread of an infectious illness, public health threats or similar issues could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally also have a significant impact on the economies of China, Hong Kong, and Taiwan (the Greater China Region), which in turn could adversely affect a Fund’s investments. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese companies, may

impact China’s economy and Chinese issuers of securities in which a Fund invests. Incidents involving China’s or the region’s security may cause uncertainty in the Chinese markets and may adversely affect the Chinese economy and a Fund’s investments. Further, China’s strained relationships with certain ethnic groups in China, including Tibetans and Uighurs, have been marked with protests and violence and may adversely affect the Chinese economy.

Risks of Investing in Chinese Securities. The Greater China Fund intends to invest in the securities of Chinese companies through various securities markets and investment vehicles, including China A-Shares through the Stock Connect Programs—the Shanghai-Hong Kong Stock Connect program and the Shenzhen-Hong Kong Stock Connect program, China H-Shares and China B-Shares, shares listed on U.S. exchanges, American Depositary Receipts (ADRs), and Variable Interest Entities (“VIEs”) traded on a stock exchange (as described below)—and investing in these markets and vehicles is therefore considered a principal risk of the Fund. Other Equity Funds may also invest in Asian countries, including China. Such Equity Funds may also invest in Chinese securities, including China A-Shares, and incur Chinese securities risk.

China A-Shares are the stock shares of mainland China- based companies that trade on the two Chinese stock exchanges, the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE). Prices on these exchanges are quoted in renminbi. The Stock Connect Programs (mentioned above) are securities trading and clearing links programs with an aim to achieve mutual stock market access between mainland China and Hong Kong. The Stock Connect Programs were developed by The Stock Exchange of Hong Kong Limited (SEHK), the Hong Kong Exchanges and Clearing Limited, the SSE (in the case of the Shanghai Connect) or the SZSE (in the case of the Shenzhen Connect), and the China Securities Depository and Clearing Corporation (CSDC). Investing in China A-Shares is subject to trading, clearance, settlement and other procedures which could pose risks to a Fund, including illiquidity risk, currency risk, legal and regulatory risk, execution risk, operational risk, tax risk and credit risk. China A-Shares markets have a higher propensity for trading suspensions than many other global equity markets. As a result of differing legal standards, a Fund also faces the risk of being unable to enforce its rights with respect to its China A-Shares holdings. Trading through the Stock Connect Programs is currently subject to a daily quota, which limits the maximum net purchases under the Stock Connect Programs each day and, as such, buy orders for China A-Shares would be rejected once the daily quota is exceeded (although a Fund will be permitted to sell China A-Shares regardless of the daily quota). The daily quota may restrict a Fund’s ability to invest in China A-Shares through Stock Connect Programs on a timely basis and

132


		SEPTEMBER 30, 2023

could affect the Fund’s ability to effectively pursue its investment strategy. Further, the Stock Connect Programs, which rely on the connectivity of the Shanghai or Shenzhen markets with the Hong Kong market, are subject to operational risk, regulations that are relatively untested and are subject to change, and extended market closures for holidays or otherwise. During an extended market closure, a Fund’s ability to trade in China A-Shares will be impacted which may affect the Fund’s performance.

Trading suspensions in certain stocks and extended market closures could lead to greater market execution risk, valuation risks, liquidity risks and costs for a Fund. The Stock Connect Programs will only operate on days when both the Chinese and Hong Kong markets are open for trading and when banking services are available in both markets on the corresponding settlement days. Accordingly, an investment in China A-Shares though the Stock Connect Programs may subject a Fund to the risk of price fluctuations on days when the Chinese markets are open, but the Stock Connect Programs are not trading. Further, if one or both of the Chinese markets and the Hong Kong market are closed on a U.S. trading day, a Fund may not be able to acquire or dispose of China A-Shares in a timely manner.

The Stock Connect Programs do not have an extensive operating history and there is no certainty as to how current regulations or new regulations that may be adopted will be applied or interpreted in connection with the operations, legal enforcement and cross-border trades under the Stock Connect Programs. In addition, there can be no assurance that the Stock Connect Programs will be continued. A Fund may be adversely affected as a result of such changes. Further, different fees, costs and taxes are imposed on foreign investors acquiring China A-Shares through the Stock Connect Programs. These fees, costs and taxes may be higher than those imposed on other Chinese securities providing similar investment exposure.

In addition to the China A-Shares, a Fund may also invest in other classes of shares, including B-Shares and H-Shares. B-Shares are allocated to both international and domestic investors and are denominated in U.S. dollars on the SSE and Hong Kong dollars on the SZSE. The B-Shares market is generally smaller and less liquid and has a smaller issuer base than the China A-Shares market. H-Shares are issued by companies incorporated in the PRC that derive substantial revenues from or allocate substantial assets in the PRC of issuers that also issue China A-Shares. H-Shares may trade at significant discounts or premiums to their China A-Shares counterparts. These classes of shares are subject to the political and economic policies of China.

An Equity Fund may also invest its assets in securities of VIEs. In China, direct ownership of companies in certain sectors by foreign individuals and entities (including U.S.

persons and entities such as the Funds) is prohibited. In order to facilitate foreign investment in these businesses, many Chinese companies have created VIEs to facilitate indirect foreign ownership. In such an arrangement, a China-based operating company typically establishes an offshore shell company in another jurisdiction such as the Cayman Islands. That shell company enters into service and other contracts with the China-based operating company, then issues shares on a stock exchange such as the New York Stock Exchange or the Hong Kong Stock Exchange. Foreign investors hold stock in the VIE shell company rather than directly in the China-based operating company. The VIE arrangement allows U.S. investors to obtain economic exposure to the China-based company indirectly through the contractual VIE structure rather than directly through the formal equity ownership structure.

VIEs are a common industry practice and well known to officials and regulators in China. However, VIEs are not formally recognized under Chinese law. Recently, the government of China provided new guidance to and placed restrictions on China-based companies raising capital offshore, including through VIE structures. Investors face uncertainty about future actions by the government of China that could significantly affect an operating company’s financial performance and the enforceability of the VIE shell company’s contractual arrangements. It is uncertain whether Chinese officials or regulators will withdraw their implicit acceptance of the VIE structure, or whether any new laws, rules or regulations relating to these structures will be adopted or, if adopted, what impact they would have on the interests of foreign shareholders. Under extreme circumstances, China might prohibit the existence of VIEs, or limit a VIE’s ability to pass through economic and governance rights to foreign individuals and entities. If the Chinese government takes action affecting VIEs, the market value of a Fund’s associated portfolio holdings would likely suffer significant, detrimental, and possibly permanent effects, which could result in substantial investment losses.

In addition, Chinese companies, including Chinese companies listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in more developed countries. As a result, information about Chinese securities and VIEs in which a Fund invests may be less reliable or complete. As with other Chinese companies with securities listed on U.S. exchanges, U.S.-listed VIEs and ADRs may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements. Delisting would significantly decrease the liquidity and value of the securities, decrease the ability of a Fund to transact in such securities and may increase the costs of a Fund if it is required to seek other markets in which to transact in such securities. There also may be significant obstacles to obtaining infor-

133


Wasatch Funds

Notes to Financial Statements (continued)

mation necessary for investigations into or litigation against Chinese companies, and shareholders may have limited legal remedies.

Japan Risk — The Global Opportunities Fund, the Global Select Fund, the International Growth Fund, the International Opportunities Fund, and the International Select Fund invest a significant amount of their assets in securities of companies economically tied to Japan. The Japanese economy has only recently emerged from a prolonged economic downturn. The Japanese economy may be subject to considerable degrees of economic, political and social instability, which could have a negative impact on Japanese securities. Since the year 2000, Japan’s economic growth rate has remained relatively low compared to other advanced economies, and it may remain low in the future. The economy is characterized by an aging demographic, declining population, large government debt and highly regulated labor market. Economic growth is dependent on domestic consumption, deregulation and consistent government policy. International trade, particularly with the U.S., also impacts growth and, adverse economic conditions in the U.S. or other such trade partners may affect Japan. Japan also has a growing economic relationship with China and other Southeast Asian countries, and thus Japan’s economy may also be affected by economic, political or social instability in those countries (whether resulting from local or global events as well as from any deterioration in its relationships with neighboring countries). In addition, Japan is subject to the risk of natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis which could negatively affect a Fund.

Europe and U.K. Risk — The Global Opportunities Fund, the Global Select Fund, the Global Value Fund, the International Fund , the International Opportunities Fund, the International Select Fund, and the Micro Cap Value Fund may invest a significant portion of their assets in securities issued by companies in developed markets, including European countries and the U.K.

Many countries in Europe are member states of the EU and will be significantly affected by the fiscal and monetary controls of the EU. Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro and recessions or defaults or threats of defaults among European countries may have a significant adverse effect on the economies of other European countries. The European financial markets have experienced significant volatility, and several European countries have been adversely affected by unemployment, budget deficits and economic downturns.

Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not produce the desired results, may result in social unrest, may limit future growth and

economic recovery or may have other unintended consequences. Defaults or restructurings by governments and other entities of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world.

Successionist movements as well as governmental or other response to such movements, may also create instability and uncertainty in the region. In addition, the national politics of countries in the EU have been unpredictable and subject to influence by disruptive political groups and ideologies. The governments in EU countries may be subject to change, and such countries may experience social and political unrest. Unanticipated or sudden political or social development may result in sudden and significant investment losses. The occurrence of terrorist incidents throughout Europe or war in the region could also impact financial markets. The impact of these events is not clear but could be significant and far-reaching and could adversely affect the value and liquidity of a Fund’s investments. Any of these effects could adversely affect any of the companies to which a Fund has exposure and any other assets in which a Fund invests.

Efforts by the member countries of the EU to continue to unify their economic and monetary policies may increase the potential for similarities in movements of European markets and reduce the potential investment benefits of diversification within the region. Further, while many countries in western Europe are considered to have developed markets, many eastern European countries are less developed, and investments in eastern European countries, even if denominated in euros, may involve special risks associated with investments in emerging markets. As the economies of countries in Europe are in different stages of development, the policies adopted by the EU may not address the needs of all European countries.

In addition, one or more countries may abandon the euro and/or withdraw from the EU creating continuing uncertainty in the currency and financial markets generally. In this regard, on January 31, 2020, the U.K. formally withdrew from the EU (commonly referred to as “Brexit”). Following a transition period, the U.K. and EU entered a trade agreement formally effective on May 1, 2021, but certain post-EU arrangements remain unresolved and subject to further negotiation and agreement. While new trade deals may boost economic growth, such growth may not be able to offset the increased costs of trade with the EU that resulted from the U.K.’s loss of its membership in the EU single market. There is significant market uncertainty regarding Brexit’s ramifications. The range and potential implications of possible political, regulatory, economic, and market outcomes for the U.K., EU, and elsewhere cannot be fully known.

As the process unfolds, Brexit may cause greater market volatility and illiquidity, currency fluctuations, interest

134


		SEPTEMBER 30, 2023

rate volatility, deterioration in economic activity, economic uncertainties, a decrease in business confidence, a decrease in trade, labor disruptions, political instability, increased likelihood of recession in the U.K. and regulatory uncertainty. Brexit could adversely affect European or worldwide political, regulatory, economic or market conditions and could contribute to instability in global political institutions, regulatory agencies and financial markets. The uncertainty of Brexit could have a significant impact on the business and financial results of companies in the U.K. and other European countries and certain sectors within such countries. The United States and other European countries are substantial trading partners of the U.K. The precise impact on the economy of the U.K. as a result of its departure from the EU depends to a large degree on its ability to conclude favorable trade deals with the EU and other countries, including the United States, China, India and Japan. Brexit has also led to legal uncertainties and could lead to politically divergent national laws and regulations as a new relationship between the U.K. and EU is defined and the U.K. determines which EU laws to replace or replicate. Any of these effects of Brexit could adversely affect the European and U.K. companies in which a Fund may invest. Additionally, increasing commodity prices and rising inflation levels prompted the U.K. government to implement significant policy changes. It is difficult to predict what effects such policies (or the suggestion of such policies) may have and the duration of those effects, which may last for extended periods.

Asia Region Risk — The Emerging Markets Select, Emerging Markets Small Cap, Global Opportunities, Global Select, Global Value, International Growth, International Opportunities and International Select Funds may invest a significant portion of their assets in the securities of companies tied economically to markets in the Asia region, including, among others, Bangladesh, China, Hong Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. Similarly, the Frontier Emerging Small Countries Fund may invest a significant portion of its assets in the securities of companies tied economically to frontier and emerging market countries in the Asia region including, among others, Bangladesh, Indonesia, Malaysia, Philippines, Singapore, Taiwan, Thailand and Vietnam. The value of a Fund’s assets invested in countries in the Asia region may be adversely affected by, among other things, political, economic, social and religious instability, inadequate investor protection, accounting standards and practices, changes in laws or regulations of countries within the Asia region, international relations with other nations, natural disasters, corruption, civil unrest and military activity. Countries in the Asia region, particularly China, Japan and South Korea, may be adversely affected by political, military, economic and other factors related to North Korea. In addi-

tion, China’s long running conflict over Taiwan, border disputes with many of its neighbors and historically strained relations with Japan could adversely impact economies in the region. The governments in many countries have exercised and continue to exercise significant influence over many aspects of the economy, and their actions may significantly impact their economies, sectors, industries and/or companies within the market which may impact the securities held by a Fund. The economies of many Asian countries differ from the economies of more developed countries in many respects, such as rate of growth, inflation, capital reinvestment, resource self-sufficiency, financial system stability, and sensitivity to changes in global trade. Certain Asian countries are highly dependent upon and may be affected by developments in the United States, Europe and other Asian economies. Global economic conditions, and international trade, affecting Asian economies and companies could deteriorate as a result of political instability and uncertainty, the imposition of tariffs and other protectionist trade policies and other similar actions, as well as increased tensions with other nations.

In addition, the Asian region is comprised of countries in all stages of economic development. Some of which may experience overextension of credit, currency devaluation and restrictions, rising unemployment, high inflation, underdeveloped financial sectors, heavy reliance on international trade and prolonged economic recessions. Deflationary factors could also reemerge in certain Asian markets which some countries may not have the capacity to address. Many Asian region countries are dependent on foreign supplies of energy and competition to claim or develop regional supplies of energy or other natural resources could lead to economic, political or military instability or disruption and adversely impact the performance of a Fund. As some countries in the Asian region are less developed and may be considered emerging or frontier markets, the risk to foreigners that invest in such countries will be magnified and include the risks of emerging or frontier markets such as, increased political and social instability; highly volatile, less mature and less liquid securities markets; less corporate governance standards; limited government oversight and market regulation; differing financial reporting, accounting and auditing standards; capital controls; potential expropriation or nationalization of companies or industries; currency fluctuations; restrictions on foreign ownership; less legal recourse to enforce a Fund’s rights; less publicly available or inaccurate information regarding companies; high taxation; less developed or diverse economies and other political, economic or social developments.

With respect to China, the Chinese government exercises significant control over China’s economy through its industrial policies (e.g., allocation of resources and other preferential treatment), monetary policy, management of

135


Wasatch Funds

Notes to Financial Statements (continued)

currency exchange rates, and management of the payment of foreign currency-denominated obligations. Changes in these policies could adversely impact affected industries or companies. China’s economy, particularly its export oriented industries, may be adversely impacted by trade or political disputes with China’s major trading partners, including the U.S., as well as its dependence on the economies of other Asian countries, many of which are developing countries. In addition, as its consumer class emerges, China’s domestically oriented industries may be especially sensitive to changes in government policy and investment cycles. China’s currency, which historically has been managed in a tight range relative to the U.S. dollar, may in the future be subject to uncertainty as Chinese authorities change the policies that determine the exchange rate mechanism. Certain securities issued by companies located or operating in China, such as China A-Shares, are subject to trading restrictions, quota limitations and less market liquidity.

Sector and Industry Weightings Risk — The Equity Funds may invest a large percentage of their assets in a few sectors or industries within a particular sector. A Fund’s investment in a particular sector will fluctuate over time based on the investment opportunities identified by the Advisor. The risks associated with investing in various sectors and industries are considered principal risks of these Funds. These sectors include communication services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate and utilities. Market conditions, interest rates, and economic, political, regulatory, or financial developments could significantly affect a single sector. If an Equity Fund invests in only a few sectors, it will have more exposure to the price movements of securities in those sectors. The Funds may also from time to time make significant investments in an industry or industries within a particular sector. Adverse conditions in such industry or industries could have correspondingly adverse effects on the financial condition of issuers. These conditions may cause the value of a Fund’s shares to fluctuate more than the values of shares of funds that invest in a greater variety of investments. To the extent an Equity Fund has substantial holdings within a particular sector or industry therein, the risks to the Fund associated with the sector or industry increase.

12. FAIR VALUE MEASUREMENTS AND INVESTMENTS

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

prioritizes inputs to valuation methods. The three levels of inputs are:

•

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

•

Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. The inputs may include quoted prices for the identical investment on an inactive market, prices for similar investments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

•

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

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

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated Wasatch Global Investors as the valuation designee (“Valuation Designee”) for each Fund to perform the fair value determination relating to all Fund investments. Wasatch Global Investors 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

136


		SEPTEMBER 30, 2023

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.

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,

137


Wasatch Funds

Notes to Financial Statements (continued)

these investments are valued at fair value in accordance with Board-approved Pricing Policies and Procedures by the Pricing Committee with oversight by the Board of Trustees. Fair value is defined as the price that would be received upon the sale of an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date under current market conditions. For each applicable investment that is fair valued, the Pricing Committee considers, to the extent applicable, various factors including, but not limited to, the financial condition of the company or limited partnership, operating results, prices paid in follow-on rounds, comparable companies in the public market, the nature and duration of the restrictions for

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

When the last day of the reporting period is a non-business day, certain foreign markets may be open on days when 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 September 30, 2023 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 9/30/2023
Core Growth Fund
Assets
Common Stocks			$	3,185,418,256		$	—		$	—		$	3,185,418,256
Warrants				—			—			982,800			982,800

			$	3,185,418,256		$	—		$	982,800		$	3,186,401,056

Emerging India Fund
Assets
Common Stocks
	Apparel Retail		$	—		$	33,411,685		$	—		$	33,411,685
	Apparel, Accessories & Luxury Goods			—			8,350,803			—			8,350,803
	Automotive Parts & Equipment			—			7,441,020			—			7,441,020
	Commercial & Residential Mortgage Finance			—			11,746,977			—			11,746,977
	Commodity Chemicals			10,349,547			14,666,344			—			25,015,891
	Construction Machinery & Heavy Transportation Equipment			—			4,883,976			—			4,883,976
	Consumer Finance			—			72,578,113			—			72,578,113
	Diversified Banks			—			54,773,687			—			54,773,687
	Diversified Chemicals			—			4,407,532			—			4,407,532
	Food Retail			—			18,606,199			—			18,606,199
	Health Care Facilities			—			10,763,098			—			10,763,098
	Health Care Services			21,585,098			25,198,921			—			46,784,019
	Heavy Electrical Equipment			—			2,620,373			—			2,620,373
	Industrial Machinery & Supplies & Components			—			47,709,429			—			47,709,429
	Interactive Media & Services			—			12,400,223			—			12,400,223
	IT Consulting & Other Services			—			47,086,362			—			47,086,362
	Life Sciences Tools & Services			—			29,630,378			—			29,630,378
	Metal, Glass & Plastic Containers			—			2,801,661			—			2,801,661
	Property & Casualty Insurance			—			4,902,380			—			4,902,380
	Regional Banks			—			37,757,154			—			37,757,154
	Research & Consulting Services			—			17,723,346			—			17,723,346
	Specialty Chemicals			—			17,273,711			—			17,273,711
	Systems Software			—			5,546,546			—			5,546,546
	Other			1,221,387			—			—			1,221,387

			$	33,156,032		$	492,279,918		$	—		$	525,435,950

138


		SEPTEMBER 30, 2023


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 9/30/2023
Emerging Markets Select Fund
Assets
Common Stocks
	Apparel Retail		$	—		$	7,074,487		$	—		$	7,074,487
	Apparel, Accessories & Luxury Goods			—			6,460,453			—			6,460,453
	Broadline Retail			37,006,881			6,544,063			—			43,550,944
	Consumer Finance			—			41,931,862			—			41,931,862
	Diversified Banks			29,838,760			27,352,913			—			57,191,673
	Diversified Chemicals			—			4,329,779			—			4,329,779
	Electrical Components & Equipment			18,951,289			22,051,049			—			41,002,338
	Health Care Facilities			—			3,789,050			—			3,789,050
	Health Care Services			—			8,625,342			—			8,625,342
	Hotels, Resorts & Cruise Lines			—			3,478,261			—			3,478,261
	Industrial Machinery & Supplies & Components			—			12,550,066			—			12,550,066
	Interactive Media & Services			—			8,528,065			—			8,528,065
	Life Sciences Tools & Services			—			19,299,435			—			19,299,435
	Regional Banks			—			17,852,373			—			17,852,373
	Restaurants			—			7,259,809			—			7,259,809
	Semiconductor Materials & Equipment			—			19,267,986			—			19,267,986
	Semiconductors			—			37,113,015			—			37,113,015
	Specialized Finance			—			12,634,326			—			12,634,326
	Specialty Chemicals			—			10,649,001			—			10,649,001
	Systems Software			—			912,897			—			912,897
	Other			84,740,620			—			—			84,740,620

			$	170,537,550		$	277,704,232		$	—		$	448,241,782

Emerging Markets Small Cap Fund
Assets
Common Stocks
	Apparel Retail		$	—		$	12,234,640		$	—		$	12,234,640
	Application Software			—			4,612,085			—			4,612,085
	Asset Management & Custody Banks			—			1,789,563			—			1,789,563
	Broadline Retail			—			5,404,503			—			5,404,503
	Commercial & Residential Mortgage Finance			—			10,655,828			—			10,655,828
	Commodity Chemicals			777,526			3,881,166			—			4,658,692
	Communications Equipment			—			8,208,063			—			8,208,063
	Construction Machinery & Heavy Transportation Equipment			—			3,435,038			—			3,435,038
	Consumer Finance			—			3,965,260			—			3,965,260
	Diversified Support Services			—			4,693,143			—			4,693,143
	Electrical Components & Equipment			—			19,495,036			—			19,495,036
	Electronic Components			—			4,621,043			—			4,621,043
	Electronic Equipment & Instruments			—			9,830,311			—			9,830,311
	Health Care Services			—			9,604,240			—			9,604,240
	Heavy Electrical Equipment			—			2,340,732			—			2,340,732
	Hotels, Resorts & Cruise Lines			—			5,484,091			—			5,484,091
	Industrial Machinery & Supplies & Components			—			13,844,096			—			13,844,096
	Interactive Media & Services			8,128,343			2,894,011			—			11,022,354
	IT Consulting & Other Services			18,988,060			21,287,727			—			40,275,787
	Metal, Glass & Plastic Containers			—			1,807,056			—			1,807,056
	Movies & Entertainment			—			1,705,324			—			1,705,324
	Oil & Gas Refining & Marketing			—			5,542,571			—			5,542,571
	Personal Care Products			—			4,615,612			—			4,615,612
	Regional Banks			5,161,666			22,014,694			—			27,176,360
	Research & Consulting Services			—			12,824,249			—			12,824,249
	Semiconductor Materials & Equipment			—			8,061,914			—			8,061,914
	Semiconductors			—			30,721,633			—			30,721,633
	Specialized Finance			—			4,324,293			—			4,324,293
	Other			76,239,199			—			—			76,239,199

			$	109,294,794		$	239,897,922		$	—		$	349,192,716

139


Wasatch Funds

Notes to Financial Statements (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 9/30/2023
Frontier Emerging Small Countries Fund
Assets
Common Stocks
	Application Software		$	—		$	329,216		$	—		$	329,216
	Asset Management & Custody Banks			—			1,483,518			—			1,483,518
	Consumer Finance			—			4,815,189			—			4,815,189
	Diversified Banks			3,096,497			2,847,410			—			5,943,907
	Diversified Support Services			—			378,999			—			378,999
	Food Retail			—			173,596			—			173,596
	Health Care Facilities			176,273			88,235			—			264,508
	IT Consulting & Other Services			1,574,886			3,794,507			—			5,369,393
	Oil & Gas Refining & Marketing			—			1,039,650			—			1,039,650
	Research & Consulting Services			—			635,582			—			635,582
	Semiconductors			—			492,899			—			492,899
	Other			14,645,293			—			—			14,645,293

			$	19,492,949		$	16,078,801		$	—		$	35,571,750

Global Opportunities Fund
Assets
Common Stocks
	Application Software		$	7,651,848		$	3,571,150		$	—		$	11,222,998
	Asset Management & Custody Banks			3,705,146			1,123,540			—			4,828,686
	Commercial & Residential Mortgage Finance			—			2,378,009			—			2,378,009
	Diversified Real Estate Activities			—			865,853			—			865,853
	Drug Retail			—			2,351,517			—			2,351,517
	Electrical Components & Equipment			—			4,279,361			—			4,279,361
	Health Care Equipment			3,714,417			981,563			—			4,695,980
	Health Care Facilities			6,454,267			964,429			—			7,418,696
	Health Care Services			—			2,617,636			—			2,617,636
	Health Care Technology			—			3,099,659			—			3,099,659
	Human Resource & Employment Services			2,641,010			2,517,620			—			5,158,630
	IT Consulting & Other Services			9,219,345			6,476,798			—			15,696,143
	Regional Banks			4,073,029			8,553,779			—			12,626,808
	Research & Consulting Services			—			9,217,590			—			9,217,590
	Semiconductors			3,061,212			6,351,721			—			9,412,933
	Systems Software			3,539,889			2,044,560			—			5,584,449
	Trading Companies & Distributors			—			4,843,502			—			4,843,502
	Transaction & Payment Processing Services			—			2,237,107			—			2,237,107
	Other			73,785,165			—			—			73,785,165

			$	117,845,328		$	64,475,394		$	—		$	182,320,722

Global Select Fund
Assets
Common Stocks
	Application Software		$	1,826,460		$	612,007		$	—		$	2,438,467
	Building Products			379,394			414,494			—			793,888
	Consumer Finance			—			707,803			—			707,803
	Diversified Banks			—			523,091			—			523,091
	Drug Retail			—			428,993			—			428,993
	Health Care Equipment			—			254,429			—			254,429
	Health Care Supplies			—			245,072			—			245,072
	Health Care Technology			—			297,451			—			297,451
	Hotels, Resorts & Cruise Lines			—			466,731			—			466,731
	Research & Consulting Services			—			572,486			—			572,486
	Semiconductor Materials & Equipment			—			264,371			—			264,371
	Semiconductors			339,108			165,112			—			504,220
	Specialized Finance			—			223,947			—			223,947
	Transaction & Payment Processing Services			134,373			171,221			—			305,594
	Other			6,513,219			—			—			6,513,219

			$	9,192,554		$	5,347,208		$	—		$	14,539,762

140


		SEPTEMBER 30, 2023


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 9/30/2023
Global Value Fund
Assets
Common Stocks
	Aerospace & Defense		$	—		$	2,916,442		$	—		$	2,916,442
	Diversified Banks			12,349,095			4,561,354			—			16,910,449
	Diversified Metals & Mining			—			3,146,170			—			3,146,170
	Electronic Manufacturing Services			—			3,142,654			—			3,142,654
	Food Retail			—			7,198,078			—			7,198,078
	Industrial REITs			—			3,136,464			—			3,136,464
	Integrated Oil & Gas			4,229,951			7,692,670			—			11,922,621
	Integrated Telecommunication Services			6,485,320			2,908,881			—			9,394,201
	Multi-Line Insurance			—			3,174,568			—			3,174,568
	Pharmaceuticals			16,287,606			8,919,460			—			25,207,066
	Reinsurance			—			5,062,883			—			5,062,883
	Technology Hardware, Storage & Peripherals			—			2,022,164			—			2,022,164
	Tobacco			—			5,811,459			—			5,811,459
	Other			40,910,150			—			—			40,910,150

			$	80,262,122		$	59,693,247		$	—		$	139,955,369

Greater China Fund
Assets
Common Stocks
	Apparel, Accessories & Luxury Goods		$	—		$	69,420		$	—		$	69,420
	Application Software			—			93,094			—			93,094
	Construction Materials			—			43,412			—			43,412
	Distillers & Vintners			—			320,181			—			320,181
	Diversified Banks			—			47,743			—			47,743
	Drug Retail			—			152,191			—			152,191
	Electrical Components & Equipment			—			140,781			—			140,781
	Electronic Components			—			185,973			—			185,973
	Health Care Equipment			—			152,348			—			152,348
	Hotels, Resorts & Cruise Lines			—			239,094			—			239,094
	Industrial Machinery & Supplies & Components			—			585,697			—			585,697
	Interactive Media & Services			—			201,572			—			201,572
	Life & Health Insurance			—			233,133			—			233,133
	Life Sciences Tools & Services			—			304,461			—			304,461
	Other Specialty Retail			—			57,097			—			57,097
	Packaged Foods & Meats			—			106,290			—			106,290
	Personal Care Products			—			147,713			—			147,713
	Regional Banks			—			97,993			—			97,993
	Restaurants			—			149,105			—			149,105
	Semiconductors			—			338,353			—			338,353
	Specialized Finance			—			157,665			—			157,665
	Systems Software			—			136,012			—			136,012

			$	—		$	3,959,328		$	—		$	3,959,328

141


Wasatch Funds

Notes to Financial Statements (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 9/30/2023
International Growth Fund
Assets
Common Stocks
	Application Software		$	22,423,408		$	16,702,707		$	—		$	39,126,115
	Asset Management & Custody Banks			—			9,622,243			—			9,622,243
	Brewers			—			6,265,240			—			6,265,240
	Broadline Retail			—			5,964,959			—			5,964,959
	Commercial & Residential Mortgage Finance			—			9,748,466			—			9,748,466
	Commodity Chemicals			427,359			2,133,239			—			2,560,598
	Construction & Engineering			—			8,040,740			—			8,040,740
	Diversified Real Estate Activities			—			5,567,895			—			5,567,895
	Diversified Support Services			—			5,869,036			—			5,869,036
	Drug Retail			9,351,481			10,740,713			—			20,092,194
	Electrical Components & Equipment			—			11,177,525			—			11,177,525
	Electronic Equipment & Instruments			—			10,202,923			—			10,202,923
	Health Care Equipment			—			7,054,526			—			7,054,526
	Health Care Facilities			—			2,811,458			—			2,811,458
	Health Care Services			—			5,453,116			—			5,453,116
	Health Care Supplies			—			2,737,114			—			2,737,114
	Health Care Technology			—			17,282,758			—			17,282,758
	Human Resource & Employment Services			—			20,234,399			—			20,234,399
	Industrial Machinery & Supplies & Components			—			17,075,502			—			17,075,502
	Interactive Media & Services			—			17,621,881			—			17,621,881
	IT Consulting & Other Services			24,159,289			13,532,991			—			37,692,280
	Life Sciences Tools & Services			—			3,581,631			—			3,581,631
	Movies & Entertainment			—			9,548,366			—			9,548,366
	Pharmaceuticals			—			4,585,245			—			4,585,245
	Publishing			—			2,928,698			—			2,928,698
	Regional Banks			13,077,272			13,618,913			—			26,696,185
	Research & Consulting Services			—			15,771,691			—			15,771,691
	Semiconductor Materials & Equipment			—			1,529,167			—			1,529,167
	Semiconductors			—			22,360,277			—			22,360,277
	Specialty Chemicals			—			6,039,871			—			6,039,871
	Trading Companies & Distributors			—			30,316,407			—			30,316,407
	Transaction & Payment Processing Services			—			6,924,119			—			6,924,119
	Other			60,452,028			—			—			60,452,028

			$	129,890,837		$	323,043,816		$	—		$	452,934,653

142


		SEPTEMBER 30, 2023


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 9/30/2023
International Opportunities Fund
Assets
Common Stocks
	Air Freight & Logistics		$	—		$	4,208,060		$	—		$	4,208,060
	Alternative Carriers			—			3,950,178			—			3,950,178
	Application Software			10,236,164			30,390,041			—			40,626,205
	Asset Management & Custody Banks			—			9,639,579			—			9,639,579
	Brewers			—			2,185,312			—			2,185,312
	Commercial & Residential Mortgage Finance			5,280,889			5,267,994			—			10,548,883
	Commodity Chemicals			4,314,096			2,986,526			—			7,300,622
	Construction & Engineering			—			8,644,664			—			8,644,664
	Consumer Finance			2,680,361			4,954,499			—			7,634,860
	Data Processing & Outsourced Services			—			1,183,110			—			1,183,110
	Diversified Support Services			—			16,879,629			—			16,879,629
	Electrical Components & Equipment			8,080,659			4,315,557			—			12,396,216
	Food Retail			—			5,375,331			—			5,375,331
	Health Care Services			5,613,289			4,171,452			—			9,784,741
	Health Care Technology			—			15,055,498			—			15,055,498
	Heavy Electrical Equipment			—			1,567,618			—			1,567,618
	Hotels, Resorts & Cruise Lines			—			480,323			—			480,323
	Human Resource & Employment Services			2,289,553			2,747,277			—			5,036,830
	Industrial Machinery & Supplies & Components			—			6,232,445			—			6,232,445
	Investment Banking & Brokerage			1,498,183			3,228,988			—			4,727,171
	IT Consulting & Other Services			1,969,901			16,093,393			—			18,063,294
	Life Sciences Tools & Services			—			3,352,225			—			3,352,225
	Metal, Glass & Plastic Containers			—			2,409,265			—			2,409,265
	Movies & Entertainment			—			541,433			—			541,433
	Other Specialty Retail			—			2,280,716			—			2,280,716
	Packaged Foods & Meats			—			1,217,648			—			1,217,648
	Pharmaceuticals			—			2,375,444			—			2,375,444
	Publishing			—			3,439,491			—			3,439,491
	Real Estate Services			—			1,616,663			—			1,616,663
	Research & Consulting Services			2,131,510			15,251,028			—			17,382,538
	Restaurants			—			—			7,687			7,687
	Semiconductor Materials & Equipment			—			6,309,157			—			6,309,157
	Semiconductors			—			8,156,648			—			8,156,648
	Other			39,116,789			—			—			39,116,789

			$	83,211,394		$	196,507,192		$	7,687		$	279,726,273

International Select Fund
Assets
Common Stocks
	Apparel, Accessories & Luxury Goods		$	—		$	171,346		$	—		$	171,346
	Application Software			185,398			312,561			—			497,959
	Asset Management & Custody Banks			—			140,324			—			140,324
	Building Products			—			260,171			—			260,171
	Drug Retail			—			178,747			—			178,747
	Electronic Equipment & Instruments			—			150,482			—			150,482
	Health Care Equipment			—			99,076			—			99,076
	Health Care Supplies			—			124,970			—			124,970
	Health Care Technology			—			145,135			—			145,135
	Hotels, Resorts & Cruise Lines			—			176,859			—			176,859
	Industrial Machinery & Supplies & Components			—			127,806			—			127,806
	Interactive Media & Services			—			379,702			—			379,702
	IT Consulting & Other Services			134,830			166,672			—			301,502
	Research & Consulting Services			—			209,934			—			209,934
	Trading Companies & Distributors			—			98,083			—			98,083
	Transaction & Payment Processing Services			—			172,624			—			172,624
	Other			717,248			—			—			717,248

			$	1,037,476		$	2,914,492		$	—		$	3,951,968

143


Wasatch Funds

Notes to Financial Statements (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 9/30/2023
Long/Short Alpha Fund
Assets
Common Stocks			$	38,519,627			$	—		$	—		$	38,519,627

			$	38,519,627			$	—		$	—		$	38,519,627

Liabilities
Securities Sold Short			$	(11,184,917	)		$	—		$	—		$	(11,184,917	)

Micro Cap Fund
Assets
Common Stocks
	Biotechnology		$	15,772,962			$	—		$	24,399		$	15,797,361
	Other			541,920,504				—			—			541,920,504
Preferred Stocks				—				—			8,292,031			8,292,031
Warrants				—				—			192,446			192,446

			$	557,693,466			$	—		$	8,508,876		$	566,202,342

Micro Cap Value Fund
Assets
Common Stocks
	Application Software		$	7,701,669			$	2,564,493		$	—		$	10,266,162
	Asset Management & Custody Banks			—				2,319,000			—			2,319,000
	Diversified Support Services			—				3,345,473			—			3,345,473
	Food Retail			—				3,823,271			—			3,823,271
	Health Care Technology			5,363,071				3,331,086			—			8,694,157
	Life Sciences Tools & Services			499,681				4,164,482			—			4,664,163
	Packaged Foods & Meats			3,404,230				6,601,381			—			10,005,611
	Other			223,241,531				—			—			223,241,531
Limited Liability Company Membership Interest				—				—			505			505
Warrants				—				—			0			0

			$	240,210,182			$	26,149,186		$	505		$	266,359,873

Small Cap Growth Fund
Assets
Common Stocks			$	2,038,139,210			$	—		$	—		$	2,038,139,210
Preferred Stocks				—				—			23,920,529			23,920,529
Warrants				—				—			465,281			465,281

			$	2,038,139,210			$	—		$	24,385,810		$	2,062,525,020

Small Cap Value Fund
Assets
Common Stocks			$	1,207,558,229			$	—		$	—		$	1,207,558,229

			$	1,207,558,229			$	—		$	—		$	1,207,558,229

Ultra Growth Fund
Assets
Common Stocks			$	1,166,294,887			$	—		$	—		$	1,166,294,887
Preferred Stocks				—				—			12,438,034			12,438,034
Warrants				—				—			1,164,918			1,164,918


			$	1,166,294,887			$	—		$	13,602,952		$	1,179,897,839

U.S. Select Fund
Assets
Common Stocks			$	12,248,701			$	—		$	—		$	12,248,701

			$	12,248,701			$	—		$	—		$	12,248,701

U.S. Treasury Fund
Assets
U.S Government Obligations			$	—			$	233,892,969		$	—		$	233,892,969

			$	—			$	233,892,969		$	—		$	233,892,969

144


		SEPTEMBER 30, 2023

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 year ended September 30, 2023 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 year ended September 30, 2023:


Fund	Market Value Beginning Balance 9/30/2022			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 9/30/2023			Net Change In Unrealized Appreciation (Depreciation) On Investments Held at 9/30/2023
Core Growth Fund
Warrants		$	1,058,400		$	—		$	—			$	—		$	—			$	(75,600	)		$	—		$	—		$	982,800		$	(75,600	)

		$	1,058,400		$	—		$	—			$	—		$	—			$	(75,600	)		$	—		$	—		$	982,800		$	(75,600	)

Emerging Markets Small Cap Fund
Common Stocks		$	16,583		$	—		$	—			$	—		$	(8,933,975	)		$	8,917,392			$	—		$	—		$	—		$	—

		$	16,583		$	—		$	—			$	—		$	(8,933,975	)		$	8,917,392			$	—		$	—		$	—		$	—

International Opportunities Fund
Common Stocks		$	7,035		$	—		$	—			$	—		$	—			$	652			$	—		$	—		$	7,687		$	652

		$	7,035		$	—		$	—			$	—		$	—			$	652			$	—		$	—		$	7,687		$	652

Micro Cap Fund
Common Stocks		$	—		$	29		$	—			$	—		$	—			$	24,370			$	—		$	—		$	24,399		$	24,370
Preferred Stocks			7,650,264			—			—				—			—				641,767				—			—			8,292,031			641,767
Warrants			437,502			302,644			(9,855	)			—			(269,462	)			(268,383	)			—			—			192,446			(511,220	)

		$	8,087,766		$	302,673		$	(9,855	)		$	—		$	(269,462	)		$	397,754			$	—		$	—		$	8,508,876		$	154,917

Micro Cap Value Fund
Common Stocks		$	21,222		$	—		$	—			$	—		$	—			$	(20,717	)		$	—		$	—		$	505		$	(20,717	)
Warrants			—			—			—				—			—				—				—			—			—			—

		$	21,222		$	—		$	—			$	—		$	—			$	(20,717	)		$	—		$	—		$	505		$	(20,717	)

Small Cap Growth Fund
Preferred Stocks		$	24,067,171		$	—		$	—			$	—		$	(2,184,939	)		$	2,038,297			$	—		$	—		$	23,920,529		$	2,038,297
Warrants			695,813			872,267			—				—			—				(1,102,799	)			—			—			465,281			(1,102,799	)

		$	24,762,984		$	872,267		$	—			$	—		$	(2,184,939	)		$	935,498			$	—		$	—		$	24,385,810		$	935,498

Ultra Growth Fund
Preferred Stocks		$	11,622,503		$	—		$	—			$	—		$	(546,237	)		$	1,361,768			$	—		$	—		$	12,438,034		$	1,361,768
Warrants			1,497,779			597,934			—				—			—				(930,795	)			—			—			1,164,918			(930,795	)

		$	13,120,282		$	597,934		$	—			$	—		$	(546,237	)		$	430,973			$	—		$	—		$	13,602,952		$	430,973

145


Wasatch Funds		SEPTEMBER 30, 2023

Notes to Financial Statements (continued)

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

Fund

Description

Fair Value
At 9/30/2023

Valuation Technique

Unobservable Input

Range (Average)

Core Growth Fund

Warrant: Insurance Brokers

982,800

Discount for lack of marketability

20%

Micro Cap Fund

Direct Venture Capital Investments: Textiles

8,292,031

Market comparable companies

EV/R* multiple

Discount for lack of marketability

0.6 - 5.2 (2.8)
46%

Micro Cap Fund

Warrant: Pharmaceuticals

192,446

Black Scholes

Volatility

40%

Small Cap Growth Fund

Direct Venture Capital Investments: Textiles

14,925,626

Market comparable companies

EV/R* multiple
Discount for lack of marketability

0.6 - 5.2 (2.8)
46%

Small Cap Growth Fund

Direct Venture Capital Investments: Systems Software

8,994,903

Market comparable companies

EV/R* multiple
Discount for lack of marketability

3.4 - 16.6 (9.2)
27%

Small Cap Growth Fund

Warrant: Pharmaceuticals

465,281

Black Scholes

Volatility

40%

Ultra Growth Fund

Direct Venture Capital Investments: Textiles

12,438,034

Market comparable companies

EV/R* multiple
Discount for lack of marketability

0.6 - 5.2 (2.8)
46%

Ultra Growth Fund

Warrant: Insurance Brokers

819,000

Discount for lack of marketability

20%

Ultra Growth Fund

Warrant: Pharmaceuticals

345,918

Black Scholes

Volatility

40%

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

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

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

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

13. OFFSETTING

Each Fund is party to various netting arrangements. The Financial Accounting Standards Board (FASB) requires disclosure about certain netting arrangements and similar agreements to enable users of a Fund’s financial statements to evaluate the effect or potential effect of netting arrangements on the Fund’s financial position. The scope of the disclosure is limited to derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions.

The following tables present information about financial instruments that were subject to enforceable netting arrangements as of September 30, 2023:

Securities Borrowed for Short Sales


		Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Counterparty	Gross Asset Amounts Presented in Statements Of Assets and Liabilities			Financial Instrument			Collateral Received¹				Net Amount (Not less Than 0)
Long/Short Alpha Fund	Fixed Income Clearing Corp.		$	11,184,917		$	—		$	(11,184,917	)		$	—

¹	The market value of the collateral pledged is greater than the amount indicated in the table. For further information, see “Short Sales” under Note 3. Securities and Other Investments and the Schedule of Investments.

14. SUBSEQUENT EVENTS

Management has evaluated the possibility of subsequent events and has determined that there are no additional events that would require adjustment to or additional disclosure in the Funds’ financial statements.

146


Wasatch Funds		SEPTEMBER 30, 2023

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Wasatch Funds Trust and Shareholders of each of the twenty funds listed in the table below

OPINIONS ON THE FINANCIAL STATEMENTS

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (constituting Wasatch Funds Trust, hereafter collectively referred to as the “Funds”) as of September 30, 2023, the related statements of operations, cash flows for Wasatch Long/Short Alpha Fund, and changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2023, the results of each of their operations, the cash flows for Wasatch Long/Short Alpha Fund, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.


Wasatch Core Growth Fund^®⁽¹⁾		Wasatch Emerging India Fund^®⁽¹⁾
Wasatch Emerging Markets Select Fund^®⁽¹⁾		Wasatch Emerging Markets Small Cap Fund^®⁽¹⁾
Wasatch Frontier Emerging Small Countries Fund^®⁽¹⁾		Wasatch Global Opportunities Fund^®⁽¹⁾
Wasatch Global Select Fund^®⁽²⁾		Wasatch Global Value Fund^®⁽¹⁾
Wasatch Greater China Fund^®⁽³⁾		Wasatch International Growth Fund^®⁽¹⁾
Wasatch International Opportunities Fund^®⁽¹⁾		Wasatch International Select Fund^®⁽²⁾
Wasatch Long/Short Alpha Fund^®⁽⁵⁾		Wasatch Micro Cap Fund^®⁽⁴⁾
Wasatch Micro Cap Value Fund^®⁽⁴⁾		Wasatch Small Cap Growth Fund^®⁽¹⁾
Wasatch Small Cap Value Fund^®⁽¹⁾		Wasatch Ultra Growth Fund^®⁽⁴⁾
Wasatch U.S. Select Fund^®⁽⁶⁾		Wasatch-Hoisington U.S. Treasury Fund^®⁽¹⁾

Statement of operations for the year ended September 30, 2023, statement of changes in net assets for the years ended September 30, 2023 and 2022 and financial highlights for the years ended September 30, 2023, 2022, 2021, 2020 and 2019

Statement of operations for the year ended September 30, 2023, statement of changes in net assets for the year ended September 30, 2023 and 2022 and financial highlights for the years ended September 30, 2023 and 2022 and the period from November 30, 2020 (inception) through September 30, 2021

Statement of operations for the year ended September 30, 2023, statement of changes in net assets for the years ended September 30, 2023 and 2022 and financial highlights for each of the periods indicated therein

Statement of operations and statement of cash flows for the year ended September 30, 2023, statement of changes in net assets for the year ended September 30, 2023 and the period from October 1, 2021 (inception) through September 30, 2022 and financial highlights for the year ended September 30, 2023 and the period from October 1, 2021 (inception) through September 30, 2022

Statement of operations for the year ended September 30, 2023, statement of changes in net assets for the year ended September 30, 2023 and the period from June 13, 2022 (inception) through September 30, 2022 and financial highlights for the year ended September 30, 2023 and the period from June 13, 2022 (inception) through September 30, 2022

BASIS FOR OPINIONS

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

November 22, 2023

We have served as the auditor of one or more investment companies in Wasatch Funds Trust since 2002.

147


Wasatch Funds		SEPTEMBER 30, 2023

Supplemental Information

MANAGEMENT OF THE TRUST

Management Information. The business affairs of Wasatch Funds are overseen by its Board of Trustees. The Board consists of five Independent Trustees. Each of the Independent Trustees will serve until their successors are qualified, appointed or elected in accordance with the Trust’s Declaration of Trust and By-Laws. All Trustees were elected by shareholders.

The Trustees and executive officers of Wasatch Funds and their principal occupations for at least the last five years are set forth below. The Advisor retains proprietary rights to the Trust name. The Funds’ Statement of Additional Information includes additional information about the Trustees and is available, without charge, online at wasatchglobal.com or upon request by calling Wasatch Funds at 800.551.1700.

Name, Address

And Year Of Birth

Position(s)

Held with

Wasatch Funds

Term of Office¹

And Length of

Time Served

Principal Occupation(s)

During Past 5 Years

Number of

Portfolios

In Fund

Complex

Overseen

By Trustee

Other Directorships

Held By Trustees

During Past 5 Years²

Independent Trustees

Miriam M. Allison

505 Wakara Way

3rd Floor

Salt Lake City, UT 84108

1947

Trustee

Indefinite

Served as Trustee since 2010

Rancher since 2004. Chairman of UMB Fund Services, Inc. from 2001 to 2005.

Director, Northwestern Mutual Series Fund, Inc. (27 portfolios) from 2006 to 2021.

Heikki Rinne

505 Wakara Way

3rd Floor

Salt Lake City, UT 84108

1952

Trustee and

Chair of the Board

Indefinite

Served as Trustee since 2012

Chief Executive Officer of the Halton Group Ltd. (an indoor environmental control manufacturing and technology company) from 2002 to 2016. Director, Halton Foundation since 2010. A Founder and Principal Owner of Sitoumus LLC (a training and consulting firm focusing on empowering organizational and individual engagement as well as general consulting) January 2017 to present.

Director, Halton

Foundation since 2010. Director, Halton Group Ltd. from 2016 to 2020.

Kristen M. Fletcher

505 Wakara Way

3rd Floor

Salt Lake City, UT 84108

1953

Trustee and

Chair of the

Audit

Committee

Indefinite

Served as Trustee since 2014

Director, Youth Sports Alliance from 2015 to 2021. Trustee, Woodlands Commercial Bank (a/k/a Lehman Brothers Commercial Bank) from 2009 to 2012. Chairman and CEO, ABN AMRO, Inc. and U.S. Country Representative, ABN AMRO Bank, NV from 2002 to 2004.

Director, Youth Sports Alliance from 2015 to 2021. Trustee, Woodlands Commercial Bank (a/k/a Lehman Brothers Commercial Bank) from 2009 to 2012. Director Emeritus, Utah Symphony/Utah Opera since September 2017. Director, Utah Symphony/Utah Opera from 2005 to September 2017. Director, Utah Museum of Fine Arts since 2021.

Mark Robinson

505 Wakara Way

3rd Floor

Salt Lake City, UT 84108

1958

Trustee and

Chair of the Governance and Nominating Committee

Indefinite

Served as Trustee since 2020

Chief Financial Officer of Truckstop.com LLC from 2016 to 2019. Chief Financial Officer of SABA Software, Inc. from 2013 to 2015.

Chairman of Vita Vis Nutrition, Inc. from 2014 to 2016.

148


		SEPTEMBER 30, 2023


Name, Address And Year Of Birth	Position(s) Held with Wasatch Funds	Term of Office¹ And Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios In Fund Complex Overseen By Trustee	Other Directorships Held By Trustees During Past 5 Years²

Kate M. Fleming 505 Wakara Way 3^rd Floor Salt Lake City, UT 84108 1962	Trustee	Indefinite Served as Trustee since July 2023	President, Northwestern Mutual Series Fund, Inc. from 2013 to 2021 and Vice President from 2004 to 2013. President, Mason Street Advisors, LLC from 2015 to 2021,Vice President from 2004 to 2014 and Treasurer from 2008 to 2014 and again from 2020 to 2021. President since 2014, Rath Foundation (a private foundation that funds endowments at various universities).	20	Director, Rath Foundation since 2002. Director, Wisconsin Deferred Compensation Board since 2022.

¹.

Except upon his/her death, resignation, removal or retirement, each Trustee shall hold office until the next meeting of shareholders called for the purpose of considering the election or re-election of such Trustee or of a successor to such Trustee, and until his/her successor, if any, is elected, qualified and serving as a trustee. Each Independent Trustee shall retire as Trustee at the end of the calendar year in which he/she attains the age of 75 years. The Board of Trustees reserves the right to permit continued service after the mandatory retirement age for any individual Trustee in its sole discretion. The Board has approved a one-year waiver from the retirement age requirement for Ms. Allison. Ms. Allison is currently scheduled to retire at the end of the 2023 calendar year.

².

Directorships are those held by a Trustee in any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 or subject to the requirements of Section 15(d) of the Securities Exchange Act or any company registered as an investment company under the Investment Company Act of 1940, as amended.

149


Wasatch Funds

Supplemental Information (continued)


Name, Address And Year Of Birth	Position(s) Held With Trust	Term of Office And Length of Time Served	Principal Occupation(s) During Past 5 Years
Officers

Eric S. Bergeson 505 Wakara Way 3rd Floor Salt Lake City, UT 84108 1966	President	Indefinite Served as President since May 2018	President for Wasatch Funds since May 2018. President of the Advisor since January 2017. Vice President of Institutional Sales for the Advisor since June 1998.

Russell L. Biles 505 Wakara Way 3rd Floor Salt Lake City, UT 84108 1967	Chief Compliance Officer, Vice President and Secretary	Indefinite Served as Chief Compliance Officer and Vice President since February 2007 and Secretary since November 2008	Chief Compliance Officer and Vice President for Wasatch Funds since February 2007. Secretary for Wasatch Funds since November 2008. Counsel for the Advisor since October 2006.

Michael K. Yeates 505 Wakara Way 3rd Floor Salt Lake City, UT 84108 1982	Treasurer	Indefinite Served as Treasurer since May 2018	Treasurer for Wasatch Funds since May 2018. Chief Financial Officer of the Advisor since September 2007.

David Corbett 505 Wakara Way 3rd Floor Salt Lake City, UT 84108 1972	Assistant Vice President	Indefinite Served as Assistant Vice President since August 2012	Assistant Vice President for Wasatch Funds since August 2012. Director of Mutual Fund Services for the Advisor since June 2007.

Cheryl Reich 505 Wakara Way 3rd Floor Salt Lake City, UT 84108 1983	Assistant Secretary	Indefinite Served as Assistant Secretary since February 2017	Assistant Secretary for Wasatch Funds since February 2017. Compliance Associate for the Advisor since September 2012.

Kara H. Becker 505 Wakara Way 3rd Floor Salt Lake City, UT 84108 1983	Assistant Treasurer	Indefinite Served as Assistant Treasurer since May 2018	Assistant Treasurer for Wasatch Funds since May 2018. Controller for the Advisor since January 2012.

ADDITIONAL TAX INFORMATION

The Funds hereby designate the following amounts or maximum amounts allowable as long term capital gain dividends for the purpose of the dividends paid deduction. The amounts designated here may include the utilization of earnings and profits distributed to shareholders on the redemption of shares.


Fund	Amount
Core Growth Fund		$	18,812,947
Emerging India Fund			5,672,410
Emerging Markets Small Cap Fund			11,198,625
Global Opportunities Fund			3,725,746
Global Value Fund			8,029,844
Small Cap Value Fund			31,073,891

For the fiscal year ended September 30, 2023, certain dividends paid by each Fund may be subject to a maximum tax rate of 20% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. To the extent dividends are paid during the calendar year 2023, complete

information will be reported on shareholders’ 2023 Form 1099-DIV.

The amount designated as qualified dividend income for the year ended September 30, 2023 will be at the highest amount permitted by law.

Corporate shareholders should note that for the year ended September 30, 2023, the percentage of the Funds’ investment income (i.e., net investment income plus short term capital gains) that qualified for the corporate dividends received deductions .

The Funds have made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by the Fund to its shareholders. For the year ended September 30, 2023, the total amount of foreign taxes

150


Wasatch Funds		SEPTEMBER 30, 2023

Supplemental Information (continued)

paid that was passed through to its shareholders for information reporting purposes was as follows:


Fund	Amount
Emerging India Fund		$	7,395,411
Emerging Markets Select Fund			669,951
Emerging Markets Small Cap Fund			3,597,365
Frontier Emerging Small Countries Fund			123,801
Global Value Fund			444,271
Greater China Fund			4,604
International Growth Fund			1,776,793
International Opportunities Fund			1,155,088
International Select Fund			7,794

PROXY VOTING POLICIES, PROCEDURES AND RECORD

A description of the policies and procedures the Advisor uses to vote proxies related to the Funds’ portfolio securities is set forth in the Funds’ Statement of Additional Information, which is available without charge, upon request or by calling 800.551.1700 or visiting the Funds’ website at wasatchglobal.com or the Securities and Exchange Commission’s (SEC) website at www.sec.gov.

Wasatch Funds’ proxy voting record is available without charge on the Funds’ website at wasatchglobal.com and on the SEC’s website at www.sec.gov no later than August 31 for the prior 12 months ended June 30.

QUARTERLY PORTFOLIO HOLDINGS DISCLOSURE ON FORM N-PORT

The Funds file their complete schedules of investments with the SEC for their first and third quarters of each fiscal year on Form N-PORT. The Funds’ Form N-PORT filings are available on the SEC’s website at www.sec.gov.

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended, the Wasatch Funds have adopted a Liquidity Risk Management Program to govern the approach to managing liquidity risk within the Wasatch Funds (the “Program”). The Board has approved the designation of the Advisor’s Liquidity Risk Committee to oversee the Program.

The Program’s principal objectives include supporting each Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to meet its redemption obligations timely. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Fund’s liquidity and the periodic classification and reclassification of a Fund’s investments into groupings that reflect the Liquidity Risk Committee’s assessment of their relative liquidity under current market conditions.

Each of the Wasatch Funds maintains a high level of liquidity and is deemed to be a fund that primarily holds assets that are defined as highly liquid investments. A Highly Liquid Investment is defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment. A fund that is deemed to primarily hold assets that are Highly Liquid Investments will have at least 55% of its net assets in Highly Liquid Investments. As a result, each Fund has not adopted a Highly Liquid Investment minimum.

There have been no liquidity events that have materially affected the performance of the Funds or their ability to timely meet redemptions without dilution to existing shareholders. The Liquidity Risk Committee has determined, and reported to the Board, that the Program has operated adequately and effectively to manage the Funds’ liquidity risk since implementation. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Further information on liquidity risks applicable to the Funds can be found within the Prospectus.

151


Wasatch Funds		SEPTEMBER 30, 2023

Service Providers

Investment Advisor

Wasatch Advisors LP d/b/a Wasatch Global Investors

505 Wakara Way, 3rd Floor

Salt Lake City, UT 84108

Sub-Advisor for the Wasatch-Hoisington U.S. Treasury Fund

Hoisington Investment Management Co. (HIMCo)

6836 Bee Caves Road

Building 2, Suite 100

Austin, TX 78746

Administrator and Fund Accountant

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

Distributor

ALPS Distributors, Inc.

1290 Broadway, Suite 1000

Denver, CO 80203

Transfer Agent

UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, WI 53212

Custodian

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

Legal Counsel to Wasatch Funds and Independent Trustees

Chapman and Cutler LLP

320 South Canal Street

Chicago, IL 60606

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106


Contact Wasatch

ONLINE

wasatchglobal.com

or via email

shareholderservice@wasatchfunds.com

TELEPHONE

800.551.1700

M - F, 7:00 a.m. to 7:00 p.m. Central Time

Automated Line, 24 Hours

MAIL

Regular Mail Delivery

Wasatch Funds

P.O. Box 2172

Milwaukee, WI 53201-2172

Overnight Delivery

Wasatch Funds

235 West Galena Street

Milwaukee, WI 53212

152


Wasatch Funds


Wasatch Funds


		WASATCHGLOBAL.COM

ACTIVE MANAGEMENT FOR INEFFICIENT MARKETS


SMALL CAP		MICRO CAP		INTERNATIONAL		EMERGING MARKETS		FRONTIER MARKETS		GLOBAL

(b)	Not applicable.

Item 2. Code of Ethics.

(a)	Wasatch Funds Trust (the “Registrant”) has adopted a Code of Ethics that applies to the Registrant’s principal executive officer and principal financial officer.

(b)	No disclosures are required by this Item 2(b).

(c)	There have been no amendments to the Registrant’s Code of Ethics during the reporting period for this Form N-CSR.

(d)	There have been no waivers granted by the Registrant to individuals covered by the Registrant’s Code of Ethics during the reporting period for this Form N-CSR.

(e)	Not applicable.

(f)	A copy of the Registrant’s Code of Ethics is attached as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

(1)	The Board of Trustees of the Registrant has determined that the Registrant has at least one member serving on the Registrant’s Audit Committee that possesses the attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an “audit committee financial expert.”

(2)	The name of the audit committee financial experts are Miriam M. Allison and Kristen Fletcher. Each is deemed to be “independent” as that term is defined in Item 3(a)(2) of Form N-CSR.

(3)	Not applicable.

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees - The aggregate fees billed for professional services rendered by the independent registered public accounting firm for the audit of the Registrant’s annual financial statements or services normally provided in connection with statutory and regulatory filings or engagements for the last two fiscal years ended September 30, 2023 and 2022 were $638,600 and $688,971, respectively.

(b)

Audit Related Fees – During the fiscal years ended September 30, 2023 and 2022, the Registrant was not billed any fees by the independent registered public accounting firm for assurance and related services rendered by the independent registered public accounting firm to the Registrant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item 4.

During the fiscal years ended September 30, 2023 and 2022, no fees for assurance and related services that relate directly to the operations and financial reporting of the Registrant were billed by the independent registered public accounting firm to the Registrant’s investment adviser (the “Advisor”) or any other entity controlling, controlled by, or under common control with the Advisor that provides ongoing services to the Registrant.

(c)

Tax Fees - The aggregate fees billed for professional services rendered by the independent registered public accounting firm to the Registrant for tax compliance, tax advice, tax planning and tax return preparation for the last two fiscal years ended September 30, 2023 and 2022 were $139,510 and $154,659, respectively. These services consisted of the independent registered public accounting firm reviewing the Registrant’s excise tax returns, distribution requirements and RIC tax returns.

During the fiscal years ended September 30, 2023 and 2022, no fees for tax compliance, tax advice or tax planning services that relate directly to the operations and financial reporting of the Registrant were billed by the independent registered public accounting firm to the Advisor or any other entity controlling, controlled by, or under common control with the Advisor that provides ongoing services to the Registrant.

(d)

All Other Fees – The aggregate fees billed for products and services provided by the independent registered public accounting firm to the Registrant, other than the services reported in paragraphs (a) – (c) of this Item 4, for the fiscal years ended September 30, 2023 and 2022 were $0 and $0, respectively.

During the fiscal years ended September 30, 2023 and 2022, no fees for other services that relate directly to the operations and financial reporting of the Registrant were billed by the independent registered public accounting firm to the Advisor or any other entity controlling, controlled by, or under common control with the Advisor that provides ongoing services to the Registrant.

(e)	Pre-Approval Policies and Procedures

(1) Pursuant to the registrant’s Audit Committee Charter, the Audit Committee shall evaluate the independence of the independent public accountants, including evaluating whether the independent public accountants provide audit services or consulting services to the Registrant or consulting services to the Advisor, and to receive the specific representations of the independent registered public accounting firm as to their independence. Specifically, the Audit Committee will be responsible for evaluating the provision of non-audit services to the Registrant as required by Section 201 of the Sarbanes-Oxley Act, any pre-approval requests submitted by the independent registered public accounting firm as required by Section 202 of the Sarbanes-Oxley Act or as otherwise required under Section 2-01 of Regulation S-X, and shall monitor the conflict of interest requirements in Section 206 of the Sarbanes-Oxley Act, and the prohibitions on improper influence on the conduct of audits in Section 303 of the Sarbanes-Oxley Act. The Audit Committee shall pre-approve any engagement of the independent registered public accounting firm to provide any services (other than prohibited non-audit services) including the fees and other compensation to be paid to the independent registered public accounting firm.

The independent registered public accounting firm is authorized by the Audit Committee to provide non-audit services to the extent allowable under the Sarbanes-Oxley Act of 2002 for the Registrant provided that (i) the fees payable with respect to such services do not exceed $5,000 in any calendar quarter and (ii) such fees are ratified by the Audit Committee at its next meeting. The fees payable with respect to non-audit services may be increased by the affirmative vote of a majority of the members of the Audit Committee.

(2) There were no pre-approval requirements waived for the services provided to the Registrant described in paragraphs (b)-(d) of Item 4 by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “De Minimis Rule”). There were no fees billed for services provided to the Advisor described in paragraphs (b)-(d) of Item 4 that were required to be pre-approved by the Audit Committee as described in paragraph (e)(1) of Item 4.

(f)	No disclosures are required by this Item 4(f).

(g)

For the fiscal years ended September 30, 2023 and 2022, the aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant and the Advisor and any entity controlling, controlled by, or under common control with the Advisor that provided ongoing services to the Registrant were approximately $0 and $0, respectively.

(h)	No disclosures are required by this Item 4(h).

(i)	Not applicable.

(j)	Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)	Schedule of Investments is included as a part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b)	Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees, where those changes were implemented after the Registrant last provided disclosure in response to this item.

Item 11. Controls and Procedures.

(a)

The Registrant’s principal executive and principal financial officers have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, as of a date within 90 days of the filing date of this Form N-CSR based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934).

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a)	Not applicable.

(b)	Not applicable.

Item 13. Exhibits.

(a)(1)

Code of Ethics is attached hereto.

(a)(2)

The certifications required by Rule 30a-2(a) of the 1940 Act are attached hereto.

(a)(3)

Not applicable.

(a)(4)

Not applicable.

(b)	The certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


WASATCH FUNDS TRUST

By:		/s/ Eric S. Bergeson
		Eric S. Bergeson
		President (principal executive officer) of Wasatch Funds Trust

Date:		December 6, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


By:		/s/ Eric S. Bergeson
		Eric S. Bergeson
		President (principal executive officer) of Wasatch Funds Trust

Date:		December 6, 2023

By:		/s/ Michael K. Yeates
		Michael K. Yeates
		Treasurer (principal financial officer) of Wasatch Funds Trust

Date:		December 6, 2023