UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-04920

WASATCH FUNDS TRUST

(Exact name of registrant as specified in charter)

150 Social Hall Avenue

4th Floor

Salt Lake City, Utah 84111

(Address of principal executive offices)(Zip code)

(Name and Address of Agent for Service)	Copy to:
Samuel S. Stewart, Jr. Wasatch Funds Trust 150 Social Hall Avenue, 4th Floor Salt Lake City, Utah 84111	Eric F. Fess, Esq. Chapman & Cutler LLP 111 West Monroe Street Chicago, IL 60603

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

Date of fiscal year end: September 30

Date of reporting period: June 30, 2012

Item 1. Schedule of Investments.

WASATCH CORE GROWTH FUND (WGROX / WIGRX) – Schedule of Investments

June 30, 2012 (Unaudited)

Shares			Value
		COMMON STOCKS 94.4%
		Airlines 2.9%
	223,975	Allegiant Travel Co.*	$	15,606,578
		Application Software 6.0%
	195,531	ANSYS, Inc.*		12,339,961
	185,032	RealPage, Inc.*		4,285,341
	153,392	Tyler Technologies, Inc.*		6,189,367
	105,580	Ultimate Software Group, Inc.*		9,409,290
				32,223,959
		Asset Management & Custody Banks 2.1%
	104,999	Affiliated Managers Group, Inc.*		11,492,141
		Automobile Manufacturers 1.2%
	202,317	Tesla Motors, Inc.*		6,330,499
		Automotive Retail 1.4%
	226,026	Monro Muffler Brake, Inc.		7,513,104
		Commercial Printing 2.6%
	1,045,087	InnerWorkings, Inc.*		14,140,027
		Consumer Electronics 0.4%
	150,378	Skullcandy, Inc.*		2,127,849
		Consumer Finance 4.8%
	739,096	DFC Global Corp.*		13,621,539
	253,870	First Cash Financial Services, Inc.*		10,197,958
	190,700	Mahindra & Mahindra Financial Services Ltd. (India)		2,235,744
				26,055,241
		Data Processing & Outsourced Services 6.2%
	132,721	Alliance Data Systems Corp.*		17,917,335
	294,450	ExlService Holdings, Inc.*		7,255,248
	683,383	Higher One Holdings, Inc.*		8,350,940
				33,523,523
		Distributors 1.8%
	239,077	Pool Corp.		9,673,055
		Diversified Banks 3.2%
	7,941,426	City Union Bank Ltd. (India)		7,479,019
	1,630,720	Yes Bank Ltd.* (India)		9,961,167
				17,440,186
		Diversified Support Services 6.6%
	1,128,212	Copart, Inc.*		26,727,342
	97,185	Portfolio Recovery Associates, Inc.*		8,869,103
				35,596,445
		Electrical Components & Equipment 3.3%
	449,256	Polypore International, Inc.*		18,145,450
		Environmental & Facilities Services 3.8%
	204,490	Tetra Tech, Inc.*		5,333,099
	504,185	Waste Connections, Inc.		15,085,215
				20,418,314
		General Merchandise Stores 0.7%
	216,726	Gordmans Stores, Inc.*		3,575,979
		Health Care Distributors 1.8%
	467,667	PSS World Medical, Inc.*		9,816,330

WASATCH CORE GROWTH FUND (WGROX / WIGRX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Health Care Facilities 2.2%
	428,676	Ensign Group, Inc. (The)	$	12,118,671
		Health Care Services 4.2%
	157,668	IPC The Hospitalist Co., Inc.*		7,145,514
	231,242	MEDNAX, Inc.*		15,849,326
				22,994,840
		Home Improvement Retail 1.0%
	167,721	Lumber Liquidators Holdings, Inc.*		5,667,293
		Industrial Machinery 4.5%
	147,926	Graco, Inc.		6,816,430
	444,145	IDEX Corp.		17,312,772
				24,129,202
		Internet Retail 0.4%
	67,590	Blue Nile, Inc.*		2,008,099
		Internet Software & Services 4.5%
	235,821	Ancestry.com, Inc.*		6,492,152
	247,566	DealerTrack Holdings, Inc.*		7,454,212
	318,585	Vistaprint N.V.*		10,290,296
				24,236,660
		Leisure Facilities 4.2%
	490,285	Life Time Fitness, Inc.*		22,803,155
		Life Sciences Tools & Services 2.1%
	278,130	ICON plc ADR* (Ireland)		6,266,269
	68,040	Techne Corp.		5,048,568
				11,314,837
		Oil & Gas Equipment & Services 1.4%
	117,555	Dril-Quip, Inc.*		7,710,433
		Oil & Gas Exploration & Production 0.4%
	320,020	SandRidge Energy, Inc.*		2,140,934
		Personal Products 2.0%
	224,169	Herbalife Ltd.		10,834,088
		Real Estate Services 0.5%
	158,871	LPS Brasil-Consultoria de Imoveis S.A. (Brazil)		2,641,476
		Research & Consulting Services 1.7%
	192,613	Corporate Executive Board Co. (The)		7,874,019
	108,563	CRA International, Inc.*		1,594,791
				9,468,810
		Semiconductors 4.2%
	133,940	Hittite Microwave Corp.*		6,847,013
	387,065	Melexis N.V. (Belgium)		6,013,195
	108,525	Power Integrations, Inc.		4,047,982
	151,643	Silicon Laboratories, Inc.*		5,747,270
				22,655,460
		Specialized Finance 3.1%
	402,640	CRISIL Ltd. (India)		7,800,123
	258,426	MSCI, Inc., Class A*		8,791,653
				16,591,776
		Specialty Chemicals 1.1%
	183,540	Balchem Corp.		5,985,239
		Specialty Stores 1.7%
	156,551	Hibbett Sports, Inc.*		9,034,558

WASATCH CORE GROWTH FUND (WGROX / WIGRX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Trading Companies & Distributors 3.4%
	255,043	MSC Industrial Direct Co., Inc., Class A	$	16,718,069
	143,605	Rush Enterprises, Inc., Class B*		1,927,179
				18,645,248
		Trucking 3.0%
	461,661	Knight Transportation, Inc.		7,381,959
	201,657	Old Dominion Freight Line, Inc.*		8,729,732
				16,111,691
		Total Common Stocks (cost $368,082,867)		510,771,150
		PREFERRED STOCKS 0.7%
		Regional Banks 0.7%
	797,675	Banco Daycoval S.A. Pfd. (Brazil)		3,729,359
		Total Preferred Stocks (cost $5,303,460)		3,729,359
Principal Amount			Value
		SHORT-TERM INVESTMENTS 4.9%
		Repurchase Agreement 4.9%
	$26,519,765	Repurchase Agreement dated 6/29/12, 0.01% due 7/2/12 with State Street Bank and Trust Co. collateralized by $24,180,000 of United States Treasury Notes 2.750% due 02/15/19; value: $27,051,375; repurchase proceeds: $26,519,787 (cost $26,519,765)	$	26,519,765
		Total Short-Term Investments (cost $26,519,765)		26,519,765
		Total Investments (cost $399,906,092) 100.0%§		541,020,274
		Other Assets less Liabilities <0.1%		222,707
		NET ASSETS 100.0%	$	541,242,981
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 6.19%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At June 30, 2012, Wasatch Core Growth Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Belgium		1.2
Brazil		1.2
India		5.4
Ireland		1.2
United States		91.0
Total		100.0	%

WASATCH EMERGING INDIA FUND (WAINX) – Schedule of Investments

June 30, 2012 (Unaudited)

Shares			Value
		COMMON STOCKS 99.2%
		Aerospace & Defense 1.2%
	6,243	Bharat Electronics Ltd. (India)	$	150,872
		Air Freight & Logistics 1.3%
	4,360	Blue Dart Express Ltd. (India)		155,919
		Apparel, Accessories & Luxury Goods 3.2%
	4,480	Page Industries Ltd. (India)		232,555
	38,720	Titan Industries Ltd. (India)		155,005
				387,560
		Application Software 1.1%
	2,775	Oracle Financial Services Software Ltd.* (India)		132,294
		Auto Parts & Equipment 5.8%
	1,745	Bosch Ltd. (India)		285,816
	47,995	Exide Industries Ltd. (India)		117,725
	10,812	WABCO India Ltd. (India)		291,874
				695,415
		Automobile Manufacturers 1.0%
	9,465	Mahindra & Mahindra Ltd. (India)		120,200
		Building Products 0.3%
	28,690	Sintex Industries Ltd. (India)		31,884
		Cable & Satellite 1.1%
	120,082	Dish TV India Ltd.* (India)		137,821
		Commodity Chemicals 4.0%
	94,334	Berger Paints India Ltd. (India)		233,225
	12,935	Castrol India Ltd. (India)		126,794
	7,105	Kansai Nerolac Paints Ltd. (India)		122,311
				482,330
		Construction & Engineering 0.8%
	24,193	Engineers India Ltd. (India)		96,516
		Construction & Farm Machinery & Heavy Trucks 1.7%
	5,655	Eicher Motors Ltd. (India)		203,058
		Consumer Finance 2.4%
	25,210	Mahindra & Mahindra Financial Services Ltd. (India)		295,559
		Diversified Banks 8.2%
	335,360	City Union Bank Ltd. (India)		315,833
	34,550	IndusInd Bank Ltd. (India)		211,808
	568,255	South Indian Bank Ltd. (India)		247,058
	36,360	Yes Bank Ltd.* (India)		222,103
				996,802
		Diversified Chemicals 0.9%
	10,605	BASF India Ltd. (India)		109,166
		Diversified Metals & Mining 0.9%
	47,840	Hindustan Zinc Ltd. (India)		105,851
		Electrical Components & Equipment 2.1%
	47,289	Amara Raja Batteries Ltd. (India)		257,875
		Fertilizers & Agricultural Chemicals 1.2%
	56,390	Rallis India Ltd. (India)		140,307

WASATCH EMERGING INDIA FUND (WAINX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Footwear 2.3%
	18,000	Bata India Ltd. (India)	$	281,964
		Gas Utilities 2.6%
	28,173	Gujarat Gas Co. Ltd. (India)		157,368
	36,205	Indraprastha Gas Ltd. (India)		155,349
				312,717
		Heavy Electrical Equipment 2.1%
	47,368	TD Power Systems Ltd.* (India)		250,689
		Household Appliances 2.6%
	4,445	Hawkins Cookers Ltd. (India)		120,411
	3,434	TTK Prestige Ltd. (India)		190,567
				310,978
		Industrial Machinery 4.9%
	13,860	AIA Engineering Ltd. (India)		85,466
	14,647	Cummins India Ltd. (India)		119,661
	7,100	FAG Bearings India Ltd. (India)		184,055
	10,065	SKF India Ltd. (India)		110,937
	10,760	Thermax Ltd. (India)		92,046
				592,165
		Internet Retail 2.0%
	14,380	MakeMyTrip Ltd.* (India)		236,263
		Internet Software & Services 1.2%
	21,322	Info Edge India Ltd. (India)		141,468
		IT Consulting & Other Services 3.4%
	6,005	CMC Ltd. (India)		91,353
	5,234	Cognizant Technology Solutions Corp., Class A*		314,040
				405,393
		Life Sciences Tools & Services 1.7%
	11,115	Divi’s Laboratories Ltd.* (India)		205,049
		Oil & Gas Exploration & Production 0.5%
	11,855	Selan Exploration Technology Ltd. (India)		60,696
		Oil & Gas Storage & Transportation 1.4%
	66,378	Petronet LNG Ltd. (India)		171,522
		Packaged Foods & Meats 3.2%
	4,580	GlaxoSmithKline Consumer Healthcare Ltd. (India)		225,821
	1,925	Nestlé India Ltd. (India)		157,094
				382,915
		Personal Products 7.7%
	10,757	Colgate-Palmolive India Ltd. (India)		231,541
	78,120	Dabur India Ltd. (India)		161,247
	28,062	Godrej Consumer Products Ltd. (India)		289,354
	45,175	Marico Ltd. (India)		149,826
	2,435	Procter & Gamble Hygiene & Health Care Ltd. (India)		98,438
				930,406
		Pharmaceuticals 3.2%
	8,160	Cadila Healthcare Ltd. (India)		112,617
	18,935	IPCA Laboratories Ltd. (India)		121,706
	15,520	Lupin Ltd. (India)		152,145
				386,468
		Publishing 0.9%
	31,127	D.B. Corp. Ltd. (India)		114,499

WASATCH EMERGING INDIA FUND (WAINX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Research & Consulting Services 1.3%
	14,249	eClerx Services Ltd. (India)	$	156,947
		Restaurants 3.2%
	18,381	Jubilant Foodworks Ltd.* (India)		386,633
		Specialized Finance 2.6%
	16,400	CRISIL Ltd. (India)		317,708
		Specialty Chemicals 2.1%
	3,615	Asian Paints Ltd. (India)		253,030
		Steel 0.4%
	9,680	MOIL Ltd. (India)		49,274
		Systems Software 1.2%
	70,920	KPIT Cummins Infosystems Ltd.* (India)		148,084
		Thrifts & Mortgage Finance 9.6%
	57,360	Dewan Housing Finance Corp. Ltd. (India)		170,615
	27,105	Gruh Finance Ltd. (India)		349,498
	24,554	Housing Development Finance Corp. Ltd. (India)		288,436
	71,601	LIC Housing Finance Ltd. (India)		347,661
				1,156,210
		Tobacco 1.9%
	7,205	VST Industries Ltd. (India)		227,889
		Total Common Stocks (cost $12,996,080)		11,978,396
		Total Investments (cost $12,996,080) 99.2%§		11,978,396
		Other Assets less Liabilities 0.8%		101,649
		NET ASSETS 100.0%	$	12,080,045
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 88.34%. See Notes to Schedules of Investments.

At June 30, 2012, Wasatch Emerging India Fund’s investments were in the following countries:

Country	%
India		97.4
United States		2.6
Total		100.0	%

WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX) – Schedule of Investments

June 30, 2012 (Unaudited)

Shares			Value
		COMMON STOCKS 90.4%
		Airport Services 1.1%
	2,679,533	TAV Havalimanlari Holding A.S. (Turkey)	$	14,442,997
		Apparel Retail 3.6%
	527,665	Cia. Hering (Brazil)		9,977,932
	20,678,921	Giordano International Ltd. (Hong Kong)		14,750,464
	1,522,952	Mr Price Group Ltd. (South Africa)		20,875,375
				45,603,771
		Apparel, Accessories & Luxury Goods 3.5%
	12,320	LPP S.A. (Poland)		12,011,208
	2,890,779	Restoque Comercio e Confeccoes de Roupas S.A. (Brazil)		14,749,092
	26,413,726	Trinity Ltd. (China)		16,734,038
				43,494,338
		Asset Management & Custody Banks 0.9%
	960,886	CETIP S.A. – Mercados Organizados (Brazil)		11,970,240
		Brewers 0.8%
	2,534,520	Guinness Anchor Berhad (Malaysia)		10,697,821
		Broadcasting 0.6%
	33,432,607	PT Media Nusantara Citra Tbk (Indonesia)		7,123,632
		Building Products 1.0%
	7,499,098	Dynasty Ceramic Public Co. Ltd.*** (Thailand)		12,101,032
		Catalog Retail 0.7%
	86,300	Hyundai Home Shopping Network Corp. (Korea)		8,445,585
		Coal & Consumable Fuels 1.2%
	12,533,942	PT Harum Energy Tbk (Indonesia)		7,693,174
	16,622,905	PT Resource Alam Indonesia Tbk (Indonesia)		7,524,265
				15,217,439
		Commodity Chemicals 1.4%
	3,602,734	Berger Paints India Ltd. (India)		8,907,152
	883,414	Castrol India Ltd. (India)		8,659,577
				17,566,729
		Communications Equipment 0.9%
	3,179,885	Senao International Co. Ltd. (Taiwan)		11,017,151
		Computer & Electronics Retail 1.0%
	1,760,485	M Video OJSC*** (Russia)		12,120,235
		Computer Storage & Peripherals 1.0%
	1,925,160	Simplo Technology Co. Ltd. (Taiwan)		13,295,891
		Construction & Farm Machinery & Heavy Trucks 0.9%
	687,535	Turk Traktor ve Ziraat Makineleri A.S. (Turkey)		11,639,554
		Construction Materials 2.0%
	24,944,405	Holcim Philippines, Inc. (Philippines)		7,060,513
	67,765,502	PT Holcim Indonesia Tbk (Indonesia)		17,620,501
				24,681,014
		Consumer Finance 1.1%
	1,171,966	Mahindra & Mahindra Financial Services Ltd. (India)		13,739,989
		Department Stores 0.8%
	4,800,087	Golden Eagle Retail Group Ltd. (China)		9,882,402

WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Distributors 1.2%
	11,336,573	Dah Chong Hong Holdings Ltd. (China)	$	10,216,058
	251,657	Imperial Holdings Ltd. (South Africa)		5,310,858
				15,526,916
		Diversified Banks 7.5%
	372,472	Capitec Bank Holdings Ltd. (South Africa)		9,691,384
	3,083,341	IndusInd Bank Ltd. (India)		18,902,385
	29,681,945	PT Bank Tabungan Pensiunan Nasional Tbk* (Indonesia)		12,683,426
	7,319,351	Security Bank Corp. (Philippines)		24,868,915
	13,614,246	Turkiye Sinai Kalkinma Bankasi A.S. (Turkey)		13,894,101
	2,306,104	Yes Bank Ltd.* (India)		14,086,715
				94,126,926
		Diversified Chemicals 0.9%
	3,926,023	Pidilite Industries Ltd. (India)		11,726,755
		Drug Retail 1.4%
	2,661,495	Clicks Group Ltd. (South Africa)		17,516,220
		Electronic Equipment & Instruments 1.3%
	6,969,452	Chroma ATE, Inc. (Taiwan)		15,909,932
		Environmental & Facilities Services 1.0%
	1,863,900	Cleanaway Co. Ltd. (Taiwan)		12,668,048
		Food Retail 1.2%
	1,214,927	Eurocash S.A. (Poland)		14,994,838
		Footwear 1.9%
	1,151,525	Bata India Ltd. (India)		18,038,231
	5,524,634	Daphne International Holdings Ltd. (China)		5,644,247
				23,682,478
		Gas Utilities 0.5%
	1,517,002	Indraprastha Gas Ltd. (India)		6,509,160
		General Merchandise Stores 2.5%
	23,325,462	PT Mitra Adiperkasa Tbk (Indonesia)		17,908,011
	2,799,923	Taiwan FamilyMart Co. Ltd. (Taiwan)		13,101,843
				31,009,854
		Gold 1.8%
	1,171,599	Koza Altin Isletmeleri A.S. (Turkey)		22,662,675
		Health Care Facilities 2.8%
	10,032,793	KPJ Healthcare Berhad (Malaysia)		18,649,659
	4,297,390	Life Healthcare Group Holdings Ltd. (South Africa)		16,385,602
				35,035,261
		Health Care Supplies 1.0%
	1,095,403	St. Shine Optical Co. Ltd. (Taiwan)		12,259,208
		Highways & Railtracks 1.8%
	1,572,500	Obrascon Huarte Lain Brasil S.A. (Brazil)		13,931,124
	14,557,755	PT Jasa Marga Persero Tbk (Indonesia)		8,432,156
				22,363,280
		Home Improvement Retail 2.0%
	17,275,250	Ace Hardware Indonesia Tbk (Indonesia)		9,360,238
	39,902,594	Home Product Center Public Co. Ltd.*** (Thailand)		15,830,374
				25,190,612
		Hypermarkets & Super Centers 5.2%
	2,186,779	Big C Supercenter Public Co. Ltd.*** (Thailand)		14,665,741
	31,717,201	Puregold Price Club, Inc. (Philippines)		20,474,021
	1,701,930	Siam Makro Public Co. Ltd.*** (Thailand)		19,077,049
	5,496,874	Wumart Stores, Inc.* (China)		11,176,172
				65,392,983

WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Industrial Gases 0.8%
	11,028,000	Yingde Gases (China)	$	10,094,137
		Industrial Machinery 2.0%
	2,390,430	Airtac International Group* (Taiwan)		13,770,371
	1,106,000	Hiwin Technologies Corp. (Taiwan)		11,357,950
				25,128,321
		Internet Software & Services 1.0%
	2,237,000	PChome Online, Inc. (Taiwan)		12,681,819
		IT Consulting & Other Services 0.9%
	4,122,570	Sonda S.A. (Chile)		11,583,537
		Life & Health Insurance 1.9%
	8,225,144	Bangkok Life Assurance Public Co. Ltd. NVDR (Thailand)		12,251,453
	1,894,874	Discovery Holdings Ltd. (South Africa)		12,062,722
				24,314,175
		Marine Ports & Services 3.9%
	871,759	Global Ports Investments plc GDR (Russia)		11,930,199
	13,036,004	International Container Terminal Services, Inc. (Philippines)		22,882,971
	941,040	Santos Brasil Participacoes S.A.** (Brazil)		14,291,795
				49,104,965
		Metal & Glass Containers 0.9%
	4,982,000	Taiwan Hon Chuan Enterprise Co. Ltd. (Taiwan)		11,222,501
		Oil & Gas Exploration & Production 3.7%
	5,671,248	Afren plc* (Nigeria)		9,234,763
	907,911	Coastal Energy Co.* (Thailand)		11,947,957
	1,971,080	Gran Tierra Energy, Inc.* (Colombia)		9,678,003
	1,741,200	Parex Resources, Inc.* (Colombia)		8,071,165
	533,265	TransGlobe Energy Corp.* (Egypt)		4,744,788
	362,150	Zhaikmunai L.P. GDR* (Kazakhstan)		3,082,720
				46,759,396
		Other Diversified Financial Services 1.2%
	508,996	Intergroup Financial Services Corp. (Peru)		15,544,738
		Packaged Foods & Meats 5.4%
	2,216,762	AVI Ltd. (South Africa)		13,586,373
	202,348	GlaxoSmithKline Consumer Healthcare Ltd. (India)		9,976,928
	1,040,130	Pinar Sut Mamulleri Sanayii A.S. (Turkey)		8,722,193
	5,613,795	PT Mayora Indah Tbk (Indonesia)		15,235,460
	14,055,485	Universal Robina Corp. (Philippines)		21,072,956
				68,593,910
		Paper Packaging 0.8%
	18,473,060	Greatview Aseptic Packaging Co. Ltd.* (China)		9,739,231
		Personal Products 1.8%
	1,047,100	Colgate-Palmolive India Ltd. (India)		22,538,449
	211,565	PT Mandom Indonesia Tbk (Indonesia)		191,462
				22,729,911
		Railroads 1.1%
	741,723	Globaltrans Investment plc, GDR (Russia)		13,397,662
		Research & Consulting Services 1.0%
	1,389,475	Qualicorp S.A.* (Brazil)		12,109,676

WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Restaurants 0.4%
	232,970	Jubilant Foodworks Ltd.* (India)	$	4,900,383
		Specialized Finance 1.0%
	6,143,690	Bolsa Mexicana de Valores S.A.B. de C.V. (Mexico)		12,128,118
		Specialty Stores 1.1%
	21,921,000	Sa Sa International Holdings Ltd. (Hong Kong)		13,861,243
		Systems Software 1.0%
	689,800	Totvs S.A. (Brazil)		13,249,254
		Thrifts & Mortgage Finance 1.9%
	757,920	Gruh Finance Ltd. (India)		9,772,804
	2,952,195	LIC Housing Finance Ltd. (India)		14,334,492
				24,107,296
		Trading Companies & Distributors 1.0%
	13,262,987	PT Hexindo Adiperkasa Tbk (Indonesia)		12,907,411
		Trucking 1.1%
	913,100	Tegma Gestao Logistica (Brazil)		13,822,146
		Total Common Stocks (cost $1,002,457,424)		1,137,594,796
		PREFERRED STOCKS 2.0%
		Construction & Farm Machinery & Heavy Trucks 1.0%
	2,889,115	Marcopolo S.A. Pfd. (Brazil)		12,976,892
		Footwear 1.0%
	1,828,420	Alpargatas S.A. Pfd. (Brazil)		12,160,125
		Total Preferred Stocks (cost $21,819,220)		25,137,017
Principal Amount			Value
		SHORT-TERM INVESTMENTS 7.8%
		Repurchase Agreement 7.8%
	$98,486,548	Repurchase Agreement dated 6/29/12, 0.01% due 7/2/12 with State Street Bank and Trust Co. collateralized by $89,795,000 of United States Treasury Notes 2.750% due 02/15/19; value: $100,458,156; repurchase proceeds: $98,486,630 (cost $98,486,548)	$	98,486,548
		Total Short-Term Investments (cost $98,486,548)		98,486,548
		Total Investments (cost $1,122,763,192) 100.2%§		1,261,218,361
		Liabilities less Other Assets (0.2%)		(3,143,223	)
		NET ASSETS 100.0%	$	1,258,075,138
		*Non-income producing. **Common units. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 10). §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 69.63%. GDR Global Depositary Receipt. NVDR Non-Voting Depositary Receipt. See Notes to Schedules of Investments.

WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

At June 30, 2012, Wasatch Emerging Markets Small Cap Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Brazil		11.1
Chile		1.0
China		6.3
Colombia		1.5
Egypt		0.4
Hong Kong		2.5
India		14.0
Indonesia		10.0
Kazakhstan		0.3
Korea		0.7
Malaysia		2.5
Mexico		1.1
Nigeria		0.8
Peru		1.3
Philippines		8.3
Poland		2.3
Russia		3.2
South Africa		8.2
Taiwan		11.0
Thailand		7.4
Turkey		6.1
Total		100.0	%

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND (WAFMX) – Schedule of Investments

June 30, 2012 (Unaudited)

Shares			Value
		COMMON STOCKS 92.3%
		Advertising 0.4%
	110,600	Scan Group Ltd. (Kenya)	$	70,191
		Air Freight & Logistics 1.1%
	386,242	Aramex PJSC (United Arab Emirates)		185,046
		Apparel Retail 3.9%
	22,611	Mr Price Group Ltd. (South Africa)		309,933
	570,598	Padini Holdings Berhad (Malaysia)		332,294
				642,227
		Auto Parts & Equipment 1.0%
	462,773	PT Astra Otoparts Tbk (Indonesia)		170,208
		Automobile Manufacturers 0.6%
	8,155	Kolao Holdings (Korea)		99,941
		Brewers 14.3%
	6,083	Asia Pacific Breweries Ltd. (Singapore)		166,394
	296	Brasseries Maroc (Morocco)		60,133
	4,973	Carlsberg Brewery Malaysia Berhad, Class B (Malaysia)		18,948
	209,408	East African Breweries Ltd. (Kenya)		566,370
	3,581	Guinness Anchor Berhad (Malaysia)		15,115
	72,051	Guinness Ghana Breweries Ltd.* (Ghana)		85,311
	283,319	Guinness Nigeria plc (Nigeria)		394,260
	303,935	Lion Brewery Ceylon plc (Sri Lanka)		475,978
	5,600	Namibia Breweries Ltd. (Namibia)		8,358
	866,662	Nigerian Breweries plc (Nigeria)		541,830
	6,852	Union de Cervecerias Peruanas Backus y Johnston SAA (Peru)		25,706
				2,358,403
		Building Products 2.2%
	47,702	Dynasty Ceramic Public Co. Ltd.*** (Thailand)		76,975
	3,454,681	PT Arwana Citramulia Tbk (Indonesia)		281,377
				358,352
		Casinos & Gaming 1.7%
	642,800	NagaCorp Ltd. (Cambodia)		287,474
		Coal & Consumable Fuels 0.2%
	86,096	PT Resource Alam Indonesia Tbk (Indonesia)		38,971
		Commodity Chemicals 1.2%
	30,300	Berger Paints Bangladesh Ltd. (Bangladesh)		191,099
		Construction Materials 0.6%
	479,505	Diamond Building Products Public Co. Ltd.*** (Thailand)		93,606
		Consumer Finance 0.7%
	32,522	Aeon Credit Service M Berhad (Malaysia)		117,262
		Diversified Banks 6.1%
	1,011,300	Barclays Bank of Kenya Ltd. (Kenya)		155,954
	77,200	BBVA Banco Continental S.A. (Peru)		173,776
	1,223,400	Equity Bank Ltd. (Kenya)		308,579
	36,105	Guaranty Trust Bank plc GDR (Nigeria)		198,577
	92,100	MCB Bank Ltd. (Pakistan)		163,435
				1,000,321
		Diversified Metals & Mining 0.1%
	12,493	Volcan Cia Minera SAA (Peru)		14,061

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND (WAFMX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Drug Retail 0.2%
	1,850	Corporativo Fragua S.A.B. de C.V. (Mexico)	$	29,669
		Food Retail 3.2%
	146,872	CP ALL Public Co. Ltd.*** (Thailand)		164,167
	178,100	Philippine Seven Corp. (Philippines)		206,272
	8,693	Shoprite Holdings Ltd. (South Africa)		160,456
				530,895
		Footwear 3.1%
	24,900	Bata Shoe Co. Bangladesh Ltd. (Bangladesh)		155,216
	87,340	Forus S.A. (Chile)		348,837
				504,053
		General Merchandise Stores 0.6%
	5,941	Aeon Co. M Berhad (Malaysia)		17,126
	114,700	PT Mitra Adiperkasa Tbk (Indonesia)		88,060
				105,186
		Gold 0.1%
	816	Koza Altin Isletmeleri A.S. (Turkey)		15,784
		Health Care Facilities 0.9%
	29,715	KPJ Healthcare Berhad (Malaysia)		55,237
	50,200	Medica Sur S.A.B. de C.V. (Mexico)		86,730
				141,967
		Home Improvement Retail 0.3%
	80,606	Ace Hardware Indonesia Tbk (Indonesia)		43,675
		Household Appliances 0.7%
	50,250	Singer Bangladesh Ltd. (Bangladesh)		108,835
		Household Products 5.0%
	156,400	DSG International Thailand Public Co. Ltd.*** (Thailand)		48,014
	6,769	PT Unilever Indonesia Tbk (Indonesia)		16,601
	36,076	Unilever Ghana Ltd. (Ghana)		154,147
	3,247,620	Unilever Nigeria plc (Nigeria)		598,839
				817,601
		Human Resource & Employment Services 0.5%
	113,740	JobStreet Corp. Berhad (Malaysia)		79,340
		Hypermarkets & Super Centers 0.8%
	6,000	Almacenes Exito S.A. (Colombia)		99,400
	88	Label Vie* (Morocco)		15,309
	32,660	Puregold Price Club, Inc. (Philippines)		21,083
				135,792
		Industrial Gases 0.9%
	23,200	Linde Bangladesh Ltd. (Bangladesh)		156,886
		Integrated Oil & Gas 2.0%
	118,400	Ecopetrol S.A. (Colombia)		331,010
		Marine Ports & Services 0.5%
	370,600	Asian Terminals, Inc. (Philippines)		79,347
		Oil & Gas Exploration & Production 1.6%
	40,869	Afren plc* (Nigeria)		66,549
	9,504	Gran Tierra Energy, Inc.* (Colombia)		46,665
	20,410	Pakistan Oilfields Ltd. (Pakistan)		79,550
	1,403	TransGlobe Energy Corp.* (Egypt)		12,483
	7,656	Zhaikmunai L.P. GDR* (Kazakhstan)		65,170
				270,417

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND (WAFMX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Oil & Gas Refining & Marketing 0.9%
	122,740	Chevron Lubricants Lanka plc (Sri Lanka)	$	153,998
		Other Diversified Financial Services 0.8%
	4,567	Intergroup Financial Services Corp. (Peru)		139,476
		Packaged Foods & Meats 18.2%
	104,558	Alicorp S.A. (Peru)		274,585
	4,439,616	Cadbury Nigeria plc* (Nigeria)		408,636
	471	Centrale Laitiere* (Morocco)		75,469
	184,540	FAN Milk Ltd. (Ghana)		183,352
	43,900	Grupo Herdez S.A.B. de C.V. (Mexico)		100,908
	45,291	Nestlé Lanka plc (Sri Lanka)		372,069
	209,401	Nestlé Nigeria plc (Nigeria)		574,177
	5,426	Nestlé Pakistan Ltd. (Pakistan)		231,682
	9,000	Pinar Sut Mamulleri Sanayii A.S. (Turkey)		75,471
	3,712	Tiger Brands Ltd. (South Africa)		111,478
	6,132	Unilever Pakistan Ltd. (Pakistan)		457,467
	65,208	Universal Robina Corp. (Philippines)		97,764
	8,200	Vinacafe Bien Hoa JSC (Vietnam)		50,680
				3,013,738
		Personal Products 1.7%
	7,818	Colgate-Palmolive Pakistan Ltd. (Pakistan)		82,730
	40,700	Marico Bangladesh Ltd. (Bangladesh)		191,524
				274,254
		Pharmaceuticals 2.7%
	47,535	Abbott Laboratories Pakistan Ltd. (Pakistan)		60,698
	33,900	DHG Pharmaceutical JSC (Vietnam)		103,354
	2,034,614	GlaxoSmithKline Consumer Nigeria plc* (Nigeria)		286,908
				450,960
		Restaurants 1.9%
	4,963	Arcos Dorados Holdings, Inc., Class A (Brazil)		73,353
	6,410	Jollibee Foods Corp. (Philippines)		15,895
	32,852	Oishi Group Public Co. Ltd.*** (Thailand)		137,573
	60,485	PT Fastfood Indonesia Tbk (Indonesia)		90,156
				316,977
		Soft Drinks 1.4%
	5,977	Coca-Cola Icecek A.S. (Turkey)		92,791
	2,098,105	Pepsi-Cola Products Philippines, Inc.* (Philippines)		138,302
				231,093
		Specialized Finance 1.1%
	5,095,365	Bolsa de Valores de Colombia (Colombia)		80,584
	44,500	Bolsa Mexicana de Valores S.A.B. de C.V. (Mexico)		87,846
	1,825	Philippine Stock Exchange, Inc. (Philippines)		15,645
				184,075
		Tobacco 8.2%
	43,400	British American Tobacco Bangladesh Co. Ltd. (Bangladesh)		319,514
	98,228	British American Tobacco Kenya Ltd. (Kenya)		431,448
	119,932	Ceylon Tobacco Co. plc (Sri Lanka)		601,210
				1,352,172
		Wireless Telecommunication Services 0.9%
	8,399	MTN Group Ltd. (South Africa)		145,412
		Total Common Stocks (cost $15,194,762)		15,239,774

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND (WAFMX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Principal Amount			Value
		SHORT-TERM INVESTMENTS 6.4%
		Repurchase Agreement 6.4%
	$1,051,117	Repurchase Agreement dated 6/29/12, 0.01% due 7/2/12 with State Street Bank and Trust Co. collateralized by $960,000 of United States Treasury Notes 2.750% due 2/15/19; value: $1,074,000; repurchase proceeds: $1,051,118 (cost $1,051,117)	$	1,051,117
		Total Short-Term Investments (cost $1,051,117)		1,051,117
		Total Investments (cost $16,245,879) 98.7%§		16,290,891
		Other Assets less Liabilities 1.3%		221,960
		NET ASSETS 100.0%	$	16,512,851
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 10). §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 38.82%. GDR Global Depositary Receipt. See Notes to Schedules of Investments.

At June 30, 2012, Wasatch Frontier Emerging Small Countries Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Bangladesh		7.4
Brazil		0.5
Cambodia		1.9
Chile		2.3
Colombia		3.7
Egypt		0.1
Ghana		2.8
Indonesia		4.8
Kazakhstan		0.4
Kenya		10.0
Korea		0.6
Malaysia		4.2
Mexico		2.0
Morocco		1.0
Namibia		0.1
Nigeria		20.1
Pakistan		7.0
Peru		4.1
Philippines		3.8
Singapore		1.1
South Africa		4.8
Sri Lanka		10.5
Thailand		3.4
Turkey		1.2
United Arab Emirates		1.2
Vietnam		1.0
Total		100.0	%

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX) – Schedule of Investments

June 30, 2012 (Unaudited)

Shares			Value
		COMMON STOCKS 96.5%
		Advertising 1.3%
	138,619	REA Group Ltd. (Australia)	$	1,953,509
		Apparel Retail 0.8%
	87,240	Mr Price Group Ltd. (South Africa)		1,195,814
		Apparel, Accessories & Luxury Goods 1.2%
	42,300	Gerry Weber International AG (Germany)		1,749,903
		Application Software 1.4%
	23,410	Ultimate Software Group, Inc.*		2,086,299
		Asset Management & Custody Banks 4.5%
	467,400	Aberdeen Asset Management plc (United Kingdom)		1,906,996
	15,850	Affiliated Managers Group, Inc.*		1,734,782
	135,880	CETIP S.A. – Mercados Organizados (Brazil)		1,692,726
	7,996	Partners Group Holding AG (Switzerland)		1,422,332
				6,756,836
		Automotive Retail 0.5%
	22,275	Monro Muffler Brake, Inc.		740,421
		Biotechnology 1.8%
	416,601	Abcam plc (United Kingdom)		2,725,118
		Catalog Retail 0.5%
	7,000	Hyundai Home Shopping Network Corp. (Korea)		685,042
		Coal & Consumable Fuels 0.8%
	700,000	PT Harum Energy Tbk (Indonesia)		429,651
	504,500	PT Tambang Batubara Bukit Asam (Persero) Tbk (Indonesia)		794,938
				1,224,589
		Commercial Printing 1.5%
	162,490	InnerWorkings, Inc.*		2,198,490
		Commodity Chemicals 1.3%
	197,800	Castrol India Ltd. (India)		1,938,915
		Construction & Engineering 0.9%
	216,015	Kentz Corp. Ltd. (United Kingdom)		1,284,932
		Construction Materials 1.7%
	641,000	PT Indocement Tunggal Prakarsa Tbk (Indonesia)		1,194,669
	1,137,000	PT Semen Gresik (Persero) Tbk (Indonesia)		1,379,909
				2,574,578
		Consumer Finance 2.7%
	59,333	DFC Global Corp.*		1,093,507
	37,867	First Cash Financial Services, Inc.*		1,521,118
	120,002	Mahindra & Mahindra Financial Services Ltd. (India)		1,406,889
				4,021,514
		Data Processing & Outsourced Services 3.6%
	53,000	GMO Payment Gateway, Inc. (Japan)		1,045,796
	25,600	Syntel, Inc.		1,553,920
	145,491	Wirecard AG (Germany)		2,821,573
				5,421,289
		Distributors 0.8%
	35,969	LKQ Corp.*		1,201,365

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Diversified Banks 2.2%
	473,835	Security Bank Corp. (Philippines)	$	1,609,946
	279,497	Yes Bank Ltd.* (India)		1,707,293
				3,317,239
		Diversified Support Services 2.8%
	97,050	Copart, Inc.*		2,299,114
	20,488	Portfolio Recovery Associates, Inc.*		1,869,735
				4,168,849
		Drug Retail 1.1%
	258,500	Clicks Group Ltd. (South Africa)		1,701,278
		Electrical Components & Equipment 1.1%
	38,904	Polypore International, Inc.*		1,571,333
		Electronic Equipment & Instruments 1.1%
	87,788	Oxford Instruments plc (United Kingdom)		1,692,667
		Environmental & Facilities Services 1.0%
	55,555	Tetra Tech, Inc.*		1,448,874
		Footwear 0.7%
	66,170	Bata India Ltd. (India)		1,036,530
		General Merchandise Stores 2.6%
	47,242	Dollar Tree, Inc.*		2,541,619
	1,700,000	PT Mitra Adiperkasa Tbk (Indonesia)		1,305,167
				3,846,786
		Gold 1.3%
	104,030	Koza Altin Isletmeleri A.S. (Turkey)		2,012,291
		Health Care Equipment 2.2%
	79,000	AtriCure, Inc.*		759,190
	54,177	Elekta AB, Class B (Sweden)		2,475,602
				3,234,792
		Health Care Facilities 1.5%
	587,735	Life Healthcare Group Holdings Ltd. (South Africa)		2,240,986
		Health Care Services 3.8%
	17,530	Catalyst Health Solutions, Inc.*		1,638,003
	23,752	CorVel Corp.*		1,163,848
	40,450	IPC The Hospitalist Co., Inc.*		1,833,194
	14,900	MEDNAX, Inc.*		1,021,246
				5,656,291
		Health Care Technology 2.0%
	22,500	athenahealth, Inc.*		1,781,325
	22,410	Computer Programs and Systems, Inc.		1,282,300
				3,063,625
		Home Improvement Retail 1.0%
	2,850,000	Ace Hardware Indonesia Tbk (Indonesia)		1,544,214
		Industrial Machinery 4.6%
	32,370	Andritz AG (Austria)		1,664,879
	31,170	Graco, Inc.		1,436,314
	39,255	IDEX Corp.		1,530,160
	72,855	Rotork plc (United Kingdom)		2,257,167
				6,888,520
		Internet Retail 2.0%
	95,770	MakeMyTrip Ltd.* (India)		1,573,501
	101,731	Yoox S.p.A.* (Italy)		1,471,846
				3,045,347

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Internet Software & Services 2.4%
	46,365	Akamai Technologies, Inc.*	$	1,472,089
	121,768	Envestnet, Inc.*		1,461,216
	20,415	Vistaprint N.V.*		659,404
				3,592,709
		Leisure Facilities 1.3%
	40,380	Life Time Fitness, Inc.*		1,878,074
		Life & Health Insurance 1.0%
	236,465	Discovery Holdings Ltd. (South Africa)		1,505,330
		Life Sciences Tools & Services 2.1%
	41,835	Covance, Inc.*		2,001,805
	15,490	Techne Corp.		1,149,358
				3,151,163
		Marine Ports & Services 1.4%
	1,220,507	International Container Terminal Services, Inc. (Philippines)		2,142,438
		Oil & Gas Equipment & Services 1.9%
	6,900	Core Laboratories N.V.		799,710
	28,950	ShawCor Ltd., Class A (Canada)		1,047,687
	38,700	TGS-NOPEC Geophysical Co. ASA (Norway)		1,043,707
				2,891,104
		Oil & Gas Exploration & Production 3.8%
	486,000	Afren plc* (Nigeria)		791,377
	100,000	Coastal Energy Co.* (Thailand)		1,315,983
	202,252	Gran Tierra Energy, Inc.* (Colombia)		993,058
	57,030	Northern Oil and Gas, Inc.*		909,058
	96,700	Premier Oil plc* (United Kingdom)		514,654
	144,133	Zhaikmunai L.P. GDR* (Kazakhstan)		1,226,900
				5,751,030
		Packaged Foods & Meats 1.1%
	33,629	GlaxoSmithKline Consumer Healthcare Ltd. (India)		1,658,104
		Real Estate Operating Companies 1.4%
	83,500	Multiplan Empreendimentos Imobiliarios S.A. (Brazil)		2,037,303
		Regional Banks 0.6%
	15,265	Signature Bank*		930,707
		Research & Consulting Services 2.6%
	34,847	Campbell Brothers Ltd. (Australia)		1,955,207
	17,504	IHS, Inc., Class A*		1,885,706
				3,840,913
		Restaurants 0.6%
	14,028	Peet’s Coffee & Tea, Inc.*		842,241
		Semiconductors 4.9%
	28,534	Hittite Microwave Corp.*		1,458,658
	62,200	Linear Technology Corp.		1,948,726
	43,000	Microchip Technology, Inc.		1,422,440
	65,700	Power Integrations, Inc.		2,450,610
				7,280,434
		Specialized Finance 1.3%
	47,000	CRISIL Ltd. (India)		910,505
	28,955	MSCI, Inc., Class A*		985,049
				1,895,554

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Specialty Stores 2.4%
	34,618	Hibbett Sports, Inc.*	$	1,997,805
	2,432,000	Sa Sa International Holdings Ltd. (Hong Kong)		1,537,819
				3,535,624
		Systems Software 1.9%
	49,279	OPNET Technologies, Inc.		1,310,329
	29,201	Sourcefire, Inc.*		1,500,931
				2,811,260
		Thrifts & Mortgage Finance 1.1%
	339,030	LIC Housing Finance Ltd. (India)		1,646,173
		Trading Companies & Distributors 3.9%
	162,179	MonotaRO Co. Ltd. (Japan)		3,609,443
	33,870	MSC Industrial Direct Co., Inc., Class A		2,220,179
				5,829,622
		Trucking 4.5%
	26,700	J.B. Hunt Transport Services, Inc.		1,591,320
	150,940	Knight Transportation, Inc.		2,413,530
	34,235	Old Dominion Freight Line, Inc.*		1,482,033
	85,700	Tegma Gestao Logistica (Brazil)		1,297,293
				6,784,176
		Total Common Stocks (cost $111,442,089)		144,232,195
		WARRANTS 0.0%
		Health Care Equipment 0.0%
	40,000	Cardica, Inc., expiring 9/29/14* *** †		25,200
		Restaurants 0.0%
	29,600	KFC Holdings Malaysia Berhad, expiring 9/14/15* (Malaysia)		8,856
		Total Warrants (cost $5,000)		34,056
Principal Amount			Value
		SHORT-TERM INVESTMENTS 3.7%
		Repurchase Agreement 3.7%
	$5,542,274	Repurchase Agreement dated 6/29/12, 0.01% due 7/2/12 with State Street Bank and Trust Co. collateralized by $5,055,000 of United States Treasury Notes 2.750% due 2/15/19; value: $5,655,281; repurchase proceeds: $5,542,279 (cost $5,542,274)	$	5,542,274
		Total Short-Term Investments (cost $5,542,274)		5,542,274
		Total Investments (cost $116,989,363) 100.2%§		149,808,525
		Liabilities less Other Assets (0.2%)		(254,286	)
		NET ASSETS 100.0%	$	149,554,239
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 10). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 8). §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 43.59%. GDR Global Depositary Receipt. See Notes to Schedules of Investments.

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

At June 30, 2012, Wasatch Global Opportunities Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Australia		2.7
Austria		1.2
Brazil		3.5
Canada		0.7
Colombia		0.7
Germany		3.2
Hong Kong		1.1
India		8.2
Indonesia		4.6
Italy		1.0
Japan		3.2
Kazakhstan		0.9
Korea		0.5
Malaysia		<0.1
Nigeria		0.5
Norway		0.7
Philippines		2.6
South Africa		4.6
Sweden		1.7
Switzerland		1.0
Thailand		0.9
Turkey		1.4
United Kingdom		7.2
United States		47.9
Total		100.0	%

WASATCH HERITAGE GROWTH FUND (WAHGX) – Schedule of Investments

June 30, 2012 (Unaudited)

Shares			Value
		COMMON STOCKS 91.8%
		Aerospace & Defense 1.8%
	15,030	TransDigm Group, Inc.*	$	2,018,529
		Air Freight & Logistics 3.8%
	27,311	CH Robinson Worldwide, Inc.		1,598,513
	67,549	Expeditors International of Washington, Inc.		2,617,524
				4,216,037
		Apparel Retail 2.8%
	49,953	Ross Stores, Inc.		3,120,564
		Application Software 2.6%
	46,558	ANSYS, Inc.*		2,938,275
		Asset Management & Custody Banks 4.7%
	102,450	CETIP S.A. – Mercados Organizados (Brazil)		1,276,271
	78,863	SEI Investments Co.		1,568,585
	38,877	T. Rowe Price Group, Inc.		2,447,696
				5,292,552
		Automobile Manufacturers 1.2%
	41,683	Tesla Motors, Inc.*		1,304,261
		Automotive Retail 0.7%
	10,016	O’Reilly Automotive, Inc.*		839,040
		Communications Equipment 1.9%
	11,766	F5 Networks, Inc.*		1,171,423
	58,715	Riverbed Technology, Inc.*		948,247
				2,119,670
		Data Processing & Outsourced Services 2.6%
	21,369	Alliance Data Systems Corp.*		2,884,815
		Distributors 2.6%
	86,408	LKQ Corp.*		2,886,027
		Diversified Metals & Mining 0.9%
	18,201	BHP Billiton plc ADR (United Kingdom)		1,040,915
		Diversified Support Services 3.1%
	147,383	Copart, Inc.*		3,491,503
		Electrical Components & Equipment 2.5%
	68,339	Polypore International, Inc.*		2,760,212
		Electronic Components 3.4%
	68,390	Amphenol Corp., Class A		3,755,979
		Environmental & Facilities Services 1.2%
	14,058	Stericycle, Inc.*		1,288,697
		Health Care Equipment 2.3%
	65,705	St. Jude Medical, Inc.		2,622,287
		Health Care Services 3.3%
	39,823	Catalyst Health Solutions, Inc.*		3,721,061
		Health Care Supplies 1.1%
	35,287	Align Technology, Inc.*		1,180,703
		Industrial Machinery 2.2%
	62,113	IDEX Corp.		2,421,165
		IT Consulting & Other Services 4.7%
	88,205	Cognizant Technology Solutions Corp., Class A*		5,292,300

WASATCH HERITAGE GROWTH FUND (WAHGX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Leisure Facilities 0.9%
	20,786	Life Time Fitness, Inc.*	$	966,757
		Life Sciences Tools & Services 1.8%
	42,675	Covance, Inc.*		2,041,999
		Oil & Gas Equipment & Services 3.2%
	20,280	CARBO Ceramics, Inc.		1,556,085
	17,867	Core Laboratories N.V.		2,070,785
				3,626,870
		Oil & Gas Exploration & Production 4.1%
	224,613	SandRidge Energy, Inc.*		1,502,661
	131,125	Ultra Petroleum Corp.*		3,025,054
				4,527,715
		Personal Products 2.0%
	45,498	Herbalife Ltd.		2,198,918
		Regional Banks 2.2%
	40,344	Signature Bank*		2,459,774
		Research & Consulting Services 4.8%
	49,521	IHS, Inc., Class A*		5,334,897
		Restaurants 3.0%
	62,830	Tim Hortons, Inc. (Canada)		3,307,371
		Semiconductors 7.7%
	43,017	Altera Corp.		1,455,695
	38,129	Linear Technology Corp.		1,194,582
	78,705	Microchip Technology, Inc.		2,603,562
	47,627	Silicon Laboratories, Inc.*		1,805,063
	45,925	Xilinx, Inc.		1,541,702
				8,600,604
		Specialized Finance 5.3%
	18,784	IntercontinentalExchange, Inc.*		2,554,248
	52,435	MSCI, Inc., Class A*		1,783,839
	480,976	Power Finance Corp. Ltd. (India)		1,549,047
				5,887,134
		Trading Companies & Distributors 4.5%
	75,899	MSC Industrial Direct Co., Inc., Class A		4,975,180
		Trucking 2.0%
	37,154	J.B. Hunt Transport Services, Inc.		2,214,379
		Wireless Telecommunication Services 0.9%
	93,945	NII Holdings, Inc.*		961,057
		Total Common Stocks (cost $84,390,415)		102,297,247
Principal Amount			Value
		SHORT-TERM INVESTMENTS 8.6%
		Repurchase Agreement 8.6%
	$9,589,338	Repurchase Agreement dated 6/29/12, 0.01% due 7/2/12 with State Street Bank and Trust Co. collateralized by $8,745,000 of United States Treasury Notes 2.750% due 2/15/19; value: $9,783,469; repurchase proceeds: $9,589,346 (cost $9,589,338)	$	9,589,338

WASATCH HERITAGE GROWTH FUND (WAHGX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Principal Amount		Value
	Total Short-Term Investments (cost $9,589,338)	$	9,589,338
	Total Investments (cost $93,979,753) 100.4%§		111,886,585
	Liabilities less Other Assets (0.4%)		(424,603	)
	NET ASSETS 100.0%	$	111,461,982
	*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 1.39%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At June 30, 2012, Wasatch Heritage Growth Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Brazil		1.3
Canada		3.2
India		1.5
United Kingdom		1.0
United States		93.0
Total		100.0	%

WASATCH INTERNATIONAL GROWTH FUND (WAIGX) – Schedule of Investments

June 30, 2012 (Unaudited)

Shares			Value
		COMMON STOCKS 90.5%
		Advertising 1.2%
	299,346	REA Group Ltd. (Australia)	$	4,218,579
		Apparel Retail 1.9%
	163,120	Cia. Hering (Brazil)		3,084,533
	310,160	Truworths International Ltd. (South Africa)		3,402,524
				6,487,057
		Apparel, Accessories & Luxury Goods 1.2%
	204,133	Salvatore Ferragamo Italia S.p.A. (Italy)		4,258,704
		Application Software 1.9%
	246,162	Computer Modelling Group Ltd. (Canada)		4,199,199
	103,855	Fidessa Group plc (United Kingdom)		2,529,898
				6,729,097
		Asset Management & Custody Banks 2.9%
	1,124,021	Aberdeen Asset Management plc (United Kingdom)		4,586,015
	220,775	CETIP S.A. – Mercados Organizados (Brazil)		2,750,305
	15,070	Partners Group Holding AG (Switzerland)		2,680,659
				10,016,979
		Auto Parts & Equipment 1.0%
	21,195	Bosch Ltd. (India)		3,471,562
		Automotive Retail 1.3%
	385,085	ARB Corp. Ltd. (Australia)		3,604,800
	13,783	Delticom AG (Germany)		907,925
				4,512,725
		Biotechnology 2.3%
	1,207,831	Abcam plc (United Kingdom)		7,900,802
		Brewers 1.0%
	275,590	Anadolu Efes Biracilik ve Malt Sanayii A.S. (Turkey)		3,530,901
		Casinos & Gaming 3.6%
	1,893,069	Galaxy Entertainment Group Ltd.* (Hong Kong)		4,758,188
	353,825	Melco Crown Entertainment Ltd. ADR* (China)		4,076,064
	2,011,947	SJM Holdings Ltd. (Hong Kong)		3,759,732
				12,593,984
		Catalog Retail 0.7%
	23,355	Hyundai Home Shopping Network Corp. (Korea)		2,285,593
		Coal & Consumable Fuels 1.7%
	809,245	PT Indo Tambangraya Megah Tbk (Indonesia)		3,133,819
	1,721,385	PT Tambang Batubara Bukit Asam (Persero) Tbk (Indonesia)		2,712,377
				5,846,196
		Commodity Chemicals 0.7%
	1,030,100	TSRC Corp. (Taiwan)		2,552,975
		Construction & Engineering 0.7%
	413,152	Kentz Corp. Ltd. (United Kingdom)		2,457,570
		Construction Materials 2.4%
	2,151,000	PT Indocement Tunggal Prakarsa Tbk (Indonesia)		4,008,945
	3,736,935	PT Semen Gresik (Persero) Tbk (Indonesia)		4,535,293
				8,544,238
		Consumer Finance 1.6%
	481,100	Mahindra & Mahindra Financial Services Ltd. (India)		5,640,359

WASATCH INTERNATIONAL GROWTH FUND (WAIGX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Data Processing & Outsourced Services 2.1%
	378,725	Wirecard AG (Germany)	$	7,344,786
		Department Stores 1.9%
	105,600	Lojas Renner S.A. (Brazil)		2,953,351
	595,023	Woolworths Holdings Ltd. (South Africa)		3,664,541
				6,617,892
		Distributors 0.7%
	2,717,607	Dah Chong Hong Holdings Ltd. (China)		2,448,997
		Diversified Banks 3.6%
	1,594,000	Metropolitan Bank & Trust (Philippines)		3,518,142
	8,886,019	PT Bank Tabungan Pensiunan Nasional Tbk* (Indonesia)		3,797,095
	1,530,103	Security Bank Corp. (Philippines)		5,198,822
				12,514,059
		Drug Retail 0.9%
	499,940	Clicks Group Ltd. (South Africa)		3,290,278
		Electronic Equipment & Instruments 3.6%
	1,462,520	Chroma ATE, Inc. (Taiwan)		3,338,655
	550,463	Halma plc (United Kingdom)		3,609,203
	290,576	Oxford Instruments plc (United Kingdom)		5,602,685
				12,550,543
		Fertilizers & Agricultural Chemicals 0.7%
	220,169	Phosagro OAO GDR (Russia)		2,551,759
		Food Retail 1.2%
	102,270	BIM Birlesik Magazalar A.S. (Turkey)		4,224,176
		Gold 1.8%
	320,450	Koza Altin Isletmeleri A.S. (Turkey)		6,198,584
		Health Care Equipment 2.2%
	168,150	Elekta AB, Class B (Sweden)		7,683,565
		Health Care Technology 1.1%
	789	M3, Inc. (Japan)		3,779,848
		Human Resource & Employment Services 0.5%
	270,874	Michael Page International plc (United Kingdom)		1,590,183
		Hypermarkets & Super Centers 1.6%
	806,760	Big C Supercenter Public Co. Ltd.*** (Thailand)		5,410,576
		Industrial Machinery 4.3%
	100,672	Andritz AG (Austria)		5,177,839
	316,429	Rotork plc (United Kingdom)		9,803,490
				14,981,329
		Internet Retail 2.7%
	132,978	ASOS plc* (United Kingdom)		3,710,642
	99,830	Start Today Co. Ltd. (Japan)		1,396,383
	287,401	Yoox S.p.A.* (Italy)		4,158,122
				9,265,147
		Internet Software & Services 2.7%
	744,590	carsales.com Ltd. (Australia)		4,606,642
	146,476	Kakaku.com, Inc. (Japan)		4,975,100
				9,581,742
		Life & Health Insurance 1.4%
	1,015,816	Bangkok Life Assurance Public Co. Ltd. NVDR (Thailand)		1,513,070
	539,825	Discovery Holdings Ltd. (South Africa)		3,436,513
				4,949,583

WASATCH INTERNATIONAL GROWTH FUND (WAIGX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Marine Ports & Services 2.8%
	3,652,822	International Container Terminal Services, Inc. (Philippines)	$	6,412,043
	219,200	Santos Brasil Participacoes S.A.** (Brazil)		3,329,042
				9,741,085
		Multi-Sector Holdings 2.4%
	7,917,744	First Pacific Co. Ltd. (Hong Kong)		8,233,982
		Oil & Gas Equipment & Services 3.1%
	25,475	Core Laboratories N.V.		2,952,552
	101,940	ShawCor Ltd., Class A (Canada)		3,689,162
	154,440	TGS-NOPEC Geophysical Co. ASA (Norway)		4,165,119
				10,806,833
		Oil & Gas Exploration & Production 3.6%
	1,174,300	Afren plc* (Nigeria)		1,912,168
	178,923	Coastal Energy Co.* (Thailand)		2,354,597
	528,422	Gran Tierra Energy, Inc.* (Colombia)		2,594,552
	541,296	Premier Oil plc* (United Kingdom)		2,880,872
	148,940	TransGlobe Energy Corp.* (Egypt)		1,325,211
	182,385	Zhaikmunai L.P. GDR* (Kazakhstan)		1,552,511
				12,619,911
		Packaged Foods & Meats 2.2%
	62,642	GlaxoSmithKline Consumer Healthcare Ltd. (India)		3,088,613
	5,371,262	Vitasoy International Holdings Ltd. (Hong Kong)		4,514,235
				7,602,848
		Personal Products 1.1%
	357,070	Godrej Consumer Products Ltd. (India)		3,681,838
		Pharmaceuticals 0.9%
	7,633,540	PT Kalbe Farma Tbk (Indonesia)		3,087,125
		Publishing 1.4%
	200,460	Rightmove plc (United Kingdom)		5,017,658
		Real Estate Operating Companies 1.5%
	215,800	Multiplan Empreendimentos Imobiliarios S.A. (Brazil)		5,265,269
		Research & Consulting Services 1.7%
	107,815	Campbell Brothers Ltd. (Australia)		6,049,322
		Restaurants 1.4%
	341,147	Toridoll.corp (Japan)		4,814,075
		Specialized Finance 0.7%
	273,400	Oslo Bors VPS Holding ASA (Norway)		2,410,085
		Specialty Stores 2.5%
	1,641,682	L’Occitane International S.A. (Luxembourg)		4,556,592
	6,837,430	Sa Sa International Holdings Ltd. (Hong Kong)		4,323,493
				8,880,085
		Thrifts & Mortgage Finance 2.4%
	276,791	Gruh Finance Ltd. (India)		3,569,010
	1,007,833	LIC Housing Finance Ltd. (India)		4,893,571
				8,462,581
		Trading Companies & Distributors 3.7%
	453,457	MonotaRO Co. Ltd. (Japan)		10,092,104
	359,100	Seven Group Holdings Ltd. (Australia)		2,873,884
				12,965,988
		Total Common Stocks (cost $255,396,014)		315,669,053

WASATCH INTERNATIONAL GROWTH FUND (WAIGX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		PREFERRED STOCKS 0.8%
		Footwear 0.8%
	417,450	Alpargatas S.A. Pfd. (Brazil)	$	2,776,301
		Total Preferred Stocks (cost $2,641,487)		2,776,301
Principal Amount			Value
		SHORT-TERM INVESTMENTS 8.5%
		Repurchase Agreement 8.5%
	$29,762,412	Repurchase Agreement dated 6/29/12, 0.01% due 7/2/12 with State Street Bank and Trust Co. collateralized by $27,140,000 of United States Treasury Notes 2.750% due 2/15/19; value: $30,362,875; repurchase proceeds: $29,762,437 (cost $29,762,412)	$	29,762,412
		Total Short-Term Investments (cost $29,762,412)		29,762,412
		Total Investments (cost $287,799,913) 99.8%§		348,207,766
		Other Assets less Liabilities 0.2%		679,055
		NET ASSETS 100.0%	$	348,886,821
		*Non-income producing. **Common units. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 10). §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 75.43%. ADR American Depositary Receipt. GDR Global Depositary Receipt. NVDR Non-Voting Depositary Receipt. See Notes to Schedules of Investments.

At June 30, 2012, Wasatch International Growth Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Australia		6.7
Austria		1.6
Brazil		6.3
Canada		2.5
China		2.1
Colombia		0.8
Egypt		0.4
Germany		2.6
Hong Kong		8.0
India		7.7
Indonesia		6.7
Italy		2.6
Japan		7.9
Kazakhstan		0.5
Korea		0.7
Luxembourg		1.4
Nigeria		0.6
Norway		2.1
Philippines		4.8

WASATCH INTERNATIONAL GROWTH FUND (WAIGX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Russia	0.8
South Africa	4.3
Sweden	2.4
Switzerland	0.8
Taiwan	1.9
Thailand	2.9
Turkey	4.4
United Kingdom	15.6
United States	0.9
Total	100.0	%

WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX) – Schedule of Investments

June 30, 2012 (Unaudited)

Shares			Value
		COMMON STOCKS 93.9%
		Apparel Retail 1.4%
	2,565,905	IT Ltd. (Hong Kong)	$	1,121,706
	2,435,225	Padini Holdings Berhad (Malaysia)		1,418,179
				2,539,885
		Apparel, Accessories & Luxury Goods 4.6%
	36,908	Gerry Weber International AG (Germany)		1,526,842
	36,300	Page Industries Ltd. (India)		1,884,319
	515,100	Restoque Comercio e Confeccoes de Roupas S.A. (Brazil)		2,628,100
	163,206	Ted Baker plc (United Kingdom)		2,306,971
				8,346,232
		Application Software 3.4%
	163,000	Computer Modelling Group Ltd. (Canada)		2,780,565
	64,288	Fidessa Group plc (United Kingdom)		1,566,050
	1,539,295	Technology One Ltd. (Australia)		1,847,785
				6,194,400
		Auto Parts & Equipment 1.0%
	69,407	WABCO India Ltd. (India)		1,873,669
		Biotechnology 2.2%
	614,468	Abcam plc (United Kingdom)		4,019,428
		Brewers 2.1%
	362,475	Carlsberg Brewery Malaysia Berhad (Malaysia)		1,381,059
	102,990	Olvi Oyj, Class A (Finland)		2,443,346
				3,824,405
		Building Products 0.7%
	816,500	Dynasty Ceramic Public Co. Ltd.*** (Thailand)		1,317,558
		Catalog Retail 0.8%
	14,240	Hyundai Home Shopping Network Corp. (Korea)		1,393,570
		Coal & Consumable Fuels 1.0%
	3,842,115	PT Resource Alam Indonesia Tbk (Indonesia)		1,739,112
		Commodity Chemicals 2.9%
	1,224,627	Berger Paints India Ltd. (India)		3,027,684
	130,700	Tikkurila Oyj (Finland)		2,228,594
				5,256,278
		Construction & Engineering 1.2%
	190,615	Kentz Corp. Ltd. (United Kingdom)		1,133,844
	144,478	Lycopodium Ltd. (Australia)		990,006
				2,123,850
		Construction & Farm Machinery & Heavy Trucks 1.0%
	48,845	Eicher Motors Ltd. (India)		1,753,912
		Construction Materials 0.7%
	6,997,973	Diamond Building Products Public Co. Ltd.*** (Thailand)		1,366,103
		Data Processing & Outsourced Services 2.8%
	80,000	GMO Payment Gateway, Inc. (Japan)		1,578,560
	183,361	Wirecard AG (Germany)		3,556,003
				5,134,563
		Department Stores 0.2%
	379,489	Parkson Retail Asia Ltd.* (Malaysia)		425,809

WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Diversified Banks 2.4%
	4,170,000	EastWest Banking Corp.* (Philippines)	$	1,870,488
	5,922,575	South Indian Bank Ltd. (India)		2,574,931
				4,445,419
		Diversified Metals & Mining 0.7%
	702,700	Imdex Ltd. (Australia)		1,286,967
		Diversified Support Services 0.5%
	256,000	Vicom Ltd. (Singapore)		833,839
		Drug Retail 1.4%
	37,353	Cosmos Pharmaceutical Corp. (Japan)		2,480,250
		Electrical Components & Equipment 1.0%
	324,070	Amara Raja Batteries Ltd. (India)		1,767,211
		Electronic Equipment & Instruments 1.5%
	143,460	Oxford Instruments plc (United Kingdom)		2,766,096
		Environmental & Facilities Services 0.8%
	465,656	RPS Group plc (United Kingdom)		1,525,711
		Food Retail 1.9%
	31,800	Philippine Seven Corp. (Philippines)		36,830
	2,382,000	PT Sumber Alfaria Trijaya Tbk* (Indonesia)		1,219,577
	75,942	Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. (Israel)		2,175,297
				3,431,704
		Footwear 1.2%
	139,320	Bata India Ltd. (India)		2,182,398
		General Merchandise Stores 2.4%
	5,701,500	PT Mitra Adiperkasa Tbk (Indonesia)		4,377,299
		Gold 1.5%
	139,704	Koza Altin Isletmeleri A.S. (Turkey)		2,702,346
		Health Care Facilities 2.7%
	1,719,730	KPJ Healthcare Berhad (Malaysia)		3,196,755
	944,385	Raffles Medical Group Ltd. (Singapore)		1,652,615
				4,849,370
		Health Care Supplies 0.8%
	19,706	Sartorius Stedim Biotech (France)		1,445,351
		Heavy Electrical Equipment 0.6%
	216,583	TD Power Systems Ltd.* (India)		1,146,239
		Household Appliances 1.1%
	35,400	TTK Prestige Ltd. (India)		1,964,490
		Hypermarkets & Super Centers 1.7%
	4,919,300	Puregold Price Club, Inc. (Philippines)		3,175,496
		Industrial Machinery 1.7%
	61,700	FAG Bearings India Ltd. (India)		1,599,466
	132,047	SKF India Ltd. (India)		1,455,425
				3,054,891
		Internet Retail 3.2%
	864,000	Webjet Ltd. (Australia)		3,005,728
	190,396	Yoox S.p.A.* (Italy)		2,754,652
				5,760,380

WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Internet Software & Services 2.4%
	76,000	Kakaku.com, Inc. (Japan)	$	2,581,362
	307,000	PChome Online, Inc. (Taiwan)		1,740,420
				4,321,782
		IT Consulting & Other Services 2.7%
	612,325	EOH Holdings Ltd. (South Africa)		2,624,062
	15,625,000	PT Astra Graphia Tbk (Indonesia)		2,270,786
				4,894,848
		Metal & Glass Containers 1.0%
	119,158	Winpak Ltd. (Canada)		1,846,613
		Office Services & Supplies 1.0%
	92,804	Adel Kalemcilik Ticaret ve Sanayi AS (Turkey)		1,760,493
		Oil & Gas Exploration & Production 2.9%
	766,591	Afren plc* (Nigeria)		1,248,277
	99,210	Coastal Energy Co.* (Thailand)		1,305,587
	269,711	Gran Tierra Energy, Inc.* (Colombia)		1,324,281
	149,050	TransGlobe Energy Corp.* (Egypt)		1,326,190
				5,204,335
		Oil & Gas Refining & Marketing 0.9%
	8,519	Hankook Shell Oil Co. Ltd. (Korea)		1,593,094
		Packaged Foods & Meats 9.5%
	869,300	Grupo Herdez S.A.B. de C.V. (Mexico)		1,998,158
	1,253,000	Petra Foods Ltd. (Singapore)		2,472,376
	183,660	Pinar Sut Mamulleri Sanayii A.S. (Turkey)		1,540,113
	4,799,000	PT Nippon Indosari Corpindo Tbk (Indonesia)		2,121,199
	671,303	Standard Foods Corp. (Taiwan)		1,943,734
	2,493,000	Super Group Ltd. (Singapore)		4,143,274
	3,743,120	Vitasoy International Holdings Ltd. (Hong Kong)		3,145,875
				17,364,729
		Photographic Products 1.5%
	75,113	Mobotix AG (Germany)		1,805,914
	2,829,500	PT Modern Internasional Tbk (Indonesia)		953,194
				2,759,108
		Regional Banks 0.6%
	345,400	Banregio Grupo Financiero S.A.B. de C.V. (Mexico)		1,011,872
		Research & Consulting Services 2.8%
	125,187	eClerx Services Ltd. (India)		1,378,884
	69,600	Nihon M&A Center, Inc. (Japan)		2,122,425
	638,531	Sporton International, Inc. (Taiwan)		1,546,682
				5,047,991
		Restaurants 4.6%
	313,067	Domino’s Pizza Enterprises Ltd. (Australia)		3,238,854
	271,057	Famous Brands Ltd. (South Africa)		2,088,445
	222,595	Toridoll.corp (Japan)		3,141,136
				8,468,435
		Specialized Finance 0.8%
	174,495	Oslo Bors VPS Holding ASA (Norway)		1,538,214
		Specialty Chemicals 1.1%
	673,719	DuluxGroup Ltd. (Australia)		2,093,454
		Thrifts & Mortgage Finance 1.0%
	616,704	Dewan Housing Finance Corp. Ltd. (India)		1,834,356
		Tires & Rubber 0.6%
	199,183	Goodyear India Ltd. (India)		1,121,575

WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Tobacco 0.9%
	26,488	Godfrey Phillips India Ltd. (India)	$	1,682,331
		Trading Companies & Distributors 5.6%
	33,727	Indutrade AB (Sweden)		924,553
	305,460	MonotaRO Co. Ltd. (Japan)		6,798,294
	2,507,500	PT Hexindo Adiperkasa Tbk (Indonesia)		2,440,275
				10,163,122
		Trucking 0.9%
	113,766	Tegma Gestao Logistica (Brazil)		1,722,145
		Total Common Stocks (cost $149,096,575)		170,932,728
Principal Amount			Value
		SHORT-TERM INVESTMENTS 6.2%
		Repurchase Agreement 6.2%
	$11,357,993	Repurchase Agreement dated 6/29/12, 0.01% due 7/2/12 with State Street Bank and Trust Co. collateralized by $10,360,000 of United States Treasury Notes 2.750% due 2/15/19; value: $11,590,250; repurchase proceeds: $11,358,002 (cost $11,357,993)	$	11,357,993
		Total Short-Term Investments (cost $11,357,993)		11,357,993
		Total Investments (cost $160,454,568) 100.1%§		182,290,721
		Liabilities less Other Assets (0.1%)		(235,907	)
		NET ASSETS 100.0%	$	182,054,814
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 10). §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 75.99%. See Notes to Schedules of Investments.

At June 30, 2012, Wasatch International Opportunities Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Australia		7.3
Brazil		2.5
Canada		2.7
Colombia		0.8
Egypt		0.8
Finland		2.7
France		0.8
Germany		4.0
Hong Kong		2.5
India		15.9
Indonesia		8.9
Israel		1.3
Italy		1.6
Japan		10.9
Korea		1.8
Malaysia		3.8

WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Mexico	1.8
Nigeria	0.7
Norway	0.9
Philippines	3.0
Singapore	5.3
South Africa	2.8
Sweden	0.5
Taiwan	3.1
Thailand	2.3
Turkey	3.5
United Kingdom	7.8
Total	100.0	%

WASATCH LARGE CAP VALUE FUND (FMIEX / WILCX) – Schedule of Investments

June 30, 2012 (Unaudited)

Shares			Value
		COMMON STOCKS 97.0%
		Aerospace & Defense 4.0%
	277,000	L-3 Communications Holdings, Inc.	$	20,500,770
	343,000	Raytheon Co.		19,410,370
	359,000	Rockwell Collins, Inc.		17,716,650
				57,627,790
		Agricultural Products 1.3%
	638,368	Archer Daniels Midland Co.		18,844,623
		Asset Management & Custody Banks 2.7%
	138,000	BlackRock, Inc.		23,435,160
	349,000	Northern Trust Corp.		16,060,980
				39,496,140
		Auto Parts & Equipment 1.3%
	659,000	Johnson Controls, Inc.		18,260,890
		Automobile Manufacturers 1.1%
	1,687,000	Ford Motor Co.		16,178,330
		Communications Equipment 1.6%
	567,000	Harris Corp.		23,728,950
		Computer & Electronics Retail 1.2%
	804,000	Best Buy Co., Inc.		16,851,840
		Computer Hardware 0.8%
	578,870	Hewlett-Packard Co.		11,641,076
		Construction & Engineering 1.3%
	377,200	Fluor Corp.		18,611,048
		Construction & Farm Machinery & Heavy Trucks 1.3%
	225,700	Deere & Co.		18,252,359
		Data Processing & Outsourced Services 1.1%
	626,650	Computer Sciences Corp.		15,553,453
		Department Stores 1.0%
	428,000	Macy’s, Inc.		14,701,800
		Diversified Chemicals 1.2%
	341,875	E.I. du Pont de Nemours and Co.		17,288,619
		Drug Retail 3.0%
	548,870	CVS Caremark Corp.		25,648,695
	617,220	Walgreen Co.		18,257,368
				43,906,063
		Electric Utilities 2.9%
	878,000	Duke Energy Corp.		20,246,680
	316,000	NextEra Energy, Inc.		21,743,960
				41,990,640
		Electrical Components & Equipment 1.3%
	397,230	Emerson Electric Co.		18,502,973
		Electronic Components 0.8%
	859,600	Corning, Inc.		11,114,628
		Environmental & Facilities Services 1.5%
	655,090	Waste Management, Inc.		21,880,006
		Food Distributors 1.6%
	759,700	Sysco Corp.		22,646,657

WASATCH LARGE CAP VALUE FUND (FMIEX / WILCX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Gold 1.3%
	517,000	Barrick Gold Corp. (Canada)	$	19,423,690
		Health Care Distributors 1.7%
	262,798	McKesson Corp.		24,637,313
		Health Care Equipment 4.9%
	219,285	C.R. Bard, Inc.		23,559,980
	702,000	Medtronic, Inc.		27,188,460
	325,000	Zimmer Holdings, Inc.		20,917,000
				71,665,440
		Home Improvement Retail 0.8%
	221,935	Home Depot, Inc. (The)		11,760,336
		Household Products 1.3%
	232,000	Kimberly-Clark Corp.		19,434,640
		Hypermarkets & Super Centers 2.0%
	414,680	Wal-Mart Stores, Inc.		28,911,490
		Industrial Machinery 1.3%
	243,000	Parker Hannifin Corp.		18,681,840
		Insurance Brokers 1.6%
	732,000	Marsh & McLennan Cos., Inc.		23,592,360
		Integrated Oil & Gas 1.4%
	196,000	Chevron Corp.		20,678,000
		Integrated Telecommunication Services 1.5%
	602,760	AT&T, Inc.		21,494,422
		Internet Software & Services 0.6%
	216,000	eBay, Inc.*		9,074,160
		Investment Banking & Brokerage 1.1%
	159,450	Goldman Sachs Group, Inc. (The)		15,284,877
		Life & Health Insurance 2.6%
	662,350	MetLife, Inc.		20,433,498
	867,610	Unum Group		16,597,379
				37,030,877
		Managed Health Care 1.6%
	360,000	WellPoint, Inc.		22,964,400
		Multi-Line Insurance 1.9%
	768,470	Genworth Financial, Inc., Class A*		4,349,540
	582,809	Loews Corp.		23,842,716
				28,192,256
		Oil & Gas Drilling 2.5%
	335,210	Ensco plc, Class A (United Kingdom)		15,744,814
	447,995	Transocean Ltd. (Switzerland)		20,038,816
				35,783,630
		Oil & Gas Equipment & Services 2.0%
	351,000	Halliburton Co.		9,964,890
	299,000	National Oilwell Varco, Inc.		19,267,560
				29,232,450
		Oil & Gas Exploration & Production 5.5%
	279,000	Anadarko Petroleum Corp.		18,469,800
	408,000	ConocoPhillips		22,799,040
	998,000	Marathon Oil Corp.		25,518,860
	559,526	Ultra Petroleum Corp.*		12,908,265
				79,695,965

WASATCH LARGE CAP VALUE FUND (FMIEX / WILCX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Oil & Gas Storage & Transportation 2.4%
	627,000	Spectra Energy Corp.	$	18,220,620
	574,560	Williams Cos., Inc. (The)		16,558,819
				34,779,439
		Other Diversified Financial Services 2.1%
	832,000	JPMorgan Chase & Co.		29,727,360
		Packaged Foods & Meats 1.4%
	382,010	HJ Heinz Co.		20,773,704
		Pharmaceuticals 6.8%
	326,000	Abbott Laboratories		21,017,220
	150,000	Johnson & Johnson		10,134,000
	714,720	Merck & Co., Inc.		29,839,560
	898,000	Pfizer, Inc.		20,654,000
	415,342	Teva Pharmaceutical Industries Ltd. ADR (Israel)		16,381,088
				98,025,868
		Property & Casualty Insurance 3.6%
	665,830	Allstate Corp. (The)		23,363,975
	453,410	Travelers Cos., Inc. (The)		28,945,694
				52,309,669
		Regional Banks 1.7%
	393,000	PNC Financial Services Group, Inc.		24,016,230
		Semiconductors 2.2%
	1,220,000	Intel Corp.		32,513,000
		Soft Drinks 1.5%
	299,000	PepsiCo, Inc.		21,127,340
		Specialized REITs 1.6%
	1,019,350	Weyerhaeuser Co.		22,792,666
		Steel 1.3%
	509,000	Nucor Corp.		19,291,100
		Systems Software 3.1%
	862,000	Microsoft Corp.		26,368,580
	1,295,220	Symantec Corp.*		18,923,164
				45,291,744
		Technology Distributors 1.4%
	636,300	Avnet, Inc.*		19,636,218
		Water Utilities 1.3%
	568,965	American Water Works Co., Inc.		19,504,120
		Total Common Stocks (cost $1,218,157,494)		1,404,404,489

WASATCH LARGE CAP VALUE FUND (FMIEX / WILCX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Principal Amount			Value
		SHORT-TERM INVESTMENTS 3.2%
		Repurchase Agreement 3.2%
	$46,404,292	Repurchase Agreement dated 6/29/12, 0.01% due 7/2/12 with State Street Bank and Trust Co. collateralized by $42,310,000 of United States Treasury Notes 2.750% due 2/15/19; value: $47,334,313; repurchase proceeds: $46,404,330 (cost $46,404,292)	$	46,404,292
		Total Short-Term Investments (cost $46,404,292)		46,404,292
		Total Investments (cost $1,264,561,786) 100.2%		1,450,808,781
		Liabilities less Other Assets (0.2%)		(3,001,260	)
		NET ASSETS 100.0%	$	1,447,807,521
		*Non-income producing. ADR American Depositary Receipt. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At June 30, 2012, Wasatch Large Cap Value Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Canada		1.4
Israel		1.2
Switzerland		1.4
United Kingdom		1.1
United States		94.9
Total		100.0	%

WASATCH LONG/SHORT FUND (FMLSX) – Schedule of Investments

June 30, 2012 (Unaudited)

Shares			Value
		COMMON STOCKS 82.9%
		Advertising 1.7%
	1,873,400	Interpublic Group of Cos., Inc. (The)	$	20,326,390
		Agricultural Products 0.6%
	254,500	Archer Daniels Midland Co.‡		7,512,840
		Airlines 2.2%
	2,887,600	Southwest Airlines Co.		26,623,672
		Apparel Retail 1.1%
	855,194	Chico’s FAS, Inc.		12,691,079
		Automobile Manufacturers 2.0%
	1,214,100	General Motors Co.*		23,942,052
		Automotive Retail 1.2%
	1,408,600	Pep Boys-Manny, Moe & Jack (The)		13,945,140
		Communications Equipment 3.0%
	2,121,200	Cisco Systems, Inc.‡		36,421,004
		Computer & Electronics Retail 1.1%
	626,000	Best Buy Co., Inc.‡		13,120,960
		Computer Hardware 1.2%
	2,344,000	Silicon Graphics International Corp.* ‡‡		15,048,480
		Construction & Engineering 1.5%
	1,009,300	Aegion Corp.*		18,056,377
		Data Processing & Outsourced Services 4.3%
	2,800,000	Convergys Corp.		41,356,000
	612,700	Western Union Co. (The)‡		10,317,868
				51,673,868
		Drug Retail 0.8%
	329,900	Walgreen Co.		9,758,442
		Electrical Components & Equipment 0.8%
	212,100	Emerson Electric Co.		9,879,618
		Electronic Equipment & Instruments 0.7%
	197,900	Itron, Inc.*		8,161,396
		Environmental & Facilities Services 2.2%
	668,100	Republic Services, Inc.‡		17,677,926
	259,200	Waste Management, Inc.‡		8,657,280
				26,335,206
		Fertilizers & Agricultural Chemicals 4.9%
	1,081,400	Mosaic Co. (The)‡		59,217,464
		General Merchandise Stores 1.7%
	344,000	Target Corp.‡		20,017,360
		Gold 1.7%
	1,362,100	Yamana Gold, Inc. (Canada)		20,976,340
		Health Care Equipment 2.8%
	188,500	Medtronic, Inc.‡		7,300,605
	202,600	St. Jude Medical, Inc.		8,085,766
	188,500	Stryker Corp.		10,386,350
	874,945	Symmetry Medical, Inc.*		7,507,028
				33,279,749

WASATCH LONG/SHORT FUND (FMLSX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Health Care Supplies 0.9%
	573,367	Alere, Inc.*	$	11,146,255
		Heavy Electrical Equipment 0.4%
	176,500	General Cable Corp.*		4,578,410
		Hypermarkets & Super Centers 1.4%
	235,600	Wal-Mart Stores, Inc.‡		16,426,032
		Insurance Brokers 1.5%
	377,000	Aon plc		17,636,060
		Internet Software & Services 2.8%
	435,600	Akamai Technologies, Inc.*		13,830,300
	353,500	Ancestry.com, Inc.*		9,731,855
	518,400	WebMD Health Corp.*		10,632,384
				34,194,539
		Life & Health Insurance 3.3%
	343,500	MetLife, Inc.		10,596,975
	1,519,700	Unum Group‡		29,071,861
				39,668,836
		Multi-Line Insurance 4.3%
	1,272,400	Loews Corp.‡		52,053,884
		Oil & Gas Drilling 10.1%
	929,100	Ensco plc, Class A (United Kingdom)		43,639,827
	140,900	Helmerich & Payne, Inc.		6,126,332
	784,200	Noble Corp.		25,510,026
	3,181,400	Patterson-UTI Energy, Inc.		46,321,184
				121,597,369
		Oil & Gas Equipment & Services 1.7%
	710,000	Halliburton Co.		20,156,900
		Oil & Gas Exploration & Production 5.5%
	184,964	Anadarko Petroleum Corp.		12,244,617
	377,000	ConocoPhillips		21,066,760
	310,164	Devon Energy Corp.‡		17,986,410
	334,500	Energen Corp.‡		15,095,985
				66,393,772
		Pharmaceuticals 1.1%
	245,100	Novartis AG ADR (Switzerland)		13,701,090
		Property & Casualty Insurance 3.9%
	424,100	Allstate Corp. (The)‡		14,881,669
	1,178,200	CNA Financial Corp.‡		32,659,704
				47,541,373
		Regional Banks 0.9%
	768,200	Fifth Third Bancorp‡		10,293,880
		Research & Consulting Services 0.9%
	848,300	Resources Connection, Inc.		10,434,090
		Restaurants 0.8%
	149,700	Cracker Barrel Old Country Store, Inc.		9,401,160
		Semiconductors 1.9%
	848,300	Intel Corp.		22,607,195
		Steel 0.6%
	565,500	Commercial Metals Co.		7,147,920
		Systems Software 3.4%
	781,600	Microsoft Corp.‡		23,909,144
	589,100	Oracle Corp.		17,496,270
				41,405,414

WASATCH LONG/SHORT FUND (FMLSX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Trucking 1.1%
	857,700	Knight Transportation, Inc.	$	13,714,623
		Wireless Telecommunication Services 0.9%
	400,600	Vodafone Group plc ADR (United Kingdom)		11,288,908
		Total Common Stocks (cost $981,965,252)		998,375,147
Principal Amount			Value
		SHORT-TERM INVESTMENTS 16.3%
		Repurchase Agreement 16.3%
	$195,718,323	Repurchase Agreement dated 6/29/12, 0.01% due 7/2/12 with State Street Bank and Trust Co. collateralized by $178,445,000 of United States Treasury Notes 2.750% due 2/15/19; value: $199,635,344; repurchase proceeds: $195,718,486 (cost $195,718,323)	$	195,718,323
		Total Short-Term Investments (cost $195,718,323)		195,718,323
		Total Investments (cost $1,177,683,575) 99.2%		1,194,093,470
		Other Assets less Liabilities 0.8%		10,171,725
		NET ASSETS 100.0%	$	1,204,265,195
Shares			Value
		SECURITIES SOLD SHORT 10.5%
		Aerospace & Defense 0.7%
	112,213	Boeing Co. (The)	$	8,337,426
		Application Software 1.9%
	130,900	Salesforce.com, Inc.*		18,098,234
	118,142	Solera Holdings, Inc.		4,937,154
				23,035,388
		Automotive Retail 0.9%
	435,200	CarMax, Inc.*		11,289,088
		Cable & Satellite 1.2%
	200,000	Charter Communications, Inc.*		14,174,000
		Casinos & Gaming 0.9%
	250,000	Penn National Gaming, Inc.*		11,147,500
		Construction & Farm Machinery & Heavy Trucks 0.8%
	110,000	Caterpillar, Inc.		9,340,100
		Electric Utilities 1.0%
	315,500	Exelon Corp.		11,869,110
		Integrated Telecommunication Services 0.7%
	205,707	Verizon Communications, Inc.		9,141,619
		Packaged Foods & Meats 1.0%
	300,000	General Mills, Inc.		11,562,000

WASATCH LONG/SHORT FUND (FMLSX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Retail REITs 1.4%
	360,000	Regency Centers Corp.	$	17,125,200
		Total Securities Sold Short (proceeds $119,865,231)	$	127,021,431
		*Non-income producing. ‡All or a portion of this security has been designated as collateral for short sales (see Note 3). ‡‡Affiliated Company (see Note 7). ADR American Depositary Receipt. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At June 30, 2012, Wasatch Long/Short Fund’s investments, excluding short-term investments and securities sold short, were in the following countries:

Country	%
Canada		2.1
Switzerland		1.4
United Kingdom		5.5
United States		91.0
Total		100.0	%

WASATCH MICRO CAP FUND (WMICX) – Schedule of Investments

June 30, 2012 (Unaudited)

Shares			Value
		COMMON STOCKS 95.8%
		Air Freight & Logistics 0.6%
	1,335,381	Goodpack Ltd. (Singapore)	$	1,828,761
		Apparel Retail 2.7%
	167,159	Body Central Corp.*		1,504,431
	128,785	rue21, Inc.*		3,250,533
	18,937	Tilly’s, Inc., Class A*		303,939
	75,400	Zumiez, Inc.*		2,985,840
				8,044,743
		Application Software 8.4%
	257,970	Exa Corp.*		2,737,062
	212,785	Interactive Intelligence Group, Inc.*		6,002,665
	60,422	RealPage, Inc.*		1,399,373
	267,444	Tangoe, Inc.*		5,699,232
	85,793	Tyler Technologies, Inc.*		3,461,747
	64,326	Ultimate Software Group, Inc.*		5,732,733
				25,032,812
		Asset Management & Custody Banks 2.5%
	37,422	Diamond Hill Investment Group, Inc.		2,929,768
	54,625	Virtus Investment Partners, Inc.*		4,424,625
				7,354,393
		Automotive Retail 1.3%
	116,260	Monro Muffler Brake, Inc.		3,864,482
		Biotechnology 2.1%
	496,548	Abcam plc (United Kingdom)		3,248,077
	258,770	Exact Sciences Corp.*		2,774,014
	586,284	NeurogesX, Inc.*		175,885
				6,197,976
		Commercial Printing 1.8%
	394,596	InnerWorkings, Inc.*		5,338,884
		Computer Storage & Peripherals 0.7%
	290,211	Intevac, Inc.*		2,182,387
		Consumer Electronics 0.4%
	81,852	Skullcandy, Inc.*		1,158,206
		Consumer Finance 2.8%
	320,494	DFC Global Corp.*		5,906,705
	154,567	Regional Management Corp.*		2,542,627
				8,449,332
		Data Processing & Outsourced Services 3.5%
	120,511	ExlService Holdings, Inc.*		2,969,391
	199,763	Higher One Holdings, Inc.*		2,441,104
	266,630	Wirecard AG (Germany)		5,170,877
				10,581,372
		Diversified Banks 1.3%
	4,154,569	City Union Bank Ltd. (India)		3,912,660
		Diversified Support Services 1.3%
	132,803	Encore Capital Group, Inc.*		3,933,625
		Electronic Manufacturing Services 0.6%
	44,420	IPG Photonics Corp.*		1,936,268

WASATCH MICRO CAP FUND (WMICX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Environmental & Facilities Services 1.7%
	185,549	Heritage-Crystal Clean, Inc.*	$	3,033,726
	594,574	RPS Group plc (United Kingdom)		1,948,108
				4,981,834
		General Merchandise Stores 2.0%
	369,655	Gordmans Stores, Inc.*		6,099,308
		Health Care Distributors 1.8%
	50,901	MWI Veterinary Supply, Inc.*		5,231,096
		Health Care Equipment 6.1%
	93,380	Abaxis, Inc.*		3,455,060
	367,533	AtriCure, Inc.*		3,531,992
	1,091,986	Cardica, Inc.*		2,052,934
	10,770,429	LMA International N.V. (Singapore)		3,673,065
	329,342	Novadaq Technologies, Inc.* (Canada)		2,196,711
	123,741	NuVasive, Inc.*		3,138,072
				18,047,834
		Health Care Facilities 1.4%
	145,553	Ensign Group, Inc. (The)		4,114,783
		Health Care Services 5.1%
	154,347	Bio-Reference Laboratories, Inc.*		4,056,239
	126,348	CorVel Corp.*		6,191,052
	106,790	IPC The Hospitalist Co., Inc.*		4,839,723
				15,087,014
		Health Care Technology 2.0%
	41,625	Computer Programs and Systems, Inc.		2,381,783
	136,410	HealthStream, Inc.*		3,546,660
				5,928,443
		Human Resource & Employment Services 0.4%
	216,181	CTPartners Executive Search, Inc.*		1,167,377
		Industrial Machinery 0.6%
	59,567	Proto Labs, Inc.*		1,713,147
		Internet Retail 0.7%
	125,241	MakeMyTrip Ltd.* (India)		2,057,710
		Internet Software & Services 8.2%
	123,638	Angie’s List, Inc.*		1,958,426
	217,595	DealerTrack Holdings, Inc.*		6,551,785
	391,947	Envestnet, Inc.*		4,703,364
	241,424	SciQuest, Inc.*		4,335,975
	144,667	SPS Commerce, Inc.*		4,394,984
	478,156	TechTarget, Inc.*		2,409,906
				24,354,440
		IT Consulting & Other Services 2.9%
	338,811	hiSoft Technology International Ltd. ADR* (China)		4,855,161
	269,301	ServiceSource International, Inc.*		3,729,819
				8,584,980
		Leisure Products 1.1%
	339,569	Black Diamond, Inc.*		3,208,927
		Life Sciences Tools & Services 2.4%
	118,621	Fluidigm Corp.*		1,784,060
	187,499	ICON plc ADR* (Ireland)		4,224,353
	188,440	ShangPharma Corp. ADR* (China)		1,283,276
				7,291,689

WASATCH MICRO CAP FUND (WMICX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Oil & Gas Equipment & Services 0.9%
	180,915	Pason Systems, Inc. (Canada)	$	2,643,766
		Oil & Gas Exploration & Production 0.8%
	416,607	Triangle Petroleum Corp.*		2,324,667
		Pharmaceuticals 3.1%
	391,682	Akorn, Inc.*		6,176,825
	298,599	Cardiovascular Systems, Inc.*		2,923,284
				9,100,109
		Regional Banks 2.0%
	352,730	BBCN Bancorp, Inc.*		3,841,230
	253,381	Pacific Continental Corp.		2,247,489
				6,088,719
		Research & Consulting Services 2.8%
	128,331	CRA International, Inc.*		1,885,182
	206,865	eClerx Services Ltd. (India)		2,278,535
	348,835	Resources Connection, Inc.		4,290,670
				8,454,387
		Restaurants 1.5%
	74,550	Peet’s Coffee & Tea, Inc.*		4,475,982
		Semiconductor Equipment 0.5%
	300,450	STR Holdings, Inc.*		1,370,052
		Semiconductors 6.1%
	225,226	BCD Semiconductor Manufacturing Ltd. ADR* (China)		970,724
	172,735	Melexis N.V. (Belgium)		2,683,501
	42,979	NVE Corp.*		2,310,121
	602,132	O2Micro International Ltd. ADR* (China)		2,655,402
	206,227	Power Integrations, Inc.		7,692,267
	73,113	Volterra Semiconductor Corp.*		1,714,500
				18,026,515
		Specialized Finance 0.0%
	154,000	Goldwater Bank, N.A.* *** † ‡‡		23,562
		Specialty Chemicals 0.2%
	197,100	EcoSynthetix, Inc.* (Canada)		754,913
		Specialty Stores 2.4%
	121,855	Hibbett Sports, Inc.*		7,032,252
		Systems Software 2.1%
	231,111	OPNET Technologies, Inc.		6,145,242
		Thrifts & Mortgage Finance 1.1%
	578,300	Dewan Housing Finance Corp. Ltd. (India)		1,720,125
	116,773	Gruh Finance Ltd. (India)		1,505,699
				3,225,824
		Trading Companies & Distributors 2.5%
	200,328	CAI International, Inc.*		3,982,520
	251,892	Rush Enterprises, Inc., Class B*		3,380,391
				7,362,911

WASATCH MICRO CAP FUND (WMICX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Trucking 3.4%
	245,292	Marten Transport Ltd.	$	5,214,908
	88,277	Old Dominion Freight Line, Inc.*		3,821,511
	201,253	Vitran Corp., Inc.*		1,207,518
				10,243,937
		Total Common Stocks (cost $219,327,957)		284,957,321
		PREFERRED STOCKS 0.7%
		Regional Banks 0.7%
	434,600	Banco Daycoval S.A. Pfd. (Brazil)		2,031,879
		Total Preferred Stocks (cost $1,639,882)		2,031,879
		WARRANTS 0.1%
		Biotechnology 0.0%
	145,349	NeurogesX, Inc., expiring 7/22/16* *** †		1,454
		Health Care Equipment 0.1%
	322,500	Cardica, Inc., expiring 9/29/14* *** †		203,175
		Total Warrants (cost $58,481)		204,629
Principal Amount			Value
		SHORT-TERM INVESTMENTS 2.9%
		Repurchase Agreement 2.9%
	$8,746,231	Repurchase Agreement dated 6/29/12, 0.01% due 7/2/12 with State Street Bank and Trust Co. collateralized by $7,975,000 of United States Treasury Notes 2.750% due 02/15/19; value: $8,922,031; repurchase proceeds: $8,746,239 (cost $8,746,231)	$	8,746,231
		Total Short-Term Investments (cost $8,746,231)		8,746,231
		Total Investments (cost $229,772,551) 99.5%§		295,940,060
		Other Assets less Liabilities 0.5%		1,478,493
		NET ASSETS 100.0%	$	297,418,553
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 10). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 8). ‡‡Affiliated Company (see Note 7). §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 8.14%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At June 30, 2012, Wasatch Micro Cap Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Belgium		0.9
Brazil		0.7
Canada		2.0
China		3.4

WASATCH MICRO CAP FUND (WMICX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Germany	1.8
India	4.0
Ireland	1.5
Singapore	1.9
United Kingdom	1.8
United States	82.0
Total	100.0	%

WASATCH MICRO CAP VALUE FUND (WAMVX) – Schedule of Investments

June 30, 2012 (Unaudited)

Shares			Value
		COMMON STOCKS 90.4%
		Aerospace & Defense 0.8%
	100,000	CPI Aerostructures, Inc.*	$	1,100,000
		Airlines 1.5%
	29,000	Allegiant Travel Co.*		2,020,720
		Apparel Retail 2.6%
	93,000	Body Central Corp.*		837,000
	2,900,000	Padini Holdings Berhad (Malaysia)		1,688,846
	40,000	rue21, Inc.*		1,009,600
				3,535,446
		Apparel, Accessories & Luxury Goods 0.6%
	60,000	Ted Baker plc (United Kingdom)		848,120
		Application Software 4.1%
	159,000	American Software, Inc., Class A		1,264,050
	167,000	ClickSoftware Technologies Ltd. (Israel)		1,351,030
	120,919	Exa Corp.*		1,282,951
	60,820	Interactive Intelligence Group, Inc.*		1,715,732
				5,613,763
		Asset Management & Custody Banks 2.5%
	42,500	Virtus Investment Partners, Inc.*		3,442,500
		Auto Parts & Equipment 1.1%
	59,000	Dorman Products, Inc.*		1,480,310
		Automotive Retail 1.5%
	15,000	Delticom AG (Germany)		988,092
	100,000	Pep Boys-Manny, Moe & Jack (The)		990,000
				1,978,092
		Casinos & Gaming 0.9%
	2,700,000	NagaCorp Ltd. (Cambodia)		1,207,496
		Commercial Printing 2.5%
	95,000	Ennis, Inc.		1,461,100
	145,000	InnerWorkings, Inc.*		1,961,850
				3,422,950
		Communications Equipment 0.5%
	81,616	Alliance Fiber Optic Products, Inc.* ‡		729,647
		Computer Storage & Peripherals 0.7%
	120,000	Intevac, Inc.*		902,400
		Construction & Engineering 2.0%
	80,000	Argan, Inc.		1,118,400
	63,500	Michael Baker Corp.*		1,656,715
				2,775,115
		Construction Materials 2.0%
	113,000	Caesar Stone Sdot Yam Ltd.* (Israel)		1,368,430
	7,300,000	Diamond Building Products Public Co. Ltd.*** (Thailand)		1,425,063
				2,793,493
		Consumer Finance 4.3%
	102,000	DFC Global Corp.*		1,879,860
	67,000	First Cash Financial Services, Inc.*		2,691,390
	79,000	Regional Management Corp.*		1,299,550
				5,870,800

WASATCH MICRO CAP VALUE FUND (WAMVX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Data Processing & Outsourced Services 0.8%
	84,505	Higher One Holdings, Inc.*	$	1,032,651
		Department Stores 0.1%
	166,511	Parkson Retail Asia Ltd.* (Malaysia)		186,835
		Diversified Banks 2.0%
	2,200,000	City Union Bank Ltd. (India)		2,071,900
	1,034,300	EastWest Banking Corp.* (Philippines)		463,944
	55,556	Idaho Trust Bancorp* *** †		175,001
				2,710,845
		Diversified Support Services 1.6%
	75,000	Encore Capital Group, Inc.*		2,221,500
		Electrical Components & Equipment 1.0%
	27,000	Franklin Electric Co., Inc.		1,380,510
		Environmental & Facilities Services 0.9%
	77,000	Heritage-Crystal Clean, Inc.*		1,258,950
		Food Retail 1.1%
	146,000	Roundy’s, Inc.		1,490,660
		General Merchandise Stores 1.1%
	90,000	Gordmans Stores, Inc.*		1,485,000
		Health Care Equipment 4.0%
	160,000	AtriCure, Inc.*		1,537,600
	276,300	Cardica, Inc.*		519,444
	76,000	NuVasive, Inc.*		1,927,360
	500,000	Solta Medical, Inc.*		1,465,000
				5,449,404
		Health Care Facilities 3.0%
	422,508	CVS Group plc (United Kingdom)		851,207
	47,000	Ensign Group, Inc. (The)		1,328,690
	1,000,000	KPJ Healthcare Berhad (Malaysia)		1,858,870
				4,038,767
		Health Care Services 5.0%
	68,000	Bio-Reference Laboratories, Inc.*		1,787,040
	32,000	CorVel Corp.*		1,568,000
	41,000	IPC The Hospitalist Co., Inc.*		1,858,120
	120,000	MModal, Inc.*		1,557,600
	2,057	National Research Corp.		107,684
				6,878,444
		Health Care Supplies 1.3%
	25,000	Sartorius Stedim Biotech (France)		1,833,643
		Home Improvement Retail 2.3%
	43,000	Lumber Liquidators Holdings, Inc.*		1,452,970
	4,800,000	Siam Global House Public Co. Ltd.*** (Thailand)		1,632,242
				3,085,212
		Hotels, Resorts & Cruise Lines 0.5%
	81,000	Orient-Express Hotels Ltd., Class A*		677,970
		Household Appliances 0.9%
	31,000	SodaStream International Ltd.* (Israel)		1,270,070
		Hypermarkets & Super Centers 1.7%
	3,600,000	Puregold Price Club, Inc. (Philippines)		2,323,864
		Industrial Machinery 0.4%
	25,718	Hurco Cos., Inc.*		526,962

WASATCH MICRO CAP VALUE FUND (WAMVX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Internet Retail 0.0%
	260	CafePress, Inc.*	$	3,869
		Internet Software & Services 2.6%
	74,000	Ancestry.com, Inc.*		2,037,220
	138,000	Perficient, Inc.*		1,549,740
				3,586,960
		Leisure Products 2.4%
	148,000	Black Diamond, Inc.*		1,398,600
	222,000	Smith & Wesson Holding Corp.*		1,844,820
				3,243,420
		Mortgage REITs 3.3%
	143,000	Colony Financial, Inc.		2,473,900
	395,000	NorthStar Realty Finance Corp.		2,061,900
				4,535,800
		Office REITs 1.3%
	7,500,000	Prosperity REIT (Hong Kong)		1,719,486
		Oil & Gas Equipment & Services 0.4%
	261,000	Electromagnetic GeoServices AS* (Norway)		577,135
		Oil & Gas Exploration & Production 1.3%
	350,000	Abraxas Petroleum Corp.* ‡		1,116,500
	82,000	Evolution Petroleum Corp.*		683,880
				1,800,380
		Packaged Foods & Meats 2.4%
	1,000,000	Super Group Ltd. (Singapore)		1,661,963
	2,000,000	Vitasoy International Holdings Ltd. (Hong Kong)		1,680,884
				3,342,847
		Pharmaceuticals 0.4%
	50,000	Torrent Pharmaceuticals Ltd. (India)		538,063
		Regional Banks 4.4%
	98,000	Eagle Bancorp, Inc.*		1,543,500
	48,000	First of Long Island Corp. (The)		1,390,560
	66,000	Lakeland Financial Corp.		1,770,780
	120,000	MetroCorp Bancshares, Inc.*		1,280,400
				5,985,240
		Research & Consulting Services 0.9%
	40,000	Huron Consulting Group, Inc.*		1,266,000
		Restaurants 1.5%
	160,000	Caribou Coffee Co., Inc.*		2,065,600
		Semiconductor Equipment 0.9%
	199,000	Photronics, Inc.*		1,213,900
		Semiconductors 0.9%
	53,000	Volterra Semiconductor Corp.*		1,242,850
		Specialized Finance 0.0%
	41,900	Goldwater Bank, N.A.*** †		6,411
		Specialty Chemicals 1.7%
	75,000	GSE Holding, Inc.*		792,750
	79,000	KMG Chemicals, Inc.		1,523,120
				2,315,870
		Steel 1.0%
	27,000	Haynes International, Inc.		1,375,380

WASATCH MICRO CAP VALUE FUND (WAMVX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Systems Software 1.9%
	10,000	Infoblox, Inc.*	$	229,300
	74,000	OPNET Technologies, Inc.		1,967,660
	25,000	Proofpoint, Inc.*		423,750
				2,620,710
		Thrifts & Mortgage Finance 3.8%
	200,000	Beneficial Mutual Bancorp, Inc.*		1,726,000
	109,000	BofI Holding, Inc.*		2,153,840
	100,000	Ocean Shore Holding Co.		1,265,000
				5,144,840
		Trading Companies & Distributors 2.8%
	90,000	Beacon Roofing Supply, Inc.*		2,269,800
	77,000	CAI International, Inc.*		1,530,760
				3,800,560
		Trucking 1.2%
	80,000	Marten Transport Ltd.		1,700,800
		Total Common Stocks (cost $100,974,221)		123,658,260
		PREFERRED STOCKS 0.4%
		Pharmaceuticals 0.4%
	105,263	Acetylon Pharmaceuticals, Inc., Series B Pfd.*** †		625,262
		Total Preferred Stocks (cost $499,999)		625,262
		WARRANTS 0.1%
		Biotechnology 0.0%
	30,399	NeurogesX, Inc., expiring 12/28/12* *** †		—
	50,000	NeurogesX, Inc., expiring 7/22/16* *** †		500
				500
		Health Care Equipment 0.1%
	110,500	Cardica, Inc., expiring 9/29/14* *** †		69,615
		Total Warrants (cost $23,862)		70,115
Principal Amount			Value
		SHORT-TERM INVESTMENTS 9.5%
		Repurchase Agreement 9.5%
	$12,927,538	Repurchase Agreement dated 6/29/12, 0.01% due 7/2/12 with State Street Bank and Trust Co. collateralized by $11,790,000 of United States Treasury Notes 2.750% due 2/15/19; value: $13,190,063; repurchase proceeds: $12,927,549‡ (cost $12,927,538)	$	12,927,538
		Total Short-Term Investments (cost $12,927,538)		12,927,538

WASATCH MICRO CAP VALUE FUND (WAMVX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Principal Amount			Value
		Total Investments (cost $114,425,620) 100.4%§	$	137,281,175
		Liabilities less Other Assets (0.4%)		(558,475	)
		NET ASSETS 100.0%	$	136,722,700
Contracts			Net Unrealized Appreciation
		FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS SHORT 0.1%
	3,000,000 EUR	USD, State Street Bank And Trust Co., settlement date 9/10/12, (cost $3,951,000, value $3,799,603)	$	151,397
		Total Forward Foreign Currency Exchange Contracts Short (cost $3,951,000, value $3,799,603)		151,397
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 10). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 8). ‡All or a portion of this security has been designated as collateral for forward foreign currency exchange contracts (see Note 4). §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 14.06%. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At June 30, 2012, Wasatch Micro Cap Value Fund’s investments, excluding short-term investments and forward foreign currency exchange contracts, were in the following countries:

Country	%
Cambodia		1.0
France		1.5
Germany		0.8
Hong Kong		2.7
India		2.1
Israel		3.2
Malaysia		3.0
Norway		0.5
Philippines		2.2
Singapore		1.3
Thailand		2.5
United Kingdom		1.4
United States		77.8
Total		100.0	%

WASATCH SMALL CAP GROWTH FUND (WAAEX) – Schedule of Investments

June 30, 2012 (Unaudited)

Shares			Value
		COMMON STOCKS 92.4%
		Aerospace & Defense 1.7%
	901,391	HEICO Corp., Class A	$	29,078,874
		Air Freight & Logistics 2.3%
	36,319,023	Aramex PJSC (United Arab Emirates)		17,400,174
	617,502	HUB Group, Inc., Class A*		22,353,572
				39,753,746
		Airlines 0.7%
	164,502	Allegiant Travel Co.*		11,462,499
		Apparel Retail 3.3%
	1,145,050	Chico’s FAS, Inc.		16,992,542
	865,090	rue21, Inc.*		21,834,872
	467,720	Zumiez, Inc.*		18,521,712
				57,349,126
		Application Software 8.4%
	441,142	Concur Technologies, Inc.*		30,041,770
	77,807	FactSet Research Systems, Inc.		7,231,382
	1,304,660	RealPage, Inc.*		30,215,926
	857,881	Ultimate Software Group, Inc.*		76,454,355
				143,943,433
		Automotive Retail 2.4%
	572,906	Monro Muffler Brake, Inc.		19,043,396
	259,543	O’Reilly Automotive, Inc.*		21,741,917
				40,785,313
		Biotechnology 3.6%
	1,794,615	Exact Sciences Corp.*		19,238,273
	398,079	Myriad Genetics, Inc.*		9,462,338
	3,882,558	NeurogesX, Inc.* ‡‡		1,164,767
	645,125	Sangamo Biosciences, Inc.*		3,561,090
	1,101,057	Seattle Genetics, Inc.*		27,955,837
				61,382,305
		Computer Storage & Peripherals 0.1%
	125,140	Fusion-io, Inc.*		2,614,175
		Data Processing & Outsourced Services 5.1%
	530,574	ExlService Holdings, Inc.*		13,073,343
	985,273	Higher One Holdings, Inc.*		12,040,036
	429,894	Syntel, Inc.		26,094,566
	1,911,100	Wirecard AG (Germany)		37,062,833
				88,270,778
		Distributors 1.2%
	619,623	LKQ Corp.*		20,695,408
		Diversified Banks 3.1%
	761,965	HDFC Bank Ltd. ADR (India)		24,840,059
	4,581,117	Yes Bank Ltd.* (India)		27,983,512
				52,823,571
		Diversified Support Services 1.6%
	1,124,516	Copart, Inc.*		26,639,784
	66,375	Ritchie Bros. Auctioneers, Inc. (Canada)		1,410,469
				28,050,253

WASATCH SMALL CAP GROWTH FUND (WAAEX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Electrical Components & Equipment 1.4%
	618,337	Polypore International, Inc.*	$	24,974,631
		Electronic Manufacturing Services 0.8%
	310,433	IPG Photonics Corp.*		13,531,774
		Environmental & Facilities Services 1.7%
	1,278,634	RPS Group plc (United Kingdom)		4,189,414
	939,995	Tetra Tech, Inc.*		24,515,070
				28,704,484
		Health Care Distributors 1.6%
	264,672	MWI Veterinary Supply, Inc.*		27,200,341
		Health Care Equipment 1.5%
	548,950	Abaxis, Inc.*		20,311,150
	487,760	DexCom, Inc.*		6,321,369
	24,690	Zonare Medical Systems, Inc.* *** †		247
				26,632,766
		Health Care Services 0.6%
	142,820	MEDNAX, Inc.*		9,788,883
		Health Care Technology 0.7%
	215,273	Computer Programs and Systems, Inc.		12,317,921
		Industrial Machinery 1.3%
	484,674	Graco, Inc.		22,333,778
		Internet Retail 3.6%
	164,346	ASOS plc* (United Kingdom)		4,585,941
	537,386	Blue Nile, Inc.*		15,965,738
	982,827	MakeMyTrip Ltd.* (India)		16,147,848
	257,684	Shutterfly, Inc.*		7,908,322
	738,027	Yoox S.p.A.* (Italy)		10,677,785
	186,046	zooplus AG* (Germany)		6,095,516
				61,381,150
		Internet Software & Services 4.3%
	940,705	Angie’s List, Inc.*		14,900,767
	17,935	CoStar Group, Inc.*		1,456,322
	800,225	DealerTrack Holdings, Inc.*		24,094,775
	26,366	Millennial Media, Inc.*		347,768
	663,972	SciQuest, Inc.*		11,924,937
	656,681	Vistaprint N.V.*		21,210,796
				73,935,365
		IT Consulting & Other Services 1.6%
	275,737	Cognizant Technology Solutions Corp., Class A*		16,544,220
	782,975	ServiceSource International, Inc.*		10,844,204
				27,388,424
		Leisure Facilities 2.7%
	1,018,728	Life Time Fitness, Inc.*		47,381,039
		Life Sciences Tools & Services 4.3%
	721,002	Divi’s Laboratories Ltd.* (India)		13,301,011
	709,685	Fluidigm Corp.*		10,673,662
	1,256,063	ICON plc ADR* (Ireland)		28,299,099
	287,547	Techne Corp.		21,335,988
				73,609,760
		Oil & Gas Equipment & Services 3.6%
	334,085	Dril-Quip, Inc.*		21,912,635
	903,720	Pason Systems, Inc. (Canada)		13,206,338
	382,702	ShawCor Ltd., Class A (Canada)		13,849,810
	496,825	TGS-NOPEC Geophysical Co. ASA (Norway)		13,398,959
				62,367,742

WASATCH SMALL CAP GROWTH FUND (WAAEX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Oil & Gas Exploration & Production 2.4%
	978,179	Northern Oil and Gas, Inc.*	$	15,592,173
	3,387,260	Premier Oil plc* (United Kingdom)		18,027,588
	784,115	TransGlobe Energy Corp.* (Egypt)		7,017,829
				40,637,590
		Oil & Gas Refining & Marketing 0.1%
	203,175	Amyris, Inc.*		900,065
		Packaged Foods & Meats 1.2%
	2,461	Annie’s, Inc.*		103,018
	411,088	GlaxoSmithKline Consumer Healthcare Ltd. (India)		20,269,019
				20,372,037
		Personal Products 0.7%
	582,400	Colgate-Palmolive India Ltd. (India)		12,535,950
		Pharmaceuticals 0.4%
	659,439	Cempra, Inc.*		6,172,349
		Research & Consulting Services 2.6%
	394,337	CRA International, Inc.*		5,792,810
	1,618,614	Resources Connection, Inc.‡		19,908,952
	642,823	Stantec, Inc. (Canada)		18,384,738
				44,086,500
		Restaurants 2.8%
	614,680	Jubilant Foodworks Ltd.* (India)		12,929,423
	588,843	Peet’s Coffee & Tea, Inc.*		35,354,134
				48,283,557
		Semiconductors 5.7%
	497,561	Hittite Microwave Corp.*		25,435,318
	1,483,018	Power Integrations, Inc.‡‡		55,316,572
	440,959	Silicon Laboratories, Inc.*		16,712,346
				97,464,236
		Specialized Finance 1.4%
	708,325	MSCI, Inc., Class A*		24,097,216
		Specialty Stores 2.4%
	723,503	Hibbett Sports, Inc.*		41,753,358
		Systems Software 3.1%
	498,519	NetSuite, Inc.*		27,303,886
	494,311	Sourcefire, Inc.*		25,407,585
				52,711,471
		Trading Companies & Distributors 2.1%
	547,600	MSC Industrial Direct Co., Inc., Class A		35,895,180
		Trucking 4.3%
	120,800	J.B. Hunt Transport Services, Inc.		7,199,680
	4,221,115	Knight Transportation, Inc.‡ ‡‡		67,495,629
				74,695,309
		Total Common Stocks (cost $1,096,042,299)		1,587,362,357

WASATCH SMALL CAP GROWTH FUND (WAAEX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		PREFERRED STOCKS 0.1%
		Biotechnology 0.1%
	677,966	Nanosys, Inc., Series D Pfd.* *** †	$	776,271
	161,519	Nanosys, Inc., Series E Pfd.* *** †		184,939
				961,210
		Total Preferred Stocks (cost $2,184,939)		961,210
		LIMITED PARTNERSHIP INTEREST 0.4%
		Asset Management & Custody Banks 0.4%
		Greenspring Global Partners II-B, L.P.*** †		5,006,329
		Greenspring Global Partners III-B, L.P.*** †		1,608,014
				6,614,343
		Total Limited Partnership Interest (cost $5,878,853)		6,614,343
		WARRANTS 0.0%
		Biotechnology 0.0%
	1,941,279	NeurogesX, Inc., expiring 7/22/16* *** †		19,413
		Total Warrants (cost $242,660)		19,413
Principal Amount			Value
		SHORT-TERM INVESTMENTS 7.3%
		Repurchase Agreement 7.3%
	$125,797,664	Repurchase Agreement dated 6/29/12, 0.01% due 7/2/12 with State Street Bank and Trust Co. collateralized by $114,695,000 of United States Treasury Notes 2.750% due 2/15/19; value: $128,315,031; repurchase proceeds: $125,797,769‡ (cost $125,797,664)	$	125,797,664
		Total Short-Term Investments (cost $125,797,664)		125,797,664
		Total Investments (cost $1,230,146,415) 100.2%§		1,720,754,987
		Liabilities less Other Assets (0.2%)		(3,261,515	)
		NET ASSETS 100.0%	$	1,717,493,472
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 10). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 8). ‡All or a portion of this security has been designated as collateral for purchase commitments (see Note 9). ‡‡Affiliated Company (see Note 7). §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 11.56%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

WASATCH SMALL CAP GROWTH FUND (WAAEX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

At June 30, 2012, Wasatch Small Cap Growth Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Canada		2.9
Egypt		0.4
Germany		2.7
India		8.0
Ireland		1.8
Italy		0.7
Norway		0.9
United Arab Emirates		1.1
United Kingdom		1.7
United States		79.8
Total		100.0	%

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) – Schedule of Investments

June 30, 2012 (Unaudited)

Shares			Value
		COMMON STOCKS 96.7%
		Aerospace & Defense 2.2%
	117,400	HEICO Corp., Class A	$	3,787,324
		Agricultural Products 1.9%
	198,756	Darling International, Inc.*		3,277,486
		Airlines 1.8%
	45,780	Allegiant Travel Co.*		3,189,950
		Airport Services 1.2%
	161,383	Wesco Aircraft Holdings, Inc.*		2,054,406
		Apparel Retail 5.1%
	248,579	Body Central Corp.*		2,237,211
	245,578	Chico’s FAS, Inc.		3,644,377
	119,090	rue21, Inc.*		3,005,832
				8,887,420
		Apparel, Accessories & Luxury Goods 0.9%
	77,945	Vera Bradley, Inc.*		1,643,081
		Application Software 1.4%
	88,096	Interactive Intelligence Group, Inc.*		2,485,188
		Asset Management & Custody Banks 1.8%
	38,390	Virtus Investment Partners, Inc.*		3,109,590
		Automotive Retail 0.9%
	49,732	Monro Muffler Brake, Inc.		1,653,092
		Computer Storage & Peripherals 1.0%
	233,974	Intevac, Inc.*		1,759,484
		Construction & Engineering 1.3%
	133,061	MYR Group, Inc.*		2,270,021
		Consumer Electronics 0.4%
	48,474	Skullcandy, Inc.*		685,907
		Consumer Finance 2.4%
	227,294	DFC Global Corp.*		4,189,028
		Data Processing & Outsourced Services 2.1%
	59,193	Syntel, Inc.		3,593,015
		Diversified Banks 4.5%
	2,876,000	City Union Bank Ltd. (India)		2,708,538
	5,760,475	South Indian Bank Ltd. (India)		2,504,456
	429,800	Yes Bank Ltd.* (India)		2,625,411
				7,838,405
		Diversified Support Services 6.4%
	254,985	Copart, Inc.*		6,040,594
	56,126	Portfolio Recovery Associates, Inc.*		5,122,059
				11,162,653
		Electrical Components & Equipment 3.1%
	133,630	Polypore International, Inc.*		5,397,316
		Electronic Manufacturing Services 2.4%
	151,701	Fabrinet*		1,903,848
	52,861	IPG Photonics Corp.*		2,304,211
				4,208,059

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Footwear 1.6%
	135,737	Skechers U.S.A., Inc., Class A*	$	2,764,963
		Health Care Facilities 1.9%
	118,210	Ensign Group, Inc. (The)		3,341,797
		Health Care Services 4.0%
	68,455	CorVel Corp.*		3,354,295
	52,025	MEDNAX, Inc.*		3,565,793
				6,920,088
		Health Care Supplies 1.4%
	34,637	Sartorius Stedim Biotech (France)		2,540,476
		Home Improvement Retail 1.1%
	57,387	Lumber Liquidators Holdings, Inc.*		1,939,107
		Industrial Machinery 1.0%
	46,794	IDEX Corp.		1,824,030
		Internet Software & Services 5.3%
	159,589	Ancestry.com, Inc.*		4,393,485
	150,321	TechTarget, Inc.*		757,618
	126,359	Vistaprint N.V.*		4,081,396
				9,232,499
		Leisure Facilities 1.7%
	65,719	Life Time Fitness, Inc.*		3,056,591
		Life Sciences Tools & Services 2.0%
	153,562	ICON plc ADR* (Ireland)		3,459,752
		Office Services & Supplies 1.1%
	376,490	American Reprographics Co.*		1,893,745
		Oil & Gas Equipment & Services 1.8%
	21,499	CARBO Ceramics, Inc.		1,649,618
	58,525	TGS-NOPEC Geophysical Co. ASA (Norway)		1,578,371
				3,227,989
		Oil & Gas Exploration & Production 3.9%
	194,431	Northern Oil and Gas, Inc.*		3,099,230
	158,638	Ultra Petroleum Corp.*		3,659,779
				6,759,009
		Oil & Gas Refining & Marketing 2.0%
	90,914	World Fuel Services Corp.		3,457,459
		Property & Casualty Insurance 1.4%
	113,565	Tower Group, Inc.		2,370,102
		Regional Banks 4.9%
	209,174	BBCN Bancorp, Inc.*		2,277,905
	111,788	Community Bank System, Inc.		3,031,691
	79,507	Prosperity Bancshares, Inc.		3,341,679
				8,651,275
		Research & Consulting Services 6.0%
	80,717	Corporate Executive Board Co. (The)		3,299,711
	66,761	CRA International, Inc.*		980,719
	77,532	Huron Consulting Group, Inc.*		2,453,888
	139,326	Resources Connection, Inc.		1,713,710
	837,000	Sporton International, Inc. (Taiwan)		2,027,423
				10,475,451

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Semiconductors 5.3%
	384,017	BCD Semiconductor Manufacturing Ltd. ADR* (China)	$	1,655,113
	411,283	MaxLinear, Inc., Class A*		2,039,963
	176,275	Micrel, Inc.		1,679,901
	355,175	O2Micro International Ltd. ADR* (China)		1,566,322
	61,063	Power Integrations, Inc.		2,277,650
				9,218,949
		Trading Companies & Distributors 4.6%
	139,467	Beacon Roofing Supply, Inc.*		3,517,357
	140,873	Houston Wire & Cable Co.		1,539,742
	45,238	MSC Industrial Direct Co., Inc., Class A		2,965,351
				8,022,450
		Trucking 4.9%
	134,680	Knight Transportation, Inc.		2,153,533
	155,924	Marten Transport Ltd.		3,314,944
	44,124	Old Dominion Freight Line, Inc.*		1,910,128
	209,735	Vitran Corp., Inc.*		1,258,410
				8,637,015
		Total Common Stocks (cost $147,189,248)		168,984,172
Principal Amount			Value
		SHORT-TERM INVESTMENTS 2.2%
		Repurchase Agreement 2.2%
	$3,802,198	Repurchase Agreement dated 6/29/12, 0.01% due 7/2/12 with State Street Bank and Trust Co. collateralized by $3,470,000 of United States Treasury Notes 2.750% due 02/15/19; value: $3,882,063; repurchase proceeds: $3,802,201 (cost $3,802,198)	$	3,802,198
		Total Short-Term Investments (cost $3,802,198)		3,802,198
		Total Investments (cost $150,991,446) 98.9%§		172,786,370
		Other Assets less Liabilities 1.1%		1,863,232
		NET ASSETS 100.0%	$	174,649,602
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 8.01%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At June 30, 2012, Wasatch Small Cap Value Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
China		1.9
France		1.5
India		4.6
Ireland		2.1
Norway		0.9
Taiwan		1.2
United States		87.8
Total		100.0	%

WASATCH STRATEGIC INCOME FUND (WASIX) – Schedule of Investments

June 30, 2012 (Unaudited)

Shares			Value
		COMMON STOCKS 80.0%
		Asset Management & Custody Banks 5.7%
	6,300	BlackRock, Inc.	$	1,069,866
	40,600	PowerShares Dynamic Pharmaceuticals Portfolio		1,346,296
				2,416,162
		Computer & Electronics Retail 3.1%
	62,500	Best Buy Co., Inc.		1,310,000
		Consumer Finance 5.3%
	41,030	Capital One Financial Corp.		2,242,700
		Data Processing & Outsourced Services 10.7%
	5,100	MasterCard, Inc., Class A		2,193,561
	19,035	Visa, Inc., Class A		2,353,297
				4,546,858
		Diversified REITs 0.6%
	177,857	Star Asia Financial Ltd.* †		266,786
		Drug Retail 3.0%
	43,500	Walgreen Co.		1,286,730
		Health Care Services 2.0%
	14,240	Chemed Corp.		860,666
		Integrated Oil & Gas 4.4%
	8,500	Occidental Petroleum Corp.		729,045
	38,929	Suncor Energy, Inc. (Canada)		1,125,529
				1,854,574
		Mortgage REITs 12.4%
	47,600	American Capital Mortgage Investment Corp.		1,136,688
	120,991	Colony Financial, Inc.		2,093,144
	23,600	Hatteras Financial Corp.		674,960
	256,366	NorthStar Realty Finance Corp.		1,338,230
				5,243,022
		Oil & Gas Drilling 2.3%
	22,400	Helmerich & Payne, Inc.		973,952
		Oil & Gas Equipment & Services 2.1%
	11,600	CARBO Ceramics, Inc.		890,068
		Personal Products 6.5%
	56,823	Herbalife Ltd.		2,746,256
		Pharmaceuticals 1.8%
	18,875	Teva Pharmaceutical Industries Ltd. ADR (Israel)		744,430
		Railroads 3.2%
	16,000	Canadian National Railway Co. (Canada)		1,352,909
		Regional Banks 4.2%
	268,005	CapitalSource, Inc.		1,800,994
		Restaurants 1.6%
	7,570	McDonald’s Corp.		670,172
		Semiconductors 9.7%
	23,545	Altera Corp.		796,763
	61,730	Intel Corp.		1,645,104
	30,015	Microchip Technology, Inc.		992,896
	20,700	Xilinx, Inc.		694,899
				4,129,662

WASATCH STRATEGIC INCOME FUND (WASIX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Trading Companies & Distributors 1.4%
	3,130	W.W. Grainger, Inc.	$	598,581
		Total Common Stocks (cost $31,205,452)		33,934,522
		LIMITED LIABILITY COMPANY MEMBERSHIP INTEREST 9.7%
		Asset Management & Custody Banks 3.6%
	186,000	Och-Ziff Capital Management Group, LLC		1,409,880
	77,279	Star Asia SPV, LLC*** †		112,055
				1,521,935
		Residential REITs 2.0%
	69,000	Apollo Global Management, LLC		855,600
		Specialized Finance 4.1%
	203,800	KKR Financial Holdings, LLC		1,736,376
		Total Limited Liability Company Membership Interest (cost $4,743,442)		4,113,911
Principal Amount			Value
		CORPORATE BONDS 0.0%
		Gold 0.0%
	$210,762	Redcorp Ventures Ltd., 13.00%, 7/11/12, Series D*** † §§ (Canada)	$	3,622
		Total Corporate Bonds (cost $155,655)		3,622
		SHORT-TERM INVESTMENTS 9.9%
		Repurchase Agreement 9.9%
	4,181,168	Repurchase Agreement dated 6/29/12, 0.01% due 7/2/12 with State Street Bank and Trust Co. collateralized by $3,815,000 of United States Treasury Notes 2.750% due 2/15/19; value: $4,268,031; repurchase proceeds: $4,181,171 (cost $4,181,168)		4,181,168
		Total Short-Term Investments (cost $4,181,168)		4,181,168
		Total Investments (cost $40,285,717) 99.6%		42,233,223
		Other Assets less Liabilities 0.4%		190,623
		NET ASSETS 100.0%	$	42,423,846
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 10). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 8). §§In Default. ADR American Depositary Receipt. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

WASATCH STRATEGIC INCOME FUND (WASIX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

At June 30, 2012, Wasatch Strategic Income Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Canada		6.5
Israel		2.0
United States		91.5
Total		100.0	%

WASATCH ULTRA GROWTH FUND (WAMCX) – Schedule of Investments

June 30, 2012 (Unaudited)

Shares			Value
		COMMON STOCKS 95.4%
		Apparel Retail 0.5%
	82,268	Body Central Corp.*	$	740,412
		Application Software 10.5%
	27,769	Concur Technologies, Inc.*		1,891,069
	141,000	Exa Corp.*		1,496,010
	99,939	Interactive Intelligence Group, Inc.*		2,819,279
	93,429	RealPage, Inc.*		2,163,815
	164,938	Tangoe, Inc.*		3,514,829
	37,982	Ultimate Software Group, Inc.*		3,384,956
				15,269,958
		Asset Management & Custody Banks 1.3%
	65,616	CETIP S.A. – Mercados Organizados (Brazil)		817,412
	12,430	Virtus Investment Partners, Inc.*		1,006,830
				1,824,242
		Auto Parts & Equipment 1.4%
	73,475	WABCO India Ltd. (India)		1,983,486
		Biotechnology 5.1%
	273,698	Abcam plc (United Kingdom)		1,790,344
	136,833	Exact Sciences Corp.*		1,466,850
	210,677	Horizon Pharma, Inc.*		1,502,127
	401,759	NeurogesX, Inc.*		120,528
	30,504	OncoGenex Pharmaceutical, Inc.*		409,974
	171,272	Sangamo Biosciences, Inc.*		945,421
	47,766	Seattle Genetics, Inc.*		1,212,779
				7,448,023
		Building Products 0.5%
	24,046	Trex Co., Inc.*		723,544
		Communications Equipment 1.4%
	10,523	F5 Networks, Inc.*		1,047,670
	61,440	Riverbed Technology, Inc.*		992,256
				2,039,926
		Computer Storage & Peripherals 1.1%
	206,849	Intevac, Inc.*		1,555,505
		Construction Materials 1.0%
	5,705,580	PT Holcim Indonesia Tbk (Indonesia)		1,483,575
		Consumer Finance 3.9%
	192,187	DFC Global Corp.*		3,542,007
	30,514	First Cash Financial Services, Inc.*		1,225,747
	80,248	Mahindra & Mahindra Financial Services Ltd. (India)		940,818
				5,708,572
		Data Processing & Outsourced Services 3.5%
	76,830	ExlService Holdings, Inc.*		1,893,091
	68,990	Higher One Holdings, Inc.*		843,058
	18,340	Syntel, Inc.		1,113,238
	67,259	Wirecard AG (Germany)		1,304,384
				5,153,771
		Distributors 0.8%
	29,491	Pool Corp.		1,193,206

WASATCH ULTRA GROWTH FUND (WAMCX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Diversified Banks 4.8%
	1,399,402	City Union Bank Ltd. (India)	$	1,317,919
	144,621	HDFC Bank Ltd. (India)		1,468,697
	23,486	HDFC Bank Ltd. ADR (India)		765,644
	551,800	Yes Bank Ltd.* (India)		3,370,641
				6,922,901
		Electrical Components & Equipment 3.4%
	122,960	Polypore International, Inc.*		4,966,354
		Electronic Manufacturing Services 1.1%
	35,216	IPG Photonics Corp.*		1,535,065
		Environmental & Facilities Services 2.1%
	75,200	Heritage-Crystal Clean, Inc.*		1,229,520
	60,559	Waste Connections, Inc.		1,811,925
				3,041,445
		General Merchandise Stores 1.4%
	126,734	Gordmans Stores, Inc.*		2,091,111
		Health Care Equipment 4.8%
	225,101	AtriCure, Inc.*		2,163,221
	706,100	Cardica, Inc.*		1,327,468
	181,600	Novadaq Technologies, Inc.* (Canada)		1,211,272
	90,820	NuVasive, Inc.*		2,303,195
	16,460	Zonare Medical Systems, Inc.* *** †		165
				7,005,321
		Health Care Services 0.8%
	26,211	IPC The Hospitalist Co., Inc.*		1,187,883
		Health Care Technology 1.5%
	37,430	Computer Programs and Systems, Inc.		2,141,745
		Industrial Machinery 2.9%
	74,697	IDEX Corp.		2,911,689
	47,159	Proto Labs, Inc.*		1,356,293
				4,267,982
		Internet Retail 3.5%
	12,017	CafePress, Inc.*		178,813
	17,100	HomeAway, Inc.*		371,754
	120,445	MakeMyTrip Ltd.* (India)		1,978,911
	56,650	Shutterfly, Inc.*		1,738,589
	58,965	Yoox S.p.A.* (Italy)		853,106
				5,121,173
		Internet Software & Services 6.5%
	65,885	Angie’s List, Inc.*		1,043,618
	18,649	CoStar Group, Inc.*		1,514,299
	134,841	SciQuest, Inc.*		2,421,744
	50,712	SPS Commerce, Inc.*		1,540,631
	242,340	TechTarget, Inc.*		1,221,394
	52,135	Vistaprint N.V.*		1,683,960
	91,388	Xtera Communications, Inc.* *** †		914
				9,426,560
		IT Consulting & Other Services 5.0%
	56,277	Cognizant Technology Solutions Corp., Class A*		3,376,620
	142,370	hiSoft Technology International Ltd. ADR* (China)		2,040,162
	130,973	ServiceSource International, Inc.*		1,813,976
				7,230,758
		Leisure Products 1.0%
	155,626	Black Diamond, Inc.*		1,470,666

WASATCH ULTRA GROWTH FUND (WAMCX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Life Sciences Tools & Services 1.1%
	34,091	Fluidigm Corp.*	$	512,729
	45,529	ICON plc ADR* (Ireland)		1,025,768
				1,538,497
		Oil & Gas Equipment & Services 1.2%
	25,415	Dril-Quip, Inc.*		1,666,970
		Oil & Gas Exploration & Production 0.9%
	81,665	Northern Oil and Gas, Inc.*		1,301,740
		Oil & Gas Refining & Marketing 0.4%
	133,460	Amyris, Inc.*		591,228
		Packaged Foods & Meats 1.3%
	38,776	GlaxoSmithKline Consumer Healthcare Ltd. (India)		1,911,881
		Personal Products 0.0%
	50,403	Ophthonix, Inc.* *** †		504
		Pharmaceuticals 1.5%
	153,132	Cardiovascular Systems, Inc.*		1,499,162
	79,000	Cempra, Inc.*		739,440
				2,238,602
		Research & Consulting Services 0.4%
	49,238	eClerx Services Ltd. (India)		542,337
		Restaurants 1.9%
	76,550	Jubilant Foodworks Ltd.* (India)		1,610,183
	19,605	Peet’s Coffee & Tea, Inc.*		1,177,084
				2,787,267
		Semiconductors 7.0%
	32,187	Hittite Microwave Corp.*		1,645,400
	22,995	NVE Corp.*		1,235,981
	93,550	Power Integrations, Inc.††		3,489,415
	59,076	Silicon Laboratories, Inc.*		2,238,980
	65,000	Volterra Semiconductor Corp.*		1,524,250
				10,134,026
		Specialized Finance 2.0%
	98,350	CRISIL Ltd. (India)		1,905,280
	30,637	MSCI, Inc., Class A*		1,042,271
				2,947,551
		Specialty Chemicals 1.7%
	51,234	Balchem Corp.		1,670,741
	205,000	EcoSynthetix, Inc.* (Canada)		785,170
				2,455,911
		Systems Software 4.6%
	26,272	NetSuite, Inc.*		1,438,918
	135,692	OPNET Technologies, Inc.		3,608,050
	33,002	Sourcefire, Inc.*		1,696,303
				6,743,271
		Thrifts & Mortgage Finance 0.7%
	213,184	LIC Housing Finance Ltd. (India)		1,035,123
		Trading Companies & Distributors 0.9%
	20,029	MSC Industrial Direct Co., Inc., Class A		1,312,901
		Total Common Stocks (cost $115,851,600)		138,740,993

WASATCH ULTRA GROWTH FUND (WAMCX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		PREFERRED STOCKS 0.7%
		Biotechnology 0.1%
	169,492	Nanosys, Inc., Series D Pfd.* *** †	$	194,068
	40,380	Nanosys, Inc., Series E Pfd.* *** †		46,235
				240,303
		Health Care Technology 0.6%
	253,064	Data Sciences International, Inc., Series B Pfd.* *** †		807,502
	243,902	TherOx, Inc., Series I Pfd.* *** †		36,585
				844,087
		Total Preferred Stocks (cost $2,021,237)		1,084,390
		LIMITED PARTNERSHIP INTEREST 4.2%
		Asset Management & Custody Banks 4.2%
		Greenspring Global Partners II-B, L.P.*** †		4,503,459
		Greenspring Global Partners III-B, L.P.*** †		1,608,014
				6,111,473
		Total Limited Partnership Interest (cost $5,424,467)		6,111,473
		WARRANTS 0.1%
		Biotechnology 0.0%
	43,605	NeurogesX, Inc., expiring 7/22/16* *** †		436
		Health Care Equipment 0.1%
	165,000	Cardica, Inc., expiring 9/29/14* *** †		103,950
		Total Warrants (cost $26,076)		104,386
Principal Amount			Value
		SHORT-TERM INVESTMENTS 0.9%
		Repurchase Agreement 0.9%
	$1,286,163	Repurchase Agreement dated 6/29/12, 0.01% due 7/2/12 with State Street Bank and Trust Co. collateralized by $1,175,000 of United States Treasury Notes 2.750% due 2/15/19; value: $1,314,531; repurchase proceeds: $1,286,164†† (cost $1,286,163)	$	1,286,163
		Total Short-Term Investments (cost $1,286,163)		1,286,163
		Total Investments (cost $124,609,543) 101.3%§		147,327,405
		Liabilities less Other Assets (1.3%)		(1,953,513	)
		NET ASSETS 100.0%	$	145,373,892
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 10). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 8). ††All or a portion of this security has been designated as collateral for purchase commitments (see Note 9). §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 14.43%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

WASATCH ULTRA GROWTH FUND (WAMCX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

At June 30, 2012, Wasatch Ultra Growth Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Brazil		0.5
Canada		1.4
China		1.4
Germany		0.9
India		12.9
Indonesia		1.0
Ireland		0.7
Italy		0.6
United Kingdom		1.2
United States		79.4
Total		100.0	%

WASATCH WORLD INNOVATORS FUND (WAGTX) – Schedule of Investments

June 30, 2012 (Unaudited)

Shares			Value
		COMMON STOCKS 85.9%
		Application Software 0.4%
	19,736	BasWare Oyj (Finland)	$	563,701
		Asset Management & Custody Banks 1.1%
	27,500	Ameriprise Financial, Inc.		1,437,150
		Automotive Retail 1.2%
	52,800	Mekonomen AB (Sweden)		1,617,296
		Biotechnology 4.4%
	578,299	Abcam plc (United Kingdom)		3,782,836
	83,960	Myriad Genetics, Inc.*		1,995,729
				5,778,565
		Cable & Satellite 1.0%
	27,000	DIRECTV, Class A*		1,318,140
		Commercial Printing 1.2%
	117,200	InnerWorkings, Inc.*		1,585,716
		Computer Hardware 5.6%
	11,663	Apple, Inc.*		6,811,192
	81,978	Silicon Graphics International Corp.*		526,299
				7,337,491
		Computer Storage & Peripherals 1.8%
	90,800	EMC Corp.*		2,327,204
		Data Processing & Outsourced Services 12.0%
	12,775	MasterCard, Inc., Class A		5,494,655
	119,500	VeriFone Systems, Inc.*		3,954,255
	44,795	Visa, Inc., Class A		5,538,006
	39,468	Wirecard AG (Germany)		765,421
				15,752,337
		Diversified Support Services 0.5%
	32,881	Ritchie Bros. Auctioneers, Inc. (Canada)		698,721
		Drug Retail 0.2%
	6,600	Walgreen Co.		194,618
		Electronic Equipment & Instruments 0.3%
	10,870	Hologram Industries (France)		356,336
		Environmental & Facilities Services 0.3%
	28,000	Park24 Co. Ltd. (Japan)		413,898
		Health Care Equipment 6.3%
	158,843	DiaSorin S.p.A. (Italy)		4,629,375
	86,793	Mindray Medical International Ltd. ADR (China)		2,628,960
	7,024	STRATEC Biomedical AG (Germany)		312,047
	12,232	Varian Medical Systems, Inc.*		743,339
				8,313,721
		Health Care Services 1.5%
	75,511	Bio-Reference Laboratories, Inc.*		1,984,429
		Health Care Supplies 2.4%
	32,106	Sartorius Stedim Biotech (France)		2,354,838
	685,382	Shandong Weigao Group Medical Polymer Co. Ltd. (China)		765,152
				3,119,990
		Health Care Technology 0.5%
	25,319	Quality Systems, Inc.		696,526

WASATCH WORLD INNOVATORS FUND (WAGTX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Home Entertainment Software 1.2%
	126,567	Activision Blizzard, Inc.	$	1,517,538
		Household Appliances 1.1%
	35,806	SodaStream International Ltd.* (Israel)		1,466,972
		Internet Retail 2.3%
	6,266	Amazon.com, Inc.*		1,430,841
	47,014	ASOS plc* (United Kingdom)		1,311,887
	9,484	zooplus AG* (Germany)		310,729
				3,053,457
		Internet Software & Services 11.4%
	22,950	Akamai Technologies, Inc.*		728,663
	86,825	Ancestry.com, Inc.*		2,390,292
	122,135	eBay, Inc.*		5,130,892
	11,590	Google, Inc., Class A*		6,723,011
	6,528	Xtera Communications, Inc.*** †		65
				14,972,923
		IT Consulting & Other Services 2.0%
	30,900	Cognizant Technology Solutions Corp., Class A*		1,854,000
	3,810	International Business Machines Corp.		745,160
				2,599,160
		Leisure Products 0.3%
	6,000	Shimano, Inc. (Japan)		393,746
		Oil & Gas Refining & Marketing 1.9%
	65,900	World Fuel Services Corp.		2,506,177
		Other Diversified Financial Services 0.1%
	8,650	Hypoport AG* (Germany)		111,125
		Personal Products 4.6%
	126,101	Herbalife Ltd.		6,094,461
		Pharmaceuticals 3.0%
	43,130	Teva Pharmaceutical Industries Ltd. ADR (Israel)		1,701,047
	49,600	Valeant Pharmaceuticals International, Inc.* (Canada)		2,221,584
				3,922,631
		Restaurants 2.5%
	217,875	Arcos Dorados Holdings, Inc., Class A (Brazil)		3,220,193
		Semiconductors 6.4%
	72,512	Altera Corp.		2,453,806
	114,000	Intel Corp.		3,038,100
	34,725	Microchip Technology, Inc.		1,148,703
	52,700	Xilinx, Inc.		1,769,139
				8,409,748
		Specialized Finance 3.5%
	14,958	IntercontinentalExchange, Inc.*		2,033,989
	97,644	MarketAxess Holdings, Inc.		2,601,236
				4,635,225
		Specialty Chemicals 0.6%
	29,300	Novozymes A/S, Class B (Denmark)		759,926
		Systems Software 1.4%
	35,700	Check Point Software Technologies Ltd.* (Israel)		1,770,363
		Technology Distributors 0.7%
	27,000	SYNNEX Corp.*		931,230

WASATCH WORLD INNOVATORS FUND (WAGTX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Shares			Value
		Trading Companies & Distributors 0.8%
	38,100	MonotaRO Co. Ltd. (Japan)	$	847,951
	3,000	MSC Industrial Direct Co., Inc., Class A		196,737
				1,044,688
		Trucking 1.4%
	15,672	Trancom Co. Ltd. (Japan)		325,810
	124,131	Zipcar, Inc.*		1,456,056
				1,781,866
		Total Common Stocks (cost $100,245,140)		112,687,268
		PREFERRED STOCKS 1.7%
		Health Care Equipment 1.7%
	33,570	Sartorius AG Pfd. (Germany)		2,224,598
		Total Preferred Stocks (cost $1,326,126)		2,224,598
		LIMITED PARTNERSHIP INTEREST 0.4%
		Asset Management & Custody Banks 0.4%
		Greenspring Global Partners II-B, L.P.*** †		500,632
		Total Limited Partnership Interest (cost $454,387)		500,632
		WARRANTS 0.0%
		Health Care Equipment 0.0%
	71,500	Cardica, Inc., expiring 9/29/14* *** †		45,045
		Total Warrants (cost $8,938)		45,045
Principal Amount			Value
		SHORT-TERM INVESTMENTS 11.4%
		Repurchase Agreement 11.4%
	$14,979,551	Repurchase Agreement dated 6/29/12, 0.01% due 7/2/12 with State Street Bank and Trust Co. collateralized by $13,660,000 of United States Treasury Notes 2.750% due 2/15/19; value: $15,282,125; repurchase proceeds: $14,979,564†† (cost $14,979,551)	$	14,979,551
		Total Short-Term Investments (cost $14,979,551)		14,979,551
		Total Investments (cost $117,014,142) 99.4%§		130,437,094
		Other Assets less Liabilities 0.6%		811,315
		NET ASSETS 100.0%	$	131,248,409
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 10). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 8). ††All or a portion of this security has been designated as collateral for purchase commitments (see Note 9). §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 16.97%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

WASATCH WORLD INNOVATORS FUND (WAGTX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

At June 30, 2012, Wasatch World Innovators Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Brazil		2.8
Canada		2.5
China		2.9
Denmark		0.7
Finland		0.5
France		2.4
Germany		3.2
Israel		4.3
Italy		4.0
Japan		1.7
Sweden		1.4
United Kingdom		4.4
United States		69.2
Total		100.0	%

WASATCH-1ST SOURCE INCOME FUND (FMEQX) – Schedule of Investments

June 30, 2012 (Unaudited)

Principal Amount			Value
		ASSET BACKED SECURITIES 2.9%
	$1,500,000	Citibank Credit Card Issuance Trust, 5.65%, 9/20/19, Series 2007-A8, Class A8	$	1,815,329
	900,000	Citibank Omni Master Trust, 4.90%, 11/15/18, Series 2009-A17, Class A17†		982,635
	1,400,000	World Financial Network Credit Card Master Trust, 3.14%, 1/17/23, Series 2012-A, Class A		1,464,790
		Total Asset Backed Securities (cost $4,196,742)		4,262,754
		COLLATERALIZED MORTGAGE OBLIGATIONS 22.2%
	250,000	Banc of America Merrill Lynch Commercial Mortgage, Inc., 5.246%, 11/10/42, Series 2005-1, Class A4†††		259,125
	24,544	Banc of America Mortgage Securities, Inc., 2.863%, 2/25/33, Series 2003-A, Class 3A1†††		20,244
	229,651	Bear Stearns Commercial Mortgage Securities, 4.735%, 9/11/42, Series 2005-PWR9, Class A2		233,243
	129,209	Countrywide Home Loan Mortgage Pass Through Trust, 4.50%, 8/25/19, Series 2004-J7, Class 2A1		131,312
	724,286	Federal Home Loan Mortgage Corp., 1.50%, 9/15/22, Series 3760, Class BA		725,608
	452,347	Federal Home Loan Mortgage Corp., 1.50%, 4/15/24, Series 3780, Class TA		453,617
	117,920	Federal Home Loan Mortgage Corp., 2.359%, 5/1/31, Series 847292†††		125,465
	95,838	Federal Home Loan Mortgage Corp., 2.447%, 12/1/32, Series 847527†††		101,599
	61,427	Federal Home Loan Mortgage Corp., 2.54%, 11/1/35, Series 1M0010†††		65,673
	29,573	Federal Home Loan Mortgage Corp., 2.699%, 8/1/33, Series 847281†††		31,461
	429,583	Federal Home Loan Mortgage Corp., 3.555%, 1/1/25, Series 775629†††		433,396
	261,939	Federal Home Loan Mortgage Corp., 3.761%, 5/1/25, Series 775617†††		273,752
	297,500	Federal Home Loan Mortgage Corp., 4.00%, 6/15/17, Series 2714, Class BW		298,967
	373,211	Federal Home Loan Mortgage Corp., 4.50%, 12/1/18, Series G11657		399,127
	13,000	Federal Home Loan Mortgage Corp., 5.00%, 2/15/23, Series 2960, Class KP		13,022
	25,031	Federal Home Loan Mortgage Corp., 5.125%, 6/15/18, Series R016, Class AM		25,177
	326,805	Federal Home Loan Mortgage Corp., 5.50%, 5/15/15, Series 2808, Class VA		345,857
	105,373	Federal Home Loan Mortgage Corp., 5.50%, 10/1/25, Series C90925		115,450
	342,630	Federal Home Loan Mortgage Corp., 5.50%, 8/1/29, Series C46102		374,753
	353,850	Federal National Mortgage Assoc., 1.957%, 12/1/35, Series 848390†††		366,841
	378,823	Federal National Mortgage Assoc., 2.055%, 1/1/35, Series 825245†††		398,320
	16,695	Federal National Mortgage Assoc., 2.475%, 10/1/32, Series 659567†††		16,843
	175,914	Federal National Mortgage Assoc., 2.535%, 11/1/34, Series 782320†††		187,437
	189,520	Federal National Mortgage Assoc., 2.815%, 1/1/18, Series 57735†††		195,163
	200,006	Federal National Mortgage Assoc., 2.966%, 2/1/21, Series 313380†††		207,659
	326,800	Federal National Mortgage Assoc., 3.50%, 6/25/23, Series 2003-46, Class LD		342,934
	383,719	Federal National Mortgage Assoc., 3.875%, 1/25/39, Series 2009-2, Class WJ		410,066
	253,002	Federal National Mortgage Assoc., 4.00%, 10/25/32, Series 2003-28, Class GA		263,555
	182,142	Federal National Mortgage Assoc., 4.073%, 7/1/19, Series 070377†††		188,606
	363,970	Federal National Mortgage Assoc., 4.50%, 5/1/19, Series 725445		391,690
	342,423	Federal National Mortgage Assoc., 4.50%, 7/1/19, Series 725609		368,502
	572,208	Federal National Mortgage Assoc., 4.50%, 6/25/29, Series 2005-121, Class V		606,796
	1,301,800	Federal National Mortgage Assoc., 5.00%, 7/25/23, Series 2005-4, Class VG		1,353,459
	250,000	Federal National Mortgage Assoc., 5.50%, 5/25/23, Series 2003-42, Class EK		289,374
	305,545	Government National Mortgage Assoc., 1.625%, 1/20/30, Series 80364†††		316,825
	607,244	Government National Mortgage Assoc., 1.625%, 9/20/34, Series 81054†††		628,044
	877,383	Government National Mortgage Assoc., 2.125%, 7/20/34, Series 80987†††		909,921
	838,837	Government National Mortgage Assoc., 2.375%, 6/20/30, Series 80416†††		871,239
	1,010,018	Government National Mortgage Assoc., 3.00%, 8/20/38, Series 2010-47, Class CG		1,045,747
	1,068,636	Government National Mortgage Assoc., 3.00%, 12/20/38, Series 2010-89, Class PA		1,104,038
	1,557,788	Government National Mortgage Assoc., 3.00%, 5/20/39, Series 2010-68, Class YE		1,618,459
	1,162,626	Government National Mortgage Assoc., 3.00%, 6/20/41, Series 2011-138, Class PN		1,210,127
	150,239	Government National Mortgage Assoc., 3.25%, 7/20/37, Series 2010-33, Class AP		150,767
	1,795,753	Government National Mortgage Assoc., 3.50%, 6/20/39, Series 2010-129, Class NU		1,904,480
	789,632	Government National Mortgage Assoc., 4.00%, 6/20/38, Series 2009-69, Class WC		825,795
	1,200,672	Government National Mortgage Assoc., 4.00%, 9/20/38, Series 2009-108, Class WG		1,284,705
	1,134,757	Government National Mortgage Assoc., 4.00%, 3/20/39, Series 2009-31, Class TA		1,201,063
	1,048,925	Government National Mortgage Assoc., 4.00%, 4/16/39, Series 2009-110, Class AB		1,096,613

WASATCH-1ST SOURCE INCOME FUND (FMEQX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Principal Amount			Value
	$1,215,592	Government National Mortgage Assoc., 4.00%, 8/20/39, Series 2009-69, Class PV	$	1,281,145
	607,639	Government National Mortgage Assoc., 4.50%, 8/15/24, Series 717874		656,669
	853,619	Government National Mortgage Assoc., 4.50%, 6/20/34, Series 2009-101, Class G		892,978
	873,692	Government National Mortgage Assoc., 4.50%, 8/20/34, Series 2009-36, Class G		916,168
	834,870	Government National Mortgage Assoc., 4.50%, 8/16/35, Series 2009-62, Class DT		871,024
	520,984	Government National Mortgage Assoc., 4.50%, 2/20/38, Series 2009-55, Class NP		572,951
	809,834	Government National Mortgage Assoc., 4.50%, 3/20/39, Series 2009-14, Class AG		891,847
	311,933	Government National Mortgage Assoc., 4.658%, 12/16/30, Series 2005-12, Class C		324,545
	681,680	Government National Mortgage Assoc., 5.00%, 9/16/31, Series 2009-38, Class A		717,331
	500,000	Government National Mortgage Assoc., 5.00%, 7/20/34, Series 2004-105, Class MC		548,315
	151,975	Government National Mortgage Assoc., 5.00%, 8/20/39, Series 004513		161,229
		Total Collateralized Mortgage Obligations (cost $31,373,317)		32,016,118
		CORPORATE BONDS 38.5%
		Aerospace & Defense 1.0%
	200,000	General Dynamics Corp., 4.25%, 5/15/13		206,543
	250,000	Martin Marietta Corp., 7.375%, 4/15/13		262,683
	1,000,000	Raytheon Co., 1.625%, 10/15/15		1,026,502
				1,495,728
		Air Freight & Logistics 0.5%
	620,000	United Parcel Service, Inc., 5.50%, 1/15/18		744,849
		Automotive Retail 0.6%
	775,000	AutoZone, Inc., 5.50%, 11/15/15		870,148
		Beverages-Non-alcoholic 1.0%
	500,000	PepsiAmericas, Inc., 5.00%, 5/15/17		582,989
	750,000	PepsiCo, Inc., 5.00%, 6/1/18		876,047
				1,459,036
		Cable & Satellite 0.6%
	800,000	Comcast Corp., 4.95%, 6/15/16		898,096
		Commercial Banks Non-U.S. 1.5%
	1,100,000	Royal Bank of Canada, 2.00%, 5/15/20 MTN## (Canada)		1,089,000
	1,000,000	Toronto-Dominion Bank (The), 2.375%, 10/19/16 (Canada)		1,026,915
				2,115,915
		Commercial Banks-Central U.S. 0.4%
	600,000	SunTrust Bank, 4.00%, 6/30/14†††		595,072
		Commercial Banks-Southern U.S. 0.6%
	800,000	BB&T Corp., 3.20%, 3/15/16 MTN		846,763
		Computer Hardware 0.8%
	900,000	Hewlett-Packard Co., 2.125%, 9/13/15		907,508
	300,000	Hewlett-Packard Co., 6.50%, 7/1/12		300,000
				1,207,508
		Construction & Farm Machinery & Heavy Trucks 0.8%
	500,000	Caterpillar Financial Services Corp., 5.85%, 9/1/17 MTN		600,054
	500,000	PACCAR Financial Corp., 1.95%, 12/17/12 MTN		502,998
				1,103,052
		Cosmetics & Toiletries 0.4%
	476,910	Procter & Gamble - ESOP, 9.36%, 1/1/21, Series A		635,010
		Distillers & Vintners 0.4%
	504,000	Diageo Capital plc, 7.375%, 1/15/14 (United Kingdom)		554,495
		Diversified Banks 4.6%
	1,250,000	Bank of America Corp., 7.375%, 5/15/14 MTN		1,344,292
	500,000	Goldman Sachs Group, Inc. (The), 3.625%, 2/7/16		500,055

WASATCH-1ST SOURCE INCOME FUND (FMEQX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Principal Amount			Value
	$1,350,000	JPMorgan Chase Bank NA, 5.875%, 6/13/16	$	1,480,468
	500,000	SouthTrust Corp., 5.80%, 6/15/14		535,893
	1,125,000	US Bancorp, 2.20%, 11/15/16 MTN		1,160,276
	750,000	Wachovia Corp., 5.25%, 8/1/14		800,078
	700,000	Wachovia Corp., 5.75%, 2/1/18 MTN		827,984
				6,649,046
		Diversified Financial Services 2.7%
	2,350,000	General Electric Capital Corp., 5.40%, 2/15/17 MTN		2,673,442
	1,000,000	General Electric Capital Corp., 5.625%, 5/1/18		1,149,540
				3,822,982
		Diversified Metals & Mining 0.3%
	450,000	Rio Tinto Alcan, Inc., 4.50%, 5/15/13 (Canada)		463,233
		Drug Retail 0.3%
	400,000	Walgreen Co., 4.875%, 8/1/13		417,736
		Electric Utilities 0.6%
	300,000	Florida Power & Light Co., 4.85%, 2/1/13		307,424
	600,000	Georgia Power Co., 5.125%, 11/15/12, Series K		610,099
				917,523
		Enterprise Software & Services 0.8%
	1,000,000	Oracle Corp., 5.75%, 4/15/18		1,213,295
		Finance-Auto Loans 0.4%
	500,000	Toyota Motor Credit Corp., 1.25%, 11/17/14		504,369
		Finance-Consumer Loans 0.7%
	1,000,000	John Deere Capital Corp., 2.00%, 1/13/17 MTN		1,031,491
		Finance-Credit Card 0.8%
	975,000	American Express Co., 6.15%, 8/28/17		1,155,107
		Finance-Other Services 0.4%
	500,000	Sun Canada Financial Co., 7.25%, 12/15/15†		568,088
		Footwear 0.5%
	600,000	Nike, Inc., 5.15%, 10/15/15 MTN		665,626
		Health Care Equipment 0.2%
	250,000	Baxter International, Inc., 4.625%, 3/15/15		275,056
		Industrial Conglomerates 0.9%
	500,000	3M Co., 4.375%, 8/15/13 MTN		522,320
	740,000	Tyco International Finance S.A., 6.00%, 11/15/13		795,103
				1,317,423
		Industrial Gases 0.5%
	600,000	Praxair, Inc., 4.625%, 3/30/15		661,054
		Industrial Machinery 0.4%
	600,000	Parker Hannifin Corp., 4.875%, 2/15/13		615,196
		Instruments-Scientific 0.5%
	700,000	Thermo Fisher Scientific, Inc., 3.20%, 3/1/16		749,372
		Integrated Telecommunication Services 1.5%
	129,084	Ameritech Capital Funding, 9.10%, 6/1/16		151,382
	870,000	AT&T, Inc., 5.50%, 2/1/18		1,033,782
	520,000	Verizon Communications, Inc., 5.55%, 2/15/16		596,893
	300,000	Verizon Global Funding Corp., 4.375%, 6/1/13		310,241
				2,092,298
		Investment Banking & Brokerage 0.5%
	700,000	Morgan Stanley, 3.80%, 4/29/16		678,161

WASATCH-1ST SOURCE INCOME FUND (FMEQX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Principal Amount			Value
		Life & Health Insurance 1.4%
	$500,000	Principal Life Income Funding Trusts, 5.30%, 4/24/13 MTN	$	518,672
	850,000	Prudential Financial, Inc., 6.20%, 1/15/15		933,058
	480,000	Prudential Holdings, LLC, 7.245%, 12/18/23, Series FSA†		555,293
				2,007,023
		Medical Instruments 0.9%
	1,100,000	Medtronic, Inc., 4.45%, 3/15/20		1,262,534
		Medical-Drugs 0.5%
	575,000	Pharmacia Corp., 6.75%, 12/15/27		751,168
		Medical-Health Maintenance Organizations 0.8%
	1,000,000	WellPoint, Inc., 4.35%, 8/15/20		1,099,553
		Movies & Entertainment 0.7%
	300,000	Walt Disney Co. (The), 2.75%, 8/16/21		304,602
	250,000	Walt Disney Co. (The), 4.50%, 12/15/13 MTN		264,688
	350,000	Walt Disney Co. (The), 6.00%, 7/17/17, Series C MTN		430,451
				999,741
		Oil Companies-Exploration & Production 0.5%
	600,000	Apache Finance Canada Corp., 4.375%, 5/15/15 (Canada)		657,255
		Oil Companies-Integrated 0.6%
	750,000	ConocoPhillips, 5.75%, 2/1/19		914,646
		Personal Products 0.5%
	655,000	Avon Products, Inc., 5.625%, 3/1/14		689,982
		Pharmaceuticals 2.7%
	745,000	AstraZeneca plc, 5.90%, 9/15/17 (United Kingdom)		895,024
	795,000	Cardinal Health, Inc., 6.00%, 6/15/17		916,810
	1,000,000	Johnson & Johnson, 5.55%, 8/15/17		1,213,851
	725,000	Pharmacia Corp., 6.50%, 12/1/18		919,169
				3,944,854
		Property & Casualty Insurance 0.3%
	435,000	Allstate Corp. (The), 7.50%, 6/15/13		463,675
		Railroads 1.0%
	300,000	Burlington Northern Santa Fe, LLC, 4.30%, 7/1/13		309,389
	1,000,000	Union Pacific Corp., 5.70%, 8/15/18		1,197,758
				1,507,147
		Regional Banks 0.5%
	700,000	Fifth Third Bancorp, 5.45%, 1/15/17		765,551
		Semiconductor Equipment 0.2%
	250,000	Applied Materials, Inc., 2.65%, 6/15/16		261,744
		Soft Drinks 0.4%
	600,000	Bottling Group, LLC, 4.625%, 11/15/12		608,769
		Specialized Finance 0.4%
	600,000	CME Group, Inc., 5.40%, 8/1/13		629,431
		Specialty Chemicals 1.1%
	1,150,000	Lubrizol Corp., 8.875%, 2/1/19		1,570,001
		Steel 0.8%
	1,000,000	Nucor Corp., 5.75%, 12/1/17		1,204,233
		Total Corporate Bonds (cost $54,169,074)		55,660,035

WASATCH-1ST SOURCE INCOME FUND (FMEQX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Principal Amount			Value
		MUNICIPAL BONDS 1.3%
	$650,000	Arizona State Transportation Board Highway Revenue, 5.00%, 7/1/23	$	736,957
	625,000	City of Liberty MO, 4.45%, 10/1/13 (NATL-RE)		631,306
	500,000	Richmond Joint Powers Financing Authority, 8.25%, 7/1/19 Class B		558,330
		Total Municipal Bonds (cost $1,791,537)		1,926,593
Shares			Value
		MUTUAL FUNDS 0.6%
	49,453	Eaton Vance Short Duration Diversified Income Fund	$	824,876
		Total Mutual Funds (cost $751,608)		824,876
		EXCHANGE TRADED FUNDS 0.5%
	6,000	iShares iBoxx Investment Grade Corporate Bond Fund		705,960
		Total Exchange Traded Funds (cost $519,311)		705,960
Principal Amount			Value
		U.S. GOVERNMENT AGENCY SECURITIES 20.0%
	$1,000,000	Federal Farm Credit Bank, 2.65%, 5/11/15	$	1,059,897
	1,000,000	Federal Farm Credit Bank, 3.85%, 2/11/15		1,086,928
	1,000,000	Federal Farm Credit Bank, 3.875%, 10/7/13		1,044,730
	650,000	Federal Farm Credit Bank, 4.875%, 4/1/14		701,180
	1,550,000	Federal Home Loan Bank, 5.00%, 9/14/12		1,564,706
	500,000	Federal Home Loan Mortgage Corp., 0.875%, 12/19/14		500,831
	1,150,000	Federal Home Loan Mortgage Corp., 1.25%, 11/16/15 MTN		1,152,726
	2,000,000	Federal Home Loan Mortgage Corp., 2.50%, 5/27/16		2,133,700
	1,500,000	Federal Home Loan Mortgage Corp., 2.52%, 12/9/14		1,573,602
	1,300,000	Federal Home Loan Mortgage Corp., 3.00%, 7/28/14		1,368,227
	700,000	Federal Home Loan Mortgage Corp., 4.75%, 11/17/15		798,700
	3,000,000	Federal National Mortgage Assoc., 1.00%, 3/21/17, Series 0000##		3,001,872
	1,500,000	Federal National Mortgage Assoc., 1.125%, 12/28/16, Series 0001##		1,505,543
	1,525,000	Federal National Mortgage Assoc., 1.25%, 10/26/16, Series 4##		1,529,081
	1,050,000	Federal National Mortgage Assoc., 2.05%, 5/23/17		1,104,579
	2,200,000	Federal National Mortgage Assoc., 2.625%, 11/20/14		2,315,834
	1,800,000	Federal National Mortgage Assoc., 4.875%, 12/15/16		2,113,967
	600,000	Federal National Mortgage Assoc., 5.24%, 8/7/18		630,157
	579,429	New Valley Generation IV, 4.687%, 1/15/22		659,257
	800,000	Tennessee Valley Authority, 6.00%, 3/15/13, Series C		832,451
	1,000,000	Tennessee Valley Authority, 6.25%, 12/15/17, Series E		1,270,759
	1,000,000	Tennessee Valley Authority Generic Strip, 0.00%, 11/1/18, Series C###		894,791
		Total U.S. Government Agency Securities (cost $28,003,071)		28,843,518
		U.S. TREASURY INFLATION PROTECTED BONDS 2.1%
	1,270,588	U.S. Treasury Bond, 0.125%, 1/15/22#		1,344,341
	1,427,621	U.S. Treasury Bond, 1.625%, 1/15/18#		1,629,050
		Total U.S. Treasury Inflation Protected Bonds (cost $2,699,597)		2,973,391

WASATCH-1ST SOURCE INCOME FUND (FMEQX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

Principal Amount			Value
		U.S. TREASURY NOTES 9.4%
	$1,250,000	U.S. Treasury Note, 2.75%, 12/31/17	$	1,377,441
	4,125,000	U.S. Treasury Note, 3.25%, 12/31/16		4,594,219
	6,500,000	U.S. Treasury Note, 3.625%, 8/15/19		7,623,791
		Total U.S. Treasury Notes (cost $13,135,569)		13,595,451
Shares			Value
		PREFERRED STOCKS 1.0%
		Cable & Satellite 0.2%
	15,000	Comcast Corp., 6.625%, Pfd.	$	379,800
		Diversified Banks 0.5%
	14,200	Harris Preferred Capital Corp., 7.375%, Series A Pfd.§§§		368,064
	4,762	Bank One Capital TR VI, 7.20%, Pfd.		123,717
	10,000	JP Morgan Chase Capital XIX, 6.625%, Series S Pfd.		252,700
				744,481
		Electric Utilities 0.1%
	5,000	Entergy Texas, Inc., 7.875%, Pfd.		144,950
		Investment Banking & Brokerage 0.2%
	10,000	Morgan Stanley Cap TR VI, 6.60%, Pfd.		243,900
		Total Preferred Stocks (cost $1,487,118)		1,513,131
Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.0%
		Repurchase Agreement 1.0%
	$1,380,665	Repurchase Agreement dated 6/29/12, 0.01% due 7/2/12 with State Street Bank and Trust Co. collateralized by $1,260,000 of United States Treasury Notes 2.750% due 02/15/19; value: $1,409,625; repurchase proceeds: $1,380,666 (cost $1,380,665)	$	1,380,665
		Total Short-Term Investments (cost $1,380,665)		1,380,665
		Total Investments (cost $139,507,609) 99.5%		143,702,492
		Other Assets less Liabilities 0.5%		775,720
		NET ASSETS 100.0%	$	144,478,212
		†Liquid security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933. ††† Variable rate securities. §§§ Perpetual Maturity. Callable any time after first call date. Maturity date is next call date. #Treasury Inflation Protected Securities. A U.S. Treasury Note or Bond that offers protection from inflation by paying a fixed rate of interest on principal amount that is adjusted for inflation based on the Consumer Price Index. ##Step Bond. The rate shown is as of June 30, 2012 and will reset at a future date. ###Zero Coupon Bond. MTN Medium Term Note. NATL-RE National Public Finance Guarantee Corporation. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

WASATCH-1ST SOURCE INCOME FUND (FMEQX) – Schedule of Investments (continued)

June 30, 2012 (Unaudited)

At June 30, 2012, Wasatch-1st Source Income Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Canada		2.3
United Kingdom		1.0
United States		96.7
Total		100.0	%

WASATCH-HOISINGTON U.S. TREASURY FUND (WHOSX) – Schedule of Investments

June 30, 2012 (Unaudited)

Principal Amount			Value
		U.S. GOVERNMENT OBLIGATIONS 97.3%
	$14,000,000	U.S. Treasury Bond, 3.00%, 5/15/42	$	14,662,816
	30,500,000	U.S. Treasury Bond, 3.125%, 11/15/41		32,787,500
	8,000,000	U.S. Treasury Bond, 3.125%, 2/15/42		8,592,496
	9,700,000	U.S. Treasury Bond, 3.50%, 2/15/39		11,224,724
	3,000,000	U.S. Treasury Bond, 3.875%, 8/15/40		3,693,282
	6,335,000	U.S. Treasury Bond, 4.25%, 5/15/39		8,274,105
	6,900,000	U.S. Treasury Bond, 4.25%, 11/15/40		9,026,063
	1,400,000	U.S. Treasury Bond, 4.375%, 2/15/38		1,857,625
	1,040,000	U.S. Treasury Bond, 4.375%, 5/15/40		1,385,962
	10,000,000	U.S. Treasury Bond, 4.50%, 5/15/38		13,526,560
	6,000,000	U.S. Treasury Bond, 4.50%, 8/15/39		8,141,250
	6,260,000	U.S. Treasury Bond, 4.75%, 2/15/41		8,842,250
	58,400,000	U.S. Treasury Strip, principal only, 5/15/30		37,251,842
	52,300,000	U.S. Treasury Strip, principal only, 2/15/31		32,605,023
	54,837,000	U.S. Treasury Strip, principal only, 2/15/37		27,517,590
	55,000,000	U.S. Treasury Strip, principal only, 5/15/39		25,474,735
	26,000,000	U.S. Treasury Strip, principal only, 5/15/40		11,582,610
		Total U.S. Government Obligations (cost $213,785,751)		256,446,433
		SHORT-TERM INVESTMENTS 2.1%
		Repurchase Agreement 2.1%
	5,635,050	Repurchase Agreement dated 6/29/12, 0.01% due 7/2/12 with State Street Bank and Trust Co. collateralized by $5,140,000 of United States Treasury Notes 2.750% due 2/15/19; value: $5,750,375; repurchase proceeds: $5,635,055 (cost $5,635,050)		5,635,050
		Total Short-Term Investments (cost $5,635,050)		5,635,050
		Total Investments (cost $219,420,801) 99.4%		262,081,483
		Other Assets less Liabilities 0.6%		1,485,791
		NET ASSETS 100.0%	$	263,567,274
		See Notes to Schedules of Investments.

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 19 series or funds (each a “Fund” and collectively the “Funds”). The Core Growth Fund, Emerging Markets Small Cap Fund, Global Opportunities Fund, Heritage Growth Fund, International Growth Fund, International Opportunities Fund, Large Cap Value Fund, Micro Cap Fund, Micro Cap Value Fund, Small Cap Growth Fund, Small Cap Value Fund, Strategic Income Fund, Ultra Growth Fund, World Innovators Fund, Wasatch-1st Source Income Fund (“Income Fund”) (sub-advised), and Wasatch-Hoisington U.S. Treasury Fund (“U.S. Treasury Fund”) (sub-advised) are each diversified funds. The Emerging India Fund, Frontier Emerging Small Countries Fund and Long/Short Fund are non-diversified funds. Each Fund maintains its own investment objective.

On November 9, 2011, the Trust re-designated 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, only three funds offer Institutional Class shares: Wasatch Core Growth Fund, Wasatch Large Cap Value Fund and Wasatch Small Cap Value Fund, which commenced operations on January 31, 2012. Each class of shares for each Fund has identical rights and privileges except with respect to distribution and service charges, voting rights on matters affecting a single class of shares and the exchange privileges of each class of shares. The Funds have entered into an investment advisory agreement with Wasatch Advisors, Inc. (the “Advisor” or “Wasatch”) as investment advisor.

The Core Growth, Emerging India, Emerging Markets Small Cap, Frontier Emerging Small Countries, Global Opportunities, Heritage Growth, International Growth, International Opportunities, Large Cap Value, Long/Short, Micro Cap, Micro Cap Value, Small Cap Growth, Small Cap Value, Strategic Income, Ultra Growth, and World Innovators Funds are referred to herein as the “Equity Funds.”

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant policies related to investments of the Funds held at June 30, 2012. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Valuation of Securities – All investments in securities are recorded at their estimated fair value as described in Note 10.

Foreign Currency Translations – Values of investments denominated in foreign currencies are converted into U.S. dollars using the current exchange rates each business day. 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 from Real Estate Investment Trust securities include return of capital distributions; such distributions are recorded as income, and adjusted accordingly for tax purposes.

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 Long/Short Fund, the Strategic Income Fund and to a lesser extent the other Equity Funds 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 buyer 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.

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 the 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 it was opened and the value at the time it was closed. These contracts may involve market risk in excess of the unrealized gain or loss reflected on the Schedule of Investments. In addition, a fund could be exposed to a 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.

Options Transactions – The Equity Funds and the Income Fund may buy and sell put and call options and write covered put and call options, including over-the-counter options, on portfolio securities where the completion of the obligation is dependent upon the credit standing of another party. Options are a type of derivative financial instrument. The Funds may invest in derivative financial instruments, including options, in order to manage risk or gain exposure to various other investments or markets. The risk in writing a call option is that a fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that a fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that a fund pays a premium whether or not the option is exercised. A fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist. Option contracts are valued daily and unrealized appreciation or depreciation is recorded. A fund will realize a gain or loss upon expiration or closing of the option transaction. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of a security for a purchased put or call option is adjusted by the amount of premium received or paid. The Funds designate collateral consisting of cash, U.S. government securities or other liquid assets sufficient to collateralize the market value of written options.

5. OPTIONS CONTRACTS WRITTEN

Options written activity during the period ended June 30, 2012 was as follows:

	Options Outstanding at 9/30/2011		Written		Closed			Exercised			Expired			Options Outstanding at 6/30/2012
Core Growth Fund
Premium amount	$	178,735	$	—	$	—		$	—		$	(178,735	)	$	—
Number of contracts		500		—		—			—			(500	)		—
Long/Short Fund
Premium amount	$	10,278,040	$	11,259,194	$	(1,532,597	)	$	(8,805,335	)	$	(11,199,302	)	$	—
Number of contracts		35,095		61,036		(9,750	)		(40,650	)		(45,731	)		—
Micro Cap Value Fund
Premium amount	$	762,276	$	1,502,024	$	(1,145,228	)	$	(859,906	)	$	(259,166	)	$	—
Number of contracts		2,600		7,881		(4,101	)		(5,347	)		(1,033	)		—

6. FEDERAL INCOME TAX INFORMATION

As of June 30, 2012, the cost and unrealized appreciation (depreciation) of securities on a tax basis were as follows:

	Core Growth Fund			Emerging India Fund			Emerging Markets Small Cap Fund			Frontier Emerging Small Countries Fund			Global Opportunities Fund			Heritage Growth Fund			International Growth Fund
Cost	$	399,997,650		$	13,022,238		$	1,123,304,692		$	16,245,879		$	117,015,505		$	94,255,531		$	288,335,471
Gross appreciation	$	152,163,078		$	685,326		$	193,121,834		$	639,472		$	36,151,643		$	22,987,211		$	68,186,351
Gross (depreciation)		(11,140,454	)		(1,729,168	)		(55,208,165	)		(594,460	)		(3,358,623	)		(5,356,157	)		(8,314,056	)
Net appreciation (depreciation)	$	141,022,624		$	(1,043,842	)	$	137,913,669		$	45,012		$	32,793,020		$	17,631,054		$	59,872,295
	International Opportunities Fund			Large Cap Value Fund			Long/Short Fund			Micro Cap Fund			Micro Cap Value Fund			Small Cap Growth Fund			Small Cap Value Fund
Cost	$	160,526,095		$	1,265,384,707		$	1,183,662,020		$	230,814,799		$	115,303,488		$	1,235,864,474		$	152,424,340
Gross appreciation	$	31,173,920		$	288,707,592		$	63,321,774		$	92,800,607		$	25,769,514		$	534,937,201		$	29,687,206
Gross (depreciation)		(9,409,294	)		(103,283,518	)		(52,890,324	)		(27,675,346	)		(3,791,827	)		(50,046,688	)		(9,325,176	)
Net appreciation	$	21,764,626		$	185,424,074		$	10,431,450		$	65,125,261		$	21,977,687		$	484,890,513		$	20,362,030
	Strategic Income Fund			Ultra Growth Fund			World Innovators Fund			Income Fund			U.S. Treasury Fund
Cost	$	40,336,281		$	124,655,524		$	117,390,744		$	139,507,848		$	219,927,914
Gross appreciation	$	3,858,638		$	34,498,064		$	16,133,890		$	4,362,352		$	42,153,569
Gross (depreciation)		(1,961,696	)		(11,826,183	)		(3,087,540	)		(167,708	)		—
Net appreciation	$	1,896,942		$	22,671,881		$	13,046,350		$	4,194,644		$	42,153,569

The difference between book-basis and tax-basis unrealized gains are primarily attributable to the tax deferral of losses on wash sales, unrealized appreciation on passive foreign investment companies and other temporary tax adjustments.

7. TRANSACTIONS WITH AFFILIATES

If a Fund’s holding represents ownership of 5% or more of the voting securities of a company, the company is deemed to be an affiliate as defined by the 1940 Act. The following Funds conducted transactions during the period ended June 30, 2012 with an “affiliated company” as so defined:

	Share Activity								Dividends Credited to Income for the period ended 6/30/12		Gain (Loss) Realized on Sale of Shares for the period ended 6/30/12
	Balance 9/30/11		Purchases / Additions		Sales / Reductions		Balance 6/30/12
Long/Short Fund
Silicon Graphics International Corp.*		1,447,300		1,362,210		465,510		2,344,000	$	—	$	(2,809,326	)
Micro Cap Fund
Goldwater Bank, N.A.		154,000		—		—		154,000	$	—	$	—
Small Cap Growth Fund
Knight Transportation, Inc.		4,139,457		81,658		—		4,221,115	$	754,901	$	—
NeurogesX, Inc.		3,882,558		—		—		3,882,558		—		—
Power Integrations, Inc.		1,731,197		—		248,179		1,483,018		238,883		(789,831	)

* On December 22, 2011, a Schedule 13D was filed for Silicon Graphics International Corp. (“the Company”) on behalf of the Advisor and the Wasatch Long/Short Fund, including the portfolio managers Mike Shinnick and Ralph Shive (“Reporting Persons”).

8. 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, comprised of personnel of the Advisor, with oversight by the Board of Trustees and in accordance with Board-approved Pricing Policies and Procedures. If and when such securities are registered, the costs of registering such securities are paid by the issuer. At June 30, 2012, the Funds held the following restricted securities:

	Security Type	Acquisition Date	Acquisition Cost		Fair Value		Value as % of Net  Assets
Global Opportunities Fund
Cardica, Inc.	Warrants	9/25/09	$	5,000	$	25,200		0.02	%
Micro Cap Fund
Cardica, Inc.	Warrants	9/25/09	$	40,312	$	203,175		0.07	%
Goldwater Bank, N.A.	Common Stock	2/28/07		1,540,000		23,562		0.01	%
NeurogesX, Inc.	Warrants	7/21/11		18,169		1,454		—
			$	1,598,481	$	228,191		0.08	%
Micro Cap Value Fund
Acetylon Pharmaceuticals, Inc., Series B	Preferred Stock	2/3/11 - 5/25/12	$	499,999	$	625,262		0.46	%
Cardica, Inc.	Warrants	9/25/09		13,813		69,615		0.05	%
Goldwater Bank, N.A.	Common Stock	2/28/07		419,000		6,411		—
Idaho Trust Bancorp	Common Stock	8/30/06		500,004		175,001		0.13	%
NeurogesX, Inc.	Warrants	7/21/11		6,250		500		—
NeurogesX, Inc.	Warrants	12/28/07		3,800		—		—
			$	1,442,866	$	876,789		0.64	%
Small Cap Growth Fund
Greenspring Global Partners II-B, L.P.	LP Interest	10/10/03 - 11/23/11	$	4,543,853	$	5,006,329		0.29	%
Greenspring Global Partners III-B, L.P.	LP Interest	3/16/06 - 10/28/11		1,335,000		1,608,014		0.09	%
Nanosys, Inc., Series D	Preferred Stock	11/8/05		2,000,000		776,271		0.05	%
Nanosys, Inc., Series E	Preferred Stock	8/13/10		184,939		184,939		0.01	%
NeurogesX, Inc.	Warrants	7/21/11		242,660		19,413		—
Zonare Medical Systems, Inc.	Common Stock	6/30/04		1,500,000		247		—
			$	9,806,452	$	7,595,213		0.44	%
Strategic Income Fund
Redcorp Ventures Ltd., 13.00%, 7/11/12	Corporate Bonds	7/5/07	$	155,655	$	3,622		0.01	%
Star Asia Financial Ltd.	Common Stock	2/22/07 - 3/19/10		305,812		266,786		0.63	%
Star Asia SPV, LLC	LLC Membership Interest	3/19/10		467,362		112,055		0.26	%
			$	928,829	$	382,463		0.90	%
Ultra Growth Fund
Cardica, Inc.	Warrants	9/25/09	$	20,625	$	103,950		0.07	%
Data Sciences International, Inc., Series B	Preferred Stock	1/20/06		475,001		807,502		0.56	%
Greenspring Global Partners II-B, L.P.	LP Interest	10/10/03 - 11/23/11		4,089,467		4,503,459		3.10	%

	Security Type	Acquisition Date	Acquisition Cost		Fair Value		Value as % of Net  Assets
Greenspring Global Partners III-B, L.P.	LP Interest	3/16/06 - 10/28/11	$	1,335,000	$	1,608,014		1.11	%
Nanosys, Inc., Series D	Preferred Stock	11/8/05		500,001		194,068		0.13	%
Nanosys, Inc., Series E	Preferred Stock	8/13/10		46,235		46,235		0.03	%
NeurogesX, Inc.	Warrants	7/21/11		5,451		436		—
Ophthonix, Inc.	Common Stock	9/23/05		499,998		504		—
TherOx, Inc., Series I	Preferred Stock	7/7/05		1,000,000		36,585		0.03	%
Xtera Communications, Inc.	Common Stock	9/3/03		99,065		914		—
Zonare Medical Systems, Inc.	Common Stock	6/30/04		1,000,000		165		—
			$	9,070,843	$	7,301,832		5.03	%
World Innovators Fund
Cardica, Inc.	Warrants	9/25/09	$	8,937	$	45,045		0.03	%
Greenspring Global Partners II-B, L.P.	LP Interest	10/10/03 - 11/23/11		454,387		500,632		0.38	%
Xtera Communications, Inc.	Common Stock	9/3/03		7,076		65		—
			$	470,400	$	545,742		0.41	%

9. PURCHASE COMMITMENTS

In September 2003, the Small Cap Growth, Ultra Growth and World Innovators Funds entered into subscription agreements to acquire limited partnership interests in Greenspring Global Partners II-B, L.P. The remaining commitment amounts at June 30, 2012 were $400,000, $360,000 and $40,000, respectively.

In December 2005, the Small Cap Growth and Ultra Growth Funds entered into subscription agreements to acquire limited partnership interests in Greenspring Global Partners III-B, L.P. The remaining commitment amounts at June 30, 2012 were $165,000 per Fund.

Securities held by the Funds have been designated to meet these purchase commitments as indicated in the Schedules of Investments.

10. SECURITIES VALUATION

Equity securities (common and preferred stock) – Securities are valued as of the close of the New York Stock Exchange (generally 4:00 p.m. Eastern Time) on the valuation date. Equity securities are valued using a commercial pricing service at the last quoted sales price taken from the primary market in which each security trades and, with respect to equity securities traded on NASDAQ, such securities are valued using the NASDAQ Official Closing Price (“NOCP”) or last sales price if no NOCP is available. If there are no sales on the primary exchange or market on a given day, then the security is valued at the most recent bid price on the primary exchange or market as provided by a pricing service. In some instances, particularly on foreign exchanges, an official close or evaluated price may be used if the pricing service is unable to provide the last trade or most recent bid price. 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 (see Note 11). 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 generally apply equally to long or short equity positions in a Fund. However, if there are no sales on the primary exchange or market on a given day for a short equity position, then the security is valued at the most recent ask price on the primary exchange or market as provided by a pricing service.

Corporate debt securities – Investments are valued at current market value by a commercial 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 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 commercial 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 commercial 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 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.

Derivative instruments – Listed derivatives that are actively traded are valued based on quoted prices from the exchange and are 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 most recent bid price on the primary exchange or market as provided by a pricing service.

Restricted securities – If market quotations are not readily available for the Funds’ investments in securities such as restricted securities, private placements, securities for which trading has been halted or other illiquid securities, these investments are valued at fair value in accordance with Board-approved Pricing Policies and Procedures by the Pricing Committee of the Advisor (“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, 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.

As of June 30, 2012, the aggregate amount of fair valued securities, excluding any foreign securities fair valued pursuant to a systematic fair valuation model, as a percentage of net assets for the Funds was as follows:

Core Growth Fund	—
Emerging India Fund	—
Emerging Markets Small Cap Fund	5.87	%
Frontier Emerging Small Countries Fund	3.15	%
Global Opportunities Fund	0.02	%
Heritage Growth Fund	—
International Growth Fund	1.55	%
International Opportunities Fund	1.47	%
Large Cap Value Fund	—
Long/Short Fund	—
Micro Cap Fund	0.08	%
Micro Cap Value Fund	2.88	%
Small Cap Growth Fund	0.44	%
Small Cap Value Fund	—
Strategic Income Fund	0.27	%
Ultra Growth Fund	5.02	%
World Innovators Fund	0.42	%
Income Fund	—
U.S. Treasury Fund	—

11. FAIR VALUE MEASUREMENTS

The Funds use various methods to measure the fair value of most 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, representing 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.

The Funds’ policy is to recognize transfers between levels at the end of the reporting period.

The following is a summary of the fair valuations according to the inputs used as of June 30, 2012 in valuing the Funds’ assets and liabilities:

Fund	Category	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 6/30/12
Core Growth Fund
Assets
Common Stocks
	Consumer Finance	$	23,819,497	$	2,235,744	$	—	$	26,055,241
	Diversified Banks		—		17,440,186		—		17,440,186
	Semiconductors		16,642,265		6,013,195		—		22,655,460
	Specialized Finance		8,791,653		7,800,123		—		16,591,776
	Other		428,028,487		—		—		428,028,487
Preferred Stocks			3,729,359		—		—		3,729,359
Short-Term Investments			—		26,519,765		—		26,519,765
		$	481,011,261	$	60,009,013	$	—	$	541,020,274
Emerging India Fund
Assets
Common Stocks
	Heavy Electrical Equipment	$	250,689	$	—	$	—	$	250,689
	Internet Retail		236,263		—		—		236,263
	IT Consulting & Other Services		314,040		91,353		—		405,393
	Research & Consulting Services		156,947		—		—		156,947
	Thrifts & Mortgage Finance		349,498		806,712		—		1,156,210
	Other		—		9,772,894		—		9,772,894
		$	1,307,437	$	10,670,959	$	—	$	11,978,396
Emerging Markets Small Cap Fund
Assets
Common Stocks
	Apparel Retail	$	9,977,932	$	35,625,839	$	—	$	45,603,771
	Apparel, Accessories & Luxury Goods		14,749,092		28,745,246		—		43,494,338
	Asset Management & Custody Banks		11,970,240		—		—		11,970,240
	Highways & Railtracks		13,931,124		8,432,156		—		22,363,280
	IT Consulting & Other Services		11,583,537		—		—		11,583,537
	Marine Ports & Services		14,291,795		34,813,170		—		49,104,965
	Oil & Gas Exploration & Production		34,441,913		12,317,483		—		46,759,396
	Other Diversified Financial Services		15,544,738		—		—		15,544,738
	Personal Products		191,462		22,538,449		—		22,729,911
	Research & Consulting Services		12,109,676		—		—		12,109,676
	Specialized Finance		12,128,118		—		—		12,128,118
	Systems Software		13,249,254		—		—		13,249,254
	Thrifts & Mortgage Finance		9,772,804		14,334,492		—		24,107,296
	Trucking		13,822,146		—		—		13,822,146
	Other		—		793,024,130		—		793,024,130
Preferred Stocks
	Construction & Farm Machinery & Heavy Trucks		12,976,892		—		—		12,976,892
	Footwear		12,160,125		—		—		12,160,125
Short-Term Investments			—		98,486,548		—		98,486,548
		$	212,900,848	$	1,048,317,513	$	—	$	1,261,218,361
Frontier Emerging Small Countries Fund
Assets
Common Stocks
	Air Freight & Logistics	$	—	$	185,046	$	—	$	185,046
	Apparel Retail		—		642,227		—		642,227
	Auto Parts & Equipment		—		170,208		—		170,208
	Automobile Manufacturers		—		99,941		—		99,941
	Brewers		1,279,350		1,079,053		—		2,358,403
	Building Products		—		358,352		—		358,352
	Casinos & Gaming		—		287,474		—		287,474
	Coal & Consumable Fuels		—		38,971		—		38,971
	Construction Materials		—		93,606		—		93,606
	Consumer Finance		—		117,262		—		117,262
	Diversified Banks		691,742		308,579		—		1,000,321
	Food Retail		206,272		324,623		—		530,895
	General Merchandise Stores		—		105,186		—		105,186
	Gold		—		15,784		—		15,784
	Health Care Facilities		86,730		55,237		—		141,967
	Home Improvement Retail		—		43,675		—		43,675
	Household Products		752,986		64,615		—		817,601
	Human Resource & Employment Services		—		79,340		—		79,340
	Hypermarkets & Super Centers		114,709		21,083		—		135,792
	Industrial Gases		—		156,886		—		156,886
	Marine Ports & Services		—		79,347		—		79,347
	Oil & Gas Exploration & Production		59,148		211,269		—		270,417
	Packaged Foods & Meats		2,678,345		335,393		—		3,013,738
	Pharmaceuticals		286,908		164,052		—		450,960
	Restaurants		163,509		153,468		—		316,977
	Soft Drinks		—		231,093		—		231,093
	Specialized Finance		168,430		15,645		—		184,075
	Tobacco		—		1,352,172		—		1,352,172
	Wireless Telecommunication Services		—		145,412		—		145,412
	Other		1,816,646		—		—		1,816,646
Short-Term Investments			—		1,051,117		—		1,051,117
		$	8,304,775	$	7,986,116	$	—	$	16,290,891

Fund	Category	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 6/30/12
Global Opportunities Fund
Assets
Common Stocks
	Advertising	$	—	$	1,953,509	$	—	$	1,953,509
	Apparel Retail		—		1,195,814		—		1,195,814
	Apparel, Accessories & Luxury Goods		—		1,749,903		—		1,749,903
	Asset Management & Custody Banks		3,427,508		3,329,328		—		6,756,836
	Biotechnology		—		2,725,118		—		2,725,118
	Catalog Retail		—		685,042		—		685,042
	Coal & Consumable Fuels		—		1,224,589		—		1,224,589
	Commodity Chemicals		—		1,938,915		—		1,938,915
	Construction & Engineering		—		1,284,932		—		1,284,932
	Construction Materials		—		2,574,578		—		2,574,578
	Consumer Finance		2,614,625		1,406,889		—		4,021,514
	Data Processing & Outsourced Services		1,553,920		3,867,369		—		5,421,289
	Diversified Banks		—		3,317,239		—		3,317,239
	Drug Retail		—		1,701,278		—		1,701,278
	Electronic Equipment & Instruments		—		1,692,667		—		1,692,667
	Footwear		—		1,036,530		—		1,036,530
	General Merchandise Stores		2,541,619		1,305,167		—		3,846,786
	Gold		—		2,012,291		—		2,012,291
	Health Care Equipment		759,190		2,475,602		—		3,234,792
	Health Care Facilities		—		2,240,986		—		2,240,986
	Home Improvement Retail		—		1,544,214		—		1,544,214
	Industrial Machinery		2,966,474		3,922,046		—		6,888,520
	Internet Retail		1,573,501		1,471,846		—		3,045,347
	Life & Health Insurance		—		1,505,330		—		1,505,330
	Marine Ports & Services		—		2,142,438		—		2,142,438
	Oil & Gas Equipment & Services		1,847,397		1,043,707		—		2,891,104
	Oil & Gas Exploration & Production		3,218,099		2,532,931		—		5,751,030
	Packaged Foods & Meats		—		1,658,104		—		1,658,104
	Research & Consulting Services		1,885,706		1,955,207		—		3,840,913
	Specialized Finance		985,049		910,505		—		1,895,554
	Specialty Stores		1,997,805		1,537,819		—		3,535,624
	Thrifts & Mortgage Finance		—		1,646,173		—		1,646,173
	Trading Companies & Distributors		2,220,179		3,609,443		—		5,829,622
	Other		51,443,614		—		—		51,443,614
Warrants			8,856		—		25,200		34,056
Short-Term Investments			—		5,542,274		—		5,542,274
		$	79,043,542	$	70,739,783	$	25,200	$	149,808,525
Heritage Growth Fund
Assets
Common Stocks
	Specialized Finance	$	4,338,087	$	1,549,047	$	—	$	5,887,134
	Other		96,410,113		—		—		96,410,113
Short-Term Investments			—		9,589,338		—		9,589,338
		$	100,748,200	$	11,138,385	$	—	$	111,886,585

Fund	Category	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 6/30/12
International Growth Fund
Assets
Common Stocks
	Apparel Retail	$	3,084,533		$	3,402,524	$	—	$	6,487,057
	Application Software		4,199,199			2,529,898		—		6,729,097
	Asset Management & Custody Banks		2,750,305			7,266,674		—		10,016,979
	Casinos & Gaming		4,076,064			8,517,920		—		12,593,984
	Department Stores		2,953,351			3,664,541		—		6,617,892
	Fertilizers & Agricultural Chemicals		2,551,759			—		—		2,551,759
	Marine Ports & Services		3,329,042			6,412,043		—		9,741,085
	Oil & Gas Equipment & Services		6,641,714			4,165,119		—		10,806,833
	Oil & Gas Exploration & Production		6,274,360			6,345,551		—		12,619,911
	Real Estate Operating Companies		5,265,269			—		—		5,265,269
	Specialized Finance		2,410,085			—		—		2,410,085
	Thrifts & Mortgage Finance		3,569,010			4,893,571		—		8,462,581
	Other		—			221,366,521		—		221,366,521
Preferred Stocks			2,776,301			—		—		2,776,301
Short-Term Investments			—			29,762,412		—		29,762,412
		$	49,880,992		$	298,326,774	$	—	$	348,207,766
International Opportunities Fund
Assets
Common Stocks
	Apparel, Accessories & Luxury Goods	$	4,935,071		$	3,411,161	$	—	$	8,346,232
	Application Software		2,780,565			3,413,835		—		6,194,400
	Diversified Banks		1,870,488			2,574,931		—		4,445,419
	Food Retail		36,830			3,394,874		—		3,431,704
	Heavy Electrical Equipment		1,146,239			—		—		1,146,239
	Metal & Glass Containers		1,846,613			—		—		1,846,613
	Oil & Gas Exploration & Production		3,956,058			1,248,277		—		5,204,335
	Packaged Foods & Meats		4,470,534			12,894,195		—		17,364,729
	Regional Banks		1,011,872			—		—		1,011,872
	Research & Consulting Services		1,378,884			3,669,107		—		5,047,991
	Restaurants		2,088,445			6,379,990		—		8,468,435
	Specialized Finance		1,538,214			—		—		1,538,214
	Tires & Rubber		1,121,575			—		—		1,121,575
	Trucking		1,722,145			—		—		1,722,145
	Other		—			104,042,825		—		104,042,825
Short-Term Investments			—			11,357,993		—		11,357,993
		$	29,903,533		$	152,387,188	$	—	$	182,290,721
Large Cap Value Fund
Assets
Common Stocks		$	1,404,404,489		$	—	$	—	$	1,404,404,489
Short-Term Investments			—			46,404,292		—		46,404,292
		$	1,404,404,489		$	46,404,292	$	—	$	1,450,808,781
Long/Short Fund
Assets
Common Stocks		$	998,375,147		$	—	$	—	$	998,375,147
Short-Term Investments			—			195,718,323		—		195,718,323
		$	998,375,147		$	195,718,323	$	—	$	1,194,093,470
Liabilities
Securities Sold Short		$	(127,021,431	)	$	—	$	—	$	(127,021,431	)
		$	(127,021,431	)	$	—	$	—	$	(127,021,431	)

Fund	Category	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 6/30/12
Micro Cap Fund
Assets
Common Stocks
	Air Freight & Logistics	$	—	$	1,828,761	$	—	$	1,828,761
	Biotechnology		2,949,899		3,248,077		—		6,197,976
	Data Processing & Outsourced Services		5,410,495		5,170,877		—		10,581,372
	Diversified Banks		—		3,912,660		—		3,912,660
	Environmental & Facilities Services		3,033,726		1,948,108		—		4,981,834
	Health Care Equipment		14,374,769		3,673,065		—		18,047,834
	Semiconductors		15,343,014		2,683,501		—		18,026,515
	Specialized Finance		—		—		23,562		23,562
	Thrifts & Mortgage Finance		1,505,699		1,720,125		—		3,225,824
	Other		218,130,983		—		—		218,130,983
Preferred Stocks			2,031,879		—		—		2,031,879
Warrants			—		—		204,629		204,629
Short-Term Investments			—		8,746,231		—		8,746,231
		$	262,780,464	$	32,931,405	$	228,191	$	295,940,060
Micro Cap Value Fund
Assets
Common Stocks
	Apparel Retail	$	1,846,600	$	1,688,846	$	—	$	3,535,446
	Automotive Retail		990,000		988,092		—		1,978,092
	Casinos & Gaming		—		1,207,496		—		1,207,496
	Construction Materials		1,368,430		1,425,063		—		2,793,493
	Department Stores		—		186,835		—		186,835
	Diversified Banks		463,944		2,071,900		175,001		2,710,845
	Health Care Facilities		1,328,690		2,710,077		—		4,038,767
	Health Care Supplies		—		1,833,643		—		1,833,643
	Home Improvement Retail		1,452,970		1,632,242		—		3,085,212
	Hypermarkets & Super Centers		—		2,323,864		—		2,323,864
	Office REITs		—		1,719,486		—		1,719,486
	Oil & Gas Equipment & Services		—		577,135		—		577,135
	Packaged Foods & Meats		—		3,342,847		—		3,342,847
	Pharmaceuticals		—		538,063		—		538,063
	Specialized Finance		—		—		6,411		6,411
	Other		93,780,625		—		—		93,780,625
Preferred Stocks			—		—		625,262		625,262
Warrants			—		—		70,115		70,115
Short-Term Investments			—		12,927,538		—		12,927,538
Foreign Currency Exchange Contracts			—		151,397		—		151,397
		$	101,231,259	$	35,324,524	$	876,789	$	137,432,572
Small Cap Growth Fund
Assets
Common Stocks
	Air Freight & Logistics	$	22,353,572	$	17,400,174	$	—	$	39,753,746
	Data Processing & Outsourced Services		51,207,945		37,062,833		—		88,270,778
	Diversified Banks		24,840,059		27,983,512		—		52,823,571
	Environmental & Facilities Services		24,515,070		4,189,414		—		28,704,484
	Health Care Equipment		26,632,519		—		247		26,632,766
	Internet Retail		40,021,908		21,359,242		—		61,381,150
	Life Sciences Tools & Services		60,308,749		13,301,011		—		73,609,760
	Oil & Gas Equipment & Services		48,968,783		13,398,959		—		62,367,742
	Oil & Gas Exploration & Production		22,610,002		18,027,588		—		40,637,590
	Packaged Foods & Meats		103,018		20,269,019		—		20,372,037
	Personal Products		—		12,535,950		—		12,535,950
	Restaurants		35,354,134		12,929,423		—		48,283,557
	Other		1,031,989,226		—		—		1,031,989,226
Preferred Stocks			—		—		961,210		961,210
Limited Partnership Interest			—		—		6,614,343		6,614,343
Warrants			—		—		19,413		19,413
Short-Term Investments			—		125,797,664		—		125,797,664
		$	1,388,904,985	$	324,254,789	$	7,595,213	$	1,720,754,987

Fund	Category	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 6/30/12
Small Cap Value Fund
Assets
Common Stocks
	Diversified Banks	$	—	$	7,838,405	$	—	$	7,838,405
	Health Care Supplies		—		2,540,476		—		2,540,476
	Oil & Gas Equipment & Services		1,649,618		1,578,371		—		3,227,989
	Research & Consulting Services		8,448,028		2,027,423		—		10,475,451
	Other		144,901,851		—		—		144,901,851
Short-Term Investments			—		3,802,198		—		3,802,198
		$	154,999,497	$	17,786,873	$	—	$	172,786,370
Strategic Income Fund
Assets
Common Stocks
	Diversified REITs	$	—	$	266,786	$	—	$	266,786
	Other		33,667,736		—		—		33,667,736
Limited Liability Company Membership Interest			4,001,856		—		112,055		4,113,911
Corporate Bonds			—		—		3,622		3,622
Short-Term Investments			—		4,181,168		—		4,181,168
		$	37,669,592	$	4,447,954	$	115,677	$	42,233,223
Ultra Growth Fund
Assets
Common Stocks
	Auto Parts & Equipment	$	—	$	1,983,486	$	—	$	1,983,486
	Biotechnology		5,657,679		1,790,344		—		7,448,023
	Construction Materials		—		1,483,575		—		1,483,575
	Consumer Finance		4,767,754		940,818		—		5,708,572
	Data Processing & Outsourced Services		3,849,387		1,304,384		—		5,153,771
	Diversified Banks		765,644		6,157,257		—		6,922,901
	Health Care Equipment		7,005,156		—		165		7,005,321
	Internet Retail		4,268,067		853,106		—		5,121,173
	Internet Software & Services		9,425,646		—		914		9,426,560
	Packaged Foods & Meats		—		1,911,881		—		1,911,881
	Personal Products		—		—		504		504
	Restaurants		1,177,084		1,610,183		—		2,787,267
	Specialized Finance		1,042,271		1,905,280		—		2,947,551
	Thrifts & Mortgage Finance		—		1,035,123		—		1,035,123
	Other		79,805,285		—		—		79,805,285
Preferred Stocks
	Biotechnology		—		—		240,303		240,303
	Health Care Technology		—		—		844,087		844,087
Limited Partnership Interest			—		—		6,111,473		6,111,473
Warrants			—		—		104,386		104,386
Short-Term Investments			—		1,286,163		—		1,286,163
		$	117,763,973	$	22,261,600	$	7,301,832	$	147,327,405
World Innovators Fund
Assets
Common Stocks
	Application Software	$	—	$	563,701	$	—	$	563,701
	Automotive Retail		—		1,617,296		—		1,617,296
	Biotechnology		1,995,729		3,782,836		—		5,778,565
	Data Processing & Outsourced Services		14,986,916		765,421		—		15,752,337
	Environmental & Facilities Services		—		413,898		—		413,898
	Health Care Equipment		3,372,299		4,941,422		—		8,313,721
	Health Care Supplies		—		3,119,990		—		3,119,990
	Internet Retail		1,430,841		1,622,616		—		3,053,457
	Internet Software & Services		14,972,858		—		65		14,972,923
	Leisure Products		—		393,746		—		393,746
	Specialty Chemicals		—		759,926		—		759,926
	Trading Companies & Distributors		196,737		847,951		—		1,044,688
	Trucking		1,456,056		325,810		—		1,781,866

Fund	Category	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 6/30/12
	Other	$	55,121,154	$	—	$	—	$	55,121,154
Preferred Stocks			—		2,224,598		—		2,224,598
Limited Partnership Interest			—		—		500,632		500,632
Warrants			—		—		45,045		45,045
Short-Term Investments			—		14,979,551		—		14,979,551
		$	93,532,590	$	36,358,762	$	545,742	$	130,437,094
Income Fund
Assets
Asset Backed Securities		$	—	$	4,262,754	$	—	$	4,262,754
Collateralized Mortgage Obligations			—		32,016,118		—		32,016,118
Corporate Bonds			—		55,660,035		—		55,660,035
Municipal Bonds			—		1,926,593		—		1,926,593
Mutual Funds			824,876		—		—		824,876
Exchange Traded Funds			705,960		—		—		705,960
U.S. Government Agency Securities			—		28,843,518		—		28,843,518
U.S. Treasury Inflation Protected Bonds			—		2,973,391		—		2,973,391
U.S. Treasury Notes			—		13,595,451		—		13,595,451
Preferred Stocks			1,513,131		—		—		1,513,131
Short-Term Investments			—		1,380,665		—		1,380,665
		$	3,043,967	$	140,658,525	$	—	$	143,702,492
U.S. Treasury Fund
Assets
U.S. Government Obligations		$	—	$	256,446,433	$	—	$	256,446,433
Short-Term Investments			—		5,635,050		—		5,635,050
		$	—	$	262,081,483	$	—	$	262,081,483

The valuation techniques used by the Funds to measure fair value for the period ended June 30, 2012 maximized the use of observable inputs and minimized the use of unobservable inputs.

The table below shows the significant transfers between level 1 and level 2 due to fair valuation in certain foreign markets.

Fund	Transfers Out Of Level 1 at Market Value		Transfers Into Level 2 at Market Value
Assets
Core Growth Fund	$	7,800,123	$	7,800,123
Emerging India Fund		543,529		543,529
Emerging Markets Small Cap Fund		21,907,127		21,907,127
Global Opportunities Fund		2,568,610		2,568,610
Small Cap Growth Fund		20,269,019		20,269,019
Ultra Growth Fund		3,817,162		3,817,162

Fund	Transfers Out Of Level 2 at Market Value		Transfers Into Level 1 at Market Value
Assets
Emerging India Fund	$	156,947	$	156,947
International Growth Fund		5,618,512		5,618,512
International Opportunities Fund		6,895,875		6,895,875

The following is a reconciliation of the fair valuations using significant unobservable inputs (level 3) for the Funds during the period ended June 30, 2012:

Fund	Market Value Beginning Balance 9/30/2011		Purchases at Cost		Sales (Proceeds)			Accrued Discounts (Premiums)			Realized Gain/ (Loss)			Change in Unrealized Appreciation (Depreciation)			Transfers in at Market Value		Transfers out at Market Value		Market Value Ending Balance 6/30/2012		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at 6/30/2012
Global Opportunities Fund
Warrants	$	27,200	$	—	$	—		$	—		$	—		$	(2,000	)	$	—	$	—	$	25,200	$	(2,000	)
Micro Cap Fund
Common Stocks		55,440		—		—			—			—			(31,878	)		—		—		23,562		(31,878	)
Warrants		220,511		—		—			—			(19,380	)		2,044			1,454		—		204,629		2,044
		275,951		—		—			—			(19,380	)		(29,834	)		1,454		—		228,191		(29,834	)
Micro Cap Value Fund
Common Stocks		200,085		—		—			—			—			(18,673	)		—		—		181,412		(18,673	)
Preferred Stocks		249,997		250,002		—			—			—			125,263			—		—		625,262		125,263
Warrants		75,721		—		—			—			(9,302	)		3,196			500		—		70,115		3,196
		525,803		250,002		—			—			(9,302	)		109,786			500		—		876,789		109,786
Small Cap Growth Fund
Common Stocks		247		—		—			—			—			—			—		—		247		—
Preferred Stocks		8,424,480		—		(7,254,247	)		—			—			(209,023	)		—		—		961,210		(209,023	)
Limited Partnership Interest		6,271,172		160,000		—			—			—			183,171			—		—		6,614,343		183,171
Warrants		—		—		—			—			—			—			19,413		—		19,413		—
Rights		—		—		—			—			(406,537	)		406,537			—		—		—		406,537
		14,695,899		160,000		(7,254,247	)		—			(406,537	)		380,685			19,413		—		7,595,213		380,685
Strategic Income Fund
Limited Liability Company Membership Interest		154,558		—		(42,503	)		—			—			—			—		—		112,055		—
Corporate Bonds		5,054		—		(2,886	)		(100	)		681			873			—		—		3,622		(1,362	)
		159,612		—		(45,389	)		(100	)		681			873			—		—		115,677		(1,362	)

Fund	Market Value Beginning Balance 9/30/2011		Purchases at Cost		Sales (Proceeds)			Accrued Discounts (Premiums)			Realized Gain/ (Loss)			Change in Unrealized Appreciation (Depreciation)			Transfers in at Market Value		Transfers out at Market Value		Market Value Ending Balance 6/30/2012		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at 6/30/2012
Ultra Growth Fund
Common Stocks	$	1,583	$	—	$	—		$	—		$	—		$	—		$	—	$	—	$	1,583	$	—
Preferred Stocks		1,255,122		—		—			—			—			(170,732	)		—		—		1,084,390		(170,732	)
Limited Partnership Interest		5,786,902		150,000		—			—			—			174,571			—		—		6,111,473		174,571
Warrants		112,200		—		—			—			—			(8,250	)		436		—		104,386		(8,250	)
		7,155,807		150,000		—			—			—			(4,411	)		436		—		7,301,832		(4,411	)
World Innovators Fund
Common Stocks		65		—		—			—			—			—			—		—		65		—
Limited Partnership Interest		484,252		10,000		—			—			—			6,380			—		—		500,632		6,380
Warrants		48,620		—		—			—			—			(3,575	)		—		—		45,045		(3,575	)
		532,937		10,000		—			—			—			2,805			—		—		545,742		2,805
Income Fund
U.S. Government Agency Securities	$	674,288	$	—	$	(41,920	)	$	(1,200	)	$	(1,397	)	$	29,486		$	—	$	659,257	$	—	$	29,486

Quantitative Information About Level 3 Fair Value Measurements

Fund	Description	Fair Value at 6/30/12	Valuation Technique	Unobservable Input	Range
Ultra Growth Fund	Limited Partnership Interest	$6,111,473	Adjusted Net Asset Value (NAV)	Amortization Discount	0% - 5%

The Limited Partnership Interest is currently valued off of the March 31, 2012 NAV which is adjusted (1) for distributions since that time and (2) for a large direct holding within the fund of funds that recently completed an Initial Public Offering (IPO) and is currently restricted by a lock-up agreement. The direct holding is valued at a discount amortized to zero over the lock-up period.

The significant unobservable inputs used in the fair value measurement of the Fund's investments are listed above. Generally, a change in assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement.

Other information regarding the Funds is available in the Funds’ most recent Prospectus and Report to Shareholders. This information is available on the Funds’ website at www.wasatchfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov.

Item 2. 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 Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of this Form N-Q based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(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 (17 CFR 270.30a-3(d)) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

The certifications required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) 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/ Samuel S. Stewart, Jr.
	Samuel S. Stewart, Jr.
	President (principal executive officer) of Wasatch Funds Trust

Date: August 29, 2012

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/ Samuel S. Stewart, Jr.
	Samuel S. Stewart, Jr.
	President (principal executive officer) of Wasatch Funds Trust

Date: August 29, 2012

By:	/s/ Cindy B. Firestone
	Cindy B. Firestone
	Treasurer (principal financial officer) of Wasatch Funds Trust

Date: August 29, 2012