<strong>WASATCH</strong> <strong>FUNDS</strong> — Statements of Operations (continued) INTERNATIONAL OPPORTUNITIES FUND LARGE CAP VALUE FUND LONG/SHORT FUND Investment Income: Interest $ — $ — $ — Dividends 1 Unaffiliated issuers 2,339,254 4,764,181 28,019,993 Total investment income 2,339,254 4,764,181 28,019,993 Expenses: Investment advisory fees 3,386,143 1,650,541 13,373,499 Shareholder servicing fees — Investor Class 489,434 279,733 1,016,191 Shareholder servicing fees — Institutional Class — 6,160 9,308 Fund administration fees 23,421 24,560 168,577 Fund accounting fees 28,944 18,064 96,784 Reports to shareholders — Investor Class 42,092 23,049 66,966 Reports to shareholders — Institutional Class — 1,411 35,006 Custody fees 176,782 5,573 47,312 Federal and state registration fees — Investor Class 9,623 7,352 25,778 Federal and state registration fees — Institutional Class — 3,788 13,638 Legal fees 5,073 6,901 47,362 Trustees’ fees 13,556 15,912 104,288 Dividends on securities sold short — — 2,725,586 Interest 3,422 5,432 857,946 Audit fees 14,618 15,806 14,754 Other expenses 17,534 11,269 44,782 Total expenses before reimbursement 4,210,642 2,075,551 18,647,777 Recoupment (Reimbursement) of expenses by Advisor (299,209) (59,092) — Net Expenses 3,911,433 2,016,459 18,647,777 Net Investment Income (Loss) (1,572,179) 2,747,722 9,372,216 Realized and Unrealized Gain (Loss): Net realized gain (loss) on investments and foreign currency transactions Unaffiliated issuers 9,041,268 15,421,996 155,534,430 Affiliated issuers — — (6,307,561) Net realized gain (loss) on options written — — (1,377,491) Net realized loss on short positions — — (17,013,704) Realized foreign capital gains taxes — — — Change in unrealized appreciation (depreciation) on investments, options and foreign currency translations (2,479,419) (14,473,072) (252,453,156) Change in deferred foreign capital gains taxes 387,511 — — Net gain (loss) on investments 6,949,360 948,924 (121,617,482) Net Increase (Decrease) in Net Assets Resulting from Operations $ 5,377,181 $ 3,696,646 $ (112,245,266) 1Net of $247,366, $32,983, $110,001, $23,373, $18,888, $39,895, $0 and $13,654 in foreign withholding taxes, respectively. See Notes to Financial Statements. 100
FOR THE SIX MONTHS ENDED MARCH 31, 2015 (UNAUDITED) MICRO CAP FUND MICRO CAP VALUE FUND SMALL CAP GROWTH FUND SMALL CAP VALUE FUND STRATEGIC INCOME FUND $ — $ — $ 3,811 $ — $ — 2,581,444 1,601,470 5,416,332 4,000,555 2,543,724 2,581,444 1,601,470 5,420,143 4,000,555 2,543,724 2,673,769 1,365,487 11,494,064 1,408,933 402,450 111,951 104,581 1,703,450 157,703 72,384 — — — 6,369 — 20,595 10,506 154,972 18,982 7,765 19,540 16,108 94,394 17,277 9,180 9,937 10,491 132,547 13,833 6,212 — — — 1,294 — 17,959 22,147 208,991 21,948 1,879 8,250 8,397 24,897 12,369 8,622 — — — 3,938 — 4,477 2,350 34,052 5,307 1,615 11,932 6,279 89,602 11,085 4,251 — — — — — 2,980 5,768 23,150 2,891 1,120 15,175 16,950 14,842 14,843 14,467 11,879 10,596 45,094 12,074 4,295 2,908,444 1,579,660 14,020,055 1,708,846 534,240 — (53,211) — (7,702) 10,028 2,908,444 1,526,449 14,020,055 1,701,144 544,268 (327,000) 75,021 (8,599,912) 2,299,411 1,999,456 15,613,109 8,675,116 117,715,276 8,969,000 1,381,210 — — (53,969) — — — 272,422 — — — — — — — — — (32,961) — (34,167) — 34,295,025 9,281,781 221,664,443 23,501,957 1,968,281 (324,844) (122,968) — 120,726 — 49,583,290 18,073,390 339,325,750 32,557,516 3,349,491 $ 49,256,290 $ 18,148,411 $ 330,725,838 $ 34,856,927 $ 5,348,947 101
- Page 1:
2015 SEMI-ANNUAL REPORT AND QUARTER
- Page 5 and 6:
TABLE OF CONTENTS Letter to Shareho
- Page 7 and 8:
MARCH 31, 2015 (UNAUDITED) Moreover
- Page 9 and 10:
WASATCH CORE GROWTH FUND (WGROX / W
- Page 11 and 12:
WASATCH EMERGING INDIA FUND (WAINX)
- Page 13 and 14:
WASATCH EMERGING MARKETS SELECT FUN
- Page 15 and 16:
WASATCH EMERGING MARKETS SMALL CAP
- Page 17 and 18:
WASATCH FRONTIER EMERGING SMALL COU
- Page 19 and 20:
WASATCH GLOBAL OPPORTUNITIES FUND (
- Page 21 and 22:
WASATCH HERITAGE GROWTH FUND (WAHGX
- Page 23 and 24:
WASATCH INTERNATIONAL GROWTH FUND (
- Page 25 and 26:
WASATCH INTERNATIONAL OPPORTUNITIES
- Page 27 and 28:
WASATCH LARGE CAP VALUE FUND (FMIEX
- Page 29 and 30:
WASATCH LONG/SHORT FUND (FMLSX / WI
- Page 31 and 32:
WASATCH MICRO CAP FUND (WMICX) —
- Page 33 and 34:
WASATCH MICRO CAP VALUE FUND (WAMVX
- Page 35 and 36:
WASATCH SMALL CAP GROWTH FUND (WAAE
- Page 37 and 38:
WASATCH SMALL CAP VALUE FUND (WMCVX
- Page 39 and 40:
WASATCH STRATEGIC INCOME FUND (WASI
- Page 41 and 42:
WASATCH ULTRA GROWTH FUND (WAMCX)
- Page 43 and 44:
WASATCH WORLD INNOVATORS FUND (WAGT
- Page 45 and 46:
WASATCH-1ST SOURCE INCOME FUND (FME
- Page 47 and 48:
WASATCH-HOISINGTON U.S. TREASURY FU
- Page 49 and 50:
WASATCH FUNDS —OPERATING EXPENSES
- Page 51 and 52:
MARCH 31, 2015 (UNAUDITED) Fund/Cla
- Page 53 and 54: MARCH 31, 2015 (UNAUDITED) Shares V
- Page 55 and 56: MARCH 31, 2015 (UNAUDITED) Shares V
- Page 57 and 58: MARCH 31, 2015 (UNAUDITED) At March
- Page 59 and 60: MARCH 31, 2015 (UNAUDITED) Shares V
- Page 61 and 62: WASATCH FRONTIER EMERGING SMALL COU
- Page 63 and 64: MARCH 31, 2015 (UNAUDITED) Principa
- Page 65 and 66: MARCH 31, 2015 (UNAUDITED) Shares V
- Page 67 and 68: WASATCH INTERNATIONAL GROWTH FUND (
- Page 69 and 70: WASATCH INTERNATIONAL OPPORTUNITIES
- Page 71 and 72: MARCH 31, 2015 (UNAUDITED) Shares V
- Page 73 and 74: WASATCH LARGE CAP VALUE FUND (FMIEX
- Page 75 and 76: MARCH 31, 2015 (UNAUDITED) Principa
- Page 77 and 78: MARCH 31, 2015 (UNAUDITED) Shares V
- Page 79 and 80: MARCH 31, 2015 (UNAUDITED) Shares V
- Page 81 and 82: WASATCH SMALL CAP GROWTH FUND (WAAE
- Page 83 and 84: WASATCH SMALL CAP VALUE FUND (WMCVX
- Page 85 and 86: WASATCH STRATEGIC INCOME FUND (WASI
- Page 87 and 88: WASATCH ULTRA GROWTH FUND (WAMCX)
- Page 89 and 90: WASATCH WORLD INNOVATORS FUND (WAGT
- Page 91 and 92: WASATCH-1ST SOURCE INCOME FUND (FME
- Page 93 and 94: MARCH 31, 2015 (UNAUDITED) Shares V
- Page 95 and 96: (This page intentionally left blank
- Page 97 and 98: MARCH 31, 2015 (UNAUDITED) EMERGING
- Page 99 and 100: MARCH 31, 2015 (UNAUDITED) MICRO CA
- Page 101 and 102: (This page intentionally left blank
- Page 103: FOR THE SIX MONTHS ENDED MARCH 31,
- Page 107 and 108: (This page intentionally left blank
- Page 109 and 110: MARCH 31, 2015 (UNAUDITED) Six Mont
- Page 111 and 112: MARCH 31, 2015 (UNAUDITED) INTERNAT
- Page 113 and 114: MARCH 31, 2015 (UNAUDITED) Six Mont
- Page 115 and 116: MARCH 31, 2015 (UNAUDITED) Six Mont
- Page 117 and 118: (for a share outstanding throughout
- Page 119 and 120: (for a share outstanding throughout
- Page 121 and 122: (for a share outstanding throughout
- Page 123 and 124: WASATCH FUNDS — Notes to Financia
- Page 125 and 126: MARCH 31, 2015 (UNAUDITED) option t
- Page 127 and 128: MARCH 31, 2015 (UNAUDITED) The Fund
- Page 129 and 130: MARCH 31, 2015 (UNAUDITED) Affiliat
- Page 131 and 132: MARCH 31, 2015 (UNAUDITED) 12. LINE
- Page 133 and 134: MARCH 31, 2015 (UNAUDITED) Short-Te
- Page 135 and 136: MARCH 31, 2015 (UNAUDITED) Fund Cat
- Page 137 and 138: MARCH 31, 2015 (UNAUDITED) Fund Mar
- Page 139 and 140: MARCH 31, 2015 (UNAUDITED) 16. FAIR
- Page 141 and 142: WASATCH FUNDS — Supplemental Info
- Page 143 and 144: MARCH 31, 2015 (UNAUDITED) PROXY VO
- Page 145 and 146: MARCH 31, 2015 (UNAUDITED) Independ
- Page 147 and 148: MARCH 31, 2015 (UNAUDITED) In their
- Page 149 and 150: MARCH 31, 2015 (UNAUDITED) affiliat
- Page 152: 5 www.WasatchFunds.com 800.551.1700