<strong>WASATCH</strong> <strong>FUNDS</strong> — Statements of Changes in Net Assets Six Months Ended March 31, 2015 (Unaudited) CORE GROWTH FUND Year Ended September 30, 2014 Six Months Ended March 31, 2015 (Unaudited) EMERGING INDIA FUND Year Ended September 30, 2014 Operations: Net investment income (loss) $ 723,356 $ (6,177,677) $ (503,238) $ (176,149) Net realized gain (loss) on investments, foreign currency transactions and foreign capital gains taxes 18,643,937 27,736,790 337,698 364,946 Change in unrealized appreciation (depreciation) on investments, foreign currency translations and deferred capital gains taxes 143,645,735 10,095,753 7,281,456 9,544,806 Net increase (decrease) in net assets resulting from operations 163,013,028 31,654,866 7,115,916 9,733,603 Dividends paid from: Investor Class Net investment income — — (29,439) — Net realized gains (22,822,588) (13,292,735) — — (22,822,588) (13,292,735) (29,439) — Institutional Class Net investment income — — — — Net realized gains (1,317,073) (446,532) — — (1,317,073) (446,532) — — Capital share transactions: Investor Class Shares sold 115,978,570 115,859,006 40,803,674 24,342,312 Shares issued to holders in reinvestment of dividends 22,299,104 12,976,194 28,983 — Shares redeemed (92,477,846) (211,661,828) (15,459,903) (5,867,945) Redemption fees 7,804 25,585 32,247 4,219 Net increase (decrease) 45,807,632 (82,801,043) 25,405,001 18,478,586 Institutional Class Shares sold 8,257,362 35,358,853 — — Shares issued to holders in reinvestment of dividends 1,317,073 440,938 — — Shares redeemed (2,409,925) (6,736,116) — — Redemption fees 89 1,298 — — Net increase (decrease) 7,164,599 29,064,973 — — Total increase (decrease) in net assets 191,845,598 (35,820,471) 32,491,478 28,212,189 Net assets: Beginning of period 908,455,015 944,275,486 44,149,769 15,937,580 End of period $ 1,100,300,613 $ 908,455,015 $ 76,641,247 $ 44,149,769 Undistributed net investment income (loss) included in net assets at end of period $ (4,482,121) $ (5,205,477) $ (907,185) $ (374,508) Capital share transactions — shares: Investor Class Shares sold 2,008,943 2,145,922 13,606,177 9,809,678 Shares issued to holders in reinvestment of dividends 385,598 235,867 10,029 — Shares redeemed (1,611,827) (3,921,819) (5,208,513) (2,585,822) Net increase (decrease) in shares outstanding 782,714 (1,540,030) 8,407,693 7,223,856 Institutional Class Shares sold 139,923 657,897 — — Shares issued to holders in reinvestment of dividends 22,720 7,998 — — Shares redeemed (41,228) (124,326) — — Net increase (decrease) in shares outstanding 121,415 541,569 — — See Notes to Financial Statements. 104
MARCH 31, 2015 (UNAUDITED) Six Months Ended March 31, 2015 (Unaudited) EMERGING MARKETS SELECT FUND Year Ended September 30, 2014 Six Months Ended March 31, 2015 (Unaudited) EMERGING MARKETS SMALL CAP FUND Year Ended September 30, 2014 Six Months Ended March 31, 2015 (Unaudited) FRONTIER EMERGING SMALL COUNTRIES FUND Year Ended September 30, 2014 $ (216,615) $ (13,125) $ (8,866,932) $ (4,636,032) $ (4,192,055) $ 8,757,360 (59,699) (599,872) 6,697,909 7,560,059 (25,066,037) 16,000,201 (357,850) 5,414,601 (26,585,760) 71,426,344 (90,601,069) 90,644,068 (634,164) 4,801,604 (28,754,783) 74,350,371 (119,859,161) 115,401,629 (85,929) (21,719) (1,814,628) — (6,526,410) (1,526,061) — — — (38,681,435) (19,311,554) — (85,929) (21,719) (1,814,628) (38,681,435) (25,837,964) (1,526,061) (151,968) (64,529) — — — — — — — — — — (151,968) (64,529) — — — — 5,320,830 11,991,899 91,851,387 347,159,450 301,475,247 717,734,281 85,177 21,418 1,494,676 32,124,819 24,103,894 1,410,893 (4,174,628) (17,169,685) (274,351,104) (742,856,437) (283,400,313) (239,125,817) 201 1,504 9,416 103,958 12,873 105,062 1,231,580 (5,154,864) (180,995,625) (363,468,210) 42,191,701 480,124,419 2,709,910 4,995,578 — — — — 151,968 63,952 — — — — (3,639,552) (4,047,799) — — — — 1,030 82 — — — — (776,644) 1,011,813 — — — — (417,125) 572,305 (211,565,036) (327,799,274) (103,505,424) 593,999,987 58,807,956 58,235,651 1,457,881,851 1,785,681,125 1,324,694,295 730,694,308 $ 58,390,831 $ 58,807,956 $ 1,246,316,815 $ 1,457,881,851 $ 1,221,188,871 $ 1,324,694,295 $ (500,119) $ (45,607) $ (21,301,055) $ (10,619,495) $ (4,318,082) $ 6,400,383 518,837 1,205,798 34,372,617 129,784,853 97,489,994 227,204,205 8,392 2,201 561,908 12,214,760 7,800,613 458,082 (407,123) (1,710,416) (102,123,210) (279,567,746) (91,567,522) (75,182,416) 120,106 (502,417) (67,188,685) (137,568,133) 13,723,085 152,479,871 261,466 500,828 — — — — 14,899 6,539 — — — — (345,392) (395,228) — — — — (69,027) 112,139 — — — — 105
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2015 SEMI-ANNUAL REPORT AND QUARTER
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TABLE OF CONTENTS Letter to Shareho
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MARCH 31, 2015 (UNAUDITED) Moreover
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WASATCH CORE GROWTH FUND (WGROX / W
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WASATCH EMERGING INDIA FUND (WAINX)
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WASATCH EMERGING MARKETS SELECT FUN
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WASATCH EMERGING MARKETS SMALL CAP
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WASATCH FRONTIER EMERGING SMALL COU
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WASATCH GLOBAL OPPORTUNITIES FUND (
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WASATCH HERITAGE GROWTH FUND (WAHGX
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WASATCH INTERNATIONAL GROWTH FUND (
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WASATCH INTERNATIONAL OPPORTUNITIES
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WASATCH LARGE CAP VALUE FUND (FMIEX
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WASATCH LONG/SHORT FUND (FMLSX / WI
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WASATCH MICRO CAP FUND (WMICX) —
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WASATCH MICRO CAP VALUE FUND (WAMVX
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WASATCH SMALL CAP GROWTH FUND (WAAE
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WASATCH SMALL CAP VALUE FUND (WMCVX
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WASATCH STRATEGIC INCOME FUND (WASI
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WASATCH ULTRA GROWTH FUND (WAMCX)
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WASATCH WORLD INNOVATORS FUND (WAGT
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WASATCH-1ST SOURCE INCOME FUND (FME
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WASATCH-HOISINGTON U.S. TREASURY FU
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WASATCH FUNDS —OPERATING EXPENSES
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MARCH 31, 2015 (UNAUDITED) Fund/Cla
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MARCH 31, 2015 (UNAUDITED) Shares V
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MARCH 31, 2015 (UNAUDITED) Shares V
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- Page 89 and 90: WASATCH WORLD INNOVATORS FUND (WAGT
- Page 91 and 92: WASATCH-1ST SOURCE INCOME FUND (FME
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