<strong>WASATCH</strong> <strong>FUNDS</strong> — Statements of Changes in Net Assets (continued) GLOBAL OPPORTUNITIES FUND Six Months Ended March 31, 2015 (Unaudited) Year Ended September 30, 2014 Six Months Ended March 31, 2015 (Unaudited) HERITAGE GROWTH FUND Year Ended September 30, 2014 Operations: Net investment income (loss) $ (1,183,508) $ (1,764,940) $ (32,435) $ (666,848) Net realized gain (loss) on investments, foreign currency transactions and foreign capital gains taxes 9,718,978 26,427,867 58,790,101 6,792,351 Change in unrealized appreciation (depreciation) on investments, foreign currency translations and deferred capital gains taxes 1,645,279 (16,328,571) (43,349,768) 2,762,540 Net increase (decrease) in net assets resulting from operations 10,180,749 8,334,356 15,407,898 8,888,043 Dividends paid from: Investor Class Net investment income (470,408) (189,507) (5,401) (3) Net realized gains (26,548,276) (23,360,745) (63,415,372) (3,055,839) (27,018,684) (23,550,252) (63,420,773) (3,055,842) Institutional Class Net investment income — — — — Net realized gains — — — — — — — — Capital share transactions: Investor Class Shares sold 13,840,510 38,477,656 2,958,312 10,748,476 Shares issued to holders in reinvestment of dividends 26,821,337 23,300,598 62,103,726 3,008,392 Shares redeemed (33,508,520) (74,373,069) (61,339,029) (20,998,564) Redemption fees 3,229 14,624 445 7,381 Net increase (decrease) 7,156,556 (12,580,191) 3,723,454 (7,234,315) Institutional Class Shares sold — — — — Shares issued to holders in reinvestment of dividends — — — — Shares redeemed — — — — Redemption fees — — — — Net decrease — — — — Total increase (decrease) in net assets (9,681,379) (27,796,087) (44,289,421) (1,402,114) Net assets: Beginning of period 192,664,150 220,460,237 119,468,557 120,870,671 End of period $ 182,982,771 $ 192,664,150 $ 75,179,136 $ 119,468,557 Undistributed net investment income (loss) included in net assets at end of period $ (3,011,723) $ (1,357,807) $ (37,836) $ Capital share transactions — shares: Investor Class Shares sold 3,564,128 8,688,395 205,128 675,554 Shares issued to holders in reinvestment of dividends 7,229,471 5,368,811 9,131,381 188,735 Shares redeemed (8,421,380) (17,155,917) (5,244,186) (1,317,749) Net increase (decrease) in shares outstanding 2,372,219 (3,098,711) 4,092,323 (453,460) Institutional Class Shares sold — — — — Shares issued to holders in reinvestment of dividends — — — — Shares redeemed — — — — Net decrease in shares outstanding — — — — See Notes to Financial Statements. 106
MARCH 31, 2015 (UNAUDITED) INTERNATIONAL GROWTH FUND Six Months Ended March 31, 2015 (Unaudited) Year Ended September 30, 2014 INTERNATIONAL OPPORTUNITIES FUND Six Months Ended March 31, 2015 Year Ended (Unaudited) September 30, 2014 Six Months Ended March 31, 2015 (Unaudited) LARGE CAP VALUE FUND Year Ended September 30, 2014 $ (4,622,346) $ (877,249) $ (1,572,179) $ (1,305,624) $ 2,747,722 $ 8,534,068 (1,592,494) 15,327,889 9,041,268 35,150,911 15,421,996 154,870,921 63,489,841 (88,535,593) (2,091,908) 906,191 (14,473,072) (83,122,286) 57,275,001 (74,084,953) 5,377,181 34,751,478 3,696,646 80,282,703 (284,964) — — — (2,561,014) (8,959,912) (8,896,949) (35,584,097) (32,985,697) (18,321,459) (90,487,206) (220,160,713) (9,181,913) (35,584,097) (32,985,697) (18,321,459) (93,048,220) (229,120,625) — — — — (42,684) (170,579) — — — — (1,885,955) (3,657,318) — — — — (1,928,639) (3,827,897) 172,062,407 813,164,902 112,664,057 101,294,846 7,495,631 37,422,394 8,765,593 32,446,727 32,189,321 17,919,621 91,930,375 224,799,356 (327,463,513) (641,869,274) (30,951,601) (74,216,881) (106,877,176) (489,674,350) 13,319 81,566 4,244 15,807 757 17,989 (146,622,194) 203,823,921 113,906,021 45,013,393 (7,450,413) (227,434,611) — — — — 116,565 612,575 — — — — 1,918,724 3,810,756 — — — — (5,131,414) (9,439,909) — — — — — 27 — — — — (3,096,125) (5,016,551) (98,529,106) 94,154,871 86,297,505 61,443,412 (101,826,751) (385,116,981) 1,421,086,142 1,326,931,271 339,659,217 278,215,805 417,237,012 802,353,993 $ 1,322,557,036 $ 1,421,086,142 $ 425,956,722 $ 339,659,217 $ 315,410,261 $ 417,237,012 $ (7,326,625) $ (2,419,315) $ (1,592,904) $ (20,725) $ 121,672 $ (22,352) 6,415,188 28,317,499 40,171,207 33,826,542 682,246 2,671,871 333,419 1,128,974 12,055,926 6,265,602 9,345,197 18,290,490 (12,340,173) (22,521,529) (10,805,737) (24,700,939) (9,873,514) (36,210,359) (5,591,566) 6,924,944 41,421,396 15,391,205 153,929 (15,247,998) — — — — 11,841 43,989 — — — — 195,021 310,272 — — — — (524,527) (650,406) — — — — (317,665) (296,145) 107
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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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MARCH 31, 2015 (UNAUDITED) At March
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