<strong>WASATCH</strong> GLOBAL OPPORTUNITIES FUND (WAGOX) — Schedule of Investments Shares Value Shares Value COMMON STOCKS 100.8% Air Freight & Logistics 1.0% 65,045 Echo Global Logistics, Inc.* $ 1,773,127 Airlines 4.3% 23,923 Allegiant Travel Co. 4,600,154 42,672 Spirit Airlines, Inc.* 3,301,106 7,901,260 AirportServices1.8% 666,125 Grupo Aeroportuario del Centro Norte S.A.B. de C.V.* (Mexico) 3,246,221 Apparel, Accessories & Luxury Goods 1.4% 77,545 Salvatore Ferragamo Italia S.p.A. (Italy) 2,483,161 Application Software 1.6% 16,839 Ultimate Software Group, Inc.* 2,861,872 Asset Management & Custody Banks 0.5% 6,678 Virtus Investment Partners, Inc. 873,282 Biotechnology 3.8% 11,427 Medy-Tox, Inc. (Korea) 3,385,511 101,678 Seattle Genetics, Inc.* 3,594,317 6,979,828 Construction & Engineering 0.9% 157,103 Promotora y Operadora de Infraestructura S.A.B. de C.V.* (Mexico) 1,674,158 Construction Materials 0.9% 303,920 Cemex Latam Holdings S.A.* (Colombia) 1,578,204 Consumer Finance 8.2% 1,054,012 Credito Real S.A.B. de C.V. SOFOM (Mexico) 2,481,668 324,552 Mahindra & Mahindra Financial Services Ltd. (India) 1,309,488 49,122 PRA Group, Inc.* 2,668,307 97,171 Shriram City Union Finance Ltd. (India) 3,058,853 126,917 Shriram Transport Finance Co. Ltd. (India) 2,250,916 2,752,500 Srisawad Power 1979 Public Co. Ltd.* (Thailand) 3,298,940 15,068,172 Data Processing & Outsourced Services 4.2% 63,450 Syntel, Inc.* 3,282,268 105,670 Wirecard AG (Germany) 4,466,325 7,748,593 Diversified Banks 0.8% 703,254 National Bank of Ras Al-Khaimah (United Arab Emirates) 1,541,342 Diversified Chemicals 1.1% 209,124 Pidilite Industries Ltd. (India) 2,004,984 Diversified Real Estate Activities 1.4% 140,138 Patrizia Immobilien AG* (Germany) 2,511,631 Diversified Support Services 1.0% 49,276 Copart, Inc.* 1,851,299 Drug Retail 1.5% 17,170 Cosmos Pharmaceutical Corp. (Japan) 2,687,130 Electronic Manufacturing Services 2.1% 41,842 IPG Photonics Corp.* 3,878,753 Health Care Facilities 2.9% 83,630 Apollo Hospitals Enterprise Ltd. (India) $ 1,818,094 40,281 Ensign Group, Inc. (The) 1,887,568 467,190 Life Healthcare Group Holdings Ltd. (South Africa) 1,628,540 5,334,202 Health Care Services 2.3% 56,069 ExamWorks Group, Inc.* 2,333,592 39,949 IPC Healthcare Inc.* 1,863,221 4,196,813 Homefurnishing Retail 1.1% 29,097 Mattress Firm Holding Corp.* 2,026,315 Household Products 1.7% 36,538 Pigeon Corp. (Japan) 3,079,995 Industrial Machinery 1.7% 11,722 IDEX Corp. 888,879 59,825 Rotork plc (United Kingdom) 2,201,608 3,090,487 Internet Retail 2.8% 140,956 MakeMyTrip Ltd.* (India) 3,095,394 68,380 Vipshop Holdings Ltd. ADR* (China) 2,013,107 5,108,501 Internet Software & Services 9.7% 18,101 Cimpress N.V.* 1,527,362 112,934 Cornerstone OnDemand, Inc.* 3,262,663 77,510 Dealertrack Technologies, Inc.* 2,985,685 40,534 Envestnet, Inc.* 2,273,147 26,976 MercadoLibre, Inc. (Brazil) 3,305,100 155,400 SMS Co. Ltd. (Japan) 2,088,671 21,645 SPS Commerce, Inc.* 1,452,380 63,761 Xoom Corp.* 936,649 17,831,657 IT Consulting & Other Services 2.9% 174,080 HCL Technologies Ltd. (India) 2,733,819 246,952 Tech Mahindra Ltd. (India) 2,492,358 5,226,177 Leisure Facilities 1.4% 35,779 Life Time Fitness, Inc.* 2,538,878 Leisure Products 1.6% 378,878 Merida Industry Co. Ltd. (Taiwan) 2,978,715 Life & Health Insurance 1.0% 265,064 Max India Ltd. (India) 1,842,450 Life Sciences Tools & Services 1.8% 76,931 Fluidigm Corp.* 3,238,795 Managed Health Care 1.7% 441,290 Qualicorp S.A.* (Brazil) 3,129,765 Marine Ports & Services 1.8% 1,390,825 International Container Terminal Services, Inc. (Philippines) 3,360,383 Oil & Gas Equipment & Services 0.6% 48,404 TGS-NOPEC Geophysical Co. ASA (Norway) 1,074,309 Oil & Gas Exploration & Production 0.4% 85,900 Northern Oil and Gas, Inc.* 662,289 60
MARCH 31, 2015 (UNAUDITED) Shares Value Shares Value Packaged Foods & Meats 2.7% 76,321 Calbee, Inc. (Japan) $ 3,321,763 15,636 GlaxoSmithKline Consumer Healthcare Ltd. (India) 1,574,062 4,895,825 Personal Products 0.9% 27,455 Nu Skin Enterprises, Inc., Class A 1,653,066 Pharmaceuticals 7.5% 39,054 Dr. Reddy’s Laboratories Ltd. (India) 2,177,944 48,689 Intra-Cellular Therapies, Inc.* 1,162,694 116,332 Lupin Ltd. (India) 3,717,884 3,184,358 Marksans Pharma Ltd. (India) 3,142,061 55,368 Natco Pharma Ltd. (India) 1,862,373 263,452 TWi Pharmaceuticals, Inc.* (Taiwan) 1,742,875 13,805,831 Publishing 2.4% 194,043 Next Co. Ltd. (Japan) 1,936,628 57,439 Rightmove plc (United Kingdom) 2,556,522 4,493,150 Regional Banks 1.4% 20,367 Signature Bank* 2,639,156 Research & Consulting Services 1.0% 15,617 IHS, Inc., Class A* 1,776,590 Restaurants 1.1% 170,763 Domino’s Pizza Group plc (United Kingdom) 1,966,670 Semiconductor Equipment 1.1% 110,563 PDF Solutions, Inc.* 1,981,289 Semiconductors 2.1% 38,143 Microchip Technology, Inc. 1,865,193 38,386 Power Integrations, Inc. 1,999,143 3,864,336 Soft Drinks 1.2% 132,686 Coca-Cola Icecek A.S. (Turkey) 2,244,198 Thrifts & Mortgage Finance 0.4% 20,413 Home Capital Group, Inc. (Canada) 685,751 Trading Companies & Distributors 2.3% 58,339 MISUMI Group, Inc. (Japan) 2,359,146 52,267 MonotaRO Co. Ltd. (Japan) 1,900,063 4,259,209 Trucking 3.6% 133,766 Knight Transportation, Inc. 4,313,953 29,799 Old Dominion Freight Line, Inc.* 2,303,463 6,617,416 Wireless Telecommunication Services 1.2% 3,087,642 PT Tower Bersama Infrastructure Tbk (Indonesia) $ 2,237,507 Total Common Stocks (cost $137,290,433) 184,502,742 Total Investments (cost $137,290,433) 100.8% 184,502,742 Liabilities less Other Assets (0.8%) (1,519,971) NET ASSETS 100.0% $182,982,771 *Non-income producing. ADR American Depositary Receipt. See Notes to Financial Statements. At March 31, 2015, Wasatch Global Opportunities Fund’s investments were in the following countries: Country % Brazil 3.5 Canada 0.4 China 1.1 Colombia 0.9 Germany 3.8 India 17.9 Indonesia 1.2 Italy 1.4 Japan 9.4 Korea 1.8 Mexico 4.0 Norway 0.6 Philippines 1.8 South Africa 0.9 Taiwan 2.6 Thailand 1.8 Turkey 1.2 United Arab Emirates 0.8 United Kingdom 3.6 United States 41.3 TOTAL 100.0% 61
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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)
- Page 13 and 14: WASATCH EMERGING MARKETS SELECT FUN
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- 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
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- Page 69 and 70: WASATCH INTERNATIONAL OPPORTUNITIES
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- Page 73 and 74: WASATCH LARGE CAP VALUE FUND (FMIEX
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- 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
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- Page 103 and 104: FOR THE SIX MONTHS ENDED MARCH 31,
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MARCH 31, 2015 (UNAUDITED) Six Mont
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(for a share outstanding throughout
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(for a share outstanding throughout
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(for a share outstanding throughout
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WASATCH FUNDS — Notes to Financia
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MARCH 31, 2015 (UNAUDITED) option t
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MARCH 31, 2015 (UNAUDITED) The Fund
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MARCH 31, 2015 (UNAUDITED) Affiliat
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MARCH 31, 2015 (UNAUDITED) 12. LINE
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MARCH 31, 2015 (UNAUDITED) Short-Te
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MARCH 31, 2015 (UNAUDITED) Fund Cat
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MARCH 31, 2015 (UNAUDITED) Fund Mar
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MARCH 31, 2015 (UNAUDITED) 16. FAIR
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WASATCH FUNDS — Supplemental Info
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MARCH 31, 2015 (UNAUDITED) PROXY VO
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MARCH 31, 2015 (UNAUDITED) Independ
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MARCH 31, 2015 (UNAUDITED) In their
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MARCH 31, 2015 (UNAUDITED) affiliat
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