WASATCH FUNDS - Curian Clearing

WASATCH-1ST SOURCE INCOME FUND (FMEQX) — Schedule of Investments
MARCH 31, 2015 (UNAUDITED)
Principal
Amount
Value
Principal
Amount
Value
ASSET-BACKED SECURITIES 8.2%
$1,000,000 Avis Budget Rental Car Funding AESOP,
LLC, 2.50%, 7/20/21, Series 2015-1A,
Class A † $ 1,007,403
1,000,000 Cabela’s Master Credit Card Trust,
2.29%, 9/17/18, Series 2010-2A, Class A1 † 1,007,813
1,500,000 Citibank Credit Card Issuance Trust,
5.65%, 9/20/19, Series 2007-A8, Class A8 1,661,898
1,250,000 GE Capital Credit Card Master Note Trust,
2.22%, 1/15/22, Series 2012-2, Class A 1,261,382
1,000,000 Hertz Vehicle Financing, LLC,
1.83%, 8/25/19, Series 2013-1A, Class A2 † 996,487
1,000,000 PFS Financing Corp., 0.775%, 2/15/19,
Series 2014-AA, Class A † ††† 997,237
585,000 World Financial Network Credit Card
Master Trust, 1.76%, 5/17/21,
Series 2012-B, Class A 590,223
1,400,000 World Financial Network Credit Card
Master Trust, 3.14%, 1/17/23,
Series 2012-A, Class A 1,469,250
Total Asset-Backed Securities
(cost $9,031,558) 8,991,693
COLLATERALIZED MORTGAGE
OBLIGATIONS 12.7%
376,427 Federal Home Loan Mortgage Corp.,
1.50%, 9/15/22, Series 3760, Class BA 377,585
755,596 Federal Home Loan Mortgage Corp.,
1.50%, 7/15/23, Series 4221, Class HJ 763,862
52,673 Federal Home Loan Mortgage Corp.,
1.50%, 4/15/24, Series 3780, Class TA 53,154
14,151 Federal Home Loan Mortgage Corp.,
2.345%, 8/1/33, Series 847281 ††† 14,820
62,973 Federal Home Loan Mortgage Corp.,
2.425%, 5/1/31, Series 847292 ††† 66,565
64,338 Federal Home Loan Mortgage Corp.,
2.428%, 12/1/32, Series 847527 ††† 68,806
216,890 Federal Home Loan Mortgage Corp.,
2.869%, 1/1/25, Series 775629 ††† 226,283
147,884 Federal Home Loan Mortgage Corp.,
3.095%, 5/1/25, Series 775617 ††† 157,084
44,174 Federal Home Loan Mortgage Corp.,
5.50%, 10/1/25, Series C90925 49,509
171,542 Federal Home Loan Mortgage Corp.,
5.50%, 8/1/29, Series C46102 193,461
259,067 Federal National Mortgage Assoc.,
1.961%, 12/1/35, Series 848390 ††† 272,136
374,885 Federal National Mortgage Assoc.,
2.055%, 1/1/35, Series 825245 ††† 395,613
94,294 Federal National Mortgage Assoc.,
2.16%, 11/1/34, Series 782320 ††† 99,930
92,296 Federal National Mortgage Assoc.,
2.399%, 2/1/21, Series 313380 ††† 94,638
65,019 Federal National Mortgage Assoc.,
2.758%, 1/1/18, Series 57735 ††† 65,194
1,124,845 Federal National Mortgage Assoc.,
3.00%, 1/1/28, Series AB7546 1,183,503
130,284 Federal National Mortgage Assoc.,
3.50%, 6/25/23, Series 2003-46, Class LD 136,216
1,598,190 Federal National Mortgage Assoc.,
3.50%, 6/1/32, Series AL2525 1,701,743
1,092,527 Federal National Mortgage Assoc.,
3.50%, 5/1/33, Series AB9412 1,155,276
121,125 Federal National Mortgage Assoc.,
3.875%, 1/25/39, Series 2009-2, Class WJ 128,093
$28,853 Federal National Mortgage Assoc.,
4.00%, 10/25/32, Series 2003-28, Class GA $ 29,180
66,660 Federal National Mortgage Assoc.,
4.078%, 7/1/19, Series 070377 ††† 69,808
81,547 Federal National Mortgage Assoc.,
4.50%, 6/25/29, Series 2005-121, Class V 81,993
214,473 Federal National Mortgage Assoc.,
5.50%, 5/25/23, Series 2003-42, Class EK 235,243
207,651 Government National Mortgage Assoc.,
1.625%, 1/20/30, Series 80364 ††† 215,305
510,134 Government National Mortgage Assoc.,
1.625%, 6/20/30, Series 80416 ††† 529,590
421,114 Government National Mortgage Assoc.,
1.625%, 9/20/34, Series 81054 ††† 435,766
179,344 Government National Mortgage Assoc.,
2.125%, 7/20/34, Series 80987 ††† 184,971
386,434 Government National Mortgage Assoc.,
3.00%, 8/20/38, Series 2010-47, Class CG 395,103
336,087 Government National Mortgage Assoc.,
3.00%, 12/20/38, Series 2010-89, Class PA 344,207
699,348 Government National Mortgage Assoc.,
3.00%, 5/20/39, Series 2010-68, Class YE 719,544
397,244 Government National Mortgage Assoc.,
3.50%, 1/20/37, Series 2009-31, Class PD 400,772
100,681 Government National Mortgage Assoc.,
4.00%, 6/20/38, Series 2009-69, Class WC 102,386
507,781 Government National Mortgage Assoc.,
4.00%, 9/20/38, Series 2009-108, Class WG 531,757
394,792 Government National Mortgage Assoc.,
4.00%, 3/20/39, Series 2009-31, Class TA 414,321
417,348 Government National Mortgage Assoc.,
4.00%, 4/16/39, Series 2009-110, Class AB 445,865
359,500 Government National Mortgage Assoc.,
4.00%, 8/20/39, Series 2009-69, Class PV 381,629
76,565 Government National Mortgage Assoc.,
4.50%, 6/20/34, Series 2009-101, Class G 77,046
38,042 Government National Mortgage Assoc.,
4.50%, 8/16/35, Series 2009-62, Class DT 38,136
213,761 Government National Mortgage Assoc.,
4.50%, 2/20/38, Series 2009-55, Class NP 228,604
342,435 Government National Mortgage Assoc.,
4.50%, 3/20/39, Series 2009-14, Class AG 369,317
346,938 Government National Mortgage Assoc.,
5.00%, 7/20/34, Series 2004-105, Class MC 362,502
44,682 Government National Mortgage Assoc.,
5.00%, 8/20/39, Series 004513 47,641
Total Collateralized Mortgage
Obligations (cost $13,584,504) 13,844,157
CORPORATE BONDS 43.6%
Aerospace & Defense 1.0%
1,000,000 Lockheed Martin Corp., 3.35%, 9/15/21 1,061,183
Air Freight & Logistics 0.6%
620,000 United Parcel Service, Inc., 5.50%, 1/15/18 692,920
Automotive Retail 0.7%
775,000 AutoZone, Inc., 5.50%, 11/15/15 797,835
Beverages — Non-alcoholic 1.3%
500,000 PepsiAmericas, Inc., 5.00%, 5/15/17 539,121
750,000 PepsiCo, Inc., 5.00%, 6/1/18 831,166
1,370,287
Brewers 0.9%
1,000,000 Anheuser-Busch InBev Worldwide, Inc.,
2.50%, 7/15/22 986,574
87