<strong>WASATCH</strong> <strong>FUNDS</strong> — Statements of Assets and Liabilities CORE GROWTH FUND EMERGING INDIA FUND EMERGING MARKETS SELECT FUND Assets: Investments, at cost Unaffiliated issuers $ 579,471,277 $ 60,043,940 $ 50,501,283 Affiliated issuers 1 — — — Repurchase agreements 65,022,313 — 3,373,728 $ 644,493,590 $ 60,043,940 $ 53,875,011 Investments, at market value Unaffiliated issuers $ 1,034,491,153 $ 77,977,303 $ 54,601,143 Affiliated issuers 1 — — — Repurchase agreements 65,022,313 — 3,373,728 1,099,513,466 77,977,303 57,974,871 Cash — — — Foreign currency on deposit (cost of $0, $557,922, $11,515, $11,818,423, $926,907, $355,458, $0 and $3,896,520, respectively) — 557,142 11,540 Receivable for investment securities sold 2,815,938 94,298 566,406 Capital shares receivable 1,702,389 61,760 11,134 Interest and dividends receivable 259,625 4,250 98,016 Prepaid expenses and other assets 36,049 23,277 23,947 Total Assets 1,104,327,467 78,718,030 58,685,914 Liabilities: Payable for securities purchased 2,377,694 555,591 44 Capital shares payable 512,729 169,495 26,064 Payable to Advisor 916,837 94,660 49,734 Accrued fund administration fees 25,614 1,710 1,460 Accrued expenses and other liabilities 193,980 28,861 13,938 Foreign capital gains taxes payable — 1,110,810 203,843 Line of credit payable — 115,656 — Total Liabilities 4,026,854 2,076,783 295,083 Net Assets $ 1,100,300,613 $ 76,641,247 $ 58,390,831 Net Assets Consist of: Capital stock $ 178,958 $ 245,815 $ 57,370 Paid-in-capital in excess of par 631,001,207 60,868,303 57,458,327 Undistributed net investment loss (4,482,121) (907,185) (500,119) Undistributed net realized gain (loss) on investments and foreign currency transactions 18,582,099 (388,543) (2,517,057) Net unrealized appreciation on investments and foreign currency translations 455,020,470 16,822,857 3,892,310 Net Assets $ 1,100,300,613 $ 76,641,247 $ 58,390,831 Net Assets Investor Class 1,036,027,597 76,641,247 27,307,134 Institutional Class 64,273,016 — 31,083,697 Capital Stock Issued and Outstanding (Unlimited number of shares authorized, $.01 par value) Investor Class 16,852,850 24,581,539 2,691,754 Institutional Class 1,042,912 — 3,045,264 NET ASSET VALUE,REDEMPTION PRICE AND OFFERING PRICE PER SHARE Investor Class $ 61.47 $ 3.12 $ 10.14 Institutional Class $ 61.63 $ — $ 10.21 1 See Note 9 for information on affiliated issuers. See Notes to Financial Statements. 92
MARCH 31, 2015 (UNAUDITED) EMERGING MARKETS SMALL CAP FUND FRONTIER EMERGING SMALL COUNTRIES FUND GLOBAL OPPORTUNITIES FUND HERITAGE GROWTH FUND INTERNATIONAL GROWTH FUND $ 1,040,496,720 $ 1,113,136,453 $ 137,290,433 $ — $ 1,044,769,428 — 25,635,438 — — 23,844,596 16,127,296 21,043,371 — 76,601,431 3,363,537 $ 1,056,624,016 $ 1,159,815,262 $ 137,290,433 $ 76,601,431 $ 1,071,977,561 $ 1,217,786,770 $ 1,160,892,363 $ 184,502,742 $ — $ 1,285,217,861 — 28,408,626 — — 18,879,393 16,127,296 21,043,371 — 76,601,431 3,363,537 1,233,914,066 1,210,344,360 184,502,742 76,601,431 1,307,460,791 — 19,671,849 — — — 11,819,847 918,922 355,877 — 3,895,367 14,886,871 — — — 17,182,204 649,379 1,065,362 30,107 195 1,384,351 1,918,348 4,499,962 116,946 — 2,582,219 33,333 45,811 14,532 4,940 48,186 1,263,221,844 1,236,546,266 185,020,204 76,606,566 1,332,553,118 7,194,406 3,456,713 355,841 — 6,357,979 656,519 3,390,216 100,386 1,379,583 1,077,853 1,819,335 1,866,874 234,414 — 1,391,104 32,113 30,708 4,532 2,619 32,619 419,313 524,330 74,091 45,228 516,048 6,783,343 6,088,554 731,892 — 620,479 — — 536,277 — — 16,905,029 15,357,395 2,037,433 1,427,430 9,996,082 $ 1,246,316,815 $ 1,221,188,871 $ 182,982,771 $ 75,179,136 $ 1,322,557,036 $ 4,650,264 $ 4,124,929 $ 473,581 $ 117,449 $ 474,666 1,097,557,924 1,204,978,673 130,651,088 75,025,475 1,097,736,648 (21,301,055) (4,318,082) (3,011,723) (37,836) (7,326,625) (5,374,707) (28,021,925) 8,391,775 74,048 (3,139,372) 170,784,389 44,425,276 46,478,050 — 234,811,719 $ 1,246,316,815 $ 1,221,188,871 $ 182,982,771 $ 75,179,136 $ 1,322,557,036 1,246,316,815 1,221,188,871 182,982,771 75,179,136 1,322,557,036 — — — — — 465,026,436 412,492,900 47,358,075 11,744,872 47,466,619 — — — — — $ 2.68 $ 2.96 $ 3.86 $ 6.40 $ 27.86 $ — $ — $ — $ — $ — 93
- 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: (This page intentionally left blank
- Page 99 and 100: MARCH 31, 2015 (UNAUDITED) MICRO CA
- Page 101 and 102: (This page intentionally left blank
- Page 103 and 104: FOR THE SIX MONTHS ENDED MARCH 31,
- Page 105 and 106: 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