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<PAGE> PAGE 6
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<PAGE> PAGE 9
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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SIGNATURE SAMUEL S. STEWART JR.
TITLE PRESIDENT
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<TABLE> <S> <C>
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<CIK> 0000806633
<NAME> WASATCH FUNDS, INC
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<NAME> WASATCH MID-CAP FUND
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<TABLE> <S> <C>
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<CIK> 0000806633
<NAME> WASATCH FUNDS, INC.
<SERIES>
<NUMBER> 6
<NAME> WASATCH WORLD-WIDE FUND
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<CIK> 0000806633
<NAME> WASATCH FUNDS, INC.
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</TABLE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of
Wasatch Funds, Inc.:
In planning and performing our audits of the
financial statements of Wasatch Aggressive Equity
Fund, Wasatch Growth Fund, Wasatch-Hoisington U.S.
Treasury Fund, Wasatch Mid-Cap Fund, Wasatch Micro-
Cap Fund, and Wasatch Micro-Cap Value Fund (the
"Funds") for the year ended September 30, 1998,
except for the Wasatch Micro-Cap Value Fund which is
for the period from inception on December 17, 1997 to
September 30, 1998, we considered their internal
control, including controls over safeguarding
securities, in order to determine our auditing
procedures for the purpose of expressing our opinions
on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance
on internal control.
The management of the Funds is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and
judgments by management are required to assess the
expected benefits and related costs of controls.
Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing
financial statements for external purposes that are
fairly presented in conformity with generally
accepted accounting principles. Those controls
include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control,
errors or irregularities may occur and not be
detected. Also, projection of any evaluation of
internal control to future periods is subject to the
risk that it may become inadequate because of changes
in conditions or that the effectiveness of the design
and operation may deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal control
that might be material weaknesses under standards
established by the American Institute of Certified
Public Accountants. A material weakness is a
condition in which the design or operation of any
specific internal control component does not reduce
to a relatively low level the risk that errors or
irregularities in amounts that would be material in
relation to the financial statements being audited
may occur and not be detected within a timely period
by employees in the normal course of performing their
assigned functions. However, we noted no matters
involving internal control, including controls over
for safeguarding securities that we consider to be
material weaknesses as defined above as of September
30, 1998, except for the Wasatch Micro-Cap Value Fund
which is for the period from inception on December
17, 1997 to September 30, 1998.
This report is intended solely for the information
and use of management and the Securities and Exchange
Commission.
ARTHUR ANDERSEN LLP
Milwaukee, Wisconsin,
October 26, 1998.
Exhibit to Accompany
Item 77J
Form N-SAR
Wasatch Funds, Inc.
(the "Funds")
In accordance to the provisions of Statement of
Position 93 - 2 (SOP 93 - 2) "Determination,
Disclosure and Financial Statement Presentation of
Income, Capital Gain and Return of Capital
Distributions by Investment Companies," the Funds are
required to report the accumulated net investment
income (loss) and accumulated net capital gain (loss)
accounts to approximate amounts available for future
distributions on a tax basis (or to offset future
realized capital gains). Accordingly,
reclassifications were recorded to increase
undistributed net investment income by $882,136,
$3,171,737, $953,401, $114,404 and $875,658 to
decrease undistributed net realized gain on
investments by $3,025,343, $5,912,843, $5,299,045, $0
and $3,333,110 and to increase/(decrease) paid-in-
capital in excess of par by $2,143,207, $2,741,106,
$4,345,644, $(114,404) and $2,457,452, for the Mid-
Cap, Micro-Cap, Aggressive Equity, Micro-Cap Value
and Growth Funds, respectively, for the twelve months
ended September 30, 1998.
The reclassification has no impact on the net asset
value of the Fund and is designed to present the
Funds' capital accounts on a tax basis.
