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<PAGE> PAGE 15
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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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008 B000701 A
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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
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> WASATCH FUNDS, INC.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<CIK> 0000806633
<NAME> WASATCH FUNDS, INC.
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<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 83,874,199
<INVESTMENTS-AT-VALUE> 76,051,181
<RECEIVABLES> 984,455
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<OTHER-ITEMS-LIABILITIES> 63,370
<TOTAL-LIABILITIES> 63,370
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 83,416,869
<SHARES-COMMON-STOCK> 6,589,703
<SHARES-COMMON-PRIOR> 5,057,444
<ACCUMULATED-NII-CURRENT> 3,369,820
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,964,388)
<OVERDISTRIBUTION-GAINS> 0
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<EXPENSES-NET> (653,046)
<NET-INVESTMENT-INCOME> 4,315,855
<REALIZED-GAINS-CURRENT> (1,579,091)
<APPREC-INCREASE-CURRENT> (13,031,830)
<NET-CHANGE-FROM-OPS> (10,295,066)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,876,281)
<DISTRIBUTIONS-OF-GAINS> (384,621)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,191,867
<NUMBER-OF-SHARES-REDEEMED> 7,831,244
<SHARES-REINVESTED> 171,636
<NET-CHANGE-IN-ASSETS> 9,142,910
<ACCUMULATED-NII-PRIOR> 930,246
<ACCUMULATED-GAINS-PRIOR> (676)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 435,364
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 823,089
<AVERAGE-NET-ASSETS> 87,045,288
<PER-SHARE-NAV-BEGIN> 13.42
<PER-SHARE-NII> 0.61
<PER-SHARE-GAIN-APPREC> (2.01)
<PER-SHARE-DIVIDEND> (0.28)
<PER-SHARE-DISTRIBUTIONS> (0.06)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.68
<EXPENSE-RATIO> 0.75
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000806633
<NAME> WASATCH FUNDS, INC.
<SERIES>
<NUMBER> 4
<NAME> WASATCH MID-CAP FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
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<INVESTMENTS-AT-VALUE> 40,436,814
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<OTHER-ITEMS-LIABILITIES> 52,915
<TOTAL-LIABILITIES> 122,790
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26,876,525
<SHARES-COMMON-STOCK> 2,058,045
<SHARES-COMMON-PRIOR> 2,883,972
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,652,022
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,676,187
<NET-ASSETS> 41,204,734
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 120,421
<OTHER-INCOME> 0
<EXPENSES-NET> (811,649)
<NET-INVESTMENT-INCOME> (691,228)
<REALIZED-GAINS-CURRENT> 4,525,808
<APPREC-INCREASE-CURRENT> 11,029,323
<NET-CHANGE-FROM-OPS> 14,863,903
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (2,066,842)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,495,813
<NUMBER-OF-SHARES-REDEEMED> 2,469,905
<SHARES-REINVESTED> 148,165
<NET-CHANGE-IN-ASSETS> (2,348,641)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2,304,840
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 579,749
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 824,687
<AVERAGE-NET-ASSETS> 46,364,705
<PER-SHARE-NAV-BEGIN> 15.10
<PER-SHARE-NII> (.34)
<PER-SHARE-GAIN-APPREC> 6.00
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.74)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 20.02
<EXPENSE-RATIO> 1.75
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000806633
<NAME> WASATCH FUNDS, INC.
<SERIES>
<NUMBER> 5
<NAME> WASATCH MICRO-CAP FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 115,145,726
<INVESTMENTS-AT-VALUE> 144,151,357
<RECEIVABLES> 1,151,058
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<PAYABLE-FOR-SECURITIES> 297,984
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<OTHER-ITEMS-LIABILITIES> 147,949
<TOTAL-LIABILITIES> 445,933
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 98,886,344
<SHARES-COMMON-STOCK> 32,870,522
<SHARES-COMMON-PRIOR> 32,737,374
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 16,983,382
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 29,005,631
<NET-ASSETS> 144,875,357
<DIVIDEND-INCOME> 101,010
<INTEREST-INCOME> 228,946
<OTHER-INCOME> 13,770
<EXPENSES-NET> (3,455,076)
<NET-INVESTMENT-INCOME> (3,111,350)
<REALIZED-GAINS-CURRENT> 20,346,563
<APPREC-INCREASE-CURRENT> 25,494,388
<NET-CHANGE-FROM-OPS> 42,729,601
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (12,017,532)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,262,743
<NUMBER-OF-SHARES-REDEEMED> 21,064,440
<SHARES-REINVESTED> 3,934,845
<NET-CHANGE-IN-ASSETS> 27,342,313
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 13,569,843
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,804,083
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,455,076
<AVERAGE-NET-ASSETS> 140,216,859
<PER-SHARE-NAV-BEGIN> 3.59
<PER-SHARE-NII> (.09)
<PER-SHARE-GAIN-APPREC> 1.27
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.36)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 4.41
<EXPENSE-RATIO> 2.46
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000806633
<NAME> WASATCH FUNDS, INC.
<SERIES>
<NUMBER> 7
<NAME> WASATCH MICRO-CAP VALUE FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 16,301,058
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<PAYABLE-FOR-SECURITIES> 134,209
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<OTHER-ITEMS-LIABILITIES> 19,993
<TOTAL-LIABILITIES> 154,202
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,523,461
<SHARES-COMMON-STOCK> 6,904,849
<SHARES-COMMON-PRIOR> 7,925,899
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 740,436
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 506,583
<NET-ASSETS> 16,770,480
<DIVIDEND-INCOME> 49,140
<INTEREST-INCOME> 15,382
<OTHER-INCOME> 0
<EXPENSES-NET> (310,245)
<NET-INVESTMENT-INCOME> (245,723)
<REALIZED-GAINS-CURRENT> 1,726,846
<APPREC-INCREASE-CURRENT> 2,954,078
<NET-CHANGE-FROM-OPS> 4,435,201
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,138,745
<NUMBER-OF-SHARES-REDEEMED> 6,159,795
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,464,704
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (740,687)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 238,650
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 346,916
<AVERAGE-NET-ASSETS> 15,912,365
<PER-SHARE-NAV-BEGIN> 1.80
<PER-SHARE-NII> (.04)
<PER-SHARE-GAIN-APPREC> .67
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 2.43
<EXPENSE-RATIO> 1.95
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
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
$1,118,170, $1,751,911, $691,228, $3,111,350 and
$245,723 to decrease undistributed net realized gain on
investments by $3,113,860, $2,346,496, $1,111,784,
$4,915,492 and $245,723 and to increase paid-in-capital in
excess of par by $1,995,690, $594,585, $420,556,
$1,804,142 and $0, for the Aggressive Equity, Growth, Mid-
Cap, Micro-Cap and Micro-Cap Value Funds, respectively,
for the twelve months ended September 30, 1999.
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.
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 Funds, Inc. (the
"Funds" or the "Company", a Minnesota
corporation, which includes the Wasatch Micro-Cap
Fund, Wasatch Micro-Cap Value Fund, Wasatch
Aggressive Equity Fund, Wasatch Growth Fund,
Wasatch Mid-Cap Fund, and Wasatch-Hoisington U.S.
Treasury Fund) for the year ended September 30,
1999, we considered their internal control,
including control activities for 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 fraud 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 one or more of the internal control
components does not reduce to a relatively low
level the risk that misstatements caused by error
or fraud 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,
1999.
This report is intended solely for the
information and use of management and the
Securities and Exchange Commission.
ARTHUR ANDERSEN LLP
Milwaukee, Wisconsin,
November _____, 1999.
C:\WINDOWS\TEMP\99 NSAR opinion.doc
