UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
__________________________________________
Investment Company Act file number | 811-4854 |
__________________________________________
The Oberweis Funds
(Exact name of registrant as specified in charter)
__________________________________________
3333 Warrenville Road, Suite 500, Lisle, IL 60532
(Address of principal executive offices) (Zip code)
James W. Oberweis | Copy to: James A. Arpaia | |
(Name and address of agent for service) |
__________________________________________
Registrant’s telephone number, including area code: (800) 323-6166
Date of fiscal year end: December 31
Date of reporting period: June 30, 2024
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Semi-Annual Reports for the period 01/01/24 through 06/30/24 is filed herewith.
Oberweis Micro-Cap Fund Investor Class | Ticker: OBMCX Semi-Annual Report | June 30, 2024 |
This semi-annual shareholder report contains important information about Oberweis Micro-Cap Fund (“OBMCX” or the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.
What were your Fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||
| Costs of a | Costs paid as a percentage of a |
Oberweis Micro-Cap Fund - Investor Class | $79.92 | 1.53% |
How has the Fund performed? (as of June 30, 2024)
Average Annual Total Returns | |||
1 year (%) | 5 years (%) | 10 years (%) | |
OBMCX | 10.40 | 18.09 | 14.75 |
Russell Microcap Growth | 2.49 | 2.92 | 3.61 |
S&P 500 | 24.56 | 15.05 | 12.86 |
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The Russell Microcap Growth Index measures the performance of those Russell microcap companies with higher price-to-book ratios and higher forecasted growth values. The Russell Microcap Growth Index is represented by the smallest 1,000 securities in the small cap Russell 2000 Index plus the next 1,000 securities. The Russell Index is unmanaged and is not available for investment. The S&P 500 Index is a broad-based unmanaged index of the 500 leading publicly traded companies in the United States by market capitalization. The S&P 500 Index is widely recognized as representative of the equity market in general, is unmanaged and is not available for investment.
Fund Statistics (as of June 30, 2024) |
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Net Assets |
| Number of Holdings |
| Portfolio Turnover Rate |
| Total Advisory Fees Paid |
$248,362,214 |
| 87 |
| 31% |
| $1,133,617 |
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What did the Fund invest in? (as of June 30, 2024) (unaudited)
Asset Allocation (% of Net Assets)
Equities | 96.8 | |
Other Assets less Liabilities | 3.2 |
What did the Fund invest in? (as of June 30, 2024) (unaudited) (continued)
Top Ten Holdings (% of Net Assets)
ADMA Biologics, Inc. | 4.5 |
Camtek Ltd. | 4.4 |
Blue Bird Corp. | 3.2 |
Ultra Clean Hldgs., Inc. | 3.1 |
American Superconductor Corp. | 2.9 |
Veeco Instruments, Inc. | 2.7 |
CECO Environmental Corp. | 2.2 |
Primoris Services Corp. | 2.0 |
ACM Research, Inc. | 1.9 |
Limbach Hldgs., Inc. | 1.8 |
Top Ten Industries (% of Net Assets)
Semiconductors & Semiconductor Equipment | 18.7 |
Biotechnology | 9.6 |
Healthcare Equipment & Supplies | 7.7 |
Software | 5.4 |
Machinery | 5.3 |
Construction & Engineering | 4.9 |
Hotels, Restaurants & Leisure | 4.7 |
Commercial Services & Supplies | 4.0 |
Electrical Equipment | 3.4 |
Professional Services | 3.3 |
Where can I find additional information about the Fund?
You can find additional information about the Fund online at no cost, including its prospectus, portfolio holdings, financial information, proxy voting information and more at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.
Oberweis Micro-Cap Fund Institutional Class | Ticker: OMCIX Semi-Annual Report | June 30, 2024 |
This semi-annual shareholder report contains important information about Oberweis Micro-Cap Fund (“OMCIX” or the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.
What were your Fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||
| Costs of a | Costs paid as a percentage of a |
Oberweis Micro-Cap Fund - Institutional Class | $66.90 | 1.28% |
How has the Fund performed? (as of June 30, 2024)
Average Annual Total Returns | |||
1 year (%) | 5 years (%) | 10 years (%) | |
OMCIX | 10.64 | 18.39 | 15.03 |
Russell Microcap Growth | 2.49 | 2.92 | 3.61 |
S&P 500 | 24.56 | 15.05 | 12.86 |
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The Russell Microcap Growth Index measures the performance of those Russell microcap companies with higher price-to-book ratios and higher forecasted growth values. The Russell Microcap Growth Index is represented by the smallest 1,000 securities in the small cap Russell 2000 Index plus the next 1,000 securities. The Russell Index is unmanaged and is not available for investment. The S&P 500 Index is a broad-based unmanaged index of the 500 leading publicly traded companies in the United States by market capitalization. The S&P 500 Index is widely recognized as representative of the equity market in general, is unmanaged and is not available for investment.
Fund Statistics (as of June 30, 2024) |
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Net Assets |
| Number of Holdings |
| Portfolio Turnover Rate |
| Total Advisory Fees Paid |
$262,795,672 |
| 87 |
| 31% |
| $1,199,496 |
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What did the Fund invest in? (as of June 30, 2024) (unaudited)
Asset Allocation (% of Net Assets)
Equities | 96.8 | |
Other Assets less Liabilities | 3.2 |
What did the Fund invest in? (as of June 30, 2024) (unaudited) (continued)
Top Ten Holdings (% of Net Assets)
ADMA Biologics, Inc. | 4.5 |
Camtek Ltd. | 4.4 |
Blue Bird Corp. | 3.2 |
Ultra Clean Hldgs., Inc. | 3.1 |
American Superconductor Corp. | 2.9 |
Veeco Instruments, Inc. | 2.7 |
CECO Environmental Corp. | 2.2 |
Primoris Services Corp. | 2.0 |
ACM Research, Inc. | 1.9 |
Limbach Hldgs., Inc. | 1.8 |
Top Ten Industries (% of Net Assets)
Semiconductors & Semiconductor Equipment | 18.7 |
Biotechnology | 9.6 |
Healthcare Equipment & Supplies | 7.7 |
Software | 5.4 |
Machinery | 5.3 |
Construction & Engineering | 4.9 |
Hotels, Restaurants & Leisure | 4.7 |
Commercial Services & Supplies | 4.0 |
Electrical Equipment | 3.4 |
Professional Services | 3.3 |
Where can I find additional information about the Fund?
You can find additional information about the Fund online at no cost, including its prospectus, portfolio holdings, financial information, proxy voting information and more at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.
Oberweis Small-Cap Opportunities Fund Investor Class | Ticker: OBSOX Semi-Annual Report | June 30, 2024 |
This semi-annual shareholder report contains important information about Oberweis Small-Cap Opportunities Fund (“OBSOX” or the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.
What were your Fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||
| Costs of a | Costs paid as a percentage of a |
Oberweis Small-Cap Opportunities Fund - Investor Class | $66.80 | 1.25% |
How has the Fund performed? (as of June 30, 2024)
Average Annual Total Returns | |||
1 year (%) | 5 years (%) | 10 years (%) | |
OBSOX | 16.55 | 18.46 | 13.49 |
Russell 2000 Growth | 9.14 | 6.17 | 7.39 |
S&P 500 | 24.56 | 15.05 | 12.86 |
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted earnings growth rates. The Russell Index is unmanaged and is not available for investment. The S&P 500 Index is a broad-based unmanaged index of the 500 leading publicly traded companies in the United States by market capitalization. The S&P 500 Index is widely recognized as representative of the equity market in general, is unmanaged and is not available for investment.
Fund Statistics (as of June 30, 2024) |
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Net Assets |
| Number of Holdings |
| Portfolio Turnover Rate |
| Total Advisory Fees Paid |
$351,829,801 |
| 88 |
| 30% |
| $1,055,000 |
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What did the Fund invest in? (as of June 30, 2024) (unaudited)
Asset Allocation (% of Net Assets)
Equities | 96.8 | |
Other Assets less Liabilities | 3.2 |
What did the Fund invest in? (as of June 30, 2024) (unaudited) (continued)
Top Ten Holdings (% of Net Assets)
Weatherford International PLC | 3.1 |
SharkNinja, Inc. | 2.6 |
Onto Innovation, Inc. | 2.4 |
Zeta Global Hldgs. Corp. | 2.4 |
Encompass Health Corp. | 2.3 |
Credo Technology Group Hldg. Ltd. | 2.2 |
SkyWest, Inc. | 2.1 |
TransMedics Group, Inc. | 1.9 |
Clean Harbors, Inc. | 1.8 |
Universal Display Corp. | 1.8 |
Top Ten Industries (% of Net Assets)
Semiconductors & Semiconductor Equipment | 12.1 |
Healthcare Equipment & Supplies | 9.2 |
Software | 8.8 |
Machinery | 6.8 |
Healthcare Providers & Services | 5.7 |
Household Durables | 5.2 |
Energy Equipment & Services | 5.0 |
Electronic Equipment, Instruments & Components | 3.9 |
Diversified Consumer Services | 3.9 |
Professional Services | 3.4 |
Where can I find additional information about the Fund?
You can find additional information about the Fund online at no cost, including its prospectus, portfolio holdings, financial information, proxy voting information and more at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.
Oberweis Small-Cap Opportunities Fund Institutional Class | Ticker: OBSIX Semi-Annual Report | June 30, 2024 |
This semi-annual shareholder report contains important information about Oberweis Small-Cap Opportunities Fund (“OBSIX” or the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.
What were your Fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||
| Costs of a | Costs paid as a percentage of a |
Oberweis Small-Cap Opportunities Fund - Institutional Class | $53.48 | 1.00% |
How has the Fund performed? (as of June 30, 2024)
Average Annual Total Returns | |||
1 year (%) | 5 years (%) | 10 years (%) | |
OBSIX | 16.83 | 18.75 | 13.78 |
Russell 2000 Growth | 9.14 | 6.17 | 7.39 |
S&P 500 | 24.56 | 15.05 | 12.86 |
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted earnings growth rates. The Russell Index is unmanaged and is not available for investment. The S&P 500 Index is a broad-based unmanaged index of the 500 leading publicly traded companies in the United States by market capitalization. The S&P 500 Index is widely recognized as representative of the equity market in general, is unmanaged and is not available for investment.
Fund Statistics (as of June 30, 2024) |
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Net Assets |
| Number of Holdings |
| Portfolio Turnover Rate |
| Total Advisory Fees Paid |
$699,975,593 |
| 88 |
| 30% |
| $2,098,954 |
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|
What did the Fund invest in? (as of June 30, 2024) (unaudited)
Asset Allocation (% of Net Assets)
Equities | 96.8 | |
Other Assets less Liabilities | 3.2 |
What did the Fund invest in? (as of June 30, 2024) (unaudited) (continued)
Top Ten Holdings (% of Net Assets)
Weatherford International PLC | 3.1 |
SharkNinja, Inc. | 2.6 |
Onto Innovation, Inc. | 2.4 |
Zeta Global Hldgs. Corp. | 2.4 |
Encompass Health Corp. | 2.3 |
Credo Technology Group Hldg. Ltd. | 2.2 |
SkyWest, Inc. | 2.1 |
TransMedics Group, Inc. | 1.9 |
Clean Harbors, Inc. | 1.8 |
Universal Display Corp. | 1.8 |
Top Ten Industries (% of Net Assets)
Semiconductors & Semiconductor Equipment | 12.1 |
Healthcare Equipment & Supplies | 9.2 |
Software | 8.8 |
Machinery | 6.8 |
Healthcare Providers & Services | 5.7 |
Household Durables | 5.2 |
Energy Equipment & Services | 5.0 |
Electronic Equipment, Instruments & Components | 3.9 |
Diversified Consumer Services | 3.9 |
Professional Services | 3.4 |
Where can I find additional information about the Fund?
You can find additional information about the Fund online at no cost, including its prospectus, portfolio holdings, financial information, proxy voting information and more at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.
Oberweis Global Opportunities Fund Investor Class | Ticker: OBEGX Semi-Annual Report | June 30, 2024 |
This semi-annual shareholder report contains important information about Oberweis Global Opportunities Fund (“OBEGX” or the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.
What were your Fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||
| Costs of a | Costs paid as a percentage of a |
Oberweis Global Opportunities Fund - Investor Class | $76.75 | 1.50% |
How has the Fund performed? (as of June 30, 2024)
Average Annual Total Returns | |||
1 year (%) | 5 years (%) | 10 years (%) | |
OBEGX | 4.00 | 10.17 | 6.92 |
MSCI ACWI Small-Cap | 10.64 | 7.31 | 6.23 |
MSCI EAFE | 11.54 | 6.46 | 4.33 |
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The MSCI ACWI Small-Cap Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of small-cap developed and emerging markets with dividends reinvested net of withholding tax. The MSCI EAFE Index is an equity index that captures large and mid-cap representation across 21 developed markets countries around the world, excluding the U.S. and Canada. The index is a broad-based index covering approximately 85% of the free-float-adjusted market capitalization in each country with minimum dividends reinvested net of withholding tax. The Indexes are unmanaged and not available for investment.
Fund Statistics (as of June 30, 2024) |
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Net Assets |
| Number of Holdings |
| Portfolio Turnover Rate |
| Total Advisory Fees Paid |
$34,820,041 |
| 56 |
| 61% |
| $146,173 |
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What did the Fund invest in? (as of June 30, 2024) (unaudited)
Asset Allocation (% of Net Assets)
Equities | 96.9 | |
Other Assets less Liabilities | 3.1 |
What did the Fund invest in? (as of June 30, 2024) (unaudited) (continued)
Top Ten Holdings (% of Net Assets)
Ashtead Technology Hldgs. PLC | 5.9 |
Clean Harbors, Inc. | 3.3 |
Onto Innovation, Inc. | 3.2 |
Weatherford International PLC | 3.0 |
Parsons Corp. | 2.8 |
SkyWest, Inc. | 2.8 |
Veracyte, Inc. | 2.7 |
Saab AB | 2.5 |
Credo Technology Group Hldg. Ltd. | 2.5 |
Asics Corp. | 2.5 |
Top Ten Industries (% of Net Assets)
Semiconductors & Semiconductor Equipment | 12.0 |
Healthcare Equipment & Supplies | 9.0 |
Trading Co. & Distribution | 5.9 |
Electrical Equipment | 5.8 |
Energy Equipment & Services | 5.3 |
Software | 5.2 |
Aerospace & Defense | 4.9 |
Machinery | 4.7 |
Commercial Services & Supplies | 4.2 |
Food Products | 3.8 |
Where can I find additional information about the Fund?
You can find additional information about the Fund online at no cost, including its prospectus, portfolio holdings, financial information, proxy voting information and more at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.
Oberweis Global Opportunities Fund Institutional Class | Ticker: OBGIX Semi-Annual Report | June 30, 2024 |
This semi-annual shareholder report contains important information about Oberweis Global Opportunities Fund (“OBGIX” or the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.
What were your Fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||
| Costs of a | Costs paid as a percentage of a |
Oberweis Global Opportunities Fund - Institutional Class | $64.00 | 1.25% |
How has the Fund performed? (as of June 30, 2024)
Average Annual Total Returns | |||
1 year (%) | 5 years (%) | 10 years (%) | |
OBGIX | 4.28 | 10.45 | 7.18 |
MSCI ACWI Small-Cap | 10.64 | 7.31 | 6.23 |
MSCI EAFE | 11.54 | 6.46 | 4.33 |
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The MSCI ACWI Small-Cap Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of small-cap developed and emerging markets with dividends reinvested net of withholding tax. The MSCI EAFE Index is an equity index that captures large and mid-cap representation across 21 developed markets countries around the world, excluding the U.S. and Canada. The index is a broad-based index covering approximately 85% of the free-float-adjusted market capitalization in each country with minimum dividends reinvested net of withholding tax. The Indexes are unmanaged and not available for investment.
Fund Statistics (as of June 30, 2024) |
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Net Assets |
| Number of Holdings |
| Portfolio Turnover Rate |
| Total Advisory Fees Paid |
$19,377,625 |
| 56 |
| 61% |
| $81,347 |
|
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|
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|
|
What did the Fund invest in? (as of June 30, 2024) (unaudited)
Asset Allocation (% of Net Assets)
Equities | 96.9 | |
Other Assets less Liabilities | 3.1 |
What did the Fund invest in? (as of June 30, 2024) (unaudited) (continued)
Top Ten Holdings (% of Net Assets)
Ashtead Technology Hldgs. PLC | 5.9 |
Clean Harbors, Inc. | 3.3 |
Onto Innovation, Inc. | 3.2 |
Weatherford International PLC | 3.0 |
Parsons Corp. | 2.8 |
SkyWest, Inc. | 2.8 |
Veracyte, Inc. | 2.7 |
Saab AB | 2.5 |
Credo Technology Group Hldg. Ltd. | 2.5 |
Asics Corp. | 2.5 |
Top Ten Industries (% of Net Assets)
Semiconductors & Semiconductor Equipment | 12.0 |
Healthcare Equipment & Supplies | 9.0 |
Trading Co. & Distribution | 5.9 |
Electrical Equipment | 5.8 |
Energy Equipment & Services | 5.3 |
Software | 5.2 |
Aerospace & Defense | 4.9 |
Machinery | 4.7 |
Commercial Services & Supplies | 4.2 |
Food Products | 3.8 |
Where can I find additional information about the Fund?
You can find additional information about the Fund online at no cost, including its prospectus, portfolio holdings, financial information, proxy voting information and more at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.
Oberweis China Opportunities Fund Investor Class | Ticker: OBCHX Semi-Annual Report | June 30, 2024 |
This semi-annual shareholder report contains important information about Oberweis China Opportunities Fund (“OBCHX” or the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.
What were your Fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||
| Costs of a | Costs paid as a percentage of a |
Oberweis China Opportunities Fund - Investor Class | $110.01 | 2.15% |
How has the Fund performed? (as of June 30, 2024)
Average Annual Total Returns | |||
1 year (%) | 5 years (%) | 10 years (%) | |
OBCHX | 7.26 | 0.36 | 1.72 |
MSCI China | (1.62) | (4.26) | 1.39 |
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The MSCI China Net Index is a free float-adjusted market capitalization-weighted index of Chinese equities that include China-affiliated corporations and H shares listed on the Hong Kong Exchange, and B shares listed on the Shanghai and Shenzhen exchanges and P chips and foreign listings with minimum dividends reinvested net of withholding tax. The MSCI China Net Index is unmanaged and is not available for investment.
Fund Statistics (as of June 30, 2024) |
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Net Assets |
| Number of Holdings |
| Portfolio Turnover Rate |
| Total Advisory Fees Paid |
$34,853,702 |
| 58 |
| 79% |
| $223,301 |
|
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What did the Fund invest in? (as of June 30, 2024) (unaudited)
Asset Allocation (% of Net Assets)
Equities | 99.0 | |
Short-Term Investments | 0.1 | |
Other Assets less Liabilities | 0.9 |
What did the Fund invest in? (as of June 30, 2024) (unaudited) (continued)
Top Ten Holdings (% of Net Assets)
Taiwan Semiconductor Manufacturing Co. Ltd. ADS | 7.5 |
Tencent Hldgs. Ltd. | 6.1 |
Alibaba Group Hldg. Ltd. | 4.8 |
Meituan | 4.5 |
Trip.com Group Ltd. | 4.4 |
PDD Hldgs. ADS | 3.7 |
Hon Hai Precision Industry Co. Ltd. | 3.1 |
PetroChina Co. Ltd. | 3.1 |
Tencent Music Entertainment Group ADS | 2.6 |
China Shenhua Energy Co. Ltd. | 2.5 |
Top Ten Industries (% of Net Assets)
Semiconductors & Semiconductor Equipment | 13.9 |
Hotels, Restaurants & Leisure | 12.3 |
Broadline Retail | 8.6 |
Interactive Media & Services | 7.2 |
Electronic Equipment, Instruments & Components | 7.0 |
Oil, Gas & Consumable Fuels | 5.6 |
Technology Hardware, Storage & Peripherals | 5.2 |
Metals & Mining | 5.2 |
Household Durables | 4.1 |
Insurance | 3.2 |
Where can I find additional information about the Fund?
You can find additional information about the Fund online at no cost, including its prospectus, portfolio holdings, financial information, proxy voting information and more at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.
Oberweis China Opportunities Fund Institutional Class | Ticker: OCHIX Semi-Annual Report | June 30, 2024 |
This semi-annual shareholder report contains important information about Oberweis China Opportunities Fund (“OCHIX” or the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.
What were your Fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||
| Costs of a | Costs paid as a percentage of a |
Oberweis China Opportunities Fund - Institutional Class | $97.24 | 1.90% |
How has the Fund performed? (as of June 30, 2024)
Average Annual Total Returns | |||
1 year (%) | 5 years (%) | 10 years (%) | |
OCHIX | 7.43 | 0.58 | 1.96 |
MSCI China | (1.62) | (4.26) | 1.39 |
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The MSCI China Net Index is a free float-adjusted market capitalization-weighted index of Chinese equities that include China-affiliated corporations and H shares listed on the Hong Kong Exchange, and B shares listed on the Shanghai and Shenzhen exchanges and P chips and foreign listings with minimum dividends reinvested net of withholding tax. The MSCI China Net Index is unmanaged and is not available for investment.
Fund Statistics (as of June 30, 2024) |
|
|
|
| ||
|
|
|
|
|
|
|
Net Assets |
| Number of Holdings |
| Portfolio Turnover Rate |
| Total Advisory Fees Paid |
$7,887,913 |
| 58 |
| 79% |
| $50,536 |
|
|
|
|
|
|
|
What did the Fund invest in? (as of June 30, 2024) (unaudited)
Asset Allocation (% of Net Assets)
Equities | 99.0 | |
Short-Term Investments | 0.1 | |
Other Assets less Liabilities | 0.9 |
What did the Fund invest in? (as of June 30, 2024) (unaudited) (continued)
Top Ten Holdings (% of Net Assets)
Taiwan Semiconductor Manufacturing Co. Ltd. ADS | 7.5 |
Tencent Hldgs. Ltd. | 6.1 |
Alibaba Group Hldg. Ltd. | 4.8 |
Meituan | 4.5 |
Trip.com Group Ltd. | 4.4 |
PDD Hldgs. ADS | 3.7 |
Hon Hai Precision Industry Co. Ltd. | 3.1 |
PetroChina Co. Ltd. | 3.1 |
Tencent Music Entertainment Group ADS | 2.6 |
China Shenhua Energy Co. Ltd. | 2.5 |
Top Ten Industries (% of Net Assets)
Semiconductors & Semiconductor Equipment | 13.9 |
Hotels, Restaurants & Leisure | 12.3 |
Broadline Retail | 8.6 |
Interactive Media & Services | 7.2 |
Electronic Equipment, Instruments & Components | 7.0 |
Oil, Gas & Consumable Fuels | 5.6 |
Technology Hardware, Storage & Peripherals | 5.2 |
Metals & Mining | 5.2 |
Household Durables | 4.1 |
Insurance | 3.2 |
Where can I find additional information about the Fund?
You can find additional information about the Fund online at no cost, including its prospectus, portfolio holdings, financial information, proxy voting information and more at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.
Oberweis Emerging Markets Fund Investor Class | Ticker: OBEMX Semi-Annual Report | June 30, 2024 |
This semi-annual shareholder report contains important information about Oberweis Emerging Markets Fund (“OBEMX” or the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.
What were your Fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||
| Costs of a | Costs paid as a percentage of a |
Oberweis Emerging Markets Fund - Investor Class | $87.59 | 1.75% |
How has the Fund performed? (as of June 30, 2024)
Average Annual Total Returns | |||
1 year (%) | 5 years (%) | Since | |
OBEMX | 5.02 | 8.74 | 5.35 |
MSCI Emerging Markets Small-Cap | 20.04 | 9.99 | 5.58 |
MSCI EAFE | 11.54 | 6.46 | 4.80 |
1 Since the inception of the Fund on May 1, 2018.
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The MSCI Emerging Markets Small-Cap Index (Net) is a free float-adjusted market capitalization weighted index that measures the performance of small-cap stocks in 24 emerging markets. The MSCI EAFE Index is an equity index that captures large and mid-cap representation across 21 developed markets countries around the world, excluding the U.S. and Canada. The index is a broad-based index covering approximately 85% of the free-float-adjusted market capitalization in each country with minimum dividends reinvested net of withholding tax. The Indexes are unmanaged and not available for investment.
Fund Statistics (as of June 30, 2024) |
|
|
|
| ||
|
|
|
|
|
|
|
Net Assets |
| Number of Holdings |
| Portfolio Turnover Rate |
| Total Advisory Fees Paid |
$5,383,180 |
| 60 |
| 55% |
| $33,624 |
|
|
|
|
|
|
|
What did the Fund invest in? (as of June 30, 2024) (unaudited)
Asset Allocation (% of Net Assets)
Equities | 93.3 | |
Short-Term Investments | 6.9 | |
Other Liabilities less Assets | (0.2) |
What did the Fund invest in? (as of June 30, 2024) (unaudited) (continued)
Top Ten Holdings (% of Net Assets)
International Container Terminal Services, Inc. | 3.3 |
MakeMyTrip Ltd. | 2.8 |
Federal Bank Ltd. | 2.3 |
Park Systems Corp. | 2.3 |
Medicover AB | 2.3 |
Ennoconn Corp. | 2.2 |
eMemory Technology, Inc. | 2.2 |
PB Fintech Ltd. | 2.2 |
Classys, Inc. | 2.2 |
E Ink Hldgs., Inc. | 2.1 |
Top Ten Industries (% of Net Assets)
Hotels, Restaurants & Leisure | 11.9 |
Semiconductors & Semiconductor Equipment | 7.8 |
Electronic Equipment, Instruments & Components | 5.9 |
Consumer Staples Distribution & Retail | 5.8 |
Transportation Infrastructure | 5.1 |
Banks | 4.8 |
Healthcare Providers & Services | 4.1 |
Oil, Gas & Consumable Fuels | 4.1 |
Beverages | 3.9 |
Aerospace & Defense | 3.4 |
Where can I find additional information about the Fund?
You can find additional information about the Fund online at no cost, including its prospectus, portfolio holdings, financial information, proxy voting information and more at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.
Oberweis Emerging Markets Fund Institutional Class | Ticker: OIEMX Semi-Annual Report | June 30, 2024 |
This semi-annual shareholder report contains important information about Oberweis Emerging Markets Fund (“OIEMX” or the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.
What were your Fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||
| Costs of a | Costs paid as a percentage of a |
Oberweis Emerging Markets Fund - Institutional Class | $75.10 | 1.50% |
How has the Fund performed? (as of June 30, 2024)
Average Annual Total Returns | |||
1 year (%) | 5 years (%) | Since | |
OIEMX | 5.27 | 8.99 | 5.60 |
MSCI Emerging Markets Small-Cap | 20.04 | 9.99 | 5.58 |
MSCI EAFE | 11.54 | 6.46 | 4.80 |
1 Since the inception of the Fund on May 1, 2018.
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The MSCI Emerging Markets Small-Cap Index (Net) is a free float-adjusted market capitalization weighted index that measures the performance of small-cap stocks in 24 emerging markets. The MSCI EAFE Index is an equity index that captures large and mid-cap representation across 21 developed markets countries around the world, excluding the U.S. and Canada. The index is a broad-based index covering approximately 85% of the free-float-adjusted market capitalization in each country with minimum dividends reinvested net of withholding tax. The Indexes are unmanaged and not available for investment.
Fund Statistics (as of June 30, 2024) |
|
|
|
| ||
|
|
|
|
|
|
|
Net Assets |
| Number of Holdings |
| Portfolio Turnover Rate |
| Total Advisory Fees Paid |
$12,518,578 |
| 60 |
| 55% |
| $78,193 |
|
|
|
|
|
|
|
What did the Fund invest in? (as of June 30, 2024) (unaudited)
Asset Allocation (% of Net Assets)
Equities | 93.3 | |
Short-Term Investments | 6.9 | |
Other Liabilities less Assets | (0.2) |
What did the Fund invest in? (as of June 30, 2024) (unaudited) (continued)
Top Ten Holdings (% of Net Assets)
International Container Terminal Services, Inc. | 3.3 |
MakeMyTrip Ltd. | 2.8 |
Federal Bank Ltd. | 2.3 |
Park Systems Corp. | 2.3 |
Medicover AB | 2.3 |
Ennoconn Corp. | 2.2 |
eMemory Technology, Inc. | 2.2 |
PB Fintech Ltd. | 2.2 |
Classys, Inc. | 2.2 |
E Ink Hldgs., Inc. | 2.1 |
Top Ten Industries (% of Net Assets)
Hotels, Restaurants & Leisure | 11.9 |
Semiconductors & Semiconductor Equipment | 7.8 |
Electronic Equipment, Instruments & Components | 5.9 |
Consumer Staples Distribution & Retail | 5.8 |
Transportation Infrastructure | 5.1 |
Banks | 4.8 |
Healthcare Providers & Services | 4.1 |
Oil, Gas & Consumable Fuels | 4.1 |
Beverages | 3.9 |
Aerospace & Defense | 3.4 |
Where can I find additional information about the Fund?
You can find additional information about the Fund online at no cost, including its prospectus, portfolio holdings, financial information, proxy voting information and more at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.
Oberweis International Opportunities Fund Investor Class | Ticker: OBIOX Semi-Annual Report | June 30, 2024 |
This semi-annual shareholder report contains important information about Oberweis International Opportunities Fund (“OBIOX” or the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.
What were your Fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||
| Costs of a | Costs paid as a percentage of a |
Oberweis International Opportunities Fund - Investor Class | $80.97 | 1.59% |
How has the Fund performed? (as of June 30, 2024)
Average Annual Total Returns | |||
1 year (%) | 5 years (%) | 10 years (%) | |
OBIOX | 6.19 | 3.35 | 3.96 |
MSCI World ex-US Small-Cap Growth | 5.56 | 3.83 | 4.36 |
MSCI EAFE | 11.54 | 6.46 | 4.33 |
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The MSCI World ex-US Small Cap Growth Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of small cap growth developed and emerging markets excluding the U.S., with minimum dividends reinvested net of withholding tax. The MSCI EAFE Index is an equity index that captures large and mid-cap representation across 21 developed markets countries around the world, excluding the U.S. and Canada. The index is a broad-based index covering approximately 85% of the free-float-adjusted market capitalization in each country with minimum dividends reinvested net of withholding tax. The Indexes are unmanaged and not available for investment.
Fund Statistics (as of June 30, 2024) |
|
|
|
| ||
|
|
|
|
|
|
|
Net Assets |
| Number of Holdings |
| Portfolio Turnover Rate |
| Total Advisory Fees Paid |
$100,405,287 |
| 66 |
| 52% |
| $517,488 |
|
|
|
|
|
|
|
What did the Fund invest in? (as of June 30, 2024) (unaudited)
Asset Allocation (% of Net Assets)
Equities | 98.8 | |
Short-Term Investments | 0.6 | |
Other Assets less Liabilities | 0.6 |
What did the Fund invest in? (as of June 30, 2024) (unaudited) (continued)
Top Ten Holdings (% of Net Assets)
Intermediate Capital Group PLC | 3.4 |
Kongsberg Gruppen ASA | 3.1 |
Saab AB | 2.7 |
Santen Pharmaceutical Co. Ltd. | 2.6 |
Glanbia PLC | 2.5 |
Marks and Spencer Group PLC | 2.4 |
Accelleron Industries AG | 2.3 |
CTS Eventim AG & Co. | 2.3 |
Arcadis NV | 2.2 |
Daiwa Securities Group, Inc. | 2.2 |
Top Ten Industries (% of Net Assets)
Food Products | 8.9 |
Trading Co. & Distribution | 7.0 |
Machinery | 6.7 |
Capital Markets | 6.6 |
Construction & Engineering | 6.1 |
Aerospace & Defense | 5.9 |
Consumer Staples Distribution & Retail | 5.1 |
Specialty Retail | 4.5 |
Electrical Equipment | 3.9 |
Information Technology Services | 3.7 |
Where can I find additional information about the Fund?
You can find additional information about the Fund online at no cost, including its prospectus, portfolio holdings, financial information, proxy voting information and more at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.
Oberweis International Opportunities Fund Institutional Class | Ticker: OBIIX Semi-Annual Report | June 30, 2024 |
This semi-annual shareholder report contains important information about Oberweis International Opportunities Fund (“OBIIX” or the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.
What were your Fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||
| Costs of a | Costs paid as a percentage of a |
Oberweis International Opportunities Fund - Institutional Class | $55.54 | 1.09% |
How has the Fund performed? (as of June 30, 2024)
Average Annual Total Returns | |||
1 year (%) | 5 years (%) | 10 years (%) | |
OBIIX | 6.52 | 3.62 | 4.22 |
MSCI World ex-US Small-Cap Growth | 5.56 | 3.83 | 4.36 |
MSCI EAFE | 11.54 | 6.46 | 4.33 |
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The MSCI World ex-US Small Cap Growth Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of small cap growth developed and emerging markets excluding the U.S., with minimum dividends reinvested net of withholding tax. The MSCI EAFE Index is an equity index that captures large and mid-cap representation across 21 developed markets countries around the world, excluding the U.S. and Canada. The index is a broad-based index covering approximately 85% of the free-float-adjusted market capitalization in each country with minimum dividends reinvested net of withholding tax. The Indexes are unmanaged and not available for investment.
Fund Statistics (as of June 30, 2024) |
|
|
|
| ||
|
|
|
|
|
|
|
Net Assets |
| Number of Holdings |
| Portfolio Turnover Rate |
| Total Advisory Fees Paid |
$243,474,818 |
| 66 |
| 52% |
| $1,254,867 |
|
|
|
|
|
|
|
What did the Fund invest in? (as of June 30, 2024) (unaudited)
Asset Allocation (% of Net Assets)
Equities | 98.8 | |
Short-Term Investments | 0.6 | |
Other Assets less Liabilities | 0.6 |
What did the Fund invest in? (as of June 30, 2024) (unaudited) (continued)
Top Ten Holdings (% of Net Assets)
Intermediate Capital Group PLC | 3.4 |
Kongsberg Gruppen ASA | 3.1 |
Saab AB | 2.7 |
Santen Pharmaceutical Co. Ltd. | 2.6 |
Glanbia PLC | 2.5 |
Marks and Spencer Group PLC | 2.4 |
Accelleron Industries AG | 2.3 |
CTS Eventim AG & Co. | 2.3 |
Arcadis NV | 2.2 |
Daiwa Securities Group, Inc. | 2.2 |
Top Ten Industries (% of Net Assets)
Food Products | 8.9 |
Trading Co. & Distribution | 7.0 |
Machinery | 6.7 |
Capital Markets | 6.6 |
Construction & Engineering | 6.1 |
Aerospace & Defense | 5.9 |
Consumer Staples Distribution & Retail | 5.1 |
Specialty Retail | 4.5 |
Electrical Equipment | 3.9 |
Information Technology Services | 3.7 |
Where can I find additional information about the Fund?
You can find additional information about the Fund online at no cost, including its prospectus, portfolio holdings, financial information, proxy voting information and more at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.
Oberweis Focused International Growth Fund Institutional Class | Ticker: OFIGX Semi-Annual Report | June 30, 2024 |
This semi-annual shareholder report contains important information about Oberweis Focused International Growth Fund (“OFIGX” or the “Fund”) for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.
What were your Fund costs for the last six months? (based on a hypothetical $10,000 investment) | ||
| Costs of a | Costs paid as a percentage of a |
Oberweis Focused International Growth Fund - Institutional Class | $50.15 | 0.95% |
How has the Fund performed? (as of June 30, 2024)
Average Annual Total Returns | ||
1 year (%) | Since Inception (%)1 | |
OFIGX | 15.65 | 0.52 |
MSCI EAFE | 11.54 | 5.69 |
1 Since the inception of the Fund on April 1, 2022.
The Fund’s past performance is not a good predictor of the Fund’s future performance.
The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.
The MSCI EAFE Index is an equity index that captures large and mid-cap representation across 21 developed markets countries around the world, excluding the U.S. and Canada. The index is a broad-based index covering approximately 85% of the free-float-adjusted market capitalization in each country with minimum dividends reinvested net of withholding tax. The Index is unmanaged and not available for investment.
Fund Statistics (as of June 30, 2024) |
|
|
|
| ||
|
|
|
|
|
|
|
Net Assets |
| Number of Holdings |
| Portfolio Turnover Rate |
| Total Advisory Fees Paid |
$7,083,927 |
| 38 |
| 35% |
| $26,779 |
|
|
|
|
|
|
|
What did the Fund invest in? (as of June 30, 2024) (unaudited)
Asset Allocation (% of Net Assets)
Equities | 95.8 | |
Short-Term Investments | 3.9 | |
Other Assets less Liabilities | 0.3 |
What did the Fund invest in? (as of June 30, 2024) (unaudited) (continued)
Top Ten Holdings (% of Net Assets)
Novo Nordisk A/S | 5.9 |
Dollarama, Inc. | 4.8 |
Hitachi Ltd. | 4.8 |
SAP SE | 4.5 |
Cadence Design Systems, Inc. | 4.3 |
UniCredit SpA | 4.2 |
Publicis Groupe SA | 4.2 |
Rolls-Royce Hldgs. PLC | 4.0 |
LVMH Moet Hennessy Louis Vuitton SE | 3.7 |
Rheinmetall AG | 3.4 |
Top Ten Industries (% of Net Assets)
Pharmaceuticals | 10.4 |
Aerospace & Defense | 10.0 |
Banks | 9.4 |
Software | 8.9 |
Insurance | 5.1 |
Broadline Retail | 4.8 |
Industrial Conglomerates | 4.8 |
Oil, Gas & Consumable Fuels | 4.3 |
Media | 4.2 |
Automobiles | 4.2 |
Where can I find additional information about the Fund?
You can find additional information about the Fund online at no cost, including its prospectus, portfolio holdings, financial information, proxy voting information and more at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.
ITEM 2. CODE OF ETHICS.
Not required for the Semi-Annual Report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not required for the Semi-Annual Report.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not required for the Semi-Annual Report.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not Applicable to the registrant.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Schedule of Investments in Item 7.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Investor Class | Institutional Class | |
Oberweis Micro-Cap Fund | OBMCX | OMCIX |
Oberweis Small-Cap Opportunities Fund | OBSOX | OBSIX |
Oberweis Global Opportunities Fund | OBEGX | OBGIX |
Oberweis China Opportunities Fund | OBCHX | OCHIX |
Oberweis Emerging Markets Fund | OBEMX | OIEMX |
Oberweis International Opportunities Fund | OBIOX | OBIIX |
Oberweis Focused International Growth Fund | — | OFIGX |
SEMI-ANNUAL FINANCIAL STATEMENTS, FINANCIAL HIGHLIGHTS AND OTHER INFORMATION
(Form N-CSR, Items 7-11)
JUNE 30, 2024
Table of Contents
Please note the Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the SEC.
Oberweis Micro-Cap Fund
Schedule of Investments (unaudited)
June 30, 2024
Shares | Value | |||||||||||
Equities | 96.8 | % | ||||||||||
Automobile Components | 0.9 | % | ||||||||||
Gentherm, Inc.* | 92,100 | $ | 4,542,372 | |||||||||
Banks | 2.6 | % | ||||||||||
1st Source Corp. | 63,900 | 3,426,318 | ||||||||||
Mercantile Bank Corp. | 66,000 | 2,677,620 | ||||||||||
Preferred Bank | 95,000 | 7,171,550 | ||||||||||
13,275,488 | ||||||||||||
Beverages | 0.8 | % | ||||||||||
The Vita Coco Co., Inc.* | 141,500 | 3,940,775 | ||||||||||
Biotechnology | 9.6 | % | ||||||||||
ADMA Biologics, Inc.* | 2,040,700 | 22,815,026 | ||||||||||
Ardelyx, Inc.* | 371,800 | 2,755,038 | ||||||||||
CareDx, Inc.* | 250,400 | 3,888,712 | ||||||||||
Catalyst Pharmaceuticals, Inc.* | 458,400 | 7,100,616 | ||||||||||
Dynavax Technologies Corp.* | 331,300 | 3,720,499 | ||||||||||
MannKind Corp.* | 798,800 | 4,169,736 | ||||||||||
Veracyte, Inc.* | 211,000 | 4,572,370 | ||||||||||
49,021,997 | ||||||||||||
Chemicals | 0.8 | % | ||||||||||
Hawkins, Inc. | 44,000 | 4,004,000 | ||||||||||
Commercial Services & Supplies | 4.0 | % | ||||||||||
Aris Water Solutions, Inc. | 195,200 | 3,058,784 | ||||||||||
CECO Environmental Corp.* | 394,700 | 11,387,095 | ||||||||||
VSE Corp. | 66,300 | 5,852,964 | ||||||||||
20,298,843 | ||||||||||||
Communications Equipment | 2.5 | % | ||||||||||
Applied Optoelectronics, Inc.* | 865,915 | 7,178,435 | ||||||||||
Aviat Networks, Inc.* | 199,307 | 5,718,118 | ||||||||||
12,896,553 | ||||||||||||
Construction & Engineering | 4.9 | % | ||||||||||
Limbach Hldgs., Inc.* | 164,800 | 9,382,064 | ||||||||||
Matrix Service Co.* | 211,075 | 2,095,975 | ||||||||||
Primoris Services Corp. | 209,900 | 10,471,911 | ||||||||||
Sterling Construction Co., Inc.* | 27,300 | 3,230,682 | ||||||||||
25,180,632 | ||||||||||||
Consumer Finance | 1.4 | % | ||||||||||
EZCORP, Inc.* | 685,500 | 7,177,185 | ||||||||||
See accompanying notes to the financial statements.
1
Oberweis Micro-Cap Fund
Schedule of Investments (unaudited) (continued)
June 30, 2024
Shares | Value | |||||||||||
Diversified Consumer Services | 1.3 | % | ||||||||||
OneSpaWorld Hldgs. Ltd.* | 420,400 | $ | 6,461,548 | |||||||||
Electrical Equipment | 3.4 | % | ||||||||||
American Superconductor Corp.* | 634,400 | 14,838,616 | ||||||||||
Powell Industries, Inc. | 16,800 | 2,409,120 | ||||||||||
17,247,736 | ||||||||||||
Electronic Equipment, Instruments & Components | 0.7 | % | ||||||||||
Arlo Technologies, Inc.* | 273,400 | 3,565,136 | ||||||||||
Energy Equipment & Services | 2.5 | % | ||||||||||
Helix Energy Solutions Group, Inc.* | 407,500 | 4,865,550 | ||||||||||
Precision Drilling Corp.* | 59,700 | 4,199,298 | ||||||||||
RPC, Inc. | 604,600 | 3,778,750 | ||||||||||
12,843,598 | ||||||||||||
Entertainment | 1.2 | % | ||||||||||
IMAX Corp.* | 376,000 | 6,305,520 | ||||||||||
Ground Transportation | 0.5 | % | ||||||||||
Universal Logistics Hldgs., Inc. | 62,200 | 2,524,698 | ||||||||||
Healthcare Equipment & Supplies | 7.7 | % | ||||||||||
Alphatec Hldgs., Inc.* | 510,500 | 5,334,725 | ||||||||||
Artivion, Inc.* | 282,400 | 7,243,560 | ||||||||||
Bioventus, Inc.* | 380,914 | 2,190,256 | ||||||||||
LeMaitre Vascular, Inc. | 89,200 | 7,339,376 | ||||||||||
RxSight, Inc.* | 107,600 | 6,474,292 | ||||||||||
SI BONE, Inc.* | 275,900 | 3,567,387 | ||||||||||
TransMedics Group, Inc.* | 47,700 | 7,184,574 | ||||||||||
39,334,170 | ||||||||||||
Healthcare Providers & Services | 2.1 | % | ||||||||||
GeneDx Hldgs. Corp.* | 122,000 | 3,189,080 | ||||||||||
PetIQ, Inc.* | 340,700 | 7,515,842 | ||||||||||
10,704,922 | ||||||||||||
Hotels, Restaurants & Leisure | 4.7 | % | ||||||||||
BJ's Restaurants, Inc.* | 72,600 | 2,519,220 | ||||||||||
Despegar.com Corp.* | 253,100 | 3,348,513 | ||||||||||
Playa Hotels & Resorts NV* | 772,500 | 6,481,275 | ||||||||||
Rush Street Interactive, Inc.* | 971,900 | 9,320,521 | ||||||||||
Sweetgreen, Inc.* | 73,801 | 2,224,362 | ||||||||||
23,893,891 | ||||||||||||
Household Durables | 1.0 | % | ||||||||||
M/I Homes, Inc.* | 40,300 | 4,922,242 |
See accompanying notes to the financial statements.
2
Oberweis Micro-Cap Fund
Schedule of Investments (unaudited) (continued)
June 30, 2024
Shares | Value | |||||||||||
Information Technology Services | 0.6 | % | ||||||||||
Backblaze, Inc.* | 538,700 | $ | 3,318,392 | |||||||||
Insurance | 1.7 | % | ||||||||||
Employers Hldgs., Inc. | 92,500 | 3,943,275 | ||||||||||
Skyward Specialty Insurance Group, Inc.* | 126,600 | 4,580,388 | ||||||||||
8,523,663 | ||||||||||||
Machinery | 5.3 | % | ||||||||||
Blue Bird Corp.* | 299,100 | 16,106,535 | ||||||||||
Enerpac Tool Group Corp.* | 77,300 | 2,951,314 | ||||||||||
Proto Labs, Inc.* | 97,500 | 3,011,775 | ||||||||||
REV Group, Inc. | 110,100 | 2,740,389 | ||||||||||
The Gorman-Rupp Corp. | 68,900 | 2,529,319 | ||||||||||
27,339,332 | ||||||||||||
Media | 0.5 | % | ||||||||||
Magnite, Inc.* | 200,000 | 2,658,000 | ||||||||||
Metals & Mining | 0.4 | % | ||||||||||
Universal Stainless & Alloy Products, Inc.* | 80,900 | 2,215,042 | ||||||||||
Oil, Gas & Consumable Fuels | 1.7 | % | ||||||||||
Dorian LPG Ltd. | 84,800 | 3,558,208 | ||||||||||
Vital Energy, Inc.* | 113,900 | 5,104,998 | ||||||||||
8,663,206 | ||||||||||||
Paper & Forest Products | 1.1 | % | ||||||||||
Clearwater Paper Corp.* | 112,200 | 5,438,334 | ||||||||||
Pharmaceuticals | 2.8 | % | ||||||||||
Amphastar Pharmaceuticals, Inc.* | 91,100 | 3,644,000 | ||||||||||
ANI Pharmaceuticals, Inc.* | 43,500 | 2,770,080 | ||||||||||
Evolus, Inc.* | 514,900 | 5,586,665 | ||||||||||
Liquidia Corp.* | 183,200 | 2,198,400 | ||||||||||
14,199,145 | ||||||||||||
Professional Services | 3.3 | % | ||||||||||
Huron Consulting Group, Inc.* | 40,500 | 3,989,250 | ||||||||||
ICF International, Inc. | 35,700 | 5,300,022 | ||||||||||
Upwork, Inc.* | 469,200 | 5,043,900 | ||||||||||
Willdan Group, Inc.* | 79,100 | 2,282,035 | ||||||||||
16,615,207 | ||||||||||||
Semiconductors & Semiconductor Equipment | 18.7 | % | ||||||||||
ACM Research, Inc.* | 416,500 | 9,604,490 | ||||||||||
Aehr Test Systems* | 534,400 | 5,969,248 | ||||||||||
Alpha & Omega Semiconductor Ltd.* | 180,000 | 6,726,600 | ||||||||||
AXT, Inc.* | 659,021 | 2,227,491 | ||||||||||
Camtek Ltd. | 178,180 | 22,315,263 | ||||||||||
Navitas Semiconductor Corp.* | 1,013,200 | 3,981,876 | ||||||||||
Photronics, Inc.* | 266,000 | 6,562,220 | ||||||||||
Silicon Motion Technology Corp. ADS | 106,900 | 8,657,831 | ||||||||||
Ultra Clean Hldgs., Inc.* | 319,600 | 15,660,400 | ||||||||||
Veeco Instruments, Inc.* | 291,900 | 13,634,649 | ||||||||||
95,340,068 |
See accompanying notes to the financial statements.
3
Oberweis Micro-Cap Fund
Schedule of Investments (unaudited) (continued)
June 30, 2024
Shares | Value | |||||||||||
Software | 5.4 | % | ||||||||||
AvePoint, Inc.* | 296,300 | $ | 3,087,446 | |||||||||
Cellebrite DI Ltd.* | 603,600 | 7,213,020 | ||||||||||
OneSpan, Inc.* | 370,700 | 4,752,374 | ||||||||||
Semrush Hldgs., Inc.* | 159,200 | 2,131,688 | ||||||||||
Verint Systems, Inc.* | 150,000 | 4,830,000 | ||||||||||
Weave Communications, Inc.* | 609,400 | 5,496,788 | ||||||||||
27,511,316 | ||||||||||||
Specialty Retail | 1.7 | % | ||||||||||
Boot Barn Hldgs., Inc.* | 69,400 | 8,947,742 | ||||||||||
Textiles, Apparel & Luxury Goods | 0.4 | % | ||||||||||
Oxford Industries, Inc. | 23,400 | 2,343,510 | ||||||||||
Trading Co. & Distribution | 0.6 | % | ||||||||||
Transcat, Inc.* | 29,100 | 3,482,688 | ||||||||||
Total Equities | ||||||||||||
(Cost: $392,630,958) | $ | 494,736,951 | ||||||||||
Total Investments | 96.8 | % | ||||||||||
(Cost: $392,630,958) | $ | 494,736,951 | ||||||||||
Other Assets Less Liabilities | 3.2 | % | 16,420,935 | |||||||||
Net Assets - 100% | $ | 511,157,886 |
* | Non-income producing security during the period ended June 30, 2024 |
ADS - American depositary share
See accompanying notes to the financial statements.
4
Oberweis Small-Cap Opportunities Fund
Schedule of Investments (unaudited)
June 30, 2024
Shares | Value | |||||||||||
Equities | 96.8 | % | ||||||||||
Aerospace & Defense | 2.5 | % | ||||||||||
AeroVironment, Inc.* | 66,700 | $ | 12,150,072 | |||||||||
Woodward, Inc. | 81,600 | 14,229,408 | ||||||||||
26,379,480 | ||||||||||||
Banks | 0.4 | % | ||||||||||
First Merchants Corp. | 123,400 | 4,107,986 | ||||||||||
Beverages | 0.7 | % | ||||||||||
Primo Water Corp. | 323,500 | 7,071,710 | ||||||||||
Biotechnology | 2.3 | % | ||||||||||
Krystal Biotech, Inc.* | 42,600 | 7,823,064 | ||||||||||
Myriad Genetics, Inc.* | 360,700 | 8,822,722 | ||||||||||
Veracyte, Inc.* | 331,100 | 7,174,937 | ||||||||||
23,820,723 | ||||||||||||
Building Products | 3.1 | % | ||||||||||
Gibraltar Industries, Inc.* | 88,100 | 6,039,255 | ||||||||||
Janus International Group, Inc.* | 560,900 | 7,084,167 | ||||||||||
The AZEK Co., Inc.* | 304,800 | 12,841,224 | ||||||||||
Trex Co., Inc.* | 89,500 | 6,633,740 | ||||||||||
32,598,386 | ||||||||||||
Chemicals | 2.1 | % | ||||||||||
Cabot Corp. | 134,500 | 12,359,205 | ||||||||||
Quaker Chemical Corp. | 54,400 | 9,231,680 | ||||||||||
21,590,885 | ||||||||||||
Commercial Services & Supplies | 2.7 | % | ||||||||||
Clean Harbors, Inc.* | 85,100 | 19,245,365 | ||||||||||
MSA Safety, Inc. | 51,000 | 9,572,190 | ||||||||||
28,817,555 | ||||||||||||
Construction & Engineering | 0.7 | % | ||||||||||
Comfort Systems USA, Inc. | 24,100 | 7,329,292 | ||||||||||
Consumer Finance | 0.8 | % | ||||||||||
FirstCash Hldgs., Inc. | 82,200 | 8,621,136 | ||||||||||
Consumer Staples Distribution & Retail | 0.9 | % | ||||||||||
Sprouts Farmers Market, Inc.* | 108,500 | 9,077,110 | ||||||||||
Diversified Consumer Services | 3.9 | % | ||||||||||
Duolingo, Inc.* | 27,500 | 5,738,425 | ||||||||||
Frontdoor, Inc.* | 292,400 | 9,880,196 | ||||||||||
Grand Canyon Education, Inc.* | 51,600 | 7,219,356 | ||||||||||
Strategic Education, Inc. | 83,800 | 9,273,308 | ||||||||||
Stride, Inc.* | 123,300 | 8,692,650 | ||||||||||
40,803,935 |
See accompanying notes to the financial statements.
5
Oberweis Small-Cap Opportunities Fund
Schedule of Investments (unaudited) (continued)
June 30, 2024
Shares | Value | |||||||||||
Electrical Equipment | 2.2 | % | ||||||||||
NEXTracker, Inc.* | 278,900 | $ | 13,074,832 | |||||||||
Vertiv Hldgs. Co. | 113,600 | 9,834,352 | ||||||||||
22,909,184 | ||||||||||||
Electronic Equipment, Instruments & Components | 3.9 | % | ||||||||||
Badger Meter, Inc. | 51,200 | 9,541,120 | ||||||||||
Fabrinet* | 27,900 | 6,829,641 | ||||||||||
Itron, Inc.* | 152,400 | 15,081,504 | ||||||||||
OSI Systems, Inc.* | 69,200 | 9,516,384 | ||||||||||
40,968,649 | ||||||||||||
Energy Equipment & Services | 5.0 | % | ||||||||||
Liberty Energy, Inc. | 281,100 | 5,872,179 | ||||||||||
Tidewater, Inc.* | 146,000 | 13,900,660 | ||||||||||
Weatherford International PLC* | 264,400 | 32,375,780 | ||||||||||
52,148,619 | ||||||||||||
Healthcare Equipment & Supplies | 9.2 | % | ||||||||||
Alphatec Hldgs., Inc.* | 587,400 | 6,138,330 | ||||||||||
Haemonetics Corp.* | 155,100 | 12,831,423 | ||||||||||
Integer Hldgs. Corp.* | 119,200 | 13,802,168 | ||||||||||
LivaNova PLC* | 312,500 | 17,131,250 | ||||||||||
Merit Medical Systems, Inc.* | 176,200 | 15,144,390 | ||||||||||
Tandem Diabetes Care, Inc.* | 271,100 | 10,922,619 | ||||||||||
TransMedics Group, Inc.* | 134,900 | 20,318,638 | ||||||||||
96,288,818 | ||||||||||||
Healthcare Providers & Services | 5.7 | % | ||||||||||
Addus HomeCare Corp.* | 47,500 | 5,515,225 | ||||||||||
Encompass Health Corp. | 280,000 | 24,021,200 | ||||||||||
HealthEquity, Inc.* | 64,600 | 5,568,520 | ||||||||||
Hims & Hers Health, Inc.* | 756,500 | 15,273,735 | ||||||||||
NeoGenomics, Inc.* | 668,700 | 9,274,869 | ||||||||||
59,653,549 | ||||||||||||
Hotels, Restaurants & Leisure | 2.1 | % | ||||||||||
Dutch Bros, Inc.* | 152,700 | 6,321,780 | ||||||||||
Light & Wonder, Inc.* | 55,300 | 5,799,864 | ||||||||||
Wingstop, Inc. | 24,400 | 10,312,904 | ||||||||||
22,434,548 | ||||||||||||
Household Durables | 5.2 | % | ||||||||||
Century Communities, Inc. | 190,100 | 15,523,566 | ||||||||||
Installed Building Products, Inc. | 55,700 | 11,456,376 | ||||||||||
SharkNinja, Inc.* | 366,400 | 27,534,960 | ||||||||||
54,514,902 |
See accompanying notes to the financial statements.
6
Oberweis Small-Cap Opportunities Fund
Schedule of Investments (unaudited) (continued)
June 30, 2024
Shares | Value | |||||||||||
Insurance | 1.5 | % | ||||||||||
Assurant, Inc. | 61,900 | $ | 10,290,875 | |||||||||
Oscar Health, Inc.* | 369,000 | 5,837,580 | ||||||||||
16,128,455 | ||||||||||||
Machinery | 6.8 | % | ||||||||||
Esab Corp. | 150,700 | 14,230,601 | ||||||||||
Federal Signal Corp. | 155,200 | 12,985,584 | ||||||||||
Flowserve Corp. | 332,400 | 15,988,440 | ||||||||||
Oshkosh Corp. | 160,300 | 17,344,460 | ||||||||||
SPX Technologies, Inc.* | 74,500 | 10,589,430 | ||||||||||
71,138,515 | ||||||||||||
Marine Transportation | 0.5 | % | ||||||||||
Kirby Corp.* | 44,300 | 5,304,039 | ||||||||||
Metals & Mining | 1.2 | % | ||||||||||
ATI, Inc.* | 88,700 | 4,918,415 | ||||||||||
Carpenter Technology Corp. | 69,400 | 7,604,852 | ||||||||||
12,523,267 | ||||||||||||
Oil, Gas & Consumable Fuels | 2.1 | % | ||||||||||
International Seaways, Inc. | 151,600 | 8,964,108 | ||||||||||
Magnolia Oil & Gas Corp. | 263,500 | 6,677,090 | ||||||||||
Matador Resources Co. | 111,100 | 6,621,560 | ||||||||||
22,262,758 | ||||||||||||
Passenger Airlines | 2.1 | % | ||||||||||
SkyWest, Inc.* | 270,200 | 22,175,314 | ||||||||||
Personal Care Products | 1.3 | % | ||||||||||
elf Beauty, Inc.* | 67,000 | 14,118,240 | ||||||||||
Professional Services | 3.4 | % | ||||||||||
ExlService Hldgs., Inc.* | 181,000 | 5,676,160 | ||||||||||
ICF International, Inc. | 76,200 | 11,312,652 | ||||||||||
Maximus, Inc. | 110,600 | 9,478,420 | ||||||||||
Parsons Corp.* | 114,600 | 9,375,426 | ||||||||||
35,842,658 |
See accompanying notes to the financial statements.
7
Oberweis Small-Cap Opportunities Fund
Schedule of Investments (unaudited) (continued)
June 30, 2024
Shares | Value | |||||||||||
Semiconductors & Semiconductor Equipment | 12.1 | % | ||||||||||
Allegro MicroSystems, Inc.* | 226,100 | $ | 6,385,064 | |||||||||
Axcelis Technologies, Inc.* | 72,500 | 10,308,775 | ||||||||||
Credo Technology Group Hldg. Ltd.* | 733,200 | 23,418,408 | ||||||||||
FormFactor, Inc.* | 284,000 | 17,190,520 | ||||||||||
Onto Innovation, Inc.* | 115,500 | 25,359,180 | ||||||||||
Silicon Laboratories, Inc. ADS* | 109,500 | 12,113,985 | ||||||||||
Silicon Motion Technology Corp. | 170,400 | 13,800,696 | ||||||||||
Universal Display Corp. | 90,100 | 18,943,525 | ||||||||||
127,520,153 | ||||||||||||
Software | 8.8 | % | ||||||||||
ACI Worldwide, Inc.* | 412,662 | 16,337,289 | ||||||||||
Blackbaud, Inc.* | 67,800 | 5,164,326 | ||||||||||
Clear Secure, Inc. | 523,200 | 9,789,072 | ||||||||||
Informatica, Inc.* | 379,800 | 11,728,224 | ||||||||||
LiveRamp Hldgs., Inc.* | 462,400 | 14,306,656 | ||||||||||
Q2 Hldgs., Inc.* | 71,900 | 4,337,727 | ||||||||||
SPS Commerce, Inc.* | 31,800 | 5,983,488 | ||||||||||
Zeta Global Hldgs. Corp.* | 1,404,500 | 24,789,425 | ||||||||||
92,436,207 | ||||||||||||
Specialty Retail | 1.4 | % | ||||||||||
Abercrombie & Fitch Co.* | 90,700 | 16,130,088 | ||||||||||
Textiles, Apparel & Luxury Goods | 2.2 | % | ||||||||||
Crocs, Inc.* | 115,600 | 16,870,664 | ||||||||||
Deckers Outdoor Corp.* | 7,200 | 6,969,240 | ||||||||||
23,839,904 | ||||||||||||
Total Equities | ||||||||||||
(Cost: $864,874,043) | $ | 1,018,556,065 | ||||||||||
Total Investments | 96.8 | % | ||||||||||
(Cost: $864,874,043) | $ | 1,018,556,065 | ||||||||||
Other Assets Less Liabilities | 3.2 | % | 33,249,329 | |||||||||
Net Assets - 100% | $ | 1,051,805,394 |
* | Non-income producing security during the period ended June 30, 2024 |
ADS - American depositary share
See accompanying notes to the financial statements.
8
Oberweis Global Opportunities Fund
Schedule of Investments (unaudited) a
June 30, 2024
Shares | Value | |||||||||||
Equities | 96.9 | % | ||||||||||
Canada | 1.5 | % | ||||||||||
ATS Corp.* | 25,000 | $ | 808,969 | |||||||||
China | 1.3 | % | ||||||||||
American Superconductor Corp.* | 30,000 | 701,700 | ||||||||||
Finland | 1.7 | % | ||||||||||
Kemira Oyj | 38,000 | 925,262 | ||||||||||
France | 0.9 | % | ||||||||||
Sopra Steria Group SA | 2,600 | 505,575 | ||||||||||
Germany | 1.0 | % | ||||||||||
Gerresheimer AG | 5,000 | 537,287 | ||||||||||
India | 2.6 | % | ||||||||||
Federal Bank Ltd.* | 320,000 | 678,864 | ||||||||||
TVS Motor Co. Ltd. | 25,000 | 707,990 | ||||||||||
1,386,854 | ||||||||||||
Indonesia | 1.2 | % | ||||||||||
PT Sumber Alfaria Trijaya Tbk | 3,899,900 | 654,945 | ||||||||||
Japan | 9.4 | % | ||||||||||
Asics Corp. | 88,400 | 1,362,967 | ||||||||||
Daiwa Securities Group, Inc. | 75,300 | 578,101 | ||||||||||
Fuji Electric Co. Ltd. | 20,700 | 1,182,810 | ||||||||||
Santen Pharmaceutical Co. Ltd. | 80,000 | 818,439 | ||||||||||
Yamazaki Baking Co. Ltd. | 54,800 | 1,131,274 | ||||||||||
5,073,591 | ||||||||||||
Norway | 3.8 | % | ||||||||||
Kongsberg Gruppen ASA | 10,000 | 814,332 | ||||||||||
Subsea 7 SA | 67,300 | 1,262,966 | ||||||||||
2,077,298 | ||||||||||||
South Korea | 1.6 | % | ||||||||||
Park Systems Corp.* | 6,300 | 850,238 | ||||||||||
Sweden | 2.5 | % | ||||||||||
Saab AB | 57,200 | 1,374,222 | ||||||||||
Switzerland | 2.3 | % | ||||||||||
Accelleron Industries AG | 31,600 | 1,237,672 | ||||||||||
Taiwan | 1.4 | % | ||||||||||
eMemory Technology, Inc.* | 10,000 | 785,523 | ||||||||||
United Kingdom | 11.0 | % | ||||||||||
Ashtead Technology Hldgs. PLC | 332,400 | 3,193,326 | ||||||||||
Cranswick PLC | 16,500 | 927,095 | ||||||||||
Games Workshop Group PLC | 6,200 | 835,046 | ||||||||||
Marks & Spencer Group PLC | 272,200 | 984,166 | ||||||||||
5,939,633 |
See accompanying notes to the financial statements.
9
Oberweis Global Opportunities Fund
Schedule of Investments (unaudited) a (continued)
June 30, 2024
Shares | Value | |||||||||||
United States of America | 54.7 | % | ||||||||||
ACM Research, Inc.* | 22,400 | $ | 516,544 | |||||||||
AeroVironment, Inc.* | 2,700 | 491,832 | ||||||||||
Alphatec Hldgs., Inc.* | 125,800 | 1,314,610 | ||||||||||
Amphastar Pharmaceuticals, Inc.* | 20,100 | 804,000 | ||||||||||
Aris Water Solutions, Inc. | 30,000 | 470,100 | ||||||||||
Axcelis Technologies, Inc.* | 5,029 | 715,074 | ||||||||||
Carpenter Technology Corp.* | 5,000 | 547,900 | ||||||||||
Clean Harbors, Inc.* | 7,900 | 1,786,585 | ||||||||||
Credo Technology Group Hldg. Ltd.* | 43,000 | 1,373,420 | ||||||||||
Deckers Outdoor Corp.* | 700 | 677,565 | ||||||||||
ELF Beauty, Inc.* | 2,700 | 568,944 | ||||||||||
Flowserve Corp. | 15,100 | 726,310 | ||||||||||
FormFactor, Inc.* | 11,900 | 720,307 | ||||||||||
Hims & Hers Health, Inc.* | 27,100 | 547,149 | ||||||||||
LeMaitre Vascular, Inc. | 10,400 | 855,712 | ||||||||||
LiveRamp Hldgs., Inc.* | 27,100 | 838,474 | ||||||||||
Merit Medical Systems, Inc.* | 7,500 | 644,625 | ||||||||||
Onto Innovation, Inc.* | 8,000 | 1,756,480 | ||||||||||
Oscar Health, Inc.* | 35,600 | 563,192 | ||||||||||
Oshkosh Corp. | 9,500 | 1,027,900 | ||||||||||
Parsons Corp.* | 18,800 | 1,538,028 | ||||||||||
Q2 Hldgs., Inc.* | 11,300 | 681,729 | ||||||||||
RxSight, Inc.* | 17,000 | 1,022,890 | ||||||||||
SharkNinja, Inc.* | 10,900 | 819,135 | ||||||||||
SkyWest, Inc.* | 18,200 | 1,493,674 | ||||||||||
Sweetgreen, Inc.* | 16,600 | 500,324 | ||||||||||
Tandem Diabetes Care, Inc.* | 10,400 | 419,015 | ||||||||||
The Vita Coco Co., Inc.* | 21,200 | 590,420 | ||||||||||
TransMedics Group, Inc.* | 4,100 | 617,542 | ||||||||||
Universal Display Corp. | 3,100 | 651,775 | ||||||||||
Veracyte, Inc.* | 67,100 | 1,454,057 | ||||||||||
Weatherford International PLC* | 13,300 | 1,628,585 | ||||||||||
Zeta Global Hldgs. Corp.* | 74,600 | 1,316,690 | ||||||||||
29,680,587 | ||||||||||||
Total Equities | ||||||||||||
(Cost: $44,213,109) | $ | 52,539,356 | ||||||||||
Total Investments | 96.9 | % | ||||||||||
(Cost: $44,213,109) | $ | 52,539,356 | ||||||||||
Other Assets Less Liabilities | 3.1 | % | 1,658,310 | |||||||||
Net Assets - 100% | $ | 54,197,666 |
a | Certain securities were fair valued under the discretion of the Board of Trustees |
* | Non-income producing security during the period ended June 30, 2024 |
See accompanying notes to the financial statements.
10
Oberweis Global Opportunities Fund
Schedule of Investments (unaudited) a (continued)
June 30, 2024
SECTOR ALLOCATIONS (As a Percentage of Net Assets) | ||||
Consumer Discretionary | 9.0 | % | ||
Consumer Staples | 9.0 | % | ||
Energy | 5.3 | % | ||
Financials | 3.4 | % | ||
Healthcare | 16.7 | % | ||
Industrials | 31.1 | % | ||
Information Technology | 19.8 | % | ||
Materials | 2.6 | % |
See accompanying notes to the financial statements.
11
Oberweis China Opportunities Fund
Schedule of Investments (unaudited) a
June 30, 2024
Shares | Value | |||||||||||
Equities | 99.0 | % | ||||||||||
Automobile Components | 1.5 | % | ||||||||||
Tong Yang Industry Co. Ltd. | 190,000 | $ | 631,758 | |||||||||
Automobiles | 0.5 | % | ||||||||||
BYD Co. Ltd. | 7,500 | 222,740 | ||||||||||
Banks | 1.7 | % | ||||||||||
China Construction Bank Corp.* | 1,000,000 | 739,215 | ||||||||||
Broadline Retail | 8.6 | % | ||||||||||
Alibaba Group Hldg. Ltd. | 230,000 | 2,072,939 | ||||||||||
PDD Hldgs. ADS* | 12,000 | 1,595,400 | ||||||||||
3,668,339 | ||||||||||||
Building Products | 1.2 | % | ||||||||||
Xinyi Glass Hldgs. Ltd. | 480,000 | 525,658 | ||||||||||
Chemicals | 1.5 | % | ||||||||||
Nan Pao Resins Chemical Co. Ltd. | 60,000 | 632,140 | ||||||||||
Commercial Services & Supplies | 0.7 | % | ||||||||||
TUHU Car, Inc.* | 100,000 | 297,730 | ||||||||||
Containers & Packaging | 0.4 | % | ||||||||||
Taiwan Hon Chuan Enterprise Co. Ltd.* | 30,000 | 158,573 | ||||||||||
Diversified Consumer Services | 0.5 | % | ||||||||||
New Oriental Education & Technology Group, Inc.* | 30,000 | 230,582 | ||||||||||
Electrical Equipment | 3.2 | % | ||||||||||
Contemporary Amperex Technology Co. Ltd. | 20,000 | 495,426 | ||||||||||
Ningbo Sanxing Medical Electric Co. Ltd. | 90,000 | 433,520 | ||||||||||
Wasion Hldgs. Ltd. | 500,000 | 437,893 | ||||||||||
1,366,839 | ||||||||||||
Electronic Equipment, Instruments & Components | 7.0 | % | ||||||||||
FIT Hon Teng Ltd.* | 700,000 | 309,685 | ||||||||||
Hexing Electrical Co. Ltd. | 95,000 | 612,275 | ||||||||||
Hon Hai Precision Industry Co. Ltd.* | 200,000 | 1,316,785 | ||||||||||
Lens Technology Co. Ltd.* | 100,000 | 250,543 | ||||||||||
Lotes Co. Ltd.* | 10,000 | 501,253 | ||||||||||
2,990,541 | ||||||||||||
Entertainment | 2.9 | % | ||||||||||
NetEase, Inc. | 5,000 | 95,479 | ||||||||||
Tencent Music Entertainment Group ADS | 80,000 | 1,124,000 | ||||||||||
1,219,479 |
See accompanying notes to the financial statements.
12
Oberweis China Opportunities Fund
Schedule of Investments (unaudited) a (continued)
June 30, 2024
Shares | Value | |||||||||||
Ground Transportation | 1.3 | % | ||||||||||
DiDi Global, Inc. ADS* | 130,000 | $ | 538,200 | |||||||||
Hotels, Restaurants & Leisure | 12.3 | % | ||||||||||
MakeMyTrip Ltd.* | 11,500 | 967,150 | ||||||||||
Meituan* | 135,000 | 1,918,917 | ||||||||||
MGM China Hldgs. Ltd. | 310,000 | 481,885 | ||||||||||
Trip.com Group Ltd.* | 40,000 | 1,893,022 | ||||||||||
5,260,974 | ||||||||||||
Household Durables | 4.1 | % | ||||||||||
Beijing Roborock Technology Co. Ltd.* | 13,060 | 704,201 | ||||||||||
Hisense Home Appliances Group Co. Ltd. | 95,000 | 312,084 | ||||||||||
TCL Electronics Hldgs. Ltd.* | 900,000 | 727,182 | ||||||||||
1,743,467 | ||||||||||||
Independent Power and Renewable Electricity Producers | 1.5 | % | ||||||||||
China Resources Power Hldgs. Co. Ltd. | 210,000 | 643,406 | ||||||||||
Information Technology Services | 1.0 | % | ||||||||||
GDS Hldgs. Ltd.* | 350,000 | 408,131 | ||||||||||
Insurance | 3.2 | % | ||||||||||
AIA Group Ltd. | 95,000 | 642,742 | ||||||||||
China Pacific Insurance (Group) Co. Ltd. | 300,000 | 730,048 | ||||||||||
1,372,790 | ||||||||||||
Interactive Media & Services | 7.2 | % | ||||||||||
Kanzhun Ltd. ADS* | 24,000 | 451,440 | ||||||||||
Tencent Hldgs. Ltd. | 55,000 | 2,609,201 | ||||||||||
3,060,641 | ||||||||||||
Machinery | 2.1 | % | ||||||||||
Haitian International Hldgs. Ltd.* | 110,000 | 311,303 | ||||||||||
Zhuzhou CRRC Times Electric Co. Ltd.* | 150,000 | 591,064 | ||||||||||
902,367 | ||||||||||||
Marine Transportation | 0.9 | % | ||||||||||
COSCO SHIPPING Hldgs. Co. Ltd. | 220,000 | 383,988 | ||||||||||
Metals & Mining | 5.2 | % | ||||||||||
Aluminum Corp. of China Ltd. | 1,150,000 | 783,268 | ||||||||||
CMOC Group Ltd. | 702,000 | 640,620 | ||||||||||
Zijin Mining Group Co. Ltd. | 380,000 | 800,656 | ||||||||||
2,224,544 | ||||||||||||
Oil, Gas & Consumable Fuels | 5.6 | % | ||||||||||
China Shenhua Energy Co. Ltd. | 230,000 | 1,060,128 | ||||||||||
PetroChina Co. Ltd. | 1,300,000 | 1,312,669 | ||||||||||
2,372,797 | ||||||||||||
Personal Care Products | 1.0 | % | ||||||||||
Giant Biogene Hldg. Co. Ltd. | 75,000 | 438,779 |
See accompanying notes to the financial statements.
13
Oberweis China Opportunities Fund
Schedule of Investments (unaudited) a (continued)
June 30, 2024
Shares | Value | |||||||||||
Pharmaceuticals | 1.5 | % | ||||||||||
Hansoh Pharmaceutical Group Co. Ltd. | 300,000 | $ | 628,136 | |||||||||
Semiconductors & Semiconductor Equipment | 13.9 | % | ||||||||||
ASPEED Technology, Inc. | 5,000 | 741,954 | ||||||||||
Cirrus Logic, Inc.* | 1,000 | 127,660 | ||||||||||
Everlight Electronics Co. Ltd.* | 250,000 | 588,445 | ||||||||||
Foxsemicon Integrated Technology, Inc. | 70,000 | 664,437 | ||||||||||
MediaTek, Inc. | 5,000 | 215,342 | ||||||||||
Micron Technology, Inc.* | 3,000 | 394,590 | ||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADS | 18,500 | 3,215,485 | ||||||||||
5,947,913 | ||||||||||||
Specialty Retail | 2.3 | % | ||||||||||
Pop Mart International Group Ltd. | 200,000 | 975,434 | ||||||||||
Technology Hardware, Storage & Peripherals | 5.2 | % | ||||||||||
Asia Vital Components Co. Ltd.* | 27,000 | 632,235 | ||||||||||
Lenovo Group Ltd.* | 400,000 | 561,355 | ||||||||||
Wiwynn Corp. | 9,000 | 728,887 | ||||||||||
Xiaomi Corp.* | 160,000 | 336,350 | ||||||||||
2,258,827 | ||||||||||||
Water Utilities | 1.0 | % | ||||||||||
Beijing Enterprises Water Group Ltd. | 1,550,000 | 476,050 | ||||||||||
Total Equities | ||||||||||||
(Cost: $37,601,703) | $ | 42,320,038 | ||||||||||
Short-Term Investments | 0.1 | % | ||||||||||
Fidelity Investments Money Market Government Portfolio Class I 5.21%b | 44,376 | 44,376 | ||||||||||
Total Short-Term Investments | ||||||||||||
(Cost: $44,376) | $ | 44,376 | ||||||||||
Total Investments | 99.1 | % | ||||||||||
(Cost: $37,646,079) | $ | 42,364,414 | ||||||||||
Other Assets Less Liabilities | 0.9 | % | 377,201 | |||||||||
Net Assets - 100% | $ | 42,741,615 |
a | Certain securities were fair valued under the discretion of the Board of Trustees |
b | Annualized seven-day effective yield as of June 30, 2024 |
* | Non-income producing security during the period ended June 30, 2024 |
ADS - American depositary share
COUNTRY ALLOCATION (As a Percentage of Net Assets) | ||||
China ( Includes the People's Republic of China, Taiwan and Hong Kong) | 96.7 | % | ||
India | 2.3 | % |
See accompanying notes to the financial statements.
14
Oberweis Emerging Markets Fund
Schedule of Investments (unaudited) a
June 30, 2024
Shares | Value | |||||||||||
Equities | 93.3 | % | ||||||||||
Argentina | 3.2 | % | ||||||||||
Arcos Dorados Hldgs., Inc. | 30,000 | $ | 270,000 | |||||||||
Despegar.com Corp.* | 22,500 | 297,675 | ||||||||||
567,675 | ||||||||||||
Brazil | 7.7 | % | ||||||||||
Embraer SA ADS* | 10,300 | 265,740 | ||||||||||
GPS Participacoes e Empreendimentos SA | 91,300 | 281,571 | ||||||||||
Petro Rio SA* | 27,200 | 212,925 | ||||||||||
Santos Brasil Participacoes SA | 131,100 | 320,122 | ||||||||||
VTEX* | 42,200 | 306,372 | ||||||||||
1,386,730 | ||||||||||||
Chile | 1.1 | % | ||||||||||
Embotelladora Andina SA | 66,700 | 188,820 | ||||||||||
China | 7.3 | % | ||||||||||
Chongqing Brewery Co. Ltd. | 31,900 | 265,963 | ||||||||||
DPC Dash Ltd.* | 36,000 | 296,475 | ||||||||||
Haitian International Hldgs. Ltd. | 84,000 | 237,723 | ||||||||||
Jiangsu Hengli Hydraulic Co. Ltd. | 24,500 | 156,966 | ||||||||||
Uni-President China Hldgs. Ltd. | 390,000 | 356,085 | ||||||||||
1,313,212 | ||||||||||||
France | 1.3 | % | ||||||||||
Gaztransport & Technigaz SA | 1,750 | 228,933 | ||||||||||
Greece | 1.4 | % | ||||||||||
Greek Organization of Football Prognostics SA | 15,500 | 243,007 | ||||||||||
Hungary | 1.6 | % | ||||||||||
Richter Gedeon Nyrt | 10,842 | 281,627 |
See accompanying notes to the financial statements.
15
Oberweis Emerging Markets Fund
Schedule of Investments (unaudited) a (continued)
June 30, 2024
Shares | Value | |||||||||||
India | 22.9 | % | ||||||||||
Aditya Vision Ltd.* | 3,615 | $ | 192,874 | |||||||||
Emudhra Ltd. | 33,550 | 344,138 | ||||||||||
Federal Bank Ltd.* | 194,700 | 413,046 | ||||||||||
Kaynes Technology India Ltd.* | 5,800 | 267,786 | ||||||||||
KEI Industries Ltd. | 6,798 | 360,080 | ||||||||||
MakeMyTrip Ltd.* | 5,900 | 496,190 | ||||||||||
Medi Assist Healthcare Services Ltd.* | 50,628 | 331,178 | ||||||||||
Oracle Financial Services Software Ltd. | 3,103 | 367,187 | ||||||||||
PB Fintech Ltd.* | 23,283 | 390,051 | ||||||||||
SAMHI Hotels Ltd.* | 100,000 | 228,483 | ||||||||||
Senco Gold Ltd.* | 18,300 | 251,455 | ||||||||||
TVS Motor Co. Ltd. | 7,500 | 212,397 | ||||||||||
Varun Beverages Ltd. | 12,236 | 238,635 | ||||||||||
4,093,500 | ||||||||||||
Indonesia | 5.5 | % | ||||||||||
PT Avia Avian Tbk | 5,000,000 | 157,252 | ||||||||||
PT Cisarua Mountain Dairy Tbk | 620,000 | 189,313 | ||||||||||
PT Sumber Alfaria Trijaya Tbk | 2,027,500 | 340,496 | ||||||||||
PT United Tractors Tbk | 223,400 | 299,538 | ||||||||||
986,599 | ||||||||||||
Mexico | 5.6 | % | ||||||||||
Alsea, S.A.B. de CV | 88,300 | 306,963 | ||||||||||
BBB Foods, Inc.* | 11,000 | 262,460 | ||||||||||
Prologis Property Mexico SA de CV | 61,792 | 201,909 | ||||||||||
Regional SAB de CV | 30,200 | 225,357 | ||||||||||
996,689 | ||||||||||||
Philippines | 3.3 | % | ||||||||||
International Container Terminal Services, Inc. | 100,000 | 596,837 | ||||||||||
Poland | 1.0 | % | ||||||||||
Dino Polska SA* | 1,700 | 171,307 | ||||||||||
South Africa | 1.5 | % | ||||||||||
Clicks Group Ltd. | 14,080 | 267,999 | ||||||||||
South Korea | 16.5 | % | ||||||||||
Classys, Inc. | 10,527 | 386,842 | ||||||||||
Doosan Corp.* | 2,184 | 342,255 | ||||||||||
Hugel, Inc.* | 1,500 | 251,110 | ||||||||||
KakaoBank Corp.* | 15,406 | 225,948 | ||||||||||
KINX, Inc. | 2,500 | 150,501 | ||||||||||
LEENO Industrial, Inc. | 1,988 | 336,034 | ||||||||||
LIG Nex1 Co. Ltd.* | 2,200 | 351,616 | ||||||||||
Park Systems Corp. | 3,056 | 412,433 | ||||||||||
SK Square Co. Ltd.* | 3,124 | 225,438 | ||||||||||
Tokai Carbon Korea Co. Ltd. | 2,850 | 275,488 | ||||||||||
2,957,665 |
See accompanying notes to the financial statements.
16
Oberweis Emerging Markets Fund
Schedule of Investments (unaudited) a (continued)
June 30, 2024
Shares | Value | |||||||||||
Sweden | 2.3 | % | ||||||||||
Medicover AB* | 22,900 | $ | 410,945 | |||||||||
Taiwan | 9.6 | % | ||||||||||
Airtac International Group* | 5,000 | 151,762 | ||||||||||
Alchip Technologies Ltd.* | 2,000 | 150,592 | ||||||||||
E Ink Hldgs., Inc.* | 49,000 | 379,402 | ||||||||||
eMemory Technology, Inc.* | 5,000 | 392,761 | ||||||||||
Ennoconn Corp.* | 39,000 | 401,944 | ||||||||||
M31 Technology Corp. | 6,960 | 241,877 | ||||||||||
1,718,338 | ||||||||||||
Thailand | 0.8 | % | ||||||||||
Mega Lifesciences PCL | 145,300 | 151,096 | ||||||||||
United Kingdom | 0.7 | % | ||||||||||
WAG Payment Solutions PLC* | 173,000 | 133,396 | ||||||||||
Total Equities | ||||||||||||
(Cost: $13,914,752) | $ | 16,694,375 | ||||||||||
Short-Term Investments | 6.9 | % | ||||||||||
Fidelity Investments Money Market Government Portfolio Class I 5.21%b | 1,241,679 | 1,241,679 | ||||||||||
Total Short-Term Investments | ||||||||||||
(Cost: $1,241,679) | $ | 1,241,679 | ||||||||||
Total Investments | 100.2 | % | ||||||||||
(Cost: $15,156,431) | $ | 17,936,054 | ||||||||||
Other Liabilities Less Assets | (0.2 | )% | (34,296 | ) | ||||||||
Net Assets - 100% | $ | 17,901,758 |
a | Certain securities were fair valued under the discretion of the Board of Trustees |
b | Annualized seven-day effective yield as of June 30, 2024 |
* | Non-income producing security during the period ended June 30, 2024 |
ADS - American depositary share
See accompanying notes to the financial statements.
17
Oberweis Emerging Markets Fund
Schedule of Investments (unaudited) a (continued)
June 30, 2024
SECTOR ALLOCATIONS (As a Percentage of Net Assets) | ||||
Communication Services | 2.6 | % | ||
Consumer Discretionary | 15.6 | % | ||
Consumer Staples | 12.7 | % | ||
Energy | 4.1 | % | ||
Financials | 7.8 | % | ||
Healthcare | 10.1 | % | ||
Industrials | 20.3 | % | ||
Information Technology | 17.9 | % | ||
Materials | 1.0 | % | ||
Real Estate | 1.2 | % |
See accompanying notes to the financial statements.
18
Oberweis International Opportunities Fund
Schedule of Investments (unaudited) a
June 30, 2024
Shares | Value | |||||||||||
Equities | 98.8 | % | ||||||||||
Australia | 4.5 | % | ||||||||||
GrainCorp Ltd.* | 973,923 | $ | 5,742,507 | |||||||||
JB Hi-Fi Ltd. | 144,112 | 5,855,639 | ||||||||||
Nick Scali Ltd. | 434,700 | 3,999,414 | ||||||||||
15,597,560 | ||||||||||||
Canada | 10.1 | % | ||||||||||
AtkinsRealis Group, Inc. | 85,900 | 3,718,294 | ||||||||||
ATS Corp.* | 118,175 | 3,823,995 | ||||||||||
Bird Construction, Inc. | 187,434 | 3,674,424 | ||||||||||
CES Energy Solutions Corp. | 472,200 | 2,657,657 | ||||||||||
Definity Financial Corp. | 125,100 | 4,113,002 | ||||||||||
Element Fleet Management Corp. | 308,300 | 5,608,937 | ||||||||||
Parex Resources, Inc. | 251,615 | 4,031,431 | ||||||||||
Stantec, Inc. | 84,000 | 7,032,030 | ||||||||||
34,659,770 | ||||||||||||
Denmark | 2.3 | % | ||||||||||
ALK-Abello A/S* | 153,900 | 3,362,324 | ||||||||||
ROCKWOOL A/S* | 11,061 | 4,483,900 | ||||||||||
7,846,224 | ||||||||||||
Finland | 3.5 | % | ||||||||||
Kemira Oyj* | 136,600 | 3,326,074 | ||||||||||
Metso Corp. | 469,868 | 4,993,694 | ||||||||||
Outokumpu Oyj | 389,543 | 1,406,951 | ||||||||||
Wärtsilä Oyj* | 122,300 | 2,370,810 | ||||||||||
12,097,529 | ||||||||||||
France | 5.0 | % | ||||||||||
Rexel SA | 198,719 | 5,140,306 | ||||||||||
Sopra Steria Group SACA | 28,900 | 5,619,660 | ||||||||||
Spie SA | 181,500 | 6,575,478 | ||||||||||
17,335,444 | ||||||||||||
Germany | 2.3 | % | ||||||||||
CTS Eventim AG & Co. | 94,151 | 7,837,602 | ||||||||||
Ireland | 2.5 | % | ||||||||||
Glanbia PLC | 433,400 | 8,447,076 | ||||||||||
Italy | 3.4 | % | ||||||||||
Brunello Cucinelli SpA | 53,900 | 5,379,258 | ||||||||||
De' Longhi SpA | 201,300 | 6,298,245 | ||||||||||
11,677,503 | ||||||||||||
Japan | 22.0 | % | ||||||||||
ABC-Mart, Inc. | 325,900 | 5,719,559 | ||||||||||
Asics Corp. | 382,800 | 5,902,077 | ||||||||||
BayCurrent Consulting, Inc.* | 106,300 | 2,151,991 | ||||||||||
Daiwa Securities Group, Inc. | 978,000 | 7,508,407 | ||||||||||
Fuji Electric Co. Ltd. | 96,600 | 5,519,781 | ||||||||||
Isetan Mitsukoshi Hldgs. Ltd.* | 299,400 | 5,627,766 | ||||||||||
Organo Corp. | 86,300 | 4,434,541 | ||||||||||
Ryohin Keikaku Co. Ltd. | 278,500 | 4,634,783 | ||||||||||
Santen Pharmaceutical Co. Ltd. | 867,500 | 8,874,952 | ||||||||||
Sumitomo Bakelite Co. Ltd. | 163,300 | 4,797,891 | ||||||||||
Sundrug Co. Ltd. | 136,200 | 3,436,306 | ||||||||||
The Japan Steel Works Ltd.* | 77,800 | 2,072,237 | ||||||||||
Toyo Suisan Kaisha Ltd. | 86,400 | 5,146,179 | ||||||||||
ULVAC, Inc. | 62,700 | 4,121,615 | ||||||||||
Yamazaki Baking Co. Ltd. | 273,800 | 5,652,241 | ||||||||||
75,600,326 |
See accompanying notes to the financial statements.
19
Oberweis International Opportunities Fund
Schedule of Investments (unaudited) a (continued)
June 30, 2024
Shares | Value | |||||||||||
Netherlands | 4.1 | % | ||||||||||
Arcadis NV | 118,800 | $ | 7,517,414 | |||||||||
Constellium SE* | 358,039 | 6,749,035 | ||||||||||
14,266,449 | ||||||||||||
Norway | 7.3 | % | ||||||||||
Hoegh Autoliners ASA | 194,200 | 2,298,084 | ||||||||||
Kongsberg Gruppen ASA | 132,900 | 10,822,470 | ||||||||||
Storebrand ASA* | 582,248 | 5,944,448 | ||||||||||
Subsea 7 SA | 330,100 | 6,194,725 | ||||||||||
25,259,727 | ||||||||||||
Spain | 3.5 | % | ||||||||||
Banco de Sabadell SA* | 2,458,300 | 4,745,746 | ||||||||||
Indra Sistemas SA* | 349,000 | 7,166,273 | ||||||||||
11,912,019 | ||||||||||||
Sweden | 5.7 | % | ||||||||||
AAK AB | 195,920 | 5,736,691 | ||||||||||
AddTech AB* | 141,000 | 3,516,201 | ||||||||||
Munters Group AB* | 47,100 | 887,069 | ||||||||||
Saab AB | 393,200 | 9,446,572 | ||||||||||
19,586,533 | ||||||||||||
Switzerland | 2.3 | % | ||||||||||
Accelleron Industries AG | 204,200 | 7,997,867 | ||||||||||
United Kingdom | 20.3 | % | ||||||||||
Ashtead Technology Hldgs. PLC | 671,400 | 6,450,057 | ||||||||||
Cranswick PLC | 97,100 | 5,455,815 | ||||||||||
Diploma PLC | 108,600 | 5,676,550 | ||||||||||
Games Workshop Group PLC | 41,250 | 5,555,751 | ||||||||||
Howden Joinery Group PLC | 311,121 | 3,440,894 | ||||||||||
IMI PLC | 233,516 | 5,188,831 | ||||||||||
Informa PLC | 509,200 | 5,495,125 | ||||||||||
Intermediate Capital Group PLC | 432,600 | 11,863,389 | ||||||||||
Keller Group PLC | 222,900 | 3,460,008 | ||||||||||
Marks and Spencer Group PLC | 2,279,200 | 8,240,672 | ||||||||||
Morgan Sindall Group PLC | 99,271 | 3,181,980 | ||||||||||
Molten Ventures PLC* | 710,000 | 3,284,793 | ||||||||||
Telecom Plus PLC* | 100,500 | 2,240,041 | ||||||||||
69,533,906 | ||||||||||||
Total Equities | ||||||||||||
(Cost: $293,027,715) | $ | 339,655,535 | ||||||||||
Short-Term Investments | 0.6 | % | ||||||||||
Fidelity Investments Money Market Government Portfolio Class I 5.21%b | 2,201,577 | 2,201,577 | ||||||||||
Total Short-Term Investments | ||||||||||||
(Cost: $2,201,577) | $ | 2,201,577 | ||||||||||
Total Investments | 99.4 | % | ||||||||||
(Cost: $295,229,292) | $ | 341,857,112 | ||||||||||
Other Assets Less Liabilities | 0.6 | % | 2,022,993 | |||||||||
Net Assets - 100% | $ | 343,880,105 |
a | Certain securities were fair valued under the discretion of the Board of Trustees |
b | Annualized seven-day effective yield as of June 30, 2024 |
* | Non-income producing security during the period ended June 30, 2024 |
See accompanying notes to the financial statements.
20
Oberweis International Opportunities Fund
Schedule of Investments (unaudited) a (continued)
June 30, 2024
SECTOR ALLOCATIONS (As a Percentage of Net Assets) | ||||
Communication Services | 3.9 | % | ||
Consumer Discretionary | 14.2 | % | ||
Consumer Staples | 13.9 | % | ||
Energy | 3.7 | % | ||
Financials | 10.9 | % | ||
Healthcare | 3.6 | % | ||
Industrials | 38.2 | % | ||
Information Technology | 4.9 | % | ||
Materials | 4.7 | % | ||
Utilities | 0.8 | % |
See accompanying notes to the financial statements.
21
Oberweis Focused International Growth Fund
Schedule of Investments (unaudited) a
June 30, 2024
Shares | Value | |||||||||||
Equities | 95.8 | % | ||||||||||
Australia | 1.9 | % | ||||||||||
BHP Group Ltd. | 4,600 | $ | 131,479 | |||||||||
Canada | 4.8 | % | ||||||||||
Dollarama, Inc. | 3,700 | 337,817 | ||||||||||
Denmark | 5.9 | % | ||||||||||
Novo Nordisk A/S | 2,900 | 414,946 | ||||||||||
France | 9.6 | % | ||||||||||
LVMH Moet Hennessy Louis Vuitton SE | 340 | 261,035 | ||||||||||
Publicis Groupe SA* | 2,800 | 297,398 | ||||||||||
Schneider Electric SE | 500 | 119,866 | ||||||||||
678,299 | ||||||||||||
Germany | 10.0 | % | ||||||||||
Münchener Rückversicherungs AG* | 300 | 149,979 | ||||||||||
Rheinmetall AG | 470 | 239,507 | ||||||||||
SAP SE | 1,600 | 321,384 | ||||||||||
710,870 | ||||||||||||
Italy | 5.6 | % | ||||||||||
Ferrari NV | 240 | 97,937 | ||||||||||
UniCredit SpA | 8,100 | 299,733 | ||||||||||
397,670 | ||||||||||||
Japan | 14.4 | % | ||||||||||
Bridgestone Corp. | 1,900 | 74,973 | ||||||||||
Hitachi Ltd. | 15,000 | 337,745 | ||||||||||
Mitsubishi UFJ Financial Group, Inc. | 10,600 | 114,395 | ||||||||||
Sony Group Corp. | 1,600 | 136,354 | ||||||||||
Sumitomo Corp. | 6,400 | 160,780 | ||||||||||
Toyota Motor Corp. | 9,600 | 196,968 | ||||||||||
1,021,215 | ||||||||||||
Netherlands | 3.8 | % | ||||||||||
ASML Hldg. NV | 165 | 168,154 | ||||||||||
ING Groep NV* | 6,000 | 103,090 | ||||||||||
271,244 | ||||||||||||
Spain | 2.3 | % | ||||||||||
Industria de Diseno Textil SA | 3,300 | 163,749 | ||||||||||
Sweden | 6.0 | % | ||||||||||
Alfa Laval AB* | 2,500 | 109,479 | ||||||||||
EQT AB | 7,100 | 208,153 | ||||||||||
Volvo AB | 4,100 | 105,347 | ||||||||||
422,979 | ||||||||||||
Switzerland | 7.3 | % | ||||||||||
ABB Ltd.* | 2,400 | 133,075 | ||||||||||
Novartis AG | 800 | 85,173 | ||||||||||
Roche Hldg. AG | 300 | 83,113 | ||||||||||
Zurich Insurance Group AG | 400 | 213,067 | ||||||||||
514,428 |
See accompanying notes to the financial statements.
22
Oberweis Focused International Growth Fund
Schedule of Investments (unaudited) a (continued)
June 30, 2024
Shares | Value | |||||||||||
United Kingdom | 20.0 | % | ||||||||||
Anglo American PLC | 3,200 | $ | 101,119 | |||||||||
AstraZeneca PLC | 1,000 | 155,628 | ||||||||||
BAE Systems PLC | 11,000 | 183,218 | ||||||||||
BP PLC | 20,400 | 122,820 | ||||||||||
CRH PLC | 1,200 | 88,922 | ||||||||||
HSBC Hldgs. PLC | 17,600 | 151,919 | ||||||||||
Rolls-Royce Hldgs. PLC* | 49,600 | 284,854 | ||||||||||
Shell PLC | 5,100 | 182,921 | ||||||||||
Unilever PLC | 2,700 | 148,191 | ||||||||||
1,419,592 | ||||||||||||
United States of America | 4.2 | % | ||||||||||
Cadence Design Systems, Inc.* | 1,000 | 307,750 | ||||||||||
Total Equities | ||||||||||||
(Cost: $5,741,522) | $ | 6,792,038 | ||||||||||
Short-Term Investments | 3.9 | % | ||||||||||
Fidelity Investments Money Market Government Portfolio Class I 5.21%b | 272,819 | 272,819 | ||||||||||
Total Short-Term Investments | ||||||||||||
(Cost: $272,819) | $ | 272,819 | ||||||||||
Total Investments | 99.7 | % | ||||||||||
(Cost: $6,014,341) | $ | 7,064,857 | ||||||||||
Other Assets Less Liabilities | 0.3 | % | 19,070 | |||||||||
Net Assets - 100% | $ | 7,083,927 |
a | Certain securities were fair valued under the discretion of the Board of Trustees |
b | Annualized seven-day effective yield as of June 30, 2024 |
* | Non-income producing security during the period ended June 30, 2024 |
SECTOR ALLOCATIONS (As a Percentage of Net Assets) | ||||
Communication Services | 4.2 | % | ||
Consumer Discretionary | 17.9 | % | ||
Consumer Staples | 2.1 | % | ||
Energy | 4.3 | % | ||
Financials | 17.5 | % | ||
Healthcare | 10.4 | % | ||
Industrials | 23.6 | % | ||
Information Technology | 11.3 | % | ||
Materials | 4.5 | % |
See accompanying notes to the financial statements.
23
THE OBERWEIS FUNDS
Statements of Assets and Liabilities (unaudited)
June 30, 2024
Micro-Cap Fund | Small-Cap Opportunities Fund | Global Opportunities Fund | ||||||||||
ASSETS | ||||||||||||
Investment securities at valuea | $ | 494,736,951 | $ | 1,018,556,065 | $ | 52,539,356 | ||||||
Cash | 16,866,620 | 33,782,313 | 1,696,834 | |||||||||
Dividends and interest receivable | 77,887 | 272,689 | 46,977 | |||||||||
Prepaid expenses | 68,183 | 83,263 | 22,451 | |||||||||
Total Assets | 511,749,641 | 1,052,694,330 | 54,305,618 | |||||||||
LIABILITIES | ||||||||||||
Payable to advisor (see note 3) | 413,375 | 638,251 | 37,492 | |||||||||
Payable to distributor | 50,003 | 70,602 | 7,093 | |||||||||
Accrued expenses | 128,377 | 180,083 | 63,367 | |||||||||
Total Liabilities | 591,755 | 888,936 | 107,952 | |||||||||
NET ASSETS | $ | 511,157,886 | $ | 1,051,805,394 | $ | 54,197,666 | ||||||
NET ASSETS | ||||||||||||
Investor Class | $ | 248,362,214 | $ | 351,829,801 | $ | 34,820,041 | ||||||
Institutional Class | 262,795,672 | 699,975,593 | 19,377,625 | |||||||||
Total | $ | 511,157,886 | $ | 1,051,805,394 | $ | 54,197,666 | ||||||
SHARES OUTSTANDING | ||||||||||||
(shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with no par value) | ||||||||||||
Investor Class | 5,998,265 | 13,839,166 | 1,228,952 | |||||||||
Institutional Class | 6,210,752 | 26,890,072 | 668,897 | |||||||||
Total | 12,209,017 | 40,729,238 | 1,897,849 | |||||||||
NET ASSET VALUE | ||||||||||||
Investor Class, offering price and redemption price | $ | 41.41 | $ | 25.42 | $ | 28.33 | ||||||
Institutional Class, offering price and redemption price | $ | 42.31 | $ | 26.03 | $ | 28.97 | ||||||
ANALYSIS OF NET ASSETS | ||||||||||||
Capital | $ | 399,049,008 | $ | 898,154,189 | $ | 48,457,777 | ||||||
Accumulated earnings (losses) | 112,108,878 | 153,651,205 | 5,739,889 | |||||||||
Net assets | $ | 511,157,886 | $ | 1,051,805,394 | $ | 54,197,666 | ||||||
a Investment securities at cost | $ | 392,630,958 | $ | 864,874,043 | $ | 44,213,109 |
See accompanying notes to the financial statements.
24
THE OBERWEIS FUNDS
Statements of Assets and Liabilities (unaudited)
June 30, 2024 (continued)
China Opportunities Fund | Emerging Markets Fund | |||||||
ASSETS | ||||||||
Investment securities at valuea | $ | 42,364,414 | $ | 17,936,054 | ||||
Cash | $ | 192,609 | 104,131 | |||||
Foreign currency b | 5 | 9,008 | ||||||
Receivable from securities sold | 553,575 | - | ||||||
Dividends and interest receivable | 431,118 | 15,744 | ||||||
Prepaid expenses | 17,249 | 22,643 | ||||||
Total Assets | 43,558,970 | 18,087,580 | ||||||
LIABILITIES | ||||||||
Payable for securities purchased | 713,913 | - | ||||||
Deferred foreign capital gains tax liability (see note 2) | - | 149,004 | ||||||
Payable to advisor (see note 3) | 45,004 | 3,644 | ||||||
Payable to distributor | 7,344 | 1,113 | ||||||
Accrued expenses | 51,094 | 32,061 | ||||||
Total Liabilities | 817,355 | 185,822 | ||||||
NET ASSETS | $ | 42,741,615 | $ | 17,901,758 | ||||
NET ASSETS | ||||||||
Investor Class | $ | 34,853,702 | $ | 5,383,180 | ||||
Institutional Class | 7,887,913 | 12,518,578 | ||||||
Total | $ | 42,741,615 | $ | 17,901,758 | ||||
SHARES OUTSTANDING | ||||||||
(shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with no par value) | ||||||||
Investor Class | 5,024,063 | 462,624 | ||||||
Institutional Class | 1,116,615 | 1,061,726 | ||||||
Total | 6,140,678 | 1,524,350 | ||||||
NET ASSET VALUE | ||||||||
Investor Class, offering price and redemption price | $ | 6.94 | $ | 11.64 | ||||
Institutional Class, offering price and redemption price | $ | 7.06 | $ | 11.79 | ||||
ANALYSIS OF NET ASSETS | ||||||||
Capital | $ | 66,111,399 | $ | 16,682,010 | ||||
Accumulated earnings (losses) | (23,369,784 | ) | 1,219,748 | |||||
Net assets | $ | 42,741,615 | $ | 17,901,758 | ||||
a Investment securities at cost | $ | 37,646,079 | $ | 15,156,431 | ||||
b Foreign currency at cost | $ | 5 | $ | 8,992 |
See accompanying notes to the financial statements.
25
THE OBERWEIS FUNDS
Statements of Assets and Liabilities (unaudited)
June 30, 2024 (continued)
International Opportunities Fund | Focused International Growth Fund | |||||||
ASSETS | ||||||||
Investment securities at valuea | $ | 341,857,112 | $ | 7,064,857 | ||||
Cash | - | 108 | ||||||
Foreign currency b | 127,757 | 1,411 | ||||||
Receivable from securities sold | 322,515 | - | ||||||
Dividends and interest receivable | 2,886,206 | 19,362 | ||||||
Due from Advisor | - | 3,424 | ||||||
Prepaid expenses | 43,060 | 12,330 | ||||||
Total Assets | 345,236,650 | 7,101,492 | ||||||
LIABILITIES | ||||||||
Payable to custodian | 949,215 | - | ||||||
Payable to advisor (see note 3) | 266,464 | - | ||||||
Payable to distributor | 21,228 | - | ||||||
Accrued expenses | 119,638 | 17,565 | ||||||
Total Liabilities | 1,356,545 | 17,565 | ||||||
NET ASSETS | $ | 343,880,105 | $ | 7,083,927 | ||||
NET ASSETS | ||||||||
Investor Class | $ | 100,405,287 | $ | - | ||||
Institutional Class | 243,474,818 | 7,083,927 | ||||||
Total | $ | 343,880,105 | $ | 7,083,927 | ||||
SHARES OUTSTANDING | ||||||||
(shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with no par value) | ||||||||
Investor Class | 5,497,242 | - | ||||||
Institutional Class | 27,303,779 | 719,299 | ||||||
Total | 32,801,021 | 719,299 | ||||||
NET ASSET VALUE | ||||||||
Investor Class, offering price and redemption price | $ | 18.26 | $ | - | ||||
Institutional Class, offering price and redemption price | $ | 8.92 | $ | 9.85 | ||||
ANALYSIS OF NET ASSETS | ||||||||
Capital | $ | 320,575,620 | $ | 7,523,066 | ||||
Accumulated earnings (losses) | 23,304,485 | (439,139 | ) | |||||
Net assets | $ | 343,880,105 | $ | 7,083,927 | ||||
a Investment securities at cost | $ | 295,229,292 | $ | 6,014,341 | ||||
b Foreign currency at cost | $ | 127,731 | $ | 1,411 |
See accompanying notes to the financial statements.
26
THE OBERWEIS FUNDS
Statements of Operations (unaudited)
Period Ended June 30, 2024
Micro-Cap Fund | Small-Cap Opportunities Fund | |||||||
INVESTMENT INCOME | ||||||||
Dividendsa | $ | 1,461,503 | $ | 2,168,699 | ||||
Interest | 259,830 | 934,721 | ||||||
Total investment income | 1,721,333 | 3,103,420 | ||||||
EXPENSES | ||||||||
Investment advisory fees (see note 3) | 1,399,868 | 1,576,977 | ||||||
Management fees (see note 3) | 933,245 | 1,576,977 | ||||||
Distribution fees and shareholder services (see note 3) | 288,546 | 389,023 | ||||||
Transfer agent fees and expenses | 300,069 | 560,700 | ||||||
Custodian fees and expenses | 19,197 | 15,413 | ||||||
Accounting services fees | 75,113 | 120,207 | ||||||
Other | 165,042 | 227,837 | ||||||
Total expenses before reimbursed expenses | 3,181,080 | 4,467,134 | ||||||
Expense reimbursement (see note 3) | - | (135,622 | ) | |||||
Total expenses | 3,181,080 | 4,331,512 | ||||||
NET INVESTMENT INCOME (LOSS) | (1,459,747 | ) | (1,228,092 | ) | ||||
NET REALIZED AND UNREALIZED GAINS (LOSSES) FROM INVESTMENTS | ||||||||
Net realized gains (losses) on investment transactions | 26,108,656 | 17,346,988 | ||||||
Change in net unrealized appreciation/depreciation on investments | 22,113,030 | 94,510,926 | ||||||
Net realized /unrealized gains (losses) on investments | 48,221,686 | 111,857,914 | ||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 46,761,939 | $ | 110,629,822 |
a | Dividends are net of foreign withholding tax of $47,664 and $8,735 for the Micro-Cap Fund and Small-Cap Opportunities Fund respectively. |
See accompanying notes to the financial statements.
27
THE OBERWEIS FUNDS
Statements of Operations (unaudited)
Period Ended June 30, 2024 (continued)
Global Opportunities Fund | China Opportunities Fund | Emerging Markets Fund | ||||||||||
INVESTMENT INCOME | ||||||||||||
Dividendsa | $ | 199,208 | $ | 660,207 | $ | 197,488 | ||||||
Interest | 40,862 | 2,241 | 38,631 | |||||||||
Total investment income | 240,070 | 662,448 | 236,119 | |||||||||
EXPENSES | ||||||||||||
Investment advisory fees (see note 3) | 119,976 | 273,837 | 111,817 | |||||||||
Management fees (see note 3) | 107,544 | - | - | |||||||||
Distribution fees and shareholder services (see note 3) | 43,043 | 44,524 | 6,745 | |||||||||
Transfer agent fees and expenses | 30,799 | 49,524 | 17,796 | |||||||||
Custodian fees and expenses | 15,769 | 45,719 | 29,880 | |||||||||
Accounting services fees | 17,014 | 16,746 | 13,384 | |||||||||
Federal and state registration fees | 16,604 | 17,845 | 17,384 | |||||||||
Audit fees | 11,610 | 11,610 | 11,610 | |||||||||
Other | 15,424 | 13,778 | 7,609 | |||||||||
Total expenses before reimbursed expenses | 377,783 | 473,583 | 216,225 | |||||||||
Expense reimbursement (see note 3) | - | - | (75,670 | ) | ||||||||
Total Expenses | 377,783 | 473,583 | 140,555 | |||||||||
NET INVESTMENT INCOME (LOSS) | (137,713 | ) | 188,865 | 95,564 | ||||||||
NET REALIZED AND UNREALIZED GAINS (LOSSES) FROM INVESTMENTS | ||||||||||||
Net realized gains (losses) on investment transactions | 5,214,903 | 2,267,798 | (156,158 | ) | ||||||||
Net realized foreign capital gains tax | - | - | (54,560 | ) | ||||||||
Net realized gains (losses) on foreign currency transactions | (6,832 | ) | (9,467 | ) | 4,669 | |||||||
Net realized gains (losses) on investments and foreign currency transactions | 5,208,071 | 2,258,331 | (206,049 | ) | ||||||||
Change in net deferred foreign capital gains taxes on unrealized appreciation/depreciation | - | - | (10,254 | ) | ||||||||
Change in net unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies | (2,019,817 | ) | (19,313 | ) | 358,996 | |||||||
Net realized /unrealized gains (losses) on investments and foreign currencies | 3,188,254 | 2,239,018 | 142,693 | |||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 3,050,541 | $ | 2,427,883 | $ | 238,257 |
a | Dividends are net of foreign withholding tax of $0, $67,667, and $24,120 for the Global Opportunities Fund, China Opportunities Fund, and Emerging Markets Fund respectively. |
See accompanying notes to the financial statements.
28
THE OBERWEIS FUNDS
Statements of Operations (unaudited)
Period Ended June 30, 2024 (continued)
International Opportunities Fund | Focused International Growth Fund | |||||||
INVESTMENT INCOME | ||||||||
Dividendsa | $ | 4,621,990 | $ | 102,720 | ||||
Interest | 243,218 | 5,946 | ||||||
Total investment income | 4,865,208 | 108,666 | ||||||
EXPENSES | ||||||||
Investment advisory fees (see note 3) | 1,772,355 | 26,779 | ||||||
Distribution fees and shareholder services (see note 3) | 131,894 | - | ||||||
Transfer agent fees and expenses | 124,132 | 7,846 | ||||||
Custodian fees and expenses | 92,142 | 8,730 | ||||||
Accounting services fees | 62,564 | 9,840 | ||||||
Federal and state registration fees | 23,611 | 9,566 | ||||||
Audit fees | 6,558 | 10,920 | ||||||
Shareholder reporting fees | 21,614 | 3,866 | ||||||
Other | 57,703 | 1,072 | ||||||
Total expenses before reimbursed expenses | 2,292,573 | 78,619 | ||||||
Expense reimbursement (see note 3) | (211,085 | ) | (46,821 | ) | ||||
Total Expenses | 2,081,488 | 31,798 | ||||||
NET INVESTMENT INCOME (LOSS) | 2,783,720 | 76,868 | ||||||
NET REALIZED AND UNREALIZED GAINS (LOSSES) FROM INVESTMENTS | ||||||||
Net realized gains (losses) on investment transactions | 24,541,440 | 54,495 | ||||||
Net realized gains (losses) on foreign currency transactions | 52,484 | 66 | ||||||
Net realized gains (losses) on investments and foreign currency transactions | 24,593,924 | 54,561 | ||||||
Change in net unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies | (11,023,226 | ) | 643,419 | |||||
Net realized /unrealized gains (losses) on investments and foreign currencies | 13,570,698 | 697,980 | ||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 16,354,418 | $ | 774,848 |
a | Dividends are net of foreign withholding tax of $526,497 and $12,637 for the International Opportunities Fund and Focused International Growth Fund respectively. |
See accompanying notes to the financial statements.
29
THE OBERWEIS FUNDS
Statements of Changes in Net Assets
Micro-Cap Fund | ||||||||
Period Ended June 30, 2024 | Year Ended December 31, 2023 | |||||||
(unaudited) | ||||||||
FROM OPERATIONS | ||||||||
Net investment income (loss) | $ | (1,459,747 | ) | $ | (2,285,207 | ) | ||
Net realized gains (losses) on investment transactions | 26,108,656 | (9,801,366 | ) | |||||
Change in net unrealized appreciation/depreciation on investments | 22,113,030 | 54,974,894 | ||||||
Net increase (decrease) in net assets resulting from operations | 46,761,939 | 42,888,321 | ||||||
FROM CAPITAL SHARE TRANSACTIONS | ||||||||
Investor Class | ||||||||
Proceeds from sale of shares | 51,160,100 | 207,644,309 | ||||||
Redemption of shares (see note 5) | (61,456,876 | ) | (90,293,510 | ) | ||||
Net increase (decrease) from investor class share transactions | (10,296,776 | ) | 117,350,799 | |||||
Institutional Class | ||||||||
Proceeds from sale of shares | 68,501,338 | 157,187,271 | ||||||
Redemption of shares (see note 5) | (49,497,962 | ) | (30,799,949 | ) | ||||
Net increase (decrease) from institutional class share transactions | 19,003,376 | 126,387,322 | ||||||
Redemption fees (see note 5) | 22,387 | 252,670 | ||||||
Net increase (decrease) in net assets resulting from capital share transactions | 8,728,987 | 243,990,791 | ||||||
Total increase (decrease) in net assets | 55,490,926 | 286,879,112 | ||||||
NET ASSETS | ||||||||
Beginning of period | 455,666,960 | 168,787,848 | ||||||
End of period | $ | 511,157,886 | $ | 455,666,960 | ||||
TRANSACTIONS IN SHARES | ||||||||
Investor Class | ||||||||
Shares sold | 1,339,269 | 5,864,271 | ||||||
Less shares redeemed | (1,621,703 | ) | (2,626,967 | ) | ||||
Net increase (decrease) from investor class share transactions | (282,434 | ) | 3,237,304 | |||||
Institutional Class | ||||||||
Shares sold | 1,768,283 | 4,352,900 | ||||||
Less shares redeemed | (1,273,786 | ) | (887,721 | ) | ||||
Net increase (decrease) from institutional class share transactions | 494,497 | 3,465,179 | ||||||
Net increase (decrease) from capital share transactions | 212,063 | 6,702,483 |
See accompanying notes to the financial statements.
30
THE OBERWEIS FUNDS
Statements of Changes in Net Assets (continued)
Small-Cap Opportunities Fund | ||||||||
Period Ended June 30, 2024 | Year Ended December 31, 2023 | |||||||
(unaudited) | ||||||||
FROM OPERATIONS | ||||||||
Net investment income (loss) | $ | (1,228,092 | ) | $ | (942,425 | ) | ||
Net realized gains (losses) on investment transactions | 17,346,988 | (11,253,721 | ) | |||||
Change in net unrealized appreciation/depreciation on investments | 94,510,926 | 51,758,863 | ||||||
Net increase (decrease) in net assets resulting from operations | 110,629,822 | 39,562,717 | ||||||
FROM CAPITAL SHARE TRANSACTIONS | ||||||||
Investor Class | ||||||||
Proceeds from sale of shares | 86,478,944 | 229,643,648 | ||||||
Redemption of shares (see note 5) | (64,851,714 | ) | (60,406,159 | ) | ||||
Net increase (decrease) from investor class share transactions | 21,627,230 | 169,237,489 | ||||||
Institutional Class | ||||||||
Proceeds from sale of shares | 463,928,722 | 210,847,049 | ||||||
Redemption of shares (see note 5) | (61,726,645 | ) | (59,315,051 | ) | ||||
Net increase (decrease) from institutional class share transactions | 402,202,077 | 151,531,998 | ||||||
Redemption fees (see note 5) | 15,729 | 111,978 | ||||||
Net increase (decrease) in net assets resulting from capital share transactions | 423,845,036 | 320,881,465 | ||||||
Total increase (decrease) in net assets | 534,474,858 | 360,444,182 | ||||||
NET ASSETS | ||||||||
Beginning of period | 517,330,536 | 156,886,354 | ||||||
End of period | $ | 1,051,805,394 | $ | 517,330,536 | ||||
TRANSACTIONS IN SHARES | ||||||||
Investor Class | ||||||||
Shares sold | 3,673,456 | 10,943,015 | ||||||
Less shares redeemed | (2,792,039 | ) | (2,912,130 | ) | ||||
Net increase (decrease) from investor class share transactions | 881,417 | 8,030,885 | ||||||
Institutional Class | ||||||||
Shares sold | 19,226,314 | 9,826,318 | ||||||
Less shares redeemed | (2,535,117 | ) | (2,849,065 | ) | ||||
Net increase (decrease) from institutional class share transactions | 16,691,197 | 6,977,253 | ||||||
Net increase (decrease) from capital share transactions | 17,572,614 | 15,008,138 |
See accompanying notes to the financial statements.
31
THE OBERWEIS FUNDS
Statements of Changes in Net Assets (continued)
Global Opportunities Fund | ||||||||
Period Ended June 30, 2024 | Year Ended December 31, 2023 | |||||||
(unaudited) | ||||||||
FROM OPERATIONS | ||||||||
Net investment income (loss) | $ | (137,713 | ) | $ | (313,528 | ) | ||
Net realized gains (losses) on investment and foreign currency transactions | 5,208,071 | (1,622,712 | ) | |||||
Change in net unrealized appreciation/depreciation on investments and foreign currencies | (2,019,817 | ) | 5,401,625 | |||||
Net increase (decrease) in net assets resulting from operations | 3,050,541 | 3,465,385 | ||||||
FROM CAPITAL SHARE TRANSACTIONS | ||||||||
Investor Class | ||||||||
Proceeds from sale of shares | 513,444 | 3,004,980 | ||||||
Redemption of shares (see note 5) | (2,073,340 | ) | (5,687,410 | ) | ||||
Net increase (decrease) from investor class share transactions | (1,559,896 | ) | (2,682,430 | ) | ||||
Institutional Class | ||||||||
Proceeds from sale of shares | 558,397 | 2,756,431 | ||||||
Redemption of shares (see note 5) | (1,037,013 | ) | (2,161,143 | ) | ||||
Net increase (decrease) from institutional class share transactions | (478,616 | ) | 595,288 | |||||
Redemption fees (see note 5) | - | 2,774 | ||||||
Net increase (decrease) in net assets resulting from capital share transactions | (2,038,512 | ) | (2,084,368 | ) | ||||
Total increase (decrease) in net assets | 1,012,029 | 1,381,017 | ||||||
NET ASSETS | ||||||||
Beginning of period | 53,185,637 | 51,804,620 | ||||||
End of period | $ | 54,197,666 | $ | 53,185,637 | ||||
TRANSACTIONS IN SHARES | ||||||||
Investor Class | ||||||||
Shares sold | 18,643 | 114,054 | ||||||
Less shares redeemed | (75,291 | ) | (217,693 | ) | ||||
Net increase (decrease) from investor class share transactions | (56,648 | ) | (103,639 | ) | ||||
Institutional Class | ||||||||
Shares sold | 19,814 | 107,429 | ||||||
Less shares redeemed | (36,643 | ) | (78,385 | ) | ||||
Net increase (decrease) from institutional class share transactions | (16,829 | ) | 29,044 | |||||
Net increase (decrease) from capital share transactions | (73,477 | ) | (74,595 | ) |
See accompanying notes to the financial statements.
32
THE OBERWEIS FUNDS
Statements of Changes in Net Assets (continued)
China Opportunities Fund | ||||||||
Period Ended June 30, 2024 | Year Ended December 31, 2023 | |||||||
(unaudited) | ||||||||
FROM OPERATIONS | ||||||||
Net investment income (loss) | $ | 188,865 | $ | (173,464 | ) | |||
Net realized gains (losses) on investment and foreign currency transactions | 2,258,331 | (4,817,123 | ) | |||||
Change in net unrealized appreciation/depreciation on investments and foreign currencies | (19,313 | ) | 244,532 | |||||
Net increase (decrease) in net assets resulting from operations | 2,427,883 | (4,746,055 | ) | |||||
FROM DISTRIBUTIONS: | ||||||||
Distributions to shareholders | ||||||||
Investor Class | - | (166,696 | ) | |||||
Institutional Class | - | (65,061 | ) | |||||
Net decrease in net assets from distributions | - | (231,757 | ) | |||||
FROM CAPITAL SHARE TRANSACTIONS | ||||||||
Investor Class | ||||||||
Proceeds from sale of shares | 1,270,218 | 1,955,345 | ||||||
Proceeds from reinvestment of distributions | - | 157,108 | ||||||
Redemption of shares (see note 5) | (4,808,820 | ) | (7,854,130 | ) | ||||
Net increase (decrease) from investor class share transactions | (3,538,602 | ) | (5,741,677 | ) | ||||
Institutional Class | ||||||||
Proceeds from sale of shares | 153,437 | 3,541,034 | ||||||
Proceeds from reinvestment of distributions | - | 56,328 | ||||||
Redemption of shares (see note 5) | (1,576,763 | ) | (3,974,020 | ) | ||||
Net increase (decrease) from institutional class share transactions | (1,423,326 | ) | (376,658 | ) | ||||
Redemption fees (see note 5) | 2,202 | 53,383 | ||||||
Net increase (decrease) in net assets resulting from capital share transactions | (4,959,726 | ) | (6,064,952 | ) | ||||
Total increase (decrease) in net assets | (2,531,843 | ) | (11,042,764 | ) | ||||
NET ASSETS | ||||||||
Beginning of period | 45,273,458 | 56,316,222 | ||||||
End of period | $ | 42,741,615 | $ | 45,273,458 | ||||
TRANSACTIONS IN SHARES | ||||||||
Investor Class | ||||||||
Shares sold | 185,297 | 269,114 | ||||||
Shares issued in reinvestment of distributions | - | 24,096 | ||||||
Less shares redeemed | (710,055 | ) | (1,155,338 | ) | ||||
Net increase (decrease) from investor class share transactions | (524,758 | ) | (862,128 | ) | ||||
Institutional Class | ||||||||
Shares sold | 22,974 | 464,835 | ||||||
Shares issued in reinvestment of distributions | - | 8,483 | ||||||
Less shares redeemed | (238,221 | ) | (588,147 | ) | ||||
Net increase (decrease) from institutional class share transactions | (215,247 | ) | (114,829 | ) | ||||
Net increase (decrease) from capital share transactions | (740,005 | ) | (976,957 | ) |
See accompanying notes to the financial statements.
33
THE OBERWEIS FUNDS
Statements of Changes in Net Assets (continued)
Emerging Markets Fund | ||||||||
Period Ended June 30, 2024 | Year Ended December 31, 2023 | |||||||
(unaudited) | ||||||||
FROM OPERATIONS | ||||||||
Net investment income (loss) | $ | 95,564 | $ | 60,227 | ||||
Net realized gains (losses) on investment and foreign currency transactions | (206,049 | ) | (36,976 | ) | ||||
Change in net unrealized appreciation/depreciation on investments and foreign currencies | 348,742 | 1,946,796 | ||||||
Net increase (decrease) in net assets resulting from operations | 238,257 | 1,970,047 | ||||||
FROM DISTRIBUTIONS: | ||||||||
Distributions to shareholders | ||||||||
Investor Class | - | (16,879 | ) | |||||
Institutional Class | - | (91,113 | ) | |||||
Net decrease in net assets from distributions | - | (107,992 | ) | |||||
FROM CAPITAL SHARE TRANSACTIONS | ||||||||
Investor Class | ||||||||
Proceeds from sale of shares | 315,097 | 4,572,037 | ||||||
Proceeds from reinvestment of distributions | - | 16,296 | ||||||
Redemption of shares (see note 5) | (349,329 | ) | (1,093,083 | ) | ||||
Net increase (decrease) from investor class share transactions | (34,232 | ) | 3,495,250 | |||||
Institutional Class | ||||||||
Proceeds from sale of shares | 232,281 | 2,865,406 | ||||||
Proceeds from reinvestment of distributions | - | 73,686 | ||||||
Redemption of shares (see note 5) | (743,288 | ) | (2,683,559 | ) | ||||
Net increase (decrease) from institutional class share transactions | (511,007 | ) | 255,533 | |||||
Redemption fees (see note 5) | 520 | 4,906 | ||||||
Net increase (decrease) in net assets resulting from capital share transactions | (544,719 | ) | 3,755,689 | |||||
Total increase (decrease) in net assets | (306,462 | ) | 5,617,744 | |||||
NET ASSETS | ||||||||
Beginning of period | 18,208,220 | 12,590,476 | ||||||
End of period | $ | 17,901,758 | $ | 18,208,220 | ||||
TRANSACTIONS IN SHARES | ||||||||
Investor Class | ||||||||
Shares sold | 27,417 | 408,051 | ||||||
Shares issued in reinvestment of distributions | - | 1,421 | ||||||
Less shares redeemed | (30,235 | ) | (101,156 | ) | ||||
Net increase (decrease) from investor class share transactions | (2,818 | ) | 308,316 | |||||
Institutional Class | ||||||||
Shares sold | 19,760 | 257,783 | ||||||
Shares issued in reinvestment of distributions | - | 6,347 | ||||||
Less shares redeemed | (64,303 | ) | (241,790 | ) | ||||
Net increase (decrease) from institutional class share transactions | (44,543 | ) | 22,340 | |||||
Net increase (decrease) from capital share transactions | (47,361 | ) | 330,656 |
See accompanying notes to the financial statements.
34
THE OBERWEIS FUNDS
Statements of Changes in Net Assets (continued)
International Opportunities Fund | ||||||||
Period Ended June 30, 2024 | Year Ended December 31, 2023 | |||||||
(unaudited) | ||||||||
FROM OPERATIONS | ||||||||
Net investment income (loss) | $ | 2,783,720 | $ | 888,651 | ||||
Net realized gains (losses) on investments and foreign currency transactions | 24,593,924 | (7,213,632 | ) | |||||
Change in net unrealized appreciation/depreciation on investments and foreign currencies | (11,023,226 | ) | 14,163,705 | |||||
Net increase (decrease) in net assets resulting from operations | 16,354,418 | 7,838,724 | ||||||
FROM DISTRIBUTIONS | ||||||||
Distributions to shareholders | ||||||||
Investor Class | - | (498,938 | ) | |||||
Institutional Class | - | - | ||||||
Net decrease in net assets from distributions | - | (498,938 | ) | |||||
FROM CAPITAL SHARE TRANSACTIONS | ||||||||
Investor Class | ||||||||
Proceeds from sale of shares | 3,209,374 | 8,485,120 | ||||||
Proceeds from reinvestment of distributions | - | 462,812 | ||||||
Redemption of shares (see note 5) | (22,521,685 | ) | (44,489,802 | ) | ||||
Net increase (decrease) from investor class share transactions | (19,312,311 | ) | (35,541,870 | ) | ||||
Institutional Class | ||||||||
Proceeds from sale of shares | 18,215,478 | 93,803 | ||||||
Capital from merger (see note 7) | - | 277,163,154 | ||||||
Redemption of shares (see note 5) | (65,144,453 | ) | (518,947 | ) | ||||
Net increase (decrease) from institutional class share transactions | (46,928,975 | ) | 276,738,010 | |||||
Redemption fees (see note 5) | 246,518 | 14,585 | ||||||
Net increase (decrease) in net assets resulting from capital share transactions | (65,994,768 | ) | 241,210,725 | |||||
Total increase (decrease) in net assets | (49,640,350 | ) | 248,550,511 | |||||
NET ASSETS | ||||||||
Beginning of period | 393,520,455 | 144,969,944 | ||||||
End of period | $ | 343,880,105 | $ | 393,520,455 | ||||
TRANSACTIONS IN SHARES | ||||||||
Investor Class | ||||||||
Shares sold | 180,930 | 495,626 | ||||||
Shares issued in reinvestment of distributions | - | 27,033 | ||||||
Less shares redeemed | (1,267,472 | ) | (2,631,001 | ) | ||||
Net increase (decrease) from investor class share transactions | (1,086,542 | ) | (2,108,342 | ) | ||||
Institutional Class | ||||||||
Shares sold | 2,071,767 | 11,074 | ||||||
Shares issued in connection with merger | - | 32,868,556 | ||||||
Less shares redeemed | (7,587,261 | ) | (60,357 | ) | ||||
Net increase (decrease) from investor class share transactions | (5,515,494 | ) | 32,819,273 | |||||
Net increase (decrease) from capital share transactions | (6,602,036 | ) | 30,710,931 |
See accompanying notes to the financial statements.
35
THE OBERWEIS FUNDS
Statements of Changes in Net Assets (continued)
Focused International Growth Fund | ||||||||
Period Ended June 30, 2024 | Year Ended December 31, 2023 | |||||||
(unaudited) | ||||||||
FROM OPERATIONS | ||||||||
Net investment income (loss) | $ | 76,868 | $ | 85,525 | ||||
Net realized gains (losses) on investments and foreign currency transactions | 54,561 | (236,086 | ) | |||||
Change in net unrealized appreciation/depreciation on investments and foreign currencies | 643,419 | 985,831 | ||||||
Net increase (decrease) in net assets resulting from operations | 774,848 | 835,270 | ||||||
FROM DISTRIBUTIONS | ||||||||
Distributions to shareholders | - | (85,865 | ) | |||||
Net decrease in net assets from distributions | - | (85,865 | ) | |||||
FROM CAPITAL SHARE TRANSACTIONS | ||||||||
Proceeds from sale of shares | 279,133 | 466,240 | ||||||
Proceeds from reinvestment of distributions | - | 53,291 | ||||||
Redemption of shares (see note 5) | (2,000 | ) | (314,106 | ) | ||||
Net increase (decrease) from capital share transactions | 277,133 | 205,425 | ||||||
Total increase (decrease) in net assets | 1,051,981 | 954,830 | ||||||
NET ASSETS | ||||||||
Beginning of period | 6,031,946 | 5,077,116 | ||||||
End of period | $ | 7,083,927 | $ | 6,031,946 | ||||
TRANSACTIONS IN SHARES | ||||||||
Shares sold | 31,354 | 54,078 | ||||||
Shares issued in reinvestment of distributions | - | 6,098 | ||||||
Less shares redeemed | (207 | ) | (37,419 | ) | ||||
Net increase (decrease) from capital share transactions | 31,147 | 22,757 |
See accompanying notes to the financial statements.
36
THE OBERWEIS FUNDS
Notes to Financial Statements
June 30, 2024 (unaudited)
1. Description of Organization
Description of business. The Oberweis Funds (the ‘‘Trust’’) is registered under the Investment Company Act of 1940 as an open-end management investment company. The Trust is authorized to operate numerous Funds under various trading strategies. The Trust consists of seven Funds: the Oberweis Micro-Cap Fund, the Oberweis Small-Cap Opportunities Fund, the Oberweis Global Opportunities Fund, the Oberweis China Opportunities Fund, the Oberweis Emerging Markets Fund, the Oberweis International Opportunities Fund and the Oberweis Focused International Growth Fund (collectively, ‘‘the Funds’’) are each a series of the Trust. Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except each class may be subject to different class expenses as outlined in the relevant prospectus and each class has exclusive voting rights with respect to matters solely affecting such class.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Funds are each an investment company and follow accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services – Investment Companies.”
Investment valuation. Investments in securities are stated at value as of the close of the regular trading session on the New York Stock Exchange (‘‘NYSE’’) (generally 3 p.m., Central Standard Time). Each listed and unlisted security for which last sale information is regularly reported is valued at the last reported sales price on that day. If there has been no sale on such day, then such security is valued at the current day’s bid price. Any unlisted security for which last sale information is not regularly reported and any listed debt security which has an inactive listed market for which over-the-counter market quotations are readily available is valued at the closing bid price determined on the basis of reasonable inquiry. Restricted securities and any other securities or other assets for which market quotations are not readily available are valued by appraisal at their fair value as determined in good faith under procedures established by and under the general supervision and responsibility of the Board of Trustees. Short-term debt obligations, commercial paper and repurchase agreements are valued on the basis of quoted yields for securities of comparable maturity, quality and type or on the basis of amortized cost.
The Oberweis Global Opportunities Fund, the Oberweis China Opportunities Fund, the Oberweis Emerging Markets Fund, the Oberweis International Opportunities Fund and the Oberweis Focused International Growth Fund hold foreign equity securities. Foreign securities are fair valued as described in the following circumstances. Generally, trading in foreign securities markets is completed each day at various times prior to the close of the regular trading session of the NYSE. Due to the time differences between the closings of the relevant foreign securities exchanges and the close of the regular trading session of the NYSE for the Funds, the Funds will fair value their foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Funds’ foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees of the Trust has determined that movements in relevant indices, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. In determining fair value prices, the Trust utilizes data furnished by an independent pricing service (and that data draws upon, among other information, the market values of foreign investments). When a Fund uses fair value pricing, the values assigned to the Fund’s foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges.
Fair value measurements. In accordance with Financial Accounting Standards Board (‘‘FASB’’) guidance, the Funds utilize the ‘‘Fair Value Measurements and Disclosures’’ to define fair value, set out a framework for measuring fair value, and expand disclosures regarding fair value measurements.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three levels listed below:
-Level 1— Quoted prices in active markets for identical securities.
-Level 2— Other significant observable inputs (including quoted prices for similar
securities, interest rates, prepayment speeds, credit risk, etc).
-Level 3—Significant unobservable inputs (including the Fund’s own assumptions in
determining the fair value of investments).
37
THE OBERWEIS FUNDS
Notes to Financial Statements
June 30, 2024 (unaudited) (continued)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds’ net assets as of June 30, 2024:
Micro-Cap Fund | Small-Cap Opportunities Fund | |||||||
Level 1 – Equities | $ | 494,736,951 | $ | 1,018,556,065 | ||||
Total Level 1 | 494,736,951 | 1,018,556,065 | ||||||
Level 2 | - | - | ||||||
Level 3 | - | - | ||||||
Total Investments | $ | 494,736,951 | $ | 1,018,556,065 |
Global Opportunities Fund | China | International | ||||||||||
Level 1 - Equities | ||||||||||||
Total Asia | $ | 1,356,645 | $ | 9,757,450 | $ | - | ||||||
Total Europe | 4,120,421 | - | 33,846,784 | |||||||||
Total North America | 30,489,556 | - | 34,659,770 | |||||||||
Total South America | - | - | - | |||||||||
Total Short-Term Investments | - | 44,376 | 2,201,577 | |||||||||
Total Level 1 | 35,966,622 | 9,801,826 | 70,708,131 | |||||||||
Level 2 – Equities/Rights | ||||||||||||
Total Asia | 8,096,206 | 32,562,588 | 75,600,326 | |||||||||
Total Australia | - | - | 15,597,560 | |||||||||
Total Europe | 8,476,528 | - | 179,951,095 | |||||||||
Total Level 2 | 16,572,734 | 32,562,588 | 271,148,981 | |||||||||
Level 3 | - | - | - | |||||||||
Total Investments | $ | 52,539,356 | $ | 42,364,414 | $ | 341,857,112 |
Emerging Markets | Focused International | |||||||
Level 1 - Equities | ||||||||
Total Asia | $ | 2,680,663 | $ | - | ||||
Total Europe | 658,030 | - | ||||||
Total North America | 996,689 | 645,567 | ||||||
Total South America | 2,143,225 | - | ||||||
Total Short-Term Investments | 1,241,679 | 272,819 | ||||||
Total Level 1 | 7,720,286 | 918,386 | ||||||
Level 2 - Equities | ||||||||
Total Asia | 9,136,584 | 1,021,215 | ||||||
Total Australia | - | 131,479 | ||||||
Total Africa | 267,999 | - | ||||||
Total Europe | 811,185 | 4,993,777 | ||||||
Total Level 2 | 10,215,768 | 6,146,471 | ||||||
Level 3 | - | - | ||||||
Total Investments | $ | 17,936,054 | $ | 7,064,857 |
38
THE OBERWEIS FUNDS
Notes to Financial Statements
June 30, 2024 (unaudited) (continued)
The Funds’ assets include certain foreign securities for which a third-party statistical pricing service may be employed for purposes of fair market valuation. The pricing service provides fair market valuation on days when the movement in relevant indices exceeds a predetermined threshold.
Foreign currency transactions. The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gains or losses from investments and foreign currencies.
Risks associated with foreign securities and currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments, which could adversely affect investments in those countries.
Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and a high price volatility with respect to securities of issuers from developing countries.
Fund share valuation. Fund shares are sold and redeemed on a continuous basis at net asset value. On each day the NYSE is open for trading, the net asset value per share is determined as of the later of the close of the NYSE or the CBOE by dividing the total value of each Fund’s investments and other assets, less liabilities, by the number of each Fund’s shares outstanding.
Investment transactions and investment income. Investment transactions are accounted for on the trade date (date the order to buy or sell is executed). Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information is available to the Fund, and interest income is recorded on the accrual basis and includes amortization of premium and discount. Realized gains and losses from investment transactions are reported on an identified cost basis. Income and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
Fund Foreign Taxation. The Funds may be subject to foreign taxation related to income received, capital gains on the sale of securities and certain foreign currency transactions in the foreign jurisdictions in which they invest. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Funds invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that may be payable if the securities were disposed of on the valuation date.
Fund expense allocations. The Funds account separately for the assets, liabilities and operations of each Fund. Direct expenses of each Fund or class are charged to that Fund or class while general expenses are allocated pro-rata among the Funds based on net assets or other appropriate methods.
Federal income taxes and dividends to shareholders. It is the policy of the Funds to continue to comply with all requirements of the Internal Revenue Code of 1986, as amended (‘‘the Code’’), applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders. The Funds have met the requirements of the Code applicable to regulated investment companies for the period ended June 30, 2024. Therefore, no federal income tax provision is required. Income and capital gains of the Funds are determined in accordance with both tax regulations and accounting principles generally accepted in the U.S. (‘‘GAAP’’). Such treatment may result in temporary and permanent differences between tax basis earnings and earnings reported for financial statement purposes. These reclassifications, which have no impact on the net asset value of the Funds, are primarily attributable to certain differences in computation of distributable income and capital gains under federal tax rules versus GAAP.
Dividends and Distributions to Shareholders. The Funds will distribute substantially all of their net investment income and net realized capital gains, if any, at least annually. All distributions are recorded on ex-dividend date.
Certain Funds may utilize earnings and profits on redemption of shares as part of the dividends paid deduction.
As of June 30, 2024, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period ended June 30, 2024, the Funds did not incur any interest or penalties.
39
THE OBERWEIS FUNDS
Notes to Financial Statements
June 30, 2024 (unaudited) (continued)
For the year ended December 31, 2023, permanent book and tax basis differences resulting primarily from differing treatments for net operating losses, foreign currency transactions, passive foreign investment company (‘‘PFIC’’) adjustments and the tax practice known as equalization, were identified and reclassified among the components of the Funds’ net assets.
GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended December 31, 2023, permanent differences in book and tax accounting have been reclassified to paid in capital and accumulated earnings (loss) as follows:
Increases/(Decreases) | ||||||||
Accumulated | ||||||||
Capital | Earnings (Loss) | |||||||
Micro-Cap Fund | $ | (2,285,206 | ) | $ | 2,285,206 | |||
Small-Cap Opportunities Fund | (1,036,505 | ) | 1,036,505 | |||||
Global Opportunities Fund | (202,027 | ) | 202,027 | |||||
China Opportunities Fund | (2 | ) | 2 | |||||
Emerging Markets Fund | (125,895 | ) | 125,895 | |||||
International Opportunities Fund | 193,540,270 | (193,540,270 | ) | |||||
Focused International Growth Fund | - | - |
The tax character of distributions paid during the fiscal year ended December 31, 2023 was as follows:
Distributions | Distributions | |||||||||||
Paid from | Paid from | Total | ||||||||||
Ordinary | Net Long-Term | Distributions | ||||||||||
Income | Capital Gains | Paid | ||||||||||
Micro-Cap Fund | $ | - | $ | - | $ | - | ||||||
Small-Cap Opportunities Fund | - | - | - | |||||||||
Global Opportunities Fund | - | - | - | |||||||||
China Opportunities Fund | 231,757 | - | 231,757 | |||||||||
Emerging Markets Fund | 107,992 | - | 107,992 | |||||||||
International Opportunities Fund | 498,938 | - | 498,938 | |||||||||
Focused International Growth Fund | 85,865 | - | 85,865 |
The tax character of distributions paid during the fiscal year ended December 31, 2022 was as follows:
Distributions | Distributions | |||||||||||
Paid from | Paid from | Total | ||||||||||
Ordinary | Net Long-Term | Distributions | ||||||||||
Income | Capital Gains | Paid | ||||||||||
Micro-Cap Fund | $ | - | $ | 2,280,457 | $ | 2,280,457 | ||||||
Small-Cap Opportunities Fund | - | 264,969 | 264,969 | |||||||||
Global Opportunities Fund | - | 1,327,408 | 1,327,408 | |||||||||
China Opportunities Fund | - | 670,587 | 670,587 | |||||||||
Emerging Markets Fund | - | 337,447 | 337,447 | |||||||||
International Opportunities Fund | - | - | - | |||||||||
Focused International Growth Fund | 63,069 | - | 63,069 |
As of December 31, 2023, the following Funds had net capital loss carryforwards to offset future net capital gains, if any, to the extent provided by treasury regulations:
Not Subject to Expiration | ||||||||||||
Short-Term | Long-Term | Total | ||||||||||
Micro-Cap Fund | $ | 11,637,484 | $ | - | $ | 11,637,484 | ||||||
Small-Cap Opportunities Fund | 14,718,772 | - | 14,718,772 | |||||||||
Global Opportunities Fund | 7,320,584 | - | 7,320,584 | |||||||||
China Opportunities Fund | 28,587,727 | 817,627 | 29,405,354 | |||||||||
Emerging Markets Fund | 777,781 | 318,491 | 1,096,272 | |||||||||
International Opportunities Fund | 227,694,842 | 11,658,325 | 239,353,167 | |||||||||
Focused International Growth Fund | 1,535,961 | 59,304 | 1,595,265 |
Capital loss carryovers are available to offset future realized capital gains and thereby reduce further taxable gain distributions. Some of the capital loss carryovers from merger may have limitations in the future years. During the year ended December 31, 2023, the Emerging Markets Fund utilized $72,724 of capital loss carryover.
40
THE OBERWEIS FUNDS
Notes to Financial Statements
June 30, 2024 (unaudited) (continued)
Post-October capital losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended December 31, 2023, Post October capital losses treated arising on January 1, 2024 was as follows:
Short-Term | Long-Term | |||||||
Micro-Cap Fund | $ | - | $ | - | ||||
Small-Cap Opportunities Fund | - | - | ||||||
Global Opportunities Fund | - | - | ||||||
China Opportunities Fund | - | - | ||||||
Emerging Markets Fund | - | - | ||||||
International Opportunities Fund | - | - | ||||||
Focused International Growth Fund | - | - |
As of December 31, 2023 the components of accumulated earnings (deficit) on a tax basis were as follows:
Unrealized | ||||||||||||||||||||
Appreciation / (Depreciation) | ||||||||||||||||||||
Undistributed ordinary | Undistributed long-term | Accumulated capital and | Unrealized Appreciation | foreign currency translations and | ||||||||||||||||
income (deficit) | capital gains | other losses | on investments | India sales tax | ||||||||||||||||
Micro-Cap Fund | $ | - | $ | - | $ | (11,637,484 | ) | $ | 79,269,627 | $ | - | |||||||||
Small-Cap Opportunities Fund | - | - | (14,718,772 | ) | 58,776,660 | - | ||||||||||||||
Global Opportunities Fund | - | (7,320,584 | ) | 10,212,109 | (150 | ) | ||||||||||||||
China Opportunities Fund | 466,784 | - | (29,405,354 | ) | 3,142,149 | (1,245 | ) | |||||||||||||
Emerging Markets Fund | - | - | (1,096,272 | ) | 2,341,862 | (138,204 | ) | |||||||||||||
International Opportunities Fund | 1,886,552 | - | (239,353,167 | ) | 50,869,021 | 7,391 | ||||||||||||||
Focused International Growth Fund | 709 | - | (1,595,265 | ) | 380,106 | 464 |
Accumulated capital and other losses consists of timing differences related to wash sales and capital loss carryforwards.
As of December 31, 2023 the cost of investments for federal income tax purposes are as follows:
Cost of | ||||||||||||||||
Investments | Gross | Gross | Net | |||||||||||||
for Federal | Unrealized | Unrealized | Unrealized | |||||||||||||
Tax Purposes | Appreciation | (Depreciation) | Appreciation | |||||||||||||
Micro-Cap Fund | $ | 364,050,668 | $ | 91,062,827 | $ | (11,793,198 | ) | $ | 79,269,629 | |||||||
Small-Cap Opportunities Fund | 437,350,804 | 69,652,117 | (10,875,457 | ) | $ | 58,776,660 | ||||||||||
Global Opportunities Fund | 40,148,870 | 11,870,983 | (1,658,874 | ) | $ | 10,212,109 | ||||||||||
China Opportunities Fund | 42,069,835 | 6,694,018 | (3,551,869 | ) | $ | 3,142,149 | ||||||||||
Emerging Markets Fund | 14,021,650 | 3,161,096 | (819,234 | ) | $ | 2,341,862 | ||||||||||
International Opportunities Fund | 337,241,692 | 60,959,711 | (10,090,690 | ) | $ | 50,869,021 | ||||||||||
Focused International Growth | 5,662,933 | 584,173 | (204,067 | ) | $ | 380,106 |
41
THE OBERWEIS FUNDS
Notes to Financial Statements
June 30, 2024 (unaudited) (continued)
The Funds have reviewed all open tax years and major jurisdictions and concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for exam by taxing authorities and, as of June 30, 2024, open Federal tax years include the tax years ended 2020 through 2024. The Funds have no examinations in progress and are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Use of estimates. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.
Indemnifications. Under the Trust’s organizational documents, its present and former Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
3. Transactions with affiliates
The Funds have written agreements with Oberweis Asset Management, Inc. (‘‘OAM’’) as the Funds’ investment advisor and manager. Oberweis Securities, Inc. (‘‘OSI’’), the Funds’ principal distributor, is an affiliate of OAM.
Investment advisory agreement. Under the Advisory Agreement, OAM provides investment advisory services to the Micro-Cap, Small-Cap Opportunities Funds and Global Opportunities Fund and pursuant to a separate Management Agreement, OAM provides non-investment advisory management services such as administrative, compliance and accounting services to these Funds. For investment advisory services, the Micro-Cap Fund paid monthly investment advisory fees at an annual rate equal to .60% of average daily net assets. The Small-Cap Opportunities Fund paid monthly investment advisory fees at an annual rate equal to .40% of average daily net assets. The Global Opportunities Fund paid monthly investment advisory fees at an annual rate equal to .45% of the first $50 million of average daily net assets and .40% of average daily net assets in excess of $50 million. For investment advisory and management services, the China Opportunities Fund, the Emerging Markets Fund, the International Opportunities Fund and the Focused International Growth Fund paid monthly investment advisory and management fees at an annual rate equal to 1.25%, 1.25%, 1.00% and .80% of average daily net assets, respectively. For the period ended June 30, 2024, the Micro-Cap Fund, Small-Cap Opportunities Fund and Global Opportunities Fund incurred investment advisory fees totaling $1,399,868, $1,576,977 and $119,976, respectively. For the period ended June 30, 2024, the China Opportunities Fund, the Emerging Markets Fund, The International Opportunities Fund and the Focused International Growth Fund incurred investment advisory fees totaling $273,837, $111,817, $1,772,355 and $26,779, respectively.
Management agreement. For management services and facilities furnished, the Micro-Cap Fund, Small-Cap Opportunities Fund and Global Opportunities Fund, each paid a monthly fee at an annual rate equal to .40% of average daily net assets. For the period ended June 30, 2024, the Micro-Cap Fund, Small-Cap Opportunities Fund, and Global Opportunities Fund incurred management fees totaling $933,245, $1,576,977, and $107,544, respectively.
Expense reimbursement. OAM is contractually obligated to reduce its investment and management fees or reimburse the Micro-Cap Fund and Global Opportunities Fund Investor Class Shares to the extent that total ordinary operating expenses, as defined, exceed in any one period the following amounts expressed as a percentage of each Fund’s average daily net assets: 1.80% of the first $50 million; plus 1.60% of average daily net assets in excess of $50 million. OAM is contractually obligated to reduce its investment and management fees or reimburse Small-Cap Opportunities Fund, China Opportunities Fund, Emerging Markets Fund and International Opportunities Fund Investor Class Shares to the extent that total ordinary operating expenses, as defined, exceed in any one year 1.25%, 2.24%, 1.75% and 1.35% expressed as a percentage of the Fund’s average daily net assets, respectively. OAM is contractually obligated to reduce its investment and management fees or reimburse the Micro-Cap Fund and the Global Opportunities Fund Institutional Class Shares to the extent that total ordinary operating expenses, as defined, exceed in any one year the following amounts expressed as a percentage of each Fund’s average daily net assets: 1.55% of the first $50 million; plus 1.35% of average daily net assets in excess of $50 million. OAM is contractually obligated to reduce its investment and management fees or reimburse the Small-Cap Opportunities Fund, China Opportunities Fund, Emerging Markets Fund, International Opportunities Fund and Focused International Growth Fund Institutional Class Shares to the extent that total ordinary operating expenses, as defined, exceed in any one year 1.00%, 1.99%, 1.50%, 1.10% and 0.95% expressed as a percentage of the Funds’ average daily net assets, respectively. For the period ended June 30, 2024 OAM reimbursed the Small-Cap Opportunities Fund, the Emerging Markets Fund, the International Opportunities Fund and the Focused International Growth Fund in the amount of $135,622, $75,670, $211,085, and $46,821, respectively.
42
THE OBERWEIS FUNDS
Notes to Financial Statements
June 30, 2024 (unaudited) (continued)
Officers and trustees. Certain officers and trustees of the Trust are also officers and/or directors of OAM and OSI. During the period ended June 30, 2024, the Trust made no direct payments to its officers and paid $87,500 to its unaffiliated trustees.
Distribution and shareholder service agreement. The Funds have a distribution and shareholder services agreement with OSI. For services under the distribution and shareholder services agreement, the Funds pay OSI a fee at the annual rate of .25% of the average daily net assets of Investor Class Shares as compensation for services. For the period ended June 30, 2024, the Micro-Cap Fund, Small-Cap Opportunities Fund, Global Opportunities Fund, China Opportunities Fund, Emerging Markets Fund and International Opportunities Fund incurred distribution fees totaling $288,546, $389,023, $43,043, $44,524, $6,745, and $131,894, respectively.
Affiliated Commissions. For the period ended June 30, 2024, the Micro-Cap Fund, Small-Cap Opportunities Fund, Global Opportunities Fund, China Opportunities Fund, Emerging Markets Fund and International Opportunities Fund did not execute any security transactions through OSI and therefore did not pay commissions to OSI.
4. Investment transactions
The cost of securities purchased and proceeds from securities sold during the period ended June 30, 2024, other than money market investments, aggregated $146,593,715 and $143,284,699, respectively, for the Micro-Cap Fund, $639,786,532 and $229,208,900, respectively, for the Small-Cap Opportunities Fund, $31,577,734 and $32,621,044, respectively, for the Global Opportunities Fund, $34,247,512 and $39,386,705, respectively, for the China Opportunities Fund, $9,195,437 and $9,055,921, respectively, for the Emerging Markets Fund, $179,698,512,and $241,742,374, respectively, for the International Opportunities Fund, $2,432,590 and $2,291,542, respectively for the Focused International Growth Fund. The China Opportunities Fund, International Opportunities Fund, Emerging Markets Fund, and Focused International Growth Fund did hold a money market fund that held government securities during the period ended June 30, 2024.
The Funds may write covered call options. The premiums received provide a partial hedge (protection) against declining prices and enables each Fund to generate a higher return during periods when OAM does not expect the underlying security to make any major price moves in the near future but still deems the underlying security to be, over the long term, an attractive investment for each Fund. The Funds write covered call options for which premiums received are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options, which are either exercised or closed, are offset against the proceeds received or amount paid on the transaction to determine realized gains or losses. Amounts recovered for securities litigation are included in the realized gains of the Fund and are recorded when received. The Funds did not write covered call options during the period ended June 30, 2024.
5. Redemption fee
The Funds are designed for long-term investors. To discourage market timers and short-term and excessive trading, redemptions of the shares of China Opportunities Fund, Emerging Markets Fund, International Opportunities Fund and Focused International Growth Fund within 90 days of purchase will be subject to a 2.00% redemption fee. The redemption fee is deducted from the redemption proceeds and is retained by the Fund. The redemption fee also applies to exchanges within 90 days of purchase.
Oberweis Micro-Cap Fund, Oberweis Small-Cap Opportunities Fund and Oberweis Global Opportunities Funds were subject to 1% redemption fees for the period January 01,2024 through February 14, 2024.
The redemption fee is retained by the Funds for the expense they incur in connection with shareholder redemptions. Redemption fees received by the Micro-Cap Fund, Small-Cap Opportunities Fund, Global Opportunities Fund, China Opportunities Fund, Emerging Markets Fund, International Opportunities Fund and Focused International Growth Fund were $22,387, $15,729, $0, $2,202, $520, $246,518 and $0, respectively, for the period ended June 30, 2024, and were recorded as a reduction of the redemption of shares in the Statements of Changes in Net Assets.
6. Earnings credits and interest charges
The Trust, as part of the agreement with the Custodian, receives credits against its custodian fees on its uninvested cash balances and is allowed to borrow for temporary purposes. Borrowings are not to exceed 5% of the value of each Fund’s total assets at the time of any such borrowing. Interest on amounts borrowed is calculated at the prime rate and is payable monthly. During the period ended June 30, 2024, the Micro-Cap Fund, Small-Cap Opportunities Fund, Global Opportunities Fund, China Opportunities Fund, Emerging Markets Fund, International Opportunities Fund and Focused International Growth Fund did not receive any earnings credits. During the period ended June 30, 2024, the Micro-Cap Fund, Small Cap Opportunities Fund, Global Opportunities Fund, China Opportunities Fund, Emerging Markets Fund, International Opportunities Fund, and Focused International Growth Fund incurred interest charges of $3,247, $0, $188, $6,570, $84, $305 and $3 respectively, which is included in custodian fees and expenses in the Statements of Operations.
43
THE OBERWEIS FUNDS
Notes to Financial Statements
June 30, 2024 (unaudited) (continued)
7. Fund Merger
At a meeting held on October 2, 2023, the Oberweis Funds’ Board of Trustees considered a proposal for the reorganization of the Oberweis International Opportunities Fund (the “Acquiring Fund”) and the Oberweis International Institutional Fund (the “Acquired Fund”) into one Fund “ The Oberweis International Opportunities Fund” with two share classes, Investor and Institutional.
The Board of Trustees of the Oberweis Funds determined that the reorganization was in the best interest of the Oberweis International Opportunities Institutional Fund shareholders and approved an Agreement and Plan of Reorganization, which was subsequently approved by the Oberweis Funds’ Board of Trustees on October 2, 2023. The transfer of shareholder assets under the reorganization was tax-free, meaning that neither the shareholders of the Oberweis International Opportunities Fund nor the Oberweis International Opportunities Institutional Fund realized any gains or losses for federal income tax purposes as a result of the transaction. The Reorganization occurred following the close of business on December 22, 2023, whereby the assets and the stated liabilities were transferred to the corresponding Acquiring Fund.
Acquired Fund | Security Shares at Cost | Unrealized Appreciation/ (Depreciation) on Investments | Market Value of Investments | Net Assets | ||||||||||||
OBIIX | $ | 237,509,318 | $ | 38,886,089 | $ | 276,395,407 | $ | 277,163,154 |
Acquiring Fund | Shares Issued | Net Assets Prior to Merger | Net Assets After Merger | |||||||||
OBIOX | 32,868,556 | $ | 115,226,896 | $ | 392,390,050 |
For financial reporting purposes, the Acquiring Fund is deemed to be the accounting survivor and as a result, the Statement of Operations and Financial Highlights reflect the operations of the Acquiring Fund only. The assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Because the Acquiring Fund has been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund and the Acquiring Fund that have been included in the Acquiring Fund’s Statement of Operations since the Merger Date.
In connection with the Reorganization, the Acquiring Fund was renamed The Oberweis International Opportunities Fund.
Assuming the Reorganization had been completed on January 1, 2023, the beginning of the reporting period, the unaudited pro forma results of operations for the year ended December 31, 2023 would have been as follows:
(Unaudited) | ||||
Net investment income | $ | 4,616,342 | ||
Net realized and unrealized gain on investments | 19,163,772 | |||
Net increase in net assets resulting from operations | $ | 23,780,114 |
8. Subsequent events
The Funds have evaluated subsequent events through the issuance of the financial statements and determined that no events have occurred that require disclosure.
44
THE OBERWEIS FUNDS
Financial Highlights
Per share income and capital for a share outstanding throughout each period is as follows:
Investor Class | ||||||||||||||||||||||||
Six Months | Micro-Cap Fund | |||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June 30, 2024 | Years Ended December 31, | |||||||||||||||||||||||
(unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
Net asset value at beginning of period | $ | 37.61 | $ | 31.64 | $ | 35.88 | $ | 29.10 | $ | 22.40 | $ | 18.37 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment lossa | (.14 | ) | (.29 | ) | (.32 | ) | (.43 | ) | (.26 | ) | (.22 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | 3.94 | 6.23 | (3.52 | ) | 15.93 | 6.96 | 4.25 | |||||||||||||||||
Total from investment operations | 3.80 | 5.94 | (3.84 | ) | 15.50 | 6.70 | 4.03 | |||||||||||||||||
Redemption fees a | - | .03 | .03 | .02 | - | - | ||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distribution from net realized gains on investments | - | - | (.43 | ) | (8.74 | ) | - | - | ||||||||||||||||
Net asset value at end of period | $ | 41.41 | $ | 37.61 | $ | 31.64 | $ | 35.88 | $ | 29.10 | $ | 22.40 | ||||||||||||
Total return (%) | 10.10 | d | 18.87 | (10.60 | ) | 53.38 | 29.91 | 21.94 | ||||||||||||||||
RATIO/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net Assets at end of period (in thousands) | $ | 248,362 | $ | 236,230 | $ | 96,281 | $ | 87,603 | $ | 45,345 | $ | 46,546 | ||||||||||||
Ratio of gross expenses to average net assets (%) | 1.49 | c | 1.53 | 1.53 | 1.48 | 1.59 | 1.60 | |||||||||||||||||
Ratio of net expenses to average net assets (%)b | 1.49 | c | 1.53 | 1.52 | 1.48 | 1.58 | 1.58 | |||||||||||||||||
Ratio of net investment loss to average net assets (%) | (.75 | )c | (.82 | ) | (1.02 | ) | (1.08 | ) | (1.22 | ) | (1.03 | ) | ||||||||||||
Portfolio turnover rate (%) | 31 | d | 58 | 61 | 81 | 92 | 112 |
Notes:
a | The net investment loss per share data and the redemption fee data were determined using average shares outstanding during the period. |
b | The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor. |
c | Annualized. |
d | Not annualized. |
45
THE OBERWEIS FUNDS
Financial Highlights (continued)
Per share income and capital for a share outstanding throughout each period is as follows:
Institutional Class | ||||||||||||||||||||||||
Six Months | Micro-Cap Fund | |||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June 30, 2024 | Years Ended December 31, | |||||||||||||||||||||||
(unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
Net asset value at beginning of period | $ | 38.39 | $ | 32.21 | $ | 36.43 | $ | 29.36 | $ | 22.55 | $ | 18.47 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment lossa | (.10 | ) | (.21 | ) | (.24 | ) | (.33 | ) | (.21 | ) | (.13 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | 4.02 | 6.36 | (3.58 | ) | 16.12 | 7.02 | 4.21 | |||||||||||||||||
Total from investment operations | 3.92 | 6.15 | (3.82 | ) | 15.79 | 6.81 | 4.08 | |||||||||||||||||
Redemption fees a | - | .03 | .03 | .02 | - | - | ||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distribution from net realized gains on investments | - | - | (.43 | ) | (8.74 | ) | - | - | ||||||||||||||||
Net asset value at end of period | $ | 42.31 | $ | 38.39 | $ | 32.21 | $ | 36.43 | $ | 29.36 | $ | 22.55 | ||||||||||||
Total return (%) | 10.21 | d | 19.19 | (10.39 | ) | 53.90 | 30.20 | 22.09 | ||||||||||||||||
RATIO/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net Assets at end of period (in thousands) | $ | 262,796 | $ | 219,437 | $ | 72,507 | $ | 50,015 | $ | 31,202 | $ | 30,994 | ||||||||||||
Ratio of gross expenses to average net assets (%) | 1.24 | c | 1.28 | 1.28 | 1.23 | 1.34 | 1.34 | |||||||||||||||||
Ratio of net expenses to average net assets (%)b | 1.24 | c | 1.28 | 1.27 | 1.23 | 1.33 | 1.32 | |||||||||||||||||
Ratio of net investment loss to average net assets (%) | (.50 | )c | (.59 | ) | (.76 | ) | (.85 | ) | (.97 | ) | (.61 | ) | ||||||||||||
Portfolio turnover rate (%) | 31 | d | 58 | 61 | 81 | 92 | 112 |
Notes:
a | The net investment loss per share data and the redemption fee data were determined using average shares outstanding during the period. |
b | The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor. |
c | Annualized. |
d | Not annualized. |
46
THE OBERWEIS FUNDS
Financial Highlights (continued)
Per share income and capital for a share outstanding throughout each period is as follows:
Investor Class | ||||||||||||||||||||||||
Six Months | Small-Cap Opportunities Fund | |||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June 30, 2024 | Years Ended December 31, | |||||||||||||||||||||||
(unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
Net asset value at beginning of period | $ | 22.12 | $ | 19.10 | $ | 21.54 | $ | 18.29 | $ | 14.36 | $ | 11.83 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment lossa | (.06 | ) | (.08 | ) | (.16 | ) | (.28 | ) | (.17 | ) | (.13 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | 3.36 | 3.09 | (2.26 | ) | 8.23 | 4.84 | 3.10 | |||||||||||||||||
Total from investment operations | 3.30 | 3.01 | (2.42 | ) | 7.95 | 4.67 | 2.97 | |||||||||||||||||
Redemption fees a | - | .01 | .01 | .01 | - | - | ||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distribution from net realized gains on investments | - | - | (.03 | ) | (4.71 | ) | (.74 | ) | (.44 | ) | ||||||||||||||
Net asset value at end of period | $ | 25.42 | $ | 22.12 | $ | 19.10 | $ | 21.54 | $ | 18.29 | $ | 14.36 | ||||||||||||
Total return (%) | 14.92 | d | 15.81 | (11.17 | ) | 43.57 | 32.47 | 25.07 | ||||||||||||||||
RATIO/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net Assets at end of period (in thousands) | $ | 351,830 | $ | 286,616 | $ | 94,110 | $ | 16,322 | $ | 7,767 | $ | 6,110 | ||||||||||||
Ratio of gross expenses to average net assets (%) | 1.28 | c | 1.32 | 1.45 | 1.59 | 2.03 | 2.21 | |||||||||||||||||
Ratio of net expenses to average net assets (%)b | 1.25 | c | 1.25 | 1.25 | 1.55 | 1.55 | 1.55 | |||||||||||||||||
Ratio of net investment loss to average net assets (%) | (.48 | )c | (.38 | ) | (.82 | ) | (1.22 | ) | (1.14 | ) | (.95 | ) | ||||||||||||
Portfolio turnover rate (%) | 30 | d | 71 | 45 | 106 | 147 | 142 |
Notes:
a | The net investment loss per share data and the redemption fee data were determined using average shares outstanding during the period. |
b | The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor. |
c | Annualized. |
d | Not annualized. |
47
THE OBERWEIS FUNDS
Financial Highlights (continued)
Per share income and capital for a share outstanding throughout each period is as follows:
Institutional Class | ||||||||||||||||||||||||
Six Months | Small-Cap Opportunities Fund | |||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June 30, 2024 | Years Ended December 31, | |||||||||||||||||||||||
(unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
Net asset value at beginning of period | $ | 22.62 | $ | 19.49 | $ | 21.92 | $ | 18.51 | $ | 14.49 | $ | 11.90 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment lossa | (.02 | ) | (.03 | ) | (.11 | ) | (.23 | ) | (.13 | ) | (.10 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments | 3.43 | 3.15 | (2.30 | ) | 8.34 | 4.89 | 3.13 | |||||||||||||||||
Total from investment operations | 3.41 | 3.12 | (2.41 | ) | 8.11 | 4.76 | 3.03 | |||||||||||||||||
Redemption fees a | - | .01 | .01 | .01 | - | - | ||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distribution from net realized gains on investments | - | - | (.03 | ) | (4.71 | ) | (.74 | ) | (.44 | ) | ||||||||||||||
Net asset value at end of period | $ | 26.03 | $ | 22.62 | $ | 19.49 | $ | 21.92 | $ | 18.51 | $ | 14.49 | ||||||||||||
Total return (%) | 15.08 | d | 16.06 | (10.93 | ) | 43.92 | 32.80 | 25.43 | ||||||||||||||||
RATIO/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net Assets at end of period (in thousands) | $ | 699,520 | $ | 230,715 | $ | 62,776 | $ | 12,727 | $ | 8,866 | $ | 5,622 | ||||||||||||
Ratio of gross expenses to average net assets (%) | 1.03 | c | 1.07 | 1.20 | 1.34 | 1.78 | 1.96 | |||||||||||||||||
Ratio of net expenses to average net assets (%)b | 1.00 | c | 1.00 | 1.00 | 1.30 | 1.30 | 1.30 | |||||||||||||||||
Ratio of net investment loss to average net assets (%) | (.20 | )c | (.15 | ) | (.59 | ) | (.97 | ) | (.89 | ) | (.69 | ) | ||||||||||||
Portfolio turnover rate (%) | 30 | d | 71 | 45 | 106 | 147 | 142 |
Notes:
a | The net investment loss per share data and the redemption fee data were determined using average shares outstanding during the period. |
b | The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor. |
c | Annualized. |
d | Not annualized. |
48
THE OBERWEIS FUNDS
Financial Highlights (continued)
Per share income and capital for a share outstanding throughout each period is as follows:
Investor Class | ||||||||||||||||||||||||
Six Months | Global Opportunities Fund | |||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June 30, 2024 | Years Ended December 31, | |||||||||||||||||||||||
(unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
Net asset value at beginning of period | $ | 26.78 | $ | 25.17 | $ | 35.29 | $ | 36.51 | $ | 24.82 | $ | 19.75 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment lossa | (.09 | ) | (.18 | ) | (.19 | ) | (.37 | ) | (.32 | ) | (.24 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | 1.64 | 1.79 | (9.27 | ) | 7.99 | 14.13 | 5.31 | |||||||||||||||||
Total from investment operations | 1.55 | 1.61 | (9.46 | ) | 7.62 | 13.81 | 5.07 | |||||||||||||||||
Redemption fees a | - | - | - | .01 | - | - | ||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distribution from net realized gains on investments | - | - | (.66 | ) | (8.85 | ) | (2.12 | ) | - | |||||||||||||||
Net asset value at end of period | $ | 28.33 | $ | 26.78 | $ | 25.17 | $ | 35.29 | $ | 36.51 | $ | 24.82 | ||||||||||||
Total return (%) | 5.79 | d | 6.40 | (26.80 | ) | 20.92 | 55.55 | 25.67 | ||||||||||||||||
RATIO/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net Assets at end of period (in thousands) | $ | 34,820 | $ | 34,431 | $ | 34,968 | $ | 53,342 | $ | 45,566 | $ | 32,004 | ||||||||||||
Ratio of gross expenses to average net assets (%) | 1.49 | c | 1.51 | 1.52 | 1.38 | 1.53 | 1.58 | |||||||||||||||||
Ratio of net expenses to average net assets (%)b | 1.49 | c | 1.50 | 1.51 | 1.38 | 1.53 | 1.55 | |||||||||||||||||
Ratio of net investment loss to average net assets (%) | (.63 | )c | (.67 | ) | (.73 | ) | (.86 | ) | (1.14 | ) | (1.07 | ) | ||||||||||||
Portfolio turnover rate (%) | 61 | d | 95 | 73 | 111 | 129 | 120 |
Notes:
a | The net investment loss per share data and the redemption fee data were determined using average shares outstanding during the period. |
b | The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor. |
c | Annualized. |
d | Not annualized. |
49
THE OBERWEIS FUNDS
Financial Highlights (continued)
Per share income and capital for a share outstanding throughout each period is as follows:
Institutional Class | ||||||||||||||||||||||||
Six Months | Global Opportunities Fund | |||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June 30, 2024 | Years Ended December 31, | |||||||||||||||||||||||
(unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
Net asset value at beginning of period | $ | 27.35 | $ | 25.64 | $ | 35.84 | $ | 36.87 | $ | 24.99 | $ | 19.84 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment lossa | (.04 | ) | (.12 | ) | (.12 | ) | (.26 | ) | (.25 | ) | (.18 | ) | ||||||||||||
Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | 1.66 | 1.83 | (9.42 | ) | 8.07 | 14.25 | 5.33 | |||||||||||||||||
Total from investment operations | 1.62 | 1.71 | (9.54 | ) | 7.81 | 14.00 | 5.15 | |||||||||||||||||
Redemption fees a | - | - | - | .01 | - | - | ||||||||||||||||||
Less distributions: | ||||||||||||||||||||||||
Distribution from net realized gains on investments | - | - | (.66 | ) | (8.85 | ) | (2.12 | ) | - | |||||||||||||||
Net asset value at end of period | $ | 28.97 | $ | 27.35 | $ | 25.64 | $ | 35.84 | $ | 36.87 | $ | 24.99 | ||||||||||||
Total return (%) | 5.92 | d | 6.67 | (26.61 | ) | 21.23 | 55.94 | 25.96 | ||||||||||||||||
RATIO/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net Assets at end of period (in thousands) | $ | 19,378 | $ | 18,754 | $ | 16,837 | $ | 23,518 | $ | 17,109 | $ | 10,644 | ||||||||||||
Ratio of gross expenses to average net assets (%) | 1.25 | c | 1.25 | 1.28 | 1.14 | 1.28 | 1.33 | |||||||||||||||||
Ratio of net expenses to average net assets (%)b | 1.25 | c | 1.25 | 1.27 | 1.13 | 1.27 | 1.30 | |||||||||||||||||
Ratio of net investment loss to average net assets (%) | (.30 | )c | (.44 | ) | (.44 | ) | (.61 | ) | (.88 | ) | (.78 | ) | ||||||||||||
Portfolio turnover rate (%) | 61 | d | 95 | 73 | 111 | 129 | 120 |
Notes:
a | The net investment loss per share data and the redemption fee data were determined using average shares outstanding during the period. |
b | The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor. |
c | Annualized. |
d | Not annualized. |
50
THE OBERWEIS FUNDS
Financial Highlights (continued)
Per share income and capital for a share outstanding throughout each period is as follows:
Investor Class | ||||||||||||||||||||||||
Six Months | China Opportunities Fund | |||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June 30, 2024 | Years Ended December 31, | |||||||||||||||||||||||
(unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
Net asset value at beginning of period | $ | 6.56 | $ | 7.14 | $ | 11.51 | $ | 17.29 | $ | 12.33 | $ | 9.35 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss)a | .03 | (.03 | ) | (.08 | ) | (.11 | ) | (.16 | ) | (.09 | ) | |||||||||||||
Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | .35 | (.53 | ) | (4.20 | ) | (.88 | ) | 7.11 | 3.47 | |||||||||||||||
Total from investment operations | .38 | (.56 | ) | (4.28 | ) | (.99 | ) | 6.95 | 3.38 | |||||||||||||||
Redemption fees a | - | .01 | - | - | - | .02 | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Distribution from net realized gains on investments | - | - | (.09 | ) | (4.79 | ) | (1.99 | ) | (.42 | ) | ||||||||||||||
Dividends from net investment income | - | (.03 | ) | - | - | - | - | |||||||||||||||||
Total dividends and distributions | - | (.03 | ) | (.09 | ) | (4.79 | ) | (1.99 | ) | (.42 | ) | |||||||||||||
Net asset value at end of period | $ | 6.94 | $ | 6.56 | $ | 7.14 | $ | 11.51 | $ | 17.29 | $ | 12.33 | ||||||||||||
Total return (%) | 5.79 | d | (7.70 | ) | (37.23 | ) | (5.41 | ) | 56.51 | 36.33 | ||||||||||||||
RATIO/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net Assets at end of period (in thousands) | $ | 34,854 | $ | 36,390 | $ | 45,803 | $ | 81,018 | $ | 98,527 | $ | 75,487 | ||||||||||||
Ratio of gross expenses to average net assets (%) | 2.21 | c | 2.16 | 2.05 | 1.87 | 1.95 | 1.95 | |||||||||||||||||
Ratio of net expenses to average net assets (%)b | 2.21 | c | 2.15 | 2.03 | 1.87 | 1.95 | 1.84 | |||||||||||||||||
Ratio of net investment income (loss) to average net assets (%) | .82 | c | (.39 | ) | (.97 | ) | (.63 | ) | (1.11 | ) | (.77 | ) | ||||||||||||
Portfolio turnover rate (%) | 79 | d | 189 | 254 | 241 | 192 | 184 |
Notes:
a | The net investment loss per share data and the redemption fee data were determined using average shares outstanding during the period. |
b | The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor. |
c | Annualized. |
d | Not annualized. |
51
THE OBERWEIS FUNDS
Financial Highlights (continued)
Per share income and capital for a share outstanding throughout each period is as follows:
Institutional Class | ||||||||||||||||||||||||
Six Months | China Opportunities Fund | |||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June 30, 2024 | Years Ended December 31, | |||||||||||||||||||||||
(unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
Net asset value at beginning of period | $ | 6.67 | $ | 7.27 | $ | 11.67 | $ | 17.42 | $ | 12.39 | $ | 9.36 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss)a | .04 | (.01 | ) | (.05 | ) | (.07 | ) | (.13 | ) | (.07 | ) | |||||||||||||
Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | .35 | (.55 | ) | (4.26 | ) | (.89 | ) | 7.15 | 3.50 | |||||||||||||||
Total from investment operations | .39 | (.56 | ) | (4.31 | ) | (.96 | ) | 7.02 | 3.43 | |||||||||||||||
Redemption fees a | - | .01 | - | - | - | .02 | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Distribution from net realized gains on investments | - | - | (.09 | ) | (4.79 | ) | (1.99 | ) | (.42 | ) | ||||||||||||||
Dividends from net investment income | - | (.05 | ) | - | - | - | - | |||||||||||||||||
Total dividends and distributions | - | (.05 | ) | (.09 | ) | (4.79 | ) | (1.99 | ) | (.42 | ) | |||||||||||||
Net asset value at end of period | $ | 7.06 | $ | 6.67 | $ | 7.27 | $ | 11.67 | $ | 17.42 | $ | 12.39 | ||||||||||||
Total return (%) | 5.85 | d | (7.58 | ) | (36.97 | ) | (5.23 | ) | 56.79 | 36.82 | ||||||||||||||
RATIO/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net Assets at end of period (in thousands) | $ | 7,888 | $ | 8,883 | $ | 10,513 | $ | 15,247 | $ | 21,497 | $ | 14,301 | ||||||||||||
Ratio of gross expenses to average net assets (%) | 1.96 | c | 1.90 | 1.80 | 1.62 | 1.69 | 1.70 | |||||||||||||||||
Ratio of net expenses to average net assets (%)b | 1.96 | c | 1.90 | 1.78 | 1.62 | 1.69 | 1.59 | |||||||||||||||||
Ratio of net investment income (loss) to average net assets (%) | 1.05 | c | (.10 | ) | (.62 | ) | (.38 | ) | (.85 | ) | (.55 | ) | ||||||||||||
Portfolio turnover rate (%) | 79 | d | 189 | 254 | 241 | 192 | 184 |
Notes:
a | The net investment loss per share data and the redemption fee data were determined using average shares outstanding during the period. |
b | The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor. |
c | Annualized. |
d | Not annualized. |
52
THE OBERWEIS FUNDS
Financial Highlights (continued)
Per share income and capital for a share outstanding throughout each period is as follows:
Investor Class | ||||||||||||||||||||||||
Six Months | Emerging Markets Fund | |||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June 30, 2024 | Years Ended December 31, | |||||||||||||||||||||||
(unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
Net asset value at beginning of period | $ | 11.49 | $ | 10.04 | $ | 13.63 | $ | 13.81 | $ | 9.67 | $ | 7.89 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss) a | .06 | .02 | (.07 | ) | (.13 | ) | (.06 | ) | (.02 | ) | ||||||||||||||
Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | .09 | 1.49 | (3.24 | ) | 1.95 | 4.20 | 1.80 | |||||||||||||||||
Total from investment operations | .15 | 1.51 | (3.31 | ) | 1.82 | 4.14 | 1.78 | |||||||||||||||||
Redemption fees a | - | - | - | - | - | - | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Distribution from net realized gains on investments | - | - | (.28 | ) | (2.00 | ) | - | - | ||||||||||||||||
Dividends from net investment income | - | (.06 | ) | - | - | - | - | |||||||||||||||||
Total dividends and distributions | - | (.06 | ) | (.28 | ) | (2.00 | ) | - | - | |||||||||||||||
Net asset value at end of period | $ | 11.64 | $ | 11.49 | $ | 10.04 | $ | 13.63 | $ | 13.81 | $ | 9.67 | ||||||||||||
Total return (%) | 1.31 | d | 15.02 | (24.31 | ) | 13.24 | 42.81 | 22.56 | ||||||||||||||||
RATIO/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net Assets at end of period (in thousands) | $ | 5,383 | $ | 5,347 | $ | 1,578 | $ | 1,646 | $ | 789 | $ | 587 | ||||||||||||
Ratio of gross expenses to average net assets (%) | 2.60 | c | 2.71 | 2.90 | 2.80 | 3.79 | 3.86 | |||||||||||||||||
Ratio of net expenses to average net assets (%)b | 1.75 | c | 1.75 | 1.75 | 1.75 | 1.75 | 1.75 | |||||||||||||||||
Ratio of net investment income (loss) to average net assets (%) | .97 | c | .17 | (.65 | ) | (.87 | ) | (.54 | ) | (.21 | ) | |||||||||||||
Portfolio turnover rate (%) | 55 | d | 115 | 70 | 67 | 131 | 153 |
Notes:
a | The net investment income (loss) per share data and the redemption fee data were determined using average shares outstanding during the period. |
b | The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor. |
c | Annualized. |
d | Not annualized. |
53
THE OBERWEIS FUNDS
Financial Highlights (continued)
Per share income and capital for a share outstanding throughout each period is as follows:
Institutional Class | ||||||||||||||||||||||||
Six Months | Emerging Markets Fund | |||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June 30, 2024 | Years Ended December 31, | |||||||||||||||||||||||
(unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
Net asset value at beginning of period | $ | 11.63 | $ | 10.16 | $ | 13.75 | $ | 13.90 | $ | 9.71 | $ | 7.90 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss) a | .06 | .05 | (.02 | ) | (.10 | ) | (.03 | ) | - | |||||||||||||||
Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | .10 | 1.50 | (3.29 | ) | 1.97 | 4.22 | 1.81 | |||||||||||||||||
Total from investment operations | 0.16 | 1.55 | (3.31 | ) | 1.87 | 4.19 | 1.81 | |||||||||||||||||
Redemption fees a | - | - | - | - | - | - | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Distribution from net realized gains on investments | - | - | (.28 | ) | (2.00 | ) | - | - | ||||||||||||||||
Dividends from net investment income | - | (.08 | ) | - | (.02 | ) | - | - | ||||||||||||||||
Total dividends and distributions | - | (.08 | ) | (.28 | ) | (2.02 | ) | - | - | |||||||||||||||
Net asset value at end of period | $ | 11.79 | $ | 11.63 | $ | 10.16 | $ | 13.75 | $ | 13.90 | $ | 9.71 | ||||||||||||
Total return (%) | 1.38 | d | 15.29 | (24.10 | ) | 13.50 | 43.15 | 22.91 | ||||||||||||||||
RATIO/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net Assets at end of period (in thousands) | $ | 12,519 | $ | 12,861 | $ | 11,012 | $ | 11,910 | $ | 9,938 | $ | 7,382 | ||||||||||||
Ratio of gross expenses to average net assets (%) | 2.35 | c | 2.46 | 2.65 | 2.55 | 3.54 | 3.61 | |||||||||||||||||
Ratio of net expenses to average net assets (%)b | 1.50 | c | 1.50 | 1.50 | 1.50 | 1.50 | 1.50 | |||||||||||||||||
Ratio of net investment income (loss) to average net assets (%) | 1.11 | c | .43 | (.16 | ) | (.62 | ) | (.26 | ) | - | ||||||||||||||
Portfolio turnover rate (%) | 55 | d | 115 | 70 | 67 | 131 | 153 |
Notes:
a | The net investment income (loss) per share data and the redemption fee data were determined using average shares outstanding during the period. |
b | The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor. |
c | Annualized. |
d | Not annualized. |
54
THE OBERWEIS FUNDS
Financial Highlights (continued)
Per share income and capital for a share outstanding throughout each period is as follows:
Investor Class | ||||||||||||||||||||||||
Six Months | International Opportunities Fund | |||||||||||||||||||||||
Ended | ||||||||||||||||||||||||
June 30, 2024 | Years Ended December 31, | |||||||||||||||||||||||
(unaudited) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||||||
Net asset value at beginning of period | $ | 17.42 | $ | 16.68 | $ | 26.50 | $ | 31.52 | $ | 19.43 | $ | 16.01 | ||||||||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||||||||||||||
Net investment income (loss)a | .13 | .11 | .11 | (.26 | ) | (.16 | ) | (.03 | ) | |||||||||||||||
Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | .70 | .70 | (9.93 | ) | .72 | 12.37 | 3.69 | |||||||||||||||||
Total from investment operations | .83 | .81 | (9.82 | ) | .46 | 12.21 | 3.66 | |||||||||||||||||
Redemption fees a | .01 | - | - | - | - | - | ||||||||||||||||||
Less dividends and distributions: | ||||||||||||||||||||||||
Distribution from net realized gains on investments | - | - | - | (5.48 | ) | - | - | |||||||||||||||||
Dividends from net investment income | - | (.07 | ) | - | - | (.12 | ) | (.24 | ) | |||||||||||||||
Total dividends and distributions | - | (.07 | ) | - | (5.48 | ) | (.12 | ) | (.24 | ) | ||||||||||||||
Net asset value at end of period | $ | 18.26 | $ | 17.42 | $ | 16.68 | $ | 26.50 | $ | 31.52 | $ | 19.43 | ||||||||||||
Total return (%) | 4.82 | d | 4.89 | (37.06 | ) | 1.52 | 62.86 | 22.85 | ||||||||||||||||
RATIO/SUPPLEMENTAL DATA: | ||||||||||||||||||||||||
Net Assets at end of period (in thousands) | $ | 100,405 | $ | 114,698 | $ | 144,970 | $ | 310,356 | $ | 327,354 | $ | 324,254 | ||||||||||||
Ratio of gross expenses to average net assets (%) | 1.47 | c | 1.92 | 1.87 | 1.77 | 1.87 | 1.82 | |||||||||||||||||
Ratio of net expenses to average net assets (%)b | 1.35 | c | 1.59 | 1.60 | 1.60 | 1.60 | 1.60 | |||||||||||||||||
Ratio of net investment income (loss) to average net assets (%) | 1.47 | c | .66 | .60 | (.79 | ) | (.75 | ) | (.19 | ) | ||||||||||||||
Portfolio turnover rate (%) | 52 | d | 103 | 74 | 93 | 130 | 142 |
Notes:
a | The net investment income (loss) per share data and the redemption fee data were determined using average shares outstanding during the period. |
b | The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor. |
c | Annualized. |
d | Not annualized. |
55
THE OBERWEIS FUNDS
Financial Highlights (continued)
Per share income and capital for a share outstanding throughout each period is as follows:
Institutional Class | International Opportunities Fund |
Six Months Ended June 30, 2024 (unaudited) | Period Ended December 31, 2023c | |||||||
Net asset value at beginning of period | $ | 8.50 | $ | 8.43 | ||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||
Net investment income (loss) a | .07 | - | ||||||
Net realized and unrealized gains on investments and translation of assets and liabilities denominated in foreign currency | .34 | .07 | ||||||
Total from investment operations | .41 | .07 | ||||||
Redemption fees a | .01 | - | ||||||
Less dividends and distributions: | ||||||||
Dividends from net realized gains on investments and foreign currency transactions | - | - | ||||||
Dividends from net investment income | - | - | ||||||
Total dividends and distributions | - | - | ||||||
Net asset value at end of period | $ | 8.92 | $ | 8.50 | ||||
Total return (%) | 4.94 | e | .83 | e | ||||
RATIO/SUPPLEMENTAL DATA: | ||||||||
Net Assets at end of period (in thousands) | $ | 243,475 | $ | 278,822 | ||||
Ratio of gross expenses to average net assets (%) | 1.22 | d | 1.10 | d | ||||
Ratio of net expenses to average net assets (%)(b) | 1.10 | d | 1.09 | d | ||||
Ratio of net investment income to average net assets (%) | 1.61 | d | .28 | d | ||||
Portfolio turnover rate (%) | 52 | e | 103 |
Notes:
a | The net investment income (loss) per share data and the redemption fee data were determined using average shares outstanding during the period. |
b | The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor. |
c | For the period from December 23, 2023 (commencement of operations) through December 31, 2023. |
d | Annualized |
e | Not Annualized. |
56
THE OBERWEIS FUNDS
Financial Highlights (continued)
Per share income and capital for a share outstanding throughout each period is as follows:
Institutional Class | Focused International Growth Fund |
Six Months Ended June 30, 2024 (unaudited) | Year Ended December 31, 2023 | Period Ended December 31, 2022a | ||||||||||
Net asset value at beginning of period | $ | 8.77 | $ | 7.63 | $ | 10.00 | ||||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | ||||||||||||
Net investment incomeb | .11 | .12 | .07 | |||||||||
Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | .97 | 1.15 | (2.34 | ) | ||||||||
Total from investment operations | 1.08 | 1.27 | (2.27 | ) | ||||||||
Redemption fees b | - | - | - | |||||||||
Less dividends and distributions: | ||||||||||||
Dividends from net investment income | - | (.13 | ) | (.10 | ) | |||||||
Total dividends and distributions | - | (.13 | ) | (.10 | ) | |||||||
Net asset value at end of period | $ | 9.85 | $ | 8.77 | $ | 7.63 | ||||||
Total return (%) | 12.31 | e | 16.60 | (22.75 | )e | |||||||
RATIO/SUPPLEMENTAL DATA: | ||||||||||||
Net Assets at end of period (in thousands) | $ | 7,084 | $ | 6,032 | $ | 5,077 | ||||||
Ratio of gross expenses to average net assets (%) | 2.35 | d | 2.51 | 1.97 | d | |||||||
Ratio of net expenses to average net assets (%)c | .95 | d | .95 | .95 | d | |||||||
Ratio of net investment income to average net assets (%) | 2.29 | d | 1.47 | 1.18 | d | |||||||
Portfolio turnover rate (%) | 35 | e | 88 | 54 | e |
Notes:
a | For the period from April 1, 2022 (commencement of operations) through December 31, 2022. |
b | The net investment income per share data and the redemption fee data were determined using average shares outstanding during the period. |
c | The ratios in this row reflect the impact, if any, of expense offset arrangements. |
d | Annualized. |
e | Not Annualized |
57
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
No changes or disagreements to disclose during the period covered by the report.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
No matters were submitted during the period covered by the report to a vote of shareholders.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Remuneration disclosed in the Notes to Financial Statements section in Item 7.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Not applicable.
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not Applicable to the registrant.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not Applicable to the registrant.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not Applicable to the registrant.
ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees since registrant last disclosed such procedures in its proxy statement dated April 16, 2004.
ITEM 16. CONTROLS AND PROCEDURES.
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
(b) There has been no change to the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the first and second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 17. EXHIBITS.
(a) (1) | Not required for the Semi-Annual Report. | |
(a) (2) | Certifications pursuant to Rule 30a-2 under the Investment Company Act of 1940 (17CFR 270.30a-2) in the exact form set forth below: are attached hereto. | |
(a) (3) | Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not Applicable to the registrant. | |
(b) | The certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | The Oberweis Funds |
By (Signature and Title*) | /s/ James W. Oberweis | |||
James W. Oberweis |
Date 09/04/2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title*) | /s/ James W. Oberweis | |||
James W. Oberweis |
Date 09/04/2024
By (Signature and Title*) | /s/ Eric V. Hannemann | |||
Eric V. Hannemann |
Date 09/04/2024
____________
/*/ Print the name and title of each signing officer under his or her signature.