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 The Oberweis Funds 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | Copy to: James A. Arpaia Vedder Price P.C. 222 North LaSalle Street, Suite 2600 Chicago, IL 60601 |
(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:December 31, 2019
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.
Annual Reports for the period 01/01/19 through 12/31/19 is filed herewith
| | | | INVESTOR CLASS | | | INSTITUTIONAL CLASS | | | | |
| Oberweis Micro-Cap Fund | | | OBMCX | | | OMCIX | | | | |
| Oberweis Small-Cap Opportunities Fund | | | OBSOX | | | OBSIX | | | | |
| Oberweis Small-Cap Value Fund | | | OBIVX | | | OBVLX | | | | |
| Oberweis Global Opportunities Fund | | | OBEGX | | | OBGIX | | | | |
| Oberweis China Opportunities Fund | | | OBCHX | | | OCHIX | | | | |
| Oberweis International Opportunities Fund | | | OBIOX | | | — | | | | |
| Oberweis Emerging Markets Fund | | | OBEMX | | | OIEMX | | | | |
| | | | | | | ||
| | | | | 4 | | | |
| Schedule of Investments | | | | | | | |
| Oberweis Micro-Cap Fund | | | | | 17 | | |
| Oberweis Small-Cap Opportunities Fund | | | | | 21 | | |
| Oberweis Small-Cap Value Fund | | | | | 25 | | |
| Oberweis Global Opportunities Fund | | | | | 30 | | |
| Oberweis China Opportunities Fund | | | | | 33 | | |
| Oberweis International Opportunities Fund | | | | | 38 | | |
| Oberweis Emerging Markets Fund | | | | | 42 | | |
| Statements of Assets and Liabilities | | | | | | | |
| | | | | 45 | | | |
| | | | | 45 | | | |
| | | | | 45 | | | |
| | | | | 46 | | | |
| | | | | 46 | | | |
| | | | | 46 | | | |
| | | | | 47 | | | |
| Statements of Operations | | | | | | | |
| | | | | 48 | | | |
| | | | | 48 | | | |
| | | | | 48 | | | |
| | | | | 49 | | | |
| | | | | 49 | | | |
| | | | | 49 | | | |
| | | | | 49 | | | |
| Statements of Changes in Net Assets | | | | | | | |
| | | | | 50 | | | |
| | | | | 51 | | | |
| | | | | 52 | | | |
| | | | | 53 | | | |
| | | | | 54 | | | |
| | | | | 55 | | | |
| | | | | 56 | | | |
| | | | | | | ||
| Financial Highlights | | | | | | | |
| | | | | 67 | | | |
| | | | | 69 | | | |
| | | | | 71 | | | |
| | | | | 73 | | | |
| | | | | 75 | | | |
| | | | | 77 | | | |
| | | | | 78 | | | |
| | | | | | | ||
| | | | | | | ||
| | | | | | |
President & Portfolio Manager
(unaudited) (continued)
(unaudited) (continued)
| Asset Allocation (% of Net Assets) | | ||||||
| Equities | | | | | 96.3 | | |
| Other Assets less Liabilities | | | | | 3.7 | | |
| Top Ten Holdings (% of Net Assets) | | ||||||
| Vericel Corp. | | | | | 2.6 | | |
| Recro Pharma, Inc. | | | | | 2.5 | | |
| eHealth, Inc. | | | | | 2.4 | | |
| Perdoceo Education Corp. | | | | | 2.4 | | |
| Castle Biosciences, Inc. | | | | | 2.3 | | |
| Axcelis Technologies, Inc. | | | | | 2.2 | | |
| SkyWest, Inc. | | | | | 2.2 | | |
| Bandwidth, Inc. | | | | | 2.1 | | |
| Tandem Diabetes Care, Inc. | | | | | 2.0 | | |
| LiqTech Intenational, Inc. | | | | | 1.9 | | |
| Top Ten Industries (% of Net Assets) | | ||||||
| Computer Services Software & Systems | | | | | 15.1 | | |
| Biotechnology | | | | | 10.5 | | |
| Specialty Retail | | | | | 5.4 | | |
| Communications Technology | | | | | 4.5 | | |
| Scientific Instruments – Control & Filter | | | | | 3.7 | | |
| Production Technology Equipment | | | | | 3.6 | | |
| Medical Equipment | | | | | 3.4 | | |
| Commercial Services – Rental & Leasing | | | | | 2.6 | | |
| Oil Well Equipment & Services | | | | | 2.6 | | |
| Insurance – Multi-Line | | | | | 2.4 | | |
Opportunities Fund
| Asset Allocation (% of Net Assets) | | ||||||
| Equities | | | | | 96.0 | | |
| Other Assets less Liabilities | | | | | 4.0 | | |
| Top Ten Holdings (% of Net Assets) | | ||||||
| WW International, Inc. | | | | | 2.9 | | |
| Recro Pharma, Inc. | | | | | 2.4 | | |
| Bottomline Technologies (DE), Inc. | | | | | 2.4 | | |
| CACI International, Inc. | | | | | 2.3 | | |
| Gray Television, Inc. | | | | | 2.2 | | |
| SkyWest, Inc. | | | | | 2.0 | | |
| DMC Global, Inc. | | | | | 2.0 | | |
| Arcosa, Inc. | | | | | 2.0 | | |
| Cornerstone OnDemand, Inc. | | | | | 2.0 | | |
| Inphi Corp. | | | | | 2.0 | | |
| | | ||||||
| Top Ten Industries (% of Net Assets) | | ||||||
| Computer Services Software & Systems | | | | | 17.9 | | |
| Biotechnology | | | | | 7.2 | | |
| Telecommunications Equipment | | | | | 3.8 | | |
| Education Services | | | | | 3.5 | | |
| Healthcare Services | | | | | 3.1 | | |
| Medical & Dental Instruments & Supplies | | | | | 3.0 | | |
| Production Technology Equipment | | | | | 2.9 | | |
| Consumer Services – Miscellaneous | | | | | 2.9 | | |
| Textiles Apparel & Shoes | | | | | 2.8 | | |
| Semiconductors & Components | | | | | 2.6 | | |
(unaudited) (continued)
| Asset Allocation (% of Net Assets) | | ||||||
| Equities | | | | | 92.1 | | |
| REITS | | | | | 7.7 | | |
| Other Assets less Liabilities | | | | | 0.2 | | |
| Top Ten Holdings (% of Net Assets) | | ||||||
| Central Pacific Financial Corp. | | | | | 2.7 | | |
| Williams-Sonoma, Inc. | | | | | 2.6 | | |
| Old National Bancorp | | | | | 2.6 | | |
| Triumph Bancorp, Inc. | | | | | 2.5 | | |
| Physicians Realty Trust | | | | | 2.5 | | |
| Triumph Group, Inc. | | | | | 2.3 | | |
| Wolverine World Wide, Inc. | | | | | 2.3 | | |
| W&T Offshore, Inc. | | | | | 2.2 | | |
| Simmons First National Corp. | | | | | 2.1 | | |
| Hancock Whitney Corp. | | | | | 2.0 | | |
| Top Ten Industries (% of Net Assets) | | ||||||
| Banks – Diversified | | | | | 17.9 | | |
| Computer Services Software & Systems | | | | | 6.9 | | |
| Specialty Retail | | | | | 4.3 | | |
| Health Care | | | | | 3.9 | | |
| Lodging & Resort | | | | | 3.3 | | |
| Insurance – Property-Casualty | | | | | 3.1 | | |
| Technology – Miscellaneous | | | | | 3.1 | | |
| Utilities – Gas Distributors | | | | | 3.0 | | |
| Textiles Apparel & Shoes | | | | | 2.9 | | |
| Healthcare Services | | | | | 2.9 | | |
Opportunities Fund
| Asset Allocation (% of Net Assets) | | ||||||
| Equities | | | | | 98.7 | | |
| Other Assets less Liabilities | | | | | 1.3 | | |
| Top Ten Holdings (% of Net Assets) | | ||||||
| eHealth, Inc. | | | | | 4.9 | | |
| CACI International, Inc. | | | | | 3.8 | | |
| Tandem Diabetes Care, Inc. | | | | | 3.7 | | |
| Perdoceo Education Corp. | | | | | 3.6 | | |
| Inphi Corp. | | | | | 3.6 | | |
| WW International, Inc. | | | | | 3.4 | | |
| DMC Global, Inc. | | | | | 3.4 | | |
| Skyline Champion Corp | | | | | 3.3 | | |
| A-Living Services Co. Ltd. | | | | | 3.2 | | |
| Burford Capital Ltd. | | | | | 2.9 | | |
| Top Ten Industries (% of Net Assets) | | ||||||
| Software | | | | | 8.9 | | |
| Information Technology Services | | | | | 7.8 | | |
| Diversified Consumer Services | | | | | 7.1 | | |
| Semiconductor & Semiconductor Equipment | | | | | 6.4 | | |
| Commercial Services & Supply | | | | | 4.7 | | |
| Health Care Equipment & Supplies | | | | | 4.7 | | |
| Household Durables | | | | | 4.5 | | |
| Airlines | | | | | 4.4 | | |
| Textiles, Apparel & Luxury Goods | | | | | 3.7 | | |
| Energy Equipment & Services | | | | | 3.4 | | |
(unaudited) (continued)
Opportunities Fund
| Asset Allocation (% of Net Assets) | | ||||||
| Equities | | | | | 99.5 | | |
| Other Assets less Liabilities | | | | | 0.5 | | |
| Top Ten Holdings (% of Net Assets) | | ||||||
| Alibaba Group Hldg. Ltd. ADS | | | | | 8.0 | | |
| Tencent Hldgs. Ltd. | | | | | 5.4 | | |
| GDS Hldgs. Ltd. | | | | | 2.3 | | |
| TAL Education Group ADS | | | | | 2.1 | | |
| New Oriental Education & Technology Group, Inc. ADS | | | | | 2.1 | | |
| A-Living Services Co. Ltd. | | | | | 1.9 | | |
| Longfor Group Hldgs. Ltd. | | | | | 1.8 | | |
| CIFI Hldgs. Group Co. Ltd. | | | | | 1.8 | | |
| Anhui Conch Cement Co. Ltd | | | | | 1.8 | | |
| Gree Electric Appliances, Inc. of Zhuhai | | | | | 1.7 | | |
| Top Ten Industries (% of Net Assets) | | ||||||
| Internet & Direct Marketing Retail | | | | | 13.0 | | |
| Interactive Media & Services | | | | | 8.0 | | |
| Real Estate Management & Development | | | | | 7.8 | | |
| Electronic Equipment, Instruments & Components | | | | | 7.0 | | |
| Household Durables | | | | | 6.1 | | |
| Diversified Consumer Services | | | | | 4.2 | | |
| Hotels, Restaurants & Leisure | | | | | 3.7 | | |
| Capital Markets | | | | | 3.6 | | |
| Insurance | | | | | 3.4 | | |
| Commercial Services & Supply | | | | | 3.4 | | |
Opportunities Fund
| Asset Allocation (% of Net Assets) | | ||||||
| Equities | | | | | 99.7 | | |
| Other Assets less Liabilities | | | | | 0.3 | | |
| Top Ten Holdings (% of Net Assets) | | | |||||
| Sushiro Global Hldgs. Ltd. | | | | | 4.6 | | |
| Evolution Gaming Group AB | | | | | 3.6 | | |
| Intermediate Capital Group PLC | | | | | 3.6 | | |
| Future PLC | | | | | 3.5 | | |
| Afterpay Touch Group Ltd. | | | | | 3.4 | | |
| Kobe Bussan Co. Ltd. | | | | | 3.1 | | |
| Evolution Mining Ltd. | | | | | 3.0 | | |
| Air Canada | | | | | 2.5 | | |
| JD Sports Fashion PLC | | | | | 2.4 | | |
| VAT Group AG | | | | | 2.2 | | |
| Top Ten Industries (% of Net Assets) | | | | | | | |
| Capital Markets | | | | | 8.6 | | |
| Hotels, Restaurants & Leisure | | | | | 8.2 | | |
| Information Technology Services | | | | | 7.6 | | |
| Machinery | | | | | 6.8 | | |
| Media | | | | | 5.1 | | |
| Food & Staples Retailing | | | | | 4.7 | | |
| Software | | | | | 4.7 | | |
| Semiconductor & Semiconductor Equipment | | | | | 4.5 | | |
| Metals & Mining | | | | | 4.2 | | |
| Professional Services | | | | | 3.5 | | |
(unaudited) (continued)
| Asset Allocation (% of Net Assets) | | ||||||
| Equities | | | | | 96.8 | | |
| Other Assets less Liabilities | | | | | 3.2 | | |
| Top Ten Holdings (% of Net Assets) | | ||||||
| M31 Technology Corp. | | | | | 3.5 | | |
| Linx SA | | | | | 3.2 | | |
| Affle India Ltd. | | | | | 2.8 | | |
| Yantai Jereh Oilfield Services Group Co. Ltd. | | | | | 2.4 | | |
| LandMark Optoelectronics Corp. | | | | | 2.1 | | |
| DB HiTek Co. Ltd. | | | | | 2.1 | | |
| B2W – Companhia Digital | | | | | 2.1 | | |
| Taiwan Union Technology Corp. | | | | | 2.0 | | |
| Clicks Group Ltd. | | | | | 2.0 | | |
| Seegene, Inc. | | | | | 2.0 | | |
| Top Ten Industries (% of Net Assets) | | ||||||
| Semiconductor & Semiconductor Equipment | | | | | 11.4 | | |
| Electronic Equipment, Instruments & Components | | | | | 8.8 | | |
| Software | | | | | 6.8 | | |
| Beverages | | | | | 4.7 | | |
| Pharmaceuticals | | | | | 4.3 | | |
| Biotechnology | | | | | 4.0 | | |
| Food Products | | | | | 3.9 | | |
| Machinery | | | | | 3.8 | | |
| Construction Materials | | | | | 3.7 | | |
| Diversified Consumer Services | | | | | 3.5 | | |
(unaudited) (continued)
| | | | 1 YR (%) | | | 5 YR (%) | | | 10 YR (%) | | | SINCE INCEPTION2 (%) | | | EXPENSE RATIO3 (%) | | |||||||||||||||
| OBMCX | | | | | 21.94 | | | | | | 12.64 | | | | | | 12.42 | | | | | | 9.96 | | | | | | 1.58 | | |
| OMCIX4 | | | | | 22.09 | | | | | | 12.90 | | | | | | 12.69 | | | | | | 10.23 | | | | | | 1.32 | | |
| Russell Microcap Growth | | | | | 23.33 | | | | | | 4.87 | | | | | | 10.69 | | | | | | N/A5 | | | | | | | | |
(unaudited) (continued)
| | | | 1 YR (%) | | | 5 YR (%) | | | 10 YR (%) | | | SINCE INCEPTION2 (%) | | | EXPENSE RATIO3 (%) | | |||||||||||||||
| OBSOX | | | | | 25.07 | | | | | | 10.45 | | | | | | 11.90 | | | | | | 7.09 | | | | | | 1.55 | | |
| OBSIX4 | | | | | 25.43 | | | | | | 10.74 | | | | | | 12.19 | | | | | | 7.36 | | | | | | 1.30 | | |
| Russell 2000 Growth | | | | | 28.48 | | | | | | 9.34 | | | | | | 13.01 | | | | | | 7.14 | | | | | | | | |
(unaudited) (continued)
| | | | 1 YR (%) | | | 5 YR (%) | | | SINCE INCEPTION2 (%) | | | EXPENSE RATIO3 (%) | | ||||||||||||
| OBVLX | | | | | 19.56 | | | | | | 4.18 | | | | | | 9.92 | | | | | | 1.30 | | |
| OBIVX4 | | | | | 19.31 | | | | | | 4.11 | | | | | | 9.88 | | | | | | 1.55 | | |
| Russell 2000 Value | | | | | 22.39 | | | | | | 6.99 | | | | | | 10.53 | | | | | | | | |
(unaudited) (continued)
| | | | 1 YR (%) | | | 5 YR (%) | | | 10 YR (%) | | | SINCE INCEPTION2 (%) | | | EXPENSE RATIO3 (%) | | |||||||||||||||
| OBEGX | | | | | 25.67 | | | | | | 6.17 | | | | | | 8.86 | | | | | | 8.26 | | | | | | 1.55 | | |
| OBGIX4 | | | | | 25.96 | | | | | | 6.43 | | | | | | 9.13 | | | | | | 8.53 | | | | | | 1.30 | | |
| MSCI ACWI Small-Cap | | | | | 24.65 | | | | | | 7.85 | | | | | | 9.71 | | | | | | N/A5 | | | | | | | | |
(unaudited) (continued)
| | | | 1 YR (%) | | | 5 YR (%) | | | 10 YR (%) | | | SINCE INCEPTION2 (%) | | | EXPENSE RATIO3 (%) | | |||||||||||||||
| OBCHX | | | �� | | 36.33 | | | | | | 6.78 | | | | | | 6.68 | | | | | | 11.81 | | | | | | 1.84 | | |
| OCHIX4 | | | | | 36.82 | | | | | | 7.06 | | | | | | 6.95 | | | | | | 12.09 | | | | | | 1.59 | | |
| MSCI China Net | | | | | 23.46 | | | | | | 7.49 | | | | | | 5.34 | | | | | | 10.35 | | | | | | | | |
(unaudited) (continued)
| | | | 1 YR (%) | | | 5 YR (%) | | | 10 YR (%) | | | SINCE INCEPTION2 (%) | | | EXPENSE RATIO3 (%) | | |||||||||||||||
| OBIOX | | | | | 22.85 | | | | | | 7.26 | | | | | | 12.02 | | | | | | 8.28 | | | | | | 1.60 | | |
| MSCI World ex-US Small Cap Growth | | | | | 28.04 | | | | | | 9.40 | | | | | | 8.80 | | | | | | 4.75 | | | | | | | | |
(unaudited) (continued)
| | | | 1 YR (%) | | | SINCE INCEPTION2 (%) | | | EXPENSE RATIO3 (%) | | |||||||||
| OBEMX | | | | | 22.56 | | | | | | (1.99) | | | | | | 1.75 | | |
| OIEMX | | | | | 22.91 | | | | | | (1.75) | | | | | | 1.50 | | |
| MSCI EM Small-Cap | | | | | 11.50 | | | | | | (4.71) | | | | | | | | |
| | Shares | | | Value | | |||||||
Equities – 96.3% | | | | ||||||||||
Advertising Agencies – 1.0% | | ||||||||||||
Marchex, Inc.* | | | | | 199,300 | | | | | $ | 753,354 | | |
Air Transport – 2.2% | | ||||||||||||
SkyWest, Inc. | | | | | 25,800 | | | | | | 1,667,454 | | |
Alternative Energy – 1.6% | | ||||||||||||
Ameresco, Inc.* | | | | | 69,808 | | | | | | 1,221,640 | | |
Back Office Support, Human Resources & Consulting – 1.3% | | ||||||||||||
CRA International, Inc. | | | | | 18,800 | | | | | | 1,024,036 | | |
Banks – Diversified – 1.9% | | ||||||||||||
Enterprise Financial Services Corp. | | | | | 17,300 | | | | | | 834,033 | | |
Southern National Bancorp of Virginia, Inc. | | | | | 36,800 | | | | | | 601,680 | | |
| | | | | | | | | | | 1,435,713 | | |
Banks – Savings, Thrifts & Mortgage – 1.1% | | ||||||||||||
Meta Financial Group, Inc. | | | | | 23,000 | | | | | | 839,730 | | |
Biotechnology – 10.5% | | ||||||||||||
Baudax Bio, Inc.* | | | | | 75,660 | | | | | | 523,567 | | |
Castle Biosciences, Inc.* | | | | | 51,200 | | | | | | 1,759,744 | | |
Coherus Biosciences, Inc.* | | | | | 32,800 | | | | | | 590,564 | | |
Collegium Pharmaceutical, Inc*. | | | | | 40,400 | | | | | | 831,432 | | |
Pfenex, Inc.* | | | | | 45,200 | | | | | | 496,296 | | |
Recro Pharma, Inc. | | | | | 104,100 | | | | | | 1,908,153 | | |
Vericel Corp.* | | | | | 115,493 | | | | | | 2,009,578 | | |
| | | | | | | | | | | 8,119,334 | | |
BUILDING Materials – 0.7% | | ||||||||||||
Griffon Corp. | | | | | 28,600 | | | | | | 581,438 | | |
Commercial Services – Rental & Leasing – 2.6% | | ||||||||||||
H&E Equipment Services, Inc. | | | | | 17,700 | | | | | | 591,711 | | |
McGrath RentCorp. | | | | | 19,000 | | | | | | 1,454,260 | | |
| | | | | | | | | | | 2,045,971 | | |
Commercial Vehicles & Parts – 1.2% | | ||||||||||||
Spartan Motors, Inc. | | | | | 53,100 | | | | | | 960,048 | | |
|
| | | Shares | | | Value | | ||||||
Communications Technology – 4.5% | | ||||||||||||
Bandwidth, Inc.* | | | | | 25,249 | | | | | $ | 1,617,198 | | |
Comtech Telecommunications Corp. | | | | | 13,700 | | | | | | 486,213 | | |
Digi International, Inc.* | | | | | 38,100 | | | | | | 675,132 | | |
Harmonic, Inc.* | | | | | 80,600 | | | | | | 628,680 | | |
PC-Tel, Inc.* | | | | | 9,182 | | | | | | 77,772 | | |
| | | | | | | | | | | 3,484,995 | | |
Computer Services Software & Systems – 15.1% | | ||||||||||||
Digital Turbine, Inc.* | | | | | 148,700 | | | | | | 1,060,231 | | |
EverQuote, Inc.* | | | | | 22,800 | | | | | | 783,180 | | |
Limelight Networks, Inc.* | | | | | 187,300 | | | | | | 764,184 | | |
MobileIron, Inc.* | | | | | 206,900 | | | | | | 1,005,534 | | |
Model N, Inc.* | | | | | 11,000 | | | | | | 385,770 | | |
OneSpan, Inc.* | | | | | 70,700 | | | | | | 1,210,384 | | |
Perficient, Inc.* | | | | | 24,800 | | | | | | 1,142,536 | | |
TechTarget, Inc.* | | | | | 22,600 | | | | | | 589,860 | | |
Telaria, Inc.* | | | | | 166,800 | | | | | | 1,469,508 | | |
The Rubicon Project, Inc.* | | | | | 146,200 | | | | | | 1,192,992 | | |
Upland Software, Inc.* | | | | | 31,600 | | | | | | 1,128,436 | | |
Zix Corp.* | | | | | 149,000 | | | | | | 1,010,220 | | |
| | | | | | | | | | | 11,742,835 | | |
Computer Technology – 1.0% | | ||||||||||||
Impinj, Inc.* | | | | | 31,200 | | | | | | 806,832 | | |
Diversified Manufacturing Operations – 2.4% | | ||||||||||||
Federal Signal Corp. | | | | | 24,200 | | | | | | 780,450 | | |
Inmode Ltd.* | | | | | 27,700 | | | | | | 1,085,840 | | |
| | | | | | | | | | | 1,866,290 | | |
Education Services – 2.4% | | ||||||||||||
Perdoceo Education Corp.* | | | | | 100,959 | | | | | | 1,856,636 | | |
Electronic Components – 2.3% | | ||||||||||||
Camtek Ltd. | | | | | 93,400 | | | | | | 1,011,522 | | |
Methode Electronics, Inc. | | | | | 19,800 | | | | | | 779,130 | | |
| | | | | | | | | | | 1,790,652 | | |
Environmental, Maintenance, & Security Services – 0.8% | | ||||||||||||
SP Plus Corp.* | | | | | 14,339 | | | | | | 608,404 | | |
Financial Data & Systems – 1.5% | | ||||||||||||
Cardtronics PLC.* | | | | | 25,900 | | | | | | 1,156,435 | | |
Home Building – 0.7% | | ||||||||||||
M/I Homes, Inc.* | | | | | 14,500 | | | | | | 570,575 | | |
|
| | | Shares | | | Value | | ||||||
Healthcare Services – 1.8% | | ||||||||||||
Addus HomeCare Corp.* | | | | | 14,100 | | | | | $ | 1,370,802 | | |
Insurance – Multi-Line – 2.4% | | ||||||||||||
eHealth, Inc.* | | | | | 19,600 | | | | | | 1,883,168 | | |
Leisure Time – 0.7% | | ||||||||||||
Clarus Corp. | | | | | 40,900 | | | | | | 554,604 | | |
Machinery – Industrial – 1.3% | | ||||||||||||
Tennant Co. | | | | | 12,700 | | | | | | 989,584 | | |
Manufactured Housing – 1.7% | | ||||||||||||
Skyline Champion Corp* | | | | | 40,803 | | | | | | 1,293,455 | | |
Materials & Processing – 0.5% | | ||||||||||||
Tecnoglass, Inc. | | | | | 48,900 | | | | | | 403,425 | | |
Medical & Dental Instruments & Supplies – 2.3% | | ||||||||||||
Antares Pharma, Inc.* | | | | | 112,300 | | | | | | 527,810 | | |
Cutera, Inc.* | | | | | 34,900 | | | | | | 1,249,769 | | |
| | | | | | | | | | | 1,777,579 | | |
Medical Equipment – 3.4% | | ||||||||||||
Oxford Immunotec Global PLC* | | | | | 65,200 | | | | | | 1,082,320 | | |
Tandem Diabetes Care, Inc.* | | | | | 26,600 | | | | | | 1,585,626 | | |
| | | | | | | | | | | 2,667,946 | | |
Metal Fabricating – 1.2% | | ||||||||||||
Northwest Pipe Co.* | | | | | 26,800 | | | | | | 892,708 | | |
Office Supplies & Equipment – 0.6% | | ||||||||||||
ACCO Brands Corp. | | | | | 53,300 | | | | | | 498,888 | | |
Oil Well Equipment & Services – 2.6% | | ||||||||||||
DMC Global, Inc. | | | | | 31,165 | | | | | | 1,400,555 | | |
Matrix Service Co.* | | | | | 26,400 | | | | | | 604,032 | | |
| | | | | | | | | | | 2,004,587 | | |
Pharmaceuticals – 1.3% | | ||||||||||||
BioDelivery Sciences International, Inc.* | | | | | 156,100 | | | | | | 986,552 | | |
Power Transmission Equipment – 1.9% | | ||||||||||||
Powell Industries, Inc. | | | | | 29,300 | | | | | | 1,435,407 | | |
Production Technology Equipment – 3.6% | | ||||||||||||
Axcelis Technologies, Inc.* | | | | | 72,200 | | | | | | 1,739,659 | | |
Ultra Clean Hldgs., Inc.* | | | | | 45,600 | | | | | | 1,070,232 | | |
| | | | | | | | | | | 2,809,891 | | |
|
| | | Shares | | | Value | | ||||||
Recreational Vehicles & Boats – 0.9% | | ||||||||||||
Malibu Boats, Inc.* | | | | | 17,700 | | | | | $ | 724,815 | | |
Scientific Instruments – Control & Filter – 3.7% | | ||||||||||||
LiqTech International, Inc.* | | | | | 252,980 | | | | | | 1,479,933 | | |
Napco Security Technologies, Inc.* | | | | | 46,137 | | | | | | 1,355,966 | | |
| | | | | | | | | | | 2,835,899 | | |
Scientific Instruments – Electrical – 1.5% | | ||||||||||||
Allied Motion Technologies, Inc. | | | | | 23,800 | | | | | | 1,154,300 | | |
Scientific Instruments – Pollution Control – 0.8% | | ||||||||||||
Team, Inc.* | | | | | 40,000 | | | | | | 638,800 | | |
Semiconductors & Components – 0.7% | | ||||||||||||
Adesto Technologies Corp.* | | | | | 68,200 | | | | | | 579,700 | | |
Specialty Retail – 5.4% | | ||||||||||||
America’s Car-Mart, Inc.* | | | | | 5,000 | | | | | | 548,300 | | |
Boot Barn Hldgs., Inc.* | | | | | 16,800 | | | | | | 748,104 | | |
The Cato Corp. | | | | | 25,000 | | | | | | 435,000 | | |
Tilly’s, Inc. | | | | | 85,700 | | | | | | 1,049,825 | | |
Zumiez, Inc.* | | | | | 40,100 | | | | | | 1,385,054 | | |
| | | | | | | | | | | 4,166,283 | | |
Textile Products – 1.3% | | ||||||||||||
Unifi, Inc* | | | | | 41,400 | | | | | | 1,045,764 | | |
Telecommunications Equipment – 1.9% | | ||||||||||||
Knowles Corp.* | | | | | 67,600 | | | | | | 1,429,741 | | |
Total Equities | | ||||||||||||
(Cost: $63,031,578) | | | | | | | | | | $ | 74,676,270 | | |
Total Investments – 96.3% | | ||||||||||||
(Cost: $63,031,578) | | | | | | | | | | $ | 74,676,270 | | |
Other Assets Less Liabilities – 3.7% | | | | | | | | | | | 2,863,564 | | |
Net Assets – 100% | | | | | | | | | | $ | 77,539,834 | | |
|
| | | Shares | | | Value | | ||||||
Equities – 96.0% | | | | ||||||||||
Aerospace – 1.3% | | ||||||||||||
Aerojet Rocketdyne Hldgs., Inc.* | | | | | 3,400 | | | | | $ | 155,244 | | |
Air Transport – 2.0% | | ||||||||||||
SkyWest, Inc. | | | | | 3,700 | | | | | | 239,131 | | |
Auto parts – 0.9% | | ||||||||||||
Visteon Corp.* | | | | | 1,200 | | | | | | 103,908 | | |
Back Office Support, Human Resources, & Consulting – 1.4% | | ||||||||||||
TTEC Hldgs., Inc. | | | | | 4,100 | | | | | | 162,442 | | |
Banks – Diversified – 1.9% | | ||||||||||||
Banner Corp. | | | | | 1,400 | | | | | | 79,226 | | |
Enterprise Financial Services Corp. | | | | | 3,100 | | | | | | 149,451 | | |
| | | | | | | | | | | 228,677 | | |
Banks – Savings, Thrift & Mortgage Lending – 1.2% | | ||||||||||||
Meta Financial Group, Inc. | | | | | 3,700 | | | | | | 135,087 | | |
Biotechnology – 7.2% | | ||||||||||||
Baudax Bio, Inc.* | | | | | 4,760 | | | | | | 32,939 | | |
Coherus Biosciences, Inc.* | | | | | 4,800 | | | | | | 86,424 | | |
Collegium Pharmaceutical, Inc*. | | | | | 5,900 | | | | | | 121,422 | | |
Recro Pharma, Inc. | | | | | 15,400 | | | | | | 282,282 | | |
Repligen Corp.* | | | | | 1,200 | | | | | | 111,000 | | |
Vericel Corp.* | | | | | 12,100 | | | | | | 210,540 | | |
| | | | | | | | | | | 844,607 | | |
Building Materials – 1.3% | | ||||||||||||
Trex Co., Inc.* | | | | | 1,700 | | | | | | 152,796 | | |
Casinos & Gambling – 1.1% | | ||||||||||||
Eldorado Resorts, Inc.* | | | | | 2,200 | | | | | | 131,208 | | |
Commercial Services – Rental & Leasing – 1.7% | | ||||||||||||
McGrath RentCorp. | | | | | 2,600 | | | | | | 199,004 | | |
Commercial Vehicles & Parts – 0.6% | | ||||||||||||
Oshkosh Corp. | | | | | 800 | | | | | | 75,720 | | |
Communications Technology – 1.7% | | ||||||||||||
Bandwidth, Inc.* | | | | | 3,100 | | | | | | 198,555 | | |
|
| | | Shares | | | Value | | ||||||
Computer Services Software & Systems – 17.9% | | ||||||||||||
Bottomline Technologies (de), Inc.* | | | | | 5,200 | | | | | $ | 278,720 | | |
CACI International, Inc.* | | | | | 1,100 | | | | | | 274,989 | | |
Cornerstone OnDemand, Inc.* | | | | | 4,000 | | | | | | 234,200 | | |
CyberArk Software Ltd.* | | | | | 1,200 | | | | | | 139,896 | | |
Mercury Systems, Inc.* | | | | | 2,900 | | | | | | 200,419 | | |
NIC, Inc. | | | | | 4,800 | | | | | | 107,280 | | |
Rapid7, Inc.* | | | | | 2,900 | | | | | | 162,458 | | |
SPS Commerce, Inc.* | | | | | 3,400 | | | | | | 188,428 | | |
Synnex Corp. | | | | | 1,600 | | | | | | 206,080 | | |
The Rubicon Project, Inc.* | | | | | 19,600 | | | | | | 159,936 | | |
Upland Software, Inc.* | | | | | 4,100 | | | | | | 146,411 | | |
| | | | | | | | | | | 2,098,817 | | |
Computer Technology – 0.9% | | ||||||||||||
Impinj, Inc.* | | | | | 4,100 | | | | | | 106,026 | | |
Consumer Lending – 1.3% | | ||||||||||||
Navient Corp. | | | | | 11,300 | | | | | | 154,584 | | |
Consumer Services – Miscellaneous – 2.9% | | ||||||||||||
WW International, Inc.* | | | | | 8,900 | | | | | | 340,069 | | |
Containers & Packaging – 1.3% | | ||||||||||||
Graphic Packaging Hldg. Co. | | | | | 9,400 | | | | | | 156,510 | | |
Diversified Manufacturing Operations – 1.4% | | ||||||||||||
Inmode Ltd.* | | | | | 4,100 | | | | | | 160,720 | | |
Diversified Materials & Processing – 0.9% | | ||||||||||||
Cabot Microelectronics Corp. | | | | | 700 | | | | | | 101,024 | | |
Drug & Grocery Store Chains – 0.7% | | ||||||||||||
Sprouts Farmers Market, Inc.* | | | | | 4,000 | | | | | | 77,400 | | |
Education Services – 3.5% | | ||||||||||||
Chegg, Inc.* | | | | | 3,100 | | | | | | 117,521 | | |
Perdoceo Education Corp.* | | | | | 10,100 | | | | | | 185,739 | | |
Strategic Education, Inc. | | | | | 700 | | | | | | 111,230 | | |
| | | | | | | | | | | 414,490 | | |
Energy Equipment – 2.0% | | ||||||||||||
Arcosa, Inc. | | | | | 5,300 | | | | | | 236,115 | | |
Financial Data & Systems – 1.4% | | ||||||||||||
Cardtronics PLC* | | | | | 3,700 | | | | | | 165,205 | | |
Foods – 1.1% | | ||||||||||||
Performance Food Group Co.* | | | | | 2,600 | | | | | | 133,848 | | |
Forest Products – 1.3% | | ||||||||||||
Universal Forest Products, Inc. | | | | | 3,100 | | | | | | 147,870 | | |
|
| | | Shares | | | Value | | ||||||
Healthcare Services – 3.1% | | ||||||||||||
Addus HomeCare Corp.* | | | | | 1,900 | | | | | $ | 184,718 | | |
Amedisys, Inc.* | | | | | 1,100 | | | | | | 183,612 | | |
| | | | | | | | | | | 368,330 | | |
Home Building – 0.9% | | ||||||||||||
M/I Homes, Inc.* | | | | | 2,700 | | | | | | 106,245 | | |
Household Equipment & Production – 1.4% | | ||||||||||||
Helen of Troy Ltd.* | | | | | 900 | | | | | | 161,811 | | |
Insurance – Multi-Line – 1.9% | | ||||||||||||
eHealth, Inc.* | | | | | 2,300 | | | | | | 220,984 | | |
Insurance – Property Casualty – 1.0% | | ||||||||||||
NMI Hldgs., Inc.* | | | | | 3,400 | | | | | | 112,812 | | |
Machinery – Industrial – 1.4% | | ||||||||||||
Chart Industries, Inc.* | | | | | 2,500 | | | | | | 168,725 | | |
Manufactured Housing – 1.4% | | ||||||||||||
Skyline Champion Corp.* | | | | | 5,100 | | | | | | 161,670 | | |
Medical & Dental Instruments & Supplies – 3.0% | | ||||||||||||
CONMED Corp. | | | | | 1,400 | | | | | | 156,562 | | |
NuVasive, Inc.* | | | | | 2,500 | | | | | | 193,350 | | |
| | | | | | | | | | | 349,912 | | |
Medical Equipment – 1.8% | | ||||||||||||
Tandem Diabetes Care, Inc.* | | | | | 3,500 | | | | | | 208,635 | | |
Medical Services – 1.6% | | ||||||||||||
NeoGenomics, Inc.* | | | | | 6,300 | | | | | | 184,275 | | |
Oil Well Equipment & Services – 2.0% | | ||||||||||||
DMC Global, Inc. | | | | | 5,301 | | | | | | 238,227 | | |
Production Technology Equipment – 2.9% | | ||||||||||||
Axcelis Technologies, Inc.* | | | | | 7,800 | | | | | | 187,941 | | |
Ultra Clean Hldgs., Inc.* | | | | | 6,700 | | | | | | 157,249 | | |
| | | | | | | | | | | 345,190 | | |
Radio & TV Broadcasters – 2.2% | | ||||||||||||
Gray Television, Inc.* | | | | | 12,200 | | | | | | 261,568 | | |
Recreational Vehicles & Boats – 0.9% | | ||||||||||||
Malibu Boats, Inc.* | | | | | 2,600 | | | | | | 106,470 | | |
Scientific Instruments – Control & Filter – 1.2% | | ||||||||||||
SPX FLOW, Inc.* | | | | | 3,000 | | | | | | 146,610 | | |
Scientific Instruments – Gauges & Meters – 1.2% | | ||||||||||||
Itron, Inc.* | | | | | 1,700 | | | | | | 142,715 | | |
|
| | | Shares | | | Value | | ||||||
Semiconductors & Components – 2.6% | | ||||||||||||
Inphi Corp.* | | | | | 3,100 | | | | | $ | 229,462 | | |
Lattice Semiconductor Corp.* | | | | | 4,100 | | | | | | 78,474 | | |
| | | | | | | | | | | 307,936 | | |
Telecommunications Equipment – 3.8% | | ||||||||||||
Knowles Corp.* | | | | | 10,100 | | | | | | 213,615 | | |
Viavi Solutions, Inc.* | | | | | 14,500 | | | | | | 217,500 | | |
| | | | | | | | | | | 431,115 | | |
Textiles Apparel & Shoes – 2.8% | | ||||||||||||
Crocs, Inc.* | | | | | 2,300 | | | | | | 96,347 | | |
Deckers Outdoor Corp.* | | | | | 1,300 | | | | | | 219,518 | | |
| | | | | | | | | | | 315,865 | | |
Total Equities | | | | ||||||||||
(Cost: $9,612,981) | | | | | | | | | | $ | 11,258,152 | | |
Total Investments – 96.0% | | | | ||||||||||
(Cost: $9,612,981) | | | | | | | | | | $ | 11,258,152 | | |
Other Assets Less Liabilities – 4.0% | | | | | | | | | | | 473,375 | | |
Net Assets – 100% | | | | | | | | | | $ | 11,731,527 | | |
|
| | | SHARES | | | VALUE | | ||||||
Equities – 92.1% | | ||||||||||||
Aerospace – 2.3% | | ||||||||||||
Triumph Group, Inc. | | | | | 24,020 | | | | | $ | 606,985 | | |
Air Transport – 2.9% | | ||||||||||||
Air Transport Services Group, Inc.* | | | | | 13,800 | | | | | | 323,748 | | |
SkyWest, Inc. | | | | | 3,400 | | | | | | 219,742 | | |
Spirit Airlines, Inc.* | | | | | 5,400 | | | | | | 217,674 | | |
| | | | | | | | | | | 761,164 | | |
Asset Management & Custodian – 0.6% | | ||||||||||||
Virtus Investment Partners, Inc. | | | | | 1,300 | | | | | | 158,236 | | |
Auto Parts – 1.8% | | ||||||||||||
Dana, Inc. | | | | | 25,900 | | | | | | 471,380 | | |
Back Office Support, Human Resources & Consulting – 1.0% | | ||||||||||||
FTI Consulting, Inc.* | | | | | 1,700 | | | | | | 188,122 | | |
TriNet Group, Inc.* | | | | | 1,500 | | | | | | 84,915 | | |
| | | | | | | | | | | 273,037 | | |
Banks – Diversified – 17.9% | | ||||||||||||
Associated Banc-Corp | | | | | 21,440 | | | | | | 472,538 | | |
Central Pacific Financial Corp. | | | | | 23,880 | | | | | | 706,370 | | |
Fulton Financial Corp. | | | | | 24,700 | | | | | | 430,521 | | |
Hancock Whitney Corp. | | | | | 12,075 | | | | | | 529,851 | | |
Hope Bancorp, Inc. | | | | | 33,200 | | | | | | 493,352 | | |
Old National Bancorp | | | | | 37,500 | | | | | | 685,875 | | |
Simmons First National Corp. | | | | | 20,368 | | | | | | 545,659 | | |
Texas Capital Bancshares, Inc.* | | | | | 3,400 | | | | | | 193,018 | | |
Triumph Bancorp, Inc.* | | | | | 17,200 | | | | | | 653,944 | | |
| | | | | | | | | | | 4,711,128 | | |
Building Materials – 0.4% | | ||||||||||||
Quanex Building Products Corp. | | | | | 6,700 | | | | | | 114,436 | | |
Casinos & Gambling – 0.8% | | ||||||||||||
Red Rock Resorts, Inc. | | | | | 9,170 | | | | | | 219,622 | | |
Cement – 0.5% | | ||||||||||||
U.S. Concrete, Inc.* | | | | | 3,200 | | | | | | 133,312 | | |
Chemicals – Diversified – 0.9% | | ||||||||||||
AdvanSix, Inc.* | | | | | 7,400 | | | | | | 147,704 | | |
PolyOne Corp. | | | | | 2,500 | | | | | | 91,975 | | |
| | | | | | | | | | | 239,679 | | |
Commercial Finance & Mortgage – 1.3% | | ||||||||||||
Walker & Dunlop, Inc. | | | | | 5,166 | | | | | | 334,137 | | |
Commercial Vehicles & Parts – 2.0% | | ||||||||||||
Oshkosh Corp. | | | | | 5,510 | | | | | | 521,522 | | |
|
| | | SHARES | | | VALUE | | ||||||
Communications Technology – 1.0% | | ||||||||||||
Comtech Telecommunications Corp. | | | | | 7,600 | | | | | $ | 269,724 | | |
Computer Services Software & Systems – 6.9% | | ||||||||||||
Blucora, Inc.* | | | | | 10,200 | | | | | | 266,628 | | |
Caci International, Inc.* | | | | | 1,200 | | | | | | 299,988 | | |
ePlus, Inc.* | | | | | 2,000 | | | | | | 168,580 | | |
Science Applications International Corp. | | | | | 3,200 | | | | | | 278,464 | | |
SYNNEX Corp. | | | | | 1,586 | | | | | | 204,277 | | |
Verint Systems, Inc.* | | | | | 4,280 | | | | | | 236,941 | | |
Zix Corp.* | | | | | 52,394 | | | | | | 355,231 | | |
| | | | | | | | | | | 1,810,109 | | |
Construction – 0.5% | | ||||||||||||
Granite Construction, Inc.* | | | | | 4,800 | | | | | | 132,816 | | |
Consumer Electronics – 0.3% | | ||||||||||||
Fitbit, Inc.* | | | | | 11,000 | | | | | | 72,270 | | |
Consumer Lending – 0.3% | | ||||||||||||
Navient Corp. | | | | | 6,000 | | | | | | 82,080 | | |
Consumer Staples – Miscellaneous – 0.3% | | ||||||||||||
Spectrum Brands Hldgs., Inc.* | | | | | 1,100 | | | | | | 70,719 | | |
Containers & Packaging – 2.5% | | ||||||||||||
Graphic Packaging Hldg. Co. | | | | | 19,900 | | | | | | 331,335 | | |
Greif, Inc. | | | | | 6,088 | | | | | | 269,090 | | |
O-I Glass, Inc. | | | | | 5,800 | | | | | | 69,194 | | |
| | | | | | | | | | | 669,619 | | |
Diversified Financial Services – 1.8% | | ||||||||||||
Stifel Financial Corp. | | | | | 7,750 | | | | | | 470,038 | | |
Diversified Manufacturing Operations – 0.3% | | ||||||||||||
Federal Signal Corp. | | | | | 2,480 | | | | | | 79,980 | | |
Diversified Materials & Processing – 0.6% | | ||||||||||||
Belden, Inc. | | | | | 3,100 | | | | | | 170,500 | | |
Engineering & Contracting Services – 2.9% | | ||||||||||||
AECOM* | | | | | 2,200 | | | | | | 94,886 | | |
MasTec, Inc.* | | | | | 7,100 | | | | | | 455,536 | | |
Tetra Tech, Inc. | | | | | 2,380 | | | | | | 205,061 | | |
| | | | | | | | | | | 755,483 | | |
Entertainment – 0.9% | | ||||||||||||
AMC Entertainment Hldgs., Inc. | | | | | 32,300 | | | | | | 233,852 | | |
Environmental, Maintenance, & Security Services – 0.8% | | ||||||||||||
Brink’s Co. | | | | | 1,151 | | | | | | 104,373 | | |
UniFirst Corp. | | | | | 500 | | | | | | 100,990 | | |
| | | | | | | | | | | 205,363 | | |
|
| | | SHARES | | | VALUE | | ||||||
Financial Data & Systems – 0.6% | | ||||||||||||
Corelogic, Inc.* | | | | | 3,900 | | | | | $ | 170,469 | | |
Glass – 0.4% | | ||||||||||||
Apogee Enterprises, Inc. | | | | | 3,500 | | | | | | 113,750 | | |
Healthcare Facilities – 1.5% | | ||||||||||||
National HealthCare Corp. | | | | | 4,500 | | | | | | 388,935 | | |
Healthcare Services – 2.9% | | ||||||||||||
Allscripts Healthcare Solutions, Inc.* | | | | | 14,100 | | | | | | 138,392 | | |
MEDNAX, Inc.* | | | | | 17,800 | | | | | | 494,662 | | |
The Ensign Group, Inc. | | | | | 3,100 | | | | | | 140,647 | | |
| | | | | | | | | | | 773,701 | | |
Home Building – 0.7% | | ||||||||||||
Green Brick Partners, Inc.* | | | | | 16,033 | | | | | | 184,059 | | |
Insurance – Life – 1.9% | | ||||||||||||
CNO Financial Group, Inc. | | | | | 26,930 | | | | | | 488,241 | | |
Insurance – Property – Casualty – 3.1% | | ||||||||||||
Heritage Insurance Hldgs., Inc. | | | | | 29,993 | | | | | | 397,407 | | |
Radian Group, Inc. | | | | | 17,000 | | | | | | 427,720 | | |
| | | | | | | | | | | 825,127 | | |
Machinery – Agricultural – 1.9% | | ||||||||||||
Agco Corp. | | | | | 6,550 | | | | | | 505,988 | | |
Machinery – Construction & Handling – 0.5% | | ||||||||||||
Hyster-Yale Materials Handling, Inc. | | | | | 1,600 | | | | | | 94,336 | | |
Terex Corp. | | | | | 1,500 | | | | | | 44,670 | | |
| | | | | | | | | | | 139,006 | | |
Metal Fabricating – 1.0% | | ||||||||||||
Timken Co. | | | | | 4,700 | | | | | | 264,657 | | |
Metals & Minerals – Diversified – 0.5% | | ||||||||||||
Cleveland-Cliffs, Inc. | | | | | 15,000 | | | | | | 126,000 | | |
Oil Crude Producer – 2.9% | | ||||||||||||
Gulfport Energy Corp.* | | | | | 56,300 | | | | | | 171,152 | | |
W&T Offshore, Inc.* | | | | | 105,000 | | | | | | 583,800 | | |
| | | | | | | | | | | 754,952 | | |
Oil Refining & Marketing – 1.6% | | ||||||||||||
PBF Energy, Inc. | | | | | 13,400 | | | | | | 420,358 | | |
Radio & TV Broadcasters – 0.2% | | ||||||||||||
Entercom Communications Corp.* | | | | | 13,600 | | | | | | 63,104 | | |
Semiconductors & Components – 1.7% | | ||||||||||||
Vishay Intertechnology, Inc. | | | | | 20,700 | | | | | | 440,703 | | |
|
| | | SHARES | | | VALUE | | ||||||
Shipping – 1.3% | | ||||||||||||
Matson, Inc. | | | | | 8,080 | | | | | $ | 329,664 | | |
Specialty Retail – 4.3% | | ||||||||||||
American Eagle Outfitters, Inc. | | | | | 12,800 | | | | | | 188,160 | | |
Urban Outfitters, Inc.* | | | | | 9,200 | | | | | | 255,484 | | |
Williams-Sonoma, Inc. | | | | | 9,420 | | | | | | 691,805 | | |
| | | | | | | | | | | 1,135,449 | | |
Steel – 1.4% | | ||||||||||||
Carpenter Technology Corp. | | | | | 7,250 | | | | | | 360,905 | | |
Technology – Miscellaneous – 3.1% | | ||||||||||||
Benchmark Electronics, Inc. | | | | | 11,500 | | | | | | 395,140 | | |
Jabil, Inc. | | | | | 5,600 | | | | | | 231,448 | | |
Plexus Corp.* | | | | | 2,400 | | | | | | 184,656 | | |
| | | | | | | | | | | 811,244 | | |
Textiles Apparel & Shoes – 2.9% | | ||||||||||||
PVH Corp. | | | | | 1,600 | | | | | | 168,240 | | |
Wolverine World Wide, Inc. | | | | | 17,650 | | | | | | 595,511 | | |
| | | | | | | | | | | 763,751 | | |
Truckers – 0.7% | | ||||||||||||
Werner Enterprises, Inc. | | | | | 5,100 | | | | | | 185,589 | | |
Utilities – Electrical – 1.7% | | ||||||||||||
Portland General Electric Co. | | | | | 8,100 | | | | | | 451,899 | | |
Utilities – Gas Distributors – 3.0% | | ||||||||||||
New Jersey Resources Corp. | | | | | 9,700 | | | | | | 432,329 | | |
Southwest Gas Hldgs., Inc. | | | | | 5,050 | | | | | | 383,649 | | |
| | | | | | | | | | | 815,978 | | |
Utilities – Telecommunications – 0.8% | | ||||||||||||
Iridium Communications, Inc.* | | | | | 9,400 | | | | | | 231,616 | | |
Total Equities | | ||||||||||||
(Cost: $21,678,138) | | | | | | | | | | $ | 24,312,336 | | |
Real Estate Investment Trusts – 7.7% | | ||||||||||||
Healthcare – 3.9% | | ||||||||||||
National Health Investors, Inc. | | | | | 4,565 | | | | | | 371,956 | | |
Physicians Realty Trust | | | | | 34,181 | | | | | | 647,387 | | |
| | | | | | | | | | | 1,019,343 | | |
Industrial – 0.5% | | ||||||||||||
Monmouth Real Estate Investment Corp. | | | | | 8,400 | | | | | | 121,631 | | |
|
| | | SHARES | | | VALUE | | ||||||
Lodging & Resort – 3.3% | | ||||||||||||
Ryman Hospitality Properties, Inc. | | | | | 5,805 | | | | | $ | 503,060 | | |
Xenia Hotels & Resorts, Inc. | | | | | 16,600 | | | | | | 358,725 | | |
| | | | | | | | | | | 861,785 | | |
Total Real Estate Investment Trusts | | | | ||||||||||
(Cost: $1,642,849) | | | | | | | | | | $ | 2,002,759 | | |
Total Investments – 99.8% | | | | ||||||||||
(Cost: $23,320,987) | | | | | | | | | | $ | 26,315,095 | | |
Other Assets Less Liabiltites – 0.2% | | | | | | | | | | | 50,066 | | |
Net Assets – 100% | | | | | | | | | | $ | 26,365,161 | | |
|
| | | Shares | | | Value | | ||||||
Equities – 98.7% | | | | ||||||||||
Australia – 1.2% | | ||||||||||||
Afterpay Touch Group Ltd.* | | | | | 25,000 | | | | | $ | 513,684 | | |
Brazil – 1.0% | | ||||||||||||
Linx SA* | | | | | 50,000 | | | | | | 440,252 | | |
Canada – 3.0% | | ||||||||||||
Air Canada* | | | | | 17,100 | | | | | | 638,781 | | |
Parkland Fuel Corp. | | | | | 17,100 | | | | | | 628,247 | | |
| | | | | | | | | | | 1,267,028 | | |
China – 9.8% | | | | ||||||||||
A-Living Services Co. Ltd. | | | | | 395,750 | | | | | | 1,366,179 | | |
GDS Hldgs. Ltd.* | | | | | 12,800 | | | | | | 660,224 | | |
Hangzhou Robam Appliances Co. Ltd.* | | | | | 100,000 | | | | | | 485,378 | | |
Li Ning Co. Ltd.* | | | | | 178,500 | | | | | | 534,884 | | |
Shenzhen Sunway Communication Co. Ltd.* | | | | | 99,964 | | | | | | 651,243 | | |
Shenzhou International Group Hldgs. Ltd. | | | | | 34,200 | | | | | | 499,901 | | |
| | | | | | | | | | | 4,197,809 | | |
France – 2.6% | | ||||||||||||
Teleperformance SE | | | | | 4,500 | | | | | | 1,097,364 | | |
Japan – 5.3% | | ||||||||||||
Disco Corp.* | | | | | 2,600 | | | | | | 610,545 | | |
Kobe Bussan Co. Ltd. | | | | | 33,200 | | | | | | 1,142,220 | | |
Nihon Unisys Ltd. | | | | | 16,400 | | | | | | 514,452 | | |
| | | | | | | | | | | 2,267,217 | | |
Sweden – 5.7% | | ||||||||||||
Evolution Gaming Group AB | | | | | 38,500 | | | | | | 1,161,889 | | |
MIPS AB | | | | | 44,265 | | | | | | 937,626 | | |
Sinch AB* | | | | | 10,400 | | | | | | 318,116 | | |
| | | | | | | | | | | 2,417,631 | | |
Switzerland – 1.3% | | ||||||||||||
VAT Group AG* | | | | | 3,300 | | | | | | 556,732 | | |
United Kingdom – 10.2% | | ||||||||||||
Burford Capital Ltd. | | | | | 133,000 | | | | | | 1,254,418 | | |
GB Group PLC* | | | | | 45,800 | | | | | | 473,228 | | |
Nomad Foods Ltd.* | | | | | 36,730 | | | | | | 821,650 | | |
Oxford Instruments PLC* | | | | | 21,600 | | | | | | 440,641 | | |
Serco Group PLC* | | | | | 300,000 | | | | | | 643,396 | | |
Spirent Communications PLC | | | | | 212,700 | | | | | | 708,624 | | |
| | | | | | | | | | | 4,341,957 | | |
|
| | | Shares | | | Value | | ||||||
United States Of America – 58.6% | | ||||||||||||
Addus HomeCare Corp.* | | | | | 4,800 | | | | | $ | 466,656 | | |
Air Transport Services Group, Inc.* | | | | | 19,400 | | | | | | 455,124 | | |
Amedisys, Inc.* | | | | | 2,000 | | | | | | 333,840 | | |
Bandwidth, Inc.* | | | | | 16,600 | | | | | | 1,063,230 | | |
Bottomline Technologies (DE), Inc.* | | | | | 6,400 | | | | | | 343,040 | | |
Cabot Microelectronics Corp. | | | | | 4,000 | | | | | | 577,280 | | |
CACI International, Inc.* | | | | | 6,500 | | | | | | 1,624,935 | | |
Chart Industries, Inc.* | | | | | 10,100 | | | | | | 681,649 | | |
CONMED Corp. | | | | | 3,700 | | | | | | 413,771 | | |
Cornerstone OnDemand, Inc.* | | | | | 9,200 | | | | | | 538,660 | | |
Deckers Outdoor Corp.* | | | | | 3,300 | | | | | | 557,238 | | |
DMC Global, Inc. | | | | | 32,600 | | | | | | 1,465,044 | | |
eHealth, Inc.* | | | | | 21,800 | | | | | | 2,094,544 | | |
Enterprise Financial Services Corp. | | | | | 7,000 | | | | | | 337,470 | | |
Gray Television, Inc.* | | | | | 20,500 | | | | | | 439,520 | | |
Inphi Corp.* | | | | | 20,600 | | | | | | 1,524,812 | | |
Malibu Boats, Inc.* | | | | | 15,200 | | | | | | 622,440 | | |
Mercury Systems, Inc.* | | | | | 5,100 | | | | | | 352,461 | | |
Perdoceo Education Corp.* | | | | | 84,300 | | | | | | 1,550,277 | | |
Rapid7, Inc.* | | | | | 11,800 | | | | | | 661,036 | | |
Skyline Champion Corp.* | | | | | 44,700 | | | | | | 1,416,990 | | |
SkyWest, Inc. | | | | | 19,300 | | | | | | 1,247,359 | | |
Tandem Diabetes Care, Inc.* | | | | | 26,500 | | | | | | 1,579,665 | | |
The Rubicon Project, Inc.* | | | | | 57,300 | | | | | | 467,568 | | |
Trex Co., Inc.* | | | | | 6,000 | | | | | | 539,280 | | |
Upland Software, Inc.* | | | | | 28,200 | | | | | | 1,007,022 | | |
Vericel Corp.* | | | | | 67,400 | | | | | | 1,172,760 | | |
WW International, Inc.* | | | | | 38,400 | | | | | | 1,467,265 | | |
| | | | | | | | | | | 25,000,936 | | |
Total Equities | | | | ||||||||||
(Cost: $35,378,323) | | | | | | | | | | $ | 42,100,610 | | |
Total Investments – 98.7% | | | | ||||||||||
(Cost: $35,378,323) | | | | | | | | | | $ | 42,100,610 | | |
Other Assets Less Liabilities – 1.3% | | | | | | | | | | | 547,453 | | |
Net Assets – 100% | | | | | | | | | | $ | 42,648,063 | | |
|
| Communication Services | | | | | 3.5% | | |
| Consumer Discretionary | | | | | 22.7% | | |
| Consumer Staples | | | | | 4.6% | | |
| Energy | | | | | 4.9% | | |
| Financials | | | | | 8.6% | | |
| Health Care | | | | | 9.3% | | |
| Industrials | | | | | 17.8% | | |
| Information Technology | | | | | 27.3% | | |
| | | Shares | | | Value | | ||||||
Equities – 99.5% | | ||||||||||||
Airlines – 0.7% | | ||||||||||||
China Southern Airlines Co. Ltd.* | | | | | 1,000,000 | | | | | $ | 672,459 | | |
Auto Components – 1.5% | | ||||||||||||
IKD Co. Ltd.* | | | | | 400,000 | | | | | | 800,494 | | |
Minth Group Ltd.* | | | | | 150,000 | | | | | | 529,369 | | |
| | | | | | | | | | | 1,329,863 | | |
Automobiles – 2.1% | | ||||||||||||
Geely Automobile Hldgs. Ltd.* | | | | | 500,000 | | | | | | 977,888 | | |
Guangzhou Automobile Group Co. Ltd.* | | | | | 750,000 | | | | | | 933,614 | | |
| | | | | | | | | | | 1,911,502 | | |
Banks – 1.4% | | ||||||||||||
China Merchants Bank Co. Ltd.* | | | | | 250,000 | | | | | | 1,284,922 | | |
Beverages – 1.5% | | ||||||||||||
Kweichow Moutai Co. Ltd. | | | | | 7,975 | | | | | | 1,354,412 | | |
Biotechnology – 0.6% | | ||||||||||||
Shenzhen Kangtai Biological Products Co. Ltd.* | | | | | 39,966 | | | | | | 503,699 | | |
Capital Markets – 3.6% | | ||||||||||||
CITIC Securities Co. Ltd.* | | | | | 400,020 | | | | | | 1,452,906 | | |
Huatai Securities Co. Ltd.* – Class A | | | | | 300,000 | | | | | | 874,715 | | |
Huatai Securities Co. Ltd. – Class H | | | | | 500,000 | | | | | | 884,206 | | |
| | | | | | | | | | | 3,211,827 | | |
Chemicals – 0.4% | | ||||||||||||
SKSHU Paint Co. Ltd.* | | | | | 30,000 | | | | | | 347,345 | | |
Commercial Service & Supply – 3.4% | | ||||||||||||
A-Living Services Co. Ltd. | | | | | 500,000 | | | | | | 1,726,063 | | |
Country Garden Services Hldgs. Co. Ltd.* | | | | | 400,000 | | | | | | 1,347,484 | | |
| | | | | | | | | | | 3,073,547 | | |
Communications Equipment – 1.0% | | ||||||||||||
Shenzhen Sunway Communication Co. Ltd.* | | | | | 140,010 | | | | | | 912,134 | | |
Construction Materials – 1.8% | | ||||||||||||
Anhui Conch Cement Co. Ltd. | | | | | 220,000 | | | | | | 1,603,634 | | |
|
| | | Shares | | | Value | | ||||||
Containers & Packaging – 0.8% | | ||||||||||||
Yunnan Energy New Material Co. Ltd.* | | | | | 100,088 | | | | | $ | 725,619 | | |
Diversified Consumer Services – 4.2% | | ||||||||||||
New Oriental Education & Technology Group, Inc. ADS* | | | | | 15,500 | | | | | | 1,879,375 | | |
TAL Education Group ADS* | | | | | 40,000 | | | | | | 1,928,000 | | |
| | | | | | | | | | | 3,807,375 | | |
Diversified Telecommunication Services – 0.2% | | ||||||||||||
China Tower Corp. Ltd. | | | | | 1,000,000 | | | | | | 220,731 | | |
Electrical Equipment – 1.0% | | ||||||||||||
Contemporary Amperex Technology Co. Ltd.* | | | | | 60,002 | | | | | | 916,521 | | |
Electronic Equipment, Instruments & Components – 7.0% | | ||||||||||||
AAC Technologies Hldgs., Inc. | | | | | 105,000 | | | | | | 916,289 | | |
Hangzhou Hikvision Digital Technology Co Ltd* | | | | | 180,000 | | | | | | 846,031 | | |
Kingboard Laminates Hldgs. Ltd.* | | | | | 300,000 | | | | | | 371,906 | | |
Lens Technology Co. Ltd.* | | | | | 350,032 | | | | | | 694,466 | | |
Luxshare Precision Industry Co. Ltd. | | | | | 259,814 | | | | | | 1,361,415 | | |
Navtech, Inc.* | | | | | 150,000 | | | | | | 530,169 | | |
Sunny Optical Technology Group Co. Ltd. | | | | | 80,000 | | | | | | 1,384,957 | | |
Yageo Corp.* | | | | | 10,000 | | | | | | 145,778 | | |
| | | | | | | | | | | 6,251,011 | | |
Energy Equipment & Services – 2.4% | | ||||||||||||
China Oilfield Services Ltd.* | | | | | 600,000 | | | | | | 940,929 | | |
Yantai Jereh Oilfield Services Group Co. Ltd.* | | | | | 230,001 | | | | | | 1,220,385 | | |
| | | | | | | | | | | 2,161,314 | | |
Food Products – 1.0% | | ||||||||||||
Inner Mongolia Yili Industrial Group Co. Ltd.* | | | | | 200,000 | | | | | | 888,353 | | |
Healthcare Providers & Services – 0.9% | | ||||||||||||
Aier Eye Hospital Group Co. Ltd.* | | | | | 150,000 | | | | | | 851,889 | | |
Hotels, Restaurants & Leisure – 3.7% | | ||||||||||||
Huazhu Group Ltd. ADS* | | | | | 30,000 | | | | | | 1,202,100 | | |
MGM China Hldgs. Ltd. | | | | | 850,000 | | | | | | 1,387,524 | | |
Wynn Macau Ltd.* | | | | | 300,000 | | | | | | 739,191 | | |
| | | | | | | | | | | 3,328,815 | | |
|
| | | Shares | | | Value | | ||||||
Household Durables – 6.1% | | ||||||||||||
Gree Electric Appliances, Inc. of Zhuhai | | | | | 160,000 | | | | | $ | 1,506,353 | | |
Hangzhou Robam Appliances Co. Ltd.* | | | | | 249,962 | | | | | | 1,213,261 | | |
Jason Furniture Hangzhou Co. Ltd.* | | | | | 70,000 | | | | | | 459,552 | | |
Man Wah Hldgs. Ltd. | | | | | 700,000 | | | | | | 498,569 | | |
Midea Group Co. Ltd.* | | | | | 149,942 | | | | | | 1,253,876 | | |
Q Technology Group Co. Ltd.* | | | | | 350,000 | | | | | | 579,418 | | |
| | | | | | | | | | | 5,511,029 | | |
Insurance – 3.4% | | ||||||||||||
China Life Insurance Co. Ltd.* | | | | | 500,000 | | | | | | 1,389,192 | | |
PICC Property & Casualty Co. Ltd.* | | | | | 700,000 | | | | | | 843,525 | | |
Ping An Insurance Group Co. of China Ltd. | | | | | 72,000 | | | | | | 850,994 | | |
| | | | | | | | | | | 3,083,711 | | |
Interactive Media & Services – 8.0% | | ||||||||||||
Autohome, Inc. ADS* | | | | | 11,000 | | | | | | 880,110 | | |
Baidu, Inc.* | | | | | 11,000 | | | | | | 1,390,400 | | |
Tencent Hldgs. Ltd. | | | | | 101,000 | | | | | | 4,868,344 | | |
| | | | | | | | | | | 7,138,854 | | |
Internet & Direct Marketing Retail – 13.0% | | ||||||||||||
Alibaba Group Hldg. Ltd. ADS* | | | | | 34,000 | | | | | | 7,211,400 | | |
JD.com, Inc.* | | | | | 40,000 | | | | | | 1,409,200 | | |
Meituan Dianping* | | | | | 80,000 | | | | | | 1,046,161 | | |
Pinduoduo, Inc.* | | | | | 30,000 | | | | | | 1,134,600 | | |
Vipshop Hldgs. Ltd.* | | | | | 60,000 | | | | | | 850,200 | | |
| | | | | | | | | | | 11,651,561 | | |
Information Technology Services – 2.3% | | ||||||||||||
GDS Hldgs. Ltd.* | | | | | 39,621 | | | | | | 2,043,651 | | |
Life Sciences Tools & Services – 2.3% | | ||||||||||||
Pharmaron Beijing Co. Ltd.* | | | | | 140,000 | | | | | | 781,541 | | |
WuXi AppTec Co. Ltd.* | | | | | 100,000 | | | | | | 1,240,327 | | |
| | | | | | | | | | | 2,021,868 | | |
Machinery – 2.0% | | ||||||||||||
Han’s Laser Technology Industry Group Co. Ltd.* | | | | | 129,975 | | | | | | 746,372 | | |
Zoomlion Heavy Industry Science & Technology Co. Ltd. | | | | | 1,200,000 | | | | | | 1,005,608 | | |
| | | | | | | | | | | 1,751,980 | | |
Media – 1.2% | | ||||||||||||
Focus Media Information Technology Co. Ltd.* | | | | | 1,200,000 | | | | | | 1,078,427 | | |
|
| | | Shares | | | Value | | ||||||
Metals & Mining – 3.4% | | ||||||||||||
China Molybdenum Co. Ltd.* | | | | | 1,500,000 | | | | | $ | 642,942 | | |
Ganfeng Lithium Co. Ltd.* | | | | | 350,000 | | | | | | 871,373 | | |
Zhaojin Mining Industry Co. Ltd.* | | | | | 500,000 | | | | | | 552,468 | | |
Zijin Mining Group Co. Ltd.* | | | | | 2,000,000 | | | | | | 995,855 | | |
| | | | | | | | | | | 3,062,638 | | |
Pharmaceuticals – 2.5% | | ||||||||||||
Jiangsu Hengrui Medicine Co. Ltd.* | | | | | 59,947 | | | | | | 753,199 | | |
Sino Biopharmaceutical Ltd. | | | | | 1,050,000 | | | | | | 1,468,758 | | |
| | | | | | | | | | | 2,221,957 | | |
Real Estate Management & Development – 7.8% | | ||||||||||||
China Resources Land Ltd.* | | | | | 200,000 | | | | | | 995,855 | | |
CIFI Hldgs. Group Co. Ltd. | | | | | 1,900,000 | | | | | | 1,606,843 | | |
Longfor Group Hldgs. Ltd. | | | | | 350,000 | | | | | | 1,639,439 | | |
Powerlong Commercial Management Hldgs. Ltd.* | | | | | 350,000 | | | | | | 441,076 | | |
Sun Hung Kai Properties Ltd. | | | | | 60,000 | | | | | | 918,599 | | |
Sunac China Hldgs. Ltd. | | | | | 240,000 | | | | | | 1,433,723 | | |
| | | | | | | | | | | 7,035,535 | | |
Semiconductors & Semiconductor Equipment – 1.9% | | ||||||||||||
Hua Hong Semiconductor Ltd.* | | | | | 400,000 | | | | | | 909,616 | | |
Silergy Corp.* | | | | | 25,000 | | | | | | 792,274 | | |
| | | | | | | | | | | 1,701,890 | | |
Software – 1.0% | | ||||||||||||
Beijing Thunisoft Corp. Ltd.* | | | | | 250,000 | | | | | | 911,610 | | |
Specialty Retail – 0.5% | | ||||||||||||
China Yongda Automobiles Services Hldgs. Ltd.* | | | | | 500,000 | | | | | | 455,578 | | |
Textiles, Apparel & Luxury Goods – 2.7% | | ||||||||||||
ANTA Sports Products Ltd. | | | | | 125,000 | | | | | | 1,118,893 | | |
Li Ning Co. Ltd. | | | | | 430,000 | | | | | | 1,288,516 | | |
| | | | | | | | | | | 2,407,409 | | |
Transportation Infrastructure – 0.4% | | ||||||||||||
Shanghai International Airport Co. Ltd. | | | | | 29,960 | | | | | | 338,710 | | |
Utilities – Gas – 1.8% | | ||||||||||||
ENN Energy Hldgs. Ltd. | | | | | 70,000 | | | | | | 764,922 | | |
Kunlun Energy Co. Ltd.* | | | | | 950,000 | | | | | | 838,776 | | |
| | | | | | | | | | | 1,603,698 | | |
|
| | | Shares | | | Value | | |||
Total Equities | | |||||||||
(Cost: $68,697,368) | | | | | | | $ | 89,377,078 | | |
Total Investments – 99.5% | | |||||||||
(Cost: $68,697,368) | | | | | | | $ | 89,377,078 | | |
Other Assets Less Liabilities – 0.5% | | | | | | | | 410,462 | | |
Net Assets – 100% | | | | | | | $ | 89,787,540 | | |
|
| China ( Includes the People’s Republic of China, Taiwan and Hong Kong) | | | | | 99.5% | | |
| | | Shares | | | Value | | ||||||
Equities – 99.7% | | ||||||||||||
Australia – 11.6% | | ||||||||||||
Afterpay Touch Group Ltd.* | | | | | 541,200 | | | | | $ | 11,120,236 | | |
Altium Ltd. | | | | | 133,100 | | | | | | 3,242,970 | | |
Austal Ltd. | | | | | 1,081,900 | | | | | | 2,900,251 | | |
Avita Medical Ltd.* | | | | | 4,445,700 | | | | | | 2,012,264 | | |
EML Payments Ltd.* | | | | | 100,000 | | | | | | 318,596 | | |
Evolution Mining Ltd. | | | | | 3,610,100 | | | | | | 9,626,933 | | |
James Hardie Industries PLC | | | | | 180,600 | | | | | | 3,532,156 | | |
Nearmap Ltd.* | | | | | 2,678,600 | | | | | | 4,774,487 | | |
| | | | | | | | | | | 37,527,893 | | |
Belgium – 1.7% | | ||||||||||||
Barco NV | | | | | 22,410 | | | | | | 5,505,093 | | |
Canada – 16.3% | | ||||||||||||
Air Canada* | | | | | 214,700 | | | | | | 8,020,250 | | |
Altus Group Ltd. | | | | | 106,300 | | | | | | 3,107,306 | | |
ATS Automation Tooling Systems, Inc.* | | | | | 324,000 | | | | | | 5,346,773 | | |
BRP, Inc. | | | | | 76,200 | | | | | | 3,471,425 | | |
Cogeco Communications, Inc. | | | | | 59,400 | | | | | | 5,177,945 | | |
Element Fleet Management Corp. | | | | | 745,600 | | | | | | 6,367,399 | | |
Equitable Group, Inc. | | | | | 30,300 | | | | | | 2,551,444 | | |
Genworth MI Canada, Inc. | | | | | 101,100 | | | | | | 4,423,612 | | |
Gibson Energy, Inc. | | | | | 119,800 | | | | | | 2,453,012 | | |
Home Capital Group, Inc.* | | | | | 129,200 | | | | | | 3,279,248 | | |
Parex Resources, Inc.* | | | | | 129,847 | | | | | | 2,414,758 | | |
Parkland Fuel Corp. | | | | | 87,100 | | | | | | 3,200,016 | | |
Real Matters, Inc.* | | | | | 174,000 | | | | | | 1,650,762 | | |
Trulieve Cannabis Corp.* | | | | | 109,300 | | | | | | 1,293,655 | | |
| | | | | | | | | | | 52,757,605 | | |
China – 1.3% | | ||||||||||||
Yihai International Hldg. Ltd. | | | | | 728,000 | | | | | | 4,269,548 | | |
Denmark – 0.1% | | ||||||||||||
Royal Unibrew A/S* | | | | | 3,700 | | | | | | 338,913 | | |
Finland – 1.9% | | ||||||||||||
Valmet Oyj* | | | | | 259,400 | | | | | | 6,220,421 | | |
|
| | | Shares | | | Value | | ||||||
France – 4.3% | | ||||||||||||
Euronext NV* | | | | | 4,000 | | | | | $ | 325,967 | | |
Rexel SA | | | | | 180,000 | | | | | | 2,391,587 | | |
Rubis SCA* | | | | | 18,500 | | | | | | 1,136,147 | | |
SOITEC SA* | | | | | 55,400 | | | | | | 5,822,748 | | |
SPIE SA | | | | | 166,800 | | | | | | 3,397,743 | | |
Trigano SA* | | | | | 7,700 | | | | | | 812,754 | | |
| | | | | | | | | | | 13,886,946 | | |
Germany – 3.9% | | ||||||||||||
Aurelius Equity Opportunities SE | | | | | 97,123 | | | | | | 4,246,677 | | |
CTS Eventim AG* | | | | | 52,000 | | | | | | 3,262,666 | | |
KION Group AG* | | | | | 49,100 | | | | | | 3,376,494 | | |
Varta AG* | | | | | 13,800 | | | | | | 1,870,833 | | |
| | | | | | | | | | | 12,756,670 | | |
Hong Kong – 0.6% | | ||||||||||||
Nissin Foods Co. Ltd.* | | | | | 2,320,000 | | | | | | 1,842,948 | | |
Israel – 1.1% | | ||||||||||||
AudioCodes Ltd.* | | | | | 133,900 | | | | | | 3,439,891 | | |
Italy – 1.1% | | ||||||||||||
DiaSorin SpA* | | | | | 10,900 | | | | | | 1,411,644 | | |
El.En. SpA* | | | | | 10,400 | | | | | | 385,436 | | |
Leonardo SpA | | | | | 156,800 | | | | | | 1,838,860 | | |
| | | | | | | | | | | 3,635,940 | | |
Japan – 23.3% | | ||||||||||||
Ariake Japan Co. Ltd. | | | | | 9,000 | | | | | | 668,972 | | |
BayCurrent Consulting, Inc. | | | | | 85,400 | | | | | | 4,360,018 | | |
Disco Corp.* | | | | | 27,600 | | | | | | 6,481,173 | | |
Fancl Corp. | | | | | 92,700 | | | | | | 2,468,074 | | |
Kobe Bussan Co. Ltd. | | | | | 289,600 | | | | | | 9,963,462 | | |
Kusuri no Aoki Hldgs. Co. Ltd. | | | | | 60,500 | | | | | | 3,788,202 | | |
Lasertec Corp. | | | | | 18,200 | | | | | | 923,013 | | |
M&A Capital Partners Co. Ltd.* | | | | | 167,600 | | | | | | 6,785,887 | | |
Net One Systems Co. Ltd. | | | | | 170,100 | | | | | | 4,343,021 | | |
Nihon Unisys Ltd. | | | | | 169,200 | | | | | | 5,307,635 | | |
Open House Co. Ltd.* | | | | | 184,100 | | | | | | 5,263,900 | | |
Rakus Co. Ltd.* | | | | | 270,900 | | | | | | 4,966,230 | | |
SCSK Corp.* | | | | | 69,800 | | | | | | 3,619,435 | | |
Sushiro Global Hldgs. Ltd. | | | | | 172,600 | | | | | | 14,864,002 | | |
Tsuruha Hldgs., Inc.* | | | | | 12,800 | | | | | | 1,643,495 | | |
| | | | | | | | | | | 75,446,519 | | |
|
| | | Shares | | | Value | | ||||||
Netherlands – 2.4% | | ||||||||||||
ASM International NV | | | | | 12,400 | | | | | $ | 1,393,001 | | |
Constellium SE* | | | | | 294,400 | | | | | | 3,944,960 | | |
SBM Offshore NV | | | | | 130,900 | | | | | | 2,435,929 | | |
| | | | | | | | | | | 7,773,890 | | |
Singapore – 0.1% | | ||||||||||||
Singapore Exchange Ltd. | | | | | 73,300 | | | | | | 482,745 | | |
Sweden – 5.3% | | ||||||||||||
Evolution Gaming Group AB | | | | | 389,518 | | | | | | 11,755,239 | | |
Sinch AB* | | | | | 27,100 | | | | | | 828,936 | | |
Sweco AB* | | | | | 45,900 | | | | | | 1,769,562 | | |
Tele2 AB | | | | | 196,240 | | | | | | 2,848,220 | | |
| | | | | | | | | | | 17,201,957 | | |
Switzerland – 2.2% | | ||||||||||||
VAT Group AG* | | | | | 42,100 | | | | | | 7,102,554 | | |
United Kingdom – 22.5% | | ||||||||||||
ASOS PLC* | | | | | 5,500 | | | | | | 245,748 | | |
Blue Prism Group PLC* | | | | | 102,100 | | | | | | 1,532,379 | | |
boohoo Group PLC* | | | | | 388,900 | | | | | | 1,534,684 | | |
Burford Capital Ltd. | | | | | 449,100 | | | | | | 4,235,782 | | |
Capita PLC* | | | | | 2,842,300 | | | | | | 6,178,586 | | |
ConvaTec Group PLC | | | | | 1,178,300 | | | | | | 3,097,545 | | |
Dunelm Group PLC* | | | | | 171,700 | | | | | | 2,629,291 | | |
Fevertree Drinks PLC | | | | | 31,600 | | | | | | 876,127 | | |
Future PLC | | | | | 584,900 | | | | | | 11,234,667 | | |
Games Workshop Group PLC | | | | | 73,200 | | | | | | 5,919,804 | | |
Hays PLC* | | | | | 344,000 | | | | | | 827,532 | | |
HomeServe PLC | | | | | 70,900 | | | | | | 1,187,145 | | |
Howden Joinery Group PLC | | | | | 214,800 | | | | | | 1,913,823 | | |
Intermediate Capital Group PLC | | | | | 546,800 | | | | | | 11,661,783 | | |
JD Sports Fashion PLC | | | | | 713,500 | | | | | | 7,914,756 | | |
Nomad Foods Ltd.* | | | | | 116,700 | | | | | | 2,610,579 | | |
Serco Group PLC* | | | | | 2,101,351 | | | | | | 4,506,673 | | |
Spirent Communications PLC | | | | | 1,471,100 | | | | | | 4,901,069 | | |
| | | | | | | | | | | 73,007,973 | | |
Total Equities | | ||||||||||||
(Cost: $257,908,532) | | | | | | | | | | $ | 323,197,506 | | |
Total Investments – 99.7% | | ||||||||||||
(Cost: $257,908,532) | | | | | | | | | | $ | 323,197,506 | | |
Other Assets Less Liabilities – 0.3% | | | | | | | | | | | 1,056,005 | | |
Net Assets – 100% | | | | | | | | | | $ | 324,253,511 | | |
|
| Communication Services | | | | | 6.9% | | |
| Consumer Discretionary | | | | | 15.7% | | |
| Consumer Staples | | | | | 8.8% | | |
| Energy | | | | | 3.2% | | |
| Financials | | | | | 13.6% | | |
| Healthcare | | | | | 1.9% | | |
| Industrials | | | | | 19.5% | | |
| Information Technology | | | | | 21.1% | | |
| Materials | | | | | 5.3% | | |
| Real Estate | | | | | 2.6% | | |
| Utilities | | | | | 1.1% | | |
| | | Shares | | | Value | | ||||||
Equities – 96.8% | | | | ||||||||||
Brazil – 11.2% | | ||||||||||||
Arco Platform Ltd.* | | | | | 2,300 | | | | | $ | 101,660 | | |
B2W – Companhia Digital* | | | | | 10,456 | | | | | | 163,389 | | |
YDUQS Part* | | | | | 7,500 | | | | | | 88,560 | | |
IRB-Brasil Resseguros SA | | | | | 13,100 | | | | | | 126,841 | | |
Linx SA* | | | | | 28,900 | | | | | | 254,465 | | |
LOG Commercial Properties e Participacoes SA | | | | | 10,600 | | | | | | 85,534 | | |
TOTVS SA | | | | | 4,600 | | | | | | 73,814 | | |
| | | | | | | | | | | 894,263 | | |
Chile – 1.6% | | ||||||||||||
Geopark Ltd. | | | | | 5,853 | | | | | | 129,351 | | |
China – 19.7% | | ||||||||||||
Asia Cement China Hldgs. Corp.* | | | | | 92,500 | | | | | | 138,175 | | |
China Isotope & Radiation Corp. | | | | | 48,200 | | | | | | 130,207 | | |
China Oriental Group Co. Ltd.* | | | | | 192,000 | | | | | | 79,586 | | |
China Traditional Chinese Medicine Hldgs. Co. Ltd.* | | | | | 200,000 | | | | | | 96,506 | | |
Chongqing Brewery Co. Ltd.* | | | | | 16,700 | | | | | | 124,572 | | |
Hangzhou Robam Appliances Co. Ltd. | | | | | 29,900 | | | | | | 145,128 | | |
Hangzhou Tigermed Consulting Co. Ltd. | | | | | 3,950 | | | | | | 35,810 | | |
Hua Hong Semiconductor Ltd.* | | | | | 36,000 | | | | | | 81,865 | | |
Jiangsu Hengli Hydraulic Co. Ltd.* | | | | | 14,500 | | | | | | 103,561 | | |
Shanghai Weaver Network Co. Ltd. | | | | | 8,140 | | | | | | 68,362 | | |
Sichuan Swellfun Co. Ltd. | | | | | 14,000 | | | | | | 104,010 | | |
Weimob, Inc.* | | | | | 141,000 | | | | | | 61,341 | | |
Wolong Electric Group Co. Ltd.* | | | | | 44,800 | | | | | | 77,307 | | |
Xiabuxiabu Catering Management China Hldgs. Co. Ltd.* | | | | | 101,000 | | | | | | 132,207 | | |
Yantai Jereh Oilfield Services Group Co. Ltd. | | | | | 35,600 | | | | | | 188,894 | | |
| | | | | | | | | | | 1,567,531 | | |
Hong Kong – 1.8% | | ||||||||||||
Nissin Foods Co. Ltd. | | | | | 94,000 | | | | | | 74,671 | | |
SPT Energy Group, Inc.* | | | | | 762,000 | | | | | | 65,519 | | |
| | | | | | | | | | | 140,190 | | |
India – 9.5% | | ||||||||||||
Affle India Ltd.* | | | | | 9,900 | | | | | | 219,330 | | |
Amber Enterprises India Ltd. | | | | | 8,000 | | | | | | 125,209 | | |
ESAB India Ltd.* | | | | | 4,825 | | | | | | 87,221 | | |
HDFC Asset Management Co. Ltd. | | | | | 862 | | | | | | 38,641 | | |
Honeywell Automation India Ltd. | | | | | 260 | | | | | | 99,497 | | |
IndiaMart InterMesh Ltd.* | | | | | 3,200 | | | | | | 92,620 | | |
Inox Leisure Ltd. | | | | | 14,700 | | | | | | 78,743 | | |
Jamna Auto Industries Ltd. | | | | | 29,684 | | | | | | 19,380 | | |
| | | | | | | | | | | 760,641 | | |
|
| | | Shares | | | Value | | ||||||
Indonesia – 4.8% | | ||||||||||||
PT Bank Tabungan Pensiunan Nasional Syariah Tbk* | | | | | 297,000 | | | | | $ | 90,862 | | |
PT Indofood Sukses Makmur Tbk | | | | | 138,700 | | | | | | 79,085 | | |
PT Kalbe Farma Tbk* | | | | | 841,000 | | | | | | 98,054 | | |
PT Mitra Adiperkasa Tbk | | | | | 1,545,200 | | | | | | 117,402 | | |
| | | | | | | | | | | 385,403 | | |
Malaysia – 0.5% | | ||||||||||||
AEON Credit Service M Bhd* | | | | | 11,500 | | | | | | 39,753 | | |
Mexico – 2.4% | | ||||||||||||
Alsea SAB de CV* | | | | | 28,200 | | | | | | 74,320 | | |
Gruma SAB de CV | | | | | 7,400 | | | | | | 75,978 | | |
Prologis Property Mexico SA De CV | | | | | 17,200 | | | | | | 38,098 | | |
| | | | | | | | | | | 188,396 | | |
Philippines – 1.1% | | ||||||||||||
Wilcon Depot, Inc. | | | | | 237,900 | | | | | | 84,553 | | |
Russia – 1.3% | | ||||||||||||
HeadHunter Group PLC ADS* | | | | | 4,900 | | | | | | 105,105 | | |
South Africa – 2.0% | | ||||||||||||
Clicks Group Ltd. | | | | | 8,880 | | | | | | 162,682 | | |
South Korea – 19.0% | | ||||||||||||
AfreecaTV Co. Ltd. | | | | | 1,989 | | | | | | 118,378 | | |
Cj Logistics Corp.* | | | | | 573 | | | | | | 76,680 | | |
DB HiTek Co. Ltd. | | | | | 6,900 | | | | | | 164,674 | | |
Douzone Bizon Co. Ltd. | | | | | 1,181 | | | | | | 82,559 | | |
Hugel, Inc.* | | | | | 455 | | | | | | 156,473 | | |
Koh Young Technology, Inc. | | | | | 1,463 | | | | | | 133,318 | | |
LG Innotek Co. Ltd. | | | | | 1,137 | | | | | | 137,043 | | |
Macquarie Korea Infrastructure Fund | | | | | 8,000 | | | | | | 80,246 | | |
MegaStudyEdu Co. Ltd. | | | | | 2,400 | | | | | | 86,225 | | |
POSCO Chemical Co. Ltd.* | | | | | 1,838 | | | | | | 78,103 | | |
SaraminHR Co. Ltd. | | | | | 3,050 | | | | | | 81,601 | | |
Seegene, Inc.* | | | | | 6,000 | | | | | | 158,451 | | |
Ssangyong Cement Industrial Co. Ltd. | | | | | 16,400 | | | | | | 80,334 | | |
Tokai Carbon Korea Co. Ltd. | | | | | 1,450 | | | | | | 82,519 | | |
| | | | | | | | | | | 1,516,604 | | |
|
| | | Shares | | | Value | | ||||||
Taiwan – 19.1% | | ||||||||||||
Airtac International Group* | | | | | 7,000 | | | | | $ | 108,934 | | |
Chailease Hldg. Co. Ltd. | | | | | 25,840 | | | | | | 118,955 | | |
Chroma Ate, Inc. | | | | | 17,000 | | | | | | 82,230 | | |
Innodisk Corp. | | | | | 24,981 | | | | | | 144,168 | | |
LandMark Optoelectronics Corp. | | | | | 16,000 | | | | | | 164,926 | | |
Lien Hwa Industrial Hldgs. Corp.* | | | | | 64,000 | | | | | | 78,887 | | |
M31 Technology Corp. | | | | | 25,000 | | | | | | 279,381 | | |
SCI Pharmtech, Inc. | | | | | 22,000 | | | | | | 79,995 | | |
Sinbon Electronics Co. Ltd. | | | | | 24,000 | | | | | | 99,276 | | |
Taiwan FamilyMart Co. Ltd.* | | | | | 12,000 | | | | | | 87,467 | | |
Taiwan Union Technology Corp. | | | | | 33,000 | | | | | | 162,925 | | |
Yageo Corp.* | | | | | 8,000 | | | | | | 116,623 | | |
| | | | | | | | | | | 1,523,767 | | |
Thailand – 0.9% | | ||||||||||||
Mega Lifesciences PCL | | | | | 80,200 | | | | | | 69,524 | | |
United Kingdom – 1.9% | | ||||||||||||
Stock Spirits Group PLC | | | | | 54,400 | | | | | | 148,808 | | |
Total Equities | | ||||||||||||
(Cost: $6,585,105) | | | | | | | | | | $ | 7,716,571 | | |
Total Investments – 96.8% | | ||||||||||||
(Cost: $6,585,105) | | | | | | | | | | $ | 7,716,571 | | |
Other Assets Less Liabilities – 3.2% | | | | | | | | | | | 251,895 | | |
Net Assets – 100% | | | | | | | | | | $ | 7,968,466 | | |
|
| Communication Services | | | | | 5.2% | | |
| Consumer Discretionary | | | | | 14.3% | | |
| Consumer Staples | | | | | 11.7% | | |
| Energy | | | | | 4.8% | | |
| Financials | | | | | 6.2% | | |
| Health Care | | | | | 10.4% | | |
| Industrials | | | | | 9.2% | | |
| Information Technology | | | | | 28.7% | | |
| Materials | | | | | 4.7% | | |
| Real Estate | | | | | 1.6% | | |
| | | | MICRO-CAP FUND | | | SMALL-CAP OPPORTUNITIES FUND | | | SMALL-CAP VALUE FUND | | |||||||||
| ASSETS | | ||||||||||||||||||
| Investment securities at value(a) | | | | $ | 74,676,270 | | | | | $ | 11,258,152 | | | | | $ | 26,315,095 | | |
| Cash | | | | | 2,958,435 | | | | | | 748,667 | | | | | | — | | |
| Receivable from fund shares sold | | | | | 14,118 | | | | | | — | | | | | | — | | |
| Receivable from securities sold | | | | | 239,623 | | | | | | — | | | | | | 525,889 | | |
| Dividends and interest receivable | | | | | 16,391 | | | | | | 3,088 | | | | | | 40,630 | | |
| Prepaid expenses | | | | | 22,976 | | | | | | 12,091 | | | | | | 13,218 | | |
| Total Assets | | | | | 77,927,813 | | | | | | 12,021,998 | | | | | | 26,894,832 | | |
| LIABILITIES | | ||||||||||||||||||
| Payable to custodian bank | | | | | — | | | | | | — | | | | | | 215,184 | | |
| Payable for fund shares redeemed | | | | | 85,204 | | | | | | 29,767 | | | | | | — | | |
| Payable for securities purchased | | | | | 184,176 | | | | | | 228,029 | | | | | | 266,390 | | |
| Payable to advisor (see note 3) | | | | | 65,720 | | | | | | 2,795 | | | | | | 18,205 | | |
| Payable to distributor | | | | | 9,944 | | | | | | 1,296 | | | | | | 44 | | |
| Accrued expenses | | | | | 42,935 | | | | | | 28,584 | | | | | | 29,848 | | |
| Total Liabilities | | | | | 387,979 | | | | | | 290,471 | | | | | | 529,671 | | |
| NET ASSETS | | | | $ | 77,539,834 | | | | | $ | 11,731,527 | | | | | $ | 26,365,161 | | |
| NET ASSETS | | ||||||||||||||||||
| Investor Class | | | | $ | 46,545,805 | | | | | $ | 6,109,681 | | | | | $ | 210,293 | | |
| Institutional Class | | | | | 30,994,029 | | | | | | 5,621,846 | | | | | | 26,154,868 | | |
| Total | | | | $ | 77,539,834 | | | | | $ | 11,731,527 | | | | | $ | 26,365,161 | | |
| SHARES OUTSTANDING | | ||||||||||||||||||
| (shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with no par value) | | | | | | | | | | | | | | | | | | | |
| Investor Class | | | | | 2,077,779 | | | | | | 425,493 | | | | | | 10,682 | | |
| Institutional Class | | | | | 1,374,216 | | | | | | 388,019 | | | | | | 1,328,063 | | |
| Total | | | | | 3,451,995 | | | | | | 813,512 | | | | | | 1,338,745 | | |
| NET ASSET VALUE | | ||||||||||||||||||
| Investor Class, offering price and redemption price | | | | $ | 22.40 | | | | | $ | 14.36 | | | | | $ | 19.69 | | |
| Institutional Class, offering price and redemption price | | | | $ | 22.55 | | | | | $ | 14.49 | | | | | $ | 19.69 | | |
| ANALYSIS OF NET ASSETS | | ||||||||||||||||||
| Capital | | | | $ | 66,065,277 | | | | | $ | 9,894,923 | | | | | $ | 25,218,418 | | |
| Accumulated earnings | | | | | 11,474,557 | | | | | | 1,836,604 | | | | | | 1,146,743 | | |
| Net assets | | | | $ | 77,539,834 | | | | | $ | 11,731,527 | | | | | $ | 26,365,161 | | |
| (a) Investment securities at cost | | | | $ | 63,031,578 | | | | | $ | 9,612,981 | | | | | $ | 23,320,987 | | |
|
| | | | GLOBAL OPPORTUNITIES FUND | | | CHINA OPPORTUNITIES FUND | | | INTERNATIONAL OPPORTUNITIES FUND | | |||||||||
| ASSETS | | ||||||||||||||||||
| Investment securities at value(a) | | | | $ | 42,100,610 | | | | | $ | 89,377,078 | | | | | $ | 323,197,506 | | |
| Cash | | | | | 588,757 | | | | | | 1,362,362 | | | | | | — | | |
| Foreign currency(b) | | | | | — | | | | | | 895,462 | | | | | | — | | |
| Receivable from fund shares sold | | | | | 2,000 | | | | | | 26,050 | | | | | | 161,400 | | |
| Receivable from securities sold | | | | | — | | | | | | 2,442,622 | | | | | | 4,169,333 | | |
| Dividends and interest receivable | | | | | 21,673 | | | | | | 22,506 | | | | | | 1,159,093 | | |
| Prepaid expenses | | | | | 15,018 | | | | | | 20,844 | | | | | | 41,123 | | |
| Total Assets | | | | | 42,728,058 | | | | | | 94,146,924 | | | | | | 328,728,455 | | |
| LIABILITIES | | ||||||||||||||||||
| Payable to custodian bank | | | | | — | | | | | | — | | | | | | 3,209,464 | | |
| Payable for fund shares redeemed | | | | | 2,802 | | | | | | 88,691 | | | | | | 635,930 | | |
| Payable for securities purchased | | | | | — | | | | | | 4,102,724 | | | | | | — | | |
| Payable to advisor (see note 3) | | | | | 30,307 | | | | | | 94,215 | | | | | | 353,527 | | |
| Payable to distributor | | | | | 6,713 | | | | | | 15,860 | | | | | | 69,633 | | |
| Accrued expenses | | | | | 40,173 | | | | | | 57,894 | | | | | | 206,390 | | |
| Total Liabilities | | | | | 79,995 | | | | | | 4,359,384 | | | | | | 4,474,944 | | |
| NET ASSETS | | | | $ | 42,648,063 | | | | | $ | 89,787,540 | | | | | $ | 324,253,511 | | |
| NET ASSETS | | ||||||||||||||||||
| Investor Class | | | | $ | 32,004,032 | | | | | $ | 75,486,932 | | | | | $ | 324,253,511 | | |
| Institutional Class | | | | | 10,644,031 | | | | | | 14,300,608 | | | | | | — | | |
| Total | | | | $ | 42,648,063 | | | | | $ | 89,787,540 | | | | | $ | 324,253,511 | | |
| SHARES OUTSTANDING | | ||||||||||||||||||
| (shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with no par value) | | | | | | | | | | | | | | | | | | | |
| Investor Class | | | | | 1,289,358 | | | | | | 6,124,418 | | | | | | 16,685,465 | | |
| Institutional Class | | | | | 425,890 | | | | | | 1,154,636 | | | | | | — | | |
| Total | | | | | 1,715,248 | | | | | | 7,279,054 | | | | | | 16,685,465 | | |
| NET ASSET VALUE | | ||||||||||||||||||
| Investor Class, offering price and redemption price | | | | $ | 24.82 | | | | | $ | 12.33 | | | | | $ | 19.43 | | |
| Institutional Class, offering price and redemption price | | | | $ | 24.99 | | | | | $ | 12.39 | | | | | $ | — | | |
| ANALYSIS OF NET ASSETS | | ||||||||||||||||||
| Capital | | | | $ | 37,851,756 | | | | | $ | 65,521,662 | | | | | $ | 329,437,079 | | |
| Accumulated earnings (losses) | | | | | 4,796,307 | | | | | | 24,265,878 | | | | | | (5,183,568) | | |
| Net assets | | | | $ | 42,648,063 | | | | | $ | 89,787,540 | | | | | $ | 324,253,511 | | |
| (a) Investment securities at cost | | | | $ | 35,378,323 | | | | | $ | 68,697,368 | | | | | $ | 257,908,532 | | |
| (b) Foreign currency at cost | | | | | — | | | | | $ | 890,412 | | | | | | — | | |
|
| | | | EMERGING MARKETS FUND | | |||
| ASSETS | | ||||||
| Investment securities at value(a) | | | | $ | 7,716,571 | | |
| Foreign currency(b) | | | | | 632,085 | | |
| Receivable from fund shares sold | | | | | 150 | | |
| Receivable from securities sold | | | | | 260,989 | | |
| Receivable from advisor (see note 3) | | | | | 3,968 | | |
| Dividends and interest receivable | | | | | 10,067 | | |
| Prepaid expenses | | | | | 6,258 | | |
| Total Assets | | | | | 8,630,088 | | |
| LIABILITIES | | ||||||
| Payable to custodian bank | | | | | 202,476 | | |
| Payable for securities purchased | | | | | 411,121 | | |
| Payable to distributor | | | | | 116 | | |
| Accrued expenses | | | | | 47,909 | | |
| Total Liabilities | | | | | 661,622 | | |
| NET ASSETS | | | | $ | 7,968,466 | | |
| NET ASSETS | | ||||||
| Investor Class | | | | $ | 586,719 | | |
| Institutional Class | | | | | 7,381,747 | | |
| Total | | | | $ | 7,968,466 | | |
| SHARES OUTSTANDING | | ||||||
| (shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with no par value) | | | |||||
| Investor Class | | | | | 60,650 | | |
| Institutional Class | | | | | 759,896 | | |
| Total | | | | | 820,546 | | |
| NET ASSET VALUE | | ||||||
| Investor Class, offering price and redemption price | | | | $ | 9.67 | | |
| Institutional Class, offering price and redemption price | | | | $ | 9.71 | | |
| ANALYSIS OF NET ASSETS | | ||||||
| Capital | | | | $ | 7,717,573 | | |
| Accumulated earnings | | | | | 250,893 | | |
| Net Assets | | | | $ | 7,968,466 | | |
| (a) Investment securities at cost | | | | $ | 6,585,105 | | |
| (b) Foreign currency at cost | | | | $ | 618,685 | | |
| | | | MICRO-CAP FUND | | | SMALL-CAP OPPORTUNITIES FUND | | | SMALL-CAP VALUE FUND | | |||||||||
| INVESTMENT INCOME | | ||||||||||||||||||
| Dividends(a)(b) | | | | $ | 469,650 | | | | | $ | 68,253 | | | | | $ | 565,811 | | |
| Total investment income | | | | | 469,650 | | | | | | 68,253 | | | | | | 565,811 | | |
| EXPENSES: | | ||||||||||||||||||
| Investment advisory fees (see note 3) | | | | | 468,532 | | | | | | 45,066 | | | | | | 275,229 | | |
| Management fees (see note 3) | | | | | 312,355 | | | | | | 45,066 | | | | | | — | | |
| Distribution fees and shareholder services (see note 3) | | | | | 138,415 | | | | | | 14,965 | | | | | | 441 | | |
| Transfer agent fees and expenses | | | | | 95,305 | | | | | | 25,736 | | | | | | 22,822 | | |
| Custodian fees and expenses | | | | | 15,751 | | | | | | 4,399 | | | | | | 8,247 | | |
| Accounting service fees | | | | | 41,111 | | | | | | 37,057 | | | | | | 37,208 | | |
| Federal and state registration fees | | | | | 55,883 | | | | | | 34,342 | | | | | | 31,403 | | |
| Audit fees | | | | | 16,486 | | | | | | 16,507 | | | | | | 16,507 | | |
| Other | | | | | 44,408 | | | | | | 13,054 | | | | | | 18,002 | | |
| Total expenses before reimbursed expenses | | | | | 1,188,246 | | | | | | 236,192 | | | | | | 409,859 | | |
| Earnings credit (see note 6) | | | | | (11,616) | | | | | | (3,346) | | | | | | (2,836) | | |
| Expense reimbursement (see note 3) | | | | | — | | | | | | (71,415) | | | | | | (48,784) | | |
| Total expenses | | | | | 1,176,630 | | | | | | 161,431 | | | | | | 358,239 | | |
| Net Investment Income (Loss) | | | | | (706,980) | | | | | | (93,178) | | | | | | 207,572 | | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) FROM INVESTMENTS: | | ||||||||||||||||||
| Net realized gains (losses) on investment transactions | | | | | 1,526,728 | | | | | | 689,390 | | | | | | (533,736) | | |
| Change in net unrealized appreciation/depreciation on investments | | | | | 13,511,984 | | | | | | 1,859,667 | | | | | | 5,105,381 | | |
| Net realized /unrealized gains on investments | | | | | 15,038,712 | | | | | | 2,549,057 | | | | | | 4,571,645 | | |
| Net increase in net assets resulting from operations | | | | $ | 14,331,732 | | | | | $ | 2,455,879 | | | | | $ | 4,779,217 | | |
|
| | | | Global Opportunities Fund | | | China Opportunities Fund | | | International Opportunities Fund | | | Emerging Markets Fund | | ||||||||||||
| Investment Income | | ||||||||||||||||||||||||
| Dividends(a) | | | | $ | 214,285 | | | | | $ | 895,598 | | | | | $ | 5,878,583 | | | | | $ | 115,152 | | |
| Interest | | | | | — | | | | | | — | | | | | | 225,473 | | | | | | — | | |
| Total investment income | | | | | 214,285 | | | | | | 895,598 | | | | | | 6,104,056 | | | | | | 115,152 | | |
| Expenses: | | ||||||||||||||||||||||||
| Investment advisory fees (see note 3) | | | | | 188,851 | | | | | | 1,063,625 | | | | | | 5,403,616 | | | | | | 95,312 | | |
| Management fees (see note 3) | | | | | 167,867 | | | | | | — | | | | | | — | | | | | | — | | |
| Distribution fees and shareholder services (see note 3) | | | | | 79,694 | | | | | | 178,960 | | | | | | 1,080,723 | | | | | | 1,263 | | |
| Transfer agent fees and expenses | | | | | 47,433 | | | | | | 120,170 | | | | | | 623,415 | | | | | | 20,988 | | |
| Custodian fees and expenses | | | | | 28,194 | | | | | | 100,348 | | | | | | 326,422 | | | | | | 52,760 | | |
| Accounting service fees | | | | | 40,057 | | | | | | 61,684 | | | | | | 169,953 | | | | | | 44,952 | | |
| Federal and state registration fees | | | | | 39,769 | | | | | | 36,766 | | | | | | 31,381 | | | | | | 28,719 | | |
| Audit fees | | | | | 20,996 | | | | | | 22,267 | | | | | | 20,996 | | | | | | 20,996 | | |
| Other | | | | | 26,999 | | | | | | 38,437 | | | | | | 211,306 | | | | | | 11,303 | | |
| Total expenses before reimbursed expenses | | | | | 639,860 | | | | | | 1,622,257 | | | | | | 7,867,812 | | | | | | 276,293 | | |
| Earnings credit (see note 6) | | | | | (16,408) | | | | | | (86,896) | | | | | | (197,774) | | | | | | (5,731) | | |
| Expense reimbursement (see note 3) | | | | | — | | | | | | — | | | | | | (753,411) | | | | | | (154,924) | | |
| Total Expenses | | | | | 623,452 | | | | | | 1,535,361 | | | | | | 6,916,627 | | | | | | 115,638 | | |
| Net Investment Loss | | | | | (409,167) | | | | | | (639,763) | | | | | | (812,571) | | | | | | (486) | | |
| Net Realized and Unrealized Gains (Losses) from Investments: | | ||||||||||||||||||||||||
| Net realized gains (losses) on investment transactions | | | | | (643,937) | | | | | | 8,796,836 | | | | | | (28,138,806) | | | | | | 83,726 | | |
| Net realized losses on foreign currency transactions | | | | | (5,114) | | | | | | (7,756) | | | | | | (15,123) | | | | | | (33,928) | | |
| Net realized gains (losses) on investments and foreign currency transactions | | | | | (649,051) | | | | | | 8,789,080 | | | | | | (28,153,929) | | | | | | 49,798 | | |
| Change in net unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies | | | | | 10,432,361 | | | | | | 17,102,109 | | | | | | 126,930,677 | | | | | | 1,467,078 | | |
| Net realized /unrealized gains on investments and foreign currencies | | | | | 9,783,310 | | | | | | 25,891,189 | | | | | | 98,776,748 | | | | | | 1,516,876 | | |
| Net increase in net assets resulting from operations | | | | $ | 9,374,143 | | | | | $ | 25,251,426 | | | | | $ | 97,964,177 | | | | | $ | 1,516,390 | | |
|
| | | | Micro-Cap Fund | | |||||||||
| | | | Year Ended December 31, 2019 | | | Year Ended December 31, 2018 | | ||||||
| From Operations | | ||||||||||||
| Net investment loss | | | | $ | (706,980) | | | | | $ | (1,146,910) | | |
| Net realized gains on investment transactions | | | | | 1,526,728 | | | | | | 14,871,831 | | |
| Change in net unrealized appreciation/depreciation on investments | | | | | 13,511,984 | | | | | | (25,431,397) | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 14,331,732 | | | | | | (11,706,476) | | |
| From Distributions | | ||||||||||||
| Distributions to shareholders | | | | | | | | | | | | | |
| Investor Class | | | | | — | | | | | | (8,933,141) | | |
| Institutional Class | | | | | — | | | | | | (2,426,127) | | |
| Net decrease in net assets from distributions | | | | | — | | | | | | (11,359,268) | | |
| From Capital Share Transactions | | ||||||||||||
| Investor Class | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | | 9,676,418 | | | | | | 47,105,782 | | |
| Proceeds from reinvestment of distributions | | | | | — | | | | | | 8,353,191 | | |
| Redemption of shares (see note 5) | | | | | (27,287,756) | | | | | | (76,102,803) | | |
| Net decrease from investor class share transactions | | | | | (17,611,338) | | | | | | (20,643,830) | | |
| Institutional Class | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | | 18,429,262 | | | | | | 11,741,602 | | |
| Proceeds from reinvestment of distributions | | | | | — | | | | | | 2,127,970 | | |
| Redemption of shares (see note 5) | | | | | (5,155,907) | | | | | | (4,215,275) | | |
| Net increase from institutional class share transactions | | | | | 13,273,355 | | | | | | 9,654,297 | | |
| Redemption fees (see note 5) | | | | | 6,594 | | | | | | — | | |
| Net decrease in net assets resulting from capital share transactions | | | | | (4,331,389) | | | | | | (10,989,533) | | |
| Total increase (decrease) in net assets | | | | | 10,000,343 | | | | | | (34,055,277) | | |
| Net Assets | | ||||||||||||
| Beginning of year | | | | | 67,539,491 | | | | | | 101,594,768 | | |
| End of year | | | | $ | 77,539,834 | | | | | $ | 67,539,491 | | |
| Transactions in Shares | | ||||||||||||
| Investor Class | | | | ||||||||||
| Shares sold | | | | | 450,856 | | | | | | 1,754,020 | | |
| Shares issued in reinvestment of distributions | | | | | — | | | | | | 460,739 | | |
| Less shares redeemed | | | | | (1,262,621) | | | | | | (2,997,151) | | |
| Net decrease from investor class share transactions | | | | | (811,765) | | | | | | (782,392) | | |
| Institutional Class | | | | | | | | | | | | | |
| Shares sold | | | | | 821,535 | | | | | | 469,754 | | |
| Shares issued in reinvestment of distributions | | | | | — | | | | | | 116,793 | | |
| Less shares redeemed | | | | | (229,559) | | | | | | (175,598) | | |
| Net increase from institutional class share transactions | | | | | 591,976 | | | | | | 410,949 | | |
| Net decrease from capital share transactions | | | | | (219,789) | | | | | | (371,443) | | |
| | | | Small-Cap Opportunities Fund | | |||||||||
| | | | Year Ended December 31, 2019 | | | Year Ended December 31, 2018 | | ||||||
| From Operations | | ||||||||||||
| Net investment loss | | | | $ | (93,178) | | | | | $ | (112,199) | | |
| Net realized gains on investment transactions | | | | | 689,390 | | | | | | 1,667,407 | | |
| Change in net unrealized appreciation/depreciation on investments | | | | | 1,859,667 | | | | | | (2,374,509) | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 2,455,879 | | | | | | (819,301) | | |
| From Distributions | | ||||||||||||
| Distributions to shareholders | | | | | | | | | | | | | |
| Investor Class | | | | | (182,129) | | | | | | (1,232,801) | | |
| Institutional Class | | | | | (165,161) | | | | | | (1,019,030) | | |
| Net decrease in net assets from distributions | | | | | (347,290) | | | | | | (2,251,831) | | |
| From Capital Share Transactions | | ||||||||||||
| Investor Class | | | | ||||||||||
| Proceeds from sale of shares | | | | | 150,627 | | | | | | 641,144 | | |
| Proceeds from reinvestment of distributions | | | | | 153,834 | | | | | | 1,035,895 | | |
| Redemption of shares (see note 5) | | | | | (617,320) | | | | | | (2,223,654) | | |
| Net decrease from investor class share transactions | | | | | (312,859) | | | | | | (546,615) | | |
| Institutional Class | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | | 208,229 | | | | | | 1,725,341 | | |
| Proceeds from reinvestment of distributions | | | | | 143,919 | | | | | | 881,812 | | |
| Redemption of shares (see note 5) | | | | | (253,831) | | | | | | (249,334) | | |
| Net increase from institutional class share transactions | | | | | 98,317 | | | | | | 2,357,819 | | |
| Redemption fees (see note 5) | | | | | 5 | | | | | | — | | |
| Net increase (decrease) in net assets resulting from capital share transactions | | | | | (214,537) | | | | | | 1,811,204 | | |
| Total increase (decrease) in net assets | | | | | 1,894,052 | | | | | | (1,259,928) | | |
| Net Assets | | ||||||||||||
| Beginning of year | | | | | 9,837,475 | | | | | | 11,097,403 | | |
| End of year | | | | $ | 11,731,527 | | | | | $ | 9,837,475 | | |
| Transactions in Shares | | ||||||||||||
| Investor Class | | | | ||||||||||
| Shares sold | | | | | 10,835 | | | | | | 37,677 | | |
| Shares issued in reinvestment of distributions | | | | | 10,698 | | | | | | 88,766 | | |
| Less shares redeemed | | | | | (44,001) | | | | | | (137,706) | | |
| Net decrease from investor class share transactions | | | | | (22,468) | | | | | | (11,263) | | |
| Institutional Class | | | | ||||||||||
| Shares sold | | | | | 15,223 | | | | | | 103,838 | | |
| Shares issued in reinvestment of distributions | | | | | 9,919 | | | | | | 75,048 | | |
| Less shares redeemed | | | | | (18,348) | | | | | | (14,441) | | |
| Net increase from institutional class share transactions | | | | | 6,794 | | | | | | 164,445 | | |
| Net increase (decrease) from capital share transactions | | | | | (15,674) | | | | | | 153,182 | | |
| | | | Small-Cap Value Fund | | |||||||||
| | | | Year Ended December 31, 2019 | | | Year Ended December 31, 2018 | | ||||||
| From Operations | | ||||||||||||
| Net investment income | | | | $ | 207,572 | | | | | $ | 412,678 | | |
| Net realized gains (losses) on investment transactions | | | | | (533,736) | | | | | | 510,706 | | |
| Change in net unrealized appreciation/depreciation on investments | | | | | 5,105,381 | | | | | | (6,670,179) | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 4,779,217 | | | | | | (5,746,795) | | |
| From Distributions | | ||||||||||||
| Distributions to shareholders | | | | ||||||||||
| Investor Class | | | | | (1,219) | | | | | | (7,694) | | |
| Institutional Class | | | | | (208,111) | | | | | | (2,624,018) | | |
| Net decrease in net assets from distributions | | | | | (209,330) | | | | | | (2,631,712) | | |
| From Capital Share Transactions | | ||||||||||||
| Investor Class | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | | 40,493 | | | | | | 202,860 | | |
| Proceeds from reinvestment of distributions | | | | | 1,219 | | | | | | 7,694 | | |
| Redemption of shares | | | | | (3,032) | | | | | | (30,413) | | |
| Net increase from investor class share transactions | | | | | 38,680 | | | | | | 180,141 | | |
| Institutional Class | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | | 2,440,365 | | | | | | 1,564,222 | | |
| Proceeds from reinvestment of distributions | | | | | 191,788 | | | | | | 2,498,962 | | |
| Redemption of shares | | | | | (7,997,029) | | | | | | (9,881,634) | | |
| Net decrease from institutional class share transactions | | | | | (5,364,876) | | | | | | (5,818,450) | | |
| Net decrease in net assets resulting from capital share transactions | | | | | (5,326,196) | | | | | | (5,638,309) | | |
| Total decrease in net assets | | | | | (756,309) | | | | | | (14,016,816) | | |
| Net Assets | | ||||||||||||
| Beginning of year | | | | | 27,121,470 | | | | | | 41,138,286 | | |
| End of year | | | | $ | 26,365,161 | | | | | $ | 27,121,470 | | |
| Transactions in Shares | | ||||||||||||
| Investor Class | | | | | | | | | | | | | |
| Shares sold | | | | | 2,275 | | | | | | 9,456 | | |
| Shares issued in reinvestment of distributions | | | | | 62 | | | | | | 465 | | |
| Less shares redeemed | | | | | (166) | | | | | | (1,410) | | |
| Net increase from investor class share transactions | | | | | 2,171 | | | | | | 8,511 | | |
| Institutional Class | | | | ||||||||||
| Shares sold | | | | | 131,007 | | | | | | 76,085 | | |
| Shares issued in reinvestment of distributions | | | | | 9,745 | | | | | | 138,863 | | |
| Less shares redeemed | | | | | (438,361) | | | | | | (491,253) | | |
| Net decrease from institutional class share transactions | | | | | (297,609) | | | | | | (276,305) | | |
| Net decrease from capital share transactions | | | | | (295,438) | | | | | | (267,794) | | |
| | | | Global Opportunities Fund | | |||||||||
| | | | Year Ended December 31, 2019 | | | Year Ended December 31, 2018 | | ||||||
| From Operations | | ||||||||||||
| Net investment loss | | | | $ | (409,167) | | | | | $ | (349,948) | | |
| Net realized gains (losses) on investment and foreign currency transactions | | | | | (649,051) | | | | | | 285,345 | | |
| Change in net unrealized appreciation/depreciation on investments and foreign currencies | | | | | 10,432,361 | | | | | | (13,357,065) | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 9,374,143 | | | | | | (13,421,668) | | |
| From Distributions | | ||||||||||||
| Distributions to shareholders | | | | | | | | | | | | | |
| Investor Class | | | | | — | | | | | | (1,823,563) | | |
| Institutional Class | | | | | — | | | | | | (566,071) | | |
| Net decrease in net assets from distributions | | | | | — | | | | | | (2,389,634) | | |
| From Capital Share Transactions | | ||||||||||||
| Investor Class | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | | 584,666 | | | | | | 1,438,571 | | |
| Proceeds from reinvestment of distributions | | | | | — | | | | | | 1,693,376 | | |
| Redemption of shares (see note 5) | | | | | (4,538,262) | | | | | | (9,899,387) | | |
| Net decrease from investor class share transactions | | | | | (3,953,596) | | | | | | (6,767,440) | | |
| Institutional Class | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | | 1,457,054 | | | | | | 5,289,720 | | |
| Proceeds from reinvestment of distributions | | | | | — | | | | | | 420,522 | | |
| Redemption of shares (see note 5) | | | | | (2,013,578) | | | | | | (1,123,166) | | |
| Net increase (decrease) from institutional class share transactions | | | | | (556,524) | | | | | | 4,587,076 | | |
| Redemption fees (see note 5) | | | | | 427 | | | | | | — | | |
| Net decrease in net assets resulting from capital share transactions | | | | | (4,509,693) | | | | | | (2,180,364) | | |
| Total increase (decrease) in net assets | | | | | 4,864,450 | | | | | | (17,991,666) | | |
| Net Assets | | ||||||||||||
| Beginning of year | | | | | 37,783,613 | | | | | | 55,775,279 | | |
| End of year | | | | $ | 42,648,063 | | | | | $ | 37,783,613 | | |
| Transactions in Shares | | ||||||||||||
| Investor Class | | | | | | | | | | | | | |
| Shares sold | | | | | 25,380 | | | | | | 52,448 | | |
| Shares issued in reinvestment of distributions | | | | | — | | | | | | 86,529 | | |
| Less shares redeemed | | | | | (196,533) | | | | | | (365,778) | | |
| Net decrease from investor class share transactions | | | | | (171,153) | | | | | | (226,801) | | |
| Institutional Class | | | | | | | | | | | | | |
| Shares sold | | | | | 63,647 | | | | | | 191,721 | | |
| Shares issued in reinvestment of distributions | | | | | — | | | | | | 21,401 | | |
| Less shares redeemed | | | | | (88,250) | | | | | | (41,357) | | |
| Net increase (decrease) from institutional class share transactions | | | | | (24,603) | | | | | | 171,765 | | |
| Net decrease from capital share transactions | | | | | (195,756) | | | | | | (55,036) | | |
| | | | China Opportunities Fund | | |||||||||
| | | | Year Ended December 31, 2019 | | | Year Ended December 31, 2018 | | ||||||
| From Operations | | ||||||||||||
| Net investment loss | | | | $ | (639,763) | | | | | $ | (663,041) | | |
| Net realized gains on investment and foreign currency transactions | | | | | 8,789,080 | | | | | | 15,164,759 | | |
| Change in net unrealized appreciation/depreciation on investments and foreign currencies | | | | | 17,102,109 | | | | | | (40,802,932) | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 25,251,426 | | | | | | (26,301,214) | | |
| From Distributions | | ||||||||||||
| Distributions to shareholders | | | | ||||||||||
| Investor Class | | | | | (2,479,581) | | | | | | (12,901,481) | | |
| Institutional Class | | | | | (467,251) | | | | | | (2,397,417) | | |
| Net decrease in net assets from distributions | | | | | (2,946,832) | | | | | | (15,298,898) | | |
| From Capital Share Transactions | | ||||||||||||
| Investor Class | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | | 4,480,265 | | | | | | 9,110,210 | | |
| Proceeds from reinvestment of distributions | | | | | 2,347,314 | | | | | | 12,149,224 | | |
| Redemption of shares (see note 5) | | | | | (11,082,392) | | | | | | (32,230,182) | | |
| Net decrease from investor class share transactions | | | | | (4,254,813) | | | | | | (10,970,748) | | |
| Institutional Class | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | | 7,307,020 | | | | | | 3,404,811 | | |
| Proceeds from reinvestment of distributions | | | | | 382,078 | | | | | | 1,934,174 | | |
| Redemption of shares (see note 5) | | | | | (7,939,086) | | | | | | (2,203,507) | | |
| Net increase (decrease) from institutional class share transactions | | | | | (249,988) | | | | | | 3,135,478 | | |
| Redemption fees (see note 5) | | | | | 146,096 | | | | | | — | | |
| Net decrease from capital share transactions | | | | | (4,358,705) | | | | | | (7,835,270) | | |
| Total increase (decrease) in net assets | | | | | 17,945,889 | | | | | | (49,435,382) | | |
| Net Assets | | ||||||||||||
| Beginning of year | | | | | 71,841,651 | | | | | | 121,277,033 | | |
| End of year | | | | $ | 89,787,540 | | | | | $ | 71,841,651 | | |
| Transactions in Shares | | ||||||||||||
| Investor Class | | | | | | | | | | | | | |
| Shares sold | | | | | 399,070 | | | | | | 600,816 | | |
| Shares issued in reinvestment of distributions | | | | | 190,683 | | | | | | 1,304,965 | | |
| Less shares redeemed | | | | | (973,140) | | | | | | (2,117,871) | | |
| Net decrease from investor class share transactions | | | | | (383,387) | | | | | | (212,090) | | |
| Institutional Class | | | | | | | | | | | | | |
| Shares sold | | | | | 653,458 | | | | | | 233,934 | | |
| Shares issued in reinvestment of distributions | | | | | 30,887 | | | | | | 207,529 | | |
| Less shares redeemed | | | | | (704,497) | | | | | | (151,037) | | |
| Net increase (decrease) from institutional class share transactions | | | | | (20,152) | | | | | | 290,426 | | |
| Net increase (decrease) from capital share transactions | | | | | (403,539) | | | | | | 78,336 | | |
| | | | International Opportunities Fund | | |||||||||
| | | | Year Ended December 31, 2019 | | | Year Ended December 31, 2018 | | ||||||
| From Operations | | ||||||||||||
| Net investment loss | | | | $ | (812,571) | | | | | $ | (1,290,733) | | |
| Net realized gains (losses) on investments and foreign currency transactions | | | | | (28,153,929) | | | | | | 43,784,041 | | |
| Change in net unrealized appreciation/depreciation on investments and foreign currencies | | | | | 126,930,677 | | | | | | (241,937,861) | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 97,964,177 | | | | | | (199,444,553) | | |
| From Distributions | | ||||||||||||
| Distributions to shareholders | | | | | (3,982,313) | | | | | | (86,597,641) | | |
| Net decrease in net assets from distributions | | | | | (3,982,313) | | | | | | (86,597,641) | | |
| From Capital Share Transactions | | ||||||||||||
| Proceeds from sale of shares | | | | | 49,548,735 | | | | | | 66,625,866 | | |
| Proceeds from reinvestment of distributions | | | | | 3,548,504 | | | | | | 72,325,843 | | |
| Redemption of shares (see note 5) | | | | | (320,989,274) | | | | | | (260,138,165) | | |
| Net decrease from capital share transactions | | | | | (267,892,035) | | | | | | (121,186,456) | | |
| Total decrease in net assets | | | | | (173,910,171) | | | | | | (407,228,650) | | |
| Net Assets | | ||||||||||||
| Beginning of year | | | | | 498,163,682 | | | | | | 905,392,332 | | |
| End of year | | | | $ | 324,253,511 | | | | | $ | 498,163,682 | | |
| Transactions in Shares | | ||||||||||||
| Shares sold | | | | | 2,731,672 | | | | | | 2,747,655 | | |
| Shares issued in reinvestment of distributions | | | | | 182,348 | | | | | | 4,566,026 | | |
| Less shares redeemed | | | | | (17,343,717) | | | | | | (11,713,358) | | |
| Net decrease from capital share transactions | | | | | (14,429,697) | | | | | | (4,399,677) | | |
| | | | Emerging Markets Fund | | |||||||||
| | | | Year Ended December 31, 2019 | | | Period Ended December 31, 2018a | | ||||||
| From Operations | | ||||||||||||
| Net investment income (loss) | | | | $ | (486) | | | | | $ | 3,577 | | |
| Net realized gains (losses) on investments and foreign currency transactions | | | | | 49,798 | | | | | | (1,001,127) | | |
| Change in net unrealized appreciation/depreciation on investments and foreign currencies | | | | | 1,467,078 | | | | | | (331,567) | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 1,516,390 | | | | | | (1,329,117) | | |
| From Capital Share Transactions | | ||||||||||||
| Investor Class | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | | 103,166 | | | | | | 498,649 | | |
| Redemption of shares (see note 5) | | | | | (42,022) | | | | | | (1,064) | | |
| Net increase from investor class share transactions | | | | | 61,144 | | | | | | 497,585 | | |
| Institutional Class | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | | 568,374 | | | | | | 7,787,235 | | |
| Redemption of shares (see note 5) | | | | | (614,836) | | | | | | (518,481) | | |
| Net increase (decrease) from institutional class share transactions | | | | | (46,462) | | | | | | 7,268,754 | | |
| Redemption fees (see note 5) | | | | | 172 | | | | | | — | | |
| Net increase in net assets resulting from capital share transactions | | | | | 14,854 | | | | | | 7,766,339 | | |
| Total increase in net assets | | | | | 1,531,244 | | | | | | 6,437,222 | | |
| Net Assets | | ||||||||||||
| Beginning of year | | | | | 6,437,222 | | | | | | — | | |
| End of year | | | | $ | 7,968,466 | | | | | $ | 6,437,222 | | |
| Transactions in Shares | | ||||||||||||
| Investor Class | | | | | | | | | | | | | |
| Shares sold | | | | | 11,398 | | | | | | 54,090 | | |
| Less shares redeemed | | | | | (4,695) | | | | | | (143) | | |
| Net increase from investor class share transactions | | | | | 6,703 | | | | | | 53,947 | | |
| Institutional Class | | | | | | | | | | | | | |
| Shares sold | | | | | 66,768 | | | | | | 826,722 | | |
| Less shares redeemed | | | | | (67,626) | | | | | | (65,968) | | |
| Net increase (decrease) from institutional class share transactions | | | | | (858) | | | | | | 760,754 | | |
| Net increase from capital share transactions | | | | | 5,845 | | | | | | 814,701 | | |
|
| | | | Micro-Cap Fund | | | Small-Cap Opportunities Fund | | | Small-Cap Value Fund | | |||||||||
| Level 1 – Equities | | | | $ | 74,676,270 | | | | | $ | 11,258,152 | | | | | $ | 24,312,336 | | |
| REIT | | | | | — | | | | | | — | | | | | | 2,002,759 | | |
| Total Level 1 | | | | | 74,676,270 | | | | | | 11,258,152 | | | | | | 26,315,095 | | |
| Level 2 | | | | | — | | | | | | — | | | | | | — | | |
| Level 3 | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments | | | | $ | 74,676,270 | | | | | $ | 11,258,152 | | | | | $ | 26,315,095 | | |
| | | | Global Opportunities Fund | | | China Opportunities Fund | | | International Opportunities Fund | | |||||||||
| Level 1 – Equities | | | | | | | | | | ||||||||||
| Total Asia | | | | $ | 4,197,809 | | | | | $ | 89,377,078 | | | | | $ | 9,552,387 | | |
| Total Australia | | | | | 513,684 | | | | | | — | | | | | | 37,527,893 | | |
| Total Europe | | | | | 5,439,321 | | | | | | — | | | | | | 100,173,902 | | |
| Total North America | | | | | 26,267,964 | | | | | | — | | | | | | 52,757,605 | | |
| Total Level 1 | | | | | 36,418,778 | | | | | | 89,377,078 | | | | | | 200,011,787 | | |
| Level 2 – Equities | | | | | | | | | | ||||||||||
| Total Asia | | | | | 2,267,217 | | | | | | — | | | | | | 75,929,264 | | |
| Total Australia | | | | | — | | | | | | — | | | | | | — | | |
| Total Europe | | | | | 2,974,363 | | | | | | — | | | | | | 47,256,455 | | |
| Total North America | | | | | — | | | | | | — | | | | | | — | | |
| Total South America | | | | | 440,252 | | | | | | — | | | | | | — | | |
| Total Level 2 | | | | | 5,681,832 | | | | | | — | | | | | | 123,185,719 | | |
| Level 3 | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments | | | | $ | 42,100,610 | | | | | $ | 89,377,078 | | | | | $ | 323,197,506 | | |
|
| | | | EMERGING MARKETS FUND | | |||
| Level 1 – Equities | | | | | | | |
| Total Asia | | | | $ | 4,031,882 | | |
| Total Africa | | | | | 162,682 | | |
| Total Europe | | | | | 253,913 | | |
| Total North America | | | | | 188,396 | | |
| Total South America | | | | | 231,011 | | |
| Total Level 1 | | | | | 4,867,884 | | |
| Level 2 – Equities | | | | | | | |
| Total Asia | | | | | 2,056,084 | | |
| Total South America | | | | | 792,603 | | |
| Total Level 2 | | | | | 2,848,687 | | |
| Level 3 | | | | | — | | |
| Total Investments | | | | $ | 7,716,571 | | |
|
| | | Increases/(Decrease) | | |||||||||
| | | Capital | | | Accumulated Earnings (Loss) | | ||||||
Micro-Cap Fund | | | | | (432,555) | | | | | | 432,555 | | |
Global Opportunities Fund | | | | | (414,281) | | | | | | 414,281 | | |
Small-Cap Opportunities Fund | | | | | 22,023 | | | | | | (22,023) | | |
Small-Cap Value Fund | | | | | (2,873) | | | | | | 2,873 | | |
China Opportunities Fund | | | | | (411,959) | | | | | | 411,959 | | |
International Opportunities Fund | | | | | — | | | | | | — | | |
Emerging Markets Fund | | | | | (41,583) | | | | | | 41,583 | | |
| | | Distributions Paid from Ordinary Income | | | Distributions Paid from Net Long-Term Capital Gains | | | Total Distributions Paid | | |||||||||
Micro-Cap Fund | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Global Opportunities Fund | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Small-Cap Opportunities Fund | | | | $ | — | | | | | $ | 347,290 | | | | | $ | 347,290 | | |
Small-Cap Value Fund | | | | $ | 209,330 | | | | | $ | — | | | | | $ | 209,330 | | |
China Opportunities Fund | | | | $ | — | | | | | $ | 2,946,832 | | | | | $ | 2,946,832 | | |
International Opportunities Fund | | | | $ | 3,982,313 | | | | | $ | — | | | | | $ | 3,982,313 | | |
Emerging Markets Fund | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | | Distributions Paid from Ordinary Income | | | Distributions Paid from Net Long-Term Capital Gains | | | Total Distributions Paid | | |||||||||
Micro-Cap Fund | | | | $ | — | | | | | $ | 11,359,268 | | | | | $ | 11,359,268 | | |
Global Opportunities Fund | | | | $ | 25,508 | | | | | $ | 2,364,126 | | | | | $ | 2,389,634 | | |
Small-Cap Opportunities Fund | | | | $ | 254,039 | | | | | $ | 1,997,792 | | | | | $ | 2,251,831 | | |
Small-Cap Value Fund | | | | $ | 259,889 | | | | | $ | 2,371,823 | | | | | $ | 2,631,712 | | |
China Opportunities Fund | | | | $ | — | | | | | $ | 15,298,898 | | | | | $ | 15,298,898 | | |
International Opportunities Fund | | | | $ | 13,882,345 | | | | | $ | 72,715,296 | | | | | $ | 86,597,641 | | |
Emerging Markets Fund | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | | Not Subject to Expiration (Post-Enactment) | | |||||||||
| | | Short-Term | | | Long-Term | | ||||||
Micro-Cap Fund | | | | $ | — | | | | | $ | — | | |
Global Opportunities Fund | | | | $ | 1,841,821 | | | | | $ | — | | |
Small-Cap Opportunities Fund | | | | $ | — | | | | | $ | — | | |
Small-Cap Value Fund | | | | $ | 1,035,347 | | | | | $ | 685,362 | | |
China Opportunities Fund | | | | $ | — | | | | | $ | — | | |
International Opportunities Fund | | | | $ | 62,100,602 | | | | | $ | — | | |
Emerging Markets Fund | | | | $ | 848,961 | | | | | $ | — | | |
| | | Post October Capital Losses | | |||||||||||||||||||||
| | | Late Year Losses | | | Short-Term | | | Long-Term | | | Total | | ||||||||||||
Micro-Cap Fund | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | — | | |
Global Opportunities Fund | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | — | | |
Small-Cap Opportunities Fund | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | — | | |
Small-Cap Value Fund | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | — | | |
China Opportunities Fund | | | | $ | 7,849 | | | | | $ | — | | | | | $ | — | | | | | | — | | |
International Opportunities Fund | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | — | | |
Emerging Markets Fund | | | | $ | 2,068 | | | | | $ | — | | | | | $ | — | | | | | | — | | |
| | | Undistributed ordinary income (deficit) | | | Undistributed long-term capital gains | | | Accumulated capital and other losses | | | Unrealized Appreciation on investments | | | Unrealized Appreciation / (Depreciation) foreign currency translations | | |||||||||||||||
Micro-Cap Fund | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 11,474,557 | | | | | $ | — | | |
Global Opportunities Fund | | | | $ | — | | | | | $ | — | | | | | $ | (1,841,821) | | | | | $ | 6,638,199 | | | | | $ | (71) | | |
Small-Cap Opportunities Fund | | | | $ | — | | | | | $ | 201,168 | | | | | $ | — | | | | | $ | 1,635,436 | | | | | $ | — | | |
Small-Cap Value Fund | | | | $ | — | | | | | $ | — | | | | | $ | (1,720,709) | | | | | $ | 2,867,452 | | | | | $ | — | | |
China Opportunities Fund | | | | $ | — | | | | | $ | 3,886,344 | | | | | $ | (7,849) | | | | | $ | 20,382,665 | | | | | $ | 4,718 | | |
International Opportunities Fund | | | | $ | 1,288,701 | | | | | $ | — | | | | | $ | (62,100,602) | | | | | $ | 55,629,475 | | | | | $ | (1,142) | | |
Emerging Markets Fund | | | | $ | — | | | | | $ | — | | | | | $ | (851,029) | | | | | $ | 1,097,887 | | | | | $ | 4,034 | | |
| | | Cost of Investments for Federal Tax Purposes | | | Gross Unrealized Appreciation | | | Gross Unrealized (Depreciation) | | | Unrealized Appreciation | | ||||||||||||
Micro-Cap Fund | | | | $ | 63,201,713 | | | | | $ | 13,799,259 | | | | | $ | (2,324,702) | | | | | $ | 11,474,557 | | |
Global Opportunities Fund | | | | | 35,462,411 | | | | | | 7,372,750 | | | | | | (734,551) | | | | | | 6,638,199 | | |
Small-Cap Opportunities Fund | | | | | 9,622,716 | | | | | | 1,821,173 | | | | | | (185,737) | | | | | | 1,635,436 | | |
Small-Cap Value Fund | | | | | 23,447,643 | | | | | | 4,068,923 | | | | | | (1,201,471) | | | | | | 2,867,452 | | |
China Opportunities Fund | | | | | 68,994,413 | | | | | | 20,900,765 | | | | | | (518,100) | | | | | | 20,382,665 | | |
International Opportunities Fund | | | | | 267,568,031 | | | | | | 60,926,282 | | | | | | (5,296,807) | | | | | | 55,629,475 | | |
Emerging Markets Fund | | | | | 6,618,684 | | | | | | 1,214,342 | | | | | | (116,455) | | | | | | 1,097,887 | | |
| Investor Class | | | Micro-Cap Fund | | |||||||||||||||||||||||||||
| | | | Years Ended December 31, | | |||||||||||||||||||||||||||
| | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
| Net asset value at beginning of year | | | | $ | 18.37 | | | | | $ | 25.12 | | | | | $ | 22.02 | | | | | $ | 17.68 | | | | | $ | 17.12 | | |
| Income (loss) from investment operations | | ||||||||||||||||||||||||||||||
| Net investment lossa | | | | | (.22) | | | | | | (.35) | | | | | | (.32) | | | | | | (.15) | | | | | | (.24) | | |
| Net realized and unrealized gains (losses) on investments | | | | | 4.25 | | | | | | (2.82) | | | | | | 6.37 | | | | | | 4.49 | | | | | | 1.34 | | |
| Total from investment operations | | | | | 4.03 | | | | | | (3.17) | | | | | | 6.05 | | | | | | 4.34 | | | | | | 1.10 | | |
| Redemption Feesa | | | | | — | | | | | | .03 | | | | | | — | | | | | | .01 | | | | | | — | | |
| Less distributions: | | | | | | | | | | | | ||||||||||||||||||||
| Distribution from net realized gains on investments | | | | | — | | | | | | (3.61) | | | | | | (2.95) | | | | | | (.01) | | | | | | (.54) | | |
| Net asset value at end of year | | | | $ | 22.40 | | | | | $ | 18.37 | | | | | $ | 25.12 | | | | | $ | 22.02 | | | | | $ | 17.68 | | |
| Total Return (%) | | | | | 21.94 | | | | | | (12.30) | | | | | | 27.90 | | | | | | 24.60 | | | | | | 6.38 | | |
| Ratio/Supplemental Data | | ||||||||||||||||||||||||||||||
| Net Assets at end of year (in thousands) | | | | $ | 46,546 | | | | | $ | 53,094 | | | | | $ | 92,249 | | | | | $ | 67,133 | | | | | $ | 50,679 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.60 | | | | | | 1.57 | | | | | | 1.58 | | | | | | 1.65 | | | | | | 1.72 | | |
| Ratio of net expenses to average net assets (%)b | | | | | 1.58 | | | | | | 1.55 | | | | | | 1.54 | | | | | | 1.64 | | | | | | 1.72 | | |
| Ratio of net investment loss to average net assets (%) | | | | | (1.03) | | | | | | (1.30) | | | | | | (1.32) | | | | | | (.80) | | | | | | (1.35) | | |
| Portfolio turnover rate (%) | | | | | 112 | | | | | | 119 | | | | | | 91 | | | | | | 102 | | | | | | 133 | | |
| Institutional Class | | | Micro-Cap Fund | | |||||||||||||||
| | | | Years Ended December 31, | | | Period Ended December 31, | | ||||||||||||
| | | | 2019 | | | 2018 | | | 2017a | | |||||||||
| Net asset value at beginning of period | | | | $ | 18.47 | | | | | $ | 25.17 | | | | | $ | 23.52 | | |
| Income (loss) from investment operations | | ||||||||||||||||||
| Net investment lossb | | | | | (.13) | | | | | | (.28) | | | | | | (.18) | | |
| Net realized and unrealized gains (losses) on investments | | | | | 4.21 | | | | | | (2.84) | | | | | | 4.18 | | |
| Total from investment operations | | | | | 4.08 | | | | | | (3.12) | | | | | | 4.00 | | |
| Redemption Feesb | | | | | — | | | | | | .03 | | | | | | — | | |
| Less distributions: | | | | | |||||||||||||||
| Distribution from net realized gains on investments | | | | | — | | | | | | (3.61) | | | | | | (2.35) | | |
| Net asset value at end of period | | | | $ | 22.55 | | | | | $ | 18.47 | | | | | $ | 25.17 | | |
| Total Return (%) | | | | | 22.09 | | | | | | (12.07) | | | | | | 16.92d | | |
| Ratio/Supplemental Data | | ||||||||||||||||||
| Net Assets at end of period (in thousands) | | | | $ | 30,994 | | | | | $ | 14,445 | | | | | $ | 9,346 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.34 | | | | | | 1.33 | | | | | | 1.32e | | |
| Ratio of net expenses to average net assets (%)c | | | | | 1.32 | | | | | | 1.32 | | | | | | 1.28e | | |
| Ratio of net investment loss to average net assets (%) | | | | | (.61) | | | | | | (1.05) | | | | | | (1.04)e | | |
| Portfolio turnover rate (%) | | | | | 112 | | | | | | 119 | | | | | | 91 | | |
| Investor Class | | | Small-Cap Opportunities Fund | | |||||||||||||||||||||||||||
| | | | Years Ended December 31, | | |||||||||||||||||||||||||||
| | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
| Net asset value at beginning of year | | | | $ | 11.83 | | | | | $ | 16.40 | | | | | $ | 13.89 | | | | | $ | 13.48 | | | | | $ | 14.32 | | |
| Income (loss) from investment operations | | ||||||||||||||||||||||||||||||
| Net investment lossa | | | | | (.13) | | | | | | (.18) | | | | | | (.22) | | | | | | (.22) | | | | | | (.27) | | |
| Net realized and unrealized gains (losses) on investments | | | | | 3.10 | | | | | | (1.05) | | | | | | 3.77 | | | | | | 1.22 | | | | | | 1.02 | | |
| Total from investment operations | | | | | 2.97 | | | | | | (1.23) | | | | | | 3.55 | | | | | | 1.00 | | | | | | .75 | | |
| Redemption Feesa | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | .02 | | |
| Less distributions: | | | | | | | |||||||||||||||||||||||||
| Distribution from net realized gains on investments | | | | | (.44) | | | | | | (3.34) | | | | | | (1.04) | | | | | | (.59) | | | | | | (1.61) | | |
| Net asset value at end of year | | | | $ | 14.36 | | | | | $ | 11.83 | | | | | $ | 16.40 | | | | | $ | 13.89 | | | | | $ | 13.48 | | |
| Total Return (%) | | | | | 25.07 | | | | | | (7.23) | | | | | | 25.54 | | | | | | 7.38 | | | | | | 5.10 | | |
| Ratio/Supplemental Data | | ||||||||||||||||||||||||||||||
| Net Assets at end of year (in thousands) | | | | $ | 6,110 | | | | | $ | 5,299 | | | | | $ | 7,533 | | | | | $ | 9,385 | | | | | $ | 10,797 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 2.21 | | | | | | 2.13 | | | | | | 2.29 | | | | | | 2.40 | | | | | | 2.00 | | |
| Ratio of net expenses to average net assets (%)b | | | | | 1.55 | | | | | | 1.55 | | | | | | 1.72 | | | | | | 2.00 | | | | | | 2.00 | | |
| Ratio of net investment loss to average net assets (%) | | | | | (.95) | | | | | | (1.06) | | | | | | (1.42) | | | | | | (1.67) | | | | | | (1.72) | | |
| Portfolio turnover rate (%) | | | | | 142 | | | | | | 160 | | | | | | 142 | | | | | | 150 | | | | | | 134 | | |
| Institutional Class | | | Small-Cap Opportunities Fund | | |||||||||||||||
| | | | Years Ended December 31, | | | Period Ended December 31, | | ||||||||||||
| | | | 2019 | | | 2018 | | | 2017a | | |||||||||
| Net asset value at beginning of period | | | | $ | 11.90 | | | | | $ | 16.44 | | | | | $ | 15.20 | | |
| Income (loss) from investment operations | | ||||||||||||||||||
| Net investment lossb | | | | | (.10) | | | | | | (.14) | | | | | | (.11) | | |
| Net realized and unrealized gains (losses) on investments | | | | | 3.13 | | | | | | (1.06) | | | | | | 2.39 | | |
| Total from investment operations | | | | | 3.03 | | | | | | (1.20) | | | | | | 2.28 | | |
| Redemption Feesb | | | | | — | | | | | | — | | | | | | — | | |
| Less distributions: | | | | | | | | | | | | | | | | | | | |
| Distribution from net realized gains on investments | | | | | (.44) | | | | | | (3.34) | | | | | | (1.04) | | |
| Net asset value at end of period | | | | $ | 14.49 | | | | | $ | 11.90 | | | | | $ | 16.44 | | |
| Total Return (%) | | | | | 25.43 | | | | | | (7.05) | | | | | | 14.99d | | |
| Ratio/Supplemental Data | | ||||||||||||||||||
| Net Assets at end of period (in thousands) | | | | $ | 5,622 | | | | | $ | 4,538 | | | | | $ | 3,564 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.96 | | | | | | 1.88 | | | | | | 1.86e | | |
| Ratio of net expenses to average net assets (%)c | | | | | 1.30 | | | | | | 1.30 | | | | | | 1.30e | | |
| Ratio of net investment loss to average net assets (%) | | | | | (.69) | | | | | | (.80) | | | | | | (.97)e | | |
| Portfolio turnover rate (%) | | | | | 142 | | | | | | 160 | | | | | | 142 | | |
| Investor Class | | | Small-Cap Value Fund | | |||||||||
| | | | Year Ended December 31, 2019 | | | Period Ended December 31, 2018a | | ||||||
| Net asset value at beginning of period | | | | $ | 16.60 | | | | | $ | 20.60 | | |
| Income (loss) from investment operations | | ||||||||||||
| Net investment incomeb | | | | | .08 | | | | | | .16 | | |
| Net realized and unrealized gains (losses) on investments | | | | | 3.12 | | | | | | (3.21) | | |
| Total from investment operations | | | | | 3.20 | | | | | | (3.05) | | |
| Less dividends and distributions: | | | | | | | | | | | | | |
| Distribution from net realized gains on investments | | | | | — | | | | | | (.93) | | |
| Dividends from net investment income | | | | | (.11) | | | | | | (.02) | | |
| Total dividends and distributions | | | | | (.11) | | | | | | (.95) | | |
| Net asset value at end of period | | | | $ | 19.69 | | | | | $ | 16.60 | | |
| Total Return (%) | | | | | 19.31 | | | | | | (14.76)e | | |
| Ratio/Supplemental Data | | ||||||||||||
| Net Assets at end of period (in thousands) | | | | $ | 210 | | | | | $ | 141 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.74 | | | | | | 1.57d | | |
| Ratio of net expenses to average net assets (%)c | | | | | 1.55 | | | | | | 1.55d | | |
| Ratio of net investment Income to average net assets (%) | | | | | .43 | | | | | | 1.17d | | |
| Portfolio turnover rate (%) | | | | | 68 | | | | | | 54 | | |
| Institutional Class | | | Small-Cap Value Fund | | |||||||||||||||||||||||||||||||||
| | | | Year Ended December 31, 2019 | | | Year Ended December 31, 2018 | | | Period Ended December 31, 2017a | | | Year Ended June 30, 2017d | | | Year Ended June 30, 2016d | | | Year Ended June 30, 2015d | | ||||||||||||||||||
| Net asset value at beginning of period | | | | $ | 16.60 | | | | | $ | 21.63 | | | | | $ | 21.63 | | | | | $ | 18.28 | | | | | $ | 19.35 | | | | | $ | 20.00 | | |
| Income (loss) from investment operations | | ||||||||||||||||||||||||||||||||||||
| Net investment incomeb | | | | | .14 | | | | | | .23 | | | | | | .11 | | | | | | .24 | | | | | | .24 | | | | | | .25 | | |
| Net realized and unrealized gains (losses) on investments | | | | | 3.11 | | | | | | (3.71) | | | | | | 1.83 | | | | | | 3.33 | | | | | | (.88) | | | | | | (.54) | | |
| Total from investment operations | | | | | 3.25 | | | | | | (3.48) | | | | | | 1.94 | | | | | | 3.57 | | | | | | (.64) | | | | | | (.29) | | |
| Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distribution from net realized gains on investments | | | | | — | | | | | | (1.49) | | | | | | (1.80) | | | | | | (.01) | | | | | | (.30) | | | | | | (.22) | | |
| Dividends from net investment income | | | | | (.16) | | | | | | (.06) | | | | | | (.14) | | | | | | (.21) | | | | | | (.13) | | | | | | (.14) | | |
| Total dividends and distributions | | | | | (.16) | | | | | | (1.55) | | | | | | (1.94) | | | | | | (.22) | | | | | | (.43) | | | | | | (.36) | | |
| Net asset value at end of period | | | | $ | 19.69 | | | | | $ | 16.60 | | | | | $ | 21.63 | | | | | $ | 21.63 | | | | | $ | 18.28 | | | | | $ | 19.35 | | |
| Total Return (%) | | | | | 19.56 | | | | | | (16.45) | | | | | | 9.48f | | | | | | 19.50 | | | | | | (3.08) | | | | | | (1.43) | | |
| Ratio/Supplemental Data | | ||||||||||||||||||||||||||||||||||||
| Net Assets at end of period (in thousands) | | | | $ | 26,155 | | | | | $ | 26,980 | | | | | $ | 41,138 | | | | | $ | 34,548 | | | | | $ | 29,642 | | | | | $ | 29,536 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.49 | | | | | | 1.29 | | | | | | 1.97e | | | | | | 2.00 | | | | | | 2.03 | | | | | | 2.01 | | |
| Ratio of net expenses to average net assets (%)c | | | | | 1.30 | | | | | | 1.29 | | | | | | 1.30e | | | | | | 1.30 | | | | | | 1.30 | | | | | | 1.30 | | |
| Ratio of net investment Income to average net assets (%) | | | | | .75 | | | | | | 1.10 | | | | | | 1.05e | | | | | | 1.15 | | | | | | 1.37 | | | | | | 1.26 | | |
| Portfolio turnover rate (%) | | | | | 68 | | | | | | 54 | | | | | | 35f | | | | | | 76 | | | | | | 62 | | | | | | 70 | | |
| Investor Class | | | Global Opportunities Fund | | |||||||||||||||||||||||||||
| | | | Years Ended December 31, | | |||||||||||||||||||||||||||
| | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
| Net asset value at beginning of year | | | | $ | 19.75 | | | | | $ | 28.36 | | | | | $ | 24.13 | | | | | $ | 24.78 | | | | | $ | 25.72 | | |
| Income (loss) from investment operations | | ||||||||||||||||||||||||||||||
| Net investment lossa | | | | | (.24) | | | | | | (.20) | | | | | | (.19) | | | | | | (.24) | | | | | | (.27) | | |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | | | | | 5.31 | | | | | | (7.09) | | | | | | 8.21 | | | | | | (.14) | | | | | | 2.86 | | |
| Total from investment operations | | | | | 5.07 | | | | | | (7.29) | | | | | | 8.02 | | | | | | (.38) | | | | | | 2.59 | | |
| Redemption feesa | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | .02 | | |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distribution from net realized gains on investments | | | | | — | | | | | | (1.32) | | | | | | (3.79) | | | | | | (.27) | | | | | | (3.55) | | |
| Net asset value at end of year | | | | $ | 24.82 | | | | | $ | 19.75 | | | | | $ | 28.36 | | | | | $ | 24.13 | | | | | $ | 24.78 | | |
| Total Return (%) | | | | | 25.67 | | | | | | (25.66) | | | | | | 33.30 | | | | | | (1.54) | | | | | | 10.02 | | |
| Ratio/Supplemental Data | | ||||||||||||||||||||||||||||||
| Net Assets at end of year (in thousands) | | | | $ | 32,004 | | | | | $ | 28,847 | | | | | $ | 47,856 | | | | | $ | 44,604 | | | | | $ | 56,848 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.58 | | | | | | 1.52 | | | | | | 1.52 | | | | | | 1.59 | | | | | | 1.51 | | |
| Ratio of net expenses to average net assets (%)b | | | | | 1.55 | | | | | | 1.50 | | | | | | 1.50 | | | | | | 1.59 | | | | | | 1.51 | | |
| Ratio of net investment loss to average net assets (%) | | | | | (1.07) | | | | | | (.72) | | | | | | (.67) | | | | | | (.99) | | | | | | (.95) | | |
| Portfolio turnover rate (%) | | | | | 120 | | | | | | 155 | | | | | | 137 | | | | | | 126 | | | | | | 200 | | |
| Institutional Class | | | Global Opportunities Fund | | |||||||||||||||
| | | | Years Ended December 31, | | | Period Ended December 31, | | ||||||||||||
| | | | 2019 | | | 2018 | | | 2017a | | |||||||||
| Net asset value at beginning of period | | | | $ | 19.84 | | | | | $ | 28.41 | | | | | $ | 27.42 | | |
| Income (loss) from investment operations | | ||||||||||||||||||
| Net investment lossb | | | | | (.18) | | | | | | (.13) | | | | | | (.12) | | |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | | | | | 5.33 | | | | | | (7.12) | | | | | | 4.90 | | |
| Total from investment operations | | | | | 5.15 | | | | | | (7.25) | | | | | | 4.78 | | |
| Redemption Feesb | | | | | — | | | | | | — | | | | | | — | | |
| Less distributions: | | | | | | | | | | | | | | | | | | | |
| Distribution from net realized gains on investments | | | | | — | | | | | | (1.32) | | | | | | (3.79) | | |
| Net asset value at end of period | | | | $ | 24.99 | | | | | $ | 19.84 | | | | | $ | 28.41 | | |
| Total Return (%) | | | | | 25.96 | | | | | | (25.48) | | | | | | 17.49e | | |
| Ratio/Supplemental Data | | ||||||||||||||||||
| Net Assets at end of period (in thousands) | | | | $ | 10,644 | | | | | $ | 8,937 | | | | | $ | 7,919 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.33 | | | | | | 1.28 | | | | | | 1.20d | | |
| Ratio of net expenses to average net assets (%)c | | | | | 1.30 | | | | | | 1.25 | | | | | | 1.18d | | |
| Ratio of net investment loss to average net assets (%) | | | | | (.78) | | | | | | (.49) | | | | | | (.59)d | | |
| Portfolio turnover rate (%) | | | | | 120 | | | | | | 155 | | | | | | 137e | | |
| Investor Class | | | China Opportunities Fund | | |||||||||||||||||||||||||||
| | | | Years Ended December 31, | | |||||||||||||||||||||||||||
| | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
| Net asset value at beginning of year | | | | $ | 9.35 | | | | | $ | 15.95 | | | | | $ | 10.94 | | | | | $ | 12.15 | | | | | $ | 13.79 | | |
| Income (loss) from investment operations | | ||||||||||||||||||||||||||||||
| Net investment lossa | | | | | (.09) | | | | | | (.10) | | | | | | (.06) | | | | | | (.11) | | | | | | (.09) | | |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies | | | | | 3.47 | | | | | | (4.06) | | | | | | 6.07 | | | | | | (1.01) | | | | | | (.22) | | |
| Total from investment operations | | | | | 3.38 | | | | | | (4.16) | | | | | | 6.01 | | | | | | (1.12) | | | | | | (.31) | | |
| Redemption Feesa | | | | | .02 | | | | | | — | | | | | | — | | | | | | — | | | | | | .01 | | |
| Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distribution from net realized gains on investments | | | | | (.42) | | | | | | (2.44) | | | | | | (.98) | | | | | | (.09) | | | | | | (1.34) | | |
| Dividends from net investment income | | | | | — | | | | | | — | | | | | | (.02) | | | | | | — | | | | | | — | | |
| Total dividends and distributions | | | | | (.42) | | | | | | (2.44) | | | | | | (1.00) | | | | | | (.09) | | | | | | (1.34) | | |
| Net asset value at end of year | | | | $ | 12.33 | | | | | $ | 9.35 | | | | | $ | 15.95 | | | | | $ | 10.94 | | | | | $ | 12.15 | | |
| Total Return (%) | | | | | 36.33 | | | | | | (26.01) | | | | | | 55.05 | | | | | | (9.22) | | | | | | (2.20) | | |
| Ratio/Supplemental Data | | ||||||||||||||||||||||||||||||
| Net Assets at end of year (in thousands) | | | | $ | 75,487 | | | | | $ | 60,844 | | | | | $ | 107,190 | | | | | $ | 91,197 | | | | | $ | 113,287 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.95 | | | | | | 1.91 | | | | | | 1.92 | | | | | | 1.99 | | | | | | 1.95 | | |
| Ratio of net expenses to average net assets (%)b | | | | | 1.84 | | | | | | 1.86 | | | | | | 1.91 | | | | | | 1.98 | | | | | | 1.95 | | |
| Ratio of net investment loss to average net assets (%) | | | | | (.77) | | | | | | (.68) | | | | | | (.38) | | | | | | (.93) | | | | | | (.61) | | |
| Portfolio turnover rate (%) | | | | | 184 | | | | | | 85 | | | | | | 97 | | | | | | 125 | | | | | | 81 | | |
| Institutional Class | | | China Opportunities Fund | | |||||||||||||||
| | | | Years Ended December 31, | | | Period Ended December 31, | | ||||||||||||
| | | | 2019 | | | 2018 | | | 2017a | | |||||||||
| Net asset value at beginning of period | | | | $ | 9.36 | | | | | $ | 15.93 | | | | | $ | 12.78 | | |
| Income (loss) from investment operations | | ||||||||||||||||||
| Net investment lossb | | | | | (.07) | | | | | | (.06) | | | | | | (.01) | | |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies | | | | | 3.50 | | | | | | (4.07) | | | | | | 4.19 | | |
| Total from investment operations | | | | | 3.43 | | | | | | (4.13) | | | | | | 4.18 | | |
| Redemption feesb | | | | | .02 | | | | | | — | | | | | | — | | |
| Less dividends and distributions: | | | | | | | | | | | | | | | | | | | |
| Distribution from net realized gains on investments | | | | | (.42) | | | | | | (2.44) | | | | | | (.98) | | |
| Dividends from net investment income | | | | | — | | | | | | — | | | | | | (.05) | | |
| Total dividends and distributions | | | | | (.42) | | | | | | (2.44) | | | | | | (1.03) | | |
| Net asset value at end of period | | | | $ | 12.39 | | | | | $ | 9.36 | | | | | $ | 15.93 | | |
| Total return (%) | | | | | 36.82 | | | | | | (25.85) | | | | | | 32.87e | | |
| Ratio/Supplemental Data | | ||||||||||||||||||
| Net Assets at end of period (in thousands) | | | | $ | 14,301 | | | | | $ | 10,998 | | | | | $ | 14,087 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.70 | | | | | | 1.65 | | | | | | 1.60d | | |
| Ratio of net expenses to average net assets (%)c | | | | | 1.59 | | | | | | 1.61 | | | | | | 1.59d | | |
| Ratio of net investment loss to average net assets (%) | | | | | (.55) | | | | | | (.42) | | | | | | (.12)d | | |
| Portfolio turnover rate (%) | | | | | 184 | | | | | | 85 | | | | | | 97 | | |
| Investor Class | | | International Opportunities Fund | | |||||||||||||||||||||||||||
| | | | Years Ended December 31, | | |||||||||||||||||||||||||||
| | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
| Net asset value at beginning of year | | | | $ | 16.01 | | | | | $ | 25.49 | | | | | $ | 20.19 | | | | | $ | 21.33 | | | | | $ | 18.56 | | |
| Income (loss) from investment operations | | ||||||||||||||||||||||||||||||
| Net investment income (loss)a | | | | | (.03) | | | | | | (.04) | | | | | | (.04) | | | | | | .01 | | | | | | .01 | | |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies | | | | | 3.69 | | | | | | (6.30) | | | | | | 8.26 | | | | | | (1.15) | | | | | | 2.79 | | |
| Total from investment operations | | | | | 3.66 | | | | | | (6.34) | | | | | | 8.22 | | | | | | (1.14) | | | | | | 2.80 | | |
| Redemption Feesa | | | | | — | | | | | | — | | | | | | — | | | | | | .01 | | | | | | .01 | | |
| Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distribution from net realized gains on investments | | | | | — | | | | | | (3.10) | | | | | | (2.85) | | | | | | — | | | | | | — | | |
| Dividends from net investment income | | | | | (.24) | | | | | | (.04) | | | | | | (.07) | | | | | | (.01) | | | | | | (.04) | | |
| Total dividends and distributions | | | | | (.24) | | | | | | (3.14) | | | | | | (2.92) | | | | | | (.01) | | | | | | (.04) | | |
| Net asset value at end of year | | | | $ | 19.43 | | | | | $ | 16.01 | | | | | $ | 25.49 | | | | | $ | 20.19 | | | | | $ | 21.33 | | |
| Total return (%) | | | | | 22.85 | | | | | | (24.73) | | | | | | 40.77 | | | | | | (5.28) | | | | | | 15.14 | | |
| Ratio/Supplemental Data | | ||||||||||||||||||||||||||||||
| Net Assets at end of year (in thousands) | | | | $ | 324,254 | | | | | $ | 498,164 | | | | | $ | 905,392 | | | | | $ | 708,514 | | | | | $ | 739,142 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.82 | | | | | | 1.77 | | | | | | 1.79 | | | | | | 1.82 | | | | | | 1.85 | | |
| Ratio of net expenses to average net assets (%)(b) | | | | | 1.60 | | | | | | 1.60 | | | | | | 1.60 | | | | | | 1.60 | | | | | | 1.60 | | |
| Ratio of net investment income (loss) to average net assets (%) | | | | | (.19) | | | | | | (.16) | | | | | | (.18) | | | | | | .05 | | | | | | .05 | | |
| Portfolio turnover rate (%) | | | | | 142 | | | | | | 145 | | | | | | 153 | | | | | | 139 | | | | | | 214 | | |
| Investor Class | | | Emerging Markets Fund | | |||||||||
| | | | Year Ended December 31, 2019 | | | Period Ended December 31, 2018a | | ||||||
| Net asset value at beginning of period | | | | $ | 7.89 | | | | | $ | 10.00 | | |
| Income (loss) from investment operations | | ||||||||||||
| Net investment lossb | | | | | (.02) | | | | | | (.01) | | |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies | | | | | 1.80 | | | | | | (2.10) | | |
| Total from investment operations | | | | | 1.78 | | | | | | (2.11) | | |
| Redemption Feesb | | | | | — | | | | | | — | | |
| Net asset value at end of period | | | | $ | 9.67 | | | | | $ | 7.89 | | |
| Total Return (%) | | | | | 22.56 | | | | | | (21.10)e | | |
| Ratio/Supplemental Data | | ||||||||||||
| Net Assets at end of period (in thousands) | | | | $ | 587 | | | | | $ | 426 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 3.86 | | | | | | 3.99d | | |
| Ratio of net expenses to average net assets (%)c | | | | | 1.75 | | | | | | 1.75d | | |
| Ratio of net investment loss to average net assets (%) | | | | | (.21) | | | | | | (.15)d | | |
| Portfolio turnover rate (%) | | | | | 153 | | | | | | 111 e | | |
| Institutional Class | | | Emerging Markets Fund | | |||||||||
| | | | Year Ended December 31, 2019 | | | Period Ended December 31, 2018a | | ||||||
| Net asset value at beginning of period | | | | $ | 7.90 | | | | | $ | 10.00 | | |
| Income (loss) from investment operations | | ||||||||||||
| Net investment incomeb | | | | | — | | | | | | .01 | | |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies | | | | | 1.81 | | | | | | (2.11) | | |
| Total from investment operations | | | | | 1.81 | | | | | | (2.10) | | |
| Redemption Feesb | | | | | — | | | | | | — | | |
| Net asset value at end of period | | | | $ | 9.71 | | | | | $ | 7.90 | | |
| Total Return (%) | | | | | 22.91 | | | | | | (21.00)e | | |
| Ratio/Supplemental Data | | ||||||||||||
| Net Assets at end of period (in thousands) | | | | $ | 7,382 | | | | | $ | 6,012 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 3.61 | | | | | | 3.74d | | |
| Ratio of net expenses to average net assets (%)c | | | | | 1.50 | | | | | | 1.50d | | |
| Ratio of net investment Income (loss) to average net assets (%) | | | | | — | | | | | | .10d | | |
| Portfolio turnover rate (%) | | | | | 153 | | | | | | 111e | | |
and the Shareholders of Oberweis Micro-Cap Fund, Oberweis Small-Cap Opportunities Fund, Oberweis Small-Cap Value Fund, Oberweis Global Opportunities Fund, Oberweis China Opportunities Fund, Oberweis International Opportunities Fund, and Oberweis Emerging Markets Fund
| | | Financial Highlights | |
Investor Class: Micro-Cap Fund Small-Cap Opportunities Fund Global Opportunities Fund China Opportunities Fund International Opportunities Fund | | | For each of the years in the four-year period ended December 31, 2019 | |
Investor Class: Small-Cap Value Fund Emerging Markets Fund | | | For the year ended December 31, 2019 and for the period May 1, 2018 (commencement of operations) to December 31, 2018 | |
FIRM (continued)
| | | Financial Highlights | |
Institutional Class: Micro-Cap Fund Small-Cap Opportunities Fund Global Opportunities Fund China Opportunities Fund | | | For each of the years in the two-year period ended December 31, 2019 and for the period May 1, 2017 (commencement of operations) to December 31, 2017 | |
Institutional Class: Small-Cap Value Fund Emerging Markets Fund | | | For each of the years in the two-year period ended December 31, 2019 and for the period July 1, 2017 to December 31, 2017 For the year ended December 31, 2019 and for the period May 1, 2018 (commencement of operations) to December 31, 2018 | |
February 27, 2020
| Name, Address and Age | | | Position Held with Fund | | | Term of Office and Length of Time Served | |
| NONINTERESTED TRUSTEES | | ||||||
| Katherine Smith Dedrick (62) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Trustee | | | Trustee since November, 20041 | |
| Gary D. McDaniel (71) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Trustee | | | Trustee since April, 20041 | |
| James G. Schmidt (72) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Trustee | | | Trustee since December, 20031 | |
| INTERESTED TRUSTEES | | ||||||
| James D. Oberweis (73) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Trustee2 | | | Trustee since July, 19861 | |
| James W. Oberweis (45) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | President | | | Officer since August, 19963 | |
| Patrick B. Joyce (60) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Executive Vice President Chief Compliance Officer and Treasurer | | | Officer since October, 19943 | |
| David I. Covas (44) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Vice President | | | Officer since August, 20043 | |
| Kenneth S. Farsalas (49) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Vice President | | | Officer since August, 20093 | |
| Eric V. Hannemann (46) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Secretary | | | Officer since August, 20053 | |
| Principal Occupation Last Five Years | | | Number of Portfolios Overseen by Trustee | | | Other Directorships | |
| | |||||||
| President – Smith Dedrick Properties, Inc., 2016 to present; President – KSD Law P.C., 2015 to present; President – KSD Global Consulting, Inc., 2015 to present; Executive Committee Member, Risk Worldwide NZ Ltd., 2011 to 2016; President – Aggressive Publishing, Inc., 2010 to present; Member – Risk Worldwide LLC, 2007 to 2016; Partner – Childress Duffy, Ltd., 2007 to 2015. | | | 8 | | | None | |
| | | | 8 | | | None | |
| Senior Vice President and Chief Financial Officer – Federal Heath Sign Co., May 2003 to December 2019. | | | 8 | | | None | |
| | |||||||
| Illinois State Senator, January 2013 to present; Chairman – Oberweis Dairy, Inc. December, 1986 to present. | | | 8 | | | None | |
| President – Oberweis Asset Management, Inc., September, 2001 to present; Portfolio Manager from December, 1995 to present; President and Director – Oberweis Securities, Inc., September, 1996 to present. | | | Not Applicable | | | None | |
| Executive Vice President, Secretary and Director – Oberweis Asset Management, Inc., September, 1994 to present; Executive Vice President and Director – Oberweis Securities, Inc. September, 1996 to present. | | | Not Applicable | | | None | |
| Vice President – Oberweis Asset Management, Inc., September, 2003 to present. | | | Not Applicable | | | None | |
| Vice President – Oberweis Asset Management, Inc., November 2004 to present. | | | Not Applicable | | | None | |
| Vice President of Accounting – Oberweis Asset Management, Inc. and Oberweis Securities, Inc., June, 2004 to present. | | | Not Applicable | | | None | |
| | | Foreign Source Income | | | Foreign Taxes Paid | | ||||||
China Opportunities Fund | | | | $ | 0.1279 | | | | | $ | 0.0054 | | |
Emerging Markets Fund | | | | $ | 0.1615 | | | | | $ | 0.0212 | | |
International Opportunities Fund | | | | $ | 0.3893 | | | | | $ | 0.0345 | | |
| | | | Beginning Account Value 7/1/19 | | | Ending Account Value 12/31/19 | | | Expenses Paid During Period 7/1/19 – 12/31/19 | | | Expense Ratio During Period 7/1/19 – 12/31/19 | | ||||||||||||
| MICRO-CAP FUND | | ||||||||||||||||||||||||
| Investor Class | | | | | | ||||||||||||||||||||
| Actual | | | | $ | 1,000.00 | | | | | $ | 985.05 | | | | | $ | 7.91 | | | | | | 1.58% | | |
| Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,017.24 | | | | | $ | 8.03 | | | | | | 1.58% | | |
| Institutional Class | | | | | | ||||||||||||||||||||
| Actual | | | | $ | 1,000.00 | | | | | $ | 986.01 | | | | | $ | 6.61 | | | | | | 1.32% | | |
| Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,018.55 | | | | | $ | 6.72 | | | | | | 1.32% | | |
| SMALL-CAP OPPORTUNITIES FUND | | ||||||||||||||||||||||||
| Investor Class | | | | | | ||||||||||||||||||||
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,037.61 | | | | | $ | 7.96 | | | | | | 1.55% | | |
| Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,017.39 | | | | | $ | 7.88 | | | | | | 1.55% | | |
| Institutional Class | | | | | | ||||||||||||||||||||
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,038.71 | | | | | $ | 6.68 | | | | | | 1.30% | | |
| Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,018.65 | | | | | $ | 6.61 | | | | | | 1.30% | | |
| SMALL-CAP VALUE FUND | | ||||||||||||||||||||||||
| Investor Class | | | | | | ||||||||||||||||||||
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,064.78 | | | | | $ | 8.07 | | | | | | 1.55% | | |
| Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,017.39 | | | | | $ | 7.88 | | | | | | 1.55% | | |
| Institutional Class | | | | | | ||||||||||||||||||||
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,065.87 | | | | | $ | 6.77 | | | | | | 1.30% | | |
| Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,018.70 | | | | | $ | 6.62 | | | | | | 1.30% | | |
| GLOBAL OPPORTUNITIES FUND | | ||||||||||||||||||||||||
| Investor Class | | | | | | ||||||||||||||||||||
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,047.26 | | | | | $ | 8.00 | | | | | | 1.55% | | |
| Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,017.64 | | | | | $ | 7.88 | | | | | | 1.55% | | |
| Institutional Class | | | | | | ||||||||||||||||||||
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,048.68 | | | | | $ | 6.71 | | | | | | 1.30% | | |
| Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,018.90 | | | | | $ | 6.62 | | | | | | 1.30% | | |
| | | | Beginning Account Value 7/1/19 | | | Ending Account Value 12/31/19 | | | Expenses Paid During Period 7/1/19 – 12/31/19 | | | Expense Ratio During Period 7/1/19 – 12/31/19 | | ||||||||||||
| CHINA OPPORTUNITIES FUND | | ||||||||||||||||||||||||
| Investor Class | | | | | | ||||||||||||||||||||
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,122.05 | | | | | $ | 9.84 | | | | | | 1.84% | | |
| Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,015.83 | | | | | $ | 9.35 | | | | | | 1.84% | | |
| Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | |
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,123.38 | | | | | $ | 8.51 | | | | | | 1.59% | | |
| Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,017.09 | | | | | $ | 8.08 | | | | | | 1.59% | | |
| INTERNATIONAL OPPORTUNITIES FUND | | ||||||||||||||||||||||||
| Investor Class | | | | | | ||||||||||||||||||||
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,030.32 | | | | | $ | 8.19 | | | | | | 1.60% | | |
| Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,017.14 | | | | | $ | 8.13 | | | | | | 1.60% | | |
| EMERGING MARKETS FUND | | ||||||||||||||||||||||||
| Investor Class | | | | | | ||||||||||||||||||||
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,066.15 | | | | | $ | 9.11 | | | | | | 1.75% | | |
| Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,016.38 | | | | | $ | 8.89 | | | | | | 1.75% | | |
| Institutional Class | | | | | | ||||||||||||||||||||
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,067.03 | | | | | $ | 7.82 | | | | | | 1.50% | | |
| Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,017.64 | | | | | $ | 7.63 | | | | | | 1.50% | | |
Trustee
Trustee
President
Vice President
Vice President
Trustee
Trustee
Executive Vice President
Chief Compliance Officer
Treasurer
3333 Warrenville Road, Suite 500, Lisle, IL 60532
800-323-6166
oberweisfunds.com
3333 Warrenville Road, Suite 500, Lisle, IL 60532
630-577-2300
oberweisfunds.com
928 Grand Blvd., Kansas City, MO 64106
P.O. Box 711, Milwaukee, WI 53201-0711
800-245-7311
222 North LaSalle Street, Chicago, IL 60601
1835 Market Street, Philadelphia, PA 19103
Small-Cap Opportunities Fund
Small-Cap Value Fund
Global Opportunities Fund
China Opportunities Fund
International Opportunities Fund
Emerging Markets Fund
| | | | ||
| James W. Oberweis, CFA President | | | Ralf Scherschmidt Portfolio Manager | |
Institutional Fund
| Asset Allocation (% of Net Assets) | | ||||||
| Equities | | | | | 99.6 | | |
| Other Assets less Liabilities | | | | | 0.4 | | |
| Top Ten Holdings (% of Net Assets) | | ||||||
| Sushiro Global Hldgs. Ltd. | | | | | 4.6 | | |
| Intermediate Capital Group PLC | | | | | 3.6 | | |
| Evolution Gaming Group AB | | | | | 3.6 | | |
| Future PLC | | | | | 3.5 | | |
| Afterpay Touch Group Ltd. | | | | | 3.4 | | |
| Kobe Bussan Co. Ltd. | | | | | 3.1 | | |
| Evolution Mining Ltd. | | | | | 3.0 | | |
| Air Canada | | | | | 2.5 | | |
| JD Sports Fashion PLC | | | | | 2.4 | | |
| VAT Group AG | | | | | 2.2 | | |
| Top Ten Industries (% of Net Assets) | | ||||||
| Capital Markets | | | | | 8.6 | | |
| Hotels, Restaurants & Leisure | | | | | 8.2 | | |
| Information Technology Services | | | | | 7.6 | | |
| Machinery | | | | | 6.8 | | |
| Media | | | | | 5.1 | | |
| Food & Staples Retailing | | | | | 4.7 | | |
| Software | | | | | 4.7 | | |
| Semiconductor & Semiconductor Equipment | | | | | 4.5 | | |
| Metals & Mining | | | | | 4.2 | | |
| Professional Services | | | | | 3.5 | | |
| | | | 1 YR (%) | | | 5 YR (%) | | | SINCE INCEPTION2 (%) | | | EXPENSE RATIO3 (%) | | ||||||||||||
| OBIIX | | | | | 23.50 | | | | | | 7.70 | | | | | | 4.66 | | | | | | 1.08 | | |
| MSCI World Ex-US Small Cap Growth Index | | | | | 28.04 | | | | | | 9.40 | | | | | | 6.46 | | | | | | | | |
| | | SHARES | | | VALUE | | ||||||
Equities – 99.6% | | | | | | | | | | | | | |
Australia – 11.5% | | | | | | | | | | | | | |
Afterpay Touch Group Ltd.* | | | | | 1,606,215 | | | | | $ | 33,003,491 | | |
Altium Ltd. | | | | | 397,020 | | | | | | 9,673,357 | | |
Austal Ltd. | | | | | 3,208,138 | | | | | | 8,600,061 | | |
Avita Medical Ltd.* | | | | | 13,141,079 | | | | | | 5,948,067 | | |
EML Payments Ltd.* | | | | | 296,361 | | | | | | 944,196 | | |
Evolution Mining Ltd. | | | | | 10,705,086 | | | | | | 28,546,896 | | |
James Hardie Industries PLC | | | | | 535,000 | | | | | | 10,463,474 | | |
Nearmap Ltd.* | | | | | 7,919,449 | | | | | | 14,116,071 | | |
| | | | | | | | | | | 111,295,613 | | |
Belgium – 1.7% | | | | | | | | | | | | | |
Barco NV | | | | | 67,080 | | | | | | 16,478,430 | | |
Canada – 16.4% | | | | | | | | | | | | | |
Air Canada* | | | | | 642,600 | | | | | | 24,004,717 | | |
Altus Group Ltd. | | | | | 322,700 | | | | | | 9,432,999 | | |
ATS Automation Tooling Systems, Inc.* | | | | | 975,000 | | | | | | 16,089,828 | | |
BRP, Inc. | | | | | 228,035 | | | | | | 10,388,534 | | |
Cogeco Communications, Inc. | | | | | 179,500 | | | | | | 15,647,158 | | |
Element Fleet Management Corp. | | | | | 2,231,600 | | | | | | 19,057,788 | | |
Equitable Group, Inc. | | | | | 91,200 | | | | | | 7,679,593 | | |
Genworth MI Canada, Inc. | | | | | 301,600 | | | | | | 13,196,452 | | |
Gibson Energy, Inc. | | | | | 365,300 | | | | | | 7,479,845 | | |
Home Capital Group, Inc.* | | | | | 390,200 | | | | | | 9,903,736 | | |
Parex Resources, Inc.* | | | | | 388,200 | | | | | | 7,219,336 | | |
Parkland Fuel Corp. | | | | | 261,400 | | | | | | 9,603,722 | | |
Real Matters, Inc.* | | | | | 518,600 | | | | | | 4,920,031 | | |
Trulieve Cannabis Corp.* | | | | | 341,600 | | | | | | 4,043,117 | | |
| | | | | | | | | | | 158,666,856 | | |
China – 1.3% | | | | | | | | | | | | | |
Yihai International Hldg. Ltd. | | | | | 2,165,000 | | | | | | 12,697,214 | | |
Denmark – 0.1% | | | | | | | | | | | | | |
Royal Unibrew A/S* | | | | | 10,800 | | | | | | 989,259 | | |
Finland – 1.9% | | | | | | | | | | | | | |
Valmet Oyj* | | | | | 769,200 | | | | | | 18,445,442 | | |
|
| | | SHARES | | | VALUE | | ||||||
France – 4.3% | | | | | | | | | | | | | |
Euronext NV* | | | | | 11,800 | | | | | $ | 961,604 | | |
Rexel SA | | | | | 538,500 | | | | | | 7,154,832 | | |
Rubis SCA* | | | | | 54,743 | | | | | | 3,361,951 | | |
SOITEC SA* | | | | | 164,474 | | | | | | 17,286,835 | | |
SPIE SA | | | | | 492,700 | | | | | | 10,036,379 | | |
Trigano SA* | | | | | 22,800 | | | | | | 2,406,596 | | |
| | | | | | | | | | | 41,208,197 | | |
Germany – 3.9% | | | | | | | | | | | | | |
Aurelius Equity Opportunities SE | | | | | 289,000 | | | | | | 12,636,448 | | |
CTS Eventim AG* | | | | | 154,100 | | | | | | 9,668,785 | | |
KION Group AG* | | | | | 145,500 | | | | | | 10,005,700 | | |
Varta AG* | | | | | 40,900 | | | | | | 5,544,714 | | |
| | | | | | | | | | | 37,855,647 | | |
Hong Kong – 0.6% | | | | | | | | | | | | | |
Nissin Foods Co. Ltd.* | | | | | 6,893,000 | | | | | | 5,475,620 | | |
Israel – 1.1% | | | | | | | | | | | | | |
AudioCodes Ltd.* | | | | | 400,787 | | | | | | 10,296,218 | | |
Italy – 1.1% | | | | | | | | | | | | | |
DiaSorin SpA* | | | | | 31,729 | | | | | | 4,109,178 | | |
El.En. SpA* | | | | | 30,100 | | | | | | 1,115,540 | | |
Leonardo SpA | | | | | 463,185 | | | | | | 5,431,968 | | |
| | | | | | | | | | | 10,656,686 | | |
Japan – 23.1% | | | | | | | | | | | | | |
Ariake Japan Co. Ltd. | | | | | 26,900 | | | | | | 1,999,484 | | |
BayCurrent Consulting, Inc. | | | | | 253,000 | | | | | | 12,916,680 | | |
Disco Corp.* | | | | | 81,400 | | | | | | 19,114,763 | | |
Fancl Corp. | | | | | 275,800 | | | | | | 7,342,987 | | |
Kobe Bussan Co. Ltd. | | | | | 857,500 | | | | | | 29,501,618 | | |
Kusuri no Aoki Hldgs. Co. Ltd. | | | | | 178,600 | | | | | | 11,183,023 | | |
Lasertec Corp. | | | | | 53,600 | | | | | | 2,718,325 | | |
M&A Capital Partners Co. Ltd.* | | | | | 498,300 | | | | | | 20,175,462 | | |
Net One Systems Co. Ltd. | | | | | 502,300 | | | | | | 12,824,804 | | |
Nihon Unisys Ltd. | | | | | 501,900 | | | | | | 15,744,101 | | |
Open House Co. Ltd.* | | | | | 546,800 | | | | | | 15,634,440 | | |
Rakus Co. Ltd.* | | | | | 800,000 | | | | | | 14,665,868 | | |
SCSK Corp.* | | | | | 207,800 | | | | | | 10,775,337 | | |
Sushiro Global Hldgs. Ltd. | | | | | 511,700 | | | | | | 44,066,685 | | |
Tsuruha Hldgs., Inc.* | | | | | 37,900 | | | | | | 4,866,285 | | |
| | | | | | | | | | | 223,529,862 | | |
| | | SHARES | | | VALUE | | ||||||
Netherlands – 2.4% | | | | | | | | | | | | | |
ASM International NV | | | | | 37,773 | | | | | $ | 4,243,372 | | |
Constellium SE* | | | | | 879,325 | | | | | | 11,782,955 | | |
SBM Offshore NV | | | | | 395,265 | | | | | | 7,355,520 | | |
| | | | | | | | | | | 23,381,847 | | |
Singapore – 0.1% | | | | | | | | | | | | | |
Singapore Exchange Ltd. | | | | | 218,500 | | | | | | 1,439,013 | | |
Sweden – 5.3% | | | | | | | | | | | | | |
Evolution Gaming Group AB | | | | | 1,156,047 | | | | | | 34,888,270 | | |
Sinch AB* | | | | | 79,417 | | | | | | 2,429,212 | | |
Sweco AB* | | | | | 135,864 | | | | | | 5,237,902 | | |
Tele2 AB | | | | | 581,535 | | | | | | 8,440,379 | | |
| | | | | | | | | | | 50,995,763 | | |
Switzerland – 2.2% | | | | | | | | | | | | | |
VAT Group AG* | | | | | 124,300 | | | | | | 20,970,250 | | |
United Kingdom – 22.6% | | | | | | | | | | | | | |
ASOS PLC* | | | | | 17,189 | | | | | | 768,029 | | |
Blue Prism Group PLC* | | | | | 301,500 | | | | | | 4,525,096 | | |
boohoo Group PLC* | | | | | 1,148,700 | | | | | | 4,533,021 | | |
Burford Capital Ltd. | | | | | 1,343,667 | | | | | | 12,673,081 | | |
Capita PLC* | | | | | 8,559,521 | | | | | | 18,606,668 | | |
ConvaTec Group PLC | | | | | 3,555,526 | | | | | | 9,346,856 | | |
Dunelm Group PLC* | | | | | 511,800 | | | | | | 7,837,340 | | |
Fevertree Drinks PLC | | | | | 93,200 | | | | | | 2,584,019 | | |
Future PLC | | | | | 1,749,766 | | | | | | 33,609,229 | | |
Games Workshop Group PLC | | | | | 220,512 | | | | | | 17,833,167 | | |
Hays PLC* | | | | | 1,016,100 | | | | | | 2,444,347 | | |
HomeServe PLC | | | | | 209,600 | | | | | | 3,509,530 | | |
Howden Joinery Group PLC | | | | | 637,000 | | | | | | 5,675,536 | | |
Intermediate Capital Group PLC | | | | | 1,639,557 | | | | | | 34,967,370 | | |
JD Sports Fashion PLC | | | | | 2,134,600 | | | | | | 23,678,819 | | |
Nomad Foods Ltd.* | | | | | 349,986 | | | | | | 7,829,188 | | |
Serco Group PLC* | | | | | 6,315,800 | | | | | | 13,545,213 | | |
Spirent Communications PLC | | | | | 4,431,100 | | | | | | 14,762,508 | | |
| | | | | | | | | | | 218,729,017 | | |
Total Equities | | | | | | | | | | | | | |
(Cost: $797,847,722) | | | | | | | | | | $ | 963,110,934 | | |
Total Investments – 99.6% | | | | | | | | | | | | | |
(Cost: $797,847,722) | | | | | | | | | | $ | 963,110,934 | | |
Other Assets Less Liabilities – 0.4% | | | | | | | | | | | 4,007,650 | | |
Net Assets – 100% | | | | | | | | | | $ | 967,118,584 | | |
|
| Communication Services | | | | | 7.0% | | |
| Consumer Discretionary | | | | | 15.6% | | |
| Consumer Staples | | | | | 8.7% | | |
| Energy | | | | | 3.3% | | |
| Financials | | | | | 13.7% | | |
| Health Care | | | | | 1.9% | | |
| Industrials | | | | | 19.5% | | |
| Information Technology | | | | | 21.0% | | |
| Materials | | | | | 5.3% | | |
| Real Estate | | | | | 2.6% | | |
| Utilities | | | | | 1.0% | | |
| Assets: | | ||||||
| Investment securities at value(a) | | | | $ | 963,110,934 | | |
| Cash | | | | | 30,963 | | |
| Foreign currency(b) | | | | | 119,525 | | |
| Receivable from securities sold | | | | | 3,051,157 | | |
| Receivable from Fund shares sold | | | | | 178,757 | | |
| Dividends and interest receivable | | | | | 1,970,600 | | |
| Prepaid expenses | | | | | 85,140 | | |
| Total Assets | | | | | 968,547,076 | | |
| Liabilities: | | ||||||
| Payable for Fund shares redeemed | | | | | 210,332 | | |
| Payable for securities purchased | | | | | 265,782 | | |
| Payable to Advisor (see note 3) | | | | | 855,517 | | |
| Accrued expenses | | | | | 96,861 | | |
| Total Liabilities | | | | | 1,428,492 | | |
| Net Assets | | | | $ | 967,118,584 | | |
| Shares Outstanding: | | ||||||
| (shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with no par value) | | | | | 92,933,989 | | |
| Net asset value, offering price and redemption price | | | | $ | 10.41 | | |
| Analysis of net assets: | | ||||||
| Capital | | | | $ | 942,524,451 | | |
| Accumulated investment gain | | | | | 24,594,133 | | |
| Net Assets | | | | $ | 967,118,584 | | |
| (a) Investment securities at cost | | | | $ | 797,847,722 | | |
| (b) Foreign currency at cost | | | | $ | 118,148 | | |
| Investment Income: | | ||||||
| Dividends(a) | | | | $ | 12,352,563 | | |
| Interest | | | | | 678,838 | | |
| Total Investment Income | | | | | 13,031,401 | | |
| Expenses: | | ||||||
| Investment advisory fees (see note 3) | | | | | 8,958,340 | | |
| Transfer agent fees and expenses | | | | | 83,617 | | |
| Custodian fees and expenses | | | | | 362,196 | | |
| Accounting service fees | | | | | 280,441 | | |
| Other | | | | | 333,169 | | |
| Total expenses before reimbursed expenses | | | | | 10,017,763 | | |
| Earnings credit (see note 6) | | | | | (332,460) | | |
| Total Expenses | | | | | 9,685,303 | | |
| Net Investment Income | | | | | 3,346,098 | | |
| Net Realized and Unrealized Gains (Losses) from Investments: | | ||||||
| Net realized losses on investment transactions | | | | | (88,852,778) | | |
| Net realized losses on foreign currency transactions | | | | | (14,909) | | |
| Net realized losses on investment and foreign currency transactions | | | | | (88,867,687) | | |
| Change in net unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies | | | | | 264,263,933 | | |
| Net realized /unrealized gains on investments and foreign currencies | | | | | 175,396,246 | | |
| Net increase in net assets resulting from operations | | | | $ | 178,742,344 | | |
|
| | | | Year Ended December 31, 2019 | | | Year Ended December 31, 2018 | | ||||||
| From Operations: | | ||||||||||||
| Net investment income | | | | $ | 3,346,098 | | | | | $ | 3,570,962 | | |
| Net realized gains (losses) on investments and foreign currency transactions | | | | | (88,867,687) | | | | | | 35,675,599 | | |
| Change in net unrealized appreciation/depreciation on investments and foreign currencies | | | | | 264,263,933 | | | | | | (291,580,762) | | |
| Net increase (decrease) in net assets resulting from operations | | | | | 178,742,344 | | | | | | (252,334,201) | | |
| From Distributions: | | ||||||||||||
| Distributions to shareholders | | | | | (12,584,780) | | | | | | (92,069,574) | | |
| Net decrease in net assets from distributions | | | | | (12,584,780) | | | | | | (92,069,574) | | |
| From Capital Share Transactions: | | ||||||||||||
| Proceeds from sale of shares | | | | | 153,882,218 | | | | | | 152,538,019 | | |
| Proceeds from reinvestment of distributions | | | | | 11,061,099 | | | | | | 86,901,523 | | |
| Redemption of shares (see note 5) | | | | | (117,120,174) | | | | | | (183,014,889) | | |
| Net increase from capital share transactions | | | | | 47,823,143 | | | | | | 56,424,653 | | |
| Total increase (decrease) in net assets | | | | | 213,980,707 | | | | | | (287,979,122) | | |
| Net Assets: | | ||||||||||||
| Beginning of year | | | | | 753,137,877 | | | | | | 1,041,116,999 | | |
| End of year | | | | $ | 967,118,584 | | | | | $ | 753,137,877 | | |
| Transactions in Shares: | | ||||||||||||
| Shares sold | | | | | 15,512,876 | | | | | | 12,650,333 | | |
| Shares issued in reinvestment of distributions | | | | | 1,061,357 | | | | | | 10,284,204 | | |
| Less shares redeemed | | | | | (11,788,870) | | | | | | (16,298,575) | | |
| Net increase from capital share transactions | | | | | 4,785,363 | | | | | | 6,635,962 | | |
| | | | Level 1 | | | Level 2 | | | Level 3 | | |||||||||
| Investment Securities | | | | | | | | | | | | | | | | | | | |
| Equities | | | | | | | | | | | | | | | | | | | |
| Total Asia | | | | $ | 28,469,052 | | | | | $ | 224,968,875 | | | | | $ | — | �� | |
| Total Australia | | | | | 111,295,613 | | | | | | — | | | | | | — | | |
| Total Europe | | | | | 299,797,491 | | | | | | 139,913,047 | | | | | | — | | |
| Total North America | | | | | 158,666,856 | | | | | | — | | | | | | — | | |
| Total Investments | | | | $ | 598,229,012 | | | | | $ | 364,881,922 | | | | | $ | — | | |
|
| | | | Increases/(Decrease) | | |||||||||
| | | | Capital | | | Accumulated Earnings | | ||||||
| International Opportunities Institutional Fund | | | | $ | — | | | | | $ | — | | |
| | | | Distributions Paid from Ordinary Income | | | Distributions Paid from Net Long-Term Capital Gains | | | Total Distributions Paid | | |||||||||
| International Opportunities Institutional Fund | | | | $ | 12,584,780 | | | | | $ | — | | | | | $ | 12,584,780 | | |
| | | | Distributions Paid from Ordinary Income | | | Distributions Paid from Net Long-Term Capital Gains | | | Total Distributions Paid | | |||||||||
| International Opportunities Institutional Fund | | | | $ | 15,887,741 | | | | | $ | 76,180,423 | | | | | $ | 92,068,164 | | |
| | | | Not Subject to Expiration (Post-Enactment) | | |||||||||
| | | | Short-Term | | | Long-Term | | ||||||
| International Opportunities Institutional Fund | | | | $ | 123,633,296 | | | | | $ | — | | |
| | | | Undistributed ordinary income | | | Undistributed long-term capital gains | | | Accumulated capital and other losses | | | Unrealized Appreciation on investments | | | Unrealized Depreciation foreign currency translations | | |||||||||||||||
| International Opportunities Institutional Fund | | | | $ | 3,566,427 | | | | | $ | — | | | | | $ | (123,633,296) | | | | | $ | 144,652,951 | | | | | $ | 8,050 | | |
| | | | Cost of Investments for Federal Tax Purposes | | | Gross Unrealized Appreciation | | | Gross Unrealized (Depreciation) | | | Unrealized Appreciation | | ||||||||||||
| International Opportunities Institutional Fund | | | | $ | 818,457,983 | | | | | $ | 165,051,098 | | | | | $ | (20,398,147) | | | | | | 144,652,951 | | |
| | | | Years Ended December 31, | | |||||||||||||||||||||||||||
| | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||
| Net asset value at beginning of year | | | | $ | 8.54 | | | | | $ | 12.77 | | | | | $ | 9.72 | | | | | $ | 10.32 | | | | | $ | 8.97 | | |
| Income (loss) from investment operations: | | ||||||||||||||||||||||||||||||
| Net investment incomea | | | | | .04 | | | | | | .04 | | | | | | .03 | | | | | | .05 | | | | | | .06 | | |
| Net realized and unrealized gains (losses) on investments and foreign currency transactions | | | | | 1.97 | | | | | | (3.11) | | | | | | 3.95 | | | | | | (.61) | | | | | | 1.35 | | |
| Total from investment operations | | | | | 2.01 | | | | | | (3.07) | | | | | | 3.98 | | | | | | (.56) | | | | | | 1.41 | | |
| Redemption feesa | | | | | — | | | | | | —c | | | | | | —c | | | | | | —c | | | | | | —c | | |
| Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net realized gains on investments and foreign currency transactions | | | | | — | | | | | | (1.15) | | | | | | (.85) | | | | | | — | | | | | | — | | |
| Dividends from net investment income | | | | | (.14) | | | | | | (.01) | | | | | | (.08) | | | | | | (.04) | | | | | | (.06) | | |
| Total dividends and distributions | | | | | (.14) | | | | | | (1.16) | | | | | | (.93) | | | | | | (.04) | | | | | | (.06) | | |
| Net asset value at end of year | | | | $ | 10.41 | | | | | $ | 8.54 | | | | | $ | 12.77 | | | | | $ | 9.72 | | | | | $ | 10.32 | | |
| Total Return (%) | | | | | 23.50 | | | | | | (23.91) | | | | | | 40.99 | | | | | | (5.43) | | | | | | 15.68 | | |
| Ratio/Supplemental Data | | ||||||||||||||||||||||||||||||
| Net Assets at end of year (in thousands) | | | | $ | 967,119 | | | | | $ | 753,138 | | | | | $ | 1,041,117 | | | | | $ | 657,477 | | | | | $ | 361,402 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.12 | | | | | | 1.11 | | | | | | 1.15 | | | | | | 1.18 | | | | | | 1.28 | | |
| Ratio of net expenses to average net assets (%)b | | | | | 1.08 | | | | | | 1.08 | | | | | | 1.10 | | | | | | 1.10 | | | | | | 1.10 | | |
| Ratio of net investment income to average net assets (%) | | | | | .37 | | | | | | .35 | | | | | | .29 | | | | | | .47 | | | | | | .59 | | |
| Portfolio turnover rate (%) | | | | | 153 | | | | | | 145 | | | | | | 168 | | | | | | 123d | | | | | | 211 | | |
and the Shareholders of Oberweis International Opportunities Institutional Fund
February 27, 2020
| Name, Address and Age | | | Position Held with Fund | | | Term of Office and Length of Time Served | |
| NONINTERESTED TRUSTEES | | ||||||
| Katherine Smith Dedrick (62) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Trustee | | | Trustee since November, 20041 | |
| Gary D. McDaniel (71) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | ��� | Trustee | | | Trustee since April, 20041 | |
| James G. Schmidt (72) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Trustee | | | Trustee since December, 20031 | |
| INTERESTED TRUSTEES | | ||||||
| James D. Oberweis (73) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Trustee2 | | | Trustee since July, 19861 | |
| James W. Oberweis (45) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | President | | | Officer since August, 19963 | |
| Patrick B. Joyce (60) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Executive Vice President Chief Compliance Officer and Treasurer | | | Officer since October, 19943 | |
| David I. Covas (44) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Vice President | | | Officer since August, 20043 | |
| Kenneth S. Farsalas (49) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Vice President | | | Officer since August, 20093 | |
| Eric V. Hannemann (46) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Secretary | | | Officer since August, 20053 | |
| Principal Occupation Last Five Years | | | Number of Portfolios Overseen by Trustee | | | Other Directorships | |
| | |||||||
| President – Smith Dedrick Properties, Inc., 2016 to present; President – KSD Law P.C., 2015 to present; President – KSD Global Consulting, Inc., 2015 to present; Executive Committee Member, Risk Worldwide NZ Ltd., 2011 to 2016; President – Aggressive Publishing, Inc., 2010 to present; Member – Risk Worldwide LLC, 2007 to 2016; Partner – Childress Duffy, Ltd., 2007 to 2015. | | | 8 | | | None | |
| | | | 8 | | | None | |
| Senior Vice President and Chief Financial Officer – Federal Heath Sign Co., May 2003 to December 2019. | | | 8 | | | None | |
| | |||||||
| Illinois State Senator, January 2013 to present; Chairman – Oberweis Dairy, Inc. December, 1986 to present. | | | 8 | | | None | |
| President – Oberweis Asset Management, Inc., September, 2001 to present; Portfolio Manager from December, 1995 to present; President and Director – Oberweis Securities, Inc., September, 1996 to present. | | | Not Applicable | | | None | |
| Executive Vice President, Secretary and Director – Oberweis Asset Management, Inc., September, 1994 to present; Executive Vice President and Director – Oberweis Securities, Inc. September, 1996 to present. | | | Not Applicable | | | None | |
| Vice President – Oberweis Asset Management, Inc., September, 2003 to present. | | | Not Applicable | | | None | |
| Vice President – Oberweis Asset Management, Inc., November 2004 to present. | | | Not Applicable | | | None | |
| Vice President of Accounting – Oberweis Asset Management, Inc. and Oberweis Securities, Inc., June, 2004 to present. | | | Not Applicable | | | None | |
| | | | Foreign Source Income | | | Foreign Taxes Paid | | ||||||
| International Opportunities Institutional Fund | | | | $ | 0.1483 | | | | | $ | 0.0133 | | |
| | | | Beginning Account Value 7/1/19 | | | Ending Account Value 12/31/19 | | | Expenses Paid During Period 7/1/19 – 12/31/19 | | | Expense Ratio During Period 7/1/19 – 12/31/19 | | ||||||||||||
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,033.99 | | | | | $ | 5.54 | | | | | | 1.08% | | |
| Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,019.76 | | | | | $ | 5.50 | | | | | | 1.08% | | |
Trustee
Trustee
President
Vice President
Vice President
Trustee
Trustee
Executive Vice President
Chief Compliance Officer
Treasurer
3333 Warrenville Road, Suite 500, Lisle, IL 60532
800-323-6166
oberweisfunds.com
3333 Warrenville Road, Suite 500, Lisle, IL 60532
630-577-2300
oberweisfunds.com
928 Grand Blvd., Kansas City, MO 64106
P.O. Box 711, Milwaukee, WI 53201-0711
800-245-7311
222 North LaSalle Street, Chicago, IL 60601
1835 Market Street, 3rd Floor, Philadelphia, PA 19103
630-577-2300
800-245-7311
Suite 500
Lisle, IL 60532
ITEM 2. | CODE OF ETHICS. |
(a) | As of December 31, 2019, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer, or persons performing similar functions. | |
(b) | During the period covered by this report, there were not any amendments to a provision of the Code of Ethics adopted in 2(a) above. | |
(c) | During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the Code of Ethics described in 2(a) above that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
(d) | A copy of the code of ethics may be obtained upon request, without charge, by contacting the registrant in writing at its principal executive office. |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
(a) | The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on the audit committee. |
(b) | The audit committee financial expert is James G. Schmidt. Mr. Schmidt is independent as defined in Form N-CSR Item 3 (a) (2). |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
(a)-(d)
2018 | 2019 | |||
Audit fees | 120,400 | 125,500 | ||
Audit-Related Fees | N/A | N/A | ||
Tax Fees | 29,000 | 29,000 | ||
All Other Fees | N/A | N/A |
Audit Fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings. Tax Fees principally include tax compliance, tax advice, tax planning and preparation of tax returns.
(e)(1) The registrant’s audit committee pre-approves all audit services provided by the registrant’s principal accountant for the registrant and all non-audit services provided by the registrant’s principal accountant for the registrant, its investment adviser and any entity controlling, controlled by, or under common control with the investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliate relates directly to the operations and financial reporting of the registrant.
(e)(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable.
(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment, and Adviser Affiliate that provides ongoing services to the registrant for 2019 and 2018 were $29,000. and $29,000, respectively.
(h) Non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that were not pre-approved pursuant to Paragraph (c) (7) (ii) of Rule 2-01 of Regulation S-X were considered by the registrant’s audit committee as to whether they were compatible with maintaining the principal account’s independence.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not Applicable to the registrant.
ITEM 6. | SCHEDULE OF INVESTMENTS. |
See Schedule in Item 1.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not Applicable to the registrant.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not Applicable to the registrant.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not Applicable to the registrant.
ITEM 10. | 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 11. | 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 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 12. | EXHIBITS. |
(a) (1) | Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.406. Code of Ethics. | |
(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: EX-99.CERT attached hereto. | |
(a) (3) | Any written solicitation to purchase securities under Rule 23 c-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) | If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S. C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. EX-99.906 CERT 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 | ||
President, The Oberweis Funds |
Date 03/09/2020
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 | ||
President, The Oberweis Funds |
Date 03/09/2020
By (Signature and Title*) | /s/ Patrick B. Joyce | |
Patrick B. Joyce | ||
Executive Vice President and Treasurer, | ||
The Oberweis Funds |
Date 03/09/2020
/*/ | Print the name and title of each signing officer under his or her signature. |