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: June 30, 2020
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Semi-Annual Reports for the period 01/01/20 through 06/30/20 is filed herewith
| | | INVESTOR CLASS | | | INSTITUTIONAL CLASS | | | | | |
| Oberweis Micro-Cap Fund | | | OBMCX | | | OMCIX | | | ||
| Oberweis Small-Cap Opportunities Fund | | | OBSOX | | | OBSIX | | | ||
| Oberweis Global Opportunities Fund | | | OBEGX | | | OBGIX | | | ||
| Oberweis China Opportunities Fund | | | OBCHX | | | OCHIX | | | ||
| Oberweis International Opportunities Fund | | | OBIOX | | | — | | | ||
| Oberweis Emerging Markets Fund | | | OBEMX | | | OIEMX | | |
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| Fund Overview | | | | | | | |
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| Schedule of Investments | | | | | | | |
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| Statements of Assets and Liabilities | | | | | | | |
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| Statements of Operations | | | | | | | |
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| Statements of Changes in Net Assets | | | | | | | |
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| Financial Highlights | | | | | | | |
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President & Portfolio Manager
| | | Ticker | | | Qtr | | | 1 Yr | | | 3 Yr | | | 5 Yr | | | 10 Yr | | | Life of Fund2 | | | Expense Ratio3 | | ||||||||||||||||||
Global Opportunities | | | OBEGX | | | | | 40.03 | | | | | | 19.41 | | | | | | 6.88 | | | | | | 5.53 | | | | | | 10.41 | | | | | | 8.56 | | | | 1.55 | |
| OBGIX1 | | | | | 40.13 | | | | | | 19.72 | | | | | | 7.14 | | | | | | 5.79 | | | | | | 10.68 | | | | | | 8.83 | | | | 1.30 | | ||
Micro-Cap | | | OBMCX | | | | | 32.23 | | | | | | -11.96 | | | | | | 2.84 | | | | | | 8.21 | | | | | | 12.43 | | | | | | 9.24 | | | | 1.58 | |
| OMCIX1 | | | | | 32.24 | | | | | | -11.76 | | | | | | 3.07 | | | | | | 8.46 | | | | | | 12.70 | | | | | | 9.51 | | | | 1.32 | | ||
Small-Cap Opportunities | | | OBSOX | | | | | 30.74 | | | | | | 0.80 | | | | | | 8.92 | | | | | | 6.29 | | | | | | 11.88 | | | | | | 6.80 | | | | 1.55 | |
| OBSIX1 | | | | | 30.83 | | | | | | 1.00 | | | | | | 9.19 | | | | | | 6.55 | | | | | | 12.16 | | | | | | 7.07 | | | | 1.30 | | ||
China Opportunities | | | OBCHX | | | | | 32.46 | | | | | | 33.68 | | | | | | 14.27 | | | | | | 7.90 | | | | | | 9.79 | | | | | | 12.72 | | | | 1.84 | |
| OCHIX1 | | | | | 32.56 | | | | | | 34.01 | | | | | | 14.58 | | | | | | 8.17 | | | | | | 10.07 | | | | | | 13.01 | | | | 1.59 | | ||
International Opportunities | | | OBIOX | | | | | 48.70 | | | | | | 14.96 | | | | | | 6.55 | | | | | | 7.09 | | | | | | 14.06 | | | | | | 8.84 | | | | 1.60 | |
Emerging Markets | | | OBEMX | | | | | 31.95 | | | | | | 15.66 | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | 2.23 | | | | 1.75 | |
| OIEMX | | | | | 32.21 | | | | | | 15.93 | | | | | | n/a | | | | | | n/a | | | | | | n/a | | | | | | 2.50 | | | | 1.50 | |
| Asset Allocation (% of Net Assets) | | ||||||
| Equities | | | | | 99.1 | | |
| Other Assets less Liabilities | | | | | 0.9 | | |
| | | | | | | | |
| Top Ten Holdings (% of Net Assets) | | ||||||
| ChannelAdvisor Corp. | | | | | 3.3 | | |
| Limelight Networks, Inc. | | | | | 3.3 | | |
| Magnite, Inc. | | | | | 3.0 | | |
| Bandwidth, Inc. | | | | | 3.0 | | |
| Castle Biosciences, Inc. | | | | | 2.9 | | |
| Perdoceo Education Corp. | | | | | 2.8 | | |
| Digital Turbine, Inc. | | | | | 2.7 | | |
| Crocs, Inc. | | | | | 2.4 | | |
| LiqTech Intenational, Inc. | | | | | 2.4 | | |
| Model N, Inc. | | | | | 2.4 | | |
| | | | | | | | |
| Top Ten Industries (% of Net Assets) | | ||||||
| Computer Services Software & Systems | | | | | 26.9 | | |
| Biotechnology | | | | | 6.6 | | |
| Communications Technology | | | | | 5.3 | | |
| Medical Equipment | | | | | 5.1 | | |
| Production Technology Equipment | | | | | 4.5 | | |
| Scientific Instruments – Control & Filter | | | | | 4.5 | | |
| Specialty Retail | | | | | 3.5 | | |
| Semiconductors & Components | | | | | 3.1 | | |
| Healthcare Services | | | | | 3.1 | | |
| Education Services | | | | | 2.8 | | |
| | | | | | | | |
Opportunities Fund
| Asset Allocation (% of Net Assets) | | ||||||
| Equities | | | | | 95.9 | | |
| Other Assets less Liabilities | | | | | 4.1 | | |
| | | | | | | | |
| Top Ten Holdings (% of Net Assets) | | ||||||
| Tandem Diabetes Care, Inc. | | | | | 3.8 | | |
| Livongo Health, Inc. | | | | | 3.8 | | |
| Inphi Corp. | | | | | 3.0 | | |
| Bandwidth, Inc. | | | | | 2.8 | | |
| Chegg, Inc. | | | | | 2.7 | | |
| Magnite, Inc. | | | | | 2.2 | | |
| SVMK, Inc. | | | | | 2.2 | | |
| Stamps.com, Inc. | | | | | 2.0 | | |
| II-VI, Inc. | | | | | 2.0 | | |
| Perdoceo Education Corp. | | | | | 2.0 | | |
| | | | | | | | |
| Top Ten Industries (% of Net Assets) | | ||||||
| Computer Services Software & Systems | | | | | 22.2 | | |
| Healthcare Services | | | | | 8.0 | | |
| Semiconductors & Components | | | | | 6.3 | | |
| Education Services | | | | | 5.7 | | |
| Medical Equipment | | | | | 4.7 | | |
| Back Office Support, Human Resources, & Consulting | | | | | 4.0 | | |
| Building Materials | | | | | 3.9 | | |
| Production Technology Equipment | | | | | 3.7 | | |
| Biotechnology | | | | | 3.3 | | |
| Textiles Apparel & Shoes | | | | | 3.0 | | |
| | | | | | | | |
| Asset Allocation (% of Net Assets) | | ||||||
| Equities | | | | | 93.1 | | |
| Other Assets less Liabilities | | | | | 6.9 | | |
| | | | | | | | |
| Top Ten Holdings (% of Net Assets) | | ||||||
| MIPS AB | | | | | 3.8 | | |
| Inphi Corp. | | | | | 3.7 | | |
| Evolution Gaming Group AB | | | | | 3.6 | | |
| M31 Technology Corp. | | | | | 3.5 | | |
| Perdoceo Education Corp. | | | | | 3.1 | | |
| Castle Biosciences, Inc. | | | | | 2.9 | | |
| IR Japan Hldgs. Ltd. | | | | | 2.7 | | |
| CareDX, Inc. | | | | | 2.5 | | |
| I-Tech AB | | | | | 2.5 | | |
| Sinch AB | | | | | 2.4 | | |
| | | | | | | | |
| Top Ten Industries (% of Net Assets) | | ||||||
| Software | | | | | 15.9 | | |
| Semiconductor & Semiconductor Equipment | | | | | 13.4 | | |
| Information Technology Services | | | | | 7.6 | | |
| Hotels, Restaurants & Leisure | | | | | 5.7 | | |
| Biotechnology | | | | | 5.4 | | |
| Diversified Consumer Services | | | | | 4.3 | | |
| Leisure Products | | | | | 3.8 | | |
| Internet & Direct Marketing Retail | | | | | 3.4 | | |
| Professional Services | | | | | 2.7 | | |
| Pharmaceuticals | | | | | 2.5 | | |
| | | | | | | | |
Opportunities Fund
| Asset Allocation (% of Net Assets) | | ||||||
| Equities | | | | | 99.6 | | |
| Other Assets less Liabilities | | | | | 0.4 | | |
| | | | | | | | |
| Top Ten Holdings (% of Net Assets) | | ||||||
| Alibaba Group Hldg. Ltd. ADS | | | | | 7.7 | | |
| Tencent Hldgs. Ltd. | | | | | 6.8 | | |
| TAL Education Group ADS | | | | | 2.6 | | |
| Times Neighborhood Hldgs. Ltd. | | | | | 2.2 | | |
| Alchip Technologies Ltd. | | | | | 2.0 | | |
| GDS Hldgs. Ltd. ADS | | | | | 1.9 | | |
| Meituan Dianping | | | | | 1.9 | | |
| CIFI Hldgs. Group Co. Ltd. | | | | | 1.8 | | |
| Luxshare Precision Industry Co. Ltd. | | | | | 1.8 | | |
| JD.com, Inc. ADS | | | | | 1.8 | | |
| | | | | | | | |
| Top Ten Industries (% of Net Assets) | | ||||||
| Internet & Direct Marketing Retail | | | | | 11.3 | | |
| Semiconductors & Semiconductor Equipment | | | | | 7.5 | | |
| Interactive Media & Services | | | | | 6.8 | | |
| Pharmaceuticals | | | | | 6.0 | | |
| Commercial Services & Supply | | | | | 4.8 | | |
| Life Sciences Tools & Services | | | | | 4.8 | | |
| Real Estate Management & Development | | | | | 4.8 | | |
| Diversified Consumer Services | | | | | 4.3 | | |
| Household Durables | | | | | 3.8 | | |
| Software | | | | | 3.7 | | |
| | | | | | | | |
Opportunities Fund
| Asset Allocation (% of Net Assets) | | ||||||
| Equities | | | | | 98.7 | | |
| Other Assets less Liabilities | | | | | 1.3 | | |
| | | | | | | | |
| Top Ten Holdings (% of Net Assets) | | ||||||
| Sinch AB | | | | | 5.9 | | |
| Sushiro Global Hldgs. Ltd. | | | | | 4.6 | | |
| Evolution Gaming Group AB | | | | | 3.7 | | |
| TeamViewer AG | | | | | 3.5 | | |
| Evolution Mining Ltd. | | | | | 3.5 | | |
| BayCurrent Consulting, Inc. | | | | | 3.4 | | |
| IR Japan Hldgs. Ltd. | | | | | 3.3 | | |
| Afterpay Touch Group Ltd. | | | | | 3.3 | | |
| Medley, Inc. | | | | | 3.1 | | |
| M&A Capital Partners Co. Ltd. | | | | | 2.9 | | |
| | | | | | | | |
| Top Ten Industries (% of Net Assets) | | ||||||
| Software | | | | | 14.5 | | |
| Hotels, Restaurants & Leisure | | | | | 8.4 | | |
| Information Technology Services | | | | | 7.7 | | |
| Professional Services | | | | | 7.4 | | |
| Internet & Direct Marketing Retail | | | | | 6.3 | | |
| Food & Staples Retailing | | | | | 6.2 | | |
| Capital Markets | | | | | 5.6 | | |
| Healthcare Equipment & Supplies | | | | | 4.5 | | |
| Metals & Mining | | | | | 4.5 | | |
| Healthcare Technology | | | | | 4.3 | | |
| | | | | | | | |
| Asset Allocation (% of Net Assets) | | ||||||
| Equities | | | | | 99.5 | | |
| Other Assets less Liabilities | | | | | 0.5 | | |
| | | | | | | | |
| Top Ten Holdings (% of Net Assets) | | ||||||
| M31 Technology Corp. | | | | | 3.7 | | |
| Kingsoft Cloud Hldgs. Ltd. ADS | | | | | 2.7 | | |
| Arco Platform Ltd. | | | | | 2.6 | | |
| ASPEED Technology, Inc. | | | | | 2.6 | | |
| PT Bank Tabungan Pensiunan Nasional Syariah Tbk | | | | | 2.5 | | |
| HeadHunter Group PLC ADS | | | | | 2.4 | | |
| Chongqing Brewery Co. Ltd. | | | | | 2.3 | | |
| POSCO Chemical Co. Ltd. | | | | | 2.3 | | |
| Venus MedTech Hangzhou, Inc. | | | | | 2.2 | | |
| LEENO Industrial, Inc. | | | | | 2.1 | | |
| | | | | | | | |
| Top Ten Industries (% of Net Assets) | | ||||||
| Semiconductors & Semiconductor Equipment | | | | | 13.6 | | |
| Software | | | | | 9.6 | | |
| Machinery | | | | | 6.6 | | |
| Multiline Retail | | | | | 5.6 | | |
| Diversified Consumer Services | | | | | 5.4 | | |
| Electronic Equipment, Instruments & Components | | | | | 4.8 | | |
| Professional Services | | | | | 3.8 | | |
| Banks | | | | | 3.7 | | |
| Healthcare Equipment & Supplies | | | | | 3.7 | | |
| Beverages | | | | | 3.5 | | |
| | | | | | | | |
| | | Shares | | | Value | | ||||||
Equities – 99.1% | | ||||||||||||
Air Transport – 1.2% | | | | | | | | | | | | | |
Air Transport Services Group, Inc.* | | | | | 31,100 | | | | | $ | 692,597 | | |
Alternative Energy – 2.2% | | ||||||||||||
Ameresco, Inc.* | | | | | 44,508 | | | | | | 1,236,432 | | |
Back Office Support, Human Resources & Consulting – 2.0% | | ||||||||||||
CRA International, Inc. | | | | | 18,500 | | | | | | 730,750 | | |
Huron Consulting Group, Inc.* | | | | | 9,000 | | | | | | 398,250 | | |
| | | | | | | | | | | 1,129,000 | | |
Banks – Diversified – 1.6% | | ||||||||||||
Enterprise Financial Services Corp. | | | | | 16,100 | | | | | | 501,032 | | |
First Foundation, Inc. | | | | | 26,300 | | | | | | 429,742 | | |
| | | | | | | | | | | 930,774 | | |
Biotechnology – 6.6% | | ||||||||||||
Baudax Bio, Inc.* | | | | | 133,160 | | | | | | 552,614 | | |
Castle Biosciences, Inc.* | | | | | 43,700 | | | | | | 1,647,053 | | |
Coherus Biosciences, Inc.* | | | | | 22,300 | | | | | | 398,278 | | |
Collegium Pharmaceutical, Inc*. | | | | | 46,000 | | | | | | 805,000 | | |
Pfenex, Inc.* | | | | | 45,200 | | | | | | 377,420 | | |
| | | | | | | | | | | 3,780,365 | | |
Building Materials – 2.7% | | ||||||||||||
Griffon Corp. | | | | | 36,800 | | | | | | 681,536 | | |
Masonite International Corp.* | | | | | 10,900 | | | | | | 847,802 | | |
| | | | | | | | | | | 1,529,338 | | |
Commercial Services – Rental & Leasing – 0.9% | | ||||||||||||
McGrath RentCorp. | | | | | 9,600 | | | | | | 518,496 | | |
Commercial Vehicles & Parts – 2.6% | | ||||||||||||
Federal Signal Corp. | | | | | 12,300 | | | | | | 365,679 | | |
The Shyft Group, Inc. | | | | | 66,600 | | | | | | 1,121,544 | | |
| | | | | | | | | | | 1,487,223 | | |
Communications Technology – 5.3% | | ||||||||||||
ADTRAN, Inc. | | | | | 39,800 | | | | | | 435,014 | | |
Bandwidth, Inc.* | | | | | 13,249 | | | | | | 1,682,623 | | |
Inseego Corp.* | | | | | 31,700 | | | | | | 367,720 | | |
Ooma, Inc.* | | | | | 34,100 | | | | | | 561,968 | | |
| | | | | | | | | | | 3,047,325 | | |
|
| | | Shares | | | Value | | ||||||
Computer Services Software & Systems – 26.9% | | ||||||||||||
Bottomline Technologies (DE), Inc.* | | | | | 22,400 | | | | | $ | 1,137,248 | | |
ChannelAdvisor Corp.* | | | | | 119,800 | | | | | | 1,897,632 | | |
Digital Turbine, Inc.* | | | | | 124,100 | | | | | | 1,559,937 | | |
eGain, Corp.* | | | | | 66,100 | | | | | | 734,371 | | |
EverQuote, Inc.* | | | | | 22,300 | | | | | | 1,296,968 | | |
Limelight Networks, Inc.* | | | | | 252,100 | | | | | | 1,855,456 | | |
Magnite, Inc.* | | | | | 254,377 | | | | | | 1,696,695 | | |
Model N, Inc.* | | | | | 39,200 | | | | | | 1,362,592 | | |
OneSpan, Inc.* | | | | | 42,700 | | | | | | 1,192,611 | | |
Perficient, Inc.* | | | | | 22,500 | | | | | | 805,050 | | |
Pros Hldgs., Inc.* | | | | | 12,000 | | | | | | 533,160 | | |
Upland Software, Inc.* | | | | | 20,600 | | | | | | 716,056 | | |
Zix Corp.* | | | | | 81,300 | | | | | | 560,970 | | |
| | | | | | | | | | | 15,348,746 | | |
Diversified Manufacturing Operations – 1.1% | | ||||||||||||
Inmode Ltd.* | | | | | 22,200 | | | | | | 628,704 | | |
Drug & Grocery Store Chains – 0.6% | | ||||||||||||
Natural Grocers by Vitamin Cottage Inc. | | | | | 22,800 | | | | | | 339,264 | | |
Education Services – 2.8% | | ||||||||||||
Perdoceo Education Corp.* | | | | | 100,959 | | | | | | 1,608,277 | | |
Engineering & Contracting Services – 1.2% | | ||||||||||||
MYR Group, Inc.* | | | | | 20,600 | | | | | | 657,346 | | |
Financial Data & Systems – 1.2% | | ||||||||||||
Cardtronics PLC.* | | | | | 29,300 | | | | | | 702,614 | | |
Home Building – 1.2% | | ||||||||||||
M/I Homes, Inc.* | | | | | 19,500 | | | | | | 671,580 | | |
Healthcare Services – 3.1% | | ||||||||||||
Addus HomeCare Corp.* | | | | | 11,700 | | | | | | 1,082,952 | | |
The Ensign Group, Inc. | | | | | 15,700 | | | | | | 657,045 | | |
| | | | | | | | | | | 1,739,997 | | |
Insurance – Life – 1.2% | | ||||||||||||
eHealth, Inc.* | | | | | 7,200 | | | | | | 707,328 | | |
Machinery – Industrial – 1.1% | | ||||||||||||
Tennant Co. | | | | | 9,800 | | | | | | 637,098 | | |
Medical & Dental Instruments & Supplies – 1.0% | | ||||||||||||
Antares Pharma, Inc.* | | | | | 200,600 | | | | | | 551,650 | | |
|
| | | Shares | | | Value | | ||||||
Medical Equipment – 5.1% | | ||||||||||||
Accuray, Inc.* | | | | | 181,200 | | | | | $ | 367,836 | | |
CareDx, Inc.* | | | | | 34,300 | | | | | | 1,215,249 | | |
Oxford Immunotec Global PLC* | | | | | 42,300 | | | | | | 549,900 | | |
Tactile Systems Technology, Inc.* | | | | | 18,200 | | | | | | 754,026 | | |
| | | | | | | | | | | 2,887,011 | | |
Metal Fabricating – 0.8% | | ||||||||||||
Northwest Pipe Co.* | | | | | 17,300 | | | | | | 433,711 | | |
Office Supplies & Equipment – 0.8% | | ||||||||||||
Herman Miller, Inc.* | | | | | 19,400 | | | | | | 458,034 | | |
Pharmaceuticals – 1.3% | | ||||||||||||
BioDelivery Sciences International, Inc.* | | | | | 170,000 | | | | | | 741,200 | | |
Power Transmission Equipment – 1.0% | | ||||||||||||
Powell Industries, Inc. | | | | | 21,435 | | | | | | 587,105 | | |
Production Technology Equipment – 4.5% | | ||||||||||||
Axcelis Technologies, Inc.* | | | | | 37,200 | | | | | | 1,036,020 | | |
Impinj, Inc.* | | | | | 16,800 | | | | | | 461,496 | | |
Ultra Clean Hldgs., Inc.* | | | | | 46,900 | | | | | | 1,061,347 | | |
| | | | | | | | | | | 2,558,863 | | |
Recreational Vehicles & Boats – 0.5% | | ||||||||||||
Malibu Boats, Inc.* | | | | | 5,400 | | | | | | 280,530 | | |
Restaurants – 0.9% | | ||||||||||||
Ruth’s Hospitality Group, Inc.* | | | | | 64,000 | | | | | | 522,240 | | |
Scientific Instruments – Control & Filter – 4.5% | | ||||||||||||
LiqTech International, Inc.* | | | | | 252,980 | | | | | | 1,381,271 | | |
Napco Security Technologies, Inc.* | | | | | 49,637 | | | | | | 1,161,009 | | |
| | | | | | | | | | | 2,542,280 | | |
Scientific Instruments – Electrical – 1.1% | | ||||||||||||
Allied Motion Technologies, Inc. | | | | | 17,500 | | | | | | 617,750 | | |
Scientific Instruments – Gauges & Meters – 1.8% | | ||||||||||||
FARO Technologies, Inc.* | | | | | 19,600 | | | | | | 1,050,560 | | |
Semiconductors & Components – 3.1% | | ||||||||||||
CEVA, Inc.* | | | | | 28,400 | | | | | | 1,062,728 | | |
MagnaChip Semiconductor Corp.* | | | | | 69,000 | | | | | | 710,700 | | |
| | | | | | | | | | | 1,773,428 | | |
|
| | | Shares | | | Value | | ||||||
Specialty Retail – 3.5% | | ||||||||||||
Boot Barn Hldgs., Inc.* | | | | | 25,000 | | | | | $ | 539,000 | | |
Sonic Automotive, Inc. | | | | | 23,700 | | | | | | 756,267 | | |
Zumiez, Inc.* | | | | | 25,200 | | | | | | 689,976 | | |
| | | | | | | | | | | 1,985,243 | | |
Technology – Miscellaneous – 1.3% | | ||||||||||||
Camtek Ltd.* | | | | | 58,980 | | | | | | 741,968 | | |
Textile Apparel & Shoes – 2.4% | | ||||||||||||
Crocs, Inc.* | | | | | 37,700 | | | | | | 1,388,114 | | |
Total Equities | | ||||||||||||
(Cost: $49,063,874) | | | | | | | | | | $ | 56,512,191 | | |
Total Investments – 99.1% | | ||||||||||||
(Cost: $49,063,874) | | | | | | | | | | $ | 56,512,191 | | |
Other Assets Less Liabilities – 0.9% | | | | | | | | | | | 499,094 | | |
Net Assets – 100% | | | | | | | | | | $ | 57,011,285 | | |
|
| | | Shares | | | Value | | ||||||
Equities – 95.9% | | | | | | | | | | | | | |
Air Transport – 1.2% | | | | ||||||||||
Air Transport Services Group, Inc.* | | | | | 7,000 | | | | | $ | 155,890 | | |
Auto Part – 0.8% | | ||||||||||||
Adient PLC* | | | | | 5,900 | | | | | | 96,878 | | |
Back Office Support, Human Resources, & Consulting – 4.0% | | ||||||||||||
ASGN, Inc.* | | | | | 1,900 | | | | | | 126,692 | | |
TriNet Group, Inc.* | | | | | 3,200 | | | | | | 195,008 | | |
TTEC Hldgs., Inc. | | | | | 4,000 | | | | | | 186,240 | | |
| | | | | | | | | | | 507,940 | | |
Banks – Diversified – 0.8% | | ||||||||||||
Enterprise Financial Services Corp. | | | | | 3,100 | | | | | | 96,472 | | |
Biotechnology – 3.3% | | ||||||||||||
Baudax Bio, Inc.* | | | | | 24,060 | | | | | | 99,849 | | |
Castle Biosciences, Inc.* | | | | | 5,200 | | | | | | 195,988 | | |
Collegium Pharmaceutical, Inc*. | | | | | 7,200 | | | | | | 126,000 | | |
| | | | | | | | | | | 421,837 | | |
Building Materials – 3.9% | | ||||||||||||
Gibraltar Industries, Inc.* | | | | | 1,900 | | | | | | 91,219 | | |
Masonite International Corp.* | | | | | 2,700 | | | | | | 210,006 | | |
Trex Co., Inc.* | | | | | 1,500 | | | | | | 195,105 | | |
| | | | | | | | | | | 496,330 | | |
Casinos & Gambling – 1.3% | | ||||||||||||
Eldorado Resorts, Inc.* | | | | | 4,200 | | | | | | 168,252 | | |
Commercial Finance & Mortgage Companies – 1.0% | | ||||||||||||
PennyMac Financial Services, Inc. | | | | | 2,900 | | | | | | 121,191 | | |
Commercial Services – Rental & Leasing – 0.7% | | ||||||||||||
McGrath RentCorp. | | | | | 1,600 | | | | | | 86,416 | | |
Communications Technology – 2.8% | | ||||||||||||
Bandwidth, Inc.* | | | | | 2,800 | | | | | | 355,600 | | |
|
| | | Shares | | | Value | | ||||||
Computer Services Software & Systems – 22.2% | | ||||||||||||
Bottomline Technologies (de), Inc.* | | | | | 3,400 | | | | | $ | 172,618 | | |
CACI International, Inc.* | | | | | 800 | | | | | | 173,504 | | |
ChannelAdvisor Corp.* | | | | | 15,200 | | | | | | 240,768 | | |
CyberArk Software Ltd.* | | | | | 1,400 | | | | | | 138,978 | | |
EverQuote, Inc.* | | | | | 3,600 | | | | | | 209,376 | | |
Fastly, Inc.* | | | | | 1,200 | | | | | | 102,156 | | |
LivePerson, Inc.* | | | | | 4,300 | | | | | | 178,149 | | |
Magnite, Inc.* | | | | | 41,800 | | | | | | 278,806 | | |
Mercury Systems, Inc.* | | | | | 2,600 | | | | | | 204,516 | | |
Model N, Inc.* | | | | | 6,000 | | | | | | 208,560 | | |
Rapid7, Inc.* | | | | | 4,000 | | | | | | 204,080 | | |
SPS Commerce, Inc.* | | | | | 3,300 | | | | | | 247,896 | | |
SVMK, Inc.* | | | | | 11,600 | | | | | | 273,064 | | |
Upland Software, Inc.* | | | | | 4,900 | | | | | | 170,324 | | |
| | | | | | | | | | | 2,802,795 | | |
Computer Technology – 1.7% | | ||||||||||||
Synnex Corp. | | | | | 1,800 | | | | | | 215,586 | | |
Consumer Services – Miscellaneous – 2.0% | | ||||||||||||
Stamps.com, Inc.* | | | | | 1,400 | | | | | | 257,166 | | |
Containers & Packaging – 0.8% | | ||||||||||||
Graphic Packaging Hldg. Co. | | | | | 7,600 | | | | | | 106,324 | | |
Diversified Retail – 1.6% | | ||||||||||||
BJ’s Wholesale Club Hldgs., Inc.* | | | | | 5,500 | | | | | | 204,985 | | |
Education Services – 5.7% | | ||||||||||||
Chegg, Inc.* | | | | | 5,000 | | | | | | 336,300 | | |
Perdoceo Education Corp.* | | | | | 15,600 | | | | | | 248,508 | | |
Strategic Education, Inc. | | | | | 900 | | | | | | 138,285 | | |
| | | | | | | | | | | 723,093 | | |
Electronic Components – 2.0% | | ||||||||||||
II-VI, Inc.* | | | | | 5,400 | | | | | | 254,988 | | |
Energy Equipment – 1.5% | | ||||||||||||
Arcosa, Inc. | | | | | 4,600 | | | | | | 194,120 | | |
Financial Data & Systems – 1.9% | | ||||||||||||
Green Dot Corp.* | | | | | 4,800 | | | | | | 235,584 | | |
Forest Products – 1.0% | | ||||||||||||
UFP Industries, Inc. | | | | | 2,500 | | | | | | 123,775 | | |
Healthcare Facilities – 0.7% | | ||||||||||||
Select Medical Hldgs. Corp.* | | | | | 5,800 | | | | | | 85,434 | | |
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| | | Shares | | | Value | | ||||||
Healthcare Services – 8.0% | | ||||||||||||
Addus HomeCare Corp.* | | | | | 2,100 | | | | | $ | 194,376 | | |
Amedisys, Inc.* | | | | | 800 | | | | | | 158,832 | | |
Livongo Health, Inc.* | | | | | 6,400 | | | | | | 481,216 | | |
The Ensign Group, Inc. | | | | | 4,300 | | | | | | 179,955 | | |
| | | | | | | | | | | 1,014,379 | | |
Home Building – 1.4% | | ||||||||||||
M/I Homes, Inc.* | | | | | 5,000 | | | | | | 172,200 | | |
Insurance – Life – 1.9% | | ||||||||||||
American Equity Investment Life Hldg. Co.* | | | | | 4,700 | | | | | | 116,137 | | |
eHealth, Inc.* | | | | | 1,200 | | | | | | 117,888 | | |
| | | | | | | | | | | 234,025 | | |
Medical & Dental Instruments & Supplies – 2.6% | | ||||||||||||
Merit Medical Systems, Inc.* | | | | | 4,500 | | | | | | 205,425 | | |
NuVasive, Inc.* | | | | | 2,300 | | | | | | 128,018 | | |
| | | | | | | | | | | 333,443 | | |
Medical Equipment – 4.7% | | ||||||||||||
Tactile Systems Technology, Inc.* | | | | | 2,500 | | | | | | 103,575 | | |
Tandem Diabetes Care, Inc.* | | | | | 4,900 | | | | | | 484,708 | | |
| | | | | | | | | | | 588,283 | | |
Medical Services – 0.8% | | ||||||||||||
NeoGenomics, Inc.* | | | | | 3,100 | | | | | | 96,038 | | |
Personal Care – 1.3% | | ||||||||||||
Helen of Troy Ltd.* | | | | | 900 | | | | | | 169,704 | | |
Production Technology Equipment – 3.7% | | ||||||||||||
Axcelis Technologies, Inc.* | | | | | 8,000 | | | | | | 222,800 | | |
Ultra Clean Hldgs., Inc.* | | | | | 10,600 | | | | | | 239,878 | | |
| | | | | | | | | | | 462,678 | | |
Semiconductors & Components – 6.3% | | ||||||||||||
Cabot Microelectronics Corp. | | | | | 800 | | | | | | 111,632 | | |
Inphi Corp.* | | | | | 3,200 | | | | | | 376,000 | | |
Lattice Semiconductor Corp.* | | | | | 4,500 | | | | | | 127,755 | | |
MACOM Technology Solutions Hldgs. Inc.* | | | | | 5,200 | | | | | | 178,620 | | |
| | | | | | | | | | | 794,007 | | |
Specialty Retail – 1.3% | | ||||||||||||
Sonic Automotive, Inc. | | | | | 5,200 | | | | | | 165,932 | | |
Textiles Apparel & Shoes – 3.0% | | ||||||||||||
Crocs, Inc.* | | | | | 6,700 | | | | | | 246,694 | | |
Deckers Outdoor Corp.* | | | | | 700 | | | | | | 137,473 | | |
| | | | | | | | | | | 384,167 | | |
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| | | Shares | | | Value | | |||
Total Equities | | | | |||||||
(Cost: $9,394,182) | | | | | | | $ | 12,125,512 | | |
Total Investments – 95.9% | | |||||||||
(Cost: $9,394,182) | | | | | | | $ | 12,125,512 | | |
Other Assets Less Liabilities – 4.1% | | | | | | | | 515,701 | | |
Net Assets – 100% | | | | | | | $ | 12,641,213 | | |
|
| | | Shares | | | Value | | ||||||
Equities – 93.1% | | | | ||||||||||
Brazil – 2.4% | | ||||||||||||
Arco Platform Ltd.* | | | | | 12,700 | | | | | $ | 552,196 | | |
B2W – Cia Digital* | | | | | 30,000 | | | | | | 590,556 | | |
| | | | | | | | | | | 1,142,752 | | |
China – 8.9% | | ||||||||||||
A-Living Services Co. Ltd. | | | | | 76,250 | | | | | | 387,516 | | |
Beijing Sinnet Technology Co. Ltd. | | | | | 156,900 | | | | | | 583,640 | | |
Bilibili, Inc. ADS* | | | | | 18,400 | | | | | | 852,288 | | |
GDS Hldgs. Ltd. ADS* | | | | | 6,500 | | | | | | 517,790 | | |
Pharmaron Beijing Co. Ltd. | | | | | 63,200 | | | | | | 654,524 | | |
Times Neighborhood Hldgs. Ltd. | | | | | 413,000 | | | | | | 564,686 | | |
Weimob, Inc.* | | | | | 517,000 | | | | | | 653,786 | | |
| | | | | | | | | | | 4,214,230 | | |
Denmark – 1.2% | | ||||||||||||
ALK-Abello AS* | | | | | 2,200 | | | | | | 588,912 | | |
Finland – 1.0% | | ||||||||||||
QT Group Oyj* | | | | | 15,000 | | | | | | 456,495 | | |
Germany – 2.6% | | ||||||||||||
Shop Apotheke Europe NV* | | | | | 4,300 | | | | | | 514,010 | | |
TeamViewer AG* | | | | | 13,100 | | | | | | 715,268 | | |
| | | | | | | | | | | 1,229,278 | | |
Japan – 10.7% | | ||||||||||||
IR Japan Hldgs. Ltd. | | | | | 12,100 | | | | | | 1,275,145 | | |
Kobe Bussan Co. Ltd. | | | | | 18,600 | | | | | | 1,056,211 | | |
Lasertec Corp. | | | | | 4,800 | | | | | | 453,747 | | |
Nihon Unisys Ltd. | | | | | 31,200 | | | | | | 980,967 | | |
PCA Corp.* | | | | | 18,000 | | | | | | 751,417 | | |
Sushiro Global Hldgs. Ltd.* | | | | | 25,000 | | | | | | 554,317 | | |
| | | | | | | | | | | 5,071,804 | | |
Netherlands – 1.1% | | ||||||||||||
BE Semiconductor Industries NV* | | | | | 11,600 | | | | | | 514,327 | | |
Norway – 1.1% | | ||||||||||||
Nordic Semiconductor ASA* | | | | | 66,900 | | | | | | 512,738 | | |
Sweden – 13.2% | | ||||||||||||
Avanza Bank Hldg. AB* | | | | | 32,500 | | | | | | 463,066 | | |
Evolution Gaming Group AB | | | | | 28,400 | | | | | | 1,686,836 | | |
I-Tech AB* | | | | | 108,700 | | | | | | 1,166,967 | | |
MIPS AB | | | | | 51,465 | | | | | | 1,784,658 | | |
Sinch AB* | | | | | 12,900 | | | | | | 1,110,227 | | |
| | | | | | | | | | | 6,211,754 | | |
|
| | | Shares | | | Value | | ||||||
Taiwan – 4.7% | | ||||||||||||
M31 Technology Corp. | | | | | 132,000 | | | | | $ | 1,651,908 | | |
Wiwynn Corp.* | | | | | 21,000 | | | | | | 574,096 | | |
| | | | | | | | | | | 2,226,004 | | |
United Kingdom – 8.1% | | ||||||||||||
Blue Prism Group PLC* | | | | | 31,900 | | | | | | 448,889 | | |
Boohoo Group PLC* | | | | | 95,000 | | | | | | 486,513 | | |
Endava PLC ADS.* | | | | | 9,600 | | | | | | 463,680 | | |
Gamesys Group PLC.* | | | | | 41,000 | | | | | | 435,078 | | |
GB Group PLC* | | | | | 45,800 | | | | | | 382,580 | | |
Intermediate Capital Group PLC. | | | | | 30,100 | | | | | | 480,231 | | |
Oxford Instruments PLC | | | | | 27,700 | | | | | | 492,298 | | |
Spirent Communications PLC | | | | | 212,700 | | | | | | 636,413 | | |
| | | | | | | | | | | 3,825,682 | | |
United States Of America – 38.1% | | ||||||||||||
ACM Research, Inc.* | | | | | 7,800 | | | | | | 486,408 | | |
Addus HomeCare Corp.* | | | | | 4,700 | | | | | | 435,032 | | |
Amedisys, Inc.* | | | | | 2,400 | | | | | | 476,496 | | |
Axcelis Technologies, Inc.* | | | | | 16,400 | | | | | | 456,740 | | |
Bandwidth, Inc.* | | | | | 6,200 | | | | | | 787,400 | | |
BioDelivery Sciences International, Inc.* | | | | | 140,000 | | | | | | 610,400 | | |
Bottomline Technologies (de), Inc.* | | | | | 12,500 | | | | | | 634,625 | | |
CACI International, Inc.* | | | | | 4,800 | | | | | | 1,041,024 | | |
CareDX, Inc.* | | | | | 33,900 | | | | | | 1,201,077 | | |
Castle Biosciences, Inc.* | | | | | 35,700 | | | | | | 1,345,533 | | |
ChannelAdvisor Corp.* | | | | | 50,000 | | | | | | 792,000 | | |
Deckers Outdoor Corp.* | | | | | 4,500 | | | | | | 883,755 | | |
eHealth, Inc.* | | | | | 10,300 | | | | | | 1,011,872 | | |
II-VI, Inc.* | | | | | 11,700 | | | | | | 552,474 | | |
Inphi Corp.* | | | | | 14,800 | | | | | | 1,739,000 | | |
Lattice Semiconductor Corp.* | | | | | 18,300 | | | | | | 519,537 | | |
Livongo Health, Inc.* | | | | | 11,000 | | | | | | 827,090 | | |
Model N, Inc.* | | | | | 16,700 | | | | | | 580,492 | | |
Perdoceo Education Corp.* | | | | | 92,800 | | | | | | 1,478,304 | | |
Rapid7, Inc.* | | | | | 9,500 | | | | | | 484,690 | | |
SVMK, Inc.* | | | | | 21,200 | | | | | | 499,048 | | |
Tandem Diabetes Care, Inc.* | | | | | 11,200 | | | | | | 1,107,904 | | |
| | | | | | | | | | | 17,950,901 | | |
Total Equities (Cost: $32,622,421) | | | | | | | | | | $ | 43,944,877 | | |
Total Investments – 93.1% (Cost: $32,622,421) | | | | | | | | | | $ | 43,944,877 | | |
Other Assets Less Liabilities – 6.9% | | | | | | | | | | | 3,257,444 | | |
Net Assets – 100% | | | | | | | | | | $ | 47,202,321 | | |
|
| Communication Services | | | | | 3.5% | | |
| Consumer Discretionary | | | | | 19.0% | | |
| Consumer Staples | | | | | 2.2% | | |
| Financials | | | | | 4.1% | | |
| Health Care | | | | | 15.4% | | |
| Industrials | | | | | 4.7% | | |
| Information Technology | | | | | 41.6% | | |
| Materials | | | | | 2.6% | | |
| | | Shares | | | Value | | ||||||
Equities – 99.6% | | | | ||||||||||
Automobiles – 1.9% | | ||||||||||||
Chongqing Changan Automobile Co. Ltd.* | | | | | 650,002 | | | | | $ | 1,014,399 | | |
NIO, Inc. ADS* | | | | | 100,000 | | | | | | 772,000 | | |
| | | | | | | | | | | 1,786,399 | | |
Beverages – 1.3% | | ||||||||||||
Kweichow Moutai Co. Ltd. | | | | | 5,975 | | | | | | 1,240,814 | | |
Biotechnology – 3.4% | | ||||||||||||
Akeso, Inc.* | | | | | 70,000 | | | | | | 335,075 | | |
Anhui Anke Biotechnology Group Co. Ltd.* | | | | | 400,020 | | | | | | 1,015,473 | | |
Walvax Biotechnology Co. Ltd.* | | | | | 130,000 | | | | | | 962,093 | | |
Yantai Dongcheng Pharmaceutical Co. Ltd.* | | | | | 300,015 | | | | | | 889,642 | | |
| | | | | | | | | | | 3,202,283 | | |
Capital Markets – 1.4% | | ||||||||||||
Huatai Securities Co. Ltd.* | | | | | 500,000 | | | | | | 1,334,021 | | |
Commercial Service & Supply – 4.8% | | ||||||||||||
A-Living Services Co. Ltd. | | | | | 200,000 | | | | | | 1,016,435 | | |
Ever Sunshine Lifestyle Services Group Ltd. | | | | | 950,000 | | | | | | 1,481,941 | | |
Times Neighborhood Hldgs. Ltd. | | | | | 1,550,000 | | | | | | 2,119,283 | | |
| | | | | | | | | | | 4,617,659 | | |
Communications Equipment – 1.1% | | ||||||||||||
Shenzhen Sunway Communication Co. Ltd. | | | | | 140,000 | | | | | | 1,056,631 | | |
Construction Materials – 0.3% | | ||||||||||||
Anhui Conch Cement Co. Ltd. | | | | | 40,000 | | | | | | 271,046 | | |
Diversified Consumer Services – 4.3% | | ||||||||||||
New Oriental Education & Technology Group, Inc. ADS* | | | | | 12,500 | | | | | | 1,627,875 | | |
TAL Education Group ADS* | | | | | 36,000 | | | | | | 2,461,680 | | |
| | | | | | | | | | | 4,089,555 | | |
Electrical Equipment – 1.4% | | ||||||||||||
Contemporary Amperex Technology Co. Ltd. | | | | | 55,002 | | | | | | 1,370,876 | | |
Electronic Equipment, Instruments & Components – 2.2% | | ||||||||||||
Luxshare Precision Industry Co. Ltd. | | | | | 233,753 | | | | | | 1,709,061 | | |
Sunny Optical Technology Group Co. Ltd. | | | | | 25,000 | | | | | | 402,362 | | |
| | | | | | | | | | | 2,111,423 | | |
Energy Equipment & Services – 0.9% | | ||||||||||||
Yantai Jereh Oilfield Services Group Co. Ltd.* | | | | | 200,035 | | | | | | 884,253 | | |
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| | | Shares | | | Value | | ||||||
Food & Staples Retailing – 0.2% | | ||||||||||||
Yonghui Superstores Co. Ltd. | | | | | 150,000 | | | | | $ | 199,412 | | |
Food Products – 2.9% | | ||||||||||||
Qianhe Condiment & Food Co. Ltd. | | | | | 224,048 | | | | | | 1,002,813 | | |
Sichuan Teway Food Group Co. Ltd.* | | | | | 120,018 | | | | | | 946,300 | | |
Tongwei Co. Ltd.* | | | | | 350,000 | | | | | | 864,385 | | |
| | | | | | | | | | | 2,813,498 | | |
Healthcare Equipment & Supplies – 2.8% | | ||||||||||||
Jafron Biomedical Co. Ltd. | | | | | 94,000 | | | | | | 926,915 | | |
Kangji Medical Hldgs. Ltd.* | | | | | 100,000 | | | | | | 384,491 | | |
Shanghai Kinetic Medical Co. Ltd.* | | | | | 99,991 | | | | | | 411,484 | | |
Sinocare, Inc. | | | | | 210,005 | | | | | | 956,100 | | |
| | | | | | | | | | | 2,678,990 | | |
Healthcare Providers & Services – 1.8% | | ||||||||||||
Aier Eye Hospital Group Co. Ltd. | | | | | 156,000 | | | | | | 960,291 | | |
Universal Vision Biotechnology Co. Ltd.* | | | | | 130,000 | | | | | | 768,832 | | |
| | | | | | | | | | | 1,729,123 | | |
Healthcare Technology – 1.1% | | ||||||||||||
Alibaba Health Information Technology Ltd.* | | | | | 350,000 | | | | | | 1,029,241 | | |
Hotels, Restaurants & Leisure – 3.1% | | ||||||||||||
Galaxy Entertainment Group Ltd.* | | | | | 150,000 | | | | | | 1,028,963 | | |
Jiumaojiu International Hldgs. Ltd.* | | | | | 600,000 | | | | | | 1,041,262 | | |
Songcheng Performance Development Co. Ltd.* | | | | | 350,055 | | | | | | 859,681 | | |
| | | | | | | | | | | 2,929,906 | | |
Household Durables – 3.8% | | ||||||||||||
Bear Electric Appliance Co. Ltd.* | | | | | 55,110 | | | | | | 961,364 | | |
Ecovacs Robotics Co. Ltd.* | | | | | 170,075 | | | | | | 729,535 | | |
Gree Electric Appliances, Inc. of Zhuhai | | | | | 120,000 | | | | | | 963,785 | | |
Midea Group Co. Ltd. | | | | | 119,942 | | | | | | 1,016,824 | | |
| | | | | | | | | | | 3,671,508 | | |
Insurance – 1.9% | | ||||||||||||
China Life Insurance Co. Ltd.* | | | | | 450,000 | | | | | | 907,995 | | |
Ping An Insurance Group Co. of China Ltd. | | | | | 92,000 | | | | | | 917,148 | | |
| | | | | | | | | | | 1,825,143 | | |
Interactive Media & Services – 6.8% | | ||||||||||||
Tencent Hldgs. Ltd. | | | | | 101,000 | | | | | | 6,471,870 | | |
Internet & Direct Marketing Retail – 11.3% | | ||||||||||||
Alibaba Group Hldg. Ltd. ADS* | | | | | 34,000 | | | | | | 7,333,800 | | |
JD.com, Inc. ADS* | | | | | 28,000 | | | | | | 1,685,040 | | |
Meituan Dianping* | | | | | 80,000 | | | | | | 1,787,710 | | |
| | | | | | | | | | | 10,806,550 | | |
|
| | | Shares | | | Value | | ||||||
Internet Software & Services – 1.6% | | ||||||||||||
21Vianet Group, Inc. ADS* | | | | | 65,000 | | | | | $ | 1,550,900 | | |
Information Technology Services – 2.9% | | ||||||||||||
Beijing Sinnet Technology Co. Ltd. | | | | | 250,000 | | | | | | 929,956 | | |
GDS Hldgs. Ltd. ADS* | | | | | 22,621 | | | | | | 1,801,989 | | |
| | | | | | | | | | | 2,731,945 | | |
Life Sciences Tools & Services – 4.8% | | ||||||||||||
Joinn Laboratories Co. Ltd. | | | | | 83,983 | | | | | | 1,248,934 | | |
Pharmaron Beijing Co. Ltd. | | | | | 120,000 | | | | | | 1,242,767 | | |
WuXi AppTec Co. Ltd. | | | | | 91,000 | | | | | | 1,188,429 | | |
Wuxi Biologics, Inc.* | | | | | 50,000 | | | | | | 917,781 | | |
| | | | | | | | | | | 4,597,911 | | |
Machinery – 3.2% | | ||||||||||||
Hefei Meiya Optoelectronic Technology, Inc.* | | | | | 119,993 | | | | | | 892,980 | | |
Yantai Eddie Precision Machinery Co. Ltd. | | | | | 174,000 | | | | | | 1,293,874 | | |
Zoomlion Heavy Industry Science & Technology Co. Ltd.* | | | | | 1,080,000 | | | | | | 836,186 | | |
| | | | | | | | | | | 3,023,040 | | |
Metals & Mining – 1.0% | | ||||||||||||
Ganfeng Lithium Co. Ltd. | | | | | 200,000 | | | | | | 931,070 | | |
Oil, Gas & Consumable Fuels – 0.9% | | ||||||||||||
CNOOC Ltd. | | | | | 800,000 | | | | | | 897,862 | | |
Pharmaceuticals – 6.0% | | ||||||||||||
Asymchem Laboratories Co. Ltd. | | | | | 29,946 | | | | | | 1,029,492 | | |
Changchun High & New Technology Industries Group, Inc. | | | | | 20,000 | | | | | | 1,230,749 | | |
Jiangsu Hengrui Medicine Co. Ltd. | | | | | 83,936 | | | | | | 1,096,968 | | |
PharmaBlock Sciences Nanjing, Inc.* | | | | | 40,065 | | | | | | 707,154 | | |
Sino Biopharmaceutical Ltd. | | | | | 600,000 | | | | | | 1,130,877 | | |
Zhejiang Starry Pharmaceutical Co. Ltd.* | | | | | 45,032 | | | | | | 535,106 | | |
| | | | | | | | | | | 5,730,346 | | |
Real Estate Management & Development – 4.8% | | ||||||||||||
China Resources Land Ltd. | | | | | 150,000 | | | | | | 573,329 | | |
CIFI Hldgs. Group Co. Ltd. | | | | | 2,200,000 | | | | | | 1,733,062 | | |
Longfor Group Hldgs. Ltd. | | | | | 300,000 | | | | | | 1,436,052 | | |
Sunac China Hldgs. Ltd. | | | | | 200,000 | | | | | | 846,397 | | |
| | | | | | | | | | | 4,588,840 | | |
|
| | | Shares | | | Value | | ||||||
Semiconductors & Semiconductor Equipment – 7.5% | | ||||||||||||
ACM Research, Inc.* | | | | | 27,000 | | | | | $ | 1,683,720 | | |
Alchip Technologies Ltd.* | | | | | 110,000 | | | | | | 1,879,874 | | |
ASMedia Technology, Inc.* | | | | | 14,000 | | | | | | 685,608 | | |
Semiconductor Manufacturing International Corp.* | | | | | 450,000 | | | | | | 1,578,579 | | |
SG Micro Corp. | | | | | 15,120 | | | | | | 655,098 | | |
Xinyi Solar Hldgs. Ltd. | | | | | 700,000 | | | | | | 673,140 | | |
| | | | | | | | | | | 7,156,019 | | |
Software – 3.7% | | ||||||||||||
Agora, Inc. ADS* | | | | | 700 | | | | | | 30,919 | | |
Glodon Co. Ltd. | | | | | 140,000 | | | | | | 1,385,788 | | |
Sangfor Technologies, Inc. | | | | | 20,085 | | | | | | 587,437 | | |
Weimob, Inc.* | | | | | 1,200,000 | | | | | | 1,517,492 | | |
| | | | | | | | | | | 3,521,636 | | |
Specialty Retail – 1.5% | | ||||||||||||
China Tourism Group Duty Free Corp. Ltd.* | | | | | 65,000 | | | | | | 1,424,561 | | |
Technology Hardware, Storage & Peripherals – 0.7% | | ||||||||||||
Xiaomi Corp.* | | | | | 400,000 | | | | | | 664,700 | | |
Textiles, Apparel & Luxury Goods – 1.4% | | ||||||||||||
Li Ning Co. Ltd. | | | | | 430,000 | | | | | | 1,377,049 | | |
Utilities – Gas – 0.9% | | ||||||||||||
Kunlun Energy Co. Ltd. | | | | | 1,300,000 | | | | | | 851,403 | | |
Total Equities | | ||||||||||||
(Cost: $61,088,063) | | | | | | | | | | $ | 95,167,483 | | |
Total Investments – 99.6% | | ||||||||||||
(Cost: $61,088,063) | | | | | | | | | | $ | 95,167,483 | | |
Other Assets Less Liabilities – 0.4% | | | | | | | | | | | 360,069 | | |
Net Assets – 100% | | | | | | | | | | $ | 95,527,552 | | |
|
| China ( Includes the People’s Republic of China, Taiwan and Hong Kong) | | | | | 99.6% | | |
| | | Shares | | | Value | | ||||||
Equities – 98.7% | | | | | | | | | | | | | |
Australia – 8.4% | | ||||||||||||
Afterpay Touch Group Ltd.* | | | | | 188,200 | | | | | $ | 8,127,731 | | |
Altium Ltd. | | | | | 4,300 | | | | | | 97,424 | | |
Avita Medical Ltd.* | | | | | 292,590 | | | | | | 1,834,022 | | |
Evolution Mining Ltd. | | | | | 2,176,200 | | | | | | 8,644,730 | | |
IDP Education Ltd. | | | | | 205,900 | | | | | | 2,231,396 | | |
| | | | | | | | | | | 20,935,303 | | |
Canada – 5.7% | | ||||||||||||
Altus Group Ltd. | | | | | 11,800 | | | | | | 354,539 | | |
ATS Automation Tooling Systems, Inc.* | | | | | 151,900 | | | | | | 2,139,311 | | |
Gibson Energy, Inc. | | | | | 66,200 | | | | | | 1,030,352 | | |
Kinaxis, Inc.* | | | | | 27,000 | | | | | | 3,859,473 | | |
Parex Resources, Inc.* | | | | | 112,247 | | | | | | 1,352,652 | | |
Real Matters, Inc.* | | | | | 283,000 | | | | | | 5,519,918 | | |
| | | | | | | | | | | 14,256,245 | | |
China – 10.0% | | ||||||||||||
AK Medical Hldgs. Ltd. | | | | | 1,455,600 | | | | | | 4,640,060 | | |
Innovent Biologics, Inc.* | | | | | 228,500 | | | | | | 1,700,656 | | |
Kingdee International Software Group Co. Ltd.* | | | | | 1,325,000 | | | | | | 3,100,351 | | |
Pharmaron Beijing Co. Ltd. | | | | | 654,300 | | | | | | 6,776,186 | | |
Venus MedTech Hangzhou, Inc.* | | | | | 386,000 | | | | | | 3,813,285 | | |
Yihai International Hldg. Ltd. | | | | | 472,000 | | | | | | 4,863,984 | | |
| | | | | | | | | | | 24,894,522 | | |
Denmark – 1.4% | | ||||||||||||
Netcompany A/S* | | | | | 53,000 | | | | | | 3,476,065 | | |
Finland – 1.3% | | ||||||||||||
Valmet Oyj | | | | | 127,900 | | | | | | 3,352,141 | | |
France – 1.0% | | ||||||||||||
Euronext NV | | | | | 9,000 | | | | | | 905,864 | | |
SPIE SA* | | | | | 113,400 | | | | | | 1,703,917 | | |
| | | | | | | | | | | 2,609,781 | | |
Germany – 8.1% | | ||||||||||||
Aurelius Equity Opportunities SE* | | | | | 70,123 | | | | | | 1,164,053 | | |
HelloFresh SE* | | | | | 97,600 | | | | | | 5,220,959 | | |
Shop Apotheke Europe NV* | | | | | 31,900 | | | | | | 3,813,234 | | |
TeamViewer AG* | | | | | 158,500 | | | | | | 8,654,196 | | |
Varta AG* | | | | | 12,200 | | | | | | 1,376,692 | | |
| | | | | | | | | | | 20,229,134 | | |
Hong Kong – 0.4% | | ||||||||||||
Nissin Foods Co. Ltd. | | | | | 1,335,000 | | | | | | 1,077,732 | | |
|
| | | Shares | | | Value | | ||||||
Israel – 2.2% | | ||||||||||||
AudioCodes Ltd. | | | | | 37,800 | | | | | $ | 1,201,662 | | |
Fiverr International Ltd.* | | | | | 57,200 | | | | | | 4,222,504 | | |
| | | | | | | | | | | 5,424,166 | | |
Italy – 0.3% | | ||||||||||||
DiaSorin SpA | | | | | 4,100 | | | | | | 787,365 | | |
Japan – 30.7% | | ||||||||||||
BASE, Inc.* | | | | | 105,700 | | | | | | 4,454,206 | | |
BayCurrent Consulting, Inc. | | | | | 101,500 | | | | | | 8,486,768 | | |
Cosmos Pharmaceutical Corp. | | | | | 15,100 | | | | | | 2,316,860 | | |
IR Japan Hldgs. Ltd. | | | | | 79,100 | | | | | | 8,335,863 | | |
JMDC, Inc.* | | | | | 13,600 | | | | | | 805,775 | | |
Kobe Bussan Co. Ltd. | | | | | 85,900 | | | | | | 4,877,879 | | |
Kusuri no Aoki Hldgs. Co. Ltd. | | | | | 40,300 | | | | | | 3,168,093 | | |
Lasertec Corp. | | | | | 46,000 | | | | | | 4,348,407 | | |
M&A Capital Partners Co. Ltd.* | | | | | 196,600 | | | | | | 7,308,111 | | |
Medley, Inc.* | | | | | 221,100 | | | | | | 7,610,296 | | |
MedPeer, Inc.* | | | | | 85,100 | | | | | | 2,202,777 | | |
Nihon Unisys Ltd. | | | | | 51,500 | | | | | | 1,619,224 | | |
Open House Co. Ltd. | | | | | 91,500 | | | | | | 3,137,721 | | |
SHIFT, Inc.* | | | | | 27,600 | | | | | | 2,818,519 | | |
S-Pool, Inc.* | | | | | 225,600 | | | | | | 1,549,707 | | |
Sushiro Global Hldgs. Ltd.* | | | | | 521,800 | | | | | | 11,569,710 | | |
Tsuruha Hldgs., Inc. | | | | | 13,400 | | | | | | 1,850,716 | | |
| | | | | | | | | | | 76,460,632 | | |
Netherlands – 2.8% | | ||||||||||||
ASM International NV | | | | | 13,000 | | | | | | 2,001,252 | | |
BE Semiconductor Industries NV | | | | | 51,200 | | | | | | 2,270,131 | | |
Constellium SE* | | | | | 345,000 | | | | | | 2,649,600 | | |
| | | | | | | | | | | 6,920,983 | | |
Norway – 0.5% | | ||||||||||||
Nordic Semiconductor ASA* | | | | | 168,000 | | | | | | 1,287,592 | | |
Sweden – 11.3% | | ||||||||||||
Evolution Gaming Group AB | | | | | 155,318 | | | | | | 9,225,211 | | |
Mycronic AB | | | | | 69,000 | | | | | | 1,308,154 | | |
Sinch AB* | | | | | 170,100 | | | | | | 14,639,505 | | |
Stillfront Group AB* | | | | | 31,700 | | | | | | 2,849,755 | | |
| | | | | | | | | | | 28,022,625 | | |
Switzerland – 1.9% | | ||||||||||||
VAT Group AG | | | | | 7,719 | | | | | | 1,417,696 | | |
Zur Rose Group AG* | | | | | 11,755 | | | | | | 3,216,413 | | |
| | | | | | | | | | | 4,634,109 | | |
|
| | | Shares | | | Value | | ||||||
United Kingdom – 12.7% | | ||||||||||||
Blue Prism Group PLC* | | | | | 163,300 | | | | | $ | 2,297,916 | | |
boohoo Group PLC* | | | | | 460,300 | | | | | | 2,357,284 | | |
ConvaTec Group PLC | | | | | 852,400 | | | | | | 2,058,752 | | |
Dunelm Group PLC | | | | | 180,600 | | | | | | 2,660,795 | | |
Endava PLC ADS* | | | | | 45,800 | | | | | | 2,212,140 | | |
Future PLC | | | | | 276,202 | | | | | | 4,359,679 | | |
Games Workshop Group PLC | | | | | 29,200 | | | | | | 2,901,608 | | |
HomeServe PLC | | | | | 50,000 | | | | | | 808,389 | | |
Intermediate Capital Group PLC | | | | | 292,300 | | | | | | 4,663,507 | | |
Persimmon PLC* | | | | | 61,700 | | | | | | 1,746,286 | | |
Serco Group PLC* | | | | | 1,444,451 | | | | | | 2,734,612 | | |
Spirent Communications PLC | | | | | 866,600 | | | | | | 2,592,927 | | |
| | | | | | | | | | | 31,393,895 | | |
Total Equities | | ||||||||||||
(Cost: $165,023,785) | | | | | | | | | | $ | 245,762,290 | | |
Total Investments – 98.7% | | ||||||||||||
(Cost: $165,023,785) | | | | | | | | | | $ | 245,762,290 | | |
Other Assets Less Liabilities – 1.3% | | | | | | | | | | | 3,220,011 | | |
Net Assets – 100% | | | | | | | | | | $ | 248,982,301 | | |
|
| Communication Services | | | | | 2.9% | | |
| Consumer Discretionary | | | | | 18.5% | | |
| Consumer Staples | | | | | 8.6% | | |
| Energy | | | | | 1.0% | | |
| Financials | | | | | 5.6% | | |
| Healthcare | | | | | 12.9% | | |
| Industrials | | | | | 12.8% | | |
| Information Technology | | | | | 28.3% | | |
| Materials | | | | | 4.5% | | |
| Real Estate | | | | | 3.6% | | |
| | | Shares | | | Value | | ||||||
Equities – 99.5% | | | | ||||||||||
Australia – 0.9% | | ||||||||||||
IDP Education Ltd. | | | | | 6,900 | | | | | $ | 74,777 | | |
Brazil – 11.6% | | ||||||||||||
Afya Ltd.* | | | | | 6,600 | | | | | | 154,704 | | |
Arco Platform Ltd.* | | | | | 4,900 | | | | | | 213,052 | | |
B2W – Companhia Digital* | | | | | 7,956 | | | | | | 156,615 | | |
Linx SA | | | | | 23,400 | | | | | | 109,037 | | |
Lojas Renner SA | | | | | 19,100 | | | | | | 146,812 | | |
TOTVS SA | | | | | 37,600 | | | | | | 160,063 | | |
| | | | | | | | | | | 940,283 | | |
Chile – 2.0% | | ||||||||||||
Falabella SA | | | | | 51,000 | | | | | | 161,432 | | |
China – 23.2% | | ||||||||||||
China Isotope & Radiation Corp.* | | | | | 41,200 | | | | | | 118,174 | | |
Chongqing Brewery Co. Ltd. | | | | | 18,000 | | | | | | 186,346 | | |
Guangdong Marubi Biotechnology Co. Ltd.* | | | | | 7,200 | | | | | | 87,996 | | |
Jiangsu Hengli Hydraulic Co. Ltd.* | | | | | 12,400 | | | | | | 141,325 | | |
Kingsoft Cloud Hldgs. Ltd. ADS* | | | | | 7,000 | | | | | | 220,640 | | |
Li Ning Co. Ltd. | | | | | 22,500 | | | | | | 72,055 | | |
Shanghai Weaver Network Co. Ltd. | | | | | 7,996 | | | | | | 87,850 | | |
Sichuan Swellfun Co. Ltd.* | | | | | 11,200 | | | | | | 99,184 | | |
Thunder Software Technology Co. Ltd. | | | | | 8,700 | | | | | | 95,962 | | |
Venus MedTech Hangzhou, Inc.* | | | | | 18,500 | | | | | | 182,761 | | |
Weimob, Inc.* | | | | | 104,000 | | | | | | 131,516 | | |
Winning Health Technology Group Co. Ltd. | | | | | 27,560 | | | | | | 89,884 | | |
Wolong Electric Group Co. Ltd. | | | | | 50,300 | | | | | | 80,336 | | |
Yantai Jereh Oilfield Services Group Co. Ltd.* | | | | | 36,100 | | | | | | 159,581 | | |
Yijiahe Technology Co. Ltd. | | | | | 10,920 | | | | | | 135,856 | | |
| | | | | | | | | | | 1,889,466 | | |
Czech Republic – 1.2% | | ||||||||||||
TCS Group Hldg. PLC* | | | | | 5,000 | | | | | | 101,501 | | |
France – 1.7% | | ||||||||||||
Gaztransport & Technigaz SA | | | | | 1,850 | | | | | | 141,962 | | |
Greece – 1.2% | | ||||||||||||
Greek Organization of Football Prognostics SA* | | | | | 10,400 | | | | | | 99,108 | | |
|
| | | Shares | | | Value | | ||||||
India – 4.6% | | ||||||||||||
Affle India Ltd.* | | | | | 7,200 | | | | | $ | 139,107 | | |
Amber Enterprises India Ltd.* | | | | | 3,900 | | | | | | 74,313 | | |
ESAB India Ltd. | | | | | 4,025 | | | | | | 74,801 | | |
Navin Fluorine International Ltd.* | | | | | 3,900 | | | | | | 83,999 | | |
| | | | | | | | | | | 372,220 | | |
Indonesia – 7.5% | | ||||||||||||
PT Bank Tabungan Pensiunan Nasional Syariah Tbk | | | | | 898,000 | | | | | | 201,195 | | |
PT Industri Jamu dan Farmasi Sido Muncul Tbk | | | | | 909,100 | | | | | | 77,598 | | |
PT Mark Dynamics Indonesia Tbk* | | | | | 2,500,000 | | | | | | 82,254 | | |
PT Mitra Adiperkasa Tbk* | | | | | 2,706,900 | | | | | | 148,259 | | |
PT Sarana Menara Nusantara Tbk | | | | | 1,427,800 | | | | | | 102,360 | | |
| | | | | | | | | | | 611,666 | | |
Mexico – 2.8% | | ||||||||||||
Alsea SAB de CV* | | | | | 112,900 | | | | | | 111,060 | | |
Prologis Property Mexico SA de CV | | | | | 65,044 | | | | | | 116,337 | | |
| | | | | | | | | | | 227,397 | | |
Philippines – 1.2% | | ||||||||||||
Wilcon Depot, Inc. | | | | | 316,000 | | | | | | 98,186 | | |
Poland – 1.3% | | ||||||||||||
Dino Polska SA.* | | | | | 2,000 | | | | | | 101,876 | | |
Russia – 2.4% | | ||||||||||||
HeadHunter Group PLC ADS | | | | | 8,200 | | | | | | 191,716 | | |
South Africa – 2.0% | | ||||||||||||
Clicks Group Ltd. | | | | | 4,980 | | | | | | 60,371 | | |
Harmony Gold Mining Co. Ltd.* | | | | | 23,700 | | | | | | 99,093 | | |
| | | | | | | | | | | 159,464 | | |
South Korea – 15.4% | | ||||||||||||
Douzone Bizon Co. Ltd. | | | | | 1,319 | | | | | | 112,696 | | |
ITM Semiconductor Co. Ltd.* | | | | | 2,880 | | | | | | 141,506 | | |
KINX, Inc.* | | | | | 2,520 | | | | | | 124,665 | | |
Koh Young Technology, Inc. | | | | | 1,013 | | | | | | 84,665 | | |
LEENO Industrial, Inc.* | | | | | 1,805 | | | | | | 170,886 | | |
Nice Information Service Co. Ltd.* | | | | | 7,692 | | | | | | 117,534 | | |
POSCO Chemical Co. Ltd.* | | | | | 2,936 | | | | | | 185,448 | | |
Seegene, Inc. | | | | | 1,260 | | | | | | 117,345 | | |
Tokai Carbon Korea Co. Ltd. | | | | | 1,574 | | | | | | 114,618 | | |
Wonik Ips Co. Ltd.* | | | | | 2,860 | | | | | | 85,727 | | |
| | | | | | | | | | | 1,255,090 | | |
Sweden – 1.0% | | ||||||||||||
Medicover AB* | | | | | 7,900 | | | | | | 81,543 | | |
|
| | | Shares | | | Value | | ||||||
Switzerland – 1.2% | | ||||||||||||
Wizz Air Hldgs. PLC* | | | | | 2,309 | | | | | $ | 95,405 | | |
Taiwan – 17.2% | | ||||||||||||
Airtac International Group* | | | | | 6,000 | | | | | | 105,991 | | |
ASPEED Technology, Inc. | | | | | 5,000 | | | | | | 211,726 | | |
Chailease Hldg. Co. Ltd. | | | | | 26,874 | | | | | | 114,565 | | |
Chroma Ate, Inc.* | | | | | 25,000 | | | | | | 129,380 | | |
Innodisk Corp.* | | | | | 17,981 | | | | | | 108,430 | | |
Lien Hwa Industrial Hldgs. Corp.* | | | | | 52,000 | | | | | | 75,109 | | |
M31 Technology Corp. | | | | | 24,000 | | | | | | 300,347 | | |
Sinbon Electronics Co. Ltd.* | | | | | 18,000 | | | | | | 91,557 | | |
Taiwan FamilyMart Co. Ltd.* | | | | | 12,000 | | | | | | 97,264 | | |
Taiwan Union Technology Corp. | | | | | 19,000 | | | | | | 93,286 | | |
Yageo Corp. | | | | | 6,000 | | | | | | 78,167 | | |
| | | | | | | | | | | 1,405,822 | | |
Thailand – 1.1% | | ||||||||||||
Netbay PLC | | | | | 76,000 | | | | | | 87,214 | | |
Total Equities | | ||||||||||||
(Cost: $6,445,037) | | | | | | | | | | $ | 8,096,128 | | |
Total Investments – 99.5% | | ||||||||||||
(Cost: $6,445,037) | | | | | | | | | | $ | 8,096,128 | | |
Other Assets Less Liabilities – 0.5% | | | | | | | | | | | 41,084 | | |
Net Assets – 100% | | | | | | | | | | $ | 8,137,212 | | |
|
| Communication Services | | | | | 4.5% | | |
| Consumer Discretionary | | | | | 18.6% | | |
| Consumer Staples | | | | | 9.7% | | |
| Energy | | | | | 3.7% | | |
| Financials | | | | | 5.1% | | |
| Health Care | | | | | 7.2% | | |
| Industrials | | | | | 12.6% | | |
| Information Technology | | | | | 32.1% | | |
| Materials | | | | | 4.5% | | |
| Real Estate | | | | | 1.5% | | |
| | | | Micro-Cap Fund | | | Small-Cap Opportunities Fund | | | Global Opportunities Fund | | |||||||||
| ASSETS: | | ||||||||||||||||||
| Investment securities at valuea | | | | $ | 56,512,191 | | | | | $ | 12,125,512 | | | | | $ | 43,944,877 | | |
| Cash | | | | | 571,197 | | | | | | 582,790 | | | | | | 3,216,858 | | |
| Receivable from securities sold | | | | | — | | | | | | 349,216 | | | | | | — | | |
| Dividends and interest receivable | | | | | 3,575 | | | | | | 1,727 | | | | | | 89,815 | | |
| Prepaid expenses | | | | | 23,008 | | | | | | 14,587 | | | | | | 19,115 | | |
| Total Assets | | | | | 57,109,971 | | | | | | 13,073,832 | | | | | | 47,270,665 | | |
| LIABILITIES: | | ||||||||||||||||||
| Payable for securities purchased | | | | | — | | | | | | 408,620 | | | | | | — | | |
| Payable to advisor (see note 3) | | | | | 45,902 | | | | | | 2,597 | | | | | | 32,047 | | |
| Payable to distributor | | | | | 6,629 | | | | | | 1,168 | | | | | | 6,898 | | |
| Accrued expenses | | | | | 46,155 | | | | | | 20,234 | | | | | | 29,399 | | |
| Total Liabilities | | | | | 98,686 | | | | | | 432,619 | | | | | | 68,344 | | |
| NET ASSETS | | | | $ | 57,011,285 | | | | | $ | 12,641,213 | | | | | $ | 47,202,321 | | |
| NET ASSETS | | ||||||||||||||||||
| Investor Class | | | | $ | 32,778,229 | | | | | $ | 5,951,915 | | | | | $ | 34,393,423 | | |
| Institutional Class | | | | | 24,233,056 | | | | | | 6,689,298 | | | | | | 12,808,898 | | |
| Total | | | | $ | 57,011,285 | | | | | $ | 12,641,213 | | | | | $ | 47,202,321 | | |
| SHARES OUTSTANDING: | | ||||||||||||||||||
| (shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with no par value) | | | | | | | | | | | | | | | | | | | |
| Investor Class | | | | | 1,636,963 | | | | | | 426,806 | | | | | | 1,215,395 | | |
| Institutional Class | | | | | 1,200,584 | | | | | | 474,817 | | | | | | 448,948 | | |
| Total | | | | | 2,837,547 | | | | | | 901,623 | | | | | | 1,664,343 | | |
| NET ASSET VALUE | | ||||||||||||||||||
| Investor Class, offering price and redemption price | | | | $ | 20.02 | | | | | $ | 13.95 | | | | | $ | 28.30 | | |
| Institutional Class, offering price and redemption price | | | | $ | 20.18 | | | | | $ | 14.09 | | | | | $ | 28.53 | | |
| ANALYSIS OF NET ASSETS: | | ||||||||||||||||||
| Capital | | | | $ | 54,215,888 | | | | | $ | 10,892,924 | | | | | $ | 36,771,208 | | |
| Accumulated earnings | | | | | 2,795,397 | | | | | | 1,748,289 | | | | | | 10,431,113 | | |
| Net assets | | | | $ | 57,011,285 | | | | | $ | 12,641,213 | | | | | $ | 47,202,321 | | |
| | | | | | |||||||||||||||
| a Investment securities at cost | | | | $ | 49,063,874 | | | | | $ | 9,394,182 | | | | | $ | 32,622,421 | | |
| | | | China Opportunities Fund | | | International Opportunities Fund | | | Emerging Markets Fund | | |||||||||
| ASSETS: | | ||||||||||||||||||
| Investment securities at valuea | | | | $ | 95,167,483 | | | | | $ | 245,762,290 | | | | | $ | 8,096,128 | | |
| Cash | | | | | 69,638 | | | | | | 2,296,464 | | | | | | 7,794 | | |
| Foreign currencyb | | | | | 215,790 | | | | | | — | | | | | | — | | |
| Receivable from securities sold | | | | | 796,293 | | | | | | 454,846 | | | | | | — | | |
| Dividends and interest receivable | | | | | 305,078 | | | | | | 1,027,627 | | | | | | 20,921 | | |
| Prepaid expenses | | | | | 16,967 | | | | | | 26,669 | | | | | | 19,812 | | |
| Receivable from advisor (see note 3) | | | | | — | | | | | | — | | | | | | 13,816 | | |
| Total Assets | | | | | 96,571,249 | | | | | | 249,567,896 | | | | | | 8,158,471 | | |
| LIABILITIES: | | ||||||||||||||||||
| Payable for securities purchased | | | | | 871,682 | | | | | | 170,357 | | | | | | — | | |
| Payable to advisor (see note 3) | | | | | 93,527 | | | | | | 190,235 | | | | | | — | | |
| Payable to distributor | | | | | 15,532 | | | | | | 50,080 | | | | | | 106 | | |
| Accrued expenses | | | | | 62,956 | | | | | | 174,923 | | | | | | 21,153 | | |
| Total Liabilities | | | | | 1,043,697 | | | | | | 585,595 | | | | | | 21,259 | | |
| NET ASSETS | | | | $ | 95,527,552 | | | | | $ | 248,982,301 | | | | | $ | 8,137,212 | | |
| NET ASSETS | | ||||||||||||||||||
| Investor Class | | | | $ | 79,306,274 | | | | | $ | 248,982,301 | | | | | $ | 527,486 | | |
| Institutional Class | | | | | 16,221,278 | | | | | | — | | | | | | 7,609,726 | | |
| Total | | | | $ | 95,527,552 | | | | | $ | 248,982,301 | | | | | $ | 8,137,212 | | |
| SHARES OUTSTANDING: | | ||||||||||||||||||
| (shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with no par value) | | | | | | | | | | | | | | | | | | | |
| Investor Class | | | | | 5,400,178 | | | | | | 11,485,787 | | | | | | 50,291 | | |
| Institutional Class | | | | | 1,097,850 | | | | | | — | | | | | | 721,624 | | |
| Total | | | | | 6,498,028 | | | | | | 11,485,787 | | | | | | 771,915 | | |
| NET ASSET VALUE | | ||||||||||||||||||
| Investor Class, offering price and redemption price | | | | $ | 14.69 | | | | | $ | 21.68 | | | | | $ | 10.49 | | |
| Institutional Class, offering price and redemption price | | | | $ | 14.78 | | | | | $ | — | | | | | $ | 10.55 | | |
| ANALYSIS OF NET ASSETS: | | ||||||||||||||||||
| Capital | | | | $ | 55,794,728 | | | | | $ | 240,285,193 | | | | | $ | 7,249,196 | | |
| Accumulated earnings | | | | | 39,732,824 | | | | | | 8,697,108 | | | | | | 888,016 | | |
| Net assets | | | | $ | 95,527,552 | | | | | $ | 248,982,301 | | | | | $ | 8,137,212 | | |
| | | | | | |||||||||||||||
| a Investment securities at cost | | | | $ | 61,088,063 | | | | | $ | 165,023,785 | | | | | $ | 6,445,037 | | |
| b Foreign currency at cost | | | | $ | 215,879 | | | | | $ | — | | | | | $ | — | | |
| | | Micro-Cap Fund | | | Small-Cap Opportunities Fund | | | | | | ||||||||||||||
INVESTMENT INCOME: | | | | | | | | | | ||||||||||||||||
Dividends | | | | $ | 79,360 | | | | | $ | 18,228 | | | | | | | ||||||||
Total investment income | | | | | 79,360 | | | | | | 18,228 | | | | | | | ||||||||
EXPENSES: | | | | | | | | | | ||||||||||||||||
Investment advisory fees (see note 3) | | | | | 176,257 | | | | | | 21,593 | | | | | | | ||||||||
Management fees (see note 3) | | | | | 117,505 | | | | | | 21,593 | | | | | | | ||||||||
Distribution fees and shareholder services (see note 3) | | | | | 42,677 | | | | | | 6,739 | | | | | | | ||||||||
Transfer agent fees and expenses | | | | | 44,134 | | | | | | 12,682 | | | | | | | ||||||||
Custodian fees and expenses | | | | | 6,827 | | | | | | 2,051 | | | | | | | ||||||||
Accounting services fees | | | | | 19,374 | | | | | | 18,722 | | | | | | | ||||||||
Federal and state registration fees | | | | | 19,134 | | | | | | 15,832 | | | | | | | ||||||||
Audit fees | | | | | 8,232 | | | | | | 8,206 | | | | | | | ||||||||
Shareholder reporting | | | | | 10,808 | | | | | | 4,256 | | | | | | | ||||||||
Other | | | | | 9,716 | | | | | | 1,712 | | | | | | | ||||||||
Total expenses before reimbursed expenses | | | | | 454,664 | | | | | | 113,386 | | | | | | | ||||||||
Earnings credit (see note 6) | | | | | (2,691) | | | | | | (1,037) | | | | | | | ||||||||
Expense reimbursement (see note 3) | | | | | — | | | | | | (35,501) | | | | | | | ||||||||
Total expenses | | | | | 451,973 | | | | | | 76,848 | | | | | | | ||||||||
NET INVESTMENT LOSS | | | | | (372,613) | | | | | | (58,620) | | | | | | | ||||||||
NET REALIZED AND UNREALIZED GAINS (LOSSES) FROM INVESTMENTS: | | | | | | | | ||||||||||||||||||
Net realized losses on investment transactions | | | | | (4,110,172) | | | | | | (1,115,854) | | | | | | | ||||||||
Change in net unrealized appreciation/ depreciation on investments | | | | | (4,196,375) | | | | | | 1,086,159 | | | | | | | ||||||||
Net realized /unrealized losses on investments | | | | | (8,306,547) | | | | | | (29,695) | | | | | | | ||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS | | | | $ | (8,679,160) | | | | | $ | (88,315) | | | | | | |
| | | Global Opportunities Fund | | | China Opportunities Fund | | | International Opportunities Fund | | | Emerging Markets Fund | | | | | | ||||||||||||||||||||
INVESTMENT INCOME: | | | | | | | | | | | | | | ||||||||||||||||||||||||
Dividendsa | | | | $ | 118,959 | | | | | $ | 550,927 | | | | | $ | 1,557,131 | | | | | $ | 54,729 | | | | | | | ||||||||
Total investment income | | | | | 118,959 | | | | | | 550,927 | | | | | | 1,557,131 | | | | | | 54,729 | | | | | | | ||||||||
EXPENSES: | | | | | | | | | | | | | | ||||||||||||||||||||||||
Investment advisory fees (see note 3) | | | | | 91,510 | | | | | | 537,760 | | | | | | 1,579,478 | | | | | | 46,719 | | | | | | | ||||||||
Management fees (see note 3) | | | | | 81,343 | | | | | | — | | | | | | — | | | | | | — | | | | | | | ||||||||
Distribution fees and shareholder services (see note 3) | | | | | 37,593 | | | | | | 89,858 | | | | | | 315,896 | | | | | | 647 | | | | | | | ||||||||
Transfer agent fees and expenses | | | | | 25,434 | | | | | | 62,040 | | | | | | 232,590 | | | | | | 12,696 | | | | | | | ||||||||
Custodian fees and expenses | | | | | 13,034 | | | | | | 86,455 | | | | | | 188,582 | | | | | | 37,426 | | | | | | | ||||||||
Accounting services fees | | | | | 20,176 | | | | | | 33,105 | | | | | | 62,292 | | | | | | 22,254 | | | | | | | ||||||||
Federal and state registration fees | | | | | 15,942 | | | | | | 17,303 | | | | | | 13,821 | | | | | | 15,878 | | | | | | | ||||||||
Audit fees | | | | | 10,530 | | | | | | 10,530 | | | | | | 10,498 | | | | | | 10,498 | | | | | | | ||||||||
Shareholder reporting | | | | | 8,022 | | | | | | 13,798 | | | | | | 36,768 | | | | | | 3,742 | | | | | | | ||||||||
Other | | | | | 5,713 | | | | | | 12,013 | | | | | | 41,657 | | | | | | 1,323 | | | | | | | ||||||||
Total expenses before reimbursed expenses | | | | | 309,297 | | | | | | 862,862 | | | | | | 2,481,582 | | | | | | 151,183 | | | | | | | ||||||||
Earnings credit (see note 6) | | | | | (2,268) | | | | | | (1,660) | | | | | | (19,390) | | | | | | (578) | | | | | | | ||||||||
Expense reimbursement (see note 3) | | | | | — | | | | | | — | | | | | | (440,460) | | | | | | (93,941) | | | | | | | ||||||||
Total Expenses | | | | | 307,029 | | | | | | 861,202 | | | | | | 2,021,732 | | | | | | 56,664 | | | | | | | ||||||||
NET INVESTMENT LOSS | | | | | (188,070) | | | | | | (310,275) | | | | | | (464,601) | | | | | | (1,935) | | | | | | | ||||||||
NET REALIZED AND UNREALIZED GAINS (LOSSES) FROM INVESTMENTS: | | | | | | | | | | | | | | ||||||||||||||||||||||||
Net realized gains (losses) on investment transactions | | | | | 1,223,962 | | | | | | 2,381,842 | | | | | | (1,036,887) | | | | | | 116,911 | | | | | | | ||||||||
Net realized gains (losses) on foreign currency transactions | | | | | (1,063) | | | | | | 262 | | | | | | (64,049) | | | | | | 7,710 | | | | | | | ||||||||
Net realized gains (losses) on investments and foreign currency transactions | | | | | 1,222,899 | | | | | | 2,382,104 | | | | | | (1,100,936) | | | | | | 124,621 | | | | | | | ||||||||
Change in net unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies | | | | | 4,599,978 | | | | | | 13,395,116 | | | | | | 15,446,213 | | | | | | 514,437 | | | | | | | ||||||||
Net realized /unrealized gains on investments and foreign currencies | | | | | 5,822,877 | | | | | | 15,777,220 | | | | | | 14,345,277 | | | | | | 639,058 | | | | | | | ||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | | | $ | 5,634,807 | | | | | $ | 15,466,945 | | | | | $ | 13,880,676 | | | | | $ | 637,123 | | | | | | |
| | | | Micro-Cap Fund | | |||||||||
| | | | Six Months Ended June 30, 2020 (unaudited) | | | Year Ended December 31, 2019 | | ||||||
| FROM OPERATIONS: | | ||||||||||||
| Net investment loss | | | | $ | (372,613) | | | | | $ | (706,980) | | |
| Net realized gains (losses) on investment transactions | | | | | (4,110,172) | | | | | | 1,526,728 | | |
| Change in net unrealized appreciation/depreciation on investments | | | | | (4,196,375) | | | | | | 13,511,984 | | |
| Net increase (decrease) in net assets resulting from operations | | | | | (8,679,160) | | | | | | 14,331,732 | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | ||||||||||||
| Investor Class | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | | 1,033,520 | | | | | | 9,676,418 | | |
| Redemption of shares (see note 5) | | | | | (9,930,703) | | | | | | (27,287,756) | | |
| Net decrease from investor class share transactions | | | | | (8,897,183) | | | | | | (17,611,338) | | |
| Institutional Class | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | | 563,712 | | | | | | 18,429,262 | | |
| Redemption of shares (see note 5) | | | | | (3,518,189) | | | | | | (5,155,907) | | |
| Net increase (decrease) from institutional class share transactions | | | | | (2,954,477) | | | | | | 13,273,355 | | |
| Redemption fees (see note 5) | | | | | 2,271 | | | | | | 6,594 | | |
| Net decrease in net assets resulting from capital share transactions | | | | | (11,849,389) | | | | | | (4,331,389) | | |
| Total increase (decrease) in net assets | | | | | (20,528,549) | | | | | | 10,000,343 | | |
| NET ASSETS: | | ||||||||||||
| Beginning of period | | | | | 77,539,834 | | | | | | 67,539,491 | | |
| End of period | | | | $ | 57,011,285 | | | | | $ | 77,539,834 | | |
| TRANSACTIONS IN SHARES: | | ||||||||||||
| Investor Class | | | | | | | | | | | | | |
| Shares sold | | | | | 55,709 | | | | | | 450,856 | | |
| Less shares redeemed | | | | | (496,525) | | | | | | (1,262,621) | | |
| Net decrease from investor class share transactions | | | | | (440,816) | | | | | | (811,765) | | |
| Institutional Class | | | | | | | | | | | | | |
| Shares sold | | | | | 30,885 | | | | | | 821,535 | | |
| Less shares redeemed | | | | | (204,517) | | | | | | (229,559) | | |
| Net increase (decrease) from institutional class share transactions | | | | | (173,632) | | | | | | 591,976 | | |
| Net decrease from capital share transactions | | | | | (614,448) | | | | | | (219,789) | | |
| | | | Small-Cap Opportunities Fund | | |||||||||
| | | | Six Months Ended June 30, 2020 (unaudited) | | | Year Ended December 31, 2019 | | ||||||
| FROM OPERATIONS: | | ||||||||||||
| Net investment loss | | | | $ | (58,620) | | | | | $ | (93,178) | | |
| Net realized gains (losses) on investment transactions | | | | | (1,115,854) | | | | | | 689,390 | | |
| Change in net unrealized appreciation/depreciation on investments | | | | | 1,086,159 | | | | | | 1,859,667 | | |
| Net increase (decrease) in net assets resulting from operations | | | | | (88,315) | | | | | | 2,455,879 | | |
| FROM DISTRIBUTIONS: | | | | | | | | | | | | | |
| Distributions to shareholders | | | | | | | | | | | | | |
| Investor Class | | | | | — | | | | | | (182,129) | | |
| Institutional Class | | | | | — | | | | | | (165,161) | | |
| Net decrease in net assets from distributions | | | | | — | | | | | | (347,290) | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | ||||||||||||
| Investor Class | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | | 217,648 | | | | | | 150,627 | | |
| Proceeds from reinvestment of distributions | | | | | — | | | | | | 153,834 | | |
| Redemption of shares (see note 5) | | | | | (207,436) | | | | | | (617,320) | | |
| Net increase (decrease) from investor class share transactions | | | | | 10,212 | | | | | | (312,859) | | |
| Institutional Class | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | | 1,101,396 | | | | | | 208,229 | | |
| Proceeds from reinvestment of distributions | | | | | — | | | | | | 143,919 | | |
| Redemption of shares (see note 5) | | | | | (114,078) | | | | | | (253,831) | | |
| Net increase from institutional class share transactions | | | | | 987,318 | | | | | | 98,317 | | |
| Redemption fees (see note 5) | | | | | 471 | | | | | | 5 | | |
| Net increase (decrease) in net assets resulting from capital share transactions | | | | | 998,001 | | | | | | (214,537) | | |
| Total increase in net assets | | | | | 909,686 | | | | | | 1,894,052 | | |
| NET ASSETS: | | ||||||||||||
| Beginning of period | | | | | 11,731,527 | | | | | | 9,837,475 | | |
| End of period | | | | $ | 12,641,213 | | | | | $ | 11,731,527 | | |
| TRANSACTIONS IN SHARES: | | ||||||||||||
| Investor Class | | | | | | | | | | | | | |
| Shares sold | | | | | 17,155 | | | | | | 10,835 | | |
| Shares issued in reinvestment of distributions | | | | | — | | | | | | 10,698 | | |
| Less shares redeemed | | | | | (15,842) | | | | | | (44,001) | | |
| Net increase (decrease) from investor class share transactions | | | | | 1,313 | | | | | | (22,468) | | |
| Institutional Class | | | | | | | | | | | | | |
| Shares sold | | | | | 95,957 | | | | | | 15,223 | | |
| Shares issued in reinvestment of distributions | | | | | — | | | | | | 9,919 | | |
| Less shares redeemed | | | | | (9,159) | | | | | | (18,348) | | |
| Net increase from institutional class share transactions | | | | | 86,798 | | | | | | 6,794 | | |
| Net increase (decrease) from capital share transactions | | | | | 88,111 | | | | | | (15,674) | | |
| | | | Global Opportunities Fund | | |||||||||
| | | | Six Months Ended June 30, 2020 (unaudited) | | | Year Ended December 31, 2019 | | ||||||
| FROM OPERATIONS: | | ||||||||||||
| Net investment loss | | | | $ | (188,070) | | | | | $ | (409,167) | | |
| Net realized gains (losses) on investment and foreign currency transactions | | | | | 1,222,899 | | | | | | (649,051) | | |
| Change in net unrealized appreciation/depreciation on investments and foreign currencies | | | | | 4,599,978 | | | | | | 10,432,361 | | |
| Net increase in net assets resulting from operations | | | | | 5,634,807 | | | | | | 9,374,143 | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | ||||||||||||
| Investor Class | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | | 355,944 | | | | | | 584,666 | | |
| Redemption of shares (see note 5) | | | | | (2,018,684) | | | | | | (4,538,262) | | |
| Net decrease from investor class share transactions | | | | | (1,662,740) | | | | | | (3,953,596) | | |
| Institutional Class | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | | 1,384,507 | | | | | | 1,457,054 | | |
| Redemption of shares (see note 5) | | | | | (803,002) | | | | | | (2,013,578) | | |
| Net increase (decrease) from institutional class share transactions | | | | | 581,505 | | | | | | (556,524) | | |
| Redemption fees (see note 5) | | | | | 686 | | | | | | 427 | | |
| Net decrease in net assets resulting from capital share transactions | | | | | (1,080,549) | | | | | | (4,509,693) | | |
| Total increase in net assets | | | | | 4,554,258 | | | | | | 4,864,450 | | |
| NET ASSETS: | | ||||||||||||
| Beginning of period | | | | | 42,648,063 | | | | | | 37,783,613 | | |
| End of period | | | | $ | 47,202,321 | | | | | $ | 42,648,063 | | |
| TRANSACTIONS IN SHARES: | | ||||||||||||
| Investor Class | | | | | | | | | | | | | |
| Shares sold | | | | | 14,052 | | | | | | 25,380 | | |
| Less shares redeemed | | | | | (88,014) | | | | | | (196,533) | | |
| Net decrease from investor class share transactions | | | | | (73,962) | | | | | | (171,153) | | |
| Institutional Class | | | | | | | | | | | | | |
| Shares sold | | | | | 55,582 | | | | | | 63,647 | | |
| Less shares redeemed | | | | | (32,524) | | | | | | (88,250) | | |
| Net increase (decrease) from institutional class share transactions | | | | | 23,058 | | | | | | (24,603) | | |
| Net decrease from capital share transactions | | | | | (50,904) | | | | | | (195,756) | | |
| | | | China Opportunities Fund | | |||||||||
| | | | Six Months Ended June 30, 2020 (unaudited) | | | Year Ended December 31, 2019 | | ||||||
| FROM OPERATIONS: | | ||||||||||||
| Net investment loss | | | | $ | (310,275) | | | | | $ | (639,763) | | |
| Net realized gains on investment and foreign currency transactions | | | | | 2,382,104 | | | | | | 8,789,080 | | |
| Change in net unrealized appreciation/depreciation on investments and foreign currencies | | | | | 13,395,116 | | | | | | 17,102,109 | | |
| Net increase in net assets resulting from operations | | | | | 15,466,945 | | | | | | 25,251,426 | | |
| FROM DISTRIBUTIONS: | | ||||||||||||
| Distributions to shareholders | | | | | | | | | | | | | |
| Investor Class | | | | | — | | | | | | (2,479,581) | | |
| Institutional Class | | | | | — | | | | | | (467,251) | | |
| Net decrease in net assets from distributions | | | | | — | | | | | | (2,946,832) | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | ||||||||||||
| Investor Class | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | | 2,865,509 | | | | | | 4,480,265 | | |
| Proceeds from reinvestment of distributions | | | | | — | | | | | | 2,347,314 | | |
| Redemption of shares (see note 5) | | | | | (11,863,273) | | | | | | (11,082,392) | | |
| Net decrease from investor class share transactions | | | | | (8,997,764) | | | | | | (4,254,813) | | |
| Institutional Class | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | | 732,804 | | | | | | 7,307,020 | | |
| Proceeds from reinvestment of distributions | | | | | — | | | | | | 382,078 | | |
| Redemption of shares (see note 5) | | | | | (1,475,331) | | | | | | (7,939,086) | | |
| Net decrease from institutional class share transactions | | | | | (742,527) | | | | | | (249,988) | | |
| Redemption fees (see note 5) | | | | | 13,358 | | | | | | 146,096 | | |
| Net decrease from capital share transactions | | | | | (9,726,933) | | | | | | (4,358,705) | | |
| Total increase in net assets | | | | | 5,740,012 | | | | | | 17,945,889 | | |
| NET ASSETS: | | ||||||||||||
| Beginning of period | | | | | 89,787,540 | | | | | | 71,841,651 | | |
| End of period | | | | $ | 95,527,552 | | | | | $ | 89,787,540 | | |
| TRANSACTIONS IN SHARES: | | ||||||||||||
| Investor Class | | | | | | | | | | | | | |
| Shares sold | | | | | 236,931 | | | | | | 399,070 | | |
| Shares issued in reinvestment of distributions | | | | | — | | | | | | 190,683 | | |
| Less shares redeemed | | | | | (961,171) | | | | | | (973,140) | | |
| Net decrease from investor class share transactions | | | | | (724,240) | | | | | | (383,387) | | |
| Institutional Class | | | | | | | | | | | | | |
| Shares sold | | | | | 58,287 | | | | | | 653,458 | | |
| Shares issued in reinvestment of distributions | | | | | — | | | | | | 30,887 | | |
| Less shares redeemed | | | | | (115,073) | | | | | | (704,497) | | |
| Net decrease from institutional class share transactions | | | | | (56,786) | | | | | | (20,152) | | |
| Net decrease from capital share transactions | | | | | (781,026) | | | | | | (403,539) | | |
| | | | International Opportunities Fund | | |||||||||
| | | | Six Months Ended June 30, 2020 (unaudited) | | | Year Ended December 31, 2019 | | ||||||
| FROM OPERATIONS: | | ||||||||||||
| Net investment loss | | | | $ | (464,601) | | | | | $ | (812,571) | | |
| Net realized losses on investments and foreign currency transactions | | | | | (1,100,936) | | | | | | (28,153,929) | | |
| Change in net unrealized appreciation/depreciation on investments and foreign currencies | | | | | 15,446,213 | | | | | | 126,930,677 | | |
| Net increase in net assets resulting from operations | | | | | 13,880,676 | | | | | | 97,964,177 | | |
| FROM DISTRIBUTIONS: | | ||||||||||||
| Distributions to shareholders | | | | | — | | | | | | (3,982,313) | | |
| Net decrease in net assets from distributions | | | | | — | | | | | | (3,982,313) | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | ||||||||||||
| Proceeds from sale of shares | | | | | 15,209,271 | | | | | | 49,548,735 | | |
| Proceeds from reinvestment of distributions | | | | | — | | | | | | 3,548,504 | | |
| Redemption of shares (see note 5) | | | | | (104,361,157) | | | | | | (320,989,274) | | |
| Net decrease from capital share transactions | | | | | (89,151,886) | | | | | | (267,892,035) | | |
| Total decrease in net assets | | | | | (75,271,210) | | | | | | (173,910,171) | | |
| NET ASSETS: | | ||||||||||||
| Beginning of period | | | | | 324,253,511 | | | | | | 498,163,682 | | |
| End of period | | | | $ | 248,982,301 | | | | | $ | 324,253,511 | | |
| TRANSACTIONS IN SHARES: | | ||||||||||||
| Shares sold | | | | | 863,463 | | | | | | 2,731,672 | | |
| Shares issued in reinvestment of distributions | | | | | — | | | | | | 182,348 | | |
| Less shares redeemed | | | | | (6,063,141) | | | | | | (17,343,717) | | |
| Net decrease from capital share transactions | | | | | (5,199,678) | | | | | | (14,429,697) | | |
| | | | Emerging Markets Fund | | |||||||||
| | | | Six Months Ended June 30, 2020 (unaudited) | | | Year Ended December 31, 2019 | | ||||||
| FROM OPERATIONS: | | ||||||||||||
| Net investment loss | | | | $ | (1,935) | | | | | $ | (486) | | |
| Net realized gains on investments and foreign currency transactions | | | | | 124,621 | | | | | | 49,798 | | |
| Change in net unrealized appreciation/depreciation on investments and foreign currencies | | | | | 514,437 | | | | | | 1,467,078 | | |
| Net increase in net assets resulting from operations | | | | | 637,123 | | | | | | 1,516,390 | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | ||||||||||||
| Investor Class | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | | 61,280 | | | | | | 103,166 | | |
| Redemption of shares (see note 5) | | | | | (157,909) | | | | | | (42,022) | | |
| Net increase (decrease) from investor class share transactions | | | | | (96,629) | | | | | | 61,144 | | |
| Institutional Class | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | | 260,046 | | | | | | 568,374 | | |
| Redemption of shares (see note 5) | | | | | (632,311) | | | | | | (614,836) | | |
| Net decrease from institutional class share transactions | | | | | (372,265) | | | | | | (46,462) | | |
| Redemption fees (see note 5) | | | | | 517 | | | | | | 172 | | |
| Net increase (decrease) in net assets resulting from capital share transactions | | | | | (468,377) | | | | | | 14,854 | | |
| Total increase in net assets | | | | | 168,746 | | | | | | 1,531,244 | | |
| NET ASSETS: | | ||||||||||||
| Beginning of period | | | | | 7,968,466 | | | | | | 6,437,222 | | |
| End of period | | | | $ | 8,137,212 | | | | | $ | 7,968,466 | | |
| TRANSACTIONS IN SHARES: | | ||||||||||||
| Investor Class | | | | | | | | | | | | | |
| Shares sold | | | | | 6,770 | | | | | | 11,398 | | |
| Less shares redeemed | | | | | (17,129) | | | | | | (4,695) | | |
| Net increase (decrease) from investor class share transactions | | | | | (10,359) | | | | | | 6,703 | | |
| Institutional Class | | | | | | | | | | | | | |
| Shares sold | | | | | 27,092 | | | | | | 66,768 | | |
| Less shares redeemed | | | | | (65,364) | | | | | | (67,626) | | |
| Net decrease from institutional class share transactions | | | | | (38,272) | | | | | | (858) | | |
| Net increase (decrease) from capital share transactions | | | | | (48,631) | | | | | | 5,845 | | |
| | | | Micro-Cap Fund | | | Small-Cap Opportunities Fund | | ||||||
| Level 1 – Equities | | | | $ | 56,512,191 | | | | | $ | 12,125,512 | | |
| Total Level 1 | | | | | 56,512,191 | | | | | | 12,125,512 | | |
| Level 2 | | | | | — | | | | | | — | | |
| Level 3 | | | | | — | | | | | | — | | |
| Total Investments | | | | $ | 56,512,191 | | | | | $ | 12,125,512 | | |
| | | | Global Opportunities Fund | | | China Opportunities Fund | | | International Opportunities Fund | | |||||||||
| Level 1 – Equities | | | | | | | | | | | | | | | | | | | |
| Total Asia | | | | $ | 1,370,078 | | | | | $ | 18,947,923 | | | | | $ | 5,424,166 | | |
| Total Australia | | | | | — | | | | | | — | | | | | | — | | |
| Total Europe | | | | | 463,680 | | | | | | — | | | | | | 4,861,740 | | |
| Total North America | | | | | 17,950,901 | | | | | | — | | | | | | 14,256,245 | | |
| Total South America | | | | | 1,142,752 | | | | | | — | | | | | | — | | |
| Total Level 1 | | | | | 20,927,411 | | | | | | 18,947,923 | | | | | | 24,542,151 | | |
| Level 2 – Equities | | | | | | | | | | | | | | | | | | | |
| Total Asia | | | | | 10,141,960 | | | | | | 76,219,560 | | | | | | 102,432,886 | | |
| Total Australia | | | | | — | | | | | | — | | | | | | 20,935,303 | | |
| Total Europe | | | | | 12,875,506 | | | | | | — | | | | | | 97,851,950 | | |
| Total North America | | | | | — | | | | | | — | | | | | | — | | |
| Total Level 2 | | | | | 23,017,466 | | | | | | 76,219,560 | | | | | | 221,220,139 | | |
| Level 3 | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments | | | | $ | 43,944,877 | | | | | $ | 95,167,483 | | | | | $ | 245,762,290 | | |
|
| | | | Emerging Markets Fund | | |||
| Level 1 – Equities | | | | | | | |
| Total Asia | | | | $ | 220,640 | | |
| Total Africa | | | | | — | | |
| Total Europe | | | | | 293,217 | | |
| Total North America | | | | | 227,397 | | |
| Total South America | | | | | 1,101,715 | | |
| Total Level 1 | | | | | 1,842,969 | | |
| Level 2 – Equities | | | | | | | |
| Total Asia | | | | | 5,499,024 | | |
| Total Africa | | | | | 159,464 | | |
| Total Europe | | | | | 519,894 | | |
| Total North America | | | | | — | | |
| Total South America | | | | | — | | |
| Total Australia | | | | | 74,777 | | |
| Total Level 2 | | | | | 6,253,159 | | |
| Level 3 | | | | | — | | |
| Total Investments | | | | $ | 8,096,128 | | |
|
| | | 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) | | |
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 | | |
China Opportunities Fund | | | | $ | — | | | | | $ | 2,946,832 | | | | | $ | 2,946,832 | | |
International Opportunities Fund | | | | $ | 3,982,313 | | | | | $ | — | | | | | $ | 3,982,313 | | |
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 | | | | $ | — | | | | | $ | — | | |
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 | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | — | | |
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 | | | | | $ | — | | |
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 | | |
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 | | |||||||||||||||||||||||||||||||||
| | | | Six Months Ended June 30, 2020 (unaudited) | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||
| | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||
| Net asset value at beginning of period | | | | $ | 22.40 | | | | | $ | 18.37 | | | | | $ | 25.12 | | | | | $ | 22.02 | | | | | $ | 17.68 | | | | | $ | 17.12 | | |
| Income (loss) from investment operations: | | ||||||||||||||||||||||||||||||||||||
| Net investment lossa | | | | | (.13) | | | | | | (.22) | | | | | | (.35) | | | | | | (.32) | | | | | | (.15) | | | | | | (.24) | | |
| Net realized and unrealized gains (losses) on investments | | | | | (2.25) | | | | | | 4.25 | | | | | | (2.82) | | | | | | 6.37 | | | | | | 4.49 | | | | | | 1.34 | | |
| Total from investment operations | | | | | (2.38) | | | | | | 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 period | | | | $ | 20.02 | | | | | $ | 22.40 | | | | | $ | 18.37 | | | | | $ | 25.12 | | | | | $ | 22.02 | | | | | $ | 17.68 | | |
| Total return (%) | | | | | (10.62) | | | | | | 21.94 | | | | | | (12.30) | | | | | | 27.90 | | | | | | 24.60 | | | | | | 6.38 | | |
| Ratio/Supplemental Data | | ||||||||||||||||||||||||||||||||||||
| Net Assets at end of period (in thousands) | | | | $ | 32,778 | | | | | $ | 46,546 | | | | | $ | 53,094 | | | | | $ | 92,249 | | | | | $ | 67,133 | | | | | $ | 50,679 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.65c | | | | | | 1.60 | | | | | | 1.57 | | | | | | 1.58 | | | | | | 1.65 | | | | | | 1.72 | | |
| Ratio of net expenses to average net assets (%)b | | | | | 1.64c | | | | | | 1.58 | | | | | | 1.55 | | | | | | 1.54 | | | | | | 1.64 | | | | | | 1.72 | | |
| Ratio of net investment loss to average net assets (%) | | | | | (1.37)c | | | | | | (1.03) | | | | | | (1.30) | | | | | | (1.32) | | | | | | (.80) | | | | | | (1.35) | | |
| Portfolio turnover rate (%) | | | | | 51d | | | | | | 112 | | | | | | 119 | | | | | | 91 | | | | | | 102 | | | | | | 133 | | |
| Institutional Class | | | Micro-Cap Fund | | |||||||||||||||||||||
| | | | Six Months Ended June 30, 2020 (unaudited) | | | Years Ended December 31, | | | | | | | | ||||||||||||
| | | | 2019 | | | 2018 | | | Period Ended December 31, 2017a | | |||||||||||||||
| Net asset value at beginning of period | | | | $ | 22.55 | | | | | $ | 18.47 | | | | | $ | 25.17 | | | | | $ | 23.52 | | |
| Income (loss) from investment operations: | | ||||||||||||||||||||||||
| Net investment lossb | | | | | (.11) | | | | | | (.13) | | | | | | (.28) | | | | | | (.18) | | |
| Net realized and unrealized gains (losses) on investments | | | | | (2.26) | | | | | | 4.21 | | | | | | (2.84) | | | | | | 4.18 | | |
| Total from investment operations | | | | | (2.37) | | | | | | 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 | | | | $ | 20.18 | | | | | $ | 22.55 | | | | | $ | 18.47 | | | | | $ | 25.17 | | |
| Total return (%) | | | | | (10.51) | | | | | | 22.09 | | | | | | (12.07) | | | | | | 16.92d | | |
| Ratio/Supplemental Data | | ||||||||||||||||||||||||
| Net Assets at end of period (in thousands) | | | | $ | 24,233 | | | | | $ | 30,994 | | | | | $ | 14,445 | | | | | $ | 9,346 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.40e | | | | | | 1.34 | | | | | | 1.33 | | | | | | 1.32e | | |
| Ratio of net expenses to average net assets (%)c | | | | | 1.39e | | | | | | 1.32 | | | | | | 1.32 | | | | | | 1.28e | | |
| Ratio of net investment loss to average net assets (%) | | | | | (1.12)e | | | | | | (.61) | | | | | | (1.05) | | | | | | (1.04)e | | |
| Portfolio turnover rate (%) | | | | | 51f | | | | | | 112 | | | | | | 119 | | | | | | 91 | | |
| Investor Class | | | Small-Cap Opportunities Fund | | |||||||||||||||||||||||||||||||||
| | | | Six Months Ended June 30, 2020 (unaudited) | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||
| | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||
| Net asset value at beginning of period | | | | $ | 14.36 | | | | | $ | 11.83 | | | | | $ | 16.40 | | | | | $ | 13.89 | | | | | $ | 13.48 | | | | | $ | 14.32 | | |
| Income (loss) from investment operations: | | ||||||||||||||||||||||||||||||||||||
| Net investment lossa | | | | | (.08) | | | | | | (.13) | | | | | | (.18) | | | | | | (.22) | | | | | | (.22) | | | | | | (.27) | | |
| Net realized and unrealized gains (losses) on investments | | | | | (.33) | | | | | | 3.10 | | | | | | (1.05) | | | | | | 3.77 | | | | | | 1.22 | | | | | | 1.02 | | |
| Total from investment operations | | | | | (.41) | | | | | | 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 period | | | | $ | 13.95 | | | | | $ | 14.36 | | | | | $ | 11.83 | | | | | $ | 16.40 | | | | | $ | 13.89 | | | | | $ | 13.48 | | |
| Total return (%) | | | | | (2.86) | | | | | | 25.07 | | | | | | (7.23) | | | | | | 25.54 | | | | | | 7.38 | | | | | | 5.10 | | |
| Ratio/Supplemental Data | | ||||||||||||||||||||||||||||||||||||
| Net Assets at end of period (in thousands) | | | | $ | 5,952 | | | | | $ | 6,110 | | | | | $ | 5,299 | | | | | $ | 7,533 | | | | | $ | 9,385 | | | | | $ | 10,797 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 2.23c | | | | | | 2.21 | | | | | | 2.13 | | | | | | 2.29 | | | | | | 2.40 | | | | | | 2.00 | | |
| Ratio of net expenses to average net assets (%)b | | | | | 1.55c | | | | | | 1.55 | | | | | | 1.55 | | | | | | 1.72 | | | | | | 2.00 | | | | | | 2.00 | | |
| Ratio of net investment loss to average net assets (%) | | | | | (1.20)c | | | | | | (.95) | | | | | | (1.06) | | | | | | (1.42) | | | | | | (1.67) | | | | | | (1.72) | | |
| Portfolio turnover rate (%) | | | | | 81d | | | | | | 142 | | | | | | 160 | | | | | | 142 | | | | | | 150 | | | | | | 134 | | |
| Institutional Class | | | Small-Cap Opportunities Fund | | |||||||||||||||||||||
| | | | Six Months Ended June 30, 2020 (unaudited) | | | Years Ended December 31, | | | | | | | | ||||||||||||
| | | | 2019 | | | 2018 | | | Period Ended December 31, 2017a | | |||||||||||||||
| Net asset value at beginning of period | | | | $ | 14.49 | | | | | $ | 11.90 | | | | | $ | 16.44 | | | | | $ | 15.20 | | |
| Income (loss) from investment operations: | | ||||||||||||||||||||||||
| Net investment lossb | | | | | (.06) | | | | | | (.10) | | | | | | (.14) | | | | | | (.11) | | |
| Net realized and unrealized gains (losses) on investments | | | | | (.34) | | | | | | 3.13 | | | | | | (1.06) | | | | | | 2.39 | | |
| Total from investment operations | | | | $ | (.40) | | | | | | 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 | | | | $ | 14.09 | | | | | $ | 14.49 | | | | | $ | 11.90 | | | | | $ | 16.44 | | |
| Total return (%) | | | | | (2.76) | | | | | | 25.43 | | | | | | (7.05) | | | | | | 14.99d | | |
| Ratio/Supplemental Data | | ||||||||||||||||||||||||
| Net Assets at end of period (in thousands) | | | | $ | 6,689 | | | | | $ | 5,622 | | | | | $ | 4,538 | | | | | $ | 3,564 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.98e | | | | | | 1.96 | | | | | | 1.88 | | | | | | 1.86e | | |
| Ratio of net expenses to average net assets (%)c | | | | | 1.30e | | | | | | 1.30 | | | | | | 1.30 | | | | | | 1.30e | | |
| Ratio of net investment loss to average net assets (%) | | | | | (.96)e | | | | | | (.69) | | | | | | (.80) | | | | | | (.97)e | | |
| Portfolio turnover rate (%) | | | | | 81f | | | | | | 142 | | | | | | 160 | | | | | | 142 | | |
| Investor Class | | | Global Opportunities Fund | | |||||||||||||||||||||||||||||||||
| | | | Six Months Ended June 30, 2020 (unaudited) | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||
| | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||
| Net asset value at beginning of period | | | | $ | 24.82 | | | | | $ | 19.75 | | | | | $ | 28.36 | | | | | $ | 24.13 | | | | | $ | 24.78 | | | | | $ | 25.72 | | |
| Income (loss) from investment operations: | | ||||||||||||||||||||||||||||||||||||
| Net investment lossa | | | | | (.12) | | | | | | (.24) | | | | | | (.20) | | | | | | (.19) | | | | | | (.24) | | | | | | (.27) | | |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | | | | | 3.60 | | | | | | 5.31 | | | | | | (7.09) | | | | | | 8.21 | | | | | | (.14) | | | | | | 2.86 | | |
| Total from investment operations | | | | | 3.48 | | | | | | 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 period | | | | $ | 28.30 | | | | | $ | 24.82 | | | | | $ | 19.75 | | | | | $ | 28.36 | | | | | $ | 24.13 | | | | | $ | 24.78 | | |
| Total return (%) | | | | | 14.02 | | | | | | 25.67 | | | | | | (25.66) | | | | | | 33.30 | | | | | | (1.54) | | | | | | 10.02 | | |
| Ratio/Supplemental Data | | ||||||||||||||||||||||||||||||||||||
| Net Assets at end of period (in thousands) | | | | $ | 34,393 | | | | | $ | 32,004 | | | | | $ | 28,847 | | | | | $ | 47,856 | | | | | $ | 44,604 | | | | | $ | 56,848 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.59c | | | | | | 1.58 | | | | | | 1.52 | | | | | | 1.52 | | | | | | 1.59 | | | | | | 1.51 | | |
| Ratio of net expenses to average net assets (%)b | | | | | 1.57c | | | | | | 1.55 | | | | | | 1.50 | | | | | | 1.50 | | | | | | 1.59 | | | | | | 1.51 | | |
| Ratio of net investment loss to average net assets (%) | | | | | (1.00)c | | | | | | (1.07) | | | | | | (.72) | | | | | | (.67) | | | | | | (.99) | | | | | | (.95) | | |
| Portfolio turnover rate (%) | | | | | 82d | | | | | | 120 | | | | | | 155 | | | | | | 137 | | | | | | 126 | | | | | | 200 | | |
| Institutional Class | | | Global Opportunities Fund | | |||||||||||||||||||||
| | | | Six Months Ended June 30, 2020 (unaudited) | | | Years Ended December 31, | | | | | | | | ||||||||||||
| | | | 2019 | | | 2018 | | | Period Ended December 31, 2017a | | |||||||||||||||
| Net asset value at beginning of period | | | | $ | 24.99 | | | | | $ | 19.84 | | | | | $ | 28.41 | | | | | $ | 27.42 | | |
| Income (loss) from investment operations: | | ||||||||||||||||||||||||
| Net investment lossb | | | | | (.08) | | | | | | (.18) | | | | | | (.13) | | | | | | (.12) | | |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | | | | | 3.62 | | | | | | 5.33 | | | | | | (7.12) | | | | | | 4.90 | | |
| Total from investment operations | | | | | 3.54 | | | | | | 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 | | | | $ | 28.53 | | | | | $ | 24.99 | | | | | $ | 19.84 | | | | | $ | 28.41 | | |
| Total return(%) | | | | | 14.17 | | | | | | 25.96 | | | | | | (25.48) | | | | | | 17.49e | | |
| Ratio/Supplemental Data | | ||||||||||||||||||||||||
| Net Assets at end of period (in thousands) | | | | $ | 12,809 | | | | | $ | 10,644 | | | | | $ | 8,937 | | | | | $ | 7,919 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.34d | | | | | | 1.33 | | | | | | 1.28 | | | | | | 1.20d | | |
| Ratio of net expenses to average net assets (%)c | | | | | 1.33d | | | | | | 1.30 | | | | | | 1.25 | | | | | | 1.18d | | |
| Ratio of net investment loss to average net assets (%) | | | | | (.69)d | | | | | | (.78) | | | | | | (.49) | | | | | | (.59)d | | |
| Portfolio turnover rate (%) | | | | | 82e | | | | | | 120 | | | | | | 155 | | | | | | 137 | | |
| Investor Class | | | China Opportunities Fund | | |||||||||||||||||||||||||||||||||
| | | | Six Months Ended June 30, 2020 (unaudited) | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||
| | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||
| Net asset value at beginning of period | | | | $ | 12.33 | | | | | $ | 9.35 | | | | | $ | 15.95 | | | | | $ | 10.94 | | | | | $ | 12.15 | | | | | $ | 13.79 | | |
| Income (loss) from investment operations: | | ||||||||||||||||||||||||||||||||||||
| Net investment lossa | | | | | (.05) | | | | | | (.09) | | | | | | (.10) | | | | | | (.06) | | | | | | (.11) | | | | | | (.09) | | |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies | | | | | 2.41 | | | | | | 3.47 | | | | | | (4.06) | | | | | | 6.07 | | | | | | (1.01) | | | | | | (.22) | | |
| Total from investment operations | | | | | 2.36 | | | | | | 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 period | | | | $ | 14.69 | | | | | $ | 12.33 | | | | | $ | 9.35 | | | | | $ | 15.95 | | | | | $ | 10.94 | | | | | $ | 12.15 | | |
| Total return (%) | | | | | 19.14 | | | | | | 36.33 | | | | | | (26.01) | | | | | | 55.05 | | | | | | (9.22) | | | | | | (2.20) | | |
| Ratio/Supplemental Data | | ||||||||||||||||||||||||||||||||||||
| Net Assets at end of period (in thousands) | | | | $ | 79,306 | | | | | $ | 75,487 | | | | | $ | 60,844 | | | | | $ | 107,190 | | | | | $ | 91,197 | | | | | $ | 113,287 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 2.05c | | | | | | 1.95 | | | | | | 1.91 | | | | | | 1.92 | | | | | | 1.99 | | | | | | 1.95 | | |
| Ratio of net expenses to average net assets (%)b | | | | | 2.04c | | | | | | 1.84 | | | | | | 1.86 | | | | | | 1.91 | | | | | | 1.98 | | | | | | 1.95 | | |
| Ratio of net investment loss to average net assets (%) | | | | | (.80)c | | | | | | (.77) | | | | | | (.68) | | | | | | (.38) | | | | | | (.93) | | | | | | (.61) | | |
| Portfolio turnover rate (%) | | | | | 122d | | | | | | 184 | | | | | | 85 | | | | | | 97 | | | | | | 125 | | | | | | 81 | | |
| Institutional Class | | | China Opportunities Fund | | |||||||||||||||||||||
| | | | Six Months Ended June 30, 2020 (unaudited) | | | Years Ended December 31, | | | | | | | | ||||||||||||
| | | | 2019 | | | 2018 | | | Period Ended December 31, 2017a | | |||||||||||||||
| Net asset value at beginning of period | | | | $ | 12.39 | | | | | $ | 9.36 | | | | | $ | 15.93 | | | | | $ | 12.78 | | |
| Income (loss) from investment operations: | | ||||||||||||||||||||||||
| Net investment lossb | | | | | (.02) | | | | | | (.07) | | | | | | (.06) | | | | | | (.01) | | |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies | | | | | 2.41 | | | | | | 3.50 | | | | | | (4.07) | | | | | | 4.19 | | |
| Total from investment operations | | | | | 2.39 | | | | | | 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 | | | | $ | 14.78 | | | | | $ | 12.39 | | | | | $ | 9.36 | | | | | $ | 15.93 | | |
| Total return (%) | | | | | 19.29 | | | | | | 36.82 | | | | | | (25.85) | | | | | | 32.87e | | |
| Ratio/Supplemental Data | | ||||||||||||||||||||||||
| Net Assets at end of period (in thousands) | | | | $ | 16,221 | | | | | $ | 14,301 | | | | | $ | 10,998 | | | | | $ | 14,087 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.80d | | | | | | 1.70 | | | | | | 1.65 | | | | | | 1.60d | | |
| Ratio of net expenses to average net assets (%)c | | | | | 1.80d | | | | | | 1.59 | | | | | | 1.61 | | | | | | 1.59d | | |
| Ratio of net investment loss to average net assets (%) | | | | | (.32)d | | | | | | (.55) | | | | | | (.42) | | | | | | (.12)d | | |
| Portfolio turnover rate (%) | | | | | 122e | | | | | | 184 | | | | | | 85 | | | | | | 97 | | |
| Investor Class | | | International Opportunities Fund | | |||||||||||||||||||||||||||||||||
| | | | Six Months Ended June 30, 2020 (unaudited) | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||
| | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | |||||||||||||||||||||
| Net asset value at beginning of period | | | | $ | 19.43 | | | | | $ | 16.01 | | | | | $ | 25.49 | | | | | $ | 20.19 | | | | | $ | 21.33 | | | | | $ | 18.56 | | |
| Income (loss) from investment operations: | | ||||||||||||||||||||||||||||||||||||
| Net investment income (loss)a | | | | | (.03) | | | | | | (.03) | | | | | | (.04) | | | | | | (.04) | | | | | | .01 | | | | | | .01 | | |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies | | | | | 2.28 | | | | | | 3.69 | | | | | | (6.30) | | | | | | 8.26 | | | | | | (1.15) | | | | | | 2.79 | | |
| Total from investment operations | | | | | 2.25 | | | | | | 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) | | | | | | (0.04) | | | | | | (.07) | | | | | | (.01) | | | | | | (.04) | | |
| Total dividends and distributions | | | | | — | | | | | | (.24) | | | | | | (3.14) | | | | | | (2.92) | | | | | | (.01) | | | | | | (.04) | | |
| Net asset value at end of period | | | | $ | 21.68 | | | | | $ | 19.43 | | | | | $ | 16.01 | | | | | $ | 25.49 | | | | | $ | 20.19 | | | | | $ | 21.33 | | |
| Total return (%) | | | | | 11.58 | | | | | | 22.85 | | | | | | (24.73) | | | | | | 40.77 | | | | | | (5.28) | | | | | | 15.14 | | |
| Ratio/Supplemental Data | | ||||||||||||||||||||||||||||||||||||
| Net Assets at end of period (in thousands) | | | | $ | 248,982 | | | | | $ | 324,254 | | | | | $ | 498,164 | | | | | $ | 905,392 | | | | | $ | 708,514 | | | | | $ | 739,142 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.96c | | | | | | 1.82 | | | | | | 1.77 | | | | | | 1.79 | | | | | | 1.82 | | | | | | 1.85 | | |
| Ratio of net expenses to average net assets (%)b | | | | | 1.60c | | | | | | 1.60 | | | | | | 1.60 | | | | | | 1.60 | | | | | | 1.60 | | | | | | 1.60 | | |
| Ratio of net investment income (loss) to average net assets (%) | | | | | (.37)c | | | | | | (.19) | | | | | | (.16) | | | | | | (.18) | | | | | | .05 | | | | | | .05 | | |
| Portfolio turnover rate (%) | | | | | 78d | | | | | | 142 | | | | | | 145 | | | | | | 153 | | | | | | 139 | | | | | | 214 | | |
| Investor Class | | | Emerging Markets Fund | | |||||||||||||||
| | | | Six Months Ended June 30, 2020 (unaudited) | | | Year Ended December 31, 2019 | | | Period Ended December 31, 2018a | | |||||||||
| Net asset value at beginning of period | | | | $ | 9.67 | | | | | $ | 7.89 | | | | | $ | 10.00 | | |
| Income (loss) from investment operations: | | ||||||||||||||||||
| Net investment lossb | | | | | (.02) | | | | | | (.02) | | | | | | (.01) | | |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies | | | | | .84 | | | | | | 1.80 | | | | | | (2.10) | | |
| Total from investment operations | | | | | .82 | | | | | | 1.78 | | | | | | (2.11) | | |
| Redemption feesb | | | | | — | | | | | | — | | | | | | — | | |
| Net asset value at end of period | | | | $ | 10.49 | | | | | $ | 9.67 | | | | | $ | 7.89 | | |
| Total return (%) | | | | | 8.48 | | | | | | 22.56 | | | | | | (21.10)e | | |
| Ratio/Supplemental Data | | ||||||||||||||||||
| Net assets at end of period (in thousands) | | | | $ | 527 | | | | | $ | 587 | | | | | $ | 426 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 4.28d | | | | | | 3.86 | | | | | | 3.99d | | |
| Ratio of net expenses to average net assets (%)c | | | | | 1.75d | | | | | | 1.75 | | | | | | 1.75d | | |
| Ratio of net investment loss to average net assets (%) | | | | | (.43)d | | | | | | (.21) | | | | | | (.15)d | | |
| Portfolio turnover rate (%) | | | | | 97e | | | | | | 153 | | | | | | 111e | | |
| Institutional Class | | | Emerging Markets Fund | | |||||||||||||||
| | | | Six Months Ended June 30, 2020 (unaudited) | | | Year Ended December 31, 2019 | | | Period Ended December 31, 2018a | | |||||||||
| Net asset value at beginning of period | | | | $ | 9.71 | | | | | $ | 7.90 | | | | | $ | 10.00 | | |
| Income (loss) from investment operations: | | ||||||||||||||||||
| Net investment income (loss)b | | | | | — | | | | | | — | | | | | | .01 | | |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies | | | | | .84 | | | | | | 1.81 | | | | | | (2.11) | | |
| Total from investment operations | | | | | .84 | | | | | | 1.81 | | | | | | (2.10) | | |
| Redemption feesb | | | | | — | | | | | | — | | | | | | — | | |
| Net asset value at end of period | | | | $ | 10.55 | | | | | $ | 9.71 | | | | | $ | 7.90 | | |
| Total return (%) | | | | | 8.65 | | | | | | 22.91 | | | | | | (21.00)e | | |
| Ratio/Supplemental Data | | ||||||||||||||||||
| Net assets at end of period (in thousands) | | | | $ | 7,610 | | | | | $ | 7,382 | | | | | $ | 6,012 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 4.03d | | | | | | 3.61 | | | | | | 3.74d | | |
| Ratio of net expenses to average net assets (%)c | | | | | 1.50d | | | | | | 1.50 | | | | | | 1.50d | | |
| Ratio of net investment Income (loss) to average net assets (%) | | | | | (.02)d | | | | | | — | | | | | | .10d | | |
| Portfolio turnover rate (%) | | | | | 97e | | | | | | 153 | | | | | | 111e | | |
| | | Beginning Account Value 1/1/20 | | | Ending Account Value 6/30/20 | | | Expenses Paid During Period* 1/1/20 — 6/30/20 | | | Expense Ratio During Period 1/1/20 — 6/30/20 | | | | | | | ||||||||||||||||||||||
MICRO-CAP FUND | | | | | | | ||||||||||||||||||||||||||||||||||
Investor Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 893.80 | | | | | $ | 7.70 | | | | | | 1.64% | | | | | | | | ||||||||||
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,016.66 | | | | | $ | 8.20 | | | | | | 1.64% | | | | | | | | ||||||||||
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 894.90 | | | | | $ | 6.53 | | | | | | 1.39% | | | | | | | | ||||||||||
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,017.90 | | | | | $ | 6.95 | | | | | | 1.39% | | | | | | | | ||||||||||
SMALL-CAP OPPORTUNITIES FUND | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||
Investor Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 971.40 | | | | | $ | 7.58 | | | | | | 1.55% | | | | | | | | ||||||||||
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,017.11 | | | | | $ | 7.75 | | | | | | 1.55% | | | | | | | | ||||||||||
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 972.40 | | | | | $ | 6.36 | | | | | | 1.30% | | | | | | | | ||||||||||
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,018.35 | | | | | $ | 6.51 | | | | | | 1.30% | | | | | | | | ||||||||||
GLOBAL OPPORTUNITIES FUND | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||
Investor Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 1,140.20 | | | | | $ | 8.33 | | | | | | 1.57% | | | | | | | | ||||||||||
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,017.01 | | | | | $ | 7.85 | | | | | | 1.57% | | | | | | | | ||||||||||
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 1,141.70 | | | | | $ | 7.06 | | | | | | 1.33% | | | | | | | | ||||||||||
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,018.20 | | | | | $ | 6.66 | | | | | | 1.33% | | | | | | | | ||||||||||
CHINA OPPORTUNITIES FUND | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||
Investor Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 1,191.40 | | | | | $ | 11.08 | | | | | | 2.04% | | | | | | | | ||||||||||
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,014.68 | | | | | $ | 10.19 | | | | | | 2.04% | | | | | | | | ||||||||||
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 1,192.90 | | | | | $ | 9.79 | | | | | | 1.80% | | | | | | | | ||||||||||
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,015.87 | | | | | $ | 9.00 | | | | | | 1.80% | | | | | | | | ||||||||||
INTERNATIONAL OPPORTUNITIES FUND | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||
Investor Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 1,115.80 | | | | | $ | 8.39 | | | | | | 1.60% | | | | | | | | ||||||||||
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,016.86 | | | | | $ | 8.00 | | | | | | 1.60% | | | | | | | | ||||||||||
EMERGING MARKETS FUND | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||
Investor Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 1,084.80 | | | | | $ | 9.05 | | | | | | 1.75% | | | | | | | | ||||||||||
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,016.12 | | | | | $ | 8.75 | | | | | | 1.75% | | | | | | | | ||||||||||
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 1,086.50 | | | | | $ | 7.76 | | | | | | 1.50% | | | | | | | | ||||||||||
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,017.36 | | | | | $ | 7.50 | | | | | | 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
Global Opportunities Fund
China Opportunities Fund
International Opportunities Fund
Emerging Markets Fund
630-577-2300
800-245-7311
Suite 500
Lisle, IL 60532
| | | | ||
| James W. Oberweis, CFA President | | | Ralf Scherschmidt Portfolio Manager | |
Ticker | | | Qtr | | | 1 Yr | | | 3 Yr | | | 5 Yr | | | 10 Yr | | | Life of Fund* | | | Expense Ratio** | | ||||||||||||||||||
OBIIX | | | | | 48.66 | | | | | | 15.91 | | | | | | 7.29 | | | | | | 7.59 | | | | | | N/A | | | | | | 6.19 | | | | 1.08 | |
Institutional Fund
| Asset Allocation (% of Net Assets) | | ||||||
| Equities | | | | | 99.5 | | |
| Other Assets less Liabilities | | | | | 0.5 | | |
| | | | | | | | |
| Top Ten Holdings (% of Net Assets) | | ||||||
| Sinch AB | | | | | 5.9 | | |
| Sushiro Global Hldgs. Ltd. | | | | | 4.7 | | |
| Evolution Gaming Group AB | | | | | 3.7 | | |
| TeamViewer AG | | | | | 3.5 | | |
| Evolution Mining Ltd. | | | | | 3.5 | | |
| BayCurrent Consulting, Inc. | | | | | 3.4 | | |
| IR Japan Hldgs. Ltd. | | | | | 3.4 | | |
| Afterpay Touch Group Ltd. | | | | | 3.3 | | |
| Medley, Inc. | | | | | 3.1 | | |
| M&A Capital Partners Co. Ltd. | | | | | 3.0 | | |
| | | | | | | | |
| Top Ten Industries (% of Net Assets) | | ||||||
| Software | | | | | 14.6 | | |
| Hotels, Restaurants & Leisure | | | | | 8.4 | | |
| Information Technology Services | | | | | 7.8 | | |
| Professional Services | | | | | 7.4 | | |
| Internet & Direct Marketing Retail | | | | | 6.3 | | |
| Food & Staples Retailing | | | | | 6.2 | | |
| Capital Markets | | | | | 5.7 | | |
| Healthcare Equipment & Supplies | | | | | 4.6 | | |
| Metals & Mining | | | | | 4.6 | | |
| Healthcare Technology | | | | | 4.3 | | |
| | | SHARES | | | VALUE | | ||||||
Equities – 99.5% | | | | ||||||||||
Australia – 8.5% | | ||||||||||||
Afterpay Touch Group Ltd.* | | | | | 664,415 | | | | | $ | 28,693,870 | | |
Altium Ltd. | | | | | 15,144 | | | | | | 343,114 | | |
Avita Medical Ltd.* | | | | | 1,033,072 | | | | | | 6,475,537 | | |
Evolution Mining Ltd. | | | | | 7,683,784 | | | | | | 30,523,038 | | |
IDP Education Ltd. | | | | | 726,946 | | | | | | 7,878,116 | | |
| | | | | | | | | | | 73,913,675 | | |
Canada – 5.8% | | ||||||||||||
Altus Group Ltd. | | | | | 42,200 | | | | | | 1,267,927 | | |
ATS Automation Tooling Systems, Inc.* | | | | | 536,200 | | | | | | 7,551,668 | | |
Gibson Energy, Inc. | | | | | 232,300 | | | | | | 3,615,571 | | |
Kinaxis, Inc.* | | | | | 95,300 | | | | | | 13,622,509 | | |
Parex Resources, Inc.* | | | | | 396,500 | | | | | | 4,778,094 | | |
Real Matters, Inc.* | | | | | 999,400 | | | | | | 19,493,306 | | |
| | | | | | | | | | | 50,329,075 | | |
China – 10.1% | | ||||||||||||
AK Medical Hldgs. Ltd. | | | | | 5,143,000 | | | | | | 16,394,494 | | |
Innovent Biologics, Inc.* | | | | | 807,500 | | | | | | 6,009,975 | | |
Kingdee International Software Group Co. Ltd.* | | | | | 4,687,000 | | | | | | 10,967,054 | | |
Pharmaron Beijing Co. Ltd. | | | | | 2,310,400 | | | | | | 23,927,403 | | |
Venus MedTech Hangzhou, Inc.* | | | | | 1,363,500 | | | | | | 13,469,983 | | |
Yihai International Hldg. Ltd. | | | | | 1,667,000 | | | | | | 17,178,520 | | |
| | | | | | | | | | | 87,947,429 | | |
Denmark – 1.4% | | ||||||||||||
Netcompany A/S* | | | | | 187,347 | | | | | | 12,287,364 | | |
Finland – 1.4% | | ||||||||||||
Valmet Oyj | | | | | 451,760 | | | | | | 11,840,213 | | |
France – 1.1% | | ||||||||||||
Euronext NV | | | | | 31,657 | | | | | | 3,186,325 | | |
SPIE SA* | | | | | 400,600 | | | | | | 6,019,306 | | |
| | | | | | | | | | | 9,205,631 | | |
Germany – 8.2% | | ||||||||||||
Aurelius Equity Opportunities SE* | | | | | 247,548 | | | | | | 4,109,336 | | |
HelloFresh SE* | | | | | 344,539 | | | | | | 18,430,572 | | |
Shop Apotheke Europe NV* | | | | | 112,787 | | | | | | 13,482,234 | | |
TeamViewer AG* | | | | | 559,800 | | | | | | 30,565,420 | | |
Varta AG* | | | | | 43,018 | | | | | | 4,854,307 | | |
| | | | | | | | | | | 71,441,869 | | |
Hong Kong – 0.4% | | ||||||||||||
Nissin Foods Co. Ltd. | | | | | 4,606,000 | | | | | | 3,718,377 | | |
|
| | | SHARES | | | VALUE | | ||||||
Israel – 2.2% | | ||||||||||||
AudioCodes Ltd. | | | | | 133,347 | | | | | $ | 4,239,101 | | |
Fiverr International Ltd.* | | | | | 201,796 | | | | | | 14,896,581 | | |
| | | | | | | | | | | 19,135,682 | | |
Italy – 0.3% | | ||||||||||||
DiaSorin SpA | | | | | 14,429 | | | | | | 2,770,950 | | |
Japan – 31.0% | | ||||||||||||
BASE, Inc.* | | | | | 373,300 | | | | | | 15,730,890 | | |
BayCurrent Consulting, Inc. | | | | | 358,400 | | | | | | 29,967,070 | | |
Cosmos Pharmaceutical Corp. | | | | | 53,100 | | | | | | 8,147,370 | | |
IR Japan Hldgs. Ltd. | | | | | 279,300 | | | | | | 29,433,711 | | |
JMDC, Inc.* | | | | | 47,900 | | | | | | 2,837,986 | | |
Kobe Bussan Co. Ltd. | | | | | 303,100 | | | | | | 17,211,702 | | |
Kusuri no Aoki Hldgs. Co. Ltd. | | | | | 142,400 | | | | | | 11,194,451 | | |
Lasertec Corp. | | | | | 162,200 | | | | | | 15,332,860 | | |
M&A Capital Partners Co. Ltd.* | | | | | 694,000 | | | | | | 25,797,707 | | |
Medley, Inc.* | | | | | 780,700 | | | | | | 26,871,813 | | |
MedPeer, Inc.* | | | | | 300,400 | | | | | | 7,775,724 | | |
Nihon Unisys Ltd. | | | | | 181,900 | | | | | | 5,719,161 | | |
Open House Co. Ltd. | | | | | 323,200 | | | | | | 11,083,186 | | |
SHIFT, Inc.* | | | | | 97,500 | | | | | | 9,956,725 | | |
S-Pool, Inc.* | | | | | 796,500 | | | | | | 5,471,372 | | |
Sushiro Global Hldgs. Ltd.* | | | | | 1,842,300 | | | | | | 40,848,747 | | |
Tsuruha Hldgs., Inc. | | | | | 47,200 | | | | | | 6,518,941 | | |
| | | | | | | | | | | 269,899,416 | | |
Netherlands – 2.8% | | ||||||||||||
ASM International NV | | | | | 45,495 | | | | | | 7,003,613 | | |
BE Semiconductor Industries NV | | | | | 180,644 | | | | | | 8,009,484 | | |
Constellium SE* | | | | | 1,218,211 | | | | | | 9,355,860 | | |
| | | | | | | | | | | 24,368,957 | | |
Norway – 0.5% | | ||||||||||||
Nordic Semiconductor ASA* | | | | | 593,260 | | | | | | 4,546,886 | | |
Sweden – 11.3% | | ||||||||||||
Evolution Gaming Group AB | | | | | 548,339 | | | | | | 32,568,943 | | |
Mycronic AB | | | | | 243,400 | | | | | | 4,614,562 | | |
Sinch AB* | | | | | 600,696 | | | | | | 51,698,367 | | |
Stillfront Group AB* | | | | | 112,028 | | | | | | 10,071,051 | | |
| | | | | | | | | | | 98,952,923 | | |
Switzerland – 1.9% | | ||||||||||||
VAT Group AG | | | | | 27,115 | | | | | | 4,980,028 | | |
Zur Rose Group AG* | | | | | 41,558 | | | | | | 11,371,136 | | |
| | | | | | | | | | | 16,351,164 | | |
|
| | | SHARES | | | VALUE | | ||||||
United Kingdom – 12.6% | | ||||||||||||
Blue Prism Group PLC* | | | | | 576,689 | | | | | $ | 8,115,022 | | |
boohoo Group PLC* | | | | | 1,624,628 | | | | | | 8,320,028 | | |
ConvaTec Group PLC | | | | | 3,009,826 | | | | | | 7,269,457 | | |
Dunelm Group PLC | | | | | 637,616 | | | | | | 9,394,051 | | |
Endava PLC ADS* | | | | | 161,800 | | | | | | 7,814,940 | | |
Future PLC | | | | | 975,117 | | | | | | 15,391,624 | | |
Games Workshop Group PLC | | | | | 102,667 | | | | | | 10,202,034 | | |
HomeServe PLC | | | | | 176,500 | | | | | | 2,853,614 | | |
Intermediate Capital Group PLC | | | | | 1,031,909 | | | | | | 16,463,616 | | |
Persimmon PLC* | | | | | 217,969 | | | | | | 6,169,144 | | |
Serco Group PLC* | | | | | 5,098,400 | | | | | | 9,652,213 | | |
Spirent Communications PLC | | | | | 3,059,800 | | | | | | 9,155,134 | | |
| | | | | | | | | | | 110,800,877 | | |
Total Equities | | ||||||||||||
(Cost: $593,081,951) | | | | | | | | | | $ | 867,510,488 | | |
Total Investments – 99.5% | | ||||||||||||
(Cost: $593,081,951) | | | | | | | | | | $ | 867,510,488 | | |
Other Assets Less Liabilities – 0.5% | | | | | | | | | | | 4,465,781 | | |
Net Assets – 100% | | | | | | | | | | $ | 871,976,269 | | |
|
| Communication Services | | | | | 2.9% | | |
| Consumer Discretionary | | | | | 18.6% | | |
| Consumer Staples | | | | | 8.6% | | |
| Energy | | | | | 1.0% | | |
| Financials | | | | | 5.7% | | |
| Health Care | | | | | 13.1% | | |
| Industrials | | | | | 12.9% | | |
| Information Technology | | | | | 28.5% | | |
| Materials | | | | | 4.6% | | |
| Real Estate | | | | | 3.6% | | |
| ASSETS: | | ||||||
| Investment securities at valuea | | | | $ | 867,510,488 | | |
| Cash | | | | | 1,935,426 | | |
| Receivable from securities sold | | | | | 1,618,437 | | |
| Dividends and interest receivable | | | | | 2,251,427 | | |
| Prepaid expenses | | | | | 52,267 | | |
| Total Assets | | | | | 873,368,045 | | |
| LIABILITIES: | | ||||||
| Payable for securities purchased | | | | | 596,640 | | |
| Payable to advisor (see note 3) | | | | | 673,335 | | |
| Accrued expenses | | | | | 121,801 | | |
| Total Liabilities | | | | | 1,391,776 | | |
| NET ASSETS | | | | $ | 871,976,269 | | |
| SHARES OUTSTANDING | | ||||||
| (shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with no par value) | | | | | 74,750,209 | | |
| Net asset value, offering price and redemption price | | | | $ | 11.67 | | |
| ANALYSIS OF NET ASSETS | | ||||||
| Capital | | | | $ | 770,250,721 | | |
| Accumulated earnings | | | | | 101,725,548 | | |
| Net Assets | | | | $ | 871,976,269 | | |
| a Investment securities at cost | | | | $ | 593,081,951 | | |
| INVESTMENT INCOME: | | ||||||
| Dividendsa | | | | $ | 5,077,466 | | |
| Interest | | | | | 49,278 | | |
| Total Investment Income | | | | | 5,126,744 | | |
| EXPENSES: | | ||||||
| Investment advisory fees (see note 3) | | | | | 4,089,140 | | |
| Transfer agent fees and expenses | | | | | 41,930 | | |
| Custodian fees and expenses | | | | | 323,887 | | |
| Accounting services fees | | | | | 130,338 | | |
| Other | | | | | 166,183 | | |
| Total expenses before reimbursed expenses | | | | | 4,751,478 | | |
| Earnings credit (see note 6) | | | | | (45,797) | | |
| Expense reimbursement (see note 3) | | | | | (207,627) | | |
| Total Expenses | | | | | 4,498,054 | | |
| NET INVESTMENT INCOME | | | | | 628,690 | | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) FROM INVESTMENTS: | | ||||||
| Net realized losses on investment transactions | | | | | (32,462,185) | | |
| Net realized losses on foreign currency transactions | | | | | (184,521) | | |
| Net realized losses on investment and foreign currency transactions | | | | | (32,646,706) | | |
| Change in net unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies | | | | | 109,149,431 | | |
| Net realized /unrealized gains on investments and foreign currencies | | | | | 76,502,725 | | |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | | | $ | 77,131,415 | | |
|
| | | | Six Months Ended June 30, 2020 (unaudited) | | | Year Ended December 31, 2019 | | ||||||
| FROM OPERATIONS: | | ||||||||||||
| Net investment income | | | | $ | 628,690 | | | | | $ | 3,346,098 | | |
| Net realized losses on investments and foreign currency transactions | | | | | (32,646,706) | | | | | | (88,867,687) | | |
| Change in net unrealized appreciation\depreciation on investments and foreign currencies | | | | | 109,149,431 | | | | | | 264,263,933 | | |
| Net increase in net assets resulting from operations | | | | | 77,131,415 | | | | | | 178,742,344 | | |
| FROM DISTRIBUTIONS: | | ||||||||||||
| Distributions to shareholders | | | | | — | | | | | | (12,584,780) | | |
| Net decrease in net assets from distributions | | | | | — | | | | | | (12,584,780) | | |
| FROM CAPITAL SHARE TRANSACTIONS: | | ||||||||||||
| Proceeds from sale of shares | | | | | 36,425,598 | | | | | | 153,882,218 | | |
| Proceeds from reinvestment of distributions | | | | | — | | | | | | 11,061,099 | | |
| Redemption of shares (see note 5) | | | | | (208,699,328) | | | | | | (117,120,174) | | |
| Net increase (decrease) from capital share transactions | | | | | (172,273,730) | | | | | | 47,823,143 | | |
| Total increase (decrease) in net assets | | | | | (95,142,315) | | | | | | 213,980,707 | | |
| NET ASSETS: | | ||||||||||||
| Beginning of period | | | | | 967,118,584 | | | | | | 753,137,877 | | |
| End of period | | | | $ | 871,976,269 | | | | | $ | 967,118,584 | | |
| TRANSACTIONS IN SHARES: | | ||||||||||||
| Shares sold | | | | | 4,206,749 | | | | | | 15,512,876 | | |
| Shares issued in reinvestment of distributions | | | | | — | | | | | | 1,061,357 | | |
| Less shares redeemed | | | | | (22,390,529) | | | | | | (11,788,870) | | |
| Net increase (decrease) from capital share transactions | | | | | (18,183,780) | | | | | | 4,785,363 | | |
| | | | Level 1 | | | Level 2 | | | Level 3 | | |||||||||
| Investment Securities | | | | | | | | | | | | | | | | | | | |
| Equities | | | | | | | | | | | | | | | | | | | |
| Total Asia | | | | $ | 19,135,682 | | | | | $ | 361,565,222 | | | | | $ | — | | |
| Total Australia | | | | | — | | | | | | 73,913,675 | | | | | | — | | |
| Total Europe | | | | | 17,170,800 | | | | | | 345,396,034 | | | | | | — | | |
| Total North America | | | | | 50,329,075 | | | | | | — | | | | | | — | | |
| Total Investments | | | | $ | 86,635,557 | | | | | $ | 780,874,931 | | | | | $ | — | | |
|
| | | | 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 | | |
| | | | Period Ended June 30, 2020 (unaudited) | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||
| 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | ||||||||||||||||||||||||
| Net asset value at beginning of period | | | | $ | 10.41 | | | | | $ | 8.54 | | | | | $ | 12.77 | | | | | $ | 9.72 | | | | | $ | 10.32 | | | | | $ | 8.97 | | |
| Income (loss) from investment operations: | | ||||||||||||||||||||||||||||||||||||
| Net investment incomea | | | | | .01 | | | | | | .04 | | | | | | .04 | | | | | | .03 | | | | | | .05 | | | | | | .06 | | |
| Net realized and unrealized gains (losses) on investments and foreign currency transactions | | | | | 1.25 | | | | | | 1.97 | | | | | | (3.11) | | | | | | 3.95 | | | | | | (.61) | | | | | | 1.35 | | |
| Total from investment operations | | | | | 1.26 | | | | | | 2.01 | | | | | | (3.07) | | | | | | 3.98 | | | | | | (.56) | | | | | | 1.41 | | |
| Redemption feesa | | | | | —f | | | | | | —f | | | | | | —f | | | | | | —f | | | | | | —f | | | | | | —f | | |
| 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 period | | | | $ | 11.67 | | | | | $ | 10.41 | | | | | $ | 8.54 | | | | | $ | 12.77 | | | | | $ | 9.72 | | | | | $ | 10.32 | | |
| Total return (%) | | | | | 12.10 | | | | | | 23.50 | | | | | | (23.91) | | | | | | 40.99 | | | | | | (5.43) | | | | | | 15.68 | | |
| Ratio/Supplemental Data | | ||||||||||||||||||||||||||||||||||||
| Net Assets at end of period (in thousands) | | | | $ | 871,976 | | | | | $ | 967,119 | | | | | $ | 753,138 | | | | | $ | 1,041,117 | | | | | $ | 657,477 | | | | | $ | 361,402 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.16c | | | | | | 1.12 | | | | | | 1.11 | | | | | | 1.15 | | | | | | 1.18 | | | | | | 1.28 | | |
| | | | Period Ended June 30, 2020 (unaudited) | | | Years Ended December 31, | | ||||||||||||||||||||||||||||||
| 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | ||||||||||||||||||||||||
| Ratio of net expenses to average net assets (%)b | | | | | 1.10c | | | | | | 1.08 | | | | | | 1.08 | | | | | | 1.10 | | | | | | 1.10 | | | | | | 1.10 | | |
| Ratio of net investment income to average net assets (%) | | | | | .15c | | | | | | .37 | | | | | | .35 | | | | | | .29 | | | | | | .47 | | | | | | .59 | | |
| Portfolio turnover rate (%) | | | | | 80d | | | | | | 153 | | | | | | 145 | | | | | | 168 | | | | | | 123e | | | | | | 211 | | |
| | | | Beginning Account Value 1/1/20 | | | Ending Account Value 6/30/20 | | | Expenses Paid During Period* 1/1/20 – 6/30/20 | | | Expense Ratio During Period 1/1/20 – 6/30/20 | | ||||||||||||
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,121.00 | | | | | $ | 5.78 | | | | | | 1.10% | | |
| Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,019.34 | | | | | $ | 5.51 | | | | | | 1.10% | | |
Trustee
Trustee
President
Vice President
Vice President
Trustee
Trustee
Executive Vice President
Chief Compliance Officer
Treasurer
Secretary
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.
Not required for the Semi-Annual Report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not required for the Semi-Annual Report.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not required for the Semi-Annual Report.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not Applicable to the registrant.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Schedule of Investments in Item 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) | Not required for the Semi-Annual Report. |
(a) (2) | Certifications pursuant to Rule 30a-2 under the Investment Company Act of 1940 (17CFR 270.30a-2) in the exact form set forth below: are attached hereto. |
(a) (3) | Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not Applicable to the registrant. |
(b) | The certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | The Oberweis Funds |
By (Signature and Title*) | /s/ James W. Oberweis James W. Oberweis President, The Oberweis Funds |
Date 9/4/2020
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 9/4/2020
By (Signature and Title*) | /s/ Patrick B. Joyce Patrick B. Joyce Executive Vice President and Treasurer, The Oberweis Funds |
Date 9/4/2020
/*/ Print the name and title of each signing officer under his or her signature.