UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-4854 |
The Oberweis Funds
(Exact name of registrant as specified in charter)
3333 Warrenville Road, Suite 500, Lisle, IL 60532
(Address of principal executive offices) (Zip code)
James W. Oberweis The Oberweis Funds 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | Copy to: James A. Arpaia Vedder Price P.C. 222 North LaSalle Street, Suite 2600 Chicago, IL 60601 |
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 323-6166
Date of fiscal year end: December 31
Date of reporting period: December 31, 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.
Annual Reports for the period 01/01/20 through 12/31/20 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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| 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 | | | | | | | |
| | | | | 56 | | | |
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President & Portfolio Manager
| Asset Allocation (% of Net Assets) | | ||||||
| Equities | | | | | 99.0 | | |
| Other Assets less Liabilities | | | | | 1.0 | | |
| Top Ten Holdings (% of Net Assets) | | ||||||
| Magnite, Inc. | | | | | 5.7 | | |
| CareDx, Inc. | | | | | 4.3 | | |
| Upwork, Inc. | | | | | 3.9 | | |
| Castle Biosciences, Inc. | | | | | 3.8 | | |
| Digital Turbine, Inc. | | | | | 3.8 | | |
| Alphatec Hldgs. Inc. | | | | | 3.1 | | |
| Golden Nugget Online Gaming, Inc. | | | | | 2.7 | | |
| Ameresco, Inc. | | | | | 2.5 | | |
| ChannelAdvisor Corp. | | | | | 2.5 | | |
| The Shyft Group, Inc. | | | | | 2.5 | | |
| Top Ten Industries (% of Net Assets) | | ||||||
| Computer Services Software & Systems | | | | | 21.7 | | |
| Biotechnology | | | | | 6.5 | | |
| Medical Equipment | | | | | 4.8 | | |
| Specialty Retail | | | | | 4.7 | | |
| Diversified Manufacturing Operations | | | | | 4.3 | | |
| Production Technology Equipment | | | | | 4.2 | | |
| Medical & Dental Instruments & Supplies | | | | | 4.2 | | |
| Commercial Vehicles & Parts | | | | | 3.6 | | |
| Back Office Support, Human Resources & Consulting | | | | | 3.0 | | |
| Healthcare Services | | | | | 2.5 | | |
| Asset Allocation (% of Net Assets) | | | | | ||||||
| Equities | | | | | 100.5 | | | | ||
| Other Liabilities less Assets | | | | | (0.5) | | | |
| Top Ten Holdings (% of Net Assets) | | ||||||
| Upwork, Inc. | | | | | 5.5 | | |
| CareDx, Inc. | | | | | 3.6 | | |
| Shutterstock, Inc. | | | | | 3.4 | | |
| Tupperware Brands Corp. | | | | | 3.1 | | |
| Tempur Sealy International, Inc. | | | | | 2.9 | | |
| Castle Biosciences, Inc. | | | | | 2.9 | | |
| ChannelAdvisor Corp. | | | | | 2.6 | | |
| Inmode Ltd. | | | | | 2.2 | | |
| Golden Nugget Online Gaming, Inc. | | | | | 2.0 | | |
| Masonite International Corp. | | | | | 2.0 | | |
| Top Ten Industries (% of Net Assets) | | ||||||
| Computer Services Software & Systems | | | | | 21.6 | | |
| Building Materials | | | | | 6.6 | | |
| Diversified Manufacturing Operations | | | | | 5.2 | | |
| Healthcare Services | | | | | 5.1 | | |
| Back Office Support, Human Resources, & Consulting | | | | | 4.7 | | |
| Medical Equipment | | | | | 4.7 | | |
| Biotechnology | | | | | 4.0 | | |
| Semiconductors & Components | | | | | 3.6 | | |
| Textiles Apparel & Shoes | | | | | 3.4 | | |
| Household Equipment & Products | | | | | 3.1 | | |
| Asset Allocation (% of Net Assets) | | | | | ||||||
| Equities | | | | | 101.0 | | | | ||
| Other Liabilities less Assets | | | | | (1.0) | | | |
| Top Ten Holdings (% of Net Assets) | | ||||||
| Upwork, Inc. | | | | | 6.5 | | |
| CareDX, Inc. | | | | | 5.0 | | |
| Castle Biosciences, Inc. | | | | | 3.8 | | |
| Sinch AB | | | | | 3.3 | | |
| IR Japan Hldgs. Ltd. | | | | | 3.1 | | |
| BHG Group AB | | | | | 2.6 | | |
| ChannelAdvisor Corp. | | | | | 2.6 | | |
| M31 Technology Corp. | | | | | 2.5 | | |
| II-VI, Inc. | | | | | 2.2 | | |
| Deckers Outdoor Corp. | | | | | 2.1 | | |
| Top Ten Industries (% of Net Assets) | | ||||||
| Software | | | | | 14.8 | | |
| Professional Services | | | | | 9.6 | | |
| Semiconductor & Semiconductor Equipment | | | | | 9.2 | | |
| Internet & Direct Marketing Retail | | | | | 8.7 | | |
| Healthcare Provider & Services | | | | | 5.8 | | |
| Biotechnology | | | | | 5.0 | | |
| Information Technology Services | | | | | 4.1 | | |
| Hotels, Restaurants & Leisure | | | | | 4.0 | | |
| Household Durables | | | | | 3.9 | | |
| Healthcare Equipment & Supplies | | | | | 3.6 | | |
| Asset Allocation (% of Net Assets) | | ||||||
| Equities | | | | | 101.4 | | |
| Other Liabilities less Assets | | | | | (1.4) | | |
| Top Ten Holdings (% of Net Assets) | | ||||||
| Tencent Hldgs. Ltd. | | | | | 6.1 | | |
| Alibaba Group Hldg. Ltd. | | | | | 5.9 | | |
| Meituan Dianping | | | | | 2.5 | | |
| Li Ning Co. Ltd. | | | | | 2.5 | | |
| 21Vianet Group, Inc. ADS | | | | | 2.3 | | |
| Contemporary Amperex Technology Co. Ltd. | | | | | 2.2 | | |
| JD.com, Inc. | | | | | 2.1 | | |
| GDS Hldgs. Ltd. | | | | | 1.9 | | |
| Wuxi Biologics, Inc. | | | | | 1.8 | | |
| TAL Education Group ADS | | | | | 1.8 | | |
| Top Ten Industries (% of Net Assets) | | ||||||
| Internet & Direct Marketing Retail | | | | | 12.8 | | |
| Interactive Media & Services | | | | | 6.8 | | |
| Real Estate Management & Development | | | | | 5.1 | | |
| Electronic Equipment, Instruments & Components | | | | | 5.1 | | |
| Machinery | | | | | 4.6 | | |
| Household Durables | | | | | 4.4 | | |
| Life Sciences Tools & Services | | | | | 4.3 | | |
| Insurance | | | | | 4.3 | | |
| Metals & Mining | | | | | 4.3 | | |
| Electrical Equipment | | | | | 4.2 | | |
| Asset Allocation (% of Net Assets) | | ||||||
| Equities | | | | | 97.7 | | |
| Other Assets less Liabilities | | | | | 2.3 | | |
| Top Ten Holdings (% of Net Assets) | | ||||||
| Sinch AB | | | | | 5.6 | | |
| Sushiro Global Hldgs. Ltd. | | | | | 5.4 | | |
| BayCurrent Consulting, Inc. | | | | | 4.4 | | |
| IR Japan Hldgs. Ltd. | | | | | 3.1 | | |
| BASE, Inc. | | | | | 3.0 | | |
| Intermediate Capital Group PLC | | | | | 2.9 | | |
| M&A Capital Partners Co. Ltd. | | | | | 2.8 | | |
| Pharmaron Beijing Co. Ltd. | | | | | 2.8 | | |
| BHG Group AB | | | | | 2.7 | | |
| Constellium SE | | | | | 2.7 | | |
| Top Ten Industries (% of Net Assets) | | ||||||
| Software | | | | | 9.2 | | |
| Entertainment | | | | | 8.6 | | |
| Capital Markets | | | | | 7.6 | | |
| Professional Services | | | | | 7.5 | | |
| Internet & Direct Marketing Retail | | | | | 7.4 | | |
| Information Technology Services | | | | | 6.5 | | |
| Healthcare Technology | | | | | 5.7 | | |
| Hotels, Restaurants & Leisure | | | | | 5.4 | | |
| Metals & Mining | | | | | 4.7 | | |
| Machinery | | | | | 4.2 | | |
| Asset Allocation (% of Net Assets) | | ||||||
| Equities | | | | | 98.8 | | |
| Rights | | | | | 0.1 | | |
| Other Assets less Liabilities | | | | | 1.1 | | |
| Top Ten Holdings (% of Net Assets) | | ||||||
| M31 Technology Corp. | | | | | 3.4 | | |
| Dada Nexus Ltd. ADS | | | | | 3.4 | | |
| Affle India Ltd. | | | | | 3.1 | | |
| NHN KCP Corp. | | | | | 2.1 | | |
| Varun Beverages Ltd. | | | | | 2.0 | | |
| LEENO Industrial, Inc. | | | | | 2.0 | | |
| POSCO Chemical Co. Ltd. | | | | | 2.0 | | |
| LandMark Optoelectronics Corp. | | | | | 1.9 | | |
| IDP Education Ltd. | | | | | 1.9 | | |
| Wizz Air Hldgs. PLC | | | | | 1.8 | | |
| Top Ten Industries (% of Net Assets) | | ||||||
| Semiconductors & Semiconductor Equipment | | | | | 12.6 | | |
| Internet & Direct Marketing Retail | | | | | 8.2 | | |
| Software | | | | | 6.9 | | |
| Machinery | | | | | 6.1 | | |
| Information Technology Services | | | | | 5.4 | | |
| Multiline Retail | | | | | 4.4 | | |
| Diversified Consumer Services | | | | | 4.3 | | |
| Oil, Gas & Consumable Fuels | | | | | 4.3 | | |
| Beverages | | | | | 4.0 | | |
| Diversified Telecommunication Services | | | | | 3.8 | | |
| | | | 1 YR (%) | | | 5 YR (%) | | | 10 YR (%) | | | SINCE INCEPTION2 (%) | | | EXPENSE RATIO3 (%) | | |||||||||||||||
| OBMCX | | | | | 29.91 | | | | | | 17.23 | | | | | | 13.60 | | | | | | 10.69 | | | | | | 1.58 | | |
| OMCIX4 | | | | | 30.20 | | | | | | 17.49 | | | | | | 13.87 | | | | | | 10.96 | | | | | | 1.33 | | |
| Russell Microcap Growth | | | | | 40.13 | | | | | | 13.08 | | | | | | 11.57 | | | | | | N/A5 | | | | | | | | |
| | | | 1 YR (%) | | | 5 YR (%) | | | 10 YR (%) | | | SINCE INCEPTION2 (%) | | | EXPENSE RATIO3 (%) | | |||||||||||||||
| OBSOX | | | | | 32.47 | | | | | | 15.69 | | | | | | 12.31 | | | | | | 8.03 | | | | | | 1.55 | | |
| OBSIX4 | | | | | 32.80 | | | | | | 15.98 | | | | | | 12.60 | | | | | | 8.30 | | | | | | 1.30 | | |
| Russell 2000 Growth | | | | | 34.63 | | | | | | 16.36 | | | | | | 13.48 | | | | | | 8.15 | | | | | | | | |
| | | | 1 YR (%) | | | 5 YR (%) | | | 10 YR (%) | | | SINCE INCEPTION2 (%) | | | EXPENSE RATIO3 (%) | | |||||||||||||||
| OBEGX | | | | | 55.55 | | | | | | 13.78 | | | | | | 11.11 | | | | | | 9.42 | | | | | | 1.53 | | |
| OBGIX4 | | | | | 55.94 | | | | | | 14.06 | | | | | | 11.38 | | | | | | 9.69 | | | | | | 1.27 | | |
| MSCI ACWI Small-Cap | | | | | 16.33 | | | | | | 11.39 | | | | | | 8.82 | | | | | | N/A5 | | | | | | | | |
| | | | 1 YR (%) | | | 5 YR (%) | | | 10 YR (%) | | | SINCE INCEPTION2 (%) | | | EXPENSE RATIO3 (%) | | |||||||||||||||
| OBCHX | | | | | 56.51 | | | | | | 17.31 | | | | | | 9.79 | | | | | | 14.31 | | | | | | 1.95 | | |
| OCHIX4 | | | | | 56.79 | | | | | | 17.60 | | | | | | 10.06 | | | | | | 14.59 | | | | | | 1.69 | | |
| MSCI China Net | | | | | 29.49 | | | | | | 15.05 | | | | | | 7.61 | | | | | | 11.51 | | | | | | | | |
| | | | 1 YR (%) | | | 5 YR (%) | | | 10 YR (%) | | | SINCE INCEPTION2 (%) | | | EXPENSE RATIO3 (%) | | |||||||||||||||
| OBIOX | | | | | 62.86 | | | | | | 14.96 | | | | | | 14.54 | | | | | | 11.50 | | | | | | 1.60 | | |
| MSCI World ex-US Small Cap Growth | | | | | 22.93 | | | | | | 11.88 | | | | | | 8.32 | | | | | | 5.96 | | | | | | | | |
| | | | 1 YR (%) | | | SINCE INCEPTION2 (%) | | | EXPENSE RATIO3 (%) | | |||||||||
| OBEMX | | | | | 42.81 | | | | | | 12.86 | | | | | | 1.75 | | |
| OIEMX | | | | | 43.15 | | | | | | 13.13 | | | | | | 1.50 | | |
| MSCI EM Small-Cap | | | | | 19.29 | | | | | | 3.95 | | | | | | | | |
| | | Shares | | | Value | | ||||||
Equities – 99.0% | | | | | | | | | | | | | |
Air Transport – 1.3% | | | | | | | | | | | | | |
Air Transport Services Group, Inc.* | | | | | 31,100 | | | | | $ | 974,674 | | |
Back Office Support, Human Resources & Consulting – 3.0% | | | | | | | | | | | | | |
CRA International, Inc. | | | | | 18,500 | | | | | | 942,205 | | |
Cross Country Healthcare, Inc.* | | | | | 63,800 | | | | | | 565,906 | | |
Heidrick & Struggles International, Inc. | | | | | 27,000 | | | | | | 793,260 | | |
| | | | | | | | | | | 2,301,371 | | |
Banks — Diversified – 1.4% | | | | | | | | | | | | | |
First Foundation, Inc. | | | | | 26,300 | | | | | | 526,000 | | |
Mercantile Bank Corp. | | | | | 19,500 | | | | | | 529,815 | | |
| | | | | | | | | | | 1,055,815 | | |
Biotechnology – 6.5% | | | | | | | | | | | | | |
Avid Bioservices, Inc.* | | | | | 95,500 | | | | | | 1,102,070 | | |
Castle Biosciences, Inc.* | | | | | 43,700 | | | | | | 2,934,455 | | |
Collegium Pharmaceutical, Inc.* | | | | | 46,000 | | | | | | 921,380 | | |
| | | | | | | | | | | 4,957,905 | | |
Building Materials – 2.4% | | | | | | | | | | | | | |
Griffon Corp. | | | | | 36,800 | | | | | | 749,984 | | |
Masonite International Corp.* | | | | | 10,900 | | | | | | 1,071,906 | | |
| | | | | | | | | | | 1,821,890 | | |
Casinos & Gambling – 0.5% | | | | | | | | | | | | | |
Full House Resorts, Inc.* | | | | | 100,000 | | | | | | 393,000 | | |
Commercial Vehicles & Parts – 3.6% | | | | | | | | | | | | | |
Commercial Vehicle Group, Inc.* | | | | | 98,000 | | | | | | 847,700 | | |
The Shyft Group, Inc. | | | | | 66,600 | | | | | | 1,890,108 | | |
| | | | | | | | | | | 2,737,808 | | |
Communications Technology – 2.5% | | | | | | | | | | | | | |
ADTRAN, Inc. | | | | | 39,800 | | | | | | 587,846 | | |
Ooma, Inc.* | | | | | 59,400 | | | | | | 855,360 | | |
Ribbon Communications, Inc.* | | | | | 72,000 | | | | | | 472,320 | | |
| | | | | | | | | | | 1,915,526 | | |
Computer Services Software & Systems – 21.7% | | ||||||||||||
A10 Networks, Inc.* | | | | | 88,100 | | | | | | 868,666 | | |
ChannelAdvisor Corp.* | | | | | 119,800 | | | | | | 1,914,404 | | |
Digital Turbine, Inc.* | | | | | 51,275 | | | | | | 2,900,114 | | |
Magnite, Inc.* | | | | | 142,377 | | | | | | 4,372,398 | | |
| | | Shares | | | Value | | | | ||||||||||
Model N, Inc.* | | | | | 39,200 | | | | | $ | 1,398,656 | | | | | ||||
Perficient, Inc.* | | | | | 22,500 | | | | | | 1,072,125 | | | | | ||||
Upland Software, Inc.* | | | | | 24,100 | | | | | | 1,105,949 | | | | | ||||
Upwork, Inc.* | | | | | 87,000 | | | | | | 3,003,240 | | | | | ||||
| | | | | | | | | | | 16,635,552 | | | | | ||||
Consumer Electronics – 1.4% | | | | | | | | | | | | | | | | ||||
VOXX International Corp.* | | | | | 82,300 | | | | | | 1,050,148 | | | | | ||||
Diversified Manufacturing Operations – 4.3% | | | | | | | | ||||||||||||
Golden Nugget Online Gaming, Inc.* | | | | | 103,000 | | | | | | 2,029,100 | | | | | ||||
Inmode Ltd.* | | | | | 26,800 | | | | | | 1,272,464 | | | | | ||||
| | | | | | | | | | | 3,301,564 | | | | | ||||
Drug & Grocery Store Chains – 0.5% | | | | | | | | | | | | | | | | ||||
Natural Grocers by Vitamin Cottage, Inc. | | | | | 31,200 | | | | | | 428,688 | | | | | ||||
Energy Equipment – 2.5% | | | | | | | | | | | | | | | | ||||
Ameresco, Inc.* | | | | | 36,808 | | | | | | 1,922,850 | | | | | ||||
Engineering & Contracting Services – 1.4% | | | | | | | | | | | | | | | | ||||
MYR Group, Inc.* | | | | | 17,600 | | | | | | 1,057,760 | | | | | ||||
Financial Data & Systems – 1.0% | | | | | | | | | | | | | | | | ||||
International Money Express, Inc.* | | | | | 48,000 | | | | | | 744,960 | | | | | ||||
Healthcare Facilities – 0.7% | | | | | | | | | | | | | | | | ||||
The Joint Corp.* | | | | | 20,000 | | | | | | 525,200 | | | | | ||||
Healthcare Services – 2.5% | | | | | | | | | | | | | | | | ||||
Addus HomeCare Corp.* | | | | | 9,900 | | | | | | 1,159,191 | | | | | ||||
The Ensign Group, Inc. | | | | | 10,500 | | | | | | 765,660 | | | | | ||||
| | | | | | | | | | | 1,924,851 | | | | | ||||
Home Building – 1.3% | | | | | | | | | | | | | | | | ||||
M/I Homes, Inc.* | | | | | 22,000 | | | | | | 974,380 | | | | | ||||
Household Equipment & Products – 2.4% | | | | | | | | | | | | | | | | ||||
Tupperware Brands Corp.* | | | | | 57,400 | | | | | | 1,859,186 | | | | | ||||
Household Furnishings – 1.4% | | | | | | | | | | | | | | | | ||||
Flexsteel Industries, Inc. | | | | | 30,000 | | | | | | 1,049,100 | | | | | ||||
Machinery — Industrial – 1.6% | | | | | | | | | | | | | | | | ||||
EnPro Industries, Inc. | | | | | 16,400 | | | | | | 1,238,528 | | | | | ||||
|
| | | Shares | | | Value | | | | ||||||||||
Medical & Dental Instruments & Supplies – 4.2% | | | | | | | | ||||||||||||
Alphatec Hldgs. Inc.* | | | | | 164,600 | | | | | $ | 2,389,992 | | | | | ||||
Antares Pharma, Inc.* | | | | | 200,600 | | | | | | 800,394 | | | | | ||||
| | | | | | | | | | | 3,190,386 | | | | | ||||
Medical Equipment – 4.8% | | | | | | | | | | | | | | | | ||||
Accuray, Inc.* | | | | | 83,800 | | | | | | 349,446 | | | | | ||||
CareDx, Inc.* | | | | | 45,400 | | | | | | 3,289,230 | | | | | ||||
| | | | | | | | | | | 3,638,676 | | | | | ||||
Oil Well Equipment & Services – 1.7% | | | | | | | | | | | | | | | | ||||
Helix Energy Solutions Group, Inc.* | | | | | 83,300 | | | | | | 349,860 | | | | | ||||
Patterson-UTI Energy, Inc.* | | | | | 114,000 | | | | | | 599,640 | | | | | ||||
RPC, Inc.* | | | | | 100,283 | | | | | | 315,891 | | | | | ||||
| | | | | | | | | | | 1,265,391 | | | | | ||||
Pharmaceuticals – 0.5% | | | | | | | | | | | | | | | | ||||
BioDelivery Sciences International, Inc.* | | | | | 88,600 | | | | | | 372,120 | | | | | ||||
Production Technology Equipment – 4.2% | | | | | | | | ||||||||||||
Axcelis Technologies, Inc.* | | | | | 34,900 | | | | | | 1,016,288 | | | | | ||||
Cohu, Inc.* | | | | | 31,676 | | | | | | 1,209,390 | | | | | ||||
Ultra Clean Hldgs., Inc.* | | | | | 33,600 | | | | | | 1,046,640 | | | | | ||||
| | | | | | | | | | | 3,272,318 | | | | | ||||
Recreational Vehicles & Boats – 1.6% | | | | | | | | | | | | | | | | ||||
Malibu Boats, Inc.* | | | | | 19,100 | | | | | | 1,192,604 | | | | | ||||
Restaurants – 0.9% | | | | | | | | | | | | | | | | ||||
El Pollo Loco Hldgs., Inc.* | | | | | 38,000 | | | | | | 687,800 | | | | | ||||
Scientific Instruments — Control & Filter – 1.8% | | | | | | | | | | | | | | | | ||||
LiqTech International, Inc.* | | | | | 168,729 | | | | | | 1,349,832 | | | | | ||||
Scientific Instruments — Electrical – 1.9% | | | | | | | | | | | | | | | | ||||
Allied Motion Technologies, Inc. | | | | | 18,600 | | | | | | 950,460 | | | | | ||||
Preformed Line Products Co. | | | | | 7,000 | | | | | | 479,080 | | | | | ||||
| | | | | | | | | | | 1,429,540 | | | | | ||||
Scientific Instruments — Gauges & Meters – 0.7% | | | | | | | | | | | | | | | | ||||
Vishay Precision Group, Inc.* | | | | | 17,800 | | | | | | 560,344 | | | | | ||||
|
| | | Shares | | | Value | | ||||||
Semiconductors & Components – 2.5% | | | | | | | | | | | | | |
CEVA, Inc.* | | | | | 16,600 | | | | | $ | 755,300 | | |
MagnaChip Semiconductor Corp.* | | | | | 85,300 | | | | | | 1,153,256 | | |
| | | | | | | | | | | 1,908,556 | | |
Specialty Retail – 4.7% | | | | | | | | | | | | | |
Boot Barn Hldgs., Inc.* | | | | | 28,400 | | | | | | 1,231,424 | | |
Sonic Automotive, Inc. | | | | | 23,700 | | | | | | 914,109 | | |
Zumiez, Inc.* | | | | | 40,300 | | | | | | 1,482,234 | | |
| | | | | | | | | | | 3,627,767 | | |
Technology — Miscellaneous – 1.7% | | | | | | | | | | | | | |
Camtek Ltd.* | | | | | 58,980 | | | | | | 1,292,252 | | |
Telecommunications Equipment – 2.2% | | | | | | | | | | | | | |
Clearfield, Inc.* | | | | | 21,600 | | | | | | 533,952 | | |
Vocera Communications, Inc.* | | | | | 28,100 | | | | | | 1,166,993 | | |
| | | | | | | | | | | 1,700,945 | | |
Textiles Apparel & Shoes – 1.3% | | | | | | | | | | | | | |
Crocs, Inc.* | | | | | 16,000 | | | | | | 1,002,560 | | |
Truckers – 0.4% | | | | | | | | | | | | | |
Daseke, Inc.* | | | | | 70,000 | | | | | | 406,700 | | |
Total Equities | | | | | | | | | | | | | |
(Cost: $47,329,311) | | | | | | | | | | $ | 75,768,547 | | |
Total Investments – 99.0% | | | | | | | | | | | | | |
(Cost: $47,329,311) | | | | | | | | | | $ | 75,768,547 | | |
Other Assets Less Liabilities – 1.0% | | | | | | | | | | | 778,414 | | |
Net Assets – 100% | | | | | | | | | | $ | 76,546,961 | | |
|
| | | Shares | | | Value | | | ||||||||
Equities – 100.5% | | | | | | | | | | | | | | | ||
Air Transport – 1.0% | | | | | | | | | | | | | | | ||
Air Transport Services Group, Inc.* | | | | | 5,300 | | | | | $ | 166,102 | | | | ||
Auto Part – 0.7% | | | | | | | | | | | | | | | ||
Adient PLC* | | | | | 3,500 | | | | | | 121,695 | | | | ||
Back Office Support, Human Resources, & Consulting – 4.7% | | | | | | | | | | | | | | | ||
ASGN, Inc.* | | | | | 3,200 | | | | | | 267,296 | | | | ||
TriNet Group, Inc.* | | | | | 2,800 | | | | | | 225,680 | | | | ||
TTEC Hldgs., Inc. | | | | | 4,000 | | | | | | 291,720 | | | | ||
| | | | | | | | | | | 784,696 | | | | ||
Banks — Diversified – 0.8% | | | | | | | | | | | | | | | ||
First Foundation, Inc.* | | | | | 6,500 | | | | | | 130,000 | | | | ||
Banks — Savings, Thrifts & Mortgage Lending – 0.7% | | | | |||||||||||||
Flagstar Bancorp, Inc. | | | | | 3,000 | | | | | | 122,280 | | | | ||
Biotechnology – 4.0% | | | | | | | | | | | | | | | ||
Castle Biosciences, Inc.* | | | | | 7,200 | | | | | | 483,480 | | | | ||
Halozyme Therapeutics, Inc*. | | | | | 4,400 | | | | | | 187,924 | | | | ||
| | | | | | | | | | | 671,404 | | | | ||
Building Materials – 6.6% | | | | | | | | | | | | | | | ||
Builders FirstSource, Inc.* | | | | | 5,900 | | | | | | 240,779 | | | | ||
Gibraltar Industries, Inc.* | | | | | 2,100 | | | | | | 151,074 | | | | ||
Masonite International Corp.* | | | | | 3,400 | | | | | | 334,356 | | | | ||
Patrick Industries, Inc. | | | | | 2,700 | | | | | | 184,545 | | | | ||
Trex Co., Inc.* | | | | | 2,200 | | | | | | 184,184 | | | | ||
| | | | | | | | | | | 1,094,938 | | | | ||
Commercial Finance & Mortgage Companies – 0.8% | | | | | | | | | | | ||||||
PennyMac Financial Services, Inc. | | | | | 2,000 | | | | | | 131,240 | | | | ||
Communications Technology – 0.7% | | | | | | | | | | | | | | | ||
Bandwidth, Inc.* | | | | | 800 | | | | | | 122,936 | | | | ||
Computer Services Software & Systems – 21.6% | | | | | | | | | | | ||||||
CACI International, Inc.* | | | | | 1,100 | | | | | | 274,263 | | | | ||
ChannelAdvisor Corp.* | | | | | 27,200 | | | | | | 434,656 | | | | ||
CommVault Systems, Inc.* | | | | | 3,400 | | | | | | 188,258 | | | | ||
LivePerson, Inc.* | | | | | 2,900 | | | | | | 180,467 | | | | ||
ManTech International, Corp. | | | | | 1,600 | | | | | | 142,304 | | | | ||
Model N, Inc.* | | | | | 7,500 | | | | | | 267,600 | | | | ||
Rapid7, Inc.* | | | | | 3,200 | | | | | | 288,512 | | | | ||
Shutterstock, Inc. | | | | | 8,000 | | | | | | 573,600 | | | | ||
SPS Commerce, Inc.* | | | | | 1,200 | | | | | | 130,308 | | | | ||
Upland Software, Inc.* | | | | | 4,500 | | | | | | 206,505 | | | | ||
Upwork, Inc.* | | | | | 26,400 | | | | | | 911,328 | | | | ||
| | | | | | | | | | | 3,597,801 | | | |
| | | Shares | | | Value | | ||||||
Computer Technology – 2.6% | | | | | | | | | | | | | |
Synaptics, Inc.* | | | | | 3,200 | | | | | $ | 308,480 | | |
Synnex Corp. | | | | | 1,600 | | | | | | 130,304 | | |
| | | | | | | | | | | 438,784 | | |
Diversified Manufacturing Operations – 5.2% | | | | | | | | | | | | | |
Concentrix Corp.* | | | | | 1,600 | | | | | | 157,920 | | |
Golden Nugget Online Gaming, Inc.* | | | | | 17,100 | | | | | | 336,870 | | |
Inmode Ltd.* | | | | | 7,800 | | | | | | 370,344 | | |
| | | | | | | | | | | 865,134 | | |
Diversified Retail – 1.2% | | | | | | | | | | | | | |
BJ’s Wholesale Club Hldgs., Inc.* | | | | | 5,500 | | | | | | 205,040 | | |
Education Services – 1.8% | | | | | | | | | | | | | |
Chegg, Inc.* | | | | | 3,400 | | | | | | 307,122 | | |
Electronic Components – 1.4% | | | | | | | | | | | | | |
II-VI, Inc.* | | | | | 3,000 | | | | | | 227,880 | | |
Energy Equipment – 1.5% | | | | | | | | | | | | | |
Arcosa, Inc. | | | | | 4,600 | | | | | | 252,678 | | |
Financial Data & Systems – 1.6% | | | |||||||||||
Green Dot Corp.* | | | | | 4,800 | | | | | | 267,840 | | |
Foods – 0.7% | | | | | | | | | | | | | |
B&G Foods, Inc. | | | | | 4,400 | | | | | | 122,012 | | |
Forest Products – 1.2% | | | | | | | | | | | | | |
UFP Industries, Inc. | | | | | 3,500 | | | | | | 194,425 | | |
Healthcare Facilities – 1.5% | | | | | | | | | | | | | |
Select Medical Hldgs. Corp.* | | | | | 9,100 | | | | | | 251,706 | | |
Healthcare Services – 5.1% | | | | | | | | | | | | | |
Acadia Healthcare Co., Inc.* | | | | | 5,300 | | | | | | 266,378 | | |
Addus HomeCare Corp.* | | | | | 1,500 | | | | | | 175,635 | | |
Amedisys, Inc.* | | | | | 450 | | | | | | 131,999 | | |
The Ensign Group, Inc. | | | | | 3,700 | | | | | | 269,804 | | |
| | | | | | | | | | | 843,816 | | |
|
| | | Shares | | | Value | | | ||||||||
Home Building – 1.1% | | | | | | | | | | | | | | | ||
M/I Homes, Inc.* | | | | | 4,300 | | | | | $ | 190,447 | | | | ||
Household Equipment & Products – 3.1% | | | | | | | | | | | | | | | ||
Tupperware Brands Corp.* | | | | | 15,800 | | | | | | 511,762 | | | | ||
Household Furnishings – 2.9% | | | | | | | | | | | | | | | ||
Tempur Sealy International, Inc.* | | | | | 18,100 | | | | | | 488,700 | | | | ||
Insurance — Property Casualty – 1.5% | | | | | | | | | | | ||||||
Stewart Information Services Corp. | | | | | 5,000 | | | | | | 241,800 | | | | ||
Machinery — Industrial – 1.7% | | | | | | | | | | | | | | | ||
Hillenbrand, Inc. | | | | | 6,900 | | | | | | 274,620 | | | | ||
Medical & Dental Instruments & Supplies – 2.3% | | | | | | | | | | | ||||||
Cantel Medical Corp.* | | | | | 2,300 | | | | | | 181,378 | | | | ||
Merit Medical Systems, Inc.* | | | | | 3,500 | | | | | | 194,285 | | | | ||
| | | | | | | | | | | 375,663 | | | | ||
Medical Equipment – 4.7% | | | | | | | | | | | | | | | ||
CareDX, Inc.* | | | | | 8,200 | | | | | | 594,090 | | | | ||
Tandem Diabetes Care, Inc.* | | | | | 1,900 | | | | | | 181,792 | | | | ||
| | | | | | | | | | | 775,882 | | | | ||
Medical Services – 0.9% | | | | | | | | | | | | | | | ||
NeoGenomics, Inc.* | | | | | 2,700 | | | | | | 145,368 | | | | ||
Oil Well Equipment & Services – 2.1% | | | | | | | | | | | ||||||
Helmerich & Payne, Inc.* | | | | | 7,300 | | | | | | 169,068 | | | | ||
NOV, Inc.* | | | | | 12,800 | | | | | | 175,744 | | | | ||
| | | | | | | | | | | 344,812 | | | | ||
Personal Care – 0.8% | | | | | | | | | | | | | | | ||
Helen of Troy Ltd.* | | | | | 570 | | | | | | 126,648 | | | | ||
Production Technology Equipment – 0.6% | | | | | | | | | | | | | | | ||
Ultra Clean Hldgs., Inc.* | | | | | 3,400 | | | | | | 105,910 | | | | ||
Real Estate Services – 1.0% | | | | | | | | | | | | | | | ||
Realogy Hldgs. Corp.* | | | | | 12,600 | | | | | | 165,312 | | | | ||
Scientific Instruments — Pollution Control – 1.8% | | | | | | | | | | | ||||||
Clean Harbors, Inc.* | | | | | 4,000 | | | | | | 304,400 | | | | ||
Semiconductors & Components – 3.6% | | | | | | | | | | | | | | | ||
Advanced Energy Industries, Inc.* | | | | | 1,300 | | | | | | 126,061 | | | | ||
MACOM Technology Solutions Hldgs. Inc.* | | | | | 3,300 | | | | | | 181,632 | | | | ||
MaxLinear. Inc.* | | | | | 7,600 | | | | | | 290,244 | | | | ||
| | | | | | | | | | | 597,937 | | | | ||
Shipping – 1.6% | | | | | | | | | | | | | | | ||
Matson, Inc. | | | | | 4,700 | | | | | | 267,759 | | | | ||
Specialty Retail – 1.0% | | | | | | | | | | | | | | | ||
Sonic Automotive, Inc. | | | | | 4,400 | | | | | | 169,708 | | | | ||
|
| | | Shares | | | Value | | ||||||
Textiles Apparel & Shoes – 3.4% | | | | | | | | | | | | | |
Crocs, Inc.* | | | | | 4,300 | | | | | $ | 269,438 | | |
Deckers Outdoor Corp.* | | | | | 1,000 | | | | | | 286,780 | | |
| | | | | | | | | | | 556,218 | | |
Utilities — Telecommunications – 1.0% | | | | | | | | | | | | | |
Vonage Hldgs. Corp.* | | | | | 12,000 | | | | | | 154,500 | | |
Total Equities | | | | | | | | | | | | | |
(Cost: $11,605,119) | | | | | | | | | | $ | 16,716,975 | | |
Total Investments – 100.5% | | | | | | | | | | | | | |
(Cost: $11,605,119) | | | | | | | | | | $ | 16,716,975 | | |
Other Liabilities Less Assets – (0.5)% | | | | | | | | | | | (84,169) | | |
Net Assets – 100% | | | | | | | | | | $ | 16,632,806 | | |
|
| | | Shares | | | Value | | ||||||
Equities – 101.0% | | | | | | | | | | | | | |
Brazil – 1.4% | | | | | | | | | | | | | |
Arco Platform Ltd.* | | | | | 12,700 | | | | | $ | 450,723 | | |
B2W — Cia Digital* | | | | | 30,000 | | | | | | 436,699 | | |
| | | | | | | | | | | 887,422 | | |
Canada – 0.9% | | | | | | | | | | | | | |
Ritchie Bros. Auctioneers, Inc. | | | | | 8,200 | | | | | | 569,987 | | |
China – 8.4% | | | | | | | | | | | | | |
21Vianet Group, Inc. ADS* | | | | | 25,700 | | | | | | 891,533 | | |
Bilibili, Inc. ADS* | | | | | 8,900 | | | | | | 762,908 | | |
Ever Sunshine Lifestyle Services Group Ltd.* | | | | | 444,000 | | | | | | 975,093 | | |
GDS Hldgs. Ltd.* | | | | | 52,000 | | | | | | 606,024 | | |
Pharmaron Beijing Co. Ltd. | | | | | 63,200 | | | | | | 1,068,498 | | |
Weimob, Inc.* | | | | | 517,000 | | | | | | 931,994 | | |
| | | | | | | | | | | 5,236,050 | | |
Denmark – 1.2% | | | | | | | | | | | | | |
ALK-Abello AS* | | | | | 1,900 | | | | | | 782,621 | | |
Finland – 3.7% | | | | | | | | | | | | | |
Metso Outotec Oyj* | | | | | 127,000 | | | | | | 1,276,020 | | |
QT Group Oyj* | | | | | 15,000 | | | | | | 1,055,461 | | |
| | | | | | | | | | | 2,331,481 | | |
Germany – 1.2% | | | | | | | | | | | | | |
Shop Apotheke Europe NV* | | | | | 4,300 | | | | | | 778,475 | | |
Hong Kong – 1.3% | | | | | | | | | | | | | |
Minth Group Ltd.* | | | | | 150,000 | | | | | | 793,596 | | |
Japan – 10.3% | | | | | | | | | | | | | |
Capcom Co. Ltd. | | | | | 10,000 | | | | | | 648,527 | | |
IR Japan Hldgs. Ltd. | | | | | 12,100 | | | | | | 1,938,591 | | |
Kobe Bussan Co. Ltd. | | | | | 37,200 | | | | | | 1,142,970 | | |
MedPeer, Inc.* | | | | | 12,000 | | | | | | 951,084 | | |
PCA Corp.* | | | | | 18,000 | | | | | | 784,511 | | |
Sushiro Global Hldgs. Ltd. | | | | | 25,000 | | | | | | 959,048 | | |
| | | | | | | | | | | 6,424,731 | | |
Netherlands – 2.7% | | | | | | | | | | | | | |
ASM International NV* | | | | | 4,000 | | | | | | 872,847 | | |
BE Semiconductor Industries NV* | | | | | 13,400 | | | | | | 804,653 | | |
| | | | | | | | | | | 1,677,500 | | |
Norway – 1.7% | | | | | | | | | | | | | |
Nordic Semiconductor ASA* | | | | | 66,900 | | | | | | 1,074,776 | | |
| | | Shares | | | Value | | ||||||
South Korea – 1.0% | | | | | | | | | | | | | |
LEENO Industrial, Inc. | | | | | 5,000 | | | | | $ | 621,822 | | |
Sweden – 10.5% | | | | | | | | | | | | | |
BHG Group AB* | | | | | 74,100 | | | | | | 1,617,675 | | |
Boozt AB* | | | | | 25,200 | | | | | | 578,423 | | |
Evolution Gaming Group AB | | | | | 8,900 | | | | | | 894,758 | | |
MIPS AB | | | | | 11,400 | | | | | | 714,798 | | |
Sinch AB* | | | | | 12,900 | | | | | | 2,097,865 | | |
Stillfront Group AB* | | | | | 57,000 | | | | | | 691,765 | | |
| | | | | | | | | | | 6,595,284 | | |
Taiwan – 3.4% | | | | | | | | | | | | | |
M31 Technology Corp. | | | | | 132,000 | | | | | | 1,590,214 | | |
Wiwynn Corp. | | | | | 21,000 | | | | | | 527,315 | | |
| | | | | | | | | | | 2,117,529 | | |
United Kingdom – 9.7% | | | | | | | | | | | | | |
Blue Prism Group PLC* | | | | | 31,900 | | | | | | 749,120 | | |
Endava PLC ADS* | | | | | 9,600 | | | | | | 736,800 | | |
Focusrite PLC* | | | | | 39,600 | | | | | | 582,114 | | |
Gamesys Group PLC | | | | | 41,000 | | | | | | 638,200 | | |
GB Group PLC | | | | | 45,800 | | | | | | 585,974 | | |
Intermediate Capital Group PLC | | | | | 53,900 | | | | | | 1,268,201 | | |
Oxford Instruments PLC | | | | | 27,700 | | | | | | 755,987 | | |
Spirent Communications PLC | | | | | 212,700 | | | | | | 768,954 | | |
| | | | | | | | | | | 6,085,350 | | |
United States of America – 43.6% | | | | | | | | | | | | | |
Addus HomeCare Corp.* | | | | | 4,700 | | | | | | 550,323 | | |
Alphatec Hldgs., Inc.* | | | | | 83,700 | | | | | | 1,215,324 | | |
Amedisys, Inc.* | | | | | 2,400 | | | | | | 703,992 | | |
Bandwidth, Inc.* | | | | | 3,200 | | | | | | 491,744 | | |
BJ’s Wholesale Club Hldgs., Inc.* | | | | | 22,500 | | | | | | 838,800 | | |
CACI International, Inc.* | | | | | 4,800 | | | | | | 1,196,784 | | |
CareDX, Inc.* | | | | | 43,000 | | | | | | 3,115,350 | | |
Castle Biosciences, Inc.* | | | | | 35,700 | | | | | | 2,397,255 | | |
ChannelAdvisor Corp.* | | | | | 100,600 | | | | | | 1,607,588 | | |
Crocs, Inc.* | | | | | 9,500 | | | | | | 595,270 | | |
Deckers Outdoor Corp.* | | | | | 4,500 | | | | | | 1,290,510 | | |
II-VI, Inc.* | | | | | 18,300 | | | | | | 1,390,068 | | |
Magnite, Inc.* | | | | | 40,000 | | | | | | 1,228,400 | | |
Model N, Inc.* | | | | | 16,700 | | | | | | 595,856 | | |
Rapid7, Inc.* | | | | | 9,500 | | | | | | 856,520 | | |
Shutterstock, Inc. | | | | | 11,400 | | | | | | 817,380 | | |
Synaptics, Inc.* | | | | | 8,500 | | | | | | 819,400 | | |
Tandem Diabetes Care, Inc.* | | | | | 11,200 | | | | | | 1,071,616 | | |
Tempur Sealy International, Inc.* | | | | | 22,400 | | | | | | 604,800 | | |
Trex Co., Inc.* | | | | | 7,200 | | | | | | 602,784 | | |
| | | Shares | | | Value | | ||||||
Tupperware Brands Corp.* | | | | | 38,400 | | | | | $ | 1,243,775 | | |
Upwork, Inc.* | | | | | 118,600 | | | | | | 4,094,071 | | |
| | | | | | | | | | | 27,327,610 | | |
Total Equities | | | | | | | | | | | | | |
(Cost: $39,469,431) | | | | | | | | | | $ | 63,304,234 | | |
Total Investments – 101.0% | | | | | | | | | | | | | |
(Cost: $39,469,431) | | | | | | | | | | $ | 63,304,234 | | |
Other Liabilities Less Assets – (1.0)% | | | | | | | | | | | (629,247) | | |
Net Assets – 100% | | | | | | | | | | $ | 62,674,987 | | |
|
Sector Allocations (As A Percentage of Net Assets) (unaudited) | | | | | | | |
Communication Services | | | | | 4.1% | | |
Consumer Discretionary | | | | | 22.7% | | |
Consumer Staples | | | | | 3.2% | | |
Financials | | | | | 2.0% | | |
Health Care | | | | | 18.9% | | |
Industrials | | | | | 15.1% | | |
Information Technology | | | | | 35.0% | | |
| | | Shares | | | Value | | ||||||
Equities – 101.4% | | | | | | | | | | | | | |
Air Freight & Logistics – 0.6% | | | | | | | | | | | | | |
S.F. Hldg. Co. Ltd.* | | | | | 50,000 | | | | | $ | 674,651 | | |
Auto Components – 2.4% | | | | | | | | | | | | | |
Changzhou Xingyu Automotive Lighting Systems Co. Ltd.* | | | | | 15,001 | | | | | | 460,556 | | |
Fuyao Glass Industry Group Co. Ltd.* | | | | | 200,000 | | | | | | 1,100,853 | | |
Minth Group Ltd.* | | | | | 250,000 | | | | | | 1,322,660 | | |
| | | | | | | | | | 2,884,069 | | | |
Automobiles – 2.3% | | | | | | | | | | | | | |
BYD Co. Ltd.* | | | | | 30,000 | | | | | | 789,842 | | |
Great Wall Motor Co. Ltd.* | | | | | 300,000 | | | | | | 1,032,170 | | |
NIO, Inc. ADS* | | | | | 20,000 | | | | | | 974,800 | | |
| | | | | | | | | | 2,796,812 | | | |
Banks – 0.8% | | | | | | | | | | | | | |
China Merchants Bank Co. Ltd.* | | | | | 150,000 | | | | | | 948,900 | | |
Beverages – 2.8% | | | | | | | | | | | | | |
Kweichow Moutai Co. Ltd. | | | | | 4,475 | | | | | | 1,367,554 | | |
Shanxi Xinghuacun Fen Wine Factory Co. Ltd.* | | | | | 12,000 | | | | | | 689,368 | | |
Wuliangye Yibin Co. Ltd.* | | | | | 30,085 | | | | | | 1,343,607 | | |
| | | | | | | | | | 3,400,529 | | | |
Capital Markets – 0.9% | | | | | | | | | | | | | |
Huatai Securities Co. Ltd. | | | | | 400,007 | | | | | | 1,101,967 | | |
Chemicals – 1.8% | | | | | | | | | | | | | |
Guangzhou Tinci Materials Technology Co. Ltd.* | | | | | 75,057 | | | | | | 1,193,081 | | |
Jiangsu Eastern Shenghong Co. Ltd.* | | | | | 700,000 | | | | | | 1,015,448 | | |
| | | | | | | | | | 2,208,529 | | | |
Commercial Service & Supply – 2.5% | | | | | | | | | | | | | |
Ever Sunshine Lifestyle Services Group Ltd. | | | | | 960,000 | | | | | | 2,108,310 | | |
Times Neighborhood Hldgs. Ltd. | | | | | 1,000,000 | | | | | | 936,756 | | |
| | | | | | | | | | 3,045,066 | | | |
Diversified Consumer Services – 3.9% | | | | | | | | | | | | | |
China Education Group Hldgs. Ltd.* | | | | | 350,000 | | | | | | 675,097 | | |
New Oriental Education & Technology Group, Inc.* | | | | | 10,500 | | | | | | 1,885,327 | | |
TAL Education Group ADS* | | | | | 30,000 | | | | | | 2,145,300 | | |
| | | | | | | | | | 4,705,724 | | |
| | | Shares | | | Value | | ||||||
Electrical Equipment – 4.2% | | | | | | | | | | | | | |
Contemporary Amperex Technology Co. Ltd. | | | | | 48,002 | | | | | $ | 2,583,723 | | |
Sungrow Power Supply Co. Ltd.* | | | | | 150,000 | | | | | | 1,660,929 | | |
Xinjiang Goldwing Science & Technology Co. Ltd.* | | | | | 400,000 | | | | | | 806,032 | | |
| | | | | | | | | | 5,050,684 | | | |
Electronic Equipment, Instruments & Components – 5.1% | | | | | | | | | | | | | |
Delta Electronics, Inc.* | | | | | 130,000 | | | | | | 1,219,133 | | |
Hangzhou Hikvision Digital Technology Co. Ltd.* | | | | | 160,005 | | | | | | 1,187,440 | | |
Luxshare Precision Industry Co. Ltd. | | | | | 133,753 | | | | | | 1,149,513 | | |
Maxscend Microelectronics Co. Ltd.* | | | | | 14,000 | | | | | | 1,222,729 | | |
Sunny Optical Technology Group Co. Ltd. | | | | | 60,000 | | | | | | 1,310,901 | | |
| | | | | | | | | | 6,089,716 | | | |
Entertainment – 0.9% | | | | | | | | | | | | | |
Bilibili, Inc. ADS* | | | | | 13,000 | | | | | | 1,114,360 | | |
Food Products – 1.6% | | | | | | | | | | | | | |
Sichuan Teway Food Group Co. Ltd.* | | | | | 60,000 | | | | | | 755,592 | | |
Tongwei Co. Ltd.* | | | | | 200,000 | | | | | | 1,176,226 | | |
| | | | | | | | | | 1,931,818 | | | |
Healthcare Providers & Services – 1.5% | | | | | | | | | | | | | |
Aier Eye Hospital Group Co. Ltd. | | | | | 156,000 | | | | | | 1,787,533 | | |
Hotels, Restaurants & Leisure – 3.8% | | | | | | | | | | | | | |
Galaxy Entertainment Group Ltd.* | | | | | 150,000 | | | | | | 1,167,674 | | |
Jiumaojiu International Hldgs. Ltd.* | | | | | 550,000 | | | | | | 1,675,895 | | |
Songcheng Performance Development Co. Ltd.* | | | | | 200,055 | | | | | | 542,484 | | |
Xiabuxiabu Catering Management Hldgs. Co. Ltd.* | | | | | 530,000 | | | | | | 1,211,169 | | |
| | | | | | | | | | 4,597,222 | | | |
Household Durables – 4.4% | | | | | | | | | | | | | |
Ecovacs Robotics Co. Ltd.* | | | | | 49,903 | | | | | | 676,175 | | |
Gree Electric Appliances, Inc. of Zhuhai | | | | | 140,000 | | | | | | 1,326,986 | | |
Hangzhou Great Star Industrial Co. Ltd.* | | | | | 300,077 | | | | | | 1,429,860 | | |
Midea Group Co. Ltd. | | | | | 119,942 | | | | | | 1,806,376 | | |
| | | | | | | | | | 5,239,397 | | | |
Insurance – 4.3% | | | | | | | | | | | | | |
AIA Group Ltd.* | | | | | 110,000 | | | | | | 1,340,465 | | |
China Life Insurance Co. Ltd. | | | | | 650,000 | | | | | | 1,430,956 | | |
New China Life Insurance Co. Ltd.* | | | | | 400,000 | | | | | | 1,560,281 | | |
Ping An Insurance Group Co. of China Ltd. | | | | | 72,000 | | | | | | 876,206 | | |
| | | | | | | | | | 5,207,908 | | | |
Interactive Media & Services – 6.8% | | | | | | | | | | | | | |
Autohome, Inc. ADS* | | | | | 9,000 | | | | | | 896,580 | | |
Tencent Hldgs. Ltd. | | | | | 101,000 | | | | | | 7,267,286 | | |
| | | | | | | | | | 8,163,866 | | | |
Internet & Direct Marketing Retail – 12.8% | | | | | | | | | | | | | |
Alibaba Group Hldg. Ltd.* | | | | | 242,000 | | | | | | 7,038,412 | | |
Dada Nexus Ltd. ADS* | | | | | 10,000 | | | | | | 365,000 | | |
| | | Shares | | | Value | | ||||||
JD.com, Inc.* | | | | | 56,000 | | | | | $ | 2,466,360 | | |
JD Health International, Inc.* | | | | | 25,000 | | | | | | 483,715 | | |
Meituan* | | | | | 80,000 | | | | | | 3,011,457 | | |
Pinduoduo, Inc. ADS* | | | | | 11,000 | | | | | | 1,954,370 | | |
| | | | | | | | | | 15,319,314 | | | |
Internet Software & Services – 2.3% | | | | | | | | | | | | | |
21Vianet Group, Inc. ADS* | | | | | 80,000 | | | | | | 2,775,200 | | |
Information Technology Services – 1.9% | | | | | | | | | | | | | |
GDS Hldgs. Ltd.* | | | | | 196,968 | | | | | | 2,295,525 | | |
Life Sciences Tools & Services – 4.3% | | | | | | | | | | | | | |
Pharmaron Beijing Co. Ltd. | | | | | 85,000 | | | | | | 1,437,062 | | |
WuXi AppTec Co. Ltd. | | | | | 81,000 | | | | | | 1,588,985 | | |
Wuxi Biologics, Inc.* | | | | | 165,000 | | | | | | 2,188,108 | | |
| | | | | | | | | | 5,214,155 | | | |
Machinery – 4.6% | | | | | | | | | | | | | |
Estun Automation Co. Ltd.* | | | | | 300,000 | | | | | | 1,369,322 | | |
Hangzhou Oxygen Plant Group Co. Ltd..* | | | | | 100,093 | | | | | | 445,660 | | |
Han’s Laser Technology Industry Group Co. Ltd.* | | | | | 70,000 | | | | | | 458,306 | | |
Shenzen Inovance Technology Co. Ltd.* | | | | | 90,000 | | | | | | 1,285,297 | | |
Techtronic Industries Co. Ltd. | | | | | 85,000 | | | | | | 1,214,934 | | |
Zoomlion Heavy Industry Science & Technology Co. Ltd. | | | | | 650,000 | | | | | | 779,950 | | |
| | | | | | | | | | 5,553,469 | | | |
Metals & Mining – 4.3% | | | | | | | | | | | | | |
Angang Steel Co. Ltd.* | | | | | 2,200,000 | | | | | | 897,935 | | |
China Molybdenum Co. Ltd.* | | | | | 1,302,000 | | | | | | 851,888 | | |
Ganfeng Lithium Co. Ltd. | | | | | 170,000 | | | | | | 2,036,086 | | |
Zijin Mining Group Co. Ltd.* | | | | | 1,200,000 | | | | | | 1,359,556 | | |
| | | | | | | | | | 5,145,465 | | | |
Pharmaceuticals – 0.8% | | | | | | | | | | | | | |
Jiangsu Hengrui Medicine Co. Ltd. | | | | | 55,033 | | | | | | 937,618 | | |
Real Estate Management & Development – 5.1% | | ||||||||||||
China Resources Land Ltd. | | | | | 150,000 | | | | | | 618,130 | | |
China Resources Mixc Lifestyle Services Ltd.* | | | | | 201,538 | | | | | | 934,575 | | |
CIFI Hldgs. Group Co. Ltd. | | | | | 2,042,911 | | | | | | 1,731,171 | | |
Longfor Group Hldgs. Ltd. | | | | | 300,000 | | | | | | 1,754,833 | | |
| | | Shares | | | Value | | ||||||
Wharf Real Estate Investment Co. Ltd.* | | | | | 200,000 | | | | | $ | 1,039,414 | | |
| | | | | | | | | | 6,078,123 | | | |
Semiconductors & Semiconductor Equipment – 4.0% | | ||||||||||||
Macronix International Co. Ltd.* | | | | | 500,000 | | | | | | 755,454 | | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | | | | 105,000 | | | | | | 1,986,334 | | |
Xinyi Solar Hldgs. Ltd. | | | | | 800,000 | | | | | | 2,097,749 | | |
| | | | | | | | | | 4,839,537 | | | |
Software – 2.1% | | | | | | | | | | | | | |
Ming Yuan Cloud Group Hldgs. Ltd.* | | | | | 107,000 | | | | | | 658,959 | | |
Weimob, Inc.* | | | | | 1,000,000 | | | | | | 1,802,696 | | |
| | | | | | | | | | 2,461,655 | | | |
Specialty Retail – 2.9% | | | | | | | | | | | | | |
China Tourism Group Duty Free Corp. Ltd. | | | | | 40,000 | | | | | | 1,731,304 | | |
China Yongda Automobile Services Hldg. Ltd.* | | | | | 550,000 | | | | | | 912,025 | | |
Zhongsheng Group Hldgs. Ltd.* | | | | | 110,000 | | | | | | 785,761 | | |
| | | | | | | | | | 3,429,090 | | | |
Technology Hardware, Storage & Peripherals – 0.8% | | | |||||||||||
Xiaomi Corp.* | | | | | 240,000 | | | | | | 1,020,061 | | |
Textiles, Apparel & Luxury Goods – 3.6% | | | | | | | | | | | | | |
Li Ning Co. Ltd. | | | | | 430,000 | | | | | | 2,958,877 | | |
Shenzhou International Group Hldgs. Ltd.* | | | | | 70,000 | | | | | | 1,371,869 | | |
| | | | | | | | | | 4,330,746 | | | |
Transport Infrastructure – 0.6% | | | | | | | | | | | | | |
Beijing Capital International Airport Co. Ltd.* | | | | | 800,000 | | | | | | 667,718 | | |
Utilities — Gas – 0.7% | | | | | | | | | | | | | |
Kunlun Energy Co. Ltd. | | | | | 850,000 | | | | | | 736,674 | | |
Total Equities | | | | | | | | | | | | | |
(Cost: $72,231,639) | | | | | | | | | | $ | 121,753,101 | | |
Total Investments – 101.4% | | | | | | | | | | | | | |
(Cost: $72,231,639) | | | | | | | | | | $ | 121,753,101 | | |
Other Liabilities Less Assets – (1.4)% | | | | | | | | | | | (1,728,504) | | |
Net Assets — 100% | | | | | | | | | | $ | 120,024,597 | | |
|
COUNTRY ALLOCATION (As a Percentage of Net Assets) (unaudited) | | | | | | | |
China ( Includes the People’s Republic of China, Taiwan and Hong Kong) | | | | | 101.4% | | |
| | | Shares | | | Value | | ||||||
Equities – 97.7% | | | | | | | | | | | | | |
Australia – 3.6% | | | | | | | | | | | | | |
Codan Ltd. | | | | | 110,500 | | | | | $ | 954,077 | | |
Evolution Mining Ltd. | | | | | 1,747,400 | | | | | | 6,724,614 | | |
IDP Education Ltd. | | | | | 262,500 | | | | | | 4,023,509 | | |
| | | | | | | | | | | 11,702,200 | | |
Belgium – 0.6% | | | | | | | | | | | | | |
UnifiedPost Group SA* | | | | | 68,600 | | | | | | 2,095,040 | | |
Canada – 5.9% | | | | | | | | | | | | | |
ATS Automation Tooling Systems, Inc.* | | | | | 113,700 | | | | | | 1,996,382 | | |
BRP, Inc. | | | | | 47,200 | | | | | | 3,118,115 | | |
Cargojet, Inc. | | | | | 12,700 | | | | | | 2,143,406 | | |
Kinaxis, Inc.* | | | | | 18,100 | | | | | | 2,564,344 | | |
Parex Resources, Inc.* | | | | | 225,524 | | | | | | 3,104,078 | | |
Ritchie Bros. Auctioneers, Inc. | | | | | 90,600 | | | | | | 6,297,657 | | |
| | | | | | | | | | | 19,223,982 | | |
China – 5.0% | | | | | | | | | | | | | |
Kingdee International Software Group Co. Ltd.* | | | | | 1,034,700 | | | | | | 4,224,192 | | |
Pharmaron Beijing Co. Ltd. | | | | | 538,900 | | | | | | 9,110,973 | | |
Venus MedTech Hangzhou, Inc.* | | | | | 311,800 | | | | | | 3,182,089 | | |
| | | | | | | | | | | 16,517,254 | | |
Denmark – 1.8% | | | | | | | | | | | | | |
Pandora A/S | | | | | 51,400 | | | | | | 5,752,577 | | |
Finland – 2.5% | | | | | | | | | | | | | |
Metso Outotec Oyj* | | | | | 821,036 | | | | | | 8,249,275 | | |
France – 1.0% | | | | | | | | | | | | | |
SPIE SA* | | | | | 145,500 | | | | | | 3,172,170 | | |
Germany – 3.5% | | | | | | | | | | | | | |
Aurelius Equity Opportunities SE* | | | | | 113,323 | | | | | | 2,414,655 | | |
KION Group AG | | | | | 23,700 | | | | | | 2,055,227 | | |
Shop Apotheke Europe NV* | | | | | 21,089 | | | | | | 3,817,969 | | |
Westwing Group AG* | | | | | 77,600 | | | | | | 3,139,169 | | |
| | | | | | | | | | | 11,427,020 | | |
Israel – 2.0% | | | | | | | | | | | | | |
Fiverr International Ltd.* | | | | | 34,200 | | | | | | 6,672,420 | | |
Japan – 35.4% | | | | | | | | | | | | | |
BASE, Inc.* | | | | | 104,700 | | | | | | 9,909,657 | | |
BayCurrent Consulting, Inc. | | | | | 82,300 | | | | | | 14,443,039 | | |
Capcom Co. Ltd. | | | | | 77,200 | | | | | | 5,006,627 | | |
IR Japan Hldgs. Ltd. | | | | | 62,700 | | | | | | 10,045,426 | | |
ITmedia, Inc. | | | | | 70,300 | | | | | | 1,502,092 | | |
J-Stream, Inc.* | | | | | 38,700 | | | | | | 1,999,554 | | |
| | | Shares | | | Value | | ||||||
JMDC, Inc.* | | | | | 65,600 | | | | | $ | 3,724,678 | | |
Kobe Bussan Co. Ltd. | | | | | 109,400 | | | | | | 3,361,315 | | |
Koei Tecmo Hldgs. Co. Ltd.* | | | | | 85,200 | | | | | | 5,201,346 | | |
Kusuri no Aoki Hldgs. Co. Ltd. | | | | | 28,200 | | | | | | 2,452,558 | | |
M&A Capital Partners Co. Ltd.* | | | | | 160,800 | | | | | | 9,220,373 | | |
Medley, Inc.* | | | | | 184,700 | | | | | | 8,135,584 | | |
MedPeer, Inc.* | | | | | 87,500 | | | | | | 6,934,990 | | |
Oisix ra daichi, Inc.* | | | | | 57,700 | | | | | | 1,747,323 | | |
Open House Co. Ltd. | | | | | 95,500 | | | | | | 3,513,250 | | |
PLAID, Inc.* | | | | | 31,200 | | | | | | 1,122,541 | | |
SHIFT, Inc.* | | | | | 19,700 | | | | | | 2,729,914 | | |
Sushiro Global Hldgs. Ltd. | | | | | 463,600 | | | | | | 17,784,582 | | |
TechMatrix Corp. | | | | | 151,200 | | | | | | 3,145,117 | | |
Tsubaki Nakashima Co. Ltd. | | | | | 141,400 | | | | | | 1,541,384 | | |
Wacom Co. Ltd.* | | | | | 265,900 | | | | | | 2,230,542 | | |
| | | | | | | | | | | 115,751,892 | | |
Netherlands – 6.9% | | | | | | | | | | | | | |
Alfen NV* | | | | | 82,500 | | | | | | 8,313,452 | | |
ASM International NV | | | | | 8,800 | | | | | | 1,920,264 | | |
BE Semiconductor Industries NV | | | | | 58,100 | | | | | | 3,488,832 | | |
Constellium SE* | | | | | 625,200 | | | | | | 8,746,548 | | |
| | | | | | | | | | | 22,469,096 | | |
Norway – 3.8% | | | | | | | | | | | | | |
Kahoot AS* | | | | | 536,400 | | | | | | 5,924,172 | | |
Nordic Semiconductor ASA* | | | | | 398,600 | | | | | | 6,403,670 | | |
| | | | | | | | | | | 12,327,842 | | |
Sweden – 12.9% | | | | | | | | | | | | | |
Avanza Bank Hldg. AB* | | | | | 130,300 | | | | | | 3,690,007 | | |
BHG Group AB* | | | | | 410,000 | | | | | | 8,950,698 | | |
Embracer Group AB* | | | | | 282,700 | | | | | | 6,727,553 | | |
Indutrade AB* | | | | | 66,000 | | | | | | 1,412,818 | | |
Sinch AB* | | | | | 112,400 | | | | | | 18,279,068 | | |
Stillfront Group AB* | | | | | 265,420 | | | | | | 3,221,197 | | |
| | | | | | | | | | | 42,281,341 | | |
United Kingdom – 12.8% | | | | | | | | | | | | | |
Blue Prism Group PLC* | | | | | 166,784 | | | | | | 3,916,653 | | |
Dunelm Group PLC | | | | | 134,100 | | | | | | 2,220,122 | | |
EasyJet PLC* | | | | | 312,700 | | | | | | 3,548,737 | | |
Endava PLC ADS* | | | | | 44,900 | | | | | | 3,446,075 | | |
Games Workshop Group PLC | | | | | 27,300 | | | | | | 4,179,998 | | |
Intermediate Capital Group PLC | | | | | 399,800 | | | | | | 9,406,808 | | |
Marks & Spencer Group PLC* | | | | | 2,237,600 | | | | | | 4,150,254 | | |
Pets at Home Group PLC | | | | | 696,263 | | | | | | 3,960,882 | | |
Spirent Communications PLC | | | | | 497,000 | | | | | | 1,796,758 | | |
| | | Shares | | | Value | | ||||||
Taylor Wimpey PLC* | | | | | 2,397,300 | | | | | $ | 5,422,364 | | |
| | | | | | | | | | | 42,048,651 | | |
Total Equities | | | | | | | | | | | | | |
(Cost: $186,015,762) | | | | | | | | | | $ | 319,690,760 | | |
Total Investments – 97.7% | | | | | | | | | | | | | |
(Cost: $186,015,762) | | | | | | | | | | $ | 319,690,760 | | |
Other Assets Less Liabilities – 2.3% | | | | | | | | | | | 7,663,627 | | |
Net Assets – 100% | | | | | | | | | | $ | 327,354,387 | | |
|
Sector Allocations (As A Percentage of Net Assets) (unaudited) | | | | | | | |
Communication Services | | | | | 9.0% | | |
Consumer Discretionary | | | | | 22.9% | | |
Consumer Staples | | | | | 1.8% | | |
Energy | | | | | 0.9% | | |
Financials | | | | | 7.6% | | |
Healthcare | | | | | 9.5% | | |
Industrials | | | | | 19.3% | | |
Information Technology | | | | | 20.8% | | |
Materials | | | | | 4.7% | | |
Real Estate | | | | | 1.2% | | |
| | | Shares | | | Value | | ||||||
Equities – 98.8% | | | | | | | | | | | | | |
Argentina – 1.2% | | | | | | | | | | | | | |
Despegar.com Corp.* | | | | | 9,800 | | | | | $ | 125,538 | | |
Australia – 1.9% | | | | | | | | | | | | | |
IDP Education Ltd. | | | | | 13,000 | | | | | | 199,260 | | |
Brazil – 6.9% | | | | | | | | | | | | | |
Afya Ltd.* | | | | | 5,200 | | | | | | 131,560 | | |
Arco Platform Ltd.* | | | | | 3,700 | | | | | | 131,313 | | |
B2W — Companhia Digital* | | | | | 12,356 | | | | | | 179,862 | | |
Lojas Renner SA | | | | | 17,600 | | | | | | 147,531 | | |
TOTVS SA | | | | | 27,900 | | | | | | 154,266 | | |
| | | | | | | | | | | 744,532 | | |
Canada – 2.5% | | | | | | | | | | | | | |
Lundin Mining Corp. | | | | | 17,000 | | | | | | 150,915 | | |
Parex Resources, Inc.* | | | | | 8,400 | | | | | | 115,616 | | |
| | | | | | | | | | | 266,531 | | |
Chile – 3.3% | | | | | | | | | | | | | |
Falabella SA | | | | | 51,000 | | | | | | 188,783 | | |
GeoPark Ltd. | | | | | 12,500 | | | | | | 162,375 | | |
| | | | | | | | | | | 351,158 | | |
China – 17.2% | | | | | | | | | | | | | |
China Isotope & Radiation Corp. | | | | | 41,200 | | | | | | 143,112 | | |
Chongqing Brewery Co. Ltd. | | | | | 6,500 | | | | | | 118,378 | | |
Dada Nexus Ltd. ADS* | | | | | 9,900 | | | | | | 361,350 | | |
Guangdong Marubi Biotechnology Co. Ltd. | | | | | 9,800 | | | | | | 78,359 | | |
Jiangsu Hengli Hydraulic Co. Ltd. | | | | | 9,052 | | | | | | 156,614 | | |
Kingsoft Cloud Hldgs. Ltd. ADS* | | | | | 2,800 | | | | | | 121,940 | | |
Li Ning Co. Ltd. | | | | | 8,500 | | | | | | 58,489 | | |
Shanghai Weaver Network Co. Ltd. | | | | | 6,296 | | | | | | 97,354 | | |
Venus MedTech Hangzhou, Inc.* | | | | | 13,000 | | | | | | 132,672 | | |
Weimob, Inc.* | | | | | 66,000 | | | | | | 118,978 | | |
Winning Health Technology Group Co. Ltd. | | | | | 30,360 | | | | | | 81,329 | | |
Wolong Electric Group Co. Ltd. | | | | | 45,500 | | | | | | 108,680 | | |
Yantai Jereh Oilfield Services Group Co. Ltd. | | | | | 29,900 | | | | | | 160,342 | | |
Yijiahe Technology Co. Ltd. | | | | | 7,120 | | | | | | 104,483 | | |
| | | | | | | | | | | 1,842,080 | | |
Czech Republic – 1.3% | | | | | | | | | | | | | |
TCS Group Hldg. PLC | | | | | 4,200 | | | | | | 138,186 | | |
France – 1.7% | | | | | | | | | | | | | |
Gaztransport & Technigaz SA | | | | | 1,850 | | | | | | 179,218 | | |
| | | Shares | | | Value | | ||||||
Greece – 1.3% | | | | | | | | | | | | | |
Greek Organization of Football Prognostics SA | | | | | 10,400 | | | | | $ | 139,042 | | |
Hong Kong – 0.8% | | | | | | | | | | | | | |
SUNeVision Hldgs. Ltd. | | | | | 100,000 | | | | | | 91,022 | | |
India – 11.3% | | | | | | | | | | | | | |
Affle India Ltd.* | | | | | 6,500 | | | | | | 337,255 | | |
Amber Enterprises India Ltd.* | | | | | 3,900 | | | | | | 126,002 | | |
ESAB India Ltd. | | | | | 4,025 | | | | | | 104,867 | | |
MakeMyTrip Ltd.* | | | | | 4,000 | | | | | | 118,120 | | |
Navin Fluorine International Ltd. | | | | | 3,900 | | | | | | 139,700 | | |
Route Mobile Ltd.* | | | | | 11,600 | | | | | | 174,411 | | |
Varun Beverages Ltd.* | | | | | 17,275 | | | | | | 216,983 | | |
| | | | | | | | | | | 1,217,338 | | |
Indonesia – 4.7% | | | | | | | | | | | | | |
PT Bank BTPN Syariah Tbk | | | | | 340,300 | | | | | | 90,895 | | |
PT Industri Jamu dan Farmasi Sido Muncul Tbk | | | | | 1,576,200 | | | | | | 90,330 | | |
PT Mark Dynamics Indonesia Tbk | | | | | 1,600,000 | | | | | | 95,658 | | |
PT Mitra Adiperkasa Tbk* | | | | | 2,363,900 | | | | | | 133,023 | | |
PT Sarana Menara Nusantara Tbk | | | | | 1,427,800 | | | | | | 97,614 | | |
| | | | | | | | | | | 507,520 | | |
Malaysia – 1.3% | | | | | | | | | | | | | |
My E.G. Services Bhd* | | | | | 300,000 | | | | | | 143,597 | | |
Mexico – 2.4% | | | | | | | | | | | | | |
Alsea SAB de CV* | | | | | 86,900 | | | | | | 113,060 | | |
Prologis Property Mexico SA de CV | | | | | 65,044 | | | | | | 145,911 | | |
| | | | | | | | | | | 258,971 | | |
Philippines – 1.0% | | | | | | | | | | | | | |
Wilcon Depot, Inc. | | | | | 316,000 | | | | | | 111,443 | | |
Poland – 1.2% | | | | | | | | | | | | | |
Dino Polska SA* | | | | | 1,600 | | | | | | 124,086 | | |
Russia – 1.2% | | | | | | | | | | | | | |
HeadHunter Group PLC ADS | | | | | 4,300 | | | | | | 130,075 | | |
South Africa – 1.7% | | | | | | | | | | | | | |
Clicks Group Ltd. | | | | | 4,980 | | | | | | 85,628 | | |
Distell Group Hldgs. Ltd.* | | | | | 14,800 | | | | | | 95,719 | | |
| | | | | | | | | | | 181,347 | | |
South Korea – 17.3% | | | | | | | | | | | | | |
AfreecaTV Co. Ltd. | | | | | 2,000 | | | | | | 111,528 | | |
Douzone Bizon Co. Ltd. | | | | | 1,319 | | | | | | 126,374 | | |
ITM Semiconductor Co. Ltd.* | | | | | 2,880 | | | | | | 151,056 | | |
KINX, Inc. | | | | | 2,520 | | | | | | 166,914 | | |
| | | Shares | | | Value | | ||||||
Korea Investment Hldgs. Co. Ltd. | | | | | 1,750 | | | | | $ | 127,520 | | |
LEENO Industrial, Inc. | | | | | 1,705 | | | | | | 212,041 | | |
NHN KCP Corp. | | | | | 3,505 | | | | | | 221,244 | | |
Nice Information Service Co. Ltd. | | | | | 7,692 | | | | | | 175,940 | | |
POSCO Chemical Co. Ltd. | | | | | 2,186 | | | | | | 209,899 | | |
Seegene, Inc. | | | | | 310 | | | | | | 55,170 | | |
Tokai Carbon Korea Co. Ltd. | | | | | 1,574 | | | | | | 181,718 | | |
Wonik Ips Co. Ltd.* | | | | | 2,860 | | | | | | 116,708 | | |
| | | | | | | | | | | 1,856,112 | | |
Sweden – 1.5% | | | | | | | | | | | | | |
Medicover AB* | | | | | 7,900 | | | | | | 158,353 | | |
Switzerland – 1.8% | | | | | | | | | | | | | |
Wizz Air Hldgs. PLC* | | | | | 3,109 | | | | | | 194,101 | | |
Taiwan – 14.6% | | | | | | | | | | | | | |
Airtac International Group | | | | | 6,000 | | | | | | 192,844 | | |
ASPEED Technology, Inc. | | | | | 2,000 | | | | | | 122,329 | | |
Chailease Hldg. Co. Ltd. | | | | | 15,873 | | | | | | 95,008 | | |
Chief Telecom, Inc.* | | | | | 11,000 | | | | | | 139,023 | | |
Innodisk Corp. | | | | | 18,340 | | | | | | 108,586 | | |
LandMark Optoelectronics Corp.* | | | | | 20,000 | | | | | | 201,734 | | |
M31 Technology Corp. | | | | | 30,000 | | | | | | 361,412 | | |
momo.com, Inc.* | | | | | 4,000 | | | | | | 90,774 | | |
Sinbon Electronics Co. Ltd. | | | | | 18,000 | | | | | | 138,762 | | |
Taiwan FamilyMart Co. Ltd. | | | | | 12,000 | | | | | | 111,945 | | |
| | | | | | | | | | | 1,562,417 | | |
Thailand – 0.7% | | | | | | | | | | | | | |
Netbay PLC | | | | | 76,000 | | | | | | 70,496 | | |
Total Equities | | | | | | | | | | | | | |
(Cost: $7,406,376) | | | | | | | | | | $ | 10,592,423 | | |
Rights – 0.1% | | | | | | | | | | | | | |
South Korea – 0.1% | | | | | | | | | | | | | |
POSCO Chemical Co. Ltd.* | | | | | 521 | | | | | | 14,599 | | |
Total Rights | | | | | | | | | | | | | |
(Cost: $0) | | | | | | | | | | $ | 14,599 | | |
Total Investments – 98.9% | | | | | | | | | | | | | |
(Cost: $7,406,376) | | | | | | | | | | $ | 10,607,022 | | |
Other Assets Less Liabilities – 1.1% | | | | | | | | | | | 120,716 | | |
Net Assets – 100% | | | | | | | | | | $ | 10,727,738 | | |
|
Sector Allocations (As a Percentage of Net Assets) (unaudited) | | | | | | | |
Communication Services | | | | | 7.9% | | |
Consumer Discretionary | | | | | 22.0% | | |
Consumer Staples | | | | | 8.6% | | |
Energy | | | | | 5.8% | | |
Financials | | | | | 4.2% | | |
Healthcare | | | | | 5.3% | | |
Industrials | | | | | 11.8% | | |
Information Technology | | | | | 27.2% | | |
Materials | | | | | 4.8% | | |
Real Estate | | | | | 1.3% | | |
| | | | Micro-Cap Fund | | | Small-Cap Opportunities Fund | | | Global Opportunities Fund | | |||||||||
| ASSETS | | ||||||||||||||||||
| Investment securities at valuea | | | | $ | 75,768,547 | | | | | $ | 16,716,975 | | | | | $ | 63,304,234 | | |
| Cash | | | | | 1,663,548 | | | | | | 107,506 | | | | | | — | | |
| Receivable from fund shares sold | | | | | 2,767 | | | | | | 2,611 | | | | | | 33,474 | | |
| Dividends and interest receivable | | | | | 7,321 | | | | | | 3,749 | | | | | | 29,311 | | |
| Prepaid expenses | | | | | 20,909 | | | | | | 13,070 | | | | | | 17,589 | | |
| Total Assets | | | | | 77,463,092 | | | | | | 16,843,911 | | | | | | 63,384,608 | | |
| LIABILITIES | | ||||||||||||||||||
| Payable to custodian bank | | | | | — | | | | | | — | | | | | | 584,070 | | |
| Payable for fund shares redeemed | | | | | 5,966 | | | | | | 1,050 | | | | | | 30,430 | | |
| Payable for securities purchased | | | | | 798,055 | | | | | | 171,447 | | | | | | — | | |
| Payable to advisor (see note 3) | | | | | 63,731 | | | | | | 9,411 | | | | | | 43,171 | | |
| Payable to distributor | | | | | 9,389 | | | | | | 1,642 | | | | | | 9,231 | | |
| Accrued expenses | | | | | 38,990 | | | | | | 27,555 | | | | | | 42,719 | | |
| Total Liabilities | | | | | 916,131 | | | | | | 211,105 | | | | | | 709,621 | | |
| NET ASSETS | | | | $ | 76,546,961 | | | | | $ | 16,632,806 | | | | | $ | 62,674,987 | | |
| NET ASSETS | | ||||||||||||||||||
| Investor Class | | | | $ | 45,344,746 | | | | | $ | 7,766,886 | | | | | $ | 45,565,500 | | |
| Institutional Class | | | | | 31,202,215 | | | | | | 8,865,920 | | | | | | 17,109,487 | | |
| Total | | | | $ | 76,546,961 | | | | | $ | 16,632,806 | | | | | $ | 62,674,987 | | |
| SHARES OUTSTANDING | | ||||||||||||||||||
| (shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with no par value) | | | | | | | | | | | | | | | | | | | |
| Investor Class | | | | | 1,558,493 | | | | | | 424,654 | | | | | | 1,248,150 | | |
| Institutional Class | | | | | 1,062,565 | | | | | | 479,033 | | | | | | 464,079 | | |
| Total | | | | | 2,621,058 | | | | | | 903,687 | | | | | | 1,712,229 | | |
| NET ASSET VALUE | | ||||||||||||||||||
| Investor Class, offering price and redemption price | | | | $ | 29.10 | | | | | $ | 18.29 | | | | | $ | 36.51 | | |
| Institutional Class, offering price and redemption price | | | | $ | 29.36 | | | | | $ | 18.51 | | | | | $ | 36.87 | | |
| ANALYSIS OF NET ASSETS | | ||||||||||||||||||
| Capital | | | | $ | 48,155,520 | | | | | $ | 10,925,027 | | | | | $ | 38,433,719 | | |
| Accumulated earnings | | | | | 28,391,441 | | | | | | 5,707,779 | | | | | | 24,241,268 | | |
| Net assets | | | | $ | 76,546,961 | | | | | $ | 16,632,806 | | | | | $ | 62,674,987 | | |
| a Investment securities at cost | | | | $ | 47,329,311 | | | | | $ | 11,605,119 | | | | | $ | 39,469,431 | | |
| | | | China Opportunities Fund | | | International Opportunities Fund | | | Emerging Markets Fund | | |||||||||
| ASSETS | | ||||||||||||||||||
| Investment securities at valuea | | | | $ | 121,753,101 | | | | | $ | 319,690,760 | | | | | $ | 10,607,022 | | |
| Cash | | | | | — | | | | | | 7,440,868 | | | | | | 202,787 | | |
| Receivable from fund shares sold | | | | | 10,125 | | | | | | 86,591 | | | | | | — | | |
| Receivable from securities sold | | | | | 222,510 | | | | | | 300,308 | | | | | | — | | |
| Dividends and interest receivable | | | | | 25,794 | | | | | | 836,722 | | | | | | 14,700 | | |
| Prepaid expenses | | | | | 23,298 | | | | | | 38,821 | | | | | | 6,723 | | |
| Total Assets | | | | | 122,034,828 | | | | | | 328,394,070 | | | | | | 10,831,232 | | |
| LIABILITIES | | ||||||||||||||||||
| Payable to custodian bank | | | | | 689,930 | | | | | | — | | | | | | — | | |
| Payable for fund shares redeemed | | | | | 129,688 | | | | | | 261,201 | | | | | | — | | |
| Payable for securities purchased | | | | | 977,262 | | | | | | 291,128 | | | | | | — | | |
| Payable to advisor (see note 3) | | | | | 122,339 | | | | | | 289,847 | | | | | | 80 | | |
| Payable to distributor | | | | | 20,106 | | | | | | 65,821 | | | | | | 156 | | |
| Accrued expenses | | | | | 70,906 | | | | | | 131,686 | | | | | | 103,258 | | |
| Total Liabilities | | | | | 2,010,231 | | | | | | 1,039,683 | | | | | | 103,494 | | |
| NET ASSETS | | | | $ | 120,024,597 | | | | | $ | 327,354,387 | | | | | $ | 10,727,738 | | |
| NET ASSETS | | ||||||||||||||||||
| Investor Class | | | | $ | 98,527,383 | | | | | $ | 327,354,387 | | | | | $ | 789,281 | | |
| Institutional Class | | | | | 21,497,214 | | | | | | — | | | | | | 9,938,457 | | |
| Total | | | | $ | 120,024,597 | | | | | $ | 327,354,387 | | | | | $ | 10,727,738 | | |
| SHARES OUTSTANDING | | ||||||||||||||||||
| (shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with no par value) | | | | | | | | | | | | | | | | | | | |
| Investor Class | | | | | 5,699,921 | | | | | | 10,384,468 | | | | | | 57,158 | | |
| Institutional Class | | | | | 1,233,805 | | | | | | — | | | | | | 714,948 | | |
| Total | | | | | 6,933,726 | | | | | | 10,384,468 | | | | | | 772,106 | | |
| NET ASSET VALUE | | ||||||||||||||||||
| Investor Class, offering price and redemption price | | | | $ | 17.29 | | | | | $ | 31.52 | | | | | $ | 13.81 | | |
| Institutional Class, offering price and redemption price | | | | $ | 17.42 | | | | | $ | — | | | | | $ | 13.90 | | |
| ANALYSIS OF NET ASSETS | | ||||||||||||||||||
| Capital | | | | $ | 64,813,971 | | | | | $ | 210,107,050 | | | | | $ | 7,293,624 | | |
| Accumulated earnings | | | | | 55,210,626 | | | | | | 117,247,337 | | | | | | 3,434,114 | | |
| Net assets | | | | $ | 120,024,597 | | | | | $ | 327,354,387 | | | | | $ | 10,727,738 | | |
| a Investment securities at cost | | | | $ | 72,231,639 | | | | | $ | 186,015,762 | | | | | $ | 7,406,376 | | |
| | | | Micro-Cap Fund | | | Small-Cap Opportunities Fund | | ||||||
| INVESTMENT INCOME | | ||||||||||||
| Dividends | | | | $ | 220,325 | | | | | $ | 51,741 | | |
| Total investment income | | | | | 220,325 | | | | | | 51,741 | | |
| EXPENSES | | ||||||||||||
| Investment advisory fees (see note 3) | | | | | 369,513 | | | | | | 50,557 | | |
| Management fees (see note 3) | | | | | 246,342 | | | | | | 50,557 | | |
| Distribution fees and shareholder services (see note 3) | | | | | 89,730 | | | | | | 15,257 | | |
| Transfer agent fees and expenses | | | | | 68,312 | | | | | | 26,334 | | |
| Custodian fees and expenses | | | | | 10,518 | | | | | | 5,275 | | |
| Accounting services fees | | | | | 35,531 | | | | | | 29,738 | | |
| Federal and state registration fees | | | | | 38,322 | | | | | | 32,444 | | |
| Audit fees | | | | | 16,503 | | | | | | 16,486 | | |
| Other | | | | | 37,943 | | | | | | 13,979 | | |
| Total expenses before reimbursed expenses | | | | | 912,714 | | | | | | 240,627 | | |
| Earnings credit (see note 6) | | | | | (2,882) | | | | | | (1,072) | | |
| Expense reimbursement (see note 3) | | | | | — | | | | | | (59,987) | | |
| Total expenses | | | | | 909,832 | | | | | | 179,568 | | |
| NET INVESTMENT LOSS | | | | | (689,507) | | | | | | (127,827) | | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) FROM INVESTMENTS | | ||||||||||||
| Net realized gains on investment transactions | | | | | 196,695 | | | | | | 1,129,773 | | |
| Change in net unrealized appreciation/ depreciation on investments | | | | | 16,794,544 | | | | | | 3,466,685 | | |
| Net realized /unrealized gains on investments | | | | | 16,991,239 | | | | | | 4,596,458 | | |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | | | $ | 16,301,732 | | | | | $ | 4,468,631 | | |
| | | | Global Opportunities Fund | | | China Opportunities Fund | | | International Opportunities Fund | | | Emerging Markets Fund | | ||||||||||||
| INVESTMENT INCOME: | | ||||||||||||||||||||||||
| Dividendsa | | | | $ | 182,340 | | | | | $ | 830,378 | | | | | $ | 2,275,397 | | | | | $ | 102,512 | | |
| Total investment income | | | | | 182,340 | | | | | | 830,378 | | | | | | 2,275,397 | | | | | | 102,512 | | |
| EXPENSES: | | ||||||||||||||||||||||||
| Investment advisory fees (see note 3) | | | | | 208,446 | | | | | | 1,225,007 | | | | | | 3,346,730 | | | | | | 104,189 | | |
| Management fees (see note 3) | | | | | 185,285 | | | | | | — | | | | | | — | | | | | | — | | |
| Distribution fees and shareholder services (see note 3) | | | | | 85,147 | | | | | | 202,905 | | | | | | 669,346 | | | | | | 1,434 | | |
| Transfer agent fees and expenses | | | | | 49,865 | | | | | | 129,010 | | | | | | 376,809 | | | | | | 24,044 | | |
| Custodian fees and expenses | | | | | 28,788 | | | | | | 132,878 | | | | | | 306,478 | | | | | | 65,619 | | |
| Accounting services fees | | | | | 37,859 | | | | | | 63,504 | | | | | | 117,579 | | | | | | 35,976 | | |
| Federal and state registration fees | | | | | 32,636 | | | | | | 34,979 | | | | | | 27,598 | | | | | | 32,117 | | |
| Audit fees | | | | | 21,002 | | | | | | 20,994 | | | | | | 20,986 | | | | | | 20,986 | | |
| Other | | | | | 29,524 | | | | | | 56,895 | | | | | | 151,863 | | | | | | 12,090 | | |
| Total expenses before reimbursed expenses | | | | | 678,552 | | | | | | 1,866,172 | | | | | | 5,017,389 | | | | | | 296,455 | | |
| Earnings credit (see note 6) | | | | | (2,665) | | | | | | (1,839) | | | | | | (20,088) | | | | | | (636) | | |
| Expense reimbursement (see note 3) | | | | | — | | | | | | — | | | | | | (713,556) | | | | | | (169,359) | | |
| Total Expenses | | | | | 675,887 | | | | | | 1,864,333 | | | | | | 4,283,745 | | | | | | 126,460 | | |
| NET INVESTMENT LOSS | | | | | (493,547) | | | | | | (1,033,955) | | | | | | (2,008,348) | | | | | | (23,948) | | |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) FROM INVESTMENTS: | | ||||||||||||||||||||||||
| Net realized gains on investment transactions | | | | | 5,915,376 | | | | | | 17,261,326 | | | | | | 54,354,028 | | | | | | 1,204,000 | | |
| Net realized gains (losses) on foreign currency transactions | | | | | (3,506) | | | | | | (1,353) | | | | | | (68,493) | | | | | | 5,834 | | |
| Net realized gains on investments and foreign currency transactions | | | | | 5,911,870 | | | | | | 17,259,973 | | | | | | 54,285,535 | | | | | | 1,209,834 | | |
| Change in net unrealized appreciation/ depreciation on investments and translation of assets and liabilities denominated in foreign currencies | | | | | 17,113,209 | | | | | | 28,837,044 | | | | | | 68,435,586 | | | | | | 1,997,255 | | |
| Net realized /unrealized gains on investments and foreign currencies | | | | | 23,025,079 | | | | | | 46,097,017 | | | | | | 122,721,121 | | | | | | 3,207,089 | | |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | | | $ | 22,531,532 | | | | | $ | 45,063,062 | | | | | $ | 120,712,773 | | | | | $ | 3,183,141 | | |
| | | | Micro-Cap Fund | | |||||||||
| | | | Year Ended December 31, 2020 | | | Year Ended December 31, 2019 | | ||||||
| FROM OPERATIONS | | ||||||||||||
| Net investment loss | | | | $ | (689,507) | | | | | $ | (706,980) | | |
| Net realized gains on investment transactions | | | | | 196,695 | | | | | | 1,526,728 | | |
| Change in net unrealized appreciation/depreciation on investments | | | | | 16,794,544 | | | | | | 13,511,984 | | |
| Net increase in net assets resulting from operations | | | | | 16,301,732 | | | | | | 14,331,732 | | |
| FROM CAPITAL SHARE TRANSACTIONS | | ||||||||||||
| Investor Class | | | | ||||||||||
| Proceeds from sale of shares | | | | | 3,637,401 | | | | | | 9,676,418 | | |
| Redemption of shares (see note 5) | | | | | (14,654,234) | | | | | | (27,287,756) | | |
| Net decrease from investor class share transactions | | | | | (11,016,833) | | | | | | (17,611,338) | | |
| Institutional Class | | | | ||||||||||
| Proceeds from sale of shares | | | | | 919,305 | | | | | | 18,429,262 | | |
| Redemption of shares (see note 5) | | | | | (7,199,994) | | | | | | (5,155,907) | | |
| Net increase (decrease) from institutional class share transactions | | | | | (6,280,689) | | | | | | 13,273,355 | | |
| Redemption fees (see note 5) | | | | | 2,917 | | | | | | 6,594 | | |
| Net decrease in net assets resulting from capital share transactions | | | | | (17,294,605) | | | | | | (4,331,389) | | |
| Total increase (decrease) in net assets | | | | | (992,873) | | | | | | 10,000,343 | | |
| NET ASSETS | | ||||||||||||
| Beginning of year | | | | | 77,539,834 | | | | | | 67,539,491 | | |
| End of year | | | | $ | 76,546,961 | | | | | $ | 77,539,834 | | |
| TRANSACTIONS IN SHARES | | ||||||||||||
| Investor Class | | | | ||||||||||
| Shares sold | | | | | 179,585 | | | | | | 450,856 | | |
| Less shares redeemed | | | | | (698,871) | | | | | | (1,262,621) | | |
| Net decrease from investor class share transactions | | | | | (519,286) | | | | | | (811,765) | | |
| Institutional Class | | | | | | | | | | | | | |
| Shares sold | | | | | 43,937 | | | | | | 821,535 | | |
| Less shares redeemed | | | | | (355,588) | | | | | | (229,559) | | |
| Net increase (decrease) from institutional class share transactions | | | | | (311,651) | | | | | | 591,976 | | |
| Net decrease from capital share transactions | | | | | (830,937) | | | | | | (219,789) | | |
| | | | Small-Cap Opportunities Fund | | |||||||||
| | | | Year Ended December 31, 2020 | | | Year Ended December 31, 2019 | | ||||||
| FROM OPERATIONS | | ||||||||||||
| Net investment loss | | | | $ | (127,827) | | | | | $ | (93,178) | | |
| Net realized gains on investment transactions | | | | | 1,129,773 | | | | | | 689,390 | | |
| Change in net unrealized appreciation/depreciation on investments | | | | | 3,466,685 | | | | | | 1,859,667 | | |
| Net increase in net assets resulting from operations | | | | | 4,468,631 | | | | | | 2,455,879 | | |
| FROM DISTRIBUTIONS | | ||||||||||||
| Distributions to shareholders | | | | | | | | | | | | | |
| Investor Class | | | | | (303,928) | | | | | | (182,129) | | |
| Institutional Class | | | | | (345,259) | | | | | | (165,161) | | |
| Net decrease in net assets from distributions | | | | | (649,187) | | | | | | (347,290) | | |
| FROM CAPITAL SHARE TRANSACTIONS | | ||||||||||||
| Investor Class | | | | ||||||||||
| Proceeds from sale of shares | | | | | 300,236 | | | | | | 150,627 | | |
| Proceeds from reinvestment of distributions | | | | | 253,557 | | | | | | 153,834 | | |
| Redemption of shares (see note 5) | | | | | (565,249) | | | | | | (617,320) | | |
| Net decrease from investor class share transactions | | | | | (11,456) | | | | | | (312,859) | | |
| Institutional Class | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | | 1,144,055 | | | | | | 208,229 | | |
| Proceeds from reinvestment of distributions | | | | | 233,987 | | | | | | 143,919 | | |
| Redemption of shares (see note 5) | | | | | (285,226) | | | | | | (253,831) | | |
| Net increase from institutional class share transactions | | | | | 1,092,816 | | | | | | 98,317 | | |
| Redemption fees (see note 5) | | | | | 475 | | | | | | 5 | | |
| Net increase (decrease) in net assets resulting from capital share transactions | | | | | 1,081,835 | | | | | | (214,537) | | |
| Total increase in net assets | | | | | 4,901,279 | | | | | | 1,894,052 | | |
| NET ASSETS | | ||||||||||||
| Beginning of year | | | | | 11,731,527 | | | | | | 9,837,475 | | |
| End of year | | | | $ | 16,632,806 | | | | | $ | 11,731,527 | | |
| TRANSACTIONS IN SHARES | | ||||||||||||
| Investor Class | | | | ||||||||||
| Shares sold | | | | | 22,282 | | | | | | 10,835 | | |
| Shares issued in reinvestment of distributions | | | | | 13,728 | | | | | | 10,698 | | |
| Less shares redeemed | | | | | (36,849) | | | | | | (44,001) | | |
| Net decrease from investor class share transactions | | | | | (839) | | | | | | (22,468) | | |
| Institutional Class | | | | ||||||||||
| Shares sold | | | | | 98,477 | | | | | | 15,223 | | |
| Shares issued in reinvestment of distributions | | | | | 12,519 | | | | | | 9,919 | | |
| Less shares redeemed | | | | | (19,982) | | | | | | (18,348) | | |
| Net increase from institutional class share transactions | | | | | 91,014 | | | | | | 6,794 | | |
| Net increase (decrease) from capital share transactions | | | | | 90,175 | | | | | | (15,674) | | |
| | | | Global Opportunities Fund | | |||||||||
| | | | Year Ended December 31, 2020 | | | Year Ended December 31, 2019 | | ||||||
| From Operations | | ||||||||||||
| Net investment loss | | | | $ | (493,547) | | | | | $ | (409,167) | | |
| Net realized gains (losses) on investment and foreign currency transactions | | | | | 5,911,870 | | | | | | (649,051) | | |
| Change in net unrealized appreciation/depreciation on investments and foreign currencies | | | | | 17,113,209 | | | | | | 10,432,361 | | |
| Net increase in net assets resulting from operations | | | | | 22,531,532 | | | | | | 9,374,143 | | |
| From Distributions | | ||||||||||||
| Distributions to shareholders | | | | | | | | | | | | | |
| Investor Class | | | | | (2,513,432) | | | | | | — | | |
| Institutional Class | | | | | (932,307) | | | | | | — | | |
| Net decrease in net assets from distributions | | | | | (3,445,739) | | | | | | — | | |
| From Capital Share Transactions | | ||||||||||||
| Investor Class | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | | 1,186,951 | | | | | | 584,666 | | |
| Proceeds from reinvestment of distributions | | | | | 2,288,838 | | | | | | — | | |
| Redemption of shares (see note 5) | | | | | (3,756,924) | | | | | | (4,538,262) | | |
| Net decrease from investor class share transactions | | | | | (281,135) | | | | | | (3,953,596) | | |
| Institutional Class | | | | | | | | | | | | | |
| Proceeds from sale of shares | | | | | 2,240,433 | | | | | | 1,457,054 | | |
| Proceeds from reinvestment of distributions | | | | | 692,252 | | | | | | — | | |
| Redemption of shares (see note 5) | | | | | (1,711,663) | | | | | | (2,013,578) | | |
| Net increase (decrease) from institutional class share transactions | | | | | 1,221,022 | | | | | | (556,524) | | |
| Redemption fees (see note 5) | | | | | 1,244 | | | | | | 427 | | |
| Net increase (decrease) in net assets resulting from capital share transactions | | | | | 941,131 | | | | | | (4,509,693) | | |
| Total increase in net assets | | | | | 20,026,924 | | | | | | 4,864,450 | | |
| Net Assets | | ||||||||||||
| Beginning of year | | | | | 42,648,063 | | | | | | 37,783,613 | | |
| End of year | | | | $ | 62,674,987 | | | | | $ | 42,648,063 | | |
| Transactions in Shares | | ||||||||||||
| Investor Class | | | | | | | | | | | | | |
| Shares sold | | | | | 40,019 | | | | | | 25,380 | | |
| Shares issued in reinvestment of distributions | | | | | 62,112 | | | | | | — | | |
| Less shares redeemed | | | | | (143,339) | | | | | | (196,533) | | |
| Net decrease from investor class share transactions | | | | | (41,208) | | | | | | (171,153) | | |
| Institutional Class | | | | | | | | | | | | | |
| Shares sold | | | | | 81,566 | | | | | | 63,647 | | |
| Shares issued in reinvestment of distributions | | | | | 18,604 | | | | | | — | | |
| Less shares redeemed | | | | | (61,981) | | | | | | (88,250) | | |
| Net increase (decrease) from institutional class share transactions | | | | | 38,189 | | | | | | (24,603) | | |
| Net decrease from capital share transactions | | | | | (3,019) | | | | | | (195,756) | | |
| | | | China Opportunities Fund | | |||||||||
| | | | Year Ended December 31, 2020 | | | Year Ended December 31, 2019 | | ||||||
| FROM OPERATIONS | | ||||||||||||
| Net investment loss | | | | $ | (1,033,955) | | | | | $ | (639,763) | | |
| Net realized gains on investment and foreign currency transactions | | | | | 17,259,973 | | | | | | 8,789,080 | | |
| Change in net unrealized appreciation/depreciation on investments and foreign currencies | | | | | 28,837,044 | | | | | | 17,102,109 | | |
| Net increase in net assets resulting from operations | | | | | 45,063,062 | | | | | | 25,251,426 | | |
| FROM DISTRIBUTIONS | | ||||||||||||
| Distributions to shareholders | | | | | | | | | | | | | |
| Investor Class | | | | | (10,311,587) | | | | | | (2,479,581) | | |
| Institutional Class | | | | | (2,129,840) | | | | | | (467,251) | | |
| Net decrease in net assets from distributions | | | | | (12,441,427) | | | | | | (2,946,832) | | |
| FROM CAPITAL SHARE TRANSACTIONS | | ||||||||||||
| Investor Class | | ||||||||||||
| Proceeds from sale of shares | | | | | 8,261,354 | | | | | | 4,480,265 | | |
| Proceeds from reinvestment of distributions | | | | | 9,606,661 | | | | | | 2,347,314 | | |
| Redemption of shares (see note 5) | | | | | (21,732,415) | | | | | | (11,082,392) | | |
| Net decrease from investor class share transactions | | | | | (3,864,400) | | | | | | (4,254,813) | | |
| Institutional Class | | ||||||||||||
| Proceeds from sale of shares | | | | | 3,446,890 | | | | | | 7,307,020 | | |
| Proceeds from reinvestment of distributions | | | | | 1,876,619 | | | | | | 382,078 | | |
| Redemption of shares (see note 5) | | | | | (3,867,154) | | | | | | (7,939,086) | | |
| Net increase (decrease) from institutional class share transactions | | | | | 1,456,355 | | | | | | (249,988) | | |
| Redemption fees (see note 5) | | | | | 23,467 | | | | | | 146,096 | | |
| Net decrease in net assets resulting from capital share transactions | | | | | (2,384,578) | | | | | | (4,358,705) | | |
| Total increase in net assets | | | | | 30,237,057 | | | | | | 17,945,889 | | |
| NET ASSETS | | ||||||||||||
| Beginning of year | | | | | 89,787,540 | | | | | | 71,841,651 | | |
| End of year | | | | $ | 120,024,597 | | | | | $ | 89,787,540 | | |
| TRANSACTIONS IN SHARES | | ||||||||||||
| Investor Class | | ||||||||||||
| Shares sold | | | | | 553,521 | | | | | | 399,070 | | |
| Shares issued in reinvestment of distributions | | | | | 561,137 | | | | | | 190,683 | | |
| Less shares redeemed | | | | | (1,539,155) | | | | | | (973,140) | | |
| Net decrease from investor class share transactions | | | | | (424,497) | | | | | | (383,387) | | |
| Institutional Class | | ||||||||||||
| Shares sold | | | | | 221,745 | | | | | | 653,458 | | |
| Shares issued in reinvestment of distributions | | | | | 108,726 | | | | | | 30,887 | | |
| Less shares redeemed | | | | | (251,302) | | | | | | (704,497) | | |
| Net increase (decrease) from institutional class share transactions | | | | | 79,169 | | | | | | (20,152) | | |
| Net decrease from capital share transactions | | | | | (345,328) | | | | | | (403,539) | | |
| | | | International Opportunities Fund | | |||||||||
| | | | Year Ended December 31, 2020 | | | Year Ended December 31, 2019 | | ||||||
| FROM OPERATIONS | | ||||||||||||
| Net investment loss | | | | $ | (2,008,348) | | | | | $ | (812,571) | | |
| Net realized gains (losses) on investments and foreign currency transactions | | | | | 54,285,535 | | | | | | (28,153,929) | | |
| Change in net unrealized appreciation/depreciation on investments and foreign currencies | | | | | 68,435,586 | | | | | | 126,930,677 | | |
| Net increase in net assets resulting from operations | | | | | 120,712,773 | | | | | | 97,964,177 | | |
| FROM DISTRIBUTIONS | | ||||||||||||
| Distributions to shareholders | | | | | (1,290,124) | | | | | | (3,982,313) | | |
| Net decrease in net assets from distributions | | | | | (1,290,124) | | | | | | (3,982,313) | | |
| FROM CAPITAL SHARE TRANSACTIONS | | ||||||||||||
| Proceeds from sale of shares | | | | | 38,437,961 | | | | | | 49,548,735 | | |
| Proceeds from reinvestment of distributions | | | | | 1,140,249 | | | | | | 3,548,504 | | |
| Redemption of shares (see note 5) | | | | | (155,930,992) | | | | | | (321,028,173) | | |
| Redemption fees (see note 5) | | | | | 31,009 | | | | | | 38,899 | | |
| Net decrease from capital share transactions | | | | | (116,321,773) | | | | | | (267,892,035) | | |
| Total increase (decrease) in net assets | | | | | 3,100,876 | | | | | | (173,910,171) | | |
| NET ASSETS | | ||||||||||||
| Beginning of year | | | | | 324,253,511 | | | | | | 498,163,682 | | |
| End of year | | | | $ | 327,354,387 | | | | | $ | 324,253,511 | | |
| TRANSACTIONS IN SHARES | | ||||||||||||
| Shares sold | | | | | 1,743,571 | | | | | | 2,731,672 | | |
| Shares issued in reinvestment of distributions | | | | | 36,095 | | | | | | 182,348 | | |
| Less shares redeemed | | | | | (8,080,663) | | | | | | (17,343,717) | | |
| Net decrease from capital share transactions | | | | | (6,300,997) | | | | | | (14,429,697) | | |
| | | | Emerging Markets Fund | | |||||||||
| | | | Year Ended December 31, 2020 | | | Year Ended December 31, 2019 | | ||||||
| FROM OPERATIONS | | ||||||||||||
| Net investment loss | | | | $ | (23,948) | | | | | $ | (486) | | |
| Net realized gains on investments and foreign currency transactions | | | | | 1,209,834 | | | | | | 49,798 | | |
| Change in net unrealized appreciation/depreciation on investments and foeign currencies | | | | | 1,997,255 | | | | | | 1,467,078 | | |
| Net increase in net assets resulting from operations | | | | | 3,183,141 | | | | | | 1,516,390 | | |
| FROM CAPITAL SHARE TRANSACTIONS | | ||||||||||||
| Investor Class | | ||||||||||||
| Proceeds from sale of shares | | | | | 175,609 | | | | | | 103,166 | | |
| Redemption of shares (see note 5) | | | | | (182,826) | | | | | | (42,022) | | |
| Net increase (decrease) from investor class share transactions | | | | | (7,217) | | | | | | 61,144 | | |
| Institutional Class | | ||||||||||||
| Proceeds from sale of shares | | | | | 540,546 | | | | | | 568,374 | | |
| Redemption of shares (see note 5) | | | | | (957,720) | | | | | | (614,836) | | |
| Net decrease from institutional class share transactions | | | | | (417,174) | | | | | | (46,462) | | |
| Redemption fees (see note 5) | | | | | 522 | | | | | | 172 | | |
| Net increase (decrease) in net assets resulting from capital share transactions | | | | | (423,869) | | | | | | 14,854 | | |
| Total increase in net assets | | | | | 2,759,272 | | | | | | 1,531,244 | | |
| NET ASSETS | | ||||||||||||
| Beginning of year | | | | | 7,968,466 | | | | | | 6,437,222 | | |
| End of year | | | | $ | 10,727,738 | | | | | $ | 7,968,466 | | |
| TRANSACTIONS IN SHARES | | ||||||||||||
| Investor Class | | ||||||||||||
| Shares sold | | | | | 15,758 | | | | | | 11,398 | | |
| Less shares redeemed | | | | | (19,250) | | | | | | (4,695) | | |
| Net increase (decrease) from investor class share transactions | | | | | (3,492) | | | | | | 6,703 | | |
| Institutional Class | | ||||||||||||
| Shares sold | | | | | 48,846 | | | | | | 66,768 | | |
| Less shares redeemed | | | | | (93,794) | | | | | | (67,626) | | |
| Net decrease from institutional class share transactions | | | | | (44,948) | | | | | | (858) | | |
| Net increase (decrease) from capital share transactions | | | | | (48,440) | | | | | | 5,845 | | |
| | | | Micro-Cap Fund | | | Small-Cap Opportunities Fund | | ||||||
| Level 1 – Equities | | | | $ | 75,768,547 | | | | | $ | 16,716,975 | | |
| Total Level 1 | | | | | 75,768,547 | | | | | | 16,716,975 | | |
| Level 2 | | | | | — | | | | | | — | | |
| Level 3 | | | | | — | | | | | | — | | |
| Total Investments | | | | $ | 75,768,547 | | | | | $ | 16,716,975 | | |
| | | | Global Opportunities Fund | | | China Opportunities Fund | | | International Opportunities Fund | | |||||||||
| Level 1 – Equities | | | | | | | | | | | | | | | | | | | |
| Total Asia | | | | $ | 2,260,465 | | | | | $ | 15,824,752 | | | | | $ | 6,672,420 | | |
| Total Australia | | | | | — | | | | | | — | | | | | | — | | |
| Total Europe | | | | | 1,318,914 | | | | | | — | | | | | | 14,287,664 | | |
| Total North America | | | | | 27,897,597 | | | | | | — | | | | | | 19,223,982 | | |
| Total South America | | | | | 450,723 | | | | | | — | | | | | | — | | |
| Total Level 1 | | | | | 31,927,699 | | | | | | 15,824,752 | | | | | | 40,184,066 | | |
| Level 2 – Equities | | | | | | | | | | | | | | | | | | | |
| Total Asia | | | | | 12,933,263 | | | | | | 105,928,349 | | | | | | 132,269,146 | | |
| | | | Global Opportunities Fund | | | China Opportunities Fund | | | International Opportunities Fund | | |||||||||
| Total Australia | | | | | — | | | | | | — | | | | | | 11,702,200 | | |
| Total Europe | | | | | 18,006,573 | | | | | | — | | | | | | 135,535,348 | | |
| Total South America | | | | | 436,699 | | | | | | — | | | | | | — | | |
| Total Level 2 | | | | | 31,376,535 | | | | | | 105,928,349 | | | | | | 279,506,694 | | |
| Level 3 | | | | | — | | | | | | — | | | | | | — | | |
| Total Investments | | | | $ | 63,304,234 | | | | | $ | 121,753,101 | | | | | $ | 319,690,760 | | |
|
| | | | Emerging Markets Fund | | |||
| Level 1 – Equities | | | | | | | |
| Total Africa | | | | $ | 181,347 | | |
| Total Asia | | | | | 775,821 | | |
| Total Europe | | | | | 268,261 | | |
| Total North America | | | | | 525,502 | | |
| Total South America | | | | | 550,786 | | |
| Total Level 1 | | | | | 2,301,717 | | |
| Level 2 – Equities | | | | | | | |
| Total Asia | | | | | 6,640,803 | | |
| Total Europe | | | | | 794,800 | | |
| Total Australia | | | | | 199,260 | | |
| Total South America | | | | | 670,442 | | |
| Total Level 2 | | | | | 8,305,305 | | |
| Level 3 | | | | | — | | |
| Total Investments | | | | $ | 10,607,022 | | |
| | | | Increases/(Decrease) | | |||||||||
| | | | Capital | | | Accumulated Earnings (Loss) | | ||||||
| Micro-Cap Fund | | | | $ | (615,152) | | | | | $ | 615,152 | | |
| Global Opportunities Fund | | | | | (359,168) | | | | | | 359,168 | | |
| Small-Cap Opportunities Fund | | | | | (51,730) | | | | | | 51,730 | | |
| China Opportunities Fund | | | | | 1,676,887 | | | | | | (1,676,887) | | |
| International Opportunities Fund | | | | | (3,008,256) | | | | | | 3,008,256 | | |
| Emerging Markets Fund | | | | | (81) | | | | | | 81 | | |
| | | | Distributions Paid from Ordinary Income | | | Distributions Paid from Net Long-Term Capital Gains | | | Total Distributions Paid | | |||||||||
| Micro-Cap Fund | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Global Opportunites Fund | | | | | — | | | | | | 3,445,739 | | | | | | 3,445,739 | | |
| Small-Cap Opportunities Fund | | | | | — | | | | | | 649,187 | | | | | | 649,187 | | |
| China Opportunities Fund | | | | | 3,116,458 | | | | | | 9,324,969 | | | | | | 12,441,427 | | |
| International Opportunities Fund | | | | | 1,290,124 | | | | | | — | | | | | | 1,290,124 | | |
| Emerging Markets Fund | | | | | — | | | | | | — | | | | | | — | | |
| | | | Distributions Paid from Ordinary Income | | | Distributions Paid from Net Long-Term Capital Gains | | | Total Distributions Paid | | |||||||||
| Micro-Cap Fund | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| Global Opportunites 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 Opportunites Fund | | | | | — | | | | | | — | | |
| Small-Cap Opportunities Fund | | | | | — | | | | | | — | | |
| China Opportunities Fund | | | | | — | | | | | | — | | |
| International Opportunities Fund | | | | | 8,525,215 | | | | | | — | | |
| Emerging Markets Fund | | | | | — | | | | | | — | | |
| | | Undistributed ordinary income (deficit) | | | Undistributed long-term capital gains | | | Accumulated capital and other losses | | | Unrealized Appreciation on investments | | | Unrealized Appreciation / (Depreciation) foreign currency translations and India sales tax | | |||||||||||||||
Micro-Cap Fund | | | | $ | — | | | | | $ | 294,230 | | | | | $ | — | | | | | $ | 28,097,211 | | | | | $ | — | | |
Global Opportunites Fund | | | | | — | | | | | | 484,077 | | | | | | — | | | | | | 23,756,568 | | | | | | 623 | | |
Small-Cap Opportunities Fund | | | | | — | | | | | | 665,720 | | | | | | — | | | | | | 5,042,059 | | | | | | — | | |
China Opportunities Fund | | | | | 4,018,595 | | | | | | 1,847,223 | | | | | | — | | | | | | 49,344,798 | | | | | | 10 | | |
International Opportunities Fund | | | | | — | | | | | | — | | | | | | (8,525,215) | | | | | | 125,724,801 | | | | | | 47,751 | | |
Emerging Markets Fund | | | | | 3,022 | | | | | | 343,838 | | | | | | — | | | | | | 3,155,147 | | | | | | (67,893) | | |
| | | Cost of Investments for Federal Tax Purposes | | | Gross Unrealized Appreciation | | | Gross Unrealized (Depreciation) | | | Net Unrealized Appreciation | | ||||||||||||
Micro-Cap Fund | | | | $ | 47,671,336 | | | | | $ | 28,578,830 | | | | | $ | (481,619) | | | | | $ | 28,097,211 | | |
Global Opportunities Fund | | | | | 39,547,666 | | | | | | 24,125,461 | | | | | | (368,893) | | | | | | 23,756,568 | | |
Small-Cap Opportunities Fund | | | | | 11,674,916 | | | | | | 5,088,834 | | | | | | (46,775) | | | | | | 5,042,059 | | |
China Opportunities Fund | | | | | 72,408,303 | | | | | | 49,996,110 | | | | | | (651,312) | | | | | | 49,344,798 | | |
International Opportunities Fund | | | | | 193,965,959 | | | | | | 128,472,463 | | | | | | (2,747,662) | | | | | | 125,724,801 | | |
Emerging Markets Fund | | | | | 7,451,875 | | | | | | 3,301,679 | | | | | | (146,532) | | | | | | 3,155,147 | | |
| Investor Class | | | Micro-Cap Fund | | |||||||||||||||||||||||||||
| | | | Years Ended December 31, | | |||||||||||||||||||||||||||
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||
| Net asset value at beginning of year | | | | $ | 22.40 | | | | | $ | 18.37 | | | | | $ | 25.12 | | | | | $ | 22.02 | | | | | $ | 17.68 | | |
| Income (loss) from investment operations: | | ||||||||||||||||||||||||||||||
| Net investment lossa | | | | | (.26) | | | | | | (.22) | | | | | | (.35) | | | | | | (.32) | | | | | | (.15) | | |
| Net realized and unrealized gains (losses) on investments | | | | | 6.96 | | | | | | 4.25 | | | | | | (2.82) | | | | | | 6.37 | | | | | | 4.49 | | |
| Total from investment operations | | | | | 6.70 | | | | | | 4.03 | | | | | | (3.17) | | | | | | 6.05 | | | | | | 4.34 | | |
| Redemption Feesa | | | | | — | | | | | | — | | | | | | .03 | | | | | | — | | | | | | .01 | | |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distribution from net realized gains on investments | | | | | — | | | | | | — | | | | | | (3.61) | | | | | | (2.95) | | | | | | (.01) | | |
| Net asset value at end of year | | | | $ | 29.10 | | | | | $ | 22.40 | | | | | $ | 18.37 | | | | | $ | 25.12 | | | | | $ | 22.02 | | |
| Total Return (%) | | | | | 29.91 | | | | | | 21.94 | | | | | | (12.30) | | | | | | 27.90 | | | | | | 24.60 | | |
| Ratio/Supplemental Data | | ||||||||||||||||||||||||||||||
| Net Assets at end of year (in thousands) | | | | $ | 45,345 | | | | | $ | 46,546 | | | | | $ | 53,094 | | | | | $ | 92,249 | | | | | $ | 67,133 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.59 | | | | | | 1.60 | | | | | | 1.57 | | | | | | 1.58 | | | | | | 1.65 | | |
| Ratio of net expenses to average net assets (%)b | | | | | 1.58 | | | | | | 1.58 | | | | | | 1.55 | | | | | | 1.54 | | | | | | 1.64 | | |
| Ratio of net investment loss to average net assets (%) | | | | | (1.22) | | | | | | (1.03) | | | | | | (1.30) | | | | | | (1.32) | | | | | | (.80) | | |
| Portfolio turnover rate (%) | | | | | 92 | | | | | | 112 | | | | | | 119 | | | | | | 91 | | | | | | 102 | | |
| Institutional Class | | | Micro-Cap Fund | | |||||||||||||||||||||
| | | | Years Ended December 31, | | | Period Ended December 31, | | ||||||||||||||||||
| | | | 2020 | | | 2019 | | | 2018 | | | 2017a | | ||||||||||||
| Net asset value at beginning of period | | | | $ | 22.55 | | | | | $ | 18.47 | | | | | $ | 25.17 | | | | | $ | 23.52 | | |
| Income (loss) from investment operations: | | ||||||||||||||||||||||||
| Net investment lossb | | | | | (.21) | | | | | | (.13) | | | | | | (.28) | | | | | | (.18) | | |
| Net realized and unrealized gains (losses) on investments | | | | | 7.02 | | | | | | 4.21 | | | | | | (2.84) | | | | | | 4.18 | | |
| Total from investment operations | | | | | 6.81 | | | | | | 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 | | | | $ | 29.36 | | | | | $ | 22.55 | | | | | $ | 18.47 | | | | | $ | 25.17 | | |
| Total Return (%) | | | | | 30.20 | | | | | | 22.09 | | | | | | (12.07) | | | | | | 16.92d | | |
| Ratio/Supplemental Data | | ||||||||||||||||||||||||
| Net Assets at end of period (in thousands) | | | | $ | 31,202 | | | | | $ | 30,994 | | | | | $ | 14,445 | | | | | $ | 9,346 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.34 | | | | | | 1.34 | | | | | | 1.33 | | | | | | 1.32e | | |
| Ratio of net expenses to average net assets (%)c | | | | | 1.33 | | | | | | 1.32 | | | | | | 1.32 | | | | | | 1.28e | | |
| Ratio of net investment loss to average net assets (%) | | | | | (.97) | | | | | | (.61) | | | | | | (1.05) | | | | | | (1.04)e | | |
| Portfolio turnover rate (%) | | | | | 92 | | | | | | 112 | | | | | | 119 | | | | | | 91 | | |
| Investor Class | | | Small-Cap Opportunities Fund | | ||||||||||||||||||||||||||||||
| | | | Years Ended December 31, | | | |||||||||||||||||||||||||||||
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | |||||||||||||||||
| Net asset value at beginning of year | | | | $ | 14.36 | | | | | $ | 11.83 | | | | | $ | 16.40 | | | | | $ | 13.89 | | | | | $ | 13.48 | | | | ||
| Income (loss) from investment operations: | | | ||||||||||||||||||||||||||||||||
| Net investment lossa | | | | | (.17) | | | | | | (.13) | | | | | | (.18) | | | | | | (.22) | | | | | | (.22) | | | | ||
| Net realized and unrealized gains (losses) on investments | | | | | 4.84 | | | | | | 3.10 | | | | | | (1.05) | | | | | | 3.77 | | | | | | 1.22 | | | | ||
| Total from investment operations | | | | | 4.67 | | | | | | 2.97 | | | | | | (1.23) | | | | | | 3.55 | | | | | | 1.00 | | | | ||
| Redemption Feesa | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | ||
| Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
| Distribution from net realized gains on investments | | | | | (.74) | | | | | | (.44) | | | | | | (3.34) | | | | | | (1.04) | | | | | | (.59) | | | | ||
| Net asset value at end of year | | | | $ | 18.29 | | | | | $ | 14.36 | | | | | $ | 11.83 | | | | | $ | 16.40 | | | | | $ | 13.89 | | | | ||
| Total Return (%) | | | | | 32.47 | | | | | | 25.07 | | | | | | (7.23) | | | | | | 25.54 | | | | | | 7.38 | | | | ||
| Ratio/Supplemental Data | | | ||||||||||||||||||||||||||||||||
| Net Assets at end of year (in thousands) | | | | $ | 7,767 | | | | | $ | 6,110 | | | | | $ | 5,299 | | | | | $ | 7,533 | | | | | $ | 9,385 | | | | ||
| Ratio of gross expenses to average net assets (%) | | | | | 2.03 | | | | | | 2.21 | | | | | | 2.13 | | | | | | 2.29 | | | | | | 2.40 | | | | ||
| Ratio of net expenses to average net assets (%)b | | | | | 1.55 | | | | | | 1.55 | | | | | | 1.55 | | | | | | 1.72 | | | | | | 2.00 | | | | ||
| Ratio of net investment loss to average net assets (%) | | | | | (1.14) | | | | | | (.95) | | | | | | (1.06) | | | | | | (1.42) | | | | | | (1.67) | | | | ||
| Portfolio turnover rate (%) | | | | | 147 | | | | | | 142 | | | | | | 160 | | | | | | 142 | | | | | | 150 | | | |
| Institutional Class | | | Small-Cap Opportunities Fund | | |||||||||||||||||||||
| | | | Years Ended December 31, | | | Period Ended December 31, | | ||||||||||||||||||
| | | | 2020 | | | 2019 | | | 2018 | | | 2017a | | ||||||||||||
| Net asset value at beginning of period | | | | $ | 14.49 | | | | | $ | 11.90 | | | | | $ | 16.44 | | | | | $ | 15.20 | | |
| Income (loss) from investment operations: | | ||||||||||||||||||||||||
| Net investment lossb | | | | | (.13) | | | | | | (.10) | | | | | | (.14) | | | | | | (.11) | | |
| Net realized and unrealized gains (losses) on investments | | | | | 4.89 | | | | | | 3.13 | | | | | | (1.06) | | | | | | 2.39 | | |
| Total from investment operations | | | | | 4.76 | | | | | | 3.03 | | | | | | (1.20) | | | | | | 2.28 | | |
| Redemption Feesb | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distribution from net realized gains on investments | | | | | (.74) | | | | | | (.44) | | | | | | (3.34) | | | | | | (1.04) | | |
| Net asset value at end of period | | | | $ | 18.51 | | | | | $ | 14.49 | | | | | $ | 11.90 | | | | | $ | 16.44 | | |
| Total Return (%) | | | | | 32.80 | | | | | | 25.43 | | | | | | (7.05) | | | | | | 14.99d | | |
| Ratio/Supplemental Data | | ||||||||||||||||||||||||
| Net Assets at end of period (in thousands) | | | | $ | 8,866 | | | | | $ | 5,622 | | | | | $ | 4,538 | | | | | $ | 3,564 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.78 | | | | | | 1.96 | | | | | | 1.88 | | | | | | 1.86e | | |
| Ratio of net expenses to average net assets (%)c | | | | | 1.30 | | | | | | 1.30 | | | | | | 1.30 | | | | | | 1.30e | | |
| Ratio of net investment loss to average net assets (%) | | | | | (.89) | | | | | | (.69) | | | | | | (.80) | | | | | | (.97)e | | |
| Portfolio turnover rate (%) | | | | | 147 | | | | | | 142 | | | | | | 160 | | | | | | 142 | | |
| Investor Class | | | Global Opportunities Fund | | |||||||||||||||||||||||||||
| | | | Years Ended December 31, | | |||||||||||||||||||||||||||
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||
| Net asset value at beginning of year | | | | $ | 24.82 | | | | | $ | 19.75 | | | | | $ | 28.36 | | | | | $ | 24.13 | | | | | $ | 24.78 | | |
| Income (loss) from investment operations: | | ||||||||||||||||||||||||||||||
| Net investment lossa | | | | | (.32) | | | | | | (.24) | | | | | | (.20) | | | | | | (.19) | | | | | | (.24) | | |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | | | | | 14.13 | | | | | | 5.31 | | | | | | (7.09) | | | | | | 8.21 | | | | | | (.14) | | |
| Total from investment operations | | | | | 13.81 | | | | | | 5.07 | | | | | | (7.29) | | | | | | 8.02 | | | | | | (.38) | | |
| Redemption feesa | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distribution from net realized gains on investments | | | | | (2.12) | | | | | | — | | | | | | (1.32) | | | | | | (3.79) | | | | | | (.27) | | |
| Net asset value at end of year | | | | $ | 36.51 | | | | | $ | 24.82 | | | | | $ | 19.75 | | | | | $ | 28.36 | | | | | $ | 24.13 | | |
| Total Return (%) | | | | | 55.55 | | | | | | 25.67 | | | | | | (25.66) | | | | | | 33.30 | | | | | | (1.54) | | |
| Ratio/Supplemental Data | | ||||||||||||||||||||||||||||||
| Net Assets at end of year (in thousands) | | | | $ | 45,566 | | | | | $ | 32,004 | | | | | $ | 28,847 | | | | | $ | 47,856 | | | | | $ | 44,604 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.53 | | | | | | 1.58 | | | | | | 1.52 | | | | | | 1.52 | | | | | | 1.59 | | |
| Ratio of net expenses to average net assets (%)b | | | | | 1.53 | | | | | | 1.55 | | | | | | 1.50 | | | | | | 1.50 | | | | | | 1.59 | | |
| Ratio of net investment loss to average net assets (%) | | | | | (1.14) | | | | | | (1.07) | | | | | | (.72) | | | | | | (.67) | | | | | | (.99) | | |
| Portfolio turnover rate (%) | | | | | 129 | | | | | | 120 | | | | | | 155 | | | | | | 137 | | | | | | 126 | | |
| Institutional Class | | | Global Opportunities Fund | | |||||||||||||||||||||
| | | | Years Ended December 31, | | | Period Ended December 31, | | ||||||||||||||||||
| | | | 2020 | | | 2019 | | | 2018 | | | 2017a | | ||||||||||||
| Net asset value at beginning of period | | | | $ | 24.99 | | | | | $ | 19.84 | | | | | $ | 28.41 | | | | | $ | 27.42 | | |
| Income (loss) from investment operations: | | ||||||||||||||||||||||||
| Net investment lossb | | | | | (.25) | | | | | | (.18) | | | | | | (.13) | | | | | | (.12) | | |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | | | | | 14.25 | | | | | | 5.33 | | | | | | (7.12) | | | | | | 4.90 | | |
| Total from investment operations | | | | | 14.00 | | | | | | 5.15 | | | | | | (7.25) | | | | | | 4.78 | | |
| Redemption Feesb | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| Less distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distribution from net realized gains on investments | | | | | (2.12) | | | | | | — | | | | | | (1.32) | | | | | | (3.79) | | |
| Net asset value at end of period | | | | $ | 36.87 | | | | | $ | 24.99 | | | | | $ | 19.84 | | | | | $ | 28.41 | | |
| Total Return (%) | | | | | 55.94 | | | | | | 25.96 | | | | | | (25.48) | | | | | | 17.49e | | |
| Ratio/Supplemental Data | | ||||||||||||||||||||||||
| Net Assets at end of period (in thousands) | | | | $ | 17,109 | | | | | $ | 10,644 | | | | | $ | 8,937 | | | | | $ | 7,919 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.28 | | | | | | 1.33 | | | | | | 1.28 | | | | | | 1.20d | | |
| Ratio of net expenses to average net assets (%)c | | | | | 1.27 | | | | | | 1.30 | | | | | | 1.25 | | | | | | 1.18d | | |
| Ratio of net investment loss to average net assets (%) | | | | | (.88) | | | | | | (.78) | | | | | | (.49) | | | | | | (.59)d | | |
| Portfolio turnover rate (%) | | | | | 129 | | | | | | 120 | | | | | | 155 | | | | | | 137 | | |
| Investor Class | | | China Opportunities Fund | | |||||||||||||||||||||||||||
| | | | Years Ended December 31, | | |||||||||||||||||||||||||||
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||
| Net asset value at beginning of year | | | | $ | 12.33 | | | | | $ | 9.35 | | | | | $ | 15.95 | | | | | $ | 10.94 | | | | | $ | 12.15 | | |
| Income (loss) from investment operations: | | ||||||||||||||||||||||||||||||
| Net investment lossa | | | | | (.16) | | | | | | (.09) | | | | | | (.10) | | | | | | (.06) | | | | | | (.11) | | |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies | | | | | 7.11 | | | | | | 3.47 | | | | | | (4.06) | | | | | | 6.07 | | | | | | (1.01) | | |
| Total from investment operations | | | | | 6.95 | | | | | | 3.38 | | | | | | (4.16) | | | | | | 6.01 | | | | | | (1.12) | | |
| Redemption Feesa | | | | | — | | | | | | .02 | | | | | | — | | | | | | — | | | | | | — | | |
| Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distribution from net realized gains on investments | | | | | (1.99) | | | | | | (.42) | | | | | | (2.44) | | | | | | (.98) | | | | | | (.09) | | |
| Dividends from net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | (.02) | | | | | | — | | |
| Total dividends and distributions | | | | | (1.99) | | | | | | (.42) | | | | | | (2.44) | | | | | | (1.00) | | | | | | (.09) | | |
| Net asset value at end of year | | | | $ | 17.29 | | | | | $ | 12.33 | | | | | $ | 9.35 | | | | | $ | 15.95 | | | | | $ | 10.94 | | |
| Total Return (%) | | | | | 56.51 | | | | | | 36.33 | | | | | | (26.01) | | | | | | 55.05 | | | | | | (9.22) | | |
| Ratio/Supplemental Data | | ||||||||||||||||||||||||||||||
| Net Assets at end of year (in thousands) | | | | $ | 98,527 | | | | | $ | 75,487 | | | | | $ | 60,844 | | | | | $ | 107,190 | | | | | $ | 91,197 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.95 | | | | | | 1.95 | | | | | | 1.91 | | | | | | 1.92 | | | | | | 1.99 | | |
| Ratio of net expenses to average net assets (%)b | | | | | 1.95 | | | | | | 1.84 | | | | | | 1.86 | | | | | | 1.91 | | | | | | 1.98 | | |
| Ratio of net investment loss to average net assets (%) | | | | | (1.11) | | | | | | (.77) | | | | | | (.68) | | | | | | (.38) | | | | | | (.93) | | |
| Portfolio turnover rate (%) | | | | | 192 | | | | | | 184 | | | | | | 85 | | | | | | 97 | | | | | | 125 | | |
| Institutional Class | | | China Opportunities Fund | | |||||||||||||||||||||
| | | | Years Ended December 31, | | | Period Ended December 31, | | ||||||||||||||||||
| | | | 2020 | | | 2019 | | | 2018 | | | 2017a | | ||||||||||||
| Net asset value at beginning of period | | | | $ | 12.39 | | | | | $ | 9.36 | | | | | $ | 15.93 | | | | | $ | 12.78 | | |
| Income (loss) from investment operations: | | ||||||||||||||||||||||||
| Net investment lossb | | | | | (.13) | | | | | | (.07) | | | | | | (.06) | | | | | | (.01) | | |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies | | | | | 7.15 | | | | | | 3.50 | | | | | | (4.07) | | | | | | 4.19 | | |
| Total from investment operations | | | | | 7.02 | | | | | | 3.43 | | | | | | (4.13) | | | | | | 4.18 | | |
| Redemption feesb | | | | | — | | | | | | .02 | | | | | | — | | | | | | — | | |
| Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distribution from net realized gains on investments | | | | | (1.99) | | | | | | (.42) | | | | | | (2.44) | | | | | | (.98) | | |
| Dividends from net investment income | | | | | — | | | | | | — | | | | | | — | | | | | | (.05) | | |
| Total dividends and distributions | | | | | (1.99) | | | | | | (.42) | | | | | | (2.44) | | | | | | (1.03) | | |
| Net asset value at end of period | | | | $ | 17.42 | | | | | $ | 12.39 | | | | | $ | 9.36 | | | | | $ | 15.93 | | |
| Total return (%) | | | | | 56.79 | | | | | | 36.82 | | | | | | (25.85) | | | | | | 32.87e | | |
| Ratio/Supplemental Data | | ||||||||||||||||||||||||
| Net Assets at end of period (in thousands) | | | | $ | 21,497 | | | | | $ | 14,301 | | | | | $ | 10,998 | | | | | $ | 14,087 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.69 | | | | | | 1.70 | | | | | | 1.65 | | | | | | 1.60d | | |
| Ratio of net expenses to average net assets (%)c | | | | | 1.69 | | | | | | 1.59 | | | | | | 1.61 | | | | | | 1.59d | | |
| Ratio of net investment loss to average net assets (%) | | | | | (.85) | | | | | | (.55) | | | | | | (.42) | | | | | | (.12)d | | |
| Portfolio turnover rate (%) | | | | | 192 | | | | | | 184 | | | | | | 85 | | | | | | 97 | | |
| Investor Class | | | International Opportunities Fund | | |||||||||||||||||||||||||||
| | | | Years Ended December 31, | | |||||||||||||||||||||||||||
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||
| Net asset value at beginning of year | | | | $ | 19.43 | | | | | $ | 16.01 | | | | | $ | 25.49 | | | | | $ | 20.19 | | | | | $ | 21.33 | | |
| Income (loss) from investment operations: | | ||||||||||||||||||||||||||||||
| Net investment income (loss)a | | | | | (.16) | | | | | | (.03) | | | | | | (.04) | | | | | | (.04) | | | | | | .01 | | |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies | | | | | 12.37 | | | | | | 3.69 | | | | | | (6.30) | | | | | | 8.26 | | | | | | (1.15) | | |
| Total from investment operations | | | | | 12.21 | | | | | | 3.66 | | | | | | (6.34) | �� | | | | | 8.22 | | | | | | (1.14) | | |
| Redemption Feesa | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | .01 | | |
| Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distribution from net realized gains on investments | | | | | — | | | | | | — | | | | | | (3.10) | | | | | | (2.85) | | | | | | — | | |
| Dividends from net investment income | | | | | (.12) | | | | | | (.24) | | | | | | (.04) | | | | | | (.07) | | | | | | (.01) | | |
| Total dividends and distributions | | | | | (.12) | | | | | | (.24) | | | | | | (3.14) | | | | | | (2.92) | | | | | | (.01) | | |
| Net asset value at end of year | | | | $ | 31.52 | | | | | $ | 19.43 | | | | | $ | 16.01 | | | | | $ | 25.49 | | | | | $ | 20.19 | | |
| Total return (%) | | | | | 62.86 | | | | | | 22.85 | | | | | | (24.73) | | | | | | 40.77 | | | | | | (5.28) | | |
| Ratio/Supplemental Data | | ||||||||||||||||||||||||||||||
| Net Assets at end of year (in thousands) | | | | $ | 327,354 | | | | | $ | 324,254 | | | | | $ | 498,164 | | | | | $ | 905,392 | | | | | $ | 708,514 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.87 | | | | | | 1.82 | | | | | | 1.77 | | | | | | 1.79 | | | | | | 1.82 | | |
| Ratio of net expenses to average net assets (%)(b) | | | | | 1.60 | | | | | | 1.60 | | | | | | 1.60 | | | | | | 1.60 | | | | | | 1.60 | | |
| Ratio of net investment income (loss) to average net assets (%) | | | | | (.75) | | | | | | (.19) | | | | | | (.16) | | | | | | (.18) | | | | | | .05 | | |
| Portfolio turnover rate (%) | | | | | 130 | | | | | | 142 | | | | | | 145 | | | | | | 153 | | | | | | 139 | | |
| Investor Class | | | Emerging Markets Fund | | |||||||||||||||
| | | | Years Ended December 31, | | | Period Ended December 31, 2018a | | ||||||||||||
| | | | 2020 | | | 2019 | | ||||||||||||
| Net asset value at beginning of period | | | | $ | 9.67 | | | | | $ | 7.89 | | | | | $ | 10.00 | | |
| Income (loss) from investment operations: | | ||||||||||||||||||
| Net investment (loss)b | | | | | (.06) | | | | | | (.02) | | | | | | (.01) | | |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies | | | | | 4.20 | | | | | | 1.80 | | | | | | (2.10) | | |
| Total from investment operations | | | | | 4.14 | | | | | | 1.78 | | | | | | (2.11) | | |
| Redemption Feesb | | | | | — | | | | | | — | | | | | | — | | |
| Net asset value at end of period | | | | $ | 13.81 | | | | | $ | 9.67 | | | | | $ | 7.89 | | |
| Total Return (%) | | | | | 42.81 | | | | | | 22.56 | | | | | | (21.10)e | | |
| Ratio/Supplemental Data | | ||||||||||||||||||
| Net Assets at end of period (in thousands) | | | | $ | 789 | | | | | $ | 587 | | | | | $ | 426 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 3.79 | | | | | | 3.86 | | | | | | 3.99d | | |
| Ratio of net expenses to average net assets (%)c | | | | | 1.75 | | | | | | 1.75 | | | | | | 1.75d | | |
| Ratio of net investment loss to average net assets (%) | | | | | (.54) | | | | | | (.21) | | | | | | (.15)d | | |
| Portfolio turnover rate (%) | | | | | 131 | | | | | | 153 | | | | | | 111e | | |
| Institutional Class | | | Emerging Markets Fund | | |||||||||||||||
| | | | Years Ended December 31, | | | Period Ended December 31, 2018a | | ||||||||||||
| | | | 2020 | | | 2019 | | ||||||||||||
| Net asset value at beginning of period | | | | $ | 9.71 | | | | | $ | 7.90 | | | | | $ | 10.00 | | |
| Income (loss) from investment operations: | | ||||||||||||||||||
| Net investment income (loss)b | | | | | (.03) | | | | | | — | | | | | | .01 | | |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies | | | | | 4.22 | | | | | | 1.81 | | | | | | (2.11) | | |
| Total from investment operations | | | | | 4.19 | | | | | | 1.81 | | | | | | (2.10) | | |
| Redemption Feesb | | | | | — | | | | | | — | | | | | | — | | |
| Net asset value at end of period | | | | $ | 13.90 | | | | | $ | 9.71 | | | | | $ | 7.90 | | |
| Total Return (%) | | | | | 43.15 | | | | | | 22.91 | | | | | | (21.00)e | | |
| Ratio/Supplemental Data | | ||||||||||||||||||
| Net Assets at end of period (in thousands) | | | | $ | 9,938 | | | | | $ | 7,382 | | | | | $ | 6,012 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 3.54 | | | | | | 3.61 | | | | | | 3.74d | | |
| Ratio of net expenses to average net assets (%)c | | | | | 1.50 | | | | | | 1.50 | | | | | | 1.50d | | |
| Ratio of net investment income (loss) to average net assets (%) | | | | | (.26) | | | | | | — | | | | | | .10d | | |
| Portfolio turnover rate (%) | | | | | 131 | | | | | | 153 | | | | | | 111e | | |
| | | Financial Highlights | |
Investor Class: Micro-Cap Fund Small-Cap Opportunities Fund Global Opportunities Fund China Opportunities Fund International Opportunities Fund | | | For each of the years in the five-year period ended December 31, 2020 | |
Investor Class: Emerging Markets Fund | | | For each of the years in the two-year period ended December 31, 2020 and for the period May 1, 2018 (commencement of operations) to December 31, 2018 | |
Institutional Class: Micro-Cap Fund Small-Cap Opportunities Fund Global Opportunities Fund China Opportunities Fund | | | For each of the years in the three-year period ended December 31, 2020 and for the period May 1, 2017 (commencement of operations) to December 31, 2017 | |
Institutional Class: Emerging Markets Fund | | | For each of the years in the two-year period ended December 31, 2020 and for the period May 1, 2018 (commencement of operations) to December 31, 2018 | |
FIRM (continued)
February 24, 2021
| Name, Address and Age | | | Position Held with Fund | | | Term of Office and Length of Time Served | |
| NONINTERESTED TRUSTEES | | ||||||
| Katherine Smith Dedrick (63) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Trustee | | | Trustee since November, 20041 | |
| Gary D. McDaniel (72) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Trustee | | | Trustee since April, 20041 | |
| James G. Schmidt (73) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Trustee | | | Trustee since December, 20031 | |
| INTERESTED TRUSTEES | | ||||||
| James D. Oberweis (74) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Trustee2 | | | Trustee since July, 19861 | |
| James W. Oberweis (46) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | President | | | Officer since August, 19963 | |
| Patrick B. Joyce (61) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Executive Vice President Chief Compliance Officer and Treasurer | | | Officer since October, 19943 | |
| David I. Covas (45) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Vice President | | | Officer since August, 20043 | |
| Kenneth S. Farsalas (50) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Vice President | | | Officer since August, 20093 | |
| Eric V. Hannemann (47) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Secretary | | | Officer since August, 20053 | |
| Principal Occupation Last Five Years | | | Number of Portfolios Overseen by Trustee | | | Other Directorships | |
| | |||||||
| President – Smith Dedrick Properties, Inc., 2016 to present; President – KSD Law P.C., 2015 to present; President – KSD Global Consulting, Inc., 2015 to present; Executive Committee Member, Risk Worldwide NZ Ltd., 2011 to 2016; President – Aggressive Publishing, Inc., 2010 to present; Member – Risk Worldwide LLC, 2007 to 2016; Partner – Childress Duffy, Ltd., 2007 to 2015. | | | 7 | | | None | |
| | | | 7 | | | None | |
| Senior Vice President and Chief Financial Officer – Federal Heath Sign Co., May 2003 to December 2019. | | | 7 | | | None | |
| | |||||||
| Illinois State Senator, January 2013 to January 2021; Chairman – Oberweis Dairy, Inc. December, 1986 to present. | | | 7 | | | None | |
| President – Oberweis Asset Management, Inc., September, 2001 to present; Portfolio Manager from December, 1995 to present; President and Director – Oberweis Securities, Inc., September, 1996 to present. | | | Not Applicable | | | None | |
| Executive Vice President, Secretary and Director – Oberweis Asset Management, Inc., September, 1994 to present; Executive Vice President and Director – Oberweis Securities, Inc. September, 1996 to present. | | | Not Applicable | | | None | |
| Vice President – Oberweis Asset Management, Inc., September, 2003 to present. | | | Not Applicable | | | None | |
| Vice President – Oberweis Asset Management, Inc., November 2004 to present. | | | Not Applicable | | | None | |
| Vice President of Accounting – Oberweis Asset Management, Inc. and Oberweis Securities, Inc., June, 2004 to present. | | | Not Applicable | | | None | |
| | | Foreign Source Income | | | Foreign Taxes Paid | | ||||||
China Opportunities Fund | | | | $ | 0.1282 | | | | | $ | 0.0079 | | |
Emerging Markets Fund | | | | | 0.1549 | | | | | | 0.1075 | | |
International Opportunities Fund | | | | | 0.2397 | | | | | | 0.0206 | | |
Global Opportunities Fund | | | | | 0.1175 | | | | | | 0.0110 | | |
| | | Beginning Account Value 7/1/20 | | | Ending Account Value 12/31/20 | | | Expenses Paid During Period 7/1/20 – 12/31/20 | | | Expense Ratio During Period 7/1/20 – 12/31/20 | | | | | | ||||||||||||||||||||
MICRO-CAP FUND | | | | | | ||||||||||||||||||||||||||||||||
Investor Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 1,453.55 | | | | | $ | 9.74 | | | | | | 1.58% | | | | | | | ||||||||
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,017.19 | | | | | $ | 8.01 | | | | | | 1.58% | | | | | | | ||||||||
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 1,454.91 | | | | | $ | 8.21 | | | | | | 1.33% | | | | | | | ||||||||
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,018.45 | | | | | $ | 6.75 | | | | | | 1.33% | | | | | | | ||||||||
SMALL-CAP OPPORTUNITIES FUND | | | | | | | | | | | | | | ||||||||||||||||||||||||
Investor Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 1,363.65 | | | | | $ | 9.21 | | | | | | 1.55% | | | | | | | ||||||||
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,017.34 | | | | | $ | 7.86 | | | | | | 1.55% | | | | | | | ||||||||
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 1,365.72 | | | | | $ | 7.73 | | | | | | 1.30% | | | | | | | ||||||||
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,018.60 | | | | | $ | 6.60 | | | | | | 1.30% | | | | | | | ||||||||
GLOBAL OPPORTUNITIES FUND | | | | | | | | | | | | | | ||||||||||||||||||||||||
Investor Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 1,364.27 | | | | | $ | 9.09 | | | | | | 1.53% | | | | | | | ||||||||
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,017.44 | | | | | $ | 7.76 | | | | | | 1.53% | | | | | | | ||||||||
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 1,365.89 | | | | | $ | 7.55 | | | | | | 1.27% | | | | | | | ||||||||
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,018.75 | | | | | $ | 6.44 | | | | | | 1.27% | | | | | | | ||||||||
CHINA OPPORTUNITIES FUND | | | | | | | | | | | | | | ||||||||||||||||||||||||
Investor Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 1,313.67 | | | | | $ | 11.34 | | | | | | 1.95% | | | | | | | ||||||||
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,015.33 | | | | | $ | 9.88 | | | | | | 1.95% | | | | | | | ||||||||
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 1,314.38 | | | | | $ | 9.83 | | | | | | 1.69% | | | | | | | ||||||||
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,016.64 | | | | | $ | 8.57 | | | | | | 1.69% | | | | | | | ||||||||
INTERNATIONAL OPPORTUNITIES FUND | | | | | | | | | | | | | | ||||||||||||||||||||||||
Investor Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 1,459.62 | | | | | $ | 9.89 | | | | | | 1.60% | | | | | | | ||||||||
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,017.09 | | | | | $ | 8.11 | | | | | | 1.60% | | | | | | |
| | | Beginning Account Value 7/1/20 | | | Ending Account Value 12/31/20 | | | Expenses Paid During Period 7/1/20 – 12/31/20 | | | Expense Ratio During Period 7/1/20 – 12/31/20 | | | | | | ||||||||||||||||||||
EMERGING MARKETS FUND | | | | | | | | | | | | | | ||||||||||||||||||||||||
Investor Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 1,316.49 | | | | | $ | 10.19 | | | | | | 1.75% | | | | | | | ||||||||
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,016.34 | | | | | $ | 8.87 | | | | | | 1.75% | | | | | | | ||||||||
Institutional Class | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 1,317.54 | | | | | $ | 8.74 | | | | | | 1.50% | | | | | | | ||||||||
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,017.60 | | | | | $ | 7.61 | | | | | | 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, 3rd Floor, 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 | |
Institutional Fund
| Asset Allocation (% of Net Assets) | | ||||||
| Equities | | | | | 99.1 | | |
| Other Assets less Liabilities | | | | | 0.9 | | |
| Top Ten Holdings (% of Net Assets) | | ||||||
| Sinch AB | | | | | 5.7 | | |
| Sushiro Global Hldgs. Ltd. | | | | | 5.5 | | |
| BayCurrent Consulting, Inc. | | | | | 4.5 | | |
| IR Japan Hldgs. Ltd. | | | | | 3.1 | | |
| BASE, Inc. | | | | | 3.1 | | |
| Intermediate Capital Group PLC | | | | | 2.9 | | |
| M&A Capital Partners Co. Ltd. | | | | | 2.9 | | |
| Pharmaron Beijing Co. Ltd. | | | | | 2.8 | | |
| BHG Group AB | | | | | 2.8 | | |
| Constellium SE | | | | | 2.7 | | |
| Top Ten Industries (% of Net Assets) | | ||||||
| Software | | | | | 9.3 | | |
| Entertainment | | | | | 8.7 | | |
| Capital Markets | | | | | 7.7 | | |
| Professional Services | | | | | 7.6 | | |
| Internet & Direct Marketing Retail | | | | | 7.6 | | |
| Information Technology Services | | | | | 6.6 | | |
| Healthcare Technology | | | | | 5.8 | | |
| Hotels, Restaurants & Leisure | | | | | 5.5 | | |
| Metals & Mining | | | | | 4.8 | | |
| Machinery | | | | | 4.3 | | |
| | | | 1 YR (%) | | | 5 YR (%) | | | SINCE INCEPTION2 (%) | | | EXPENSE RATIO3 (%) | | ||||||||||||
| OBIIX | | | | | 63.65 | | | | | | 15.44 | | | | | | 11.76 | | | | | | 1.10 | | |
| MSCI World Ex-US Small Cap Growth Index | | | | | 22.93 | | | | | | 11.88 | | | | | | 8.74 | | | | | | | | |
| | | SHARES | | | VALUE | | ||||||
Equities – 99.1% | | | | | | | | | | | | | |
Australia – 3.6% | | | | | | | | | | | | | |
Codan Ltd. | | | | | 409,999 | | | | | $ | 3,540,007 | | |
Evolution Mining Ltd. | | | | | 6,485,340 | | | | | | 24,957,884 | | |
IDP Education Ltd. | | | | | 974,149 | | | | | | 14,931,419 | | |
| | | | | | | | | | | 43,429,310 | | |
Belgium – 0.6% | | | | | | | | | | | | | |
UnifiedPost Group SA* | | | | | 254,700 | | | | | | 7,778,524 | | |
Canada – 6.0% | | | | | | | | | | | | | |
ATS Automation Tooling Systems, Inc.* | | | | | 421,975 | | | | | | 7,409,177 | | |
BRP, Inc. | | | | | 175,000 | | | | | | 11,560,806 | | |
Cargojet, Inc. | | | | | 47,200 | | | | | | 7,966,043 | | |
Kinaxis, Inc.* | | | | | 67,146 | | | | | | 9,513,009 | | |
Parex Resources, Inc.* | | | | | 837,091 | | | | | | 11,521,592 | | |
Ritchie Bros. Auctioneers, Inc. | | | | | 336,300 | | | | | | 23,376,403 | | |
| | | | | | | | | | | 71,347,030 | | |
China – 5.1% | | | | | | | | | | | | | |
Kingdee International Software Group Co. Ltd.* | | | | | 3,839,600 | | | | | | 15,675,275 | | |
Pharmaron Beijing Co. Ltd. | | | | | 1,994,500 | | | | | | 33,720,235 | | |
Venus MedTech Hangzhou, Inc.* | | | | | 1,157,000 | | | | | | 11,807,817 | | |
| | | | | | | | | | | 61,203,327 | | |
Denmark – 1.8% | | | | | | | | | | | | | |
Pandora A/S* | | | | | 190,722 | | | | | | 21,345,193 | | |
Finland – 2.6% | | | | | | | | | | | | | |
Metso Outotec Oyj* | | | | | 3,047,337 | | | | | | 30,617,808 | | |
France – 1.0% | | | | | | | | | | | | | |
SPIE SA* | | | | | 540,200 | | | | | | 11,777,363 | | |
Germany – 3.6% | | | | | | | | | | | | | |
Aurelius Equity Opportunities SE* | | | | | 420,665 | | | | | | 8,963,412 | | |
KION Group AG | | | | | 87,700 | | | | | | 7,605,206 | | |
Shop Apotheke Europe NV* | | | | | 78,993 | | | | | | 14,300,956 | | |
Westwing Group AG* | | | | | 287,924 | | | | | | 11,647,451 | | |
| | | | | | | | | | | 42,517,025 | | |
Israel – 2.1% | | | | | | | | | | | | | |
Fiverr International Ltd.* | | | | | 126,994 | | | | | | 24,776,529 | | |
| | | SHARES | | | VALUE | | ||||||
Japan – 35.9% | | | | | | | | | | | | | |
BASE, Inc.* | | | | | 388,500 | | | | | $ | 36,770,788 | | |
BayCurrent Consulting, Inc. | | | | | 305,500 | | | | | | 53,612,980 | | |
Capcom Co. Ltd. | | | | | 286,500 | | | | | | 18,580,294 | | |
IR Japan Hldgs. Ltd. | | | | | 232,600 | | | | | | 37,265,808 | | |
ITmedia, Inc. | | | | | 261,100 | | | | | | 5,578,895 | | |
J-Stream, Inc.* | | | | | 143,700 | | | | | | 7,424,700 | | |
JMDC, Inc.* | | | | | 246,000 | | | | | | 13,967,541 | | |
Kobe Bussan Co. Ltd. | | | | | 405,900 | | | | | | 12,471,277 | | |
Koei Tecmo Hldgs. Co. Ltd.* | | | | | 316,100 | | | | | | 19,297,480 | | |
Kusuri no Aoki Hldgs. Co. Ltd. | | | | | 104,700 | | | | | | 9,105,775 | | |
M&A Capital Partners Co. Ltd.* | | | | | 596,900 | | | | | | 34,226,622 | | |
Medley, Inc.* | | | | | 685,400 | | | | | | 30,190,197 | | |
MedPeer, Inc.* | | | | | 324,800 | | | | | | 25,742,683 | | |
Oisix ra daichi, Inc.* | | | | | 214,100 | | | | | | 6,483,569 | | |
Open House Co. Ltd. | | | | | 354,600 | | | | | | 13,045,009 | | |
PLAID, Inc.* | | | | | 116,900 | | | | | | 4,205,932 | | |
SHIFT, Inc.* | | | | | 73,200 | | | | | | 10,143,638 | | |
Sushiro Global Hldgs. Ltd. | | | | | 1,720,900 | | | | | | 66,017,014 | | |
TechMatrix Corp. | | | | | 561,200 | | | | | | 11,673,542 | | |
Tsubaki Nakashima Co. Ltd. | | | | | 524,900 | | | | | | 5,721,872 | | |
Wacom Co. Ltd.* | | | | | 986,800 | | | | | | 8,277,919 | | |
| | | | | | | | | | | 429,803,535 | | |
Netherlands – 7.0% | | | | | | | | | | | | | |
Alfen NV* | | | | | 306,270 | | | | | | 30,862,558 | | |
ASM International NV | | | | | 32,895 | | | | | | 7,178,078 | | |
BE Semiconductor Industries NV | | | | | 218,044 | | | | | | 13,093,268 | | |
Constellium SE* | | | | | 2,320,539 | | | | | | 32,464,341 | | |
| | | | | | | | | | | 83,598,245 | | |
Norway – 3.8% | | | | | | | | | | | | | |
Kahoot AS* | | | | | 1,990,690 | | | | | | 21,985,814 | | |
Nordic Semiconductor ASA* | | | | | 1,488,844 | | | | | | 23,918,881 | | |
| | | | | | | | | | | 45,904,695 | | |
Sweden – 13.1% | | | | | | | | | | | | | |
Avanza Bank Hldg. AB* | | | | | 483,700 | | | | | | 13,698,053 | | |
BHG Group AB* | | | | | 1,521,644 | | | | | | 33,218,967 | | |
Embracer Group AB* | | | | | 1,049,200 | | | | | | 24,968,336 | | |
Indutrade AB* | | | | | 245,400 | | | | | | 5,253,113 | | |
Sinch AB* | | | | | 416,930 | | | | | | 67,803,310 | | |
Stillfront Group AB* | | | | | 986,030 | | | | | | 11,966,681 | | |
| | | | | | | | | | | 156,908,460 | | |
| | | SHARES | | | VALUE | | ||||||
United Kingdom – 12.9% | | | | | | | | | | | | | |
Blue Prism Group PLC* | | | | | 619,316 | | | | | $ | 14,543,637 | | |
Dunelm Group PLC | | | | | 497,813 | | | | | | 8,241,654 | | |
EasyJet PLC* | | | | | 1,160,500 | | | | | | 13,170,160 | | |
Endava PLC ADS* | | | | | 166,682 | | | | | | 12,792,844 | | |
Games Workshop Group PLC | | | | | 101,267 | | | | | | 15,505,344 | | |
Intermediate Capital Group PLC | | | | | 1,483,909 | | | | | | 34,914,575 | | |
Marks & Spencer Group PLC* | | | | | 8,304,700 | | | | | | 15,403,384 | | |
Pets at Home Group PLC | | | | | 2,584,199 | | | | | | 14,700,923 | | |
Spirent Communications PLC | | | | | 1,844,448 | | | | | | 6,668,059 | | |
Taylor Wimpey PLC* | | | | | 8,897,600 | | | | | | 20,125,148 | | |
| | | | | | | | | | | 156,065,728 | | |
Total Equities | | | | | | | | | | | | | |
(Cost: $700,973,373) | | | | | | | | | | $ | 1,187,072,772 | | |
Total Investments – 99.1% | | | | | | | | | | | | | |
(Cost: $700,973,373) | | | | | | | | | | $ | 1,187,072,772 | | |
Other Assets Less Liabilities – 0.9% | | | | | | | | | | | 10,583,220 | | |
Net Assets – 100% | | | | | | | | | | $ | 1,197,655,992 | | |
|
| Communication Services | | | | | 9.2% | | |
| Consumer Discretionary | | | | | 23.2% | | |
| Consumer Staples | | | | | 1.8% | | |
| Energy | | | | | 1.0% | | |
| Financials | | | | | 7.7% | | |
| Healthcare | | | | | 9.6% | | |
| Industrials | | | | | 19.6% | | |
| Information Technology | | | | | 21.2% | | |
| Materials | | | | | 4.8% | | |
| Real Estate | | | | | 1.0% | | |
| Assets: | | ||||||
| Investment securities at value(a) | | | | $ | 1,187,072,772 | | |
| Cash | | | | | 35,092,677 | | |
| Receivable from securities sold | | | | | 1,093,749 | | |
| Receivable from fund shares sold | | | | | 352,711 | | |
| Dividends and interest receivable | | | | | 1,449,326 | | |
| Prepaid expenses | | | | | 98,977 | | |
| Total Assets | | | | | 1,225,160,212 | | |
| Liabilities: | | ||||||
| Payable for fund shares redeemed | | | | | 25,125,725 | | |
| Payable for securities purchased | | | | | 1,262,519 | | |
| Payable to advisor (see note 3) | | | | | 970,917 | | |
| Accrued expenses | | | | | 145,059 | | |
| Total Liabilities | | | | | 27,504,220 | | |
| Net Assets | | | | $ | 1,197,655,992 | | |
| Shares Outstanding: | | ||||||
| (shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with no par value) | | | | | 70,677,490 | | |
| Net asset value, offering price and redemption price | | | | $ | 16.95 | | |
| Analysis of net assets: | | ||||||
| Capital | | | | $ | 710,874,446 | | |
| Accumulated earnings | | | | | 486,781,546 | | |
| Net Assets | | | | $ | 1,197,655,992 | | |
| (a) Investment securities at cost | | | | $ | 700,973,373 | | |
| INVESTMENT INCOME: | | ||||||
| Dividends(a) | | | | $ | 7,632,276 | | |
| Interest | | | | | 49,278 | | |
| Total Investment Income | | | | | 7,681,554 | | |
| EXPENSES: | | ||||||
| Investment advisory fees (see note 3) | | | | | 9,216,688 | | |
| Transfer agent fees and expenses | | | | | 91,607 | | |
| Custodian fees and expenses | | | | | 461,355 | | |
| Accounting services fees | | | | | 291,077 | | |
| Other | | | | | 352,732 | | |
| Total expenses before reimbursed expenses | | | | | 10,413,459 | | |
| Earnings credit (see note 6) | | | | | (49,138) | | |
| Expense reimbursement (see note 3) | | | | | (226,159) | | |
| Total Expenses | | | | | 10,138,162 | | |
| NET INVESTMENT LOSS | | | | | (2,456,608) | | |
| NET REALIZED AND UREALIZED GAINS (LOSSES) FROM INVESTMENTS: | | ||||||
| Net realized gains on investment transactions | | | | | 148,239,381 | | |
| Net realized losses on foreign currency transactions | | | | | (199,233) | | |
| Net realized gains on investment and foreign currency transactions | | | | | 148,040,148 | | |
| Change in net unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies | | | | | 320,894,249 | | |
| Net realized /unrealized gains on investments and foreign currencies | | | | | 468,934,397 | | |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | | | | $ | 466,477,789 | | |
| | | | Year Ended December 31, 2020 | | | Year Ended December 31, 2019 | | ||||||
| From Operations: | | ||||||||||||
| Net investment income (loss) | | | | $ | (2,456,608) | | | | | $ | 3,346,098 | | |
| Net realized gains (losses) on investments and foreign currency transactions | | | | | 148,040,148 | | | | | | (88,867,687) | | |
| Change in net unrealized appreciation/depreciation on investments and foreign currencies | | | | | 320,894,249 | | | | | | 264,263,933 | | |
| Net increase in net assets resulting from operations | | | | | 466,477,789 | | | | | | 178,742,344 | | |
| From Distributions: | | ||||||||||||
| Distributions to shareholders | | | | | (6,167,618) | | | | | | (12,584,780) | | |
| Net decrease in net assets from distributions | | | | | (6,167,618) | | | | | | (12,584,780) | | |
| From Capital Share Transactions: | | ||||||||||||
| Proceeds from sale of shares | | | | | 134,419,225 | | | | | | 153,882,218 | | |
| Proceeds from reinvestment of distributions | | | | | 5,771,139 | | | | | | 11,061,099 | | |
| Redemption of shares (see note 5) | | | | | (369,963,127) | | | | | | (117,120,174) | | |
| Net increase (decrease) from capital share transactions | | | | | (229,772,763) | | | | | | 47,823,143 | | |
| Total increase in net assets | | | | | 230,537,408 | | | | | | 213,980,707 | | |
| Net Assets: | | ||||||||||||
| Beginning of year | | | | | 967,118,584 | | | | | | 753,137,877 | | |
| End of year | | | | $ | 1,197,655,992 | | | | | $ | 967,118,584 | | |
| Transactions in Shares: | | ||||||||||||
| Shares sold | | | | | 11,605,267 | | | | | | 15,512,876 | | |
| Shares issued in reinvestment of distributions | | | | | 339,879 | | | | | | 1,061,357 | | |
| Less shares redeemed | | | | | (34,201,645) | | | | | | (11,788,870) | | |
| Net increase (decrease) from capital share transactions | | | | | (22,256,499) | | | | | | 4,785,363 | | |
| | | | Level 1 | | | Level 2 | | | Level 3 | | |||||||||
| Investment Securities | | | | | | | | | | | | | | | | | | | |
| Equities | | | | | | | | | | | | | | | | | | | |
| Total Asia | | | | $ | 24,776,529 | | | | | $ | 491,006,862 | | | | | $ | — | | |
| Total Australia | | | | | — | | | | | | 43,429,310 | | | | | | — | | |
| Total Europe | | | | | 53,035,709 | | | | | | 503,477,332 | | | | | | — | | |
| Total North America | | | | | 71,347,030 | | | | | | — | | | | | | — | | |
| Total Investments | | | | $ | 149,159,268 | | | | | $ | 1,037,913,504 | | | | | $ | — | | |
| | | | Increases/(Decrease) | | |||||||||
| | | | Capital | | | Accumulated Earnings | | ||||||
| International Opportunities Institutional Fund | | | | $ | (1,877,242) | | | | | $ | 1,877,242 | | |
| | | | Distributions Paid from Ordinary Income | | | Distributions Paid from Net Long-Term Capital Gains | | | Total Distributions Paid | | |||||||||
| International Opportunities Institutional Fund | | | | $ | 3,566,427 | | | | | $ | 2,601,191 | | | | | $ | 6,167,618 | | |
| | | | 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 | | |
| | | | 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 | | | | $ | — | | | | | $ | 27,879,258 | | | | | $ | — | | | | | $ | 458,839,158 | | | | | $ | 63,130 | | |
| | | Cost of Investments for Federal Tax Purposes | | | Gross Unrealized Appreciation | | | Gross Unrealized (Depreciation) | | | Unrealized Appreciation | | ||||||||||||
International Opportunities Institutional Fund | | | | $ | 728,233,614 | | | | | $ | 471,508,388 | | | | | $ | (12,669,230) | | | | | $ | 458,839,158 | | |
| | | | Years Ended December 31, | | |||||||||||||||||||||||||||
| | | | 2020 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | |||||||||||||||
| Net asset value at beginning of year | | | | $ | 10.41 | | | | | $ | 8.54 | | | | | $ | 12.77 | | | | | $ | 9.72 | | | | | $ | 10.32 | | |
| Income (loss) from investment operations: | | ||||||||||||||||||||||||||||||
| Net investment income (loss)a | | | | | (.03) | | | | | | .04 | | | | | | .04 | | | | | | .03 | | | | | | .05 | | |
| Net realized and unrealized gains (losses) on investments and foreign currency transactions | | | | | 6.66 | | | | | | 1.97 | | | | | | (3.11) | | | | | | 3.95 | | | | | | (.61) | | |
| Total from investment operations | | | | | 6.63 | | | | | | 2.01 | | | | | | (3.07) | | | | | | 3.98 | | | | | | (.56) | | |
| Redemption feesa | | | | | —c | | | | | | —c | | | | | | —c | | | | | | —c | | | | | | —c | | |
| Less dividends and distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net realized gains on investments and foreign currency transactions | | | | | (.04) | | | | | | — | | | | | | (1.15) | | | | | | (.85) | | | | | | — | | |
| Dividends from net investment income | | | | | (.05) | | | | | | (.14) | | | | | | (.01) | | | | | | (.08) | | | | | | (.04) | | |
| Total dividends and distributions | | | | | (.09) | | | | | | (.14) | | | | | | (1.16) | | | | | | (.93) | | | | | | (.04) | | |
| Net asset value at end of year | | | | $ | 16.95 | | | | | $ | 10.41 | | | | | $ | 8.54 | | | | | $ | 12.77 | | | | | $ | 9.72 | | |
| Total Return (%) | | | | | 63.65 | | | | | | 23.50 | | | | | | (23.91) | | | | | | 40.99 | | | | | | (5.43) | | |
| Ratio/Supplemental Data | | ||||||||||||||||||||||||||||||
| Net Assets at end of year (in thousands) | | | | $ | 1,197,656 | | | | | $ | 967,119 | | | | | $ | 753,138 | | | | | $ | 1,041,117 | | | | | $ | 657,477 | | |
| Ratio of gross expenses to average net assets (%) | | | | | 1.13 | | | | | | 1.12 | | | | | | 1.11 | | | | | | 1.15 | | | | | | 1.18 | | |
| Ratio of net expenses to average net assets (%)b | | | | | 1.10 | | | | | | 1.08 | | | | | | 1.08 | | | | | | 1.10 | | | | | | 1.10 | | |
| Ratio of net investment income (loss) to average net assets (%) | | | | | (.27) | | | | | | .37 | | | | | | .35 | | | | | | .29 | | | | | | .47 | | |
| Portfolio turnover rate (%) | | | | | 134 | | | | | | 153 | | | | | | 145 | | | | | | 168 | | | | | | 123d | | |
February 24, 2021
| Name, Address and Age | | | Position Held with Fund | | | Term of Office and Length of Time Served | |
| NONINTERESTED TRUSTEES | | ||||||
| Katherine Smith Dedrick (63) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Trustee | | | Trustee since November, 20041 | |
| Gary D. McDaniel (72) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Trustee | | | Trustee since April, 20041 | |
| James G. Schmidt (73) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Trustee | | | Trustee since December, 20031 | |
| INTERESTED TRUSTEES | | ||||||
| James D. Oberweis (74) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Trustee2 | | | Trustee since July, 19861 | |
| James W. Oberweis (46) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | President | | | Officer since August, 19963 | |
| Patrick B. Joyce (61) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Executive Vice President Chief Compliance Officer and Treasurer | | | Officer since October, 19943 | |
| David I. Covas (45) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Vice President | | | Officer since August, 20043 | |
| Kenneth S. Farsalas (50) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Vice President | | | Officer since August, 20093 | |
| Eric V. Hannemann (47) 3333 Warrenville Road, Suite 500 Lisle, IL 60532 | | | Secretary | | | Officer since August, 20053 | |
| Principal Occupation Last Five Years | | | Number of Portfolios Overseen by Trustee | | | Other Directorships | |
| | |||||||
| President – Smith Dedrick Properties, Inc., 2016 to present; President – KSD Law P.C., 2015 to present; President – KSD Global Consulting, Inc., 2015 to present; Executive Committee Member, Risk Worldwide NZ Ltd., 2011 to 2016; President – Aggressive Publishing, Inc., 2010 to present; Member – Risk Worldwide LLC, 2007 to 2016; Partner – Childress Duffy, Ltd., 2007 to 2015. | | | 7 | | | None | |
| | | | 7 | | | None | |
| Senior Vice President and Chief Financial Officer – Federal Heath Sign Co., May 2003 to December 2019. | | | 7 | | | None | |
| | |||||||
| Illinois State Senator, January 2013 to January 2021; Chairman – Oberweis Dairy, Inc. December, 1986 to present. | | | 7 | | | None | |
| President – Oberweis Asset Management, Inc., September, 2001 to present; Portfolio Manager from December, 1995 to present; President and Director – Oberweis Securities, Inc., September, 1996 to present. | | | Not Applicable | | | None | |
| Executive Vice President, Secretary and Director – Oberweis Asset Management, Inc., September, 1994 to present; Executive Vice President and Director – Oberweis Securities, Inc. September, 1996 to present. | | | Not Applicable | | | None | |
| Vice President – Oberweis Asset Management, Inc., September, 2003 to present. | | | Not Applicable | | | None | |
| Vice President – Oberweis Asset Management, Inc., November 2004 to present. | | | Not Applicable | | | None | |
| Vice President of Accounting – Oberweis Asset Management, Inc. and Oberweis Securities, Inc., June, 2004 to present. | | | Not Applicable | | | None | |
| | | Foreign Source Income | | | Foreign Taxes Paid | | ||||||
International Opportunities Institutional Fund | | | | $ | 0.1177 | | | | | $ | 0.0097 | | |
| | | | Beginning Account Value 7/1/20 | | | Ending Account Value 12/31/20 | | | Expenses Paid During Period 7/1/20 – 12/31/20 | | | Expense Ratio During Period 7/1/20 – 12/31/20 | | ||||||||||||
| Actual | | | | $ | 1,000.00 | | | | | $ | 1,459.79 | | | | | $ | 6.80 | | | | | | 1.10% | | |
| Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,019.61 | | | | | $ | 5.58 | | | | | | 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. |
(a) | As of December 31, 2020, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer, or persons performing similar functions. | |
(b) | During the period covered by this report, there were not any amendments to a provision of the Code of Ethics adopted in 2(a) above. | |
(c) | During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the Code of Ethics described in 2(a) above that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
(d) | A copy of the code of ethics may be obtained upon request, without charge, by contacting the registrant in writing at its principal executive office. |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT |
(a) | The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on the audit committee. |
(b) | The audit committee financial expert is James G. Schmidt. Mr. Schmidt is independent as defined in Form N-CSR Item 3 (a) (2). |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
(a)-(d)
2019 | 2020 | |||
Audit fees | 125,500 | 125,500 | ||
Audit-Related Fees | N/A | N/A | ||
Tax Fees | 29,000 | 29,000 | ||
All Other Fees | N/A | N/A |
Audit Fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings. Tax Fees principally include tax compliance, tax advice, tax planning and preparation of tax returns.
(e)(1) The registrant’s audit committee pre-approves all audit services provided by the registrant’s principal accountant for the registrant and all non-audit services provided by the registrant’s principal accountant for the registrant, its investment adviser and any entity controlling, controlled by, or under common control with the investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliate relates directly to the operations and financial reporting of the registrant.
(e)(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not Applicable.
(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment, and Adviser Affiliate that provides ongoing services to the registrant for 2020 and 2019 were $29,000. and $29,000, respectively.
(h) Non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that were not pre-approved pursuant to Paragraph (c) (7) (ii) of Rule 2-01 of Regulation S-X were considered by the registrant’s audit committee as to whether they were compatible with maintaining the principal account’s independence.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not Applicable to the registrant.
ITEM 6. | SCHEDULE OF INVESTMENTS. |
See Schedule in Item 1.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not Applicable to the registrant.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not Applicable to the registrant.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not Applicable to the registrant.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees since registrant last disclosed such procedures in its proxy statement dated April 16, 2004.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3 (c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There has been no change to the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. | EXHIBITS. |
(a) (1) | Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.406. Code of Ethics. | |
(a) (2) | Certifications pursuant to Rule 30a-2 under the Investment Company Act of 1940 (17CFR 270.30a-2) in the exact form set forth below: EX-99.CERT attached hereto. | |
(a) (3) | Any written solicitation to purchase securities under Rule 23 c-1 under the Investment Company Act of 1940 (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not Applicable to the registrant. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) The Oberweis Funds | ||
By (Signature and Title*) | /s/ James W. Oberweis | |
James W. Oberweis | ||
President, The Oberweis Funds |
Date 03/08/2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title*) | /s/ James W. Oberweis | |
James W. Oberweis | ||
President, The Oberweis Funds |
Date 03/08/2021
By (Signature and Title*) | /s/ Patrick B. Joyce | |
Patrick B. Joyce | ||
Executive Vice President and Treasurer, | ||
The Oberweis Funds |
Date 03/08/2021
/*/ | Print the name and title of each signing officer under his or her signature. |