Oberweis Micro-Cap Fund
Schedule of Investments (unaudited)
March 31, 2023
Shares | Value | |||||||||||
Equities | 96.1 | % | ||||||||||
Advertising Agencies | 0.1 | % | ||||||||||
Viad Corp.* | 11,886 | $ | 247,704 | |||||||||
Aerospace | 2.0 | % | ||||||||||
V2X, Inc.* | 77,800 | 3,090,216 | ||||||||||
VSE Corp. | 38,500 | 1,728,650 | ||||||||||
4,818,866 | ||||||||||||
Back Office Support, Human Resources & Consulting | 2.6 | % | ||||||||||
Franklin Covey Co.* | 68,200 | 2,623,654 | ||||||||||
ICF International, Inc. | 33,900 | 3,718,830 | ||||||||||
6,342,484 | ||||||||||||
Banks - Diversified | 1.6 | % | ||||||||||
Mercantile Bank Corp. | 36,700 | 1,122,286 | ||||||||||
Preferred Bank | 51,500 | 2,822,715 | ||||||||||
3,945,001 | ||||||||||||
Banks - Savings, Thrifts & Mortgage Lending | 1.5 | % | ||||||||||
Brookline Bancorp, Inc. | 150,300 | 1,578,150 | ||||||||||
Heritage Financial Corp. | 95,896 | 2,052,174 | ||||||||||
3,630,324 | ||||||||||||
Biotechnology | 4.8 | % | ||||||||||
ADMA Biologics, Inc.* | 1,169,500 | 3,871,045 | ||||||||||
Catalyst Pharmaceuticals, Inc.* | 147,400 | 2,443,892 | ||||||||||
Dynavax Technologies Corp.* | 176,900 | 1,735,389 | ||||||||||
Veracyte, Inc.* | 157,500 | 3,512,250 | ||||||||||
11,562,576 | ||||||||||||
Building Materials | 1.0 | % | ||||||||||
LSI Industries, Inc. | 180,700 | 2,517,151 | ||||||||||
Casinos & Gambling | 0.7 | % | ||||||||||
Full House Resorts, Inc.* | 223,143 | 1,613,324 | ||||||||||
Commercial Services - Rental & Leasing | 1.0 | % | ||||||||||
H&E Equipment Services, Inc. | 55,800 | 2,468,034 | ||||||||||
Commercial Vehicles & Parts | 2.0 | % | ||||||||||
Blue Bird Corp.* | 127,300 | 2,600,739 | ||||||||||
Modine Manufacturing Co.* | 95,800 | 2,208,190 | ||||||||||
4,808,929 | ||||||||||||
Communications Technology | 6.7 | % | ||||||||||
ADTRAN, Inc. | 131,300 | 2,082,418 | ||||||||||
Aviat Networks, Inc.* | 94,507 | 3,256,711 | ||||||||||
Bel Fuse, Inc. | 96,500 | 3,626,470 | ||||||||||
Extreme Networks, Inc.* | 201,000 | 3,843,120 | ||||||||||
Harmonic, Inc.* | 152,500 | 2,224,975 | ||||||||||
KVH Industries, Inc.* | 91,000 | 1,035,580 | ||||||||||
16,069,274 | ||||||||||||
Computer Services Software & Systems | 7.0 | % | ||||||||||
A10 Networks, Inc. | 213,700 | 3,310,213 | ||||||||||
Avid Technology, Inc.* | 65,000 | 2,078,700 | ||||||||||
Model N, Inc.* | 97,900 | 3,276,713 | ||||||||||
OneSpan, Inc.* | 361,300 | 6,322,750 | ||||||||||
PDF Solutions, Inc.* | 43,000 | 1,823,200 | ||||||||||
16,811,576 | ||||||||||||
Computer Technology | 0.9 | % | ||||||||||
ScanSource, Inc.* | 72,900 | 2,219,076 | ||||||||||
Consumer Lending | 1.3 | % | ||||||||||
EZCORP, Inc.* | 371,500 | 3,194,900 | ||||||||||
Consumer Services - Miscellaneous | 4.0 | % | ||||||||||
Perion Network Ltd.* | 166,300 | 6,582,154 | ||||||||||
SP Plus Corp.* | 86,800 | 2,976,372 | ||||||||||
9,558,526 | ||||||||||||
Containers & Packaging | 2.5 | % | ||||||||||
Veritiv Corp. | 43,948 | 5,939,133 | ||||||||||
Construction | 2.4 | % | ||||||||||
Granite Construction, Inc. | 47,500 | 1,951,300 | ||||||||||
Sterling Construction Co. Inc.* | 97,900 | 3,708,452 | ||||||||||
5,659,752 | ||||||||||||
Diversified Manufacturing Operations | 4.7 | % | ||||||||||
NerdWallet, Inc.* | 229,700 | 3,716,546 | ||||||||||
Playa Hotels & Resorts NV* | 383,200 | 3,678,720 | ||||||||||
Treace Medical Concepts, Inc.* | 154,300 | 3,886,817 | ||||||||||
11,282,083 | ||||||||||||
Electronic Entertainment | 1.3 | % | ||||||||||
Everi Hldgs. Inc.* | 176,700 | 3,030,405 | ||||||||||
Financial Data & Systems | 1.0 | % | ||||||||||
International Money Express, Inc.* | 91,800 | 2,366,604 | ||||||||||
Food | 2.8 | % | ||||||||||
SunOpta, Inc.* | 420,800 | 3,240,160 | ||||||||||
The Chefs' Warehouse, Inc.* | 103,600 | 3,527,580 | ||||||||||
6,767,740 | ||||||||||||
Home Building | 0.6 | % | ||||||||||
M/I Homes, Inc.* | 24,200 | 1,526,778 | ||||||||||
Insurance - Property Casualty | 1.0 | % | ||||||||||
Employers Hldgs., Inc. | 57,900 | 2,413,851 | ||||||||||
Machinery - Agriculture | 0.8 | % | ||||||||||
Titan Machinery, Inc.* | 60,100 | 1,830,045 | ||||||||||
Medical & Dental Instruments & Supplies | 4.2 | % | ||||||||||
Alphatec Hldgs., Inc.* | 263,900 | 4,116,840 | ||||||||||
LeMaitre Vascular, Inc. | 28,700 | 1,477,189 | ||||||||||
TransMedics Group, Inc.* | 58,000 | 4,392,340 | ||||||||||
9,986,369 | ||||||||||||
Medical Equipment | 4.5 | % | ||||||||||
Lantheus Hldgs., Inc.* | 79,200 | 6,538,752 | ||||||||||
Tactile Systems Technology, Inc.* | 259,550 | 4,261,811 | ||||||||||
10,800,563 | ||||||||||||
Metal Fabricating | 1.1 | % | ||||||||||
Haynes International, Inc. | 50,900 | 2,549,581 | ||||||||||
Oil Crude Producer | 1.0 | % | ||||||||||
Earthstone Energy, Inc.* | 191,900 | 2,496,619 | ||||||||||
Oil Well Equipment & Services | 3.2 | % | ||||||||||
MRC Global, Inc.* | 175,300 | 1,703,916 | ||||||||||
Nine Energy Service, Inc.* | 225,200 | 1,252,112 | ||||||||||
Patterson-UTI Energy, Inc. | 163,894 | 1,917,560 | ||||||||||
RPC, Inc. | 363,400 | 2,794,546 | ||||||||||
7,668,134 | ||||||||||||
Pharmaceuticals | 1.5 | % | ||||||||||
Amphastar Pharmaceuticals, Inc.* | 97,300 | 3,648,750 | ||||||||||
Production Technology Equipment | 15.2 | % | ||||||||||
ACM Research, Inc.* | 215,600 | 2,522,520 | ||||||||||
Aehr Test Systems* | 342,400 | 10,621,248 | ||||||||||
Axcelis Technologies, Inc.* | 87,100 | 11,606,075 | ||||||||||
Impinj, Inc.* | 33,400 | 4,526,368 | ||||||||||
Photronics, Inc.* | 169,300 | 2,806,994 | ||||||||||
Ultra Clean Hldgs., Inc.* | 132,700 | 4,400,332 | ||||||||||
36,483,537 | ||||||||||||
Scientific Instruments - Electrical | 1.0 | % | ||||||||||
Allied Motion Technologies, Inc. | 56,600 | 2,187,590 | ||||||||||
RF Industries Ltd.* | 63,100 | 273,854 | ||||||||||
2,461,444 | ||||||||||||
Scientific Instruments - Gauges & Meters | 0.9 | % | ||||||||||
Vishay Precision Group, Inc.* | 53,400 | 2,229,984 | ||||||||||
Scientific Instruments - Pollution Control | 1.3 | % | ||||||||||
CECO Environmental Corp.* | 222,600 | 3,114,174 | ||||||||||
Semiconductors & Components | 0.7 | % | ||||||||||
Amtech Systems, Inc.* | 118,900 | 1,134,306 | ||||||||||
CVD Equipment Corp.* | 32,300 | 429,590 | ||||||||||
1,563,896 | ||||||||||||
Specialty Retail | 4.3 | % | ||||||||||
Alta Equipment Group, Inc. | 108,000 | 1,711,800 | ||||||||||
Boot Barn Hldgs., Inc.* | 41,200 | 3,157,568 | ||||||||||
Caleres, Inc. | 57,600 | 1,245,888 | ||||||||||
Destination XL Group, Inc.* | 410,617 | 2,262,500 | ||||||||||
Guess', Inc. | 96,200 | 1,872,052 | ||||||||||
10,249,808 | ||||||||||||
Technology - Miscellaneous | 1.4 | % | ||||||||||
Camtek Ltd.* | 117,680 | 3,336,228 | ||||||||||
Textiles Apparel & Shoes | 1.5 | % | ||||||||||
Oxford Industries, Inc. | 24,600 | 2,597,514 | ||||||||||
Rocky Brands, Inc. | 36,100 | 832,827 | ||||||||||
3,430,341 | ||||||||||||
Total Equities | ||||||||||||
(Cost: $190,055,523) | $ | 230,643,564 | ||||||||||
Total Investments | 96.1 | % | ||||||||||
(Cost: $190,055,523) | $ | 230,643,564 | ||||||||||
Other Assets Less Liabilities | 3.9 | % | 9,241,973 | |||||||||
Net Assets - 100% | $ | 239,885,537 |
* Non-income producing security during the period ended March 31, 2023
Oberweis Small-Cap Opportunities Fund
Schedule of Investments (unaudited)
March 31, 2023
Shares | Value | |||||||||||
Equities | 98.1 | % | ||||||||||
Aerospace | 1.2 | % | ||||||||||
ATI, Inc.* | 72,900 | $ | 2,876,634 | |||||||||
Auto Parts | 2.2 | % | ||||||||||
Visteon Corp.* | 34,800 | 5,457,684 | ||||||||||
Back Office Support, Human Resources & Consulting | 3.6 | % | ||||||||||
ICF International, Inc. | 29,500 | 3,236,150 | ||||||||||
Insperity, Inc. | 19,100 | 2,321,605 | ||||||||||
Maximus, Inc. | 40,800 | 3,210,960 | ||||||||||
8,768,715 | ||||||||||||
Banks - Diversified | 1.3 | % | ||||||||||
First Merchants Corp. | 42,100 | 1,387,195 | ||||||||||
Washington Federal, Inc. | 58,200 | 1,752,984 | ||||||||||
3,140,179 | ||||||||||||
Beverage - Brewers & Distillers | 1.3 | % | ||||||||||
MGP Ingredients, Inc. | 31,800 | 3,075,696 | ||||||||||
Biotechnology | 1.1 | % | ||||||||||
Halozyme Therapeutics, Inc.* | 72,800 | 2,780,232 | ||||||||||
Casinos & Gambling | 1.1 | % | ||||||||||
Monarch Casino and Resort, Inc. | 35,400 | 2,624,910 | ||||||||||
Chemicals - Diversified | 2.0 | % | ||||||||||
Cabot Corp. | 38,700 | 2,965,968 | ||||||||||
Univar Solutions, Inc.* | 51,600 | 1,807,548 | ||||||||||
4,773,516 | ||||||||||||
Chemicals - Specialty | 1.2 | % | ||||||||||
Quaker Chemical Corp. | 14,400 | 2,850,480 | ||||||||||
Commercial Vehicles & Parts | 2.5 | % | ||||||||||
Allison Transmission Hldgs., Inc. | 66,400 | 3,003,936 | ||||||||||
Federal Signal Corp. | 58,300 | 3,160,443 | ||||||||||
6,164,379 | ||||||||||||
Communications Technology | 3.0 | % | ||||||||||
Calix, Inc.* | 61,100 | 3,274,349 | ||||||||||
Ciena Corp.* | 75,400 | 3,960,008 | ||||||||||
7,234,357 | ||||||||||||
Computer Services Software & Systems | 3.2 | % | ||||||||||
Alteryx, Inc.* | 56,200 | 3,306,808 | ||||||||||
New Relic, Inc.* | 29,300 | 2,205,997 | ||||||||||
Zeta Global Hldgs. Corp.* | 213,300 | 2,310,038 | ||||||||||
7,822,843 | ||||||||||||
Computer Technology | 1.2 | % | ||||||||||
Synaptics, Inc.* | 27,000 | 3,001,050 | ||||||||||
Consumer Lending | 0.8 | % | ||||||||||
FirstCash Hldgs., Inc. | 21,400 | 2,040,918 | ||||||||||
Consumer Services - Miscellaneous | 2.3 | % | ||||||||||
Perion Network Ltd.* | 142,600 | 5,644,108 | ||||||||||
Containers & Packaging | 2.4 | % | ||||||||||
O-I Glass, Inc.* | 120,000 | 2,725,200 | ||||||||||
Veritiv Corp. | 23,542 | 3,181,466 | ||||||||||
5,906,666 | ||||||||||||
Cosmetics | 1.4 | % | ||||||||||
Inter Parfums, Inc. | 24,400 | 3,470,656 | ||||||||||
Diversified Manufacturing Operations | 7.5 | % | ||||||||||
Alight, Inc.* | 241,756 | 2,226,573 | ||||||||||
Allegro MicroSystems, Inc.* | 123,500 | 5,926,765 | ||||||||||
Amylyx Pharmaceuticals, Inc.* | 60,305 | 1,769,349 | ||||||||||
Inmode Ltd.* | 95,500 | 3,052,180 | ||||||||||
Janus International Group, Inc.* | 212,000 | 2,090,320 | ||||||||||
MP Materials Corp.* | 52,600 | 1,482,794 | ||||||||||
Weatherford International PLC* | 29,300 | 1,738,955 | ||||||||||
18,286,936 | ||||||||||||
Diversified Materials & Processing | 1.0 | % | ||||||||||
Hexcel Corp. | 34,600 | 2,361,450 | ||||||||||
Education Services | 0.7 | % | ||||||||||
2U, Inc.* | 264,300 | 1,810,455 | ||||||||||
Electronic Entertainment | 0.9 | % | ||||||||||
Everi Hldgs., Inc.* | 124,600 | 2,136,890 | ||||||||||
Environmental, Maintenance & Security Services | 1.1 | % | ||||||||||
ABM Industries, Inc. | 57,900 | 2,602,026 | ||||||||||
Healthcare Management Services | 1.3 | % | ||||||||||
Option Care Health, Inc.* | 97,400 | 3,094,398 | ||||||||||
Healthcare Services | 2.3 | % | ||||||||||
Acadia Healthcare Co., Inc.* | 27,200 | 1,965,200 | ||||||||||
Evolent Health, Inc.* | 110,400 | 3,582,480 | ||||||||||
5,547,680 | ||||||||||||
Insurance - Life | 0.8 | % | ||||||||||
Unum Group | 51,000 | 2,017,560 | ||||||||||
Leisure Time | 2.7 | % | ||||||||||
SeaWorld Entertainment, Inc.* | 59,700 | 3,660,207 | ||||||||||
Topgolf Callaway Brands Corp.* | 138,300 | 2,990,046 | ||||||||||
6,650,253 | ||||||||||||
Machinery - Industrial | 2.4 | % | ||||||||||
Applied Industrial Technologies, Inc. | 18,800 | 2,672,044 | ||||||||||
Franklin Electric Co., Inc. | 34,500 | 3,246,450 | ||||||||||
5,918,494 | ||||||||||||
Medical & Dental Instruments & Supplies | 4.4 | % | ||||||||||
Alphatec Hldgs., Inc.* | 239,200 | 3,731,520 | ||||||||||
Merit Medical Systems, Inc.* | 43,800 | 3,239,010 | ||||||||||
TransMedics Group, Inc.* | 50,300 | 3,809,219 | ||||||||||
10,779,749 | ||||||||||||
Medical Equipment | 6.1 | % | ||||||||||
Axonics, Inc.* | 66,700 | 3,639,152 | ||||||||||
Haemonetics Corp.* | 36,900 | 3,053,475 | ||||||||||
Inspire Medical Systems, Inc.* | 5,950 | 1,392,717 | ||||||||||
Lantheus Hldgs., Inc.* | 64,400 | 5,316,864 | ||||||||||
Shockwave Medical, Inc.* | 6,850 | 1,485,286 | ||||||||||
14,887,494 | ||||||||||||
Oil Crude Producer | 2.7 | % | ||||||||||
Comstock Resources, Inc. | 132,300 | 1,427,517 | ||||||||||
Magnolia Oil & Gas Corp. | 77,400 | 1,693,512 | ||||||||||
Matador Resources Co. | 37,400 | 1,782,110 | ||||||||||
PDC Energy, Inc. | 24,700 | 1,585,246 | ||||||||||
6,488,385 | ||||||||||||
Oil Well Equipment & Services | 1.3 | % | ||||||||||
Liberty Energy, Inc. | 109,900 | 1,407,819 | ||||||||||
NOV, Inc. | 90,475 | 1,674,692 | ||||||||||
3,082,511 | ||||||||||||
Paper | 0.8 | % | ||||||||||
Clearwater Paper Corp.* | 56,500 | 1,888,230 | ||||||||||
Pharmaceuticals | 1.2 | % | ||||||||||
Amphastar Pharmaceuticals, Inc.* | 80,900 | 3,033,750 | ||||||||||
Power Transmission Equipment | 1.6 | % | ||||||||||
Belden, Inc. | 43,800 | 3,800,526 | ||||||||||
Production Technology Equipment | 11.4 | % | ||||||||||
Aehr Test Systems* | 356,408 | 11,055,776 | ||||||||||
Axcelis Technologies, Inc.* | 82,100 | 10,939,825 | ||||||||||
Impinj, Inc.* | 35,600 | 4,824,512 | ||||||||||
Novanta, Inc.* | 7,000 | 1,113,630 | ||||||||||
27,933,743 | ||||||||||||
Restaurants | 0.6 | % | ||||||||||
Texas Roadhouse, Inc. | 13,300 | 1,437,198 | ||||||||||
Scientific Instruments - Pollution Control | 2.0 | % | ||||||||||
Clean Harbors, Inc.* | 33,800 | 4,818,528 | ||||||||||
Semiconductors & Components | 6.3 | % | ||||||||||
FormFactor, Inc.* | 101,500 | 3,232,775 | ||||||||||
MACOM Technology Solutions Hldgs., Inc.* | 44,100 | 3,124,044 | ||||||||||
MaxLinear, Inc.* | 85,000 | 2,992,850 | ||||||||||
Silicon Laboratories, Inc.* | 17,150 | 3,002,794 | ||||||||||
SiTime Corp.* | 21,800 | 3,100,614 | ||||||||||
15,453,077 | ||||||||||||
Shipping | 0.9 | % | ||||||||||
International Seaways, Inc. | 51,400 | 2,142,352 | ||||||||||
Specialty Retail | 0.4 | % | ||||||||||
Murphy USA, Inc. | 4,000 | 1,032,200 | ||||||||||
Technology - Miscellaneous | 1.2 | % | ||||||||||
Fabrinet* | 25,700 | 3,052,132 | ||||||||||
Textiles, Apparel & Shoes | 4.7 | % | ||||||||||
Crocs, Inc.* | 43,200 | 5,462,208 | ||||||||||
Deckers Outdoor Corp.* | 8,800 | 3,956,040 | ||||||||||
Kontoor Brands, Inc. | 46,300 | 2,240,457 | ||||||||||
11,658,705 | ||||||||||||
Total Equities | ||||||||||||
(Cost: $212,115,882) | $ | 239,547,745 | ||||||||||
Total Investments | 98.1 | % | ||||||||||
(Cost: $212,115,882) | $ | 239,547,745 | ||||||||||
Other Assets Less Liabilities | 1.9 | % | 4,747,640 | |||||||||
Net Assets - 100% | $ | 244,295,385 |
* Non-income producing security during the period ended March 31, 2023
Oberweis Global Opportunities Fund
Schedule of Investments (unaudited) a
March 31, 2023
Shares | Value | |||||||||||
Equities | 99.1 | % | ||||||||||
Australia | 1.2 | % | ||||||||||
IDP Education Ltd. | 35,000 | $ | 644,997 | |||||||||
Brazil | 1.1 | % | ||||||||||
TOTVS SA | 110,000 | 611,148 | ||||||||||
Canada | 5.6 | % | ||||||||||
Aritzia, Inc.* | 14,300 | 458,891 | ||||||||||
ATS Corp.* | 25,000 | 1,046,800 | ||||||||||
BRP, Inc. | 8,800 | 688,633 | ||||||||||
TFI International, Inc. | 7,800 | 930,749 | ||||||||||
3,125,073 | ||||||||||||
China | 5.0 | % | ||||||||||
Dada Nexus Ltd. ADS* | 143,342 | 1,214,107 | ||||||||||
Li Ning Co. Ltd.* | 61,500 | 483,630 | ||||||||||
MINISO Group Hldg. Ltd. ADS* | 35,000 | 620,900 | ||||||||||
New Horizon Health Ltd.* | 132,500 | 459,166 | ||||||||||
2,777,803 | ||||||||||||
Finland | 1.2 | % | ||||||||||
Kemira Oyj | 38,000 | 669,473 | ||||||||||
France | 1.3 | % | ||||||||||
Rexel SA* | 29,700 | 706,097 | ||||||||||
Germany | 4.4 | % | ||||||||||
AIXTRON SE* | 30,000 | 1,019,610 | ||||||||||
Elmos Semiconductor SE* | 14,800 | 1,440,558 | ||||||||||
2,460,168 | ||||||||||||
Israel | 4.2 | % | ||||||||||
Inmode Ltd.* | 19,400 | 620,024 | ||||||||||
Perion Network Ltd.* | 43,200 | 1,709,856 | ||||||||||
2,329,880 | ||||||||||||
Japan | 7.8 | % | ||||||||||
BayCurrent Consulting, Inc. | 46,000 | 1,909,834 | ||||||||||
Fuji Electric Co. Ltd. | 31,000 | 1,224,201 | ||||||||||
Future Corp. | 84,400 | 1,166,652 | ||||||||||
4,300,687 | ||||||||||||
Netherlands | 1.0 | % | ||||||||||
Aalberts NV* | 11,400 | 538,485 | ||||||||||
Spain | 0.9 | % | ||||||||||
Banco de Sabadell SA | 450,000 | 483,917 | ||||||||||
Sweden | 2.7 | % | ||||||||||
HMS Networks AB* | 21,900 | 894,929 | ||||||||||
Saab AB* | 10,000 | 607,511 | ||||||||||
1,502,440 | ||||||||||||
Switzerland | 1.3 | % | ||||||||||
u-blox Hldg. AG* | 5,000 | 698,745 | ||||||||||
Taiwan | 2.3 | % | ||||||||||
M31 Technology Corp.* | 58,000 | 1,276,240 | ||||||||||
United Kingdom | 8.1 | % | ||||||||||
Ashtead Technology Hldgs. PLC* | 459,400 | 1,722,892 | ||||||||||
Intermediate Capital Group PLC | 75,100 | 1,133,606 | ||||||||||
Oxford Instruments PLC | 19,200 | 593,338 | ||||||||||
Premier Foods PLC* | 365,400 | 547,514 | ||||||||||
RS GROUP PLC | 41,900 | 473,755 | ||||||||||
4,471,105 | ||||||||||||
United States of America | 51.0 | % | ||||||||||
Acadia Healthcare Co., Inc.* | 7,600 | 549,100 | ||||||||||
Alphatec Hldgs., Inc.* | 85,300 | 1,330,680 | ||||||||||
Axcelis Technologies, Inc.* | 25,149 | 3,351,104 | ||||||||||
Axonics, Inc.* | 10,000 | 545,600 | ||||||||||
Bel Fuse, Inc. | 25,000 | 939,500 | ||||||||||
Belden, Inc. | 24,500 | 2,125,865 | ||||||||||
Cabot Corp. | 8,400 | 643,776 | ||||||||||
Ciena Corp.* | 19,000 | 997,880 | ||||||||||
Clean Harbors, Inc.* | 7,900 | 1,126,224 | ||||||||||
Comstock Resources, Inc. | 64,900 | 700,271 | ||||||||||
Crocs, Inc.* | 9,500 | 1,201,180 | ||||||||||
Deckers Outdoor Corp.* | 4,300 | 1,933,065 | ||||||||||
Evolent Health, Inc.* | 29,600 | 960,520 | ||||||||||
Fabrinet* | 5,200 | 617,552 | ||||||||||
Halozyme Therapeutics, Inc.* | 57,200 | 2,184,468 | ||||||||||
Impinj, Inc.* | 21,700 | 2,940,784 | ||||||||||
Lantheus Hldgs., Inc.* | 15,500 | 1,279,680 | ||||||||||
MaxLinear, Inc.* | 20,100 | 707,721 | ||||||||||
Model N, Inc.* | 16,200 | 542,214 | ||||||||||
RPC, Inc. | 159,000 | 1,222,710 | ||||||||||
Silicon Laboratories, Inc.* | 3,200 | 560,288 | ||||||||||
Synaptics, Inc.* | 4,900 | 544,635 | ||||||||||
Veracyte, Inc.* | 23,000 | 512,900 | ||||||||||
Visteon Corp.* | 4,600 | 721,418 | ||||||||||
28,239,135 | ||||||||||||
Total Equities | ||||||||||||
(Cost: $46,001,404) | $ | 54,835,393 | ||||||||||
Total Investments - | 99.1 | % | ||||||||||
(Cost: $46,001,404) | $ | 54,835,393 | ||||||||||
Other Assets Less Liabilities. | 0.9 | % | 506,638 | |||||||||
Net Assets - 100% | $ | 55,342,031 |
a Certain securities were fair valued under the discretion of the Board of Trustees
* Non-income producing security during the period ended March 31, 2023
ADS - American depositary share
SECTOR ALLOCATIONS (As a Percentage of Net Assets) | ||||
Communication Services | 3.1 | % | ||
Consumer Discretionary | 12.2 | % | ||
Consumer Staples | 3.2 | % | ||
Energy | 3.5 | % | ||
Financials | 2.9 | % | ||
Healthcare | 15.3 | % | ||
Industrials | 18.6 | % | ||
Information Technology | 38.0 | % | ||
Materials | 2.3 | % |
Oberweis China Opportunities Fund
Schedule of Investments (unaudited) a
March 31, 2023
Shares | Value | |||||||||||
Equities | 100.7 | % | ||||||||||
Automobiles | 0.4 | % | ||||||||||
Yadea Group Hldgs. Ltd.* | 100,000 | $ | 257,592 | |||||||||
Beverages | 4.9 | % | ||||||||||
China Resources Beer Hldgs. Co. Ltd.* | 120,000 | 964,010 | ||||||||||
Luzhou Laojiao Co. Ltd.* | 30,000 | 1,107,903 | ||||||||||
Wuliangye Yibin Co. Ltd.* | 25,000 | 714,255 | ||||||||||
2,786,168 | ||||||||||||
Biotechnology | 1.2 | % | ||||||||||
Shanghai Haohai Biological Technology Co. Ltd.* | 130,000 | 683,625 | ||||||||||
Broadline Retail | 12.3 | % | ||||||||||
Alibaba Group Hldg. Ltd.* | 230,000 | 2,913,065 | ||||||||||
JD.com, Inc.* | 30,000 | 655,086 | ||||||||||
MINISO Group Hldg. Ltd. ADS* | 90,000 | 1,596,600 | ||||||||||
Pinduoduo, Inc. ADS* | 25,000 | 1,897,500 | ||||||||||
7,062,251 | ||||||||||||
Communications Equipment | 2.4 | % | ||||||||||
Zhongji Innolight Co. Ltd.* | 160,000 | 1,371,359 | ||||||||||
Construction & Engineering | 0.2 | % | ||||||||||
Runjian Co. Ltd.* | 20,010 | 139,445 | ||||||||||
Consumer Staples Distribution & Retail | 3.2 | % | ||||||||||
Dada Nexus Ltd. ADS* | 140,000 | 1,185,800 | ||||||||||
Great Tree Pharmacy Co. Ltd.* | 55,000 | 659,016 | ||||||||||
1,844,816 | ||||||||||||
Diversified Consumer Services | 1.7 | % | ||||||||||
New Oriental Education & Technology Group, Inc.* | 255,000 | 978,576 | ||||||||||
Electrical Equipment | 2.5 | % | ||||||||||
Chung-Hsin Electric & Machinery Manufacturing Corp.* | 250,000 | 780,340 | ||||||||||
Teco Electric and Machinery Co. Ltd.* | 450,000 | 629,499 | ||||||||||
1,409,839 | ||||||||||||
Electronic Equipment, Instruments & Components | 3.9 | % | ||||||||||
BOE Varitronix Ltd.* | 70,000 | 121,007 | ||||||||||
Cowell e Hldgs., Inc.* | 200,000 | 478,416 | ||||||||||
M3 Technology, Inc.* | 50,000 | 262,545 | ||||||||||
Shengyi Technology Co. Ltd.* | 250,009 | 672,527 | ||||||||||
Sunny Optical Technology Group Co. Ltd.* | 60,000 | 723,998 | ||||||||||
2,258,493 | ||||||||||||
Entertainment | 7.4 | % | ||||||||||
Bilibili, Inc.* | 20,000 | 470,605 | ||||||||||
Kingsoft Corp. Ltd.* | 130,000 | 639,070 | ||||||||||
Maoyan Entertainment* | 250,000 | 269,156 | ||||||||||
NetEase, Inc. | 90,000 | 1,588,760 | ||||||||||
Tencent Music Entertainment Group ADS* | 155,000 | 1,283,400 | ||||||||||
4,250,991 | ||||||||||||
Healthcare Equipments & Supplies | 3.2 | % | ||||||||||
AK Medical Hldgs. Ltd.* | 1,000,000 | 1,170,461 | ||||||||||
Angelalign Technology, Inc.* | 45,000 | 669,127 | ||||||||||
1,839,588 | ||||||||||||
Healthcare Providers & Services | 2.9 | % | ||||||||||
Hygeia Healthcare Hldgs. Co. Ltd.* | 160,000 | 1,140,882 | ||||||||||
New Horizon Health Ltd.* | 155,000 | 537,138 | ||||||||||
1,678,020 | ||||||||||||
Hotels, Restaurants & Leisure | 12.7 | % | ||||||||||
H World Group Ltd.* | 250,000 | 1,223,742 | ||||||||||
Helens International Hldgs. Co. Ltd.* | 350,000 | 599,288 | ||||||||||
Jiumaojiu International Hldgs. Ltd.* | 260,000 | 618,102 | ||||||||||
Meituan* | 80,000 | 1,451,377 | ||||||||||
Sands China Ltd.* | 350,000 | 1,215,898 | ||||||||||
Super Hi International Hldg. Ltd.* | 200,000 | 502,427 | ||||||||||
Trip.com Group Ltd.* | 45,000 | 1,695,304 | ||||||||||
7,306,138 | ||||||||||||
Household Durables | 0.3 | % | ||||||||||
Hisense Home Appliances Group Co. Ltd.* | 100,000 | 172,740 | ||||||||||
Insurance | 2.0 | % | ||||||||||
China Life Insurance Co. Ltd.* | 700,000 | 1,148,746 | ||||||||||
Interactive Media & Services | 5.3 | % | ||||||||||
Baidu, Inc.* | 20,000 | 376,826 | ||||||||||
Tencent Hldgs. Ltd.* | 55,000 | 2,687,813 | ||||||||||
3,064,639 | ||||||||||||
Life Sciences Tools & Services | 1.3 | % | ||||||||||
Wuxi Biologics (Cayman), Inc.* | 125,000 | 770,245 | ||||||||||
Machinery | 2.1 | % | ||||||||||
Airtac International Group* | 15,000 | 586,641 | ||||||||||
Morimatsu International Hldgs. Co. Ltd.* | 500,000 | 596,670 | ||||||||||
1,183,311 | ||||||||||||
Metals & Mining | 2.5 | % | ||||||||||
Aluminum Corp. of China Ltd.* | 800,000 | 405,203 | ||||||||||
CMOC Group Ltd.* | 1,704,000 | 1,031,487 | ||||||||||
1,436,690 | ||||||||||||
Oil, Gas & Consumable Fuels | 0.4 | % | ||||||||||
China Merchants Energy Shipping Co. Ltd.* | 250,000 | 255,151 | ||||||||||
Pharmaceuticals | 0.7 | % | ||||||||||
Lotus Pharmaceutical Co. Ltd.* | 50,000.00 | 414,064 | ||||||||||
Real Estate Management & Development | 5.1 | % | ||||||||||
China Resources Mixc Lifestyle Services Ltd. | 221,538 | 1,164,791 | ||||||||||
KE Hldgs., Inc. ADS* | 40,000 | 753,600 | ||||||||||
Longfor Group Hldgs. Ltd. | 350,000 | 987,129 | ||||||||||
2,905,520 | ||||||||||||
Semiconductors & Semiconductor Equipment | 10.6 | % | ||||||||||
Alchip Technologies Ltd.* | 20,000 | 819,056 | ||||||||||
AP Memory Technology Corp.* | 70,000 | 749,303 | ||||||||||
ASMedia Technology, Inc.* | 35,000 | 1,323,231 | ||||||||||
Global Unichip Corp.* | 10,000 | 357,805 | ||||||||||
JCET Group Co. Ltd.* | 180,000 | 851,733 | ||||||||||
King Yuan Electronics Co. Ltd.* | 350,000 | 559,622 | ||||||||||
M31 Technology Corp.* | 65,000 | 1,430,269 | ||||||||||
6,091,019 | ||||||||||||
Software | 2.3 | % | ||||||||||
Hundsun Technologies, Inc.* | 110,061 | 852,905 | ||||||||||
Weimob, Inc.* | 750,000 | 464,261 | ||||||||||
1,317,166 | ||||||||||||
Specialty Retail | 1.2 | % | ||||||||||
China Tourism Group Duty Free Corp. Ltd.* | 25,000 | 667,597 | ||||||||||
Technology Hardware, Storage & Peripherals | 3.3 | % | ||||||||||
Innodisk Corp.* | 55,000 | 568,572 | ||||||||||
Inventec Corp.* | 500,000 | 525,542 | ||||||||||
Wistron Corp.* | 600,000 | 825,995 | ||||||||||
1,920,109 | ||||||||||||
Textiles, Apparel & Luxury Goods | 1.6 | % | ||||||||||
Li Ning Co. Ltd.* | 115,000 | 904,350 | ||||||||||
Transportation Infrastructure | 1.8 | % | ||||||||||
Shanghai International Airport Co. Ltd.* | 120,000 | 973,589 | ||||||||||
Utilities - Gas | 1.3 | % | ||||||||||
China Resources Gas Group Ltd.* | 180,000 | 662,112 | ||||||||||
Total Equities | ||||||||||||
(Cost: $52,440,325) | $ | 57,753,949 | ||||||||||
Short-Term Investments | 0.7 | % | ||||||||||
Fidelity Investments Money Market Government Portfolio Class I 4.72%b | 393,648 | 393,648 | ||||||||||
Total Short-Term Investments | ||||||||||||
(Cost: $393,648) | $ | 393,648 | ||||||||||
Total Investments | 101.4 | % | ||||||||||
(Cost: $52,833,973) | $ | 58,147,597 | ||||||||||
Other Laibilities Less Assets | (1.4 | )% | (805,954 | ) | ||||||||
Net Assets - 100% | $ | 57,341,643 |
a Certain securities were fair valued under the discretion of the Board of Trustees
b Annualized seven-day effective yield as of March 31, 2023.
* Non-income producing security during the period ended March 31, 2023
ADS - American depositary share
COUNTRY ALLOCATION (As a Percentage of Net Assets) | ||||
China ( Includes the People's Republic of China, Taiwan, Singapore and Hong Kong) | 100.7 | % |
Oberweis International Opportunities Fund
Schedule of Investments (unaudited) a
March 31, 2023
Shares | Value | |||||||||||
Equities | 97.8 | % | ||||||||||
Australia | 6.0 | % | ||||||||||
Elders Ltd.* | 269,900 | $ | 1,561,325 | |||||||||
GrainCorp Ltd.* | 451,900 | 2,097,136 | ||||||||||
IDP Education Ltd. | 93,000 | 1,713,848 | ||||||||||
JB Hi-Fi Ltd. | 64,500 | 1,840,785 | ||||||||||
Super Retail Group Ltd. | 194,700 | 1,646,595 | ||||||||||
8,859,689 | ||||||||||||
Austria | 2.5 | % | ||||||||||
ANDRITZ AG | 53,800 | 3,640,272 | ||||||||||
Belgium | 1.4 | % | ||||||||||
Barco NV* | 69,000 | 2,056,643 | ||||||||||
Canada | 16.1 | % | ||||||||||
Ag Growth International, Inc. | 45,200 | 2,050,806 | ||||||||||
Aritzia, Inc.* | 53,600 | 1,720,038 | ||||||||||
ATS Corp.* | 120,400 | 5,041,388 | ||||||||||
BRP, Inc. | 25,700 | 2,011,122 | ||||||||||
Element Fleet Management Corp. | 135,600 | 1,780,910 | ||||||||||
Finning International, Inc. | 64,300 | 1,602,861 | ||||||||||
Gildan Activewear, Inc. | 24,400 | 810,625 | ||||||||||
Parex Resources, Inc. | 118,324 | 2,201,010 | ||||||||||
Stantec, Inc. | 42,000 | 2,455,361 | ||||||||||
TFI International, Inc. | 20,300 | 2,422,331 | ||||||||||
Toromont Industries Ltd. | 19,800 | 1,625,168 | ||||||||||
23,721,620 | ||||||||||||
Denmark | 2.6 | % | ||||||||||
D/S Norden A/S | 35,100 | 2,360,443 | ||||||||||
Jyske Bank A/S* | 20,900 | 1,464,609 | ||||||||||
3,825,052 | ||||||||||||
Finland | 4.3 | % | ||||||||||
Cargotec Oyj | 37,800 | 1,840,099 | ||||||||||
Metso Outotec Oyj* | 158,200 | 1,727,418 | ||||||||||
Outokumpu Oyj | 376,900 | 2,052,983 | ||||||||||
Valmet Oyj | 24,400 | 792,102 | ||||||||||
6,412,602 | ||||||||||||
France | 11.3 | % | ||||||||||
Edenred SA* | 63,500 | 3,758,166 | ||||||||||
Nexans SA* | 7,450 | 742,292 | ||||||||||
Rexel SA* | 260,300 | 6,188,455 | ||||||||||
SEB SA* | 11,600 | 1,319,874 | ||||||||||
Sopra Steria Group SACA* | 8,000 | 1,681,130 | ||||||||||
Verallia SA* | 70,900 | 3,019,336 | ||||||||||
16,709,253 | ||||||||||||
Germany | 2.7 | % | ||||||||||
AIXTRON SE* | 49,700 | 1,689,153 | ||||||||||
Krones AG* | 14,300 | 1,691,418 | ||||||||||
Sixt SE* | 4,272 | 569,030 | ||||||||||
3,949,601 | ||||||||||||
Italy | 2.5 | % | ||||||||||
Brunello Cucinelli SpA* | 22,200 | 2,202,574 | ||||||||||
Iveco Group NV* | 164,900 | 1,559,459 | ||||||||||
3,762,033 | ||||||||||||
Japan | 19.4 | % | ||||||||||
BayCurrent Consulting, Inc. | 198,300 | 8,233,045 | ||||||||||
Daiwa Securities Group, Inc. | 654,600 | 3,073,098 | ||||||||||
Fuji Electric Co. Ltd. | 59,800 | 2,361,523 | ||||||||||
Future Corp. | 212,200 | 2,933,219 | ||||||||||
Information Services International-Dentsu Ltd.* | 36,100 | 1,423,958 | ||||||||||
M&A Capital Partners Co. Ltd.* | 76,900 | 2,157,868 | ||||||||||
Nissin Foods Hldgs. Co. Ltd. | 41,800 | 3,822,184 | ||||||||||
Toyo Suisan Kaisha Ltd. | 73,800 | 3,084,178 | ||||||||||
Visional, Inc.* | 27,500 | 1,547,035 | ||||||||||
28,636,108 | ||||||||||||
Netherlands | 6.4 | % | ||||||||||
Aalberts NV* | 42,600 | 2,012,234 | ||||||||||
BE Semiconductor Industries NV* | 25,900 | 2,263,766 | ||||||||||
Constellium SE* | 338,700 | 5,175,336 | ||||||||||
9,451,336 | ||||||||||||
Norway | 2.3 | % | ||||||||||
Aker Solutions ASA* | 563,100 | 2,054,666 | ||||||||||
Subsea 7 SA* | 95,200 | 1,130,084 | ||||||||||
Wallenius Wilhelmsen ASA* | 33,100 | 239,498 | ||||||||||
3,424,248 | ||||||||||||
Spain | 1.2 | % | ||||||||||
Banco de Sabadell SA | 1,621,200 | 1,743,392 | ||||||||||
Sweden | 5.7 | % | ||||||||||
AddTech AB* | 69,000 | 1,282,330 | ||||||||||
Alleima AB* | 260,000 | 1,284,421 | ||||||||||
Saab AB* | 95,300 | 5,789,577 | ||||||||||
8,356,328 | ||||||||||||
United Kingdom | 13.4 | % | ||||||||||
Future PLC | 103,200 | 1,483,350 | ||||||||||
IMI PLC* | 72,900 | 1,379,974 | ||||||||||
Indivior PLC* | 102,400 | 1,749,201 | ||||||||||
Intermediate Capital Group PLC | 93,300 | 1,408,328 | ||||||||||
Keywords Studios PLC* | 60,900 | 2,072,073 | ||||||||||
Man Group PLC* | 722,700 | 2,105,512 | ||||||||||
Morgan Sindall Group PLC* | 33,400 | 698,466 | ||||||||||
Redrow PLC | 51,900 | 307,008 | ||||||||||
RS GROUP PLC | 133,500 | 1,509,459 | ||||||||||
Spectris PLC* | 47,400 | 2,150,695 | ||||||||||
Taylor Wimpey PLC | 105,400 | 155,070 | ||||||||||
Telecom Plus PLC* | 81,000 | 1,888,601 | ||||||||||
The Sage Group PLC | 309,700 | 2,972,142 | ||||||||||
19,879,879 | ||||||||||||
Total Equities | ||||||||||||
(Cost: $133,243,383) | $ | 144,428,056 | ||||||||||
Short-Term Investments | 0.6 | % | ||||||||||
Fidelity Investments Money Market Government Portfolio Class I 4.72%b | 887,413 | 887,413 | ||||||||||
Total Short-Term Investments | ||||||||||||
(Cost: $887,413) | $ | 887,413 | ||||||||||
Total Investments | 98.4 | % | ||||||||||
(Cost: $134,130,796) | $ | 145,315,469 | ||||||||||
Other Assets Less Liabilities | 1.6 | % | 2,359,118 | |||||||||
Net Assets - 100% | $ | 147,674,587 |
a Certain securities were fair valued under the discretion of the Board of Trustees
b Annualized seven-day effective yield as of March 31, 2023
* Non-income producing security during the period ended March 31, 2023
SECTOR ALLOCATIONS (As a Percentage of Net Assets) | ||||
Communication Services | 1.0 | % | ||
Consumer Discretionary | 9.3 | % | ||
Consumer Staples | 7.2 | % | ||
Energy | 3.6 | % | ||
Financials | 11.8 | % | ||
Healthcare | 1.2 | % | ||
Industrials | 41.6 | % | ||
Information Technology | 13.0 | % | ||
Materials | 7.8 | % | ||
Utilities | 1.3 | % |
Oberweis International Opportunities Institutional Fund
Schedule of Investments (unaudited) a
March 31, 2023
Shares | Value | |||||||||||
Equities | 97.5 | % | ||||||||||
Australia | 6.0 | % | ||||||||||
Elders Ltd.* | 642,034 | $ | 3,714,055 | |||||||||
GrainCorp Ltd.* | 1,076,523 | 4,995,830 | ||||||||||
IDP Education Ltd. | 221,452 | 4,081,023 | ||||||||||
JB Hi-Fi Ltd. | 153,412 | 4,378,272 | ||||||||||
Super Retail Group Ltd. | 463,348 | 3,918,574 | ||||||||||
21,087,754 | ||||||||||||
. | ||||||||||||
Austria | 2.5 | % | ||||||||||
ANDRITZ AG | 127,900 | 8,654,104 | ||||||||||
Belgium | 1.4 | % | ||||||||||
Barco NV* | 163,885 | 4,884,825 | ||||||||||
Canada | 16.0 | % | ||||||||||
Ag Growth International, Inc. | 107,500 | 4,877,469 | ||||||||||
Aritzia, Inc.* | 127,200 | 4,081,882 | ||||||||||
ATS Corp.* | 286,375 | 11,991,092 | ||||||||||
BRP, Inc. | 61,073 | 4,779,194 | ||||||||||
Element Fleet Management Corp. | 323,200 | 4,244,765 | ||||||||||
Finning International, Inc. | 153,200 | 3,818,948 | ||||||||||
Gildan Activewear, Inc. | 58,346 | 1,938,391 | ||||||||||
Parex Resources, Inc. | 280,491 | 5,217,568 | ||||||||||
Stantec, Inc. | 100,000 | 5,846,097 | ||||||||||
TFI International, Inc. | 48,200 | 5,751,546 | ||||||||||
Toromont Industries Ltd. | 47,100 | 3,865,929 | ||||||||||
56,412,881 | ||||||||||||
Denmark | 2.6 | % | ||||||||||
D/S Norden A/S | 83,400 | 5,608,574 | ||||||||||
Jyske Bank A/S* | 49,800 | 3,489,834 | ||||||||||
9,098,408 | ||||||||||||
Finland | 4.3 | % | ||||||||||
Cargotec Oyj | 90,060 | 4,384,108 | ||||||||||
Metso Outotec Oyj* | 376,968 | 4,116,191 | ||||||||||
Outokumpu Oyj | 895,249 | 4,876,442 | ||||||||||
Valmet Oyj | 57,700 | 1,873,126 | ||||||||||
15,249,867 | ||||||||||||
France | 11.3 | % | ||||||||||
Edenred SA* | 151,200 | 8,948,577 | ||||||||||
Nexans SA* | 17,683 | 1,761,872 | ||||||||||
Rexel SA* | 619,119 | 14,719,133 | ||||||||||
SEB SA* | 27,500 | 3,129,012 | ||||||||||
Sopra Steria Group SACA* | 19,100 | 4,013,697 | ||||||||||
Verallia SA* | 168,600 | 7,179,972 | ||||||||||
39,752,263 | ||||||||||||
Germany | 2.7 | % | ||||||||||
AIXTRON SE* | 118,349 | 4,022,326 | ||||||||||
Krones AG* | 33,900 | 4,009,726 | ||||||||||
Sixt SE* | 10,147 | 1,351,579 | ||||||||||
9,383,631 | ||||||||||||
Italy | 2.5 | % | ||||||||||
Brunello Cucinelli SpA* | 52,900 | 5,248,476 | ||||||||||
Iveco Group NV* | 393,000 | 3,716,601 | ||||||||||
8,965,077 | ||||||||||||
Japan | 19.3 | % | ||||||||||
BayCurrent Consulting, Inc. | 469,900 | 19,509,370 | ||||||||||
Daiwa Securities Group, Inc. | 1,557,100 | 7,309,992 | ||||||||||
Fuji Electric Co. Ltd. | 142,000 | 5,607,630 | ||||||||||
Future Corp. | 505,700 | 6,990,238 | ||||||||||
Information Services International-Dentsu Ltd.* | 85,800 | 3,384,367 | ||||||||||
M&A Capital Partners Co. Ltd.* | 182,800 | 5,129,495 | ||||||||||
Nissin Foods Hldgs. Co. Ltd. | 99,700 | 9,116,548 | ||||||||||
Toyo Suisan Kaisha Ltd. | 175,700 | 7,342,684 | ||||||||||
Visional, Inc.* | 65,700 | 3,696,008 | ||||||||||
68,086,332 | ||||||||||||
Netherlands | 6.4 | % | ||||||||||
Aalberts NV* | 101,650 | 4,801,494 | ||||||||||
BE Semiconductor Industries NV* | 61,600 | 5,384,091 | ||||||||||
Constellium SE* | 805,654 | 12,310,393 | ||||||||||
22,495,978 | ||||||||||||
Norway | 2.3 | % | ||||||||||
Aker Solutions ASA* | 1,339,300 | 4,886,901 | ||||||||||
Subsea 7 SA* | 226,600 | 2,689,884 | ||||||||||
Wallenius Wilhelmsen ASA* | 79,288 | 573,692 | ||||||||||
8,150,477 | ||||||||||||
Spain | 1.2 | % | ||||||||||
Banco de Sabadell SA | 3,836,600 | 4,125,770 | ||||||||||
Sweden | 5.6 | % | ||||||||||
AddTech AB* | 163,300 | 3,034,847 | ||||||||||
Alleima AB* | 619,300 | 3,059,392 | ||||||||||
Saab AB* | 226,800 | 13,778,344 | ||||||||||
19,872,583 | ||||||||||||
United Kingdom | 13.4 | % | ||||||||||
Future PLC | 245,325 | 3,526,191 | ||||||||||
IMI PLC* | 172,616 | 3,267,566 | ||||||||||
Indivior PLC* | 244,200 | 4,171,434 | ||||||||||
Intermediate Capital Group PLC | 221,873 | 3,349,089 | ||||||||||
Keywords Studios PLC* | 145,200 | 4,940,311 | ||||||||||
Man Group PLC* | 1,722,977 | 5,019,717 | ||||||||||
Morgan Sindall Group PLC* | 78,571 | 1,643,090 | ||||||||||
Redrow PLC | 125,417 | 741,888 | ||||||||||
RS GROUP PLC | 318,000 | 3,595,566 | ||||||||||
Spectris PLC* | 112,930 | 5,124,007 | ||||||||||
Taylor Wimpey PLC | 248,802 | 366,051 | ||||||||||
Telecom Plus PLC* | 192,800 | 4,495,337 | ||||||||||
The Sage Group PLC | 738,970 | 7,091,778 | ||||||||||
47,332,025 | ||||||||||||
Total Equities | ||||||||||||
(Cost: $309,521,244) | $ | 343,551,975 | ||||||||||
Short-Term Investments | 1.1 | % | ||||||||||
Fidelity Investments Money Market Government Portfolio Class I 4.72%b | 3,920,186 | 3,920,186 | ||||||||||
Total Short-Term Investments | ||||||||||||
(Cost: $3,920,186) | $ | 3,920,186 | ||||||||||
Total Investments | 98.6 | % | ||||||||||
(Cost: $313,441,430) | $ | 347,472,161 | ||||||||||
Other Assets Less Liabilities | 1.4 | % | 5,079,551 | |||||||||
Net Assets - 100% | $ | 352,551,712 |
a Certain securities were fair valued under the discretion of the Board of Trustees
b Annualized seven-day effective yield as of March 31, 2023.
* Non-income producing security during the period ended March 31, 2023
SECTOR ALLOCATIONS (As a Percentage of Net Assets) | ||||
Communication Services | 1.0 | % | ||
Consumer Discretionary | 9.3 | % | ||
Consumer Staples | 7.1 | % | ||
Energy | 3.6 | % | ||
Financials | 11.8 | % | ||
Healthcare | 1.2 | % | ||
Industrials | 41.4 | % | ||
Information Technology | 13.0 | % | ||
Materials | 7.8 | % | ||
Utilities | 1.3 | % |
Oberweis Emerging Markets Fund
Schedule of Investments (unaudited) a
March 31, 2023
Shares | Value | |||||||||||
Equities | 94.3 | % | ||||||||||
Australia | 1.0 | % | ||||||||||
IDP Education Ltd. | 9,600 | $ | 176,913 | |||||||||
Brazil | 4.0 | % | ||||||||||
Petro Rio SA* | 40,400 | 248,609 | ||||||||||
TOTVS SA | 79,200 | 440,026 | ||||||||||
688,635 | ||||||||||||
Canada | 1.0 | % | ||||||||||
Orla Mining Ltd.* | 35,600 | 168,846 | ||||||||||
China | 17.2 | % | ||||||||||
AK Medical Hldgs. Ltd.* | 188,000 | 220,047 | ||||||||||
Chongqing Brewery Co. Ltd.* | 14,500 | 263,998 | ||||||||||
Dada Nexus Ltd. ADS* | 57,300 | 485,331 | ||||||||||
Glodon Co. Ltd.* | 18,200 | 196,789 | ||||||||||
Hangzhou Robam Appliances Co. Ltd.* | 83,700 | 345,680 | ||||||||||
Kingdee International Software Group Co. Ltd.* | 155,000 | 250,382 | ||||||||||
Sichuan Swellfun Co. Ltd.* | 13,500 | 147,897 | ||||||||||
Thunder Software Technology Co. Ltd. | 9,300 | 146,770 | ||||||||||
Weimob, Inc.* | 364,000 | 225,321 | ||||||||||
Yantai Jereh Oilfield Services Group Co. Ltd.* | 52,600 | 216,736 | ||||||||||
Yijiahe Technology Co. Ltd.* | 28,000 | 166,918 | ||||||||||
Zhejiang Shuanghuan Driveline Co. Ltd.* | 77,716 | 298,365 | ||||||||||
2,964,234 | ||||||||||||
France | 0.9 | % | ||||||||||
Gaztransport & Technigaz SA* | 1,550 | 158,605 | ||||||||||
Greece | 1.4 | % | ||||||||||
Greek Organization of Football Prognostics SA* | 14,500 | 232,561 | ||||||||||
Hungary | 1.1 | % | ||||||||||
Richter Gedeon Nyrt* | 9,200 | 192,089 | ||||||||||
India | 12.3 | % | ||||||||||
Affle India Ltd.* | 13,400 | 161,572 | ||||||||||
AMI Organics Ltd.* | 10,300 | 111,867 | ||||||||||
Cera Sanitaryware Ltd.* | 3,400 | 265,649 | ||||||||||
Computer Age Management Services Ltd. | 4,100 | 101,561 | ||||||||||
Federal Bank Ltd.* | 158,600 | 256,077 | ||||||||||
KPIT Technologies Ltd. | 39,900 | 451,312 | ||||||||||
Linde India Ltd.* | 3,000 | 147,392 | ||||||||||
Navin Fluorine International Ltd* | 3,200 | 166,693 | ||||||||||
Tube Investments of India Ltd. | 4,300 | 133,606 | ||||||||||
Varun Beverages Ltd.* | 9,118 | 154,276 | ||||||||||
Vinati Organics Ltd.* | 7,300 | 160,890 | ||||||||||
2,110,895 | ||||||||||||
Indonesia | 8.6 | % | ||||||||||
PT Indofood CBP Sukses Makmur Tbk* | 242,700 | 161,602 | ||||||||||
PT Kalbe Farma Tbk* | 2,285,000 | 320,245 | ||||||||||
PT Mitra Adiperkasa Tbk* | 2,478,900 | 250,007 | ||||||||||
PT Sumber Alfaria Trijaya Tbk* | 1,702,500 | 327,562 | ||||||||||
PT Samator Indo Gas Tbk* | 1,192,700 | 163,062 | ||||||||||
PT United Tractors Tbk* | 134,000 | 260,415 | ||||||||||
1,482,893 | ||||||||||||
Japan | 1.1 | % | ||||||||||
RS Technologies Co. Ltd.* | 8,000 | 197,164 | ||||||||||
Malaysia | 2.0 | % | ||||||||||
Carlsberg Brewery Malaysia Bhd* | 30,000 | 146,802 | ||||||||||
CTOS Digital Bhd | 644,200 | 191,968 | ||||||||||
338,770 | ||||||||||||
Mexico | 6.5 | % | ||||||||||
Alsea, S.A.B. de CV* | 88,300 | 211,489 | ||||||||||
Controladora Vuela Compania de Aviacion, S.A.B de CV ADS* | 18,600 | 231,384 | ||||||||||
Grupo Aeroportuario del Centro Norte SAB de CV ADS | 3,000 | 268,530 | ||||||||||
Prologis Property Mexico SA de CV | 58,600 | 212,059 | ||||||||||
Regional SAB de CV* | 26,000 | 198,650 | ||||||||||
1,122,112 | ||||||||||||
Philippines | 1.2 | % | ||||||||||
Wilcon Depot, Inc. | 360,800 | 199,372 | ||||||||||
Poland | 1.1 | % | ||||||||||
Dino Polska SA* | 2,100 | 190,744 | ||||||||||
South Africa | 1.4 | % | ||||||||||
Clicks Group Ltd. | 10,980 | 158,567 | ||||||||||
Karooooo Ltd.* | 3,700 | 86,839 | ||||||||||
245,406 | ||||||||||||
South Korea | 11.2 | % | ||||||||||
Classys, Inc. | 19,227 | 323,353 | ||||||||||
E-MART, Inc.* | 4,058 | 330,034 | ||||||||||
LEENO Industrial, Inc.* | 2,488 | 275,920 | ||||||||||
LG Innotek Co. Ltd. | 949 | 199,017 | ||||||||||
Park Systems Corp.* | 3,106 | 364,936 | ||||||||||
POSCO Chemical Co. Ltd.* | 900 | 189,692 | ||||||||||
Tokai Carbon Korea Co. Ltd.* | 3,000 | 242,814 | ||||||||||
1,925,766 | ||||||||||||
Taiwan | 19.8 | % | ||||||||||
91APP, Inc.* | 44,000 | 158,124 | ||||||||||
Alchip Technologies Ltd.* | 6,000 | 245,717 | ||||||||||
Andes Technology Corp.* | 9,000 | 154,488 | ||||||||||
ASPEED Technology, Inc.* | 3,400 | 296,740 | ||||||||||
Chailease Hldg. Co. Ltd.* | 21,499 | 158,111 | ||||||||||
Chroma ATE, Inc.* | 33,000 | 192,951 | ||||||||||
Genius Electronic Optical Co. Ltd.* | 16,000 | 204,073 | ||||||||||
Innodisk Corp.* | 25,881 | 267,549 | ||||||||||
M31 Technology Corp.* | 17,000 | 374,070 | ||||||||||
momo.com, Inc.* | 13,440 | 400,391 | ||||||||||
Pan Jit International, Inc.* | 98,000 | 231,174 | ||||||||||
Sinbon Electronics Co. Ltd.* | 25,000 | 281,367 | ||||||||||
Unimicron Technology Corp.* | 57,000 | 278,004 | ||||||||||
Yageo Corp.* | 9,551 | 166,494 | ||||||||||
3,409,253 | ||||||||||||
Thailand | 0.8 | % | ||||||||||
Mega Lifesciences PCL | 111,300 | 136,076 | ||||||||||
United Kingdom | 1.2 | % | ||||||||||
WAG Payment Solutions PLC* | 173,000 | 200,617 | ||||||||||
Vietnam | 0.5 | % | ||||||||||
Masan Group Corp.* | 28,800 | 95,744 | ||||||||||
Total Equities | ||||||||||||
(Cost: $14,851,044) | $ | 16,236,695 | ||||||||||
Short-Term Investments | 5.9 | % | ||||||||||
Fidelity Investments Money Market Government Portfolio Class I 4.72%b | 1,018,779 | 1,018,779 | ||||||||||
Total Short-Term Investments | ||||||||||||
(Cost: $1,018,779) | $ | 1,018,779 | ||||||||||
Total Investments | 100.2 | % | ||||||||||
(Cost: $15,869,823) | $ | 17,255,474 | ||||||||||
Other Liabilities Less Assets | (0.2 | )% | (42,216 | ) | ||||||||
Net Assets - 100% | $ | 17,213,258 |
a Certain securities were fair valued under the discretion of the Board of Trustees
b Annualized seven-day effective yield as of March 31, 2023.
* Non-income producing security during the period ended March 31, 2023
ADS - American depositary share
SECTOR ALLOCATIONS (As a Percentage of Net Assets) | ||||
Communication Services | 0.9 | % | ||
Consumer Discretionary | 13.1 | % | ||
Consumer Staples | 14.3 | % | ||
Energy | 5.1 | % | ||
Financials | 4.7 | % | ||
Healthcare | 7.6 | % | ||
Industrials | 7.1 | % | ||
Information Technology | 34.4 | % | ||
Materials | 5.8 | % | ||
Real Estate | 1.3 | % |
Oberweis Focused International Growth Fund
Schedule of Investments (unaudited) a
March 31, 2023
Shares | Value | |||||||||||
Equities | 100.3 | % | ||||||||||
Australia | 4.4 | % | ||||||||||
BHP Group Ltd. | 4,400 | $ | 139,101 | |||||||||
Woodside Energy Group Ltd. | 5,000 | 111,701 | ||||||||||
250,802 | ||||||||||||
Denmark | 3.0 | % | ||||||||||
Novo Nordisk A/S | 1,100 | 174,702 | ||||||||||
France | 20.6 | % | ||||||||||
LVMH Moet Hennessy Louis Vuitton SE* | 335 | 307,494 | ||||||||||
Publicis Groupe SA* | 3,200 | 249,787 | ||||||||||
Rexel SA* | 4,300 | 102,230 | ||||||||||
Schneider Electric SE* | 1,800 | 300,818 | ||||||||||
STMicroelectronics NV | 4,200 | 223,657 | ||||||||||
1,183,986 | ||||||||||||
Germany | 2.8 | % | ||||||||||
Siemens AG* | 1,000 | 162,001 | ||||||||||
Italy | 3.4 | % | ||||||||||
UniCredit SpA* | 10,400 | 196,014 | ||||||||||
Japan | 17.8 | % | ||||||||||
BayCurrent Consulting, Inc. | 6,200 | 257,412 | ||||||||||
Bridgestone Corp. | 3,600 | 146,242 | ||||||||||
Sony Group Corp. | 5,300 | 482,742 | ||||||||||
Toyota Motor Corp. | 9,700 | 138,083 | ||||||||||
1,024,479 | ||||||||||||
Netherlands | 9.5 | % | ||||||||||
Adyen NV* | 141 | 224,670 | ||||||||||
ASML Hldg. NV | 150 | 102,215 | ||||||||||
Koninklijke Ahold Delhaize NV* | 6,400 | 218,653 | ||||||||||
545,538 | ||||||||||||
Sweden | 1.5 | % | ||||||||||
EQT AB* | 4,200 | 85,795 | ||||||||||
Switzerland | 11.4 | % | ||||||||||
Nestle SA* | 1,600 | 195,078 | ||||||||||
Roche Hldg. AG | 600 | 171,436 | ||||||||||
Zurich Insurance Group AG* | 600 | 287,503 | ||||||||||
654,017 | ||||||||||||
United Kingdom | 20.7 | % | ||||||||||
Anglo American PLC | 2,900 | 96,463 | ||||||||||
AstraZeneca PLC* | 1,300 | 180,129 | ||||||||||
BAE Systems PLC* | 7,100 | 85,887 | ||||||||||
BP PLC | 27,000 | 170,660 | ||||||||||
Diageo PLC | 2,800 | 124,969 | ||||||||||
HSBC Hldgs. PLC | 32,000 | 217,498 | ||||||||||
Shell PLC | 5,000 | 142,499 | ||||||||||
Unilever PLC | 3,300 | 171,011 | ||||||||||
1,189,116 | ||||||||||||
United States of America | 5.2 | % | ||||||||||
Cadence Design Systems, Inc.* | 1,400 | 294,126 | ||||||||||
Total Equities | ||||||||||||
(Cost: $5,709,895) | $ | 5,760,576 | ||||||||||
Total Investments | 100.3 | % | ||||||||||
(Cost: $5,709,895) | $ | 5,760,576 | ||||||||||
Other Liabilities Less Assets | (0.3 | )% | (15,665 | ) | ||||||||
Net Assets - 100% | $ | 5,744,911 |
a Certain securities were fair valued under the discretion of the Board of Trustees
* Non-income producing security during the period ended March 31, 2023
SECTOR ALLOCATIONS (As a Percentage of Net Assets) | ||||
Communication Services | 4.3 | % | ||
Consumer Discretionary | 18.7 | % | ||
Consumer Staples | 12.4 | % | ||
Energy | 7.4 | % | ||
Financials | 17.6 | % | ||
Healthcare | 9.2 | % | ||
Industrials | 15.8 | % | ||
Information Technology | 10.8 | % | ||
Materials | 4.1 | % |
Fair Value Measurements
In accordance with Financial Accounting Standards Board (“FASB”) guidance, the Funds utilize the “Fair Value Measurements and Disclosures” to define fair value, set out a framework for measuring fair value, and expand disclosures regarding fair value measurements.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three levels listed below:
· | Level 1 – Quoted prices in active markets for identical securities. |
· | Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc). |
· | Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds’ net assets as of March 31, 2023:
Micro-Cap Fund | Small-Cap Opportunities Fund | |||||||
Level 1 – Equities | $ | 230,643,564 | $ | 239,547,745 | ||||
Level 2 - Equities | - | - | ||||||
Level 3 | - | - | ||||||
Total Investments | $ | 230,643,564 | $ | 239,547,745 |
Global Opportunities Fund | China Opportunities Fund | Emerging Markets Fund | ||||||||||
Level 1 - Equities | ||||||||||||
Total Asia | $ | 4,164,887 | $ | 7,219,327 | $ | 648,393 | ||||||
Total Africa | - | - | - | |||||||||
Total Europe | 2,316,230 | - | 200,617 | |||||||||
Total South America | 611,148 | - | 688,635 | |||||||||
Total North America | 31,364,208 | - | 1,290,958 | |||||||||
Total Short - Term Investments | - | 393,648 | 1,018,779 | |||||||||
Total Level 1 | 38,456,473 | 7,612,975 | 3,847,382 | |||||||||
Level 2 - Equities | ||||||||||||
Total Asia | 6,519,723 | 50,534,622 | 12,211,774 | |||||||||
Total Africa | - | - | 245,406 | |||||||||
Total Australia | 644,997 | - | 176,913 | |||||||||
Total Europe | 9,214,200 | - | 773,999 | |||||||||
Total Level 2 | 16,378,920 | 50,534,622 | 13,408,092 | |||||||||
Level 3 | - | - | - | |||||||||
Total Investments | $ | 54,835,393 | $ | 58,147,597 | $ | 17,255,474 |
International Opportunities Fund | International Opportunities Institutional Fund | Focused International Growth Fund | ||||||||||
Level 1 – Equites | ||||||||||||
Total Europe | $ | 9,136,010 | $ | 21,746,041 | $ | - | ||||||
Total North America | 23,721,620 | 56,412,881 | 294,126 | |||||||||
Total Short - Term Investments | 887,413 | 3,920,186 | - | |||||||||
Total Level 1 | 33,745,043 | 82,079,108 | 294,126 | |||||||||
Level 2 – Equities | ||||||||||||
Total Asia | 28,636,108 | 68,086,332 | 1,024,479 | |||||||||
Total Australia | 8,859,689 | 21,087,754 | 250,802 | |||||||||
Total Europe | 74,074,629 | 176,218,967 | 4,191,169 | |||||||||
Total Level 2 | 111,570,426 | 265,393,053 | 5,466,450 | |||||||||
Level 3 | - | - | - | |||||||||
Total Investments | $ | 145,315,469 | $ | 347,472,161 | $ | 5,760,576 |
The Funds’ assets include certain foreign securities for which a third party statistical pricing service may be employed for purposes of fair market valuation. The pricing service provides fair market valuation on days when the movement in relevant indices exceeds a predetermined threshold.