Oberweis Global Opportunities Fund
Schedule of Investments (unaudited) a
September 30, 2023
Shares | Value | |||||||||||
Equities | 94.6 | % | ||||||||||
Canada | 6.6 | % | ||||||||||
ATS Corp.* | 25,000 | $ | 1,065,670 | |||||||||
BRP, Inc. | 8,800 | 666,074 | ||||||||||
Element Fleet Management Corp. | 68,600 | 984,329 | ||||||||||
Stantec, Inc. | 8,500 | 551,502 | ||||||||||
3,267,575 | ||||||||||||
China | 2.8 | % | ||||||||||
MINISO Group Hldg. Ltd. ADS | 38,600 | 999,740 | ||||||||||
Zhejiang Shuanghuan Driveline Co. Ltd.* | 100,000 | 392,586 | ||||||||||
1,392,326 | ||||||||||||
Finland | 1.2 | % | ||||||||||
Kemira Oyj | 38,000 | 590,822 | ||||||||||
France | 2.4 | % | ||||||||||
Rexel SA | 29,700 | 665,423 | ||||||||||
Sopra Steria Group SA | 2,600 | 536,713 | ||||||||||
1,202,136 | ||||||||||||
Germany | 3.3 | % | ||||||||||
AIXTRON SE | 30,000 | 1,098,804 | ||||||||||
Gerresheimer AG | 5,000 | 523,878 | ||||||||||
1,622,682 | ||||||||||||
Indonesia | 1.0 | % | ||||||||||
PT Sumber Alfaria Trijaya Tbk* | 2,600,000 | 497,962 | ||||||||||
Israel | 3.9 | % | ||||||||||
Inmode Ltd.* | 19,400 | 590,924 | ||||||||||
Perion Network Ltd.* | 43,200 | 1,323,216 | ||||||||||
1,914,140 | ||||||||||||
Japan | 3.7 | % | ||||||||||
Fuji Electric Co. Ltd. | 40,700 | 1,832,952 | ||||||||||
Netherlands | 1.4 | % | ||||||||||
Be Semiconductor Industries NV* | 7,200 | 704,169 | ||||||||||
Sweden | 1.0 | % | ||||||||||
Saab AB | 10,000 | 508,953 | ||||||||||
Switzerland | 1.7 | % | ||||||||||
Accelleron Industries AG* | 31,600 | 819,042 | ||||||||||
Taiwan | 2.7 | % | ||||||||||
M31 Technology Corp. | 52,800 | 1,314,880 | ||||||||||
United Kingdom | 9.1 | % | ||||||||||
Ashtead Technology Hldgs. PLC | 459,400 | 2,449,461 | ||||||||||
Oxford Instruments PLC | 19,200 | 510,688 | ||||||||||
Whitbread PLC* | 36,200 | 1,523,770 | ||||||||||
4,483,919 | ||||||||||||
United States of America | 53.8 | % | ||||||||||
Acadia Healthcare Co., Inc.* | 7,600 | 534,356 | ||||||||||
Allegiant Travel Co. | 4,400 | 338,184 | ||||||||||
Allegro MicroSystems, Inc.* | 25,000 | 798,500 | ||||||||||
Alphatec Hldgs., Inc.* | 142,700 | 1,850,819 | ||||||||||
Axcelis Technologies, Inc.* | 14,329 | 2,336,343 | ||||||||||
Axonics, Inc.* | 21,500 | 1,206,580 | ||||||||||
Bel Fuse, Inc. | 25,000 | 1,193,000 | ||||||||||
Belden, Inc. | 12,600 | 1,216,530 | ||||||||||
Clean Harbors, Inc.* | 7,900 | 1,322,144 | ||||||||||
Comstock Resources, Inc. | 64,900 | 715,847 | ||||||||||
Crocs, Inc.* | 7,000 | 617,610 | ||||||||||
Deckers Outdoor Corp.* | 2,200 | 1,130,998 | ||||||||||
Evolent Health, Inc.* | 29,600 | 806,008 | ||||||||||
Extreme Networks, Inc.* | 69,000 | 1,670,490 | ||||||||||
Lantheus Hldgs., Inc.* | 7,800 | 541,944 | ||||||||||
Merit Medical Systems, Inc.* | 7,500 | 517,650 | ||||||||||
Model N, Inc.* | 16,200 | 395,442 | ||||||||||
Power Integrations, Inc. | 10,000 | 763,100 | ||||||||||
RPC, Inc. | 159,000 | 1,421,460 | ||||||||||
Universal Display Corp.* | 3,100 | 486,669 | ||||||||||
Veracyte, Inc.* | 67,100 | 1,498,343 | ||||||||||
Vertiv Hldgs. Co.* | 62,500 | 2,325,000 | ||||||||||
Visteon Corp.* | 3,600 | 497,052 | ||||||||||
Weatherford International PLC* | 25,900 | 2,339,547 | ||||||||||
26,523,616 | ||||||||||||
Total Equities | ||||||||||||
(Cost: $39,889,455) | $ | 46,675,174 | ||||||||||
Total Investments - | 94.6 | % | ||||||||||
(Cost: $39,889,455) | $ | 46,675,174 | ||||||||||
Other Assets Less Liabilities | 5.4 | % | 2,686,065 | |||||||||
Net Assets - 100% | $ | 49,361,239 |
a Certain securities were fair valued under the discretion of the Board of Trustees
* Non-income producing security during the period ended September 30, 2023
ADS - American depositary share
SECTOR ALLOCATIONS (As a Percentage of Net Assets) | ||||
Communication Services | 2.7 | % | ||
Consumer Discretionary | 11.8 | % | ||
Consumer Staples | 1.0 | % | ||
Energy | 9.1 | % | ||
Financials | 2.0 | % | ||
Healthcare | 16.3 | % | ||
Industrials | 24.1 | % | ||
Information Technology | 26.4 | % | ||
Materials | 1.2 | % |
Oberweis Micro-Cap Fund
Schedule of Investments (unaudited)
September 30, 2023
Shares | Value | |||||||||||
Equities | 96.2 | % | ||||||||||
Aerospace & Defense | 1.8 | % | ||||||||||
Cadre Hldgs., Inc.* | 47,300 | $ | 1,260,545 | |||||||||
V2X, Inc.* | 112,500 | 5,811,750 | ||||||||||
7,072,295 | ||||||||||||
Automobile Components | 1.0 | % | ||||||||||
Modine Manufacturing Co.* | 84,600 | 3,870,450 | ||||||||||
Banks | 2.9 | % | ||||||||||
1st Source Corp.* | 55,900 | 2,352,831 | ||||||||||
Heritage Financial Corp. | 136,000 | 2,218,160 | ||||||||||
Mercantile Bank Corp. | 61,800 | 1,910,238 | ||||||||||
Preferred Bank | 82,600 | 5,141,850 | ||||||||||
11,623,079 | ||||||||||||
Biotechnology | 6.3 | % | ||||||||||
ADMA Biologics, Inc.* | 2,078,400 | 7,440,672 | ||||||||||
Catalyst Pharmaceuticals, Inc.* | 293,600 | 3,432,184 | ||||||||||
Dynavax Technologies Corp.* | 385,200 | 5,689,404 | ||||||||||
MannKind Corp.* | 798,400 | 3,297,392 | ||||||||||
Veracyte, Inc.* | 236,500 | 5,281,045 | ||||||||||
25,140,697 | ||||||||||||
Building Products | 0.8 | % | ||||||||||
JELD WEN Hldg., Inc.* | 247,400 | 3,305,264 | ||||||||||
Chemicals | 0.5 | % | ||||||||||
Hawkins, Inc.* | 35,600 | 2,095,060 | ||||||||||
Commercial Services & Supplies | 4.9 | % | ||||||||||
CECO Environmental Corp.* | 416,700 | 6,654,699 | ||||||||||
HNI Corp. | 169,700 | 5,876,711 | ||||||||||
SP Plus Corp.* | 122,500 | 4,422,250 | ||||||||||
VSE Corp. | 47,700 | 2,405,988 | ||||||||||
19,359,648 | ||||||||||||
Communications Equipment | 4.3 | % | ||||||||||
Applied Optoelectronics, Inc.* | 468,415 | 5,138,513 | ||||||||||
Aviat Networks, Inc.* | 125,307 | 3,909,578 | ||||||||||
Digi International, Inc.* | 161,100 | 4,349,700 | ||||||||||
Extreme Networks, Inc.* | 148,800 | 3,602,448 | ||||||||||
17,000,239 | ||||||||||||
Construction & Engineering | 4.6 | % | ||||||||||
Granite Construction, Inc. | 114,600 | 4,357,092 | ||||||||||
Primoris Services Corp. | 178,600 | 5,845,578 | ||||||||||
Sterling Construction Co. Inc.* | 110,000 | 8,082,800 | ||||||||||
18,285,470 | ||||||||||||
Consumer Finance | 1.2 | % | ||||||||||
EZCORP, Inc.* | 595,300 | 4,911,225 | ||||||||||
Consumer Staples Distribution & Retail | 0.8 | % | ||||||||||
The Chefs' Warehouse, Inc.* | 146,400 | 3,100,752 | ||||||||||
Diversified Consumer Services | 0.6 | % | ||||||||||
Rover Group, Inc.* | 408,000 | 2,554,080 | ||||||||||
Electrical Equipment | 1.7 | % | ||||||||||
LSI Industries, Inc. | 298,700 | 4,743,356 | ||||||||||
Powell Industries, Inc.* | 25,400 | 2,105,660 | ||||||||||
6,849,016 | ||||||||||||
Electronic Equipment, Instruments & Components | 2.8 | % | ||||||||||
Bel Fuse, Inc. | 96,500 | 4,604,980 | ||||||||||
ePlus, Inc.* | 31,700 | 2,013,584 | ||||||||||
ScanSource, Inc.* | 95,664 | 2,899,576 | ||||||||||
Vishay Precision Group, Inc.* | 54,500 | 1,830,110 | ||||||||||
11,348,250 | ||||||||||||
Energy Equipment & Services | 3.9 | % | ||||||||||
DMC Global, Inc.* | 174,100 | 4,260,227 | ||||||||||
Helix Energy Solutions Group, Inc.* | 335,600 | 3,748,652 | ||||||||||
Patterson-UTI Energy, Inc. | 261,700 | 3,621,928 | ||||||||||
RPC, Inc. | 456,400 | 4,080,216 | ||||||||||
15,711,023 | ||||||||||||
Healthcare Equipment & Supplies | 9.1 | % | ||||||||||
Alphatec Hldgs., Inc.* | 393,600 | 5,104,992 | ||||||||||
Artivion, Inc.* | 248,200 | 3,762,712 | ||||||||||
Lantheus Hldgs., Inc.* | 63,200 | 4,391,136 | ||||||||||
LeMaitre Vascular, Inc. | 57,000 | 3,105,360 | ||||||||||
SI BONE, Inc.* | 315,100 | 6,692,724 | ||||||||||
Tactile Systems Technology, Inc.* | 330,350 | 4,641,418 | ||||||||||
TransMedics Group, Inc.* | 72,400 | 3,963,900 | ||||||||||
Treace Medical Concepts, Inc.* | 355,600 | 4,661,916 | ||||||||||
36,324,158 | ||||||||||||
Healthcare Providers & Services | 1.1 | % | ||||||||||
PetIQ, Inc.* | 219,600 | 4,326,120 | ||||||||||
Hotels, Restaurants & Leisure | 3.0 | % | ||||||||||
BJ's Restaurants, Inc.* | 112,200 | 2,632,212 | ||||||||||
Everi Hldgs. Inc.* | 249,000 | 3,291,780 | ||||||||||
Full House Resorts, Inc.* | 223,143 | 952,821 | ||||||||||
Playa Hotels & Resorts NV* | 701,500 | 5,078,860 | ||||||||||
11,955,673 | ||||||||||||
Household Durables | 0.9 | % | ||||||||||
M/I Homes, Inc.* | 44,300 | 3,722,972 | ||||||||||
Insurance | 1.1 | % | ||||||||||
Employers Hldgs., Inc. | 112,200 | 4,482,390 | ||||||||||
Life Sciences Tools & Services | 0.6 | % | ||||||||||
Quanterix Corp.* | 83,400 | 2,263,476 | ||||||||||
Machinery | 4.0 | % | ||||||||||
Astec Industries, Inc.* | 39,400 | 1,856,134 | ||||||||||
Blue Bird Corp.* | 306,500 | 6,543,775 | ||||||||||
Circor International, Inc.* | 97,900 | 5,457,925 | ||||||||||
The Gorman-Rupp Corp.* | 65,000 | 2,138,500 | ||||||||||
15,996,334 | ||||||||||||
Media | 1.6 | % | ||||||||||
Perion Network Ltd.* | 205,400 | 6,291,402 | ||||||||||
Metals & Mining | 0.9 | % | ||||||||||
Haynes International, Inc. | 76,100 | 3,540,172 | ||||||||||
Oil, Gas & Consumable Fuels | 1.2 | % | ||||||||||
Earthstone Energy, Inc.* | 240,600 | 4,869,744 | ||||||||||
Paper & Forest Products | 0.9 | % | ||||||||||
Clearwater Paper Corp.* | 101,000 | 3,661,250 | ||||||||||
Passenger Airlines | 1.1 | % | ||||||||||
Sun Country Airlines Hldgs., Inc.* | 283,000 | 4,199,720 | ||||||||||
Pharmaceuticals | 1.5 | % | ||||||||||
Amphastar Pharmaceuticals, Inc.* | 91,300 | 4,198,887 | ||||||||||
ANI Pharmaceuticals, Inc.* | 33,000 | 1,915,980 | ||||||||||
6,114,867 | ||||||||||||
Professional Services | 3.3 | % | ||||||||||
Huron Consulting Group, Inc.* | 55,900 | 5,822,544 | ||||||||||
ICF International, Inc. | 47,900 | 5,786,799 | ||||||||||
Upwork, Inc.* | 143,400 | 1,629,024 | ||||||||||
13,238,367 | ||||||||||||
Semiconductors & Semiconductor Equipment | 18.5 | % | ||||||||||
ACM Research, Inc.* | 341,800 | 6,188,289 | ||||||||||
Aehr Test Systems* | 469,400 | 21,451,580 | ||||||||||
Amtech Systems, Inc.* | 118,900 | 906,018 | ||||||||||
Axcelis Technologies, Inc.* | 38,300 | 6,244,815 | ||||||||||
Camtek Ltd.* | 166,380 | 10,358,819 | ||||||||||
CVD Equipment Corp.* | 103,000 | 705,550 | ||||||||||
Impinj, Inc.* | 35,700 | 1,964,571 | ||||||||||
Navitas Semiconductor Corp.* | 911,700 | 6,336,315 | ||||||||||
PDF Solutions, Inc.* | 66,000 | 2,138,400 | ||||||||||
Photronics, Inc.* | 230,100 | 4,650,321 | ||||||||||
Ultra Clean Hldgs., Inc.* | 218,100 | 6,471,027 | ||||||||||
Veeco Instruments, Inc.* | 226,800 | 6,375,348 | ||||||||||
73,791,053 | ||||||||||||
Software | 3.8 | % | ||||||||||
A10 Networks, Inc. | 215,000 | 3,231,450 | ||||||||||
AvePoint, Inc.* | 425,000 | 2,856,000 | ||||||||||
Model N, Inc.* | 191,400 | 4,672,074 | ||||||||||
Weave Communications, Inc.* | 523,600 | 4,267,339 | ||||||||||
15,026,863 | ||||||||||||
Specialty Retail | 2.4 | % | ||||||||||
Boot Barn Hldgs., Inc.* | 60,800 | 4,936,352 | ||||||||||
Caleres, Inc. | 84,000 | 2,415,840 | ||||||||||
Destination XL Group, Inc.* | 415,700 | 1,862,336 | ||||||||||
9,214,528 | ||||||||||||
Textiles, Apparel & Luxury Goods | 1.7 | % | ||||||||||
G-III Apparel Group Ltd.* | 144,000 | 3,588,480 | ||||||||||
Oxford Industries, Inc. | 30,200 | 2,903,126 | ||||||||||
6,491,606 | ||||||||||||
Trading Co. & Distribution | 1.4 | % | ||||||||||
Alta Equipment Group, Inc. | 110,100 | 1,327,806 | ||||||||||
H&E Equipment Services, Inc. | 92,200 | 3,982,118 | ||||||||||
5,309,924 | ||||||||||||
Total Equities | ||||||||||||
(Cost: $352,245,205) | $ | 383,047,167 | ||||||||||
Total Investments | 96.2 | % | ||||||||||
(Cost: $352,245,205) | $ | 383,047,167 | ||||||||||
Other Assets Less Liabilities | 3.8 | % | 15,180,411 | |||||||||
Net Assets - 100% | $ | 398,227,578 |
* Non-income producing security during the period ended September 30, 2023
Oberweis Small-Cap Opportunities Fund
Schedule of Investments (unaudited)
September 30, 2023
Shares | Value | |||||||||||
Equities | 97.0 | % | ||||||||||
Aerospace & Defense | 4.5 | % | ||||||||||
AeroVironment, Inc.* | 69,100 | $ | 7,706,723 | |||||||||
Hexcel Corp. | 73,300 | 4,774,762 | ||||||||||
Woodward, Inc. | 48,800 | 6,063,888 | ||||||||||
18,545,373 | ||||||||||||
Automobile Components | 1.8 | % | ||||||||||
Visteon Corp.* | 54,000 | 7,455,780 | ||||||||||
Banks | 1.0 | % | ||||||||||
First Merchants Corp. | 72,900 | 2,028,078 | ||||||||||
Washington Federal, Inc. | 79,700 | 2,041,914 | ||||||||||
4,069,992 | ||||||||||||
Beverages | 2.1 | % | ||||||||||
MGP Ingredients, Inc. | 53,500 | 5,643,180 | ||||||||||
Primo Water Corp. | 211,500 | 2,918,700 | ||||||||||
8,561,880 | ||||||||||||
Biotechnology | 1.8 | % | ||||||||||
Halozyme Therapeutics, Inc.* | 50,500 | 1,929,100 | ||||||||||
Veracyte, Inc.* | 247,600 | 5,528,908 | ||||||||||
7,458,008 | ||||||||||||
Building Products | 2.5 | % | ||||||||||
Gibraltar Industries, Inc.* | 35,700 | 2,410,107 | ||||||||||
Janus International Group, Inc.* | 378,600 | 4,051,020 | ||||||||||
Simpson Manufacturing Co., Inc. | 14,700 | 2,202,207 | ||||||||||
Trex Co., Inc.* | 30,400 | 1,873,552 | ||||||||||
10,536,886 | ||||||||||||
Chemicals | 1.0 | % | ||||||||||
Quaker Chemical Corp. | 25,500 | 4,080,000 | ||||||||||
Commercial Services & Supplies | 1.1 | % | ||||||||||
Clean Harbors, Inc.* | 28,000 | 4,686,080 | ||||||||||
Communications Equipment | 0.8 | % | ||||||||||
Ciena Corp.* | 70,200 | 3,317,652 | ||||||||||
Construction & Engineering | 0.6 | % | ||||||||||
Comfort Systems USA, Inc. | 14,000 | 2,385,740 | ||||||||||
Consumer Finance | 1.5 | % | ||||||||||
FirstCash Hldgs., Inc. | 61,700 | 6,193,446 | ||||||||||
Consumer Staples Distribution & Retail | 0.8 | % | ||||||||||
Grocery Outlet Hldg. Corp.* | 115,900 | 3,343,715 | ||||||||||
Diversified Consumer Services | 1.2 | % | ||||||||||
Frontdoor, Inc.* | 164,700 | 5,038,173 | ||||||||||
Electrical Equipment | 4.9 | % | ||||||||||
Array Technologies, Inc.* | 104,000 | 2,307,760 | ||||||||||
NEXTracker, Inc.* | 97,300 | 3,907,568 | ||||||||||
Shoals Technologies Group, Inc.* | 174,300 | 3,180,975 | ||||||||||
Vertiv Hldgs. Co.* | 294,700 | 10,962,840 | ||||||||||
20,359,143 | ||||||||||||
Electronic Equipment, Instruments & Components | 2.9 | % | ||||||||||
Belden, Inc. | 57,900 | 5,590,245 | ||||||||||
Fabrinet* | 22,200 | 3,698,964 | ||||||||||
OSI Systems, Inc.* | 25,400 | 2,998,216 | ||||||||||
12,287,425 | ||||||||||||
Energy Equipment & Services | 3.8 | % | ||||||||||
Liberty Energy, Inc. | 149,400 | 2,766,888 | ||||||||||
NOV, Inc. | 141,000 | 2,946,900 | ||||||||||
Weatherford International PLC* | 111,000 | 10,026,630 | ||||||||||
15,740,418 | ||||||||||||
Healthcare Equipment & Supplies | 9.8 | % | ||||||||||
Alphatec Hldgs., Inc.* | 378,400 | 4,907,848 | ||||||||||
AtriCure, Inc.* | 47,300 | 2,071,740 | ||||||||||
Axonics, Inc.* | 117,600 | 6,599,712 | ||||||||||
Haemonetics Corp.* | 77,400 | 6,933,492 | ||||||||||
Inmode Ltd.* | 146,100 | 4,450,206 | ||||||||||
Lantheus Hldgs., Inc.* | 80,400 | 5,586,192 | ||||||||||
Merit Medical Systems, Inc.* | 87,300 | 6,025,446 | ||||||||||
TransMedics Group, Inc.* | 78,700 | 4,308,825 | ||||||||||
40,883,461 | ||||||||||||
Healthcare Providers & Services | 5.2 | % | ||||||||||
Acadia Healthcare Co., Inc.* | 70,200 | 4,935,762 | ||||||||||
Encompass Health Corp. | 111,600 | 7,495,056 | ||||||||||
NeoGenomics, Inc.* | 293,400 | 3,608,820 | ||||||||||
Option Care Health, Inc.* | 167,800 | 5,428,330 | ||||||||||
21,467,968 | ||||||||||||
Healthcare Technology | 1.3 | % | ||||||||||
Evolent Health, Inc.* | 197,900 | 5,388,817 | ||||||||||
Hotels, Restaurants & Leisure | 3.0 | % | ||||||||||
Monarch Casino and Resort, Inc. | 53,800 | 3,340,980 | ||||||||||
SeaWorld Entertainment, Inc.* | 100,300 | 4,638,875 | ||||||||||
Texas Roadhouse, Inc. | 20,500 | 1,970,050 | ||||||||||
Wingstop, Inc. | 14,200 | 2,553,728 | ||||||||||
12,503,633 | ||||||||||||
Information Technology Services | 0.8 | % | ||||||||||
Fastly, Inc.* | 170,300 | 3,264,651 | ||||||||||
Insurance | 0.9 | % | ||||||||||
Unum Group | 76,700 | 3,772,873 | ||||||||||
Machinery | 7.0 | % | ||||||||||
Allison Transmission Hldgs., Inc. | 94,100 | 5,557,546 | ||||||||||
Federal Signal Corp. | 91,400 | 5,459,322 | ||||||||||
Flowserve Corp. | 190,900 | 7,592,093 | ||||||||||
Oshkosh Corp. | 54,100 | 5,162,763 | ||||||||||
SPX Technologies, Inc.* | 68,000 | 5,535,200 | ||||||||||
29,306,924 | ||||||||||||
Media | 1.3 | % | ||||||||||
Perion Network Ltd.* | 180,800 | 5,537,904 | ||||||||||
Metals & Mining | 0.9 | % | ||||||||||
ATI, Inc.* | 95,000 | 3,909,250 | ||||||||||
Oil, Gas & Consumable Fuels | 2.6 | % | ||||||||||
Comstock Resources, Inc. | 179,800 | 1,983,194 | ||||||||||
International Seaways, Inc. | 86,500 | 3,892,500 | ||||||||||
Magnolia Oil & Gas Corp. | 99,000 | 2,268,090 | ||||||||||
Matador Resources Co. | 48,600 | 2,890,728 | ||||||||||
11,034,512 | ||||||||||||
Passenger Airlines | 0.9 | % | ||||||||||
Allegiant Travel Co. | 48,400 | 3,720,024 | ||||||||||
Personal Care Products | 1.9 | % | ||||||||||
elf Beauty, Inc.* | 21,800 | 2,394,294 | ||||||||||
Inter Parfums, Inc. | 41,600 | 5,588,544 | ||||||||||
7,982,838 | ||||||||||||
Pharmaceuticals | 1.4 | % | ||||||||||
Amphastar Pharmaceuticals, Inc.* | 61,200 | 2,814,588 | ||||||||||
Amylyx Pharmaceuticals, Inc.* | 170,000 | 3,112,700 | ||||||||||
5,927,288 | ||||||||||||
Professional Services | 4.1 | % | ||||||||||
ICF International, Inc. | 47,800 | 5,774,718 | ||||||||||
Maximus, Inc. | 55,200 | 4,122,336 | ||||||||||
Parsons Corp.* | 131,300 | 7,136,155 | ||||||||||
17,033,209 | ||||||||||||
Semiconductors & Semiconductor Equipment | 14.2 | % | ||||||||||
Aehr Test Systems* | 440,408 | 20,126,646 | ||||||||||
Allegro MicroSystems, Inc.* | 112,100 | 3,580,474 | ||||||||||
Axcelis Technologies, Inc.* | 60,300 | 9,831,915 | ||||||||||
FormFactor, Inc.* | 188,100 | 6,572,214 | ||||||||||
Onto Innovation, Inc.* | 41,100 | 5,241,072 | ||||||||||
Power Integrations, Inc. | 72,900 | 5,562,999 | ||||||||||
Universal Display Corp. | 52,900 | 8,304,771 | ||||||||||
59,220,091 | ||||||||||||
Software | 2.4 | % | ||||||||||
Qualys, Inc.* | 16,600 | 2,532,330 | ||||||||||
Rapid7, Inc.* | 43,900 | 2,009,742 | ||||||||||
Zeta Global Hldgs. Corp.* | 674,700 | 5,633,745 | ||||||||||
10,175,817 | ||||||||||||
Specialty Retail | 1.5 | % | ||||||||||
Abercrombie & Fitch Co.* | 73,500 | 4,143,195 | ||||||||||
Murphy USA, Inc. | 6,700 | 2,289,591 | ||||||||||
6,432,786 | ||||||||||||
Technology Hardware, Storage & Peripherals | 1.0 | % | ||||||||||
Super Micro Computer, Inc.* | 15,700 | 4,305,254 | ||||||||||
Textiles, Apparel & Luxury Goods | 2.8 | % | ||||||||||
Crocs, Inc.* | 58,500 | 5,161,455 | ||||||||||
Deckers Outdoor Corp.* | 12,300 | 6,323,307 | ||||||||||
11,484,762 | ||||||||||||
Trading Co. & Distribution | 1.7 | % | ||||||||||
Applied Industrial Technologies, Inc. | 30,500 | 4,715,605 | ||||||||||
McGrath RentCorp.* | 21,100 | 2,115,064 | ||||||||||
6,830,669 | ||||||||||||
Total Equities | ||||||||||||
(Cost: $383,418,751) | $ | 404,242,442 | ||||||||||
Total Investments | 97.0 | % | ||||||||||
(Cost: $383,418,751) | $ | 404,242,442 | ||||||||||
Other Assets Less Liabilities | 3.0 | % | 12,463,541 | |||||||||
Net Assets - 100% | $ | 416,705,983 |
* Non-income producing security during the period ended September 30, 2023
Oberweis China Opportunities Fund
Schedule of Investments (unaudited)
September 30, 2023
Shares | Value | |||||||||||
Equities | 99.1 | % | ||||||||||
Automobile Components | 3.5 | % | ||||||||||
Shanghai Baolong Automotive Corp.* | 110,000 | $ | 951,213 | |||||||||
Tong Yang Industry Co. Ltd.* | 300,000 | 728,151 | ||||||||||
1,679,364 | ||||||||||||
Automobiles | 4.4 | % | ||||||||||
BYD Co. Ltd. | 25,000 | 772,571 | ||||||||||
Li Auto, Inc. ADS* | 38,000 | 1,354,700 | ||||||||||
2,127,271 | ||||||||||||
Beverages | 2.4 | % | ||||||||||
China Resources Beer Hldgs. Co. Ltd. | 70,000 | 383,923 | ||||||||||
Luzhou Laojiao Co. Ltd. | 25,000 | 747,796 | ||||||||||
1,131,719 | ||||||||||||
Biotechnology | 2.2 | % | ||||||||||
Legend Biotech Corp. ADS* | 16,000 | 1,074,720 | ||||||||||
Broadline Retail | 13.0 | % | ||||||||||
Alibaba Group Hldg. Ltd.* | 230,000 | 2,514,111 | ||||||||||
MINISO Group Hldg. Ltd. ADS | 50,000 | 1,295,000 | ||||||||||
PDD Hldgs. ADS* | 25,000 | 2,451,750 | ||||||||||
6,260,861 | ||||||||||||
Capital Markets | 1.5 | % | ||||||||||
China International Capital Corp. Ltd.* | 100,000 | 183,374 | ||||||||||
Hong Kong Exchanges & Clearing Ltd.* | 15,000 | 560,465 | ||||||||||
743,839 | ||||||||||||
Chemicals | 3.0 | % | ||||||||||
Jinan Acetate Chemical Co. Ltd.* | 20,677 | 707,934 | ||||||||||
Nan Pao Resins Chemical Co. Ltd.* | 75,000 | 482,221 | ||||||||||
Nanjing Cosmos Chemical Co. Ltd. | 25,000 | 236,927 | ||||||||||
1,427,082 | ||||||||||||
Communications Equipment | 1.5 | % | ||||||||||
BYD Electronic International Co. Ltd.* | 160,000 | 729,409 | ||||||||||
Diversified Consumer Services | 3.2 | % | ||||||||||
New Oriental Education & Technology Group, Inc.* | 255,000 | 1,553,250 | ||||||||||
Electrical Equipment | 2.0 | % | ||||||||||
Fortune Electric Co. Ltd. | 40,000 | 336,450 | ||||||||||
Ta Ya Electric Wire & Cable | 504,805 | 601,978 | ||||||||||
938,428 | ||||||||||||
Electronic Equipment, Instruments & Components | 6.4 | % | ||||||||||
Compeq Manufacturing Co. Ltd.* | 100,000 | 164,368 | ||||||||||
Cowell e Hldgs., Inc.* | 150,000 | 299,196 | ||||||||||
Elite Material Co. Ltd. | 40,000 | 531,971 | ||||||||||
Global Brands Manufacture Ltd. | 350,000 | 672,867 | ||||||||||
Gold Circuit Electronics Ltd.* | 75,000 | 511,039 | ||||||||||
Shanghai Friendess Electronic Technology Corp. Ltd.* | 15,000 | 512,158 | ||||||||||
WT Microelectronics Co. Ltd.* | 110,000 | 380,341 | ||||||||||
3,071,940 | ||||||||||||
Energy Equipment & Services | 1.1 | % | ||||||||||
Yantai Jereh Oilfield Services Group Co. Ltd.* | 120,000 | 522,503 | ||||||||||
Entertainment | 3.8 | % | ||||||||||
NetEase, Inc. | 90,000 | 1,833,099 | ||||||||||
Hotels, Restaurants & Leisure | 9.7 | % | ||||||||||
H World Group Ltd.* | 190,000 | 748,500 | ||||||||||
Meituan* | 130,000 | 1,902,439 | ||||||||||
Sands China Ltd.* | 250,000 | 766,186 | ||||||||||
Trip.com Group Ltd.* | 35,000 | 1,247,861 | ||||||||||
4,664,986 | ||||||||||||
Household Durables | 2.2 | % | ||||||||||
Beijing Roborock Technology Co. Ltd.* | 13,060 | 528,115 | ||||||||||
Hisense Home Appliances Group Co. Ltd. | 200,000 | 512,067 | ||||||||||
1,040,182 | ||||||||||||
Insurance | 1.8 | % | ||||||||||
Ping An Insurance Group Co. of China Ltd. | 150,000 | 859,086 | ||||||||||
Interactive Media & Services | 7.7 | % | ||||||||||
Baidu, Inc.* | 90,000 | 1,533,138 | ||||||||||
Tencent Hldgs. Ltd. | 55,000 | 2,150,555 | ||||||||||
3,683,693 | ||||||||||||
Life Sciences Tools & Services | 0.7 | % | ||||||||||
Wuxi Biologics (Cayman), Inc.* | 60,000 | 349,763 | ||||||||||
Machinery | 2.6 | % | ||||||||||
Sinotruk Hong Kong Ltd.* | 250,000 | 481,420 | ||||||||||
Yangzijiang Shipbuilding Hldgs. Ltd.* | 650,000 | 789,319 | ||||||||||
1,270,739 | ||||||||||||
Media | 1.5 | % | ||||||||||
Focus Media Information Technology Co. Ltd. | 750,000 | 735,635 | ||||||||||
Metals & Mining | 2.9 | % | ||||||||||
CMOC Group Ltd. | 1,101,000 | 707,193 | ||||||||||
Zijin Mining Group Co. Ltd. | 450,000 | 688,417 | ||||||||||
1,395,610 | ||||||||||||
Oil, Gas & Consumable Fuels | 3.5 | % | ||||||||||
China Shenhua Energy Co. Ltd.* | 170,000 | 551,398 | ||||||||||
PetroChina Co. Ltd. | 1,500,000 | 1,130,124 | ||||||||||
1,681,522 | ||||||||||||
Real Estate Management & Development | 3.4 | % | ||||||||||
China Resources Mixc Lifestyle Services Ltd. | 221,538 | 893,960 | ||||||||||
Longfor Group Hldgs. Ltd. | 400,000 | 719,193 | ||||||||||
1,613,153 | ||||||||||||
Semiconductors & Semiconductor Equipment | 11.3 | % | ||||||||||
Alchip Technologies Ltd. | 18,000 | 1,508,777 | ||||||||||
Elan Microelectronics Corp.* | 140,000 | 579,432 | ||||||||||
M31 Technology Corp. | 29,500 | 734,646 | ||||||||||
ITE Technology, Inc.* | 140,000 | 681,873 | ||||||||||
King Yuan Electronics Co. Ltd. | 380,000 | 896,148 | ||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADS | 12,000 | 1,042,800 | ||||||||||
5,443,676 | ||||||||||||
Technology Hardware, Storage & Peripherals | 0.7 | % | ||||||||||
AIC, Inc. | 20,000 | 340,692 | ||||||||||
Textiles, Apparel & Luxury Goods | 3.1 | % | ||||||||||
Li Ning Co. Ltd. | 35,000 | 147,267 | ||||||||||
Makalot Industrial Co. Ltd.* | 80,000 | 833,169 | ||||||||||
PRADA SpA | 80,000 | 470,949 | ||||||||||
1,451,385 | ||||||||||||
Total Equities | ||||||||||||
(Cost: $45,366,732) | $ | 47,623,607 | ||||||||||
Short-Term Investments | 2.1 | % | ||||||||||
Fidelity Investments Money Market Government Portfolio Class I 5.23%a | 1,031,300 | 1,031,300 | ||||||||||
Total Short-Term Investments | ||||||||||||
(Cost: $1,031,300) | $ | 1,031,300 | ||||||||||
Total Investments | 101.2 | % | ||||||||||
(Cost: $46,398,032) | $ | 48,654,907 | ||||||||||
Other Liabilities Less Assets | (1.2 | )% | (553,973 | ) | ||||||||
Net Assets - 100% | $ | 48,100,934 |
a Annualized seven-day effective yield as of September 30, 2023.
* Non-income producing security during the period ended September 30, 2023
ADS - American depositary share
COUNTRY ALLOCATION (As a Percentage of Net Assets) | ||||
China (Includes the People's Republic of China, Taiwan and Hong Kong) | 97.5 | % | ||
Singapore | 1.6 | % |
Oberweis International Opportunities Fund
Schedule of Investments (unaudited) a
September 30, 2023
Shares | Value | |||||||||||
Equities | 98.7 | % | ||||||||||
Australia | 3.8 | % | ||||||||||
GrainCorp Ltd. | 269,200 | $ | 1,216,480 | |||||||||
James Hardie Industries PLC* | 42,100 | 1,101,074 | ||||||||||
JB Hi-Fi Ltd. | 51,300 | 1,490,068 | ||||||||||
Super Retail Group Ltd. | 87,400 | 667,883 | ||||||||||
4,475,505 | ||||||||||||
Canada | 14.1 | % | ||||||||||
Ag Growth International, Inc. | 46,500 | 1,822,617 | ||||||||||
ATS Corp.* | 96,100 | 4,096,437 | ||||||||||
BRP, Inc. | 17,200 | 1,301,871 | ||||||||||
Element Fleet Management Corp. | 220,000 | 3,156,740 | ||||||||||
Finning International, Inc. | 51,300 | 1,512,978 | ||||||||||
Parex Resources, Inc. | 102,824 | 1,929,606 | ||||||||||
Stantec, Inc. | 40,500 | 2,627,744 | ||||||||||
16,447,993 | ||||||||||||
Denmark | 2.1 | % | ||||||||||
Demant A/S* | 48,300 | 1,994,355 | ||||||||||
Jyske Bank A/S* | 6,000 | 437,661 | ||||||||||
2,432,016 | ||||||||||||
Finland | 2.0 | % | ||||||||||
Metso Corp. | 165,700 | 1,737,581 | ||||||||||
Outokumpu Oyj | 152,100 | 636,717 | ||||||||||
2,374,298 | ||||||||||||
France | 10.1 | % | ||||||||||
Alten SA | 11,100 | 1,456,480 | ||||||||||
Edenred SA | 49,600 | 3,102,614 | ||||||||||
Rexel SA | 93,600 | 2,097,089 | ||||||||||
Sopra Steria Group SACA | 10,400 | 2,146,851 | ||||||||||
Spie SA | 42,300 | 1,227,554 | ||||||||||
Verallia SA | 44,900 | 1,766,014 | ||||||||||
11,796,602 | ||||||||||||
Germany | 7.4 | % | ||||||||||
AIXTRON SE | 58,600 | 2,146,331 | ||||||||||
CTS Eventim AG & Co.* | 38,600 | 2,190,957 | ||||||||||
Gerresheimer AG | 29,600 | 3,101,360 | ||||||||||
Hugo Boss AG | 19,400 | 1,226,222 | ||||||||||
8,664,870 | ||||||||||||
Ireland | 1.3 | % | ||||||||||
Glanbia PLC* | 92,500 | 1,526,509 | ||||||||||
Italy | 2.2 | % | ||||||||||
Brunello Cucinelli SpA | 19,500 | 1,478,974 | ||||||||||
Iveco Group NV* | 119,700 | 1,114,998 | ||||||||||
2,593,972 | ||||||||||||
Japan | 20.2 | % | ||||||||||
ABC-Mart, Inc. | 130,200 | 2,339,973 | ||||||||||
Asics Corp.* | 37,700 | 1,312,774 | ||||||||||
BayCurrent Consulting, Inc. | 90,600 | 3,019,048 | ||||||||||
Daiwa Securities Group, Inc. | 591,500 | 3,410,919 | ||||||||||
Fuji Electric Co. Ltd. | 71,800 | 3,233,561 | ||||||||||
Information Services International-Dentsu Ltd. | 36,000 | 1,375,212 | ||||||||||
Nissin Foods Hldgs. Co. Ltd. | 26,000 | 2,160,415 | ||||||||||
Santen Pharmaceutical Co. Ltd. | 166,000 | 1,523,114 | ||||||||||
Sumitomo Bakelite Co. Ltd. | 13,600 | 592,112 | ||||||||||
Sundrug Co. Ltd. | 42,900 | 1,162,735 | ||||||||||
The Monogatari Corp.* | 23,500 | 648,970 | ||||||||||
Toyo Suisan Kaisha Ltd. | 26,700 | 1,047,092 | ||||||||||
Toyo Tanso Co. Ltd.* | 48,000 | 1,738,415 | ||||||||||
23,564,340 | ||||||||||||
Netherlands | 7.4 | % | ||||||||||
ASM International NV* | 5,380 | 2,246,530 | ||||||||||
BE Semiconductor Industries NV | 28,100 | 2,748,215 | ||||||||||
Constellium SE* | 203,400 | 3,701,880 | ||||||||||
8,696,625 | ||||||||||||
Norway | 2.3 | % | ||||||||||
Aker Solutions ASA | 492,900 | 1,983,295 | ||||||||||
Subsea 7 SA | 47,300 | 649,881 | ||||||||||
2,633,176 | ||||||||||||
Sweden | 3.2 | % | ||||||||||
AAK AB* | 48,600 | 874,469 | ||||||||||
AddTech AB | 37,200 | 593,682 | ||||||||||
Indutrade AB* | 5,200 | 96,038 | ||||||||||
Saab AB | 43,400 | 2,208,858 | ||||||||||
3,773,047 | ||||||||||||
Switzerland | 1.1 | % | ||||||||||
Accelleron Industries AG* | 49,800 | 1,290,769 | ||||||||||
United Kingdom | 21.5 | % | ||||||||||
B&M European Value Retail SA | 183,500 | 1,308,882 | ||||||||||
Cranswick PLC* | 14,000 | 604,899 | ||||||||||
Domino's Pizza Group PLC | 192,900 | 885,890 | ||||||||||
Games Workshop Group PLC | 14,900 | 1,918,539 | ||||||||||
IMI PLC | 79,600 | 1,514,750 | ||||||||||
Indivior PLC* | 107,800 | 2,331,721 | ||||||||||
Informa PLC | 127,900 | 1,167,922 | ||||||||||
Keywords Studios PLC | 53,900 | 1,013,413 | ||||||||||
Marks and Spencer Group PLC* | 1,072,400 | 3,084,524 | ||||||||||
Morgan Sindall Group PLC | 29,000 | 723,252 | ||||||||||
Oxford Instruments PLC | 71,900 | 1,912,421 | ||||||||||
Telecom Plus PLC | 62,200 | 1,130,771 | ||||||||||
The Sage Group PLC | 415,100 | 4,995,330 | ||||||||||
Whitbread PLC | 59,000 | 2,483,493 | ||||||||||
25,075,807 | ||||||||||||
Total Equities | ||||||||||||
(Cost: $110,014,889) | $ | 115,345,529 | ||||||||||
Short-Term Investments | 0.6 | % | ||||||||||
Fidelity Investments Money Market Government Portfolio Class I 5.23%b | 675,419 | 675,419 | ||||||||||
Total Short-Term Investments | ||||||||||||
(Cost: $675,419) | $ | 675,419 | ||||||||||
Total Investments | 99.3 | % | ||||||||||
(Cost: $110,690,308) | $ | 116,020,948 | ||||||||||
Other Assets Less Liabilities | 0.7 | % | 766,599 | |||||||||
Net Assets - 100% | $ | 116,787,547 |
a Certain securities were fair valued under the discretion of the Board of Trustees
b Annualized seven-day effective yield as of September 30, 2023.
* Non-income producing security during the period ended September 30, 2023
SECTOR ALLOCATIONS (As a Percentage of Net Assets) | ||||
Communication Services | 2.9 | % | ||
Consumer Discretionary | 14.6 | % | ||
Consumer Staples | 10.0 | % | ||
Energy | 3.9 | % | ||
Financials | 8.7 | % | ||
Healthcare | 7.7 | % | ||
Industrials | 26.2 | % | ||
Information Technology | 17.2 | % | ||
Materials | 6.6 | % | ||
Utilities | 0.9 | % |
Oberweis International Opportunities Institutional Fund
Schedule of Investments (unaudited) a
September 30, 2023
Shares | Value | |||||||||||
Equities | 95.5 | % | ||||||||||
Australia | 3.6 | % | ||||||||||
GrainCorp Ltd. | 672,423 | $ | 3,038,593 | |||||||||
James Hardie Industries PLC* | 100,800 | 2,636,302 | ||||||||||
JB Hi-Fi Ltd. | 123,512 | 3,587,550 | ||||||||||
Super Retail Group Ltd. | 207,848 | 1,588,307 | ||||||||||
10,850,752 | ||||||||||||
Canada | 13.6 | % | ||||||||||
Ag Growth International, Inc. | 114,800 | 4,499,707 | ||||||||||
ATS Corp.* | 236,875 | 10,097,226 | ||||||||||
BRP, Inc. | 42,273 | 3,199,652 | ||||||||||
Element Fleet Management Corp. | 539,100 | 7,735,448 | ||||||||||
Finning International, Inc. | 126,800 | 3,739,680 | ||||||||||
Parex Resources, Inc. | 254,291 | 4,772,052 | ||||||||||
Stantec, Inc. | 100,300 | 6,507,722 | ||||||||||
40,551,487 | ||||||||||||
Denmark | 2.0 | % | ||||||||||
Demant A/S* | 119,600 | 4,938,403 | ||||||||||
Jyske Bank A/S* | 15,100 | 1,101,447 | ||||||||||
6,039,850 | ||||||||||||
Finland | 2.0 | % | ||||||||||
Metso Corp. | 410,768 | 4,307,440 | ||||||||||
Outokumpu Oyj | 376,743 | 1,577,111 | ||||||||||
5,884,551 | ||||||||||||
France | 9.7 | % | ||||||||||
Alten SA | 27,300 | 3,582,153 | ||||||||||
Edenred SA | 121,300 | 7,587,643 | ||||||||||
Rexel SA | 231,519 | 5,187,137 | ||||||||||
Sopra Steria Group SACA | 25,600 | 5,284,556 | ||||||||||
Spie SA | 103,600 | 3,006,492 | ||||||||||
Verallia SA | 109,900 | 4,322,606 | ||||||||||
28,970,587 | ||||||||||||
Germany | 7.2 | % | ||||||||||
AIXTRON SE | 143,149 | 5,243,091 | ||||||||||
CTS Eventim AG & Co.* | 94,551 | 5,366,766 | ||||||||||
Gerresheimer AG | 73,300 | 7,680,056 | ||||||||||
Hugo Boss AG | 47,300 | 2,989,706 | ||||||||||
21,279,619 | ||||||||||||
Ireland | 1.3 | % | ||||||||||
Glanbia PLC* | 231,600 | 3,822,049 | ||||||||||
Italy | 2.2 | % | ||||||||||
Brunello Cucinelli SpA | 48,500 | 3,678,473 | ||||||||||
Iveco Group NV* | 293,700 | 2,735,797 | ||||||||||
6,414,270 | ||||||||||||
Japan | 19.3 | % | ||||||||||
ABC-Mart, Inc. | 315,900 | 5,677,400 | ||||||||||
Asics Corp.* | 94,600 | 3,294,122 | ||||||||||
BayCurrent Consulting, Inc. | 226,400 | 7,544,289 | ||||||||||
Daiwa Securities Group, Inc. | 1,424,400 | 8,213,885 | ||||||||||
Fuji Electric Co. Ltd. | 173,100 | 7,795,674 | ||||||||||
Information Services International-Dentsu Ltd. | 89,200 | 3,407,470 | ||||||||||
Nissin Foods Hldgs. Co. Ltd. | 62,600 | 5,201,615 | ||||||||||
Santen Pharmaceutical Co. Ltd. | 416,100 | 3,817,878 | ||||||||||
Sumitomo Bakelite Co. Ltd. | 32,600 | 1,419,326 | ||||||||||
Sundrug Co. Ltd. | 101,900 | 2,761,835 | ||||||||||
The Monogatari Corp.* | 59,200 | 1,634,853 | ||||||||||
Toyo Suisan Kaisha Ltd. | 64,300 | 2,521,648 | ||||||||||
Toyo Tanso Co. Ltd.* | 115,400 | 4,179,439 | ||||||||||
57,469,434 | ||||||||||||
Netherlands | 7.2 | % | ||||||||||
ASM International NV* | 13,160 | 5,495,230 | ||||||||||
BE Semiconductor Industries NV | 69,900 | 6,836,307 | ||||||||||
Constellium SE* | 497,939 | 9,062,490 | ||||||||||
21,394,027 | ||||||||||||
Norway | 2.2 | % | ||||||||||
Aker Solutions ASA | 1,214,000 | 4,884,805 | ||||||||||
Subsea 7 SA | 118,100 | 1,622,643 | ||||||||||
6,507,448 | ||||||||||||
Sweden | 3.1 | % | ||||||||||
AAK AB* | 119,820 | 2,155,944 | ||||||||||
AddTech AB | 92,000 | 1,468,246 | ||||||||||
Indutrade AB | 13,100 | 241,941 | ||||||||||
Saab AB | 106,200 | 5,405,085 | ||||||||||
9,271,216 | ||||||||||||
Switzerland | 1.1 | % | ||||||||||
Accelleron Industries AG* | 125,000 | 3,239,881 | ||||||||||
United Kingdom | 21.0 | % | ||||||||||
B&M European Value Retail SA | 452,400 | 3,226,910 | ||||||||||
Cranswick PLC* | 35,300 | 1,525,209 | ||||||||||
Domino's Pizza Group PLC | 470,200 | 2,159,386 | ||||||||||
Games Workshop Group PLC | 37,350 | 4,809,223 | ||||||||||
IMI PLC | 196,516 | 3,739,606 | ||||||||||
Indivior PLC* | 266,600 | 5,766,575 | ||||||||||
Informa PLC | 314,800 | 2,874,605 | ||||||||||
Keywords Studios PLC | 133,700 | 2,513,792 | ||||||||||
Marks and Spencer Group PLC* | 2,703,000 | 7,774,588 | ||||||||||
Morgan Sindall Group PLC | 71,271 | 1,777,479 | ||||||||||
Oxford Instruments PLC | 177,200 | 4,713,226 | ||||||||||
Telecom Plus PLC | 152,900 | 2,779,661 | ||||||||||
The Sage Group PLC | 1,023,270 | 12,314,073 | ||||||||||
Whitbread PLC | 144,600 | 6,086,661 | ||||||||||
62,060,994 | ||||||||||||
Total Equities | ||||||||||||
(Cost: $271,405,785) | $ | 283,756,165 | ||||||||||
Short-Term Investments | 3.9 | % | ||||||||||
Fidelity Investments Money Market Government Portfolio Class I 5.23%b | 11,643,574 | 11,643,574 | ||||||||||
Total Short-Term Investments | ||||||||||||
(Cost: $11,643,574) | $ | 11,643,574 | ||||||||||
Total Investments | 99.4 | % | ||||||||||
(Cost: $283,049,359) | $ | 295,399,739 | ||||||||||
Other Assets Less Liabilities | 0.6 | % | 1,901,361 | |||||||||
Net Assets - 100% | $ | 297,301,100 |
a Certain securities were fair valued under the discretion of the Board of Trustees
b Annualized seven-day effective yield as of September 30, 2023.
* Non-income producing security during the period ended September 30, 2023
SECTOR ALLOCATIONS (As a Percentage of Net Assets) | ||||
Communication Services | 2.8 | % | ||
Consumer Discretionary | 14.1 | % | ||
Consumer Staples | 9.7 | % | ||
Energy | 3.8 | % | ||
Financials | 8.3 | % | ||
Healthcare | 7.5 | % | ||
Industrials | 25.4 | % | ||
Information Technology | 16.6 | % | ||
Materials | 6.4 | % | ||
Utilities | 0.9 | % |
Oberweis Emerging Markets Fund
Schedule of Investments (unaudited)
September 30, 2023
Shares | Value | |||||||||||
Equities | 91.1 | % | ||||||||||
Argentina | 1.5 | % | ||||||||||
Arcos Dorados Hldgs., Inc. | 23,200 | $ | 219,472 | |||||||||
Brazil | 4.8 | % | ||||||||||
Hypera SA | 21,200 | 156,640 | ||||||||||
Petro Rio SA* | 27,200 | 254,543 | ||||||||||
Santos Brasil Participacoes SA | 100,000 | 170,493 | ||||||||||
TOTVS SA | 25,500 | 136,971 | ||||||||||
718,647 | ||||||||||||
Canada | 0.8 | % | ||||||||||
Orla Mining Ltd.* | 35,600 | 125,804 | ||||||||||
Chile | 1.0 | % | ||||||||||
Embotelladora Andina SA | 66,700 | 150,040 | ||||||||||
China | 15.2 | % | ||||||||||
AK Medical Hldgs. Ltd. | 294,600 | 248,666 | ||||||||||
Chongqing Brewery Co. Ltd. | 24,000 | 280,807 | ||||||||||
Dada Nexus Ltd. ADS* | 22,800 | 101,460 | ||||||||||
Hangzhou Robam Appliances Co. Ltd. | 80,400 | 298,189 | ||||||||||
Jiangsu Hengli Hydraulic Co. Ltd. | 16,600 | 145,585 | ||||||||||
Kingdee International Software Group Co. Ltd.* | 210,000 | 258,511 | ||||||||||
OPT Machine Vision Tech Co. Ltd.* | 18,700 | 291,361 | ||||||||||
Xiabuxiabu Catering Management China Hldgs. Co. Ltd.* | 290,000 | 122,208 | ||||||||||
Yantai Jereh Oilfield Services Group Co. Ltd.* | 49,196 | 214,210 | ||||||||||
Zhejiang Shuanghuan Driveline Co. Ltd. | 80,516 | 316,096 | ||||||||||
2,277,093 | ||||||||||||
France | 1.3 | % | ||||||||||
Gaztransport & Technigaz SA | 1,550 | 190,903 | ||||||||||
Greece | 1.4 | % | ||||||||||
Greek Organization of Football Prognostics SA | 12,500 | 209,589 | ||||||||||
Hungary | 1.5 | % | ||||||||||
Richter Gedeon Nyrt | 9,200 | 222,685 | ||||||||||
India | 18.9 | % | ||||||||||
Affle India Ltd.* | 11,800 | 157,288 | ||||||||||
AMI Organics Ltd. | 10,300 | 152,966 | ||||||||||
C.E. Info Systems Ltd. | 11,500 | 276,216 | ||||||||||
Cera Sanitaryware Ltd. | 2,163 | 221,951 | ||||||||||
Control Print Ltd.* | 16,900 | 153,948 | ||||||||||
Emudhra Ltd. | 42,000 | 236,398 | ||||||||||
Federal Bank Ltd. | 92,300 | 163,612 | ||||||||||
Kaynes Technology India Ltd.* | 9,500 | 263,156 | ||||||||||
KEI Industries Ltd.* | 5,098 | 162,883 | ||||||||||
KPIT Technologies Ltd. | 11,500 | 159,577 | ||||||||||
Oracle Financial Services Software Ltd* | 4,000 | 198,015 | ||||||||||
Route Mobile Ltd. | 14,000 | 268,152 | ||||||||||
TVS Motor Co. Ltd.* | 12,000 | 219,910 | ||||||||||
Varun Beverages Ltd. | 18,236 | 207,677 | ||||||||||
2,841,749 | ||||||||||||
Indonesia | 7.6 | % | ||||||||||
PT Indofood CBP Sukses Makmur Tbk | 340,700 | 244,144 | ||||||||||
PT Mitra Adiperkasa Tbk | 2,158,900 | 254,235 | ||||||||||
PT Sumber Alfaria Trijaya Tbk | 1,502,500 | 287,764 | ||||||||||
PT Samator Indo Gas Tbk | 1,292,700 | 148,884 | ||||||||||
PT United Tractors Tbk | 112,000 | 204,723 | ||||||||||
1,139,750 | ||||||||||||
Japan | 1.0 | % | ||||||||||
RS Technologies Co. Ltd.* | 8,000 | 152,944 | ||||||||||
Malaysia | 1.5 | % | ||||||||||
CTOS Digital Bhd | 777,800 | 231,917 | ||||||||||
Mexico | 5.9 | % | ||||||||||
Alsea, S.A.B. de CV* | 88,300 | 321,280 | ||||||||||
Grupo Aeroportuario del Centro Norte SAB de CV ADS | 2,700 | 234,657 | ||||||||||
Prologis Property Mexico SA de CV | 49,200 | 169,246 | ||||||||||
Regional SAB de CV | 22,300 | 160,166 | ||||||||||
885,349 | ||||||||||||
Philippines | 0.8 | % | ||||||||||
Wilcon Depot, Inc. | 324,800 | 126,301 | ||||||||||
Poland | 1.1 | % | ||||||||||
Dino Polska SA* | 2,100 | 170,646 | ||||||||||
Saudi Arabia | 1.0 | % | ||||||||||
Arabian Contracting Services Co.* | 2,800 | 154,390 | ||||||||||
South Africa | 1.0 | % | ||||||||||
Clicks Group Ltd. | 10,980 | 149,995 | ||||||||||
South Korea | 6.5 | % | ||||||||||
Classys, Inc. | 5,627 | 157,107 | ||||||||||
LEENO Industrial, Inc. | 2,938 | 334,331 | ||||||||||
Park Systems Corp. | 2,056 | 248,225 | ||||||||||
Tokai Carbon Korea Co. Ltd.* | 3,450 | 241,425 | ||||||||||
981,088 | ||||||||||||
Taiwan | 16.0 | % | ||||||||||
91APP, Inc. | 39,000 | 119,127 | ||||||||||
Alchip Technologies Ltd. | 6,000 | 502,926 | ||||||||||
Andes Technology Corp. | 9,000 | 110,662 | ||||||||||
ASPEED Technology, Inc. | 2,400 | 206,742 | ||||||||||
Chroma ATE, Inc. | 37,000 | 317,303 | ||||||||||
eMemory Technology, Inc.* | 3,000 | 188,351 | ||||||||||
Ennoconn Corp. | 23,000 | 187,621 | ||||||||||
Innodisk Corp. | 17,218 | 158,497 | ||||||||||
M31 Technology Corp. | 8,800 | 219,148 | ||||||||||
Sinbon Electronics Co. Ltd. | 16,000 | 160,383 | ||||||||||
Unimicron Technology Corp. | 42,000 | 226,601 | ||||||||||
2,397,361 | ||||||||||||
Thailand | 0.9 | % | ||||||||||
Mega Lifesciences PCL | 111,300 | 136,021 | ||||||||||
United Kingdom | 1.4 | % | ||||||||||
WAG Payment Solutions PLC* | 173,000 | 194,192 | ||||||||||
Total Equities | ||||||||||||
(Cost: $12,515,096) | $ | 13,675,936 | ||||||||||
Short-Term Investments | 8.4 | % | ||||||||||
Fidelity Investments Money Market Government Portfolio Class I 5.23%a | 1,261,920 | 1,261,920 | ||||||||||
Total Short-Term Investments | ||||||||||||
(Cost: $1,261,920) | $ | 1,261,920 | ||||||||||
Total Investments | 99.5 | % | ||||||||||
(Cost: $13,777,016) | $ | 14,937,856 | ||||||||||
Other Assets Less Liabilities | 0.5 | % | 72,986 | |||||||||
Net Assets - 100% | $ | 15,010,842 |
a Annualized seven-day effective yield as of September 30, 2023.
* Non-income producing security during the period ended September 30, 2023
ADS - American depositary share
SECTOR ALLOCATIONS (As a Percentage of Net Assets) | ||||
Communication Services | 2.1 | % | ||
Consumer Discretionary | 13.9 | % | ||
Consumer Staples | 10.6 | % | ||
Energy | 5.8 | % | ||
Financials | 3.5 | % | ||
Healthcare | 7.2 | % | ||
Industrials | 9.4 | % | ||
Information Technology | 35.8 | % | ||
Materials | 1.8 | % | ||
Real Estate | 1.0 | % |
Oberweis Focused International Growth Fund
Schedule of Investments (unaudited) a
September 30, 2023
Shares | Value | |||||||||||
Equities | 97.7 | % | ||||||||||
Australia | 4.4 | % | ||||||||||
BHP Group Ltd. | 4,500 | $ | 126,411 | |||||||||
Woodside Energy Group Ltd. | 5,400 | 125,558 | ||||||||||
251,969 | ||||||||||||
Canada | 7.9 | % | ||||||||||
Dollarama, Inc.* | 3,900 | 268,690 | ||||||||||
WSP Global, Inc. | 1,300 | 183,473 | ||||||||||
452,163 | ||||||||||||
Denmark | 2.5 | % | ||||||||||
Novo Nordisk A/S | 1,600 | 145,681 | ||||||||||
France | 12.3 | % | ||||||||||
LVMH Moet Hennessy Louis Vuitton SE | 340 | 256,629 | ||||||||||
Publicis Groupe SA | 3,300 | 249,773 | ||||||||||
Schneider Electric SE | 1,200 | 197,740 | ||||||||||
704,142 | ||||||||||||
Germany | 2.9 | % | ||||||||||
SAP SE* | 1,300 | 168,266 | ||||||||||
Italy | 6.0 | % | ||||||||||
Ferrari NV* | 300 | 88,431 | ||||||||||
UniCredit SpA | 10,800 | 257,312 | ||||||||||
345,743 | ||||||||||||
Japan | 13.1 | % | ||||||||||
Bridgestone Corp. | 3,700 | 144,181 | ||||||||||
Sony Group Corp. | 5,500 | 449,766 | ||||||||||
Toyota Motor Corp. | 8,700 | 156,081 | ||||||||||
750,028 | ||||||||||||
Netherlands | 3.7 | % | ||||||||||
ASML Hldg. NV | 150 | 88,308 | ||||||||||
Koninklijke Ahold Delhaize NV | 4,100 | 123,566 | ||||||||||
211,874 | ||||||||||||
Sweden | 3.2 | % | ||||||||||
EQT AB | 4,300 | 84,722 | ||||||||||
Volvo AB* | 4,700 | 96,808 | ||||||||||
181,530 | ||||||||||||
Switzerland | 17.9 | % | ||||||||||
Alcon AG | 2,100 | 162,043 | ||||||||||
Nestle SA | 1,600 | 181,104 | ||||||||||
Novartis AG* | 800 | 81,698 | ||||||||||
Partners Group Hldg. AG* | 100 | 112,253 | ||||||||||
Roche Hldg. AG | 600 | 163,792 | ||||||||||
UBS Group AG* | 2,200 | 54,188 | ||||||||||
Zurich Insurance Group AG | 600 | 274,519 | ||||||||||
1,029,597 | ||||||||||||
United Kingdom | 18.2 | % | ||||||||||
Anglo American PLC | 3,100 | 85,125 | ||||||||||
AstraZeneca PLC | 1,300 | 175,351 | ||||||||||
BAE Systems PLC | 13,900 | 168,911 | ||||||||||
BP PLC | 14,700 | 94,755 | ||||||||||
HSBC Hldgs. PLC | 33,300 | 260,586 | ||||||||||
Shell PLC | 4,100 | 129,947 | ||||||||||
Unilever PLC | 2,600 | 128,614 | ||||||||||
1,043,289 | ||||||||||||
United States of America | 5.6 | % | ||||||||||
Cadence Design Systems, Inc.* | 1,400 | 328,020 | ||||||||||
Total Equities | ||||||||||||
(Cost: $5,733,557) | $ | 5,612,302 | ||||||||||
Short-Term Investments | 2.2 | % | ||||||||||
Fidelity Investments Money Market Government Portfolio Class I 5.23%b | 124,519 | 124,519 | ||||||||||
Total Short-Term Investments | ||||||||||||
(Cost: $124,519) | $ | 124,519 | ||||||||||
Total Investments | 99.9 | % | ||||||||||
(Cost: $5,858,076) | $ | 5,736,821 | ||||||||||
Other Assets Less Liabilities. | 0.1 | % | 7,519 | |||||||||
Net Assets - 100% | $ | 5,744,340 |
a Certain securities were fair valued under the discretion of the Board of Trustees
b Annualized seven-day effective yield as of September 30, 2023.
* Non-income producing security during the period ended September 30, 2023
ADS - American depositary share
SECTOR ALLOCATIONS (As a Percentage of Net Assets) | ||||
Communication Services | 4.3 | % | ||
Consumer Discretionary | 23.7 | % | ||
Consumer Staples | 7.5 | % | ||
Energy | 6.1 | % | ||
Financials | 18.2 | % | ||
Healthcare | 12.7 | % | ||
Industrials | 11.3 | % | ||
Information Technology | 10.2 | % | ||
Materials | 3.7 | % |
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 September 30, 2023:
Micro-Cap Fund | Small-Cap Opportunities Fund | |||||||
Level 1 – Equities | $ | 383,047,167 | $ | 404,242,442 | ||||
Level 2 - Equities | - | - | ||||||
Level 3 | - | - | ||||||
Total Investments | $ | 383,047,167 | $ | 404,242,442 |
Global Opportunities Fund | China Opportunities Fund | Emerging Markets Fund | ||||||||||
Level 1 - Equities | ||||||||||||
Total Asia | $ | 5,119,308 | $ | 47,623,607 | $ | 10,438,614 | ||||||
Total Africa | - | - | 149,995 | |||||||||
Total Europe | 2,960,149 | - | 988,015 | |||||||||
Total South America | - | - | 1,088,159 | |||||||||
Total North America | 29,791,191 | - | 1,011,153 | |||||||||
Total Short-Term Investments | - | 1,031,300 | 1,261,920 | |||||||||
Total Level 1 | 37,870,648 | 48,654,907 | 14,937,856 | |||||||||
Level 2 - Equities | ||||||||||||
Total Asia | 1,832,952 | - | - | |||||||||
Total Europe | 6,971,574 | - | - | |||||||||
Total Level 2 | 8,804,526 | - | - | |||||||||
Level 3 | - | - | - | |||||||||
Total Investments | $ | 46,675,174 | $ | 48,654,907 | $ | 14,937,856 |
International Opportunities Fund | International Opportunities Institutional Fund | Focused International Growth Fund | ||||||||||
Level 1 – Equites | ||||||||||||
Total Europe | $ | 9,157,471 | $ | 22,536,812 | $ | - | ||||||
Total North America | 16,447,993 | 40,551,487 | 780,183 | |||||||||
Total Short-Term Investments | 675,419 | 11,643,574 | 124,519 | |||||||||
Total Level 1 | 26,280,883 | 74,731,873 | 904,702 | |||||||||
Level 2 – Equities | ||||||||||||
Total Asia | 23,564,340 | 57,469,434 | 750,028 | |||||||||
Total Australia | 4,475,505 | 10,850,752 | 251,969 | |||||||||
Total Europe | 61,700,220 | 152,347,680 | 3,830,122 | |||||||||
Total Level 2 | 89,740,065 | 220,667,866 | 4,832,119 | |||||||||
Level 3 | - | - | - | |||||||||
Total Investments | $ | 116,020,948 | $ | 295,399,739 | $ | 5,736,821 |
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.