Oberweis Micro-Cap Fund
Schedule of Investments (unaudited)
September 30, 2021
			Shares		Value
Equities	96.1	%
Auto Parts	1.4	%
Strattec Security Corp.*				16,100	$	626,290
Superior Industries International, Inc.*				152,498		1,075,111
						1,701,401
Back Office Support, Human Resources & Consulting	9.2	%
Cross Country Healthcare, Inc.*				77,900		1,654,596
Heidrick & Struggles International, Inc.				34,800		1,553,124
ICF International, Inc.*				12,300		1,098,267
Information Services Group, Inc.				235,000		1,687,300
Kforce, Inc.				17,500		1,043,700
Resources Connection, Inc.				100,900		1,592,202
The Hackett Group, Inc.				53,500		1,049,670
TrueBlue, Inc.*				42,300		1,145,484
						10,824,343
Banks - Diversified	1.1	%
First Foundation, Inc.				26,300		691,690
Mercantile Bank Corp.				19,500		624,585
						1,316,275
Biotechnology	0.9	%
Dynavax Technologies Corp.*				58,000		1,114,180
Building Materials	1.2	%
Masonite International Corp.*				13,800		1,464,594
Casinos & Gambling	2.4	%
Full House Resorts, Inc.*				152,543		1,618,481
Monarch Casino & Resort, Inc.*				18,200		1,219,218
						2,837,699
Commercial Vehicles & Parts	2.1	%
Commercial Vehicle Group, Inc.*				155,500		1,471,030
The Shyft Group, Inc.				27,400		1,041,474
						2,512,504
Communications Technology	5.6	%
ADTRAN, Inc.				43,600		817,936
Aviat Networks, Inc.*				73,207		2,405,582
DZS, Inc.*				96,800		1,186,768
Extreme Networks, Inc.*				123,800		1,219,430
Ooma, Inc.*				49,300		917,473
						6,547,189
Computer Services Software & Systems	5.6	%
Avid Technology, Inc.*				19,700		569,724
ChannelAdvisor Corp.*				112,700		2,843,421
Model N, Inc.*				39,200		1,313,200
Perficient, Inc.*				10,100		1,168,570
Travelzoo*				57,000		661,200
						6,556,115
Computer Technology	1.0	%
ScanSource, Inc.*				35,000		1,217,650
Consumer Services - Miscellaneous	0.9	%
SP Plus Corp.*				33,700		1,033,579
Containers & Packaging	2.7	%
Veritiv Corp.*				36,000		3,224,160
Construction	1.3	%
Sterling Construction Co. Inc.*				65,300		1,480,351
Diversified Manufacturing Operations	0.4	%
Golden Nugget Online Gaming, Inc.*				30,000		521,100
Diversified Retail	1.1	%
Lands' End, Inc.*				54,700		1,287,638
Education Services	0.7	%
Houghton Mifflin Harcourt Co.*				63,100		847,433
Electronic Entertainment	1.1	%
Everi Hldgs. Inc.*				54,000		1,305,720
Energy Equipment	1.6	%
Ameresco, Inc.*				33,208		1,940,343
Healthcare Services	2.4	%
HealthStream, Inc.*				45,800		1,308,964
RadNet, Inc.*				53,600		1,571,016
						2,879,980
Home Building	1.3	%
M/I Homes, Inc.*				25,600		1,479,680
Household Furnishings	2.4	%
Flexsteel Industries, Inc.				30,000		926,400
Hooker Furniture Corp.				28,500		769,215
Lifetime Brands, Inc.*				60,400		1,098,676
						2,794,291
Insurance - Property Casualty	0.7	%
Employers Hldgs., Inc.				22,000		868,780
Leisure	1.3	%
Johnson Outdoors, Inc.				14,100		1,491,780
Luxury Items	1.3	%
Movado Group, Inc.				48,200		1,517,818
Machinery - Agriculture	0.8	%
Titan Machinery, Inc.*				34,300		888,713
Machinery - Industrial	1.0	%
EnPro Industries, Inc.				14,200		1,237,104
Medical & Dental Instruments & Supplies	7.4	%
Alphatec Hldgs. Inc.*				195,500		2,383,145
AngioDynamics, Inc.*				88,700		2,300,878
Antares Pharma, Inc.*				225,900		822,276
Cerus Corp.*				143,100		871,479
Organogenesis Hldgs., Inc.*				168,100		2,393,744
						8,771,522
Medical Equipment	1.4	%
Varex Imaging Corp.*				57,200		1,613,040
Medical Services	1.0	%
Inotiv, Inc.*				40,600		1,187,144
Oil Well Equipment & Services	1.7	%
Patterson-UTI Energy, Inc.				125,200		1,126,800
RPC, Inc.*				189,400		920,484
						2,047,284
Production Technology Equipment	7.8	%
Aehr Test Systems*				115,300		1,573,845
Axcelis Technologies, Inc.*				83,600		3,931,708
Cohu, Inc.*				28,576		912,717
CyberOptics Corp.*				24,200		861,036
Ultra Clean Hldgs., Inc.*				44,900		1,912,740
						9,192,046
Radio & TV Broadcasters	1.7	%
Entravision Communications Corp.				276,400		1,962,440
Recreational Vehicles & Boats	1.7	%
Malibu Boats, Inc.*				27,900		1,952,442
Restaurants	2.7	%
El Pollo Loco Hldgs., Inc.*				55,500		937,950
Red Robin Gourmet Burgers, Inc.*				96,600		2,227,596
						3,165,546
Scientific Instruments - Electrical	1.7	%
Allied Motion Technologies, Inc.				34,100		1,066,648
Preformed Line Products Co.				7,000		455,280
RF Industries Ltd.*				65,000		524,550
						2,046,478
Scientific Instruments - Gauges & Meters	1.1	%
Vishay Precision Group, Inc.*				37,800		1,314,306
Semiconductors & Components	3.8	%
Alpha and Omega Semiconductor Ltd.*				74,000		2,321,380
Amtech Systems, Inc.*				67,500		771,525
SMART Global Hldgs., Inc.*				30,400		1,352,800
						4,445,705
Software	0.7	%
Absolute Software Corp.				74,600		819,854
Specialty Retail	5.8	%
Boot Barn Hldgs., Inc.*				28,400		2,523,908
Guess', Inc.				109,000		2,290,090
Zumiez, Inc.*				51,300		2,039,688
						6,853,686
Technology - Miscellaneous	2.6	%
Camtek Ltd.*				40,980		1,660,100
CTS Corp.				46,200		1,428,042
						3,088,142
Telecommunications Equipment	3.5	%
Clearfield, Inc.*				44,900		1,982,335
Vocera Communications, Inc.*				43,226		1,978,023
						3,960,358
Total Equities
(Cost: $90,893,820)					$	113,310,413
Total Investments	96.1	%
(Cost: $90,893,820)					$	113,310,413
Other Assets Less Liabilities	3.9	%				4,645,584
Net Assets - 100%					$	117,955,997

* Non-income producing security during the period ended September 30, 2021                        

Oberweis Small-Cap Opportunities Fund
Schedule of Investments (unaudited)
September 30, 2021
			Shares		Value
Equities	94.8	%
Aluminum	1.2	%
Arconic Corp.*				9,000	$	283,860
Asset Management & Custodian	0.9	%
Focus Financial Partners, Inc.*				3,800		199,006
Back Office Support, Human Resources & Consulting	3.8	%
ICF International, Inc.				3,300		294,657
Korn Ferry				4,800		347,328
TTEC Hldgs., Inc.				2,700		252,531
						894,516
Banks - Diversified	0.8	%
First Foundation, Inc.				7,200		189,360
Banks - Savings, Thrifts & Mortgage Lending	0.8	%
Premier Financial Corp.				5,800		184,672
Biotechnology	1.1	%
Halozyme Therapeutics, Inc.*				6,200		252,216
Building Materials	5.3	%
Builders FirstSource, Inc.*				7,000		362,180
Masonite International Corp.*				2,600		275,938
Patrick Industries, Inc.				3,600		299,880
Summit Materials, Inc.*				9,300		297,321
						1,235,319
Building Roofing, Wallboard & Plumbing	1.2	%
Beacon Roofing Supply, Inc.*				5,700		272,232
Casinos & Gambling	1.2	%
Monarch Casino and Resort, Inc.*				4,300		288,057
Chemicals - Diversified	0.7	%
Cabot Corp.				3,400		170,408
Communications Technology	1.2	%
Aviat Networks, Inc.*				8,400		276,024
Computer Services Software & Systems	10.6	%
Cargurus, Inc.*				11,300		354,933
ChannelAdvisor Corp.*				12,200		307,806
CommVault Systems, Inc.*				3,800		286,178
Rapid7, Inc.*				1,800		203,436
Shutterstock, Inc.				6,308		714,823
TechTarget, Inc.*				2,800		230,776
Teradata Corp.*				6,600		378,510
						2,476,462
Computer Technology	4.1	%
Synaptics, Inc.*				5,300		952,569
Containers & Packaging	2.0	%
Veritiv Corp.*				5,222		467,682
Cosmetics	1.3	%
Inter Parfums, Inc.				4,100		306,557
Diversified Manufacturing Operations	2.2	%
Inmode Ltd.*				1,300		207,285
Revolve Group, Inc.*				4,900		302,673
						509,958
Diversified Metals & Minerals	1.1	%
Materion Corp.				3,900		267,696
Diversified Retail	1.9	%
BJ's Wholesale Club Hldgs., Inc.*				4,600		252,632
PROG Hldgs., Inc.*				4,500		189,045
						441,677
Education Services	2.6	%
2U, Inc.*				4,700		157,779
Houghton Mifflin Harcourt Co.*				12,900		173,247
Stride, Inc.*				7,900		283,926
						614,952
Electronic Entertainment	1.0	%
Everi Hldgs., Inc.*				9,300		224,874
Energy Equipment	1.0	%
Ameresco, Inc.*				4,100		239,563
Forest Products	1.0	%
UFP Industries, Inc.				3,400		231,132
Healthcare Facilities	1.3	%
Select Medical Hldgs. Corp.				8,100		292,977
Healthcare Management Services	1.0	%
Option Care Health, Inc.*				9,700		235,322
Healthcare Services	1.7	%
Acadia Healthcare Co., Inc.*				6,400		408,192
Home Building	1.3	%
M/I Homes, Inc.*				5,300		306,340
Household Equipment & Products	1.0	%
Central Garden & Pet Co.*				4,900		235,200
Household Furnishings	1.8	%
Tempur Sealy International, Inc.				8,900		413,049
Insurance - Multi-Line	0.9	%
BRP Group, Inc.*				6,400		213,056
Insurance - Property Casualty	1.2	%
Stewart Information Services Corp.				4,400		278,344
Leisure Time	1.9	%
SeaWorld Entertainment, Inc.*				7,900		437,028
Machinery - Industrial	1.3	%
Kennametal, Inc.				9,000		308,070
Manufactured Housing	1.4	%
Skyline Champion Corp.*				5,600		336,336
Medical & Dental Instruments & Supplies	6.5	%
Alphatec Hldgs., Inc.*				37,000		451,030
AngioDynamics, Inc.*				17,700		459,138
Merit Medical Systems, Inc.*				2,500		179,500
Organogenesis Hldgs., Inc.*				30,100		428,624
						1,518,292
Medical Equipment	1.3	%
CareDX, Inc.*				4,800		304,176
Oil Crude Producer	1.8	%
Magnolia Oil & Gas Corp.				12,000		213,480
PDC Energy, Inc.				4,400		208,516
						421,996
Oil Well Equipment & Services	1.7	%
Helmerich & Payne, Inc.				7,700		211,057
NOV, Inc.*				13,400		175,674
						386,731
Pharmaceuticals	2.0	%
Amphastar Pharmaceuticals, Inc.*				10,600		201,506
Heska Corp.*				1,000		258,540
						460,046
Power Transmission Equipment	1.5	%
Belden, Inc.				6,200		361,212
Production Technology Equipment	4.4	%
Axcelis Technologies, Inc.*				15,000		705,450
Ultra Clean Hldgs., Inc.*				7,500		319,500
						1,024,950
Real Estate Services	1.2	%
Realogy Hldgs. Corp.*				16,400		287,656
Restaurants	1.6	%
Red Robin Gourmet Burgers, Inc.*				16,200		373,572
Scientific Instruments - Pollution Control	1.3	%
Clean Harbors, Inc.*				2,900		301,223
Semiconductors & Components	2.5	%
MACOM Technology Solutions Hldgs. Inc.*				3,700		240,019
MaxLinear. Inc.*				7,100		349,675
						589,694
Specialty Retail	3.1	%
Boot Barn Hldgs., Inc.*				3,900		346,593
Guess', Inc.				17,200		361,372
						707,965
Textiles, Apparel & Shoes	4.1	%
Crocs, Inc.*				4,500		645,660
Deckers Outdoor Corp.*				790		284,558
						930,218
Total Equities
(Cost: $17,660,968)					$	22,110,437
Total Investments	94.8	%
(Cost: $17,660,968)					$	22,110,437
Other Assets Less Liabilities	5.2	%				1,224,150
Net Assets - 100%					$	23,334,587

* Non-income producing security during the period ended September 30, 2021

Oberweis Global Opportunities Fund
Schedule of Investments (unaudited) a
September 30, 2021
			Shares		Value
Equities	89.1	%
Australia	1.1	%
IDP Education Ltd.*				35,000	$	847,472
Canada	1.2	%
BRP, Inc.				9,600		888,603
China	8.4	%
Dongyue Group Ltd.*				300,000		739,955
Foryou Corp.*				132,800		736,727
Han's Laser Technology Industry Group Co. Ltd.*				120,000		697,642
Li Ning Co. Ltd.				100,000		1,152,567
Shanghai Weaver Network Co. Ltd.*				75,000		763,030
Tianjin Zhonghuan Semiconductor Co. Ltd.*				112,000		791,352
Wuxi Biologics, Inc.*				50,000		811,009
Xtep International Hldgs. Ltd.				537,500		754,697
						6,446,979
Denmark	1.0	%
ALK-Abello AS*				1,900		797,189
Germany	1.5	%
flatexDEGIRO AG*				53,100		1,123,773
Israel	2.9	%
Inmode Ltd.*				14,100		2,248,245
Japan	6.6	%
Capcom Co. Ltd.				20,000		555,723
Food & Life Co. Ltd.				20,000		919,658
IR Japan Hldgs. Ltd.				12,100		1,332,681
JMDC, Inc.*				27,300		1,864,878
MedPeer, Inc.*				12,000		407,226
						5,080,166
Netherlands	3.4	%
ASM International NV				4,000		1,566,468
BE Semiconductor Industries NV				13,400		1,066,041
						2,632,509
Norway	2.6	%
Nordic Semiconductor ASA*				66,900		1,990,113
South Korea	1.0	%
LEENO Industrial, Inc.				5,000		738,038
Sweden	3.7	%
AddLife AB				17,000		621,751
Evolution Gaming Group AB				8,900		1,347,810
MIPS AB				8,700		872,484
						2,842,045
Taiwan	3.6	%
M31 Technology Corp.				201,000		2,774,306
United Kingdom	6.8	%
Dunelm Group PLC				41,600		797,025
Endava PLC ADS*				9,600		1,304,160
Intermediate Capital Group PLC				53,900		1,475,867
Oxford Instruments PLC				24,400		742,872
Taylor Wimpey PLC*				450,000		938,500
						5,258,424
United States of America	45.3	%
Acadia Healthcare Co., Inc.*				15,500		988,590
Alphatec Hldgs, Inc.*				194,500		2,370,955
Arconic Corp.*				21,800		687,572
Axcelis Technologies, Inc.*				25,000		1,175,750
Builders FirstSource, Inc.*				17,700		915,798
CareDX, Inc.*				22,600		1,432,162
Castle Biosciences, Inc.*				23,000		1,529,500
ChannelAdvisor Corp.*				100,600		2,538,138
Crocs, Inc.*				23,000		3,300,040
Deckers Outdoor Corp.*				7,500		2,701,500
Guess', Inc.				76,400		1,605,164
Halozyme Therapeutics, Inc.*				33,500		1,362,780
Malibu Boats, Inc.*				10,000		699,800
Model N, Inc.*				21,200		710,200
Organogenesis Hldgs., Inc.*				170,208		2,423,762
Patrick Industries, Inc.				10,000		833,000
Shutterstock, Inc.				22,100		2,504,372
Synaptics, Inc.*				21,600		3,882,168
Tempur Sealy International, Inc.				25,500		1,183,455
Tupperware Brands Corp.*				30,100		635,712
Ultra Clean Hldgs., Inc.*				30,400		1,295,041
						34,775,459
Total Equities
(Cost: $ 51,417,463 )					$	68,443,321
Total Investments	89.1	%
(Cost: $ 51,417,463 )					$	68,443,321
Other Assets Less Liabilities	10.9	%				8,380,278
Net Assets - 100%					$	76,823,599

^a Certain securities were fair valued under the discretion of the Board Of Trustees

* Non-income producing security during the period ended September 30, 2021

ADS - American depositary share

Sector Allocations (As A Percentage of Net Assets)
Communication Services	0.7	%
Consumer Discretionary	29.6	%
Financials	3.4	%
Health Care	21.9	%
Industrials	3.8	%
Information Technology	27.8	%
Materials	1.9	%

Oberweis China Opportunities Fund
Schedule of Investments (unaudited) a
September 30, 2021
			Shares		Value
Equities	100.1	%
Air Freight & Logistics	1.2	%
YTO Express Group Co. Ltd.*				550,032	$	1,185,554
Auto Components	2.0	%
Anhui Zhongding Sealing Parts Co. Ltd.*				250,000		565,663
Foryou Corp.*				260,000		1,442,388
						2,008,051
Automobiles	1.1	%
Great Wall Motor Co. Ltd.				300,000		1,103,854
Beverages	3.4	%
China Resources Beer Hldgs. Co. Ltd.				190,000		1,405,239
Luzhou Laojiao Co. Ltd.				60,000		2,059,245
						3,464,484
Capital Markets	3.0	%
East Money Information Co. Ltd.*				300,000		1,586,190
Hong Kong Exchanges & Clearing Ltd.				25,000		1,536,253
						3,122,443
Chemicals	10.4	%
Dongyue Group Ltd.*				700,000		1,726,562
Guangzhou Tinci Materials Technology Co. Ltd.				73,500		1,720,199
Hoshine Silicon Industry Co. Ltd.*				40,000		1,110,663
Hubei Xingfa Chemicals Group Co. Ltd.*				100,000		691,277
Inner Mongolia Yuan Xing Energy Co. Ltd.*				299,940		431,651
Jiangsu Eastern Shenghong Co. Ltd.				250,000		1,079,207
Shenzhen Senior Technology Material Co. Ltd.*				180,117		1,254,804
Sinoma Science & Technology Co. Ltd.*				170,000		923,230
Zhejiang Yongtai Technology Co. Ltd.*				130,000		1,065,100
Zibo Qixiang Tengda Chemical Co. Ltd.*				350,000		655,128
						10,657,821
Commercial Service & Supply	1.1	%
China Everbright Environment Group Ltd.*				1,500,000		1,127,173
Communications Equipment	1.2	%
Shanghai Huace Navigation Technology Ltd.*				149,925		979,053
Yangtze Optical Fibre & Cable Joint Stock Co. Ltd.*				150,000		230,647
						1,209,700
Construction & Engineer	1.3	%
Xinte Energy Co. Ltd.				500,000		1,324,412
Construction Materials	1.8	%
Anhui Conch Cement Co. Ltd.*				340,000		1,836,481
Containers & Packaging	1.9	%
Jiangsu Shuangxing Color Plastic New Materials Co. Ltd.*				500,030		1,927,780
Diversified Consumer Services	0.9	%
China Education Group Hldgs. Ltd.				70,000		120,744
New Oriental Education & Technology Group, Inc.*				400,000		787,478
						908,222
Electrical Equipment	9.7	%
Contemporary Amperex Technology Co. Ltd.				21,002		1,701,544
Eve Energy Co. Ltd.*				40,000		608,489
Ming Yang Smart Energy Group Ltd.*				450,000		1,727,008
Sieyuan Electric Co. Ltd.*				229,965		1,403,458
Sungrow Power Supply Co. Ltd.*				60,097		1,365,835
Suzhou Maxwell Technologies Co. Ltd.*				16,055		1,504,237
TBEA Co. Ltd.*				350,000		1,302,060
Zhejiang HangKe Technology, Inc. Co.*				25,005		317,527
						9,930,158
Electronic Equipment, Instruments & Components	5.5	%
GoerTek, Inc.				160,027		1,060,534
Huagong Tech Co. Ltd.*				150,000		674,304
Sunny Optical Technology Group Co. Ltd.				55,000		1,440,160
Suzhou Dongshan Precision Manufacturing Co. Ltd.				400,000		1,284,281
Wuxi Lead Intelligent Equipment Co. Ltd.*				110,093		1,175,441
						5,634,720
Entertainment	1.1	%
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd.*				350,000		1,132,997
Food Products	1.1	%
Muyuan Foods Co. Ltd.*				50,000		398,003
Shandong Yisheng Livestock & Poultry Breeding Co. Ltd.*				449,980		758,313
						1,156,316
Healthcare Equipment & Supplies	2.7	%
AK Medical Hldgs. Ltd.*				600,000		830,144
China Medical System Hldgs. Ltd.				400,000		728,989
Qingdao Haier Biomedical Co. Ltd.*				54,998		961,695
Tofflon Science & Technology Group Co. Ltd.*				40,000		278,109
						2,798,937
Hotels, Restaurants & Leisure	0.2	%
Huazhu Group Ltd.*				50,000		229,182
Independent Power & Renewable Electricity Producers	6.1	%
China Longyuan Power Group Corp. Ltd.				1,050,000		2,576,477
China Resources Power Hldgs. Co. Ltd.				650,000		1,866,795
China Suntien Green Energy Corp. Ltd.*				1,800,000		1,796,578
						6,239,850
Insurance	1.1	%
AIA Group Ltd.				100,000		1,150,434
Interactive Media & Services	0.9	%
Kuaishou Technology*				85,000		907,173
Internet & Direct Marketing Retail	1.1	%
Meituan*				35,000		1,117,244
Information Technology Services	1.3	%
Chinasoft International Ltd.*				750,000		1,324,589
Life Sciences Tools & Services	5.2	%
Pharmaron Beijing Co. Ltd.				55,000		1,312,068
Shanghai Medicilon, Inc.*				9,091		1,048,584
WuXi AppTec Co. Ltd.				63,200		1,471,276
Wuxi Biologics, Inc.*				95,000		1,540,918
						5,372,846
Machinery	3.4	%
Han's Laser Technology Industry Group Co. Ltd.				160,000		930,190
Riyue Heavy Industry Co. Ltd.				170,000		904,305
Zhengzhou Coal Mining Machinery Group Co. Ltd.*				300,000		310,598
Zoomlion Heavy Industry Science and Technology Co. Ltd.*				1,550,000		1,381,196
						3,526,289
Marine	0.5	%
Pacific Basin Shipping Ltd.*				1,100,000		509,114
Metals & Mining	4.0	%
Aluminum Corp. of China Ltd.*				1,800,000		1,337,000
Angang Steel Co. Ltd.				1,450,000		887,095
Ganfeng Lithium Co. Ltd.				110,000		1,927,344
						4,151,439
Oil, Gas & Consumable Fuels	1.9	%
China Petroleum and Chemical Corp.				800,000		394,230
Yanzhou Coal Mining Co. Ltd.				850,000		1,602,866
						1,997,096
Pharmaceuticals	0.8	%
Shenyang Xingqi Pharmaceutical Co. Ltd.				40,000		790,443
Professional Services	0.2	%
Centre Testing International Group Co. Ltd.				50,050		196,197
Real Estate Management & Development	4.8	%
China Resources Mixc Lifestyle Services Ltd.				301,538		1,658,844
Ever Sunshine Lifestyle Services Group Ltd.				510,000		1,019,404
Longfor Group Hldgs. Ltd.				360,000		1,644,863
Sunac China Hldgs. Ltd.*				300,000		639,440
						4,962,551
Semiconductors & Semiconductor Equipment	11.8	%
Alchip Technologies Ltd.*				50,000		1,648,985
eMemory Technology, Inc.*				25,000		1,748,313
Hangzhou First Applied Material Co. Ltd.				52,080		1,014,122
Parade Technologies Ltd.				25,000		1,463,385
SG Micro Corp.*				15,000		768,406
Shanghai Friendess Electronic Technology Corp. Ltd.*				14,036		949,338
Sino Wealth Electronic Ltd.*				110,083		1,056,672
Tianjin Zhonghuan Semiconductor Co. Ltd.*				245,000		1,731,082
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd.*				180,000		1,785,172
						12,165,475
Software	0.5	%
Shanghai Baosight Software Co. Ltd.*				50,074		508,884
Specialty Retail	1.1	%
Zhongsheng Group Hldgs. Ltd.				140,000		1,122,261
Textiles, Apparel & Luxury Goods	4.3	%
Li Ning Co. Ltd.				320,000		3,688,214
Xtep International Hldgs. Ltd.				600,000		842,452
						4,530,666
Utilities - Gas	1.5	%
Kunlun Energy Co. Ltd.				1,550,000		1,613,893
Total Equities
(Cost: $87,771,523 )					$	102,944,729
Total Investments	100.1	%
(Cost: $87,771,523 )					$	102,944,729
Other Liabilities Less Assets	(0.1	)%				(53,806	)
Net Assets - 100%					$	102,890,923

^a Certain securities were fair valued under the discretion of the Board Of Trustees

* Non-income producing security during the period ended September 30, 2021

COUNTRY ALLOCATION  (As a Percentage of Net Assets)
China ( Includes the People's Republic of China, Taiwan and Hong Kong)	100.1	%

Oberweis International Opportunities Fund
Schedule of Investments (unaudited) a
September 30, 2021
			Shares		Value
Equities	98.7	%
Australia	3.4	%
Evolution Mining Ltd.				1,698,300	$	4,294,248
IDP Education Ltd.				299,700		7,256,783
						11,551,031
Canada	9.8	%
ATS Automation Tooling Systems, Inc.*				130,800		4,149,332
AutoCanada, Inc.*				109,000		3,992,192
BRP, Inc.				111,000		10,274,467
Parex Resources, Inc.				301,124		5,477,575
Sleep Country Canada Hldgs., Inc.				121,800		3,231,075
Trisura Group Ltd.*				182,400		6,226,888
						33,351,529
China	1.2	%
Venus MedTech Hangzhou, Inc.*				818,100		4,195,917
Denmark	0.9	%
ALK-Abello A/S*				6,872		2,883,308
Finland	2.7	%
Metsa Board Oyj				63,700		596,292
Outokumpu Oyj				519,600		3,156,722
QT Group Oyj*				32,500		5,466,234
						9,219,248
France	1.9	%
Rexel SA*				328,200		6,323,771
Germany	5.2	%
AIXTRON SE				255,500		6,352,370
Aurelius Equity Opportunities SE				110,423		3,378,115
FlatexDEGIRO AG*				271,700		5,750,076
Westwing Group AG*				57,500		2,159,330
						17,639,891
Japan	26.7	%
BASE, Inc.*				505,000		4,913,308
BayCurrent Consulting, Inc.				34,200		17,124,615
Capcom Co. Ltd.				152,400		4,234,606
Food & Life Co. Ltd.				373,200		17,160,822
IR Japan Hldgs. Ltd.				61,000		6,718,475
JMDC, Inc.*				82,100		5,608,296
Koei Tecmo Hldgs. Co. Ltd.				107,340		5,095,135
M&A Capital Partners Co. Ltd.*				156,200		8,633,831
Medley, Inc.*				177,700		6,581,417
MedPeer, Inc.*				110,800		3,760,053
Open House Co. Ltd.				93,300		5,489,511
PLAID, Inc.*				92,000		2,404,206
Tsubaki Nakashima Co. Ltd.				190,000		2,684,330
						90,408,605
Netherlands	6.9	%
Alfen NV*				36,000		3,799,820
BE Semiconductor Industries NV				66,266		5,271,812
Constellium SE*				588,400		11,050,152
PostNL NV				645,500		3,114,521
						23,236,305
Norway	4.4	%
Nordic Semiconductor ASA*				498,600		14,832,144
Spain	0.9	%
Laboratorios Farmaceuticos Rovi SA*				47,800		3,128,345
Sweden	5.0	%
Avanza Bank Hldg. AB				141,200		4,974,998
BICO Group AB*				63,400		3,753,303
Cint Group AB*				147,300		1,662,391
MIPS AB				47,300		4,743,503
Thule Group AB*				33,700		1,689,603
						16,823,798
Switzerland	2.9	%
Tecan Group AG*				5,761		3,262,762
Zur Rose Group AG*				16,166		6,487,215
						9,749,977
United Kingdom	26.8	%
CVS Group PLC*				122,000		3,962,123
Darktrace PLC*				413,800		4,571,760
Endava PLC ADS*				52,600		7,145,710
Future PLC*				212,100		10,544,988
Games Workshop Group PLC				26,400		3,653,032
Genus PLC				77,600		5,672,840
Grafton Group PLC				240,000		4,078,610
Howden Joinery Group PLC*				498,500		6,001,075
IMI PLC				215,300		4,815,387
Intermediate Capital Group PLC				371,600		10,174,991
Marks & Spencer Group PLC*				1,691,900		4,152,700
Morgan Sindall Group PLC				72,300		2,323,302
Pets at Home Group PLC				772,963		5,005,201
Reach PLC				1,224,600		5,766,609
Redrow PLC				448,400		4,026,598
Taylor Wimpey PLC				2,197,200		4,582,385
Trustpilot Group PLC*				862,500		4,481,002
						90,958,313
Total Equities
(Cost: $248,757,501 )					$	334,302,182
Total Investments	98.7	%
(Cost: $248,757,501 )					$	334,302,182
Other Assets Less Liabilities	1.3	%				4,498,350
Net Assets - 100%					$	338,800,532

^a Certain securities were fair valued under the discretion of the Board Of Trustees

* Non-income producing security during the period ended September 30, 2021

ADS - American depositary share

Sector Allocations (As A Percentage of Net Assets)
Communication Services	8.9	%
Consumer Discretionary	22.9	%
Consumer Staples	1.9	%
Energy	1.6	%
Financials	11.6	%
Healthcare	12.6	%
Industrials	18.0	%
Information Technology	15.5	%
Materials	5.7	%

Oberweis International Opportunities Institutional Fund

Schedule of Investments (unaudited) ^a

September 30, 2021

			Shares		Value
Equities	98.7	%
Australia	3.4	%
Evolution Mining Ltd.				6,118,640	$	15,471,330
IDP Education Ltd.				1,079,749		26,144,492
						41,615,822
						.
Canada	9.8	%
ATS Automation Tooling Systems, Inc.*				471,275		14,950,126
AutoCanada, Inc.*				392,700		14,382,878
BRP, Inc.				400,562		37,077,127
Parex Resources, Inc.				1,084,891		19,734,635
Sleep Country Canada Hldgs., Inc.				438,800		11,640,360
Trisura Group Ltd.*				657,000		22,429,086
						120,214,212
China	1.2	%
Venus MedTech Hangzhou, Inc.*				2,958,200		15,172,180
Denmark	0.8	%
ALK-Abello A/S*				24,685		10,357,167
Finland	2.7	%
Metsa Board Oyj				229,740		2,150,582
Outokumpu Oyj				1,872,076		11,373,409
QT Group Oyj*				116,997		19,677,939
						33,201,930
France	1.9	%
Rexel SA*				1,182,300		22,780,605
Germany	5.2	%
AIXTRON SE				922,000		22,923,229
Aurelius Equity Opportunities SE				396,765		12,138,031
FlatexDEGIRO AG*				978,900		20,716,781
Westwing Group AG*				208,166		7,817,377
						63,595,418
Japan	26.7	%
BASE, Inc.*				1,819,200		17,699,584
BayCurrent Consulting, Inc.				123,800		61,989,105
Capcom Co. Ltd.				538,700		14,968,387
Food & Life Co. Ltd.				1,344,400		61,819,423
IR Japan Hldgs. Ltd.				219,900		24,219,552
JMDC, Inc.*				295,600		20,192,597
Koei Tecmo Hldgs. Co. Ltd.				386,570		18,349,416
M&A Capital Partners Co. Ltd.*				562,700		31,102,796
Medley, Inc.*				640,300		23,714,583
MedPeer, Inc.*				399,300		13,550,443
Open House Co. Ltd.				336,400		19,792,834
PLAID, Inc.*				332,100		8,678,660
Tsubaki Nakashima Co. Ltd.				684,400		9,669,240
						325,746,620
Netherlands	6.9	%
Alfen NV*				130,093		13,731,389
BE Semiconductor Industries NV				239,069		19,019,209
Constellium SE*				2,119,739		39,808,698
PostNL NV				2,325,400		11,219,994
						83,779,290
Norway	4.4	%
Nordic Semiconductor ASA*				1,796,244		53,433,913
Spain	0.9	%
Laboratorios Farmaceuticos Rovi SA*				172,274		11,274,738
Sweden	5.0	%
Avanza Bank Hldg. AB				508,800		17,926,906
BICO Group AB*				228,299		13,515,385
Cint Group AB*				530,069		5,982,228
MIPS AB				170,500		17,098,674
Thule Group AB*				121,400		6,086,581
						60,609,774
Switzerland	2.9	%
Tecan Group AG*				20,809		11,785,249
Zur Rose Group AG*				58,327		23,405,899
						35,191,148
United Kingdom	26.9	%
CVS Group PLC*				439,500		14,273,387
Darktrace PLC*				1,496,423		16,532,833
Endava PLC ADS*				189,582		25,754,715
Future PLC*				764,200		37,993,775
Games Workshop Group PLC				95,267		13,182,324
Genus PLC				279,400		20,425,149
Grafton Group PLC				864,660		14,694,211
Howden Joinery Group PLC*				1,799,000		21,656,838
IMI PLC				775,600		17,347,022
Intermediate Capital Group PLC				1,339,535		36,678,569
Marks & Spencer Group PLC*				6,104,300		14,982,758
Morgan Sindall Group PLC				260,619		8,374,782
Pets at Home Group PLC				2,781,125		18,008,740
Reach PLC				4,411,784		20,774,973
Redrow PLC				1,615,583		14,507,813
Taylor Wimpey PLC				7,915,900		16,509,057
Trustpilot Group PLC*				3,111,392		16,164,819
						327,861,765
Total Equities
(Cost: $898,645,543 )					$	1,204,834,582
Total Investments	98.7	%
(Cost: $898,645,543 )					$	1,204,834,582
Other Assets Less Liabilities	1.3	%				16,363,529
Net Assets - 100%					$	1,221,198,111

^a Certain securities were fair valued under the discretion of the Board Of Trustees

* Non-income producing security during the period ended September 30, 2021

ADS - American depositary share

Sector Allocations (As A Percentage of Net Assets)
Communication Services	8.9	%
Consumer Discretionary	22.9	%
Consumer Staples	1.9	%
Energy	1.6	%
Financials	11.5	%
Healthcare	12.6	%
Industrials	18.1	%
Information Technology	15.5	%
Materials	5.7	%

Oberweis Emerging Markets Fund

Schedule of Investments (unaudited) ^a

September 30, 2021

			Shares		Value
Equities	100.0	%
Argentina	0.9	%
Despegar.com Corp.*				9,800	$	117,894
Australia	2.4	%
IDP Education Ltd.				13,000		314,775
Brazil	4.4	%
Afya Ltd.*				5,200		102,648
Americanas SA*				12,356		70,155
Blau Farmaceutica SA				19,700		165,463
TOTVS SA				34,500		228,699
						566,965
Canada	1.2	%
Parex Resources, Inc.				8,400		152,800
Chile	1.4	%
Falabella SA				51,000		178,638
China	16.2	%
China Isotope & Radiation Corp.				48,200		133,430
Chongqing Brewery Co. Ltd.*				5,500		111,415
Dada Nexus Ltd. ADS*				17,300		346,692
Shanghai Weaver Network Co. Ltd.				22,535		229,265
Thunder Software Technology Co. Ltd.				14,600		281,119
Venus MedTech Hangzhou, Inc.*				53,500		274,394
Weimob, Inc.*				105,000		151,558
Winning Health Technology Group Co. Ltd.				53,360		119,503
Wolong Electric Group Co. Ltd.				64,500		132,471
Yantai Jereh Oilfield Services Group Co. Ltd.				29,900		221,990
Yijiahe Technology Co. Ltd.				13,048		101,626
						2,103,463
Czech Republic	2.9	%
TCS Group Hldg. PLC				4,200		381,913
France	1.8	%
Gaztransport & Technigaz SA				3,050		227,814
Greece	1.2	%
Greek Organization of Football Prognostics SA				10,400		160,896
India	17.3	%
Affle India Ltd.*				5,700		406,710
Amber Enterprises India Ltd.*				5,000		217,695
Bukalapak.com PT Tbk*				4,300,000		258,376
Container Corp. Of India Ltd.				13,900		131,208
L&T Technology Services Ltd.				3,400		214,192
Linde India Ltd.*				5,900		205,600
Navin Fluorine International Ltd.				3,900		193,131
Route Mobile Ltd.				11,600		302,942
Varun Beverages Ltd.				25,912		312,304
						2,242,158
Indonesia	4.6	%
PT Bank Jago Tbk*				150,700		158,539
PT Industri Jamu dan Farmasi Sido Muncul Tbk				2,394,339		128,813
PT Mitra Adiperkasa Tbk*				3,213,900		174,165
PT Sarana Menara Nusantara Tbk				1,427,800		131,593
						593,110
Malaysia	1.0	%
My E.G. Services Bhd				600,000		131,437
Mexico	1.1	%
Prologis Property Mexico SA de CV				65,044		141,234
Philippines	2.3	%
Wilcon Depot, Inc.				563,000		302,781
Poland	1.0	%
Dino Polska SA*				1,600		133,638
Russia	2.6	%
HeadHunter Group PLC ADS				6,800		331,840
South Africa	3.8	%
Clicks Group Ltd.				4,980		91,836
Distell Group Hldgs. Ltd.*				23,000		289,646
Karooooo Ltd.*				3,700		109,224
						490,706
South Korea	11.4	%
AfreecaTV Co. Ltd.				3,000		377,362
Classys, Inc.*				9,700		163,158
Cosmax, Inc.*				1,400		145,215
Korea Investment Hldgs. Co. Ltd.				3,050		219,179
LEENO Industrial, Inc.				2,105		310,714
Nice Information Service Co. Ltd.				8,692		148,937
Wonik Ips Co. Ltd.				3,180		105,884
						1,470,449
Sweden	1.6	%
Medicover AB				7,900		211,553
Switzerland	1.6	%
Wizz Air Hldgs. PLC*				3,109		208,927
Taiwan	15.7	%
91APP, Inc.*				20,000		153,611
Airtac International Group				7,000		217,784
ASPEED Technology, Inc.				3,000		247,068
Chailease Hldg. Co. Ltd.				16,666		146,362
Chief Telecom, Inc.				11,000		106,555
Innodisk Corp.				18,340		118,672
LandMark Optoelectronics Corp.				20,000		160,370
M31 Technology Corp.				23,000		317,458
momo.com, Inc.				5,200		301,374
Sinbon Electronics Co. Ltd.				18,000		151,361
Taiwan FamilyMart Co. Ltd.				12,000		112,132
						2,032,747
Thailand	1.2	%
Mega Lifesciences PCL				106,000		155,787
United Kingdom	1.1	%
Stock Spirits Group PLC				29,400		148,348
Vietnam	1.3	%
Viettel Construction				44,015		156,645
Total Equities
(Cost: $9,524,755 )					$	12,956,518
Rights	0.0	%
Taiwan	0.0	%
Airtac International Group*				325		1,832
Total Rights
(Cost: $ 0)					$	1,832
Total Investments	100.0	%
(Cost: $9,524,755 )					$	12,958,350
Other Liabilities Less Assets	0.0	%				(2,870	)
Net Assets - 100%					$	12,955,480

^a Certain securities were fair valued under the discretion of the Board Of Trustees

* Non-income producing security during the period ended September 30, 2021

ADS - American depositary share

Sector Allocations (As a Percentage of Net Assets)
Communication Services	9.1	%
Consumer Discretionary	19.7	%
Consumer Staples	11.4	%
Energy	4.7	%
Financials	7.0	%
Healthcare	9.4	%
Industrials	11.5	%
Information Technology	23.2	%
Materials	3.0	%
Real Estate	1.0	%

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, 2021:

	Micro-Cap Fund		Small-Cap Opportunities Fund
Level 1 – Equities	$	113,310,413	$	22,110,437
Level 2 - Equities		-		-
Level 3		-		-
Total Investments	$	113,310,413	$	22,110,437
	Global Opportunities Fund		China Opportunities Fund		Emerging Markets Fund
Level 1 - Equities
Total Asia	$	2,248,245	$	-	$	505,169
Total Africa		-		-		109,224
Total Europe		1,304,160		-		331,840
Total North America		-		-		294,034
Total South America		35,664,062		-		863,497
Total Level 1		39,216,467		-		2,103,764
Level 2 - Equities
Total Asia		15,039,489		102,944,729		8,685,240
Total Africa		-		-		381,482
Total Australia		847,472		-		314,775
Total Europe		13,339,893		-		1,473,089
Total Level 2		29,226,854		102,944,729		10,854,586
Level 3		-		-		-
Total Investments	$	68,443,321	$	102,944,729	$	12,958,350
	International Opportunities Fund		International Opportunities Institutional Fund
Level 1 – Equites
Total Europe	$	18,195,862	$	65,563,413
Total North America		33,351,529		120,214,212
Total Level 1		51,547,391		185,777,625
Level 2 – Equities
Total Asia		94,604,522		340,918,800
Total Australia		11,551,031		41,615,822
Total Europe		176,599,238		636,522,335
Total Level 2		282,754,791		1,019,056,957
Level 3		-		-
Total Investments	$	334,302,182	$	1,204,834,582

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.