Oberweis Micro-Cap Fund

Schedule of Investments (unaudited)

September 30, 2022

			Shares		Value
Equities	96.0	%

Advertising Agencies	1.2	%
Viad Corp.*				50,700	$	1,601,106

Aerospace	1.6	%
V2X, Inc.*				34,200		1,210,680
VSE Corp.				24,400		863,759
						2,074,439

Back Office Support, Human Resources & Consulting	9.0	%
Cross Country Healthcare, Inc.*				67,800		1,923,486
Forrester Research, Inc.*				45,600		1,642,056
Franklin Covey Co.*				36,800		1,670,352
ICF International, Inc.				19,000		2,071,380
Information Services Group, Inc.				171,700		817,292
Resources Connection, Inc.				119,200		2,153,944
The Hackett Group, Inc.				77,600		1,375,072
						11,653,582

Banks - Diversified	0.8	%
First Foundation, Inc.				28,200		511,548
Mercantile Bank Corp.				18,800		558,548
						1,070,096

Biotechnology	1.2	%
Dynavax Technologies Corp.*				144,400		1,507,536

Casinos & Gambling	1.0	%
Full House Resorts, Inc.*				220,843		1,241,138

Commercial Services - Rental & Leasing	1.0	%
H&E Equipment Services, Inc.				44,900		1,272,466

Commercial Vehicles & Parts	0.8	%
Modine Manufacturing Co.*				78,200		1,011,908

Communications Technology	7.3	%
ADTRAN, Inc.				95,000		1,860,100
Aviat Networks, Inc.*				76,207		2,086,548
Bel Fuse, Inc.				79,800		2,014,950
Extreme Networks, Inc.*				139,000		1,816,730
Harmonic, Inc.*				71,900		939,733
Ooma, Inc.*				56,100		690,030
						9,408,091

Computer Services Software & Systems	5.3	%
A10 Networks, Inc.				110,400		1,465,008
Arlo Technologies, Inc.*				146,400		679,296
Avid Technology, Inc.*				37,700		876,902
Model N, Inc.*				79,000		2,704,170
Perficient, Inc.*				18,200		1,183,364
						6,908,740

Computer Technology	0.7	%
ScanSource, Inc.*				33,900		895,299

Consumer Lending	1.2	%
EZCORP, Inc.*				205,500		1,584,405

Consumer Services - Miscellaneous	2.6	%
Perion Network Ltd.*				106,900		2,062,101
SP Plus Corp.*				40,700		1,274,724
						3,336,825

Containers & Packaging	3.0	%
Veritiv Corp.*				39,200		3,832,584

Construction	1.3	%
Sterling Construction Co. Inc.*				77,300		1,659,631

Diversified Manufacturing Operations	1.0	%
Playa Hotels & Resorts NV*				218,000		1,268,760

Electronic Entertainment	1.3	%
Everi Hldgs. Inc.*				100,400		1,628,488

Energy Equipment	1.8	%
Ameresco, Inc.*				34,308		2,280,796

Financial Data & Systems	1.2	%
International Money Express, Inc.*				68,900		1,570,231

Food	1.2	%
SunOpta, Inc.*				175,100		1,593,410

Healthcare Services	0.8	%
RadNet, Inc.*				51,900		1,056,165

Home Building	0.8	%
M/I Homes, Inc.*				27,800		1,007,194

Insurance - Property Casualty	0.7	%
Employers Hldgs., Inc.				26,500		913,985

Luxury Items	1.0	%
Movado Group, Inc.				47,300		1,332,914

Machinery - Agriculture	2.0	%
Titan International, Inc.*				125,800		1,527,212
Titan Machinery, Inc.*				38,000		1,073,880
						2,601,092

Machinery - Industrial	1.2	%
EnPro Industries, Inc.				18,500		1,572,130

Medical & Dental Instruments & Supplies	3.7	%
Alphatec Hldgs., Inc.*				180,300		1,575,822
AngioDynamics, Inc.*				82,200		1,681,812
Cerus Corp.*				210,600		758,160
LeMaitre Vascular, Inc.				14,300		724,724
						4,740,518

Medical Equipment	4.0	%
Lantheus Hldgs., Inc.*				73,700		5,183,321

Metal Fabricating	0.9	%
Haynes International, Inc.				32,200		1,130,864

Oil Crude Producer	1.0	%
Earthstone Energy, Inc.*				104,600		1,288,672

Oil Well Equipment & Services	2.4	%
Patterson-UTI Energy, Inc.				133,400		1,558,112
RPC, Inc.				217,000		1,503,810
						3,061,922

Pharmaceuticals	1.3	%
Amphastar Pharmaceuticals, Inc.*				61,400		1,725,340

Production Technology Equipment	11.0	%
Aehr Test Systems*				318,400		4,489,440
Axcelis Technologies, Inc.*				86,800		5,256,608
Impinj, Inc.*				16,400		1,312,492
Photronics, Inc.*				102,000		1,491,240
Ultra Clean Hldgs., Inc.*				65,100		1,676,325
						14,226,105

Scientific Instruments - Electrical	1.1	%
Allied Motion Technologies, Inc.				38,100		1,090,422
RF Industries Ltd.*				63,100		362,825
						1,453,247

Scientific Instruments - Gauges & Meters	1.0	%
Vishay Precision Group, Inc.*				41,800		1,236,862

Scientific Instruments - Pollution Control	1.1	%
CECO Environmental Corp.*				157,200		1,391,220

Semiconductors & Components	4.6	%
Alpha and Omega Semiconductor Ltd.*				48,700		1,498,012
Amtech Systems, Inc.*				113,900		968,150
AXT, Inc.*				218,900		1,466,630
CEVA, Inc.*				37,900		994,117
SMART Global Hldgs., Inc.*				63,000		999,810
						5,926,719

Specialty Retail	4.9	%
Alta Equipment Group, Inc.				83,000		913,830
Boot Barn Hldgs., Inc.*				25,900		1,514,114
Caleres, Inc.				28,700		695,114
Destination XL Group, Inc.*				266,400		1,443,888
Guess', Inc.				119,300		1,750,131
						6,317,077

Technology - Miscellaneous	2.4	%
Camtek Ltd.*				59,180		1,371,201
CTS Corp.				41,600		1,732,640
						3,103,841

Telecommunications Equipment	2.1	%
Clearfield, Inc.*				25,700		2,689,248

Textiles Apparel & Shoes	1.8	%
Delta Apparel, Inc.*				21,300		297,987
Oxford Industries, Inc.				15,400		1,382,612
Rocky Brands, Inc.				34,600		694,076
						2,374,675

Toys	1.7	%
Funko, Inc.*				113,400		2,292,948


Total Equities
(Cost: $ 118,520,901)					$	124,025,590


Total Investments	96.0	%
(Cost: $ 118,520,901)					$	124,025,590

Other Assets Less Liabilities	4.0	%				5,135,712

Net Assets - 100%					$	129,161,302

* Non-income producing security during the period ended September 30, 2022

Oberweis Small-Cap Opportunities Fund

Schedule of Investments (unaudited)

September 30, 2022

			Shares		Value
Equities	95.5	%

Aerospace	0.9	%
ATI, Inc.*				30,000	$	798,300

Auto Parts	1.1	%
Visteon Corp.*				9,300		986,357

Back Office Support, Human Resources & Consulting	3.7	%
Forrester Research, Inc.*				12,400		446,524
ICF International, Inc.				10,500		1,144,710
Insperity, Inc.				8,300		847,347
NV5 Global, Inc.*				6,800		841,976
						3,280,557

Banks - Diversified	0.6	%
First Foundation, Inc.				28,600		518,804

Banks - Savings, Thrifts & Mortgage Lending	1.2	%
Banc of California, Inc.				40,100		640,397
Flushing Financial Corp.				19,900		385,463
						1,025,860

Beverage - Brewers & Distillers	1.6	%
MGP Ingredients, Inc.				12,900		1,369,464

Biotechnology	1.2	%
Halozyme Therapeutics, Inc.*				27,500		1,087,350

Casinos & Gambling	0.7	%
Monarch Casino and Resort, Inc.*				11,600		651,224

Chemicals - Diversified	2.2	%
Cabot Corp.				16,900		1,079,741
Univar Solutions, Inc.*				37,500		852,750
						1,932,491

Chemicals - Specialty	1.2	%
Quaker Chemical Corp.*				7,300		1,053,974

Commercial Vehicles & Parts	1.9	%
Federal Signal Corp.				45,000		1,679,400

Communications Technology	1.3	%
Calix, Inc.*				18,400		1,124,976

Computer Services Software & Systems	1.7	%
TechTarget, Inc.*				10,600		627,520
Teradata Corp.*				27,800		863,468
						1,490,988

Computer Technology	1.6	%
Super Micro Computer, Inc.*				14,500		798,515
Synaptics, Inc.*				6,300		623,763
						1,422,278

Consumer Lending	1.1	%
FirstCash Hldgs., Inc.				13,400		982,890

Consumer Services - Miscellaneous	1.3	%
Perion Network Ltd.*				60,100		1,159,329

Containers & Packaging	3.5	%
O-I Glass, Inc.*				69,000		893,550
Veritiv Corp.*				22,442		2,194,154
						3,087,704

Cosmetics	1.3	%
Inter Parfums, Inc.				14,600		1,101,716

Diversified Manufacturing Operations	2.4	%
Inmode Ltd.*				40,100		1,167,311
MP Materials Corp.*				35,500		969,150
						2,136,461

Diversified Metals & Minerals	1.0	%
Materion Corp.				11,000		880,000

Education Services	1.7	%
Stride, Inc.*				35,600		1,496,268

Electronic Entertainment	1.0	%
Everi Hldgs., Inc.*				53,400		866,148

Energy Equipment	1.8	%
Ameresco, Inc.*				23,700		1,575,576

Environmental, Maintenance & Security Services	1.2	%
ABM Industries, Inc.				28,300		1,081,909

Forest Products	1.0	%
UFP Industries, Inc.				12,100		873,136

Healthcare Management Services	1.3	%
Option Care Health, Inc.*				36,700		1,154,949

Healthcare Services	4.1	%
Acadia Healthcare Co., Inc.*				14,900		1,164,882
AMN Healthcare Services, Inc.*				8,400		890,064
Evolent Health, Inc.*				42,500		1,527,025
						3,581,971

Home Building	0.8	%
M/I Homes, Inc.*				20,100		728,223

Insurance - Life	0.7	%
Unum Group*				15,900		616,920

Leisure Time	4.8	%
Fox Factory Hldg. Corp.*				10,800		854,064
SeaWorld Entertainment, Inc.*				24,500		1,114,995
Topgolf Callaway Brands Corp.*				51,000		982,260
TripAdvisor, Inc.*				58,600		1,293,888
						4,245,207

Machinery - Agriculture	0.6	%
Titan International, Inc.*				42,300		513,522

Machinery - Industrial	2.3	%
Applied Industrial Technologies, Inc.				8,500		873,630
Franklin Electric Co., Inc.				13,700		1,119,427
						1,993,057

Manufactured Housing	1.4	%
Skyline Champion Corp.*				23,900		1,263,593

Medical & Dental Instruments & Supplies	3.6	%
Alphatec Hldgs., Inc.*				128,300		1,121,342
AngioDynamics, Inc.*				56,300		1,151,898
Merit Medical Systems, Inc.*				16,100		909,811
						3,183,051

Medical Equipment	4.4	%
Inspire Medical Systems, Inc.*				2,250		399,083
Lantheus Hldgs., Inc.*				38,000		2,672,540
Shockwave Medical, Inc.*				2,800		778,596
						3,850,219

Oil Crude Producer	3.4	%
Comstock Resources, Inc.*				51,800		895,622
Magnolia Oil & Gas Corp.				38,200		756,742
Matador Resources Co.				12,500		611,500
PDC Energy, Inc.				12,400		716,596
						2,980,460

Oil Well Equipment & Services	1.5	%
Liberty Energy, Inc.*				51,100		647,948
NOV, Inc.				40,800		660,144
						1,308,092

Paper	1.3	%
Clearwater Paper Corp.*				29,500		1,109,200

Pharmaceuticals	1.3	%
Amphastar Pharmaceuticals, Inc.*				40,100		1,126,810

Power Transmission Equipment	1.8	%
Belden, Inc.				26,100		1,566,522

Production Technology Equipment	8.4	%
Aehr Test Systems*				189,939		2,678,140
Axcelis Technologies, Inc.*				55,300		3,348,968
Impinj, Inc.*				13,200		1,056,396
Novanta, Inc.*				2,700		312,255
						7,395,759

Restaurants	0.5	%
Texas Roadhouse, Inc.				5,200		453,752

Scientific Instruments - Pollution Control	1.7	%
Clean Harbors, Inc.*				13,500		1,484,730

Semiconductors & Components	3.4	%
MACOM Technology Solutions Hldgs., Inc.*				20,400		1,056,516
MaxLinear, Inc.*				32,500		1,060,150
Silicon Laboratories, Inc.*				7,050		870,252
						2,986,918

Specialty Retail	1.4	%
Boot Barn Hldgs., Inc.*				14,200		830,132
Murphy USA, Inc.				1,600		439,856
						1,269,988

Technology - Miscellaneous	1.3	%
Fabrinet*				12,400		1,183,580

Telecommunications Equipment	2.0	%
Clearfield, Inc.*				16,300		1,705,632

Textiles, Apparel & Shoes	3.1	%
Crocs, Inc.*				18,600		1,277,076
Deckers Outdoor Corp.*				4,350		1,359,854
						2,636,930

Toys	1.5	%
Funko, Inc.*				59,500		1,203,090

Truckers	0.7	%
Forward Air Corp.				6,200		559,612


Total Equities
(Cost: $ 87,910,962)					$	83,764,947

Total Investments	95.5	%
(Cost: $ 87,910,962)					$	83,764,947

Other Assets Less Liabilities	4.5	%				3,969,276

Net Assets - 100%					$	87,734,223

* Non-income producing security during the period ended September 30, 2022

Oberweis Global Opportunities Fund

Schedule of Investments (unaudited) ^a

September 30, 2022

			Shares		Value
Equities	100.0	%

Australia	2.3	%
Computershare Ltd.				32,400	$	516,767
IDP Education Ltd.				35,000		587,930
						1,104,697

Brazil	1.3	%
TOTVS SA				110,000		598,491

Canada	4.4	%
Aritzia, Inc.*				26,100		857,593
ATS Automation Tooling Systems, Inc.*				25,000		659,838
BRP, Inc.				9,600		591,331
						2,108,762

China	7.8	%
Dada Nexus Ltd. ADS*				309,415		1,463,533
Foryou Corp.				132,800		752,455
Li Ning Co. Ltd.				61,500		466,652
Shanghai Weaver Network Co. Ltd.				75,000		381,882
YTO Express Group Co. Ltd.				225,000		656,344
						3,720,866

Denmark	0.8	%
ALK-Abello AS*				25,700		405,026

France	1.6	%
Rexel SA				29,700		445,087
Soitec SA*				3,000		342,537
						787,624

Germany	1.5	%
AIXTRON SE				30,000		721,596

India	1.4	%
Route Mobile Ltd.				40,000		666,460

Israel	1.2	%
Inmode Ltd.*				19,400		564,734

Japan	3.9	%
BayCurrent Consulting, Inc.				2,600		674,527
Fuji Electric Co. Ltd.				19,000		696,367
Future Corp.				44,400		484,272
						1,855,166

Norway	1.9	%
Nordic Semiconductor ASA*				66,900		883,638

South Korea	0.9	%
LEENO Industrial, Inc.				5,000		430,151

Switzerland	2.8	%
u-blox Hldg. AG				11,000		1,332,116

Taiwan	4.2	%
M31 Technology Corp.				175,000		1,974,874

United Kingdom	9.2	%
Ashtead Technology Hldgs. PLC*				459,400		1,236,215
Endava PLC ADS*				9,600		774,048
Intermediate Capital Group PLC				105,100		1,133,791
Oxford Instruments PLC				19,200		382,456
RS GROUP PLC				41,900		447,286
VIDENDUM PLC				31,800		424,618
						4,398,414

United States of America	54.8	%
Acadia Healthcare Co., Inc.*				16,900		1,321,242
Alphatec Hldgs., Inc.*				85,300		745,522
AngioDynamics, Inc.*				25,200		515,592
Axcelis Technologies, Inc.*				25,149		1,523,023
Bel Fuse, Inc.*				25,000		631,250
Belden, Inc.				24,500		1,470,490
Boot Barn Hldgs., Inc.*				8,700		508,602
Cabot Corp.				8,400		536,676
Clean Harbors, Inc.*				7,900		868,842
Clearfield, Inc.*				11,700		1,224,288
Crocs, Inc.*				26,100		1,792,026
Deckers Outdoor Corp.*				7,000		2,188,270
Evolent Health, Inc.*				24,000		862,320
Halozyme Therapeutics, Inc.*				57,200		2,261,688
Impinj, Inc.*				6,100		488,183
Lantheus Hldgs., Inc.*				26,200		1,842,646
Materion Corp.				18,100		1,448,000
MaxLinear, Inc.*				13,800		450,156
Model N, Inc.*				31,200		1,067,976
Photronics, Inc.*				25,000		365,500
Super Micro Computer, Inc.*				21,300		1,172,991
Synaptics, Inc.*				16,100		1,594,061
Teradata Corp.*				13,300		413,098
Ultra Clean Hldgs., Inc.*				15,200		391,400
Visteon Corp.*				4,600		487,876
						26,171,718

Total Equities
(Cost: $ 51,867,643)					$	47,724,333

Total Investments	100.0	%
(Cost: $ 51,867,643)					$	47,724,333

Other Assets Less Liabilities	0.0	%				15,198

Net Assets - 100%					$	47,739,531

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

* Non-income producing security during the period ended September 30, 2022

ADS - American depositary share

SECTOR ALLOCATIONS (As a Percentage of Net Assets)

Consumer Discretionary	21.2	%
Financials	2.4	%
Healthcare	17.8	%
Industrials	11.9	%
Information Technology	42.5	%
Materials	4.2	%

Oberweis China Opportunities Fund

Schedule of Investments (unaudited) ^a

September 30, 2022

			Shares		Value
Equities	92.9	%

Air Freight & Logistics	3.9	%
Milkyway Chemical Supply Chain Service Co. Ltd.				60,000	$	1,057,295
YTO Express Group Co. Ltd.				400,032		1,166,925
						2,224,220
Auto Components	2.6	%
Foryou Corp.				140,056		793,568
Zhejiang Shuanghuan Driveline Co. Ltd.				170,000		696,195
						1,489,763

Beverages	4.1	%
China Resources Beer Hldgs. Co. Ltd.				180,000		1,248,603
Luzhou Laojiao Co. Ltd.				35,000		1,137,169
						2,385,772

Biotechnology	1.2	%
Imeik Technology Development Co. Ltd.*				10,000		688,826

Building Products	1.7	%
Kunshan Kinglai Hygienic Materials Co. Ltd.*				70,000		972,134

Chemicals	6.3	%
Nanjing Cosmos Chemical Co. Ltd.*				85,000		748,018
Rianlon Corp.*				94,929		730,937
Tianqi Lithium Corp.*				30,000		261,793
Sunresin New Materials Co. Ltd.*				70,077		716,734
Xinxiang Richful Lube Additive Co. Ltd.*				75,000		1,167,864
						3,625,346

Communications Equipment	1.6	%
Yangtze Optical Fibre and Cable Joint Stock Ltd. Co.*				400,000		905,242

Electrical Equipment	6.3	%
Guangzhou Great Power Energy & Technology Co. Ltd.*				75,000		790,978
Hongfa Technology Co. Ltd.				188,092		918,994
Ningbo Orient Wires & Cables Co. Ltd.				125,000		1,221,398
Shenzhen Kstar Science And Technology Co. Ltd.*				110,000		707,894
						3,639,264

Electronic Equipment, Instruments & Components	10.8	%
BOE Varitronix Ltd.				550,000		988,777
Cowell e Hldgs., Inc.*				650,000		950,908
E Ink Hldgs., Inc.*				200,000		1,320,387
Luxshare Precision Industry Co. Ltd.*				170,000		701,219
Shenzhen Everwin Precision Technology Co. Ltd.*				500,000		752,545
Suzhou Dongshan Precision Manufacturing Co. Ltd.*				200,000		649,250
Universal Scientific Industrial Shanghai Co. Ltd.*				400,000		845,493
						6,208,579

Entertainment	2.1	%
NetEase, Inc.				80,000		1,207,147

Healthcare Equipments & Supplies	1.7	%
AK Medical Hldgs. Ltd.*				1,000,000		978,381

Healthcare Providers & Services	2.3	%
Hygeia Healthcare Hldgs. Co. Ltd.*				240,000		1,342,501

Hotels, Restaurants & Leisure	7.2	%
Huazhu Group Ltd.				350,000		1,192,618
Trip.com Group Ltd.*				55,000		1,486,102
Yum China Hldgs., Inc.				30,500		1,443,565
						4,122,285

Internet & Direct Marketing Retail	13.0	%
Alibaba Group Hldg. Ltd.*				160,000		1,596,684
JD.com, Inc.				55,000		1,387,541
Meituan*				110,000		2,311,795
Pinduoduo, Inc. ADS*				35,000		2,190,300
						7,486,320

Life Sciences Tools & Services	0.9	%
Wuxi Biologics (Cayman), Inc.*				85,000		505,989

Machinery	5.8	%
Morimatsu International Hldgs. Co. Ltd.*				700,000		708,186
Ningbo Deye Technology Co. Ltd.*				19,972		1,177,969
Ningbo Haitian Precision Machinery Co. Ltd.*				350,000		865,751
North Industries Group Red Arrow Co. Ltd.*				180,048		566,228
						3,318,134

Oil, Gas & Consumable Fuels	1.6	%
Yankuang Energy Group Co. Ltd.				250,000		902,668

Professional Services	0.2	%
Centre Testing International Group Co. Ltd.				50,050		143,338

Real Estate Management & Development	3.4	%
China Resources Mixc Lifestyle Services Ltd.				251,538		960,066
Longfor Group Hldgs. Ltd.				350,000		1,003,285
						1,963,351

Semiconductors & Semiconductor Equipment	8.3	%
Konfoong Materials International Co. Ltd.*				80,000		1,037,239
NAURA Technology Group Co. Ltd.*				25,000		976,901
Shenzhen SC New Energy Technology Corp.*				65,000		1,051,262
Wuxi Autowell Technology Co. Ltd.*				18,000		874,413
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd.*				90,000		853,680
						4,793,495

Specialty Retail	1.2	%
China Tourism Group Duty Free Corp. Ltd.				25,000		690,753

Technology Hardware, Storage & Peripherals	1.8	%
Ninestar Corp.				170,000		1,031,562

Textiles, Apparel & Luxury Goods	2.2	%
Li Ning Co. Ltd.				165,000		1,251,992

Transportation Infrastructure	2.7	%
Shanghai International Airport Co. Ltd.*				190,000		1,541,186

Total Equities
(Cost: $ 57,837,980)					$	53,418,248

Total Investments	92.9	%
(Cost: $ 57,837,980)					$	53,418,248

Other Assets Less Liabilities	7.1	%				4,098,347

Net Assets - 100%					$	57,516,595

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

* Non-income producing security during the period ended September 30, 2022

ADS - American depositary share

COUNTRY ALLOCATION (As a Percentage of Net Assets)
China ( Includes the People's Republic of China, Taiwan and Hong Kong)			92.9	%

Oberweis International Opportunities Fund

Schedule of Investments (unaudited) ^a

September 30, 2022

			Shares		Value
Equities	97.4	%

Australia	7.4	%
Charter Hall Group.				50,900	$	375,350
Computershare Ltd.				138,300		2,205,829
Elders Ltd.				232,700		1,775,703
GrainCorp Ltd.				390,400		1,963,786
IDP Education Ltd.				175,700		2,951,409
JB Hi-Fi Ltd.				38,800		938,953
						10,211,030

Austria	2.4	%
ANDRITZ AG*				26,500		1,121,427
AT & S Austria Technologie & Systemtechnik AG				68,700		2,242,182
						3,363,609

Belgium	1.3	%
Barco NV*				79,400		1,690,752
VGP NV				800		76,302
						1,767,054

Canada	20.6	%
Aritzia, Inc.*				137,300		4,511,399
ATS Automation Tooling Systems, Inc.*				136,700		3,607,993
BRP, Inc.				35,300		2,174,372
Colliers International Group, Inc.				11,900		1,090,503
Element Fleet Management Corp.				255,300		3,012,444
Finning International, Inc.				89,100		1,566,055
Gildan Activewear, Inc.				84,900		2,399,989
Parex Resources, Inc.				226,924		3,313,347
Sleep Country Canada Hldgs., Inc.				76,200		1,349,800
TFI International, Inc.				29,700		2,687,706
Toromont Industries Ltd.				21,200		1,475,743
Trisura Group Ltd.*				58,800		1,422,114
						28,611,465

Denmark	2.0	%
ALK-Abello A/S*				71,760		1,130,922
D/S Norden A/S				39,800		1,679,012
						2,809,934

Finland	4.0	%
Cargotec Oyj*				59,800		1,806,008
Metso Outotec Oyj				323,900		2,147,885
Outokumpu Oyj				458,600		1,570,359
						5,524,252

France	8.1	%
Alten SA				7,200		791,173
Edenred SA*				69,700		3,210,995
Nexans SA*				32,150		2,861,810
Rexel SA				290,400		4,351,959
						11,215,937

Germany	4.7	%
AIXTRON SE				174,000		4,185,259
Aurelius Equity Opportunities SE				41,323		766,152
Sixt SE				18,900		1,503,258
						6,454,669

Israel	2.3	%
Nova Ltd.*				37,500		3,198,750

Italy	0.5	%
Banca IFIS SpA				62,700		692,305

Japan	12.1	%
BayCurrent Consulting, Inc.				21,700		5,629,706
Daiwa Securities Group, Inc.				850,400		3,337,736
Fuji Electric Co. Ltd.				87,100		3,192,292
Future Corp.				208,600		2,275,206
M&A Capital Partners Co. Ltd.*				55,400		1,419,437
Visional, Inc.*				14,400		887,768
						16,742,145

Netherlands	9.3	%
Aalberts NV				63,100		2,057,793
Alfen NV*				42,100		3,855,220
ASM International NV*				6,000		1,343,385
BE Semiconductor Industries NV				35,966		1,539,651
Constellium SE*				398,200		4,037,748
						12,833,797

Norway	4.0	%
Aker Solutions ASA				367,600		1,278,064
Nordic Semiconductor ASA*				320,700		4,235,914
						5,513,978

Sweden	4.8	%
Addtech AB				56,000		735,649
Cint Group AB*				197,700		1,079,466
Hexatronic Group AB				381,600		3,561,730
Nordnet AB				118,400		1,340,701
						6,717,546

United Kingdom	13.9	%
Beazley PLC*				241,900		1,507,932
Endava PLC ADS*				26,000		2,096,380
Future PLC				141,600		2,047,129
IMI PLC				58,200		719,721
Intermediate Capital Group PLC				177,000		1,909,430
Man Group PLC				1,226,700		3,037,439
Marks & Spencer Group PLC*				1,253,200		1,366,962
Morgan Sindall Group PLC				38,400		626,354
OSB Group PLC				238,600		1,110,252
Redrow PLC				188,800		831,323
RS GROUP PLC				134,700		1,437,933
Taylor Wimpey PLC				972,600		947,080
The Sage Group PLC				213,400		1,644,605
						19,282,540

Total Equities
(Cost: $ 168,066,856)					$	134,939,011

Total Investments	97.4	%
(Cost: $ 168,066,856)					$	134,939,011

Other Assets Less Liabilities	2.6	%				3,649,386


Net Assets - 100%					$	138,588,397

^aCertain Securities Were Fair Valued Under The Discretion of the Board Of Trustees

* Non-income producing security during the period ended September 30, 2022

ADS - American depositary share

SECTOR ALLOCATIONS (As a Percentage of Net Assets)

Communication Services	1.5	%
Consumer Discretionary	11.6	%
Consumer Staples	3.7	%
Energy	3.3	%
Financials	14.1	%
Healthcare	0.8	%
Industrials	34.3	%
Information Technology	22.9	%
Materials	4.0	%
Real Estate	1.2	%

Oberweis International Opportunities Institutional Fund

Schedule of Investments (unaudited) ^a

September 30, 2022

			Shares		Value
Equities	97.2	%

Australia	7.4	%
Charter Hall Group.				193,429	$	1,426,393
Computershare Ltd.				521,500		8,317,715
Elders Ltd.				873,103		6,662,534
GrainCorp Ltd.				1,472,267		7,405,784
IDP Education Ltd.				662,549		11,129,501
JB Hi-Fi Ltd.				145,739		3,526,858
						38,468,785
						.
Austria	2.4	%
ANDRITZ AG*				100,100		4,236,033
AT & S Austria Technologie & Systemtechnik AG				258,500		8,436,742
						12,672,775

Belgium	1.3	%
Barco NV*				299,088		6,368,810
VGP NV				2,832		270,107
						6,638,917

Canada	20.6	%
Aritzia, Inc.*				517,500		17,004,000
ATS Automation Tooling Systems, Inc.*				514,775		13,586,721
BRP, Inc.				133,041		8,194,917
Colliers International Group, Inc.				45,000		4,123,751
Element Fleet Management Corp.				961,600		11,346,518
Finning International, Inc.				336,300		5,910,934
Gildan Activewear, Inc.				319,739		9,038,517
Parex Resources, Inc.				855,491		12,491,135
Sleep Country Canada Hldgs., Inc.				287,200		5,087,436
TFI International, Inc.				112,100		10,144,506
Toromont Industries Ltd.				80,300		5,589,726
Trisura Group Ltd.*				221,800		5,364,367
						107,882,528

Denmark	2.0	%
ALK-Abello A/S*				269,160		4,241,903
D/S Norden A/S				149,800		6,319,499
						10,561,402

Finland	4.0	%
Cargotec Oyj*				225,472		6,809,436
Metso Outotec Oyj				1,220,668		8,094,641
Outokumpu Oyj				1,716,749		5,878,570
						20,782,647

France	8.1	%
Alten SA				27,298		2,999,645
Edenred SA*				262,800		12,106,880
Nexans SA*				121,300		10,797,436
Rexel SA				1,094,919		16,408,548
						42,312,509

Germany	4.7	%
AIXTRON SE				656,280		15,785,644
Aurelius Equity Opportunities SE				155,065		2,874,994
Sixt SE				71,674		5,700,766
						24,361,404

Israel	2.3	%
Nova Ltd.*				141,021		12,029,091

Italy	0.5	%
Banca IFIS SpA				236,200		2,608,015

Japan	12.1	%
BayCurrent Consulting, Inc.				82,000		21,273,545
Daiwa Securities Group, Inc.				3,206,300		12,584,410
Fuji Electric Co. Ltd.				328,400		12,036,152
Future Corp.				788,200		8,596,919
M&A Capital Partners Co. Ltd.*				208,200		5,334,417
Visional, Inc.*				54,800		3,378,451
						63,203,894

Netherlands	9.2	%
Aalberts NV				238,157		7,766,686
Alfen NV*				158,500		14,514,307
ASM International NV*				22,700		5,082,473
BE Semiconductor Industries NV				135,526		5,801,666
Constellium SE*				1,500,139		15,211,409
						48,376,541

Norway	4.0	%
Aker Solutions ASA				1,393,200		4,843,847
Nordic Semiconductor ASA*				1,209,244		15,972,105
						20,815,952

Sweden	4.8	%
Addtech AB				209,936		2,757,844
Cint Group AB*				748,155		4,085,018
Hexatronic Group AB				1,439,400		13,434,889
Nordnet AB				446,200		5,052,541
						25,330,292

United Kingdom	13.8	%
Beazley PLC*				913,404		5,693,885
Endava PLC ADS*				98,027		7,903,917
Future PLC				531,831		7,688,747
IMI PLC				219,416		2,713,374
Intermediate Capital Group PLC				667,735		7,203,352
Man Group PLC				4,626,800		11,456,444
Marks & Spencer Group PLC*				4,725,670		5,154,653
Morgan Sindall Group PLC				143,045		2,333,250
OSB Group PLC				901,351		4,194,161
Redrow PLC				712,238		3,136,122
RS GROUP PLC				510,100		5,445,357
Taylor Wimpey PLC				3,668,502		3,572,243
The Sage Group PLC				802,670		6,185,919
						72,681,424

Total Equities
(Cost: $ 635,858,102)					$	508,726,176

Total Investments	97.2	%
(Cost: $ 635,858,102)					$	508,726,176

Other Assets Less Liabilities	2.8	%				14,446,754


Net Assets - 100%					$	523,172,930

^aCertain Securities Were Fair Valued Under The Discretion of the Board Of Trustees

* Non-income producing security during the period ended September 30, 2022

ADS - American depositary share

SECTOR ALLOCATIONS (As a Percentage of Net Assets)

Communication Services	1.5	%
Consumer Discretionary	11.6	%
Consumer Staples	3.7	%
Energy	3.3	%
Financials	14.1	%
Healthcare	0.8	%
Industrials	34.3	%
Information Technology	22.9	%
Materials	4.0	%
Real Estate	1.0	%

Oberweis Emerging Markets Fund

Schedule of Investments (unaudited) ^a

September 30, 2022

			Shares		Value
Equities	93.6	%

Argentina	0.6	%
Despegar.com Corp.*				11,600	$	66,120

Australia	1.9	%
IDP Education Ltd.				13,300		223,413

Brazil	9.0	%
Afya Ltd.*				17,000		230,520
Locaweb Servicos de Internet SA*				80,600		134,473
LOG Commercial Properties e Participacoes SA				25,000		114,702
Petro Rio SA*				40,400		206,179
TOTVS SA				69,900		380,314
						1,066,188

Chile	1.5	%
Falabella SA				87,800		175,054

China	16.9	%
Chongqing Brewery Co. Ltd.				11,100		174,622
Dada Nexus Ltd. ADS*				92,600		437,998
Hangzhou Robam Appliances Co. Ltd.				51,500		165,973
Kingdee International Software Group Co. Ltd.*				127,000		165,525
Thunder Software Technology Co. Ltd.*				7,000		103,745
Weimob, Inc.*				310,000		108,477
Wolong Electric Group Co. Ltd.				64,500		104,836
Xiabuxiabu Catering Management China Hldgs. Co. Ltd.*				318,000		208,661
Yantai Jereh Oilfield Services Group Co. Ltd.				42,700		196,433
Yijiahe Technology Co. Ltd.				27,048		152,764
Zhejiang Shuanghuan Driveline Co. Ltd.*				46,000		188,383
						2,007,417

France	2.4	%
Gaztransport & Technigaz SA				2,550		281,159

Greece	1.5	%
Greek Organization of Football Prognostics SA				14,500		173,883

Hungary	1.4	%
Richter Gedeon Nyrt				10,000		171,280

India	15.8	%
Affle India Ltd.*				19,000		290,720
Amber Enterprises India Ltd.*				4,200		121,351
Cera Sanitaryware Ltd.*				2,200		145,951
Container Corp. of India Ltd.				14,800		128,677
KPIT Technologies Ltd.				24,000		192,463
L&T Technology Services Ltd.				3,000		130,727
Linde India Ltd.				4,200		169,952
Route Mobile Ltd.				11,500		191,607
Varun Beverages Ltd.				27,418		350,448
Vinati Organics Ltd.				6,000		153,408
						1,875,304
Indonesia	9.4	%
PT Indofood CBP Sukses Makmur Tbk				260,000		147,620
PT Industri Jamu dan Farmasi Sido Muncul Tbk				2,390,711		111,470
PT Mitra Adiperkasa Tbk*				4,237,900		294,198
PT Prodia Widyahusada Tbk				292,000		96,838
PT Sumber Alfaria Trijaya Tbk				1,910,500		299,822
PT United Tractors Tbk				74,000		158,889
						1,108,837

Malaysia	1.2	%
My E.G. Services Bhd				762,000		138,563

Mexico	2.2	%
Alsea, S.A.B. de CV*				88,300		159,111
Controladora Vuela Compania de Aviacion, S.A.B de CV ADS*				14,000		97,860
						256,971

Philippines	1.5	%
Wilcon Depot, Inc.				337,500		183,530

Poland	1.1	%
Dino Polska SA*				2,100		127,199

South Africa	1.8	%
Clicks Group Ltd.				7,680		121,123
Karooooo Ltd.				3,700		87,690
						208,813

South Korea	7.5	%
Classys, Inc.				21,727		202,865
LEENO Industrial, Inc.				2,588		222,646
LG Innotek Co. Ltd.*				949		178,872
POSCO Chemical Co. Ltd.*				1,600		165,524
SaraminHR Co. Ltd.				5,500		114,446
						884,353

Switzerland	0.7	%
Wizz Air Hldgs. PLC*				4,809		83,653

Taiwan	14.0	%
Airtac International Group				5,000		114,396
Andes Technology Corp.*				17,000		208,818
ASPEED Technology, Inc.				4,400		242,165
Chailease Hldg. Co. Ltd.				19,499		111,381
Chief Telecom, Inc.				11,000		96,813
Innodisk Corp.				23,881		121,009
M31 Technology Corp.				23,000		259,555
momo.com, Inc.				4,440		74,095
Pan Jit International, Inc.				98,000		174,469
Sinbon Electronics Co. Ltd.				18,000		149,509
Yageo Corp.				12,000		101,292
						1,653,502

Thailand	1.2	%
Mega Lifesciences PCL				119,000		145,235

Vietnam	2.0	%
Masan Group Corp.				28,800		118,661
Viettel Construction				54,182		134,572
						253,233

Total Equities
(Cost: $ 11,974,194)					$	11,083,707

Total Investments	93.6	%
(Cost: $ 11,974,194)					$	11,083,707

Other Assets Less Liabilities	6.4	%				763,415

Net Assets - 100%					$	11,847,122

^a Certain Securities Were Fair Valued Under The Discretion of the Board Of Trustees

* Non-income producing security during the period ended September 30, 2022

ADS - American depositary share

SECTOR ALLOCATIONS (As a Percentage of Net Assets)

Communication Services	4.4	%
Consumer Discretionary	22.8	%
Consumer Staples	12.2	%
Energy	7.1	%
Financials	0.9	%
Healthcare	5.2	%
Industrials	9.1	%
Information Technology	26.7	%
Materials	4.1	%
Real Estate	1.1	%

Oberweis Focused International Growth Fund

Schedule of Investments (unaudited) ^a

September 30, 2022

			Shares		Value
Equities	89.3	%

Australia	2.9	%
BHP Group Ltd.				4,300	$	106,887
Woodside Energy Group Ltd.				3,400		69,464
						176,351

Denmark	2.5	%
Novo Nordisk A/S				1,500		149,427

France	22.5	%
LVMH Moet Hennessy Louis Vuitton SE				400		235,820
Rexel SA				20,700		310,212
Schneider Electric SE				1,700		192,008
STMicroelectronics NV				13,400		416,519
Teleperformance SE				800		202,938
						1,357,497

Germany	2.9	%
Sartorius AG*				500		172,945

Japan	12.0	%
BayCurrent Consulting, Inc.				500		129,717
Bridgestone Corp.				3,100		100,257
Sony Group Corp.				5,200		334,955
Toyota Motor Corp.				11,900		155,537
						720,466

Netherlands	10.4	%
Adyen NV*				260		324,248
ASM International NV*				600		134,338
ASML Hldg. NV				400		165,705
						624,291

Sweden	1.0	%
EQT AB				3,200		61,831

Switzerland	7.9	%
Nestle SA				2,000		216,315
Roche Hldg. AG*				800		260,426
						476,741

United Kingdom	18.2	%
Anglo American PLC				3,100		93,082
BP PLC				31,700		151,478
Diageo PLC				3,900		164,168
HSBC Hldgs. PLC				67,500		349,514
NatWest Group PLC*				10,600		26,402
Shell PLC				6,700		166,216
St. James's Place PLC				12,800		145,771
						1,096,631

United States of America	9.0	%
Cadence Design Systems, Inc.*				1,700		277,831
Datadog, Inc.*				3,000		266,340
						544,171

Total Equities
(Cost: $ 7,417,459)					$	5,380,351

Total Investments	89.3	%
(Cost: $ 7,417,459)					$	5,380,351

Other Assets Less Liabilities	10.7	%				644,830

Net Assets - 100%					$	6,025,181

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

* Non-income producing security during the period ended September 30, 2022

SECTOR ALLOCATIONS (As a Percentage of Net Assets)

Consumer Discretionary	13.7	%
Consumer Staples	6.3	%
Energy	6.4	%
Financials	9.7	%
Healthcare	9.7	%
Industrials	13.9	%
Information Technology	26.3	%
Materials	3.3	%

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, 2022:

	Micro-Cap Fund		Small-Cap Opportunities Fund
Level 1 – Equities	$	124,025,590	$	83,764,947
Level 2 - Equities		-		-
Level 3		-		-
Total Investments	$	124,025,590	$	83,764,947

	Global Opportunities Fund		China Opportunities Fund		Emerging Markets Fund
Level 1 - Equities
Total Asia	$	2,028,267	$	5,742,205	$	646,306
Total Africa		-		-		208,813
Total Europe		2,392,719		-		-
Total South America		598,491		-		1,307,362
Total North America		28,280,480		-		256,971
Total Level 1		33,299,957		5,742,205		2,419,452
Level 2 - Equities
Total Asia		7,183,984		47,676,043		7,603,668
Total Australia		1,104,697		-		223,413
Total Europe		6,135,695		-		837,174
Total Level 2		14,424,376		47,676,043		8,664,255
Level 3		-		-		-
Total Investments	$	47,724,333	$	53,418,248	$	11,083,707

	International Opportunities Fund		International Opportunities Institutional Fund		Focused International Growth Fund
Level 1 – Equites
Total Asia	$	3,198,750	$	12,029,091	$	-
Total Europe		6,134,128		23,115,326		-
Total North America		28,611,465		107,882,528		544,171
Total Level 1		37,944,343		143,026,945		544,171
Level 2 – Equities
Total Asia		16,742,145		63,203,894		720,466
Total Australia		10,211,030		38,468,785		176,351
Total Europe		70,041,493		264,026,552		3,939,363
Total Level 2		96,994,668		365,699,231		4,836,180
Level 3		-		-		-
Total Investments	$	134,939,011	$	508,726,176	$	5,380,351

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.