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.