UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act File Number 811-04854
--------
The Oberweis Funds
------------------------
(Exact name of registrant as specified in
charter)
3333 Warrenville Road, Suite 500
Lisle, Illinois 60532
(Address of principal executive offices)
(Zip code)
James W. Oberweis
Oberweis Asset Management, Inc.
3333 Warrenville Road, Suite 500
Lisle, Illinois 60532
(Name and address of agent for service)
Registrant's telephone number, including
area code:
(630) 577-2300
Date of fiscal year end:
December 31
Date of reporting period:
March 31, 2013
OBERWEIS MICRO-CAP FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 2013 (UNAUDITED)
|
|
|
|
|
SHARES
|
|
|
VALUE
|
|
EQUITIES
|
|
|
94.7
|
%
|
|
|
|
|
|
|
|
|
ADVERTISING AGENCY
|
|
|
0.9
|
%
|
|
|
|
|
|
|
|
|
ACQUITY GROUP LTD. ADR*
|
|
|
|
|
|
|
29,500
|
|
|
$
|
187,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AUTO PARTS
|
|
|
2.1
|
%
|
|
|
|
|
|
|
|
|
GENTHERM, INC.*
|
|
|
|
|
|
|
27,900
|
|
|
|
457,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BACK OFFICE SUPPORT
|
|
|
5.7
|
%
|
|
|
|
|
|
|
|
|
BARRETT BUSINESS SERVICES, INC.
|
|
|
|
|
|
|
9,300
|
|
|
|
489,738
|
|
ON ASSIGNMENT, INC.*
|
|
|
|
|
|
|
28,900
|
|
|
|
731,459
|
|
|
|
|
|
|
|
|
|
|
|
|
1,221,197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKS - DIVERSIFIED
|
|
|
5.8
|
%
|
|
|
|
|
|
|
|
|
ACCESS NATIONAL CORP.
|
|
|
|
|
|
|
3,800
|
|
|
|
62,320
|
|
BRYN MAWR BANK CORP.
|
|
|
|
|
|
|
12,300
|
|
|
|
286,344
|
|
CARDINAL FINANCIAL CORP.
|
|
|
|
|
|
|
17,300
|
|
|
|
314,514
|
|
EAGLE BANCORP, INC.*
|
|
|
|
|
|
|
14,800
|
|
|
|
323,972
|
|
FIRST SAVINGS FINANCIAL GROUP, INC.
|
|
|
|
|
|
|
5,000
|
|
|
|
108,562
|
|
THE BANCORP, INC.*
|
|
|
|
|
|
|
10,100
|
|
|
|
139,885
|
|
|
|
|
|
|
|
|
|
|
|
|
1,235,597
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKS-SAVINGS/THRIFTS & MORTGAGE LENDING
|
|
|
4.7
|
%
|
|
|
|
|
|
|
|
|
BOFI HLDG., INC.*
|
|
|
|
|
|
|
24,476
|
|
|
|
878,199
|
|
UNITED FINANCIAL BANCORP, INC.
|
|
|
|
|
|
|
8,800
|
|
|
|
133,760
|
|
|
|
|
|
|
|
|
|
|
|
|
1,011,959
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL FINANCE & MORTGAGE COMPANIES
|
|
|
2.8
|
%
|
|
|
|
|
|
|
|
|
CONSUMER PORTFOLIO SERVICES, INC.*
|
|
|
|
|
|
|
51,800
|
|
|
|
606,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL SERVICES
|
|
|
2.0
|
%
|
|
|
|
|
|
|
|
|
NQ MOBILE, INC. ADR*
|
|
|
|
|
|
|
25,900
|
|
|
|
233,359
|
|
POINTS INTERNATIONAL LTD.*
|
|
|
|
|
|
|
12,500
|
|
|
|
199,125
|
|
|
|
|
|
|
|
|
|
|
|
|
432,484
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMUNICATIONS
|
|
|
1.4
|
%
|
|
|
|
|
|
|
|
|
DATALINK CORP.*
|
|
|
|
|
|
|
11,695
|
|
|
|
141,276
|
|
PROCERA NETWORKS, INC.*
|
|
|
|
|
|
|
13,400
|
|
|
|
159,326
|
|
|
|
|
|
|
|
|
|
|
|
|
300,602
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPUTER SERVICES SOFTWARE & SYSTEMS
|
|
|
17.1
|
%
|
|
|
|
|
|
|
|
|
CLICKSOFTWARE TECHNOLOGIES LTD.
|
|
|
|
|
|
|
32,800
|
|
|
|
263,712
|
|
DATAWATCH CORP.*
|
|
|
|
|
|
|
27,800
|
|
|
|
417,000
|
|
DIGIMARC CORP.
|
|
|
|
|
|
|
9,500
|
|
|
|
208,715
|
|
EGAIN COMMUNICATIONS CORP.*
|
|
|
|
|
|
|
23,400
|
|
|
|
202,644
|
|
ELLIE MAE, INC.*
|
|
|
|
|
|
|
27,100
|
|
|
|
651,755
|
|
MAGIC SOFTWARE ENTERPRISES LTD.
|
|
|
|
|
|
|
7,900
|
|
|
|
41,238
|
|
PERFICIENT, INC.*
|
|
|
|
|
|
|
16,800
|
|
|
|
195,888
|
|
SUPPORT.COM, INC.*
|
|
|
|
|
|
|
134,400
|
|
|
|
561,792
|
|
TANGOE, INC.*
|
|
|
|
|
|
|
26,200
|
|
|
|
324,618
|
|
VIRTUSA CORP.*
|
|
|
|
|
|
|
7,800
|
|
|
|
185,328
|
|
WEB.COM GROUP, INC.*
|
|
|
|
|
|
|
34,900
|
|
|
|
596,092
|
|
|
|
|
|
|
|
|
|
|
|
|
3,648,782
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPUTER TECHNOLOGY
|
|
|
3.7
|
%
|
|
|
|
|
|
|
|
|
21VIANET GROUP, INC. ADR*
|
|
|
|
|
|
|
18,400
|
|
|
|
172,960
|
|
ALLOT COMMUNICATIONS LTD.*
|
|
|
|
|
|
|
7,700
|
|
|
|
91,938
|
|
SILICOM LTD.*
|
|
|
|
|
|
|
9,700
|
|
|
|
273,540
|
|
STREAMLINE HEALTH SOLUTIONS, INC.*
|
|
|
|
|
|
|
40,900
|
|
|
|
263,805
|
|
|
|
|
|
|
|
|
|
|
|
|
802,243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER SERVICES - MISC.
|
|
|
1.9
|
%
|
|
|
|
|
|
|
|
|
STAMPS.COM, INC.*
|
|
|
|
|
|
|
16,400
|
|
|
|
409,508
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EDUCATION SERVICES
|
|
|
1.4
|
%
|
|
|
|
|
|
|
|
|
HEALTHSTREAM, INC.*
|
|
|
|
|
|
|
13,500
|
|
|
|
309,690
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELECTRICAL SCIENTIFIC INSTRUMENTS
|
|
|
0.7
|
%
|
|
|
|
|
|
|
|
|
TASER INTERNATIONAL, INC.*
|
|
|
|
|
|
|
17,700
|
|
|
|
140,715
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELECTRONICS COMPONENTS
|
|
|
5.3
|
%
|
|
|
|
|
|
|
|
|
ACACIA RESEARCH CORP.*
|
|
|
|
|
|
|
37,300
|
|
|
|
1,125,341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENGINEERING & CONTRACTING SERVICES
|
|
|
2.7
|
%
|
|
|
|
|
|
|
|
|
MISTRAS GROUP, INC.*
|
|
|
|
|
|
|
23,600
|
|
|
|
571,356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEALTHCARE SERVICES
|
|
|
7.8
|
%
|
|
|
|
|
|
|
|
|
GREENWAY MEDICAL TECHNOLOGIES, INC.*
|
|
|
|
|
|
|
13,900
|
|
|
|
221,010
|
|
IPC THE HOSPITALIST CO., INC.*
|
|
|
|
|
|
|
2,680
|
|
|
|
119,206
|
|
MEDIDATA SOLUTIONS, INC.*
|
|
|
|
|
|
|
22,700
|
|
|
|
1,316,146
|
|
|
|
|
|
|
|
|
|
|
|
|
1,656,362
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIAL MACHINERY
|
|
|
1.0
|
%
|
|
|
|
|
|
|
|
|
MANITEX INTERNATIONAL, INC.*
|
|
|
|
|
|
|
16,600
|
|
|
|
206,006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INSURANCE - PROPERTY-CASUALTY
|
|
|
1.4
|
%
|
|
|
|
|
|
|
|
|
HOMEOWNERS CHOICE, INC.
|
|
|
|
|
|
|
11,000
|
|
|
|
299,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LEISURE TIME
|
|
|
0.7
|
%
|
|
|
|
|
|
|
|
|
PREMIER EXHIBITIONS, INC.*
|
|
|
|
|
|
|
60,100
|
|
|
|
159,866
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDICAL & DENTAL INSTRUMENTS & SUPPLIES
|
|
|
3.3
|
%
|
|
|
|
|
|
|
|
|
ENDOLOGIX, INC.*
|
|
|
|
|
|
|
34,300
|
|
|
|
553,945
|
|
VASCULAR SOLUTIONS, INC.*
|
|
|
|
|
|
|
9,800
|
|
|
|
158,956
|
|
|
|
|
|
|
|
|
|
|
|
|
712,901
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDICAL EQUIPMENT
|
|
|
0.5
|
%
|
|
|
|
|
|
|
|
|
CYNOSURE, INC.*
|
|
|
|
|
|
|
4,000
|
|
|
|
104,680
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OIL CRUDE PRODUCER
|
|
|
2.6
|
%
|
|
|
|
|
|
|
|
|
CALLON PETROLEUM CO.*
|
|
|
|
|
|
|
53,000
|
|
|
|
196,100
|
|
PANHANDLE OIL & GAS, INC.
|
|
|
|
|
|
|
5,100
|
|
|
|
146,115
|
|
TRIANGLE PETROLEUM CORP.*
|
|
|
|
|
|
|
33,000
|
|
|
|
217,800
|
|
|
|
|
|
|
|
|
|
|
|
|
560,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OIL WELL EQUIPMENT & SERVICES
|
|
|
2.6
|
%
|
|
|
|
|
|
|
|
|
FLOTEK INDUSTRIES, INC.*
|
|
|
|
|
|
|
22,100
|
|
|
|
361,335
|
|
MITCHAM INDUSTRIES, INC.*
|
|
|
|
|
|
|
11,200
|
|
|
|
189,504
|
|
|
|
|
|
|
|
|
|
|
|
|
550,839
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PHARMACEUTICALS
|
|
|
0.9
|
%
|
|
|
|
|
|
|
|
|
LANNETT CO., INC.*
|
|
|
|
|
|
|
19,700
|
|
|
|
199,167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
POLLUTION CONTROL
|
|
|
0.9
|
%
|
|
|
|
|
|
|
|
|
ADA-ES, INC.*
|
|
|
|
|
|
|
6,900
|
|
|
|
183,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REAL ESTATE
|
|
|
2.2
|
%
|
|
|
|
|
|
|
|
|
MARKET LEADER, INC.*
|
|
|
|
|
|
|
52,100
|
|
|
|
466,816
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECREATIONAL VEHICLES & BOATS
|
|
|
0.9
|
%
|
|
|
|
|
|
|
|
|
ARCTIC CAT, INC.*
|
|
|
|
|
|
|
3,500
|
|
|
|
152,950
|
|
MARINE PRODUCTS CORP.
|
|
|
|
|
|
|
5,800
|
|
|
|
42,688
|
|
|
|
|
|
|
|
|
|
|
|
|
195,638
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENTAL & LEASING SERVICES - CONSUMER
|
|
|
1.7
|
%
|
|
|
|
|
|
|
|
|
CAI INTERNATIONAL, INC.*
|
|
|
|
|
|
|
12,800
|
|
|
|
368,896
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMICONDUCTORS & COMPONENTS
|
|
|
2.4
|
%
|
|
|
|
|
|
|
|
|
EMCORE CORP.*
|
|
|
|
|
|
|
23,000
|
|
|
|
133,860
|
|
INPHI CORP.*
|
|
|
|
|
|
|
22,300
|
|
|
|
233,035
|
|
MAXLINEAR, INC.*
|
|
|
|
|
|
|
23,900
|
|
|
|
148,180
|
|
|
|
|
|
|
|
|
|
|
|
|
515,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPECIALTY RETAIL
|
|
|
4.1
|
%
|
|
|
|
|
|
|
|
|
FRANCESCA'S HLDGS. CORP.*
|
|
|
|
|
|
|
18,000
|
|
|
|
516,960
|
|
TILLY'S, INC.*
|
|
|
|
|
|
|
27,500
|
|
|
|
349,800
|
|
|
|
|
|
|
|
|
|
|
|
|
866,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TELECOMMUNICATIONS EQUIPMENT
|
|
|
0.6
|
%
|
|
|
|
|
|
|
|
|
CALAMP CORP.*
|
|
|
|
|
|
|
12,100
|
|
|
|
132,737
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEXTILES - APPAREL & SHOES
|
|
|
1.4
|
%
|
|
|
|
|
|
|
|
|
G-III APPAREL GROUP LTD.*
|
|
|
|
|
|
|
3,600
|
|
|
|
144,396
|
|
JOE'S JEANS, INC.*
|
|
|
|
|
|
|
89,800
|
|
|
|
152,660
|
|
|
|
|
|
|
|
|
|
|
|
|
297,056
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRUCKERS
|
|
|
1.5
|
%
|
|
|
|
|
|
|
|
|
ROADRUNNER TRANSPORTATION SYSTEMS, INC.*
|
|
|
|
|
|
|
13,600
|
|
|
|
312,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITIES
|
|
|
|
|
|
|
|
|
|
$
|
20,249,076
|
|
(COST: $13,854,075)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REAL ESTATE INVESTMENT TRUST
|
|
|
2.1
|
%
|
|
|
|
|
|
|
|
|
PENNYMAC MORTGAGE INVESTMENT TRUST
|
|
|
|
|
|
|
17,000
|
|
|
$
|
440,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL REAL ESTATE INVESTMENT TRUST
|
|
|
|
|
|
|
|
|
|
|
|
|
(COST: $338,254)
|
|
|
|
|
|
|
|
|
|
$
|
440,130
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CORPORATE BONDS
|
|
|
2.5
|
%
|
|
|
Face Amount
|
|
|
|
Value
|
|
HEALTHCARE FACILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
ADCARE HEALTH SYSTEMS, INC. (10.00%, 10/26/13)
(a)
|
|
|
|
|
|
|
500,000
|
|
|
$
|
532,820
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CORPORATE BONDS
|
|
|
|
|
|
|
|
|
|
|
|
|
(COST: $500,000)
|
|
|
|
|
|
|
|
|
|
$
|
532,820
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS
|
|
|
99.3
|
%
|
|
|
|
|
|
|
|
|
(COST: $14,692,329)
|
|
|
|
|
|
|
|
|
|
$
|
21,222,026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS LESS LIABILITIES
|
|
|
0.7
|
%
|
|
|
|
|
|
|
142,454
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS - 100% (EQUIVALENT TO $13.89 PER SHARE BASED ON 1,537,575 SHARES OUTSTANDING)
|
|
|
|
|
|
|
|
|
|
$
|
21,364,480
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Investments is $14,726,930 for federal income tax purposes and net unrealized appreciation consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
|
|
|
|
|
|
|
|
$
|
7,038,231
|
|
Gross unrealized depreciation
|
|
|
|
|
|
|
|
|
|
|
(543,135
|
)
|
Net unrealized appreciation
|
|
|
|
|
|
|
|
|
|
$
|
6,495,096
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
Certain securities were fair valued under the
discretion of the Board of Trustees
* Non-income producing security during the period ended March
31, 2013
ADR - American depositary receipt
OBERWEIS EMERGING GROWTH FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 2013 (UNAUDITED)
|
|
|
|
|
SHARES
|
|
|
VALUE
|
|
EQUITIES
|
|
|
99.4
|
%
|
|
|
|
|
|
|
|
|
ADVERTISING AGENCY
|
|
|
2.5
|
%
|
|
|
|
|
|
|
|
|
VALUECLICK, INC.*
|
|
|
|
|
|
|
53,800
|
|
|
$
|
1,590,328
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSET MANAGEMENT & CUSTODIAN
|
|
|
0.8
|
%
|
|
|
|
|
|
|
|
|
FINANCIAL ENGINES, INC.
|
|
|
|
|
|
|
13,000
|
|
|
|
470,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AUTO PARTS
|
|
|
2.0
|
%
|
|
|
|
|
|
|
|
|
GENTHERM, INC.*
|
|
|
|
|
|
|
77,600
|
|
|
|
1,271,088
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BACK OFFICE SUPPORT
|
|
|
8.9
|
%
|
|
|
|
|
|
|
|
|
EXLSERVICE HLDGS., INC.*
|
|
|
|
|
|
|
64,400
|
|
|
|
2,117,472
|
|
MAXIMUS, INC.
|
|
|
|
|
|
|
11,300
|
|
|
|
903,661
|
|
ON ASSIGNMENT, INC.*
|
|
|
|
|
|
|
54,082
|
|
|
|
1,368,816
|
|
RPX CORP.*
|
|
|
|
|
|
|
29,700
|
|
|
|
419,067
|
|
THE ADVISORY BOARD CO.*
|
|
|
|
|
|
|
15,100
|
|
|
|
793,052
|
|
|
|
|
|
|
|
|
|
|
|
|
5,602,068
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKS - DIVERSIFIED
|
|
|
0.5
|
%
|
|
|
|
|
|
|
|
|
THE BANCORP, INC.*
|
|
|
|
|
|
|
23,500
|
|
|
|
325,475
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKS - SAVINGS/ THRIFTS & MORTGAGE LENDING
|
|
|
1.3
|
%
|
|
|
|
|
|
|
|
|
BERKSHIRE HILLS BANCORP, INC.
|
|
|
|
|
|
|
32,900
|
|
|
|
840,266
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BIOTECHNOLOGY
|
|
|
0.8
|
%
|
|
|
|
|
|
|
|
|
PROTALIX BIOTHERAPEUTICS, INC.*
|
|
|
|
|
|
|
87,400
|
|
|
|
479,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASINOS & GAMBLING
|
|
|
2.1
|
%
|
|
|
|
|
|
|
|
|
MULTIMEDIA GAMES HLDG. CO., INC.*
|
|
|
|
|
|
|
62,862
|
|
|
|
1,311,930
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMUNICATIONS
|
|
|
1.1
|
%
|
|
|
|
|
|
|
|
|
ARUBA NETWORKS, INC.*
|
|
|
|
|
|
|
13,400
|
|
|
|
331,516
|
|
PROCERA NETWORKS, INC.*
|
|
|
|
|
|
|
31,000
|
|
|
|
368,590
|
|
|
|
|
|
|
|
|
|
|
|
|
700,106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPUTER SERVICES SOFTWARE & SYSTEMS
|
|
|
14.8
|
%
|
|
|
|
|
|
|
|
|
AVG TECHNOLOGIES N.V.*
|
|
|
|
|
|
|
46,200
|
|
|
|
643,104
|
|
DEALERTRACK HLDGS., INC.*
|
|
|
|
|
|
|
37,500
|
|
|
|
1,101,750
|
|
ELLIE MAE, INC.*
|
|
|
|
|
|
|
57,800
|
|
|
|
1,390,090
|
|
INTERACTIVE INTELLIGENCE, INC.*
|
|
|
|
|
|
|
26,500
|
|
|
|
1,175,275
|
|
PDF SOLUTIONS, INC.*
|
|
|
|
|
|
|
28,800
|
|
|
|
461,376
|
|
SOURCEFIRE, INC.*
|
|
|
|
|
|
|
17,000
|
|
|
|
1,006,910
|
|
TANGOE, INC.*
|
|
|
|
|
|
|
92,700
|
|
|
|
1,148,553
|
|
WEB.COM GROUP, INC.*
|
|
|
|
|
|
|
136,600
|
|
|
|
2,333,128
|
|
|
|
|
|
|
|
|
|
|
|
|
9,260,186
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPUTER TECHNOLOGY
|
|
|
3.4
|
%
|
|
|
|
|
|
|
|
|
21VIANET GROUP, INC. ADR*
|
|
|
|
|
|
|
126,400
|
|
|
|
1,188,160
|
|
STRATASYS, INC.*
|
|
|
|
|
|
|
13,000
|
|
|
|
964,860
|
|
|
|
|
|
|
|
|
|
|
|
|
2,153,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER SERVICES - MISC.
|
|
|
1.3
|
%
|
|
|
|
|
|
|
|
|
51JOB, INC. ADR*
|
|
|
|
|
|
|
14,000
|
|
|
|
831,740
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIVERSIFIED METALS & MINERALS
|
|
|
0.3
|
%
|
|
|
|
|
|
|
|
|
U.S. SILICA HLDGS., INC.*
|
|
|
|
|
|
|
7,400
|
|
|
|
174,492
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EDUCATION SERVICES
|
|
|
1.9
|
%
|
|
|
|
|
|
|
|
|
GRAND CANYON EDUCATION, INC.*
|
|
|
|
|
|
|
34,600
|
|
|
|
878,494
|
|
HEALTHSTREAM, INC.*
|
|
|
|
|
|
|
13,900
|
|
|
|
318,866
|
|
|
|
|
|
|
|
|
|
|
|
|
1,197,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELECTRONICS
|
|
|
2.8
|
%
|
|
|
|
|
|
|
|
|
IPG PHOTONICS CORP.*
|
|
|
|
|
|
|
26,800
|
|
|
|
1,779,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELECTRONICS COMPONENTS
|
|
|
6.3
|
%
|
|
|
|
|
|
|
|
|
ACACIA RESEARCH CORP.*
|
|
|
|
|
|
|
109,200
|
|
|
|
3,294,564
|
|
INVENSENSE, INC.*
|
|
|
|
|
|
|
59,400
|
|
|
|
634,392
|
|
|
|
|
|
|
|
|
|
|
|
|
3,928,956
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENGINEERING & CONTRACTING SERVICES
|
|
|
2.1
|
%
|
|
|
|
|
|
|
|
|
MISTRAS GROUP, INC.*
|
|
|
|
|
|
|
53,200
|
|
|
|
1,287,972
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEALTHCARE SERVICES
|
|
|
15.8
|
%
|
|
|
|
|
|
|
|
|
CATAMARAN CORP.*
|
|
|
|
|
|
|
35,700
|
|
|
|
1,893,171
|
|
GREENWAY MEDICAL TECHNOLOGIES, INC.*
|
|
|
|
|
|
|
39,300
|
|
|
|
624,870
|
|
HMS HLDGS. CORP.*
|
|
|
|
|
|
|
78,000
|
|
|
|
2,117,700
|
|
MEDIDATA SOLUTIONS, INC.*
|
|
|
|
|
|
|
68,800
|
|
|
|
3,989,024
|
|
OMNICELL, INC.*
|
|
|
|
|
|
|
67,500
|
|
|
|
1,274,400
|
|
|
|
|
|
|
|
|
|
|
|
|
9,899,165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDUSTRIAL MACHINERY
|
|
|
1.3
|
%
|
|
|
|
|
|
|
|
|
DXP ENTERPRISES, INC.*
|
|
|
|
|
|
|
6,300
|
|
|
|
470,610
|
|
PROTO LABS, INC.*
|
|
|
|
|
|
|
6,700
|
|
|
|
328,970
|
|
|
|
|
|
|
|
|
|
|
|
|
799,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDICAL & DENTAL INSTRUMENTS & SUPPLIES
|
|
|
1.2
|
%
|
|
|
|
|
|
|
|
|
ENDOLOGIX, INC.*
|
|
|
|
|
|
|
48,200
|
|
|
|
778,430
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDICAL EQUIPMENT
|
|
|
1.5
|
%
|
|
|
|
|
|
|
|
|
CYBERONICS, INC.*
|
|
|
|
|
|
|
20,300
|
|
|
|
950,040
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OIL CRUDE PRODUCER
|
|
|
7.0
|
%
|
|
|
|
|
|
|
|
|
BONANZA CREEK ENERGY, INC.*
|
|
|
|
|
|
|
23,900
|
|
|
|
924,213
|
|
ENERGY XXI (BERMUDA) LTD.
|
|
|
|
|
|
|
17,400
|
|
|
|
473,628
|
|
GULFPORT ENERGY CORP.*
|
|
|
|
|
|
|
51,800
|
|
|
|
2,373,994
|
|
NORTHERN OIL & GAS, INC.*
|
|
|
|
|
|
|
43,800
|
|
|
|
629,844
|
|
|
|
|
|
|
|
|
|
|
|
|
4,401,679
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PHOTOGRAPHY
|
|
|
2.0
|
%
|
|
|
|
|
|
|
|
|
IMAX CORP.*
|
|
|
|
|
|
|
46,600
|
|
|
|
1,245,618
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REAL ESTATE
|
|
|
0.5
|
%
|
|
|
|
|
|
|
|
|
ZILLOW, INC.*
|
|
|
|
|
|
|
5,600
|
|
|
|
306,152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECREATIONAL VEHICLES & BOATS
|
|
|
0.7
|
%
|
|
|
|
|
|
|
|
|
WINNEBAGO INDUSTRIES, INC.*
|
|
|
|
|
|
|
22,300
|
|
|
|
460,272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMICONDUCTORS & COMPONENTS
|
|
|
2.3
|
%
|
|
|
|
|
|
|
|
|
CIRRUS LOGIC, INC.*
|
|
|
|
|
|
|
32,400
|
|
|
|
737,100
|
|
SPREADTRUM COMMUNICATIONS, INC. ADR*
|
|
|
|
|
|
|
35,600
|
|
|
|
730,156
|
|
|
|
|
|
|
|
|
|
|
|
|
1,467,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPECIALTY RETAIL
|
|
|
7.1
|
%
|
|
|
|
|
|
|
|
|
FRANCESCA'S HLDGS. CORP.*
|
|
|
|
|
|
|
93,700
|
|
|
|
2,691,064
|
|
RUE21, INC.*
|
|
|
|
|
|
|
31,100
|
|
|
|
914,029
|
|
ZUMIEZ, INC.*
|
|
|
|
|
|
|
37,800
|
|
|
|
865,620
|
|
|
|
|
|
|
|
|
|
|
|
|
4,470,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TELECOMMUNICATIONS EQUIPMENT
|
|
|
0.2
|
%
|
|
|
|
|
|
|
|
|
VOCERA COMMUNICATIONS, INC.*
|
|
|
|
|
|
|
4,300
|
|
|
|
98,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEXTILES - APPAREL & SHOES
|
|
|
3.0
|
%
|
|
|
|
|
|
|
|
|
G-III APPAREL GROUP LTD.*
|
|
|
|
|
|
|
10,100
|
|
|
|
405,111
|
|
OXFORD INDUSTRIES, INC.
|
|
|
|
|
|
|
16,700
|
|
|
|
886,770
|
|
STEVEN MADDEN LTD.*
|
|
|
|
|
|
|
13,800
|
|
|
|
596,546
|
|
|
|
|
|
|
|
|
|
|
|
|
1,888,427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRUCKERS
|
|
|
2.5
|
%
|
|
|
|
|
|
|
|
|
ROADRUNNER TRANSPORTATION SYSTEMS, INC.*
|
|
|
|
|
|
|
67,600
|
|
|
|
1,554,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UTILITIES - TELECOMMUNICATIONS
|
|
|
1.4
|
%
|
|
|
|
|
|
|
|
|
8X8, INC.*
|
|
|
|
|
|
|
129,000
|
|
|
|
883,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
(COST: $47,037,235)
|
|
|
|
|
|
|
|
|
|
$
|
62,410,143
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REAL ESTATE INVESTMENT TRUST
|
|
|
1.1
|
%
|
|
|
|
|
|
|
|
|
PENNYMAC MORTGAGE INVESTMENT TRUST
|
|
|
|
|
|
|
26,800
|
|
|
$
|
693,852
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL REAL ESTATE INVESTMENT TRUST
|
|
|
|
|
|
|
|
|
|
|
|
|
(COST: $603,210)
|
|
|
|
|
|
|
|
|
|
$
|
693,852
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS
|
|
|
100.5
|
%
|
|
|
|
|
|
|
|
|
(COST: $47,640,445)
|
|
|
|
|
|
|
|
|
|
$
|
63,103,995
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER LIABILITIES LESS ASSETS
|
|
|
(0.5
|
)%
|
|
|
|
|
|
|
(295,301
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS - 100% (EQUIVALENT TO $22.07 PER SHARE BASED ON 2,846,143 SHARES OUTSTANDING)
|
|
|
|
|
|
|
|
|
|
$
|
62,808,694
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Investments is $47,702,855 for federal income tax purposes and net unrealized appreciation consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
|
|
|
|
|
|
|
|
$
|
17,140,763
|
|
Gross unrealized depreciation
|
|
|
|
|
|
|
|
|
|
|
(1,739,623
|
)
|
Net unrealized appreciation
|
|
|
|
|
|
|
|
|
|
$
|
15,401,140
|
|
* Non-income producing security during the period ended March
31, 2013
ADR - American depositary receipt
OBERWEIS SMALL-CAP OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 2013 (UNAUDITED)
|
|
|
|
|
SHARES
|
|
|
VALUE
|
|
EQUITIES
|
|
|
98.0
|
%
|
|
|
|
|
|
|
|
|
AEROSPACE
|
|
|
2.3
|
%
|
|
|
|
|
|
|
|
|
HEICO CORP.*
|
|
|
|
|
|
|
1,800
|
|
|
$
|
78,138
|
|
TRIUMPH GROUP, INC.
|
|
|
|
|
|
|
1,200
|
|
|
|
94,200
|
|
|
|
|
|
|
|
|
|
|
|
|
172,338
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AGRICULTURAL - MACHINERY
|
|
|
1.5
|
%
|
|
|
|
|
|
|
|
|
LINDSAY CORP.
|
|
|
|
|
|
|
1,300
|
|
|
|
114,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AUTO PARTS
|
|
|
0.8
|
%
|
|
|
|
|
|
|
|
|
TOWER INTERNATIONAL, INC.*
|
|
|
|
|
|
|
4,200
|
|
|
|
58,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BACK OFFICE SUPPORT
|
|
|
1.7
|
%
|
|
|
|
|
|
|
|
|
EXLSERVICE HLDGS., INC.*
|
|
|
|
|
|
|
3,900
|
|
|
|
128,232
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BANKS - SAVINGS/THRIFTS & MORTGAGE LENDING
|
|
|
4.9
|
%
|
|
|
|
|
|
|
|
|
BOFI HLDG., INC.*
|
|
|
|
|
|
|
7,100
|
|
|
|
254,748
|
|
TERRITORIAL BANCORP, INC.
|
|
|
|
|
|
|
4,800
|
|
|
|
114,144
|
|
|
|
|
|
|
|
|
|
|
|
|
368,892
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL SERVICES
|
|
|
2.5
|
%
|
|
|
|
|
|
|
|
|
NQ MOBILE, INC. ADR*
|
|
|
|
|
|
|
21,400
|
|
|
|
192,814
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMUNICATIONS
|
|
|
1.3
|
%
|
|
|
|
|
|
|
|
|
DIGITALGLOBE, INC.*
|
|
|
|
|
|
|
3,400
|
|
|
|
98,294
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPUTER SERVICES SOFTWARE & SYSTEMS
|
|
|
12.6
|
%
|
|
|
|
|
|
|
|
|
AVG TECHNOLOGIES N.V.*
|
|
|
|
|
|
|
5,900
|
|
|
|
82,128
|
|
DATAWATCH CORP.*
|
|
|
|
|
|
|
11,900
|
|
|
|
178,500
|
|
ELLIE MAE, INC.*
|
|
|
|
|
|
|
6,400
|
|
|
|
153,920
|
|
FORTINET, INC.*
|
|
|
|
|
|
|
4,600
|
|
|
|
108,928
|
|
INFORMATICA CORP.*
|
|
|
|
|
|
|
2,700
|
|
|
|
93,069
|
|
SS&C TECHNOLOGIES HLDGS., INC.*
|
|
|
|
|
|
|
3,400
|
|
|
|
101,932
|
|
SYNCHRONOSS TECHNOLOGIES, INC.*
|
|
|
|
|
|
|
3,100
|
|
|
|
96,193
|
|
WEB.COM GROUP, INC.*
|
|
|
|
|
|
|
8,200
|
|
|
|
140,056
|
|
|
|
|
|
|
|
|
|
|
|
|
954,726
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPUTER TECHNOLOGY
|
|
|
1.3
|
%
|
|
|
|
|
|
|
|
|
21VIANET GROUP, INC. ADR*
|
|
|
|
|
|
|
10,300
|
|
|
|
96,820
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER LENDING
|
|
|
3.5
|
%
|
|
|
|
|
|
|
|
|
ENCORE CAPITAL GROUP, INC.*
|
|
|
|
|
|
|
3,200
|
|
|
|
96,320
|
|
FIRST CASH FINANCIAL SERVICES, INC.*
|
|
|
|
|
|
|
2,900
|
|
|
|
169,186
|
|
|
|
|
|
|
|
|
|
|
|
|
265,506
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER SERVICES - MISC.
|
|
|
1.4
|
%
|
|
|
|
|
|
|
|
|
STAMPS.COM, INC.*
|
|
|
|
|
|
|
4,100
|
|
|
|
102,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTAINERS & PACKAGING
|
|
|
1.6
|
%
|
|
|
|
|
|
|
|
|
CROWN HLDGS., INC.*
|
|
|
|
|
|
|
3,000
|
|
|
|
124,830
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIVERSIFIED CHEMICALS
|
|
|
2.2
|
%
|
|
|
|
|
|
|
|
|
CYTEC INDUSTRIES, INC.
|
|
|
|
|
|
|
700
|
|
|
|
51,856
|
|
OM GROUP, INC.*
|
|
|
|
|
|
|
4,800
|
|
|
|
112,704
|
|
|
|
|
|
|
|
|
|
|
|
|
164,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIVERSIFIED MANUFACTURING
|
|
|
1.7
|
%
|
|
|
|
|
|
|
|
|
RAVEN INDUSTRIES, INC.*
|
|
|
|
|
|
|
3,800
|
|
|
|
127,718
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DRUG & GROCERY STORE CHAINS
|
|
|
1.3
|
%
|
|
|
|
|
|
|
|
|
THE FRESH MARKET, INC.*
|
|
|
|
|
|
|
2,400
|
|
|
|
102,648
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EDUCATION SERVICES
|
|
|
1.0
|
%
|
|
|
|
|
|
|
|
|
DEVRY, INC.*
|
|
|
|
|
|
|
2,500
|
|
|
|
79,375
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELECTRICAL SCIENTIFIC INSTRUMENTS
|
|
|
1.0
|
%
|
|
|
|
|
|
|
|
|
AZZ, INC.*
|
|
|
|
|
|
|
1,500
|
|
|
|
72,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELECTRONICS
|
|
|
2.6
|
%
|
|
|
|
|
|
|
|
|
IPG PHOTONICS CORP.*
|
|
|
|
|
|
|
3,000
|
|
|
|
199,230
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELECTRONICS COMPONENTS
|
|
|
7.1
|
%
|
|
|
|
|
|
|
|
|
ACACIA RESEARCH CORP.*
|
|
|
|
|
|
|
12,950
|
|
|
|
390,702
|
|
METHODE ELECTRONICS, INC.*
|
|
|
|
|
|
|
11,700
|
|
|
|
150,696
|
|
|
|
|
|
|
|
|
|
|
|
|
541,398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENGINEERING & CONTRACTING SERVICES
|
|
|
1.0
|
%
|
|
|
|
|
|
|
|
|
FURMANITE CORP.*
|
|
|
|
|
|
|
11,800
|
|
|
|
78,942
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENVIRONMENTAL MAINTENANCE & SECURITY SERVICES
|
|
|
2.1
|
%
|
|
|
|
|
|
|
|
|
G&K SERVICES, INC.
|
|
|
|
|
|
|
2,000
|
|
|
|
91,020
|
|
UNIFIRST CORP.*
|
|
|
|
|
|
|
800
|
|
|
|
72,400
|
|
|
|
|
|
|
|
|
|
|
|
|
163,420
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL DATA & SYSTEMS
|
|
|
1.4
|
%
|
|
|
|
|
|
|
|
|
CARDTRONICS, INC.*
|
|
|
|
|
|
|
1,900
|
|
|
|
52,174
|
|
FAIR ISAAC CORP.
|
|
|
|
|
|
|
1,200
|
|
|
|
54,828
|
|
|
|
|
|
|
|
|
|
|
|
|
107,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOODS
|
|
|
2.9
|
%
|
|
|
|
|
|
|
|
|
ANNIE'S, INC.*
|
|
|
|
|
|
|
1,800
|
|
|
|
68,868
|
|
B&G FOODS, INC.
|
|
|
|
|
|
|
1,800
|
|
|
|
54,882
|
|
THE HAIN CELESTIAL GROUP, INC.*
|
|
|
|
|
|
|
1,600
|
|
|
|
97,728
|
|
|
|
|
|
|
|
|
|
|
|
|
221,478
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAUGES & METERS
|
|
|
1.0
|
%
|
|
|
|
|
|
|
|
|
FARO TECHNOLOGIES, INC.*
|
|
|
|
|
|
|
1,800
|
|
|
|
78,102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEALTHCARE FACILITIES
|
|
|
3.3
|
%
|
|
|
|
|
|
|
|
|
AMSURG CORP.*
|
|
|
|
|
|
|
3,100
|
|
|
|
104,284
|
|
UNIVERSAL HEALTH SERVICES, INC.
|
|
|
|
|
|
|
2,300
|
|
|
|
146,901
|
|
|
|
|
|
|
|
|
|
|
|
|
251,185
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEALTHCARE SERVICES
|
|
|
9.5
|
%
|
|
|
|
|
|
|
|
|
CATAMARAN CORP.*
|
|
|
|
|
|
|
2,374
|
|
|
|
125,893
|
|
HMS HLDGS. CORP.*
|
|
|
|
|
|
|
6,900
|
|
|
|
187,335
|
|
MEDIDATA SOLUTIONS, INC.*
|
|
|
|
|
|
|
4,910
|
|
|
|
284,682
|
|
OMNICELL, INC.*
|
|
|
|
|
|
|
6,500
|
|
|
|
122,720
|
|
|
|
|
|
|
|
|
|
|
|
|
720,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LEISURE TIME
|
|
|
1.8
|
%
|
|
|
|
|
|
|
|
|
HOMEAWAY, INC.*
|
|
|
|
|
|
|
4,200
|
|
|
|
136,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDICAL & DENTAL INSTRUMENTS & SUPPLIES
|
|
|
1.7
|
%
|
|
|
|
|
|
|
|
|
CANTEL MEDICAL CORP.*
|
|
|
|
|
|
|
2,600
|
|
|
|
78,156
|
|
THE COOPER COS., INC.
|
|
|
|
|
|
|
500
|
|
|
|
53,940
|
|
|
|
|
|
|
|
|
|
|
|
|
132,096
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OIL CRUDE PRODUCER
|
|
|
0.8
|
%
|
|
|
|
|
|
|
|
|
SANCHEZ ENERGY CORP.*
|
|
|
|
|
|
|
2,900
|
|
|
|
57,768
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OIL WELL EQUIPMENT & SERVICES
|
|
|
1.1
|
%
|
|
|
|
|
|
|
|
|
HORNBECK OFFSHORE SERVICES, INC.*
|
|
|
|
|
|
|
1,800
|
|
|
|
83,628
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PHOTOGRAPHY
|
|
|
1.5
|
%
|
|
|
|
|
|
|
|
|
IMAX CORP.*
|
|
|
|
|
|
|
4,300
|
|
|
|
114,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRODUCTION TECHNOLOGY EQUIPMENT
|
|
|
1.5
|
%
|
|
|
|
|
|
|
|
|
GSI GROUP, INC.*
|
|
|
|
|
|
|
13,100
|
|
|
|
111,743
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RAILROAD EQUIPMENT
|
|
|
3.0
|
%
|
|
|
|
|
|
|
|
|
TRINITY INDUSTRIES, INC.
|
|
|
|
|
|
|
2,600
|
|
|
|
117,858
|
|
WABTEC CORP.
|
|
|
|
|
|
|
1,100
|
|
|
|
112,321
|
|
|
|
|
|
|
|
|
|
|
|
|
230,179
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RAILROADS
|
|
|
1.7
|
%
|
|
|
|
|
|
|
|
|
GENESEE & WYOMING, INC.*
|
|
|
|
|
|
|
1,400
|
|
|
|
130,354
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RENTAL & LEASING
|
|
|
1.9
|
%
|
|
|
|
|
|
|
|
|
CAI INTERNATIONAL, INC.*
|
|
|
|
|
|
|
5,000
|
|
|
|
144,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESTAURANTS
|
|
|
0.9
|
%
|
|
|
|
|
|
|
|
|
DUNKIN' BRANDS GROUP, INC.
|
|
|
|
|
|
|
1,900
|
|
|
|
70,070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPECIALTY RETAIL
|
|
|
4.3
|
%
|
|
|
|
|
|
|
|
|
BIG 5 SPORTING GOODS CORP.
|
|
|
|
|
|
|
6,300
|
|
|
|
98,343
|
|
FRANCESCA'S HLDGS. CORP.*
|
|
|
|
|
|
|
5,600
|
|
|
|
160,832
|
|
VITAMIN SHOPPE, INC.*
|
|
|
|
|
|
|
1,400
|
|
|
|
68,390
|
|
|
|
|
|
|
|
|
|
|
|
|
327,565
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEXTILES - APPAREL & SHOES
|
|
|
3.3
|
%
|
|
|
|
|
|
|
|
|
COLUMBIA SPORTSWEAR CO.
|
|
|
|
|
|
|
1,300
|
|
|
|
75,244
|
|
STEVE MADDEN LTD.*
|
|
|
|
|
|
|
4,075
|
|
|
|
176,154
|
|
|
|
|
|
|
|
|
|
|
|
|
251,398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TRUCKERS
|
|
|
1.0
|
%
|
|
|
|
|
|
|
|
|
UNIVERSAL TRUCKLOAD SERVICES, INC.*
|
|
|
|
|
|
|
3,300
|
|
|
|
76,989
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
(COST: $6,168,023)
|
|
|
|
|
|
|
|
|
|
$
|
7,453,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS
|
|
|
98.0
|
%
|
|
|
|
|
|
|
|
|
(COST: $6,168,023)
|
|
|
|
|
|
|
|
|
|
$
|
7,453,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS LESS LIABILITIES
|
|
|
2.0
|
%
|
|
|
|
|
|
|
154,314
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS - 100% (EQUIVALENT TO $13.09 PER SHARE BASED ON 581,258 SHARES OUTSTANDING)
|
|
|
|
|
|
|
|
|
|
$
|
7,607,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Investments is $6,178,997 for federal income tax purposes and net unrealized appreciation consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
|
|
|
|
|
|
|
|
$
|
1,428,849
|
|
Gross unrealized depreciation
|
|
|
|
|
|
|
|
|
|
|
(154,266
|
)
|
Net unrealized appreciation
|
|
|
|
|
|
|
|
|
|
$
|
1,274,583
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Non-income producing security during the period ended March
31, 2013
ADR - American depositary receipt
OBERWEIS CHINA OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
(a)
MARCH 31, 2013 (UNAUDITED)
|
|
|
|
|
SHARES
|
|
|
VALUE
|
|
EQUITIES
|
|
|
96.2
|
%
|
|
|
|
|
|
|
|
|
AUTO COMPONENTS
|
|
|
1.7
|
%
|
|
|
|
|
|
|
|
|
TIANNENG POWER INTERNATIONAL LTD.*
|
|
|
|
|
|
|
1,800,000
|
|
|
$
|
1,206,686
|
|
XINYI GLASS HLDG. CO. LTD.*
|
|
|
|
|
|
|
1,500,000
|
|
|
|
1,062,924
|
|
|
|
|
|
|
|
|
|
|
|
|
2,269,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AUTOMOBILES
|
|
|
4.9
|
%
|
|
|
|
|
|
|
|
|
BRILLIANCE CHINA AUTOMOTIVE HLDGS. LTD.*
|
|
|
|
|
|
|
400,000
|
|
|
|
472,393
|
|
GEELY AUTOMOBILE HLDGS. LTD.*
|
|
|
|
|
|
|
4,200,000
|
|
|
|
2,048,546
|
|
GREAT WALL MOTOR CO. LTD.*
|
|
|
|
|
|
|
1,200,000
|
|
|
|
4,083,998
|
|
|
|
|
|
|
|
|
|
|
|
|
6,604,937
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPITAL MARKETS
|
|
|
2.0
|
%
|
|
|
|
|
|
|
|
|
HAITONG SECURITIES CO. LTD.*
|
|
|
|
|
|
|
1,200,000
|
|
|
|
1,653,699
|
|
NOAH HLDGS. LTD.
|
|
|
|
|
|
|
137,400
|
|
|
|
998,898
|
|
|
|
|
|
|
|
|
|
|
|
|
2,652,597
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHEMICALS
|
|
|
2.7
|
%
|
|
|
|
|
|
|
|
|
CHINA SANJIANG FINE CHEMICALS CO. LTD.*
|
|
|
|
|
|
|
7,200,000
|
|
|
|
3,627,176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL SERVICE & SUPPLY
|
|
|
3.1
|
%
|
|
|
|
|
|
|
|
|
CHINA EVERBRIGHT INTERNATIONAL LTD.*
|
|
|
|
|
|
|
5,700,000
|
|
|
|
4,106,003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMUNICATIONS EQUIPMENT
|
|
|
2.6
|
%
|
|
|
|
|
|
|
|
|
AAC ACOUSTIC TECHNOLOGIES HLDGS., INC.*
|
|
|
|
|
|
|
350,000
|
|
|
|
1,687,526
|
|
CHINA WIRELESS TECHNOLOGIES, INC.*
|
|
|
|
|
|
|
5,500,000
|
|
|
|
1,814,250
|
|
|
|
|
|
|
|
|
|
|
|
|
3,501,776
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSTRUCTION & ENGINEERING
|
|
|
4.8
|
%
|
|
|
|
|
|
|
|
|
CHINA MACHINERY ENGINEERING CORP.*
|
|
|
|
|
|
|
2,400,000
|
|
|
|
1,791,791
|
|
CHINA SINGYES SOLAR TECHNOLOGIES HLDGS. LTD.*
|
|
|
|
|
|
|
900,000
|
|
|
|
749,996
|
|
CHINA STATE CONSTRUCTION INTERNATIONAL HLDGS. LTD.*
|
|
|
|
|
|
|
2,800,000
|
|
|
|
3,842,651
|
|
|
|
|
|
|
|
|
|
|
|
|
6,384,438
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONTAINERS & PACKAGING
|
|
|
1.5
|
%
|
|
|
|
|
|
|
|
|
CPMC HLDGS. LTD.*
|
|
|
|
|
|
|
2,500,000
|
|
|
|
1,995,787
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIVERSIFIED TELECOMMUNICATION SERVICES
|
|
|
1.9
|
%
|
|
|
|
|
|
|
|
|
CHINA COMMUNICATIONS SERVICES CORP. LTD.*
|
|
|
|
|
|
|
1,200,000
|
|
|
|
776,925
|
|
CITIC TELECOM INTERNATIONAL HLDGS. LTD.*
|
|
|
|
|
|
|
4,500,000
|
|
|
|
1,678,993
|
|
|
|
|
|
|
|
|
|
|
|
|
2,455,918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELECTRICAL EQUIPMENT
|
|
|
0.7
|
%
|
|
|
|
|
|
|
|
|
BOER POWER HLDGS. LTD.*
|
|
|
|
|
|
|
1,000,000
|
|
|
|
581,880
|
|
WASION GROUP HLDGS. LTD.*
|
|
|
|
|
|
|
500,000
|
|
|
|
287,159
|
|
|
|
|
|
|
|
|
|
|
|
|
869,039
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ELECTRONIC EQUIPMENT & INSTRUMENTS
|
|
|
7.3
|
%
|
|
|
|
|
|
|
|
|
FUJIKON INDUSTRIAL HLDGS. LTD.*
|
|
|
|
|
|
|
2,000,000
|
|
|
|
936,001
|
|
JU TENG INTERNATIONAL HLDGS. LTD.*
|
|
|
|
|
|
|
1,500,000
|
|
|
|
946,365
|
|
SUNNY OPTICAL TECHNOLOGY GROUP CO. LTD.*
|
|
|
|
|
|
|
5,200,000
|
|
|
|
6,014,171
|
|
TRULY INTERNATIONAL HLDGS. LTD.*
|
|
|
|
|
|
|
3,650,000
|
|
|
|
1,890,217
|
|
|
|
|
|
|
|
|
|
|
|
|
9,786,754
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ENERGY EQUIPMENT & SERVICES
|
|
|
9.3
|
%
|
|
|
|
|
|
|
|
|
ANTON OILFIELD SERVICES GROUP*
|
|
|
|
|
|
|
6,500,000
|
|
|
|
4,531,059
|
|
CHU KONG PETROLEUM & NATURAL GAS STEEL PIPE HLDGS. LTD.*
|
|
|
|
|
|
|
6,000,000
|
|
|
|
2,948,600
|
|
HONGHUA GROUP LTD.*
|
|
|
|
|
|
|
6,600,000
|
|
|
|
3,084,382
|
|
JUTAL OFFSHORE OIL SERVICES LTD.*
|
|
|
|
|
|
|
5,000,000
|
|
|
|
1,208,036
|
|
SPT ENERGY GROUP, INC.*
|
|
|
|
|
|
|
1,500,000
|
|
|
|
705,015
|
|
|
|
|
|
|
|
|
|
|
|
|
12,477,092
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOOD PRODUCTS
|
|
|
5.9
|
%
|
|
|
|
|
|
|
|
|
BIOSTIME INTERNATIONAL HLDGS. LTD.*
|
|
|
|
|
|
|
500,000
|
|
|
|
2,611,425
|
|
CHINA MINZHONG FOOD CORP. LTD.*
|
|
|
|
|
|
|
2,000,000
|
|
|
|
1,948,565
|
|
CHINA MODERN DAIRY HLDGS. LTD.*
|
|
|
|
|
|
|
4,000,000
|
|
|
|
1,337,954
|
|
YASHILI INTERNATIONAL HLDGS. LTD.*
|
|
|
|
|
|
|
6,000,000
|
|
|
|
2,037,925
|
|
|
|
|
|
|
|
|
|
|
|
|
7,935,869
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOOD & STAPLES RETAILING
|
|
|
0.0
|
%
|
|
|
|
|
|
|
|
|
FU JI FOOD & CATERING SERVICES HLDGS. LTD.*
|
|
|
|
|
|
|
1,325,000
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAS UTILITIES
|
|
|
0.9
|
%
|
|
|
|
|
|
|
|
|
CHINA GAS HLDGS. LTD.
|
|
|
|
|
|
|
1,200,000
|
|
|
|
1,198,516
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HEALTHCARE EQUIPMENT & SUPPLIES
|
|
|
0.6
|
%
|
|
|
|
|
|
|
|
|
CHINA MEDICAL SYSTEM HLDGS. LTD.*
|
|
|
|
|
|
|
800,000
|
|
|
|
812,058
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOTELS RESTAURANTS & LEISURE
|
|
|
4.5
|
%
|
|
|
|
|
|
|
|
|
CHINA LODGING GROUP, LTD.*
|
|
|
|
|
|
|
130,000
|
|
|
|
2,139,800
|
|
GALAXY ENTERTAINMENT GROUP LTD.*
|
|
|
|
|
|
|
860,000
|
|
|
|
3,606,292
|
|
LOUIS XIII HLDGS. LTD.*
|
|
|
|
|
|
|
3,000,000
|
|
|
|
290,895
|
|
|
|
|
|
|
|
|
|
|
|
|
6,036,987
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOUSEHOLD DURABLES
|
|
|
4.9
|
%
|
|
|
|
|
|
|
|
|
GOODBABY INTERNATIONAL HLDGS. LTD.*
|
|
|
|
|
|
|
2,700,000
|
|
|
|
1,589,927
|
|
MAN WAH HLDGS. LTD.*
|
|
|
|
|
|
|
1,200,000
|
|
|
|
1,149,203
|
|
TCL MULTIMEDIA TECHNOLOGY HLDGS. LTD.*
|
|
|
|
|
|
|
1,800,000
|
|
|
|
1,399,310
|
|
TECHTRONIC INDUSTRIES CO. LTD.*
|
|
|
|
|
|
|
1,000,000
|
|
|
|
2,447,144
|
|
|
|
|
|
|
|
|
|
|
|
|
6,585,584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDEPENDENT POWER PRODUCERS & ENERGY TRADERS
|
|
|
1.0
|
%
|
|
|
|
|
|
|
|
|
HUANENG RENEWABLES CORP. LTD.*
|
|
|
|
|
|
|
5,000,000
|
|
|
|
1,331,706
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY SERVICES
|
|
|
1.1
|
%
|
|
|
|
|
|
|
|
|
51JOB, INC. ADR*
|
|
|
|
|
|
|
25,000
|
|
|
|
1,485,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INSURANCE
|
|
|
1.3
|
%
|
|
|
|
|
|
|
|
|
CHINA TAIPING INSURANCE HLDGS. CO. LTD.*
|
|
|
|
|
|
|
1,000,000
|
|
|
|
1,709,105
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERNET & CATOLOG RETAIL
|
|
|
1.7
|
%
|
|
|
|
|
|
|
|
|
VIPSHOP HLDGS. LTD.*
|
|
|
|
|
|
|
74,963
|
|
|
|
2,276,626
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERNET SOFTWARE & SERVICES
|
|
|
8.5
|
%
|
|
|
|
|
|
|
|
|
21VIANET GROUP, INC. ADR*
|
|
|
|
|
|
|
250,000
|
|
|
|
2,350,000
|
|
BITAUTO HLDGS. LTD.*
|
|
|
|
|
|
|
21,310
|
|
|
|
212,034
|
|
CHANGYOU.COM LTD. ADR*
|
|
|
|
|
|
|
55,000
|
|
|
|
1,588,950
|
|
NETEASE.COM, INC. ADR
|
|
|
|
|
|
|
50,000
|
|
|
|
2,738,500
|
|
QIHOO 360 TECHNOLOGY CO. LTD.*
|
|
|
|
|
|
|
80,000
|
|
|
|
2,370,400
|
|
YY, INC.*
|
|
|
|
|
|
|
120,000
|
|
|
|
2,028,000
|
|
|
|
|
|
|
|
|
|
|
|
|
11,287,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MACHINERY
|
|
|
3.4
|
%
|
|
|
|
|
|
|
|
|
CIMC ENRIC HLDGS. LTD.*
|
|
|
|
|
|
|
3,000,000
|
|
|
|
3,241,040
|
|
SINGAMAS CONTAINER HLDGS. LTD.*
|
|
|
|
|
|
|
1,000,000
|
|
|
|
261,485
|
|
ZHENGZHOU COAL MINING MACHINERY GROUP CO. LTD.*
|
|
|
|
|
|
|
1,000,000
|
|
|
|
1,053,771
|
|
|
|
|
|
|
|
|
|
|
|
|
4,556,296
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OIL, GAS, & CONSUMABLE FUELS
|
|
|
1.0
|
%
|
|
|
|
|
|
|
|
|
KUNLUN ENERGY CO. LTD.*
|
|
|
|
|
|
|
650,000
|
|
|
|
1,384,823
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PAPER & FOREST PRODUCTS
|
|
|
1.8
|
%
|
|
|
|
|
|
|
|
|
CHINA FORESTRY HLDGS. LTD.*
|
|
|
|
|
|
|
5,760,000
|
|
|
|
-
|
|
NINE DRAGONS PAPER HLDGS. LTD.
|
|
|
|
|
|
|
2,500,000
|
|
|
|
2,360,904
|
|
|
|
|
|
|
|
|
|
|
|
|
2,360,904
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PHARMACEUTICALS
|
|
|
4.4
|
%
|
|
|
|
|
|
|
|
|
SHANDONG LUOXIN PHARMACY STOCK CO. LTD.*
|
|
|
|
|
|
|
1,400,000
|
|
|
|
1,859,032
|
|
SHANGHAI FOSUN PHARMACEUTICAL (GROUP) CO. LTD.*
|
|
|
|
|
|
|
50,000
|
|
|
|
90,176
|
|
SINO BIOPHARMACEUTICAL LTD.*
|
|
|
|
|
|
|
2,800,000
|
|
|
|
1,958,694
|
|
TIANJIN ZHONGXIN PHARMACEUTICAL GROUP CORP. LTD.*
|
|
|
|
|
|
|
1,500,000
|
|
|
|
1,612,500
|
|
WINTEAM PHARMACEUTICAL GROUP LTD.*
|
|
|
|
|
|
|
800,000
|
|
|
|
365,609
|
|
|
|
|
|
|
|
|
|
|
|
|
5,886,011
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REAL ESTATE MANAGEMENT & DEVELOPMENT
|
|
|
1.5
|
%
|
|
|
|
|
|
|
|
|
CENTRAL CHINA REAL ESTATE LTD.*
|
|
|
|
|
|
|
3,000,000
|
|
|
|
963,968
|
|
CHINA OVERSEAS GRAND OCEAN GROUP LTD.*
|
|
|
|
|
|
|
800,000
|
|
|
|
1,059,047
|
|
|
|
|
|
|
|
|
|
|
|
|
2,023,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEMICONDUCTOR & SEMICONDUCTOR EQUIPMENT
|
|
|
2.4
|
%
|
|
|
|
|
|
|
|
|
COMTEC SOLAR SYSTEMS GROUP LTD.*
|
|
|
|
|
|
|
4,500,000
|
|
|
|
746,135
|
|
SPREADTRUM COMMUNICATIONS, INC. ADR*
|
|
|
|
|
|
|
117,500
|
|
|
|
2,409,925
|
|
|
|
|
|
|
|
|
|
|
|
|
3,156,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOFTWARE
|
|
|
6.2
|
%
|
|
|
|
|
|
|
|
|
GIANT INTERACTIVE GROUP, INC. ADR*
|
|
|
|
|
|
|
200,000
|
|
|
|
1,300,000
|
|
KINGSOFT CORP. LTD.*
|
|
|
|
|
|
|
2,500,000
|
|
|
|
2,305,928
|
|
NETDRAGON WEBSOFT, INC.*
|
|
|
|
|
|
|
1,200,000
|
|
|
|
1,374,993
|
|
NQ MOBILE, INC. ADR*
|
|
|
|
|
|
|
335,000
|
|
|
|
3,018,350
|
|
SHANDA GAMES LTD.*
|
|
|
|
|
|
|
83,000
|
|
|
|
247,340
|
|
|
|
|
|
|
|
|
|
|
|
|
8,246,611
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SPECIALTY RETAIL
|
|
|
1.9
|
%
|
|
|
|
|
|
|
|
|
LUK FOOK HLDGS. (INTERNATIONAL) LTD.*
|
|
|
|
|
|
|
800,000
|
|
|
|
2,575,879
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEXTILE APPAREL & LUXURY GOODS
|
|
|
0.7
|
%
|
|
|
|
|
|
|
|
|
TEXHONG TEXTILE GROUP LTD.*
|
|
|
|
|
|
|
1,000,000
|
|
|
|
954,732
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
(COST: $101,756,270)
|
|
|
|
|
|
|
|
|
|
$
|
128,535,043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL PAPER
|
|
|
3.9
|
%
|
|
FACE
AMOUNT
|
|
|
VALUE
|
|
PRUDENTIAL FINANCIAL
|
|
|
|
|
|
|
|
|
|
|
|
|
.35% DUE 4/2/13
|
|
|
|
|
|
|
5,200,000
|
|
|
$
|
5,200,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMERCIAL PAPER
|
|
|
|
|
|
|
|
|
|
|
|
|
(COST: $5,200,000)
|
|
|
|
|
|
|
|
|
|
$
|
5,200,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS
|
|
|
100.1
|
%
|
|
|
|
|
|
|
|
|
(COST: $106,956,270)
|
|
|
|
|
|
|
|
|
|
$
|
133,735,043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER LIABILITIES LESS ASSETS
|
|
|
(0.1
|
)%
|
|
|
|
|
|
|
(123,664
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS - 100% (EQUIVALENT TO $12.35 PER SHARE BASED ON 10,815,581 SHARES OUTSTANDING)
|
|
|
|
|
|
|
|
|
|
$
|
133,611,379
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Investments is $107,448,680 for federal income tax purposes and net unrealized appreciation consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
|
|
|
|
|
|
|
|
$
|
32,765,287
|
|
Gross unrealized depreciation
|
|
|
|
|
|
|
|
|
|
|
(6,478,924
|
)
|
Net unrealized appreciation
|
|
|
|
|
|
|
|
|
|
$
|
26,286,363
|
|
(a)
Certain securities were fair valued under the
discretion of the Board of Trustees
* Non-income producing security during the period ended March
31, 2013
ADR - American depositary receipt
COUNTRY ALLOCATION (AS A PERCENTAGE OF NET ASSETS)
|
|
|
|
CHINA ( INCLUDES THE PEOPLE'S REPUBLIC OF CHINA AND HONG KONG)
|
|
|
94.7
|
%
|
SINGAPORE
|
|
|
1.5
|
%
|
OBERWEIS INTERNATIONAL OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
MARCH 31, 2013 (UNAUDITED)
|
|
|
|
|
SHARES
|
|
|
VALUE
|
|
EQUITIES
|
|
|
97.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AUSTRALIA
|
|
|
0.7
|
%
|
|
|
|
|
|
|
|
|
AINSWORTH GAME TECHNOLOGY LTD.
|
|
|
|
|
|
|
54,605
|
|
|
$
|
204,094
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CANADA
|
|
|
5.3
|
%
|
|
|
|
|
|
|
|
|
AVIGILON CORP.*
|
|
|
|
|
|
|
13,200
|
|
|
|
149,424
|
|
CONTINENTAL GOLD LTD.*
|
|
|
|
|
|
|
45,500
|
|
|
|
292,017
|
|
DEETHREE EXPLORATION LTD.*
|
|
|
|
|
|
|
60,100
|
|
|
|
389,860
|
|
EPSILON ENERGY LTD.*
|
|
|
|
|
|
|
15,700
|
|
|
|
65,372
|
|
PETROAMERICA OIL CORP.*
|
|
|
|
|
|
|
320,400
|
|
|
|
111,962
|
|
STANTEC, INC.
|
|
|
|
|
|
|
11,800
|
|
|
|
520,482
|
|
|
|
|
|
|
|
|
|
|
|
|
1,529,117
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHINA
|
|
|
12.0
|
%
|
|
|
|
|
|
|
|
|
AAC ACOUSTIC TECHNOLOGIES HLDGS., INC.*
|
|
|
|
|
|
|
68,500
|
|
|
|
329,149
|
|
ANTON OILFIELD SERVICES GROUP*
|
|
|
|
|
|
|
202,000
|
|
|
|
140,520
|
|
BIOSTIME INTERNATIONAL HLDGS. LTD.*
|
|
|
|
|
|
|
90,500
|
|
|
|
471,585
|
|
CHINA GAS HLDGS. LTD.
|
|
|
|
|
|
|
298,000
|
|
|
|
297,132
|
|
GEELY AUTOMOBILE HLDGS. LTD.*
|
|
|
|
|
|
|
760,000
|
|
|
|
369,103
|
|
HONGHUA GROUP LTD.*
|
|
|
|
|
|
|
1,278,000
|
|
|
|
594,334
|
|
KINGSOFT CORP. LTD.*
|
|
|
|
|
|
|
267,000
|
|
|
|
245,585
|
|
SINO BIOPHARMACEUTICAL LTD.*
|
|
|
|
|
|
|
584,000
|
|
|
|
407,760
|
|
SUNNY OPTICAL TECHNOLOGY GROUP CO. LTD.*
|
|
|
|
|
|
|
543,000
|
|
|
|
626,759
|
|
|
|
|
|
|
|
|
|
|
|
|
3,481,927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DENMARK
|
|
|
5.0
|
%
|
|
|
|
|
|
|
|
|
GN STORE NORD A/S
|
|
|
|
|
|
|
31,700
|
|
|
|
564,497
|
|
PANDORA A/S
|
|
|
|
|
|
|
19,600
|
|
|
|
541,002
|
|
SIMCORP A/S
|
|
|
|
|
|
|
1,250
|
|
|
|
335,863
|
|
|
|
|
|
|
|
|
|
|
|
|
1,441,362
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINLAND
|
|
|
2.5
|
%
|
|
|
|
|
|
|
|
|
HUHTAMAKI OYJ*
|
|
|
|
|
|
|
19,600
|
|
|
|
385,166
|
|
OUTOTEC OYJ
|
|
|
|
|
|
|
22,800
|
|
|
|
334,065
|
|
|
|
|
|
|
|
|
|
|
|
|
719,231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FRANCE
|
|
|
4.8
|
%
|
|
|
|
|
|
|
|
|
TELEPERFORMANCE*
|
|
|
|
|
|
|
19,000
|
|
|
|
809,710
|
|
THALES SA*
|
|
|
|
|
|
|
14,100
|
|
|
|
596,372
|
|
|
|
|
|
|
|
|
|
|
|
|
1,406,082
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GERMANY
|
|
|
6.6
|
%
|
|
|
|
|
|
|
|
|
AURELIUS AG
|
|
|
|
|
|
|
3,316
|
|
|
|
213,174
|
|
DEUTSCHE WOHNEN AG*
|
|
|
|
|
|
|
19,513
|
|
|
|
354,691
|
|
DUERR AG*
|
|
|
|
|
|
|
4,587
|
|
|
|
499,860
|
|
FREENET AG*
|
|
|
|
|
|
|
24,200
|
|
|
|
588,016
|
|
KUKA AG*
|
|
|
|
|
|
|
6,300
|
|
|
|
274,822
|
|
|
|
|
|
|
|
|
|
|
|
|
1,930,563
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HONG KONG
|
|
|
1.6
|
%
|
|
|
|
|
|
|
|
|
MAN WAH HLDGS. LTD.*
|
|
|
|
|
|
|
393,200
|
|
|
|
375,846
|
|
TRULY INTERNATIONAL HLDGS. LTD.*
|
|
|
|
|
|
|
186,000
|
|
|
|
96,084
|
|
|
|
|
|
|
|
|
|
|
|
|
471,930
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ITALY
|
|
|
3.0
|
%
|
|
|
|
|
|
|
|
|
DE'LONGHI SPA*
|
|
|
|
|
|
|
25,100
|
|
|
|
395,113
|
|
ERG SPA*
|
|
|
|
|
|
|
52,200
|
|
|
|
475,093
|
|
|
|
|
|
|
|
|
|
|
|
|
870,206
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JAPAN
|
|
|
32.6
|
%
|
|
|
|
|
|
|
|
|
CROOZ, INC.
|
|
|
|
|
|
|
188
|
|
|
|
319,341
|
|
DAIKOKU DENKI CO. LTD.
|
|
|
|
|
|
|
13,800
|
|
|
|
374,558
|
|
ENIGMO, INC.*
|
|
|
|
|
|
|
2,900
|
|
|
|
366,601
|
|
ENSHU LTD.
|
|
|
|
|
|
|
101,000
|
|
|
|
204,929
|
|
F@N COMMUNICATIONS, INC.*
|
|
|
|
|
|
|
12,800
|
|
|
|
543,220
|
|
FINANCIAL PRODUCTS GROUP CO. LTD.
|
|
|
|
|
|
|
10,200
|
|
|
|
314,121
|
|
GUNGHO ONLINE ENTERTAINMENT, INC.
|
|
|
|
|
|
|
60
|
|
|
|
256,228
|
|
HAJIME CONSTRUCTION CO. LTD.*
|
|
|
|
|
|
|
8,800
|
|
|
|
512,286
|
|
HITACHI ZOSEN FUKUI CORP.
|
|
|
|
|
|
|
16,600
|
|
|
|
190,097
|
|
KANAMOTO CO. LTD.*
|
|
|
|
|
|
|
26,000
|
|
|
|
562,065
|
|
NEC CORP.
|
|
|
|
|
|
|
99,000
|
|
|
|
262,920
|
|
NEXT CO. LTD.
|
|
|
|
|
|
|
22,600
|
|
|
|
228,797
|
|
ODELIC CO. LTD.
|
|
|
|
|
|
|
3,800
|
|
|
|
138,259
|
|
PIGEON CORP.
|
|
|
|
|
|
|
4,100
|
|
|
|
287,024
|
|
SUMITOMO DENSETSU CO. LTD.
|
|
|
|
|
|
|
21,100
|
|
|
|
288,924
|
|
TADANO LTD.
|
|
|
|
|
|
|
48,000
|
|
|
|
542,540
|
|
TEMP HLDGS. CO. LTD.
|
|
|
|
|
|
|
22,300
|
|
|
|
381,636
|
|
TS TECH CO. LTD.
|
|
|
|
|
|
|
17,600
|
|
|
|
498,450
|
|
TSUMURA & CO.
|
|
|
|
|
|
|
15,400
|
|
|
|
561,948
|
|
TSURUHA HLDGS., INC.
|
|
|
|
|
|
|
3,300
|
|
|
|
321,464
|
|
WACOM CO. LTD.
|
|
|
|
|
|
|
156
|
|
|
|
602,390
|
|
WEST HLDGS. CORP.
|
|
|
|
|
|
|
29,800
|
|
|
|
776,538
|
|
ZENKOKU HOSHO CO. LTD.
|
|
|
|
|
|
|
19,800
|
|
|
|
754,055
|
|
ZUIK0 CORP.
|
|
|
|
|
|
|
2,200
|
|
|
|
155,649
|
|
|
|
|
|
|
|
|
|
|
|
|
9,444,040
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SINGAPORE
|
|
|
2.0
|
%
|
|
|
|
|
|
|
|
|
OSIM INTERNATIONAL LTD.*
|
|
|
|
|
|
|
188,000
|
|
|
|
302,370
|
|
TAT HONG HLDGS. LTD.*
|
|
|
|
|
|
|
223,000
|
|
|
|
274,166
|
|
|
|
|
|
|
|
|
|
|
|
|
576,536
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SWEDEN
|
|
|
0.8
|
%
|
|
|
|
|
|
|
|
|
HEXPOL AB*
|
|
|
|
|
|
|
4,100
|
|
|
|
235,307
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED KINGDOM
|
|
|
20.4
|
%
|
|
|
|
|
|
|
|
|
888 HLDGS. PLC*
|
|
|
|
|
|
|
171,600
|
|
|
|
438,061
|
|
ASHTEAD GROUP PLC
|
|
|
|
|
|
|
96,500
|
|
|
|
860,010
|
|
BABCOCK INTERNATIONAL GROUP PLC
|
|
|
|
|
|
|
25,300
|
|
|
|
418,271
|
|
BARRATT DEVELOPMENTS PLC*
|
|
|
|
|
|
|
176,600
|
|
|
|
735,543
|
|
BELLWAY PLC
|
|
|
|
|
|
|
15,400
|
|
|
|
303,507
|
|
BODYCOTE PLC*
|
|
|
|
|
|
|
39,700
|
|
|
|
323,343
|
|
CSR PLC*
|
|
|
|
|
|
|
51,500
|
|
|
|
377,427
|
|
EASYJET PLC
|
|
|
|
|
|
|
29,200
|
|
|
|
479,198
|
|
GALLIFORD TRY PLC
|
|
|
|
|
|
|
13,800
|
|
|
|
192,500
|
|
INTERNATIONAL PERSONAL FINANCE PLC
|
|
|
|
|
|
|
89,930
|
|
|
|
608,097
|
|
MICRO FOCUS INTERNATIONAL PLC
|
|
|
|
|
|
|
32,318
|
|
|
|
336,636
|
|
THOMAS COOK GROUP PLC*
|
|
|
|
|
|
|
321,600
|
|
|
|
549,276
|
|
WILLIAM HILL PLC
|
|
|
|
|
|
|
50,777
|
|
|
|
285,404
|
|
|
|
|
|
|
|
|
|
|
|
|
5,907,273
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
(COST: $23,562,279)
|
|
|
|
|
|
|
|
|
|
$
|
28,217,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS
|
|
|
97.3
|
%
|
|
|
|
|
|
|
|
|
(COST: $23,562,279)
|
|
|
|
|
|
|
|
|
|
$
|
28,217,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS LESS LIABILITIES
|
|
|
2.7
|
%
|
|
|
|
|
|
|
772,873
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS - 100% (EQUIVALENT TO $14.56 PER SHARE BASED ON 1,991,487 SHARES OUTSTANDING)
|
|
|
|
|
|
|
|
|
|
$
|
28,990,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of investments is $23,627,215 for federal income tax purposes and net unrealized appreciation consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
|
|
|
|
|
|
|
|
$
|
5,034,770
|
|
Gross unrealized depreciation
|
|
|
|
|
|
|
|
|
|
|
(444,317
|
)
|
Net unrealized appreciation
|
|
|
|
|
|
|
|
|
|
$
|
4,590,453
|
|
* Non-income producing security during the period ended March
31, 2013
SECTOR ALLOCATIONS (As a percentage of Net Assets)
|
|
|
|
|
|
|
|
Consumer Discretionary
|
|
|
25.9
|
%
|
Consumer Staples
|
|
|
3.7
|
%
|
Energy
|
|
|
6.1
|
%
|
Financials
|
|
|
7.7
|
%
|
Health Care
|
|
|
5.3
|
%
|
Industrials
|
|
|
27.8
|
%
|
Information Technology
|
|
|
14.6
|
%
|
Materials
|
|
|
3.2
|
%
|
Telecommunications Service
|
|
|
2.0
|
%
|
Utilities
|
|
|
1.0
|
%
|
OBERWEIS ASIA OPPORTUNITIES FUND
SCHEDULE OF INVESTMENTS
(a)
MARCH 31, 2013 (UNAUDITED)
|
|
|
|
|
SHARES
|
|
|
VALUE
|
|
EQUITIES
|
|
|
90.9
|
%
|
|
|
|
|
|
|
|
|
AUSTRALIA
|
|
|
5.1
|
%
|
|
|
|
|
|
|
|
|
ATLAS IRON LTD.*
|
|
|
|
|
|
|
20,000
|
|
|
$
|
23,338
|
|
BURU ENERGY LTD.*
|
|
|
|
|
|
|
13,000
|
|
|
|
33,702
|
|
GRAINCORP. LTD.*
|
|
|
|
|
|
|
8,000
|
|
|
|
97,532
|
|
KAROON GAS AUSTRALIA LTD.*
|
|
|
|
|
|
|
8,000
|
|
|
|
43,219
|
|
LINC ENERGY LTD.*
|
|
|
|
|
|
|
15,000
|
|
|
|
35,452
|
|
MCMILLAN SHAKESPEARE LTD.
|
|
|
|
|
|
|
3,000
|
|
|
|
45,996
|
|
PANAUST LTD.
|
|
|
|
|
|
|
15,000
|
|
|
|
39,034
|
|
|
|
|
|
|
|
|
|
|
|
|
318,273
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHINA
|
|
|
32.8
|
%
|
|
|
|
|
|
|
|
|
AAC ACOUSTIC TECHNOLOGIES HLDGS., INC.*
|
|
|
|
|
|
|
5,000
|
|
|
|
24,107
|
|
ANTON OILFIELD SERVICES GROUP*
|
|
|
|
|
|
|
150,000
|
|
|
|
104,563
|
|
BAIDU.COM, INC. ADR*
|
|
|
|
|
|
|
300
|
|
|
|
26,310
|
|
CHINA COMMUNICATIONS SERVICES CORP. LTD.*
|
|
|
|
|
|
|
80,000
|
|
|
|
51,795
|
|
CHINA MACHINERY ENGINEERING CORP.*
|
|
|
|
|
|
|
100,000
|
|
|
|
74,658
|
|
CHINA MEDICAL SYSTEM HLDGS. LTD.*
|
|
|
|
|
|
|
15,000
|
|
|
|
15,226
|
|
CHINA MINZHONG FOOD CORP. LTD.*
|
|
|
|
|
|
|
80,000
|
|
|
|
77,943
|
|
CHINA OVERSEAS GRAND OCEAN GROUP LTD.*
|
|
|
|
|
|
|
30,000
|
|
|
|
39,714
|
|
CHINA STATE CONSTRUCTION INTERNATIONAL HLDGS. LTD.*
|
|
|
|
|
|
|
70,000
|
|
|
|
96,066
|
|
CHINA TAIPING INSURANCE HLDGS. CO. LTD.*
|
|
|
|
|
|
|
30,000
|
|
|
|
51,273
|
|
CHINA WIRELESS TECHNOLOGIES, INC.*
|
|
|
|
|
|
|
260,000
|
|
|
|
85,764
|
|
CIMC ENRIC HLDGS. LTD.*
|
|
|
|
|
|
|
164,000
|
|
|
|
177,177
|
|
GEELY AUTOMOBILE HLDGS. LTD.*
|
|
|
|
|
|
|
150,000
|
|
|
|
73,162
|
|
GREAT WALL MOTOR CO. LTD.*
|
|
|
|
|
|
|
30,000
|
|
|
|
102,100
|
|
HAITONG SECURITIES CO. LTD.*
|
|
|
|
|
|
|
20,000
|
|
|
|
27,562
|
|
HONGHUA GROUP LTD.*
|
|
|
|
|
|
|
250,000
|
|
|
|
116,833
|
|
KINGSOFT CORP. LTD.*
|
|
|
|
|
|
|
100,000
|
|
|
|
92,237
|
|
KUNLUN ENERGY CO. LTD.*
|
|
|
|
|
|
|
14,000
|
|
|
|
29,827
|
|
NINE DRAGONS PAPER HLDGS. LTD.
|
|
|
|
|
|
|
160,000
|
|
|
|
151,098
|
|
NQ MOBILE, INC. ADR*
|
|
|
|
|
|
|
3,000
|
|
|
|
27,030
|
|
SHANGHAI FOSUN PHARMACEUTICAL (GROUP) CO. LTD.*
|
|
|
|
|
|
|
10,000
|
|
|
|
18,048
|
|
SINO BIOPHARMACEUTICAL LTD.*
|
|
|
|
|
|
|
150,000
|
|
|
|
104,930
|
|
SUNNY OPTICAL TECHNOLOGY GROUP CO. LTD.*
|
|
|
|
|
|
|
200,000
|
|
|
|
231,314
|
|
TCL MULTIMEDIA TECHNOLOGY HLDGS. LTD.*
|
|
|
|
|
|
|
80,000
|
|
|
|
62,192
|
|
TIANJIN ZHONGXIN PHARMACEUTICAL GROUP CORP. LTD.*
|
|
|
|
|
|
|
100,000
|
|
|
|
107,500
|
|
WINTEAM PHARMACEUTICAL GROUP LTD.*
|
|
|
|
|
|
|
66,000
|
|
|
|
30,163
|
|
YASHILI INTERNATIONAL HLDGS. LTD.*
|
|
|
|
|
|
|
150,000
|
|
|
|
50,948
|
|
|
|
|
|
|
|
|
|
|
|
|
2,049,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HONG KONG
|
|
|
5.7
|
%
|
|
|
|
|
|
|
|
|
CITIC TELECOM INTERNATIONAL HLDGS. LTD.*
|
|
|
|
|
|
|
300,000
|
|
|
|
111,933
|
|
GALAXY ENTERTAINMENT GROUP LTD.*
|
|
|
|
|
|
|
25,000
|
|
|
|
104,834
|
|
LUK FOOK HLDGS. (INTERNATIONAL) LTD.*
|
|
|
|
|
|
|
35,000
|
|
|
|
112,695
|
|
TECHTRONIC INDUSTRIES CO. LTD.*
|
|
|
|
|
|
|
10,000
|
|
|
|
24,471
|
|
|
|
|
|
|
|
|
|
|
|
|
353,933
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDIA
|
|
|
7.8
|
%
|
|
|
|
|
|
|
|
|
APOLLO HOSPITALS ENTERPRISE LTD.*
|
|
|
|
|
|
|
3,000
|
|
|
|
46,305
|
|
BERGER PAINTS INDIA LTD.*
|
|
|
|
|
|
|
10,000
|
|
|
|
35,959
|
|
HAVELLS INDIA LTD.*
|
|
|
|
|
|
|
5,000
|
|
|
|
59,340
|
|
IPCA LABORATORIES LTD.*
|
|
|
|
|
|
|
10,000
|
|
|
|
97,406
|
|
MCLEOD RUSSEL (INDIA) LTD.*
|
|
|
|
|
|
|
10,000
|
|
|
|
64,583
|
|
YES BANK LTD.*
|
|
|
|
|
|
|
18,000
|
|
|
|
142,375
|
|
ZEE ENTERTAINMENT ENTERPRISES LTD.*
|
|
|
|
|
|
|
10,000
|
|
|
|
38,804
|
|
|
|
|
|
|
|
|
|
|
|
|
484,772
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDONESIA
|
|
|
3.2
|
%
|
|
|
|
|
|
|
|
|
PT BUMI SERPONG DAMAI*
|
|
|
|
|
|
|
250,000
|
|
|
|
45,163
|
|
PT CIPUTRA PROPERTY TBK*
|
|
|
|
|
|
|
600,000
|
|
|
|
59,441
|
|
PT GLOBAL MEDIACOM TBK*
|
|
|
|
|
|
|
300,000
|
|
|
|
71,973
|
|
PT KAWASAN INDUSTRI JABABEKA TBK*
|
|
|
|
|
|
|
800,000
|
|
|
|
24,800
|
|
|
|
|
|
|
|
|
|
|
|
|
201,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
JAPAN
|
|
|
8.7
|
%
|
|
|
|
|
|
|
|
|
ANRITSU CORP.
|
|
|
|
|
|
|
4,000
|
|
|
|
62,712
|
|
COOKPAD, INC.*
|
|
|
|
|
|
|
1,000
|
|
|
|
50,227
|
|
FUJI HEAVY INDUSTRIES LTD.
|
|
|
|
|
|
|
3,000
|
|
|
|
47,586
|
|
HAJIME CONSTRUCTION CO. LTD.*
|
|
|
|
|
|
|
1,000
|
|
|
|
58,447
|
|
MONEX GROUP, INC.
|
|
|
|
|
|
|
100
|
|
|
|
40,536
|
|
PARAMOUNT BED HLDGS. CO. LTD.
|
|
|
|
|
|
|
1,000
|
|
|
|
37,362
|
|
TADANO LTD.
|
|
|
|
|
|
|
4,000
|
|
|
|
45,421
|
|
TEMP HLDGS. CO. LTD.
|
|
|
|
|
|
|
5,000
|
|
|
|
85,852
|
|
WACOM CO. LTD.
|
|
|
|
|
|
|
30
|
|
|
|
116,319
|
|
|
|
|
|
|
|
|
|
|
|
|
544,462
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PHILIPPINES
|
|
|
2.6
|
%
|
|
|
|
|
|
|
|
|
AYALA CORP.*
|
|
|
|
|
|
|
5,000
|
|
|
|
69,328
|
|
METROPOLITAN BANK & TRUST CO.
|
|
|
|
|
|
|
15,000
|
|
|
|
43,005
|
|
PUREGOLD PRICE CLUB, INC.*
|
|
|
|
|
|
|
50,000
|
|
|
|
49,102
|
|
|
|
|
|
|
|
|
|
|
|
|
161,435
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SINGAPORE
|
|
|
5.2
|
%
|
|
|
|
|
|
|
|
|
EZION HLDGS. LTD.*
|
|
|
|
|
|
|
160,000
|
|
|
|
281,393
|
|
SUPER GROUP LTD.*
|
|
|
|
|
|
|
15,000
|
|
|
|
47,162
|
|
|
|
|
|
|
|
|
|
|
|
|
328,555
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SOUTH KOREA
|
|
|
4.8
|
%
|
|
|
|
|
|
|
|
|
BINGGRAE CO. LTD.
|
|
|
|
|
|
|
400
|
|
|
|
47,346
|
|
CLOVER HITECH CO. LTD.*
|
|
|
|
|
|
|
5,000
|
|
|
|
33,792
|
|
COM2US CORP.*
|
|
|
|
|
|
|
600
|
|
|
|
27,701
|
|
MEDY-TOX, INC.
|
|
|
|
|
|
|
500
|
|
|
|
51,426
|
|
ORION CORP.
|
|
|
|
|
|
|
50
|
|
|
|
48,940
|
|
PARADISE CO. LTD.*
|
|
|
|
|
|
|
2,500
|
|
|
|
47,753
|
|
PARTRON CO. LTD.*
|
|
|
|
|
|
|
2,000
|
|
|
|
46,245
|
|
|
|
|
|
|
|
|
|
|
|
|
303,203
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THAILAND
|
|
|
15.0
|
%
|
|
|
|
|
|
|
|
|
AIRPORTS OF THAILAND PCL*
|
|
|
|
|
|
|
15,000
|
|
|
|
62,882
|
|
ASIAN PROPERTY DEVELOPMENT PCL*
|
|
|
|
|
|
|
600,000
|
|
|
|
193,342
|
|
CENTRAL PLAZA HOTEL PCL*
|
|
|
|
|
|
|
80,000
|
|
|
|
104,098
|
|
HEMARAJ LAND & DEVELOPMENT PCL
|
|
|
|
|
|
|
500,000
|
|
|
|
72,286
|
|
HOME PRODUCT CENTER PCL*
|
|
|
|
|
|
|
250,000
|
|
|
|
143,952
|
|
PRUKSA REAL ESTATE PCL
|
|
|
|
|
|
|
40,000
|
|
|
|
41,171
|
|
QUALITY HOUSES PCL*
|
|
|
|
|
|
|
500,000
|
|
|
|
74,303
|
|
SINO THAI ENGINEERING & CONSTRUCTION PCL
|
|
|
|
|
|
|
180,000
|
|
|
|
170,565
|
|
TICON INDUSTRIAL CONNECTION PCL*
|
|
|
|
|
|
|
25,000
|
|
|
|
21,058
|
|
TOYO-THAI CORP. PCL*
|
|
|
|
|
|
|
35,000
|
|
|
|
52,065
|
|
|
|
|
|
|
|
|
|
|
|
|
935,722
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
(COST: $4,629,044)
|
|
|
|
|
|
|
|
|
|
$
|
5,681,272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS
|
|
|
90.9
|
%
|
|
|
|
|
|
|
|
|
(COST: $4,629,044)
|
|
|
|
|
|
|
|
|
|
$
|
5,681,272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSET LESS LIABILITIES
|
|
|
9.1
|
%
|
|
|
|
|
|
|
570,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS - 100% (EQUIVALENT TO $9.44 PER SHARE BASED ON 662,197 SHARES OUTSTANDING)
|
|
|
|
|
|
|
|
|
|
$
|
6,251,673
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Investments is $4,629,044 for federal income tax purposes and net unrealized appreciation consists of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross unrealized appreciation
|
|
|
|
|
|
|
|
|
|
$
|
1,154,969
|
|
Gross unrealized depreciation
|
|
|
|
|
|
|
|
|
|
|
(102,741
|
)
|
Net unrealized appreciation
|
|
|
|
|
|
|
|
|
|
$
|
1,052,228
|
|
(a)
Certain securities were fair valued under the discretion of the Board of Trustees
* Non-income producing security during the period ended March 31, 2013
ADR - American depositary receipt
SECTOR ALLOCATIONS (As a percentage of Net Assets)
|
|
|
|
Consumer Discretionary
|
|
|
20.4
|
%
|
Consumer Staples
|
|
|
7.7
|
%
|
Energy
|
|
|
10.3
|
%
|
Financials
|
|
|
15.1
|
%
|
Health Care
|
|
|
8.2
|
%
|
Industrials
|
|
|
13.9
|
%
|
Information Technology
|
|
|
8.7
|
%
|
Materials
|
|
|
4.0
|
%
|
Telecommunication Service
|
|
|
2.6
|
%
|
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. The
Fair Value Measurement Standard applies to fair value measurements already required or permitted by existing standards.
Various inputs are used in determining the value
of the Fund’s investments. These inputs are summarized in the three levels listed below:
|
·
|
Level 1 – Quoted prices in active markets for identical securities.
|
|
·
|
Level 2 – Other significant observable inputs (including quoted
prices for similar securities, interest rates, prepayment speeds, credit risk, etc).
|
|
·
|
Level 3 – Significant unobservable inputs (including the Fund’s
own assumptions in determining the fair value of investments).
|
The inputs or methodology used for valuing securities
are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the
inputs used to value the Funds’ net assets as of March 31, 2013:
|
|
Micro-Cap Fund
|
|
|
Emerging Growth
Fund
|
|
|
Small-Cap
Opportunities
Fund
|
|
Level 1 – Equities
|
|
$
|
20,249,076
|
|
|
$
|
62,410,143
|
|
|
$
|
7,453,580
|
|
REIT
|
|
|
440,130
|
|
|
|
693,852
|
|
|
|
-
|
|
Total Level 1
|
|
|
20,689,206
|
|
|
|
63,103,995
|
|
|
|
7,453,580
|
|
Level 2 – Equities
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Total Corporate Bonds
|
|
|
532,820
|
|
|
|
-
|
|
|
|
-
|
|
Total Level 2
|
|
|
532,820
|
|
|
|
-
|
|
|
|
-
|
|
Level 3
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Total Investments
|
|
$
|
21,222,026
|
|
|
$
|
63,103,995
|
|
|
$
|
7,453,580
|
|
|
|
China Opportunities
Fund
|
|
|
International
Opportunities Fund
|
|
|
Asia Opportunities
Fund
|
|
Level 1 – Equities
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Asia
|
|
$
|
27,920,520
|
|
|
$
|
13,974,433
|
|
|
$
|
522,278
|
|
Total Australia
|
|
|
-
|
|
|
|
204,094
|
|
|
|
-
|
|
Total Europe
|
|
|
-
|
|
|
|
12,510,024
|
|
|
|
-
|
|
Total North America
|
|
|
-
|
|
|
|
1,529,117
|
|
|
|
-
|
|
Total Level 1
|
|
|
27,920,520
|
|
|
|
28,217,668
|
|
|
|
522,278
|
|
Level 2
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Asia
|
|
|
100,614,523
|
|
|
|
-
|
|
|
|
4,840,721
|
|
Total Australia
|
|
|
-
|
|
|
|
-
|
|
|
|
318,273
|
|
Total Commercial Paper
|
|
|
5,200,000
|
|
|
|
-
|
|
|
|
-
|
|
Total Level 2
|
|
|
105,814,523
|
|
|
|
-
|
|
|
|
5,158,994
|
|
Level 3
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Total Investments
|
|
$
|
133,735,043
|
|
|
$
|
28,217,668
|
|
|
$
|
5,681,272
|
|
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. When fair
market valuations are employed these techniques may result in transfers between Level 1 and Level 2.
The Micro-Cap Fund holds a corporate bond
with a convertible feature. The value of this security is determined based on multiple factors, including the performance of
the underlying stock, its volatility and coupon rate.
Significant Transfers between Levels 1 and
2 included securities valued at $3,642,650, $17,684,603, and $278,192 at March 31, 2013 respectively for the
China Opportunities Fund, International Opportunities Fund, and the Asia Opportunities Fund. These changes were primarily the
result of certain foreign securities using a systematic fair value model at March 31, 2013.
ITEM 2. CONTROLS AND PROCEDURES
(a) The registrant's principal executive and principal financial
officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act"), are effective, as of
a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their
evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the
Securities Exchange Act of 1934.
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant's last fiscal quarter
that has materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
ITEM 3. EXHIBITS.
(a) Certifications of principal executive and principal financial
officers as required by Rule 30a-2(a) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
The Oberweis Funds
By:
|
/s/ James W. Oberweis
|
|
|
James W. Oberweis
|
|
|
Principal Executive Officer
|
|
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant
and in the capacities and on the dates indicated.
By:
|
/s/ James W. Oberweis
|
|
|
James W. Oberweis
|
|
|
Principal Executive Officer
|
|
By:
|
/s/ Patrick B. Joyce
|
|
|
Patrick B. Joyce
|
|
|
Principal Financial Officer
|
|
Visteon (NASDAQ:VC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Visteon (NASDAQ:VC)
Historical Stock Chart
From Jul 2023 to Jul 2024