# EDGAR Filing Document

**Accession Number:** 0000803020
**File Stem:** 0001213900-25-081707
**Filing Date:** 2025-8
**Character Count:** 232424
**Document Hash:** 2d1fb3b2fd27403f8d902eb781b8ba3f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-081707.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001213900-25-081707

**CONFORMED SUBMISSION TYPE**: N-CSR/A

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**EFFECTIVENESS DATE**: 20250828

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** OBERWEIS FUNDS
- **CENTRAL INDEX KEY:** 0000803020

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04854
- **FILM NUMBER:** 251273002

**BUSINESS ADDRESS:**
- **STREET 1:** 3333 WARRENVILLE ROAD
- **STREET 2:** SUITE 500
- **CITY:** LISLE
- **STATE:** IL
- **ZIP:** 60532
- **BUSINESS PHONE:** 6305772300

**MAIL ADDRESS:**
- **STREET 1:** 3333 WARRENVILLE ROAD
- **STREET 2:** SUITE 500
- **CITY:** LISLE
- **STATE:** IL
- **ZIP:** 60532

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** OBERWEIS FUND
- **DATE OF NAME CHANGE:** 19960821

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** OBERWEIS EMERGING GROWTH FUND /IL/
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Oberweis Global Opportunities Fund (Series ID: S000010230)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000028299 | Investor Class      | OBEGX           |
| C000186089 | Institutional Class | OBGIX           |

### Oberweis Micro-Cap Fund (Series ID: S000010231)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000028300 | Investor Class      | OBMCX           |
| C000182411 | Institutional Class | OMCIX           |

### Oberweis Small-Cap Opportunities Fund (Series ID: S000010232)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000028301 | Investor Class      | OBSOX           |
| C000186090 | Institutional Class | OBSIX           |

### Oberweis China Opportunities Fund (Series ID: S000010233)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000028302 | Investor Class      | OBCHX           |
| C000186091 | Institutional Class | OCHIX           |

### Oberweis International Opportunities Fund (Series ID: S000015622)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000042583 | Oberweis International Opportunities Fund | OBIOX           |
| C000247124 | Institutional Class                       | OBIIX           |

### Oberweis Focused International Growth Fund (Series ID: S000075665)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000234915 | Oberweis Focused International Growth Fund | OFIGX           |

?xml version='1.0' encoding='ASCII'?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

**FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number 811-4854

**The Oberweis Funds** (Exact name of registrant as specified in charter)

**3333 Warrenville Road, Suite 500, Lisle, IL 60532** (Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip code)

---

| | |
|:---|:---|
| **James W. Oberweis <br> The Oberweis Funds <br> 3333 Warrenville Road, Suite 500 <br> Lisle, IL 60532** | **Copy to: Renee M. Hardt<br> Vedder Price P.C. <br> 222 North LaSalle Street, Suite 2600 <br> Chicago, IL 60601** |
| &nbsp;&nbsp;&nbsp;&nbsp; <br> (Name and address of agent for service) | &nbsp;&nbsp;&nbsp;&nbsp; <br> (Name and address of agent for service) |

---

Registrant's telephone number, including area code: **(800) 323-6166**

Date of fiscal year end: **December 31**

Date of reporting period: **December 31, 2024**

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**ITEM 1. REPORTS TO STOCKHOLDERS.**

Annual Reports for the period 01/01/24 through 12/31/2024 is filed herewith.

---

| | |
|:---|:---|
| **Oberweis Micro-Cap Fund**<br> Investor Class \| Ticker: OBMCX<br> Annual Report \| December 31, 2024 | ![](toberweis_logo.jpg) |

---

This annual shareholder report contains important information about Oberweis Micro-Cap Fund ("OBMCX" or the "Fund") for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

***This report describes changes to the Fund that occurred during the reporting period.***

---

| | | |
|:---|:---|:---|
| **What were your Fund costs for the last year?**<br> (based on hypothetical $10,000 investment) | **What were your Fund costs for the last year?**<br> (based on hypothetical $10,000 investment) | **What were your Fund costs for the last year?**<br> (based on hypothetical $10,000 investment) |
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
|  Oberweis Micro-Cap Fund - Investor Class | $164 | 1.47% |

---

**How did the Fund perform last year and what affected its performance?**

• For the 12 months ended December 31, 2024, the Fund outperformed its benchmarked index, the Russell Microcap Growth Index. Micro-cap growth stocks delivered significant gains in 2024.

• At sector level, portfolio benefited from favorable stock selection in healthcare, industrials, and consumer discretionary while technology, energy, and consumer staples detracted from performance.

• At the stock level, ADMA Biologics (ADMA), Primoris Services (PRIM), and American Superconductor (AMSC) were among the top contributors to performance. Aehr Test Systems (AEHR), Navitas Semiconductor (NVTS), and Alphatec (ATEC) were among the top detractors to performance.

**Performance of Hypothetical $10,000 Investment (December 31, 2014 to December 31, 2024)**

![](tlinechart_obmcx001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 year (%)** | **5 years (%)** | **10 years (%)** |
|  **OBMCX** | 22.87 | 21.07 | 16.78 |
|  **Russell Microcap Growth Index** | 21.91 | &nbsp;&nbsp;&nbsp;&nbsp;5.72 | &nbsp;&nbsp;&nbsp;&nbsp;5.30 |
|  **S&P 500 Index** | 25.02 | 14.53 | 13.10 |

---

------

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

The Russell Microcap Growth Index measures the performance of those Russell microcap companies with higher price-to-book ratios and higher forecasted growth values. The Russell Microcap Growth Index is represented by the smallest 1,000 securities in the small cap Russell 2000 Index plus the next 1,000 securities. The Russell Index is unmanaged and is not available for investment. The S&P 500 Index is a broad-based unmanaged index of the 500 leading publicly traded companies in the United States by market capitalization. The S&P 500 Index is widely recognized as representative of the equity market in general, is unmanaged and is not available for investment.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics**  | **Fund Statistics**  |  |  |
| Net Assets | Number of Holdings | Portfolio Turnover | Total Advisory Fees Paid |
| **$657813562** | **86** | **51%** | **$5309929** |

---

**What did the Fund invest in? (as of December 31, 2024)**

**Asset Allocation (% of Net Assets)**

<u> Equities </u> <u> 97.3 </u> <br> <u> Other Assets less Liabilities </u> <u> 2.7 </u>

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| ADMA Biologics, Inc. | 5.3 |
| Ultra Clean Hldgs., Inc. | 3.4 |
| Primoris Services Corp. | 2.8 |
| Applied Optoelectronics, Inc. | 2.8 |
| Camtek Ltd. | 2.5 |
| American Superconductor Corp. | 2.4 |
| IMAX Corp. | 2.3 |
| Blue Bird Corp. | 2.1 |
| Rush Street Interactive, Inc. | 2.1 |
| Cellebrite DI Ltd. | 2.0 |

---

**Top Ten Industries (% of Net Assets)**

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 14.4 |
| Biotechnology | 11.5 |
| Software | 8.8 |
| Construction & Engineering | 6.3 |
| Hotels, Restaurants & Leisure | 5.5 |
| Healthcare Equipment & Supplies | 5.0 |
| Commercial Services & Supplies | 3.3 |
| Machinery | 3.3 |
| Pharmaceuticals | 3.0 |
| Electrical Equipment | 2.9 |

---

**How has the Fund changed?**

Effective February 14, 2024, the Board of Trustees of the Trust has determined to discontinue the deduction of a 1.00% redemption fee (the "Redemption Fee") for shareholders of the Oberweis Micro-Cap Fund who sell their shares within 90 days of purchase.

**Changes In and Disagreements with Accountants**

No disagreements with accountants.

**Where can I find additional information about the Fund?**

You can find additional information about the Fund online at no cost, including its prospectus, portfolio holdings, financial information, proxy voting information and more at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

**Householding**

To reduce expense, the Fund may mail only one copy of the Prospectus, Statement of Additional Information and each annual and semi-annual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact 800-245-7311.

------

---

| | |
|:---|:---|
| **Oberweis Micro-Cap Fund**<br> Institutional Class \| Ticker: OMCIX<br> Annual Report \| December 31, 2024 | ![](toberweis_logo.jpg) |

---

This annual shareholder report contains important information about Oberweis Micro-Cap Fund ("OMCIX" or the "Fund") for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

***This report describes changes to the Fund that occurred during the reporting period.***

---

| | | |
|:---|:---|:---|
| **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) |
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
|  Oberweis Micro-Cap Fund - Institutional Class | $136 | 1.22% |

---

**How did the Fund perform last year and what affected its performance?**

• &nbsp;&nbsp;&nbsp;&nbsp; For the 12 months ended December 31, 2024, the Fund outperformed its benchmarked index, the Russell Microcap Growth Index. Micro-cap growth stocks delivered significant gains in 2024.

• &nbsp;&nbsp;&nbsp;&nbsp; At sector level, portfolio benefited from favorable stock selection in healthcare, industrials, and consumer discretionary while technology, energy, and consumer staples detracted from performance.

• &nbsp;&nbsp;&nbsp;&nbsp; At the stock level, ADMA Biologics (ADMA), Primoris Services (PRIM), and American Superconductor (AMSC) were among the top contributors to performance. Aehr Test Systems (AEHR), Navitas Semiconductor (NVTS), and Alphatec (ATEC) were among the top detractors to performance.

**Performance of Hypothetical $10,000 Investment (May 1, 2017 to December 31, 2024)**

![](tlinechart_omcix001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 year (%)** | **5 years (%)** | **Since <br>Inception (%)<sup>1</sup>** |
|  **OMCIX** | 23.16 | 21.39 | 16.88 |
|  **Russell Microcap Growth Index** | 21.91 | &nbsp;&nbsp;&nbsp;&nbsp;5.72 | &nbsp;&nbsp;&nbsp;&nbsp;6.07 |
|  **S&P 500 Index** | 25.02 | 14.53 | 14.45 |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Since the inception of OMCIX on May 1, 2017.

------

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

The Russell Microcap Growth Index measures the performance of those Russell microcap companies with higher price-to-book ratios and higher forecasted growth values. The Russell Microcap Growth Index is represented by the smallest 1,000 securities in the small cap Russell 2000 Index plus the next 1,000 securities. The Russell Index is unmanaged and is not available for investment. The S&P 500 Index is a broad-based unmanaged index of the 500 leading publicly traded companies in the United States by market capitalization. The S&P 500 Index is widely recognized as representative of the equity market in general, is unmanaged and is not available for investment.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics**  | **Fund Statistics**  |  |  |
| Net Assets | Number of Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
| **$657813562** | **86** | **51%** | **$5309929** |

---

**What did the Fund invest in? (as of December 31, 2024)**

**Asset Allocation (% of Net Assets)**

<u> Equities </u> <u> 97.3 </u> <br> <u> Other Assets less Liabilities </u> <u> 2.7 </u>

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| ADMA Biologics, Inc. | 5.3 |
| Ultra Clean Hldgs., Inc. | 3.4 |
| Primoris Services Corp. | 2.8 |
| Applied Optoelectronics, Inc. | 2.8 |
| Camtek Ltd. | 2.5 |
| American Superconductor Corp. | 2.4 |
| IMAX Corp. | 2.3 |
| Blue Bird Corp. | 2.1 |
| Rush Street Interactive, Inc. | 2.1 |
| Cellebrite DI Ltd. | 2.0 |

---

**Top Ten Industries (% of Net Assets)**

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 14.4 |
| Biotechnology | 11.5 |
| Software | 8.8 |
| Construction & Engineering | 6.3 |
| Hotels, Restaurants & Leisure | 5.5 |
| Healthcare Equipment & Supplies | 5.0 |
| Commercial Services & Supplies | 3.3 |
| Machinery | 3.3 |
| Pharmaceuticals | 3.0 |
| Electrical Equipment | 2.9 |

---

**How has the Fund changed?**

Effective February 14, 2024, the Board of Trustees of the Trust has determined to discontinue the deduction of a 1.00% redemption fee (the "Redemption Fee") for shareholders of the Oberweis Micro-Cap Fund who sell their shares within 90 days of purchase.

**Changes In and Disagreements with Accountants**

No disagreements with accountants.

**Where can I find additional information about the Fund?**

You can find additional information about the Fund online at no cost, including its prospectus, portfolio holdings, financial information, proxy voting information and more at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

**Householding**

To reduce expense, the Fund may mail only one copy of the Prospectus, Statement of Additional Information and each annual and semi-annual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact 800-245-7311.

------

---

| | |
|:---|:---|
| **Oberweis Small-Cap Opportunities Fund**<br> Investor Class \| Ticker: OBSOX<br> Annual Report \| December 31, 2024 | ![](toberweis_logo.jpg) |

---

This annual shareholder report contains important information about Oberweis Small-Cap Opportunities Fund ("OBSOX" or the "Fund") for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

***This report describes changes to the Fund that occurred during the reporting period.***

---

| | | |
|:---|:---|:---|
| **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) |
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
|  Oberweis Small-Cap Opportunities Fund - Investor Class | $135 | 1.25% |

---

**How did the Fund perform last year and what affected its performance?**

• For the 12 months ended December 31, 2024, the Fund outperformed its benchmarked index, the Russell 2000 Growth Index. Small-cap growth stocks delivered significant gains in 2024.

• At sector level, portfolio benefitted from favorable stock selection in industrials, consumer discretionary, and healthcare while energy, technology, and financials detracted from performance.

• At the stock level, Credo Technology (CRDO), Super Micro Computer (SMCI), and Zeta Global (ZETA) were among the top contributors to performance. Aehr Test Systems (AEHR), Tidewater (TDW), and Axcelis Technologies (ACLS) were among the top detractors.

**Performance of Hypothetical $10,000 Investment (December 31, 2014 to December 31, 2024)**

![](tlinechart_obsox001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 year (%)** | **5 years (%)** | **10 years (%)** |
|  **OBSOX** | 16.14 | 17.84 | 14.09 |
|  **Russell 2000 Growth Index** | 15.15 | &nbsp;&nbsp;&nbsp;&nbsp;6.86 | &nbsp;&nbsp;&nbsp;&nbsp;8.09 |
|  **S&P 500 Index** | 25.02 | 14.53 | 13.10 |

---

------

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

The Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted earnings growth rates. The Russell Index is unmanaged and is not available for investment. The S&P 500 Index is a broad-based unmanaged index of the 500 leading publicly traded companies in the United States by market capitalization. The S&P 500 Index is widely recognized as representative of the equity market in general, is unmanaged and is not available for investment.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics**  | **Fund Statistics**  |  |  |
| Net Assets | Number of Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
| **$1408597037** | **86** | **61%** | **$8365292** |

---

**What did the Fund invest in? (as of December 31, 2024)**

**Asset Allocation (% of Net Assets)**

<u> Equities </u> <u> 98.4 </u> <br> <u> Other Assets less Liabilities </u> <u> 1.6 </u>

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Credo Technology Group Hldg. Ltd. | 4.2 |
| SharkNinja, Inc. | 3.2 |
| SkyWest, Inc. | 2.2 |
| Doximity, Inc. | 2.2 |
| Encompass Health Corp. | 2.2 |
| Zeta Global Hldgs. Corp. | 2.1 |
| Frontdoor, Inc. | 1.8 |
| Flowserve Corp. | 1.7 |
| Genpact Ltd. | 1.6 |
| ICU Medical, Inc. | 1.6 |

---

**Top Ten Industries (% of Net Assets)**

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 12.1 |
| Software | 10.9 |
| Healthcare Equipment & Supplies | 7.8 |
| Diversified Consumer Services | 6.8 |
| Healthcare Providers & Services | 5.7 |
| Household Durables | 4.5 |
| Machinery | 4.0 |
| Professional Services | 4.0 |
| Electronic Equipment, Instruments & Components | 3.7 |
| Biotechnology | 3.5 |

---

**How has the Fund changed?**

Effective February 14, 2024, the Board of Trustees of the Trust has determined to discontinue the deduction of a 1.00% redemption fee (the "Redemption Fee") for shareholders of the Oberweis Small-Cap Opportunities Fund who sell their shares within 90 days of purchase.

**Changes In and Disagreements with Accountants**

No disagreements with accountants.

**Where can I find additional information about the Fund?**

You can find additional information about the Fund online at no cost, including its prospectus, portfolio holdings, financial information, proxy voting information and more at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

**Householding**

To reduce expense, the Fund may mail only one copy of the Prospectus, Statement of Additional Information and each annual and semi-annual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact 800-245-7311.

------

---

| | |
|:---|:---|
| **Oberweis Small-Cap Opportunities Fund**<br> Institutional Class \| Ticker: OBSIX<br> Annual Report \| December 31, 2024 | ![](toberweis_logo.jpg) |

---

This annual shareholder report contains important information about Oberweis Small-Cap Opportunities Fund ("OBSIX" or the "Fund") for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

***This report describes changes to the Fund that occurred during the reporting period.***

---

| | | |
|:---|:---|:---|
| **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) |
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
|  Oberweis Small-Cap Opportunities Fund - Institutional Class | $108 | 1.00% |

---

**How did the Fund perform last year and what affected its performance?**

• For the 12 months ended December 31, 2024, the Fund outperformed its benchmarked index, the Russell 2000 Growth Index. Small-cap growth stocks delivered significant gains in 2024.

• At sector level, portfolio benefitted from favorable stock selection in industrials, consumer discretionary, and healthcare while energy, technology, and financials detracted from performance.

• At the stock level, Credo Technology (CRDO), Super Micro Computer (SMCI), and Zeta Global (ZETA) were among the top contributors to performance. Aehr Test Systems (AEHR), Tidewater (TDW), and Axcelis Technologies (ACLS) were among the top detractors.

**Performance of Hypothetical $10,000 Investment (May 1, 2017 to December 31, 2024)**

![](tlinechart_obsix001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 year (%)** | **5 years (%)** | **Since <br>Inception (%)<sup>1</sup>** |
|  **OBSIX** | 16.40 | 18.12 | 15.36 |
|  **Russell 2000 Growth Index** | 15.15 | &nbsp;&nbsp;&nbsp;&nbsp;6.86 | &nbsp;&nbsp;&nbsp;&nbsp;8.34 |
|  **S&P 500 Index** | 25.02 | 14.53 | 14.45 |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Since the inception of OBSIX on May 1, 2017.

------

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

The Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted earnings growth rates. The Russell Index is unmanaged and is not available for investment. The S&P 500 Index is a broad-based unmanaged index of the 500 leading publicly traded companies in the United States by market capitalization. The S&P 500 Index is widely recognized as representative of the equity market in general, is unmanaged and is not available for investment.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics**  | **Fund Statistics**  |  |  |
| Net Assets | Number of Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
| **$1408597037** | **86** | **61%** | **$8365292** |

---

**What did the Fund invest in? (as of December 31, 2024)**

**Asset Allocation (% of Net Assets)**

<u> Equities </u> <u> 98.4 </u> <br> <u> Other Assets less Liabilities </u> <u> 1.6 </u>

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Credo Technology Group Hldg. Ltd. | 4.2 |
| SharkNinja, Inc. | 3.2 |
| SkyWest, Inc. | 2.2 |
| Doximity, Inc. | 2.2 |
| Encompass Health Corp. | 2.2 |
| Zeta Global Hldgs. Corp. | 2.1 |
| Frontdoor, Inc. | 1.8 |
| Flowserve Corp. | 1.7 |
| Genpact Ltd. | 1.6 |
| ICU Medical, Inc. | 1.6 |

---

**Top Ten Industries (% of Net Assets)**

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 12.1 |
| Software | 10.9 |
| Healthcare Equipment & Supplies | 7.8 |
| Diversified Consumer Services | 6.8 |
| Healthcare Providers & Services | 5.7 |
| Household Durables | 4.5 |
| Machinery | 4.0 |
| Professional Services | 4.0 |
| Electronic Equipment, Instruments & Components | 3.7 |
| Biotechnology | 3.5 |

---

**How has the Fund changed?**

Effective February 14, 2024, the Board of Trustees of the Trust has determined to discontinue the deduction of a 1.00% redemption fee (the "Redemption Fee") for shareholders of the Oberweis Small-Cap Opportunities Fund who sell their shares within 90 days of purchase.

**Changes In and Disagreements with Accountants**

No disagreements with accountants.

**Where can I find additional information about the Fund?**

You can find additional information about the Fund online at no cost, including its prospectus, portfolio holdings, financial information, proxy voting information and more at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

**Householding**

To reduce expense, the Fund may mail only one copy of the Prospectus, Statement of Additional Information and each annual and semi-annual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact 800-245-7311.

------

---

| | |
|:---|:---|
| **Oberweis Global Opportunities Fund**<br> Investor Class \| Ticker: OBEGX<br> Annual Report \| December 31, 2024 | ![](toberweis_logo.jpg) |

---

This annual shareholder report contains important information about Oberweis Global Opportunities Fund ("OBEGX" or the "Fund") for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

***This report describes changes to the Fund that occurred during the reporting period.***

---

| | | |
|:---|:---|:---|
| **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) |
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
|  Oberweis Global Opportunities Fund - Investor Class | $156 | 1.48% |

---

**How did the Fund perform last year and what affected its performance?**

• For the 12 months ended December 31, 2024, the Fund outperformed its benchmarked index, the MSCI AWCI Small-Cap Index. Global small-cap equities gained broadly in 2024, with the U.S. outperforming most other countries.

• At the country level, stock selection in Japan, Switzerland, and the United Kingdom added to portfolio return, while Canada, the United States, and Israel detracted from portfolio return.

• At the sector level, consumer discretionary, industrials, and materials added to return, while healthcare, financials, and communication services detracted.

• At the stock level Credo Technology (CRDO US), Asics (7936 JP), and Zeta Global (ZETA US) were among the top contributors to performance; Alphatec (ATEC US), Axcelis Technologies (ACLS US), and ACM Research (ACMR US) were among the top detractors.

**Performance of Hypothetical $10,000 Investment (December 31, 2014 to December 31, 2024)**

![](tlinechart_obegx001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 year (%)** | **5 years (%)** | **10 years (%)** |
|  **OBEGX** | 10.72 | 10.16 | 8.14 |
|  **MSCI ACWI Small-Cap Index** | &nbsp;&nbsp;&nbsp;&nbsp;7.66 | &nbsp;&nbsp;&nbsp;&nbsp;6.68 | 7.26 |
|  **MSCI EAFE Index** | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | 5.20 |

---

------

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

The MSCI ACWI Small-Cap Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of small-cap developed and emerging markets with dividends reinvested net of withholding tax. The MSCI EAFE Index is an equity index that captures large and mid-cap representation across 21 developed markets countries around the world, excluding the U.S. and Canada. The index is a broad-based index covering approximately 85% of the free-float-adjusted market capitalization in each country with minimum dividends reinvested net of withholding tax. The Indexes are unmanaged and not available for investment.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics**  | **Fund Statistics**  |  |  |
| Net Assets | Number of Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
| **$57355302** | **50** | **103%** | **$466662** |

---

**What did the Fund invest in? (as of December 31, 2024)**

**Asset Allocation (% of Net Assets)**

<u> Equities </u> <u> 97.0 </u> <br> <u> Other Assets less Liabilities </u> <u> 3.0 </u>

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Credo Technology Group Hldg. Ltd. | 6.0 |
| ADMA Biologics, Inc. | 4.4 |
| Veracyte, Inc. | 3.5 |
| Ashtead Technology Hldgs. PLC | 3.3 |
| Zeta Global Hldgs. Corp. | 3.2 |
| Marks & Spencer Group PLC | 3.2 |
| SharkNinja, Inc. | 3.2 |
| Asics Corp. | 3.1 |
| Parsons Corp. | 3.0 |
| Accelleron Industries AG | 2.8 |

---

**Top Ten Industries (% of Net Assets)**

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 12.2 |
| Biotechnology | 10.1 |
| Healthcare Equipment & Supplies | 7.8 |
| Software | 7.4 |
| Electrical Equipment | 6.3 |
| Aerospace & Defense | 4.6 |
| Energy Equipment & Services | 4.5 |
| Professional Services | 3.9 |
| Trading Co. & Distribution | 3.3 |
| Pharmaceuticals | 3.2 |

---

**How has the Fund changed?**

Effective February 14, 2024, the Board of Trustees of the Trust has determined to discontinue the deduction of a 1.00% redemption fee (the "Redemption Fee") for shareholders of the Oberweis Global Opportunities Fund who sell their shares within 90 days of purchase.

**Changes In and Disagreements with Accountants**

No disagreements with accountants.

**Where can I find additional information about the Fund?**

You can find additional information about the Fund online at no cost, including its prospectus, portfolio holdings, financial information, proxy voting information and more at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

**Householding**

To reduce expense, the Fund may mail only one copy of the Prospectus, Statement of Additional Information and each annual and semi-annual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact 800-245-7311.

------

---

| | |
|:---|:---|
| **Oberweis Global Opportunities Fund**<br> Institutional Class \| Ticker: OBGIX<br> Annual Report \| December 31, 2024 | ![](toberweis_logo.jpg) |

---

This annual shareholder report contains important information about Oberweis Global Opportunities Fund ("OBGIX" or the "Fund") for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

***This report describes changes to the Fund that occurred during the reporting period.***

---

| | | |
|:---|:---|:---|
| **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) |
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
|  Oberweis Global Opportunities Fund - Institutional Class | $130 | 1.23% |

---

**How did the Fund perform last year and what affected its performance?**

• For the 12 months ended December 31, 2024, the Fund outperformed its benchmarked index, the MSCI AWCI Small-Cap Index. Global small-cap equities gained broadly in 2024, with the U.S. outperforming most other countries.

• At the country level, stock selection in Japan, Switzerland, and the United Kingdom added to portfolio return, while Canada, the United States, and Israel detracted from portfolio return.

• At the sector level, consumer discretionary, industrials, and materials added to return, while healthcare, financials, and communication services detracted.

• At the stock level Credo Technology (CRDO US), Asics (7936 JP), and Zeta Global (ZETA US) were among the top contributors to performance; Alphatec (ATEC US), Axcelis Technologies (ACLS US), and ACM Research (ACMR US) were among the top detractors.

**Performance of Hypothetical $10,000 Investment (May 1, 2017 to December 31, 2024)**

![](tlinechart_obgix001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 year (%)** | **5 years (%)** | **Since <br>Inception (%)<sup>1</sup>** |
|  **OBGIX** | 11.01 | 10.44 | 8.08 |
|  **MSCI ACWI Small-Cap Index** | &nbsp;&nbsp;&nbsp;&nbsp;7.66 | &nbsp;&nbsp;&nbsp;&nbsp;6.68 | 7.07 |
|  **MSCI EAFE Index** | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | 5.49 |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Since the inception of OBGIX on May 1, 2017.

------

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

The MSCI ACWI Small-Cap Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of small-cap developed and emerging markets with dividends reinvested net of withholding tax. The MSCI EAFE Index is an equity index that captures large and mid-cap representation across 21 developed markets countries around the world, excluding the U.S. and Canada. The index is a broad-based index covering approximately 85% of the free-float-adjusted market capitalization in each country with minimum dividends reinvested net of withholding tax. The Indexes are unmanaged and not available for investment.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics**  | **Fund Statistics**  |  |  |
| Net Assets | Number of Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
| **$57355302** | **50** | **103%** | **$466662** |

---

**What did the Fund invest in? (as of December 31, 2024)**

**Asset Allocation (% of Net Assets)**

<u> Equities </u> <u> 97.0 </u> <br> <u> Other Assets less Liabilities </u> <u> 3.0 </u>

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Credo Technology Group Hldg. Ltd. | 6.0 |
| ADMA Biologics, Inc. | 4.4 |
| Veracyte, Inc. | 3.5 |
| Ashtead Technology Hldgs. PLC | 3.3 |
| Zeta Global Hldgs. Corp. | 3.2 |
| Marks & Spencer Group PLC | 3.2 |
| SharkNinja, Inc. | 3.2 |
| Asics Corp. | 3.1 |
| Parsons Corp. | 3.0 |
| Accelleron Industries AG | 2.8 |

---

**Top Ten Industries (% of Net Assets)**

---

| | |
|:---|:---|
| Semiconductors & Semiconductor Equipment | 12.2 |
| Biotechnology | 10.1 |
| Healthcare Equipment & Supplies | 7.8 |
| Software | 7.4 |
| Electrical Equipment | 6.3 |
| Aerospace & Defense | 4.6 |
| Energy Equipment & Services | 4.5 |
| Professional Services | 3.9 |
| Trading Co. & Distribution | 3.3 |
| Pharmaceuticals | 3.2 |

---

**How has the Fund changed?**

Effective February 14, 2024, the Board of Trustees of the Trust has determined to discontinue the deduction of a 1.00% redemption fee (the "Redemption Fee") for shareholders of the Oberweis Global Opportunities Fund who sell their shares within 90 days of purchase.

**Changes In and Disagreements with Accountants**

No disagreements with accountants.

**Where can I find additional information about the Fund?**

You can find additional information about the Fund online at no cost, including its prospectus, portfolio holdings, financial information, proxy voting information and more at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

**Householding**

To reduce expense, the Fund may mail only one copy of the Prospectus, Statement of Additional Information and each annual and semi-annual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact 800-245-7311.

------

---

| | |
|:---|:---|
| **Oberweis China Opportunities Fund**<br> Investor Class \| Ticker: OBCHX<br> Annual Report \| December 31, 2024 | ![](toberweis_logo.jpg) |

---

This annual shareholder report contains important information about Oberweis China Opportunities Fund ("OBCHX" or the "Fund") for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

***This report describes changes to the Fund that occurred during the reporting period.***

---

| | | |
|:---|:---|:---|
| **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) |
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
|  Oberweis China Opportunities Fund - Investor Class | $224 | 2.16% |

---

**How did the Fund perform last year and what affected its performance?**

• For the 12 months ended December 31, 2024, Chinese equities broadly appreciated. The Fund underperformed its benchmarked index, the MSCI China Net Index. In 2024, significant shifts in Chinese policy were a headwind to the fund's strategy, which focuses on company-specific fundamental analysis and earnings growth.

• At the sector level, consumer discretionary, industrials, and healthcare contributed to performance while technology, financials, and communication services were top detractors.

• At the stock level, Taiwan Semiconductor Manufacturing Co. (TSM US), Pop Mart International (9992 HK), and Meituan (3690 HK) were among the top contributors to performance; Pinduoduo (PDD US), Li Auto (LI US), and China Resources Mixc Lifestyle Services (1209 HK) were among the top detractors.

**Performance of Hypothetical $10,000 Investment (December 31, 2014 to December 31, 2024)**

![](tlinechart_obchx001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 year (%)** | **5 years (%)** | **10 years (%)** |
|  **OBCHX** | &nbsp;&nbsp;&nbsp;&nbsp;7.29 | (1.65) | 2.48 |
|  **MSCI China Net Index** | 19.42 | (3.44) | 1.88 |

---

------

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

The MSCI China Net Index is a free float-adjusted market capitalization-weighted index of Chinese equities that include China-affiliated corporations and H shares listed on the Hong Kong Exchange, and B shares listed on the Shanghai and Shenzhen exchanges and P chips and foreign listings with minimum dividends reinvested net of withholding tax. The MSCI China Net Index is unmanaged and is not available for investment.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics**  | **Fund Statistics**  |  |  |
| Net Assets | Number of Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
| **$36838834** | **50** | **155%** | **$496928** |

---

**What did the Fund invest in? (as of December 31, 2024)**

**Asset Allocation (% of Net Assets)**

<u> Equities </u> <u> 100.8 </u> <br> <u> Short-Term Investments </u> <u> &nbsp;&nbsp;&nbsp;&nbsp;0.1 </u> <br> <u> Other Liabilities less Assets </u> <u> (0.9) </u>

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Tencent Hldgs. Ltd. | 8.0 |
| Alibaba Group Hldg. Ltd. | 6.6 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADS | 5.6 |
| Pop Mart International Group Ltd. | 5.3 |
| Xiaomi Corp. | 4.8 |
| Trip.com Group Ltd. | 4.7 |
| Meituan | 4.5 |
| China Construction Bank Corp. | 3.6 |
| GDS Hldgs. Ltd. | 3.6 |
| PDD Hldgs. ADS | 3.2 |

---

**Top Ten Industries (% of Net Assets)**

---

| | |
|:---|:---|
| Broadline Retail | 12.3 |
| Hotels, Restaurants & Leisure | 11.1 |
| Interactive Media & Services | 8.0 |
| Technology Hardware, Storage & Peripherals | 6.6 |
| Semiconductors & Semiconductor Equipment | 6.2 |
| Capital Markets | 6.0 |
| Insurance | 5.6 |
| Specialty Retail | 5.3 |
| Information Technology Services | 4.7 |
| Electrical Equipment | 4.0 |

---

**How has the Fund changed?**

The Oberweis China Opportunties Fund's advisory management fee was reduced to 1.00% effective October 1, 2024.

**Changes In and Disagreements with Accountants**

No disagreements with accountants.

**Where can I find additional information about the Fund?**

You can find additional information about the Fund online at no cost, including its prospectus, portfolio holdings, financial information, proxy voting information and more at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

**Householding**

To reduce expense, the Fund may mail only one copy of the Prospectus, Statement of Additional Information and each annual and semi-annual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact 800-245-7311.

------

---

| | |
|:---|:---|
| **Oberweis China Opportunities Fund**<br> Institutional Class \| Ticker: OCHIX<br> Annual Report \| December 31, 2024 | ![](toberweis_logo.jpg) |

---

This annual shareholder report contains important information about Oberweis China Opportunities Fund ("OCHIX" or the "Fund") for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

***This report describes changes to the Fund that occurred during the reporting period.***

---

| | | |
|:---|:---|:---|
| **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) |
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
|  Oberweis China Opportunities Fund - Institutional Class | $199 | 1.92% |

---

**How did the Fund perform last year and what affected its performance?**

• For the 12 months ended December 31, 2024, Chinese equities broadly appreciated. The Fund underperformed its benchmarked index, the MSCI China Net Index. In 2024, significant shifts in Chinese policy were a headwind to the fund's strategy, which focuses on company-specific fundamental analysis and earnings growth.

• At the sector level, consumer discretionary, industrials, and healthcare contributed to performance while technology, financials, and communication services were top detractors.

• At the stock level, Taiwan Semiconductor Manufacturing Co. (TSM US), Pop Mart International (9992 HK), and Meituan (3690 HK) were among the top contributors to performance; Pinduoduo (PDD US), Li Auto (LI US), and China Resources Mixc Lifestyle Services (1209 HK) were among the top detractors.

**Performance of Hypothetical $10,000 Investment (May 1, 2017 to December 31, 2024)**

![](tlinechart_ochix001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 year (%)** | **5 years (%)** | **Since <br>Inception (%)<sup>1</sup>** |
|  **OCHIX** | &nbsp;&nbsp;&nbsp;&nbsp;7.61 | (1.41) | 3.01 |
|  **MSCI China Net Index** | 19.42 | (3.44) | 1.46 |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Since the inception of OCHIX on May 1, 2017.

------

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

The MSCI China Net Index is a free float-adjusted market capitalization-weighted index of Chinese equities that include China-affiliated corporations and H shares listed on the Hong Kong Exchange, and B shares listed on the Shanghai and Shenzhen exchanges and P chips and foreign listings with minimum dividends reinvested net of withholding tax. The MSCI China Net Index is unmanaged and is not available for investment.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics**  | **Fund Statistics**  |  |  |
| Net Assets | Number of Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
| **$36838834** | **50** | **155%** | **$496928** |

---

**What did the Fund invest in? (as of December 31, 2024)**

**Asset Allocation (% of Net Assets)**

<u> Equities </u> <u> 100.8 </u> <br> <u> Short-Term Investments </u> <u> &nbsp;&nbsp;&nbsp;&nbsp;0.1 </u> <br> <u> Other Liabilities less Assets </u> <u> (0.9) </u>

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Tencent Hldgs. Ltd. | 8.0 |
| Alibaba Group Hldg. Ltd. | 6.6 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADS | 5.6 |
| Pop Mart International Group Ltd. | 5.3 |
| Xiaomi Corp. | 4.8 |
| Trip.com Group Ltd. | 4.7 |
| Meituan | 4.5 |
| China Construction Bank Corp. | 3.6 |
| GDS Hldgs. Ltd. | 3.6 |
| PDD Hldgs. ADS | 3.2 |

---

**Top Ten Industries (% of Net Assets)**

---

| | |
|:---|:---|
| Broadline Retail | 12.3 |
| Hotels, Restaurants & Leisure | 11.1 |
| Interactive Media & Services | 8.0 |
| Technology Hardware, Storage & Peripherals | 6.6 |
| Semiconductors & Semiconductor Equipment | 6.2 |
| Capital Markets | 6.0 |
| Insurance | 5.6 |
| Specialty Retail | 5.3 |
| Information Technology Services | 4.7 |
| Electrical Equipment | 4.0 |

---

**How has the Fund changed?**

The Oberweis China Opportunties Fund's advisory management fee was reduced to 1.00% effective October 1, 2024.

**Changes In and Disagreements with Accountants**

No disagreements with accountants.

**Where can I find additional information about the Fund?**

You can find additional information about the Fund online at no cost, including its prospectus, portfolio holdings, financial information, proxy voting information and more at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

**Householding**

To reduce expense, the Fund may mail only one copy of the Prospectus, Statement of Additional Information and each annual and semi-annual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact 800-245-7311.

------

---

| | |
|:---|:---|
| **Oberweis International Opportunities Fund**<br> Investor Class \| Ticker: OBIOX<br> Annual Report \| December 31, 2024 | ![](toberweis_logo.jpg) |

---

This annual shareholder report contains important information about Oberweis International Opportunities Fund ("OBIOX" or the "Fund") for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

---

| | | |
|:---|:---|:---|
| **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) |
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
|  Oberweis International Opportunities Fund - Investor Class | $140 | 1.35% |

---

**How did the Fund perform last year and what affected its performance?**

• For the 12 months ended December 31, 2024, the Fund outperformed its benchmarked index, the MSCI World ex-US Small Cap Growth Index. International equities appreciated in 2024, with Developed Markets outperforming Emerging Markets.

• At the country level, Japan, Norway, and Switzerland were the leading contributors to portfolio performance while Canada, Finland, and Denmark were the leading detractors.

• At the sector level, the portfolio was positively impacted by stock selection in industrials and consumer discretionary, while materials and energy detracted from performance.

• At the stock level, Kongsberg (KOG NO), Asics (7936 JP), and Fujikura (5803 JP) were among the top contributors to performance; ATS (ATS CN), ULVAC (6728 JP), and James Hardie Industries (JHX AU) were among the top detractors.

**Performance of Hypothetical $10,000 Investment (December 31, 2014 to December 31, 2024)**

![](tlinechart_obiox001.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 year (%)** | **5 years (%)** | **10 years (%)** |
|  **OBIOX** | 7.54 | 3.26 | 5.24 |
|  **MSCI World ex-US Small Cap Growth Index** | 2.57 | 2.06 | 5.67 |
|  **MSCI EAFE Index** | 3.82 | 4.73 | 5.20 |

---

------

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

The MSCI World ex-US Small Cap Growth Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of small cap growth developed and emerging markets excluding the U.S., with minimum dividends reinvested net of withholding tax. The MSCI EAFE Index is an equity index that captures large and mid-cap representation across 21 developed markets countries around the world, excluding the U.S. and Canada. The index is a broad-based index covering approximately 85% of the free-float-adjusted market capitalization in each country with minimum dividends reinvested net of withholding tax. The Indexes are unmanaged and not available for investment.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics**  | **Fund Statistics**  |  |  |
| Net Assets | Number of Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
| **$341527562** | **68** | **99%** | **$3554955** |

---

**What did the Fund invest in? (as of December 31, 2024)**

**Asset Allocation (% of Net Assets)**

<u> Equities </u> <u> 98.3 </u> <br> <u> Short-Term Investments </u> <u> &nbsp;&nbsp;&nbsp;&nbsp;1.1 </u> <br> <u> Other Assets less Liabilities </u> <u> 0.6 </u>

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Intermediate Capital Group PLC | 3.1 |
| Marks and Spencer Group PLC | 3.1 |
| Accelleron Industries AG | 2.9 |
| Fujikura Ltd. | 2.9 |
| Games Workshop Group PLC | 2.6 |
| Santen Pharmaceutical Co. Ltd. | 2.4 |
| JB Hi-Fi Ltd. | 2.4 |
| Saab AB | 2.4 |
| CTS Eventim AG & Co. | 2.3 |
| JVCKenwood Corp. | 2.2 |

---

**Top Ten Industries (% of Net Assets)**

---

| | |
|:---|:---|
| Electrical Equipment | 9.4 |
| Capital Markets | 7.2 |
| Machinery | 7.0 |
| Construction & Engineering | 6.5 |
| Aerospace & Defense | 6.2 |
| Insurance | 5.8 |
| Energy Equipment & Services | 5.0 |
| Food Products | 4.7 |
| Specialty Retail | 3.9 |
| Textiles, Apparel & Luxury Goods | 3.9 |

---

**How has the Fund changed?**

There were no material fund changes during the period.

**Changes In and Disagreements with Accountants**

No disagreements with accountants.

**Where can I find additional information about the Fund?**

You can find additional information about the Fund online at no cost, including its prospectus, portfolio holdings, financial information, proxy voting information and more at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

**Householding**

To reduce expense, the Fund may mail only one copy of the Prospectus, Statement of Additional Information and each annual and semi-annual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact 800-245-7311.

------

---

| | |
|:---|:---|
| **Oberweis International Opportunities Fund**<br> Institutional Class \| Ticker: OBIIX<br> Annual Report \| December 31, 2024 | ![](toberweis_logo.jpg) |

---

This annual shareholder report contains important information about Oberweis International Opportunities Fund ("OBIIX" or the "Fund") for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

---

| | | |
|:---|:---|:---|
| **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) |
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
|  Oberweis International Opportunities Fund - Institutional Class | $114 | 1.10% |

---

**How did the Fund perform last year and what affected its performance?**

• For the 12 months ended December 31, 2024, the Fund outperformed its benchmarked index, the MSCI World ex-US Small Cap Growth Index. International equities appreciated in 2024, with Developed Markets outperforming Emerging Markets.

• At the country level, Japan, Norway, and Switzerland were the leading contributors to portfolio performance while Canada, Finland, and Denmark were the leading detractors.

• At the sector level, the portfolio was positively impacted by stock selection in industrials and consumer discretionary, while materials and energy detracted from performance.

• At the stock level, Kongsberg (KOG NO), Asics (7936 JP), and Fujikura (5803 JP) were among the top contributors to performance; ATS (ATS CN), ULVAC (6728 JP), and James Hardie Industries (JHX AU) were among the top detractors.

**Performance of Hypothetical $10,000 Investment (December 22, 2023 to December 31, 2024)**

![](tlinechart_obiix001.jpg)

---

| | | |
|:---|:---|:---|
| | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 year (%)** | **Since <br>Inception (%)<sup>1</sup>** |
|  **OBIIX** | 7.70 | 8.41 |
|  **MSCI World ex-US Small Cap Growth Index** | 2.57 | 3.92 |
|  **MSCI EAFE Index** | 3.82 | 4.93 |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Since the inception of OBIIX on December 22, 2023.

------

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

The MSCI World ex-US Small Cap Growth Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of small cap growth developed and emerging markets excluding the U.S., with minimum dividends reinvested net of withholding tax. The MSCI EAFE Index is an equity index that captures large and mid-cap representation across 21 developed markets countries around the world, excluding the U.S. and Canada. The index is a broad-based index covering approximately 85% of the free-float-adjusted market capitalization in each country with minimum dividends reinvested net of withholding tax. The Indexes are unmanaged and not available for investment.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics**  | **Fund Statistics**  |  |  |
| Net Assets | Number of Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
| **$341527562** | **68** | **99%** | **$3554955** |

---

**What did the Fund invest in? (as of December 31, 2024)**

**Asset Allocation (% of Net Assets)**

<u> Equities </u> <u> 98.3 </u> <br> <u> Short-Term Investments </u> <u> &nbsp;&nbsp;&nbsp;&nbsp;1.1 </u>   <br> <u> Other Assets less Liabilities </u> <u> 0.6 </u>

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Intermediate Capital Group PLC | 3.1 |
| Marks and Spencer Group PLC | 3.1 |
| Accelleron Industries AG | 2.9 |
| Fujikura Ltd. | 2.9 |
| Games Workshop Group PLC | 2.6 |
| Santen Pharmaceutical Co. Ltd. | 2.4 |
| JB Hi-Fi Ltd. | 2.4 |
| Saab AB | 2.4 |
| CTS Eventim AG & Co. | 2.3 |
| JVCKenwood Corp. | 2.2 |

---

**Top Ten Industries (% of Net Assets)**

---

| | |
|:---|:---|
| Electrical Equipment | 9.4 |
| Capital Markets | 7.2 |
| Machinery | 7.0 |
| Construction & Engineering | 6.5 |
| Aerospace & Defense | 6.2 |
| Insurance | 5.8 |
| Energy Equipment & Services | 5.0 |
| Food Products | 4.7 |
| Specialty Retail | 3.9 |
| Textiles, Apparel & Luxury Goods | 3.9 |

---

**How has the Fund changed?**

There were no material fund changes during the period.

**Changes In and Disagreements with Accountants**

No disagreements with accountants.

**Where can I find additional information about the Fund?**

You can find additional information about the Fund online at no cost, including its prospectus, portfolio holdings, financial information, proxy voting information and more at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

**Householding**

To reduce expense, the Fund may mail only one copy of the Prospectus, Statement of Additional Information and each annual and semi-annual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact 800-245-7311.

------

---

| | |
|:---|:---|
| **Oberweis Focused International Growth Fund**<br> Institutional Class \| Ticker: OFIGX<br> Annual Report \| December 31, 2024 | ![](toberweis_logo.jpg) |

---

This annual shareholder report contains important information about Oberweis Focused International Growth Fund ("OFIGX" or the "Fund") for the period of January 1, 2024 to December 31, 2024. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

---

| | | |
|:---|:---|:---|
| **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last year?**<br> (based on a hypothetical $10,000 investment) |
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
|  Oberweis Focused International Opportunities Fund - Institutional Class | $101 | 0.95% |

---

**How did the Fund perform last year and what affected its performance?**

• For the 12 months ended December 31, 2024, the Fund outperformed its benchmarked index, the MSCI EAFE Index. Internationally, Developed Markets outperformed Emerging Markets. Large caps outperformed small caps.

• At the country level, Germany, the U.K., and Italy were the top contributors, while Australia, Singapore, and Israel were top detractors.

• At the sector level, industrials, technology, and consumer staples contributed to performance while financials, communication services, and energy were top detractors.

• At the stock level, Hitachi (6501 JP), SAP (SAP GR), and Rolls-Royce (RR/ LN) were among the top contributors to performance; LVMH (MC FP), BHP (BHP AU) and Sony (6758 JP) were among the top detractors.

**Performance of Hypothetical $10,000 Investment (April 1, 2022 to December 31, 2024)**

![](tlinechart_ofigx001.jpg)

---

| | | |
|:---|:---|:---|
| | **Average Annual Total Returns** | **Average Annual Total Returns** |
| | **1 year (%)** | **Since <br>Inception (%)<sup>1</sup>** |
|  **OFIGX** | 11.79 | 0.25 |
|  **MSCI EAFE Index** | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | 4.08 |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Since the inception of OFIGX on April 1, 2022.

------

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

The MSCI EAFE Index is an equity index that captures large and mid-cap representation across 21 developed markets countries around the world, excluding the U.S. and Canada. The index is a broad-based index covering approximately 85% of the free-float-adjusted market capitalization in each country with minimum dividends reinvested net of withholding tax. The Index is unmanaged and not available for investment.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Statistics**  | **Fund Statistics**  |  |  |
| Net Assets | Number of Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
| **$7685112** | **41** | **66%** | **$55694** |

---

**What did the Fund invest in? (as of December 31, 2024)**

**Asset Allocation (% of Net Assets)**

<u> Equities </u> <u> 96.7 </u> <br> <u> Short-Term Investments </u> <u> &nbsp;&nbsp;&nbsp;&nbsp;2.1 </u>   <br> <u> Other Assets less Liabilities </u> <u> &nbsp;&nbsp;&nbsp;&nbsp;1.2 </u>

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Rheinmetall AG | 5.8 |
| SAP SE | 5.8 |
| Hitachi Ltd. | 5.3 |
| Zurich Insurance Group AG | 3.9 |
| Rolls-Royce Hldgs. PLC | 3.6 |
| Dollarama, Inc. | 3.4 |
| Schneider Electric SE | 3.2 |
| Heidelberg Materials AG | 2.9 |
| Cadence Design Systems, Inc. | 2.7 |
| Sony Group Corp. | 2.7 |

---

**Top Ten Industries (% of Net Assets)**

---

| | |
|:---|:---|
| Banks | 11.4 |
| Software | 9.9 |
| Aerospace & Defense | 9.5 |
| Insurance | 6.0 |
| Pharmaceuticals | 5.3 |
| Industrial Conglomerates | 5.3 |
| Construction Materials | 4.6 |
| Capital Markets | 3.9 |
| Oil, Gas & Consumable Fuels | 3.7 |
| Broadline Retail | 3.4 |

---

**How has the Fund changed?**

There were no material fund changes during the period.

**Changes In and Disagreements with Accountants**

No disagreements with accountants.

**Where can I find additional information about the Fund?**

You can find additional information about the Fund online at no cost, including its prospectus, portfolio holdings, financial information, proxy voting information and more at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

**Householding**

To reduce expense, the Fund may mail only one copy of the Prospectus, Statement of Additional Information and each annual and semi-annual Tailored Shareholder report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please contact 800-245-7311.

------

---

| | |
|:---|:---|
| **ITEM 2.** | **CODE OF ETHICS.** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) As of December 31, 2024, the registrant has adopted a code
of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer,
or persons performing similar functions.

&nbsp;&nbsp;&nbsp;&nbsp;(b) During the period covered by this report, there were not any
amendments to a provision of the Code of Ethics adopted in 2(a) above.

&nbsp;&nbsp;&nbsp;&nbsp;(c) During the period covered by this report, there were no waivers,
including any implicit waivers, from a provision of the Code of Ethics described in 2(a) above that relates to one or more of the
items set forth in paragraph (b) of this item's instructions.

&nbsp;&nbsp;&nbsp;&nbsp;(d) A copy of the code of ethics may be obtained upon request, without
charge, by contacting the registrant in writing at its principal executive office.

---

| | |
|:---|:---|
| **ITEM 3.** | **AUDIT COMMITTEE FINANCIAL EXPERT** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's board of trustees has determined that
the registrant has at least one audit committee financial expert serving on the audit committee.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The audit committee financial expert is Michael J. Simon.
Mr. Simon is independent as defined in Form N-CSR Item 3 (a) (2).

---

| | |
|:---|:---|
| **ITEM 4.** | **PRINCIPAL ACCOUNTANT FEES AND SERVICES.** |

---

(a)-(d)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2023** | **2023** |
| Audit fees |  | 104500 |  | 117500 |
| Audit-Related Fees |  | N/A |  | N/A |
| Tax Fees |  | 22900 |  | 31300 |
| All Other Fees |  | N/A |  | N/A |

---

Audit Fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings. Tax Fees principally include tax compliance, tax advice, tax planning and preparation of tax returns.

(e)(1) The registrant's audit committee pre-approves all audit services provided by the registrant's principal accountant for the registrant and all non-audit services provided by the registrant's principal accountant for the registrant, its investment adviser and any entity controlling, controlled by, or under common control with the investment adviser ("Adviser Affiliate") that provides ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliate relates directly to the operations and financial reporting of the registrant.

(e)(2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment, and Adviser Affiliate that provides ongoing services to the registrant for 2023 and 2024 were $31,300 and $22,900, respectively.

(h) Non-audit services rendered to the registrant's investment adviser and any Adviser Affiliate that were not pre-approved pursuant to Paragraph (c) (7) (ii) of Rule 2-01 of Regulation S-X were considered by the registrant's audit committee as to whether they were compatible with maintaining the principal account's independence.

---

| | |
|:---|:---|
| **ITEM 5.** | **AUDIT COMMITTEE OF LISTED REGISTRANTS.** |

---

Not Applicable to the registrant.

---

| | |
|:---|:---|
| **ITEM 6.** | **SCHEDULE OF INVESTMENTS.** |

---

See Schedule of Investments in Item 7.

**ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.**

![](image_001.jpg)

---

| | | |
|:---|:---|:---|
|  | **Investor Class** | **Institutional Class** |
| Oberweis Micro-Cap Fund | OBMCX | OMCIX |
| Oberweis Small-Cap Opportunities Fund | OBSOX | OBSIX |
| Oberweis Global Opportunities Fund | OBEGX | OBGIX |
| Oberweis China Opportunities Fund | OBCHX | OCHIX |
| Oberweis International Opportunities Fund | OBIOX | OBIIX |
| Oberweis Focused International Growth Fund |  | OFIGX |

---

**ANNUAL FINANCIAL STATEMENTS, FINANCIAL HIGHLIGHTS AND OTHER INFORMATION**

**(Form N-CSR, Items 7-11)**

**DECEMBER 31, 2024**

**Table of Contents**

Please note the Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the SEC.

---

| | |
|:---|:---|
| [Item 7. Financial Statements and Financial Highlights](#a_007) | 1 |
| &nbsp;&nbsp;&nbsp;[Schedule of Investments](#a_001) | 1 |
| &nbsp;&nbsp;&nbsp;[Statement of Assets and Liabilities](#a_002) | 21 |
| &nbsp;&nbsp;&nbsp;[Statement of Operations](#a_003) | 23 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#a_004) | 26 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#a_005) | 32 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights](#a_006) | 40 |

---

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders and Board of Trustees of

The Oberweis Funds

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of The Oberweis Funds comprising the Oberweis Micro-Cap Fund, Oberweis Small-Cap Opportunities Fund, Oberweis Global Opportunities Fund, Oberweis China Opportunities Fund, Oberweis International Opportunities Fund, and Oberweis Focused International Growth Fund (the "Funds") as of December 31, 2024, the related statements of operations for the year then ended, the statements of changes in net assets and the financial highlights for each of the two years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2024, the results of their operations for the year then ended, and the changes in net assets and the financial highlights for each of the two years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds' financial highlights for the year or period ended December 31, 2022, and prior, were audited by other auditors whose report dated February 27, 2023, expressed an unqualified opinion on those financial highlights.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2023.

![](image_004.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

February 27, 2025

![](image_003.jpg)

Oberweis Micro-Cap Fund

Schedule of Investments

December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| **Equities** | ***97.3*** *%*** |  |  |
| ***Aerospace & Defense*** | ***0.9*** *%*** |  |  |
| Ducommun, Inc.\* |  | 95700 | $6092262 |
| ***Automobile Components*** | ***0.6*** *%*** |  |  |
| Gentherm, Inc.\* |  | 92100 | 3677093 |
| ***Banks*** | ***2.5*** *%*** |  |  |
| 1st Source Corp. |  | 73500 | 4290930 |
| FB Financial Corp. |  | 123500 | 6361485 |
| Nicolet Bankshares, Inc. |  | 55200 | 5791032 |
|  |  |  | 16443447 |
| ***Beverages*** | ***1.2*** *%*** |  |  |
| The Vita Coco Co., Inc.\* |  | 207400 | 7655134 |
| ***Biotechnology*** | ***11.5*** *%*** |  |  |
| ADMA Biologics, Inc.\* |  | 2040700 | 34998005 |
| Ardelyx, Inc.\* |  | 491900 | 2493933 |
| CareDx, Inc.\* |  | 379371 | 8122333 |
| Catalyst Pharmaceuticals, Inc.\* |  | 467100 | 9748377 |
| Kiniksa Pharmaceuticals International PLC\* |  | 237200 | 4691816 |
| MannKind Corp.\* |  | 968400 | 6226812 |
| Veracyte, Inc.\* |  | 238500 | 9444600 |
|  |  |  | 75725876 |
| ***Chemicals*** | ***0.9*** *%*** |  |  |
| Hawkins, Inc. |  | 45700 | 5606019 |
| ***Commercial Services & Supplies*** | ***3.3*** *%*** |  |  |
| Aris Water Solutions, Inc. |  | 195200 | 4675040 |
| Interface, Inc. |  | 480100 | 11690435 |
| VSE Corp. |  | 58600 | 5572860 |
|  |  |  | 21938335 |
| ***Communications Equipment*** | ***2.8*** *%*** |  |  |
| Applied Optoelectronics, Inc.\* |  | 495815 | 18275741 |
| ***Construction & Engineering*** | ***6.3*** *%*** |  |  |
| Argan, Inc. |  | 45900 | 6290136 |
| Limbach Hldgs., Inc.\* |  | 110800 | 9477832 |
| Matrix Service Co.\* |  | 221075 | 2646268 |
| Primoris Services Corp. |  | 242900 | 18557560 |
| Sterling Construction Co., Inc.\* |  | 27300 | 4598685 |
|  |  |  | 41570481 |
| ***Consumer Finance*** | ***2.2*** *%*** |  |  |
| EZCORP, Inc.\* |  | 685500 | 8376810 |
| PROG Hldgs., Inc. |  | 143600 | 6068536 |
|  |  |  | 14445346 |
| ***Consumer Staples Distribution & Retail*** | ***0.6*** *%*** |  |  |
| Natural Grocers by Vitamin Cottage, Inc. |  | 107100 | 4254012 |

---

Oberweis Micro-Cap Fund

Schedule of Investments (continued)

December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| ***Diversified Consumer Services*** | ***1.4*** *%*** |  |  |
| OneSpaWorld Hldgs. Ltd. |  | 465400 | 9261460 |
| ***Electrical Equipment*** | ***2.9*** *%*** |  |  |
| American Superconductor Corp.\* |  | 634400 | 15625272 |
| Powell Industries, Inc. |  | 16800 | 3723720 |
|  |  |  | 19348992 |
| ***Electronic Equipment, Instruments & Components*** | ***0.5*** *%*** |  |  |
| PowerFleet, Inc.\* |  | 542100 | 3610386 |
| ***Energy Equipment & Services*** | ***1.9*** *%*** |  |  |
| Helix Energy Solutions Group, Inc.\* |  | 501700 | 4675844 |
| Precision Drilling Corp.\* |  | 68400 | 4177187 |
| RPC, Inc. |  | 626400 | 3720816 |
|  |  |  | 12573847 |
| ***Entertainment*** | ***2.3*** *%*** |  |  |
| IMAX Corp.\* |  | 579600 | 14837760 |
| ***Ground Transportation*** | ***0.5*** *%*** |  |  |
| Universal Logistics Hldgs., Inc. |  | 70500 | 3238770 |
| ***Healthcare Equipment & Supplies*** | ***5.0*** *%*** |  |  |
| Artivion, Inc.\* |  | 312900 | 8945811 |
| Atricure, Inc.\* |  | 151500 | 4629840 |
| Axogen, Inc.\* |  | 300500 | 4952240 |
| Bioventus, Inc.\* |  | 601714 | 6317997 |
| LeMaitre Vascular, Inc. |  | 90800 | 8366312 |
|  |  |  | 33212200 |
| ***Healthcare Providers & Services*** | ***2.4*** *%*** |  |  |
| GeneDx Hldgs. Corp.\* |  | 123500 | 9492210 |
| Pediatrix Medical Group, Inc.\* |  | 466600 | 6121792 |
|  |  |  | 15614002 |
| ***Hotels, Restaurants & Leisure*** | ***5.5*** *%*** |  |  |
| Despegar.com Corp.\* |  | 389300 | 7494025 |
| Lindblad Expeditions Hldgs., Inc. \* |  | 266000 | 3154760 |
| Playa Hotels & Resorts NV\* |  | 705100 | 8919515 |
| Rush Street Interactive, Inc.\* |  | 991900 | 13608868 |
| Sweetgreen, Inc.\* |  | 96201 | 3084204 |
|  |  |  | 36261372 |
| ***Household Durables*** | ***1.2*** *%*** |  |  |
| M/I Homes, Inc.\* |  | 58200 | 7737690 |
| ***Information Technology Services*** | ***2.2*** *%*** |  |  |
| Backblaze, Inc.\* |  | 538700 | 3242974 |
| Grid Dynamics Hldgs., Inc.\* |  | 503000 | 11186720 |
|  |  |  | 14429694 |
| ***Insurance*** | ***1.8*** *%*** |  |  |
| Employers Hldgs., Inc. |  | 96100 | 4923203 |
| Skyward Specialty Insurance Group, Inc.\* |  | 131600 | 6651064 |
|  |  |  | 11574267 |

---

Oberweis Micro-Cap Fund

Schedule of Investments (continued)

December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| ***Interactive Media & Services*** | ***0.8*** *%*** |  |  |
| QuinStreet, Inc.\* |  | 225000 | 5190750 |
| ***Leisure Products*** | ***1.0*** *%*** |  |  |
| Malibu Boats, Inc.\* |  | 166900 | 6273771 |
| ***Machinery*** | ***3.3*** *%*** |  |  |
| Blue Bird Corp.\* |  | 358900 | 13864307 |
| REV Group, Inc. |  | 139600 | 4449052 |
| The Gorman-Rupp Corp. |  | 83400 | 3162528 |
|  |  |  | 21475887 |
| ***Media*** | ***0.5*** *%*** |  |  |
| Magnite, Inc.\* |  | 205700 | 3274744 |
| ***Metals & Mining*** | ***0.5*** *%*** |  |  |
| Universal Stainless & Alloy Products, Inc.\* |  | 80900 | 3562027 |
| ***Oil, Gas & Consumable Fuels*** | ***0.8*** *%*** |  |  |
| Vital Energy, Inc.\* |  | 168700 | 5216204 |
| ***Paper & Forest Products*** | ***0.8*** *%*** |  |  |
| Clearwater Paper Corp.\* |  | 175200 | 5215704 |
| ***Pharmaceuticals*** | ***3.0*** *%*** |  |  |
| Amphastar Pharmaceuticals, Inc.\* |  | 152500 | 5662325 |
| ANI Pharmaceuticals, Inc.\* |  | 65600 | 3626368 |
| Evolus, Inc.\* |  | 677600 | 7480704 |
| Liquidia Corp.\* |  | 250900 | 2950584 |
|  |  |  | 19719981 |
| ***Professional Services*** | ***1.9*** *%*** |  |  |
| Huron Consulting Group, Inc.\* |  | 40500 | 5032530 |
| ICF International, Inc. |  | 35700 | 4255797 |
| Willdan Group, Inc.\* |  | 80100 | 3051009 |
|  |  |  | 12339336 |
| ***Semiconductors & Semiconductor Equipment*** | ***14.4*** *%*** |  |  |
| ACM Research, Inc.\* |  | 485200 | 7326520 |
| Alpha & Omega Semiconductor Ltd.\* |  | 177700 | 6580231 |
| Ambarella, Inc.\* |  | 182800 | 13296872 |
| Camtek Ltd. |  | 199980 | 16152385 |
| Ichor Hldgs. Ltd.\* |  | 337800 | 10883916 |
| Photronics, Inc.\* |  | 186000 | 4382160 |
| Silicon Motion Technology Corp. ADS |  | 157900 | 8534495 |
| Ultra Clean Hldgs., Inc.\* |  | 613300 | 22048135 |
| Veeco Instruments, Inc.\* |  | 205800 | 5515440 |
|  |  |  | 94720154 |

---

Oberweis Micro-Cap Fund

Schedule of Investments (continued)

December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| ***Software*** | ***8.8*** *%*** |  |  |
| AvePoint, Inc.\* |  | 296300 | 4891913 |
| Blend Labs, Inc.\* |  | 964700 | 4061387 |
| Cellebrite DI Ltd.\* |  | 611700 | 13475751 |
| OneSpan, Inc.\* |  | 544800 | 10100592 |
| Radware Ltd.\* |  | 274700 | 6188991 |
| Semrush Hldgs., Inc.\* |  | 233700 | 2776356 |
| Verint Systems, Inc.\* |  | 201700 | 5536665 |
| Weave Communications, Inc.\* |  | 701100 | 11161512 |
|  |  |  | 58193167 |
| ***Specialty Retail*** | ***1.1*** *%*** |  |  |
| Boot Barn Hldgs., Inc.\* |  | 50800 | 7712456 |
| ***Total Equities*** |  |  |  |
| (Cost: $468,777,113) |  |  | $640278367 |
| ***Total Investments*** | ***97.3*** *%*** |  |  |
| (Cost: $468,777,113) |  |  | $640278367 |
| Other Assets Less Liabilities | ***2.7*** *%*** |  | 17535195 |
| ***Net Assets - 100%*** |  |  | $**657813562** |

---

\* Non-income producing security during the period ended December 31, 2024

ADS - American depositary share

Oberweis Small-Cap Opportunities Fund

Schedule of Investments

December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| ***Equities*** | ***98.4*** *%*** |  |  |
| ***Aerospace & Defense*** | ***1.0*** *%*** |  |  |
| AeroVironment, Inc.\* |  | 92500 | $14234825 |
| ***Automobile Components*** | ***1.6*** *%*** |  |  |
| Dorman Products, Inc.\* |  | 171500 | 22217825 |
| ***Banks*** | ***1.8*** *%*** |  |  |
| Ameris Bancorp |  | 144100 | 9016337 |
| Commerce Bancshares, Inc. |  | 167790 | 10454995 |
| First Merchants Corp. |  | 145600 | 5807984 |
|  |  |  | 25279316 |
| ***Beverages*** | ***1.4*** *%*** |  |  |
| Primo Brands Corp. |  | 632400 | 19458948 |
| ***Biotechnology*** | ***3.5*** *%*** |  |  |
| ADMA Biologics, Inc.\* |  | 1081800 | 18552870 |
| Blueprint Medicines Corp.\* |  | 75000 | 6541500 |
| Krystal Biotech, Inc.\* |  | 46800 | 7331688 |
| Veracyte, Inc.\* |  | 418200 | 16560720 |
|  |  |  | 48986778 |
| ***Chemicals*** | ***1.0*** *%*** |  |  |
| Cabot Corp. |  | 152800 | 13952168 |
| ***Commercial Services & Supplies*** | ***1.5*** *%*** |  |  |
| Clean Harbors, Inc.\* |  | 89300 | 20551502 |
| ***Construction & Engineering*** | ***1.4*** *%*** |  |  |
| Arcosa, Inc.\* |  | 203000 | 19638220 |
| ***Consumer Finance*** | ***0.5*** *%*** |  |  |
| FirstCash Hldgs., Inc. |  | 70100 | 7262360 |
| ***Consumer Staples Distribution & Retail*** | ***1.0*** *%*** |  |  |
| Sprouts Farmers Market, Inc.\* |  | 108500 | 13787095 |
| ***Diversified Consumer Services*** | ***6.8*** *%*** |  |  |
| Bright Horizons Family Solutions, Inc.\* |  | 129904 | 14399858 |
| Duolingo, Inc.\* |  | 31000 | 10051130 |
| Frontdoor, Inc.\* |  | 464400 | 25388748 |
| Grand Canyon Education, Inc.\* |  | 71200 | 11662560 |
| Strategic Education, Inc. |  | 134500 | 12564990 |
| Stride, Inc.\* |  | 207300 | 21544689 |
|  |  |  | 95611975 |

---

Oberweis Small-Cap Opportunities Fund

Schedule of Investments (continued)

December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| ***Electronic Equipment, Instruments & Components*** | ***3.7*** *%*** |  |  |
| Fabrinet\* |  | 63800 | 14028344 |
| Itron, Inc.\* |  | 199000 | 21607420 |
| OSI Systems, Inc.\* |  | 100400 | 16809972 |
|  |  |  | 52445736 |
| ***Energy Equipment & Services*** | ***1.2*** *%*** |  |  |
| Weatherford International PLC |  | 242800 | 17391764 |
| ***Financial Services*** | ***1.6*** *%*** |  |  |
| Mr. Cooper Group, Inc.\* |  | 147100 | 14123071 |
| Payoneer Global, Inc.\* |  | 858691 | 8621258 |
|  |  |  | 22744329 |
| ***Food Products*** | ***1.0*** *%*** |  |  |
| Freshpet, Inc.\* |  | 94300 | 13966773 |
| ***Healthcare Equipment & Supplies*** | ***7.8*** *%*** |  |  |
| Haemonetics Corp.\* |  | 215300 | 16810624 |
| ICU Medical, Inc.\* |  | 143300 | 22235861 |
| LivaNova PLC\* |  | 430400 | 19931824 |
| Merit Medical Systems, Inc.\* |  | 188000 | 18183360 |
| Omnicell, Inc.\* |  | 333200 | 14834064 |
| Tandem Diabetes Care, Inc.\* |  | 480900 | 17322018 |
|  |  |  | 109317751 |
| ***Healthcare Providers & Services*** | ***5.7*** *%*** |  |  |
| Addus HomeCare Corp.\* |  | 59900 | 7508465 |
| Encompass Health Corp. |  | 328200 | 30309270 |
| HealthEquity, Inc.\* |  | 91500 | 8779425 |
| Hims & Hers Health, Inc.\* |  | 843600 | 20398248 |
| NeoGenomics, Inc.\* |  | 768700 | 12668176 |
|  |  |  | 79663584 |
| ***Healthcare Technology*** | ***2.8*** *%*** |  |  |
| Doximity, Inc.\* |  | 573100 | 30597809 |
| Waystar Hldg. Corp.\* |  | 231300 | 8488710 |
|  |  |  | 39086519 |
| ***Hotels, Restaurants & Leisure*** | ***1.4*** *%*** |  |  |
| Dutch Bros, Inc.\* |  | 219000 | 11471220 |
| Wingstop, Inc. |  | 28000 | 7957600 |
|  |  |  | 19428820 |
| ***Household Durables*** | ***4.5*** *%*** |  |  |
| Century Communities, Inc. |  | 248000 | 18193280 |
| SharkNinja, Inc.\* |  | 462800 | 45058208 |
|  |  |  | 63251488 |
| ***Information Technology Services*** | ***1.0*** *%*** |  |  |
| DigitalOcean Hldgs., Inc.\* |  | 425700 | 14503599 |

---

Oberweis Small-Cap Opportunities Fund

Schedule of Investments (continued)

December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| ***Insurance*** | ***1.7*** *%*** |  |  |
| Assurant, Inc. |  | 81000 | 17270820 |
| Oscar Health, Inc.\* |  | 528900 | 7108416 |
|  |  |  | 24379236 |
| ***Interactive Media & Services*** | ***1.3*** *%*** |  |  |
| CarGurus, Inc.\* |  | 500000 | 18270000 |
| ***Machinery*** | ***4.0*** *%*** |  |  |
| Federal Signal Corp. |  | 229700 | 21221983 |
| Flowserve Corp. |  | 426100 | 24509272 |
| SPX Technologies, Inc.\* |  | 75400 | 10972208 |
|  |  |  | 56703463 |
| ***Marine Transportation*** | ***0.4*** *%*** |  |  |
| Kirby Corp.\* |  | 56900 | 6020020 |
| ***Metals & Mining*** | ***0.9*** *%*** |  |  |
| Carpenter Technology Corp. |  | 77100 | 13084641 |
| ***Oil, Gas & Consumable Fuels*** | ***1.1*** *%*** |  |  |
| Magnolia Oil & Gas Corp. |  | 306300 | 7161294 |
| Matador Resources Co. |  | 144800 | 8146448 |
|  |  |  | 15307742 |
| ***Passenger Airlines*** | ***2.2*** *%*** |  |  |
| SkyWest, Inc.\* |  | 307100 | 30749923 |
| ***Personal Care Products*** | ***2.6*** *%*** |  |  |
| BellRing Brands, Inc.\* |  | 253100 | 19068554 |
| elf Beauty, Inc.\* |  | 137700 | 17288235 |
|  |  |  | 36356789 |
| ***Professional Services*** | ***4.0*** *%*** |  |  |
| ExlService Hldgs., Inc.\* |  | 190800 | 8467704 |
| Genpact Ltd. |  | 523600 | 22488620 |
| ICF International, Inc. |  | 31971 | 3811263 |
| Parsons Corp.\* |  | 233300 | 21521925 |
|  |  |  | 56289512 |

---

Oberweis Small-Cap Opportunities Fund

Schedule of Investments (continued)

December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| ***Semiconductors & Semiconductor Equipment*** | ***12.1*** *%*** |  |  |
| Credo Technology Group Hldg. Ltd.\* |  | 881334 | 59234458 |
| FormFactor, Inc.\* |  | 306800 | 13499200 |
| MACOM Technology Solutions Hldgs., Inc.\* |  | 164400 | 21357204 |
| Nova Ltd.\* |  | 111000 | 21861450 |
| Onto Innovation, Inc.\* |  | 115500 | 19250385 |
| Rambus, Inc.\* |  | 409400 | 21640884 |
| Universal Display Corp. |  | 91900 | 13435780 |
|  |  |  | 170279361 |
| ***Software*** | ***10.9*** *%*** |  |  |
| ACI Worldwide, Inc.\* |  | 320262 | 16624800 |
| Box, Inc.\* |  | 558500 | 17648600 |
| Clear Secure, Inc. |  | 609400 | 16234416 |
| Dolby Laboratories, Inc. |  | 181000 | 14136100 |
| Freshworks, Inc.\* |  | 826600 | 13366122 |
| Pegasystems, Inc.\* |  | 145500 | 13560600 |
| Q2 Hldgs., Inc.\* |  | 103900 | 10457535 |
| Qualys, Inc.\* |  | 47800 | 6702516 |
| SPS Commerce, Inc.\* |  | 46600 | 8573934 |
| Varonis Systems, Inc.\* |  | 145800 | 6477894 |
| Zeta Global Hldgs. Corp.\* |  | 1624400 | 29222956 |
|  |  |  | 153005473 |
| ***Specialty Retail*** | ***3.4*** *%*** |  |  |
| Abercrombie & Fitch Co.\* |  | 147300 | 22016931 |
| Five Below, Inc.\* |  | 85000 | 8921600 |
| The Gap, Inc.\* |  | 726500 | 17167195 |
|  |  |  | 48105726 |
| ***Textiles, Apparel & Luxury Goods*** | ***1.6*** *%*** |  |  |
| Deckers Outdoor Corp.\* |  | 73700 | 14967733 |
| Under Armour, Inc.\* |  | 1153200 | 9548496 |
|  |  |  | 24516229 |
| ***Total Equities*** |  |  |  |
| (Cost: $1,197,584,858) |  |  | $1385849490 |
| ***Total Investments*** | ***98.4*** *%*** |  |  |
| (Cost: $1,197,584,858) |  |  | $1385849490 |
| Other Assets Less Liabilities | ***1.6*** *%*** |  | 22747547 |
| ***Net Assets - 100%*** |  |  | $**1408597037** |

---

\* Non-income producing security during the period ended December 31, 2024

Oberweis Global Opportunities Fund

Schedule of Investments <sup>a</sup>

December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| **Equities** | ***97.0*** *%*** |  |  |
| ***Canada*** | ***2.6*** *%*** |  |  |
| Bird Construction, Inc. |  | 83000 | $1504682 |
| ***China*** | ***1.3*** *%*** |  |  |
| American Superconductor Corp.\* |  | 30000 | 738900 |
| ***Germany*** | ***0.9*** *%*** |  |  |
| CTS Eventim AG & Co. KGaA\* |  | 6300 | 532566 |
| ***India*** | ***2.4*** *%*** |  |  |
| Federal Bank Ltd. |  | 320000 | 747618 |
| MakeMyTrip Ltd.\* |  | 5600 | 628768 |
|  |  |  | 1376386 |
| ***Israel*** | ***1.2*** *%*** |  |  |
| Cellebrite DI Ltd.\* |  | 30500 | 671915 |
| ***Japan*** | ***7.7*** *%*** |  |  |
| Asics Corp. |  | 91800 | 1790814 |
| Fuji Electric Co. Ltd. |  | 23100 | 1234965 |
| Santen Pharmaceutical Co. Ltd. |  | 134100 | 1373057 |
|  |  |  | 4398836 |
| ***Netherlands*** | ***0.9*** *%*** |  |  |
| Arcadis NV\* |  | 8600 | 523804 |
| ***Norway*** | ***3.1*** *%*** |  |  |
| Kongsberg Gruppen ASA |  | 6200 | 697542 |
| Subsea 7 SA |  | 67300 | 1070748 |
|  |  |  | 1768290 |
| ***Sweden*** | ***2.3*** *%*** |  |  |
| Saab AB |  | 63400 | 1339463 |
| ***Switzerland*** | ***2.8*** *%*** |  |  |
| Accelleron Industries AG |  | 31600 | 1629653 |
| ***Taiwan*** | ***1.1*** *%*** |  |  |
| eMemory Technology, Inc. |  | 6000 | 614010 |
| ***United Kingdom*** | ***13.6*** *%*** |  |  |
| Ashtead Technology Hldgs. PLC |  | 269200 | 1883861 |
| Cranswick PLC |  | 16500 | 1004914 |
| Games Workshop Group PLC |  | 6200 | 1033075 |
| Informa PLC |  | 48800 | 487755 |
| Intermediate Capital Group PLC |  | 29000 | 750050 |
| Just Group PLC\* |  | 400000 | 813220 |
| Marks & Spencer Group PLC |  | 388900 | 1828142 |
|  |  |  | 7801017 |

---

Oberweis Global Opportunities Fund

Schedule of Investments <sup>a</sup> (continued)

December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| ***United States of America*** | ***57.1*** *%*** |  |  |
| ACI Worldwide, Inc.\* |  | 11300 | 586583 |
| ADMA Biologics, Inc.\* |  | 147800 | 2534770 |
| AeroVironment, Inc.\* |  | 3900 | 600171 |
| Amphastar Pharmaceuticals, Inc.\* |  | 12600 | 467837 |
| Ardelyx, Inc.\* |  | 82800 | 419795 |
| Aris Water Solutions, Inc. |  | 30000 | 718500 |
| CareDx, Inc.\* |  | 39200 | 839272 |
| Carpenter Technology Corp. |  | 5700 | 967347 |
| Clean Harbors, Inc.\* |  | 4600 | 1058644 |
| Credo Technology Group Hldg. Ltd.\* |  | 51200 | 3441152 |
| Flowserve Corp. |  | 19300 | 1110136 |
| FormFactor, Inc.\* |  | 19000 | 836000 |
| ICU Medical, Inc.\* |  | 7600 | 1179292 |
| LeMaitre Vascular, Inc. |  | 10400 | 958256 |
| MACOM Technology Solutions Hldgs., Inc.\* |  | 5800 | 753478 |
| Merit Medical Systems, Inc.\* |  | 9500 | 918840 |
| Onto Innovation, Inc.\* |  | 8000 | 1333360 |
| Oscar Health, Inc.\* |  | 59200 | 795648 |
| Parsons Corp.\* |  | 18800 | 1734300 |
| Q2 Hldgs., Inc.\* |  | 11300 | 1137345 |
| RxSight, Inc.\* |  | 17000 | 584460 |
| SharkNinja, Inc.\* |  | 18600 | 1810896 |
| SkyWest, Inc.\* |  | 9500 | 951235 |
| Tandem Diabetes Care, Inc.\* |  | 23900 | 860878 |
| The Vita Coco Co., Inc.\* |  | 21200 | 782492 |
| Veracyte, Inc.\* |  | 50600 | 2003760 |
| Weatherford International PLC |  | 20900 | 1497067 |
| Zeta Global Hldgs. Corp.\* |  | 103200 | 1856568 |
|  |  |  | 32738082 |
| ***Total Equities*** |  |  |  |
| (Cost: $46,726,597) |  |  | $55637604 |
| ***Total Investments*** | ***97.0*** *%*** |  |  |
| (Cost: $46,726,597) |  |  | $55637604 |
| Other Assets Less Liabilities | ***3.0*** *%*** |  | 1717698 |
| ***Net Assets - 100%*** |  |  | $**57355302** |

---

<sup>a</sup> Certain securities were fair valued under the discretion of the Board of Trustees

\* Non-income producing security during the period ended December 31, 2024

Oberweis Global Opportunities Fund

Schedule of Investments <sup>a</sup> (continued)

December 31, 2024

---

| | |
|:---|:---|
| **SECTOR ALLOCATIONS (As a Percentage of Net Assets) (unaudited)** | |
| Communication Services | 1.8% |
| Consumer Discretionary | 9.2% |
| Consumer Staples | 6.3% |
| Energy | 4.5% |
| Financials | 5.4% |
| Healthcare | 21.2% |
| Industrials | 27.4% |
| Information Technology | 19.6% |
| Materials | 1.6% |

---

Oberweis China Opportunities Fund

Schedule of Investments

December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| **Equities** | ***100.8*** *%*** |  |  |
| ***Automobile Components*** | ***1.1*** *%*** |  |  |
| Hesai Group ADS\* |  | 28000 | $386960 |
| ***Automobiles*** | ***3.3*** *%*** |  |  |
| BYD Co. Ltd. |  | 17500 | 600706 |
| Li Auto, Inc.\* |  | 50000 | 604826 |
|  |  |  | 1205532 |
| ***Banks*** | ***3.6*** *%*** |  |  |
| China Construction Bank Corp. |  | 1600000 | 1334930 |
| ***Beverages*** | ***2.3*** *%*** |  |  |
| Kweichow Moutai Co. Ltd. |  | 4000 | 835149 |
| ***Biotechnology*** | ***3.7*** *%*** |  |  |
| Akeso, Inc.\* |  | 40000 | 312617 |
| Ascentage Pharma Group International\* |  | 80000 | 468153 |
| BeiGene Ltd.\* |  | 17000 | 239020 |
| Everest Medicines Ltd.\* |  | 55000 | 342745 |
|  |  |  | 1362535 |
| ***Broadline Retail*** | ***12.3*** *%*** |  |  |
| Alibaba Group Hldg. Ltd. |  | 230000 | 2440161 |
| JD.com, Inc.\* |  | 53000 | 928065 |
| PDD Hldgs. ADS\* |  | 12000 | 1163880 |
|  |  |  | 4532106 |
| ***Capital Markets*** | ***6.0*** *%*** |  |  |
| China International Capital Corp. Ltd. |  | 200000 | 330127 |
| Futu Hldgs. Ltd. ADS |  | 6500 | 519935 |
| Hithink RoyalFlush Information Network Co. Ltd. \* |  | 15000 | 590810 |
| Hong Kong Exchanges & Clearing Ltd.\* |  | 20000 | 759138 |
|  |  |  | 2200010 |
| ***Communications Equipment*** | ***0.3*** *%*** |  |  |
| Accton Technology Corp.\* |  | 5000 | 117891 |
| ***Diversified Consumer Services*** | ***1.6*** *%*** |  |  |
| TAL Education Group ADS\* |  | 60000 | 601200 |
| ***Electrical Equipment*** | ***4.0*** *%*** |  |  |
| Bizlink Hldg., Inc.\* |  | 20000 | 373347 |
| Contemporary Amperex Technology Co. Ltd. |  | 30000 | 1093256 |
|  |  |  | 1466603 |
| ***Electronic Equipment, Instruments & Components*** | ***2.2*** *%*** |  |  |
| Sunny Optical Technology Group Co. Ltd.\* |  | 90000 | 797829 |
| ***Entertainment*** | ***2.9*** *%*** |  |  |
| Bilibili, Inc.\* |  | 30000 | 548496 |
| NetEase, Inc. |  | 30000 | 534590 |
|  |  |  | 1083086 |

---

Oberweis China Opportunities Fund

Schedule of Investments (continued)

December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| ***Ground Transportation*** | ***0.6*** *%*** |  |  |
| Full Truck Alliance Co. Ltd. ADS\* |  | 22000 | 238040 |
| ***Healthcare Equipment & Supplies*** | ***1.6*** *%*** |  |  |
| Angelalign Technology, Inc.\* |  | 65000 | 492938 |
| Shanghai Conant Optical Co. Ltd.\* |  | 35000 | 112210 |
|  |  |  | 605148 |
| ***Hotels, Restaurants & Leisure*** | ***11.1*** *%*** |  |  |
| Meituan\* |  | 85000 | 1660229 |
| Sands China Ltd.\* |  | 250000 | 672744 |
| Trip.com Group Ltd.\* |  | 25000 | 1738190 |
|  |  |  | 4071163 |
| ***Information Technology Services*** | ***4.7*** *%*** |  |  |
| GDS Hldgs. Ltd.\* |  | 450000 | 1321024 |
| Kingsoft Cloud Hldgs. Ltd.\* |  | 550000 | 422058 |
|  |  |  | 1743082 |
| ***Insurance*** | ***5.6*** *%*** |  |  |
| AIA Group Ltd. |  | 80000 | 579912 |
| China Pacific Insurance (Group) Co. Ltd. |  | 320000 | 1038279 |
| China Taiping Insurance Hldgs Co. Ltd.\* |  | 300000 | 448839 |
|  |  |  | 2067030 |
| ***Interactive Media & Services*** | ***8.0*** *%*** |  |  |
| Tencent Hldgs. Ltd. |  | 55000 | 2952992 |
| ***Media*** | ***0.2*** *%*** |  |  |
| Mobvista, Inc.\* |  | 65000 | 69798 |
| ***Metals & Mining*** | ***2.1*** *%*** |  |  |
| Zijin Mining Group Co. Ltd. |  | 430000 | 782854 |
| ***Oil, Gas & Consumable Fuels*** | ***0.5*** *%*** |  |  |
| China Shenhua Energy Co. Ltd. |  | 40000 | 173046 |
| ***Passsenger Airlines*** | ***0.3*** *%*** |  |  |
| Cathay Pacific Airways Ltd.\* |  | 100000 | 122832 |
| ***Real Estate Management & Development*** | ***2.3*** *%*** |  |  |
| China Resources Mixc Lifestyle Services Ltd. |  | 180000 | 669783 |
| Longfor Group Hldgs. Ltd. |  | 150000 | 193132 |
|  |  |  | 862915 |

---

Oberweis China Opportunities Fund

Schedule of Investments (continued)

December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| ***Semiconductors & Semiconductor Equipment*** | ***6.2*** *%*** |  |  |
| Alchip Technologies Ltd.\* |  | 2000 | 200095 |
| Taiwan Semiconductor Manufacturing Co. Ltd. ADS |  | 10500 | 2073645 |
|  |  |  | 2273740 |
| ***Software*** | ***0.9*** *%*** |  |  |
| Geovis Technology Co. Ltd.\* |  | 35000 | 244688 |
| Kingdee International Software Group Co. Ltd.\* |  | 65000 | 71388 |
|  |  |  | 316076 |
| ***Specialty Retail*** | ***5.3*** *%*** |  |  |
| Pop Mart International Group Ltd. |  | 170000 | 1962288 |
| ***Technology Hardware, Storage & Peripherals*** | ***6.6*** *%*** |  |  |
| Asustek Computer, Inc.\* |  | 35000 | 657628 |
| Xiaomi Corp.\* |  | 400000 | 1776816 |
|  |  |  | 2434444 |
| ***Textiles, Apparel & Luxury Goods*** | ***1.1*** *%*** |  |  |
| ANTA Sports Products Ltd.\* |  | 40000 | 400942 |
| ***Water Utilities*** | ***0.4*** *%*** |  |  |
| Guangdong Investment Ltd.\* |  | 140000 | 120952 |
| ***Total Equities*** |  |  |  |
| (Cost: $32,165,639) |  |  | $37121173 |
| ***Short-Term Investments*** | ***0.1*** *%*** |  |  |
| Fidelity Investments Money Market Government Portfolio Class I 4.38%<sup>b</sup> |  | 41038 | 41038 |
| ***Total Short-Term Investments*** |  |  |  |
| (Cost: $41,038) |  |  | $41038 |
| ***Total Investments*** | ***100.9*** *%*** |  |  |
| (Cost: $32,206,677) |  |  | $37162211 |
| Other Liabilities Less Assets | ***(0.9*** *)%*** |  | (323377) |
| ***Net Assets - 100%*** |  |  | $**36838834** |

---

\* Non-income producing security during the period ended December 31, 2024

ADS - American depositary share

---

| | |
|:---|:---|
| **COUNTRY ALLOCATION (As a Percentage of Net Assets) (unaudited)** | |
| China (Includes the People's Republic of China, Taiwan and Hong Kong) | 100.8% |

---

Oberweis International Opportunities Fund

Schedule of Investments <sup>a</sup>

December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| **Equities** | ***98.3*** *%*** |  |  |
| ***Australia*** | ***2.4*** *%*** |  |  |
| JB Hi-Fi Ltd. |  | 142312 | $8163825 |
| ***Canada*** | ***13.4*** *%*** |  |  |
| Aecon Group, Inc. |  | 167800 | 3177402 |
| Alamos Gold, Inc. |  | 337900 | 6233814 |
| AtkinsRealis Group, Inc. |  | 68500 | 3633955 |
| Bird Construction, Inc. |  | 250334 | 4538229 |
| Celestica, Inc.\* |  | 55500 | 5121830 |
| CES Energy Solutions Corp. |  | 770300 | 5315740 |
| Definity Financial Corp. |  | 149400 | 6074734 |
| Element Fleet Management Corp. |  | 257900 | 5213617 |
| iA Financial Corp., Inc. |  | 29800 | 2763782 |
| SECURE Waste Infrastructure Corp. |  | 334700 | 3785894 |
|  |  |  | 45858997 |
| ***Denmark*** | ***1.4*** *%*** |  |  |
| ALK-Abello A/S\* |  | 217900 | 4825003 |
| ***Finland*** | ***2.7*** *%*** |  |  |
| Cargotec Oyj\* |  | 26900 | 1423297 |
| Konecranes Oyj\* |  | 55000 | 3485886 |
| Metso Corp. |  | 445968 | 4151743 |
|  |  |  | 9060926 |
| ***Germany*** | ***5.1*** *%*** |  |  |
| CTS Eventim AG & Co. |  | 92751 | 7840640 |
| Hensoldt AG\* |  | 174100 | 6255427 |
| MTU Aero Engines AG\* |  | 9800 | 3273128 |
|  |  |  | 17369195 |
| ***Italy*** | ***5.3*** *%*** |  |  |
| Banco BPM SpA |  | 372700 | 3017581 |
| BPER Banca SpA\* |  | 448600 | 2861068 |
| Brunello Cucinelli SpA |  | 56400 | 6161037 |
| De' Longhi SpA |  | 191300 | 5988340 |
|  |  |  | 18028026 |
| ***Japan*** | ***27.2*** *%*** |  |  |
| ABC-Mart, Inc. |  | 262400 | 5293887 |
| Asics Corp. |  | 373300 | 7282255 |
| BayCurrent Consulting, Inc. |  | 140100 | 4713778 |
| Fuji Electric Co. Ltd. |  | 89800 | 4800861 |
| Fujikura Ltd. |  | 239000 | 9757368 |
| Furukawa Electric Co. Ltd.\* |  | 95200 | 3946482 |
| Isetan Mitsukoshi Hldgs. Ltd. |  | 249600 | 4285529 |
| JVCKenwood Corp. |  | 676800 | 7453140 |
| Maruwa Co. Ltd.\* |  | 11200 | 3379183 |
| Nichirei Corp. |  | 143200 | 3797219 |
| Niterra Co. Ltd.\* |  | 56000 | 1784265 |
| Nomura Hldgs., Inc.\* |  | 944300 | 5478676 |
| Organo Corp. |  | 96500 | 4943437 |
| Ryohin Keikaku Co. Ltd. |  | 248900 | 5666945 |
| Santen Pharmaceutical Co. Ltd. |  | 801700 | 8208651 |
| SWCC Corp.\* |  | 72500 | 3461381 |
| The Japan Steel Works Ltd. |  | 132400 | 4800348 |
| Toyo Suisan Kaisha Ltd. |  | 56100 | 3804327 |
|  |  |  | 92857732 |

---

Oberweis International Opportunities Fund

Schedule of Investments <sup>a</sup> (continued)

December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| ***Netherlands*** | ***2.5*** *%*** |  |  |
| Arcadis NV |  | 113200 | 6894717 |
| BE Semiconductor Industries NV\* |  | 12100 | 1658204 |
|  |  |  | 8552921 |
| ***Norway*** | ***6.1*** *%*** |  |  |
| Aker Solutions ASA |  | 1064600 | 2929422 |
| Hoegh Autoliners ASA |  | 328900 | 3281213 |
| Kongsberg Gruppen ASA |  | 30000 | 3375203 |
| Storebrand ASA\* |  | 578948 | 6173781 |
| Subsea 7 SA |  | 316900 | 5041901 |
|  |  |  | 20801520 |
| ***Spain*** | ***1.3*** *%*** |  |  |
| Banco de Sabadell SA |  | 2352500 | 4573899 |
| ***Sweden*** | ***3.2*** *%*** |  |  |
| Lagercrantz Group AB\* |  | 150300 | 2823271 |
| Saab AB |  | 386300 | 8161426 |
|  |  |  | 10984697 |
| ***Switzerland*** | ***3.7*** *%*** |  |  |
| Accelleron Industries AG |  | 194300 | 10020301 |
| Sportradar Group AG\* |  | 155400 | 2694636 |
|  |  |  | 12714937 |
| ***United Kingdom*** | ***24.0*** *%*** |  |  |
| ConvaTec Group PLC |  | 524300 | 1451866 |
| Cranswick PLC |  | 100300 | 6108657 |
| Diploma PLC |  | 104800 | 5575864 |
| Games Workshop Group PLC |  | 52550 | 8756140 |
| Greencore Group PLC\* |  | 1022100 | 2479757 |
| IMI PLC |  | 225816 | 5147858 |
| Informa PLC |  | 490300 | 4900545 |
| Intermediate Capital Group PLC |  | 403300 | 10430869 |
| Just Group PLC |  | 2380400 | 4839471 |
| Keller Group PLC |  | 229100 | 4158676 |
| Marks and Spencer Group PLC |  | 2218800 | 10430138 |
| Molten Ventures PLC\* |  | 857700 | 3425217 |
| Morgan Sindall Group PLC |  | 137571 | 6716661 |
| Telecom Plus PLC |  | 96400 | 2073300 |
| XPS Pensions Group PLC\* |  | 1254300 | 5354485 |
|  |  |  | 81849504 |
| ***Total Equities*** |  |  |  |
| (Cost: $289,682,839) |  |  | $335641182 |
| ***Short-Term Investments*** | ***1.1*** *%*** |  |  |
| Fidelity Investments Money Market Government Portfolio Class I 4.38%<sup>b</sup> |  | 3710329 | 3710329 |
| ***Total Short-Term Investments*** |  |  |  |
| (Cost: $3,710,329) |  |  | $3710329 |
| ***Total Investments*** | ***99.4*** *%*** |  |  |
| (Cost: $293,393,168) |  |  | $339351511 |
| Other Assets Less Liabilities | ***0.6*** *%*** |  | 2176051 |
| ***Net Assets - 100%*** |  |  | $**341527562** |

---

<sup>a</sup> Certain securities were fair valued under the discretion of the Board of Trustees

<sup>b</sup> Annualized seven-day effective yield as of December 31, 2024

\* Non-income producing security during the year ended December 31, 2024

Oberweis International Opportunities Fund

Schedule of Investments <sup>a</sup> (continued)

December 31, 2024

---

| | |
|:---|:---|
| **SECTOR ALLOCATIONS (As a Percentage of Net Assets) (unaudited)** | |
| Communication Services | 3.7% |
| Consumer Discretionary | 18.6% |
| Consumer Staples | 7.8% |
| Energy | 5.0% |
| Financials | 16.1% |
| Healthcare | 4.2% |
| Industrials | 36.6% |
| Information Technology | 3.8% |
| Materials | 1.8% |
| Utilities | 0.7% |

---

Oberweis Focused International Growth Fund

Schedule of Investments <sup>a</sup>

December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| **Equities** | ***96.7*** *%*** |  |  |
| ***Australia*** | ***2.9*** *%*** |  |  |
| BHP Group Ltd. |  | 4700 | $115056 |
| Xero Ltd.\* |  | 1000 | 104333 |
|  |  |  | 219389 |
| ***Canada*** | ***4.8*** *%*** |  |  |
| Dollarama, Inc. |  | 2700 | 263482 |
| Shopify, Inc.\* |  | 1000 | 106330 |
|  |  |  | 369812 |
| ***Denmark*** | ***1.8*** *%*** |  |  |
| Novo Nordisk A/S |  | 1600 | 138051 |
| ***France*** | ***8.5*** *%*** |  |  |
| LVMH Moet Hennessy Louis Vuitton SE |  | 300 | 197483 |
| Publicis Groupe SA |  | 1100 | 117361 |
| Schneider Electric SE |  | 1000 | 249534 |
| Societe Generale SA\* |  | 3200 | 90027 |
|  |  |  | 654405 |
| ***Germany*** | ***19.3*** *%*** |  |  |
| Deutsche Telekom AG\* |  | 6900 | 206743 |
| Heidelberg Materials AG\* |  | 1800 | 222412 |
| Münchener Rückversicherungs AG\* |  | 320 | 161458 |
| Rheinmetall AG |  | 700 | 447231 |
| SAP SE |  | 1800 | 442749 |
|  |  |  | 1480593 |
| ***Italy*** | ***3.6*** *%*** |  |  |
| Ferrari NV |  | 200 | 85339 |
| UniCredit SpA |  | 4800 | 192230 |
|  |  |  | 277569 |
| ***Japan*** | ***16.9*** *%*** |  |  |
| Hitachi Ltd. |  | 16500 | 404086 |
| Mitsubishi UFJ Financial Group, Inc. |  | 16400 | 191465 |
| Recruit Hldgs. Co. Ltd.\* |  | 2400 | 166819 |
| Sony Group Corp. |  | 9900 | 208648 |
| Sumitomo Corp. |  | 7000 | 151488 |
| Toyota Motor Corp. |  | 9000 | 175727 |
|  |  |  | 1298233 |
| ***Netherlands*** | ***1.8*** *%*** |  |  |
| ASML Hldg. NV |  | 200 | 140605 |
| ***Spain*** | ***2.4*** *%*** |  |  |
| Industria de Diseno Textil SA |  | 3600 | 185109 |
| ***Sweden*** | ***5.0*** *%*** |  |  |
| EQT AB |  | 6700 | 185213 |
| Spotify Technology SA\* |  | 200 | 89476 |
| Volvo AB |  | 4500 | 109359 |
|  |  |  | 384048 |
| ***Switzerland*** | ***5.5*** *%*** |  |  |
| Roche Hldg. AG |  | 450 | 125816 |
| Zurich Insurance Group AG |  | 500 | 297366 |
|  |  |  | 423182 |

---

Oberweis Focused International Growth Fund

Schedule of Investments <sup>a</sup> (continued)

December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| ***United Kingdom*** | ***21.4*** *%*** |  |  |
| Anglo American PLC |  | 3100 | 91743 |
| AstraZeneca PLC |  | 1100 | 144151 |
| BP PLC |  | 22200 | 109221 |
| CRH PLC |  | 1400 | 129940 |
| HSBC Hldgs. PLC |  | 20800 | 204485 |
| London Stock Exchange Group PLC\* |  | 800 | 113020 |
| NatWest Group PLC |  | 39200 | 197325 |
| Rolls-Royce Hldgs. PLC\* |  | 39400 | 280456 |
| Shell PLC |  | 5600 | 173580 |
| Unilever PLC |  | 3500 | 199274 |
|  |  |  | 1643195 |
| ***United States of America*** | ***2.8*** *%*** |  |  |
| Cadence Design Systems, Inc.\* |  | 700 | 210322 |
| ***Total Equities*** |  |  |  |
| (Cost: $6,723,038) |  |  | $7424513 |
| ***Short-Term Investments*** | ***2.1*** *%*** |  |  |
| Fidelity Investments Money Market Government Portfolio Class I 4.38%<sup>b</sup> |  | 164739 | 164739 |
| ***Total Short-Term Investments*** |  |  |  |
| (Cost: $164,739) |  |  | $164739 |
| ***Total Investments*** | ***98.8*** *%*** |  |  |
| (Cost: $6,887,777) |  |  | $7589252 |
| Other Assets Less Liabilities | ***1.2*** *%*** |  | 95860 |
| ***Net Assets - 100%*** |  |  | $**7685112** |

---

<sup>a</sup> Certain securities were fair valued under the discretion of the Board of Trustees

<sup>b</sup> Annualized seven-day effective yield as of December 31, 2024

\* Non-income producing security during the period ended December 31, 2024

Oberweis Focused International Growth Fund

Schedule of Investments <sup>a</sup> (continued)

December 31, 2024

---

| | |
|:---|:---|
| **SECTOR ALLOCATIONS (As a Percentage of Net Assets) (unaudited)** | |
| Communication Services | 5.4% |
| Consumer Discretionary | 14.5% |
| Consumer Staples | 2.6% |
| Energy | 3.7% |
| Financials | 21.2% |
| Healthcare | 5.3% |
| Industrials | 23.5% |
| Information Technology | 13.1% |
| Materials | 7.4% |

---

THE OBERWEIS FUNDS

Statements of Assets and Liabilities

December 31, 2024

---

| | | | |
|:---|:---|:---|:---|
|  | Micro-Cap Fund | Small-Cap Opportunities<br> Fund | Global<br> Opportunities<br> Fund |
| ASSETS |  |  |  |
| Investment securities at value<sup>a</sup> | $640278367 | $1385849490 | $55637604 |
| Cash | 18152498 | 30581820 | 1789208 |
| Receivable from securities sold |  | 534810 |  |
| Receivable from fund shares sold | 606420 | 3084858 | 9012 |
| Dividends and interest receivable | 97318 | 214229 | 62202 |
| Prepaid expenses | 60287 | 117949 | 19887 |
| &nbsp;&nbsp;&nbsp;Total Assets | 659194890 | 1420383156 | 57517913 |
| LIABILITIES |  |  |  |
| Payable to custodian |  |  | 18420 |
| Payable for fund shares redeemed | 569497 | 880853 |  |
| Payable for securities purchased |  | 9443625 |  |
| Payable to advisor (see note 3) | 569330 | 1012410 | 42531 |
| Payable to distributor | 66808 | 89103 | 7715 |
| Accrued expenses | 175693 | 360128 | 47119 |
| Capital gains tax payable | - | - | 46826 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 1381328 | 11786119 | 162611 |
| NET ASSETS | $657813562 | $1408597037 | $57355302 |
| NET ASSETS |  |  |  |
| Investor Class | $308437344 | $406170350 | $35065738 |
| Institutional Class | 349376218 | 1002426687 | 22289564 |
| Total | $657813562 | $1408597037 | $57355302 |
| SHARES OUTSTANDING |  |  |  |
| (shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with no par value) |  |  |  |
| Investor Class | 6842450 | 15937229 | 1182510 |
| Institutional Class | 7569837 | 38356586 | 734159 |
| Total | 14412287 | 54293815 | 1916669 |
| NET ASSET VALUE |  |  |  |
| Investor Class, offering price and redemption price | $45.08 | $25.49 | $29.65 |
| Institutional Class, offering price and redemption price | $46.15 | $26.13 | $30.36 |
| ANALYSIS OF NET ASSETS |  |  |  |
| Capital | $494268058 | $1251051071 | $48893498 |
| Accumulated earnings | 163545504 | 157545966 | 8461804 |
| Net assets | $657813562 | $1408597037 | $57355302 |
| <sup>a</sup> Investment securities at cost | $468777113 | $1197584858 | $46726597 |

---

*See accompanying notes to the financial statements.*

THE OBERWEIS FUNDS

Statements of Assets and Liabilities

December 31, 2024 (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | China Opportunities Fund | International Opportunities Fund | Focused International Growth Fund |
| ASSETS |  |  |  |
| Investment securities at value<sup>a</sup> | $37162211 | $339351511 | $7589252 |
| Cash | 920 |  |  |
| Foreign currency <sup>b</sup> | 17 | 523262 |  |
| Receivable from securities sold | 234476 |  |  |
| Receivable from fund shares sold | 180 | 170106 | 101700 |
| Dividends and interest receivable | 29906 | 2633508 | 16998 |
| Prepaid expenses | 18888 | 40515 | 5323 |
| Due from Advisor | - | - | 4310 |
| &nbsp;&nbsp;&nbsp;Total Assets | 37446598 | 342718902 | 7717583 |
| LIABILITIES |  |  |  |
| Payable for fund shares redeemed | 275019 | 260650 |  |
| Payable for securities purchased | 229148 | 506879 |  |
| Payable to advisor (see note 3) | 32273 | 283884 |  |
| Payable to distributor | 6922 | 20432 |  |
| Accrued expenses | 64402 | 119495 | 32471 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 607764 | 1191340 | 32471 |
| NET ASSETS | $36838834 | $341527562 | $7685112 |
| NET ASSETS |  |  |  |
| Investor Class | $31794041 | $93255960 | $- |
| Institutional Class | 5044793 | 248271602 | 7685112 |
| Total | $36838834 | $341527562 | $7685112 |
| SHARES OUTSTANDING |  |  |  |
| (shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with no par value) |  |  |  |
| Investor Class | 4612216 | 5041650 |  |
| Institutional Class | 719447 | 27982711 | 794622 |
| Total | 5331663 | 33024361 | 794622 |
| NET ASSET VALUE |  |  |  |
| Investor Class, offering price and redemption price | $6.89 | $18.50 | $- |
| Institutional Class, offering price and redemption price | $7.01 | $8.87 | $9.67 |
| ANALYSIS OF NET ASSETS |  |  |  |
| Capital | $60490244 | $500832241 | $8280277 |
| Accumulated losses | (23651410) | (159304679) | (595165) |
| Net assets | $36838834 | $341527562 | $7685112 |
| <sup>a</sup> Investment securities at cost | $32206677 | $293393168 | $6887777 |
| <sup>b</sup> Foreign currency at cost | $17 | $523327 | $- |

---

*See accompanying notes to the financial statements.*

THE OBERWEIS FUNDS

Statements of Operations

Year Ended December 31, 2024

---

| | | |
|:---|:---|:---|
|  | Micro-Cap Fund | Small-Cap Opportunities Fund |
| INVESTMENT INCOME |  |  |
| Dividends<sup>a</sup> | $2249743 | $5148895 |
| Interest | 724109 | 2155595 |
| &nbsp;&nbsp;&nbsp;Total investment income | 2973852 | 7304490 |
| EXPENSES |  |  |
| Investment advisory fees (see note 3) | 3185957 | 4182646 |
| Management fees (see note 3) | 2123972 | 4182646 |
| Distribution fees and shareholder services (see note 3) | 643621 | 891443 |
| Transfer agent fees and expenses | 653142 | 1327084 |
| Custodian fees and expenses | 42240 | 75732 |
| Accounting services fees | 161016 | 298880 |
| Other | 303714 | 496864 |
| Total expenses before reimbursed expenses | 7113662 | 11455295 |
| Expense reimbursement (see note 3) | - | (107236) |
| &nbsp;&nbsp;&nbsp;Total expenses | 7113662 | 11348059 |
| NET INVESTMENT LOSS | (4139810) | (4043569) |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) FROM INVESTMENTS |  |  |
| Net realized gains (losses) on investment transactions | 20472199 | (4691063) |
| Change in net unrealized appreciation/depreciation on investments | 91508291 | 129093535 |
| Net realized /unrealized gains (losses) on investments | 111980490 | 124402472 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $107840680 | $120358903 |

---

<sup>a</sup> Dividends are net of foreign withholding tax of $47,664 and $69,925 for the Micro-Cap Fund and Small-Cap Opportunities Fund respectively.

*See accompanying notes to the financial statements.*

THE OBERWEIS FUNDS

Statements of Operations

Year Ended December 31, 2024 (continued)

---

| | | |
|:---|:---|:---|
|  | Global Opportunities Fund | China Opportunities Fund |
| INVESTMENT INCOME |  |  |
| Dividends<sup>a</sup> | $356213 | 993724 |
| Interest | 78070 | 11832 |
| &nbsp;&nbsp;&nbsp;Total investment income | 434283 | 1005556 |
| EXPENSES |  |  |
| Investment advisory fees (see note 3) | 245831 | 496928 |
| Management fees (see note 3) | 220831 |  |
| Distribution fees and shareholder services (see note 3) | 88393 | 86731 |
| Transfer agent fees and expenses | 61461 | 94092 |
| Custodian fees and expenses | 34925 | 90008 |
| Accounting services fees | 33484 | 32325 |
| Other | 84744 | 86875 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 769669 | 886959 |
| NET INVESTMENT INCOME (LOSS) | (335386) | 118597 |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) FROM INVESTMENTS |  |  |
| Net realized gains on investment transactions | 7165963 | 2638630 |
| Net realized foreign capital gains tax | (9623) |  |
| Net realized losses on foreign currency transactions | (1267) | (30379) |
| Net realized gains on investments, foreign capital gains tax, and foreign currency transactions | 7155073 | 2608251 |
| Change in net deferred foreign capital gains taxes on unrealized appreciation/depreciation | (46826) |  |
| Change in net unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies | (1408600) | 218040 |
| Net realized /unrealized gains on investments, foreign capital gains tax, and foreign currencies | 5699647 | 2826291 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $5364261 | $2944888 |

---

<sup>a</sup> Dividends are net of foreign withholding tax of $27,230 and $102,964 for the Global Opportunities Fund and China Opportunities Fund respectively.

*See accompanying notes to the financial statements.*

THE OBERWEIS FUNDS

Statements of Operations

Year Ended December 31, 2024 (continued)

---

| | | |
|:---|:---|:---|
|  | International Opportunities Fund | Focused International Growth Fund |
| INVESTMENT INCOME |  |  |
| Dividends<sup>a</sup> | $8790859 | $158591 |
| Interest | 395026 | 11524 |
| &nbsp;&nbsp;&nbsp;Total investment income | 9185885 | 170115 |
| EXPENSES |  |  |
| Investment advisory fees (see note 3) | 3554955 | 55694 |
| Distribution fees and shareholder services (see note 3) | 258433 |  |
| Transfer agent fees and expenses | 240896 | 15707 |
| Custodian fees and expenses | 153890 | 22075 |
| Accounting services fees | 121286 | 20007 |
| Federal and state registration fees | 47969 | 19657 |
| Audit fees | 11152 | 21745 |
| Shareholder reporting fees | 34764 | 8871 |
| Other | 84283 | 1581 |
| Total expenses before reimbursed expenses | 4507628 | 165337 |
| Expense reimbursement (see note 3) | (338745) | (99200) |
| &nbsp;&nbsp;&nbsp;Total Expenses | 4168883 | 66137 |
| NET INVESTMENT INCOME | 5017002 | 103978 |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) FROM INVESTMENTS |  |  |
| Net realized gains on investment transactions | 32644010 | 325856 |
| Net realized gains (losses) on foreign currency transactions | 25798 | (125) |
| Net realized gains on investments and foreign currency transactions | 32669808 | 325731 |
| Change in net unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies | (11760858) | 294116 |
| Net realized /unrealized gains on investments and foreign currencies | 20908950 | 619847 |
| NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $25925952 | $723825 |

---

<sup>a</sup> Dividends are net of foreign withholding tax of $988,777 and $18,017 for the International Opportunities Fund and Focused International Growth Fund respectively.

*See accompanying notes to the financial statements.*

THE OBERWEIS FUNDS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Micro-Cap Fund | Micro-Cap Fund |
|  | Year Ended<br> December 31,<br> 2024 | Year Ended<br> December 31,<br> 2023 |
| FROM OPERATIONS |  |  |
| Net investment loss | $(4139810) | $(2285207) |
| Net realized gains (losses) on investment transactions | 20472199 | (9801366) |
| Change in net unrealized appreciation/depreciation on investments | 91508291 | 54974894 |
| Net increase in net assets resulting from operations | 107840680 | 42888321 |
| FROM DISTRIBUTIONS: |  |  |
| Distributions to shareholders |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (7624686) |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (8442445) | - |
| Net decrease in net assets from distributions | (16067131) | - |
| FROM CAPITAL SHARE TRANSACTIONS |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 116578390 | 207644309 |
| &nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions | 7149968 |  |
| &nbsp;&nbsp;&nbsp;Redemption of shares (see note 5) | (95540584) | (90293510) |
| &nbsp;&nbsp;&nbsp;Net increase from investor class share transactions | 28187774 | 117350799 |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 154009164 | 157187271 |
| &nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions | 6501189 |  |
| &nbsp;&nbsp;&nbsp;Redemption of shares (see note 5) | (78347761) | (30799949) |
| &nbsp;&nbsp;&nbsp;Net increase from institutional class share transactions | 82162592 | 126387322 |
| Redemption fees (see note 5) | 22687 | 252670 |
| Net increase in net assets resulting from capital share transactions | 110373053 | 243990791 |
| Total increase in net assets | 202146602 | 286879112 |
| NET ASSETS |  |  |
| Beginning of year | 455666960 | 168787848 |
| End of year | $657813562 | $455666960 |
| TRANSACTIONS IN SHARES |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2793303 | 5864271 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 157211 |  |
| &nbsp;&nbsp;&nbsp;Less shares redeemed | (2388764) | (2626967) |
| &nbsp;&nbsp;&nbsp;Net increase from investor class share transactions | 561750 | 3237304 |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3631322 | 4352900 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 139600 |  |
| &nbsp;&nbsp;&nbsp;Less shares redeemed | (1917340) | (887721) |
| &nbsp;&nbsp;&nbsp;Net increase from institutional class share transactions | 1853582 | 3465179 |
| Net increase from capital share transactions | 2415332 | 6702483 |

---

*See accompanying notes to the financial statements.*

THE OBERWEIS FUNDS

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | Small-Cap Opportunities Fund | Small-Cap Opportunities Fund |
|  | Year Ended<br> December 31,<br> 2024 | Year Ended<br> December 31,<br> 2023 |
| FROM OPERATIONS |  |  |
| Net investment loss | $(4043569) | $(942425) |
| Net realized losses on investment transactions | (4691063) | (11253721) |
| Change in net unrealized appreciation/depreciation on investments | 129093535 | 51758863 |
| Net increase in net assets resulting from operations | 120358903 | 39562717 |
| FROM DISTRIBUTIONS: |  |  |
| Distributions to shareholders |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (3204721) |  |
| &nbsp;&nbsp;&nbsp;Institutional Class | (7709674) | - |
| Net decrease in net assets from distributions | (10914395) | - |
| FROM CAPITAL SHARE TRANSACTIONS |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 194054835 | 229643648 |
| &nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions | 3078454 |  |
| &nbsp;&nbsp;&nbsp;Redemption of shares (see note 5) | (121092243) | (60406159) |
| &nbsp;&nbsp;&nbsp;Net increase from investor class share transactions | 76041046 | 169237489 |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 831607874 | 210847049 |
| &nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions | 5294191 |  |
| &nbsp;&nbsp;&nbsp;Redemption of shares (see note 5) | (131136847) | (59315051) |
| &nbsp;&nbsp;&nbsp;Net increase from institutional class share transactions | 705765218 | 151531998 |
| Redemption fees (see note 5) | 15729 | 111978 |
| Net increase in net assets resulting from capital share transactions | 781821993 | 320881465 |
| Total increase in net assets | 891266501 | 360444182 |
| NET ASSETS |  |  |
| Beginning of year | 517330536 | 156886354 |
| End of year | $1408597037 | $517330536 |
| TRANSACTIONS IN SHARES |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 7808822 | 10943015 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 119320 |  |
| &nbsp;&nbsp;&nbsp;Less shares redeemed | (4948662) | (2912130) |
| &nbsp;&nbsp;&nbsp;Net increase from investor class share transactions | 2979480 | 8030885 |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 33083141 | 9826318 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 200083 |  |
| &nbsp;&nbsp;&nbsp;Less shares redeemed | (5125513) | (2849065) |
| &nbsp;&nbsp;&nbsp;Net increase from institutional class share transactions | 28157711 | 6977253 |
| Net increase from capital share transactions | 31137191 | 15008138 |

---

*See accompanying notes to the financial statements.*

THE OBERWEIS FUNDS

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | Global Opportunities Fund | Global Opportunities Fund |
|  | Year Ended<br> December 31,<br> 2024 | Year Ended<br> December 31,<br> 2023 |
| FROM OPERATIONS |  |  |
| Net investment loss | $(335386) | $(313528) |
| Net realized gains (losses) on investment and foreign currency transactions | 7155073 | (1622712) |
| Change in net unrealized appreciation/depreciation on investment and foreign currencies | (1455426) | 5401625 |
| Net increase in net assets resulting from operations | 5364261 | 3465385 |
| FROM CAPITAL SHARE TRANSACTIONS |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 1531175 | 3004980 |
| &nbsp;&nbsp;&nbsp;Redemption of shares (see note 5) | (4469340) | (5687410) |
| &nbsp;&nbsp;&nbsp;Net decrease from investor class share transactions | (2938165) | (2682430) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 7571222 | 2756431 |
| &nbsp;&nbsp;&nbsp;Redemption of shares (see note 5) | (5827653) | (2161143) |
| &nbsp;&nbsp;&nbsp;Net increase from institutional class share transactions | 1743569 | 595288 |
| Redemption fees (see note 5) | - | 2774 |
| Net decrease in net assets resulting from capital share transactions | (1194596) | (2084368) |
| Total increase in net assets | 4169665 | 1381017 |
| NET ASSETS |  |  |
| Beginning of year | 53185637 | 51804620 |
| End of year | $57355302 | $53185637 |
| TRANSACTIONS IN SHARES |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 51588 | 114054 |
| &nbsp;&nbsp;&nbsp;Less shares redeemed | (154678) | (217693) |
| &nbsp;&nbsp;&nbsp;Net decrease from investor class share transactions | (103090) | (103639) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 243820 | 107429 |
| &nbsp;&nbsp;&nbsp;Less shares redeemed | (195386) | (78385) |
| &nbsp;&nbsp;&nbsp;Net increase from institutional class share transactions | 48434 | 29044 |
| Net decrease from capital share transactions | (54656) | (74595) |

---

*See accompanying notes to the financial statements.*

THE OBERWEIS FUNDS

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | China Opportunities Fund | China Opportunities Fund |
|  | Year Ended<br> December 31,<br> 2024 | Year Ended<br> December 31,<br> 2023 |
| FROM OPERATIONS |  |  |
| Net investment income (loss) | $118597 | $(173464) |
| Net realized gains (losses) on investment and foreign currency transactions | 2608251 | (4817123) |
| Change in net unrealized appreciation/depreciation on investment and foreign currencies | 218040 | 244532 |
| Net increase (decrease) in net assets resulting from operations | 2944888 | (4746055) |
| FROM DISTRIBUTIONS: |  |  |
| Distributions to shareholders |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (674578) | (166696) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (124056) | (65061) |
| Net decrease in net assets from distributions | (798634) | (231757) |
| FROM CAPITAL SHARE TRANSACTIONS |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 2189384 | 1955345 |
| &nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions | 632345 | 157108 |
| &nbsp;&nbsp;&nbsp;Redemption of shares (see note 5) | (9206684) | (7854130) |
| &nbsp;&nbsp;&nbsp;Net decrease from investor class share transactions | (6384955) | (5741677) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 649712 | 3541034 |
| &nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions | 105713 | 56328 |
| &nbsp;&nbsp;&nbsp;Redemption of shares (see note 5) | (4958205) | (3974020) |
| &nbsp;&nbsp;&nbsp;Net decrease from institutional class share transactions | (4202780) | (376658) |
| Redemption fees (see note 5) | 6857 | 53383 |
| Net decrease in net assets resulting from capital share transactions | (10580878) | (6064952) |
| Total decrease in net assets | (8434624) | (11042764) |
| NET ASSETS |  |  |
| Beginning of year | 45273458 | 56316222 |
| End of year | $36838834 | $45273458 |
| TRANSACTIONS IN SHARES |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 307378 | 269114 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 91644 | 24096 |
| &nbsp;&nbsp;&nbsp;Less shares redeemed | (1335627) | (1155338) |
| &nbsp;&nbsp;&nbsp;Net decrease from investor class share transactions | (936605) | (862128) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 91831 | 464835 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 15059 | 8483 |
| &nbsp;&nbsp;&nbsp;Less shares redeemed | (719304) | (588147) |
| &nbsp;&nbsp;&nbsp;Net decrease from institutional class share transactions | (612414) | (114829) |
| Net decrease from capital share transactions | (1549019) | (976957) |

---

*See accompanying notes to the financial statements.*

THE OBERWEIS FUNDS

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | International Opportunities Fund | International Opportunities Fund |
|  | Year Ended<br> December 31,<br> 2024 | Year Ended<br> December 31,<br> 2023 |
| FROM OPERATIONS |  |  |
| Net investment income | $5017002 | $888651 |
| Net realized gains (losses) on investments and foreign currency transactions | 32669808 | (7213632) |
| Change in net unrealized appreciation/depreciation on investments and foreign currencies | (11760858) | 14163705 |
| Net increase in net assets resulting from operations | 25925952 | 7838724 |
| FROM DISTRIBUTIONS |  |  |
| Distributions to shareholders |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (1180390) | (498938) |
| &nbsp;&nbsp;&nbsp;Institutional Class | (7826547) | - |
| Net decrease in net assets from distributions | (9006937) | (498938) |
| FROM CAPITAL SHARE TRANSACTIONS |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 9050909 | 8485120 |
| &nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions | 1076968 | 462812 |
| &nbsp;&nbsp;&nbsp;Redemption of shares (see note 5) | (38278036) | (44489802) |
| &nbsp;&nbsp;&nbsp;Net decrease from investor class share transactions | (28150159) | (35541870) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 35484679 | 93803 |
| &nbsp;&nbsp;&nbsp;Capital from merger (see note 7) |  | 277163154 |
| &nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions | 7219275 |  |
| &nbsp;&nbsp;&nbsp;Redemption of shares (see note 5) | (83715839) | (518947) |
| &nbsp;&nbsp;&nbsp;Net decrease from institutional class share transactions | (41011885) | 276738010 |
| Redemption fees (see note 5) | 250136 | 14585 |
| Net increase (decrease) in net assets resulting from capital share transactions | (68911908) | 241210725 |
| Total increase (decrease) in net assets | (51992893) | 248550511 |
| NET ASSETS |  |  |
| Beginning of year | 393520455 | 144969944 |
| End of year | $341527562 | $393520455 |
| TRANSACTIONS IN SHARES |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 485883 | 495626 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 57654 | 27033 |
| &nbsp;&nbsp;&nbsp;Less shares redeemed | (2085671) | (2631001) |
| &nbsp;&nbsp;&nbsp;Net decrease from investor class share transactions | (1542134) | (2108342) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3907034 | 11074 |
| &nbsp;&nbsp;&nbsp;Shares issued in connection with merger | 805723 | 32868556 |
| &nbsp;&nbsp;&nbsp;Less shares redeemed | (9549318) | (60357) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from investor class share transactions | (4836561) | 32819273 |
| Net increase (decrease) from capital share transactions | (6378695) | 30710931 |

---

*See accompanying notes to the financial statements.*

THE OBERWEIS FUNDS

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | Focused International Growth Fund | Focused International Growth Fund |
|  | Year Ended<br> December 31,<br> 2024 | Year Ended<br> December 31, <br> 2023 |
| FROM OPERATIONS |  |  |
| Net investment income | $103978 | $85525 |
| Net realized gains (losses) on investments and foreign currency transactions | 325731 | (236086) |
| Change in net unrealized appreciation/depreciation on investments and foreign currencies | 294116 | 985831 |
| Net increase in net assets resulting from operations | 723825 | 835270 |
| FROM DISTRIBUTIONS |  |  |
| Distributions to shareholders | (105004) | (85865) |
| Net decrease in net assets from distributions | (105004) | (85865) |
| FROM CAPITAL SHARE TRANSACTIONS |  |  |
| Proceeds from sale of shares | 1614633 | 466240 |
| Proceeds from reinvestment of distributions | 67404 | 53291 |
| Redemption of shares (see note 5) | (647692) | (314106) |
| Net increase from capital share transactions | 1034345 | 205425 |
| Total increase in net assets | 1653166 | 954830 |
| NET ASSETS |  |  |
| Beginning of year | 6031946 | 5077116 |
| End of year | $7685112 | $6031946 |
| TRANSACTIONS IN SHARES |  |  |
| Shares sold | 164274 | 54078 |
| Shares issued in reinvestment of distributions | 6892 | 6098 |
| Less shares redeemed | (64696) | (37419) |
| Net increase from capital share transactions | 106470 | 22757 |

---

*See accompanying notes to the financial statements.*

THE OBERWEIS FUNDS

Notes to Financial Statements

December 31, 2024

**1. Description of Organization**

***Description of business.*** The Oberweis Funds (the ''Trust'') is registered under the Investment Company Act of 1940 as an open-end management investment company. The Trust is authorized to operate numerous Funds under various trading strategies. The Trust consists of six Funds: the Oberweis Micro-Cap Fund, the Oberweis Small-Cap Opportunities Fund, the Oberweis Global Opportunities Fund, the Oberweis China Opportunities Fund, the Oberweis International Opportunities Fund and the Oberweis Focused International Growth Fund (collectively, ''the Funds'') are each a series of the Trust. Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except each class may be subject to different class expenses as outlined in the relevant prospectus and each class has exclusive voting rights with respect to matters solely affecting such class.

 ****

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The Funds are each an investment company and follow accounting and reporting guidance under the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, "Financial Services – Investment Companies."

 ****

**Investment valuation*.*** Investments in securities are stated at value as of the close of the regular trading session on the New York Stock Exchange (''NYSE'') (generally 3 p.m., Central Standard Time). Each listed and unlisted security for which last sale information is regularly reported is valued at the last reported sales price on that day. If there has been no sale on such day, then such security is valued at the current day's bid price. Any unlisted security for which last sale information is not regularly reported and any listed debt security which has an inactive listed market for which over-the-counter market quotations are readily available is valued at the closing bid price determined on the basis of reasonable inquiry. Restricted securities and any other securities or other assets for which market quotations are not readily available are valued by appraisal at their fair value as determined in good faith under procedures established by and under the general supervision and responsibility of the Board of Trustees. Short-term debt obligations, commercial paper and repurchase agreements are valued on the basis of quoted yields for securities of comparable maturity, quality and type or on the basis of amortized cost.

The Oberweis Global Opportunities Fund, the Oberweis China Opportunities Fund, the Oberweis International Opportunities Fund and the Oberweis Focused International Growth Fund hold foreign equity securities. Foreign securities are fair valued as described in the following circumstances. Generally, trading in foreign securities markets is completed each day at various times prior to the close of the regular trading session of the NYSE. Due to the time differences between the closings of the relevant foreign securities exchanges and the close of the regular trading session of the NYSE for the Funds, the Funds will fair value their foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets' perceptions and trading activities on the Funds' foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees of the Trust has determined that movements in relevant indices, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. In determining fair value prices, the Trust utilizes data furnished by an independent pricing service (and that data draws upon, among other information, the market values of foreign investments). When a Fund uses fair value pricing, the values assigned to the Fund's foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges.

**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 OBERWEIS FUNDS

Notes to Financial Statements

December 31, 2024 (continued)

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 December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | Micro-Cap Fund | Small-Cap <br>Opportunities Fund |
| Level 1 – Equities | $640278367 | $1385849490 |
| Total Level 1 | 640278367 | 1385849490 |
| Level 2 |  |  |
| Level 3 | - | - |
| Total Investments | $640278367 | $1385849490 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Global Opportunities Fund | China Opportunities Fund | International Opportunities Fund |
| Level 1 - Equities |  |  |  |
| Total Asia | $3401211 | $37121173 | $- |
| Total Australia |  |  | 8163825 |
| Total Europe | 13594793 |  | 188760628 |
| Total North America | 34242764 |  | 45858997 |
| Total Short-Term Investments | - | 41038 | 3710329 |
| Total Level 1 | 51238768 | 37162211 | 246493779 |
| Level 2 – Equities/Rights |  |  |  |
| Total Asia | 4398836 | - | 92857732 |
| Total Level 2 | 4398836 |  | 92857732 |
| Level 3 | - | - | - |
| Total Investments | $55637604 | $37162211 | $339351511 |

---

---

| | |
|:---|:---|
|  | Focused International <br>Growth Fund |
| Level 1 - Equities |  |
| Total Australia | $219389 |
| Total Europe | 5326757 |
| Total North America | 580134 |
| Total Short-Term Investments | 164739 |
| Total Level 1 | 6291019 |
| Level 2 - Equities |  |
| Total Asia | 1298233 |
| Total Level 2 | 1298233 |
| Level 3 |  |
| Total Investments | $7589252 |

---

THE OBERWEIS FUNDS

Notes to Financial Statements

December 31, 2024 (continued)

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.

**Foreign currency transactions*.*** The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gains or losses from investments and foreign currencies.

**Risks associated with foreign securities and currencies*.*** Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments, which could adversely affect investments in those countries.

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and a high price volatility with respect to securities of issuers from developing countries.

 ****

**Fund share valuation*.*** Fund shares are sold and redeemed on a continuous basis at net asset value. On each day the NYSE is open for trading, the net asset value per share is determined as of the later of the close of the NYSE or the CBOE by dividing the total value of each Fund's investments and other assets, less liabilities, by the number of each Fund's shares outstanding.

 ****

**Investment transactions and investment income*.*** Investment transactions are accounted for on the trade date (date the order to buy or sell is executed). Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information is available to the Fund, and interest income is recorded on the accrual basis and includes amortization of premium and discount. Realized gains and losses from investment transactions are reported on an identified cost basis. Income and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

**Fund Foreign Taxation.** The Funds may be subject to foreign taxation related to income received, capital gains on the sale of securities and certain foreign currency transactions in the foreign jurisdictions in which they invest. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Funds invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that may be payable if the securities were disposed of on the valuation date.

 ****

**Fund expense allocations*.*** The Funds account separately for the assets, liabilities and operations of each Fund. Direct expenses of each Fund or class are charged to that Fund or class while general expenses are allocated pro-rata among the Funds based on net assets or other appropriate methods.

 ****

**Federal income taxes and dividends to shareholders*.*** It is the policy of the Funds to continue to comply with all requirements of the Internal Revenue Code of 1986, as amended (''the Code''), applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders. The Funds have met the requirements of the Code applicable to regulated investment companies for the year ended December 31, 2024. Therefore, no federal income tax provision is required. Income and capital gains of the Funds are determined in accordance with both tax regulations and accounting principles generally accepted in the U.S. (''GAAP''). Such treatment may result in temporary and permanent differences between tax basis earnings and earnings reported for financial statement purposes. These reclassifications, which have no impact on the net asset value of the Funds, are primarily attributable to certain differences in computation of distributable income and capital gains under federal tax rules versus GAAP.

**Dividends and Distributions to Shareholders.** The Funds will distribute substantially all of their net investment income and net realized capital gains, if any, at least annually. All distributions are recorded on ex-dividend date.

Certain Funds may utilize earnings and profits on redemption of shares as part of the dividends paid deduction.

As of December 31, 2024, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year ended December 31, 2024, the Funds did not incur any interest or penalties.

THE OBERWEIS FUNDS

Notes to Financial Statements

December 31, 2024 (continued)

For the year ended December 31, 2024, permanent book and tax basis differences resulting primarily from differing treatments for net operating losses, foreign currency transactions, passive foreign investment company (''PFIC'') adjustments and the tax practice known as equalization, were identified and reclassified among the components of the Funds' net assets.

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended December 31, 2024, permanent differences in book and tax accounting have been reclassified to paid in capital and accumulated earnings (loss) as follows:

---

| | | |
|:---|:---|:---|
|  | Increases/(Decreases) | Increases/(Decreases) |
|  |<br>Capital | Accumulated<br>Earnings (Loss) |
| Micro-Cap Fund | $(4139810) | $4139810 |
| Small-Cap Opportunities Fund | (4043569) | 4043569 |
| Global Opportunities Fund | (206168) | 206168 |
| China Opportunities Fund |  |  |
| International Opportunities Fund | (10366509) | 10366509 |
| Focused International Growth Fund |  |  |

---

The tax character of distributions paid during the fiscal year ended December 31, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions<br>Paid from<br>Ordinary<br>Income | Distributions<br>Paid from<br>Net Long-Term<br>Capital Gains |<br>Total<br>Distributions<br>Paid |
| Micro-Cap Fund | $- | $16067131 | $16067131 |
| Small-Cap Opportunities Fund |  | 10914395 | 10914395 |
| Global Opportunities Fund |  |  |  |
| China Opportunities Fund | 798634 |  | 798634 |
| International Opportunities Fund | 9006937 |  | 9006937 |
| Focused International Growth | 105004 |  | 105004 |

---

The tax character of distributions paid during the fiscal year ended December 31, 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | Distributions<br>Paid from<br>Ordinary<br>Income | Distributions<br>Paid from<br>Net Long-Term<br>Capital Gains |<br>Total<br>Distributions<br>Paid |
| Micro-Cap Fund | $- | $&nbsp;&nbsp;&nbsp;&nbsp; - | $- |
| Small-Cap Opportunities Fund |  |  |  |
| Global Opportunities Fund |  |  |  |
| China Opportunities Fund | 231757 |  | 231757 |
| International Opportunities Fund | 498938 |  | 498938 |
| Focused International Growth | 85865 |  | 85865 |

---

As of December 31, 2024, the following Funds had net capital loss carryforwards to offset future net capital gains, if any, to the extent provided by treasury regulations:

---

| | | | |
|:---|:---|:---|:---|
|  | Not Subject to Expiration | Not Subject to Expiration | Not Subject to Expiration |
|  | Short-Term | Long-Term | Total |
| Micro-Cap Fund | $- | $&nbsp;&nbsp;&nbsp;&nbsp; - | $- |
| Small-Cap Opportunities Fund |  |  |  |
| Global Opportunities Fund | 401637 |  | 401637 |
| China Opportunities Fund | 28574488 |  | 28574488 |
| International Opportunities Fund | 200751511 |  | 200751511 |
| Focused International Growth | 1259203 |  | 1259203 |

---

Capital loss carryovers are available to offset future realized capital gains and thereby reduce further taxable gain distributions. During the year ended December 31, 2024, the funds utilized the following amounts of capital loss carryover.

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
| Micro-Cap Fund | $11637484 | $- |
| Small-Cap Opportunities Fund | 14718772 |  |
| Global Opportunities Fund | 6918947 |  |
| China Opportunities Fund | 13239 | 817627 |
| International Opportunities Fund | 18138200 | 9221762 |
| Focused International Growth | 276758 | 59304 |

---

Qualified Late-Year losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended December 31, 2024, Qualifed late-year losses treated arising on January 1, 2025 are as follows:

---

| | |
|:---|:---|
|  | Late-Year Losses |
| Micro-Cap Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| Small-Cap Opportunities Fund |  |
| Global Opportunities Fund |  |
| China Opportunities Fund |  |
| International Opportunities Fund | 16936 |
| Focused International Growth | 443 |

---

Post-October capital losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended December 31, 2024, Post October capital losses treated arising on January 1, 2025 was as follows:

---

| | |
|:---|:---|
|  | Post-Oct Losses |
| Micro-Cap Fund | $7473560 |
| Small-Cap Opportunities Fund | 29871475 |
| Global Opportunities Fund |  |
| China Opportunities Fund |  |
| International Opportunities Fund |  |
| Focused International Growth |  |

---

As of December 31, 2024 the cost of investments for federal income tax purposes are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>Cost of<br>Investments<br>for Federal<br>Tax Purposes |<br>Gross<br>Unrealized<br>Appreciation | Gross<br>Unrealized<br>Gross<br>Unrealized<br>(Depreciation) |<br><br>Unrealized<br>Appreciation |
| Micro-Cap Fund | $469259303 | $196384552 | $(25365488) | $171019064 |
| Small-Cap Opportunities Fund | 1198432049 | 248534358 | (61116917) | 187417441 |
| Global Opportunities Fund | 46726597 | 12011976 | (3100969) | 8911007 |
| China Opportunities Fund | 32467968 | 7119768 | (2425525) | 4694243 |
| International Opportunities Fund | 297756512 | 51392899 | (9797900) | 41594999 |
| Focused International Growth | 6924493 | 977922 | (313163) | 664759 |

---

As of December 31, 2024 the components of accumulated earnings (deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed ordinary income (deficit) | Undistributed long-term capital gains | Accumulated capital and other losses | Unrealized Appreciation on investments | Unrealized Appreciation / (Depreciation) foreign currency translations and India sales tax | Total Accumulated Earnings (Losses) |
| Micro-Cap Fund | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $(7473560) | $171019064 | $- | $163545504 |
| Small-Cap Opportunities Fund |  |  | (29871475) | 187417441 |  | 157545966 |
| Global Opportunities Fund |  |  | (401637) | 8911007 | (47566) | 8461804 |
| China Opportunities Fund | 228686 |  | (28574488) | 4694243 | 149 | (23651410) |
| International Opportunities Fund |  |  | (200768447) | 41594999 | (131231) | (159304679) |
| Focused International Growth |  |  | (1259646) | 664759 | (278) | (595165) |

---

Accumulated capital and other losses consists of timing differences related to wash sales, PFICs and capital loss carryforwards.

The Funds have reviewed all open tax years and major jurisdictions and concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for exam by taxing authorities and, as of December 31, 2024, open Federal tax years include the tax years ended 2021 through 2024. The Funds have no examinations in progress and are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

 ****

***Use of estimates.*** The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.

 ****

**Indemnifications.** Under the Trust's organizational documents, its present and former Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

 ****

**3. Transactions with affiliates**

The Funds have written agreements with Oberweis Asset Management, Inc. (''OAM'') as the Funds' investment advisor and manager. Oberweis Securities, Inc. (''OSI''), the Funds' principal distributor, is an affiliate of OAM.

**Investment advisory agreement.** Under the Advisory Agreement, OAM provides investment advisory services to the Micro-Cap, Small-Cap Opportunities Funds and Global Opportunities Fund and pursuant to a separate Management Agreement, OAM provides non-investment advisory management services such as administrative, compliance and accounting services to these Funds. For investment advisory services, the Micro-Cap Fund paid monthly investment advisory fees at an annual rate equal to .60% of average daily net assets. The Small-Cap Opportunities Fund paid monthly investment advisory fees at an annual rate equal to .40% of average daily net assets. The Global Opportunities Fund paid monthly investment advisory fees at an annual rate equal to .45% of the first $50 million of average daily net assets and .40% of average daily net assets in excess of $50 million. For investment advisory and management services, the China Opportunities Fund, the International Opportunities Fund and the Focused International Growth Fund paid monthly investment advisory and management fees at an annual rate equal to 1.19%, 1.00% and .80% of average daily net assets, respectively. The China Opportunities Fund advisory rate was 1.25% for the period from January 2024 till September 2024 and it was changed to 1% for the period from October 2024 till December 2024. For the year ended December 31, 2024, the Micro-Cap Fund, Small-Cap Opportunities Fund and Global Opportunities Fund incurred investment advisory fees totaling $3,185,957, $4,182,646 and $245,831, respectively. For the year ended December 31, 2024, the China Opportunities Fund, the International Opportunities Fund and the Focused International Growth Fund incurred investment advisory fees totaling $496,928, $3,554,955 and $55,694, respectively.

 ****

**Management agreement.** For management services and facilities furnished, the Micro-Cap Fund, Small-Cap Opportunities Fund and Global Opportunities Fund, each paid a monthly fee at an annual rate equal to .40% of average daily net assets. For the year ended December 31, 2024, the Micro-Cap Fund, Small-Cap Opportunities Fund, and Global Opportunities Fund incurred management fees totaling $2,123,972, $4,182,646, and $220,831, respectively.

**Expense reimbursement.** OAM is contractually obligated to reduce its investment and management fees or reimburse the Micro-Cap Fund and Global Opportunities Fund Investor Class Shares to the extent that total ordinary operating expenses, as defined, exceed in any one year the following amounts expressed as a percentage of each Fund's average daily net assets: 1.80% of the first $50 million; plus 1.60% of average daily net assets in excess of $50 million. OAM is contractually obligated to reduce its investment and management fees or reimburse Small-Cap Opportunities Fund, China Opportunities Fund, and International Opportunities Fund Investor Class Shares to the extent that total ordinary operating expenses, as defined, exceed in any one year 1.25%, 2.24%, and 1.35% expressed as a percentage of the Fund's average daily net assets, respectively. OAM is contractually obligated to reduce its investment and management fees or reimburse the Micro-Cap Fund and the Global Opportunities Fund Institutional Class Shares to the extent that total ordinary operating expenses, as defined, exceed in any one year the following amounts expressed as a percentage of each Fund's average daily net assets: 1.55% of the first $50 million; plus 1.35% of average daily net assets in excess of $50 million. OAM is contractually obligated to reduce its investment and management fees or reimburse the Small-Cap Opportunities Fund, China Opportunities Fund, International Opportunities Fund and Focused International Growth Fund Institutional Class Shares to the extent that total ordinary operating expenses, as defined, exceed in any one year 1.00%, 1.99%, 1.10% and 0.95% expressed as a percentage of the Funds' average daily net assets, respectively. For the year ended December 31, 2024 OAM reimbursed the Small-Cap Opportunities Fund, the International Opportunities Fund and the Focused International Growth Fund in the amount of $107,236, $338,745, and $99,200, respectively.

 ****

THE OBERWEIS FUNDS

Notes to Financial Statements

December 31, 2024 (continued)

 ****

**Officers and trustees*.*** Certain officers and trustees of the Trust are also officers and/or directors of OAM and OSI. During the year ended December 31, 2024, the Trust made no direct payments to its officers and paid $167,000 to its unaffiliated trustees.

 ****

**Distribution and shareholder service agreement.** The Funds have a distribution and shareholder services agreement with OSI. For services under the distribution and shareholder services agreement, the Funds pay OSI a fee at the annual rate of .25% of the average daily net assets of Investor Class Shares as compensation for services. For the year ended December 31, 2024, the Micro-Cap Fund, Small-Cap Opportunities Fund, Global Opportunities Fund, China Opportunities Fund, and International Opportunities Fund incurred distribution fees totaling $643,621, $891,443, $88,393, $86,731, and $258,433, respectively.

 ****

**Affiliated Commissions*.*** For the year ended December 31, 2024, the Micro-Cap Fund, Small-Cap Opportunities Fund, Global Opportunities Fund, China Opportunities Fund, International Opportunities Fund, and Focused International Growth Fund did not execute any security transactions through OSI and therefore did not pay commissions to OSI.

**4. Investment transactions**

The cost of securities purchased and proceeds from securities sold during the year ended December 31, 2024, other than money market investments, aggregated $349,937,577 and $264,845,948, respectively, for the Micro-Cap Fund, $1,374,340,968 and $609,014,470, respectively, for the Small-Cap Opportunities Fund, $54,598,859 and $55,080,165, respectively, for the Global Opportunities Fund, $63,989,029 and $74,935,120, respectively, for the China Opportunities Fund, $344,949,948,and $418,441,258, respectively, for the International Opportunities Fund, $5,313,412 and $4,462,207, respectively for the Focused International Growth Fund. The China Opportunities Fund, International Opportunities Fund, and Focused International Growth Fund did hold a money market fund that held government securities during the year ended December 31, 2024.

The Funds may write covered call options. The premiums received provide a partial hedge (protection) against declining prices and enables each Fund to generate a higher return during years when OAM does not expect the underlying security to make any major price moves in the near future but still deems the underlying security to be, over the long term, an attractive investment for each Fund. The Funds write covered call options for which premiums received are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options, which are either exercised or closed, are offset against the proceeds received or amount paid on the transaction to determine realized gains or losses. Amounts recovered for securities litigation are included in the realized gains of the Fund and are recorded when received. The Funds did not write covered call options during the year ended December 31, 2024.

**5. Redemption fee**

The Funds are designed for long-term investors. To discourage market timers and short-term and excessive trading, redemptions of the shares of China Opportunities Fund, International Opportunities Fund and Focused International Growth Fund within 90 days of purchase will be subject to a 2.00% redemption fee. The redemption fee is deducted from the redemption proceeds and is retained by the Fund. The redemption fee also applies to exchanges within 90 days of purchase.

Oberweis Micro-Cap Fund, Oberweis Small-Cap Opportunities Fund and Oberweis Global Opportunities Funds were subject to 1% redemption fees for the period January 01, 2024 through February 14, 2024.

The redemption fee is retained by the Funds for the expense they incur in connection with shareholder redemptions. Redemption fees received by the Micro-Cap Fund, Small-Cap Opportunities Fund, Global Opportunities Fund, China Opportunities Fund, International Opportunities Fund and Focused International Growth Fund were $22,687, $15,729, $0, $6,857, $250,136 and $0, respectively, for the year ended December 31, 2024, and were recorded as a reduction of the redemption of shares in the Statements of Changes in Net Assets.

 ****

**6. Earnings credits and interest charges**

The Trust, as part of the agreement with the Custodian, receives credits against its custodian fees on its uninvested cash balances and is allowed to borrow for temporary purposes. Borrowings are not to exceed 5% of the value of each Fund's total assets at the time of any such borrowing. Interest on amounts borrowed is calculated at the prime rate and is payable monthly. During the year ended December 31, 2024, the Micro-Cap Fund, Small-Cap Opportunities Fund, Global Opportunities Fund, China Opportunities Fund, International Opportunities Fund and Focused International Growth Fund did not receive any earnings credits. During the year ended December 31, 2024, the Micro-Cap Fund, Small Cap Opportunities Fund, Global Opportunities Fund, China Opportunities Fund, International Opportunities Fund, and Focused International Growth Fund incurred interest charges of $3,917, $0, $1,439, $11,562, $3,675 and $101 respectively, which is included in custodian fees and expenses in the Statements of Operations.

**7. Fund Merger**

At a meeting held on October 2, 2023, the Oberweis Funds' Board of Trustees considered a proposal for the reorganization of the Oberweis International Opportunities Fund (the "Acquiring Fund") and the Oberweis International Institutional Fund (the "Acquired Fund") into one Fund " The Oberweis International Opportunities Fund" with two share classes, Investor and Institutional.

The Board of Trustees of the Oberweis Funds determined that the reorganization was in the best interest of the Oberweis International Opportunities Institutional Fund shareholders and approved an Agreement and Plan of Reorganization, which was subsequently approved by the Oberweis Funds' Board of Trustees on October 2, 2023. The transfer of shareholder assets under the reorganization was tax-free, meaning that neither the shareholders of the Oberweis International Opportunities Fund nor the Oberweis International Opportunities Institutional Fund realized any gains or losses for federal income tax purposes as a result of the transaction. The Reorganization occurred following the close of business on December 22, 2023, whereby the assets and the stated liabilities were transferred to the corresponding Acquiring Fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Acquired Fund** | **Security<br> Shares<br> at Cost** | **Unrealized<br> Appreciation/<br> (Depreciation) on<br> Investments** | **Market Value of<br> Investments** | **Net <br> Assets** |
| OBIIX | $237509318 | $38886089 | $276395407 | $277163154 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring Fund** | **Shares<br> Issued** | **Net Assets<br> Prior to<br> Merger** | **Net Assets<br> After<br> Merger** |
| OBIOX | 32868556 | $115226896 | $392390050 |

---

For financial reporting purposes, the Acquiring Fund is deemed to be the accounting survivor and as a result, the Statement of Operations and Financial Highlights reflect the operations of the Acquiring Fund only. The assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Because the Acquiring Fund has been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund and the Acquiring Fund that have been included in the Acquiring Fund's Statement of Operations since the Merger Date.

In connection with the Reorganization, the Acquiring Fund was renamed The Oberweis International Opportunities Fund.

Assuming the Reorganization had been completed on January 1, 2023, the beginning of the reporting period, the unaudited pro forma results of operations for the year ended December 31, 2023 would have been as follows:

---

| | |
|:---|:---|
|  | **(Unaudited)** |
| Net investment income | $4616342 |
| Net realized and unrealized gain on investments | 19163772 |
| Net increase in net assets resulting from operations | $23780114 |

---

**8. Segment information** 

In this reporting period, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07")," which enhances disclosure requirements about significant segment expenses that are regularly provided to Oberweis Asset Management, Inc., the Funds' investment advisor, which is the chief operating decision maker (the "CODM"). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. Each Fund has determined that it will operate as an operating segment, as the CODM reviews each Fund's financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance.

**9. Subsequent events**

The Funds have evaluated subsequent events through the issuance of the financial statements and determined that no events have occurred that require recognition or disclosure.

THE OBERWEIS FUNDS

Financial Highlights

*Per share income and capital for a share outstanding throughout each year is as follows:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investor Class |  |  |  |  |  |
|  |  |  |  | Micro-Cap Fund | Micro-Cap Fund |
|  |  |  |  | Years Ended December 31, | Years Ended December 31, |
|  | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value at beginning of year | $37.61 | $31.64 | $35.88 | $29.10 | $22.40 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| Net investment loss<sup>a</sup> | (.38) | (.29) | (.32) | (.43) | (.26) |
| Net realized and unrealized gains (losses) on investments | 8.99 | 6.23 | (3.52) | 15.93 | 6.96 |
| Total from investment operations | 8.61 | 5.94 | (3.84) | 15.50 | 6.70 |
| Redemption fees <sup>a</sup> |  | .03 | .03 | .02 |  |
| Less distributions: |  |  |  |  |  |
| Distribution from net realized gains on investments | (1.14) | - | (.43) | (8.74) | - |
| Net asset value at end of year | $45.08 | $37.61 | $31.64 | $35.88 | $29.10 |
| Total return (%) | 22.87 | 18.87 | (10.60) | 53.38 | 29.91 |
| RATIO/SUPPLEMENTAL DATA: |  |  |  |  |  |
| Net Assets at end of year (in thousands) | $308437 | $236230 | $96281 | $87603 | $45345 |
| Ratio of gross expenses to average net assets (%) | 1.47 | 1.53 | 1.53 | 1.48 | 1.59 |
| Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.47 | 1.53 | 1.52 | 1.48 | 1.58 |
| Ratio of net investment loss to average net assets (%) | (.90) | (.82) | (1.02) | (1.08) | (1.22) |
| Portfolio turnover rate (%) | 51 | 58 | 61 | 81 | 92 |

---

Notes:

<sup>a</sup> The net investment loss per share data and the redemption fee data were determined using average shares outstanding during the year.

<sup>b</sup> The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor.

THE OBERWEIS FUNDS

Financial Highlights (continued)

*Per share income and capital for a share outstanding throughout each year is as follows:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Institutional Class |  |  |  |  |  |
|  |  |  |  | Micro-Cap Fund | Micro-Cap Fund |
|  |  |  |  | Years Ended December 31, | Years Ended December 31, |
|  | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value at beginning of year | $38.39 | $32.21 | $36.43 | $29.36 | $22.55 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| Net investment loss<sup>a</sup> | (.28) | (.21) | (.24) | (.33) | (.21) |
| Net realized and unrealized gains (losses) on investments | 9.18 | 6.36 | (3.58) | 16.12 | 7.02 |
| Total from investment operations | 8.90 | 6.15 | (3.82) | 15.79 | 6.81 |
| Redemption fees <sup>a</sup> |  | .03 | .03 | .02 |  |
| Less distributions: |  |  |  |  |  |
| Distribution from net realized gains on investments | (1.14) | - | (.43) | (8.74) | - |
| Net asset value at end of year | $46.15 | $38.39 | $32.21 | $36.43 | $29.36 |
| Total return (%) | 23.16 | 19.19 | (10.39) | 53.90 | 30.20 |
| RATIO/SUPPLEMENTAL DATA: |  |  |  |  |  |
| Net Assets at end of year (in thousands) | $349376 | $219437 | $72507 | $50015 | $31202 |
| Ratio of gross expenses to average net assets (%) | 1.22 | 1.28 | 1.28 | 1.23 | 1.34 |
| Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.22 | 1.28 | 1.27 | 1.23 | 1.33 |
| Ratio of net investment loss to average net assets (%) | (.66) | (.59) | (.76) | (.85) | (.97) |
| Portfolio turnover rate (%) | 51 | 58 | 61 | 81 | 92 |

---

Notes:

<sup>a</sup> The net investment loss per share data and the redemption fee data were determined using average shares outstanding during the year.

<sup>b</sup> The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor.

THE OBERWEIS FUNDS

Financial Highlights (continued)

*Per share income and capital for a share outstanding throughout each year is as follows:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investor Class |  |  |  |  |  |
|  |  |  | Small-Cap Opportunities Fund | Small-Cap Opportunities Fund | Small-Cap Opportunities Fund |
|  |  |  |  | Years Ended December 31, | Years Ended December 31, |
|  | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value at beginning of year | $22.12 | $19.10 | $21.54 | $18.29 | $14.36 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| Net investment loss<sup>a</sup> | (.14) | (.08) | (.16) | (.28) | (.17) |
| Net realized and unrealized gains (losses) on investments | 3.71 | 3.09 | (2.26) | 8.23 | 4.84 |
| Total from investment operations | 3.57 | 3.01 | (2.42) | 7.95 | 4.67 |
| Redemption fees <sup>a</sup> |  | .01 | .01 | .01 |  |
| Less distributions: |  |  |  |  |  |
| Distribution from net realized gains on investments | (.20) | - | (.03) | (4.71) | (.74) |
| Net asset value at end of year | $25.49 | $22.12 | $19.10 | $21.54 | $18.29 |
| Total return (%) | 16.14 | 15.81 | (11.17) | 43.57 | 32.47 |
| RATIO/SUPPLEMENTAL DATA: |  |  |  |  |  |
| Net Assets at end of year (in thousands) | $406170 | $286616 | $94110 | $16322 | $7767 |
| Ratio of gross expenses to average net assets (%) | 1.26 | 1.32 | 1.45 | 1.59 | 2.03 |
| Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.25 | 1.25 | 1.25 | 1.55 | 1.55 |
| Ratio of net investment loss to average net assets (%) | (.55) | (.38) | (.82) | (1.22) | (1.14) |
| Portfolio turnover rate (%) | 61 | 71 | 45 | 106 | 147 |

---

Notes:

<sup>a</sup> The net investment loss per share data and the redemption fee data were determined using average shares outstanding during the year.

<sup>b</sup> The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor.

THE OBERWEIS FUNDS

Financial Highlights (continued)

*Per share income and capital for a share outstanding throughout each year is as follows:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Institutional Class |  |  |  |  |  |
|  |  |  | Small-Cap Opportunities Fund | Small-Cap Opportunities Fund | Small-Cap Opportunities Fund |
|  |  |  |  | Years Ended December 31, | Years Ended December 31, |
|  | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value at beginning of year | $22.62 | $19.49 | $21.92 | $18.51 | $14.49 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| Net investment loss<sup>a</sup> | (.08) | (.03) | (.11) | (.23) | (.13) |
| Net realized and unrealized gains (losses) on investments | 3.79 | 3.15 | (2.30) | 8.34 | 4.89 |
| Total from investment operations | 3.71 | 3.12 | (2.41) | 8.11 | 4.76 |
| Redemption fees <sup>a</sup> |  | .01 | .01 | .01 |  |
| Less distributions: |  |  |  |  |  |
| Distribution from net realized gains on investments | (.20) | - | (.03) | (4.71) | (.74) |
| Net asset value at end of year | $26.13 | $22.62 | $19.49 | $21.92 | $18.51 |
| Total return (%) | 16.40 | 16.06 | (10.93) | 43.92 | 32.80 |
| RATIO/SUPPLEMENTAL DATA: |  |  |  |  |  |
| Net Assets at end of year (in thousands) | $1002427 | $230715 | $62776 | $12727 | $8866 |
| Ratio of gross expenses to average net assets (%) | 1.01 | 1.07 | 1.20 | 1.34 | 1.78 |
| Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.00 | 1.00 | 1.00 | 1.30 | 1.30 |
| Ratio of net investment loss to average net assets (%) | (.30) | (.15) | (.59) | (.97) | (.89) |
| Portfolio turnover rate (%) | 61 | 71 | 45 | 106 | 147 |

---

Notes:

<sup>a</sup> The net investment loss per share data and the redemption fee data were determined using average shares outstanding during the year.

<sup>b</sup> The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor.

THE OBERWEIS FUNDS

Financial Highlights (continued)

*Per share income and capital for a share outstanding throughout each year is as follows:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investor Class |  |  |  |  |  |
|  |  |  | Global Opportunities Fund | Global Opportunities Fund | Global Opportunities Fund |
|  |  |  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value at beginning of year | $26.78 | $25.17 | $35.29 | $36.51 | $24.82 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| Net investment loss<sup>a</sup> | (.20) | (.18) | (.19) | (.37) | (.32) |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | 3.07 | 1.79 | (9.27) | 7.99 | 14.13 |
| Total from investment operations | 2.87 | 1.61 | (9.46) | 7.62 | 13.81 |
| Redemption fees <sup>a</sup> |  |  |  | .01 |  |
| Less distributions: |  |  |  |  |  |
| Distribution from net realized gains on investments | - | - | (.66) | (8.85) | (2.12) |
| Net asset value at end of year | $29.65 | $26.78 | $25.17 | $35.29 | $36.51 |
| Total return (%) | 10.72 | 6.40 | (26.80) | 20.92 | 55.55 |
| RATIO/SUPPLEMENTAL DATA: |  |  |  |  |  |
| Net Assets at end of year (in thousands) | $35066 | $34431 | $34968 | $53342 | $45566 |
| Ratio of gross expenses to average net assets (%) | 1.48 | 1.51 | 1.52 | 1.38 | 1.53 |
| Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.48 | 1.50 | 1.51 | 1.38 | 1.53 |
| Ratio of net investment loss to average net assets (%) | (.70) | (.67) | (.73) | (.86) | (1.14) |
| Portfolio turnover rate (%) | 103 | 95 | 73 | 111 | 129 |

---

Notes:

<sup>a</sup> The net investment loss per share data and the redemption fee data were determined using average shares outstanding during the year.

<sup>b</sup> The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor.

THE OBERWEIS FUNDS

Financial Highlights (continued)

*Per share income and capital for a share outstanding throughout each year is as follows:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Institutional Class |  |  |  |  |  |
|  |  |  | Global Opportunities Fund | Global Opportunities Fund | Global Opportunities Fund |
|  |  |  |  | Years Ended December 31, | Years Ended December 31, |
|  | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value at beginning of year | $27.35 | $25.64 | $35.84 | $36.87 | $24.99 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| Net investment loss<sup>a</sup> | (.13) | (.12) | (.12) | (.26) | (.25) |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | 3.14 | 1.83 | (9.42) | 8.07 | 14.25 |
| Total from investment operations | 3.01 | 1.71 | (9.54) | 7.81 | 14.00 |
| Redemption fees <sup>a</sup> |  |  |  | .01 |  |
| Less distributions: |  |  |  |  |  |
| Distribution from net realized gains on investments | - | - | (.66) | (8.85) | (2.12) |
| Net asset value at end of year | $30.36 | $27.35 | $25.64 | $35.84 | $36.87 |
| Total return (%) | 11.01 | 6.67 | (26.61) | 21.23 | 55.94 |
| RATIO/SUPPLEMENTAL DATA: |  |  |  |  |  |
| Net Assets at end of year (in thousands) | $22289 | $18754 | $16837 | $23518 | $17109 |
| Ratio of gross expenses to average net assets (%) | 1.23 | 1.25 | 1.28 | 1.14 | 1.28 |
| Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.23 | 1.25 | 1.27 | 1.13 | 1.27 |
| Ratio of net investment loss to average net assets (%) | (.43) | (.44) | (.44) | (.61) | (.88) |
| Portfolio turnover rate (%) | 103 | 95 | 73 | 111 | 129 |

---

Notes:

<sup>a</sup> The net investment loss per share data and the redemption fee data were determined using average shares outstanding during the year.

<sup>b</sup> The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor.

THE OBERWEIS FUNDS

Financial Highlights (continued)

*Per share income and capital for a share outstanding throughout each year is as follows:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investor Class |  |  |  |  |  |
|  |  |  | China Opportunities Fund | China Opportunities Fund | China Opportunities Fund |
|  |  |  |  | Years Ended December 31, | Years Ended December 31, |
|  | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value at beginning of year | $6.56 | $7.14 | $11.51 | $17.29 | $12.33 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| Net investment income (loss)<sup>a</sup> | .01 | (.03) | (.08) | (.11) | (.16) |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | .47 | (.53) | (4.20) | (.88) | 7.11 |
| Total from investment operations | .48 | (.56) | (4.28) | (.99) | 6.95 |
| Redemption fees <sup>a</sup> |  | .01 |  |  |  |
| Less dividends and distributions: |  |  |  |  |  |
| Distribution from net realized gains on investments |  |  | (.09) | (4.79) | (1.99) |
| Dividends from net investment income | (.15) | (.03) | - | - | - |
| Total dividends and distributions | (.15) | (.03) | (.09) | (4.79) | (1.99) |
| Net asset value at end of year | $6.89 | $6.56 | $7.14 | $11.51 | $17.29 |
| Total return (%) | 7.29 | (7.70) | (37.23) | (5.41) | 56.51 |
| RATIO/SUPPLEMENTAL DATA: |  |  |  |  |  |
| Net Assets at end of year (in thousands) | $31794 | $36390 | $45803 | $81018 | $98527 |
| Ratio of gross expenses to average net assets (%) | 2.16 | 2.16 | 2.05 | 1.87 | 1.95 |
| Ratio of net expenses to average net assets (%)<sup>b</sup> | 2.16 | 2.15 | 2.03 | 1.87 | 1.95 |
| Ratio of net investment gains (losses) to average net assets (%) | .16 | (.39) | (.97) | (.63) | (1.11) |
| Portfolio turnover rate (%) | 155 | 189 | 254 | 241 | 192 |

---

Notes:

<sup>a</sup> The net investment loss per share data and the redemption fee data were determined using average shares outstanding during the year.

<sup>b</sup> The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor.

THE OBERWEIS FUNDS

Financial Highlights (continued)

*Per share income and capital for a share outstanding throughout each year is as follows:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Institutional Class |  |  |  |  |  |
|  |  |  | China Opportunities Fund | China Opportunities Fund | China Opportunities Fund |
|  |  |  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value at beginning of year | $6.67 | $7.27 | $11.67 | $17.42 | $12.39 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| Net investment income (loss)<sup>a</sup> | .06 | (.01) | (.05) | (.07) | (.13) |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | .45 | (.55) | (4.26) | (.89) | 7.15 |
| Total from investment operations | .51 | (.56) | (4.31) | (.96) | 7.02 |
| Redemption fees <sup>a</sup> |  | .01 |  |  |  |
| Less dividends and distributions: |  |  |  |  |  |
| Distribution from net realized gains on investments |  |  | (.09) | (4.79) | (1.99) |
| Dividends from net investment income | (.17) | (.05) | - | - | - |
| Total dividends and distributions | (.17) | (.05) | (.09) | (4.79) | (1.99) |
| Net asset value at end of year | $7.01 | $6.67 | $7.27 | $11.67 | $17.42 |
| Total return (%) | 7.61 | (7.58) | (36.97) | (5.23) | 56.79 |
| RATIO/SUPPLEMENTAL DATA: |  |  |  |  |  |
| Net Assets at end of year (in thousands) | $5045 | $8883 | $10513 | $15247 | $21497 |
| Ratio of gross expenses to average net assets (%) | 1.92 | 1.90 | 1.80 | 1.62 | 1.69 |
| Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.92 | 1.90 | 1.78 | 1.62 | 1.69 |
| Ratio of net investment gains (losses) to average net assets (%) | .87 | (.10) | (.62) | (.38) | (.85) |
| Portfolio turnover rate (%) | 155 | 189 | 254 | 241 | 192 |

---

Notes:

<sup>a</sup> The net investment loss per share data and the redemption fee data were determined using average shares outstanding during the year.

<sup>b</sup> The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor.

THE OBERWEIS FUNDS

Financial Highlights (continued)

*Per share income and capital for a share outstanding throughout each year is as follows:*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Investor Class |  |  |  |  |  |
|  |  |  | International Opportunities Fund | International Opportunities Fund | International Opportunities Fund |
|  |  |  | Years Ended December 31, | Years Ended December 31, | Years Ended December 31, |
|  | 2024 | 2023 | 2022 | 2021 | 2020 |
| Net asset value at beginning of year | $17.42 | $16.68 | $26.50 | $31.52 | $19.43 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |
| Net investment income (loss)<sup>a</sup> | .24 | .11 | .11 | (.26) | (.16) |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | 1.07 | .70 | (9.93) | .72 | 12.37 |
| Total from investment operations | 1.31 | .81 | (9.82) | .46 | 12.21 |
| Redemption fees <sup>a</sup> | .01 |  |  |  |  |
| Less dividends and distributions: |  |  |  |  |  |
| Distribution from net realized gains on investments |  |  |  | (5.48) |  |
| Dividends from net investment income | (.24) | (.07) | - | - | (.12) |
| Total dividends and distributions | (.24) | (.07) | - | (5.48) | (.12) |
| Net asset value at end of year | $18.50 | $17.42 | $16.68 | $26.50 | $31.52 |
| Total return (%) | 7.54 | 4.89 | (37.06) | 1.52 | 62.86 |
| RATIO/SUPPLEMENTAL DATA: |  |  |  |  |  |
| Net Assets at end of year (in thousands) | $93256 | $114698 | $144970 | $310356 | $327354 |
| Ratio of gross expenses to average net assets (%) | 1.45 | 1.92 | 1.87 | 1.77 | 1.87 |
| Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.35 | 1.59 | 1.60 | 1.60 | 1.60 |
| Ratio of net investment income (loss) to average net assets (%) | 1.27 | .66 | .60 | (.79) | (.75) |
| Portfolio turnover rate (%) | 99 | 103 | 74 | 93 | 130 |

---

Notes:

<sup>a</sup> The net investment income (loss) per share data and the redemption fee data were determined using average shares outstanding during the year.

<sup>b</sup> The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor.

THE OBERWEIS FUNDS

Financial Highlights (continued)

*Per share income and capital for a share outstanding throughout each period is as follows:*

Institutional Class <br> International Opportunities Fund

---

| | | |
|:---|:---|:---|
| | Year Ended<br> December 31, 2024 | Period Ended<br> December 31, 2023<sup>c</sup> |
| Net asset value at beginning of period | $8.50 | $8.43 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |
| Net investment income (loss) <sup>a</sup> | .13 |  |
| Net realized and unrealized gains on investments and translation of assets and liabilities denominated in foreign currency | .52 | .07 |
| Total from investment operations | .65 | .07 |
| Redemption fees <sup>a</sup> | .01 |  |
| Less dividends and distributions: |  |  |
| Dividends from net realized gains on investments and foreign currency transactions |  |  |
| Dividends from net investment income | (.29) | - |
| Total dividends and distributions | (.29) | - |
| Net asset value at end of period | $8.87 | $8.50 |
| Total return (%) | 7.70 | .83 <sup>d</sup> |
| RATIO/SUPPLEMENTAL DATA: |  |  |
| Net Assets at end of year (in thousands) | $248272 | $278822 |
| Ratio of gross expenses to average net assets (%) | 1.20 | 1.10 <sup>e</sup> |
| Ratio of net expenses to average net assets (%)<sup>(b)</sup> | 1.10 | 1.09 <sup>e</sup> |
| Ratio of net investment income to average net assets (%) | 1.46 | .28 <sup>e</sup> |
| Portfolio turnover rate (%) | 99 | 103 |

---

Notes:

<sup>a</sup> The net investment income (loss) per share data and the redemption fee data were determined using average shares outstanding during the period.

<sup>b</sup> The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor.

<sup>c</sup> For the period from December 23, 2023 (commencement of operations) through December 31, 2023.

<sup>d</sup> Not annualized

<sup>e</sup> Annualized.

THE OBERWEIS FUNDS

Financial Highlights (continued)

*Per share income and capital for a share outstanding throughout each period is as follows:*

Institutional Class <br> Focused International Growth Fund

---

| | | | |
|:---|:---|:---|:---|
|  | Years Ended December 31, | Years Ended December 31, | |
| | 2024 | 2023 | Period Ended<br>December 31, 2022<sup>a</sup> |
| Net asset value at beginning of period | $8.77 | $7.63 | $10.00 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |
| Net investment income<sup>b</sup> | .15 | .12 | .07 |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | .89 | 1.15 | (2.34) |
| Total from investment operations | 1.04 | 1.27 | (2.27) |
| Redemption fees <sup>b</sup> |  |  |  |
| Less dividends and distributions: |  |  |  |
| Dividends from net investment income | (.14) | (.13) | (.10) |
| Total dividends and distributions | (.14) | (.13) | (.10) |
| Net asset value at end of period | $9.67 | $8.77 | $7.63 |
| Total return (%) | 11.79 | 16.60 | (22.75)<sup>e</sup> |
| RATIO/SUPPLEMENTAL DATA: |  |  |  |
| Net Assets at end of period (in thousands) | $7685 | $6032 | $5077 |
| Ratio of gross expenses to average net assets (%) | 2.37 | 2.51 | 1.97 <sup>d</sup> |
| Ratio of net expenses to average net assets (%)<sup>c</sup> | .95 | .95 | .95 <sup>d</sup> |
| Ratio of net investment income to average net assets (%) | 1.49 | 1.47 | 1.18 <sup>d</sup> |
| Portfolio turnover rate (%) | 66 | 88 | 54 <sup>e</sup> |

---

Notes:

<sup>a</sup> For the period from April 1, 2022 (commencement of operations) through December 31, 2022.

<sup>b</sup> The net investment income per share data and the redemption fee data were determined using average shares outstanding during the period.

<sup>c</sup> The ratios in this row reflect the impact, if any, of expense offset arrangements.

<sup>d</sup> Annualized.

<sup>e</sup> Not Annualized

---

| | |
|:---|:---|
| **ITEM 8.** | **CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.** |

---

No changes or disagreements to disclose during the period covered by the report.

---

| | |
|:---|:---|
| **ITEM 9.** | **PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.** |

---

No matters were submitted during the period covered by the report to a vote of shareholders.

---

| | |
|:---|:---|
| **ITEM 10.** | **REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.** |

---

Remuneration disclosed in the Notes to Financial Statements section in Item 7.

---

| | |
|:---|:---|
| **ITEM 11.** | **STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.** |

---

The Investment Advisory Agreement between The Oberweis Funds (the "Trust") and Oberweis Asset Management, Inc. ("OAM") with respect to the Micro-Cap Fund, the Global Opportunities Fund and the Small-Cap Opportunities Fund and the Investment Advisory and Management Agreements between the Trust and OAM with respect to the International Opportunities Fund, the China Opportunities Fund, the Emerging Markets Fund and the Focused International Growth Fund (collectively, the "Advisory Agreements") (the above-noted funds of the Trust are collectively referred to as the "Funds"), and the Investment Sub-Advisory Agreement between OAM and Oberweis Asset Management (Hong Kong) Limited ("OAMHK"), a wholly owned subsidiary of OAM, with respect to the China Opportunities Fund (the "Sub-Advisory Agreement" and together with the Advisory Agreements, the "Agreements") were last approved by the Board of Trustees of the Trust (the "Board"), including all of the trustees who are not parties to the Agreements or interested persons of any such party (the "Independent Trustees"), at a meeting on August 7, 2024. The Board, including a majority of the Independent Trustees, determined that the continuation of the applicable Agreements was in the best interests of each of the Funds.

The Board noted that OAM has been associated with each of the Funds since its inception. The Board recognized that a long-term relationship with a capable, conscientious investment adviser is in the best interests of each Fund, and that shareholders have invested in the Funds knowing that OAM manages the Funds and knowing the investment advisory and management fee schedules.

The Board reviewed the investment performance of each Fund as compared to a peer universe of funds provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data (the "Performance Universe Average"), and as compared to the performance of a relevant market benchmark index. With respect to Fund performance, the Board considered each Fund's performance over the one-, three-, five- and 10-year periods ended June 30, 2024, as applicable, including any periods of outperformance or underperformance as compared to the performance of the relevant market benchmark index and the Fund's Performance Universe Average. The Board noted that (i) each of the Micro-Cap Fund and the Small-Cap Opportunities Fund outperformed its performance benchmark index and Performance Universe Average for all periods reviewed and that the Micro-Cap Fund (International Class) had the best overall 10-year performance in its peer group of 671 funds (Investor Class was second of 671), (ii) Oberweis Global Opportunities Fund outperformed its performance benchmark index and Performance Universe Average for the five-year and 10-year periods, (iii) the China Opportunities Fund outperformed its performance benchmark index and Performance Universe Average for all periods reviewed expect the performance benchmark index for the three-year period, (iv) the International Opportunities Fund outperformed its performance benchmark index for the one-year period and underperformed for all other periods reviewed and underperformed its Performance Universe Average for all periods reviewed, (v) the Emerging Markets Fund outperformed the Performance Universe Average for the three-year and five-year periods and underperformed its performance benchmark index for all periods reviewed and (vi) the Focused International Growth Fund outperformed its performance benchmark index and Performance Universe Average for the one-year period (the Fund's inception was April 1, 2022). In light of the information provided and the considerations made, the Board concluded that the nature, quality and extent of the services provided to each Fund by OAM and to the China Opportunities Fund by OAMHK have been and are expected to remain satisfactory.

*Fees and Expenses.* The Board considered the combined investment advisory and management fees charged to each Fund by OAM (the "management fees") as compared to the management fees of a peer group of funds provided by Broadridge (the "Expense Group") and the expense ratio(s) of each Fund as compared to the expense ratios of the Expense Group. The Board considered information provided by Broadridge on how it selected the peer funds included in the Expense Group for each Fund and considered certain limitations as to the comparability of the data provided. The Board also considered OAM's proposal to reduce the investment advisory and management fee for the China Opportunities Fund based on its peer group's management fee comparison.

Based on the information provided, the Board noted that, although the contractual management fees for each Fund (except the Small-Cap Opportunities Fund, the Emerging Markets Fund and the Focused International Growth Fund) were above the median management fee of its respective Expense Group, they were within a reasonable range of the applicable median and that the contractual management fees for the Small-Cap Opportunities Fund, the Emerging Markets Fund and the Focused International Growth Fund were below or at the median management fee of the applicable Expense Group. The Board considered the proposal to reduce the investment advisory and management fee for the China Opportunities Fund to an annual rate of one percent (1%) of average daily net assets, noting that, at this level, the contractual investment advisory and management fees for the China Opportunities Fund would be only 0.035 higher than the Expense Group median. The Board also noted, among other things, that it believed that each Fund's management fees were reasonable in light of the levels of investment performance historically and over the time periods reviewed, and as compared to the performance of the applicable relevant market benchmark index and the Performance Universe Average. With respect to the investment sub-advisory fees paid to OAMHK relating to the China Opportunities Fund, the Board noted that such fees are paid by OAM and not the China Opportunities Fund.

The Board noted that the expense ratio for each Fund's Institutional Class (with the exception of the Micro-Cap Fund, the Small-Cap Opportunities Fund, the Emerging Markets Fund and the International Opportunities Fund), as applicable, was above the median of the expense ratio of its applicable Expense Group and that the expense ratio for the Focused International Growth Fund was below the median of the expense ratio of its Expense Group. The Board also noted that the expense ratio of each Fund's Investor Class (with the exception of the Small-Cap Opportunities Fund), as applicable, was above the median expense ratio of its applicable Expense Group. With respect to the expense ratio for the Investor Class of the Emerging Markets Fund relative to its Expense Group, the Board considered (i) that due to OAM's expense reimbursement, actual management fees were among the lowest in the Expense Group, (ii) that non-management expenses which the Fund cannot control were among the highest in its Expense Group, and (iii) the small size of the Fund relative to its Expense Group.

In addition, the Board considered management fees paid to OAM by other client accounts with investment strategies similar to the International Opportunities Fund and the Focused International Growth Fund. With respect to OAM's other clients, the Board recognized that the mix of services provided to the Funds, the level of responsibility required under the Advisory Agreements with the Funds, and the regulatory, compliance and operational requirements with respect to the Funds are greater than OAM's obligations for similar client accounts, and that the management fees for such accounts are less relevant to the Board's consideration of the management fees for the Funds because they reflect different competitive forces than those in the mutual fund marketplace. Based on the information provided, the Board concluded that each Fund's management fees were reasonable and appropriate in amount, given the nature, quality and extent of the services provided and taking into consideration relevant circumstances.

*Profitability.* With respect to the costs of services provided and profits realized by OAM, the Board considered the management fees received by OAM from each of the Funds as well as the level, quality and expense of OAM's staff and the services that OAM provides. The Board also considered the explanation from OAM that the profits realized by OAM specifically from the relationship with the Funds could not be identified due to the impracticality of expense allocation, noting the difficulty of breaking down profitability related to each Fund versus the other Oberweis Funds and other client accounts because management and personnel time and services are not allocated between the various types of accounts. The Board noted OAM's belief that, while the profits could not be itemized, the overall profitability of OAM was below industry average but within a reasonable range relative to other investment advisory firms and considered OAM's overall pre-tax profit margin for 2023. The Board also considered that OAM has contractually agreed to reimburse the Funds for expenses if their respective expense ratios exceed certain limits.

The Board did not consider the profits realized by OAMHK with respect to the China Opportunities Fund, noting that OAM compensates OAMHK from its management fees and that the revenue to OAMHK was limited due to the size of the China Opportunities Fund. Based on this information, the Board concluded for each Fund that OAM's profitability was not unreasonable.

*Economies of Scale.* The Board considered the extent to which economies of scale would be realized as each Fund grows, and whether management fee levels reflect economies of scale for the benefit of Fund shareholders. The Board noted asset capacity constraints for all of the Funds except the Focused International Growth Fund, which limit economies of scale, and the expense reimbursements made by OAM to certain of the Funds. The Board also noted that the investment advisory fee schedule for the Global Opportunities Fund includes breakpoints designed to share economies of scale with shareholders. The Board concluded that each Fund's management fees reflect an appropriate recognition of any economies of scale.

*Other Benefits to OAM and Its Affiliates.* The Board considered the character and amount of other incidental benefits received by OAM and its affiliates from their relationship with the Funds, including the fees received by Oberweis Securities, Inc. ("OSI"), an affiliate of OAM and OAMHK, for distribution services, as applicable, and benefits to OAM and other OAM client accounts related to soft dollars generated by the Funds' brokerage transactions. The Board also noted that during the past year none of the Funds' brokerage transactions had been placed through OSI.

After due consideration of all of the information and factors deemed relevant by the Board and based upon their own business judgment and the conclusions reached, the Trustees determined that the continuance of the Agreements was in the best interests of each Fund. The Board, including the Independent Trustees, did not identify any single factor or group of factors as all-important or controlling, and considered all factors together. The Board also noted that OAM has a long association with each Fund since its inception. The Board recognized that a long-term relationship with a capable, conscientious investment adviser is in the best interests of each Fund and that shareholders have invested in the Funds knowing that OAM managed the Funds and knowing the Funds' investment advisory and management fee schedules.

---

| | |
|:---|:---|
| **ITEM 12.** | **DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** |

---

Not Applicable to the registrant.

---

| | |
|:---|:---|
| **ITEM 13.** | **PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.** |

---

Not Applicable to the registrant.

---

| | |
|:---|:---|
| **ITEM 14.** | **PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.** |

---

Not Applicable to the registrant.

---

| | |
|:---|:---|
| **ITEM 15.** | **SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.** |

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There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees since registrant last disclosed such procedures in its proxy statement dated April 16, 2004.

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| | |
|:---|:---|
| **ITEM 16.** | **CONTROLS AND PROCEDURES.** |

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&nbsp;&nbsp;&nbsp;&nbsp;(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") (17CFR 270.30a-3(c))
are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph,
based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and
Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;(b) There has been no change to the registrant's internal
control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during
the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.

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| | |
|:---|:---|
| **ITEM 17.** | **EXHIBITS.** |

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| | |
|:---|:---|
| (a)(1) | [Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.406. Code of Ethics.](ea022829902_ex99-codeeth.htm) |
| (a)(2) | [Certifications pursuant to Rule 30a-2 under the Investment Company Act of 1940 (17CFR 270.30a-2) in the exact form set forth below: EX-99.CERT attached hereto.](ea022829902_ex99-cert.htm) |
| (a)(3) | Any written solicitation to purchase securities under Rule 23 c-1 under the Investment Company Act of 1940 (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not Applicable to the registrant. |
| (b) | [If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S. C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. EX-99.906 CERT attached hereto.](ea022829902_ex99-906cert.htm) |

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**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.

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| | |
|:---|:---|
| (Registrant) **The Oberweis Funds** |  |
| By (Signature and Title\*) | /s/ James W. Oberweis |
|  | James W. Oberweis |
|  | President, The Oberweis Funds |
| Date 08/28/2025 |  |

---

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.

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| | |
|:---|:---|
| By (Signature and Title\*) | /s/ James W. Oberweis |
|  | James W. Oberweis |
|  | President, The Oberweis Funds |
| Date 08/28/2025 |  |

---

---

| | |
|:---|:---|
| By (Signature and Title\*) | /s/ Eric V. Hannemann |
|  | Eric V. Hannemann |
|  | Treasurer, The Oberweis Funds |
| Date 08/28/2025 |  |

---

/\*/ Print the name and title of each signing officer under his or her signature.

## Ex-99.Codeeth

**Exhibit 99.CODEETH**

**THE OBERWEIS FUNDS**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**SENIOR FINANCIAL OFFICERS**

**I. Covered Officers/Purpose of the Code**

The Oberweis Funds' (the "Fund") code of ethics (this "Code") applies to the Fund's Principal Executive Officer, Principal Financial and Principal Accounting Officer (the "Covered Officers" each of whom are set forth in Exhibit A) for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Fund;

• compliance with applicable laws and governmental rules and regulations;

• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest**

**Overview**. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" of the Fund. The Fund's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.

\* \* \*

Each Covered Officer must:

• not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

• not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fund;

• not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions; and

• not retaliate against any other Covered Officer or any employee of the Fund or its affiliated persons for reports of potential violations that are made in good faith.

There are some conflict of interest situations that should always be approved by the Chairman of the Audit Committee if material. Examples of these include: <sup>1</sup>

• service as a director on the board of any public or private company;

• the receipt of any gifts in excess of $100 per person per year from a broker-dealer or other companies or persons that do business with Fund or have proposed doing business with the Fund or any person in a control relationship with the Fund;

<sup>1</sup> Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer's family engages in such an activity or has such a relationship.

• the receipt of any entertainment from any company with which the Fund has current or prospective business dealings unless such entertainment is business-related, reasonable in cost (i.e., nominal in value), appropriate as to time and place, and not so frequent as to raise any question of impropriety;

• any ownership interest in, or any consulting or employment relationship with, any of the Fund's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III. Disclosure and Compliance**

• Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund;

• each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's directors and auditors, and to governmental regulators and self-regulatory organizations;

• each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Fund and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

• it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;

• annually thereafter affirm to the Board that he has complied with the requirements of the Code; and

• notify the Chairman of the Fund's Audit Committee promptly if he knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Chairman of the Funds' Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.

The Fund will follow these procedures in investigating and enforcing this Code:

• the Chairman of the Audit Committee will take all appropriate action to investigate any potential violations reported to him;

• if, after such investigation, the Chairman of the Audit Committee believes that no violation has occurred, the Chairman of the Audit Committee is not required to take any further action;

• any matter that the Chairman of the Audit Committee believes is a violation or that the Chairman of the Audit Committee believes should be reviewed by the Audit Committee will be reported to the Audit Committee;

• if the Audit Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;

• the Audit Committee will be responsible for granting waivers, as appropriate; and

• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V. Other Policies and Procedures**

This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, the Fund's adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The joint code of ethics of the Fund, Oberweis Asset Management ("OAM") and Oberweis Securities' under Rule 17j-1 under the Investment Company Act and OAM's more detailed policies and procedures set forth in OAM's Compliance Manual are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI. Amendments**

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

**VII. Confidentiality**

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board, counsel to the Fund, the Fund and its adviser.

**VIII. Internal Use**

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

Date: August 12, 2003

**EXHIBIT A**

Persons Covered by this Code of Ethics

James W. Oberweis, President

Eric V. Hannemann, Treasurer

**Affirmation to the Board of Trustees**

I am a Covered Officer under The Oberweis Funds Code of Ethics for Principal Executive and Senior Financial Officers (the "Code"). I affirm that I have received, read and understand the Code.

<u>Date: </u>  <br> Name:   <br> Title:

## Ex-99.Cert

**Exhibit 99.CERT**

Certifications Pursuant To

Section 302 of

The Sarbanes-Oxley Act of 2002

I, James W. Oberweis, certify that:

1. I have reviewed this report on Form
 N-CSR of The Oberweis Funds (the "registrant");

2. Based on my knowledge, this report
 does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made,
 in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial
 statements, and other financial information included in this report, fairly present in all material respects the financial condition,
 results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of
 cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying
 officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under
 the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-under the Investment Company
 Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940)
 for the registrant and have:

a) Designed such
 disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure
 that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial
 reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
 with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's
 disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls
 and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any changes in
 the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered
 by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The registrant's other certifying officer and I have
 disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
 the equivalent functions):

a) All significant deficiencies and material
 weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect
 the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that
 involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| /s/ James W. Oberweis | Date: 08/28/2025 |
| James W. Oberweis |  |
| President |  |

---

Certifications Pursuant To

Section 302 of

The Sarbanes-Oxley Act of 2002

I, Eric V. Hannemann, certify that:

1. I have reviewed this report on Form N-CSR of The Oberweis Funds
 (the "registrant");

2. Based on my knowledge, this report does not contain any untrue
 statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other
 financial information included in this report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant
 as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible
 for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
 of 1940) and internal control over financial reporting (as defined in Rule 30a-under the Investment Company Act of 1940) and internal
 control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and
 procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
 relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly
 during the period in which this report is being prepared;

b) Designed such internal control over financial
 reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
 with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's
 disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls
 and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any changes in
 the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered
 by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The registrant's other certifying officer and I have
 disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
 the equivalent functions):

a) All significant deficiencies and material
 weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect
 the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that
 involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| /s/ Eric V. Hannemann | Date: 08/28/2025 |
| Eric V. Hannemann |  |
| Treasurer |  |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT 0F 2002

In connection with the Annual Report of The Oberweis Funds (the "Company") on Form N-CSR for the period ending December 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, James W. Oberweis, President of the Company, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| |
|:---|
| Date: 08/28/2025 |
| /s/ James W. Oberweis |
| James W. Oberweis |
| President<br>(Chief Executive Officer) |

---

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT 0F 2002

In connection with the Annual Report of The Oberweis Funds (the "Company") on Form N-CSR for the period ending December 31, 2024 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Eric V. Hannemann, Chief Financial Officer and Treasurer of the Company, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of section 13 (a) or 15 (d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| |
|:---|
| Date: 08/28/2025 |
| /s/ Eric V. Hannemann |
| Eric V. Hannemann |
| Treasurer |
| (Chief Financial Officer) |

---