# EDGAR Filing Document

**Accession Number:** 0000803020
**File Stem:** 0001213900-26-049924
**Filing Date:** 2026-4
**Character Count:** 580925
**Document Hash:** 74773c093a2c78c5989fef0cfee99882
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-049924.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001213900-26-049924

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 41

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260501

**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:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04854
- **FILM NUMBER:** 26922054

**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
**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:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-09093
- **FILM NUMBER:** 26922053

**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'?

**AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON APRIL 30, 2026**

**1933 ACT FILE NO. 033**-09093 **1940 ACT FILE NO. 811**-04854

#### SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

#### ____________________

#### FORM N-1A

#### ____________________

---

| | |
|:---|:---|
|  **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | ☒ |
|  **Pre**-Effective **Amendment No.** | ☐ |
|  **Post**-Effective **Amendment No. 78** | ☒ |

---

#### and/or

---

| | |
|:---|:---|
|  **REGISTRATION STATEMENT UNDER <br>THE INVESTMENT COMPANY ACT OF 1940** | ☒ |
|  **Amendment No. 80** |  |

---

#### ____________________

#### THE OBERWEIS FUNDS (Exact Name of Registrant as Specified in Charter)

#### ____________________
**c/o Oberweis Asset Management, Inc. 3333 Warrenville Road, Suite 500 Lisle, Illinois 60532 (Address of Principal Executive Offices, Zip Code)**

#### REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (800) 323-6166
**Eric V. Hannemann Oberweis Asset Management, Inc. 3333 Warrenville Road, Suite 500 Lisle, Illinois 60532 (Name and Address of Agent for Service)**

#### ____________________
***Copies to:***

**Renee M. Hardt Vedder Price P.C. 222 North LaSalle Street, Suite 2600 Chicago, Illinois 60601**

It is proposed that this filing will become effective (check appropriate box)

☐&nbsp;&nbsp;&nbsp;&nbsp;immediately upon filing pursuant to paragraph (b)

☒&nbsp;&nbsp;&nbsp;&nbsp;on May 1, 2026 pursuant to paragraph (b)

☐&nbsp;&nbsp;&nbsp;&nbsp;60 days after filing pursuant to paragraph (a)(1)

☐&nbsp;&nbsp;&nbsp;&nbsp;on (date) pursuant to paragraph (a)(1)

☐&nbsp;&nbsp;&nbsp;&nbsp;75 days after filing pursuant to paragraph (a)(2)

☐&nbsp;&nbsp;&nbsp;&nbsp;on (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

☐&nbsp;&nbsp;&nbsp;&nbsp;This post-effective amendment designates a new effective date for a previously filed post-effective amendment

------

[**Table of Contents**](#TOC001)

![](tcover_ob93.jpg)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROSPECTUS |  |  |
|  | **INVESTOR <br>CLASS** | **INSTITUTIONAL <br>CLASS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oberweis Global Opportunities Fund | OBEGX | OBGIX |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oberweis Micro-Cap Fund | OBMCX | OMCIX |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oberweis Small-Cap Opportunities Fund | OBSOX | OBSIX |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oberweis International Opportunities Fund | OBIOX | OBIIX |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oberweis China Opportunities Fund | OBCHX | OCHIX |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oberweis Focused International Growth Fund |  | OFIGX |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **May 1, 2026** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Securities and Exchange Commission has not approved or disapproved of these securities or passed on the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Securities and Exchange Commission has not approved or disapproved of these securities or passed on the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Securities and Exchange Commission has not approved or disapproved of these securities or passed on the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **oberweisfunds.com** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **oberweisfunds.com** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **oberweisfunds.com** |

---

------

[**Table of Contents**](#TOC001)

**Table of Contents**

---

| | |
|:---|:---|
|  [OBERWEIS GLOBAL OPPORTUNITIES FUND](#T001) | 1 |
|  [OBERWEIS MICRO-CAP FUND](#T002) | 8 |
|  [OBERWEIS SMALL-CAP OPPORTUNITIES FUND](#T003) | 14 |
|  [OBERWEIS INTERNATIONAL OPPORTUNITIES FUND](#T004) | 20 |
|  [OBERWEIS CHINA OPPORTUNITIES FUND](#T005) | 26 |
|  [OBERWEIS FOCUSED INTERNATIONAL GROWTH FUND](#T007) | 34 |
|  [INFORMATION ABOUT THE FUNDS](#T008) | 39 |
|  [INVESTMENT OBJECTIVES, POLICIES AND RISKS](#T009) | 40 |
|  [FUND HOLDINGS](#T010) | 54 |
|  [MANAGEMENT OF THE FUNDS](#T011) | 54 |
|  [OTHER INFORMATION](#T012) | 57 |
|  [SHAREHOLDER INFORMATION](#T013) | 58 |
|  [How to Purchase Shares](#T014) | 58 |
|  [How to Redeem Shares](#T015) | 60 |
|  [Short-Term and Excessive Trading](#T016) | 63 |
|  [Anti-Money Laundering Program](#T017) | 64 |
|  [Transactions through the Funds' Web Site](#T018) | 64 |
|  [Pricing of Fund Shares](#T019) | 65 |
|  [Shareholder Services](#T020) | 66 |
|  [Privacy Notice](#T021) | 69 |
|  [DISTRIBUTIONS AND TAXES](#T022) | 70 |
|  [FINANCIAL HIGHLIGHTS](#T023) | 73 |
|  [GENERAL INFORMATION](#T024) | 84 |

---

Please read this document carefully before you make any investment decision. If you have any questions, do not hesitate to contact us at 800-245-7311 or visit our Web site at oberweisfunds.com. Also, please keep this prospectus with your other important records for future reference.

i

[**Table of Contents**](#TOC001)

OBERWEIS GLOBAL

OPPORTUNITIES FUND

#### INVESTMENT OBJECTIVE
The Oberweis Global Opportunities Fund's investment objective is to maximize capital appreciation.

------

#### FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

---

| | | |
|:---|:---|:---|
|  **Annual Fund Operating Expenses**<br> *(Expenses that you pay each year as a percentage of <br>the value of your investment)* | **Investor<br>Class** | **Institutional <br>Class** |
|  Management Fees | .84% | .84% |
|  Distribution and/or Service (12b-1) Fees | .25% | .00% |
|  Other Expenses | .35% | .35% |
|  Total Annual Fund Operating Expenses | 1.44% | 1.19% |

---

*Example*

*The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 YEAR** | **3 YEARS** | **5 YEARS** | **10 YEARS** |
|  Investor Class | $147 | $456 | $787 | $1724 |
|  Institutional Class | $121 | $378 | $654 | $1443 |

---

------

#### PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 85% of the average value of its portfolio.

[**Table of Contents**](#TOC001)

#### PRINCIPAL INVESTMENT STRATEGIES
The Fund invests, under normal circumstances, at least 80% of its net assets in the securities of relatively small companies, which, at the time of investment, have a market capitalization of less than or equal to $1.5 billion or are within the range of companies represented in the MSCI ACWI Small-Cap Index, whichever is greater. The Fund invests principally in the common stocks of companies that the Fund's investment adviser, Oberweis Asset Management, Inc. ("OAM"), believes have the potential for significant long-term growth in market value. The Fund may invest without limit in U.S. and non-U.S. companies. The non-U.S. companies in which the Fund invests may be securities of companies in developed or developing (or emerging) markets, including Chinese securities acquired through the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect, as well as equity-linked certificates (also called Participatory Notes) which are expected to provide the fund exposure to certain classes of shares traded in foreign markets which would otherwise not be available to the Fund. The Fund may invest in equity-linked certificates issued and/or guaranteed by counterparties rated A or better by Moody's or Standard & Poor's Corporation or issued and/or guaranteed by counterparties deemed to be of similar quality by OAM. Equity-linked certificates are derivative securities generally issued by banks or broker-dealers that are linked to the performance of an underlying foreign security. OAM anticipates that approximately 40 – 60% of the Fund's assets, on average over time, will be invested in emerging growth companies outside the United States.

The Fund seeks to invest in up-and-coming companies which OAM believes have the potential for increasing profitability and accelerating growth. The Fund seeks to invest in equity securities that typically exhibit the following characteristics:

**Under**-Appreciated **Revenue and Earnings Growth** — potential for revenue and/or earnings growth in excess of consensus expectations.

**Timely Catalyst** — a recent positive earnings release or an earnings surprise that tangibly and quantitatively begins to confirm that consensus analyst expectations are too low.

**Inflection Point of Change** — a business that is experiencing change — often from a new product, a new management team or a regulatory change — as these changes can drive unexpected or underestimated growth. A significant gap generally exists between OAM's forecasts and consensus analyst expectations.

**Limited Analyst Coverage** — a company not widely followed by other analysts to maximize the chances of finding misunderstood situations.

**Sustainability** — a sustainable business with a competitive position driven by niche market leadership, intellectual capital or unique manufacturing processes. Put another way, a reasonable barrier to competitive entry.

**Operating Leverage** — profitable and scalable business model, which tends to generate rising net profits margins as revenue growth accelerates.

**Valuation** — undervalued based on OAM's growth forecasts and historical valuation metrics afforded the company and/or peers.

[**Table of Contents**](#TOC001)

#### PRINCIPAL RISKS
The biggest risk is that the Fund's returns may vary, and you could lose money by investing in the Fund. Because the Fund may invest substantially all of its assets in common stocks, the main risk is that the value of the stocks it holds might decrease in response to the activities of an individual company or in response to general market and/or economic conditions. If this occurs, the Fund's share price may also decrease.

The Fund is designed for long-term investors who seek growth of capital and who can tolerate the greater risks associated with seeking maximum capital appreciation. Investment in common stocks, particularly in common stocks of relatively small companies with high growth potential, can be volatile. The value of the Fund's shares will go up and down due to movement of the overall stock market or of the value of the individual securities held by the Fund. The value of each security held by the Fund may decline in response to conditions affecting the general economy; political, social, or economic instability at the local, regional, or global level; pandemics, epidemics and other similar circumstances in one or more countries or regions; and currency and interest rate fluctuations. Because of this volatility, we recommend that you invest in the Fund as a long-term investment only, and only for a portion of your investment portfolio, not for all of it. There can be no assurance that the Fund's objective will be met.

#### Small-sized Company Risk
The Fund is subject to small company risk. Although the Fund seeks to reduce risk by investing in a diversified portfolio, you must realize that investing in smaller, and often newer, companies involves greater risk than there usually is with investing in larger, more established companies. Smaller and newer companies often have limited product lines, markets, management personnel, research and/or financial resources. The securities of small companies, which may be thinly capitalized, may not be as marketable as those of larger companies. Therefore the securities of these smaller, newer companies may be subject to more abrupt or erratic market movements than the securities of larger companies or the market averages in general.

#### Risks Associated with Non-U.S. Companies
Investments by the Fund in the securities of non-U.S. issuers involve certain additional investment risks different from those of U.S. issuers. These risks include: possibility of political or economic instability of the country of issue, possibility of disruption to international trade patterns, possibility of currency risk, possibility of currency exchange controls, imposition of foreign withholding taxes, seizure or nationalization of foreign deposits or assets, and adoption of adverse foreign government trade restrictions. There may be less publicly available information about a non-U.S. company than about a U.S. company. Sometimes non-U.S. companies are subject to different accounting, auditing, and financial reporting standards, practices and requirements than U.S. companies. There is generally less government regulation of stock exchanges, brokers and listed companies abroad than in the U.S., which may result in less transparency with respect to a company's operations. The absence of negotiated brokerage in certain countries may result in higher brokerage fees.

#### Equity Securities Risk
Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The equity securities held by the Fund may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors affecting securities markets generally, or a particular company.

[**Table of Contents**](#TOC001)

#### Emerging Market Risks
In addition to the risks associated with non-U.S. companies in developing or emerging markets, there is a possibility of expropriation, nationalization, confiscatory taxation or diplomatic developments that could affect investments in those countries. In addition, political and economic structures in emerging markets countries may be new and developing rapidly, which may cause instability. Emerging markets countries are also more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets.

#### Equity-linked Certificates Risk
Equity-linked certificates (also called Participatory Notes) are generally subject to the same risks as the foreign equity securities or the basket foreign securities they are linked to. Upon the maturity of the certificate, the holder generally receives a return of principal based on the capital appreciation of the linked security. If the linked security declines in value, the certificate may return a lower amount at maturity. The trading price of an equity-linked certificate also depends on the value of the linked security. Equity-linked certificates involve further risks associated with:

• purchases and sales of certificates, including the possibility that exchange rate fluctuations may negatively affect the value of a certificate,

• the credit quality of the certificate's issuer and/or guarantor, and

• liquidity risks and restrictions on transferability.

Ratings of issuers or guarantors of equity-linked certificates refer only to the issuer or guarantor's creditworthiness. They provide no indication of the potential risks of the linked securities.

#### Currency Risk
Currency risk is the risk that fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund's investments. Currency risk includes both the risk that currencies in which a fund's investments are traded will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly for a number of reasons, including the forces of supply and demand in the foreign exchange markets, actual or perceived changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or currency controls or political developments in the United States or abroad. The Fund may incur currency conversion costs (being the spread between buying and selling of the currency) and subject to exchange rate fluctuation risks in any such currency conversion, which may adversely affect the market value of the Fund's investments.

#### Technology Sector Risk
Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies

[**Table of Contents**](#TOC001)

may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market.

Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Finally, while all companies may be susceptible to network security breaches, certain companies in the information technology sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses. These risks are heightened for information technology companies in foreign markets.

#### Industrials Sector Risk
The industrials sector comprises companies who produce capital goods used in construction and manufacturing, such as companies that make and sell machinery, equipment and supplies that are used to produce other goods. Companies in the industrials sector may be adversely affected by changes in government regulation and spending, economic conditions, world events, commodity prices, exchange rates, import controls, and worldwide competition. In addition, companies may be adversely affected by environmental damages and product liability claims, and may face product obsolescence due to rapid technological developments and frequent new product introduction.

#### Investment Style Risk
There is no assurance that the common stocks of companies selected using OAM's investment criteria will achieve long-term growth in market value.

#### Portfolio Turnover Risk
In the past, the Fund has experienced high rates of portfolio turnover, which results in above average transaction costs and the payment by shareholders of taxes on above-average amounts of realized investment gains, including net short-term capital gains, which are taxed as ordinary income for federal income tax purposes when distributed.

#### FUND PERFORMANCE
The following bar chart and table provide some indication of the risks of investing in the Fund by showing how the performance of the Fund's Investor Class shares has varied over time. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how it will perform in the future. Updated performance information is available at oberweisfunds.com or by calling 800-245-7311.

[**Table of Contents**](#TOC001)

#### Annual Total Returns
The table compares the Fund's average annual returns for the periods indicated to a broad-based securities market index and an additional index with characteristics relevant to the Fund. The table also shows returns on a before and after tax basis. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown. The after-tax return information shown does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or individual retirement account ("IRA"). After-tax returns are shown only for Investor Class and after-tax returns for Institutional Class will vary. In certain cases, the "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than or the same as other return figures for the same period. This will occur when a capital loss is realized upon the sale of Fund shares and provides an assumed tax benefit that increases the return.

**Average Annual Total Returns** *(for the Periods Ended December 31, 2025)*

#### Oberweis Global Opportunities Fund

---

| | | | |
|:---|:---|:---|:---|
|  | **1 YEAR** | **5 YEARS** | **10 YEARS** |
|  **Investor Class** |  |  |  |
|  Return Before Taxes | 19.38% | 4.48% | 9.03% |
|  Return After Taxes on Distributions | 16.20% | 2.64% | 7.42% |
|  Return After Taxes on Distributions and Sale of Fund Shares | 13.76% | 3.30% | 7.07% |
|  **Institutional Class (Return Before Taxes)** | 19.68% | 4.75% | 9.34%<sup>1</sup> |
|  **MSCI EAFE Index**<br> (reflects no deduction for fees, expenses or taxes) | 31.22% | 8.92% | 8.18% |
|  **MSCI ACWI Small Cap Index**<br> (reflects no deduction for fees, expenses or taxes) | 19.72% | 7.29% | 9.32% |

---

<sup>1</sup>Since the inception of the institutional class on May 1, 2017.

[**Table of Contents**](#TOC001)

#### MANAGEMENT

#### Investment Adviser
Oberweis Asset Management, Inc. ("OAM")

#### Portfolio Manager
James W. Oberweis, President, has been the portfolio manager of the Fund since 2001.

*For important information about buying and selling Fund shares, tax information and financial intermediary compensation, see "Information About the Funds" on page 39.*

[**Table of Contents**](#TOC001)

OBERWEIS MICRO-CAP FUND

#### INVESTMENT OBJECTIVE
The Oberweis Micro-Cap Fund's investment objective is to maximize capital appreciation.

------

#### FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy, hold and sell Investor Class shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

---

| | | |
|:---|:---|:---|
|  **Annual Fund Operating Expenses**<br> *(Expenses that you pay each year as a percentage of <br>the value of your investment)* | **Investor<br>Class** | **Institutional <br>Class** |
|  Management Fees | 1.00% | 1.00% |
|  Distribution and/or Service (12b-1) Fees | .25% | .00% |
|  Other Expenses | .21% | .21% |
|  Total Annual Fund Operating Expenses | 1.46% | 1.21% |

---

*Example*

*The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 YEAR** | **3 YEARS** | **5 YEARS** | **10 YEARS** |
|  Investor Class | $149 | $462 | $797 | $1746 |
|  Institutional Class | $123 | $384 | $665 | $1466 |

---

------

#### PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 41% of the average value of its portfolio.

[**Table of Contents**](#TOC001)

**PRINCIPAL INVESTMENT STRATEGIES**

The Fund invests, under normal circumstances, at least 80% of its net assets in the securities of very small companies which, at the time of purchase, have a market capitalization within the range of companies represented in the Russell Micro-Cap Growth Index. As of June 30, 2025, the market capitalization range of the Russell Micro-Cap Growth Index was $24.2 million to $3.6 billion. The Fund invests principally in the common stocks of companies that the Fund's investment adviser, Oberweis Asset Management, Inc. ("OAM"), believes have the potential for significant long-term growth in market value.

The Fund seeks to invest in up-and-coming companies which OAM believes have the potential for increasing profitability and accelerating growth. The Fund primarily invests in companies headquartered in the United States. The Fund seeks to invest in equity securities that typically exhibit the following characteristics:

**Under**-Appreciated **Revenue and Earnings Growth** — potential for revenue and/or earnings growth in excess of consensus expectations.

**Timely Catalyst** — a recent positive earnings release or an earnings surprise that tangibly and quantitatively begins to confirm that consensus analyst expectations are too low.

**Inflection Point of Change** — a business that is experiencing change — often from a new product, a new management team or a regulatory change — as these changes can drive unexpected or underestimated growth. A significant gap generally exists between OAM's forecasts and consensus analyst expectations.

**Limited Analyst Coverage** — a company not widely followed by other analysts to maximize the chances of finding misunderstood situations.

**Sustainability** — a sustainable business with a competitive position driven by niche market leadership, intellectual capital or unique manufacturing processes. Put another way, a reasonable barrier to competitive entry.

**Operating Leverage** — profitable and scalable business model, which tends to generate rising net profits margins as revenue growth accelerates.

**Valuation** — undervalued based on OAM's growth forecasts and historical valuation metrics afforded the company and/or peers.

#### PRINCIPAL RISKS
The biggest risk is that the Fund's returns may vary, and you could lose money by investing in the Fund. Because the Fund may invest substantially all of its assets in common stocks, the main risk is that the value of the stocks it holds might decrease in response to the activities of an individual company or in response to general market and/or economic conditions. If this occurs, the Fund's share price may also decrease.

The Fund is designed for long-term investors who seek growth of capital and who can tolerate the greater risks associated with seeking maximum capital appreciation. Investment in common stocks, particularly in common stocks of small companies with high growth potential, can be volatile. The value of the Fund's shares will go up and down

[**Table of Contents**](#TOC001)

due to movement of the overall stock market or of the value of the individual securities held by the Fund. The price of each security held by the Fund may decline in response to conditions affecting the general economy; political, social, or economic instability at the local, regional, or global level; pandemics, epidemics and other similar circumstances in one or more countries or regions; and currency and interest rate fluctuations. Because of this volatility, we recommend that you invest in the Fund as a long-term investment only, and only for a portion of your investment portfolio, not for all of it. There can be no assurance that the Fund's objective will be met.

#### Small-sized Company Risk
The Fund is subject to small company risk. Although the Fund seeks to reduce risk by investing in a diversified portfolio, you must realize that investing in smaller, and often newer, companies involves greater risk than there usually is with investing in larger, more established companies. Smaller and newer companies often have limited product lines, markets, management personnel, research and/or financial resources. The securities of small companies, which may be thinly capitalized, may not be as marketable as those of larger companies. Therefore the securities of these smaller, newer companies may be subject to more abrupt or erratic market movements than the securities of larger companies or the market averages in general.

#### Equity Securities Risk
Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The equity securities held by the Fund may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors affecting securities markets generally, or a particular company.

#### Micro-Cap Risk
Small-sized company risk is intensified for the Fund. The prices of micro-cap companies are generally more volatile and their markets are less liquid relative to larger companies. An investment in the Fund may involve considerably more risk of loss and its returns may differ significantly from funds investing in larger companies.

#### Technology Sector Risk
Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market.

Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Finally, while all companies may be susceptible to network security breaches, certain companies in the information technology sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses. These risks are heightened for information technology companies in foreign markets.

[**Table of Contents**](#TOC001)

#### Healthcare Sector Risk
Companies in the healthcare sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the healthcare sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Healthcare companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the healthcare sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.

#### Industrials Sector Risk
The industrials sector comprises companies who produce capital goods used in construction and manufacturing, such as companies that make and sell machinery, equipment and supplies that are used to produce other goods. Companies in the industrials sector may be adversely affected by changes in government regulation and spending, economic conditions, world events, commodity prices, exchange rates, import controls, and worldwide competition. In addition, companies may be adversely affected by environmental damages and product liability claims, and may face product obsolescence due to rapid technological developments and frequent new product introduction.

#### Investment Style Risk
There is no assurance that the common stocks of companies selected using OAM's investment criteria will achieve long-term growth in market value.

#### Portfolio Turnover Risk
In the past, the Fund has experienced high rates of portfolio turnover, which results in above average transaction costs and the payment by shareholders of taxes on above-average amounts of realized investment gains, including net short-term capital gains, which are taxed as ordinary income for federal income tax purposes when distributed.

#### FUND PERFORMANCE
The following bar chart and table provide some indication of the risks of investing in the Fund by showing how the performance of the Fund's Investor Class shares has varied over time. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how it will perform in the future. Updated performance information is available at oberweisfunds.com or by calling 800-245-7311.

[**Table of Contents**](#TOC001)

#### Annual Total Returns
The table compares the Fund's average annual returns for the periods indicated to a broad-based securities market index and an additional index with characteristics relevant to the Fund. The table also shows returns on a before and after tax basis. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown. The after-tax return information shown does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or individual retirement account ("IRA"). After-tax returns are shown only for Investor Class and after-tax returns for Institutional Class will vary. In certain cases, the "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than or the same as other return figures for the same period. This will occur when a capital loss is realized upon the sale of Fund shares and provides an assumed tax benefit that increases the return.

#### Average Annual Total Returns (for the Periods Ended December 31, 2025)

#### Oberweis Micro-Cap Fund

---

| | | | |
|:---|:---|:---|:---|
|  | **1 YEAR** | **5 YEARS** | **10 YEARS** |
|  **Investor Class** |  |  |  |
|  Return Before Taxes | 14.71% | 18.10% | 17.66% |
|  Return After Taxes on Distributions | 14.34% | 16.50% | 16.03% |
|  Return After Taxes on Distributions and Sale of Fund Shares | 8.98% | 14.19% | 14.34% |
|  **Institutional Class (Return Before Taxes)** | 15.02% | 18.42% | 16.67%<sup>1</sup> |
|  **S&P 500 Index**<br> (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% |
|  **Russell Microcap Growth Index** <br> (reflects no deduction for fees, expenses or taxes) | 21.84% | 2.81% | 7.82% |

---

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

[**Table of Contents**](#TOC001)

#### MANAGEMENT

#### Investment Adviser
Oberweis Asset Management, Inc. ("OAM")

#### Portfolio Managers
James W. Oberweis, President, has been the portfolio manager of the Fund since 2001.

Kenneth S. Farsalas, Portfolio Manager, has been a co-portfolio manager of the Fund since 2015.

*For important information about buying and selling Fund shares, tax information and financial intermediary compensation, see "Information About the Funds" on page 39.*

[**Table of Contents**](#TOC001)

OBERWEIS SMALL-CAP

OPPORTUNITIES FUND

#### INVESTMENT OBJECTIVE
The Oberweis Small-Cap Opportunities Fund's investment objective is to maximize capital appreciation.

------

#### FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

---

| | | |
|:---|:---|:---|
|  **Annual Fund Operating Expenses**<br> *(Expenses that you pay each year as a percentage of <br>the value of your investment)* | **Investor<br>Class** | **Institutional <br>Class** |
|  Management Fees | .80% | .80% |
|  Distribution and/or Service (12b-1) Fees | .25% | .00% |
|  Other Expenses | .21% | .21% |
|  Total Annual Fund Operating Expenses<sup>1</sup> | 1.26% | 1.01% |
|  Expense Reimbursement | (.01)% | (.01)% |
|  Total Annual Fund Operating Expenses After Expense Reimbursement | 1.25% | 1.00% |

---

<sup>1</sup>The Fund's adviser has a contractual arrangement with the Fund to reimburse it for total annual fund operating expenses in excess of 1.25% and 1.00% of average daily net assets excluding any interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses for Investor Class and Institutional Class shares, respectively, (the "expense limitation"). The contractual arrangement continues in force until April 30, 2027. Except with respect to termination, the contractual arrangement may be amended at any time by the mutual written consent of the adviser and the Fund, subject to the approval by the Board of Trustees of The Oberweis Funds.

[**Table of Contents**](#TOC001)

*Example*

*The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 YEAR** | **3 YEARS** | **5 YEARS** | **10 YEARS** |
|  Investor Class | $127 | $399 | $691 | $1522 |
|  Institutional Class | $102 | $321 | $557 | $1235 |

---

------

#### PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 58% of the average value of its portfolio.

#### PRINCIPAL INVESTMENT STRATEGIES
The Fund invests, under normal circumstances, at least 80% of its net assets in the securities of small-cap companies. The Fund's investment adviser, Oberweis Asset Management, Inc. ("OAM"), considers small-cap companies as those, at the time of initial investment, with a market capitalization within the range of the holdings of the Russell 2000 Growth Index. As of June 30, 2025, the market capitalization range of the Russell 2000 Growth Index was $59.3 million to $15.9 billion. The Fund invests principally in the common stocks of companies that OAM believes have the potential for significant long-term growth in market value.

The Fund seeks to invest in those companies which OAM considers to have above-average long-term growth potential. OAM selects companies which meet this criteria based on, among other things, fundamental analysis of individual securities. OAM's fundamental analysis entails an evaluation of an individual company's future growth prospects. OAM's evaluation may be based on, among other things, financial statement analysis, stock valuation in relation to OAM's estimate of future earnings, evaluation of competitive product or service offerings, future research and development pipeline and management interviews. OAM may actively trade the Fund's portfolio, and as a result, the Fund's portfolio turnover rate may be high.

The Fund primarily invests in companies headquartered in the United States. The Fund seeks to invest in equity securities that typically exhibit the following characteristics:

**Under**-Appreciated **Revenue and Earnings Growth** — potential for revenue and/or earnings growth in excess of consensus expectations.

**Timely Catalyst** — a recent positive earnings release or an earnings surprise that tangibly and quantitatively begins to confirm that consensus analyst expectations are too low.

[**Table of Contents**](#TOC001)

**Inflection Point of Change** — a business that is experiencing change — often from a new product, a new management team or a regulatory change — as these changes can drive unexpected or underestimated growth. A significant gap generally exists between OAM's forecasts and consensus analyst expectations.

**Limited Analyst Coverage** — a company not widely followed by other analysts to maximize the chances of finding misunderstood situations.

**Sustainability** — a sustainable business with a competitive position driven by niche market leadership, intellectual capital or unique manufacturing processes. Put another way, a reasonable barrier to competitive entry.

**Operating Leverage** — profitable and scalable business model, which tends to generate rising net profits margins as revenue growth accelerates.

**Valuation** — undervalued based on OAM's growth forecasts and historical valuation metrics afforded the company and/or peers.

#### PRINCIPAL RISKS
The biggest risk is that the Fund's returns may vary, and you could lose money by investing in the Fund. Because the Fund may invest substantially all of its assets in common stocks, the main risk is that the value of the stocks it holds might decrease in response to the activities of an individual company or in response to general market and/or economic conditions. If this occurs, the Fund's share price may also decrease.

The Fund is designed for long-term investors who seek growth of capital and who can tolerate the greater risks associated with seeking maximum capital appreciation.

Investment in common stocks, particularly in common stocks of small companies with high growth potential, can be volatile. The value of the Fund's shares will go up and down due to movement of the overall stock market or of the value of the individual securities held by the Fund. The value of each security held by the Fund may decline in response to conditions affecting the general economy; political, social, or economic instability at the local, regional, or global level; pandemics, epidemics and other similar circumstances in one or more countries or regions; and currency and interest rate fluctuations. Because of this volatility, we recommend that you invest in the Fund as a long-term investment only, and only for a portion of your investment portfolio, not for all of it. There can be no assurance that the Fund's objective will be met.

#### Equity Securities Risk
Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The equity securities held by the Fund may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors affecting securities markets generally, or a particular company.

[**Table of Contents**](#TOC001)

#### Small-sized Company Risk
The Fund is subject to small company risk. Although the Fund seeks to reduce risk by investing in a diversified portfolio, you must realize that investing in smaller, and often newer, companies involves greater risk than there usually is with investing in larger, more established companies. Smaller and newer companies often have limited product lines, markets, management personnel, research and/or financial resources.

The securities of small companies, which may be thinly capitalized, may not be as marketable as those of larger companies. Therefore the securities of these smaller, newer companies may be subject to more abrupt or erratic market movements than the securities of larger companies or the market averages in general.

#### Technology Sector Risk
Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market.

Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Finally, while all companies may be susceptible to network security breaches, certain companies in the information technology sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses. These risks are heightened for information technology companies in foreign markets.

#### Portfolio Turnover Risk
In the past, the Fund has experienced high rates of portfolio turnover, which results in above average transaction costs and the payment by shareholders of taxes on above-average amounts of realized investment gains, including net short-term capital gains, which are taxed as ordinary income for federal income tax purposes when distributed.

#### FUND PERFORMANCE
The following bar chart and table provide some indication of the risks of investing in the Fund by showing how the performance of the Fund's Investor Class shares has varied over time. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how it will perform in the future. Updated performance information is available at oberweisfunds.com or by calling 800-245-7311.

[**Table of Contents**](#TOC001)

#### Annual Total Returns
The table compares the Fund's average annual returns for the periods indicated to a broad-based securities market index and an additional index with characteristics relevant to the Fund. The table also shows returns on a before and after tax basis. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown. The after-tax return information shown does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or individual retirement account ("IRA"). After-tax returns are shown only for Investor Class and after-tax returns for Institutional Class will vary.

#### Average Annual Total Returns (for the Periods Ended December 31, 2025)

#### Oberweis Small-Cap Opportunities Fund

---

| | | | |
|:---|:---|:---|:---|
|  | **1 YEAR** | **5 YEARS** | **10 YEARS** |
|  **Investor Class** |  |  |  |
|  Return Before Taxes | 14.28% | 14.41% | 15.05% |
|  Return After Taxes on Distributions | 14.28% | 12.99% | 13.16% |
|  Return After Taxes on Distributions and Sale of Fund Shares | 8.45% | 11.00% | 11.74% |
|  **Institutional Class (Return Before Taxes)** | 14.62% | 14.69% | 15.28%<sup>1</sup> |
|  **S&P 500 Index**<br> (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% |
|  **Russell 2000 Growth Index**<br> (reflects no deduction for fees, expenses or taxes) | 13.01% | 3.18% | 9.57% |

---

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

[**Table of Contents**](#TOC001)

#### MANAGEMENT

#### Investment Adviser
Oberweis Asset Management, Inc. ("OAM")

#### Portfolio Managers
James W. Oberweis, President, has been the portfolio manager of the Fund since 2001.

Kenneth S. Farsalas, Portfolio Manager, has been a co-portfolio manager of the Fund since 2009.

*For important information about buying and selling Fund shares, tax information and financial intermediary compensation, see "Information About the Funds" on page 39.*

[**Table of Contents**](#TOC001)

OBERWEIS INTERNATIONAL

OPPORTUNITIES FUND

#### INVESTMENT OBJECTIVE
The Oberweis International Opportunities Fund's investment objective is to maximize long-term capital appreciation.

------

#### FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

---

| | | |
|:---|:---|:---|
|  **Shareholder Fees** *(Fees paid directly from your investments)* | **Investor<br>Class** | **Institutional <br>Class** |
|  Redemption Fee as a percentage of amount redeemed within 90 calendar days of purchase | 2.00% | 2.00% |
|  Exchange Fee as a percentage of amount exchanged within 90 calendar days of purchase | 2.00% | 2.00% |

---

---

| | | |
|:---|:---|:---|
|  **Annual Fund Operating Expenses**<br> *(Expenses that you pay each year as a percentage of the value of your investment)* |  |  |
|  Management Fees | 1.00% | 1.00% |
|  Distribution and/or Service (12b-1) Fees | .25% | .00% |
|  Other Expenses | .18% | .18% |
|  Total Annual Fund Operating Expenses<sup>1</sup> | 1.43% | 1.18% |
|  Expense Reimbursement | (.08)% | (.08)% |
|  Total Annual Fund Operating Expenses After Expense Reimbursement | 1.35% | 1.10% |

---

<sup>1</sup>The Fund's adviser has a contractual arrangement with the Fund to reimburse it for total annual fund operating expenses in excess of 1.35% and 1.10% of average daily net assets, excluding any interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses for Investor Class and Institutional Class shares, respectively (the "expense limitation"). The contractual arrangement continues in force until April 30, 2027. Except with respect to termination, the contractual arrangement may be amended at any time by the mutual written consent of the adviser and the Fund, subject to the approval by the Board of Trustees of The Oberweis Funds. During the term of the contract, the adviser may recoup the amount of any expenses reimbursed under the term of the contract within three years from the date on which reimbursement occurred if the recoupment does not cause the Fund's expenses to exceed the expense limitation in place at the time of the recoupment or at the time of reimbursement, whichever is lower.

[**Table of Contents**](#TOC001)

*Example*

*The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 YEAR** | **3 YEARS** | **5 YEARS** | **10 YEARS** |
|  Investor Class | $137 | $445 | $774 | $1706 |
|  Institutional Class | $112 | $367 | $641 | $1425 |

---

------

#### PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 125% of the average value of its portfolio.

#### PRINCIPAL INVESTMENT STRATEGIES
The Fund invests, under normal circumstances, at least 80% of its net assets in securities of companies based outside the United States. Currently, securities based outside the United States include (1) equity securities of companies that are organized under other than U.S. law or that are primarily traded on an exchange or over-the-counter outside of the United States; or (2) equity securities of companies that have at least 50% of their assets outside of the United States or that derive at least 50% of their revenues from business activities outside of the United States.

The Fund invests principally in the common stocks of companies that the Fund's investment adviser, Oberweis Asset Management, Inc. ("OAM"), believes have the potential for significant long-term growth in market value. The Fund may invest in Chinese securities acquired through the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect.

The Fund seeks to invest in those companies which OAM considers to have above-average long-term growth potential. OAM selects companies which meet this criteria based on, among other things, fundamental analysis of individual securities. OAM's fundamental analysis entails an evaluation of an individual company's future growth prospects. OAM's evaluation may be based on, among other things, financial statement analysis, stock valuation in relation to OAM's estimate of future earnings, evaluation of competitive product or service offerings, future research and development pipeline and management interviews. OAM may actively trade the Fund's portfolio, and as a result, the Fund's portfolio turnover rate may be high. There are no restrictions on the capitalization of companies whose securities the Fund may buy; however, the Fund generally invests in the stocks of smaller companies (generally companies with a market capitalization of less than $5 billion). The Fund may also invest in securities of countries in developed and developing (or emerging) markets. The Fund generally will invest less than 25% of its assets in securities of countries in emerging markets.

[**Table of Contents**](#TOC001)

The Fund seeks to invest in equity securities that typically exhibit the following characteristics:

**Under**-Appreciated **Revenue and Earnings Growth** — potential for revenue and/or earnings growth in excess of consensus expectations.

**Timely Catalyst** — a recent positive earnings release or an earnings surprise that tangibly and quantitatively begins to confirm that consensus analyst expectations are too low.

**Inflection Point of Change** — a business that is experiencing change — often from a new product, a new management team or a regulatory change — as these changes can drive unexpected or underestimated growth. A significant gap generally exists between OAM's forecasts and consensus analyst expectations.

**Limited Analyst Coverage** — a company not widely followed by other analysts to maximize the chances of finding misunderstood situations.

**Sustainability** — a sustainable business with a competitive position driven by niche market leadership, intellectual capital or unique manufacturing processes. Put another way, a reasonable barrier to competitive entry.

**Operating Leverage** — profitable and scalable business model, which tends to generate rising net profits margins as revenue growth accelerates.

**Valuation** — undervalued based on OAM's growth forecasts and historical valuation metrics afforded the company and/or peers.

#### PRINCIPAL RISKS
The biggest risk is that the Fund's returns may vary, and you could lose money by investing in the Fund. Because the Fund may invest substantially all of its assets in common stocks, the main risk is that the value of the stocks it holds might decrease in response to the activities of an individual company or in response to general market and/or economic conditions. If this occurs, the Fund's share price may also decrease.

The Fund is designed for long-term investors who seek growth of capital and who can tolerate the greater risks associated with seeking maximum capital appreciation. Investment in common stocks, particularly in common stocks of small- and medium-sized companies with high growth potential, can be volatile. The value of the Fund's shares will go up and down due to movement of the overall stock market or of the value of the individual securities held by the Fund. The value of each security held by the Fund may decline in response to conditions affecting the general economy; political, social, or economic instability at the local, regional, or global level; pandemics, epidemics and other similar circumstances in one or more countries or regions; and currency and interest rate fluctuations. Because of this volatility, we recommend that you invest in the Fund as a long-term investment only, and only for a portion of your investment portfolio, not for all of it. There can be no assurance that the Fund's objective will be met.

#### Small-sized Company Risk
The Fund is subject to small company risk, because although there are no restrictions on the capitalization of companies whose securities the Fund may buy, the Fund generally invests in small-sized companies. Although the Fund seeks to reduce risk by investing in a diversified portfolio, you must realize that investing in smaller, and often newer, companies involves greater risk than there usually is with investing in larger, more established

[**Table of Contents**](#TOC001)

companies. Smaller and newer companies often have limited product lines, markets, management personnel, research and/or financial resources. The securities of small companies, which may be thinly capitalized, may not be as marketable as those of larger companies. Therefore the securities of these smaller, newer companies may be subject to more abrupt or erratic market movements than the securities of larger companies or the market averages in general.

#### Equity Securities Risk
Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The equity securities held by the Fund may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors affecting securities markets generally, or a particular company.

#### Risks Associated with Non-U.S. Companies
Investments by the Fund in the securities of non-U.S. issuers involve certain additional investment risks different from those of U.S. issuers. These risks include: possibility of political or economic instability of the country of issue, possibility of disruption to international trade patterns, possibility of currency risk, possibility of currency exchange controls, imposition of foreign withholding taxes, seizure or nationalization of foreign deposits or assets, and adoption of adverse foreign government trade restrictions. There may be less publicly available information about a non-U.S. company than about a U.S. company. Sometimes non-U.S. companies are subject to different accounting, auditing, and financial reporting standards, practices and requirements than U.S. companies. There is generally less government regulation of stock exchanges, brokers and listed companies abroad than in the U.S., which may result in less transparency with respect to a company's operations. The absence of negotiated brokerage in certain countries may result in higher brokerage fees.

#### Emerging Market Risks
In addition to the risks associated with non-U.S. companies in developing or emerging markets, there is a possibility of expropriation, nationalization, confiscatory taxation or diplomatic developments that could affect investments in those countries. In addition, political and economic structures in emerging markets countries may be new and developing rapidly, which may cause instability. Emerging markets countries are also more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets.

#### Currency Risk
Currency risk is the risk that fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund's investments. Currency risk includes both the risk that currencies in which a fund's investments are traded will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly for a number of reasons, including the forces of supply and demand in the foreign exchange markets, actual or perceived changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or currency controls or political developments in the United States or abroad. The Fund may incur currency conversion costs (being the spread between buying and selling of the currency) and subject to exchange rate fluctuation risks in any such currency conversion, which may adversely affect the market value of the Fund's investments.

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**Industrials Sector Risk** 

The industrials sector comprises companies who produce capital goods used in construction and manufacturing, such as companies that make and sell machinery, equipment and supplies that are used to produce other goods. Companies in the industrials sector may be adversely affected by changes in government regulation and spending, economic conditions, world events, commodity prices, exchange rates, import controls, and worldwide competition. In addition, companies may be adversely affected by environmental damages and product liability claims, and may face product obsolescence due to rapid technological developments and frequent new product introduction.

#### Portfolio Turnover Risk
In the past, the Fund has experienced high rates of portfolio turnover, which results in above average transaction costs and the payment by shareholders of taxes on above-average amounts of realized investment gains, including net short-term capital gains, which are taxed as ordinary income for federal income tax purposes when distributed.

#### FUND PERFORMANCE
The following bar chart and table provide some indication of the risks of investing in the Fund by showing how the performance of the Fund's Investor Class shares has varied over time. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how it will perform in the future. Updated performance information is available at oberweisfunds.com or by calling 800-245-7311.

#### Annual Total Returns
The table compares the Fund's average annual returns for the periods indicated to a broad-based securities market index. The table also shows returns on a before and after tax basis. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown. The after-tax return information shown does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or individual retirement account ("IRA"). After-tax returns

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are shown only for Investor Class and after-tax returns for Institutional Class will vary. In certain cases, the "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of Fund shares and provides an assumed tax benefit that increases the return.

#### Average Annual Total Returns (for the Periods Ended December 31, 2025).

#### Oberweis International Opportunities Fund

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| | | | |
|:---|:---|:---|:---|
|  | **1 YEAR** | **5 YEARS** | **10 YEARS** |
|  **Investor Class** |  |  |  |
|  Return Before Taxes | 30.71% | (1.18)% | 6.58% |
|  Return After Taxes on Distributions | 30.13% | (2.23)% | 5.18% |
|  Return After Taxes on Distributions and Sale of Fund Shares | 18.18% | (.95)% | 4.94% |
|  **Institutional Class (Return Before Taxes)** | 31.07% | 19.09%<sup>1</sup> |  |
|  **MSCI EAFE Index**<br> (reflects no deduction for fees, expenses or taxes) | 31.22% | 8.92% | 8.18% |
|  **MSCI World EX US Small Cap Growth Index**<br> (reflects no deduction for fees, expenses or taxes) | 29.69% | 3.16% | 7.43% |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</sup>Since the inception of the Institutional class on December 23, 2023.

#### MANAGEMENT

#### Investment Adviser
Oberweis Asset Management, Inc. ("OAM")

#### Portfolio Manager
Ralf A. Scherschmidt, Portfolio Manager, since inception of the Fund.

*For important information about buying and selling Fund shares, tax information and financial intermediary compensation, see "Information About the Funds" on page 39.*

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OBERWEIS CHINA

OPPORTUNITIES FUND

#### INVESTMENT OBJECTIVE
The Oberweis China Opportunities Fund's investment objective is to maximize long-term capital appreciation.

------

#### FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.**

---

| | | |
|:---|:---|:---|
|  **Shareholder Fees** *(Fees paid directly from your investments)* | **Investor<br>Class** | **Institutional <br>Class** |
|  Redemption Fee as a percentage of amount redeemed within 90 calendar days of purchase | 2.00% | 2.00% |
|  Exchange Fee as a percentage of amount exchanged within 90 calendar days of purchase | 2.00% | 2.00% |

---

---

| | | |
|:---|:---|:---|
|  **Annual Fund Operating Expenses**<br> *(Expenses that you pay each year as a percentage of the value of your investment)* |  |  |
|  Management Fees<sup>1</sup> | 1.00% | 1.00% |
|  Distribution and/or Service (12b-1) Fees | .25% | .00% |
|  Other Expenses | .58% | .58% |
|  Total Annual Fund Operating Expenses<sup>1</sup> | 1.83% | 1.58% |
|  Expense Reimbursement | (.03)% | (.03)% |
|  Total Annual Fund Operating Expenses After Expense Reimbursement | 1.80% | 1.55% |

---

<sup>1</sup>The Fund's adviser has a contractual arrangement with the Fund to reimburse it for total annual fund operating expenses in excess of 1.80% and 1.55% of average daily net assets excluding any interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses for Investor Class and Institutional Class shares, respectively, (the "expense limitation"). The contractual arrangement continues in force until April 30, 2027. Except with respect to termination, the contractual arrangement may be amended at any time by the mutual written consent of the adviser and the Fund, subject to the approval by the Board of Trustees of The Oberweis Funds.

*Example*

*The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each* 

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*year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 YEAR** | **3 YEARS** | **5 YEARS** | **10 YEARS** |
|  Investor Class | $183 | $573 | $988 | $2145 |
|  Institutional Class | $158 | $496 | $858 | $1876 |

---

------

#### PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 127% of the average value of its portfolio.

#### PRINCIPAL INVESTMENT STRATEGIES
The Fund invests, under normal circumstances, at least 80% of its net assets in China securities. Currently, China securities include 1) equity securities of companies that are organized under the laws of The People's Republic of China, Hong Kong or Taiwan or that are primarily traded on an exchange or over-the-counter in The People's Republic of China, Hong Kong or Taiwan; or 2) equity securities of companies that have at least 50% of their assets in The People's Republic of China, Hong Kong or Taiwan or that derive at least 50% of their revenues from business activities in The People's Republic of China, Hong Kong or Taiwan (collectively, referred to as "China") but which are listed and traded elsewhere.

The Fund invests principally in the common stocks of companies that the Fund's investment adviser, Oberweis Asset Management, Inc. ("OAM"), and sub-adviser, Oberweis Asset Management (Hong Kong) Limited (the "Sub-Adviser"), believe have the potential for significant long-term growth in market value. The Fund may invest in Chinese securities acquired through the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect, as well as equity-linked certificates (also called Participatory Notes) which are expected to provide the fund exposure to certain classes of shares traded in foreign markets which would otherwise not be available to the Fund. The Fund may invest in equity-linked certificates issued and/or guaranteed by counterparties rated A or better by Moody's or Standard & Poor's Corporation or issued and/or guaranteed by counterparties deemed to be of similar quality by OAM. Equity-linked certificates are derivative securities generally issued by banks or broker-dealers that are linked to the performance of an underlying foreign security. The Fund may invest in equity-linked certificates linked to the performance of foreign securities in countries in which the Fund may invest, including but not limited to China. For purposes of the Fund's 80% investment policy, equity-linked certificates linked to the performance of China securities are considered China securities.

The Fund seeks to invest in those companies which OAM and the Sub-Adviser consider to have above-average long-term growth potential. OAM and the Sub-Adviser select companies which meet this criteria based on, among other things, fundamental analysis of individual securities. OAM and the Sub-Adviser's fundamental analysis entails an evaluation of an individual company's future growth prospects. OAM and the Sub-Adviser's evaluation may be based on, among other things, financial statement analysis, stock valuation in relation to the OAM and the Sub-Adviser's estimate of future earnings,

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evaluation of competitive product or service offerings, future research and development pipeline and management interviews.

OAM and the Sub-Adviser may actively trade the Fund's portfolio, and as a result, the Fund's portfolio turnover rate may be high. There are no restrictions on the capitalization of companies whose securities the Fund may buy.

The Fund seeks to invest in equity securities that typically exhibit the following characteristics:

**Under**-Appreciated **Revenue and Earnings Growth** — potential for revenue and/or earnings growth in excess of consensus expectations.

**Timely Catalyst** — a recent positive earnings release or an earnings surprise that tangibly and quantitatively begins to confirm that consensus analyst expectations are too low.

**Inflection Point of Change** — a business that is experiencing change — often from a new product, a new management team or a regulatory change — as these changes can drive unexpected or underestimated growth. A significant gap generally exists between OAM's forecasts and consensus analyst expectations.

**Limited Analyst Coverage** — a company not widely followed by other analysts to maximize the chances of finding misunderstood situations.

**Sustainability** — a sustainable business with a competitive position driven by niche market leadership, intellectual capital or unique manufacturing processes. Put another way, a reasonable barrier to competitive entry.

**Operating Leverage** — profitable and scalable business model, which tends to generate rising net profits margins as revenue growth accelerates.

**Valuation** — undervalued based on OAM's growth forecasts and historical valuation metrics afforded the company and/or peers.

#### PRINCIPAL RISKS
The biggest risk is that the Fund's returns may vary, and you could lose money by investing in the Fund. Because the Fund may invest substantially all of its assets in common stocks, the main risk is that the value of the stocks it holds might decrease in response to the activities of an individual company or in response to general market and/or economic conditions. If this occurs, the Fund's share price may also decrease.

The Fund is designed for long-term investors who seek growth of capital and who can tolerate the greater risks associated with seeking maximum capital appreciation. Investment in common stocks, particularly in common stocks of small- and medium-sized companies with high growth potential, can be volatile. The value of the Fund's shares will go up and down due to movement of the overall stock market or of the value of the individual securities held by the Fund. The value of each security held by the Fund may decline in response to conditions affecting the general economy; political, social, or economic instability at the local, regional, or global level; pandemics, epidemics and other similar circumstances in one or more countries or regions; and currency and interest rate fluctuations. Because of this volatility, we recommend that you invest in the Fund as a long-term investment only, and only for a portion of your investment portfolio, not for all of it. There can be no assurance that the Fund's objective will be met.

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#### Equity Securities Risk
Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The equity securities held by the Fund may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors affecting securities markets generally, or a particular company.

#### Risks Associated with Non-U.S. Companies
Investments by the Fund in the securities of non-U.S. issuers involve certain additional investment risks different from those of U.S. issuers. These risks include: possibility of political or economic instability of the country of issue, possibility of disruption to international trade patterns, possibility of currency risk, possibility of currency exchange controls, imposition of foreign withholding taxes, seizure or nationalization of foreign deposits or assets, and adoption of adverse foreign government trade restrictions. There may be less publicly available information about a non-U.S. company than about a U.S. company. Sometimes non-U.S. companies are subject to different accounting, auditing, and financial reporting standards, practices and requirements than U.S. companies. There is generally less government regulation of stock exchanges, brokers and listed companies abroad than in the U.S., which may result in less transparency with respect to a company's operations. The absence of negotiated brokerage in certain countries may result in higher brokerage fees.

#### Emerging Market Risks
In addition to the risks associated with non-U.S. companies in developing or emerging markets, there is a possibility of expropriation, nationalization, confiscatory taxation or diplomatic developments that could affect investments in those countries. In addition, political and economic structures in emerging markets countries may be new and developing rapidly, which may cause instability. Emerging markets countries are also more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets.

#### Risks Associated with Chinese Companies
The Chinese economy is generally considered an emerging and volatile market. A small number of companies represent a large portion of the China market as a whole, and prices for securities of these companies may be very sensitive to adverse political, economic, or regulatory developments in China and other Asian countries, and may experience significant losses in such conditions. China's central government has historically exercised substantial control over the Chinese economy through administrative regulation and/or state ownership.

Despite economic reforms that have resulted in less direct central and local government control over Chinese businesses, actions of the Chinese central and local government authorities continue to have a substantial effect on economic conditions in China. These activities, which may include central planning, partial state ownership of or government actions designed to substantially influence certain Chinese industries, market sectors or particular Chinese companies, including halting IPOs, ousting company founders, passing laws that allow raids on private companies, and forcing companies to grant the Chinese Communist Party (CCP) significant power and influence within their operations, may adversely affect the public and private sector companies in which the Fund invests. Government actions may also affect the economic prospects for, and the market prices and liquidity of, the securities of China companies and the payments of dividends and interest

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by China companies. In addition, currency fluctuations, monetary policies, competition, social instability or political unrest may adversely affect economic growth in China. The Chinese economy and Chinese companies may also be adversely affected by regional security threats, as well as adverse developments in Chinese trade policies, or in trade policies toward China by countries that are trading partners with China. The occurrence of catastrophic events (such as hurricanes, earthquakes, pandemic disease, acts of terrorism and other catastrophes) in Greater China could also have a negative impact on the value of Chinese securities.

Due to restrictions on foreign ownership of Chinese companies imposed under Chinese law, Chinese companies that are listed in the U.S. typically do not offer common stock in the company itself to U.S. investors. Rather, Chinese companies typically offer shares of an offshore shell company (typically referred to as a "variable interest entity" or "VIE") that has entered into service and other contracts with the Chinese company. Accordingly, U.S. investors in Chinese companies listed on a U.S. stock exchange do not actually own shares of the Chinese company itself. The U.S.-listed shell company does not control the Chinese company and must rely on the Chinese company to perform its contractual obligations (which, as noted above, are governed by Chinese corporate and securities laws that are less protective of shareholders than U.S. laws). Moreover, the Chinese government may at any time invalidate or limit the contracts between a Chinese company and the offshore shell company which is offering shares in the U.S., which may result in the partial or total loss of the value of a U.S. investor's shares in the offshore shell company even if a direct investment in the Chinese company would retain value.

Chinese companies are required to follow Chinese accounting standards and practices, which only follow international accounting standards to a certain extent. However, the accounting, auditing and financial reporting standards and practices applicable to China's companies, including those listed on U.S. exchanges, may be less rigorous, and there may be significant differences between financial statements prepared in accordance with Chinese accounting standards and practice and those prepared in accordance with international accounting standards. In particular, the assets and profits appearing on the financial statements of a Chinese issuer may not reflect its financial position or results of operations in the way they would be reflected had such financial statements been prepared in accordance with U.S. Generally Accepted Accounting Principles. The quality of audits in China may be unreliable, which may require enhanced procedures. Consequently, the Fund may not be provided the same degree of protection or information as would generally apply in developed countries and the Fund may be exposed to significant losses. There is also substantially less publicly available information about Chinese issuers than there is about U.S. issuers. Therefore, disclosure of certain material information may not be made, and less information may be available to the Fund and other investors than would be the case if the Fund's investments were restricted to securities of U.S. issuers.

China's growth over the last several decades has also led to growing political and economic tensions with Taiwan, including China's stated intention to control Taiwan. Increased tensions or conflict between Taiwan and China poses significant risks to Chinese companies. Such an event could lead to the shuttering of China-focused funds, cancellation of foreign derivatives and other severe financial disruptions, leaving investors with little to no financial recourse.

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#### Government Relationships Risk
While companies in Asia may be subject to limitations on their business relationships under applicable law, these laws may not be consistent with certain political and security concerns of the U.S. As a result, Asian companies may have material direct or indirect business relationships with governments that are considered state sponsors of terrorism by the U.S. government, or governments that otherwise have policies in conflict with the U.S. government (an "Adverse Government"). If the Fund invests in companies that have or develop a material business relationship with an Adverse Government, then the Fund will be subject to the risk that these companies' reputation and price in the market will be adversely affected.

#### Equity-linked Certificates Risk
Equity-linked certificates (also called Participatory Notes) are generally subject to the same risks as the foreign equity securities or the basket foreign securities they are linked to. Upon the maturity of the certificate, the holder generally receives a return of principal based on the capital appreciation of the linked security. If the linked security declines in value, the certificate may return a lower amount at maturity. The trading price of an equity-linked certificate also depends on the value of the linked security. Equity-linked certificates involve further risks associated with:

• purchases and sales of certificates, including the possibility that exchange rate fluctuations may negatively affect the value of a certificate,

• the credit quality of the certificate's issuer and/or guarantor, and

• liquidity risks and restrictions on transferability.

Ratings of issuers or guarantors of equity-linked certificates refer only to the issuer or guarantor's creditworthiness. They provide no indication of the potential risks of the linked securities.

#### RMB Currency Risk
The Fund may invest in Chinese securities acquired through the Shanghai-Hong Kong Stock Connect ("China Connect Securities") with Renminbi ("RMB"), the official currency of China. Similar to other foreign currencies, the exchange rate of the RMB may rise or fall. There is no guarantee that the RMB will not depreciate. The exchange rate of the RMB may be affected by, among other things, foreign exchange controls imposed by the mainland Chinese central government from time to time (for example, there are currently restrictions on the conversion of the RMB into other currencies). The Fund may have to convert the dollar into RMB when investing in Chinese Connect Securities and vice versa for any payments in RMB from transactions in the China Connect Securities. The Fund may incur currency conversion costs (being the spread between buying and selling of the RMB) and subject to exchange rate fluctuation risks in any such currency conversion, which may adversely affect the market value of China Connect Securities.

#### Shanghai-Hong Kong Stock Connect Program (Stock Connect) Risk
China A-Shares listed and traded on certain Chinese stock exchanges through Stock Connect, a mutual market access program designed to, among other things, enable foreign investment in the People's Republic of China (PRC) via brokers in Hong Kong, are subject to a number of restrictions imposed by Chinese securities regulations and local exchange listing rules. Because Stock Connect was established in November 2014, developments are likely, which may restrict or otherwise affect the fund's investments or

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returns. Furthermore, any changes in laws, regulations and policies of the China A-Shares market or rules in relation to Stock Connect may affect China A-Share prices. These risks are heightened by the underdeveloped state of the PRC's investment and banking systems in general.

#### Geographic Concentration Risk
Investments in a single region, even though representing more than one country within the region, may be affected by common economic forces and other factors. This vulnerability to factors affecting China investments is significantly greater than it would be for a more geographically diversified fund, and may result in greater losses and volatility.

#### Portfolio Turnover Risk
In the past, the Fund has experienced high rates of portfolio turnover, which results in above average transaction costs and the payment by shareholders of taxes on above-average amounts of realized investment gains, including net short-term capital gains, which are taxed as ordinary income for federal income tax purposes when distributed.

#### FUND PERFORMANCE
The following bar chart and table provide some indication of the risks of investing in the Fund by showing how the performance of the Fund's Investor Class shares has varied over time. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how it will perform in the future. Updated performance information is available at oberweisfunds.com or by calling 800-245-7311.

#### Annual Total Returns
The table compares the Fund's average annual returns for the periods indicated to a broad-based securities market index. The table also shows returns on a before and after tax basis. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown. The after-tax return information shown does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or individual retirement

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account ("IRA"). After-tax returns are shown only for Investor Class and after-tax returns for Institutional Class will vary. In certain cases, the "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than other return figures for the same period. This will occur when a capital loss is realized upon the sale of Fund shares and provides an assumed tax benefit that increases the return.

#### Average Annual Total Returns (for the Periods Ended December 31, 2025)

#### Oberweis China Opportunities Fund

---

| | | | |
|:---|:---|:---|:---|
|  | **1 YEAR** | **5 YEARS** | **10 YEARS** |
|  **Investor Class** |  |  |  |
|  Return Before Taxes | 40.88% | (3.70)% | 6.29% |
|  Return After Taxes on Distributions | 40.31% | (5.57)% | 4.14% |
|  Return After Taxes on Distributions and Sale of Fund Shares | 24.20% | (2.90)% | 4.71% |
|  **Institutional Class (Return Before Taxes)** | 41.20% | (3.45)% | 6.83%<sup>1</sup> |
|  **MSCI China Net Index**<br> (reflects no deduction for fees, expenses or taxes) | 31.17% | (3.20)% | 5.54% |

---

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

#### MANAGEMENT

#### Investment Adviser
Oberweis Asset Management, Inc. ("OAM")

#### Subadviser
Oberweis Asset Management (Hong Kong) Limited

#### Portfolio Managers
James W. Oberweis, President, has managed the Fund since its inception.

Barry Wang, Portfolio Manager, has been a co-portfolio manager of the Fund since 2016.

*For important information about buying and selling Fund shares, tax information and financial intermediary compensation, see "Information About the Funds" on page 39.*

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OBERWEIS FOCUSED INTERNATIONAL

GROWTH FUND

#### INVESTMENT OBJECTIVE
The Oberweis Focused International Growth Fund's investment objective is to maximize long-term capital appreciation.

#### FEES AND EXPENSES OF THE FUND
This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below**.

---

| | |
|:---|:---|
|  **Shareholder Fees** *(Fees paid directly from your investments)* | **INSTITUTIONAL <br>CLASS** |
|  Redemption Fee as a percentage of amount redeemed within 90 calendar days of purchase | 2.00% |
|  Exchange Fee as a percentage of amount exchanged within 90 calendar days of purchase | 2.00% |

---

---

| | |
|:---|:---|
|  **Annual Fund Operating Expenses**<br> *(Expenses that you pay each year as a percentage of the value of your investment)* |  |
|  Management Fees<sup>1</sup> | .65% |
|  Distribution and/or Service (12b-1) Fees | .00% |
|  Other Expenses | 1.13% |
|  Total Annual Fund Operating Expenses<sup>2</sup> | 1.78% |
|  Expense Reimbursement | (.97)% |
|  Total Annual Fund Operating Expenses After Expense Reimbursement | .81% |

---

<sup>1</sup>Management fees have been restated to reflect the management fee reduction which took effect on February 20, 2026.

<sup>2</sup>The Fund's adviser has a contractual arrangement with the Fund to reimburse it for total annual fund operating expenses in excess of 0.81% of average daily net assets, excluding any interest, taxes, brokerage commissions and extraordinary expenses (the "expense limitation"). The contractual arrangement continues in force until April 30, 2027. Except with respect to termination, the contractual arrangement may be amended at any time by the mutual written consent of the adviser and the Fund, subject to the approval by the Board of Trustees of The Oberweis Funds. During the term of the contract, the adviser may recoup the amount of any expenses reimbursed under the term of the contract within three years from the date on which reimbursement occurred if the recoupment does not cause the Fund's expenses to exceed the expense limitation in place at the time of the recoupment or at the time of reimbursement, whichever is lower.

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*Example*

*The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 YEAR** | **3 YEARS** | **5 YEARS** | **10 YEARS** |
|  Oberweis Focused International Growth Fund | $83 | $466 | $874 | $2014 |

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#### PORTFOLIO TURNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expense or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 101% of the average value of its portfolio.

#### PRINCIPAL INVESTMENT STRATEGIES
The Fund invests, under normal circumstances, at least 80% of its net assets in securities of companies based outside the United States. Currently, securities based outside the United States include (1) equity securities of companies that are organized under other than U.S. law or that are primarily traded on an exchange or over-the-counter outside of the United States; or (2) equity securities of companies that have at least 50% of their assets outside of the United States or that derive at least 50% of their revenues from business activities outside of the United States.

The Fund invests principally in the securities of companies that the Fund's investment adviser, Oberweis Asset Management, Inc. ("OAM"), considers to have above-average long-term growth potential and the potential to exceed consensus analyst expectations. OAM selects companies based on, among other things, its fundamental analysis of individual securities. OAM's fundamental analysis entails an evaluation of an individual company's future growth prospects, financial statement analysis, stock valuation in relation to OAM's estimate of future earnings and cash flows, evaluation of competitive product or service offerings, future research and development pipeline and management interviews. OAM's strategy for the Fund is focused and will generally hold the securities of 25 to 40 companies, but OAM is not restricted to investing in any number of companies. OAM may actively trade the Fund's portfolio, and as a result, the Fund's portfolio turnover rate may be high. There are no restrictions on the capitalizations of companies whose securities the Fund may buy; however, the Fund generally invests in the stocks of medium and larger capitalization companies with market capitalizations of more than $5 billion at the time of investment. The Fund may also invest in securities of countries in developed and developing (or emerging) markets.

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While the Fund invests predominantly in common stock, the Fund may also invest in other securities, including depositary receipts (including American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), and Global Depositary Receipts ("GDRs") and convertible securities.

The Fund seeks to invest in equity securities that typically exhibit the following characteristics:

**Under**-Appreciated **Revenue and Earnings Growth** — potential for revenue and/or earnings growth in excess of consensus expectations.

**Timely Catalyst** — a recent positive earnings release or an earnings surprise that tangibly and quantitatively begins to confirm that consensus analyst expectations are too low.

**Inflection Point of Change** — a business that is experiencing change — often from a new product, a new management team or a regulatory change, which OAM expects will drive unexpected or underestimated growth resulting in a significant gap between OAM's forecasts and consensus analyst expectations.

**Operating Leverage** — profitable and scalable business model, which OAM expects to generate rising net profits margins as revenue growth accelerates.

**Valuation** — undervalued based on OAM's growth forecasts.

The Fund is classified as "non-diversified" under the Investment Company Act of 1940, as amended (the "1940 Act").

#### PRINCIPAL RISKS
The biggest risk is that the Fund's returns may vary, and you could lose money by investing in the Fund. Because the Fund may invest substantially all of its assets in common stocks, the main risk is that the value of the stocks it holds might decrease in response to the activities of an individual company or in response to general market and/or economic conditions. If this occurs, the Fund's share price may also decrease.

The Fund is designed for long-term investors who seek growth of capital and who can tolerate the greater risks associated with seeking maximum capital appreciation. Investment in common stocks, particularly in common stocks of small- and medium-sized companies with high growth potential, can be volatile. The value of the Fund's shares will go up and down due to movement of the overall stock market or of the value of the individual securities held by the Fund. The value of each security held by the Fund may decline in response to conditions affecting the general economy; political, social, or economic instability at the local, regional, or global level; pandemics, epidemics and other similar circumstances in one or more countries or regions; and currency and interest rate fluctuations. Because of this volatility, we recommend that you invest in the Fund as a long-term investment only, and only for a portion of your investment portfolio, not for all of it. There can be no assurance that the Fund's objective will be met.

#### Equity Securities Risk
Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The equity securities held by the Fund may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors affecting securities markets generally, or a particular company.

[**Table of Contents**](#TOC001)

#### Risks Associated with Non-U.S. Companies
Investments by the Fund in the securities of non-U.S. issuers involve certain additional investment risks different from those of U.S. issuers. These risks include: possibility of political or economic instability of the country of issue, possibility of disruption to international trade patterns, possibility of currency risk, possibility of currency exchange controls, imposition of foreign withholding taxes, seizure or nationalization of foreign deposits or assets, and adoption of adverse foreign government trade restrictions. There may be less publicly available information about a non-U.S. company than about a U.S. company. Sometimes non-U.S. companies are subject to different accounting, auditing, and financial reporting standards, practices and requirements than U.S. companies. There is generally less government regulation of stock exchanges, brokers and listed companies abroad than in the U.S., which may result in less transparency with respect to a company's operations. The absence of negotiated brokerage in certain countries may result in higher brokerage fees.

American Depositary Receipts as well as other "hybrid" forms of ADRs, including EDRs and GDRs, are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depository banks and generally trade on an established market in the United States or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution in the issuer's home country. The depository bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, ADRs continue to be subject to many of the risks associated with investing in foreign securities.

#### Emerging Market Risks
In addition to the risks associated with non-U.S. companies in developing or emerging markets, there is a possibility of expropriation, nationalization, confiscatory taxation or diplomatic developments that could affect investments in those countries. In addition, political and economic structures in emerging markets countries may be new and developing rapidly, which may cause instability. Emerging markets countries are also more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets.

#### Currency Risk
Currency risk is the risk that fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund's investments. Currency risk includes both the risk that currencies in which a fund's investments are traded will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly for a number of reasons, including the forces of supply and demand in the foreign exchange markets, actual or perceived changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or currency controls or political developments in the United States or abroad. The Fund may incur currency conversion costs (being the spread between buying and selling of the currency) and subject to exchange rate fluctuation risks in any such currency conversion, which may adversely affect the market value of the Fund's investments.

#### Financials Sector Risk
Companies in the financial sector, including retail and commercial banks, insurance companies and financial services companies, may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit

[**Table of Contents**](#TOC001)

rating downgrades, changes in currency exchange rates, volatile interest rates, decreased liquidity in credit markets and competition from new entrants. Profitability of these companies is largely dependent on the availability and cost of capital and can fluctuate significantly when interest rates change. Credit losses resulting from financial difficulties of borrowers also can negatively impact the sector. These companies are also subject to substantial government regulation and intervention, which may adversely impact the scope of their activities, the prices they can charge, the amount of capital they must maintain, and potentially, their size. The impact of more stringent capital requirements, or recent or future regulation in various countries on any individual financial company or of the financial sector as a whole cannot be predicted. The financial sector is also a target for cyberattacks and may experience technology malfunctions and disruptions.

#### Non-Diversification Risk
The Fund is classified as "non-diversified," which means the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers.

#### Portfolio Turnover Risk
The Fund may experience high rates of portfolio turnover, which would result in above average transaction costs and the payment by shareholders of taxes on above-average amounts of realized investment gains, including net short-term capital gains, which are taxed as ordinary income for federal income tax purposes when distributed.

#### FUND PERFORMANCE
The following bar chart and table provide some indication of the risks of investing in the Fund by showing how the Fund's performance has varied over time. Of course, the Fund's past performance (before and after taxes) does not necessarily indicate how it will perform in the future. Updated performance information is available at oberweisfunds.com or by calling 800-245-7311.

#### Annual Total Returns

[**Table of Contents**](#TOC001)

The table compares the Fund's average annual returns for the periods indicated to a broad-based securities market index. The table also shows returns on a before and after tax basis. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown. The after-tax return information shown does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or individual retirement account ("IRA").

#### Average Annual Total Returns (for the Periods Ended December 31, 2025)

#### Oberweis Focused International Growth Fund

---

| | | |
|:---|:---|:---|
|  | **1 YEAR** | **SINCE <br>INCEPTION<sup>1</sup>** |
|  **Institutional Class** |  |  |
|  Return Before Taxes | 35.83% | 8.71% |
|  Return After Taxes on Distributions | 35.43% | 8.14% |
|  Return After Taxes on Distributions and Sale of Fund Shares | 21.21% | 6.50% |
|  **MSCI EAFE Index**<br> (reflects no deduction for fees, expenses or taxes) | 31.22% | 10.71% |

---

<sup>1</sup>Since the inception of the Fund on April 1, 2022.

#### MANAGEMENT

#### Investment Adviser
Oberweis Asset Management, Inc. ("OAM")

#### Portfolio Manager
Ralf A. Scherschmidt, Portfolio Manager, since inception of the Fund.

------

#### INFORMATION ABOUT THE FUNDS

#### Buying and Selling Fund Shares
*Buying Investor Class Shares*

The minimum initial investment is $1,000 ($500 for tax-advantaged retirement plans). You may reduce this $1,000 minimum initial investment by signing up for the Low Minimum Investment Plan. (See page 68 for details.) Additional purchases for all existing accounts must be in amounts of at least $100.

*Buying Institutional Class Shares*

The minimum initial investment is $1,000,000 ($100,000 for the Oberweis Focused International Growth Fund). There is no minimum for subsequent purchases. You may meet the minimum initial investment amount by aggregating multiple accounts with common ownership within a Fund, including individual and joint accounts, as well as

[**Table of Contents**](#TOC001)

accounts where you have beneficial ownership through acting as a custodian for a minor account or as a beneficiary to a trust account. In addition, if you invest in a Fund through a financial intermediary, the minimum initial investment requirement may be met if your financial intermediary aggregates investments of multiple clients to meet the minimum. There is no minimum initial investment requirement for omnibus retirement plans or wrap fee program assets held in an omnibus account with aggregate assets of $10 million or more. The Funds reserve the right to waive or modify these minimum initial investment requirements at any time.

*Selling Shares*

You may redeem shares of the Funds by mail, telephone, online at oberweisfunds.com or through your own securities broker/dealer or its designated agent or bank or other institution on any day the New York Stock Exchange is open.

#### Tax Information
Each Fund's distributions are taxable as ordinary income or capital gains (or a combination of both), unless your investment is in an IRA, 401(k) or other tax-advantaged investment plan (which may be taxable upon withdrawal).

#### Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the Funds through a broker-dealer or other financial intermediary (such as a bank), the Funds and their related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary to recommend the Funds over another investment. Ask your salesperson or visit your financial intermediary's Web site for more information.

------

#### INVESTMENT OBJECTIVES, POLICIES AND RISKS

#### Investment Objectives of the Funds
Each of the Global Opportunities, Micro-Cap and Small-Cap Opportunities Fund's investment objective is to maximize capital appreciation. Each of the International Opportunities, China Opportunities and the Focused International Growth Fund's investment objective is to maximize long-term capital appreciation. The Funds are not designed for investors seeking income over capital appreciation. Income realized on the Funds' investments is incidental to their objectives.

The **Global Opportunities Fund** invests, under normal circumstances, at least 80% of its net assets in the securities of relatively small companies, which, at the time of investment, have a market capitalization of less than or equal to $1.5 billion or are within the range of companies represented in the MSCI ACWI Small-Cap Index, whichever is greater.

The **Micro**-Cap **Fund** invests, under normal circumstances, at least 80% of its net assets in the securities of very small companies which, at the time of purchase, have a market capitalization within the range of companies represented in the Russell Micro-Cap Growth Index.

[**Table of Contents**](#TOC001)

The **Small**-Cap **Opportunities Fund** invests, under normal circumstances, at least 80% of its net assets in the securities of small-cap companies. The investment adviser, Oberweis Asset Management, Inc. ("OAM"), considers small-cap companies as those, at the time of investment, with a market capitalization within the range of the holdings of the Russell 2000 Growth Index.

The **International Opportunities Fund** invests, under normal circumstances, at least 80% of its net assets in the securities of companies based outside the United States (as defined on page 21).

The **China Opportunities Fund** invests, under normal circumstances, at least 80% of its net assets in China securities (as defined on page 27).

The **Focused International Growth Fund** invests, under normal circumstances, at least 80% of its net assets in the securities of companies based outside the United States (as defined on page 35).

Each Fund may change its 80% investment policy (as stated above) subject to approval by the Board of Trustees and at least 60 days' prior notice to Fund shareholders.

#### Principal Investment Strategy of the Domestic Funds
Each of the Micro-Cap and Small-Cap Opportunities Funds (each, a "Domestic Fund" and collectively, the "Domestic Funds") invest principally in the common stocks of companies that OAM believes have the potential for long-term growth in market value.

The Micro-Cap and Small-Cap Opportunities Funds seek to invest in those companies which OAM considers to have above-average long-term growth potential.

OAM selects companies for the Micro-Cap and Small-Cap Opportunities Funds which meet this criteria based on, among other things, fundamental analysis of individual securities. OAM's fundamental analysis entails an evaluation of an individual company's future growth prospects. OAM's evaluation may be based on, among other things, financial statement analysis, stock valuation in relation to OAM's estimate of future earnings, evaluation of competitive product or service offerings, future research and development pipeline and management interviews. The Funds primarily invest in companies headquartered in the United States. The Funds seek to invest in equity securities that typically exhibit the following characteristics:

**Under**-Appreciated **Revenue and Earnings Growth** — potential for revenue and/or earnings growth in excess of consensus expectations.

**Timely Catalyst** — a recent positive earnings release or an earnings surprise that tangibly and quantitatively begins to confirm that consensus analyst expectations are too low.

**Inflection Point of Change** — a business that is experiencing change — often from a new product, a new management team or a regulatory change — as these changes can drive unexpected or underestimated growth. A significant gap generally exists between OAM's forecasts and consensus analyst expectations.

**Limited Analyst Coverage** — a company not widely followed by other analysts to maximize the chances of finding misunderstood situations.

[**Table of Contents**](#TOC001)

**Sustainability** — a sustainable business with a competitive position driven by niche market leadership, intellectual capital or unique manufacturing processes. Put another way, a reasonable barrier to competitive entry.

**Operating Leverage** — profitable and scalable business model, which tends to generate rising net profits margins as revenue growth accelerates.

**Valuation** — undervalued based on OAM's growth forecasts and historical valuation metrics afforded the company and/or peers.

Through the use of these screens, OAM attempts to actively monitor both the macro and micro drivers of perceived risk. Accordingly, the management team may adjust individual, industry, sector or other factor-related weights in an attempt to limit perceived downside risk. OAM may, from time to time based on its analysis of market signals, liquidate investment positions and hold the proceeds in other highly liquid obligations.

Although securities of a particular company may be eligible for purchase by more than one Fund, OAM may determine at any particular time to purchase a security for one Fund but not another.

#### Principal Risks of Investing in the Domestic Funds
The biggest risk is that the Funds' returns may vary, and you could lose money by investing in the Funds. Because the Funds may invest substantially all of their assets in common stocks, the main risk is that the value of the stocks they hold might decrease in response to the activities of an individual company or in response to general market and/or economic conditions. If this occurs, a Fund's share price may also decrease.

The Funds primarily invest in equity securities with the objective of maximum capital appreciation. If you are considering investing in any of the Funds, remember that they are designed for long-term investors who seek growth of capital and who can tolerate the greater risks associated with seeking maximum capital appreciation. Investment in common stocks, particularly in common stocks of small- and medium-size companies with high growth potential, can be volatile. The value of the Funds' shares will go up and down due to movement of the overall stock market or of the value of the individual securities held by the Funds. The value of each security held by a Fund may decline in response to conditions affecting the general economy; political, social, or economic instability at the local, regional, or global level; pandemics, epidemics and other similar circumstances in one or more countries or regions; and currency and interest rate fluctuations. Because of this volatility, we recommend that you invest in the Funds as a long-term investment only, and only for a portion of your investment portfolio, not for all of it. Each Fund discourages short-term trading in its shares. Dividends are expected to be minimal and there can be no assurance that a Fund's objective will be met.

An investment in the Funds is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

*Equity Securities Risk*

Equity securities are susceptible to general stock market fluctuations and to volatile increases and decreases in value. The equity securities held by the Fund may experience sudden, unpredictable drops in value or long periods of decline in value. This may occur because of factors affecting securities markets generally, or a particular company.

[**Table of Contents**](#TOC001)

*Small*-sized *Company Risk*

The Small-Cap Opportunities Fund is subject to small company risk, and this risk is intensified for the Micro-Cap Fund. Although each Fund seeks to reduce risk by investing in a diversified portfolio, you must realize that investing in smaller, and often newer, companies involves greater risk than there usually is with investing in larger, more established companies. Smaller and newer companies often have limited product lines, markets, management personnel, research and/or financial resources. The securities of small companies, which may be thinly capitalized, may not be as marketable as those of larger companies. Therefore the securities of these smaller, newer companies may be subject to more abrupt or erratic market movements than the securities of larger companies or the market averages in general.

*Technology Sector Risk*

Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market.

Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Finally, while all companies may be susceptible to network security breaches, certain companies in the information technology sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses. These risks are heightened for information technology companies in foreign markets.

*Healthcare Sector Risk (Micro*-Cap *Fund)*

Companies in the healthcare sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the healthcare sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Healthcare companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the healthcare sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.

*Industrials Sector Risk (Micro*-Cap *Fund)*

The industrials sector comprises companies who produce capital goods used in construction and manufacturing, such as companies that make and sell machinery, equipment and supplies that are used to produce other goods. Companies in the industrials sector may be adversely affected by changes in government regulation and

[**Table of Contents**](#TOC001)

spending, economic conditions, world events, commodity prices, exchange rates, import controls, and worldwide competition. In addition, companies may be adversely affected by environmental damages and product liability claims, and may face product obsolescence due to rapid technological developments and frequent new product introduction.

*Investment Style Risk*

There is no assurance that the common stocks of companies selected using OAM's investment criteria will achieve long-term growth in market value.

#### Principal Investment Strategy of the Global Opportunities Fund
The Fund invests, under normal circumstances, at least 80% of its net assets in the securities of relatively small companies, which, at the time of investment, have a market capitalization of less than or equal to $1.5 billion or are within the range of companies represented in the MSCI ACWI Small-Cap Index, whichever is greater. The Fund invests principally in the common stocks of companies that the Fund's investment adviser, Oberweis Asset Management, Inc. ("OAM"), believes have the potential for significant long-term growth in market value. The Fund may invest without limit in U.S. and non-U.S. companies. The non-U.S. companies in which the Fund invests may be securities of companies in developed or developing (or emerging) markets, including Chinese securities acquired through the Shanghai-Hong Kong Stock Connect. OAM anticipates that approximately 40 – 60% of the Fund's assets, on average over time, will be invested in emerging growth companies outside the United States.

The Fund seeks to invest in up-and-coming companies which OAM believes have the potential for increasing profitability and accelerating growth. The Fund seeks to invest in equity securities that typically exhibit the following characteristics:

**Under**-Appreciated **Revenue and Earnings Growth** — potential for revenue and/or earnings growth in excess of consensus expectations.

**Timely Catalyst** — a recent positive earnings release or an earnings surprise that tangibly and quantitatively begins to confirm that consensus analyst expectations are too low.

**Inflection Point of Change** — a business that is experiencing change — often from a new product, a new management team or a regulatory change — as these changes can drive unexpected or underestimated growth. A significant gap generally exists between OAM's forecasts and consensus analyst expectations.

**Limited Analyst Coverage** — a company not widely followed by other analysts to maximize the chances of finding misunderstood situations.

**Sustainability** — a sustainable business with a competitive position driven by niche market leadership, intellectual capital or unique manufacturing processes. Put another way, a reasonable barrier to competitive entry.

**Operating Leverage** — profitable and scalable business model, which tends to generate rising net profits margins as revenue growth accelerates.

**Valuation** — undervalued based on OAM's growth forecasts and historical valuation metrics afforded the company and/or peers.

[**Table of Contents**](#TOC001)

#### Principal Risks of Investing in the Global Opportunities Fund
The biggest risk is that the Global Opportunities Fund's returns may vary, and you could lose money by investing in the Fund. Because the Fund may invest substantially all of its assets in common stocks, the main risk is that the value of the stocks they hold might decrease in response to the activities of an individual company or in response to general market and/or economic conditions. If this occurs, the Fund's share price may also decrease.

The Global Opportunities Fund primarily invests in equity securities with the objective of maximum capital appreciation. If you are considering investing in the Fund, remember that it is designed for long-term investors who seek growth of capital and who can tolerate the greater risks associated with seeking maximum capital appreciation. Investment in common stocks, particularly in common stocks of small- and medium-size companies with high growth potential, can be volatile. The value of each security held by the Fund may decline in response to conditions affecting the general economy; political, social, or economic instability at the local, regional, or global level; pandemics, epidemics and other similar circumstances in one or more countries or regions; and currency and interest rate fluctuations. The value of the Fund's shares will go up and down due to movement of the overall stock market or of the value of the individual securities held by the Fund. Because of this volatility, we recommend that you invest in the Fund as a long-term investment only, and only for a portion of your investment portfolio, not for all of it. The Fund discourages short-term trading in its shares. Dividends are expected to be minimal and there can be no assurance that the Fund's objective will be met.

An investment in the Global Opportunities Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

*Small*-sized *Company Risk*

Although the Fund seeks to reduce risk by investing in a diversified portfolio, you must realize that investing in smaller, and often newer, companies involves greater risk than there usually is with investing in larger, more established companies. Smaller and newer companies often have limited product lines, markets, management personnel, research and/or financial resources. The securities of small companies, which may be thinly capitalized, may not be as marketable as those of larger companies. Therefore the securities of these smaller, newer companies may be subject to more abrupt or erratic market movements than the securities of larger companies or the market averages in general.

*Risks Associated with Non*-U*.S. Companies*

Investments by the Fund in the securities of non-U.S. issuers involve certain additional investment risks different from those of U.S. issuers. These risks include: possibility of political or economic instability of the country of issue, possibility of disruption to international trade patterns, possibility of currency risk, possibility of currency exchange controls, imposition of foreign withholding taxes, seizure or nationalization of foreign deposits or assets, and adoption of adverse foreign government trade restrictions. There may be less publicly available information about a non-U.S. company than about a U.S. company. Sometimes non-U.S. companies are subject to different accounting, auditing, and financial reporting standards, practices, and requirements than U.S. companies. There is generally less government regulation of stock exchanges, brokers and listed companies abroad than in the U.S., which may result in less transparency with respect to a company's operations. The absence of negotiated brokerage in certain countries may result in higher brokerage fees.

[**Table of Contents**](#TOC001)

*Emerging Market Risks*

In addition to the risks associated with non-U.S. companies in developing or emerging markets, there is a possibility of expropriation, nationalization, confiscatory taxation or diplomatic developments that could affect investments in those countries. In addition, political and economic structures in emerging markets countries may be new and developing rapidly, which may cause instability. Emerging markets countries are also more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets.

*Currency Risk*

Currency risk is the risk that fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund's investments. Currency risk includes both the risk that currencies in which a fund's investments are traded will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly for a number of reasons, including the forces of supply and demand in the foreign exchange markets, actual or perceived changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or currency controls or political developments in the United States or abroad. The Fund may incur currency conversion costs (being the spread between buying and selling of the currency) and subject to exchange rate fluctuation risks in any such currency conversion, which may adversely affect the market value of the Fund's investments.

*Technology Sector Risk*

Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market.

Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Finally, while all companies may be susceptible to network security breaches, certain companies in the information technology sector may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses. These risks are heightened for information technology companies in foreign markets.

*Industrials Sector Risk*

The industrials sector comprises companies who produce capital goods used in construction and manufacturing, such as companies that make and sell machinery, equipment and supplies that are used to produce other goods. Companies in the industrials sector may be adversely affected by changes in government regulation and spending, economic conditions, world events, commodity prices, exchange rates, import controls, and worldwide competition. In addition, companies may be adversely affected by environmental damages and product liability claims, and may face product obsolescence due to rapid technological developments and frequent new product introduction.

[**Table of Contents**](#TOC001)

*Investment Style Risk*

There is no assurance that the common stocks of companies selected using OAM's investment criteria will achieve long-term growth in market value.

#### Principal Investment Strategy of the International Funds
Each of the International Opportunities, China Opportunities and Focused International Growth Funds (each, an "International Fund" and collectively, the "International Funds") invests principally in the common stocks of companies that OAM believes have the potential for significant long-term growth in market value.

The International Opportunities Fund invests, under normal circumstances, at least 80% of its net assets in the securities of companies based outside the United States.

The China Opportunities Fund invests, under normal circumstances, at least 80% of its net assets in China securities.

The Focused International Growth Fund invests, under normal circumstances, at least 80% of its net assets in the securities of companies based outside the United States.

Each International Fund seeks to invest in those companies which OAM considers to have above-average long-term growth potential. OAM selects companies which meet this criteria based on, among other things, fundamental analysis of individual securities. OAM's fundamental analysis entails an evaluation of an individual company's future growth prospects. OAM's evaluation may be based on, among other things, financial statement analysis, stock valuation in relation to OAM's estimate of future earnings, evaluation of competitive product or service offerings, future research and development pipeline and management interviews. The International Funds may invest in emerging markets and in Asian companies, including Chinese securities acquired through the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect ("China Connect Securities") with Renminbi ("RMB"), the official currency of China. OAM may actively trade the Funds' portfolios, and as a result, the Funds' portfolio turnover rates may be high. There are no restrictions on the capitalization of companies whose securities the Funds may buy; however, the Funds generally invest in the stocks of small- and mid-size companies which OAM generally defines as those with a market capitalization of less than $5 billion.

The International Opportunities and China Opportunities Funds seek to invest in equity securities that typically exhibit the following characteristics:

**Under**-Appreciated **Revenue and Earnings Growth** — potential for revenue and/or earnings growth in excess of consensus expectations.

**Timely Catalyst** — OAM looks for a recent positive earnings release or an earnings surprise that tangibly and quantitatively begins to confirm that consensus analyst expectations are too low.

**Inflection Point of Change** — a business that is experiencing change — often from a new product, a new management team or a regulatory change — as these changes can drive unexpected or underestimated growth. A significant gap generally exists between OAM's forecasts and consensus analyst expectations.

**Limited Analyst Coverage** — a company not widely followed by other analysts to maximize the chances of finding misunderstood situations.

[**Table of Contents**](#TOC001)

**Sustainability** — a sustainable business with a competitive position driven by niche market leadership, intellectual capital or unique manufacturing processes. Put another way, a reasonable barrier to competitive entry.

**Operating Leverage** — profitable and scalable business model, which tends to generate rising net profits margins as revenue growth accelerates.

**Valuation** — undervalued based on OAM's growth forecasts and historical valuation metrics afforded the company and/or peers.

Although securities of a particular company may be eligible for purchase by more than one Fund, OAM may determine at any particular time to purchase a security for one Fund but not another.

#### Principal Risks of Investing in the International Funds
The biggest risk is that the Funds' returns may vary, and you could lose money by investing in the Funds. Because the Funds may invest substantially all of their assets in common stocks, the main risk is that the value of the stocks they hold might decrease in response to the activities of an individual company or in response to general market and/or economic conditions. If this occurs, a Fund's share price may also decrease.

The Funds primarily invest in equity securities with the objective of maximum capital appreciation. If you are considering investing in any of the Funds, remember that they are designed for long-term investors who seek growth of capital and who can tolerate the greater risks associated with seeking maximum capital appreciation. Investment in common stocks, particularly in common stocks of small- and medium-size companies with high growth potential, can be volatile. The value of the Funds' shares will go up and down due to movement of the overall stock market or of the value of the individual securities held by the Funds. The value of each security held by the Fund may decline in response to conditions affecting the general economy; political, social, or economic instability at the local, regional, or global level; pandemics, epidemics and other similar circumstances in one or more countries or regions; and currency and interest rate fluctuations. Because of this volatility, we recommend that you invest in the Funds as a long-term investment only, and only for a portion of your investment portfolio, not for all of it. Each Fund discourages short-term trading in its shares. Dividends are expected to be minimal and there can be no assurance that a Fund's objective will be met.

An investment in the Funds is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

*Small*-sized *Company Risk*

Although each Fund seeks to reduce risk by investing in a diversified portfolio, you must realize that investing in smaller, and often newer, companies involves greater risk than there usually is with investing in larger, more established companies. Smaller and newer companies often have limited product lines, markets, management personnel, research and/or financial resources. The securities of small companies, which may be thinly capitalized, may not be as marketable as those of larger companies. Therefore the securities of these smaller, newer companies may be subject to more abrupt or erratic market movements than the securities of larger companies or the market averages in general.

The Funds are subject to small-sized company risk, because although there are no restrictions on the capitalization of companies whose securities the Funds may buy, the Funds generally invest in small-sized companies.

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*Risks Associated with Non*-U*.S. Companies*

Investments by the Funds in the securities of non-U.S. issuers involve certain additional investment risks different from those of U.S. issuers. These risks include: possibility of political or economic instability of the country of issue, possibility of disruption to international trade patterns, possibility of currency risk, possibility of currency exchange controls, imposition of foreign withholding taxes, seizure or nationalization of foreign deposits or assets, and adoption of adverse foreign government trade restrictions. There may be less publicly available information about a non-U.S. company than about a U.S. company. Sometimes non-U.S. companies are subject to different accounting, auditing, and financial reporting standards, practices, and requirements than U.S. companies. There is generally less government regulation of stock exchanges, brokers and listed companies abroad than in the U.S., which may result in less transparency with respect to a company's operations. The absence of negotiated brokerage in certain countries may result in higher brokerage fees.

*Emerging Market Risks*

In addition to the risks associated with non-U.S. companies in developing or emerging markets, there is a possibility of expropriation, nationalization, confiscatory taxation or diplomatic developments that could affect investments in those countries. In addition, political and economic structures in emerging markets countries may be new and developing rapidly, which may cause instability. Emerging markets countries are also more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets.

*Geographic Concentration in China (China Opportunities Fund)*

The Chinese economy is generally considered an emerging and volatile market. A small number of companies represent a large portion of the China market as a whole, and prices for securities of these companies may be very sensitive to adverse political, economic, or regulatory developments in China and other Asian countries, and may experience significant losses in such conditions. China's central government has historically exercised substantial control over the Chinese economy through administrative regulation and/or state ownership.

Despite economic reforms that have resulted in less direct central and local government control over Chinese businesses, actions of the Chinese central and local government authorities continue to have a substantial effect on economic conditions in China. These activities, which may include central planning, partial state ownership of or government actions designed to substantially influence certain Chinese industries, market sectors or particular Chinese companies, including halting IPOs, ousting company founders, passing laws that allow raids on private companies, and forcing companies to grant the Chinese Communist Party (CCP) significant power and influence within their operations, may adversely affect the public and private sector companies in which a Fund invests. Government actions may also affect the economic prospects for, and the market prices and liquidity of, the securities of China companies and the payments of dividends and interest by China companies. In addition, currency fluctuations, monetary policies, competition, social instability or political unrest may adversely affect economic growth in China. The Chinese economy and Chinese companies may also be adversely affected by regional security threats, as well as adverse developments in Chinese trade policies, or in trade policies toward China by countries that are trading partners with China. The occurrence of catastrophic events (such as hurricanes, earthquakes, pandemic disease, acts of terrorism and other catastrophes) in Greater China could also have a negative impact on the value of Chinese securities.

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Due to restrictions on foreign ownership of Chinese companies imposed under Chinese law, Chinese companies that are listed in the U.S. typically do not offer common stock in the company itself to U.S. investors. Rather, Chinese companies typically offer shares of an offshore shell company (typically referred to as a "variable interest entity" or "VIE") that has entered into service and other contracts with the Chinese company. Accordingly, U.S. investors in Chinese companies listed on a U.S. stock exchange do not actually own shares of the Chinese company itself. The U.S.-listed shell company does not control the Chinese company and must rely on the Chinese company to perform its contractual obligations (which, as noted above, are governed by Chinese corporate and securities laws that are less protective of shareholders than U.S. laws). Moreover, the Chinese government may at any time invalidate or limit the contracts between a Chinese company and the offshore shell company which is offering shares in the U.S., which may result in the partial or total loss of the value of a U.S. investor's shares in the offshore shell company even if a direct investment in the Chinese company would retain value.

Chinese companies are required to follow Chinese accounting standards and practices, which only follow international accounting standards to a certain extent. However, the accounting, auditing and financial reporting standards and practices applicable to China's companies, including those listed on U.S. exchanges, may be less rigorous, and there may be significant differences between financial statements prepared in accordance with Chinese accounting standards and practice and those prepared in accordance with international accounting standards. In particular, the assets and profits appearing on the financial statements of a Chinese issuer may not reflect its financial position or results of operations in the way they would be reflected had such financial statements been prepared in accordance with U.S. Generally Accepted Accounting Principles. The quality of audits in China may be unreliable, which may require enhanced procedures. Consequently, the Fund may not be provided the same degree of protection or information as would generally apply in developed countries and the Fund may be exposed to significant losses. There is also substantially less publicly available information about Chinese issuers than there is about U.S. issuers. Therefore, disclosure of certain material information may not be made, and less information may be available to the Fund and other investors than would be the case if the Fund's investments were restricted to securities of U.S. issuers.

China's growth over the last several decades has also led to growing political and economic tensions with Taiwan, including China's stated intention to control Taiwan. Increased tensions or conflict between Taiwan and China poses significant risks to Chinese companies. Such an event could lead to the shuttering of China-focused funds, cancellation of foreign derivatives and other severe financial disruptions, leaving investors with little to no financial recourse.

*Shanghai*-Hong *Kong Stock Connect and Shenzhen*-Hong *Kong Stock Connect Programs (Stock Connect) Risk (China Opportunities Fund and Focused International Growth Fund)*

China A-Shares listed and traded on certain Chinese stock exchanges through Stock Connect, a mutual market access program designed to, among other things, enable foreign investment in the People's Republic of China (PRC) via brokers in Hong Kong or Shenzhen, are subject to a number of restrictions imposed by Chinese securities regulations and local exchange listing rules. Because Stock Connect was initially established in November 2014, developments are likely, which may restrict or otherwise affect the fund's investments or returns. Furthermore, any changes in laws, regulations and policies of the China A-Shares market or rules in relation to Stock Connect may affect China A-Share prices. These risks are heightened by the underdeveloped state of the PRC's investment and banking systems in general.

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*Currency Risk*

Currency risk is the risk that fluctuations in exchange rates may adversely affect the U.S. dollar value of a fund's investments. Currency risk includes both the risk that currencies in which a fund's investments are traded will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly for a number of reasons, including the forces of supply and demand in the foreign exchange markets, actual or perceived changes in interest rates, intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or currency controls or political developments in the United States or abroad. The Fund may incur currency conversion costs (being the spread between buying and selling of the currency) and subject to exchange rate fluctuation risks in any such currency conversion, which may adversely affect the market value of the Fund's investments.

*Industrials Sector Risk (International Opportunities Fund)*

The industrials sector comprises companies who produce capital goods used in construction and manufacturing, such as companies that make and sell machinery, equipment and supplies that are used to produce other goods. Companies in the industrials sector may be adversely affected by changes in government regulation and spending, economic conditions, world events, commodity prices, exchange rates, import controls, and worldwide competition. In addition, companies may be adversely affected by environmental damages and product liability claims, and may face product obsolescence due to rapid technological developments and frequent new product introduction.

*Financials Sector Risk (Focused International Growth Fund)*

Companies in the financial sector, including retail and commercial banks, insurance companies and financial services companies, may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in currency exchange rates, volatile interest rates, decreased liquidity in credit markets and competition from new entrants. Profitability of these companies is largely dependent on the availability and cost of capital and can fluctuate significantly when interest rates change. Credit losses resulting from financial difficulties of borrowers also can negatively impact the sector. These companies are also subject to substantial government regulation and intervention, which may adversely impact the scope of their activities, the prices they can charge, the amount of capital they must maintain, and potentially, their size. The impact of more stringent capital requirements, or recent or future regulation in various countries on any individual financial company or of the financial sector as a whole cannot be predicted. The financial sector is also a target for cyberattacks and may experience technology malfunctions and disruptions.

*Government Relationships Risk*

While companies in Asia may be subject to limitations on their business relationships under applicable law, these laws may not be consistent with certain political and security concerns of the U.S. As a result, Asian companies may have material direct or indirect business relationships with governments that are considered state sponsors of terrorism by the U.S. government, or governments that otherwise have policies in conflict with the U.S. government (an "Adverse Government"). If a Fund invests in companies that have or develop a material business relationship with an Adverse Government, then the Fund will be subject to the risk that these companies' reputation and price in the market will be adversely affected.

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*Non*-Diversification *Risk (Focused International Growth Fund)*

The Focused International Growth Fund is classified as "non-diversified," which means the Fund may invest a larger percentage of its assets in the securities of a smaller number of issuers than a diversified fund. Investment in securities of a limited number of issuers exposes the Fund to greater market risk and potential losses than if its assets were diversified among the securities of a greater number of issuers.

*Depository Receipts (Focused International Growth Fund)*

American Depositary Receipts as well as other "hybrid" forms of ADRs, including EDRs and GDRs, are certificates evidencing ownership of shares of a foreign issuer. These certificates are issued by depository banks and generally trade on an established market in the United States or elsewhere. The underlying shares are held in trust by a custodian bank or similar financial institution in the issuer's home country. The depository bank may not have physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and interest and corporate actions. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets and currencies. However, ADRs continue to be subject to many of the risks associated with investing in foreign securities.

#### Other Investment Policies and Risks
Although each of the Funds may invest substantially all of its assets in common stocks, each Fund may also invest in convertible securities, preferred stocks, securities of foreign issuers (most of which, for the Oberweis Micro-Cap and the Oberweis Small-Cap Opportunities Funds, are traded on United States stock exchanges or listed on NASDAQ) and restricted securities. In addition, each Fund may establish and maintain reserves for temporary defensive purposes or to enable it to take advantage of buying opportunities. Each Fund's reserves may be held in cash or invested in high quality money market instruments. The Funds may also lend their portfolio securities, write (sell) call options against investment positions and purchase put and call options.

*Foreign Securities*

Investments in foreign securities may involve greater risks than investments in domestic securities. Foreign securities tend to be more volatile than domestic securities due to a number of factors, including fluctuations in currency exchange rates; political, social or economic instability; and less stringent accounting, disclosure and financial reporting requirements in some countries. The International Funds primarily invest in foreign securities and the Global Opportunities Fund invests in foreign securities, and the associated risks of such investment are discussed in the Summary of the Global Opportunities and International Funds. While investment in foreign companies is not a current focus of the Domestic Funds, each Domestic Fund may invest to a limited extent in foreign equity and debt securities.

*Restricted Securities and Illiquid Securities*

Each of the Domestic Funds and the Global Opportunities Fund may invest up to 5% of its total assets in securities that are not readily marketable. These include repurchase agreements with maturities of seven days or more, and securities of unseasoned issuers that have been in continuous operation for less than three years. Each Domestic Fund and the Global Opportunities Fund also may invest up to 5% of its total assets in securities where resale is legally or contractually restricted (all of which are collectively referred to as "restricted securities"); provided, however, that the Fund's investments in illiquid

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securities do not exceed 15% of its net assets. Each of the International Funds may invest up to 15% of its net assets in securities that are not readily marketable, including restricted securities and equity-linked certificates. The sale of restricted securities often takes more time than more liquid securities and may result in higher selling expenses. Also, a Fund may have to dispose of restricted securities at less desirable prices or at prices lower than the Fund valued the securities. A Fund may resell restricted securities to other institutions. If there is a dealer or institutional trading market in such securities, restricted securities and equity-linked certificates may be treated as exempt from each Fund's limitation on illiquid securities.

*Temporary Defensive Investments*

To respond to adverse market, political or other conditions, a Fund's cash or other similar investments may increase from time to time. When OAM temporarily increases a Fund's cash position, the Fund may not achieve its investment objective. Securities that the Funds may invest in as a means of receiving a return on idle cash include money market funds, U.S. government obligations, certificates of deposit, commercial paper (rated prime 3 or better by Moody's Investor Services, Inc. ("Moody's") or the equivalent), corporate debt securities (rated A or better by Moody's or Standard & Poor's Corporation) and repurchase agreements.

When a Fund's investments in cash or similar investments increase, it may not participate in market advances or declines to the same extent that it would if the Fund remained more fully invested in stocks.

*Repurchase Agreements*

As a means of earning income on idle cash, each Fund may enter into repurchase agreements. This technique involves the purchase of a security by a Fund and a simultaneous agreement by the seller (generally a bank or dealer) to repurchase the security from the Fund at a specified date or upon demand. These securities involve the risk that the seller will fail to repurchase the security, as agreed. In that case, a Fund will bear the risk of market value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security. A Fund cannot enter into repurchase agreements in excess of 25% of its total assets and each of the Domestic Funds and the Global Opportunities Fund cannot invest more than 5% of its total assets in repurchase agreements with maturities of seven days or more. Each of the International Funds cannot invest in repurchase agreements with maturities of seven days or more if, taken together with all other illiquid securities in the Fund's portfolio, more than 15% of the Fund's net assets would be invested in illiquid securities.

*Lending of Fund Securities*

To generate additional income, each Fund may lend its portfolio securities to qualified brokers/dealers or institutional investors. Such loans may not exceed 30% of the Fund's total assets measured at the time of the most recent loan. For each loan, the borrower must maintain collateral at the Fund's custodian with a value at least equal to 100% of the current market value of the security loaned.

*Convertible Securities*

The Focused International Growth Fund may invest in convertible securities. The market value of a convertible security performs like that of a regular debt security; that is, when interest rates rise, the price of a convertible security generally declines. In addition,

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convertible securities are subject to the risk that the issuer will not be able to pay interest or dividends when due, and their price may change based on changes in the issuer's financial condition. Because a convertible security derives a portion of its value from the common stock into which it may be converted, market and issuer risks that apply to the underlying common stock could impact the price of the convertible security.

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#### FUND HOLDINGS
A description of the policies and procedures with respect to the disclosure of each Fund's investments is available in the Statement of Additional Information and on the Funds' Web site at oberweisfunds.com.

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#### MANAGEMENT OF THE FUNDS

#### Investment Adviser
Oberweis Asset Management, Inc. ("OAM"), 3333 Warrenville Road, Suite 500, Lisle, Illinois, 60532, an investment adviser registered with the SEC, is the investment adviser to each of the Funds and is responsible for the day-to-day management of their investment portfolios and other business affairs of The Oberweis Funds and each of its Funds. OAM also offers investment advice to institutions and individual investors regarding a broad range of investment products. Certain OAM officers and employees serve as officers of the Funds.

OAM furnishes continuous advice and recommendations concerning the Funds' investments. OAM also provides The Oberweis Funds with non-investment advisory management and administrative services necessary for the conduct of the Funds' business. OAM furnishes the Funds with certain administrative, compliance and accounting services and provides information and certain administrative services for shareholders of the Funds. For the Domestic Funds and the Global Opportunities Fund, OAM provides these services under a management agreement, which is separate from the investment advisory agreement. For the International Funds, OAM provides these services under combined investment advisory and management agreements. OAM also provides office space and facilities for the management of the Funds and pays the salaries and fees of the Funds' officers.

Oberweis Asset Management (Hong Kong) Limited (the "Sub-Adviser") serves as sub-adviser to the China Opportunities Fund pursuant to a contract with OAM. The Sub-Adviser, 4402, 44/F, Champion Tower, No. 3 Garden Road, Central, Hong Kong, is a wholly-owned subsidiary of OAM. The Sub-Adviser manages the composition of the portfolio and furnishes advice with respect to the China Opportunities Fund's investments and strategies.

In rendering investment advisory services to the Global Opportunities and International Opportunities Funds, OAM will use the resources of its wholly-owned subsidiaries, Oberweis Asset Management UK Limited ("OAMUK") located in the United Kingdom, and Oberweis Asset Management (Hong Kong) Limited ("OAMHK") located in Hong Kong. Such services will be provided subject to the terms of a no-action letter granted by the SEC in 1997 governing the use of "Participating Affiliates." Each of OAMUK and OAMHK and their associated persons who provide services to U.S. clients are subject to the supervision of OAM and other conditions of the no-action letter.

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*Fund Managers*

James W. Oberweis is the portfolio manager of the Global Opportunities Fund and co-portfolio manager of each of the Domestic Funds and the China Opportunities Fund.

James W. Oberweis joined The Oberweis Funds in 1996 and has been managing investments since that time. James W. Oberweis, a holder of the Chartered Financial Analyst designation, is the President of The Oberweis Funds, the President, Chairman and a controlling shareholder of OAM, President and a director and controlling shareholder of Oberweis Securities, Inc. ("OSI"), the Funds' principal distributor and shareholder service agent, and Chairman of OAM (Hong Kong) Limited. James W. Oberweis has an MBA from the University of Chicago and a BS from the University of Illinois.

Kenneth S. Farsalas serves as co-portfolio manager of the Oberweis Micro-Cap Fund and the Oberweis Small-Cap Opportunities Fund. Kenneth S. Farsalas joined The Oberweis Funds in 2004 and has been managing investments since that time. Prior to joining the Funds, Kenneth S. Farsalas, a holder of the Chartered Financial Analyst designation, was the Director of Research at Dearborn Partners LLC from 2000 to 2004. From 1997 to 1999, Kenneth S. Farsalas was an analyst and portfolio manager at Sterling Johnston Capital Management LP. From 1993 to 1997, Kenneth S. Farsalas was an investment consultant at SEI Capital Resources. Kenneth S. Farsalas has an MBA from the University of Chicago and a BS from Northwestern University.

Ralf A. Scherschmidt is the portfolio manager of the International Opportunities Fund and the Focused International Growth Fund. Ralf A. Scherschmidt joined The Oberweis Funds in 2006 in conjunction with the International Opportunities Fund. Prior to joining the Funds, Ralf A. Scherschmidt worked as an analyst with Jetstream Capital, LLC from 2005 to 2006 and Aragon Global Management, LLC from 2004 to 2005. From 1999 to 2002, Ralf A. Scherschmidt was an analyst and then an executive with NM Rothschild & Sons Limited. Ralf A. Scherschmidt has an M.B.A. from Harvard University and a bachelor's degree from Georgetown University.

Barry Wang is the co-portfolio manager of the China Opportunities Fund. Effective October 1, 2018, Barry transferred to OAM (Hong Kong) Ltd. from OAM (Asia) Ltd. Barry Wang joined OAM (Asia) Ltd. in June 2011 as an Analyst for the China investment team and was promoted to Portfolio Manager in May 2016. Previously, Barry Wang worked at Wensli Group in Hangzhou, China as an equity research analyst with responsibility for the Chinese healthcare sector. Barry Wang completed his Master's program in International Finance from Columbia University in May 2011. He also earned a Master's degree in International Relations from Peking University and a Bachelor's degree in history from Beijing Normal University. Barry Wang is fluent in Mandarin, Shanghainese and English and is a holder of the Chartered Financial Analyst (CFA) designation.

The Statement of Additional Information provides additional information about James W. Oberweis, Kenneth S. Farsalas, Ralf A. Scherschmidt and Barry Wang, including their compensation, other accounts they manage, and their ownership of securities in the Fund(s) they manage.

#### Management Expenses
As compensation for its investment advisory services, the Domestic Funds and the Global Opportunities Fund pay OAM pursuant to the Investment Advisory Agreement an annual fee which is computed and accrued daily and paid monthly. OAM receives annual fees of

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.60% of the average daily net assets of the Micro-Cap Fund, .45% of the average daily net assets of the Global Opportunities Fund on the first $50 million and .40% on amounts over $50 million and .40% of the average daily net assets of the Small-Cap Opportunities Fund.

As compensation for managing the business affairs and providing certain administrative services, the Micro-Cap, Global Opportunities and Small-Cap Opportunities Funds pay OAM pursuant to the Management Agreement. Each of the Micro-Cap, Global Opportunities and Small-Cap Opportunities Fund pays OAM a monthly management fee at the annual rate of .40% of the average daily net assets of the Fund, subject to reduction because of each Fund's annual expense limitation.

As compensation for its investment advisory services, for managing the business affairs and providing certain administrative services, each of the International Funds pays OAM pursuant to Investment Advisory and Management Agreements an annual fee which is computed and accrued daily and paid monthly. OAM receives 1.00% of the average daily net assets of each of the International Opportunities Fund and China Opportunities Fund and .65% of the average daily net assets of the Focused International Growth Fund subject to reduction because of the Fund's annual expense limitation.

For the year ended December 31, 2025 each Fund's effective advisory and management fees paid (including any applicable administrative fees and giving effect to any expense limitation) is set forth below:

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| | |
|:---|:---|
|  **Fund Name** | **Effective Fees <br>(As percentage <br>of net assets)** |
|  **Global Opportunities Fund** | 0.84% |
|  **Micro-Cap Fund** | 1.00% |
|  **Small-Cap Opportunities Fund** | 0.79% |
|  **International Opportunities Fund** | 0.92% |
|  **China Opportunities Fund** | 1.00% |
|  **Focused International Growth Fund** | (0.03)% |

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A discussion regarding the basis for the Board of Trustees' approval of the Investment Advisory Agreement for the Global Opportunities, Micro-Cap and Small-Cap Opportunities Funds, the Investment Advisory and Management Agreements for the International Opportunities, China Opportunities and Focused International Growth Funds and the Sub-Advisory Agreement for the China Opportunities Fund is available in the Funds' annual report on Form N-CSR for the fiscal year ended December 31, 2025.

Each Fund also incurs expenses for services not provided and expenses not assumed by OAM, such as transfer agent and custodian fees and expenses, legal and auditing fees, printing and mailing costs of sending prospectuses, shareholder reports and other information to existing shareholders, and independent Trustees' fees and expenses. The Annual Fund Operating Expenses table lists the actual advisory and management fees and total operating expenses for each Fund for the most recent fiscal year.

As compensation for the sub-advisory services provided to the China Opportunities Fund, the Sub-Adviser is paid a fee. OAM is responsible for paying the Sub-Adviser's fees. The China Opportunities Fund does not pay any portion of the Sub-Adviser's fees.

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#### Distribution of Shares
The Funds have appointed OSI to act as the principal distributor of the Funds' shares and as a shareholder service agent. The Investor Class shares of the Funds pay certain expenses in connection with the distribution of Investor Class shares of each Fund under a Rule 12b-1 Plan and a Distribution and Shareholder Service Agreement between the Funds and OSI (collectively called the "Plan and Agreement") adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940. The Institutional Class shares of the Funds do not pay Rule 12b-1 fees.

Under the Plan and Agreement, each Fund pays to OSI a monthly fee at an annual rate of .25% of the Fund's average daily net assets attributable to its Investor Class shares for distribution and shareholder servicing and will also reimburse certain out-of-pocket expenses of OSI for certain shareholder services provided to the Fund. Because the fee is continually paid out of the Funds' assets attributable to Investor Class shares, over time it will increase the cost of your investment and could potentially cost you more than paying other types of sales charges.

Pursuant to the Plan and Agreement, OSI may appoint various broker/dealer firms to assist in providing distribution services for the Investor Class shares of the Funds and may appoint broker/dealers and other firms (including depository institutions such as commercial banks and savings banks) to provide administrative services for their clients as Investor Class shareholders of the Funds under related service agreements.

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#### OTHER INFORMATION
In the future, any of the Funds may cease sales to new investors and/or existing shareholders to control asset levels. If sales of a Fund are discontinued, it is expected that existing shareholders of the Fund would be permitted to reinvest any dividends or capital gain distributions in additional shares of the Fund, absent highly unusual circumstances.

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#### SHAREHOLDER INFORMATION

#### How to Purchase Shares
*In General — Investor Class Shares*

Except as described below, the minimum initial investment for each Fund is $1,000 ($500 minimum initial investment per Fund for tax-advantaged retirement plans). You may reduce this $1,000 minimum initial investment by signing up for the Low Minimum Investment Plan. (See "Shareholder Services.") Additional purchases for all existing accounts must be in amounts of at least $100, except for reinvestment of dividends and capital gains distributions.

*In General — Institutional Class Shares*

Except as described below, the minimum initial investment is $1,000,000 ($100,000 for the Focused International Growth Fund). There is no minimum for subsequent purchases. You may meet the minimum initial investment amount by aggregating multiple accounts with common ownership within a Fund, including individual and joint accounts, as well as accounts where you have beneficial ownership through acting as a custodian for a minor account or as a beneficiary to a trust account. In addition, if you invest in a Fund through a financial intermediary, the minimum initial investment requirement may be met if your financial intermediary aggregates investments of multiple clients to meet the minimum. There is no minimum initial investment requirement for omnibus retirement plans or wrap fee program assets with aggregate assets of $10 million or more. The minimum initial investment requirement is waived for employees of OAM and OSI and Trustees of the Funds, as well as family members of such employees and Trustees.

*In General — All Share Classes*

The Funds reserve the right to change at any time the initial or subsequent investment minimums, to waive the initial or subsequent investment minimums, to withdraw the offering or to reject any purchase in whole or part.

You may purchase shares of the Funds directly through OSI or through a securities broker/dealer or its designated agent, through a bank or other institution having a sales agreement with OSI, or by contacting the Funds' Transfer Agent, UMB Fund Services, Inc. ("UMBFS"). Some broker/dealers, banks or other institutions may independently impose different minimum investment amounts for purchases by their customers and/or charge for their services in purchasing shares of the Funds.

Your purchase may be made by check, wire, via Automated Clearing House (ACH) through the Funds' Web site, or, if it is a subsequent purchase, through the Automatic Investment Plan. All purchases must be in U.S. dollars. Third-party checks, credit cards and cash will not be accepted.

You may, subject to the approval of the Funds, purchase shares of a Fund in securities that are eligible for purchase by the Fund and that have values that are readily ascertainable in accordance with the Funds' valuation policies.

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Shares of the Funds are offered on a continuous basis. The offering price per share will be the Net Asset Value ("NAV") per share next determined after the purchase order is received in proper form by UMBFS. Your order will be considered to be in "proper form" if it includes a personal check or wire funds transmission from your account together with a completed Account Application or (in the case of a subsequent purchase) a stub from your Fund account confirmation or a note (described below). (See "Pricing of Fund Shares" for details on the calculation of the current NAV.)

*Purchase by Mail*

To make an initial purchase by mail, you must complete and sign the Account Application and mail it along with a check made payable to The Oberweis Funds to the following address:

**By First Class Mail** The Oberweis Funds

c/o UMB Fund Services, Inc.

P.O. Box 711

Milwaukee, WI 53201-0711

**By Overnight Delivery Service or Registered Mail** The Oberweis Fundsc/o UMB Fund Services, Inc.

235 W. Galena Street

Milwaukee, WI 53212

You may make additional investments to an existing account by sending a check to the address above along with either the stub from your Fund account confirmation or a note indicating the amount of the purchase, name of the Fund and Class, your account number, and the name(s) in which your account is registered.

*Purchase by Wire*

If you plan to purchase your initial shares by wire, UMBFS must have received a completed Account Application and issued an account number to you to credit for the wire. Federal funds are to be wired according to the following instructions:

*UMB Bank, N.A.*

ABA # 101000695

For credit to The Oberweis Funds

AC # 9871062287

For further credit to:

Shareholder Account Number

Name(s) of the Shareholder(s)

SSN or TIN

Name of the Fund and Class to be purchased

You may make additional investments to your account by wire by just contacting your financial institution with the wire instructions. You will need to notify UMBFS at 800-245-7311 before or shortly after your wire has been sent.

Your financial institution may charge you a fee for sending the wire. Neither the Funds nor UMB Bank, N.A. ("UMB Bank") will be responsible for the consequences of delays, including delays in the bank or Federal Reserve wire systems.

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*Online Purchases — Investor Class Shares Only*

You may establish a new account and make your initial purchase by visiting the Funds' Web site (oberweisfunds.com) and filling out and electronically submitting the online new account application. Accounts established online are automatically eligible for subsequent online transaction privileges. Accounts for third parties, trusts, corporations, partnerships and other entities may not be opened online and are not eligible for online transactions.

*Online Purchases — All Share Classes*

Accounts not established online can also purchase subsequent shares in an existing account through the Funds' Web site. To establish online privileges you must enroll through the Web site. You automatically have the ability to establish online privileges unless you decline them on your paper application. For important information on this feature, see "Transactions through the Funds' Web Site" on page 64.

#### How to Redeem Shares
*In General*

You may redeem shares of the Funds by mail, by telephone, through the Funds' Web site or through your own securities broker/dealer or its designated agent, or bank or other institution that is recorded for such account, if any (see "How to Purchase Shares"). Because of fluctuations in the value of each Fund, the NAV of shares redeemed may be more or less than your cost. Some broker/dealers, banks or other institutions may charge you a fee for redeeming shares of the Funds.

The Funds are designed for long-term investors. To discourage market timers and short-term and excessive trading, redemptions of shares of a Fund within 90 days of purchase will be subject to a 2.00% redemption fee (except shares of the Oberweis Micro-Cap Fund, Oberweis Small-Cap Opportunities Fund and Oberweis Global Opportunities Funds, which are not subject to redemption fees) of the total redemption amount. 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.

There are instances where the Funds will waive a redemption fee. The Funds may waive the redemption fee for the following redemptions:

• Redemptions due to death or disability of a shareholder, forfeiture of assets, qualified domestic relations orders or loans and hardship withdrawals;

• Redemptions of shares held through certain intermediaries and omnibus accounts, including retirement, pension, profit sharing and other qualified plans, as well as bank or trust company accounts;

• Redemptions of shares in connection with required distributions and certain other transactions in individual retirement accounts or retirement plans;

• Redemptions effected pursuant to asset allocation and rebalancing programs, wrap fee programs, and other investment programs offered by financial institutions;

• Redemption of shares purchased by the reinvestment of dividends and capital gains distributions;

• Redemption of shares purchased pursuant to systematic withdrawal plans; or

• Involuntary redemptions due to low account balances.

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The Funds also do not impose a redemption fee when it is contrary to the law to do so.

Certain intermediaries, including certain broker/dealers, employer-sponsored retirement plans, defined contribution clearing and settlement accounts, and broker-sponsored programs, have established omnibus accounts with the Funds. If your shares are held through an intermediary in an omnibus account, the Funds rely on the intermediary to assess the redemption fee on underlying shareholder accounts. There are no assurances that the Funds will be successful in identifying all intermediaries or that the intermediaries will properly assess the redemption fee.

Certain intermediaries may not apply the waivers listed above to the redemption fee policy, and all redemptions by persons trading through such intermediaries may be subject to the redemption fee. Certain intermediaries may waive transactions not listed above from the redemption fee. Persons redeeming shares through an intermediary should check with their intermediary to determine which transactions are subject to the redemption fee. In addition, due to operational requirements, the intermediaries' methods for tracking and calculating the redemption fee may differ in some respects from the Funds' methods.

Redemption proceeds are normally sent on the business day following the day the redemption request is received with all required documents in proper form but may be delayed up to seven days. However, if you sell shares you recently purchased with a check, please note that if UMBFS has not yet collected payment for the shares you are selling, it may delay sending the proceeds for up to 10 days. This procedure is intended to protect the Funds and their shareholders from loss. You may request to have your redemption check sent by overnight courier to the address of record. If this is desired, a $30 fee will be deducted from the proceeds of the transaction.

Although it is each Fund's policy to make payment of redemption proceeds in cash, if the Fund's trustees determine it to be appropriate (for example, for large redemptions or during stressed market conditions), and subject to certain limitations, a Fund may redeem shares by a distribution in kind to you of securities held by the Fund. Redemptions in kind are subject to federal income tax in the same manner as when redemption proceeds are paid in cash.

*Account Minimums*

Each Fund reserves the right to redeem the shares in your account if its total value falls below $1,000 (below $500 for tax-advantaged retirement plans) for Investor Class shares or below $1,000,000 ($100,000 for the Focused International Growth Fund), for Institutional Class shares as a result of a redemption. Each Fund will allow you 60 days to make additional investments before the redemption is processed.

*Redemption by Mail*

You may redeem shares by mailing a signed request for redemption that includes the account name and number and the number of shares or dollar amount to be redeemed and the name of the Fund and Class. Your request must be sent to The Oberweis Funds, c/o UMB Fund Services, Inc., P.O. Box 711, Milwaukee, WI 53201-0711. For overnight delivery service or registered mail send to The Oberweis Funds c/o UMB Fund Services, Inc., 235 W. Galena Street, Milwaukee, WI 53212. Some redemption requests may require Medallion signature guarantees (see "Medallion Signature Guarantees and Other Documentation"). Your redemption request must be accompanied by share certificates, if any have been issued. In the case of joint ownership, all owners must sign the redemption

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request and all owners must sign any endorsement of share certificates (as applicable). Additional documents may be required for redemption of shares held by estates, trusts, guardianships, corporations, partnerships and other shareholders who are not individuals. The Funds recommend that all mailed share certificates (Investor Class shares only) be sent by registered or certified mail, return receipt requested.

*Redemption by Telephone*

You automatically are granted telephone transaction privileges unless you decline them on your Account Application. With telephone transaction privileges, you may redeem your Fund shares by telephoning UMBFS at 800-245-7311. Pursuant to the telephone transaction program, you must authorize UMBFS to rely upon telephone instructions from anyone to redeem the specified number of shares or dollar amount and to transfer the proceeds according to your pre-designated instructions. UMBFS uses procedures reasonably designed to confirm that instructions communicated by telephone are genuine. UMBFS requires certain identifying information prior to acting upon instructions, records all telephone instructions and then sends confirmation of the transaction. As long as these procedures are reasonably followed, neither the Funds nor UMBFS would be liable for any losses from instructions communicated by telephone even if they are unauthorized or fraudulent.

Redemption proceeds will be mailed to the shareholder of record in the form of a check. The proceeds may also be transferred to the shareholder's designated bank using electronic funds transferred via the Automated Clearing House ("ACH"), or, at the shareholder's request, via wire transfer. Funds transferred via ACH will normally be transmitted on the business day following the telephone redemption request but may be delayed up to seven days following the telephone redemption request. There is no charge for transfers via ACH.

Funds transferred via wire transfer will normally be transmitted on the next business day following the request. There is a $15 fee for each wire redemption. Your bank may also charge additional fees for receiving a wire transfer. Checks issued by mail in response to a telephone redemption request can be issued only up to $50,000 to the registered owner(s) (who must be individuals) at the address of record which must have been on file for 30 days.

*Online Redemptions (Investor Class Shares Only)*

You may redeem shares through the Funds' Web site at oberweisfunds.com. To establish online transaction privileges, you must enroll through the Web site. You automatically have the ability to establish online transaction privileges unless you decline them on your Account Application or by calling 800-245-7311. For important information on this feature, see "Fund Transactions Through the Funds' Web Site."

*Other Redemption Information*

IRA and retirement plan redemptions from accounts which UMB Bank, n.a. is the custodian must be completed on an IRA Distribution Form or other acceptable form approved by UMB Bank, n.a. Shareholders who hold shares of a Fund through an IRA or other retirement plan, must indicate on their redemption requests whether to withhold federal income tax. Such redemption requests will generally be subject to a 10% federal income tax withholding unless a shareholder elects not to have taxes withheld. An IRA owner with

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a foreign residential address may not elect to forgo the 10% withholding. In addition, if you are a resident of certain states, state income tax also applies to non-Roth IRA distributions when federal withholding applies. Please consult with your tax professional.

*Medallion Signature Guarantees and Other Documentation*

If redemption proceeds are $50,000 or less and are to be paid to an individual shareholder of record at the address of record, a Medallion signature guarantee is not required (unless there has been an address change within 30 days). All other redemption requests and changes in account application instructions must be guaranteed by a bank, securities broker/dealer, municipal securities broker/dealer, government securities broker/dealer, credit union, member firm of a national securities exchange, registered securities association or clearing agency, and/or savings association. *A Medallion signature guarantee cannot be provided by a notary public. Please note that you must obtain a Medallion signature guarantee from a participant in the Securities Transfer Association Medallion Program. Approved programs currently include STAMP, SEMP and MSP. If you live outside the United States, a foreign bank properly authorized in your country of residence or a U.S. consulate may be able to authenticate your signature.*

When a Medallion signature guarantee is required, the signature of each shareholder of record must be guaranteed. A redemption request from corporate, trust, and partnership accounts, and executors, administrators and guardians must be signed by an appropriately authorized person and include additional documents to verify the authority of the person seeking redemption, such as a certified by-law provision or resolution of the board of directors or trustees of the shareholder and/or a copy of the governing legal instrument. In order to avoid delays in processing redemption requests for these accounts, you should call the Funds at 800-245-7311 before making the redemption request to determine what documents are needed. In addition, any other person requiring information on redemption procedures may call the Funds at 800-245-7311.

#### Short-Term and Excessive Trading
The Funds are intended for long-term investment purposes only and are not intended to provide investors with a means of speculation on short-term market movements or market timing. The Funds will take reasonable steps to seek to prevent short-term and excessive trading. Short-term and excessive trading into and out of a Fund may present risks to other shareholders, disrupt portfolio investment strategies, increase expenses including trading and administrative costs, and negatively impact investment returns for all shareholders and result in dilution in the value of Fund shares held by shareholders, including long-term shareholders who do not generate these costs. These risks may be more pronounced for the Funds since they invest in securities that may be more difficult to value or are susceptible to pricing arbitrage (e.g., micro-cap, small-cap, thinly traded and foreign securities). In an effort to protect long-term shareholders, the Board of Trustees has adopted policies and procedures that seek to deter short-term and excessive trading. As discussed in "How to Redeem Shares," the Funds impose a 2.00% redemption fee (except shares of the Oberweis Micro-Cap Fund, Oberweis Small-Cap Opportunities Fund and Oberweis Global Opportunities Funds, which are not subject to redemption fees) on shares redeemed or exchanged within 90 days of purchase. In addition, the Funds reserve the right to reject any purchase request (including exchanges) by any investor or group of investors for any reason without prior notice, including, in particular, if they believe the trading activity in the account(s) would be disruptive to a Fund. For example, a Fund may refuse a purchase order if the portfolio manager believes he would be unable to invest the money effectively in accordance with the Fund's investment policies or the

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Fund would otherwise be adversely affected due to the size of the transaction, frequency of trading or other factors. Transactions placed in violation of the Funds' excessive trading policy are not deemed accepted by a Fund and may be cancelled or revoked by the Fund on the next business day following receipt by the Fund. The Funds also reserve the right to honor certain redemptions, with securities, rather than cash.

The trading history of accounts under common ownership or control within any of the Funds may be considered in enforcing this policy. Transactions placed through the same financial intermediary on an omnibus basis may be deemed a part of a group for purposes of this policy and may be rejected in whole or in part by a Fund. However, the Funds cannot always identify or reasonably detect short-term and excessive trading or market timing that may be facilitated by financial intermediaries or made difficult to identify through the use of omnibus accounts by those intermediaries that transmit purchase, exchange and redemption orders of the Funds. Transactions accepted by a financial intermediary in violation of the Funds' excessive trading policy are not deemed accepted by a Fund and may be cancelled or revoked by the Fund on the next business day following receipt by the financial intermediary. There is no assurance that the Funds' policies will be effective in limiting and deterring short-term and excessive trading or market timing in all circumstances.

#### Anti-Money Laundering Program
The Funds are required to comply with various federal anti-money laundering laws and regulations. Consequently, the Funds may be required to "freeze" the account of a shareholder if the shareholder appears to be involved in suspicious activity or if certain account information matches information on government lists of known terrorists or other suspicious persons, or the Funds may be required to transfer the account or proceeds of the account to a government agency. The Funds may also be required to reject a purchase payment, block a shareholder's account and consequently refuse to implement requests for transfers and withdrawals.

Federal law requires the Funds to obtain, verify and record identifying information, which may include the name, street address, taxpayer identification number or other identifying information for shareholders who open an account with the Funds. The Funds may also ask to see a shareholder's driver's license or other identifying documents. Applications without this information may not be accepted and orders may not be processed. The Funds reserve the right to place limits on transactions in any account until the identity of the shareholder is verified; to refuse an investment in the Funds or involuntarily redeem a shareholder's shares and close an account in the event that a shareholder's identity is not verified; or suspend the payment of withdrawal proceeds if it is deemed necessary to comply with anti-money laundering regulations. The Funds and their agents will not be responsible for any loss resulting from the shareholder's delay in providing all required identifying information or from closing an account and redeeming a shareholder's shares when a shareholder's identity cannot be verified.

#### Transactions through the Funds' Web Site
*Investor Class Shares Only*

You may establish a new account and purchase, sell or exchange shares in an existing account of the Funds through the Funds' Web site at oberweisfunds.com. You automatically have the ability to complete transactions on the Web site unless you decline them on your Application or call 800-245-7311.

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In order to conduct online transactions, you must have telephone transaction privileges. To purchase shares online, you must also have ACH instructions on your account because payment for purchases of shares online may be made only through an ACH debit of your bank account. The Funds impose a limit of $50,000 on purchase, redemption, and exchange transactions through the Web site.

As discussed below, if there is a delay, malfunction or other inconvenience associated with the Internet or the Web site is unavailable for transactions, you should consider purchasing or redeeming using another method. Provided reasonable security procedures are used, neither the Funds, OAM, OSI or UMBFS will be responsible for any loss, liability or cost expense for following instructions communicated through the Internet, including fraudulent or unauthorized transactions.

*All Share Classes*

You may check your Fund account balance(s) and historical transactions in an existing account through The Oberweis Funds Web site at oberweisfunds.com. You automatically have the ability to view account balances and transactions by enrolling on the Web site.

You will be required to enter into a user's agreement through the Web site in order to enroll for these privileges.

You should be aware that the Internet is an unsecured, unstable, unregulated and unpredictable environment. Your ability to use the Web site for transactions is dependent upon the Internet and equipment, software, systems, data and services provided by various vendors and third parties. While the Funds and their service providers have established certain security procedures, the Funds, OAM, OSI and the Funds' Transfer Agent cannot assure you that inquiries, account information or trading activity will be completely secure.

There also may be delays, malfunctions or other inconveniences associated with the Internet, and times when the Web site is unavailable for transactions or other purposes. Neither the Funds, OAM, OSI or UMBFS will be liable for any such delays, malfunctions, unauthorized interception or access to information.

#### Pricing of Fund Shares
All purchases, redemptions and exchanges will be processed at the NAV next calculated after your request is received and accepted by a Fund (or the Fund's agent or authorized designee). NAV per share is computed by dividing the value of a Fund's net assets (i.e., the value of its assets less liabilities) by the total number of shares then outstanding. A separate NAV is calculated for each share class of a Fund, as applicable.

Each Fund's investments are valued based on market value or, where quotations are not readily available or are deemed unreliable, on fair value as determined in good faith by OAM, the Funds' valuation designee. Since the Funds invest in equity securities of micro-, small- and mid-cap companies, these circumstances may arise, for instance, when trading in a security is suspended or the trading volume in a security is limited, calling into question the reliability of market quotations. The value of fair valued securities may be different from the last reported sale price (or the last reported bid price), and there is no guarantee that a fair valued security will be sold at the price at which the Fund is carrying the security.

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The International Funds and the Global Opportunities Fund may use a fair valuation model provided by an independent pricing service, which is intended to reflect fair value when a security's value or a meaningful portion of a Fund's portfolio is believed to have been materially affected by a significant event that has occurred between the close of the exchange or market on which the security is principally traded and the close of the New York Stock Exchange ("NYSE") or on a day when the foreign exchange is closed and the NYSE is open. The Funds' valuation policies set forth certain triggers which instruct when to use the valuation model. The value assigned to a security by the fair valuation model is a determination of fair value made under the Funds' valuation policies. In such a case, a Fund's value for a security is likely to be different from the last quoted price.

Foreign currency exchange rates are determined at the close of trading on the NYSE. Occasionally, events affecting the value of foreign investments occur between the time at which they are determined and the close of trading on the NYSE. Such events would not normally be reflected in a calculation of a Fund's NAV on that day. If events that materially affect the value of a Fund's foreign investments occur during such period, the investments will be valued at their fair value as described above.

Foreign securities held by the Funds may be traded on days and at times when the NYSE is closed. Accordingly, the value of the Funds' investments may be significantly affected on days when shareholders have no access to the Funds. For valuation purposes, quotations of foreign portfolio securities, other assets and liabilities, and forward contracts stated in foreign currency are translated into U.S.-dollar equivalents at the prevailing market rates.

If your order in proper form is received (see "How to Purchase Shares" and "How to Redeem Shares") by the Transfer Agent or OSI by the close of trading on the NYSE on a given day (currently 3:00 p.m., Central Time), or by a securities broker/dealer or its designated agent, a bank or other institution having a sales agreement with OSI by the close of trading on the NYSE, Fund shares will be purchased or sold at the next computed NAV. The NAV of the shares of each Fund is computed once daily, as of the later of the close of regular trading on the NYSE or the Chicago Board Options Exchange ("CBOE"), on each day the NYSE is open for trading. For purposes of computing the NAV, all securities in a Fund other than options are priced as of the close of trading on the NYSE. The options in the Funds are priced as of the close of trading on the CBOE.

#### Shareholder Services
*General Information*

In addition to the purchase and redemption services described above, the Funds offer their shareholders the special accounts and services described below. You may obtain applications and information about any shareholder services by calling 800-245-7311.

When you make an initial investment in a Fund, a shareholder account is opened for you in accordance with the Fund's Account Application instructions. After each transaction for your account, you will be sent a confirmation. This includes all deposits, purchases, reinvestments, redemptions, withdrawal payments, and other transactions in your account.

You will be the record owner of all shares in your account with full shareholder rights; the Funds no longer issue certificates for their shares and the Funds do not issue certificates for Institutional Class shares. Current shareholders who have share certificates must

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submit these certificates for all exchange, redemption, or transfer requests. All regular transaction rules apply; share certificates will not be reissued in the event of transfers or exchanges. Certain functions performed by the Funds in connection with the operation of the accounts described above will be performed by the Funds' Transfer Agent, UMBFS.

*Exchange Privilege*

All or part of Fund shares owned by you may be exchanged for shares of the same Class of any other Oberweis Fund offering shares in this prospectus at that time. Shares will be exchanged for each other based upon their relative net asset values. Exchange requests are subject to a $1,000 or $1 million minimum for Investor Class and Institutional Class shares, respectively. Exchanges within 90 days of purchase from a Fund are subject to the applicable redemption fee (see "How to Redeem Shares").

All or part of Fund shares owned by you may be exchanged for shares of the Focused International Growth Fund, provided that your exchange meets the minimum investment requirements for that Fund — generally, $100,000. Shares will be exchanged for each other based on their relative net asset values. Exchanges within 90 days of purchase from a Fund are subject to the applicable redemption fee (see "How to Redeem Shares").

To take advantage of the Exchange Privilege by mail, you must send us a written request that includes your name, your account number, the name of the Fund and Class you currently own, the name of the Fund and Class you wish to exchange into and the dollar amount or number of shares you wish to exchange. Please remember that you cannot place any conditions on your request.

If you have any share certificates, you must include them with your request. A Medallion signature guarantee is not required, except in some cases where shares are also redeemed for cash at the same time. For certificate delivery instructions and when you need a Medallion signature guarantee, please see "Redemption by Mail" under "How to Redeem Shares."

You may also call us at 800-245-7311 unless you have previously notified the Funds in writing not to effect telephone exchanges. Exchanges made over the phone may be made by any person, not just the shareholder of record. Please remember that during unusual market conditions, we may have difficulty in accepting telephone requests, in which case you should mail your request to our address. Please see "Purchase by Mail" for our address.

You may exchange shares through the Funds' Web site at oberweisfunds.com. To establish online transaction privileges, you must enroll through the Web site. You automatically have the ability to establish online transaction privileges unless you decline them on your Account Application or by calling 800-245-7311. For important information on this feature, see "Fund Transactions Through the Funds' Web site." In addition, you may also be able to make exchanges through certain securities broker/dealers that may charge you a fee for effecting an exchange.

An exchange of shares of a Fund for shares of another Oberweis Fund is considered a sale for federal income tax purposes. You may realize a gain or loss depending upon whether the value of the shares being exchanged is more or less than their adjusted cost basis.

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Exchanging shares is available only in states where shares of a particular Fund being acquired may legally be sold. The exchange privilege is not a right and may be suspended, terminated or modified at any time. Except as otherwise permitted by applicable regulations, 60 days' prior written notice of any termination or material change will be provided.

*Low Minimum Initial Investment Plan/Automatic Investment Plan (Investor Class Shares Only)*

By completing the Automatic Investment Plan section of the Account Application, you may make subsequent investments by authorizing the Funds and UMB Bank N.A., the Fund's Custodian Bank, to debit your bank account to buy additional shares of the Funds. The minimum initial investment in each Fund is $1,000. However, the Low Minimum Initial Investment Plan allows you to open an account with an initial investment of $100 and subsequent monthly investments of $100 or more for at least a one-year period.

You can make Automatic Investments either monthly or quarterly, on or about the 5<sup>th</sup> or the 20<sup>th</sup> of the month, in pre-designated amounts of $100 or more. Funds will be transferred from your designated bank, using electronic funds transferred via ACH. If these dates fall on a weekend or holiday, investments will be made on the next business day. Initial investments may not be made by the Automatic Investment Plan. The Plan is subject to the approval of the shareholder's bank. You can stop investing through the Automatic Investment Plan by calling or by sending written notice to the Funds' Transfer Agent. The notice must be received at least 5 business days prior to the date of your next scheduled automatic purchase. The Automatic Investment Plan is set up as a convenience to the shareholder. If the transaction is returned from your bank as "insufficient funds", UMBFS will terminate the Automatic Investment Plan and a $20 NSF fee will be assessed for the returned ACH transfer. The proceeds will be drawn from the shareholder's account at the Fund. Your Automatic Investment Plan will be terminated in the event UMBFS makes two successive mailings that are returned by the U.S. Post Office as undeliverable. If this occurs, you must call or write UMBFS to reinstate your Automatic Investment Plan. Any changes to your banking information upon the Automatic Investment Plan's reinstatement will require a signature guarantee as discussed above under "Medallion Signature Guarantees and Other Documentation."

If you cancel the Low Minimum Initial Investment Plan before a one-year period, the Fund reserves the right to redeem your account if the balance is below the minimum investment level, currently $1,000. The Funds reserve the right to terminate or modify the Automatic Investment Plan at any time. See the Account Application for additional details.

*Systematic Withdrawal Plan (Investor Class Shares Only)*

If you own Fund shares with a current NAV of at least $10,000, you may establish a Systematic Withdrawal Plan. By using this plan, you may have withdrawn from your account a fixed sum that will be paid to you or a pre-designated third party at regular intervals. If your Systematic Withdrawal Plan date falls on a weekend or holiday, the proceeds will be withdrawn from your account on the next business day.

A Systematic Withdrawal Plan cannot be established for you if you own Fund shares for which certificates are outstanding. All share certificates must be surrendered before beginning systematic withdrawals. See the Account Application for additional details.

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*Tax*-Advantaged *Retirement Plan Accounts (Investor Class Shares Only)*

A Fund's shares may be purchased as investments in Individual Retirement Accounts ("IRAs") such as Traditional IRAs, Roth IRAs, Rollover IRAs and Simplified Employee Pension Plans (known as SEP-IRAs), Coverdell Education Savings Accounts, and other tax-advantaged retirement plans, such as 401(k) Plans, and 403(b)(7) Plans. Investing in a Fund's shares must be done according to the conditions of the IRA and/or other retirement plan agreements. You should contact your Plan custodians to determine the eligibility of the Funds' shares as IRA or retirement plan investments.

You may use the Funds' Custodian Bank to establish certain types of retirement plan accounts, including IRAs and SEP-IRAs in order to purchase shares of a Fund with your retirement funds. Further details, including fees and charges imposed by the Custodian Bank, are set forth in the Custodian's information material (account agreement, application, and disclosure statement) which is available from the Funds.

*Converting Share Classes in a Fund*

When a conversion occurs, you receive shares of one class in place of shares of another class of a Fund. At the time of conversion, the dollar value of the "new" shares you receive equals the dollar value of the "old" shares that were converted. In other words, the conversion has no effect on the value of your investment in a Fund at the time of the conversion. However, the number of shares you own after the conversion may be greater than or less than the number of shares you owned before the conversion, depending on the NAVs of the two share classes.

In order to place a conversion request, please call 800-245-7311 or if your shares are held through a financial intermediary, please contact your financial intermediary to place a conversion request. Minimum initial investment requirements for each share class must be met for any amount of shares converted (please see "Shareholder Information" for details). The Funds will not accept your request to cancel any self-directed conversion request once processing has begun. Please be careful when placing a conversion request.

You will generally not recognize any gain or loss for federal income tax purposes as a result of a conversion between share classes of a Fund.

#### Privacy Notice
This notice describes the privacy practices followed by the Funds.

Shareholder privacy is a top priority. The Funds' policy is to respect the privacy of current and former shareholders and to protect personal information entrusted to it. The Funds do not share any nonpublic personal information of shareholders or former shareholders with any nonaffiliated third parties, except as permitted by law or as authorized by the shareholders.

In the course of providing products and services to you, the Funds collect nonpublic personal information about you from various sources such as account applications or agreements, other account forms, transactions in your account, and from information captured on the Funds' Web site. Such information may include your name, address, account or tax identification number, the types and amounts of investments, and bank account information.

In the normal course of serving shareholders, information the Funds collect may be shared with companies that perform various services such as custodians, transfer agents, and broker-dealers. The Funds may share information in connection with servicing accounts

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or to inform shareholders of products and services that it believes may be of interest to shareholders. The organizations that receive shareholder information will use that information only for the services required and as allowed by applicable law or regulation, and are not permitted to share or use this information for any other purposes.

Access to customers' nonpublic personal information is restricted to employees who need to access that information. The Funds use industry standard physical, electronic, and procedural safeguards to protect shareholder information. A shareholder's right to privacy extends to all forms of contact with the Funds, including telephone, written correspondence, and electronic media, such as the Internet.

For questions concerning this policy, please write or call the Funds.

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#### DISTRIBUTIONS AND TAXES

#### Taxation of the Funds
Each of the Funds has elected to be treated, has qualified and intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") for federal income tax purposes ("regulated investment company"). As regulated investment companies, the Funds generally pay no federal income tax on the income and gains that they timely distribute to you.

#### Taxation of Shareholders
To avoid taxation at the Fund level as a regulated investment company, the Code requires, among other things, that a Fund timely distribute its net investment income and any net capital gains realized on its investments annually. A Fund's income from certain dividends, interest and any realized net short-term capital gains are paid to shareholders as dividends. A Fund's income from certain qualifying dividends, that are designated as such by the Fund, will be paid to U.S. shareholders that are individuals and other noncorporate U.S. shareholders as "qualified dividend income," provided certain holding period and other requirements are satisfied by the Fund and shareholder. Realized net long-term capital gains are paid to shareholders as capital gains distributions. The dividends and capital gain distributions are normally declared and paid in December.

Except for those shareholders exempt from federal income taxation or investing through a tax-advantaged account, dividends and capital gain distributions will be taxable to shareholders, whether paid in cash or reinvested in additional shares of the Funds. You will be notified annually as to the federal income tax status of dividends and capital gains distributions. Such dividends and distributions may also be subject to state and local taxes.

Long-term capital gain distributions (generally relating to assets held by a Fund for more than 12 months) are taxable to U.S. shareholders as long-term capital gain regardless of how long you have held shares of the Fund. For federal income tax purposes, long-term capital gain distributions made to U.S. shareholders that are individuals and other noncorproate U.S. shareholders are currently taxed at federal income tax rates up to 20%. Dividends representing certain net investment income and realized net short-term capital gains are taxed as ordinary income at federal income tax rates up to 37% for U.S. shareholders that are individuals.

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Dividends representing "qualified dividend income" received by U.S. shareholders that are individuals and other noncorporate U.S. shareholders are currently taxed at federal income tax rates up to 20%. Dividends from foreign corporations are not treated as "qualified dividend income" if the foreign corporation is not incorporated in a possession of the United States or is not eligible for the benefits of a comprehensive income tax treaty with the United States (unless the foreign corporation stock is readily tradable on an established securities market in the United States) or if the foreign corporation is a passive foreign investment company or surrogate foreign corporation that is not treated as a domestic corporation under Section 7874(b) of the Code. Dividends and distributions are generally taxable for federal income tax purposes to U.S. shareholders at the time the dividend or distribution is received. Any dividends or distributions declared in October, November or December to shareholders of record as of a date in one of those months and paid during the following January are treated for federal income tax purposes as paid on December 31 of the calendar year in which they are declared.

Dividends and capital gains distributions are automatically reinvested in additional shares of the Funds, unless you elect to receive them in cash. A cash election remains in effect until you notify the Transfer Agent by calling or writing to discontinue such election.

If you redeem or exchange shares of a Fund (other than shares held in a tax-advantaged account), it is generally considered a taxable event for you. Depending on the purchase price and the sale price of the shares you redeem or exchange, you may have a gain or loss on the transaction. The gain or loss will generally be treated as a long-term capital gain or loss if you held your shares for more than one year. If you held your shares for one year or less, the gain or loss will generally be treated as a short-term capital gain or loss. You may be limited in your ability to use capital losses.

An additional 3.8% Medicare contribution tax is imposed on certain net investment income (including dividends and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. shareholders that are individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount.

#### Distribution to Retirement Plans
Fund distributions received by your qualified retirement plan, such as a 401(k) Plan or IRA, are generally tax deferred. This means that you are not required to report Fund distributions on your federal income tax return, but, rather, when your plan makes payments to you. Special rules apply to payments from Roth IRAs and Coverdell education savings accounts (formerly called Education IRAs).

#### How Distributions Affect a Fund's NAV
Distributions are paid to shareholders as of the record date of a distribution of a Fund. Dividends and capital gains awaiting distribution are included in each Fund's daily NAV. The share price of a Fund drops by the amount of the distribution, net of any subsequent market fluctuations. You should be aware that distributions from a mutual fund are not value-enhancing and may create income tax obligations.

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#### "Buying a Dividend"
If you purchase shares of a Fund shortly before the Fund makes a distribution, you will pay the full price for the shares and may receive a portion of the purchase price back as a taxable distribution. This is referred to as "buying a dividend." Of course, a Fund's share price may, at any time, reflect undistributed capital gains or income and unrealized appreciation, which may result in future taxable distributions. Such distributions can occur even in a year when a Fund has a negative return.

Unless your account is set up as a tax-advantaged account, dividends paid to you will be included in your gross income for federal income tax purposes, even though you may not have participated in the increase in NAV of a Fund and whether or not you reinvested the dividends.

#### Backup Withholding
When you open an account, Internal Revenue Service ("IRS") regulations require that you provide your taxpayer identification number ("TIN"), certify that it is correct, and certify that you are not subject to backup withholding under IRS rules. If you fail to provide your TIN or the proper tax certifications, a Fund is required to withhold a flat rate of 24% of all the distributions (including dividends and capital gain distributions) and sales proceeds, redemption proceeds, and any other payments paid to you. Each Fund is also required to begin backup withholding on your account if the IRS instructs it to do so. Amounts withheld may be applied to your federal income tax liability and you may obtain a refund from the IRS if withholding results in overpayment of taxes for such year.

#### Foreign Taxes
Dividends, interest, and some capital gains received by the Funds on foreign securities may be subject to tax withholding or other foreign taxes. If applicable, the Funds may from year to year make the election permitted under section 853 of the Code to pass through such taxes to shareholders. In such event, shareholders will be required to treat as part of the amounts distributed to them, their pro rata portion of such taxes, and may claim a credit or deduction for such taxes, subject in each case to certain limitations contained in the Code. If such an election is not made, any foreign taxes paid or accrued will represent an expense to the Funds and shareholders will not be required to include in their gross income nor able to claim a credit or deduction for their pro rata share of such taxes paid by the Funds. It is anticipated that only the International Funds will be eligible to make the election available under Code section 853.

The foregoing discussion summarizes certain U.S. federal income tax consequences solely for investors (i) who are beneficial owners of shares of the Funds, (ii) hold such shares as capital assets and (iii) are United States persons (as such term is defined in the Code) other than partnerships and other than investors that are subject to special tax treatment (such as financial institutions, real estate investment trusts, regulated investment companies and retirement plans), except as otherwise specifically provided ("U.S. shareholders"). You are advised to consult your own tax adviser as to the federal, state, local and/or foreign tax consequences of owning shares of each Fund with respect to your specific circumstances.

[**Table of Contents**](#TOC001)

#### FINANCIAL HIGHLIGHTS
The financial highlights tables are intended to help you understand the financial performance for each class of shares of each Fund for the past five fiscal years or since inception, as applicable. Certain information reflects financial results for a single Fund share. The total returns in the tables represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). The information for the years ended December 31, 2023, 2024 and 2025 has been derived from financial statements audited by Cohen & Company, Ltd., the Funds' Independent Registered Public Accounting Firm whose report, along with the Funds' financial statements, is included in the Form N-CSR, which is available upon request and incorporated by reference in to the Statement of Additional Information. Information for the years ended December 31, 2022 and prior were audited by the Funds' prior Independent Registered Public Accounting Firm.

#### Global Opportunities Fund — Investor Class
Per share income and capital for a share outstanding throughout each year is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value at beginning of year | $29.65 | $26.78 | $25.17 | $35.29 | $36.51 |
|  Income (loss) from investment operations: |  |  |  |  |  |
|  Net investment loss<sup>a</sup> | (.19) | (.20) | (.18) | (.19) | (.37) |
|  Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | 5.96 | 3.07 | 1.79 | (9.27) | 7.99 |
|  Total from investment operations | 5.77 | 2.87 | 1.61 | (9.46) | 7.62 |
|  Redemption fees<sup>a</sup> |  |  |  |  | .01 |
|  Less distributions: |  |  |  |  |  |
|  Distribution from net realized gains on investments | (3.98) |  |  | (.66) | (8.85) |
|  Net asset value at end of year | $31.44  | $29.65 | $26.78 | $25.17 | $35.29 |
|  Total return (%) | 19.38  | 10.72 | 6.40 | (26.80) | 20.92 |
|  Ratio/supplemental data: |  |  |  |  |  |
|  Net assets at end of year (in thousands) | $37182  | $35066 | $34431 | $34968 | $53342 |
|  Ratio of gross expenses to average net assets (%) | 1.44 | 1.48 | 1.51 | 1.52 | 1.38 |
|  Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.44 | 1.48 | 1.50 | 1.51 | 1.38 |
|  Ratio of net investment loss to average net assets (%) | (.59) | (.70) | (.67) | (.73) | (.86) |
|  Portfolio turnover rate (%) | 85 | 103 | 95 | 73 | 111 |

---

Notes:

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

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

[**Table of Contents**](#TOC001)

#### Global Opportunities Fund — Institutional Class
Per share income and capital for a share outstanding throughout each year is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value at beginning of year | $30.36 | $27.35 | $25.64 | $35.84 | $36.87 |
|  Income (loss) from investment operations: |  |  |  |  |  |
|  Net investment loss<sup>a</sup> | (.11) | (.13) | (.12) | (.12) | (.26) |
|  Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | 6.11 | 3.14 | 1.83 | (9.42) | 8.07 |
|  Total from investment operations | 6.00 | 3.01 | 1.71 | (9.54) | 7.81 |
|  Redemption Fees<sup>a</sup> |  |  |  |  | .01 |
|  Less distributions: |  |  |  |  |  |
|  Distribution from net realized gains on investments | (3.98) |  |  | (.66) | (8.85) |
|  Net asset value at end of year | $32.38 | $30.36 | $27.35 | $25.64 | $35.84 |
|  Total Return (%) | 19.68 | 11.01 | 6.67 | (26.61) | 21.23 |
|  Ratio/supplemental data: |  |  |  |  |  |
|  Net Assets at end of year (in thousands) | $20366 | $22289 | $18754 | $16837 | $23518 |
|  Ratio of gross expenses to average net assets (%) | 1.19 | 1.23 | 1.25 | 1.28 | 1.14 |
|  Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.19 | 1.23 | 1.25 | 1.27 | 1.13 |
|  Ratio of net investment loss to average net assets (%) | (.35) | (.43) | (.44) | (.44) | (.61) |
|  Portfolio turnover rate (%) | 85 | 103 | 95 | 73 | 111 |

---

Notes:

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

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

[**Table of Contents**](#TOC001)

#### Micro-Cap Fund — Investor Class
Per share income and capital for a share outstanding throughout each year is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value at beginning of year | $45.08 | $37.61 | $31.64 | $35.88 | $29.10 |
|  Income (loss) from investment operations: |  |  |  |  |  |
|  Net investment loss<sup>a</sup> | (.50) | (.38) | (.29) | (.32) | (.43) |
|  Net realized and unrealized gains (losses) on investments | 7.14 | 8.99 | 6.23 | (3.52) | 15.93 |
|  Total from investment <br>operations | 6.64 | 8.61 | 5.94 | (3.84) | 15.50 |
|  Redemption fees<sup>a</sup> |  |  | .03 | .03 | .02 |
|  Less distributions: |  |  |  |  |  |
|  Distribution from net realized gains on investments | (.72) | (1.14) |  | (.43) | (8.74) |
|  Net asset value at end of year | $51.00 | $45.08 | $37.61 | $31.64 | $35.88 |
|  Total return (%) | 14.71  | 22.87 | 18.87 | (10.60) | 53.38 |
|  Ratio/supplemental data: |  |  |  |  |  |
|  Net assets at end of year (in thousands) | $372907  | $308437 | $236230 | $96281 | $87603 |
|  Ratio of gross expenses to average net assets (%) | 1.46  | 1.47 | 1.53 | 1.53 | 1.48 |
|  Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.46 | 1.47 | 1.53 | 1.52 | 1.48 |
|  Ratio of net investment loss to average net assets (%) | (1.07) | (.90) | (.82) | (1.02) | (1.08) |
|  Portfolio turnover rate (%) | 41 | 51 | 58 | 61 | 81 |

---

Notes:

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

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

[**Table of Contents**](#TOC001)

#### Micro-Cap Fund — Institutional Class
Per share income and capital for a share outstanding throughout each year is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value at beginning of year | $46.15 | $38.39 | $32.21 | $36.43 | $29.36 |
|  Income (loss) from investment operations: |  |  |  |  |  |
|  Net investment loss<sup>a</sup> | (.39) | (.28) | (.21) | (.24) | (.33) |
|  Net realized and unrealized gains (losses) on investments | 7.33 | 9.18 | 6.36 | (3.58) | 16.12 |
|  Total from investment <br>operations | 6.94 | 8.90 | 6.15 | (3.82) | 15.79 |
|  Redemption fees<sup>a</sup> |  |  | .03 | .03 | .02 |
|  Less distributions: |  |  |  |  |  |
|  Distribution from net realized gains on investments | (.72) | (1.14) |  | (.43) | (8.74) |
|  Net asset value at end <br>of year | $52.37 | $46.15 | $38.39 | $32.21 | $36.43 |
|  Total Return (%) | 15.02 | 23.16 | 19.19 | (10.39) | 53.90 |
|  Ratio/supplemental data: |  |  |  |  |  |
|  Net Assets at end of year (in thousands) | $497245  | $349376 | $219437 | $72507 | $50015 |
|  Ratio of gross expenses to average net assets (%) | 1.21 | 1.22 | 1.28 | 1.28 | 1.23 |
|  Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.21 | 1.22 | 1.28 | 1.27 | 1.23 |
|  Ratio of net investment loss to average net assets (%) | (.82) | (.66) | (.59) | (.76) | (.85) |
|  Portfolio turnover rate (%) | 41 | 51 | 58 | 61 | 81 |

---

Notes:

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

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

[**Table of Contents**](#TOC001)

#### Small-Cap Opportunities Fund — Investor Class
Per share income and capital for a share outstanding throughout each year is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value at beginning of year | $25.49 | $22.12 | $19.10 | $21.54 | $18.29 |
|  Income (loss) from investment operations: |  |  |  |  |  |
|  Net investment loss<sup>a</sup> | (.22) | (.14) | (.08) | (.16) | (.28) |
|  Net realized and unrealized gains (losses) on investments | 3.86 | 3.71 | 3.09 | (2.26) | 8.23 |
|  Total from investment operations | 3.64 | 3.57 | 3.01 | (2.42) | 7.95 |
|  Redemption fees<sup>a</sup> |  |  | .01 | .01 | .01 |
|  Less distributions: |  |  |  |  |  |
|  Distribution from net realized gains on investments |  | (.20) |  | (.03) | (4.71) |
|  Net asset value at end of year | $29.13 | $25.49 | $22.12 | $19.10 | $21.54 |
|  Total return (%) | 14.28  | 16.14 | 15.81 | (11.17) | 43.57 |
|  Ratio/supplemental data: |  |  |  |  |  |
|  Net assets at end of year (in thousands) | $392251  | $406170 | $286616 | $94110 | $16322 |
|  Ratio of gross expenses to average net assets (%) | 1.26 | 1.26 | 1.32 | 1.45 | 1.59 |
|  Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.25 | 1.25 | 1.25 | 1.25 | 1.55 |
|  Ratio of net investment loss to average net assets (%) | (.83) | (.55) | (.38) | (.82) | (1.22) |
|  Portfolio turnover rate (%) | 58 | 61 | 71 | 45 | 106 |

---

Notes:

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

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

[**Table of Contents**](#TOC001)

#### Small-Cap Opportunities Fund — Institutional Class
Per share income and capital for a share outstanding throughout each year is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value at beginning of year | $26.13 | $22.62 | $19.49 | $21.92 | $18.51 |
|  Income (loss) from investment operations: |  |  |  |  |  |
|  Net investment loss<sup>a</sup> | (.16) | (.08) | (.03) | (.11) | (.23) |
|  Net realized and unrealized gains (losses) on <br>investments | 3.98 | 3.79 | 3.15 | (2.30) | 8.34 |
|  Total from investment operations | 3.82 | 3.71 | 3.12 | (2.41) | 8.11 |
|  Redemption Fees<sup>a</sup> |  |  | .01 | .01 | .01 |
|  Less distributions: |  |  |  |  |  |
|  Distribution from net realized gains on investments |  | (.20) |  | (.03) | (4.71) |
|  Net asset value at end of year | $29.95 | $26.13 | $22.62 | $19.49 | $21.92 |
|  Total Return (%) | 14.62 | 16.40 | 16.06 | (10.93) | 43.92 |
|  Ratio/supplemental data: |  |  |  |  |  |
|  Net Assets at end of year <br>(in thousands) | $1430965  | $1002427 | $230715 | $62776 | $12727 |
|  Ratio of gross expenses to average net assets (%) | 1.01 | 1.01 | 1.07 | 1.20 | 1.34 |
|  Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.00 | 1.00 | 1.00 | 1.00 | 1.30 |
|  Ratio of net investment loss to average net assets (%) | (.59) | (.30) | (.15) | (.59) | (.97) |
|  Portfolio turnover rate (%) | 58 | 61 | 71 | 45 | 106 |

---

Notes:

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

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

[**Table of Contents**](#TOC001)

#### International Opportunities Fund — Investor Class
Per share income and capital for a share outstanding throughout each year is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value at beginning of year | $18.50  | $17.42 | $16.68 | $26.50 | $31.52 |
|  Income (loss) from investment operations: |  |  |  |  |  |
|  Net investment income (loss)<sup>a</sup> | .15 | .24 | .11 | .11 | (.26) |
|  Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | 5.53 | 1.07 | .70 | (9.93) | .72 |
|  Total from investment <br>operations | 5.68 | 1.31 | .81 | (9.82) | .46 |
|  Redemption fees<sup>a</sup> |  | .01 |  |  |  |
|  Less dividends and <br>distributions: |  |  |  |  |  |
|  Distribution from net realized gains on investments |  |  |  |  | (5.48) |
|  Dividends from net investment income | (.26) | (.24) | (.07) |  |  |
|  Total dividends and <br>distributions | (.26) | (.24) | (.07) |  | (5.48) |
|  Net asset value at end of year | $23.92  | $18.50 | $17.42 | $16.68 | $26.50 |
|  Total return (%) | 30.71  | 7.54 | 4.89 | (37.06) | 1.52 |
|  Ratio/supplemental data: |  |  |  |  |  |
|  Net assets at end of year (in thousands) | $118206 | $93256 | $114698 | $144970 | $310356 |
|  Ratio of gross expenses to average net assets (%) | 1.43 | 1.45 | 1.92 | 1.87 | 1.77 |
|  Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.35  | 1.35 | 1.59 | 1.60 | 1.60 |
|  Ratio of net investment income (loss) to average net assets (%) | .68 | 1.27 | .66 | .60 | (.79) |
|  Portfolio turnover rate (%) | 125 | 99 | 103 | 74 | 93 |

---

Notes:

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

[**Table of Contents**](#TOC001)

**International Opportunities Fund — Institutional Class**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** | **Period Ended <br>December 31, <br>2023<sup>c</sup>** |
|  | **2025** | **2024** | **Period Ended <br>December 31, <br>2023<sup>c</sup>** |
|  Net asset value at beginning of period | $8.87  | $8.50 | $8.43 |
|  Income (loss) from investment operations: |  |  |  |
|  Net investment income (loss)<sup>a</sup> | .10 | .13 |  |
|  Net realized and unrealized gains on investments and translation of assets and liabilities denominated in foreign currency | 2.66 | .52 | .07 |
|  Total from investment operations | 2.76 | .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 | (.13) | (.29) |  |
|  Total dividends and distributions | (.13) | (.29) |  |
|  Net asset value at end of period | $11.50 | $8.87 | $8.50 |
|  Total return (%) | 31.07 | 7.70 | .83<sup>d</sup> |
|  Ratio/supplemental data: |  |  |  |
|  Net Assets at end of year (in thousands) | $280295 | $248272 | $278822 |
|  Ratio of gross expenses to average net assets (%) | 1.18 | 1.20 | 1.10<sup>e</sup> |
|  Ratio of net expenses to average net assets (%)<sup>(b)</sup> | 1.10 | 1.10 | 1.09<sup>e</sup> |
|  Ratio of net investment income to average net assets (%) | .91 | 1.46 | .28<sup>e</sup> |
|  Portfolio turnover rate (%) | 125 | 99 | 103 |

---

Notes:

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

<sup>d</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not annualized.

<sup>e</sup>&nbsp;&nbsp;&nbsp;&nbsp;Annualized.

[**Table of Contents**](#TOC001)

**China Opportunities Fund — Investor Class**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value at beginning of year | $6.89 | $6.56 | $7.14 | $11.51 | $17.29 |
|  Income (loss) from investment operations: |  |  |  |  |  |
|  Net investment income (loss)<sup>a</sup> | .02 | .01 | (.03) | (.08) | (.11) |
|  Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | 2.80 | .47 | (.53) | (4.20) | (.88) |
|  Total from investment operations | 2.82 | .48 | (.56) | (4.28) | (.99) |
|  Redemption fees<sup>a</sup> |  |  | .01 |  |  |
|  Less dividends and distributions: |  |  |  |  |  |
|  Distribution from net realized gains on investments |  |  |  | (.09) | (4.79) |
|  Dividends from net investment income | (.10) | (.15) | (.03) |  |  |
|  Total dividends and distributions | (.10) | (.15) | (.03) | (.09) | (4.79) |
|  Net asset value at end of year | $9.61 | $6.89 | $6.56 | $7.14 | $11.51 |
|  Total return (%) | 40.88  | 7.29 | (7.70) | (37.23) | (5.41) |
|  Ratio/supplemental data: |  |  |  |  |  |
|  Net assets at end of year (in thousands) | $44461 | $31794 | $36390 | $45803 | $81018 |
|  Ratio of gross expenses to average net assets (%) | 1.83 | 2.16 | 2.16 | 2.05 | 1.87 |
|  Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.83 | 2.16 | 2.15 | 2.03 | 1.87 |
|  Ratio of net investment gains (losses) to average net assets (%) | .25 | .16 | (.39) | (.97) | (.63) |
|  Portfolio turnover rate (%) | 127 | 155 | 189 | 254 | 241 |

---

Notes:

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

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

[**Table of Contents**](#TOC001)

#### China Opportunities Fund — Institutional Class
Per share income and capital for a share outstanding throughout each year is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
|  Net asset value at beginning of year | $7.01 | $6.67 | $7.27 | $11.67 | $17.42 |
|  Income (loss) from investment operations: |  |  |  |  |  |
|  Net investment income (loss)<sup>a</sup> | .03 | .06 | (.01) | (.05) | (.07) |
|  Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | 2.86 | .45 | (.55) | (4.26) | (.89) |
|  Total from investment operations | 2.89 | .51 | (.56) | (4.31) | (.96) |
|  Redemption Fees<sup>a</sup> |  |  | .01 |  |  |
|  Less dividends and distributions: |  |  |  |  |  |
|  Distribution from net realized gains on investments |  |  |  | (.09) | (4.79) |
|  Dividends from net investment income | (.12) | (.17) | (.05) |  |  |
|  Total dividends and distributions | (.12) | (.17) | (.05) | (.09) | (4.79) |
|  Net asset value at end of year | $9.78 | $7.01 | $6.67 | $7.27 | $11.67 |
|  Total Return (%) | 41.20  | 7.61 | (7.58) | (36.97) | (5.23) |
|  Ratio/supplemental data: |  |  |  |  |  |
|  Net Assets at end of year (in thousands) | $7017 | $5045 | $8883 | $10513 | $15247 |
|  Ratio of gross expenses to average net assets (%) | 1.58 | 1.92 | 1.90 | 1.80 | 1.62 |
|  Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.58 | 1.92 | 1.90 | 1.78 | 1.62 |
|  Ratio of net investment gains (losses) to average net assets (%) | .34 | .87 | (.10) | (.62) | (.38) |
|  Portfolio turnover rate (%) | 127 | 155 | 189 | 254 | 241 |

---

Notes:

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

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

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#### Focused International Growth — Institutional Class
Per share income and capital for a share outstanding throughout each period is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Years Ended <br>December 31,**  | **Years Ended <br>December 31,**  | **Years Ended <br>December 31,**  | **Period Ended <br>December 31, <br>2022<sup>a</sup>** |
|  | **2025** | **2024** | **2023** | **Period Ended <br>December 31, <br>2022<sup>a</sup>** |
|  Net asset value at beginning of period | $9.67 | $8.77 | $7.63 | $10.00 |
|  INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |
|  Net investment income<sup>b</sup> | .17 | .15 | .12 | .07 |
|  Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | 3.30 | .89 | 1.15 | (2.34) |
|  Total from investment operations | 3.47 | 1.04 | 1.27 | (2.27) |
|  Redemption fees<sup>b</sup> |  |  |  |  |
|  Less dividends and distributions: |  |  |  |  |
|  Dividends from net investment income | (.10) | (.14) | (.13) | (.10) |
|  Total dividends and distributions | (.10) | (.14) | (.13) | (.10) |
|  Net asset value at end of period | $13.04 | $9.67 | $8.77 | $7.63 |
|  Total return (%) | 35.83 | 11.79 | 16.60 | (22.75)<sup>e</sup> |
|  RATIO/SUPPLEMENTAL DATA: |  |  |  |  |
|  Net Assets at end of period <br>(in thousands) | $27738 | $7685 | $6032 | $5077 |
|  Ratio of gross expenses to average <br>net assets (%) | 1.78 | 2.37 | 2.51 | 1.97<sup>d</sup> |
|  Ratio of net expenses to average <br>net assets (%)<sup>c</sup> | .95 | .95 | .95 | .95<sup>d</sup> |
|  Ratio of net investment income to average net assets (%) | 1.42 | 1.49 | 1.47 | 1.18<sup>d</sup> |
|  Portfolio turnover rate (%) | 101 | 66 | 88 | 54<sup>e</sup> |

---

Notes:

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

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

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

<sup>d</sup>&nbsp;&nbsp;&nbsp;&nbsp;Annualized.

<sup>e</sup>&nbsp;&nbsp;&nbsp;&nbsp;Not Annualized

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#### GENERAL INFORMATION
All inquiries regarding shareholder accounts may be directed to The Oberweis Funds, c/o UMB Fund Services, Inc., P.O. Box 711, Milwaukee, WI 53201-0711 or 800-245-7311. All other inquiries regarding the Funds should be directed to The Oberweis Funds at 3333 Warrenville Road, Suite 500, Lisle, Illinois 60532.

You can obtain additional information about the Funds. The Funds' SAI includes more detailed information about each Fund and its investments. The SAI is incorporated herein by reference (legally forms a part of the prospectus). Additional information about the Funds' investments is available in the Funds' annual and semi-annual reports to shareholders and in Form N-CSR. In the Funds' annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Funds' performance during their last fiscal year. In Form N-CSR, you will find the Funds' annual and semi-annual financial statements.

For a free copy of any of these documents or to request other information or ask questions about the Funds, call the Funds at 800-323-6166 or visit the Funds' Web site at oberweisfunds.com.

&nbsp;&nbsp;&nbsp; **The SAI, the Funds' annual and semi**-annual **reports and other related materials are available on the EDGAR Database on the Commission's Internet site at http://www.sec.gov, and that copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following E**-mail **address: publicinfo@sec.gov**<br>

---

| | |
|:---|:---|
| **Investment Adviser/Manager**<br> Oberweis Asset Management, Inc.<br>3333 Warrenville Road, Suite 500<br>Lisle, Illinois 60532<br>800-323-6166<br> **Sub**-Adviser **— China Opportunities<br>Fund**<br> Oberweis Asset Management<br>(Hong Kong) Limited<br>4402, 44/F, Champion Tower, <br>No. 3 Garden Road, <br>Central, Hong Kong<br> **Distributor/Shareholder Service<br>Agent**<br> Oberweis Securities, Inc.<br>3333 Warrenville Road, Suite 500<br>Lisle, Illinois 60532<br>630-577-2300 | **Transfer Agent**<br> UMB Fund Services, Inc.<br>800-245-7311<br> **Custodian**<br> UMB Bank, N.A.<br> **Counsel**<br> Vedder Price P.C.<br> **Investment Company Act of 1940,<br>File Number, 811-04854** |

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![](tbcover_093.jpg)

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![](toberweisasset_93.jpg)

3333 Warrenville Road

Suite 500

Lisle, IL 60532

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#### STATEMENT OF ADDITIONAL INFORMATION THE OBERWEIS FUNDS 3333 WARRENVILLE ROAD, SUITE 500 LISLE, ILLINOIS 60532 (800) 323-6166

#### ____________________

---

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

---

(each, a "Fund" and collectively, the "Funds")

This Statement of Additional Information ("SAI") pertains to the Funds listed above, each of which is a separate series of The Oberweis Funds (the "Trust"), a Massachusetts business trust.

The SAI is not a Prospectus and should be read in conjunction with the Trust's Prospectus dated May 1, 2026, which is incorporated by reference into this SAI and may be obtained from the Trust at the above address or phone number. This SAI contains additional and more detailed information about the Funds' operations and activities than the Prospectus. The financial statements for the Funds for the fiscal year ended December 31, 2025 are incorporated by reference into this SAI from the Annual Report on Form N-CSR dated December 31, 2025. The financial statements are also available, without charge, at the above address or phone number.

The date of this Statement of Additional Information is May 1, 2026

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
|  [Investment Objective and Policies](#T71) | 1 |
|  [Management of the Trust](#T72) | 12 |
|  [Principal Holders of Securities](#T73) | 18 |
|  [Management](#T74) | 21 |
|  [Distribution Plan and Agreement](#T75) | 26 |
|  [Expenses Borne by the Funds](#T76) | 28 |
|  [Portfolio Transactions](#T77) | 29 |
|  [Disclosure of Portfolio Holdings](#T78) | 32 |
|  [Code of Ethics](#T79) | 32 |
|  [Proxy Voting](#T80) | 33 |
|  [Shareholder Services](#T81) | 33 |
|  [Determination of Net Asset Value](#T82) | 34 |
|  [Purchase of Shares](#T83) | 34 |
|  [Redemption of Shares](#T84) | 34 |
|  [Federal Income Tax Matters](#T85) | 35 |
|  [Shareholder Meetings and Voting Rights](#T86) | 40 |
|  [Additional Information](#T87) | 41 |

---

i

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#### INVESTMENT OBJECTIVE AND POLICIES
The following information supplements the discussion of each Fund's investment objective and policies discussed in the Funds' Prospectus.

#### Investment Objective
The investment objective of each of the Oberweis Global Opportunities Fund, formerly the Oberweis Emerging Growth Fund (the "Global Opportunities Fund"), the Oberweis Micro-Cap Fund (the "Micro-Cap Fund") and the Oberweis Small-Cap Opportunities Fund (the "Small-Cap Opportunities Fund") is to maximize capital appreciation. The investment objective of each of the Oberweis International Opportunities Fund (the "International Opportunities Fund"), the Oberweis China Opportunities Fund (the "China Opportunities Fund"), and the Oberweis Focused International Growth Fund (the "Focused International Growth Fund") is to maximize long-term capital appreciation. The investment objective of each Fund is fundamental and, like all fundamental policies of a Fund, cannot be changed without the affirmative vote of a majority of the outstanding voting securities of that Fund. As used in this SAI, "a majority of the outstanding voting securities" of a Fund means the lesser of (1) the holders of more than 50% of the outstanding shares of the Fund, or (2) the holders of more than 67% of the shares of the Fund present if more than 50% of the outstanding shares of the Fund are present at a meeting in person or by proxy.

#### Investment Restrictions
The policies set forth below are fundamental policies of each of the Global Opportunities Fund, the Micro-Cap Fund and the Small-Cap Opportunities Fund and may not be changed without approval of a majority of a Fund's outstanding shares. Each of the Global Opportunities Fund, the Micro-Cap Fund and the Small-Cap Opportunities Fund individually may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; purchase more than 10% of any class of securities of any one issuer other than the United States government and its instrumentalities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; invest more than 5% of its total assets, at the time of the investment in question, in the securities of any one issuer (other than the United States government and its instrumentalities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; invest more than 5% of its total assets in securities that are not readily marketable and securities of unseasoned issuers that have been in continuous operation for less than three years, including operating periods of their predecessors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp; invest more than 5% of its total assets in securities of issuers which the Fund is restricted from selling to the public without registration under the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp; invest more than 5% of its total assets in warrants, and of this amount, no more than 2% of total assets may be invested in warrants that are listed on neither the New York Stock Exchange nor the American Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp; purchase or retain the securities of any issuer if (i) one or more officers or directors of the Fund or the investment adviser individually own or would own, directly or beneficially, more than 1∕2 of 1% of the securities of such issuer, and (ii) in the aggregate, such persons own or would own, directly or beneficially, more than 5% of such securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp; purchase, sell or invest in the securities of other investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp; purchase, sell or invest in interests in oil, gas or other mineral exploration or development programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp; purchase, sell or invest in commodities or commodity contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;purchase, sell or invest in real estate or interests in real estate, except that the Portfolio may purchase, sell or invest in marketable securities of companies holding real estate or interests in real estate, including real estate investment trusts; provided such investments do not exceed 10% of the Portfolio's total assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;issue senior securities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;invest in companies for the purpose of exercising control or management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;concentrate its investments in any one industry, except that the Portfolio may invest up to 25% of its total assets in any one industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;purchase securities on margin, except that the Portfolio may obtain such short-term credits as may be necessary for the clearance of purchases and sales of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;make short sales of securities unless, at the time of each such sale and thereafter while a short position exists, the Portfolio owns an equal amount of securities of the same issue or owns securities which, without payment by the Portfolio of any consideration, are convertible into, or are exchangeable for, an equal amount of securities of the same issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;participate on a joint or joint and several basis in any trading account in any securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;lend its funds to other persons, except through the purchase of a portion of an issue of debt securities publicly distributed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;lend its portfolio securities, unless the borrower is a broker, dealer or financial institution that pledges and maintains collateral with the Portfolio consisting of cash or securities issued or guaranteed by the United States government having a value at all times not less than 100% of the value of the loaned securities, provided that the aggregate amount of such loans shall not exceed 30% of the Fund's total assets (including value of collateral received);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;borrow money except from banks as a temporary measure for extraordinary or emergency purposes or as necessary for the clearance of purchases and sales of securities, provided that the aggregate amount of such borrowing shall not exceed 5% of the value of its total assets at the time of any such borrowing, or mortgage, pledge or hypothecate its assets, except in an amount not exceeding 5% of its total assets taken at cost to secure such borrowing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;engage in the business of underwriting the securities of other issuers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;&nbsp;&nbsp;&nbsp;invest in puts, calls, straddles or any combination thereof, except that the Portfolio may write covered call options on its Portfolio securities, the aggregate market value of which is limited to 50% of the Portfolio's net assets, and the Portfolio may invest up to 5% of its assets in the purchase of put and call options including options on stock indices.

The policies set forth below are fundamental policies of each of the International Opportunities Fund, the China Opportunities Fund and the Focused International Growth Fund and may not be changed without approval of a majority of a Fund's outstanding shares. Each of the International Opportunities Fund, the China Opportunities Fund and the Focused International Growth Fund individually may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; purchase or sell physical commodities unless acquired as a result of ownership of securities or other instrument; however, this restriction shall not prevent the Fund from engaging in transactions involving futures contracts, options or other derivative instruments, or investing in securities that are secured by physical commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; purchase or sell real estate unless the real estate is acquired as a result of ownership of securities or other instrument; and provided that this restriction does not prevent the Fund from investing in issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein, or investing in securities that are secured by real estate or interest therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; issue senior securities, except as the Investment Company Act of 1940, any rule or order thereunder, or SEC staff interpretation thereof may permit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp; concentrate its investments in any one industry, except that the Fund may invest up to 25% of its total assets in any one industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp; make loans, provided that this restriction does not prevent the Fund from purchasing debt obligations, entering into repurchase agreements, loaning its assets to broker/dealers or institutional investors, and investing in loans, including assignments and participation interests;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp; borrow money, except as the Investment Company Act of 1940, any rule or order thereunder, or SEC staff interpretation thereof may permit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp; underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition, or resale of its portfolio securities under circumstances where it may be considered to be an underwriter under the Securities Act of 1933.

The policies set forth below may be changed by the Trust's Board of Trustees without shareholder approval, all such changes being subject to applicable law. Each of the Global Opportunities Fund, the Micro-Cap Fund and the Small-Cap Opportunities Fund individually may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; purchase, sell or invest in interests in oil, gas or other mineral leases; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; purchase, sell or invest in limited partnership interests in real estate, except that the Portfolio may purchase, sell or invest in marketable securities of companies holding real estate or interests in real estate, including real estate investment trusts; provided such investments do not exceed 10% of the Portfolio's total assets.

The policies set forth below may be changed by the Trust's Board of Trustees without shareholder approval, all such changes being subject to applicable law. Each of the International Opportunities Fund, the China Opportunities Fund and the Focused International Growth Fund individually may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; invest in illiquid securities if, as a result of such investment, more than 15% of its net assets would be invested in illiquid securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; sell securities short, unless the Fund owns or has the right to obtain securities equivalent in kind and amount to the securities sold short, or unless it covers such short sale as required by the current rules and positions of the Securities and Exchange Commission or its staff and provided that transactions in futures contracts or other derivative instruments are not deemed to constitute selling securities short; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; purchase securities on margin, except that the Fund may obtain such short-term credits as are necessary for the clearance of transactions; and provided that margin deposits in connection with futures contracts or other derivative instruments shall not constitute purchasing securities on margin.

If a percentage restriction is adhered to at the time of investment, a later change in percentage resulting from changes in values or assets will not be considered a violation of such restriction nor will a disposition of any securities be required.

#### Other Restrictions
Other investment restrictions are set forth in the Funds' Prospectus and elsewhere in this SAI. In addition, each of the Global Opportunities Fund, the Micro-Cap Fund and the Small-Cap Opportunities Fund will not invest more than 10% of its total assets in "restricted securities" (meaning securities the resale of which is legally or contractually restricted, including repurchase agreements with maturities of seven days or more and securities that are not readily marketable).

#### Investment Strategies and Risks
The following information supplements the discussion of the Funds' risk factors, discussed in the Funds' Prospectus.

*Cash Position.&nbsp;&nbsp;&nbsp;&nbsp;*As discussed in the Prospectus, when Oberweis Asset Management, Inc. ("OAM") believes that market conditions are unfavorable for profitable investing, or when it is otherwise unable to locate attractive investment opportunities, a Fund's cash or other similar investments may increase. Securities that the Funds may invest in as a means of receiving a return on idle cash include money market funds, U.S. government obligations, certificates of deposit, commercial paper (rated prime 3 or better by Moody's Investor Services, Inc., ("Moody's") or the equivalent), corporate debt securities (rated A or better by Moody's or Standard & Poor's Corporation) and repurchase agreements.

*Repurchase Agreements.&nbsp;&nbsp;&nbsp;&nbsp;*Each Fund may enter into so-called "repurchase agreements," whereby it purchases a security and the seller (a qualified bank or securities dealer) simultaneously commits to repurchase that security at a certain date at an agreed upon price, plus an agreed upon market rate of interest that is unrelated to the coupon rate or date of maturity of the security. This technique offers a method of earning income on idle cash. In these transactions, the securities purchased by the Fund have, at all times, a total value in excess of the value of the repurchase agreement

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and are held by the Trust's custodian bank until repurchased. Certain costs may be incurred by a Fund in connection with the sale of the securities purchased by it if the seller does not repurchase them in accordance with the repurchase agreement. OAM will consider on an ongoing basis the creditworthiness of the institutions with which it enters into repurchase agreements and will monitor the value of the underlying securities to ensure that additional securities are deposited by the seller if the value of the securities purchased decreases below the resale price at any time. Under the Investment Company Act of 1940 (the "1940 Act"), repurchase agreements may be considered loans by the Funds. Each of the Global Opportunities Fund, the Micro-Cap Fund and the Small-Cap Opportunities Fund is subject to restrictions on entering into repurchase agreements in excess of 25% of its total assets and on investing more than 5% of its total assets in repurchase agreements with maturities of seven days or more.

*Options.&nbsp;&nbsp;&nbsp;&nbsp;*Selling (or Writing) Covered Call Options — Each Fund may write (sell) covered call options on its portfolio securities, provided that the Fund's derivative exposure does not exceed 10% of the Fund's net assets. A call option gives the buyer (holder) the right to purchase the underlying security at a specified price (the "exercise price") within a certain time period. Where the writer (seller) of the option, in this case a Fund, already owns the underlying security, the call option is considered to be "covered." The Fund will receive a premium, which is the market value of the option, when it writes (sells) a call option. The premium provides a partial hedge (protection) against declining prices and enables the Fund to generate a higher return during periods 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 the Fund. In determining whether to write (sell) a covered call option on one of the Fund's securities, OAM will consider the reasonableness of the anticipated premium in relation to the anticipated increase in market value of the underlying security over the option period. Although the writing (selling) of covered call options is believed by OAM to be a conservative investment technique that involves relatively little risk, risks involved in writing (selling) a covered call option include the possible inability to effect closing transactions at favorable prices and the inability to participate in any appreciation of the underlying security above the exercise price plus premium. The Fund may also be exposed to a possible price decrease in the underlying security that might otherwise have been sold while the Fund continues to hold such underlying security during the option period, although any such loss during such period would be reduced by the amount of the premium received. The Funds do not consider a security covered by a call to be "pledged" as that term is used in each Fund's investment policy limiting the pledging or mortgaging of its assets.

*Buying Put and Call Options* — Each Fund may also invest up to 5% of its assets in the purchase of put and call options, primarily to minimize principal fluctuations. The Funds may enter into closing transactions, exercise their options or permit them to expire. The risks involved in purchasing put or call options include the possible loss of the premium.

The Funds may purchase put options on an underlying security owned by them. As the holder of a put option, a Fund would have the right to sell the underlying security at the exercise price at any time during the term of the option. While a Fund will not purchase options for leverage purposes, it may purchase put options for defensive purposes in order to protect against an anticipated decline (usually short-term) in the value of its securities. Such hedge protection is provided only during the life of the put option and only when the Fund, as the holder of the put option, is able to sell the underlying security at the put exercise price regardless of any additional decline in the security's market price. For example, a put option may be purchased in order to protect unrealized appreciation of a security where the Fund deems it desirable to continue to hold the security. The premium paid for the put option and any transaction costs would reduce any capital gain otherwise available for distribution when the security is eventually sold.

Except as discussed below with respect to options on stock indices, each Fund has no current intention of purchasing put options at a time when the Fund does not own the underlying security; however, it reserves the right to do so. By purchasing put options on a security it does not own, the Fund would seek to benefit from a decline in the market price of the underlying security. If such a put option is not sold when it has remaining value, and if the market of the underlying security remains equal to or greater than the exercise price during the life of the put option, the Fund would lose its entire investment in the put option (i.e., the entire premium paid by the Fund). In order for the purchase of a put option to be profitable, the market price of the underlying security must decline sufficiently below the exercise price to cover the premium and transaction costs, unless the put option is sold in a closing sale transaction.

The Funds may also repurchase call options previously written on underlying securities they already own in order to preserve unrealized gains.

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The Funds may also purchase call and put options on stock indices ("stock index options") for the purpose, in part, of partially hedging against the risk of unfavorable price movements adversely affecting a Fund's securities or securities the Fund intends to buy and each Fund may sell stock index options in related closing transactions.

The principal uses of stock index options would be to provide a partial hedge for a portion of a Fund's investment securities, and to offer a cash management tool. Purchasing stock index options could provide an efficient way to implement a partial decrease in portfolio market exposure in response to changing market conditions. Although techniques other than the purchase of options could be used to hedge a Fund's investments, the Funds may be able to hedge their exposure more effectively, and perhaps at a lower cost, through the use of stock index options.

The Funds propose to invest only in stock index options for which the underlying index is a broad market index. The Funds would propose to purchase broad stock index options only if they are listed on a national securities exchange and traded, in the opinion of the Funds' investment adviser, with some significant volume.

A Fund will not enter into a stock index option if, as a result thereof, more than five percent (5%) of the Fund's total assets (taken at market value at the time of entering into the contract) would be committed to options, whether options on individual securities or options on stock indices.

There are several risks in connection with the Funds' use of stock index options as a hedging device. One risk arises because of the imperfect correlation between movements in the prices of the stock index options and movements in the prices of securities held by the Funds. Successful use of stock index options by the Funds for hedging purposes is also subject to the Funds' adviser's ability to correctly predict movements in the direction of the market. In addition, due to market distortions, the price movements of the stock index options might not correlate perfectly with price movements in the underlying stock index. Increased participation by speculators in the options market might also cause temporary price distortions.

The ability to establish and close out positions on options will be subject to the liquidity of the index options market. Absence of a liquid market on an exchange may be due to: (i) insufficient trading interest in certain options; (ii) restrictions imposed by an exchange on opening transactions or closing transactions, or both; (iii) trading halts, suspensions or other restrictions imposed with respect to particular classes or series of options, or underlying securities; (iv) unusual or unforeseen circumstances, such as severe stock market fluctuations, interrupting normal exchange operations; (v) inadequacy of an exchange's or a clearing corporation's facilities to handle increased trading volume; or (vi) discontinuance of the trading of options (or a particular class or series of options) by an exchange, for economic or other reasons. Higher than anticipated trading activity or other unforeseen events also could cause an exchange or clearing corporation to institute special procedures which may interfere with the timely execution of customers' orders.

Stock index options may be closed out only on an exchange which provides a market for such options. For example, OEX stock index options currently can be purchased or sold only on the Chicago Board Options Exchange ("CBOE"). Although the Funds intend to purchase or sell stock index options only on exchanges where there appear to be active markets, there is no assurance that a liquid market will exist for any particular options contract at any particular time. In such event, it might not be possible to close a stock index option position.

*Lending of Securities.&nbsp;&nbsp;&nbsp;&nbsp;*Each Fund may lend its investment securities in an amount up to 30% of its total assets (including value of collateral received) to qualified institutional investors who need to borrow securities in order to complete certain transactions. By lending its investment securities, a Fund attempts to increase its income through the receipt of interest on the loan. While the securities are being lent, the Funds will continue to receive the equivalent of any dividends or interest paid by the issuer thereof as well as interest on the collateral. Any gain or loss in the market price of the securities loaned that might occur during the term of the loan would be for the account of the Fund.

A Fund may lend its portfolio securities to qualified brokers, dealers, domestic and foreign banks or other financial institutions, so long as the terms and the structure of such loans are not inconsistent with the 1940 Act, or the Rules and Regulations or interpretations of the Securities and Exchange Commission (the "Commission") thereunder, which currently require that (a) the borrower pledge and maintain with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a domestic U.S. bank, or securities issued or guaranteed by the U.S. government having a value at all times of not less than 100% of the value of the securities loaned, (b) the borrower add to such collateral whenever the price of the securities loaned rises (i.e., the borrower "marks to the market" on a daily basis), (c) the loan be made subject to termination by the Fund at any time, (d) the Fund receives reasonable interest on the loan or its collateral (which may include the Fund investing any cash collateral in interest-bearing short-term investments), any

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dividends and distributions paid on the loaned securities and any increase in their market value, and (e) while voting rights on the loaned securities may pass to the borrower, the Board of Trustees be able to terminate the loan and regain the right to vote the securities if a material event adversely affecting the investment occurs.

As with any extension of credit, portfolio security loans involve certain risks in the event a borrower should fail financially, including delays or inability to recover the loaned securities or foreclosure against the collateral. Each Fund will consider on an ongoing basis the creditworthiness of the borrowers to which it makes portfolio security loans.

*Foreign Securities.&nbsp;&nbsp;&nbsp;&nbsp;*Foreign securities involve currency risks. The U.S. Dollar value of a foreign security tends to decrease when the value of the U.S. Dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the U.S. Dollar falls against such currency. Fluctuations in exchange rates may also affect the earning power and asset value of the foreign entity issuing the security. Dividend and interest payments may be repatriated based upon the exchange rate at the time of disbursement or payment, and restrictions on capital flows may be imposed. Losses and other expenses may be incurred in converting between various currencies.

Foreign securities may be subject to foreign government taxes that reduce their attractiveness. Other risks of investing in such securities include political or economic instability in the country involved, the difficulty of predicting international trade patterns and the possible imposition of exchange controls. The prices of such securities may be more volatile than those of domestic securities and the markets for such securities may be less liquid. In addition, there may be less publicly available information about foreign issuers than about domestic issuers. Many foreign issuers are not subject to uniform accounting, auditing and financial reporting standards comparable to those applicable to domestic issuers. There is generally less regulation of stock exchanges, brokers, banks and listed companies abroad than in the United States. With respect to certain foreign countries, there is a possibility of expropriation or diplomatic developments that could affect investment in these countries.

*China Securities.&nbsp;&nbsp;&nbsp;&nbsp;*For the China Opportunities Fund and investments by the Global Opportunities and International Opportunities Funds in China, investing in securities of issuers in The People's Republic of China, Hong Kong or Taiwan (collectively, referred to as "China") involves special risks. First, the Fund's investment focus on that region makes the Fund particularly subject to political, social, or economic conditions experienced in that region. Second, The People's Republic of China and Taiwan constitute so-called "developing" or "emerging" economies and markets. Additional risks of investment in such markets include (i) less social, political, and economic stability; (ii) the smaller size of the securities markets in such countries and the lower volume of trading, which may result in a lack of liquidity and in greater price volatility; (iii) certain national policies which may restrict the Fund's investment opportunities, including restrictions on investment in issuers or industries deemed sensitive to national interests, or expropriation or confiscation of assets or property, which could result in the Fund's loss of its entire investment in that market; and (iv) less developed legal structures governing private or foreign investment or allowing for judicial redress for injury to private property. The Chinese economy and Chinese companies may also be adversely affected by regional security threats, as well as adverse developments in Chinese trade policies, or in trade policies toward China by countries that are trading partners with China. The occurrence of catastrophic events (such as hurricanes, earthquakes, pandemic disease, acts of terrorism and other catastrophes) in Greater China could also have a negative impact on the value of Chinese securities. Furthermore, China's growth over the last several decades has also led to growing political and economic tensions with Taiwan, including China's stated intention to control Taiwan. Increased tensions or conflict between Taiwan and China poses significant risks to Chinese companies. Such an event could lead to the shuttering of China-focused funds, cancellation of foreign derivatives and other severe financial disruptions, leaving investors with little to no financial recourse.

In addition, in November 2020, the President of the United States issued an executive order prohibiting U.S. persons, including the Fund, from transacting in securities of any Chinese company identified by the Secretary of Defense as a "Communist Chinese military company" ("CCMC") or in instruments that are derivative of, or are designed to provide investment exposure to, prohibited CCMC securities. To the extent the Fund invests in securities of any issuer that is subsequently declared a CCMC the Fund will be required to divest its interests in that issuer. This executive order remains in effect and was expanded upon in 2021.

In addition to the risks of investing in China discussed in the Prospectus, investors should know that China's securities markets have less regulation, are substantially smaller, less liquid and more volatile than the securities markets of more developed countries. Financial information on companies listed on these markets is limited and may be inaccurate. Companies listed on these markets may trade at prices not consistent with traditional valuation measures. Management of these companies could have conflicting financial interests or little experience managing a business.

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*U.S.*-Listed *Chinese Companies.&nbsp;&nbsp;&nbsp;&nbsp;*The Funds may invest in securities issued by Chinese companies listed on U.S. exchanges, such as American Depositary Receipts ("ADRs") or U.S.-listed companies with variable interest entity ("VIE") structures, which are subject to the investment risks of an associated China-based operating company as well as special risks. In a VIE structure, a Chinese operating company establishes a shell company in another jurisdiction to issue stock to public shareholders. Because the Chinese government restricts foreign investment in certain industries, many Chinese companies use VIE structures to access foreign capital markets and, in particular, to list their securities on U.S. exchanges. VIE structures add significant complexity to an issuer's corporate structure and organization. In a VIE structure, a Chinese-owned operating company enters into complex contractual arrangements with a foreign shell company or its wholly owned subsidiary, and the foreign shell company is listed on a U.S. exchange. The contractual arrangements provide the U.S.-listed shell company with economic exposure to the Chinese operating company and permit the U.S.-listed shell company to consolidate the Chinese operating company into its financial statements. However, the U.S.-listed shell company has no equity interest in the Chinese operating company and no material operations of its own.

VIE structures are subject to legal and regulatory uncertainties and risks. Intervention by the Chinese government with respect to VIE structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company's business in China, the enforceability of the U.S.-listed shell company's contractual arrangements with the Chinese company and the value of the U.S.-listed stock. Intervention by the Chinese government could include nationalization of the Chinese operating company, confiscation of its assets, restrictions on its operations or constraints on the use of VIE structures. In addition, because the Chinese operating company is not owned, directly or indirectly, by the U.S.-listed shell company, the shell company cannot control the Chinese operating company and must rely on the operating company to perform its contractual obligations in order for the U.S.-listed company to receive economic benefits. If the operating company or its Chinese shareholders fail to perform their contractual obligations, the resulting dispute would be governed by Chinese law, and remedies available to the U.S.-listed shell company are uncertain and could be ineffective. Any change in the operations of entities in a VIE structure, the status of VIE contractual arrangements or the legal or regulatory environment in China could result in significant losses to a Fund.

*Investing through Stock Connect.&nbsp;&nbsp;&nbsp;&nbsp;*The Funds may invest in eligible securities ("Stock Connect Securities") listed and traded on the Shanghai and Shenzhen Stock Exchanges through the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect ("Stock Connect") program. Stock Connect is a mutual market access program that allows Chinese investors to trade Stock Connect Securities listed on the Hong Kong Stock Exchange via Chinese brokers and non-Chinese investors (such as the Funds) to purchase certain Shanghai and Shenzhen-listed equities ("China A-Shares") via brokers in Hong Kong. Although Stock Connect allows non-Chinese investors to trade Chinese equities without obtaining a special license (in contrast to earlier direct investment programs), purchases of securities through Stock Connect are subject to market-wide trading volume and market cap quota limitations, which may prevent the Funds from purchasing Stock Connect securities when it is otherwise desirable to do so. Additionally, restrictions on the timing of permitted trading activity in Stock Connect Securities, including the imposition of local holidays in either Hong Kong or China and restrictions on purchasing and selling the same security on the same day, may subject the Funds' Stock Connect Securities to price fluctuations at times where it is unable to add to or exit its position.

The eligibility of China A-Shares to be accessed through Stock Connect is subject to change by Chinese regulators. Only certain securities are accessible through Stock Connect and such eligibility may be revoked at any time, resulting in the Funds' inability to add to (but not subtract from) any existing positions in Stock Connect Securities. There can be no assurance that further regulations will not affect the availability of securities in the program or impose other limitations, including limitations on the ability of the Funds to sell China A-Shares.

In addition, the trading, settlement and information technology systems used to operate Stock Connect are relatively new and are continuing to evolve. In the event that these systems do not function properly, trading through Stock Connect could be disrupted.

Stock Connect is subject to regulation by both Hong Kong and China. Regulators in both jurisdictions may suspend or terminate Stock Connect trading in certain circumstances. In addition, Chinese regulators have previously suspended trading in Chinese issuers (or permitted such issuers to suspend trading) during market disruptions and may do so again in the event of future disruptions and/or various company-specific events. Such suspensions may be widespread and may adversely affect the Funds' ability to trade Stock Connect Securities during periods of heightened market volatility. There can be no assurance that any such suspensions or terminations will not be exercised against certain market participants.

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Stock Connect transactions are not subject to the investor protection programs of the Hong Kong, Shanghai or Shenzhen Stock Exchanges, though established Hong Kong law may provide other remedies as to any default by a Hong Kong broker. In China, Stock Connect Securities are held on behalf of ultimate investors (such as the Fund) by the Hong Kong Securities Clearing Company Limited ("HKSCC") as nominee. Although Chinese regulators have affirmed that ultimate investors hold a beneficial interest in Stock Connect Securities, the legal mechanisms available to beneficial owners for enforcing their rights are untested and therefore may expose ultimate investors to risks. Further, Chinese law surrounding the rights of beneficial owners of securities is relatively underdeveloped and courts in China have relatively limited experience in applying the concept of beneficial ownership. As the law continues to evolve, there is a risk that the Funds' ability to enforce its ownership rights may be uncertain, which could subject the Funds to significant losses.

The Funds may be unable to participate in corporate actions affecting Stock Connect Securities due to time constraints or for other operational reasons. In addition, the Funds will not be able to vote in shareholders' meetings except through HKSCC and will not be able to attend shareholders' meetings.

Trades in Stock Connect Securities are subject to certain pre-trade requirements and checks designed to confirm that, for purchases, there is sufficient Stock Connect quota to complete the purchase, and, for sales, the seller has sufficient Stock Connect Securities to complete the sale. Investment quota limitations are subject to change. In addition, these pre-trade requirements may, in practice, limit the number of brokers that the Funds may use to execute trades. While the Funds may use special segregated accounts in lieu of pre-trade requirements and checks, some market participants in Stock Connect Securities, either in China or others investing through Stock Connect or other foreign direct investment programs, have yet to fully implement information technology systems necessary to complete trades involving shares in such accounts in a timely manner. Market practice with respect to special segregated accounts is continuing to evolve.

The Funds will not be able to buy or sell Stock Connect Securities when either the Chinese and Hong Kong markets are closed for trading, and the Chinese and/or Hong Kong markets may be closed for trading for extended periods of time because of local holidays. When the Chinese and Hong Kong markets are not both open on the same day, the Funds may be unable to buy or sell a Stock Connect Security at the desired time. Stock Connect trades are settled in Renminbi (RMB), the official Chinese currency, and investors must have timely access to a reliable supply of RMB in Hong Kong, which cannot be guaranteed.

The Funds, OAM and the Sub-Adviser will also be subject to restrictions on trading (including restriction on retention of proceeds) in China A-Shares as a result of their interest in China A-Shares and are responsible for compliance with all notifications, reporting and other applicable requirements in connection with such interests. For example, under current Chinese law, once an investor (and, potentially, related investors) holds up to 5% of the shares of a Chinese-listed company, the investor is required to disclose its interest within three days in accordance with applicable regulations and during the reporting period it cannot trade the shares of that company. The investor is also required to disclose any change in its holdings and comply with applicable trading restrictions in accordance with Chinese law.

Trades in Stock Connect Securities may also be subject to various fees, taxes and market charges imposed by Chinese market participants and regulatory authorities. These fees may result in greater trading expenses, which could be borne by the Funds.

*Emerging Markets Companies.&nbsp;&nbsp;&nbsp;&nbsp;*The Global Opportunities Fund, the China Opportunities Fund (as discussed above), the International Opportunities Fund and the Focused International Growth Fund may invest in securities of issuers in developing or emerging markets. Developing countries lack the social, political and economic stability characteristic of the United States. Political instability among emerging markets countries can be common and may be caused by an uneven distribution of wealth, social unrest, labor strikes, civil wars and religious oppression. Economic instability in emerging markets countries may take the form of (i) high interest rates, (ii) high levels of inflation, including hyperinflation, (iii) high levels of unemployment or underemployment, (iv) changes in government economic and tax policies, including confiscatory taxation, and (v) imposition of trade barriers. Currencies of emerging markets countries are subject to significantly greater risks than currencies of developed countries. Many emerging markets countries have experienced steady declines or sudden devaluations of their currencies relative to the U.S. dollar.

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Some emerging markets countries have experienced deficits and shortages in foreign exchange reserves. Governments have responded by restricting currency conversions. Future restrictive exchange controls could prevent or restrict the ability of an issuer in such market to make dividend or interest payments in the original currency of the obligation. In addition, even though the currencies of some emerging markets countries may be convertible into U.S. dollars, the conversion rates may be artificial to their actual market values.

In the past, governments within the emerging markets have become overly reliant on the international capital markets and other forms of foreign credit to finance public spending programs that cause large deficits. Often, interest payments have become too burdensome for the government to meet, representing a large percentage of total GDP. These foreign obligations have become the subject of political debate with the opposition parties pressuring the government to use its funds for social programs rather than making payments to foreign creditors. Either due to an inability to pay or submission to political pressure, foreign governments have been forced to seek a restructuring of their loan and/or bond obligations or have declared a temporary suspension of interest payments or have defaulted. These events have adversely affected the values of securities issued by foreign governments and companies in emerging markets countries and have negatively impacted not only their cost of borrowing, but their ability to borrow in the future as well.

Many emerging markets countries suffer from uncertainty and corruption in their legal frameworks. Legislation may be difficult to interpret and laws may be too new to provide any precedential value. Laws regarding foreign investment and private property may be weak or non-existent. Also, there may be less publicly available information about issuers in emerging markets than would be available about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and financial reporting standards and requirements comparable to those to which U.S. companies are subject and as a result may not provide the same degree of investor protection or information to investors. In certain countries with emerging capital markets, reporting standards vary widely. Sudden change in governments may result in policies which are less favorable to investors such as policies designed to expropriate or nationalize "sovereign" assets. Certain emerging markets countries in the past have expropriated large amounts of private property, in many cases with little or no compensation, and there can be no assurance that such expropriation will not occur in the future.

*Warrants.&nbsp;&nbsp;&nbsp;&nbsp;*Each Fund may invest no more than 5% of its total assets in warrants. Warrants are securities giving the holder the right, but not the obligation, to buy the stock of an issuer at a given price (generally higher than the value of the stock at the time of issuance) during a specified period or perpetually. Warrants may be acquired separately or in connection with the acquisition of securities. Warrants do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase and they do not represent any rights in the assets of the issuer. As a result, warrants may be considered to have more speculative characteristics than certain other types of investments. In addition, the value of a warrant does not necessarily change with the value of the underlying securities and a warrant ceases to have value if it is not exercised prior to its expiration date.

*Real Estate Investment Trusts.&nbsp;&nbsp;&nbsp;&nbsp;*Each Fund may invest in real estate investment trusts for federal income tax purposes ("REITs"). REITs are subject to volatility from risks associated with investments in real estate and investments dependent on income from real estate, such as fluctuating demand for real estate and sensitivity to adverse economic conditions. In addition, the failure of a REIT to continue to qualify as a REIT for federal income tax purposes would have an adverse effect upon the value of a Fund's investment in that REIT.

*Short Sales.&nbsp;&nbsp;&nbsp;&nbsp;*Each Fund may make short sales against the box. A short sale "against the box" is a short sale in which a Fund owns at least an equal amount of the securities sold short or securities convertible into or exchangeable for, without payment of any further consideration, securities of the same issue as, and at least equal in amount to, the securities sold short. Each Fund does not currently intend to engage in short sales to the extent that more than 5% of its net assets will be held as collateral therefor during the current year.

Each of the International Opportunities Fund, the China Opportunities Fund and the Focused International Growth Fund may make short sales if it "covers" the securities sold short with cash or other liquid securities.

*Equity*-Linked *Certificates.&nbsp;&nbsp;&nbsp;&nbsp;*The Global Opportunities Fund and China Opportunities Fund may invest in equity-linked certificates issued and/or guaranteed by counterparties rated A or better by Moody's or Standard & Poor's Corporation or issued and/or guaranteed by counterparties deemed to be of similar quality by OAM. Equity-linked certificates, also referred to as Participatory Notes, generally are issued by banks or broker-dealers and are promissory notes that are designed to offer a return linked to the performance of a particular underlying foreign equity security or market. Each Fund may invest in equity-linked certificates linked to the performances of foreign

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securities in countries in which the Fund may invest, including, as applicable, but not limited to China and to a lesser extent, India. The return on an equity-linked certificate that is linked to a particular underlying security generally is increased to the extent of any dividends paid in connection with the underlying security. However, the holder of an equity-linked certificate typically does not receive voting rights as it would if it directly owned the underlying security. Equity-linked certificates constitute direct, general and unsecured contractual obligations of the banks or broker-dealers that issue them, which therefore subjects the Fund to counterparty risk, as discussed below.

Investments in equity-linked certificates involve certain risks in addition to those associated with a direct investment in the underlying foreign companies or foreign securities markets whose return they seek to replicate. For instance, there can be no assurance that there will be a trading market for an equity-linked certificate or that the trading price of an equity-linked certificate will equal the underlying value of the foreign company or foreign securities market that it seeks to replicate. As the purchaser of an equity-linked certificate, a Fund is relying on the creditworthiness of the counterparty issuing and/or guaranteeing the equity-linked certificate and has no rights under an equity-linked certificate against the issuer of the underlying security. Therefore, if such counterparty were to become insolvent, a Fund would lose its investment. The risk that a Fund may lose its investment due to the insolvency of a counterparty may be amplified because the Fund may purchase equity-linked certificates issued by as few as one issuer. Equity-linked certificates also include transaction costs in addition to those applicable to a direct investment in foreign securities.

Due to liquidity and transfer restrictions, the secondary markets on which equity-linked certificates are traded may be less liquid than the markets for other securities, or may be completely illiquid, which may lead to the absence of readily available market quotations for securities in a Fund's portfolio and which may also lead to delays in the redemption of Fund shares. In addition, the ability of a Fund to value its securities becomes more difficult and the judgment in the application of fair value procedures may play a greater role in the valuation of the Fund's securities due to reduced availability of reliable objective pricing data. Consequently, while such determinations will be made in good faith, it may nevertheless be more difficult for the Fund to accurately assign a daily value to such securities.

The price of an equity-linked certificate is derived from the value of the underlying linked securities. The level and type of risk involved in the purchase of an equity-linked certificate by the Fund is similar to the risk involved in the purchase of the underlying security or other emerging market securities. Such certificates therefore may be considered to have speculative elements. However, equity-linked certificates are also dependent on the individual credit of the issuer of the certificate, which may be a trust or other special purpose vehicle or finance subsidiary established by a major financial institution for the limited purpose of issuing the certificate.

Equity-linked certificates are often privately placed and may not be rated, in which case a Fund will be more dependent on the ability of OAM to evaluate the creditworthiness of the issuer and/or guarantor, the underlying security, any collateral features of the certificate, and the potential for loss due to market and other factors. Ratings of issuers of equity-linked certificates refer only to the creditworthiness of the issuer and strength of related collateral arrangements or other credit supports, and do not take into account, or attempt to rate, any potential risks of the underlying linked securities. Depending upon the law of the jurisdiction in which an issuer is organized and the certificate is issued, in the event of default, a Fund may incur additional expenses in seeking recovery under an equity-linked certificate, and may have more limited methods of legal recourse in attempting to do so.

As with any investment, a Fund can lose the entire amount it has invested in an equity-linked certificate. The secondary market for equity-linked certificates may be limited. The lack of a liquid secondary market and restrictions on available purchasers may have an adverse effect on the ability of a Fund to accurately value the equity-linked certificates in its portfolio, and may make disposal of such securities more difficult for the Fund.

*Convertible Securities and Preferred Stocks.&nbsp;&nbsp;&nbsp;&nbsp;*Each Fund may invest in convertible securities and preferred stocks. There are no restrictions on the credit quality of the convertible securities and preferred stocks in which the Funds may invest and the Funds may invest in convertible securities and preferred stocks that are not rated or that are below investment grade.

A convertible security is a fixed-income security (a debt instrument or a preferred stock) that may be converted at a stated price within a specified period of time into a certain quantity of the common stock of the same or a different issuer. Convertible securities are senior to common stocks in an issuer's capital structure, but are usually subordinated to similar non-convertible securities. While providing a fixed-income stream (generally higher in yield than the income

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derivable from common stock but lower than that afforded by a similar nonconvertible security), a convertible security also gives an investor the opportunity, through its conversion feature, to participate in the capital appreciation of the issuing company depending upon a market price advance in the convertible security's underlying common stock.

A preferred stock is a blend of the characteristics of a bond and common stock. It can offer the higher yield of a bond and has priority over common stock in equity ownership, but does not have the seniority of a bond and, unlike common stock, its participation in the issuer's growth may be limited. Preferred stock has preference over common stock in the receipt of dividends and in any residual assets after payment to creditors should the issuer be dissolved. Although the dividend is set at a fixed annual rate, in some circumstances it can be changed or omitted by the issuer.

*Arbitrage.&nbsp;&nbsp;&nbsp;&nbsp;*The Funds have no current intention to engage in arbitrage (meaning the simultaneous purchase and sale of the same security in different markets but not on the purchase of call and put options on stock indices).

*Cyber Security Risk.&nbsp;&nbsp;&nbsp;&nbsp;*Investment companies such as the Funds and their service providers may be prone to operational and information security risks resulting from cyber-attacks. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber security breaches. Cyber security attacks affecting a Fund or its adviser, custodian, transfer agent or other third party service providers may adversely impact the Fund. For instance, cyber-attacks may interfere with the processing of shareholder transactions, impact a Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential company information, impede trading, subject the Fund to regulatory fines or financial losses and cause reputational damage. The Funds may also incur additional costs for cyber security risk management purposes. Similar types of cyber security risks are also present for issuers of securities in which the Funds may invest, which could result in material adverse consequences for such issuers, and may cause a Fund's investment in such issuers to lose value.

*Portfolio Turnover.&nbsp;&nbsp;&nbsp;&nbsp;*OAM buys and sells securities for each Fund to accomplish its investment objective. The frequency of portfolio transactions, the Fund's turnover rate, will vary from year to year depending on market conditions.

For the years ended December 31, 2025, 2024 and 2023, the Global Opportunities Fund's portfolio turnover was 85%, 103% and 95%, respectively; the Micro-Cap Fund's turnover was 41%, 51% and 58%, respectively; the Small-Cap Opportunities Fund's turnover was 58%, 61% and 71%, respectively; the International Opportunities Fund's turnover was 125%, 99% and 103%, respectively; the China Opportunities Fund's turnover was 127%, 155% and 189%, respectively; and the Focused International Growth Fund's turnover was 101%, 66% and 88%, respectively.

A higher portfolio turnover rate (over 100%) may cause a Fund to pay higher transaction expenses, including more commissions and markups, and also may result in quicker recognition of capital gains, resulting in more capital gains distributions, including net short-term capital gain distributions, which are taxable to shareholders as ordinary income when distributed by the Fund.

*Commodity Futures Trading Commission Regulation.&nbsp;&nbsp;&nbsp;&nbsp;*Each Fund and OAM claimed exclusion or exemption from registering with the Commodity Futures Trading Commission (the "CFTC"). Each Fund complies with Rule 4.5 under the Commodity Exchange Act (the "CEA"), which allows a mutual fund to be conditionally excluded from the definition of the term "commodity pool." Similarly, so long as each Fund satisfies this conditional exclusion, OAM intends to comply with Rule 4.5, which allows OAM to be conditionally excluded from the definition of "commodity pool operator" ("CPO"), and Rule 4.14(a)(5), which provides a conditional exemption from registering as a "commodity trading advisor." OAM, on behalf of each Fund and itself, has filed a claim with the CFTC claiming the CPO exemption. Therefore, neither the Funds nor OAM expect to become subject to registration under the CEA.

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#### MANAGEMENT OF THE TRUST
The Trustees and Officers of the Trust, their ages and their principal occupations during the past five (5) years, their affiliations, if any, with OAM or Oberweis Securities, Inc. ("OSI") and other significant affiliations are set forth below. The address of each Trustee and Officer is 3333 Warrenville Road, Suite 500, Lisle, Illinois 60532.

#### Trustees of the Trust

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| | | | | |
|:---|:---|:---|:---|:---|
|  **Name and Age as of <br>April 1, 2026** | **Position(s) <br>Held with <br>Trust** | **Principal Occupation(s) <br>During Past Five Years** | **Number of <br>Funds <br>Overseen <br>by Trustee** | **Other <br>Directorships <br>Held by <br>Trustee <br>During Past <br>Five Years** |
|  **Non-Interested Trustees** |  |  |  |  |
|  Alix J. Charles<sup>(2)</sup>(51) | Trustee<br> Trustee since May, 2022<sup>(1)</sup> | Physician — Duly Health and Care — January, 2008 to present | 6 |  |
|  Katherine Smith Dedrick<sup>(2)</sup>(69) | Trustee<br> Trustee since November, 2004<sup>(1)</sup> | Managing Member — KSD Law LLC, March, 2023 to present; Partner — Walberg Law PLLC, January, 2020 to March, 2023; Senior Counsel — Tyson & Mendes, May, 2019 to July, 2020; President — KSD Law PC, September, 2015 to December, 2019; President — KSD Global Consulting Inc., August, 2015 to present; Executive Committee Member, Risk Worldwide NZ Ltd., 2011 to March, 2016; President — Aggressive Publishing, Inc., 2010 to present. | 6 |  |
|  Michael J. Simon (59) | Trustee<br> Trustee since May, 2022<sup>(1)</sup> | Principal, Simon Venture Development, September, 2010 to present; Partner, Holt Capital Partners, August, 2016 to present. | 6 | Southwestern National Bank; RPOA Advisors, Inc. |

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| | | | |
|:---|:---|:---|:---|
|  **Name and Age as of <br>April 1, 2026** | **Principal Occupation(s) <br>During Past Five Years** | **Number of <br>Funds <br>Overseen <br>by Trustee** | **Other <br>Directorships <br>Held by <br>Trustee <br>During Past <br>Five Years** |
|  **Interested Trustee** |  |  |  |
|  James W. Oberweis (52)<br> Trustee<sup>(3)</sup><br> Trustee since May, 2022<sup>(1)</sup> | Chairman, February, 2008 to present, President and Director — Oberweis Asset Management, Inc., September, 2001 to present and Portfolio Manager from December, 1995 to present (held other officer positions from 1995 — September, 2001); President and Director — Oberweis Securities, Inc., September, 1996 to present; Chairman — Oberweis Asset Management (Hong Kong) Limited, March, 2007 to present; Chairman — Oberweis Asset Management UK Limited, July, 2014 to present. | 6 |  |

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____________

(1)&nbsp;&nbsp;&nbsp;&nbsp; Unless otherwise noted, each trustee shall serve as a trustee of the Trust until the next meeting of shareholders, if any, called for the purpose of considering the election or re-election of such trustee or a successor to such trustee, and until the election and qualification of his successor, if any, elected at such a meeting, or until such trustee sooner dies, resigns, retires or is removed.

(2)&nbsp;&nbsp;&nbsp;&nbsp; Dr. Charles maintains an advisory account with OAM. He receives no special treatment as a result of this account.

(3)&nbsp;&nbsp;&nbsp;&nbsp; James W. Oberweis is an interested trustee of the Trust since he is a shareholder and President of OAM and OSI.

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#### Officers of the Trust

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| | | |
|:---|:---|:---|
|  **Name and Age as of <br>April 1, 2026** | **Position(s) <br>Held with <br>Trust** | **Principal Occupation(s)<br>During Past Five Years** |
|  James W. Oberweis (52) | President<br> Officer Since <br>August, 1996<sup>(1)</sup> | Chairman, February, 2008 to present, President and Director — Oberweis Asset Management, Inc., September, 2001 to present and Portfolio Manager from December, 1995 to present (held other officer positions from 1995 – September, 2001); President and Director — Oberweis Securities, Inc., September, 1996 to present; Chairman — Oberweis Asset Management (Hong Kong) Limited, March, 2007 to present; Chairman — Oberweis Asset Management UK Limited, July, 2014 to present. |
|  David I. Covas (51) | Vice President<br> Officer since <br>August, 2004<sup>(1)</sup> | Vice President — Oberweis Asset Management, Inc., September, 2003 to present; Vice-President — Oberweis Securities, Inc., January, 2004 to present; Registered Representative, July, 1997 to present. |
|  Kenneth S. Farsalas (55) | Vice President<br> Officer since <br>August, 2009<sup>(1)</sup> | Director of US Equities, January 2008 to present, Vice President and Portfolio Manager, November 2004 to present — Oberweis Asset Management, Inc. |
|  Eric V. Hannemann (53) | Chief Financial Officer and Treasurer<br> Officer since <br>August, 2005<sup>(1)</sup> | Chief Financial Officer — Oberweis Asset Management, Inc., and Oberweis Securities, Inc., September 2022 to present; Vice President of Accounting — Oberweis Asset Management, Inc., and Oberweis Securities, Inc., June, 2004 to July, 2022. |
|  Thomas P. Joyce (40) | Chief Compliance Officer and Secretary<br> Officer since <br>July, 2021<sup>(1)</sup> | Chief Compliance Officer — Oberweis Asset Management, Inc., and Oberweis Securities, Inc., September 2022 to present; Vice President of Compliance, December, 2021 to July, 2022, Senior Compliance Analyst, July, 2013 to November, 2021, Compliance Associate, April, 2010 to June, 2013 – Oberweis Asset Management, Inc. |

---

____________

(1)&nbsp;&nbsp;&nbsp;&nbsp; Officers are elected annually by the Board of Trustees.

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#### Officers' Roles with OSI, the Trust's Principal Distributor

---

| | |
|:---|:---|
|  James W. Oberweis | President and Director |
|  Eric V. Hannemann | Chief Financial Officer and Treasurer |
|  David I. Covas | Vice President |
|  Thomas P. Joyce | Chief Compliance Officer and Secretary |

---

#### Trustee Experience and Qualifications
The following is a summary of the experience, qualifications, attributes and skills of each trustee that support the conclusion, as of the date of this SAI, that each trustee should serve as a trustee in light of the Trust's business and structure. References to the qualifications, attributes and skills of Trustees are pursuant to requirements of the Securities and Exchange Commission (the "SEC"), do not constitute holding out of the Board or any Trustee as having any special expertise and shall not impose any greater responsibility or liability on any such person or on the Board by reason thereof.

*Alix J. Charles.&nbsp;&nbsp;&nbsp;&nbsp;*Dr. Charles M.D. has been a trustee of the Trust since May 2022. He is a dermatologist in private practice for 18 years and the managing shareholder chairman of the physician department of dermatology at Duly Health and Care, a 900+ physician owned and operated multi-specialty group practice with offices in four states. He was president of the Chicago Dermatological Society from July 2016 to June 2017 and the Illinois Dermatological Society from June 2011 to June 2013. He earned his medical degree in 2000 from Mayo Medical School and completed his residency training in 2004 with Rush University Medical Center.

*Katherine Smith Dedrick.&nbsp;&nbsp;&nbsp;&nbsp;*Ms. Smith Dedrick has been a trustee of the Trust since November 2004 and is Chair of the Nominating Committee. She has been the President of KSD Global Consulting, Inc. since August 2015. She is a practicing attorney and is the Managing Member of KSD Law LLC since March 2023 and was the President of KSD Law PC from May 2018 to December 2019. She has served as Chair and board member of the North American Branch of the Chartered Institute of Arbitrators since 2021 and 2019, respectively. She also served as Senior Counsel to Tyson & Mendes from May, 2019 to July, 2020 and as Partner of Walberg Law PLLC from January 2020 to March 2023. She was the President of Smith-Dedrick Properties, Inc. from December, 2016 to December, 2019. She was a partner with Childress Duffy, Ltd. from April 2007 to August 2015, had been a member of Risk Worldwide LLC from 2007 to 2016, and had been an Executive Committee member of Risk Worldwide NZ Ltd from 2011 to March 2016. She has also been the President of Aggressive Publishing, Inc. since 2010. She was previously a partner with Levenfeld Pearlstein, LLC from January 2005 to April 2007 and a partner with Hinshaw & Culbertson from 1985 to January 2005. In addition to her law degree, Ms. Smith Dedrick has an MBA from the University of Chicago.

*James W. Oberweis.&nbsp;&nbsp;&nbsp;&nbsp;*Mr. Oberweis has been a trustee of the Trust since May, 2022. He has served as an officer of the Trust since August 1996 and president of the Trust since May 2005. He has served as the Chairman of OAM since February 2008 and President and Director of OAM since September, 2001, and as portfolio manager of certain Funds and in various other roles with the Trust since December 1995. He has been the President and Director of OSI since September 1996 and the Chairman of Oberweis Asset Management (Hong Kong) Limited (since March 2007) and Oberweis Asset Management UK Limited (since July 2014). Mr. Oberweis is a holder of the Chartered Financial Analyst (CFA) designation. He has an MBA with high honors from the University of Chicago.

*Michael J. Simon.&nbsp;&nbsp;&nbsp;&nbsp;*Mr. Simon has served as a trustee of the Trust and as Chair of the Audit Committee since May 2022. He is Principal of Simon Venture Development since September, 2016 and partner and co-chief investment officer at Holt Capital Partners since August, 2016. He has served as a director of Southwestern National Bank since August 2022 and as a director of RPOA Advisors, Inc. since January 2025. From 2001 to 2010, he served as Senior Portfolio Manager and Global Partner at Invesco. From 1996 to 2001, he was an Equity Analyst at Luther King Capital Management. The Board of the Trust has determined that Mr. Simon is an "audit committee financial expert" as defined by the SEC. Mr. Simon is a holder of the Chartered Financial Analyst (CFA) designation. He has an MBA with high honors from the University of Chicago.

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#### Board Structure
The Trust's Board of Trustees manages the business affairs of the Trust. The trustees establish policies and review and approve contracts and their continuance. The trustees regularly request and/or receive reports from OAM, the Trust's other service providers and the Trust's Chief Compliance Officer. The Board is comprised of four trustees, three of whom are independent trustees. The trustees have not appointed a chairperson from among them. The non-interested trustees also have not appointed a lead non-interested trustee from among them. The Board has established two standing committees: an Audit Committee and a Nominating Committee. Each of the Audit Committee and the

The Nominating Committee is comprised of all three non-interested trustees. The Audit Committee recommends the selection of an independent registered public accounting firm for the Trust; reviews with such independent registered public accountants the planning, scope and results of their audit of the Funds' financial statements and the fee for services performed; reviews financial statements of the Funds; and receives audit reports. The Nominating Committee is responsible for the identification and recommendation of individuals for Board membership. The Trust's day-to-day operations are managed by OAM and other service providers. The Board and the committees meet periodically throughout the year to review the Trust's activities, including, among others, Fund performance, valuation matters and compliance with regulatory requirements, and to review contractual arrangements with service providers. The Board has determined that the Trust's leadership structure is appropriate given the number, size and nature of the funds in the fund complex.

The Audit Committee held one meeting in 2025.

The Nominating Committee held no meetings in 2025. The Nominating Committee has established procedures for shareholders to submit recommendations for names to the Board. Recommendations for Board candidates should be submitted directly to the Nominating Committee of the Trust, care of the Trust, 3333 Warrenville Road, Suite 500, Lisle, Illinois 60532.

#### Risk Oversight
Consistent with its responsibility for oversight of the Trust and its Funds, the Board, among other things, oversees risk management of each Fund's investment program and business affairs directly and through the committee structure that it has established. Risks to the Funds include, among others, investment risk, credit risk, liquidity risk, valuation risk and operational risk, as well as the overall business risk relating to the Funds. The Board has adopted, and periodically reviews, policies and procedures designed to address these risks. Under the overall supervision of the Board, OAM and other services providers to the Funds also have implemented a variety of processes, procedures and controls to address these risks. Different processes, procedures and controls are employed with respect to different types of risks. These processes include those that are embedded in the conduct of regular business by the Board and in the responsibilities of officers of the Trust and other service providers.

The Board requires senior officers of the Trust, including the President, Treasurer and Chief Compliance Officer ("CCO"), to report to the full Board on a variety of matters at regular and special meetings of the Board and its committees, as applicable, including matters relating to risk management. The Treasurer also reports to the Audit Committee on the Trust's internal controls and accounting and financial reporting policies and practices. The Audit Committee also receives reports from the Trust's independent registered public accounting firm on internal control and financial reporting matters. On at least an annual basis, the Board receives a report from the CCO regarding the effectiveness of the Trust's compliance program and the CCO meets separately with the non-interested trustees in executive session. In addition, the Board receives reports from the Adviser on the investments and securities trading of the Funds, as well as valuation reports and any issues related to portfolio compliance. The Board also receives reports from the Trust's primary service providers on a periodic or regular basis, including the Adviser to the Funds as well as the Trust's custodian, distributor and transfer agent. The Board also requires the Adviser to report to the Board on other matters relating to risk management on a regular and as-needed basis.

#### Trustee Compensation
The Trust pays each Trustee of the Trust who is not also affiliated with OAM and/or OSI for such services an annual fee of $35,000, plus $7,000 for attendance at a meeting of the Board of Trustees and $3,000 for attendance at a meeting of the Audit Committee. The Trust pays the Chairman of the Audit Committee an additional $2,000 annually.

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The Trust reimburses travel and other expenses incurred by its non-interested Trustees for each such meeting attended. Trustees and officers of the Trust who are affiliated with OAM and/or OSI and officers of the Trust will receive no compensation or reimbursement from the Trust for acting in those capacities. However, Trustees and officers of the Trust who are affiliated with OAM and/or OSI may directly or indirectly benefit from fees or other remuneration received from the Trust by OAM and/or OSI. Regular meetings of the Board of Trustees are held quarterly and the audit committee holds at least one meeting during each year.

The following table sets forth the compensation received from the Trust for the fiscal year ended December 31, 2025 by the non-interested trustees.

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| | | | | |
|:---|:---|:---|:---|:---|
|  **Trustee** | **Aggregate <br>Compensation <br>From the Trust** | **Pension or <br>Retirement <br>Benefits <br>Accrued as <br>Part of Fund <br>Expenses** | **Estimated <br>Annual <br>Benefits <br>Upon <br>Retirement** | **Total <br>Compensation** |
|  Alix J. Charles | $47000 | 0 | 0 | $47000 |
|  Katherine Smith Dedrick | $55000 | 0 | 0 | $55000 |
|  Michael J. Simon | $57000 | 0 | 0 | $57000 |

---

#### Name of Trustee and Dollar Range of Fund Shares Owned — December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Interested Trustee** | **Non-Interested Trustees** | **Non-Interested Trustees** | **Non-Interested Trustees** |
|  **Name of Fund** | **James W. Oberweis** | **Alix J. Charles** | **Katherine S. Dedrick** | **Michael J. Simon** |
|  Global Opportunities Fund | Over $100,000 | $50001 – $100000 | $1 – $10000 | $50001 – $100000 |
|  Micro-Cap Fund | Over $100,000 | $50000 – $100000 | $50000 – $100000 | $50001 – $100000 |
|  Small-Cap Opportunities Fund | Over $100,000 | $50000 – $100000 | $10001 – $50000 | $50001 – $100000 |
|  International Opportunities Fund | Over $100,000 | Over $100,000 | $50001 – $100000 | $50001 – $100000 |
|  China Opportunities Fund | Over $100,000 | Over $100,000 |  | $10001 – $50000 |
|  Focused International Growth Fund | Over $100,000 | Over $100,000 |  | $10001 – $50000 |
|  Aggregate Dollar Range of Fund Shares Owned | Over $100,000 | Over $100,000 | Over $100,000 | Over $100,000 |

---

As of March 31, 2026, the officers and Trustees of the Trust as a group owned of record or beneficially 0.00%, 0.00%, 0.00%, 0.00%, 0.00% of the then outstanding Investor Class shares of the Global Opportunities Fund, Micro-Cap Fund, Small-Cap Opportunities Fund, International Opportunities Fund and China Opportunities Fund, respectively. As of March 31, 2026, the officers and Trustees of the Trust as a group owned of record or beneficially 36.90%, 1.14%, 0.20%, 1.38%, 38.29%, 15.65% of the then outstanding Institutional Class shares of the Global Opportunities Fund, Micro-Cap Fund, Small-Cap Opportunities Fund, International Opportunities Fund, China Opportunities Fund and Focused International Growth Fund, respectively.

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#### PRINCIPAL HOLDERS OF SECURITIES
**The Trust is aware of the following person(s) owning of record or beneficially more than 5% of the outstanding shares of a class the respective Funds as of March 31, 2026.**

---

| | | |
|:---|:---|:---|
|  **Name and Address of Beneficial Owner** | **Class of <br>Shares** | **% Owned** |
|  **Global Opportunities Fund** |  |  |
| &nbsp;&nbsp;&nbsp; Charles Schwab & Co., Inc.<br>Special Custody Account for Exclusive Benefit of Customers<br>FBO: 80000166<br>211 Main St.<br>San Francisco, CA 94105 | Investor | 14.41<br> Beneficial |
| &nbsp;&nbsp;&nbsp; National Financial Services LLC<br>499 Washington Blvd.<br>Jersey City, NJ 07310 | Institutional | 15.08<br> Beneficial |
|  **Micro-Cap Fund** |  |  |
| &nbsp;&nbsp;&nbsp; Charles Schwab & Co., Inc.<br>Special Custody Account for Exclusive Benefit of Customers<br>FBO: 80000166<br>211 Main St.<br>San Francisco, CA 94105 | Investor | 36.05<br> Beneficial |
| &nbsp;&nbsp;&nbsp; LPL Financial<br>Exclusive Benefit of our Clients<br>Attention: Mutual Fund Opperations<br>4707 Executive Dr.<br>San Diego, CA 92121 | Investor | 6.96<br> Beneficial |
| &nbsp;&nbsp;&nbsp; Pershing LLC<br>1 Pershing Plaza<br>Jersey City, NJ 07399 | Institutional | 8.43<br> Beneficial |
| &nbsp;&nbsp;&nbsp; National Financial Services LLC<br>499 Washington Blvd.<br>Jersey City, NJ 07310 | Institutional | 8.49<br> Beneficial |
| &nbsp;&nbsp;&nbsp; Charles Schwab & Co., Inc.<br>Special Custody Account for Exclusive Benefit of Customers<br>211 Main St.<br>San Francisco, CA 94105 | Institutional | 16.42<br> Beneficial |
| &nbsp;&nbsp;&nbsp; LPL Financial<br>Exclusive Benefit of our Clients<br>Attention: Mutual Fund Opperations<br>4707 Executive Dr.<br>San Diego, CA 92121 | Investor | 6.40<br> Beneficial |
|  **Small-Cap Opportunities Fund** |  |  |
| &nbsp;&nbsp;&nbsp; Charles Schwab & Co., Inc.<br>Special Custody Account for Exclusive Benefit of Customers<br>FBO: 80000166<br>211 Main St.<br>San Francisco, CA 94105 | Investor | 39.01<br> Beneficial |

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| | | |
|:---|:---|:---|
|  **Name and Address of Beneficial Owner** | **Class of <br>Shares** | **% Owned** |
| &nbsp;&nbsp;&nbsp; LPL Financial<br>Exclusive Benefit of our Clients<br>Attention: Mutual Fund Opperations<br>4707 Executive Dr.<br>San Diego, CA 92121 | Investor | 10.71<br> Beneficial |
| &nbsp;&nbsp;&nbsp; Charles Schwab & Co., Inc.<br>Special Custody Account for Exclusive Benefit of Customers<br>FBO: 80000166<br>211 Main St.<br>San Francisco, CA 94105 | Institutional | 7.72<br> Beneficial |
| &nbsp;&nbsp;&nbsp; Pershing LLC<br>1 Pershing Plaza<br>Jersey City, NJ 07399 | Institutional | 6.83<br> Beneficial |
|  **International Opportunities Fund** |  |  |
| &nbsp;&nbsp;&nbsp; Charles Schwab & Co., Inc.<br>Special Custody Account for Exclusive Benefit of Customers<br>FBO: 80000166<br>211 Main St.<br>San Francisco, CA 94105 | Investor | 28.33<br> Beneficial |
| &nbsp;&nbsp;&nbsp; National Financial Services LLC<br>499 Washington Blvd.<br>Jersey City, NJ 07310 | Investor | 14.81<br> Beneficial |
| &nbsp;&nbsp;&nbsp; Charles Schwab & Co., Inc.<br>Special Custody Account for Exclusive Benefit of Customers<br>FBO: 80000166<br>211 Main St.<br>San Francisco, CA 94105 | Institutional | 15.78<br> Beneficial |
| &nbsp;&nbsp;&nbsp; MAC Co. AC 980767<br>Attention: Mutual Fund Department<br>500 Grant St. Room 151-1010<br>Pittsburgh, PA 15258 | Institutional | 35.58<br> Beneficial |
| &nbsp;&nbsp;&nbsp; MAC Co. AC 9914213<br>Attention: Mutual Fund Department<br>500 Grant St. Room 151-1010<br>Pittsburgh, PA 15258 | Institutional | 16.03<br> Beneficial |
| &nbsp;&nbsp;&nbsp; National Financial Services LLC<br>499 Washington Blvd.<br>Jersey City, NJ 07310 | Institutional | 8.98<br> Beneficial |
|  **China Opportunities Fund** |  |  |
| &nbsp;&nbsp;&nbsp; Charles Schwab & Co., Inc.<br>Special Custody Account for Exclusive Benefit of Customers<br>FBO: 80000166<br>211 Main St.<br>San Francisco, CA 94105 | Investor | 27.03<br> Beneficial |
| &nbsp;&nbsp;&nbsp; National Financial Services LLC<br>499 Washington Blvd.<br>Jersey City, NJ 07310 | Institutional | 35.46<br> Beneficial |

---

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| | | |
|:---|:---|:---|
|  **Name and Address of Beneficial Owner** | **Class of <br>Shares** | **% Owned** |
|  **Focused International Growth Fund** |  |  |
| &nbsp;&nbsp;&nbsp; National Financial Services LLC<br>499 Washington Blvd.<br>Jersey City, NJ 07310 | Institutional | 40.26<br> Beneficial |
| &nbsp;&nbsp;&nbsp; Charles Schwab & Co., Inc.<br>Special Custody Account for Exclusive Benefit of Customers<br>FBO: 80000166<br>211 Main St.<br>San Francisco, CA 94105 | Institutional | 26.63<br> Beneficial |

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#### MANAGEMENT
The Trust's investment adviser, since October 1, 1994, is Oberweis Asset Management, Inc. ("OAM"), an investment adviser based in Lisle, Illinois. James W. Oberweis is a controlling shareholder of OAM and serves as Chairman of the Board, director and the President of OAM. The principal nature of James W. Oberweis' business is investment advisory and securities brokerage services. Eric V. Hannemann serves as a Treasurer and Chief Financial Officer of OAM. Thomas P. Joyce serves as Secretary and Chief Compliance Officer of OAM. The principal business of Eric V. Hannemann and Thomas P. Joyce is investment advisory and securities brokerage services. For additional details concerning OAM, see the Funds' Prospectus under the heading "Management of the Funds." Pursuant to written contracts between the Trust and OAM, OAM is responsible for managing the investment and reinvestment of each Fund's assets, determining in its discretion the securities to be purchased or sold and the portion of the Fund's assets to be held uninvested, providing the Trust with records concerning OAM's activities which the Trust is required to maintain under applicable law, and rendering regular reports to the Trust's Trustees and officers concerning Fund responsibilities. OAM's investment advisory services to the Trust are all subject to the supervision of the Trustees, and must be in compliance with the investment objectives, policies and restrictions set forth in the Funds' Prospectus and this SAI and with applicable laws and regulations. In addition, OAM is authorized to select broker-dealers, including OSI, that may execute purchases and sales of the securities for the Funds. (See "Portfolio Transactions.")

Oberweis Asset Management (Hong Kong) Limited (the "Sub-Adviser") serves as sub-adviser to the China Opportunities Fund pursuant to a contract with OAM. The Sub-Adviser is a wholly-owned subsidiary of OAM based in Hong Kong. As compensation for the sub-advisory services provided to the China Opportunities Fund, OAM is responsible for paying a fee to the Sub-Adviser equal to the Sub-Adviser's costs for providing such services, plus an additional 5% of that amount.

James W. Oberweis, portfolio manager of the Funds, is responsible for the day-to-day management of each Fund (with the exception of the International Opportunities and Focused International Growth Funds) and other accounts. As of December 31, 2025, information on these other accounts is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Type of Account** | **Number of <br>Accounts** | **Total Assets** | **Number <br>Charged <br>Performance <br>Fees** | **Total Assets <br>Charged <br>Performance <br>Fees** |
|  Registered investment companies | 0 | $0 |  |  |
|  Other pooled investment vehicles | 0 | $0 |  |  |
|  Other accounts | 95 | $76114569 |  |  |

---

Kenneth S. Farsalas, co-portfolio manager of the Micro-Cap and Small-Cap Opportunities Funds, is responsible for the day-to-day management of those Funds and other accounts. As of December 31, 2025, information on these other accounts is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Type of Account** | **Number of <br>Accounts** | **Total Assets** | **Number <br>Charged <br>Performance <br>Fees** | **Total Assets <br>Charged <br>Performance <br>Fees** |
|  Registered investment companies | 0 | $0 |  |  |
|  Other pooled investment vehicles | 0 | $0 |  |  |
|  Other accounts | 17 | $27745638 |  |  |

---

Ralf A. Scherschmidt, portfolio manager of the International Opportunities Fund and the Focused International Growth Fund, is primarily responsible for the day-to-day management of those Funds and other accounts. As of December 31, 2025, information on these other accounts is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Type of Account** | **Number of <br>Accounts** | **Total Assets** | **Number <br>Charged <br>Performance <br>Fees** | **Total Assets <br>Charged <br>Performance <br>Fees** |
|  Registered investment companies | 0 | $0 |  |  |
|  Other pooled investment vehicles | 1 | $48751067 |  |  |
|  Other accounts | 16 | $1694043151 |  |  |

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Barry Wang, co-portfolio manager of the China Opportunities Fund, is primarily responsible for the day-to-day management of that Fund and other accounts. As of December 31, 2025, information on these other accounts is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Type of Account** | **Number of <br>Accounts** | **Total Assets** | **Number <br>Charged <br>Performance <br>Fees** | **Total Assets <br>Charged <br>Performance <br>Fees** |
|  Registered investment companies | 0 | $— |  |  |
|  Other pooled investment vehicles | 0 | $— |  |  |
|  Other accounts | 1 | $65112 |  |  |

---

As indicated in the above table, the Funds' portfolio managers are responsible for the day to day management of other accounts, including other accounts with investment strategies similar to the Funds. Those accounts include separately managed accounts and the personal/proprietary accounts of the Funds' portfolio managers. The fees earned by OAM for managing client accounts may vary among those accounts. In addition, the Funds' portfolio managers may personally invest in the Funds. These factors could create conflicts of interest because the Funds' portfolio managers may have incentives to favor certain accounts over others, resulting in other accounts outperforming the Funds. A conflict may also exist if a portfolio manager identifies a limited investment opportunity that may be appropriate for more than one account, but the Funds are not able to take full advantage of that opportunity due to the need to allocate the opportunity among multiple accounts. In addition, a portfolio manager may execute transactions for another account that may adversely impact the value of securities held by the Funds.

However, OAM believes that these risks are mitigated by the fact that accounts with the investment strategies or which hold the same securities are generally managed in a similar fashion, subject to exceptions to account for particular investment restrictions or other limitations applicable only to certain accounts, as well as differences in each account's initial holdings, cash flow, account size and other factors. In addition, OAM has adopted trade allocation procedures that require equitable allocation of trades for a particular security among participating accounts over time and a Code of Ethics that addresses possible conflicts between personal trades and client trades.

Mr. Oberweis's compensation consists of a base, an incentive-based fee and equity ownership in OAM. The incentive reward is based on revenues of the firm's Global Small-Cap strategy, which includes the Global Opportunities Fund, as well as the overall performance of the firm. As the firm's largest shareholder, Mr. Oberweis benefits from his equity ownership in OAM.

As of December 31, 2025, the dollar range of equity securities in each Fund for which James W. Oberweis is the portfolio manager beneficially owned by him was: Global Opportunities Fund — over $1,000,000; Micro-Cap Fund — over $1,000,000; Small-Cap Opportunities Fund — over $1,000,000; and China Opportunities Fund — over $1,000,000. Includes shares held by OAM and OSI, of which Mr. Oberweis is a controlling shareholder.

Mr. Farsalas's compensation consists of a base, an incentive-based fee and equity ownership in OAM. Most of the incentive reward is quantitatively defined in advance and is based on a combination of the performance of the Domestic Funds in relation to their respective benchmarks (the Russell 2000 Growth Index for the Small-Cap Opportunities Fund and the Russell Micro-Cap Growth Index for the Micro-Cap Fund) and the revenues of the domestic strategies. To ensure long-term commitment, Mr. Farsalas benefits from equity ownership in OAM.

As of December 31, 2025, the dollar range of equity securities in each Fund for which Mr. Farsalas is the portfolio manager beneficially owned by him was: Micro-Cap Fund — over $1,000,000; and Small-Cap Opportunities Fund — $500,000 – $1,000,000.

Mr. Scherschmidt's compensation consists of a base, an incentive-based fee and equity ownership in OAM. Most of the incentive reward is quantitatively defined in advance and is based on a combination of the applicable Fund's performance in relation to their respective benchmarks (the MSCI World ex-U.S. Small Cap Growth Index for

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the International Opportunities Fund and MSCI EAFE Index for the Focused International Growth Fund) and the International Opportunities strategy's revenues. To ensure long-term commitment, Mr. Scherschmidt benefits from equity ownership in OAM.

As of December 31, 2025, the dollar range of equity securities in each Fund for which Mr. Scherschmidt is the portfolio manager beneficially owned by him was: International Opportunities Fund — over $1,000,000; and Focused International Growth Fund — over $1,000,000.

Mr. Wang's compensation consists of a base and an incentive-based fee. The incentive fee is computed based on the revenues of the China Opportunities Fund, as well as the performance of this Fund.

As of December 31, 2025, the dollar range of equity securities in the China Opportunities Fund beneficially owned by Mr. Wang was: $50,000 – $100,000.

The investment adviser is obligated to pay the salaries and fees of any officers of the Trust as well as the Trustees of the Trust who are interested persons (as defined in the 1940 Act) of the Trust, who are employed full time by the investment adviser to perform services for the Global Opportunities, Micro-Cap and Small-Cap Opportunities Funds under the Investment Advisory Agreement and for the China Opportunities Fund, the International Opportunities Fund and the Focused International Growth Fund under their respective Investment Advisory and Management Agreements.

As compensation for its investment advisory services, OAM receives from the Global Opportunities Fund at the end of each month a fee at an annual rate equal to .45% of the first $50 million of the average daily net assets of the Fund and .40% of the average daily net assets of the Fund in excess of $50 million, from the Micro-Cap Fund at the end of each month a fee at the annual rate of .60% of the average daily net assets of the Fund, and from the Small-Cap Opportunities Fund at the end of each month a fee at the annual rate of .40% of the average daily net assets of the Fund.

As compensation for its investment advisory and management services, OAM receives from each of the China Opportunities Fund and the International Opportunities Fund at the end of each month a fee at the annual rate of 1.00% of the average daily net assets of the Fund, and from the Focused International Growth Fund at the end of each month a fee at an annual rate of .65% of the average daily net assets of the Fund.

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| | | | |
|:---|:---|:---|:---|
|  **Fund Name** | **Year Ended <br>December 31, <br>2025** | **Year Ended <br>December 31, <br>2024** | **Year Ended <br>December 31, <br>2023** |
|  **Global Opportunities Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory Fees Incurred | $259693 | $245831 | $235296 |
|  **Micro Cap Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory Fees Incurred | $4445140 | $3185957 | $1904505 |
|  **Small-Cap Opportunities Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory Fees Incurred | $6184712 | $4182646 | $1329587 |
| &nbsp;&nbsp;&nbsp; Amounts Reimbursed Pursuant to an Expense Limitation Agreement | $(109880) | $(107236) | $(224187) |
|  **International Opportunities Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory and Management Fees Incurred | $3794534 | $3554955 | $1711314 |
| &nbsp;&nbsp;&nbsp; Amounts Reimbursed Pursuant to an Expense Limitation Agreement | $(316237) | $(338745) | $(409576) |
|  **China Opportunities Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory and Management Fees Incurred | $460825 | $496928 | $654445 |
|  **Focused International Growth Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp; Advisory and Management Fees Incurred | $97818 | $55694 | $46607 |
| &nbsp;&nbsp;&nbsp; Amounts Reimbursed Pursuant to an Expense Limitation Agreement | $(102007) | $(99200) | $(88978) |

---

OAM also provides the Trust with non-investment advisory, management and administrative services pursuant to a Management Agreement with respect to the Global Opportunities, Micro-Cap and Small-Cap Opportunities Funds. These services are provided to the International Opportunities Fund, the China Opportunities Fund and the Focused International Growth Fund pursuant to their respective Investment Advisory and Management Agreements. OAM is

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responsible under such agreements for providing the Trust with those management and administrative services which are reasonably necessary for conducting the business affairs of the Trust and distribution of each Fund's shares and shareholder services, which are subject to the Trust's Rule 12b-1 Plan. (See "Distribution Plan and Agreement.") In addition, OAM provides the Trust with office space and basic facilities for management of the Trust's affairs, and bookkeeping, accounting, record keeping and data processing facilities and services.

OAM is responsible for preparing and updating the Trust's SEC registration statement and state filings, tax reports to shareholders and similar documents. OAM pays the compensation of all officers and personnel of the Trust for their services to the Trust as well as the Trustees of the Trust who are interested persons of the Trust. OAM also provides information and certain administrative services to shareholders of each Fund. These services include, among other things, transmitting redemption requests to the Trust's Transfer Agent and transmitting the proceeds of redemption of shares of the Trust pursuant to a shareholder's instructions when such redemption is effected through OAM; providing telephone and written communications with respect to its shareholders' account inquiries; assisting its shareholders in altering privileges and ownership of their accounts; and serving as a source of information for its existing shareholders in answering questions concerning the Trust and their transactions with the Trust.

For its services under the Management Agreement, OAM is paid by the Global Opportunities, Micro-Cap and Small-Cap Opportunities Funds on a monthly basis an annual management fee equal to .40% of the average daily net assets of each Fund. OAM will bear all expenses in connection with the performance of its services to each of the Global Opportunities, Micro-Cap and Small-Cap Opportunities Funds under the Management Agreement. The Global Opportunities, Micro-Cap and Small-Cap Opportunities Funds are responsible for all other expenses. However, an Expense Limitation Agreement provides that OAM is obligated to reimburse the Global Opportunities, Micro-Cap and Small-Cap Opportunities Funds for 100% of the amount by which the Fund's ordinary operating expenses during any fiscal year, including the management and advisory fees, exceed certain amounts expressed as a percentage of the Fund's average daily net assets.

The following expense limits are in place for the Global Opportunities and Micro-Cap Funds:

---

| | |
|:---|:---|
|  **Investor Class** | **Institutional Class** |
|  1.8% of the first $50,000,000; plus | 1.55% of the first $50,000,000; plus |
|  1.6% of average daily net assets in excess of $50,000,000. | 1.35% of average daily net assets in excess of <br>$50,000,000. |

---

Pursuant to an Expense Limitation Agreement, OAM is obligated to reimburse the Small-Cap Opportunities Fund for 100% of the amount by which the Fund's ordinary operating expenses during any fiscal year, including the management and advisory fees, exceed 1.25% of the Fund's average daily net assets attributable to the Investor Class shares or 1.00% of the Fund's average daily net assets attributable to the Institutional Class shares.

Prior to September 30, 2025, pursuant to an Expense Limitation Agreement, OAM was obligated to reimburse the China Opportunities Fund for 100% of the amount by which the Fund's ordinary operating expenses during any fiscal year, including the management and advisory fees, exceed 2.24% or 1.99% of the Fund's average daily net assets attributable to the Investor Class shares and Institutional Class shares, respectively. Effective September 30, 2025 the expense limit decreased from 2.24% to 1.80% for the Investor Class shares and from 1.99% to 1.55% for the Institutional Class shares. Pursuant to an Expense Limitation Agreement, OAM is obligated to reimburse the International Opportunities Fund for 100% of the amount by which the Fund's ordinary operating expenses during any fiscal year, including the management and advisory fees, exceed 1.35% or 1.10% of the Fund's average daily net assets attributable to the Investor Class shares and Institutional Class shares, respectively. Prior to December 31, 2025, pursuant to an Expense Limitation Agreement, OAM was obligated to reimburse the Focused International Growth Fund for 100% of the amount by which the Focused International Growth Fund's ordinary operating expenses during any fiscal year, including the management and advisory fees, exceed 0.95% of the Fund's average daily net assets attributable to the Institutional Class shares. Effective December 31, 2025, the expense limit decreased from .95% to .81% for Institutional Class shares.

Excluded from the calculation of ordinary operating expenses are expenses such as interest, taxes and brokerage commissions, acquired fund fees and expenses and extraordinary items such as litigation costs. Any such reimbursement is computed and accrued on a daily basis and settled on a monthly basis based upon the expenses and average net assets computed through the last business day of the month. As of the end of the Trust's fiscal year, the aggregate amounts of reimbursement, if any, by OAM to each of the Global Opportunities Fund, Micro-Cap Fund and Small-Cap

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Opportunities Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitation shall be refunded to OAM. For each of the International Opportunities Fund, China Opportunities Fund and Focused International Growth Fund, OAM shall be refunded the amount of any expenses reimbursed within three years following the date of the reimbursement if the repayment does not cause a Fund's expenses to exceed the expense limitation in place at the time of the repayment or at the time of reimbursement, whichever is lower. In no event will OAM be required to reimburse a Fund in an amount exceeding its management and investment advisory fees.

For the years ended December 31, 2025, 2024 and 2023, management fees incurred by the Global Opportunities Fund and payable to OAM were $234,693, $220,831 and $210,296, respectively; management fees incurred by the Micro-Cap Fund and payable to OAM were $2,963,427, $2,123,972 and $1,269,670, respectively; and the management fees incurred by the Small-Cap Opportunities Fund and payable to OAM were $6,184,72, $4,182,646 and $1,329,587, respectively.

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#### DISTRIBUTION PLAN AND AGREEMENT
Oberweis Securities, Inc., 3333 Warrenville Road, Suite 500, Lisle, Illinois 60532, an affiliate of OAM and the Trust, acts as the primary distributor of each Fund's shares and as the primary shareholder servicing agent for each Fund. As discussed in the Funds' Prospectus under the heading "Distribution of Shares," the Trust has adopted a Plan of Distribution (the "Distribution Plan") and a Distribution and Shareholder Service Agreement (the "Distribution Agreement") pursuant to Rule 12b-1 under the 1940 Act (collectively the "Plan and Agreement") under which the Trust compensates OSI in connection with the distribution of the Investor Class shares of each Fund and for shareholder servicing. The Trust pays OSI a monthly distribution and shareholder servicing fee at an annual rate of .25% of the average daily net assets of each Fund's Investor Class and may also reimburse certain out of pocket costs incurred by OSI for shareholder services provided to the Trust. The Institutional Class shares and the Focused International Growth Fund do not have a distribution plan and do not pay 12b-1 fees.

The Distribution Plan is a "compensation type" plan, which means that OSI may receive compensation that is more or less than the actual expenditure made. OSI is, however, required to provide the Trustees with quarterly listings of all expenditures under the Plan and Agreement.

Pursuant to the Plan and Agreement, OSI has agreed, directly or through other firms, to advertise and promote the Trust and provide information and services to existing and potential shareholders. These services include, among other things, processing new shareholder account applications; converting funds into or advancing federal funds for the purchase of shares of the Trust as well as transmitting purchase orders to the Trust's Transfer Agent; transmitting redemption requests to the Trust's Transfer Agent and transmitting the proceeds of redemption of shares of the Trust pursuant to a shareholder's instructions; providing telephone and written communications with respect to shareholder account inquiries and serving as the primary source of information for existing and potential shareholders in answering questions concerning the Trust and their transactions with the Trust; and providing literature distribution, advertising and promotion as is necessary or appropriate for providing information and services to existing and potential shareholders.

OSI may be reimbursed monthly by each Fund for certain out-of-pocket costs in connection with its services as shareholder service agent, including such costs as postage, data entry, modification and printout, stationery, tax forms and all other external forms or printed material, but not including overhead. Although there is no limitation on the amount of such costs that may be reimbursed under the Plan and Agreement, such costs must be actual, out-of-pocket costs, and the total amount of 12b-1 fees, including reimbursement of such costs, is included in the total expenses of the Fund, subject to the expense limitation based on average daily net assets of each Fund. OSI will furnish with each monthly statement for such reimbursement a written listing of the expenditures on behalf of each Fund and their purpose. OSI compensates its account executives for servicing and administering a shareholder's account.

The Plan and Agreement provides that OSI may appoint various broker-dealer firms to assist in providing distribution services for the Trust, including literature distribution, advertising and promotion, and may appoint broker-dealers and other firms (including depository institutions such as commercial banks and savings and loan associations) to provide administrative services for their clients as shareholders of the Trust under related service agreements. To provide these services, these firms will furnish, among other things, office space and equipment, telephone facilities, and personnel as is necessary or beneficial for providing information and services related to the distribution of the Funds' shares to OSI in servicing accounts of such firms' clients who own shares of the Trust.

The Plan provides that the Trust's asset-based sales charges (as defined in the Rules of the Financial Industry Regulatory Authority ("FINRA")) shall not exceed those permitted by FINRA Rule 2341.

The Board of Trustees has determined that, in its judgment, there is a reasonable likelihood that the Plan and Agreement will benefit the Funds and their shareholders. If the sizes of the Funds are increased rapidly, fixed expenses will be reduced as a percentage of each shareholder's investment. The 12b-1 expenses will also provide OSI and others an incentive to promote the Funds and to offer individual shareholders prompt and efficient services.

As required by Rule 12b-1, the Plan and Agreement were approved by the Board of Trustees, including a majority of Trustees who are not interested persons, as defined in the 1940 Act, of the Trust, who are not parties to the Distribution and Shareholder Service Agreement and who have no direct or indirect financial interest in the operation of the Plan.

Unless terminated earlier as described below, the Plan and Agreement will continue in effect from year to year if approved annually by the Board of Trustees of the Trust, including a majority of the Trustees who are not parties to the Plan and Agreement (or have a direct or indirect financial interest in the operation thereof) and who are not interested persons of

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the Trust. The Plan may be terminated with respect to the Trust or a Fund at any time by (1) a vote of a majority of the Trustees who are not interested persons of the Trust, who are not parties to the Distribution and Shareholder Service Agreement and who have no direct or indirect financial interest therein, or (2) by the vote of a majority of shareholders of that Fund. The Distribution and Shareholder Service Agreement may be terminated similarly without penalty upon 60 days written notice by either party and will automatically terminate if assigned, as defined in the 1940 Act.

Amounts paid by OSI under the Funds' 12b-1 plan for the year ended December 31, 2025 are set forth in the table below. There was no reimbursement of out-of-pocket expenses for such period.

---

| | | | |
|:---|:---|:---|:---|
|  **Fund Name** | **Sales <br>Promotion <br>and Literature <br>Expenses and <br>Registration <br>Fees** | **Service Fees <br>Paid to Brokers** | **Salary <br>Expenses and <br>Employment <br>Services** |
|  **Global Opportunities Fund** | $599 | $65866 | $74 |
|  **Micro-Cap Fund** | $7629 | $762121 | $955 |
|  **Small-Cap Opportunities Fund** | $16177 | $915018 | $2017 |
|  **International Opportunities Fund** | $3966 | $264289 | $493 |
|  **China Opportunities Fund** | $486 | $78141 | $61 |

---

For the year ended December 31, 2025, total 12b-1 fees paid to OSI by Global Opportunities Fund, Micro-Cap Fund, Small-Cap Opportunities Fund, International Opportunities Fund and China Opportunities Fund were $88,952, $812,866, $929,177, $281,450 and $99,476, respectively.

#### Other Payments to Third Parties
In addition to paying fees under the Plan, the Funds may pay administrative services fees on behalf of Investor Class shares to certain intermediaries for sub-transfer agency and other shareholder services provided to holders of Investor Class shares. The service fees may vary based on, for example, the nature of services provided, but generally range up to .15% of assets attributable to Investor Class shares serviced by the intermediary.

As of the date of this SAI, the Trust anticipates that Charles Schwab & Co., Fidelity Investments, National Financial Services, LLC, Pershing, LLC, Merrill Lynch, Vanguard Marketing Corporation, UBS Financial Services, Inc., American Enterprise Investment Services, Inc., Wells Fargo Advisors, LLC, LPL Financial LLC, JP Morgan Securities LLC, and Morgan Stanley will receive additional payments as described above. The Trust may enter into additional arrangements or change or discontinue existing arrangements with intermediaries at any time without notice.

The Funds may also pay administrative services fees to intermediaries for the provision of the above noted services on behalf of Institutional Class shares. The Funds make payments that generally range up to .15% of assets attributable to Institutional Class shares services by the intermediary. As of the date of this SAI, the Trust anticipates that Charles Schwab & Co., Fidelity Investments Institutional Operations, Inc., Merrill Lynch, JP Morgan Securities, Empower Financial Services, MSCS Financial Services, Morgan Stanley, Raymond James & Associates, Inc., LPL Financial, LLC, National Financial Services, LLC, Pershing, LLC, UBS Financial Services, Inc., American Enterprise Investment Services, Inc., and Wells Fargo Advisors, LLC will receive additional payments as described above. OAM may enter into additional arrangements or change or discontinue existing arrangements with intermediaries at any time without notice.

These payment arrangements, however, will not change the price that an investor pays for Fund shares or the amount that a Fund receives to invest on behalf of an investor. You may wish to take such payment arrangements into account when considering and evaluating any recommendations relating to Fund shares and discuss this matter with your investment dealer/intermediary.

Although the Funds may use an intermediary that sells shares of the Funds to their customers to effect portfolio transactions for the Funds, OAM does not consider sales of Fund shares as a factor in the selection of broker-dealers to execute those transactions.

The Funds do not currently engage in securities lending and thus there is no securities lending information to report for the last fiscal year.

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#### EXPENSES BORNE BY THE FUNDS
Other than those expenses payable by OAM and/or OSI, the Funds will pay all of their expenses, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; Federal, state and local or other governmental agency taxes or fees levied against the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Costs, including the interest expense, of borrowing money.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; Brokerage fees and commissions and other transaction costs in connection with the purchase or sale of portfolio securities for the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Fees and expenses of the Trustees other than those who are "interested persons" (as defined in the 1940 Act) of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; Expenses incident to holding meetings of the Trust's Shareholders, including proxy solicitations of the Trust or its Board of Trustees therefor, and meetings of the Board of Trustees and committees of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; Fees and expenses in connection with legal services rendered to the Trust, the Board of Trustees of the Trust and duly appointed committees of the Board of Trustees of the Trust, including fees and expenses of special counsel to those Trustees who are not interested persons of the Trust, and litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Audit and accounting expenses of the independent auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Custodian and transfer and dividend paying agent fees and expenses and shareholder service expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; Fees and expenses related to registering, qualifying and maintaining registration and qualification of the Trust and its Shares for distribution under federal, state and other laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp; Fees and expenses incident to the preparation and filing of reports with regulatory agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;Expenses of preparing, printing (including typesetting) and mailing prospectuses, shareholder reports, proxy materials and notices to shareholders of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp; Premiums for trustees' and officers' liability insurance and insurance carried by the Trust pursuant to the requirements of Section 17(g) of the 1940 Act, or otherwise required by law or deemed desirable by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Fees and expenses incurred in connection with any investment company organization or trade association of which the Trust may be a member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;&nbsp;&nbsp;&nbsp;Costs and expenses incurred for promotion or advertising of the Trust's Investor Class shares, but only pursuant to a Plan duly adopted in accordance with Rule 12b-1 under the 1940 Act and to the extent that such Plan may from time to time provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;Expenses related to issuance or redemption of the Funds' shares.

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#### PORTFOLIO TRANSACTIONS
Decisions with respect to the purchase and sale of portfolio securities on behalf of the Funds are made by OAM. OAM is authorized to place orders for securities with various broker-dealers, subject to the requirements of applicable laws and regulations. Orders for securities transactions are placed by OAM with a view to obtaining the best combination of price and execution available. In seeking to achieve the best combination of price and execution, OAM attempts to evaluate the overall quality and reliability of the broker-dealers and the services provided, including research services, general execution capability, reliability and integrity, willingness to take positions in securities, general operational capabilities and financial condition. However, the responsibility of OAM to attempt to obtain the best combination of price and execution does not obligate it to solicit a competitive bid for each transaction. Furthermore, under the Investment Advisory Agreement, OAM is not obligated to seek the lowest available cost to the Fund, so long as it determines in good faith that the broker-dealer's commission, spread or discount is reasonable in relation to the value of the execution and research services provided by such a broker-dealer to the Fund, or OAM when viewed in terms of that particular transaction or its overall responsibilities with respect to all of its clients, including the Fund, as to which it offers advice or exercises investment discretion.

OAM, with the prior consent of the Trust's Trustees, may place orders with affiliated persons of OAM, OSI or the Trust subject to (i) the provisions of Sections 10(f) and 17(e)(2) of the 1940 Act and Rules 10f-3 and 17e-1 thereunder, Rule 206(3)-2 under the Investment Advisers Act of 1940, Section 11(a) of the Securities Exchange Act of 1934 and Rule 11a2-2(T)(a)(2) thereunder and any other applicable laws or regulations, and (ii) procedures properly adopted by the Trust with respect thereto. OAM, with the prior consent of the Trust's Trustees, may engage in agency cross transactions subject to (i) the provisions of Section 17(a) of the 1940 Act and Rule 17a-7 thereunder and other applicable laws or regulations, (ii) the provisions of Section 206 of the Investment Advisers Act of 1940 and Rule 206(3)-2 thereunder, and (iii) procedures properly adopted by the Trust with respect thereto. OAM has agreed to furnish certain information quarterly to the Trust's Trustees to enable them to evaluate the quality of execution and cost of all orders executed by OSI.

A greater discount, spread or commission may be paid to non-affiliated broker-dealers that provide research services, which research may be used by OAM in managing assets of its clients, including the Funds. Research services may include data or recommendations concerning particular securities as well as a wide variety of information concerning companies, industries, investment strategy and general economic, financial and political analysis and forecasting. In some instances, OAM may receive research, statistical and/or pricing services it might otherwise have had to perform itself. However, OAM cannot readily determine the extent to which net prices or commission rates charged by most broker-dealers reflect the value of its research, statistical and/or pricing services. As OAM is the principal source of information and advice to the Trust and is responsible for managing the investment and reinvestment of the Funds' assets and determining the securities to be purchased and sold, it is believed by the Trust's management to be in the interests of the Trust for OAM in fulfilling its responsibilities to the Trust, to be authorized to receive and evaluate the research and information provided by other securities brokers or dealers, and to compensate such brokers or dealers for their research and information services. Any such information received may be utilized by OAM for the benefit of its other accounts as well, in the same manner that the Trust might also benefit from information obtained by OAM in performing services for its other accounts. Although it is believed that research services received directly or indirectly benefit all of OAM's accounts, the degree of benefit varies by account and is not directly related to the commissions or other remuneration paid by such account.

Some brokers and dealers used by OAM provide research and other services described above. For the year ended December 31, 2025, the total brokerage commissions paid by the Funds to broker-dealers in transactions identified hereunder primarily on the basis of research and other services provided to the Funds are as follows: Global Opportunities Fund paid $89,401 in brokerage commissions on securities transactions in the amount of $87,851,059; the Micro-Cap Fund paid $727,057 in brokerage commissions on securities transactions in the amount of $608,996,412; the Small-Cap Opportunities Fund paid $856,886 in brokerage commissions on securities transactions in the amount of $1,621,523,936; the International Opportunities Fund paid $484,051 in brokerage commissions on securities transactions in the amount of $545,180,249; the China Opportunities Fund paid $63,489 in brokerage commissions on securities transactions in the amount of $37,144,043; and the Focused International Growth Fund paid $43,154 in brokerage commissions on securities transactions in the amount of $28,205,334.

Occasionally, the Funds may make purchases of underwritten issues at prices which include underwriting discount fees.

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For the year ended December 31, 2025, the total brokerage commissions paid by the Global Opportunities Fund was $120,492. The total amount of securities transactions on which the Fund paid brokerage commissions during such period was $109,262,542. The total amount of principal transactions of the Fund for the year ended December 31, 2025 for which no commission was incurred was $0.

For the year ended December 31, 2024 the total brokerage commissions paid by the Global Opportunities Fund was $114,832. The total amount of securities transactions on which the Fund paid brokerage commissions during such period was $109,679,024. The total amount of principal transactions of the Fund for the year ended December 31, 2024 for which no commission was incurred was $0.

For the year ended December 31, 2023, the total brokerage commissions paid by the Global Opportunities Fund was $88,904. The total amount of securities transactions on which the Fund paid brokerage commissions during such period was $101,891,765. The total amount of principal transactions of the Fund for the year ended December 31, 2023 for which no commission was incurred was $0.

For the year ended December 31, 2025, the total brokerage commissions paid by the Micro-Cap Fund was $823,455. The total amount of securities transactions on which the Fund paid brokerage commissions during such period was $678,805,638. The total amount of principal transactions of the Fund for the year ended December 31, 2025 for which no commission was incurred was $0.

For the year ended December 31, 2024 the total brokerage commissions paid by the Micro-Cap Fund was $714,065. The total amount of securities transactions on which the Fund paid brokerage commissions during such period was $604,221,825. The total amount of principal transactions of the Fund for the year ended December 31, 2024 for which no commission was incurred was $0.

For the year ended December 31, 2023, the total brokerage commissions paid by the Micro-Cap Fund was $474,631. The total amount of securities transactions on which the Fund paid brokerage commissions during such period was $579,681,906. The total amount of principal transactions of the Fund for the year ended December 31, 2023 for which no commission was incurred was $1,510,000.

For the year ended December 31, 2025, the total brokerage commissions paid by the Small-Cap Opportunities Fund was $1,102,193. The total amount of securities transactions on which the Fund paid brokerage commissions during such period was $1,939,407,259. The total amount of principal transactions of the Fund for the year ended December 31, 2025 for which no commission was incurred was $40,000.

For the year ended December 31, 2024 the total brokerage commissions paid by the Small-Cap Opportunities Fund was $852,779. The total amount of securities transactions on which the Fund paid brokerage commissions during such period was $1,983,297,439. The total amount of principal transactions of the Fund for the year ended December 31, 2024 for which no commission was incurred was $58,000.

For the year ended December 31, 2023, the total brokerage commissions paid by the Small-Cap Opportunities Fund was $261,090. The total amount of securities transactions on which the Fund paid brokerage commissions during such period was $750,259,858. The total amount of principal transactions of the Fund for the year ended December 31, 2023 for which no commission was incurred was $0.

For the year ended December 31, 2025, the total brokerage commissions paid by the International Opportunities Fund was $1,071,184. The total amount of securities transactions on which the Fund paid brokerage commissions during such period was $961,734,816. The total amount of principal transactions of the Fund for the year ended December 31, 2025 for which no commission was incurred was $2,627,024.

For the year ended December 31, 2024 the total brokerage commissions paid by the International Opportunities Fund was $822,701. The total amount of securities transactions on which the Fund paid brokerage commissions during such period was $757,134,548. The total amount of principal transactions of the Fund for the year ended December 31, 2024 for which no commission was incurred was $0.

For the year ended December 31, 2023, the total brokerage commissions paid by the International Opportunities Fund was $369,688. The total amount of securities transactions on which the Fund paid brokerage commissions during such period was $347,042,816. The total amount of principal transactions of the Fund for the year ended December 31, 2023 for which no commission was incurred was $0.

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For the year ended December 31, 2025, the total brokerage commissions paid by the China Opportunities Fund was $214,533. The total amount of securities transactions on which the Fund paid brokerage commissions during such period was $116,192,503. The total amount of principal transactions of the Fund for the year ended December 31, 2025 for which no commission was incurred was $0.

For the year ended December 31, 2024 the total brokerage commissions paid by the China Opportunities Fund was $271,713. The total amount of securities transactions on which the Fund paid brokerage commissions during such period was $138,866,218. The total amount of principal transactions of the Fund for the year ended December 31, 2024 for which no commission was incurred was $0.

For the year ended December 31, 2023, the total brokerage commissions paid by the China Opportunities was $402,699. The total amount of securities transactions on which the Fund paid brokerage commissions during such period was $200,170,717. The total amount of principal transactions of the Fund for the year ended December 31, 2023 for which no commission was incurred was $19,000.

For the year ended December 31, 2025, the total brokerage commissions paid by the Focused International Growth Fund was $57,436. The total amount of brokerage transactions on which the Fund paid brokerage commissions during such period was $38,045,114. The total amount of principal transactions for the year ended December 31, 2025 for which no commission was incurred was $0.

For the year ended December 31, 2024 the total brokerage commissions paid by the Focused International Growth Fund was $11,900. The total amount of securities transactions on which the Fund paid brokerage commissions during such period was $9,775,620. The total amount of principal transactions of the Fund for the year ended December 31, 2024 for which no commission was incurred was $0.

For the year ended December 31, 2023, the total brokerage commissions paid by the Focused International Growth Fund was $12,316. The total amount of securities transactions on which the Fund paid brokerage commissions during such period was $9,863,984. The total amount of principal transactions of the Fund for the year ended December 31, 2023 for which no commission was incurred was $0.

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#### DISCLOSURE OF PORTFOLIO HOLDINGS
Each Fund will publicly disclose its holdings in accordance with regulatory requirements, such as periodic portfolio disclosure in filings with the SEC. Except as provided below, neither the Trust, OAM nor the Sub-Adviser shall provide portfolio holding information to any other persons until such information has been disclosed in the publicly available filings with the SEC that are required to include the information, which are generally filed with the SEC approximately 60 days after the end of each calendar quarter.

Quarterly information will be posted to the Funds' Web site following each quarter-end that include, among other things, OAM's/the Sub-Adviser/Portfolio Manager's market commentary, performance information regarding the Funds, and information regarding each Fund's ownership of certain individual securities (such as a Fund's top five or top ten holdings).

In addition, the Portfolio Manager and other senior officers or spokespersons of the Trust, the Sub-Adviser or OAM may from time to time disclose to or discuss with public media through interviews with reporters (of the press, television or radio), through other appearances on television or radio (such as CNBC, Bloomberg) or through written articles (in Forbes or other print media) items such as (a) a Fund's ownership of certain individual holding(s); (b) views on matters affecting the price or business of specific Fund holding(s); (c) reasons for buying and selling specific portfolio holding(s); (d) reasons for believing certain holdings are good long term investments for a Fund, (e) favorite stocks, (f) future plans for structuring a Fund, and/or (g) other items of a similar nature. The securities subject to such statements may or may not have been previously disclosed.

Further, material non-public holdings information may be provided as part of the normal business and investment activities of each Fund to parties who need access to such information in the performance of their contractual duties and responsibilities including: auditors; the custodian; broker-dealers in connection with the purchase or sale of Fund securities or requests for price quotations or bids on one or more securities; counsel to the Trust or the non-interested trustees; other third party service providers (such as financial printers, proxy voting services and pricing services); regulatory authorities; stock exchanges and other listing organizations; and parties to litigation. A Fund may also disclose to an issuer the number of shares of the issuer (or percentage of outstanding shares) held by the Fund.

Any other disclosure of portfolio holdings would require the approval of the Trust's Chief Compliance Officer before dissemination. Such approval would be based on a good faith determination that the Trust has a legitimate business purpose to provide the information and the disclosure is in the Trust's best interests.

The Trust, OAM, the Sub-Adviser and their affiliates will not enter into any arrangements with third parties from which it would derive any monetary benefit for the disclosure of material non-public holdings information. If, in the future, the Trust, OAM, the Sub-Adviser or their affiliates desire to make such an arrangement, it would seek prior Board approval and any such arrangements would be disclosed in the Funds' SAI.

The Trust's Chief Compliance Officer will periodically report to the Board of Trustees of the Trust on the effectiveness of the Trust's Policies and Procedures regarding the disclosure of the Funds' holdings.

#### CODE OF ETHICS
The Trust, OAM, the Sub-Adviser and OSI have adopted a joint Code of Ethics. Access Persons (as defined in the Code of Ethics) are permitted to make personal securities transactions, subject to requirements and restrictions set forth in such Code of Ethics. The Code of Ethics contains provisions and requirements designed to identify and address certain conflicts of interest between personal investment activities and the interests of investment advisory clients such as those of the Trust. The Code of Ethics also prohibits certain types of transactions absent prior approval, imposes time periods during which personal transactions may not be made in certain securities, and requires the reporting of securities transactions. Exceptions to these and other provisions of the Code of Ethics may be granted in particular circumstances after review by appropriate personnel.

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#### PROXY VOTING
The Board of Trustees has delegated the authority for voting proxies relating to the Trust's portfolio securities to OAM, who has agreed to vote such proxies according to OAM's Proxy Voting Policies and Procedures. OAM's Proxy Voting Policies and Procedures set forth the general principles used to determine how OAM votes proxies on securities in client accounts for which OAM has proxy voting authority, including the Trust. OAM's general policy is to vote proxies in the best interests of clients. The principles which guide the voting policy of OAM are maximizing the value of client assets and promoting the rights of clients and beneficial owners of the companies in whose shares they invest. OAM's investment strategies are predicated on the belief that the quality of management is often the key to ultimate success or failure of a business. Because OAM generally makes investments in companies in which OAM has confidence in management, proxies generally are voted in favor of management's recommendation. OAM may vote a proxy in a manner contrary to management's recommendation if in the judgment of OAM, the proposal would not enhance shareholder values.

OAM has retained ISS Governance Services ("ISS"), a proxy voting and consulting firm, to receive proxy voting statements, provide information and research, make proxy vote recommendations, and handle various administrative functions associated with the voting of client proxies. While ISS makes the proxy voting recommendations, OAM retains the ultimate authority on how to vote.

OAM's Proxy Voting Policies and Procedures describe how OAM addresses conflicts of interest between OAM and its clients, including Fund shareholders, with respect to proxy voting decisions. If OAM determines that, through reasonable inquiry or otherwise, an issue raises a potential material conflict of interest, OAM will follow the recommendations of ISS except as follows. If OAM and/or the Proxy Committee believes that it would be in the interest of OAM's clients to vote a proxy other than according to the recommendation of ISS, the Proxy Committee will prepare a report that (1) describes the conflict of interest; (2) discusses procedures used to address such conflict of interest; and (3) confirms that the recommendation was made solely on the investment merits and without regard to any other consideration.

Information regarding how the Funds voted proxies related to portfolio securities for the most recent 12-month period ended June 30 is available without charge, upon request by calling 1-800-323-6166 and on the SEC's Web site at *http://www.sec.gov*.

#### SHAREHOLDER SERVICES
The Trust's Prospectus under the heading Shareholder Information/How to Purchase Shares, How to Redeem Shares and Shareholder Services describes information in addition to that set forth below. When a shareholder makes an initial investment in a Fund, a shareholder account is opened in accordance with the Trust's Account Application instructions. After each transaction for the account of a shareholder, confirmation of all deposits, purchases, reinvestments, redemptions, withdrawal payments, and other transactions in the shareholder's account will be forwarded to the shareholder.

A Fund will not issue certificates for its shares; the investor will be the record owner of all shares in his/her account with full shareholder rights. Certain of the functions performed by the Trust in connection with the operation of the accounts described above have been delegated by the Trust to its Transfer Agent.

In addition to the purchase and redemption services described above, the Trust offers its shareholders the special accounts and services described in the Trust's Prospectus. Applications and information about any shareholder services may be obtained from OAM.

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#### DETERMINATION OF NET ASSET VALUE
See the Funds' Prospectus under the heading Shareholder Information/How to Purchase Shares and Pricing of Fund Shares, for descriptions of certain details concerning the determination of Net Asset Value ("NAV"). The NAV of the shares of the Funds are computed once daily, as of the later of the close of regular trading on the New York Stock Exchange ("NYSE") or the Chicago Board Options Exchange ("CBOE"), on each day the NYSE is open for trading. A separate NAV is calculated for each share class of a Fund, as applicable. All securities in the Funds other than options are priced as of the close of regular trading on the NYSE. The options in the Funds are priced as of the close of trading on the CBOE. The NAV per share is computed by dividing the value of the Fund's securities plus all other assets minus all liabilities by the total number of Fund shares outstanding. In valuing the Fund's securities, each listed and unlisted security, other than options, for which last sale information is regularly reported is valued at the last reported sale price prior to the close of the NYSE. If there has been no sale on such day, the last reported bid price is used. Short options are valued at the last reported highest bid price on any option exchange and long options are valued at the last reported offer price on any option exchange as of the close of trading on the CBOE. 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 highest bid price as of the close of the NYSE 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 values as determined in good faith by OAM, the Funds' valuation designee. The Global Opportunities Fund, the International Opportunities Fund, the China Opportunities Fund, and the Focused International Growth Fund may use a fair valuation model provided by an independent pricing service, which is intended to reflect fair value when a security's value or a meaningful portion of the Fund's portfolio is believed to have been materially affected by a significant event that has occurred between the close of the exchange or market on which the security is principally traded and the close of the NYSE. The Fund's valuation policies set forth certain triggers which instruct when to use the valuation model or on a day when the foreign exchange is closed and the NYSE is open. The value assigned to a security by the fair valuation model is a determination of fair value made under the Fund's valuation policies. In such a case, the Fund's value for a security is likely to be different from the last quoted price. In all cases, the value of fair valued securities may be different from the last reported sale price (or the last reported bid price), and there is no guarantee that a fair valued security will be sold at the price at which the Fund is carrying the security. 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.

#### PURCHASE OF SHARES
See the Funds' Prospectus under the heading Shareholder Information/How to Purchase Shares for detailed information concerning the purchase of shares of a Fund. Shares of the Funds are sold at the NAV per share next determined after the purchase order is received in proper form by UMB Fund Services, Inc., the Trust's Transfer Agent.

#### REDEMPTION OF SHARES
See the Funds' Prospectus under the heading Shareholder Information/How to Redeem Shares for detailed information concerning redemption of the shares of a Fund. The Trust may suspend the right to redeem shares or postpone the date of payment for more than seven (7) days for any period during which: (a) the NYSE is closed, other than weekend and holiday closings, or the SEC determines that trading on the NYSE is restricted; (b) the SEC determines there is an emergency as a result of which it is not reasonably practical for a Funds to sell the investment securities or to calculate their NAV; or (c) the SEC permits such suspension for the protection of the Funds' shareholders. In the case of a suspension of the right of redemption, a shareholder may either withdraw his request for redemption or receive payment at the NAV of his shares existing after termination of the suspension.

Although it is the Trust's present policy to make payment of redemption proceeds in cash, if the Trust's Trustees determine it to be appropriate, redemption proceeds may be paid in whole or in part by a distribution in kind of securities held by the Funds, subject to the limitation that, pursuant to an election under Rule 18f-1 under the 1940 Act, each Fund is obligated to redeem shares solely in cash up to the lesser of $250,000 or 1% of the net asset value of a Fund during any 90-day period for any one account. The value of such securities shall be determined as of the close of trading of the NYSE on the business day on which the redemption is effective. In such circumstances, a shareholder might be required to bear transaction costs to dispose of such securities. A redemption in kind is a taxable transaction for federal income tax purposes.

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#### FEDERAL INCOME TAX MATTERS
The following is a general summary of certain U.S. federal income tax consequences of investing in a Fund. It is not intended to be a complete discussion of all such federal income tax consequences nor does it deal with all categories of investors. This discussion addresses only federal income tax consequences to shareholders of a Fund who hold their shares as capital assets and does not address all of the federal income tax consequences that may be relevant to particular shareholders in light of their individual circumstances. This discussion also does not address the tax consequences to shareholders who are subject to special rules, including, without limitation, shareholders with large positions in a Fund, financial institutions, insurance companies, dealers in securities or foreign currencies, non-U.S. shareholders (except as otherwise expressly provided), persons who hold their shares as or in a hedge against currency risk, a constructive sale, conversion transaction or other integrated transaction, holders who are subject to the federal alternative minimum tax, investors with "applicable financial statements" within the meaning of section 451(b) of the Internal Revenue Code of 1986, as amended (the "Code"), or tax-exempt or tax-advantaged plans, accounts, or entities. In addition, the discussion does not address any state, local or non-U.S. tax consequences. This discussion reflects applicable federal income tax laws of the United States as of the date of the Funds' Prospectus and this SAI, which provisions are subject to change by legislative, judicial or administrative action, possibly with retroactive effect. Shareholders are advised to consult their own tax advisers before making an investment in a Fund.

For purposes of this summary, a "U.S. shareholder" is a beneficial owner of shares of a Fund that is for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a citizen or individual resident of the United States (including certain former citizens and former long-term residents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a corporation or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a trust with respect to which a court within the United States is able to exercise primary supervision over its administration and one or more United States persons (as such term is defined under the Code) have the authority to control all of its substantial decisions or the trust has made a valid election in effect under applicable Treasury regulations to be treated as a United States person under the Code).

A "non-U.S. shareholder" is a beneficial owner of shares of a Fund that is an individual, corporation, trust or estate and is not a U.S. shareholder.

Each of the Funds has elected to be treated and intends to continue to qualify as a regulated investment company under Subchapter M of the Code ("regulated investment company"), so that the Fund will not be liable for federal income tax to the extent that its net investment income and net realized capital gains are currently distributed to its shareholders. Each of the Funds will qualify for this status as long as, among other things, it: (a) derives at least 90% of its gross income from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, other income (including gain from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities or foreign currencies, and net income derived from interests in qualified publicly traded partnerships; (b) invests in securities that satisfy certain diversification requirements at the end of each quarter of each taxable year; and (c) distributes to its shareholders each year at least 90% of its investment company taxable income (determined without regard to the deduction for dividends paid) and net tax-exempt interest income, if any.

If in any taxable year a Fund fails to qualify as a regulated investment company under Subchapter M of the Code, all of the Fund's taxable income will be subject to federal income tax at the regular corporate rate (without any deduction for distributions to shareholders) and the Fund's distributions, to the extent derived from its current or accumulated earnings and profits, will constitute dividends, which will generally be eligible for the dividends received deduction available to U.S. shareholders that are corporations under Section 243 of the Code. Furthermore, in such event, individual and other noncorporate U.S. shareholders of the Fund would generally be able to treat such distributions as "qualified dividend income" eligible for reduced rates of federal income taxation, provided certain holding period and other requirements are satisfied.

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Except for those U.S. shareholders exempt from federal income taxation or investing through a tax-advantaged account, dividends and capital gains distributions are taxable to U.S. shareholders whether paid in cash or reinvested in additional shares of a Fund. Except as provided below, dividends from net investment income are generally taxable to U.S. shareholders as ordinary income for federal income tax purposes. For corporate U.S. shareholders, such income dividends from domestic corporations may be eligible for the deduction for dividends received, provided certain holding period and other requirements are met at both the fund and shareholder level. For individual and other noncorporate U.S. shareholders, a portion of such dividends may qualify to be treated as "qualified dividend income" subject to reduced rates of federal income taxation, provided certain holding period and other requirements are met at both the fund and shareholder level. Dividends from foreign corporations are not treated as "qualified dividend income" if the foreign corporation is not incorporated in a possession of the United States or is not eligible for the benefits of a comprehensive income tax treaty with the United States (unless the foreign corporation stock is readily tradable on an established securities market in the United States) or if the foreign corporation is a passive foreign investment company or surrogate foreign corporation that is not treated as a domestic corporation under Section 7874(b) of the Code. If a Fund participates in a securities lending transaction and receives a payment in lieu of dividends with respect to securities on loan, such income generally will not constitute qualified dividend income or be eligible for the dividends received deduction. Distributions of long-term capital gains are taxable to U.S. shareholders as long-term capital gains regardless of the length of time that such shareholders have owned shares in a Fund. Short-term capital gain distributions are taxable to U.S. shareholders as ordinary income. Shareholders will be notified annually as to the federal income tax status of dividends and capital gains distributions. Such dividends and distributions may also be subject to state, local and other taxes.

Income dividends taxed as ordinary income are subject to federal income tax at rates up to 37% for individual and other noncorporate U.S. shareholders. "Qualified dividend income" is currently taxed at rates up to 20% for individual and other noncorporate U.S. shareholders. Long-term capital gain distributions (relating to assets held by a Fund for more than 12 months) made to individual and other noncorporate U.S. shareholders are currently taxable at a maximum rate of 20%. In addition, certain individuals and other noncorporate U.S. shareholders may be subject to the 3.8% Medicare contribution tax discussed below. For corporate U.S. shareholders, long-term capital gain distributions are taxed at the same rate as ordinary income.

In order to avoid a nondeductible 4% federal excise tax on undistributed amounts, each Fund must declare, by the end of the calendar year, a dividend to shareholders of record that represents an amount equal to the sum of 98% of its ordinary income for the calendar year plus 98.2% of its capital gain net income for the period from November 1 of the previous year through October 31 of the current year plus any undistributed ordinary income from the prior calendar year, plus any undistributed capital gain net income for the one-year period ended October 31 of the prior calendar year, less any overdistribution in the prior calendar year. Each Fund intends to declare or distribute dividends during the appropriate periods in an amount sufficient to avoid this 4% excise tax.

Any gain resulting from the sale or exchange of a Fund's shares generally will be taxable as capital gains. If a U.S. shareholder held such shares for more than one year, the gain will be a long-term capital gain. Long-term capital gain is currently taxable to U.S. shareholders that are individuals at a maximum federal income tax rate of 20%. Any loss realized on a sale or exchange will be disallowed to the extent that substantially identical shares are acquired (including through dividend reinvestment) within a period of 61 days beginning 30 days before and ending 30 days after the disposition of such shares. In such a case, the basis of the shares acquired will be adjusted to reflect the disallowed loss. Any loss incurred by U.S. shareholders on the redemption of shares of a Fund held six months or less will be treated as long-term capital losses to the extent of any capital gains distributions made by the Fund with respect to such shares. The ability to deduct capital losses may also be limited by other provisions of the Code.

An additional 3.8% Medicare contribution tax is imposed on certain net investment income (including income dividends and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. shareholders that are individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount.

Options, short sales, financial futures contracts and foreign currency transactions entered into by a Fund are subject to special tax rules that may accelerate income, defer losses, cause adjustments to the holding period of securities, convert capital gain into ordinary income, and convert short-term capital loss into long-term capital loss. As a result, these rules could affect the amount, timing, and character of Fund distributions.

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A Fund's transactions in broad based equity index futures contracts, exchange traded options on such indices and certain other futures contracts are generally considered "Section 1256 contracts" for federal income tax purposes. Any unrealized gains or losses on such Section 1256 contracts are treated as though they were realized at the end of each taxable year. The resulting gain or loss is treated as sixty percent long-term capital gain or loss and forty percent short-term capital gain or loss. Gain or loss recognized on actual sales of Section 1256 contracts is treated in the same manner.

Under the Code, gains or losses attributable to fluctuations in exchange rates which occur between the time a Fund accrues income or receivables or accrues expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such income or receivables or pays such expenses or liabilities generally are treated as ordinary income or loss. Similarly, on disposition of debt securities denominated in a foreign currency, gains or losses attributable to fluctuations in the value of the exchange rate of such foreign currency between the date of acquisition of the security or contract and the date of disposition also may be treated as ordinary gain or loss. These gains and losses may increase or decrease the amount of a Fund's investment company taxable income to be distributed to its shareholders as ordinary income.

Income received by a Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Income tax treaties between certain countries and the U.S. may reduce or eliminate such taxes. If more than 50% of the value of a Fund's total assets at the close of its taxable year consists of securities of foreign corporations and the Fund has distributed at least 90% of its investment company taxable income (determined without regard to the deduction for dividends paid) and net tax-exempt interest income, such Fund will be eligible to elect to "pass through" to such Fund's shareholders the amount of eligible foreign income and similar taxes paid by such Fund. If this election is made, a shareholder generally subject to federal income tax will be required to include in gross income (in addition to taxable dividends actually received) his, her or its pro rata share of foreign taxes paid by the Fund in computing his, her or its taxable income and to deduct such foreign taxes or use such taxes as a foreign tax credit against his, her or its U.S. federal income tax liability, subject in each case to certain limitations contained in the Code. No deduction for such foreign taxes may be claimed by a U.S. shareholder who does not itemize deductions. Each shareholder will be notified after the close of the Fund's taxable year whether the foreign taxes paid by the Fund will "pass through" for that year. If a Fund is not eligible or does not elect to pass through to shareholders the foreign taxes paid by the Fund, the net investment income of the Fund will be reduced by the foreign taxes paid by the Fund and shareholders will not be required to include in their gross income and will not be able to claim a credit or deduction for their pro rata share of foreign taxes paid by the Fund.

If a Fund receives a so-called "excess distribution" with respect to stock in a passive foreign investment company ("PFIC"), the Fund itself may be subject to federal income tax on a portion of the excess distribution or gain from the disposition of such shares, whether or not the corresponding income is distributed by the Fund to shareholders. A foreign corporation is classified as a PFIC for a taxable year if at least 50% of its assets produce passive income or are held for the production of passive income or 75% or more of its gross income for the taxable year is passive income. In general, under the PFIC rules, an excess distribution is treated as having been realized ratably over the period during which the Fund held the PFIC stock. A Fund itself will be subject to U.S. federal income tax (including interest) on the portion, if any, of an excess distribution that is so allocated to prior taxable years. Certain distributions from a PFIC as well as gain from the sale of PFIC stock may be treated as excess distributions. Excess distributions are characterized as ordinary income even though, absent application of the PFIC rules, certain excess distributions might have been classified as capital gain.

A Fund may be eligible to elect alternative tax treatment with respect to PFIC stock. Under an election that currently is available in some circumstances, a Fund generally would be required to include its share of the PFIC's income and net capital gain annually, regardless of whether distributions are received from the PFIC in a given year. If this election were made, the special rules discussed above relating to the taxation of excess distributions would not apply. In addition, another election may be available that would involve marking to market a Fund's PFIC shares at the end of each taxable year (and on certain other dates prescribed in the Code), with the result that unrealized gains are treated as though they were realized. If this election were made, tax at the Fund level under the PFIC rules would generally be eliminated, but the Fund could, in limited circumstances, incur nondeductible interest charges. Each election described above must be made separately for each PFIC owned by a Fund and, once made, would be effective for all subsequent taxable years, unless revoked with the consent of the IRS. In some circumstances, a Fund may not be able to make either of the elections.

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Because the application of the PFIC rules may affect, among other things, the character of gains and the amount of gain or loss and the timing of the recognition of income with respect to PFIC shares, and may subject a Fund itself to tax on certain income from PFIC shares, the amount that must be distributed to shareholders and will be taxed to shareholders by a Fund as ordinary income or long-term capital gain may be increased or decreased substantially as compared to a fund that did not invest in PFIC shares.

A Fund's investments in REIT equity securities, if any, may result in the receipt of cash in excess of the REIT's earnings. If a Fund distributes such amounts, such distributions could constitute a return of capital to U.S. shareholders for federal income tax purposes. In addition, such investments in REIT equity securities may require the Fund to accrue and distribute income not yet received. In order to generate sufficient cash to make the requisite distributions, a Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold.

For taxable years beginning after December 31, 2017, qualified REIT dividends (i.e., REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income) are eligible for a 20% federal income tax deduction in the case of U.S. shareholders that are individuals, trusts and estates. If a Fund receives qualified REIT dividends, it may elect to pass the special character of this income through to its shareholders. To be eligible to treat distributions from a Fund as qualified REIT dividends, a shareholder must hold shares of the Fund for more than 45 days during the 91-day period beginning on the date that is 45 days before the date on which the shares become ex dividend with respect to such dividend and the shareholder must not be under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. If a Fund does not elect to pass the special character of this income through to shareholders or if a shareholder does not satisfy the above holding period requirements, the shareholder will not be entitled to the 20% deduction for the shareholder's share of the Fund's qualified REIT dividend income while direct investors in REITs may be entitled to the deduction.

Certain distributions reported by a Fund as Section 163(j) interest dividends may be treated as interest income by U.S. shareholders for purposes of the interest expense limitations under Code Section 163(j). Such treatment by a U.S. shareholder is generally subject to holding period requirements and other potential limitations although the holding period requirements are generally not applicable to dividends declared by money market funds and certain other funds that declare dividends daily and pay such dividends on a monthly or more frequent basis. The amount that a Fund is eligible to report as a Section 163(j) interest dividend for a tax year is generally limited to the excess of the Fund's business interest income over the sum of the Fund's (i) business interest expense and (ii) other deductions properly allocable to the Fund's business interest income. A Fund may choose not to designate Section 163(j) interest dividends.

For any of its fiscal years, a Fund may use an accounting method (known as "equalization") that is designed to allocate equitably the tax burden of that Fund to all of its shareholders regardless of when during a tax year an individual shareholder redeemed (if ever) his, her or its shares of the Fund. Equalization allocates a pro rata share of taxable income to departing shareholders when they redeem shares of a Fund, reducing the amount of the distribution to be made to remaining shareholders of the Fund.

Federal law requires the Trust to withhold at a flat rate of 24% from dividends, distributions, sales proceeds, redemption proceeds (including from exchanges) and/or any other payments that occur in certain shareholder accounts if the U.S. shareholder has not properly furnished a correct taxpayer identification number (in the case of individuals, a social security number) or has not certified that withholding does not apply or if the Internal Revenue Service notifies the Trust that the U.S. shareholder is subject to backup withholding. Amounts withheld may be applied to the U.S. shareholder's federal income tax liability on such U.S. shareholder's federal income tax return and a refund may be obtained from the Internal Revenue Service if withholding results in overpayment of taxes for such year.

The foregoing discussion relates solely to U.S. federal income tax law. Non-U.S. shareholders should consult their tax advisers concerning the tax consequences of ownership of shares of a Fund, including the possibility that distributions may be subject to a 30% U.S. withholding tax (or a reduced rate of withholding provided by an applicable income tax treaty). However, a Fund will generally not be required to withhold tax on any amounts paid to a non-U.S. shareholder with respect to dividends attributable to "qualified short-term gain" (i.e., the excess of net short-term capital gain over net long-term capital loss) designated as such by the Fund and dividends attributable to certain U.S. source interest income that would not be subject to federal withholding tax if earned directly by a non-U.S. shareholder, provided such amounts are properly designated by such Fund. A Fund may choose not to designate such amounts.

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Special rules apply to non-U.S. shareholders who receive distributions from a Fund that are attributable to gain from "United States real property interests" ("USRPIs"). The Code defines USRPIs to include direct holdings of U.S. real property and any interest (other than an interest solely as a creditor) in a "United States real property holding corporation" or a former United States real property holding corporation. The Code defines a United States real property holding corporation as any corporation whose USRPIs make up 50% or more of the fair market value of its USRPIs, its interests in real property located outside the U.S., plus any other assets it uses in a trade or business. In general, if a Fund is a United States real property holding corporation (determined without regard to certain exceptions), distributions by such Fund that are attributable to (a) gains realized on the disposition of USPRIs by such Fund and (b) distributions received by such Fund from a lower-tier regulated investment company or REIT that such Fund is required to treat as USRPI gain in its hands will retain their character as gains realized from USRPIs in the hands of the non-U.S. shareholder and will be subject to U.S. federal withholding tax. In addition, such distributions could result in the non-U.S. shareholder being required to file a U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a non-U.S. shareholder, including the rate of such withholding and character of such distributions (e.g., ordinary income or USRPI gain) will vary depending on the extent of the non-U.S. shareholder's current and past ownership of such Fund.

In addition, if a Fund is a United States real property holding corporation or former United States real property holding corporation, the Fund may be required to withhold U.S. tax upon a redemption of shares by a greater-than-5% non-U.S. shareholder, and that non-U.S. shareholder would be required to file a U.S. income tax return for the year of the disposition of the USRPI and pay any additional tax due on the gain. However, no such withholding is generally required with respect to amounts paid in redemption of shares of a Fund if such Fund is a domestically controlled qualified investment entity, or, in certain other limited cases, if such Fund (whether or not domestically controlled) holds substantial investments in regulated investment companies that are domestically controlled qualified investment entities.

Sections 1471 - 1474 of the Code and the U.S. Treasury and Internal Revenue Service guidance issued thereunder (collectively, the "Foreign Account Tax Compliance Act" or "FATCA") generally require a Fund to obtain information sufficient to identify the status of each of its shareholders. If a shareholder fails to provide this information or otherwise fails to comply with FATCA, such Fund may be required to withhold under FATCA at a rate of 30% with respect to that shareholder on Fund dividends and distributions and on the proceeds of the sale, redemption, or exchange of Fund shares. Proposed Treasury Regulations, however, generally eliminate withholding under FATCA on gross proceeds, which include certain capital gains distributions and gross proceeds from a sale or disposition of Fund shares. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued. The Fund may disclose the information that it receives from (or concerning) its shareholders to the Internal Revenue Service, non-U.S. taxing authorities or other parties as necessary to comply with FATCA, related intergovernmental agreements or other applicable law or regulation. Each investor is urged to consult his, her or its tax advisor regarding the applicability of FATCA and any other reporting requirements with respect to the investor's own situation, including investments through an intermediary.

Shareholders are advised to consult their own tax advisers regarding specific questions as to federal, state, local, foreign and other taxes that may be applicable to owning, holding and/or disposing of Fund shares.

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#### SHAREHOLDER MEETINGS AND VOTING RIGHTS
As a general rule, the Trust is not required to and will not hold annual or other meetings of the shareholders. Special meetings of shareholders for actions requiring a shareholder vote may be requested in writing by holders of at least twenty-five percent (25%) (or ten percent (10%) if the purpose of the meeting is to determine if a Trustee is to be removed from office) of the outstanding shares of the Trust or as may be required by applicable law. Under the Trust's Agreement and Declaration of Trust, as amended ("Declaration of Trust"), shareholders are entitled to vote in connection with the following matters: (1) for the election or removal of Trustees if a meeting is called for such purpose; (2) with respect to the adoption of any contract for which approval is required by the 1940 Act; (3) with respect to any termination or reorganization of the Funds to the extent and as provided in the Declaration of the Trust; (4) with respect to any amendment of the Declaration of Trust (other than amendments changing the name of the Trust or the Funds, supplying any omission, curing any ambiguity or curing, correcting or supplementing any provision which is defective or inconsistent with the 1940 Act or the requirements of the Code and the regulations thereunder for the Trust's obtaining favorable treatment thereunder available to regulated investment companies); (5) as to whether or not a court action, proceeding or claim should or should not be brought or maintained derivatively or as a class action on behalf of the Trust or the shareholders, to the same extent as the stockholders of a Massachusetts business corporation; and (6) with respect to such additional matters relating to the Trust as may be required by law, the Declaration of Trust, the By-Laws of the Trust, or any registration of the Trust with the SEC or any state, or as the Trustees may consider necessary or desirable. Shareholders will vote in the aggregate, except when voting by individual Fund is required under the 1940 Act or when the Board of Trustees determines that voting by Fund is appropriate. The Declaration of Trust specifically authorizes the Board of Trustees to terminate the Trust (or any Fund of the Trust) without shareholder approval by notice to the shareholders. Each Trustee serves until the next meeting of shareholders, if any, called for the purpose of electing Trustees and until the election and qualification of his successor or until such Trustee sooner dies, resigns, retires or is removed by the majority vote of the shareholders or by the Trustees.

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#### ADDITIONAL INFORMATION

#### Trust History
The Trust is a diversified, open-end management investment company, organized as a business trust under the laws of Massachusetts on July 7, 1986. This SAI relates to the Funds. The Trust currently offers six series. Each Fund (except the Focused International Growth Fund) offers two separate classes of shares: Investor Class and Institutional Class.

The shares of a Fund represent an interest in the same assets of the Fund, and have the same rights and are identical in all material respects except that: (i) each class of shares bears different distribution fees; (ii) certain other class specific expenses will be borne solely by the class to which such expenses are attributable, including transfer agent fees attributable to a specific class of shares, printing and postage expenses related to preparing and distributing materials to current shareholders of a specific class, registration fees incurred by a specific class of shares, the expenses of administrative personnel and services required to support the shareholders of a specific class, litigation or other legal expenses relating to a class of shares, Trustees' fees or expenses incurred as a result of issues relating to a specific class of shares, and accounting fees and expenses relating to a specific class of shares; (iii) each class has exclusive voting rights with respect to matters relating to its own distribution arrangements; and (iv) each class offers different features and services to shareholders and has different investment minimums. The Board of Trustees may classify and reclassify the shares of any Fund into additional classes of shares at a future date.

The Trust's Declaration of Trust and the By-Laws of the Trust are designed to make the Trust similar in many respects to a corporation. However, under Massachusetts law, shareholders of a business trust may, under certain circumstances, be held personally liable for the obligations of the trust, which is not the case in a corporation. The Declaration of Trust provides that shareholders shall not be subject to any personal liability to any person extending credit to, contracting with or having any claims against the Trust and that every written agreement, obligation, instrument or undertaking made by the Trust shall contain a provision that the same is not binding upon the shareholders personally. Moreover, the Declaration of Trust provides for indemnification out of Trust property for all losses and expenses of any shareholder held personally liable for the obligations of the Trust, and the Trust will be covered by insurance which the Trustees believe to be adequate to cover foreseeable tort claims. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is considered remote.

#### Shares of the Funds
Pursuant to the Trust's Declaration of Trust, the Trust may issue an unlimited number of shares of beneficial interest in one or more series of "Funds," which may be further classified into "Classes," all having no par value. Except as described above regarding each Class having exclusive voting rights with respect to its own distribution arrangements, shares of each Fund have equal non-cumulative voting rights and equal rights with respect to dividends, assets and liquidation of such Fund. Shares are fully paid and non-assessable by the Trust when issued, are transferable without restriction and have no preemptive or conversion rights.

#### Custodian and Transfer Agent
The Custodian for the Trust is UMB Bank, N.A., 928 Grand Blvd. 5<sup>th</sup> Floor, Kansas City, Missouri 64106, a national banking association. The Trust has authorized the Custodian to deposit certain securities of the Funds in central depository systems as permitted by federal law. The Funds may invest in obligations of the Custodian and may purchase or sell securities from or to the Custodian. UMB Fund Services, Inc., 235 West Galena Street, Milwaukee, Wisconsin 53212, a Wisconsin corporation, is the Trust's Transfer Agent and acts as a dividend disbursing and redemption agent for the Trust. UMB Bank, N.A. and UMB Fund Services, Inc. are both wholly owned subsidiaries of UMB Financial Corp., a Missouri corporation.

The Funds have entered into an offset arrangement that may reduce a Fund's custody fee based on the amount of cash maintained by its custodian. OAM may benefit from the expense offset arrangement and OAM's obligation under an expense limitation agreement may be reduced by the credits earned.

[**Table of Contents**](#TOC001)

#### Independent Registered Public Accounting Firm
Cohen & Company, Ltd., 1835 Market Street, Suite 310, Philadelphia, PA 19103, audits and reports on the Funds' annual financial statements, reviews certain regulatory reports and performs other professional accounting, auditing and advisory services, when engaged to do so by the Trust. Cohen & Co Advisory, LLC, an affiliate of Cohen & Company, Ltd., prepares the Funds' income tax returns and provides tax services as requested.

#### Financial Statements
The audited financial statements of the Trust, including the notes thereto, contained in the Annual Report on Form N-CSR of the Trust for the fiscal year ended December 31, 2025 were filed with the Securities and Exchange Commission on March 6, 2026 and are incorporated herein by reference.

Shareholders may access the Trust's audited financial statements and unaudited financial statements on the Trust's website at Oberweisfunds.com.

#### Counsel
Vedder Price P.C., 222 North LaSalle Street, Chicago, Illinois 60601, is legal counsel to the Trust.

#### Other Information
The Trust's Prospectus and this SAI omit certain information contained in the Registration Statement, which the Trust has filed with the SEC under the Securities Act of 1933, and reference is hereby made to the Registration Statement for further information with respect to the Trust and the securities offered hereby. This Registration Statement is available for inspection by the public at the SEC in Washington, D.C.

[**Table of Contents**](#TOC001)

#### THE OBERWEIS FUNDS
PART C: OTHER INFORMATION

#### Item 28. Exhibits.

---

| | | |
|:---|:---|:---|
|  (a) | (1) | [Amended and Restated Agreement and Declaration of Trust.<sup>28</sup>](http://www.sec.gov/Archives/edgar/data/803020/000121390022002073/s134966_ex99-a1.htm) |
|  | (2) | [Written Instrument Establishing Classes of Oberweis International Opportunities Fund.<sup>31</sup>](http://www.sec.gov/Archives/edgar/data/803020/000101376223002337/ea162741_ex99-1b.htm) |
|  (b) | (1) | [By-Laws.<sup>11</sup>](http://www.sec.gov/Archives/edgar/data/803020/0000950131-95-002874.txt) |
|  | (2) | [Amendment to By-Laws.<sup>16</sup>](http://www.sec.gov/Archives/edgar/data/803020/000121390022002073/s134966_ex99-a1.htm) |
|  (c) |  | Not applicable. |
|  (d) | (1) | Management Agreement.<sup>5(P)</sup> |
|  | (2) | Amendment to Management Agreement as of February 16, 1994.<sup>9(P)</sup> |
|  | (3) | [Management Agreement dated October 1, 1994.<sup>11</sup>](http://www.sec.gov/Archives/edgar/data/803020/0000950131-95-002874.txt) |
|  | (4) | Investment Advisory Agreement.<sup>5(P)</sup> |
|  | (5) | [Investment Advisory Agreement dated October 1, 1994.<sup>11</sup>](http://www.sec.gov/Archives/edgar/data/803020/0000950131-95-002874.txt) |
|  | (6) | Transfer and Guaranty Agreement.<sup>7(P)</sup> |
|  | (7) | Written Notification required under Investment Advisory Agreement dated October 1, 1994 regarding the rendering of advisory services to the Micro-Cap Fund.<sup>12</sup> |
|  | (8) | [Written Notification required under Investment Advisory Agreement dated October 1, 1994 regarding the rendering of advisory services to the Mid-Cap Fund (now known as Oberweis Small-Cap Opportunities Fund).<sup>13</sup>](http://www.sec.gov/Archives/edgar/data/803020/0000950131-96-004501.txt) |
|  | (9) | [Investment Advisory and Management Agreement dated October 1, 2005 regarding the China Opportunities Fund.<sup>17</sup>](http://www.sec.gov/Archives/edgar/data/803020/000119312506236028/dex99d9.htm) |
|  | (10) | [Amended and Restated Investment Advisory and Management Agreement regarding the International Opportunities Fund.<sup>32</sup>](http://www.sec.gov/Archives/edgar/data/803020/000121390023098171/ea166642_ex99-d10.htm) |
|  | (11) | [Investment Advisory and Management Agreement dated February 1, 2008 regarding the Asia Opportunities Fund.<sup>19</sup>](http://www.sec.gov/Archives/edgar/data/803020/000119312508097255/dex99d11.htm) |
|  | (12) | [Investment Advisory and Management Agreement regarding the Small-Cap Value Fund.<sup>24</sup>](http://www.sec.gov/Archives/edgar/data/803020/000114420417050754/v475233_ex99-d13.htm) |
|  \* | (13) | [Amended and Restated Investment Advisory and Management Agreement regarding the Focused International Growth Fund.](ea0286192-01_ex99d13.htm) |
|  | (14) | [Investment Sub-Advisory Agreement regarding China Opportunities Fund.<sup>26</sup>](http://www.sec.gov/Archives/edgar/data/803020/000114420419022640/tv517754_ex99-d15.htm) |
|  (e) | (1) | [Distribution and Shareholder Service Agreement (For Investor Class Shares) as amended and restated May 19, 2017.<sup>25</sup>](http://www.sec.gov/Archives/edgar/data/803020/000114420418024001/tv488945_ex99-m2.htm) |
|  | (2) | [Distribution and Shareholder Service Agreement (For Institutional Class Shares) as amended and restated February 16, 2022.<sup>29</sup>](http://www.sec.gov/Archives/edgar/data/803020/000121390022015745/s135638_ex99-m3.htm) |
|  (f) |  | Not applicable. |
|  (g) | (1) | Custodian Agreement.<sup>1(P)</sup> |
|  | (2) | Letter Agreements renewing Custodian Agreement dated February 24, 1988,<sup>3(P)</sup> February 21, 1989,<sup>4(P)</sup> February 7, 1990,<sup>5(P)</sup> February 15, 1991,<sup>6(P)</sup> and February 13, 1992,<sup>7(P)</sup> respectively. |
|  | (3) | Letter Agreement dated January 27, 1993, renewing Custodian Agreement.<sup>8(P)</sup> |
|  | (4) | [Custodian Agreement dated August 3, 1993.<sup>11</sup>](http://www.sec.gov/Archives/edgar/data/803020/0000950131-95-002874.txt) |
|  | (5) | [Custody Agreement dated January 17, 2001.<sup>14</sup>](http://www.sec.gov/Archives/edgar/data/803020/000095013101500933/dex9923g5.txt) |
|  | (6) | [Custody, Recordkeeping and Administrative Services Agreement dated March 9, 2001.<sup>14</sup>](http://www.sec.gov/Archives/edgar/data/803020/000095013101500933/dex9923g6.txt) |
|  | (7) | [Amendment to Custody Agreement dated October 1, 2005.<sup>17</sup>](http://www.sec.gov/Archives/edgar/data/803020/000119312506236028/dex99g7.htm) |
|  | (8) | [Rule 17F-5 Delegation Agreement dated October 1, 2005.<sup>17</sup>](http://www.sec.gov/Archives/edgar/data/803020/000119312506236028/dex99g8.htm) |
|  (h) | (1) | Transfer Agency Agreement.<sup>1(P)</sup> |
|  | (2) | Letter Agreements renewing Transfer Agency Agreement dated February 24, 1988,<sup>3(P)</sup> February 21, 1989,<sup>4(P)</sup> February 7, 1990,<sup>5(P)</sup> February 15, 1991,<sup>6(P)</sup> and February 13, 1992,<sup>7(P)</sup> respectively. |
|  | (3) | Letter Agreement dated January 27, 1993, renewing Transfer Agency Agreement.<sup>8(P)</sup> |
|  | (4) | [Transfer Agent Agreement dated August 3, 1993.<sup>11</sup>](http://www.sec.gov/Archives/edgar/data/803020/0000950131-95-002874.txt) |
|  | (5) | [Transfer Agency Agreement, Fund Accounting Agreement and Blue Sky Filing Services Agreement dated March 9, 2001.<sup>14</sup>](http://www.sec.gov/Archives/edgar/data/803020/000095013101500933/dex9923h5.txt) |
|  | (6) | [Addendum to Transfer Agency Agreement effective November 1, 2006.<sup>17</sup>](http://www.sec.gov/Archives/edgar/data/803020/000119312506236028/dex99h6.htm) |
|  \* | (7) | [Amended and Restated Expense Limitation Agreement (Micro-Cap Fund, Global Opportunities Fund and Small-Cap Opportunities Fund).](ea0286192-01_ex99h7.htm) |

---

[**Table of Contents**](#TOC001)

---

| | | |
|:---|:---|:---|
| \* | (8) | [Amended and Restated Expense Limitation Agreement (China Opportunities Fund).](ea0286192-01_ex99h8.htm) |
|  | (9) | [Amended and Restated Expense Limitation Agreement (International Opportunities Fund).<sup>32</sup>](http://www.sec.gov/Archives/edgar/data/803020/000121390023098171/ea166642_ex99-h9.htm) |
| \* | (10) | [Amended and Restated Expense Limitation Agreement (Focused International Growth Fund).](ea0286192-01_ex99h10.htm) |
|  | (11) | [Fund of Funds Investment Agreement<sup>29</sup>](http://www.sec.gov/Archives/edgar/data/803020/000121390022015745/s135638_ex99-h13.htm) |
|  (i) |  | [Consent and Opinion of Vedder Price P.C.<sup>33</sup>](http://www.sec.gov/Archives/edgar/data/803020/000121390024037377/ea0204232-01_ex99i.htm) |
|  (j)<br> \* | (1) | [Consent of Cohen & Company. Ltd., independent registered public accounting firm.](ea0286192-01_ex99j1.htm) |
|  (k) |  | Not applicable. |
|  (l) | (1) | Form of Contribution Agreement with Initial Shareholders.<sup>1(P)</sup> |
|  | (2) | Contribution Agreement dated December 8, 1986, from James D. Oberweis with respect to the purchase of an aggregate of 5,500 shares as custodian for two minor children for $10.00 each (a total of $55,000).<sup>2(P)</sup> |
|  | (3) | Contribution Agreement dated December 8, 1986, from Lora J. Oberweis with respect to the purchase of 2,000 shares for $10.00 each (a total of $20,000).<sup>2(P)</sup> |
|  | (4) | Contribution Agreement dated December 8, 1986, from Helen Cisek with respect to the purchase of 1,500 shares for $10.00 each (a total of $15,000).<sup>2(P)</sup> |
|  | (5) | Contribution Agreement dated December 8, 1986, from Tedd Determan with respect to the purchase of an aggregate of 1,000 shares for $10.00 each (a total of $10,000).<sup>2(P)</sup> |
|  (m)<br> \* | (1) | [Rule 12b-1 Plan as amended and restated November 19, 2025.](ea0286192-01_ex99m1.htm) |
|  (n) |  | [Amended Rule 18f-3 Plan.<sup>31</sup>](http://www.sec.gov/Archives/edgar/data/803020/000101376223002337/ea162741_ex99-10c.htm) |
|  (o) |  | Reserved. |
|  (p)<br> \* |  | [Amended Code of Ethics.](ea0286192-01_ex99p.htm) |
|  EX-101.INS | EX-101.INS | XBRL Instance Document — the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |
|  EX-101.SCH | EX-101.SCH | XBRL Taxonomy Extension Schema Document |
|  EX-101.CAL | EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase |
|  EX-101.DEF | EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase |
|  EX-101.LAB | EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase |
|  EX-101.PRE | EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase |

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____________

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filed herein.

1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Previously filed with the Registration Statement and incorporated herein by reference.

1A&nbsp;&nbsp;&nbsp;&nbsp; Previously filed with the Registration Statement.

2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Previously filed with Pre-Effective Amendment No. 2 (Amendment No. 2) dated January 14, 1987 and incorporated herein by reference.

2A&nbsp;&nbsp;&nbsp;&nbsp; Previously filed with Pre-Effective Amendment No. 2.

3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Previously filed with Post-Effective Amendment No. 2 (Amendment No. 4) dated February 28, 1988.

4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Previously filed with Post-Effective Amendment No. 3 (Amendment No. 5) dated March 2, 1989 and incorporated herein by reference.

5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Previously filed with Post-Effective Amendment No. 4 (Amendment No. 6) dated February 28, 1990 and incorporated herein by reference.

6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Previously filed with Post-Effective Amendment No. 5 (Amendment No. 7) dated March 1, 1991 and incorporated herein by reference.

7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Previously filed with Post-Effective Amendment No. 6 (Amendment No. 8) dated March 2, 1992 and incorporated herein by reference.

8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Previously filed with Post-Effective Amendment No. 7 (Amendment No. 9) dated March 1, 1993 and incorporated herein by reference.

9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Previously filed with Post-Effective Amendment No. 8 amendment No. 10) dated April 29, 1994 and incorporated herein by reference.

10&nbsp;&nbsp;&nbsp;&nbsp; Previously filed with Post-Effective Amendment No. 9 amendment No. 11) dated February 28, 1995 and incorporated herein by reference.

11&nbsp;&nbsp;&nbsp;&nbsp; Previously filed via EDGAR with Post-Effective Amendment No. 10 (Amendment No. 12) dated October 18, 1995 and incorporated herein by reference.

12&nbsp;&nbsp;&nbsp;&nbsp; Previously filed with Post-Effective Amendment No. 11 (Amendment No. 13) dated December 21, 1995 and incorporated herein by reference.

13&nbsp;&nbsp;&nbsp;&nbsp; Previously filed with Post-Effective Amendment No. 14 (Amendment No. 16) dated September 12, 1996 and incorporated herein by reference.

14&nbsp;&nbsp;&nbsp;&nbsp; Previously filed with Post-Effective Amendment No. 19 (Amendment No. 21) dated April 27, 2001 and incorporated herein by reference.

[**Table of Contents**](#TOC001)

15&nbsp;&nbsp;&nbsp;&nbsp; Previously filed with Post-Effective Amendment No. 21 (Amendment No. 23) dated April 28, 2003 and incorporated herein by reference.

16&nbsp;&nbsp;&nbsp;&nbsp; Previously filed with Post-Effective Amendment No. 23 (Amendment No. 25) dated February 25, 2005 and incorporated herein by reference.

17&nbsp;&nbsp;&nbsp;&nbsp; Previously filed with Post-Effective Amendment No. 27 (Amendment No. 29) dated November 15, 2006 and incorporated herein by reference.

18&nbsp;&nbsp;&nbsp;&nbsp; Previously filed with Post-Effective Amendment No. 29 (Amendment No. 31) dated April 27, 2007 and incorporated herein by reference.

19&nbsp;&nbsp;&nbsp;&nbsp; Previously filed with Post-Effective Amendment No. 32 (Amendment No. 34) dated April 30, 2008 and incorporated herein by reference.

20&nbsp;&nbsp;&nbsp;&nbsp; Previously filed with Post-Effective Amendment No. 44 (Amendment No. 46) dated March 6, 2014 and incorporated herein by reference.

21&nbsp;&nbsp;&nbsp;&nbsp; Previously filed with Post-Effective Amendment No. 48 (Amendment No. 50) dated April 30, 2015 and incorporated herein by reference.

22&nbsp;&nbsp;&nbsp;&nbsp; Previously filed with Post-Effective Amendment No. 54 (Amendment No. 56) dated April 28, 2017 and incorporated herein by reference.

23&nbsp;&nbsp;&nbsp;&nbsp; Previously filed with Post-Effective Amendment No. 56 (Amendment No. 58) dated June 7, 2017 and incorporated herein by reference.

24&nbsp;&nbsp;&nbsp;&nbsp; Previously filed with Post-Effective Amendment No. 59 (Amendment No. 61) dated September 29, 2017 and incorporated herein by reference.

25&nbsp;&nbsp;&nbsp;&nbsp; Previously filed with Post-Effective Amendment No. 63 (Amendment No. 65) dated May 1, 2018 and incorporated herein by reference.

26&nbsp;&nbsp;&nbsp;&nbsp; Previously filed with Post-Effective Amendment No. 65 (Amendment No. 67) dated May 1, 2019 and incorporated herein by reference.

27&nbsp;&nbsp;&nbsp;&nbsp; Previously filed with Post-Effective Amendment No. 69 (Amendment No. 71) dated May 1, 2021 and incorporated herein by reference.

28&nbsp;&nbsp;&nbsp;&nbsp; Previously filed with Post-Effective Amendment No. 70 (Amendment No. 72) dated January 14, 2022 and incorporated herein by reference.

29&nbsp;&nbsp;&nbsp;&nbsp; Previously filed with Post-Effective Amendment No. 71 (Amendment No. 73) dated March 29, 2022 and incorporated herein by reference.

30&nbsp;&nbsp;&nbsp;&nbsp; Previously filed with Post-Effective Amendment No. 73 (Amendment No. 75) dated April 28, 2023 and incorporated herein by reference.

31&nbsp;&nbsp;&nbsp;&nbsp; Previously filed with the Registrant's Registration Statement on Form N-14 dated October 6, 2023 and incorporated herein by reference.

32&nbsp;&nbsp;&nbsp;&nbsp; Previously filed with Post-Effective Amendment No. 75 (Amendment No. 77) dated December 22, 2023 and incorporated herein by reference.

33&nbsp;&nbsp;&nbsp;&nbsp; Previously filed with Post-Effective Amendment No. 76 (Amendment No. 78) dated April 29, 2024 and incorporated herein by reference.

(P)&nbsp;&nbsp;&nbsp;&nbsp; These filings are not available electronically on the SEC website as they were filed in paper prior to the electronic system that is currently in place.

#### Item 29. Persons Controlled By or Under Common Control With Registrant.
Inapplicable.

#### Item 30. Indemnification
A response has been previously filed with Pre-Effective Amendment No. 2 (Amendment No. 2) dated January 14, 1987 and is incorporated herein by reference. The Fund has also purchased a liability policy which indemnifies the Fund's officers and trustees against loss arising from claims by reason of their legal liability for acts as officers and trustees, subject to limitations and conditions as set forth in such policy.

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#### Item 31. Business and Other Connection of Investment Adviser.

#### Oberweis Asset Management, Inc.

---

| | | |
|:---|:---|:---|
|  **Name** | **Position with Adviser** | **Other Business, Profession, Vocation or Employment** |
|  James W. Oberweis | President, Chairman of the Board, Director and Portfolio Manager | President and Director — Oberweis Securities, Inc.; Chairman — Oberweis Asset Management (Hong Kong) Limited; Chairman — Oberweis Asset Management UK Limited |
|  Eric V. Hannemann | CFO and Treasurer | CFO and Treasurer — Oberweis Securities, Inc. |
|  David I. Covas | Vice President | Vice President and Registered Representative — <br>Oberweis Securities, Inc. |
|  Thomas P. Joyce | Chief Compliance Officer and Secretary | Secretary and Chief Compliance Officer — Oberweis Securities, Inc. |

---

#### Item 32. Principal Underwriters
(a)&nbsp;&nbsp;&nbsp;&nbsp; None.

(b)&nbsp;&nbsp;&nbsp;&nbsp;Set forth below are the names of the directors and officers of Oberweis Securities, Inc.:

---

| | | |
|:---|:---|:---|
|  **Name** | **Positions and Offices with Underwriter** | **Positions and Offices with Fund** |
|  James W. Oberweis | Director and President | President |
|  Eric V. Hannemann | Treasurer and Chief Financial Officer | Treasurer and Chief Financial Officer |
|  David I. Covas | Vice President | Vice President |
|  Thomas P. Joyce | Chief Compliance Officer and Secretary  | Secretary and Chief Compliance Officer |

---

The principal business address of all such persons is 3333 Warrenville Road, Suite 500, Lisle, Illinois 60532.

(c)&nbsp;&nbsp;&nbsp;&nbsp; None.

#### Item 33. Location of Accounts and Records
The accounts, books and other documents required to be maintained by Registrant pursuant to Section 31(a) of the Investment Company Act of 1940 and rules promulgated thereunder are in the possession of Oberweis Asset Management, Inc. at its offices at 3333 Warrenville Road, Suite 500, Lisle, Illinois 60532, except those books, records and other documents maintained by the custodian, UMB Bank, N.A., 928 Grand Blvd., Kansas City, Missouri 64106, and the transfer agent and registrar, UMB Fund Services, Inc., 235 W. Galena Street, Milwaukee, WI 53212.

#### Item 34. Management Services
Not applicable.

#### Item 35. Undertakings
(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

(c)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

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#### SIGNATURES
Pursuant to the requirements of the Securities Act and the Investment Company Act, the Fund certifies that it meets all the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Lisle, the State of Illinois, on the 30<sup>th</sup> day of April, 2026.

---

| | |
|:---|:---|
|  **THE OBERWEIS FUNDS** | **THE OBERWEIS FUNDS** |
|  By: | /s/ James W. Oberweis |
|  | James W. Oberweis <br> President |

---

Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on the dates indicated:

---

| | | |
|:---|:---|:---|
|  **Signature** | **Capacity** | **Date** |
|  /s/ Alix J. Charles | Trustee | April 30, 2026 |
|  Alix J. Charles |  |  |
|  /s/ Katherine Smith Dedrick | Trustee | April 30, 2026 |
|  Katherine Smith Dedrick |  |  |
|  /s/ Michael J. Simon | Trustee | April 30, 2026 |
|  Michael J. Simon |  |  |
|  /s/ James W. Oberweis | Trustee, President | April 30, 2026 |
|  James W. Oberweis | (Principal Executive Officer) |  |
|  /s/ Eric V. Hannemann | Treasurer | April 30, 2026 |
|  Eric V. Hannemann | (Principal Financial and Accounting Officer) |  |

---

[**Table of Contents**](#TOC001)

#### INDEX TO EXHIBITS

---

| | |
|:---|:---|
|  **Exhibit<br>Number** | **Description of Exhibit** |
|  (d)(13) | [Amended and Restated Investment Advisory and Management Agreement regarding the Focused International Growth Fund.](ea0286192-01_ex99d13.htm) |
|  (h)(7) | [Amended and Restated Expense Limitation Agreement (Micro-Cap Fund, Global Opportunities Fund and Small-Cap Opportunities Fund).](ea0286192-01_ex99h7.htm) |
|  (h)(8) | [Amended and Restated Expense Limitation Agreement (China Opportunities Fund).](ea0286192-01_ex99h8.htm) |
|  (h)(10) | [Amended and Restated Expense Limitation Agreement (Focused International Growth Fund).](ea0286192-01_ex99h10.htm) |
|  (j)(1) | [Consent of Cohen & Company. Ltd., independent regsitered public accounting firm.](ea0286192-01_ex99j1.htm) |
|  (m)(1) | [Rule 12b-1 Plan as amended and restated November 19, 2025.](ea0286192-01_ex99m1.htm) |
|  (p) | [Amended Code of Ethics.](ea0286192-01_ex99p.htm) |

---

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## Ex-99.(D)(13)

**Exhibit (d)(13)**

**amended and restated<br> expense limitation agreement**

Agreement dated as of the 16th day of February, 2022 as further amended and restated the 31st day of December, 2025, by and between The Oberweis Funds (the "Trust"), a Massachusetts business trust, on behalf of the Oberweis Focused International Growth Fund (the "Fund") and Oberweis Asset Management, Inc., an Illinois corporation (the "Adviser").

**WHEREAS,** the Trust has entered into an investment advisory and management agreement with respect to the Fund with the Adviser (the "Advisory Agreement"); and

**WHEREAS,** the Trust and the Adviser wish to agree to an expense limitation with respect to the Fund;

**NOW, THEREFORE,** in consideration of the promises and covenants herein contained, the parties hereto, intending to be legally bound, do hereby agree:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>EXPENSE LIMITATION</u>.

In the event the annual operating expenses of the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Fund during which the Advisory Agreement is in effect exceed .81% of the average daily net assets of the Fund ("Operating Expense Limit"), the Adviser agrees, subject to Section 2, to reimburse the Fund for 100% of such excess ("Adviser Reimbursement"); provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund's shareholders and related proxy solicitation shall not be deemed to be extraordinary (collectively, "Fund Operating Expenses"). Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation.

Notwithstanding anything in the foregoing to the contrary, the Adviser shall not be obligated to reimburse the Fund in an amount exceeding its investment advisory and management fee for the period, except to the extent required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund agrees to repay Adviser the aggregate amount of Fund Operating Expenses reimbursed by Adviser, if any, in accordance with Section 1 ("Recoupment Payment"), subject to the limitations in this Section 2 and provided the Advisory Agreement is still in effect. A Recoupment Payment amount shall be determined on a monthly basis as of the last business day of the month, but only if the Fund Operating Expenses for that day, without regard to such repayment, are of an amount equal to or less than the Operating Expense Limit, as set forth in Section 1. Further, the amount of a Recoupment Payment by the Fund in any month shall be limited so that the sum of (a) the amount of such payment and (b) the Fund Operating Expenses do not exceed the Operating Expense Limit for such Fund or class thereof. Repayment shall be made on a monthly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Recoupment Payments are subject to repayment by the Fund or class thereof within the three (3) years following the date on which the Operating Expenses were incurred if the Fund or class thereof is able to make the repayment without exceeding the Operating Expense Limit for such Fund or class in effect at the time repayment is sought or the Operating Expense Limit in effect at the time of the initial Adviser Reimbursement, whichever is lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>MISCELLANEOUS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interpretation</u>. Nothing herein contained shall be deemed to require the Trust or the Fund to take any action contrary to the Trust's Agreement and Declaration of Trust (the "Trust Agreement") or By-Laws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Trust's Board of Trustees of its responsibility for and control of the conduct of the affairs of the Trust or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Definitions</u>. Any question of interpretation of any term or provision of this Agreement, including but not limited to the investment advisory and management fee, having a counterpart in or otherwise derived from the terms and provisions of the Advisory Agreement or the Investment Company Act of 1940 (the "1940 Act"), shall have the same meaning as and be resolved by reference to such Advisory Agreement or the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Term and Continuation</u>. This Agreement shall continue in effect through April 30, 2026 and shall automatically renew annually from year to year thereafter on the effective date of each subsequent annual update to the Trust's registration statement, until such time as the Adviser provides sixty (60) days' prior written notice of non-renewal to the Trust. Such annual renewal will have the effect of extending this Agreement for an additional one-year term. Any notice of non-renewal of this Agreement by the Adviser shall be prospective only, and shall not affect a party's existing obligations under this Agreement. The Trust, on behalf of the Fund, may terminate this Agreement at any time. This Agreement shall terminate immediately upon the termination of the Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Amendments</u>. Except for termination, this Agreement may be amended only by a written agreement signed by each of the parties hereto. Any such amendment is subject to the approval of the Trust's Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Limitation of Liability</u>. This Agreement is executed by or on behalf of the Fund and the Adviser is hereby expressly put on notice of the limitation of Shareholder and Trustee liability as set forth in the Trust Agreement, and agrees that the obligations assumed by the Fund pursuant to this Agreement shall be limited in all cases to the Fund and its assets, and the Adviser shall not seek satisfaction of any such obligations from the Shareholders or any Shareholder of the Fund. In addition, the Adviser shall not seek satisfaction of any such obligations from the trustees or officers of the Fund or any individual trustee or officer.

IN WITNESS WHEREOF the parties hereto have caused this amended and restated Agreement to be signed by their duly authorized officers as of the day and year written above.

---

| | |
|:---|:---|
| THE OBERWEIS FUNDS | THE OBERWEIS FUNDS |
| By: | /s/ Eric V. Hannemann |
| Its: | Treasurer |

---

---

| | |
|:---|:---|
| Attest: | Attest: |
|  | /s/ Thomas Joyce |
| Its: | Secretary |

---

---

| | |
|:---|:---|
| OBERWEIS ASSET MANAGEMENT, INC. | OBERWEIS ASSET MANAGEMENT, INC. |
| By: | /s/ Eric V. Hannemann |
| Its: | Chief Financial Officer |

---

---

| | |
|:---|:---|
| Attest: | Attest: |
|  | /s/ Thomas Joyce |
| Its: | Secretary |

---

## Ex-99.(H)(7)

**Exhibit (h)(7)**

**AMENDED AND RESTATED<br> expense limitation agreement**

Agreement dated as of the 7th day of May, 2003 as further amended and restated the 20th day of February, 2026, by and between The Oberweis Funds (the "Trust"), a Massachusetts business trust, on behalf of each of the Oberweis Micro-Cap Fund, Oberweis Global Opportunities Fund and Oberweis Small-Cap Opportunities Fund (each a "Fund" and collectively, the "Funds") and Oberweis Asset Management, Inc., an Illinois corporation (the "Manager").

**WHEREAS,** the Trust has entered into a management agreement with respect to the Funds, with the Manager (the "Management Agreement"); and

**WHEREAS,** the Trust and the Manager wish to agree to certain expense limitations with respect to the Funds;

**NOW, THEREFORE,** in consideration of the promises and covenants herein contained, the parties hereto, intending to be legally bound, do hereby agree:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>EXPENSE LIMITATION</u>.

For the period May 1, 2017 through April 30, 2027, in the event the operating expenses of a Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Trust during which the management agreement is in effect exceed the amounts set forth on Schedule A hereto, expressed as a percentage of the Fund's average daily net assets, the Manager shall reimburse the Fund for 100% of such excess; provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund's shareholders and related proxy solicitation shall not be deemed to be extraordinary.

Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. As of the end of the Trust's fiscal year, however, the aggregate amount of reimbursements, if any, by the Manager to the Fund in excess of the amount necessary to limit the operating expenses on an annual basis to said expense limitations shall be refunded to the Manager. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation.

Notwithstanding anything in the foregoing to the contrary, Manager shall not be obligated to reimburse the Fund in an amount exceeding the aggregate of its fee plus any fee paid to Manager for investment advisory services for the period, except to the extent required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>MISCELLANEOUS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Management Agreement</u>. The terms of the Management Agreement are not otherwise affected, modified or terminated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Interpretation</u>. Nothing herein contained shall be deemed to require the Trust or any Fund to take any action contrary to the Trust's Amended and Restated Agreement and Declaration of Trust (the "Trust Agreement") or By-Laws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Trust's Board of Trustees of its responsibility for and control of the conduct of the affairs of the Trust or the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Definitions</u>. Any question of interpretation of any term or provision of this Agreement, including but not limited to the management fee, having a counterpart in or otherwise derived from the terms and provisions of the Management Agreement or the Investment Company Act of 1940 (the "1940 Act"), shall have the same meaning as and be resolved by reference to such Management Agreement or the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Amendments</u>. Except for termination, this Agreement may be amended only by a written agreement signed by each of the parties hereto. Any such amendment is subject to the approval of the Trust's Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Limitation of Liability</u>. This Agreement is executed by or on behalf of the Funds and the Manager is hereby expressly put on notice of the limitation of Shareholder and Trustee liability as set forth in the Trust Agreement, and agrees that the obligations assumed by the Funds pursuant to this Agreement shall be limited in all cases to the Funds and their respective assets, and the Manager shall not seek satisfaction of any such obligations from the Shareholders or any Shareholder of the Funds. In addition, the Manager shall not seek satisfaction of any such obligations from the trustees or officers of the Funds or any individual trustee or officer.

[SIGNATURES FOLLOW ON NEXT PAGE]

IN WITNESS WHEREOF the parties hereto have caused this amended and restated Agreement to be signed by their duly authorized officers as of the day and year written above.

---

| | | | |
|:---|:---|:---|:---|
|  |  | THE OBERWEIS FUNDS | THE OBERWEIS FUNDS |
|  |  | By: | /s/ Eric V. Hannemann |
|  |  | Its: | Treasurer |
| Attest: | Attest: |  |  |
|  | /s/ Thomas Joyce |  |  |
| Its: | Secretary |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | OBERWEIS ASSET MANAGEMENT, INC. | OBERWEIS ASSET MANAGEMENT, INC. |
|  |  | By: | /s/ Eric V. Hannemann |
|  |  | Its: | Chief Financial Officer |
| Attest: | Attest: |  |  |
|  | /s/ Thomas Joyce |  |  |
| Its: | Secretary |  |  |

---

**Schedule A**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund/Class** | &nbsp;&nbsp;**Expense Limitation** |
| &nbsp;&nbsp;Oberweis Micro-Cap Fund – Investor Class Shares | &nbsp;&nbsp;1.8% of the first $50,000,000; plus <br> 1.6% of average daily net assets in excess of $50,000,000 |
| &nbsp;&nbsp;Oberweis Micro-Cap Fund – Institutional Class Shares | &nbsp;&nbsp;1.55% of the first $50,000,000; plus <br> 1.35% of average daily net assets in excess of $50,000,000 |
| &nbsp;&nbsp;Oberweis Global Opportunities Fund – Investor Class Shares | &nbsp;&nbsp;1.8% of the first $50,000,000; plus <br> 1.6% of average daily net assets in excess of $50,000,000 |
| &nbsp;&nbsp;Oberweis Global Opportunities Fund – Institutional Class Shares | &nbsp;&nbsp;1.55% of the first $50,000,000; plus<br> 1.35% of average daily net assets in excess of $50,000,000 |
| &nbsp;&nbsp;Oberweis Small-Cap Opportunities Fund – Investor Class Shares | &nbsp;&nbsp;1.25% of average daily net assets |
| &nbsp;&nbsp;Oberweis Small-Cap Opportunities Fund – Institutional Class Shares | &nbsp;&nbsp;1.00% of average daily net assets |

---

## Ex-99.(H)(8)

**Exhibit (h)(8)**

**AMENDED AND RESTATED<br> expense limitation agreement**

Agreement dated as of the 1st day of October, 2005 as further amended and restated the 15th day of May, 2023 and the 20th day of August, 2025, by and between The Oberweis Funds (the "Trust"), a Massachusetts business trust, on behalf of the Oberweis China Opportunities Fund (the "Fund") and Oberweis Asset Management, Inc., an Illinois corporation (the "Adviser").

**WHEREAS,** the Trust has entered into an investment advisory and management agreement with respect to the Fund with the Adviser (the "Advisory Agreement"); and

**WHEREAS,** the Trust and the Adviser wish to agree to an expense limitation with respect to the Fund;

**NOW, THEREFORE,** in consideration of the promises and covenants herein contained, the parties hereto, intending to be legally bound, do hereby agree:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>EXPENSE LIMITATION</u>.

Effective September 30, 2025 in the event the annual operating expenses of the Fund on an accrual basis, including all investment advisory, management and administrative fees, for any fiscal year of the Fund during which the Advisory Agreement is in effect exceed 1.80% and 1.55% of the average daily net assets of the Fund for its Investor Class Shares and Institutional Class Shares, respectively ("Operating Expense Limit"), the Adviser agrees, subject to Section 2, to reimburse the Fund for 100% of such excess ("Adviser Reimbursement"); provided, however, there shall be excluded from such expenses the amount of any interest, taxes, brokerage commissions, and extraordinary expenses (including but not limited to legal claims and liabilities and litigation costs and any indemnification related thereto) paid or payable by the Fund; provided further, however that fees and expenses relating to meetings of the Fund's shareholders and related proxy solicitation shall not be deemed to be extraordinary (collectively, "Fund Operating Expenses"). Such reimbursement, if any, shall be computed and accrued daily, shall be settled on a monthly basis and shall be based upon the expenses and average net assets computed through the last business day of the month. If this Agreement is in effect during only part of a fiscal year, the expenses of the Fund during such part of the year shall be annualized for purposes of applying the foregoing expense limitation.

Notwithstanding anything in the foregoing to the contrary, the Adviser shall not be obligated to reimburse the Fund in an amount exceeding its investment advisory and management fee for the period, except to the extent required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund agrees to repay Adviser the aggregate amount of Fund Operating Expenses reimbursed by Adviser, if any, in accordance with Section 1 ("Recoupment Payment"), subject to the limitations in this Section 2 and provided the Advisory Agreement is still in effect. A Recoupment Payment amount shall be determined on a monthly basis as of the last business day of the month, but only if the Fund Operating Expenses for that day, without regard to such repayment, are of an amount equal to or less than the Operating Expense Limit, as set forth in Section 1. Further, the amount of a Recoupment Payment by the Fund in any month shall be limited so that the sum of (a) the amount of such payment and (b) the Fund Operating Expenses do not exceed the Operating Expense Limit for such Fund or class thereof. Repayment shall be made on a monthly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Recoupment Payments are subject to repayment by the Fund or class thereof within the three (3) years following the date on which the Operating Expenses were incurred if the Fund or class thereof is able to make the repayment without exceeding the Operating Expense Limit for such Fund or class in effect at the time repayment is sought or the Operating Expense Limit in effect at the time of the initial Adviser Reimbursement, whichever is lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>MISCELLANEOUS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Interpretation</u>. Nothing herein contained shall be deemed to require the Trust or the Fund to take any action contrary to the Trust's Agreement and Declaration of Trust (the "Trust Agreement") or By-Laws, or any applicable statutory or regulatory requirement to which it is subject or by which it is bound, or to relieve or deprive the Trust's Board of Trustees of its responsibility for and control of the conduct of the affairs of the Trust or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Definitions</u>. Any question of interpretation of any term or provision of this Agreement, including but not limited to the investment advisory and management fee, having a counterpart in or otherwise derived from the terms and provisions of the Advisory Agreement or the Investment Company Act of 1940 (the "1940 Act"), shall have the same meaning as and be resolved by reference to such Advisory Agreement or the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Term and Continuation</u>. This Agreement shall continue in effect through April 30, 2026 and shall automatically renew annually from year to year thereafter on the effective date of each subsequent annual update to the Trust's registration statement, until such time as the Adviser provides sixty (60) days' prior written notice of non-renewal to the Trust. Such annual renewal will have the effect of extending this Agreement for an additional one-year term. Any notice of non-renewal of this Agreement by the Adviser shall be prospective only, and shall not affect a party's existing obligations under this Agreement. The Trust, on behalf of the Fund, may terminate this Agreement at any time. This Agreement shall terminate immediately upon the termination of the Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Amendments</u>. Except for termination, this Agreement may be amended only by a written agreement signed by each of the parties hereto. Any such amendment is subject to the approval of the Trust's Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Limitation of Liability</u>. This Agreement is executed by or on behalf of the Fund and the Adviser is hereby expressly put on notice of the limitation of Shareholder and Trustee liability as set forth in the Trust Agreement, and agrees that the obligations assumed by the Fund pursuant to this Agreement shall be limited in all cases to the Fund and its assets, and the Adviser shall not seek satisfaction of any such obligations from the Shareholders or any Shareholder of the Fund. In addition, the Adviser shall not seek satisfaction of any such obligations from the trustees or officers of the Fund or any individual trustee or officer.

IN WITNESS WHEREOF the parties hereto have caused this amended and restated Agreement to be signed by their duly authorized officers as of the day and year written above.

---

| | | | |
|:---|:---|:---|:---|
| | | THE OBERWEIS FUNDS | THE OBERWEIS FUNDS |
| | | By: | /s/ Eric V. Hannemann |
| | | Its: | Treasurer |
| Attest: | Attest: |  |  |
|  | /s/ Thomas Joyce |  |  |
| Its: | Secretary |  |  |
|  |  | OBERWEIS ASSET MANAGEMENT, INC. | OBERWEIS ASSET MANAGEMENT, INC. |
|  |  | By: | /s/ Eric V. Hannemann |
|  |  | Its: | Chief Financial Officer |
| Attest: | Attest: |  |  |
|  | /s/ Thomas Joyce |  |  |
| Its: | Secretary |  |  |

---

## Ex-99.(H)(10)

**Exhibit (h)(10)**

**<u>Amended and Restated<br> INVESTMENT ADVISORY and Management AGREEMENT</u>**

AGREEMENT made as of the 16<sup>th</sup> day of February, 2022 as amended and restated effective on the 20<sup>th</sup> day of February, 2026 by and between THE OBERWEIS FUNDS, a Massachusetts business trust (the "Trust"), on behalf of the Oberweis Focused International Growth Fund (the "Fund"), and OBERWEIS ASSET MANAGEMENT, INC., an Illinois corporation (the "Adviser").

WHEREAS, the Trust is an open-end management investment company registered under the Investment Company Act of 1940 (the "1940 Act"), the units of beneficial interest ("Shares") of which are registered under the Securities Act of 1933 (the " 1933 Act"); and

WHEREAS, the Trust is authorized to issue Shares in separate series with each such series representing the interests in a separate portfolio of securities and other assets; and

WHEREAS, the Trust currently offers Shares in six portfolios, including the Fund, together with any other portfolios which may be established later and served by the Adviser hereunder, being herein referred to collectively as the "Funds" and individually referred to as a "Fund"; and

WHEREAS, the Trust desires at this time to retain the Adviser to render investment advisory services to the Fund and to provide the Fund with certain non-investment advisory management and administrative services, and the Adviser is willing to render such services;

NOW, THEREFORE, in consideration of the premises and mutual covenants hereinafter set forth, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Initial Appointment of Adviser</u>. The Trust hereby appoints the Adviser to act as investment adviser to the Fund and to provide the Fund with management and administrative services for the period and on the terms herein set forth. The Adviser accepts such appointment and agrees to render the services herein set forth for the compensation herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Subsequent Appointments of Adviser</u>. In the event that the Trust establishes additional funds with respect to which it desires to retain the Adviser to render investment advisory, management and administrative services hereunder, it shall notify the Adviser in writing. If the Adviser is willing to render such services, it shall notify the Trust in writing, whereupon such fund or funds shall become a Fund or Funds hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Delivery of Documents</u>. The Trust has delivered (or will deliver as soon as is possible) to the Adviser copies of each of the following documents and will deliver to the Adviser all future amendments and supplements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amended and Restated Agreement and Declaration of Trust of the Trust dated January 10, 2022, as amended (such Agreement and Declaration of Trust, as presently in effect and as amended from time to time, is herein called the "Trust Agreement"), a copy of which also is on file with the Secretary of the Commonwealth of Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By-Laws of the Trust (such By-Laws, as presently in effect and as amended from time to time, are herein called the "By-Laws").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Certified resolutions of the Trustees and initial shareholder of the Fund authorizing the appointment of the Adviser and approving this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Registration Statement under the 1933 Act and under the 1940 Act on Form N-1A (the "Registration Statement") as filed with the Securities and Exchange Commission and all amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Current prospectus and statement of additional information of the Fund (such prospectus and statement of additional information as then in effect and as amended, supplemented and/or superseded from time to time, are herein collectively called the "Prospectus").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Duties of the Adviser</u>. Subject to the general supervision of the Trustees of the Trust, the Adviser shall manage the investment operations of the Fund and the composition of such Fund's assets, including the purchase, retention and disposition thereof, in accordance with the policies of the Fund as stated in the Prospectus and with the investment objective(s) of such Portfolio and subject to the following understandings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall use the same skill and care in the management of the Fund as is required to be used in the discharge of fiduciary duties under the 1940 Act, the Investment Advisers Act of 1940 (the "Advisers Act"), the 1933 Act and the Internal Revenue Code of 1986 (the "Code").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser shall provide supervision of the Fund's assets; furnish a continuous investment program for such Fund; determine from time to time what investments or securities will be purchased, retained or sold by the Fund, and what portion of the assets will be invested or held uninvested as cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser, in the performance of its duties and obligations under this Agreement, shall act in conformity with the Trust Agreement, By-Laws, Registration Statement and Prospectus and with the instructions and directions of the Trustees of the Trust, and will comply with and conform to the requirements of the 1940 Act, the Advisers Act, the 1933 Act and the Code (applicable to the Fund as a regulated investment company or otherwise) as each may from time to time be amended, and all other applicable federal and state laws, regulations and rulings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser shall determine the securities to be purchased or sold by the Fund and will place orders pursuant to its determinations either directly with the issuer or underwriter or with any broker-dealer (including, as set forth below, a broker-dealer which is an affiliated person of the Adviser) who deals in the securities in which the Fund is active. In placing orders with broker-dealers, the Adviser will attempt to obtain the best combination of price and execution. In seeking to achieve the best combination of price and execution, an effort shall be made to evaluate the overall quality and reliability of broker-dealers and the service they provide, including their general execution capability, reliability and integrity, willingness to take positions in securities, general operational capabilities and financial condition. However, the responsibility of the Adviser to attempt to obtain the best combination of price and execution does not obligate it to solicit a competitive bid for each transaction, and the Adviser shall have no obligation to seek the lowest available commission cost to the Fund, so long as the Adviser determines in good faith that the commission paid to a broker-dealer is reasonable in relation to the value of the brokerage, research, statistical or other services provided by such broker-dealer to the Fund or the Adviser. The Adviser will not place orders with broker-dealers which are affiliated persons of the Adviser or the Trust without the prior written authorization of the Trust, and then will do so subject to (i) the provisions of Section 17(e)(2) and Rule 17e-1 and Section 10(f) and Rule 10f-3 under the 1940 Act, Rule 206(3)-2 under the Advisers Act, Section 11(a) under the Securities Exchange Act of 1934 (the "1934 Act") and any other applicable laws or regulations, and (ii) procedures properly adopted by the Trust with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On occasions when the Adviser deems the purchase or sale of a security to be in the best interest of the Fund as well as other clients, if any (including any other Fund), the Adviser, to the extent permitted by applicable laws and regulations, may aggregate the securities to be purchased or sold. In such event, allocation of the securities so purchased or sold will be made by the Adviser in a manner it considers to be equitable and consistent with its fiduciary obligations to each, and transaction costs will be allocated so that each receives, to the extent possible, the same price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subject to the supervision and control of the Trust's Board of Trustees, the Adviser will provide the Fund with office space and facilities; accounting and bookkeeping, recordkeeping and data processing facilities and services; internal compliance services relating to accounting and legal matters; and personnel to carry out certain administrative services required for operation of the business and affairs of the Fund other than the services of the underwriter/distributor, those services to be performed by the Trust's custodian and transfer agent, those fund accounting services to be performed by one or more service providers under a fund accounting or similar agreement, and those services normally performed by the Trust's counsel and independent auditors. Such responsibilities include without limitation the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Preparing and updating the Fund's SEC and state registration statements and filings, reports to shareholders, and other documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Overseeing the performance of the Trust's custodian, transfer agent and accounting agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Providing information and certain administrative services to shareholders of the Fund, including but not limited to, transmitting redemption requests to the Trust's Transfer Agent and transmitting the proceeds of redemption of shares of the Fund pursuant to a shareholder's instructions when such redemption is effected through the Adviser, providing telephone and written communications with respect to its shareholders account inquiries, assisting its shareholders in altering privileges and ownership of their accounts and serving as a source of information for its existing shareholders in answering questions concerning the Fund and their transactions with the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Overseeing the maintenance by the Trust's custodian and transfer agent of the books and records of the Trust required under the 1940 Act, in connection with the performance of the Trust's agreement with such entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Adviser shall render to the Trustees of the Trust such periodic and special reports as the Trustees may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Adviser, and not the Trust, shall pay the salaries and fees of any officers or Trustees of the Trust who are "interested persons" (as defined in the 1940 Act) and who are employed by the Adviser to perform services relating to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The services of the Adviser to the Fund under this Agreement are not to be deemed exclusive and the Adviser shall be free to render similar or other services in the future to the Trust or to others so long as its services under this Agreement are not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Transaction Procedures</u>. All transactions will be consummated by payment to or delivery by the Custodian, or such depositories or agents as may be designated by the Custodian in writing, as custodian for the Trust, of all cash and/or securities due to or from the Fund, and the Adviser shall not have possession or custody thereof or any responsibility or liability with respect thereto. The Adviser shall advise the Custodian of all investment orders at the time and in the manner as prescribed by the Trust. The Trust shall issue to the Custodian such instructions as may be appropriate in connection with the settlement of any transaction initiated by the Adviser. The Trust shall be responsible for all custodial arrangements and the payment of custodial charges and fees, and, upon giving proper instructions to the Custodian, the Adviser shall have no responsibility or liability with respect to custodial arrangements or the acts, omissions or other conduct of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Adoption of Ethics Code</u>. The Adviser has or will adopt a written code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act and has or will provide the Trust with a copy of such ethics code and evidence of its adoption. Upon written request of the Trust, the Adviser shall permit the Trust, its employees or its agents to examine the reports required to be made by the Adviser under Rule 17j-l(c)(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Books and Records</u>. The Adviser agrees that all records which it maintains for the Trust are the property of the Trust and it will surrender promptly to the Trust any of such records upon the Trust's request. The Adviser further agrees to maintain, keep current and preserve, on behalf of the Trust, in the manner required or permitted under the 1940 Act, the records relating to the activities performed by the Adviser under this Agreement as are required to be maintained under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Subcontractors</u>. It is understood that the Adviser may from time to time employ or associate with itself such person or persons as the Adviser may believe to be particularly fitted to assist in the performance of this Agreement; provided, however, that such employment or association is consistent with the 1940 Act and the compensation of such person or persons shall be paid by the Adviser and that the Adviser shall be as fully responsible to the Fund for the acts and omissions of any subcontractor as it is for its own acts and omissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Compensation</u>. For the services provided pursuant to this Agreement, the Fund will pay to the Adviser at the end of each calendar month, an investment advisory and management fee computed at an annual rate of .65% of the average daily net assets of the Fund, plus out-of-pocket expenses in connection with its shareholder servicing activities, such as postage, data entry, stationery, tax forms and other printed material. For the month and year in which this Agreement becomes effective or terminates, there shall be an appropriate proration on the basis of the number of days that the Agreement is in effect during the month and year, respectively.

In addition to the compensation provided above, the Fund shall reimburse to the Adviser on a monthly basis those expenses which are to be borne by the Fund but, from time to time may be incurred by the Adviser for the benefit of the Fund in connection with the performance of the Adviser's duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Expenses</u>. Except as otherwise stated in paragraph 9 and this paragraph 10, the Adviser shall pay all expenses incurred by it in providing the services hereunder. All other expenses incurred in the operation of the Fund will be borne by the Fund, except to the extent specifically assumed by others. In addition to the investment advisory and management fee of the Adviser, the Fund shall assume and pay any distribution fees incurred under a distribution agreement, any expenses for services rendered by a custodian for the safekeeping of the Fund's securities or other property, for keeping its books of account and for any other charges of the Custodian, as provided in the Prospectus of the Fund. The Adviser shall not be required to pay and the Fund shall assume and pay the charges and expenses of its operations, including compensation of the Trustees (except as provided in paragraph 4(g)), charges and expenses of independent auditors, of legal counsel, of any transfer or dividend disbursing agent, and of any registrar of the Fund, costs of Fund account services, costs of acquiring and disposing of portfolio securities, interest, if any, on obligations incurred by the Fund, costs of share certificates and of reports, membership dues in the Investment Company Institute or any similar organization, costs of reports and notices to shareholders, stationery, printing, postage, other like miscellaneous expenses and all taxes and fees payable to federal, state or other governmental agencies on account of the registration of securities issued by the Fund, filing of Trust documents or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Limitation of Liability</u>. Subject to Section 36 of the 1940 Act, neither the Adviser nor any of its agents or employees shall be liable for any error of judgment, act or omission, or mistake of law or for any loss suffered by the Fund or its Shareholders in connection with the matters to which this Agreement relates, except liability to the Fund or the Shareholders to which the Adviser would otherwise be subject by reason of the Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties, or by reason of its reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Indemnification</u>. (a) Subject to the conditions set forth below, the Fund agrees to indemnify and hold harmless the Adviser, its officers and employees, and each person, if any, who controls the Adviser within the meaning of Section 15 of the 1933 Act against any and all loss, liability, claim, damage and expense whatsoever jointly and severally (including, but not limited to, any and all expenses whatsoever reasonably incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever) arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the Fund's Registration Statement or the Prospectus or any amendment or supplement thereto, or any advertisement or sales literature authorized by the Fund, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reliance upon and in conformity with written information furnished to the Fund by or on behalf of the Adviser expressly for use in the Fund's Registration Statement or the Prospectus or any amendment or supplement thereof or any advertisement, or sales literature. If any action is brought against the Adviser or any controlling person thereof in respect of which indemnity may be sought against the Fund pursuant to the foregoing, the Adviser shall promptly notify the Fund in writing of the institution of such action and the Fund shall assume the defense of such action, including the employment of counsel selected by the Fund and payment of expenses. The Adviser, or any such controlling person thereof, shall have the right to employ separate counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the Adviser or such controlling person unless the employment of such counsel shall have been authorized in writing by the Fund in connection with the defense of such action or the Fund shall not have employed counsel to have charge of the defense of such action, in which event such fees and expenses shall be borne by the Fund. Anything in this subparagraph to the contrary notwithstanding, the Fund shall not be liable for any settlement of any such claim or action effected without its written consent. The Fund agrees promptly to notify the Adviser of the commencement of any litigation or proceedings against the Fund or any of its officers or directors or controlling persons in connection with the issue and sale of shares or in connection with the Fund's Registration Statement or the Prospectus or any advertisement or sales literature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser agrees to indemnify and hold harmless the Fund, each of its Trustees, each of its officers and each other person, if any, who controls the Fund within the meaning of Section 15 of the 1933 Act, with respect to statements or omissions, if any, made in the Fund's Registration Statement or the Prospectus or any amendment or supplement thereof or any advertisement or sales literature in reliance upon and in conformity with information in writing furnished to the Fund with respect to the Adviser by or on behalf of the Adviser expressly for use in the Fund's Registration Statement or the Prospectus or any amendment or supplement thereof or any advertisement or sales literature. In case any action shall be brought against the Fund or any other person so indemnified based on the Fund's Registration Statement or the Prospectus or any amendment or supplement thereof and in respect of which indemnity may be sought against the Adviser, the Adviser shall have the rights and duties given to the Fund and the Fund and each other person so indemnified shall have the rights and duties given to the Adviser by the provisions of subparagraph (a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing herein contained shall be deemed to protect any person against liability to the Fund or its shareholders to which such person would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of the duties of such person or by reason of the reckless disregard by such person of the obligations and duties of such person under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Duration and Termination</u>. This Agreement, unless sooner terminated as provided herein, shall remain in force until September 30, 2026, and thereafter, in the case of the Fund and each other Fund to which this Agreement shall have become applicable, this Agreement shall continue in force from year to year, but only so long as such continuance is approved at least annually in the manner required by the 1940 Act and the rules and regulations thereunder; provided, however, that if the continuation of this Agreement is not approved for a Fund, the Adviser may continue to serve in such capacity for such Fund in the manner and to the extent permitted by the 1940 Act and the rules and regulations thereunder. This Agreement may be terminated with respect to all or any of the Funds at any time, without the payment of any penalty, by vote of a majority of the Trustees of the Trust or by vote of a majority of the outstanding Shares (as so defined), representing the interests in each Fund with respect to which this Agreement is to be terminated on sixty (60) days written notice to the Adviser, or by the Adviser at any time without the payment of the penalty on sixty (60) days written notice to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Assignment</u>. This Agreement will automatically and immediately terminate in the event of its "assignment" (as defined in Section 2(a)(4) of the 1940 Act). The Adviser shall notify the Fund in writing sufficiently in advance of any proposed change of control, as defined in Section 2(a)(9) of the 1940 Act, as will enable the Trust to consider whether an "assignment" will occur, and to take the steps necessary to enter into a new contract with the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Status of Adviser as Independent Contractor</u>. The Adviser shall for all purposes herein be deemed to be an independent contractor, and shall, unless otherwise expressly provided herein or authorized by the Trustees of the Trust from time to time, have no authority to act for or represent the Trust in any way or otherwise be deemed an agent of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Affiliations</u>. Subject to applicable statutes and regulations, it is understood that trustees, officers or agents of the Trust are or may be interested in the Adviser as officers, directors, agents, shareholders or otherwise, and that the officers, directors, shareholders and agents of the Adviser may be interested in the Trust otherwise than as a trustee, officer or agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Amendment of Agreement</u>. This Agreement may be amended by mutual consent, but the consent of the Trust must be (a) by vote of a majority of those Trustees of the Trust who are not parties to this Agreement or interested persons (as defined in the 1940 Act) of any such party at a meeting called for the purpose of voting on such amendment, and (b) by vote of a majority of the outstanding Shares (as defined with respect to voting securities in the 1940 Act) representing the interests in each Fund affected by such amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Limitation of Liability of Shareholders and Trustees</u>. This Agreement is executed by or on behalf of the Fund and the Adviser is hereby expressly put on notice of the limitation of Shareholder and Trustee liability as set forth in the Trust Agreement, and agrees that the obligations assumed by the Fund pursuant to this Agreement shall be limited in all cases to the Fund and its assets, and the Adviser shall not seek satisfaction of any such obligations from the Shareholders or any Shareholder of the Fund. In addition, the Adviser shall not seek satisfaction of any such obligations from the trustees or officers of the Fund or any individual trustee or officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Arbitration</u>. Any disputes or controversies between the parties to this Agreement involving the construction or application of any of the terms, provisions, or conditions of this Agreement shall be submitted to arbitration. The arbitration shall be conducted in Chicago, Illinois in accordance with the Rules of the American Arbitration Association. The parties shall each appoint one person to hear and determine the dispute and, if they are unable to agree, then the two persons so chosen shall select a third impartial arbitrator whose decision shall be final and conclusive upon both parties. The decision rendered in arbitration shall be borne by the losing party or in such proportions as the arbitrator shall decide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Miscellaneous</u>. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provisions of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be construed in accordance with applicable federal law and (except as to paragraph 18 hereof which shall be construed in accordance with the laws of the Commonwealth of Massachusetts) the laws of the State of Illinois, and shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors, subject to paragraph 14 hereof.

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed as of the day and year first above written.

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| | | |
|:---|:---|:---|
| THE OBERWEIS FUNDS | THE OBERWEIS FUNDS | THE OBERWEIS FUNDS |
| By: | /s/ Eric V. Hannemann | /s/ Eric V. Hannemann |
|  | Its: | Chief Financial Officer, Treasurer |

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| | |
|:---|:---|
| Attest: | Attest: |
| /s/ Thomas Joyce | /s/ Thomas Joyce |
| Its: | Chief Compliance Officer, Secretary |

---

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| | | |
|:---|:---|:---|
| OBERWEIS ASSET MANAGEMENT, INC. | OBERWEIS ASSET MANAGEMENT, INC. | OBERWEIS ASSET MANAGEMENT, INC. |
| By: | /s/ Eric V. Hannemann | /s/ Eric V. Hannemann |
|  | Its: | Chief Financial Officer, Treasurer |

---

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| | |
|:---|:---|
| Attest: | Attest: |
| /s/ Thomas Joyce | /s/ Thomas Joyce |
| Its: | Chief Compliance Officer, Secretary |

---

## Ex-99.(J)(1)

**Exhibit (j)(1)**

![](ex99j1_001.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated February 26, 2026, relating to the financial statements and financial highlights of 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, each a series of The Oberweis Funds, which are included in Form N-CSR for the year ended December 31, 2025, and to the references to our firm under the headings "Financial Highlights" in the Prospectus and "Additional Information" in the Statement of Additional Information.

/s/ Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

April 29, 2026

![](ex99j1_002.jpg)

## Ex-99.(M)(1)

**Exhibit (m)(1)**

Plan as amended and restated<br> November 19, 2025

**<u>THE OBERWEIS FUNDS RULE 12b-1 Plan</u>**

The plan ("Plan") described below is adopted pursuant to the provisions of Rule 12b-1 ("Rule 12b-1") under the Investment Company Act of 1940, as amended (the "1940 Act") by the Board of Trustees ("Board") of the Oberweis Funds ("Fund"), including a majority of the members of the Board who are not "interested persons" (as defined in the 1940 Act) of the Fund and who have no direct or indirect financial interest in the Plan or any agreement related thereto. The Fund currently issues units of beneficial interest ("Shares") in five portfolios that offer Investor Class Shares—the Oberweis Micro-Cap Fund, the Oberweis Global Opportunities Fund, the Oberweis Small-Cap Opportunities Fund, the Oberweis China Opportunities Fund, and the Oberweis International Opportunities Fund (collectively referred to as the "Portfolios" and individually referred to as a "Portfolio") and the Fund desires to adopt the Plan with respect to Portfolios that are presently designated and such other series as may hereafter be designated by the Board of Trustees ("Additional Portfolio"). The Board having determined that there is a reasonable likelihood that the following described Plan as amended will benefit the Fund and its Investor Class shareholders and that said Plan is otherwise in the best interests of the Fund and its Investor Class shareholders, hereby adopts and approves the Plan as amended and the related agreements described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Plan is adopted in order to induce other firms (including brokerage firms, depository institutions and other investment services firms) to provide distribution and administrative services to the Fund for Investor Class Shares and its Investor Class shareholders and to enable the Fund to compensate such firms (including depository institutions and other firms) for certain expenses associated with the distribution services (in the case of broker-dealers and other firms) and administrative services (in the case of all firms) to be provided for the Investor Class Shares under the Plan. Pursuant to the Plan, asset-based sales charges imposed by the Fund, as defined in Rule 2341 (Investment Company Securities) of the Conduct Rules of the Financial Industry Regulatory Authority ("Rule 2341"), shall not exceed (a) .25 of 1% of the average daily net assets of each Portfolio's Investor Class Shares and (b) those permitted by Rule 2341 and each Portfolio shall calculate its permissible amount of asset-based sales charges on new gross sales of the Portfolio since the Portfolio's inception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Pursuant to an agreement (the "Agreement"), each Portfolio shall pay the principal distributor named therein from time to time (the "Principal Distributor") an annual fee for distribution and/or administrative services described therein at the aggregate annual rate of .25 of 1% of the average daily net assets of Investor Class Shares in the manner set forth in said Agreement. The Principal Distributor is also authorized to pay participating broker-dealers and other firms (including depository institutions) any portion or all of the annual fee pursuant to services agreements ("Services Agreement") between the Principal Distributor and said firms. Part or all of such fees may be utilized by the Principal Distributor and the participating broker-dealers or other firms (including depository institutions) to pay for certain expenses associated with the distribution services (in the case of broker-dealers) and administrative services (in the case of all firms) to be provided under said agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Board shall require that the Principal Distributor prepare reports for review and approval of the Board on a quarterly basis which list the amounts expended by the Principal Distributor under the Agreement and the purposes for such expenditures, including amounts paid to participating broker-dealers or other firms, if any, under the Services Agreements and such other information as from time to time shall be reasonably requested by the Board. Not less frequently than quarterly, the Board shall review said report(s) at a meeting of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Plan first became effective upon its approval by the shareholders of the Fund at a special meeting of shareholders held on May 4, 1989 and amendments to the Plan were subsequently approved by the Board of Trustees (including a majority of the Trustees who are not interested persons of the Fund) effective as of May 17, 1994, October 1, 1994, January 1, 1996, and November 10, 2005, February 21, 2008, October 27, 2011, May 19, 2017, February 22, 2018 and November 19, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Plan (and related agreements) unless terminated earlier as hereinafter provided, shall continue in effect from year-to-year as to each Portfolio so long as each such continuance is approved at least annually by the vote of the Board, including a majority of the Trustees of the Fund who are not interested persons (as defined in the 1940 Act) of the Fund and who have no direct or indirect financial interest in the operation of the Plan or any agreement related thereto cast in person at a meeting called for the purpose of voting on such Plan (and related agreements). This Plan (and related agreements) shall become effective as to each Additional Portfolio that issues and offers Investor Class Shares upon approval by the vote of the Board, including a majority of the Trustees of the Fund who are not interested persons (as defined in the 1940 Act) of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Plan may be terminated by the Fund or a Portfolio at any time upon the vote of a majority of the Trustees of the Fund who are not interested persons (as defined in the 1940 Act) of the Fund and who have no direct or indirect financial interest in the operation of the Plan or any agreement related thereto or by the vote of a majority of the outstanding voting securities of Investor Class Shares of that Portfolio (as defined in the 1940 Act) and any related agreement may be terminated by the Fund in a similar manner without penalty upon at least 60 days written notice to the Principal Distributor as provided in such agreements. The Agreement may be terminated by the Principal Distributor without penalty upon at least 60 days written notice to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. All material amendments to the Plan must be approved by the vote of the Board, including a majority of the Trustees of the Fund who are not interested persons (as defined in the 1940 Act) of the Fund and who have no direct or indirect financial interest in the operation of the Plan or any agreement related thereto, cast at a meeting called for the purpose of voting on such amendments, and in the case of any amendment materially increasing the amount of expenditures for distribution to be paid by a Portfolio, by the vote of the majority of the outstanding voting securities of the Portfolio's Investor Class Shares (as defined in the 1940 Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. So long as the Plan is in effect, the selection and nomination of Trustees who are not interested persons (as defined in the 1940 Act) of the Fund shall be committed to the discretion of those Trustees who are not interested persons of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Any agreement with any person relating to the implementation of this Plan shall be subject to automatic termination upon its assignment (as defined in the 1940 Act).

## Ex-99.(P)

**Exhibit (p)**

**CODE OF ETHICS**

THE OBERWEIS FUNDS<br> OBERWEIS ASSET MANAGEMENT, INC.<br> OBERWEIS SECURITIES, INC.

As Amended March 30, 2026

This Code of Ethics (the "Code") has been adopted by the respective Boards of Trustees or Directors of The Oberweis Funds (the "Trust"), Oberweis Asset Management, Inc. (the "Adviser") and Oberweis Securities, Inc. (the "Distributor"). The standards set forth in the Code are to be viewed as mandatory rather than as permissive. In addition, the Code is adopted to serve as the minimum standard of conduct for persons having access to information regarding the purchase and sale of portfolio securities by the Trust or other registered investment companies for which the Adviser serves as adviser or subadviser and other non-investment company clients (collectively, "Advisory Clients"). Persons subject to the Code must be mindful of the fiduciary duty which they owe to the Trust's shareholders and Advisory Clients to act, at all times, in the shareholders' and Advisory Clients' best interest and to, among other things, refrain from engaging in personal securities transactions which take unfair advantage of their relationship to the Trust and Advisory Clients. Persons subject to the Code are also subject to the fiduciary duties set by Section 36(b) of the Investment Company Act of 1940 (the "1940 Act").

The Adviser recognizes that, as a fiduciary to its clients, it owes a duty to all of its Advisory Clients to avoid conflicts of interest and act solely in the best interests of its Advisory Clients. Accordingly, each director and officer (or other person occupying a similar status or performing similar functions), and employee of the Adviser and any other person who provides advice on behalf of the Adviser and is subject to the Adviser's supervision and control (each, a "supervised person") is required to comply with all applicable federal securities laws.

The Adviser will provide each supervised person with a copy of this Code of Ethics and any amendments thereto. Each supervised person will provide a written acknowledgement of his/her receipt and review of the Code of Ethics and any amendments to the Adviser's Chief Compliance Officer. Further, all other associated/affiliated persons of the Trust or Distributor that fall into the definition of an Access Person will be provided with a copy of this Code of Ethics and any amendments thereto. Each such person will provide a written acknowledgement of his/her receipt and review of the Code of Ethics and any amendments to his/her company's Chief Compliance Officer.

1. <u>Definitions</u>. As used herein, the following terms have the indicated meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An "Access Person" is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any trustee, director, officer or Advisory Person of the Trust or the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any officer, employee or agent of the Distributor who in the ordinary course of his/her business makes,
participates in or obtains information regarding the purchase or sale of a security by the Trust or for the account of an Advisory Client,
or whose functions or duties as part of the ordinary course of his business relate to the making of any recommendations with respect to
such purchases or sales of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Adviser" shall mean Oberweis Asset Management, Inc., an Illinois corporation that acts as
the investment adviser and manager for the Trust and Advisory Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An "Advisory Person" is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any trustee, director, officer or employee of the Trust or the Adviser (or of any company in a control
relationship to the Trust or Adviser) who in connection with his/her regular functions or duties, makes, participates in, has access
to or obtains nonpublic information regarding the purchase or sale of a Security by the Trust or to or for the account of an Advisory
Client, or whose functions relate to the making of any recommendations with respect to such purchases and sales, or who has access to
such recommendations that are nonpublic, or who has access to nonpublic information regarding the portfolio holdings of the Trust or other
registered investment companies for which the Adviser serves as adviser or subadviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any natural person in a control relationship to the Trust or the Adviser who obtains information concerning
recommendations made to the Trust or to or for the account of an Advisory Client with regard to the purchase or sale of a Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An "Automatic Investment Plan" means a program in which regular periodic purchases (or withdrawals) are
made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment
Plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Security is "being purchased or sold" by the Trust or Advisory Client from (i) the
time when the person or persons having the authority to make investment decisions for the Trust decide(s) to purchase or sell a specified
amount of the Security within a specified price range until (ii) the earlier of the time when the sale or purchase has been completed
or the time when the price range is first exceeded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A Security is "being considered for purchase or sale" when a recommendation to purchase or
sell a Security has been made and communicated and, with respect to the person making the recommendation, when such person seriously considers
making such a recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The "beneficial ownership" of a Security shall be interpreted hereunder in the same manner
as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 in determining whether a person is a beneficial
owner of a Security for purposes of Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder. Generally,
a direct or indirect opportunity to profit or share in any profit derived from a transaction in any class of security coupled with the
power to dispose of (or direct the disposition of) such security, will confer beneficial ownership. Such an opportunity may come about
through any contract, arrangement, understanding, relationship or otherwise. Thus, a person is regarded as the beneficial owner of securities
held by members of his immediate family sharing the same household (immediate family members include any child, grandchild, stepchild,
spouse, sibling, parent, stepparent, grandparent, mother-in-law, father-in-law, son-in-law, daughter-in–law, brother-in-law, sister-in-law,
and adoptive relationships). Similarly, a general partner's proportionate interest in the portfolio securities held by a general
or limited partnership, a person's right to dividends that is separate or separable from the underlying securities, and a person's
right to acquire or dispose of securities through the exercise or conversion of any derivative security (such as an option or a warrant),
whether or not presently exercisable, will confer beneficial ownership, and transactions involving them should be reported. Any other
indirect interest in securities including performance-related fees received for services rendered with regard to securities as well as
a person's interest in securities held by a trust may confer beneficial ownership and thus require the reporting of any transactions
involving them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Companies" shall mean collectively the Trust, the Adviser, and the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Control" shall have the same meaning as that set forth in Section 2(a)(9) of the
1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) An "Independent Trustee" is any trustee of the Trust who is not an "interested person"
of the Trust within the meaning of Section 2(a)(19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "Initial Public Offering" means an offering of securities registered under the Securities
Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13
or 15(d) of the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "Investment Personnel" shall mean (i) any employee of the Trust or the Adviser (or of
any company in a control relationship to the Trust or the Adviser) who, in connection with his/her regular functions or duties, makes
or participates in making recommendations regarding the purchase or sale of securities by or on behalf of the Trust or an Advisory Client,
including any person such as an analyst or trader who directly assists in the process and (ii) any natural person who controls the
Trust or the Adviser and who obtains information concerning recommendations made to the Trust regarding the purchase or sale of securities
by the Trust or an Advisory Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "Limited Offering" means an offering that is exempt from registration under the Securities
Act of 1933 pursuant to Section 4(a)(2) or Section 4(a)(5) or pursuant to Rule 504 or Rule 506 thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "Person" means any trustee, director, shareholder, officer or employee of any of the Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The term "purchase or sale of a Security" includes, <u>inter alia</u>, the writing of an option
to purchase or sell a Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The term "Security" has the meaning set forth in Section 2(a)(36) of the 1940 Act
and Section 202(a)(18) of the Investment Advisers Act of 1940, except that it does not include direct obligations of the Government
of the United States, bankers' acceptances, bank certificates of deposit, commercial paper, high quality short-term debt instruments
(including repurchase agreements), shares of unaffiliated registered open-end investment companies including exchange-traded funds (any
fund for which the Adviser does not serve as an investment adviser or subadviser), shares of any money market fund, or shares of unit
investment trusts invested exclusively in unaffiliated open-end funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) A person will "indirectly" effect a transaction if, but only if, the person knowingly causes
or influences another person to effect the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) A "Seed Account" means an account established, maintained and managed by the Adviser for the
purpose of establishing a performance track record prior to offering a particular investment strategy/style to Advisory Clients or the
public or for the purpose of continuing a performance track record during such time as no Advisory Client's account is being managed
utilizing such investment strategy/style.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The "Supervisory Committee" shall consist of the person or persons so designated by the Board
of Directors of the Adviser.

2. <u>Statement of General Fiduciary Principles</u>: While the Adviser and the Distributor each believe that individual investment activities should be encouraged, their philosophy has always been to avoid conflicts of interest (or even the appearance of conflict) between client services, investment adviser transactions, and personal investments. This inevitably places some restrictions on the freedom in investment activities of persons associated with the Adviser or the Distributor. This Code of Ethics has been adopted to meet these concerns.

The general fiduciary principles governing this Code shall be that, (a) in any situation where the potential for conflict exists, transactions for Advisory Clients must take precedence over personal transactions, (b) all personal securities transactions must be conducted consistent with this Code and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility, and (c) no person associated with the Adviser or Distributor shall take inappropriate advantage of his or her position. Should any situation arise not specifically governed by this Code, these general fiduciary principles shall govern the resolution of the matter. Accordingly, this Code shall be interpreted in furtherance of such general fiduciary principles and the general policies of Section 17(j) of the 1940 Act and Rule 17j-1 thereunder.

Compliance with the Code of Ethics and all applicable federal securities laws is a condition of employment with the Adviser or Distributor and willful violation of its provisions may be cause for termination of employment. Taking into consideration all relevant circumstances, management of the entity employing the individual in question will determine what action is appropriate for any breach of its provisions, subject to the recommendation of the Supervisory Committee as described below. The decision of management will also govern questions of interpretation arising under this Code.

3. <u>Exempted Transactions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The prohibitions and reporting requirements of Sections 4 and 5 of this Code do not apply to purchases
or sales effected in any account over which the Access Person has no direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The prohibitions and reporting requirements of Section 4 and 5(b) of this Code do not apply
to purchases that are part of an Automatic Reinvestment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The prohibitions of Section 4 of this Code do not apply to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Purchases or sales of Securities that are not eligible for purchase or sale by the Trust or to or for
the account of an Advisory Client, other than securities purchased or sold in Initial Public Offerings and Limited Offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Purchases or sales that are non-volitional on the part of the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Purchases effected on the exercise of rights issued by an issuer <u>pro rata</u> to all holders of a class
of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Specifically with respect to Section 4(k), the purchase or sale of shares of affiliated registered
open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Specifically with respect to Sections 4(a), (g), (i) and (k), purchases or sales of Securities by
Seed Account(s).

4. <u>Prohibitions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in Section 3 of this Code, no Access Person may purchase or sell, directly or
indirectly, a Security in which such Access Person has, or by reason of such transaction acquires, any direct or beneficial ownership,
if the Access Person knew or reasonably should have known at the time of such purchase or sale that the Security was being purchased or
sold by the Trust or an Advisory Client, or was being considered for such purchase or sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Access Person may disclose to any person any non-public information regarding any Security being purchased
or sold by the Trust or an Advisory Client, or being considered for such purchase or sale, but this prohibition will lapse when such purchase
or sale has been completed. This prohibition does not apply to disclosures among Access Persons in connection with their performance of
duties for the Trust or an Advisory Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Access Person who specifically recommends to the Trust or an Advisory Client the purchase or sale
of a Security must disclose any beneficial interest in the Security that is known to the Access Person and that the Access Person has
or expects to acquire within a reasonable period of time. This requirement does not apply to delivery to the Trust of recommendations
(such as brokers' reports and investment letters) that are addressed or available to parties other than the Trust or Advisory
Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No person covered by this Code of Ethics shall engage in any activity that involves inside information
in violation of the Insider Trading and Securities Fraud Enforcement Act of 1988.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Access Person, other than an Independent Trustee, may seek or accept gifts, favors, preferential treatment
or valuable consideration of more than a *de minimis* nature from a broker-dealer or other companies or persons that do business
with or have proposed doing business with the Trust or any company in a control relationship with the Trust. For purposes of this subsection,
a *de minimis* gift shall include an occasional meal, a ticket to a sporting event or the theater, or comparable entertainment,
or an unconditional gift of a typical item of reminder or other gifts amounting in value to not more than $300 per person per year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Access Person, other than an Independent Trustee, may purchase, directly or indirectly, any Security
in an Initial Public Offering of that Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No Access Person, other than an Independent Trustee, may purchase, directly or indirectly, any equity
security of an issuer with a market capitalization of less than $5 billion. For purposes of this subsection, an issuer shall not include
an investment company registered under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) No Access Person, other than an Independent Trustee, may purchase, directly or indirectly, any Security
in a Limited Offering of that Security without the express prior approval of the Supervisory Committee. Any Access Person who has been
authorized to acquire a Security in a Limited Offering pursuant to this subsection must disclose that investment if the Access Person
participates in any subsequent consideration by the Trust of an investment in the issuer of that Security. The Trust's investment
decision with respect to such a Security must be independently reviewed by Investment Personnel with no personal interest in the issuer
of the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except as provided in Section 3 of this Code, no Access Person, other than an Independent Trustee,
may execute a Securities transaction on a day during which the Trust or an Advisory Client has a pending "buy" or "sell"
order in that same Security until that order is executed or withdrawn. In addition, Investment Personnel may not buy or sell a Security
within seven calendar days prior to, or within seven calendar days after, the Trust or an Advisory Client trades in that Security; provided,
however, the Investment Personnel may sell a Security within seven calendar days after the Trust or Advisory Client executed a sales transaction
in that same Security if the Trust and Advisory Client no longer have a position in that Security. Any profits realized by an Access Person
or Investment Personnel in contravention of this subsection must be disgorged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) No Access Person, other than an Independent Trustee, may serve on the board of directors of any publicly
traded company without the prior approval of the Supervisory Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) No Access Person, other than an Independent Trustee, may acquire a Security without first obtaining "preclearance"
from the Supervisory Committee, provided that no preclearance shall be required for Securities that are futures contracts (or options
on futures contracts), other than a security future covering a single security. The Supervisory Committee will grant "preclearance"
if it appears to the Committee that the investment would not violate any provision of this Code and would not create any unacceptable
conflicts. Such "preclearance" shall be valid for 2 calendar days from the date that it is granted.

5. <u>Reporting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Access Person, other than an Independent Trustee, will at the time of his/her employment with the
Trust, the Adviser and/or the Distributor (or upon becoming an Access Person), and at any time thereafter prior to engaging in an outside
business activity as referenced below, and at least annually, provide in writing to the Supervisory Committee, or to such other person
or persons as the Committee may designate, disclosure of any outside business activities, outside employment and directorships ("Outside
Business Activities"). The disclosure shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Name of the outside employer, entity, organization or association;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Nature of employment activity, affiliation or association; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Terms and type of compensation.

Charitable activities are not included in this requirement unless the Access Person is being compensated for such activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as provided in Section 3 of this Code, each Access Person other than an Independent Trustee
must report to the entity of which he or she is an Access Person the information described in Section 5(d) of this Code with
respect to any transaction of which the Person is aware in any Security in which the Access Person has, or by reason of such transaction
acquires, any beneficial ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as provided in Section 3 of this Code, each Independent Trustee must report to the Supervisory
Committee the information described in Section 5(d) of this Code with respect to any transaction of which the Independent Trustee
is aware in a Security in which the Independent Trustee has, or by reason of such transaction acquires, any beneficial ownership if such
Independent Trustee at the time of the transaction knew, or in the ordinary course of fulfilling the Independent Trustee's official
duties as a trustee of the Trust should have known, that, during the 15-day period immediately preceding or after the date of the transaction,
the Security was purchased or sold by the Trust, or was being considered for such purchase or sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Every transaction report required under Section 5(b) or 5(c) must be made no later than
20 days after the end of the calendar quarter in which the transaction with respect to which the report relates is effected or becomes
known to the reporting Access Person, and must contain the following information with respect to all such transactions during the quarter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The date of the transaction, the title and type of security, the interest rate and maturity date (if applicable),
the number of shares, and the principal amount of each Security involved, and as applicable, the exchange ticker symbol or CUSIP number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The name of the broker, dealer, bank or other party with or through whom the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) With respect to any new account established by the Access Person during the quarter in which any Security
is held, the name of the broker, dealer or bank with whom the account was established and the date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The date that the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event that no transactions were effected by an Access Person in a calendar quarter, the Access
Person, other than an Independent Trustee, must file a report, no later than 20 days after the end of such calendar quarter, stating that
no transactions subject to the reporting requirements were effected during the calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) An Access Person or Independent Trustee who would be required to file a report under Section 5(b) or
(c), respectively, but for the fact that the transaction was effected for an account over which the person has no "direct or indirect
influence", must certify in writing that he or she does not have "any direct or indirect influence or control" over
the account in question. Such written certification must be given to the Supervisory Committee no later than 20 days after the end of
the calendar quarter in which the transaction with respect to which the certification relates is effected or becomes known to the certifying
Access Person or Independent Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) If a monthly brokerage statement or a confirmation for the reporting Access Person's transaction
includes the required information and is received within the required time period, the form of report required in Sections 5(b) and
5(e) may be a copy of the brokerage statement or confirmation involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Any report required by Section 5 of this Code may contain a statement that the report will not be
construed as an admission by the Access Person making the report that the Access Person has any direct or indirect beneficial ownership
interest in the Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each Access Person, other than an Independent Trustee, will at the time of his/her employment (or upon
becoming an Access Person) and at least annually provide in writing to the Supervisory Committee, or to such other person or persons
as the Committee may designate, his/her personal securities holdings and a report with respect to accounts that the Access Person (and
the Access Person's immediate family members sharing the same household) may maintain with any broker, the name in which the
account is maintained, and the number of the account. Each such holdings report shall be made within 10 days after the commencement of
employment (or becoming an Access Person). Annual Reports shall be made during the fourth quarter of each calendar year. The information
contained in the report must include the following information and be current as of a date within 45 days of the date of submission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The title and type of securities, and as applicable, the exchange ticker symbol or CUSIP number, number
of shares, and principal amount of each reportable security in which the Access Person has any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The name of any broker, dealer, or bank or other person with which the Access Person maintains an account
in which any securities are held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The date that the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Companies shall identify all Access Persons who are under a duty to make reports to such entities
pursuant to this Section 5 and shall inform such persons of such duty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) If no accounts are maintained by an Access Person or the Access Person's immediate family members,
the Access Person will so advise the Supervisory Committee in writing. The non-existence of any such account will not raise a presumption
that the Access Person is acting in a manner detrimental to the Fund or an Advisory Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Supervisory Committee or its designee shall be responsible for implementing compliance procedures
to review reports made pursuant to this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) All Access Persons, other than Independent Trustees, shall place through the Distributor, as broker-dealer
affiliated with the Trust, every Securities transaction in which they, their immediate family members, and trusts of which they are trustees
or in which they have a beneficial interest participate, except that (i) each Access Person that is an employee of the Distributor
and/or the Adviser may maintain a SIMPLE IRA and/or qualified retirement brokerage account with Fidelity Brokerage Services ("Fidelity")
and effect Securities transactions through such account and (ii) an Access Person may maintain a brokerage account with a broker-dealer
other than the Distributor or Fidelity and effect Securities transactions through such account if the Access Person has received the express
prior approval of the Supervisory Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) All Access Persons, other than Independent Trustees, must direct the Distributor, Fidelity and/or other
broker-dealer approved in accordance with Section 5(m), to supply to the Supervisory Committee duplicate copies of monthly brokerage
statements.

6. <u>Trustee Approval and Reports</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Companies will prepare an annual report to the Board of Trustees of the Trust that summarizes existing
procedures concerning personal investing and any additional procedures related thereto adopted during the year; describes any material
issues arising under the Code or such procedures since the last report, including but not limited to any material violations of the Code
or such procedures and any sanctions imposed in response thereto; identifies material conflicts that arose during the year; and identifies
any recommended changes in existing restrictions or procedures based upon the Companies' experience under the Code of Ethics, evolving
industry practices, or developments in applicable laws or regulations. Such report shall include any certifications required by Rule 17j-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Companies shall submit this Code to the Board of Trustees of the Trust for approval within the time
frames required by Rule 17j-1. Any material changes to this Code shall be submitted to such Board within six months of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All reports required to be made hereunder shall be delivered to and preserved by the Companies in accordance
with this Code and applicable regulations for the benefit of the entity for which such report is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All information contained in the reports filed pursuant to this Code shall be deemed confidential and
shall not be disclosed to any person except (i) the reporting person, (ii) the Securities and Exchange Commission or any representative
thereof, (iii) as required by law or legal process, or (iv) except as may be required by this Code or as may be necessary or
advisable to administer and enforce the provisions of this Code.

7. <u>Recordkeeping</u>: The Companies shall maintain the following records in the manner specified:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of this Code and any amendment thereof which is or at any time within the past five years has been
in effect shall be preserved in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A record of any violation of this Code, or any amendment thereof, and of any action taken as a result
of such violation, shall be preserved in an easily accessible place for a period of not less than five years following the end of the
fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A copy of each report made by an Access Person pursuant to this Code shall be preserved by the entity
receiving the report for a period of not less than five years from the end of the fiscal year in which it is made, the first two years
in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A list of all persons who are, or within the past five years have been, required to make reports pursuant
to this Code shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A list of the names of all persons who are, or within the past five years, have been, responsible for
reviewing the reports filed pursuant to Section 5 of this Code shall be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A record of any approvals granted pursuant to Sections 3(c)(v), 4(h) or 4(k) or Section 9(c) shall
be preserved for a period of five years from the end of the fiscal year in which such approval is given; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A copy of each report made pursuant to Section 6 of this Code must be maintained for at least five
years after the end of the fiscal year in which it was made, the first two years in an easily accessible place.

The Adviser shall maintain and preserve the aforementioned records in a central location for the benefit of all Companies.

8. <u>Sanctions</u>: Upon discovery of a violation of this Code, the Companies may impose such sanctions as they deem appropriate including, without limitation, a letter of censure, suspension or termination of employment. Additionally, all violations of this Code which involve the portfolio securities of the Trust or material violations of this Code which involve an officer of the Trust and the sanctions imposed by the Adviser or by the Distributor, if any, shall be reported to the Board of Trustees of the Trust.

The Board of Trustees of the Trust, the Board of Directors of the Adviser or the Board of Directors of the Distributor, as the case may be, may in its or their discretion delegate to the Supervisory Committee some or all of the responsibility for investigating and reviewing possible violations of this Code and determining appropriate sanctions therefore.

9. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No knowledge or information regarding the Trust's portfolio transactions will be imputed to a trustee
by reason of a meeting of the Board of Trustees if the trustee did not attend the portion of the meeting at which the information was
discussed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No report is required under Section 5 of this Code if the information therein would duplicate information
required to be recorded under Rule 204-2(a)(13) under the Investment Advisers Act of 1940; provided that such information shall
be provided to the Supervisory Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Securities, and transactions in Securities, may be exempted (individually or by class) from Section 4(a) hereof
upon a finding that the purchase or sale involved is only remotely potentially harmful to the Trust and Advisory Clients, <u>e.g.</u>, because
the purchase or sale would be very unlikely to affect a highly institutional market. In addition, the sale of a Security by an Access
Person may be exempted from Section 4(a) hereof upon a finding of unusual circumstances, <u>e.g.</u>, a personal financial
emergency. In each case, an exception may be granted only if it is determined that the transaction would be consistent with the individual's
fiduciary obligations to the Trust and Advisory Clients. Any application for an exemption to make such a transaction shall be made to
the Supervisory Committee, which application may be approved or denied. Prior to granting approval, the Supervisory Committee must also
obtain the concurrence of an Independent Trustee, or if no Independent Trustee is available, concurrence by counsel to the Trust. Any
exceptions will be reported to the Board of Trustees at the meeting of the Board immediately following the approval of the exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The fact that a Security has been the subject of a formal or informal research report shall not, in and
of itself, indicate that the Security is under consideration for purchase or sale. For purposes hereof, it shall not be considered that
any Access Person knew or should have known, that a Security was under consideration for purchase or sale or that the Security had been
purchased or sold solely on the basis of receipt of a research report thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Security purchase or sale by an Access Person will prevent Investment Personnel from purchasing or
selling the Security for the Trust and Advisory Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All Access Persons must certify annually that they have read and understand this Code and recognize that
they are subject thereto. The certification should also state that the Access Person has complied with the requirements of the Code and
that all reports and disclosures required under this Code have been made.

10. <u>Form ADV</u>.

The Adviser shall describe this Code in Part II of its Form ADV and will furnish Advisory Clients with a copy of this Code upon request.

11. <u>Reporting of Violations</u>.

Any Person who becomes aware of a violation of the Code of Ethics, whether it be his or her violation, or that of another Person, must promptly report such violation to his/her respective companies' Chief Compliance Officer for further reporting to the Supervisory Committee. The Chief Compliance Officer shall document each violation and any action taken as a result of such violation.

\* \* \* \* \*

The undersigned acknowledges receipt of a copy of the Code of Ethics and agrees to comply therewith.

☐ The undersigned is not involved in any Outside Business Activities (see Section 5(a)); or

☐ The undersigned is involved in Outside Business Activities and the details of such activities are set forth below.

  <br> Date Signature

**Certification of Code of Ethics**

The Oberweis Funds, Oberweis Asset Management, Inc., and Oberweis Securities, Inc., each certifies that (i) the Code of Ethics contains provisions reasonably necessary to prevent its access persons from engaging in the conduct prohibited by Rule 17j-1(b) of the Investment Company Act of 1940 and to address the requirements of Rule 204A-1 under the Investment Advisers Act of 1940; and (ii) it has adopted procedures reasonably necessary to prevent its access persons from violating the provisions of the Code of Ethics.

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| | | |
|:---|:---|:---|
|  | THE OBERWEIS FUNDS | THE OBERWEIS FUNDS |
| Date | By: | Eric V. Hannemann |
|  | Title: | Chief Financial Officer |

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| | | |
|:---|:---|:---|
|  | OBERWEIS ASSET MANAGEMENT, INC. | OBERWEIS ASSET MANAGEMENT, INC. |
| Date | By: | James W. Oberweis |
|  | Title: | President |

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| | | |
|:---|:---|:---|
|  | OBERWEIS SECURITIES, INC. | OBERWEIS SECURITIES, INC. |
| Date | By: | James W. Oberweis |
|  | Title: | President |

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