# EDGAR Filing Document

**Accession Number:** 0000803020
**File Stem:** 0001213900-25-084299
**Filing Date:** 2025-9
**Character Count:** 189741
**Document Hash:** 1f640fd9a1ef46671e40be397158c334
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-084299.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001213900-25-084299

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04854
- **FILM NUMBER:** 251292028

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Investment Company Act file number 811-4854

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

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

---

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

---

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

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

Date of reporting period: **June 30, 2025**

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

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

**ITEM 1. REPORTS TO STOCKHOLDERS.**

Semi-Annual Reports for the period 01/01/25 through 06/30/25 is filed herewith.

---

| | |
|:---|:---|
|  **Oberweis Micro-Cap Fund**<br> Investor Class \| Ticker: OBMCX<br> Semi-Annual Report \| June 30, 2025 | ![](toberweis_logo.jpg) |

---

This semi-annual shareholder report contains important information about Oberweis Micro-Cap Fund ("OBMCX" or the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

---

| | | |
|:---|:---|:---|
|  **What were your Fund costs for the last six months?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last six months?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last six months?**<br> (based on a hypothetical $10,000 investment) |
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
|  Oberweis Micro-Cap Fund - Investor Class | $73 | 1.47% |

---

### How has the Fund performed? (As of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  | **1 year (%)** | **5 years (%)** | **10 years (%)** |
|  **OBMCX** | 11.99 | 23.91 | 15.79 |
|  **Russell Microcap Growth Index** | 20.46 | &nbsp;&nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 |
|  **S&P 500 Index** | 15.16 | 16.64 | 13.65 |

---

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  **Fund Statistics (as of June 30, 2025)** | **Fund Statistics (as of June 30, 2025)** |  |  |
|  Net Assets | Number of Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
| **$720780265** | **86** | **20%** | **$3207267** |

---

### What did the Fund invest in? (as of June 30, 2025) (unaudited)

### Asset Allocation (% of Net Assets)
<u> Equities </u> <u> 98.0 </u>   <br> <u> Other Assets less Liabilities </u> <u> 2.0 </u>  

------

### What did the Fund invest in? (as of June 30, 2025) (unaudited) (continued)

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

---

| | |
|:---|:---|
|  Applied Optoelectronics, Inc. | 3.4 |
|  American Superconductor Corp. | 3.2 |
|  ADMA Biologics, Inc. | 3.2 |
|  Camtek Ltd. | 2.5 |
|  Tutor Perini Corp. | 2.5 |
|  Silicon Motion Technology Corp. ADS | 2.4 |
|  IMAX Corp. | 2.2 |
|  Blue Bird Corp. | 2.2 |
|  Rush Street Interactive, Inc. | 2.2 |
|  GeneDx Hldgs. Corp. | 2.1 |

---

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

---

| | |
|:---|:---|
|  Semiconductors & Semiconductor Equipment | 12.1 |
|  Construction & Engineering | 9.2 |
|  Biotechnology | 7.8 |
|  Software | 7.6 |
|  Electrical Equipment | 4.7 |
|  Healthcare Equipment & Supplies | 3.9 |
|  Machinery | 3.8 |
|  Pharmaceuticals | 3.5 |
|  Communications Equipment | 3.4 |
|  Professional Services | 3.2 |

---

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

------

---

| | |
|:---|:---|
|  **Oberweis Micro-Cap Fund**<br> Institutional Class \| Ticker: OMCIX<br> Semi-Annual Report \| June 30, 2025 | ![](toberweis_logo.jpg) |

---

This semi-annual shareholder report contains important information about Oberweis Micro-Cap Fund ("OMCIX" or the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

---

| | | |
|:---|:---|:---|
|  **What were your Fund costs for the last six months?**<br> (based on a hypothetical $1,000,000 investment) | **What were your Fund costs for the last six months?**<br> (based on a hypothetical $1,000,000 investment) | **What were your Fund costs for the last six months?**<br> (based on a hypothetical $1,000,000 investment) |
|  | **Costs of a<br>$1,000,000 investment** | **Costs paid as a percentage of a<br>$1,000,000 investment** |
|  Oberweis Micro-Cap Fund - Institutional Class | $6065 | 1.22% |

---

### How has the Fund performed? (As of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  | **1 year (%)** | **5 years (%)** | **10 years (%)** |
|  **OMCIX** | 12.31 | 24.24 | 16.08 |
|  **Russell Microcap Growth Index** | 20.46 | &nbsp;&nbsp;&nbsp;&nbsp;5.21 | &nbsp;&nbsp;&nbsp;&nbsp;4.15 |
|  **S&P 500 Index** | 15.16 | 16.64 | 13.65 |

---

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  **Fund Statistics (as of June 30, 2025)** | **Fund Statistics (as of June 30, 2025)** |  |  |
|  Net Assets | Number of Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
| **$720780265** | **86** | **20%** | **$3207267** |

---

**What did the Fund invest in?** (as of June 30, 2025) (unaudited)

### Asset Allocation (% of Net Assets)
<u> Equities </u> <u> 98.0 </u>   <br> <u> Other Assets less Liabilities </u> <u> 2.0 </u>  

------

### What did the Fund invest in? (as of June 30, 2025) (unaudited) (continued)

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

---

| | |
|:---|:---|
|  Applied Optoelectronics, Inc. | 3.4 |
|  American Superconductor Corp. | 3.2 |
|  ADMA Biologics, Inc. | 3.2 |
|  Camtek Ltd. | 2.5 |
|  Tutor Perini Corp. | 2.5 |
|  Silicon Motion Technology Corp. ADS | 2.4 |
|  IMAX Corp. | 2.2 |
|  Blue Bird Corp. | 2.2 |
|  Rush Street Interactive, Inc. | 2.2 |
|  GeneDx Hldgs. Corp. | 2.1 |

---

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

---

| | |
|:---|:---|
|  Semiconductors & Semiconductor Equipment | 12.1 |
|  Construction & Engineering | 9.2 |
|  Biotechnology | 7.8 |
|  Software | 7.6 |
|  Electrical Equipment | 4.7 |
|  Healthcare Equipment & Supplies | 3.9 |
|  Machinery | 3.8 |
|  Pharmaceuticals | 3.5 |
|  Communications Equipment | 3.4 |
|  Professional Services | 3.2 |

---

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

------

---

| | |
|:---|:---|
|  **Oberweis Small-Cap Opportunities Fund**<br> Investor Class \| Ticker: OBSOX<br> Semi-Annual Report \| June 30, 2025 | ![](toberweis_logo.jpg) |

---

This semi-annual shareholder report contains important information about Oberweis Small Cap Opportunities Fund ("OBSOX" or the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

---

| | | |
|:---|:---|:---|
|  **What were your Fund costs for the last six months?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last six months?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last six months?**<br> (based on a hypothetical $10,000 investment) |
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
|  Oberweis Small Cap Opportunities Fund - Investor Class | $63 | 1.25% |

---

### How has the Fund performed? (As of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  | **1 year (%)** | **5 years (%)** | **10 years (%)** |
|  **OBSOX** | &nbsp;&nbsp;&nbsp;&nbsp;3.17 | 19.01 | 12.47 |
|  **Russell 2000 Growth Index** | &nbsp;&nbsp;&nbsp;&nbsp;9.73 | &nbsp;&nbsp;&nbsp;&nbsp;7.42 | &nbsp;&nbsp;&nbsp;&nbsp;7.14 |
|  **S&P 500 Index** | 15.16 | 16.64 | 13.65 |

---

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  **Fund Statistics (as of June 30, 2025)** | **Fund Statistics (as of June 30, 2025)** |  |  |
|  Net Assets | Number of Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
| **$1512447793** | **77** | **36%** | **$5674802** |

---

### What did the Fund invest in? (as of June 30, 2025) (unaudited)

### Asset Allocation (% of Net Assets)
<u> Equities </u> <u> 97.0 </u>   <br> <u> Other Assets less Liabilities </u> <u> 3.0 </u>  

------

### What did the Fund invest in? (as of June 30, 2025) (unaudited) (continued)

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

---

| | |
|:---|:---|
|  Credo Technology Group Hldg. Ltd. | 4.2 |
|  SharkNinja, Inc. | 2.9 |
|  Encompass Health Corp. | 2.8 |
|  Itron, Inc. | 2.4 |
|  Frontdoor, Inc. | 2.4 |
|  SkyWest, Inc. | 2.1 |
|  Nova Ltd. | 2.1 |
|  Rambus, Inc. | 2.0 |
|  ADMA Biologics, Inc. | 2.0 |
|  Waystar Hldg. Corp. | 1.9 |

---

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

---

| | |
|:---|:---|
|  Semiconductors & Semiconductor Equipment | 13.5 |
|  Software | 12.6 |
|  Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;7.7 |
|  Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp;5.9 |
|  Healthcare Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;5.3 |
|  Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
|  Machinery | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
|  Healthcare Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
|  Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
|  Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |

---

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

------

---

| | |
|:---|:---|
|  **Oberweis Small-Cap Opportunities Fund**<br> Institutional Class \| Ticker: OBSIX<br> Semi-Annual Report \| June 30, 2025 | ![](toberweis_logo.jpg) |

---

This semi-annual shareholder report contains important information about Oberweis Small Cap Opportunities Fund ("OBSIX" or the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

---

| | | |
|:---|:---|:---|
|  **What were your Fund costs for the last six months?**<br> (based on a hypothetical $1,000,000 investment) | **What were your Fund costs for the last six months?**<br> (based on a hypothetical $1,000,000 investment) | **What were your Fund costs for the last six months?**<br> (based on a hypothetical $1,000,000 investment) |
|  | **Costs of a<br>$1,000,000 investment** | **Costs paid as a percentage of a <br>$1,000,000 investment** |
|  Oberweis Small Cap Opportunities Fund - Institutional Class | $5015 | 1.00% |

---

### How has the Fund performed? (As of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  | **1 year (%)** | **5 years (%)** | **10 years (%)** |
|  **OBSIX** | &nbsp;&nbsp;&nbsp;&nbsp;3.44 | 19.32 | 12.76 |
|  **Russell 2000 Growth Index** | &nbsp;&nbsp;&nbsp;&nbsp;9.73 | &nbsp;&nbsp;&nbsp;&nbsp;7.42 | &nbsp;&nbsp;&nbsp;&nbsp;7.14 |
|  **S&P 500 Index** | 15.16 | 16.64 | 13.65 |

---

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  **Fund Statistics (as of June 30, 2025)** | **Fund Statistics (as of June 30, 2025)** |  |  |
|  Net Assets | Number of Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
| **$1512447793** | **77** | **36%** | **$5674802** |

---

### What did the Fund invest in? (as of June 30, 2025) (unaudited)

### Asset Allocation (% of Net Assets)
<u> Equities </u> <u> 97.0 </u>   <br> <u> Other Assets less Liabilities </u> <u> 3.0 </u>  

------

### What did the Fund invest in? (as of June 30, 2025) (unaudited) (continued)

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

---

| | |
|:---|:---|
|  Credo Technology Group Hldg. Ltd. | 4.2 |
|  SharkNinja, Inc. | 2.9 |
|  Encompass Health Corp. | 2.8 |
|  Itron, Inc. | 2.4 |
|  Frontdoor, Inc. | 2.4 |
|  SkyWest, Inc. | 2.1 |
|  Nova Ltd. | 2.1 |
|  Rambus, Inc. | 2.0 |
|  ADMA Biologics, Inc. | 2.0 |
|  Waystar Hldg. Corp. | 1.9 |

---

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

---

| | |
|:---|:---|
|  Semiconductors & Semiconductor Equipment | 13.5 |
|  Software | 12.6 |
|  Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;7.7 |
|  Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp;5.9 |
|  Healthcare Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp;5.3 |
|  Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
|  Machinery | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
|  Healthcare Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
|  Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
|  Household Durables | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |

---

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

------

---

| | |
|:---|:---|
|  **Oberweis Global Opportunities Fund**<br> Investor Class \| Ticker: OBEGX<br> Semi-Annual Report \| June 30, 2025 | ![](toberweis_logo.jpg) |

---

This semi-annual shareholder report contains important information about Oberweis Global Opportunities Fund ("OBEGX" or the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

---

| | | |
|:---|:---|:---|
|  **What were your Fund costs for the last six months?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last six months?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last six months?**<br> (based on a hypothetical $10,000 investment) |
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
|  Oberweis Global Opportunities Fund - Investor Class | $77 | 1.48% |

---

### How has the Fund performed? (As of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  | **1 year (%)** | **5 years (%)** | **10 years (%)** |
|  **OBEGX** | 14.44 | &nbsp;&nbsp;&nbsp;&nbsp;9.24 | 7.37 |
|  **MSCI ACWI Small-Cap Index** | 13.57 | 11.33 | 7.44 |
|  **MSCI EAFE Index** | 17.73 | 11.16 | 6.51 |

---

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  **Fund Statistics (as of June 30, 2025)** | **Fund Statistics (as of June 30, 2025)** |  |  |
|  Net Assets | Number of Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
| **$62694199** | **58** | **46%** | **$238293** |

---

### What did the Fund invest in? (as of June 30, 2025) (unaudited)

### Asset Allocation (% of Net Assets)
<u> Equities </u> <u> 96.2 </u>   <br> <u> Other Assets less Liabilities </u> <u> 3.8 </u>  

------

### What did the Fund invest in? (as of June 30, 2025) (unaudited) (continued)

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

---

| | |
|:---|:---|
|  Credo Technology Group Hldg. Ltd. | 5.5 |
|  Ryohin Keikaku Co. Ltd. | 5.5 |
|  ADMA Biologics, Inc. | 4.3 |
|  Argan, Inc. | 3.3 |
|  CTS Eventim AG & Co. KGaA | 3.0 |
|  SharkNinja, Inc. | 2.9 |
|  Games Workshop Group PLC | 2.8 |
|  Ashtead Technology Hldgs. PLC | 2.6 |
|  Zeta Global Hldgs. Corp. | 2.5 |
|  BayCurrent, Inc. | 2.5 |

---

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

---

| | |
|:---|:---|
|  Semiconductors & Semiconductor Equipment | 9.0 |
|  Software | 8.6 |
|  Biotechnology | 7.1 |
|  Broadline Retail | 5.5 |
|  Healthcare Equipment & Supplies | 4.9 |
|  Insurance | 4.8 |
|  Professional Services | 4.7 |
|  Construction & Engineering | 4.6 |
|  Household Durables | 4.0 |
|  Trading Co. & Distribution | 3.8 |

---

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

------

---

| | |
|:---|:---|
|  **Oberweis Global Opportunities Fund**<br> Institutional Class \| Ticker: OBGIX<br> Semi-Annual Report \| June 30, 2025 | ![](toberweis_logo.jpg) |

---

This semi-annual shareholder report contains important information about Oberweis Global Opportunities Fund ("OBGIX" or the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

---

| | | |
|:---|:---|:---|
|  **What were your Fund costs for the last six months?**<br> (based on a hypothetical $1,000,000 investment) | **What were your Fund costs for the last six months?**<br> (based on a hypothetical $1,000,000 investment) | **What were your Fund costs for the last six months?**<br> (based on a hypothetical $1,000,000 investment) |
|  | **Costs of a<br>$1,000,000 investment** | **Costs paid as a percentage of a <br>$1,000,000 investment** |
|  Oberweis Global Opportunities Fund - Institutional Class | $6389 | 1.23% |

---

### How has the Fund performed? (As of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  | **1 year (%)** | **5 years (%)** | **10 years (%)** |
|  **OBGIX** | 14.74 | &nbsp;&nbsp;&nbsp;&nbsp;9.52 | 7.64 |
|  **MSCI ACWI Small-Cap Index** | 13.57 | 11.33 | 7.44 |
|  **MSCI EAFE Index** | 17.73 | 11.16 | 6.51 |

---

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  **Fund Statistics (as of June 30, 2025)** | **Fund Statistics (as of June 30, 2025)** |  |  |
|  Net Assets | Number of Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
| **$62694199** | **58** | **46%** | **$238293** |

---

### What did the Fund invest in? (as of June 30, 2025) (unaudited)

### Asset Allocation (% of Net Assets)
<u> Equities </u> <u> 96.2 </u>   <br> <u> Other Assets less Liabilities </u> <u> 3.8 </u>  

------

### What did the Fund invest in? (as of June 30, 2025) (unaudited) (continued)

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

---

| | |
|:---|:---|
|  Credo Technology Group Hldg. Ltd. | 5.5 |
|  Ryohin Keikaku Co. Ltd. | 5.5 |
|  ADMA Biologics, Inc. | 4.3 |
|  Argan, Inc. | 3.3 |
|  CTS Eventim AG & Co. KGaA | 3.0 |
|  SharkNinja, Inc. | 2.9 |
|  Games Workshop Group PLC | 2.8 |
|  Ashtead Technology Hldgs. PLC | 2.6 |
|  Zeta Global Hldgs. Corp. | 2.5 |
|  BayCurrent, Inc. | 2.5 |

---

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

---

| | |
|:---|:---|
|  Semiconductors & Semiconductor Equipment | 9.0 |
|  Software | 8.6 |
|  Biotechnology | 7.1 |
|  Broadline Retail | 5.5 |
|  Healthcare Equipment & Supplies | 4.9 |
|  Insurance | 4.8 |
|  Professional Services | 4.7 |
|  Construction & Engineering | 4.6 |
|  Household Durables | 4.0 |
|  Trading Co. & Distribution | 3.8 |

---

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

------

---

| | |
|:---|:---|
|  **Oberweis China Opportunities Fund**<br> Investor Class \| Ticker: OBCHX<br> Semi-Annual Report \| June 30, 2025 | ![](toberweis_logo.jpg) |

---

This semi-annual shareholder report contains important information about Oberweis China Opportunities Fund ("OBCHX" or the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

---

| | | |
|:---|:---|:---|
|  **What were your Fund costs for the last six months?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last six months?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last six months?**<br> (based on a hypothetical $10,000 investment) |
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
|  Oberweis China Opportunities Fund - Investor Class | $118 | 2.16% |

---

### How has the Fund performed? (As of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  | **1 year (%)** | **5 years (%)** | **10 years (%)** |
|  **OBCHX** | 21.44 | (1.55) | 3.07 |
|  **MSCI China Index** | 33.78 | (0.99) | 2.11 |

---

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  **Fund Statistics (as of June 30, 2025)** | **Fund Statistics (as of June 30, 2025)** |  |  |
|  Net Assets | Number of Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
| **$43999775** | **56** | **60%** | **$202520** |

---

### What did the Fund invest in? (as of June 30, 2025) (unaudited)

### Asset Allocation (% of Net Assets)
<u> Equities </u> <u> 99.3 </u>   <br> <u> Short-Term Investments </u> <u> 0.3 </u>   <br> <u> Other Assets less Liabilities </u> <u> 0.4 </u>  

------

### What did the Fund invest in? (as of June 30, 2025) (unaudited) (continued)

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

---

| | |
|:---|:---|
|  Tencent Hldgs. Ltd. | 8.0 |
|  Alibaba Group Hldg. Ltd. | 7.3 |
|  Xiaomi Corp. | 7.0 |
|  Pop Mart International Group Ltd. | 5.0 |
|  China Construction Bank Corp. | 3.7 |
|  Zijin Mining Group Co. Ltd. | 2.5 |
|  China Pacific Insurance (Group) Co. Ltd. | 2.5 |
|  Meituan | 2.4 |
|  Hong Kong Exchanges & Clearing Ltd. | 2.4 |
|  NetEase, Inc. | 2.4 |

---

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

---

| | |
|:---|:---|
|  Broadline Retail | 10.3 |
|  Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;9.8 |
|  Banks | &nbsp;&nbsp;&nbsp;&nbsp;9.6 |
|  Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;6.9 |
|  Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;6.9 |
|  Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;6.8 |
|  Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
|  Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
|  Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
|  Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |

---

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

------

---

| | |
|:---|:---|
|  **Oberweis China Opportunities Fund**<br> Institutional Class \| Ticker: OCHIX<br> Semi-Annual Report \| June 30, 2025 | ![](toberweis_logo.jpg) |

---

This semi-annual shareholder report contains important information about Oberweis China Opportunities Fund ("OCHIX" or the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

---

| | | |
|:---|:---|:---|
|  **What were your Fund costs for the last six months?**<br> (based on a hypothetical $1,000,000 investment) | **What were your Fund costs for the last six months?**<br> (based on a hypothetical $1,000,000 investment) | **What were your Fund costs for the last six months?**<br> (based on a hypothetical $1,000,000 investment) |
|  | **Costs of a<br>$1,000,000 investment** | **Costs paid as a percentage of a <br>$1,000,000 investment** |
|  Oberweis China Opportunities Fund - Institutional Class | $10465 | 1.92% |

---

### How has the Fund performed? (As of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  | **1 year (%)** | **5 years (%)** | **10 years (%)** |
|  **OCHIX** | 21.82 | (1.32) | 3.32 |
|  **MSCI China Index** | 33.78 | (0.99) | 2.11 |

---

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  **Fund Statistics (as of June 30, 2025)** | **Fund Statistics (as of June 30, 2025)** |  |  |
|  Net Assets | Number of Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
| **$43999775** | **56** | **60%** | **$202520** |

---

### What did the Fund invest in? (as of June 30, 2025) (unaudited)

### Asset Allocation (% of Net Assets)
<u> Equities </u> <u> 99.3 </u>   <br> <u> Short-Term Investments </u> <u> 0.3 </u>   <br> <u> Other Assets less Liabilities </u> <u> 0.4 </u>  

------

### What did the Fund invest in? (as of June 30, 2025) (unaudited) (continued)

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

---

| | |
|:---|:---|
|  Tencent Hldgs. Ltd. | 8.0 |
|  Alibaba Group Hldg. Ltd. | 7.3 |
|  Xiaomi Corp. | 7.0 |
|  Pop Mart International Group Ltd. | 5.0 |
|  China Construction Bank Corp. | 3.7 |
|  Zijin Mining Group Co. Ltd. | 2.5 |
|  China Pacific Insurance (Group) Co. Ltd. | 2.5 |
|  Meituan | 2.4 |
|  Hong Kong Exchanges & Clearing Ltd. | 2.4 |
|  NetEase, Inc. | 2.4 |

---

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

---

| | |
|:---|:---|
|  Broadline Retail | 10.3 |
|  Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;9.8 |
|  Banks | &nbsp;&nbsp;&nbsp;&nbsp;9.6 |
|  Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp;6.9 |
|  Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;6.9 |
|  Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp;6.8 |
|  Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;5.0 |
|  Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
|  Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
|  Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp;3.8 |

---

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

------

---

| | |
|:---|:---|
|  **Oberweis International Opportunities Fund**<br> Investor Class \| Ticker: OBIOX<br> Semi-Annual Report \| June 30, 2025 | ![](toberweis_logo.jpg) |

---

This semi-annual shareholder report contains important information about Oberweis International Opportunities Fund ("OBIOX" or the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

---

| | | |
|:---|:---|:---|
|  **What were your Fund costs for the last six months?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last six months?**<br> (based on a hypothetical $10,000 investment) | **What were your Fund costs for the last six months?**<br> (based on a hypothetical $10,000 investment) |
|  | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage of a <br>$10,000 investment** |
|  Oberweis International Opportunities Fund - Investor Class | $76 | 1.35% |

---

### How has the Fund performed? (As of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  | **1 year (%)** | **5 years (%)** | **10 years (%)** |
|  **OBIOX** | 28.99 | &nbsp;&nbsp;&nbsp;&nbsp;5.75 | &nbsp;&nbsp;&nbsp;&nbsp;6.42 |
|  **MSCI World ex-US Small-Cap Growth Index** | 22.12 | &nbsp;&nbsp;&nbsp;&nbsp;7.05 | &nbsp;&nbsp;&nbsp;&nbsp;6.61 |
|  **MSCI EAFE Index** | 17.73 | 11.16 | &nbsp;&nbsp;&nbsp;&nbsp;6.51 |

---

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  **Fund Statistics (as of June 30, 2025)** | **Fund Statistics (as of June 30, 2025)** |  |  |
|  Net Assets | Number of Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
| **$401283346** | **79** | **74%** | **$1775793** |

---

### What did the Fund invest in? (as of June 30, 2025) (unaudited)

### Asset Allocation (% of Net Assets)
<u> Equities </u> <u> 97.7 </u>   <br> <u> Short-Term Investments </u> <u> 1.4 </u>   <br> <u> Other Assets less Liabilities </u> <u> 0.9 </u>  

------

### What did the Fund invest in? (as of June 30, 2025) (unaudited) (continued)

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

---

| | |
|:---|:---|
|  Ryohin Keikaku Co. Ltd. | 3.4 |
|  Food & Life Cos. Ltd. | 3.2 |
|  CTS Eventim AG & Co. | 2.7 |
|  Intermediate Capital Group PLC | 2.4 |
|  Sanrio Co. Ltd. | 2.3 |
|  Games Workshop Group PLC | 2.2 |
|  Alamos Gold, Inc. | 2.2 |
|  Gjensidige Forsikring ASA | 2.1 |
|  BayCurrent, Inc. | 2.1 |
|  Storebrand ASA | 2.0 |

---

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

---

| | |
|:---|:---|
|  Specialty Retail | 8.5 |
|  Machinery | 7.8 |
|  Insurance | 7.7 |
|  Capital Markets | 6.8 |
|  Hotels, Restaurants & Leisure | 6.4 |
|  Aerospace & Defense | 5.9 |
|  Construction & Engineering | 4.2 |
|  Information Technology Services | 4.0 |
|  Broadline Retail | 3.4 |
|  Entertainment | 3.4 |

---

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

------

---

| | |
|:---|:---|
|  **Oberweis International Opportunities Fund**<br> Institutional Class \| Ticker: OBIIX<br> Semi-Annual Report \| June 30, 2025 | ![](toberweis_logo.jpg) |

---

This semi-annual shareholder report contains important information about Oberweis International Opportunities Fund ("OBIIX" or the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

---

| | | |
|:---|:---|:---|
|  **What were your Fund costs for the last six months?**<br> (based on a hypothetical $1,000,000 investment) | **What were your Fund costs for the last six months?**<br> (based on a hypothetical $1,000,000 investment) | **What were your Fund costs for the last six months?**<br> (based on a hypothetical $1,000,000 investment) |
|  | **Costs of a<br>$1,000,000 investment** | **Costs paid as a percentage of a <br>$1,000,000 investment** |
|  Oberweis International Opportunities Fund - Institutional Class | $6162 | 1.10% |

---

### How has the Fund performed? (As of June 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Annual Total Returns** | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  | **1 year (%)** | **5 years (%)** | **10 years (%)** |
|  **OBIIX** | 29.24 | &nbsp;&nbsp;&nbsp;&nbsp;6.02 | &nbsp;&nbsp;&nbsp;&nbsp;6.69 |
|  **MSCI World ex-US Small-Cap Growth Index** | 22.12 | &nbsp;&nbsp;&nbsp;&nbsp;7.05 | &nbsp;&nbsp;&nbsp;&nbsp;6.61 |
|  **MSCI EAFE Index** | 17.73 | 11.16 | &nbsp;&nbsp;&nbsp;&nbsp;6.51 |

---

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  **Fund Statistics (as of June 30, 2025)** | **Fund Statistics (as of June 30, 2025)** |  |  |
|  Net Assets | Number of Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
| **$401283346** | **79** | **74%** | **$1775793** |

---

### What did the Fund invest in? (as of June 30, 2025) (unaudited)

### Asset Allocation (% of Net Assets)
<u> Equities </u> <u> 97.7 </u>   <br> <u> Short-Term Investments </u> <u> 1.4 </u>   <br> <u> Other Assets less Liabilities </u> <u> 0.9 </u>  

------

### What did the Fund invest in? (as of June 30, 2025) (unaudited) (continued)

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

---

| | |
|:---|:---|
|  Ryohin Keikaku Co. Ltd. | 3.4 |
|  Food & Life Cos. Ltd. | 3.2 |
|  CTS Eventim AG & Co. | 2.7 |
|  Intermediate Capital Group PLC | 2.4 |
|  Sanrio Co. Ltd. | 2.3 |
|  Games Workshop Group PLC | 2.2 |
|  Alamos Gold, Inc. | 2.2 |
|  Gjensidige Forsikring ASA | 2.1 |
|  BayCurrent, Inc. | 2.1 |
|  Storebrand ASA | 2.0 |

---

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

---

| | |
|:---|:---|
|  Specialty Retail | 8.5 |
|  Machinery | 7.8 |
|  Insurance | 7.7 |
|  Capital Markets | 6.8 |
|  Hotels, Restaurants & Leisure | 6.4 |
|  Aerospace & Defense | 5.9 |
|  Construction & Engineering | 4.2 |
|  Information Technology Services | 4.0 |
|  Broadline Retail | 3.4 |
|  Entertainment | 3.4 |

---

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

------

---

| | |
|:---|:---|
|  **Oberweis Focused International Growth Fund**<br> Institutional Class \| Ticker: OFIGX<br> Semi-Annual Report \| June 30, 2025 | ![](toberweis_logo.jpg) |

---

This semi-annual shareholder report contains important information about Oberweis Focused International Growth Fund ("OFIGX" or the "Fund") for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

---

| | | |
|:---|:---|:---|
|  **What were your Fund costs for the last six months?**<br> (based on a hypothetical $100,000 investment) | **What were your Fund costs for the last six months?**<br> (based on a hypothetical $100,000 investment) | **What were your Fund costs for the last six months?**<br> (based on a hypothetical $100,000 investment) |
|  | **Costs of a<br>$100,000 investment** | **Costs paid as a percentage of a <br>$100,000 investment** |
|  Oberweis Focused International Growth Fund - Institutional Class | $538 | 0.95% |

---

### How has the Fund performed? (As of June 30, 2025)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns** | **Average Annual Total Returns** |
|  | **1 year (%)** | **Since <br>Inception (%)<sup>1</sup>** |
|  **OFIGX** | 27.63 | 8.19 |
|  **MSCI EAFE Index** | 17.73 | 9.25 |

---

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  **Fund Statistics (as of June 30, 2025)** | **Fund Statistics (as of June 30, 2025)** |  |  |
|  Net Assets | Number of Holdings | Portfolio Turnover Rate | Total Advisory Fees Paid |
| **$12281203** | **41** | **46%** | **$39883** |

---

### What did the Fund invest in? (as of June 30, 2025) (unaudited)

### Asset Allocation (% of Net Assets)
<u> Equities </u> <u> 95.8 </u>   <br> <u> Short-Term Investments </u> <u> 4.3 </u>   <br> <u> Other Liabilities less Assets </u> <u> (0.1) </u>  

------

### What did the Fund invest in? (as of June 30, 2025) (unaudited) (continued)

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

---

| | |
|:---|:---|
|  Rolls-Royce Hldgs. PLC | 6.5 |
|  Rheinmetall AG | 6.0 |
|  Sony Group Corp. | 4.6 |
|  Spotify Technology SA | 4.4 |
|  UniCredit SpA | 4.1 |
|  Heidelberg Materials AG | 3.3 |
|  Siemens Energy AG | 3.0 |
|  SAP SE | 3.0 |
|  NEC Corp. | 3.0 |
|  HSBC Hldgs. PLC | 2.9 |

---

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

---

| | |
|:---|:---|
|  Aerospace & Defense | 12.5 |
|  Banks | 11.7 |
|  Insurance | 7.7 |
|  Pharmaceuticals | 6.4 |
|  Entertainment | 6.3 |
|  Software | 5.0 |
|  Household Durables | 4.6 |
|  Electrical Equipment | 4.3 |
|  Industrial Conglomerates | 4.0 |
|  Hotels, Restaurants & Leisure | 3.3 |

---

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

------

**ITEM 2. CODE OF ETHICS.**

Not required for the Semi-Annual Report.

**ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT**

Not required for the Semi-Annual Report.

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

Not required for the Semi-Annual Report.

**ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.**

Not Applicable to the registrant.

**ITEM 6. SCHEDULE OF INVESTMENTS.**

See Schedule of Investments in Item 7.

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

![](image_001.jpg)

---

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

---

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

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

**JUNE 30, 2025**

**Table of Contents**

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

### Item 7. Financial Statements and Financial Highlights &nbsp;&nbsp;&nbsp; [Schedule of Investments](#a_001) 1 &nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#a_002) 20 &nbsp;&nbsp;&nbsp; [Statement of Operations](#a_003) 22 &nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#a_004) 25 &nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#a_005) 31 &nbsp;&nbsp;&nbsp; [Financial Highlights](#a_006) 39
Oberweis Micro-Cap Fund

Schedule of Investments (unaudited)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| **Equities** | ***98.0*** *%*** |  |  |
| ***Aerospace & Defense*** | ***1.1*** *%*** |  |  |
| Ducommun, Inc.\* |  | 95700 | $7907691 |
| ***Banks*** | ***2.5*** *%*** |  |  |
| 1st Source Corp. |  | 82700 | 5133189 |
| FB Financial Corp. |  | 123500 | 5594550 |
| Nicolet Bankshares, Inc. |  | 60200 | 7433496 |
|  |  |  | 18161235 |
| ***Beverages*** | ***1.0*** *%*** |  |  |
| The Vita Coco Co., Inc.\* |  | 207400 | 7487140 |
| ***Biotechnology*** | ***7.8*** *%*** |  |  |
| ADMA Biologics, Inc.\* |  | 1253000 | 22817130 |
| CareDx, Inc.\* |  | 259671 | 5073971 |
| Catalyst Pharmaceuticals, Inc.\* |  | 467100 | 10136070 |
| Kiniksa Pharmaceuticals International PLC\* |  | 305200 | 8444884 |
| MannKind Corp.\* |  | 968400 | 3621816 |
| Veracyte, Inc.\* |  | 238500 | 6446655 |
|  |  |  | 56540526 |
| ***Building Products*** | ***0.7*** *%*** |  |  |
| Insteel Industries, Inc. |  | 132732 | 4938958 |
| ***Chemicals*** | ***0.9*** *%*** |  |  |
| Hawkins, Inc. |  | 45700 | 6493970 |
| ***Commercial Services & Supplies*** | ***3.0*** *%*** |  |  |
| Aris Water Solutions, Inc. |  | 223500 | 5285775 |
| Interface, Inc. |  | 425300 | 8901529 |
| VSE Corp. |  | 58600 | 7675428 |
|  |  |  | 21862732 |
| ***Communications Equipment*** | ***3.4*** *%*** |  |  |
| Applied Optoelectronics, Inc.\* |  | 945815 | 24297987 |
| ***Construction & Engineering*** | ***9.2*** *%*** |  |  |
| Argan, Inc. |  | 55800 | 12302784 |
| Limbach Hldgs., Inc.\* |  | 83700 | 11726370 |
| Matrix Service Co.\* |  | 221075 | 2986723 |
| Primoris Services Corp. |  | 192400 | 14995656 |
| Sterling Construction Co., Inc.\* |  | 27300 | 6298929 |
| Tutor Perini Corp.\* |  | 377800 | 17673484 |
|  |  |  | 65983946 |
| ***Consumer Finance*** | ***1.3*** *%*** |  |  |
| EZCORP, Inc.\* |  | 685500 | 9514740 |
| ***Consumer Staples Distribution & Retail*** | ***0.8*** *%*** |  |  |
| Natural Grocers by Vitamin Cottage, Inc. |  | 147500 | 5789375 |
| ***Diversified Consumer Services*** | ***1.9*** *%*** |  |  |
| Lincoln Educational Services Corp.\* |  | 189600 | 4370280 |
| OneSpaWorld Hldgs. Ltd. |  | 465400 | 9489506 |
|  |  |  | 13859786 |
| ***Electrical Equipment*** | ***4.7*** *%*** |  |  |
| American Superconductor Corp.\* |  | 634400 | 23276136 |
| LSI Industries, Inc. |  | 169200 | 2878092 |
| Powell Industries, Inc. |  | 37200 | 7828740 |
|  |  |  | 33982968 |

---

*See accompanying notes to the financial statements.*

Oberweis Micro-Cap Fund

Schedule of Investments (unaudited) (continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| ***Electronic Equipment, Instruments & Components*** | ***2.9*** *%*** |  |  |
| Climb Global Solutions, Inc. |  | 32500 | $3474575 |
| Evolv Technologies Hldgs., Inc.\* |  | 948400 | 5918016 |
| FARO Technologies, Inc.\* |  | 163000 | 7158960 |
| PowerFleet, Inc.\* |  | 1068800 | 4606528 |
|  |  |  | 21158079 |
| ***Energy Equipment & Services*** | ***1.1*** *%*** |  |  |
| Helix Energy Solutions Group, Inc.\* |  | 501700 | 3130608 |
| Precision Drilling Corp.\* |  | 97100 | 4587003 |
|  |  |  | 7717611 |
| ***Entertainment*** | ***2.2*** *%*** |  |  |
| IMAX Corp.\* |  | 579600 | 16205616 |
| ***Healthcare Equipment & Supplies*** | ***3.9*** *%*** |  |  |
| Artivion, Inc.\* |  | 211800 | 6586980 |
| Axogen, Inc.\* |  | 328100 | 3559885 |
| Bioventus, Inc.\* |  | 601714 | 3983347 |
| Delcath Systems, Inc.\* |  | 419400 | 5703840 |
| LeMaitre Vascular, Inc. |  | 103400 | 8587370 |
|  |  |  | 28421422 |
| ***Healthcare Providers & Services*** | ***3.2*** *%*** |  |  |
| GeneDx Hldgs. Corp.\* |  | 162900 | 15037299 |
| Pediatrix Medical Group, Inc.\* |  | 545600 | 7829360 |
|  |  |  | 22866659 |
| ***Hotels, Restaurants & Leisure*** | ***2.7*** *%*** |  |  |
| Lindblad Expeditions Hldgs., Inc. \* |  | 299400 | 3493998 |
| Rush Street Interactive, Inc.\* |  | 1069700 | 15938530 |
|  |  |  | 19432528 |
| ***Household Durables*** | ***0.9*** *%*** |  |  |
| M/I Homes, Inc.\* |  | 58200 | 6525384 |
| ***Information Technology Services*** | ***1.5*** *%*** |  |  |
| Backblaze, Inc.\* |  | 538700 | 2962850 |
| Grid Dynamics Hldgs., Inc.\* |  | 648400 | 7489020 |
|  |  |  | 10451870 |
| ***Insurance*** | ***1.7*** *%*** |  |  |
| Employers Hldgs., Inc. |  | 96100 | 4533998 |
| Skyward Specialty Insurance Group, Inc.\* |  | 131600 | 7605164 |
|  |  |  | 12139162 |
| ***Interactive Media & Services*** | ***0.6*** *%*** |  |  |
| QuinStreet, Inc.\* |  | 262800 | 4231080 |
| ***Leisure Products*** | ***1.0*** *%*** |  |  |
| Malibu Boats, Inc.\* |  | 238200 | 7465188 |
| ***Life Sciences Tools & Services*** | ***1.0*** *%*** |  |  |
| Adaptive Biotechnologies Corp.\* |  | 589400 | 6866510 |
| ***Machinery*** | ***3.8*** *%*** |  |  |
| Blue Bird Corp.\* |  | 373400 | 16115944 |
| REV Group, Inc. |  | 172600 | 8214034 |
| The Gorman-Rupp Corp. |  | 90900 | 3337848 |
|  |  |  | 27667826 |
| ***Media*** | ***1.7*** *%*** |  |  |
| Magnite, Inc.\* |  | 514000 | 12397680 |
| ***Oil, Gas & Consumable Fuels*** | ***0.5*** *%*** |  |  |
| Vital Energy, Inc.\* |  | 232700 | 3744143 |

---

*See accompanying notes to the financial statements.*

Oberweis Micro-Cap Fund

Schedule of Investments (unaudited) (continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| ***Pharmaceuticals*** | ***3.5*** *%*** |  |  |
| ANI Pharmaceuticals, Inc.\* |  | 138900 | $9063225 |
| CorMedix, Inc.\* |  | 485000 | 5975200 |
| Evolus, Inc.\* |  | 677600 | 6240696 |
| Liquidia Corp.\* |  | 321200 | 4002152 |
|  |  |  | 25281273 |
| ***Professional Services*** | ***3.2*** *%*** |  |  |
| CRA International, Inc. |  | 19000 | 3560030 |
| Huron Consulting Group, Inc.\* |  | 40500 | 5570370 |
| IBEX Hldgs. Ltd.\* |  | 236000 | 6867600 |
| Willdan Group, Inc.\* |  | 110100 | 6882351 |
|  |  |  | 22880351 |
| ***Semiconductors & Semiconductor Equipment*** | ***12.1*** *%*** |  |  |
| ACM Research, Inc.\* |  | 246960 | 6396264 |
| Alpha & Omega Semiconductor Ltd.\* |  | 244300 | 6268738 |
| Ambarella, Inc.\* |  | 212085 | 14011396 |
| Camtek Ltd.\* |  | 213580 | 18060325 |
| Diodes, Inc.\* |  | 218700 | 11567043 |
| Silicon Motion Technology Corp. ADS |  | 230600 | 17334202 |
| Ultra Clean Hldgs., Inc.\* |  | 613300 | 13842181 |
|  |  |  | 87480149 |
| ***Software*** | ***7.6*** *%*** |  |  |
| AvePoint, Inc.\* |  | 296300 | 5721553 |
| Cellebrite DI Ltd.\* |  | 317100 | 5073600 |
| Dave, Inc.\* |  | 24322 | 6528268 |
| OneSpan, Inc. |  | 621700 | 10376173 |
| Radware Ltd.\* |  | 274700 | 8087168 |
| Red Violet, Inc.\* |  | 100300 | 4934760 |
| Verint Systems, Inc.\* |  | 325000 | 6392750 |
| Weave Communications, Inc.\* |  | 896300 | 7457216 |
|  |  |  | 54571488 |
| ***Specialty Retail*** | ***2.8*** *%*** |  |  |
| Boot Barn Hldgs., Inc.\* |  | 42100 | 6399200 |
| National Vision Hldgs., Inc.\* |  | 594900 | 13688649 |
|  |  |  | 20087849 |
| ***Tobacco*** | ***1.1*** *%*** |  |  |
| Turning Point Brands, Inc. |  | 101000 | 7652770 |
| ***Trading Co. & Distribution*** | ***0.7*** *%*** |  |  |
| NPK International, Inc.\* |  | 496500 | 4225215 |
| ***Total Equities*** |  |  |  |
| (Cost: $530,680,543) |  |  | $706290907 |
| ***Total Investments*** | ***98.0*** *%*** |  |  |
| (Cost: $530,680,543) |  |  | $706290907 |
| Other Assets Less Liabilities | ***2.0*** *%*** |  | 14489358 |
| ***Net Assets - 100%*** |  |  | $**720780265** |

---

\* Non-income producing security during the period ended June 30, 2025

ADS - American depositary share

*See accompanying notes to the financial statements.*

Oberweis Small-Cap Opportunities Fund

Schedule of Investments (unaudited)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| ***Equities*** | ***97.0*** *%*** |  |  |
| ***Aerospace & Defense*** | ***2.5*** *%*** |  |  |
| AAR Corp.\* |  | 236500 | $16268835 |
| Mercury Systems, Inc.\* |  | 398500 | 21463210 |
|  |  |  | 37732045 |
| ***Banks*** | ***1.9*** *%*** |  |  |
| Ameris Bancorp |  | 156400 | 10119080 |
| Commerce Bancshares, Inc. |  | 176890 | 10997251 |
| First Merchants Corp. |  | 196000 | 7506800 |
|  |  |  | 28623131 |
| ***Beverages*** | ***1.2*** *%*** |  |  |
| Primo Brands Corp. |  | 611300 | 18106706 |
| ***Biotechnology*** | ***4.0*** *%*** |  |  |
| ADMA Biologics, Inc.\* |  | 1651100 | 30066531 |
| Blueprint Medicines Corp.\* |  | 72500 | 9293050 |
| Halozyme Therapeutics, Inc.\* |  | 172200 | 8957844 |
| Veracyte, Inc.\* |  | 452600 | 12233778 |
|  |  |  | 60551203 |
| ***Communications Equipment*** | ***3.2*** *%*** |  |  |
| Applied Optoelectronics, Inc.\* |  | 942226 | 24205786 |
| Lumentum Hldgs., Inc.\* |  | 250900 | 23850554 |
|  |  |  | 48056340 |
| ***Commercial Services & Supplies*** | ***1.6*** *%*** |  |  |
| Clean Harbors, Inc.\* |  | 104000 | 24042720 |
| ***Construction & Engineering*** | ***2.2*** *%*** |  |  |
| Arcosa, Inc. |  | 221600 | 19214936 |
| Everus Construction Group, Inc.\* |  | 230100 | 14618253 |
|  |  |  | 33833189 |
| ***Consumer Finance*** | ***0.9*** *%*** |  |  |
| FirstCash Hldgs., Inc. |  | 97800 | 13216692 |
| ***Consumer Staples Distribution & Retail*** | ***1.2*** *%*** |  |  |
| Sprouts Farmers Market, Inc.\* |  | 114600 | 18867744 |
| ***Diversified Consumer Services*** | ***5.9*** *%*** |  |  |
| Bright Horizons Family Solutions, Inc.\* |  | 79604 | 9838258 |
| Frontdoor, Inc.\* |  | 607900 | 35829626 |
| Grand Canyon Education, Inc.\* |  | 90400 | 17085600 |
| Stride, Inc.\* |  | 181800 | 26395542 |
|  |  |  | 89149026 |

---

*See accompanying notes to the financial statements.*

Oberweis Small-Cap Opportunities Fund

Schedule of Investments (unaudited) (continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| ***Electronic Equipment, Instruments & Components*** | ***7.7*** *%*** |  |  |
| Advanced Energy Industries, Inc. |  | 114700 | $15197750 |
| Badger Meter, Inc. |  | 59910 | 14674955 |
| Fabrinet\* |  | 86200 | 25401416 |
| Itron, Inc.\* |  | 277600 | 36540488 |
| OSI Systems, Inc.\* |  | 109000 | 24509740 |
|  |  |  | 116324349 |
| ***Energy Equipment & Services*** | ***1.3*** *%*** |  |  |
| NOV, Inc. |  | 730200 | 9076386 |
| Solaris Energy Infrastructure, Inc. |  | 366900 | 10379601 |
|  |  |  | 19455987 |
| ***Financial Services*** | ***2.3*** *%*** |  |  |
| Mr. Cooper Group, Inc.\* |  | 155800 | 23246918 |
| Remitly Global, Inc.\* |  | 594500 | 11158765 |
|  |  |  | 34405683 |
| ***Healthcare Equipment & Supplies*** | ***3.2*** *%*** |  |  |
| ICU Medical, Inc.\* |  | 138500 | 18302775 |
| iRhythm Technologies, Inc.\* |  | 81200 | 12501552 |
| Merit Medical Systems, Inc.\* |  | 191600 | 17910768 |
|  |  |  | 48715095 |
| ***Healthcare Providers & Services*** | ***5.3*** *%*** |  |  |
| Addus HomeCare Corp.\* |  | 78200 | 9007858 |
| BrightSpring Health Services, Inc.\* |  | 775800 | 18301122 |
| Encompass Health Corp. |  | 340700 | 41780041 |
| HealthEquity, Inc.\* |  | 108000 | 11314080 |
|  |  |  | 80403101 |
| ***Healthcare Technology*** | ***1.9*** *%*** |  |  |
| Waystar Hldg. Corp.\* |  | 705800 | 28846046 |
| ***Hotels, Restaurants & Leisure*** | ***2.7*** *%*** |  |  |
| Dutch Bros, Inc.\* |  | 238000 | 16272060 |
| Life Time Group Hldgs., Inc.\* |  | 812300 | 24637059 |
|  |  |  | 40909119 |
| ***Household Durables*** | ***2.9*** *%*** |  |  |
| SharkNinja, Inc.\* |  | 447300 | 44278227 |
| ***Information Technology Services*** | ***1.1*** *%*** |  |  |
| DigitalOcean Hldgs., Inc.\* |  | 597700 | 17070312 |
| ***Insurance*** | ***1.8*** *%*** |  |  |
| Assurant, Inc. |  | 83000 | 16391670 |
| Oscar Health, Inc.\* |  | 539000 | 11556160 |
|  |  |  | 27947830 |
| ***Interactive Media & Services*** | ***1.1*** *%*** |  |  |
| CarGurus, Inc.\* |  | 518400 | 17350848 |
| ***Machinery*** | ***3.7*** *%*** |  |  |
| Federal Signal Corp. |  | 166500 | 17718930 |
| Flowserve Corp. |  | 480100 | 25133235 |
| SPX Technologies, Inc.\* |  | 76900 | 12894592 |
|  |  |  | 55746757 |
| ***Marine Transportation*** | ***0.5*** *%*** |  |  |
| Kirby Corp.\* |  | 67500 | 7655175 |
| ***Metals & Mining*** | ***1.4*** *%*** |  |  |
| Carpenter Technology Corp. |  | 78600 | 21723468 |

---

*See accompanying notes to the financial statements.*

Oberweis Small-Cap Opportunities Fund

Schedule of Investments (unaudited) (continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| ***Oil, Gas & Consumable Fuels*** | ***1.4*** *%*** |  |  |
| Magnolia Oil & Gas Corp. |  | 376300 | $8459224 |
| Matador Resources Co. |  | 253900 | 12116108 |
|  |  |  | 20575332 |
| ***Passenger Airlines*** | ***2.1*** *%*** |  |  |
| SkyWest, Inc.\* |  | 312900 | 32219313 |
| ***Personal Care Products*** | ***1.0*** *%*** |  |  |
| BellRing Brands, Inc.\* |  | 264200 | 15305106 |
| ***Professional Services*** | ***2.6*** *%*** |  |  |
| ExlService Hldgs., Inc.\* |  | 194400 | 8512776 |
| Genpact Ltd. |  | 306100 | 13471461 |
| Parsons Corp.\* |  | 249000 | 17870730 |
|  |  |  | 39854967 |
| ***Semiconductors & Semiconductor Equipment*** | ***13.5*** *%*** |  |  |
| Ambarella, Inc.\* |  | 331400 | 21893941 |
| Credo Technology Group Hldg. Ltd.\* |  | 687348 | 63641551 |
| MACOM Technology Solutions Hldgs., Inc.\* |  | 163800 | 23470902 |
| Nova Ltd.\* |  | 113100 | 31125120 |
| Qorvo, Inc.\* |  | 200300 | 17007473 |
| Rambus, Inc.\* |  | 479700 | 30710394 |
| SiTime Corp.\* |  | 73496 | 15660528 |
|  |  |  | 203509909 |
| ***Software*** | ***12.6*** *%*** |  |  |
| ACI Worldwide, Inc.\* |  | 318962 | 14643545 |
| Box, Inc.\* |  | 632800 | 21622776 |
| Commvault Systems, Inc.\* |  | 125900 | 21948147 |
| Five9, Inc.\* |  | 555900 | 14720232 |
| Freshworks, Inc.\* |  | 1929100 | 28762881 |
| InterDigital, Inc. |  | 34100 | 7646243 |
| Pegasystems, Inc. |  | 377800 | 20450314 |
| Q2 Hldgs., Inc.\* |  | 270900 | 25353531 |
| Qualys, Inc.\* |  | 84000 | 12001080 |
| Varonis Systems, Inc.\* |  | 176600 | 8962450 |
| Zeta Global Hldgs. Corp.\* |  | 917900 | 14218272 |
|  |  |  | 190329471 |
| ***Specialty Retail*** | ***2.3*** *%*** |  |  |
| The Gap, Inc. |  | 790300 | 17236443 |
| Urban Outfitters, Inc.\* |  | 212100 | 15385734 |
|  |  |  | 32622177 |
| ***Total Equities*** |  |  |  |
| (Cost: $1,225,699,813) |  |  | $1467427068 |
| ***Total Investments*** | ***97.0*** *%*** |  |  |
| (Cost: $1,225,699,813) |  |  | $1467427068 |
| Other Assets Less Liabilities | ***3.0*** *%*** |  | 45020725 |
| ***Net Assets - 100%*** |  |  | $**1512447793** |

---

\* Non-income producing security during the period ended June 30, 2025

*See accompanying notes to the financial statements.*

Oberweis Global Opportunities Fund

Schedule of Investments (unaudited)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| **Equities** | ***96.2*** *%*** |  |  |
| ***Canada*** | ***3.3*** *%*** |  |  |
| Aritzia, Inc.\* |  | 11900 | $616497 |
| AtkinsRealis Group, Inc. |  | 11600 | 813567 |
| Definity Financial Corp. |  | 11100 | 646943 |
|  |  |  | 2077007 |
| ***China*** | ***2.7*** *%*** |  |  |
| American Superconductor Corp.\* |  | 30000 | 1100700 |
| Angelalign Technology, Inc. |  | 80000 | 576306 |
|  |  |  | 1677006 |
| ***Germany*** | ***4.9*** *%*** |  |  |
| CTS Eventim AG & Co. KGaA |  | 15100 | 1874826 |
| Hensoldt AG |  | 10500 | 1204736 |
|  |  |  | 3079562 |
| ***Hong Kong*** | ***0.9*** *%*** |  |  |
| Futu Hldgs. Ltd. ADS\* |  | 4700 | 580873 |
| ***India*** | ***2.1*** *%*** |  |  |
| Federal Bank Ltd.\* |  | 320000 | 795224 |
| MakeMyTrip Ltd.\* |  | 5600 | 548912 |
|  |  |  | 1344136 |
| ***Israel*** | ***0.8*** *%*** |  |  |
| Cellebrite DI Ltd.\* |  | 30500 | 488001 |
| ***Italy*** | ***1.0*** *%*** |  |  |
| De' Longhi SpA |  | 19600 | 658028 |
| ***Japan*** | ***8.0*** *%*** |  |  |
| BayCurrent, Inc. |  | 30400 | 1566390 |
| Ryohin Keikaku Co. Ltd. |  | 71200 | 3423909 |
|  |  |  | 4990299 |
| ***Norway*** | ***1.0*** *%*** |  |  |
| Storebrand ASA |  | 44000 | 623370 |
| ***Sweden*** | ***2.7*** *%*** |  |  |
| BHG Group AB\* |  | 254400 | 624377 |
| Saab AB |  | 18600 | 1037254 |
|  |  |  | 1661631 |
| ***Switzerland*** | ***2.0*** *%*** |  |  |
| Accelleron Industries AG |  | 17900 | 1258752 |
| ***United Kingdom*** | ***13.0*** *%*** |  |  |
| Ashtead Technology Hldgs. PLC |  | 269200 | 1635154 |
| Cranswick PLC |  | 20400 | 1498147 |
| Diploma PLC |  | 11200 | 751484 |
| Games Workshop Group PLC |  | 7800 | 1736664 |
| Intermediate Capital Group PLC |  | 57300 | 1516464 |
| Just Group PLC |  | 545700 | 991773 |
|  |  |  | 8129686 |

---

*See accompanying notes to the financial statements.*

Oberweis Global Opportunities Fund

Schedule of Investments (unaudited) (continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| ***United States of America*** | ***53.8*** *%*** |  |  |
| ACI Worldwide, Inc.\* |  | 11300 | $518783 |
| ADMA Biologics, Inc.\* |  | 147800 | 2691438 |
| Ambarella, Inc.\* |  | 11100 | 733322 |
| Argan, Inc. |  | 9300 | 2050464 |
| Aris Water Solutions, Inc. |  | 21700 | 513205 |
| Box, Inc.\* |  | 19300 | 659481 |
| CareDx, Inc.\* |  | 30000 | 586200 |
| Carpenter Technology Corp. |  | 3900 | 1077882 |
| Clean Harbors, Inc.\* |  | 4600 | 1063428 |
| Credo Technology Group Hldg. Ltd.\* |  | 37300 | 3453607 |
| Encompass Health Corp. |  | 5600 | 686728 |
| FARO Technologies, Inc.\* |  | 22500 | 988200 |
| Flowserve Corp. |  | 19300 | 1010355 |
| Freshworks, Inc.\* |  | 45100 | 672441 |
| Halozyme Therapeutics, Inc.\* |  | 10000 | 520200 |
| HealthEquity, Inc.\* |  | 5300 | 555228 |
| ICU Medical, Inc.\* |  | 5500 | 726825 |
| Itron, Inc.\* |  | 6300 | 829269 |
| LeMaitre Vascular, Inc. |  | 10400 | 863720 |
| Lumentum Hldgs., Inc.\* |  | 6600 | 627396 |
| MACOM Technology Solutions Hldgs., Inc.\* |  | 5800 | 831082 |
| Merit Medical Systems, Inc.\* |  | 9500 | 888060 |
| Natural Grocers by Vitamin Cottage, Inc. |  | 13300 | 522025 |
| Oscar Health, Inc.\* |  | 35900 | 769696 |
| Parsons Corp.\* |  | 18800 | 1349276 |
| Pegasystems, Inc.\* |  | 12000 | 649560 |
| Q2 Hldgs., Inc.\* |  | 8600 | 804874 |
| Rambus, Inc.\* |  | 10100 | 646602 |
| SharkNinja, Inc.\* |  | 18600 | 1841214 |
| SkyWest, Inc.\* |  | 9500 | 978215 |
| The Vita Coco Co., Inc.\* |  | 21200 | 765320 |
| Veracyte, Inc.\* |  | 25100 | 678453 |
| Waystar Hldg. Corp.\* |  | 14700 | 600789 |
| Zeta Global Hldgs. Corp.\* |  | 103200 | 1598568 |
|  |  |  | 33751906 |
| ***Total Equities*** |  |  |  |
| (Cost: $46,838,990) |  |  | $60320257 |
| ***Total Investments*** | ***96.2*** *%*** |  |  |
| (Cost: $46,838,990) |  |  | $60320257 |
| Other Assets Less Liabilities | ***3.8*** *%*** |  | 2373942 |
| ***Net Assets - 100%*** |  |  | $**62694199** |

---

\* Non-income producing security during the period ended June 30, 2025

ADS - American depositary share

*See accompanying notes to the financial statements.*

Oberweis Global Opportunities Fund

Schedule of Investments (unaudited) (continued)

June 30, 2025

---

| | |
|:---|:---|
| **SECTOR ALLOCATIONS (As a Percentage of Net Assets)** | |
| Communication Services | 3.0% |
| Consumer Discretionary | 15.1% |
| Consumer Staples | 4.4% |
| Financials | 9.4% |
| Healthcare | 15.0% |
| Industrials | 26.1% |
| Information Technology | 21.5% |
| Materials | 1.7% |

---

*See accompanying notes to the financial statements.*

Oberweis China Opportunities Fund

Schedule of Investments (unaudited)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| **Equities** | ***99.3*** *%*** |  |  |
| ***Automobile Components*** | ***1.7*** *%*** |  |  |
| Hesai Group ADS\* |  | 28000 | $614600 |
| Minth Group Ltd. |  | 50000 | 142675 |
|  |  |  | 757275 |
| ***Automobiles*** | ***2.3*** *%*** |  |  |
| BYD Co. Ltd. |  | 64500 | 1006529 |
| ***Banks*** | ***9.6*** *%*** |  |  |
| BOC Hong Kong Hldgs. Ltd. |  | 190000 | 825350 |
| China Construction Bank Corp. |  | 1600000 | 1614268 |
| China Merchants Bank Co. Ltd.\* |  | 120000 | 838471 |
| HSBC Hldgs. PLC |  | 77200 | 933776 |
|  |  |  | 4211865 |
| ***Beverages*** | ***1.8*** *%*** |  |  |
| Kweichow Moutai Co. Ltd. |  | 4000 | 786837 |
| ***Biotechnology*** | ***5.0*** *%*** |  |  |
| 3SBio, Inc.\* |  | 250000 | 753185 |
| BeiGene Ltd.\* |  | 32000 | 602497 |
| Innovent Biologics, Inc.\* |  | 26000 | 259669 |
| Remegen Co. Ltd.\* |  | 85000 | 589586 |
|  |  |  | 2204937 |
| ***Broadline Retail*** | ***10.3*** *%*** |  |  |
| Alibaba Group Hldg. Ltd. |  | 230000 | 3217070 |
| JD.com, Inc. |  | 35500 | 578401 |
| PDD Hldgs. ADS\* |  | 7000 | 732620 |
|  |  |  | 4528091 |
| ***Capital Markets*** | ***6.9*** *%*** |  |  |
| China International Capital Corp. Ltd. |  | 300000 | 676433 |
| Futu Hldgs. Ltd. ADS |  | 6500 | 803335 |
| Hithink RoyalFlush Information Network Co. Ltd. |  | 12500 | 476258 |
| Hong Kong Exchanges & Clearing Ltd. |  | 20000 | 1067006 |
|  |  |  | 3023032 |
| ***Consumer Finance*** | ***0.6*** *%*** |  |  |
| Yixin Group Ltd. |  | 850000 | 252293 |
| ***Electrical Equipment*** | ***1.6*** *%*** |  |  |
| Contemporary Amperex Technology Co. Ltd. |  | 15000 | 527988 |
| Harbin Electric Co. Ltd.\* |  | 250000 | 186306 |
|  |  |  | 714294 |
| ***Electronic Equipment, Instruments & Components*** | ***3.9*** *%*** |  |  |
| AAC Technologies Hldgs., Inc. |  | 90000 | 466624 |
| Elite Material Co. Ltd.\* |  | 25000 | 754827 |
| Sunny Optical Technology Group Co. Ltd. |  | 54100 | 477941 |
|  |  |  | 1699392 |
| ***Entertainment*** | ***3.3*** *%*** |  |  |
| NetEase, Inc. |  | 39000 | 1048280 |
| NetEase Cloud Music, Inc.\* |  | 13000 | 399108 |
|  |  |  | 1447388 |
| ***Food Produts*** | ***2.7*** *%*** |  |  |
| Tingyi Cayman Islands Hldg. Corp. |  | 226000 | 331083 |
| Weilong Delicious Global Hldgs. Ltd. |  | 170000 | 314013 |
| Yantai China Pet Foods Co. Ltd. |  | 65000 | 561238 |
|  |  |  | 1206334 |

---

*See accompanying notes to the financial statements.*

Oberweis China Opportunities Fund

Schedule of Investments (unaudited) (continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| ***Ground Transportation*** | ***1.2*** *%*** |  |  |
| Full Truck Alliance Co. Ltd. ADS |  | 45000 | $531450 |
| ***Healthcare Equipment & Supplies*** | ***1.7*** *%*** |  |  |
| Angelalign Technology, Inc. |  | 40000 | 288153 |
| Shanghai Conant Optical Co. Ltd. |  | 95000 | 452611 |
|  |  |  | 740764 |
| ***Hotels, Restaurants & Leisure*** | ***4.0*** *%*** |  |  |
| Chagee Hldgs. Ltd. ADS\* |  | 7000 | 182770 |
| Meituan\* |  | 67000 | 1069439 |
| Trip.com Group Ltd. |  | 9000 | 522803 |
|  |  |  | 1775012 |
| ***Insurance*** | ***3.7*** *%*** |  |  |
| China Pacific Insurance (Group) Co. Ltd. |  | 320000 | 1094522 |
| New China Life Insurance Co. Ltd.\* |  | 100000 | 544586 |
|  |  |  | 1639108 |
| ***Interactive Media & Services*** | ***9.8*** *%*** |  |  |
| Kuaishou Technology\* |  | 35000 | 282229 |
| Meitu, Inc. |  | 450000 | 517643 |
| Tencent Hldgs. Ltd. |  | 55000 | 3524204 |
|  |  |  | 4324076 |
| ***Leisure Products*** | ***1.4*** *%*** |  |  |
| Bloks Group Ltd.\* |  | 33300 | 598976 |
| ***Life Sciences Tools & Services*** | ***1.9*** *%*** |  |  |
| WuXi XDC Cayman, Inc.\* |  | 155000 | 821401 |
| ***Marine Transportation*** | ***0.7*** *%*** |  |  |
| SITC International Hldgs. Co. Ltd.\* |  | 93000 | 297955 |
| ***Metals & Mining*** | ***3.8*** *%*** |  |  |
| China Hongqiao Group Ltd. |  | 260000 | 595516 |
| Zijin Mining Group Co. Ltd. |  | 430000 | 1098281 |
|  |  |  | 1693797 |
| ***Real Estate Management & Development*** | ***3.1*** *%*** |  |  |
| China Resources Mixc Lifestyle Services Ltd. |  | 205000 | 991051 |
| Hang Lung Properties Ltd.\* |  | 400000 | 381656 |
|  |  |  | 1372707 |
| ***Software*** | ***1.9*** *%*** |  |  |
| Inspur Digital Enterprise Technology Ltd. |  | 400000 | 384204 |
| Newborn Town, Inc.\* |  | 350000 | 438280 |
|  |  |  | 822484 |
| ***Specialty Retail*** | ***6.8*** *%*** |  |  |
| Chow Tai Fook Jewellery Group Ltd.\* |  | 450000 | 769299 |
| Pop Mart International Group Ltd. |  | 65000 | 2207516 |
|  |  |  | 2976815 |

---

*See accompanying notes to the financial statements.*

Oberweis China Opportunities Fund

Schedule of Investments (unaudited) (continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| ***Technology Hardware, Storage & Peripherals*** | ***6.9*** *%*** |  |  |
| Xiaomi Corp.\* |  | 400000 | $3054777 |
| ***Textiles, Apparel & Luxury Goods*** | ***1.2*** *%*** |  |  |
| ANTA Sports Products Ltd. |  | 45000 | 541720 |
| ***Tobacco*** | ***1.5*** *%*** |  |  |
| Smoore International Hldgs. Ltd. |  | 280000 | 650599 |
| ***Total Equities*** |  |  |  |
| (Cost: $34,534,634) |  |  | $43679908 |
| ***Short-Term Investments*** | ***0.3*** *%*** |  |  |
| Fidelity Investments Money Market Government Portfolio Class I 4.23%<sup>a</sup> |  | 138817 | 138817 |
| ***Total Short-Term Investments*** |  |  |  |
| (Cost: $138,817) |  |  | $138817 |
| ***Total Investments*** | ***99.6*** *%*** |  |  |
| (Cost: $34,673,451) |  |  | $43818725 |
| Other Assets Less Liabilities | ***0.4*** *%*** |  | 181050 |
| ***Net Assets - 100%*** |  |  | $**43999775** |

---

a Annualized seven-day effective yield as of June 30, 2025

\* Non-income producing security during the period ended June 30, 2025

ADS - American depositary share

---

| | |
|:---|:---|
| **COUNTRY ALLOCATION (As a Percentage of Net Assets)** | |
| China (Includes the People's Republic of China, Taiwan and Hong Kong) | 99.3% |

---

*See accompanying notes to the financial statements.*

Oberweis International Opportunities Fund

Schedule of Investments (unaudited)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| **Equities** | ***97.7*** *%*** |  |  |
| ***Australia*** | ***6.2*** *%*** |  |  |
| Catapult Group International Ltd.\* |  | 978000 | $3771936 |
| Charter Hall Group |  | 302400 | 3819308 |
| Genesis Minerals Ltd.\* |  | 1508600 | 4269435 |
| JB Hi-Fi Ltd. |  | 86312 | 6268612 |
| Technology One Ltd. |  | 67900 | 1832683 |
| Telix Pharmaceuticals Ltd.\* |  | 306900 | 4932538 |
|  |  |  | 24894512 |
| ***Austria*** | ***1.2*** *%*** |  |  |
| Andritz AG\* |  | 24500 | 1821121 |
| DO & CO AG\* |  | 14800 | 3159100 |
|  |  |  | 4980221 |
| ***Canada*** | ***12.6*** *%*** |  |  |
| Alamos Gold, Inc. |  | 330100 | 8779719 |
| Aritzia, Inc.\* |  | 110200 | 5709069 |
| AtkinsRealis Group, Inc. |  | 72100 | 5056742 |
| CES Energy Solutions Corp. |  | 646400 | 3147035 |
| Definity Financial Corp. |  | 94500 | 5507758 |
| Element Fleet Management Corp. |  | 146900 | 3679512 |
| Finning International, Inc. |  | 92900 | 3971683 |
| Groupe Dynamite, Inc.\* |  | 70000 | 1349318 |
| iA Financial Corp., Inc. |  | 30700 | 3365548 |
| MDA Space Ltd.\* |  | 176100 | 4540220 |
| TMX Group Ltd. |  | 124400 | 5272704 |
|  |  |  | 50379308 |
| ***Finland*** | ***2.0*** *%*** |  |  |
| Konecranes Oyj |  | 36200 | 2872034 |
| Metso Corp. |  | 390068 | 5045290 |
|  |  |  | 7917324 |
| ***France*** | ***2.4*** *%*** |  |  |
| Gaztransport Et Technigaz SA |  | 19600 | 3883520 |
| Spie SA |  | 103100 | 5793227 |
|  |  |  | 9676747 |
| ***Germany*** | ***8.8*** *%*** |  |  |
| Auto1 Group SE\* |  | 245000 | 7896336 |
| CTS Eventim AG & Co. |  | 88251 | 10957304 |
| DWS Group GmbH & Co KGaA |  | 102400 | 6055460 |
| Hensoldt AG |  | 38244 | 4387991 |
| IONOS Group SE\* |  | 126800 | 5959854 |
|  |  |  | 35256945 |
| ***Italy*** | ***5.1*** *%*** |  |  |
| Brunello Cucinelli SpA |  | 52800 | 6418848 |
| De' Longhi SpA |  | 176700 | 5932324 |
| Fincantieri SpA\* |  | 294300 | 5668282 |
| Webuild SpA |  | 550400 | 2331533 |
|  |  |  | 20350987 |

---

*See accompanying notes to the financial statements.*

Oberweis International Opportunities Fund

Schedule of Investments (unaudited) (continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| ***Japan*** | ***20.7*** *%*** |  |  |
| Anycolor, Inc.\* |  | 71600 | $2595410 |
| BayCurrent, Inc. |  | 162300 | 8362668 |
| BIPROGY, Inc.\* |  | 56500 | 2364286 |
| Food & Life Cos. Ltd.\* |  | 260600 | 12694761 |
| IHI Corp. |  | 53800 | 5843075 |
| JVCKenwood Corp. |  | 249100 | 1997920 |
| Kawasaki Heavy Industries Ltd. |  | 54700 | 4140342 |
| Rakuten Bank Ltd.\* |  | 91300 | 4193948 |
| Ryohin Keikaku Co. Ltd. |  | 282500 | 13585032 |
| Sanrio Co. Ltd. |  | 186900 | 9043569 |
| Santen Pharmaceutical Co. Ltd. |  | 191900 | 2202776 |
| SCSK Corp.\* |  | 122700 | 3704730 |
| Simplex Hldgs., Inc.\* |  | 147800 | 4007909 |
| Sumitomo Pharma Co. Ltd.\* |  | 531200 | 3581787 |
| Taisei Corp.\* |  | 81200 | 4736502 |
|  |  |  | 83054715 |
| ***Netherlands*** | ***2.2*** *%*** |  |  |
| Koninklijke Heijmans NV |  | 72400 | 4686512 |
| SBM Offshore NV |  | 149900 | 3973083 |
|  |  |  | 8659595 |
| ***Norway*** | ***7.1*** *%*** |  |  |
| Aker Solutions ASA |  | 1312800 | 4535160 |
| Gjensidige Forsikring ASA |  | 333600 | 8453027 |
| NORBIT ASA\* |  | 167000 | 3578784 |
| Nordic Semiconductor ASA\* |  | 292200 | 3933919 |
| Storebrand ASA |  | 560248 | 7937319 |
|  |  |  | 28438209 |
| ***Spain*** | ***0.8*** *%*** |  |  |
| Unicaja Banco SA |  | 1327900 | 3137905 |
| ***Sweden*** | ***7.4*** *%*** |  |  |
| AddLife AB |  | 203000 | 4048885 |
| Betsson AB |  | 271300 | 5732316 |
| Clas Ohlson AB\* |  | 114100 | 3900257 |
| Dynavox Group AB\* |  | 348800 | 4121790 |
| Lagercrantz Group AB\* |  | 159700 | 3841888 |
| Mycronic AB |  | 135400 | 2888068 |
| Raysearch Laboratories AB |  | 144800 | 5127208 |
|  |  |  | 29660412 |
| ***Switzerland*** | ***4.1*** *%*** |  |  |
| Accelleron Industries AG |  | 74000 | 5203781 |
| Belimo Hldg. AG\* |  | 3936 | 4007924 |
| Sportradar Group AG\* |  | 264600 | 7429968 |
|  |  |  | 16641673 |

---

*See accompanying notes to the financial statements.*

Oberweis International Opportunities Fund

Schedule of Investments (unaudited) (continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| ***United Kingdom*** | ***17.1*** *%*** |  |  |
| Babcock International Group PLC\* |  | 486600 | $7668041 |
| Chemring Group PLC\* |  | 908400 | 7045244 |
| ConvaTec Group PLC |  | 597000 | 2363415 |
| Cranswick PLC |  | 70100 | 5148044 |
| Diploma PLC |  | 82600 | 5542194 |
| Games Workshop Group PLC |  | 39550 | 8805779 |
| Greencore Group PLC |  | 1431000 | 4586664 |
| Hiscox Ltd.\* |  | 108300 | 1865704 |
| IMI PLC |  | 210616 | 6053945 |
| Intermediate Capital Group PLC |  | 369900 | 9789529 |
| Just Group PLC |  | 2112500 | 3839327 |
| Molten Ventures PLC\* |  | 548300 | 2405445 |
| XPS Pensions Group PLC |  | 723900 | 3810784 |
|  |  |  | 68924115 |
| ***Total Equities*** |  |  |  |
| (Cost: $301,451,037) |  |  | $391972668 |
| ***Short-Term Investments*** | ***1.4*** *%*** |  |  |
| Fidelity Investments Money Market Government Portfolio Class I 4.23%<sup>a</sup> |  | 5770822 | 5770822 |
| ***Total Short-Term Investments*** |  |  |  |
| (Cost: $5,770,822) |  |  | $5770822 |
| ***Total Investments*** | ***99.1*** *%*** |  |  |
| (Cost: $307,221,859) |  |  | $397743490 |
| Other Assets Less Liabilities | ***0.9*** *%*** |  | 3539856 |
| ***Net Assets - 100%*** |  |  | $**401283346** |

---

<sup>a</sup> Annualized seven-day effective yield as of June 30, 2025

\* Non-income producing security during the period ended June 30, 2025

*See accompanying notes to the financial statements.*

Oberweis International Opportunities Fund

Schedule of Investments (unaudited) (continued)

June 30, 2025

---

| | |
|:---|:---|
| **SECTOR ALLOCATIONS (As a Percentage of Net Assets)** | |
| Communication Services | 3.4% |
| Consumer Discretionary | 24.1% |
| Consumer Staples | 2.4% |
| Energy | 3.9% |
| Financials | 16.4% |
| Healthcare | 5.5% |
| Industrials | 27.8% |
| Information Technology | 10.0% |
| Materials | 3.3% |
| Real Estate | 0.9% |

---

*See accompanying notes to the financial statements.*

Oberweis Focused International Growth Fund

Schedule of Investments (unaudited)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| **Equities** | ***95.8*** *%*** |  |  |
| ***Australia*** | ***1.7*** *%*** |  |  |
| BHP Group Ltd. |  | 8400 | $203172 |
| ***Denmark*** | ***1.1*** *%*** |  |  |
| Novo Nordisk A/S |  | 2000 | 138811 |
| ***France*** | ***2.4*** *%*** |  |  |
| Publicis Groupe SA\* |  | 1200 | 135252 |
| Schneider Electric SE |  | 600 | 159595 |
|  |  |  | 294847 |
| ***Germany*** | ***23.8*** *%*** |  |  |
| Deutsche Telekom AG |  | 8600 | 313750 |
| E.ON SE |  | 12500 | 230077 |
| Heidelberg Materials AG |  | 1700 | 399417 |
| Münchener Rückversicherungs AG |  | 500 | 324302 |
| Rheinmetall AG |  | 350 | 740900 |
| SAP SE |  | 1200 | 364919 |
| Siemens AG\* |  | 700 | 179473 |
| Siemens Energy AG\* |  | 3200 | 369645 |
|  |  |  | 2922483 |
| ***Italy*** | ***5.3*** *%*** |  |  |
| Ferrari NV |  | 300 | 147049 |
| UniCredit SpA |  | 7600 | 509502 |
|  |  |  | 656551 |
| ***Japan*** | ***15.5*** *%*** |  |  |
| Food & Life Cos. Ltd.\* |  | 3600 | 175369 |
| Hitachi Ltd. |  | 10500 | 306604 |
| Mitsubishi UFJ Financial Group, Inc. |  | 22000 | 302948 |
| NEC Corp.\* |  | 12400 | 363290 |
| Sony Group Corp. |  | 21600 | 559481 |
| Toyota Motor Corp. |  | 11200 | 193893 |
|  |  |  | 1901585 |
| ***Netherlands*** | ***1.3*** *%*** |  |  |
| ASML Hldg. NV |  | 200 | 159642 |
| ***Singapore*** | ***2.0*** *%*** |  |  |
| Sea Ltd ADS.\* |  | 1500 | 239910 |
| ***Spain*** | ***4.0*** *%*** |  |  |
| Iberdrola SA |  | 11200 | 214923 |
| Mapfre SA |  | 66800 | 273055 |
|  |  |  | 487978 |
| ***Sweden*** | ***7.2*** *%*** |  |  |
| EQT AB |  | 4500 | 150255 |
| Spotify Technology SA\* |  | 700 | 537138 |
| Volvo AB |  | 6800 | 190756 |
|  |  |  | 878149 |

---

*See accompanying notes to the financial statements.*

Oberweis Focused International Growth Fund

Schedule of Investments (unaudited) (continued)

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| | | **Shares** | **Value** |
| ***Switzerland*** | ***11.0*** *%*** |  |  |
| Cie Financiere Richemont SA\* |  | 1400 | $263680 |
| Nestle SA |  | 2500 | 248362 |
| Roche Hldg. AG |  | 800 | 260517 |
| Sportradar Group AG\* |  | 8300 | 233064 |
| Zurich Insurance Group AG |  | 500 | 349464 |
|  |  |  | 1355087 |
| ***United Kingdom*** | ***18.5*** *%*** |  |  |
| AstraZeneca PLC |  | 1600 | 222265 |
| GlaxoSmithKline PLC |  | 8400 | 160275 |
| HSBC Hldgs. PLC |  | 29400 | 355867 |
| London Stock Exchange Group PLC |  | 1000 | 145985 |
| NatWest Group PLC |  | 38400 | 269564 |
| Rolls-Royce Hldgs. PLC |  | 60100 | 798253 |
| Shell PLC |  | 9200 | 322474 |
|  |  |  | 2274683 |
| ***United States of America*** | ***2.0*** *%*** |  |  |
| Cadence Design Systems, Inc.\* |  | 800 | 246520 |
| ***Total Equities*** |  |  |  |
| (Cost: $9,150,039) |  |  | $11759418 |
| ***Short-Term Investments*** | ***4.3*** *%*** |  |  |
| Fidelity Investments Money Market Government Portfolio Class I 4.23%<sup>a</sup> |  | 531387 | 531387 |
| ***Total Short-Term Investments*** |  |  |  |
| (Cost: $531,387) |  |  | $531387 |
| ***Total Investments*** | ***100.1*** *%*** |  |  |
| (Cost: $9,681,426) |  |  | $12290805 |
| Other Liabilities Less Assets | ***(0.1*** *)%*** |  | (9602) |
| ***Net Assets - 100%*** |  |  | $**12281203** |

---

<sup>a</sup> Annualized seven-day effective yield as of June 30, 2025

\* Non-income producing security during the period ended June 30, 2025

ADS - American depositary share

*See accompanying notes to the financial statements.*

Oberweis Focused International Growth Fund

Schedule of Investments (unaudited) (continued)

June 30, 2025

---

| | |
|:---|:---|
| **SECTOR ALLOCATIONS (As a Percentage of Net Assets)** | |
| Communication Services | 10.0% |
| Consumer Discretionary | 12.8% |
| Consumer Staples | 2.0% |
| Energy | 2.6% |
| Financials | 21.8% |
| Healthcare | 6.4% |
| Industrials | 22.4% |
| Information Technology | 9.2% |
| Materials | 4.9% |
| Utilities | 3.7% |

---

*See accompanying notes to the financial statements.*

THE OBERWEIS FUNDS

Statements of Assets and Liabilities

June 30, 2025 (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | Micro-Cap Fund | Small-Cap Opportunities<br> Fund | Global<br> Opportunities<br> Fund |
| ASSETS |  |  |  |
| Investment securities at value<sup>a</sup> | $706290907 | $1467427068 | $60320257 |
| Cash | 15159148 | 46636107 | 3014292 |
| Dividends and interest receivable | 83590 | 251066 | 91094 |
| Prepaid expenses | 63282 | 194267 | 19991 |
| &nbsp;&nbsp;&nbsp;Total Assets | 721596927 | 1514508508 | 63445634 |
| LIABILITIES |  |  |  |
| Payable to custodian |  | 587297 |  |
| Payable for securities purchased |  |  | 628769 |
| Payable to advisor (see note 3) | 563452 | 962953 | 41831 |
| Payable to distributor | 60319 | 72058 | 7273 |
| Capital gains tax payable |  |  | 35841 |
| Accrued expenses | 192891 | 438407 | 37721 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 816662 | 2060715 | 751435 |
| NET ASSETS | $720780265 | $1512447793 | $62694199 |
| NET ASSETS |  |  |  |
| Investor Class | $313106271 | $351089735 | $36766949 |
| Institutional Class | 407673994 | 1161358058 | 25927250 |
| Total | $720780265 | $1512447793 | $62694199 |
| SHARES OUTSTANDING |  |  |  |
| (shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with no par value) |  |  |  |
| Investor Class | 6920662 | 13491477 | 1133939 |
| Institutional Class | 8789769 | 43466951 | 780049 |
| Total | 15710431 | 56958428 | 1913988 |
| NET ASSET VALUE |  |  |  |
| Investor Class, offering price and redemption price | $45.24 | $26.02 | $32.42 |
| Institutional Class, offering price and redemption price | $46.38 | $26.72 | $33.24 |
| ANALYSIS OF NET ASSETS |  |  |  |
| Capital | $555647537 | $1351829446 | $48963366 |
| Accumulated earnings (losses) | 165132728 | 160618347 | 13730833 |
| Net assets | $720780265 | $1512447793 | $62694199 |
| <sup>a</sup> Investment securities at cost | $530680543 | $1225699813 | $46838990 |

---

*See accompanying notes to the financial statements.*

THE OBERWEIS FUNDS

Statements of Assets and Liabilities

June 30, 2025 (unaudited) (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | China Opportunities<br> Fund | International<br> Opportunities Fund | Focused<br> International<br> Growth Fund |
| ASSETS |  |  |  |
| Investment securities at value<sup>a</sup> | $43818725 | $397743490 | $12290805 |
| Cash | 18120 | 734193 |  |
| Foreign currency <sup>b</sup> | 31309 | 75437 | 4802 |
| Receivable from securities sold |  | 1367762 |  |
| Dividends and interest receivable | 210425 | 2298514 | 35254 |
| Prepaid expenses | 15172 | 29730 | 11367 |
| Due from Advisor | - | - | 1042 |
| &nbsp;&nbsp;&nbsp;Total Assets | 44093751 | 402249126 | 12343270 |
| LIABILITIES |  |  |  |
| Payable to custodian |  |  | 40086 |
| Payable for securities purchased |  | 550120 |  |
| Payable to advisor (see note 3) | 35960 | 294752 |  |
| Payable to distributor | 7747 | 24672 |  |
| Accrued expenses | 50269 | 96236 | 21981 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | 93976 | 965780 | 62067 |
| NET ASSETS | $43999775 | $401283346 | $12281203 |
| NET ASSETS |  |  |  |
| Investor Class | $37856482 | $121949518 | $- |
| Institutional Class | 6143293 | 279333828 | 12281203 |
| Total | $43999775 | $401283346 | $12281203 |
| SHARES OUTSTANDING |  |  |  |
| (shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with no par value) |  |  |  |
| Investor Class | 4589449 | 5242872 |  |
| Institutional Class | 731237 | 25005594 | 990568 |
| Total | 5320686 | 30248466 | 990568 |
| NET ASSET VALUE |  |  |  |
| Investor Class, offering price and redemption price | $8.25 | $23.26 | $- |
| Institutional Class, offering price and redemption price | $8.40 | $11.17 | $12.40 |
| ANALYSIS OF NET ASSETS |  |  |  |
| Capital | $60688602 | $98957285 | $10388674 |
| Accumulated earnings (losses) | (16688827) | 302326061 | 1892529 |
| Net assets | $43999775 | $401283346 | $12281203 |
| <sup>a</sup> Investment securities at cost | $34673451 | $307221859 | $9681426 |
| <sup>b</sup> Foreign currency at cost | $31346 | $74973 | $4777 |

---

*See accompanying notes to the financial statements.*

THE OBERWEIS FUNDS

Statements of Operations

Period Ended June 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Micro-Cap<br> Fund | Small-Cap<br> Opportunities<br> Fund |
| INVESTMENT INCOME |  |  |
| Dividends | $944347 | $2582695 |
| Interest | 491801 | 854059 |
| &nbsp;&nbsp;&nbsp;Total investment income | 1436148 | 3436754 |
| EXPENSES |  |  |
| Investment advisory fees (see note 3) | 1924360 | 2837401 |
| Management fees (see note 3) | 1282907 | 2837401 |
| Distribution fees and shareholder services (see note 3) | 358342 | 461853 |
| Transfer agent fees and expenses | 411462 | 855118 |
| Custodian fees and expenses | 21216 | 55120 |
| Accounting services fees | 91279 | 191314 |
| Other | 134589 | 298852 |
| Total expenses before reimbursed expenses | 4224155 | 7537059 |
| &nbsp;&nbsp;&nbsp;Total expenses | 4224155 | 7537059 |
| NET INVESTMENT INCOME (LOSS) | (2788007) | (4100305) |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) FROM INVESTMENTS |  |  |
| Net realized gains (losses) on investment transactions | 4405930 | (42246368) |
| Change in net unrealized appreciation/depreciation on investments | 4109111 | 53462623 |
| Net realized/unrealized gains (losses) on investments | 8515041 | 11216255 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $5727034 | $7115950 |

---

*See accompanying notes to the financial statements.*

THE OBERWEIS FUNDS

Statements of Operations

Period Ended June 30, 2025 (unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | Global<br> Opportunities<br> Fund | China<br> Opportunities<br> Fund |
| INVESTMENT INCOME |  |  |
| Dividends<sup>a</sup> | $236772 | $560761 |
| Interest | 45415 | 6375 |
| &nbsp;&nbsp;&nbsp;Total investment income | 282187 | 567136 |
| EXPENSES |  |  |
| Investment advisory fees (see note 3) | 125345 | 202520 |
| Management fees (see note 3) | 112948 |  |
| Distribution fees and shareholder services (see note 3) | 41979 | 43699 |
| Transfer agent fees and expenses | 30011 | 44547 |
| Custodian fees and expenses | 13838 | 30661 |
| Accounting services fees | 16306 | 15844 |
| Other | 39785 | 38860 |
| Total expenses before reimbursed expenses | 380212 | 376131 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 380212 | 376131 |
| NET INVESTMENT INCOME (LOSS) | (98025) | 191005 |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) FROM INVESTMENTS |  |  |
| Net realized gains (losses) on investment transactions | 974751 | 2580692 |
| Net realized gains (losses) on foreign currency transactions | 13421 | 1311 |
| Net realized gains (losses) on investments, foreign capital gains tax, and foreign currency transactions | 988172 | 2582003 |
| Change in net deferred foreign capital gains taxes on unrealized appreciation/depreciation | 10986 |  |
| Change in net unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies | 4574064 | 4189576 |
| Net realized/unrealized gains (losses) on investments, foreign capital gains tax, and foreign currencies | 5573222 | 6771579 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $5475197 | $6962584 |

---

<sup>a</sup> Dividends are net of foreign withholding tax of $17,063 and $23,471 for the Global Opportunities Fund and China Opportunities Fund respectively.

*See accompanying notes to the financial statements.*

THE OBERWEIS FUNDS

Statements of Operations

Period Ended June 30, 2025 (unaudited) (continued)

---

| | | |
|:---|:---|:---|
|  | International<br> Opportunities<br> Fund | Focused<br> International<br> Growth Fund |
| INVESTMENT INCOME |  |  |
| Dividends<sup>a</sup> | $4163614 | $147051 |
| Interest | 206742 | 15084 |
| &nbsp;&nbsp;&nbsp;Total investment income | 4370356 | 162135 |
| EXPENSES |  |  |
| Investment advisory fees (see note 3) | 1775793 | 39883 |
| Distribution fees and shareholder services (see note 3) | 130775 |  |
| Transfer agent fees and expenses | 118210 | 8699 |
| Custodian fees and expenses | 58098 | 13882 |
| Accounting services fees | 57976 | 10584 |
| Federal and state registration fees | 22045 | 9858 |
| Audit fees | 10641 | 10826 |
| Other | 40848 | 4912 |
| Total expenses before reimbursed expenses | 2214386 | 98644 |
| Expense reimbursement (see note 3) | (130244) | (51282) |
| &nbsp;&nbsp;&nbsp;Total Expenses | 2084142 | 47362 |
| NET INVESTMENT INCOME (LOSS) | 2286214 | 114773 |
| NET REALIZED AND UNREALIZED GAINS (LOSSES) FROM INVESTMENTS |  |  |
| Net realized gains (losses) on investment transactions | 37284952 | 458160 |
| Net realized gains (losses) on foreign currency transactions | 12513 | 3905 |
| Net realized gains (losses) on investments and foreign currency transactions | 37297465 | 462065 |
| Change in net unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies | 44793393 | 1910857 |
| Net realized/unrealized gains (losses) on investments and foreign currencies | 82090858 | 2372922 |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $84377072 | $2487695 |

---

<sup>a</sup> Dividends are net of foreign withholding tax of $681,811 and $16,600 for the International Opportunities Fund and Focused International Growth Fund respectively.

*See accompanying notes to the financial statements.*

THE OBERWEIS FUNDS

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Micro-Cap Fund | Micro-Cap Fund |
|  | Period Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31, <br> 2024 |
| FROM OPERATIONS |  |  |
| Net investment income (loss) | $(2788007) | $(4139810) |
| Net realized gains (losses) on investment transactions | 4405930 | 20472199 |
| Change in net unrealized appreciation/depreciation on investments | 4109111 | 91508291 |
| Net increase (decrease) in net assets resulting from operations | 5727034 | 107840680 |
| FROM DISTRIBUTIONS: |  |  |
| Distributions to shareholders |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (7624686) |
| &nbsp;&nbsp;&nbsp;Institutional Class | - | (8442445) |
| Net decrease in net assets from distributions | - | (16067131) |
| FROM CAPITAL SHARE TRANSACTIONS |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 58728945 | 116578390 |
| &nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions |  | 7149968 |
| &nbsp;&nbsp;&nbsp;Redemption of shares (see note 5) | (53358016) | (95540584) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from investor class share transactions | 5370929 | 28187774 |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 100178716 | 154009164 |
| &nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions |  | 6501189 |
| &nbsp;&nbsp;&nbsp;Redemption of shares (see note 5) | (48309976) | (78347761) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from institutional class share transactions | 51868740 | 82162592 |
| Redemption fees (see note 5) | - | 22687 |
| Net increase (decrease) in net assets resulting from capital share transactions | 57239669 | 110373053 |
| Total increase (decrease) in net assets | 62966703 | 202146602 |
| NET ASSETS |  |  |
| Beginning of period | 657813562 | 455666960 |
| End of period | $720780265 | $657813562 |
| TRANSACTIONS IN SHARES |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1365346 | 2793303 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  | 157211 |
| &nbsp;&nbsp;&nbsp;Less shares redeemed | (1287134) | (2388764) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from investor class share transactions | 78212 | 561750 |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2374254 | 3631322 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  | 139600 |
| &nbsp;&nbsp;&nbsp;Less shares redeemed | (1154322) | (1917340) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from institutional class share transactions | 1219932 | 1853582 |
| Net increase (decrease) from capital share transactions | 1298144 | 2415332 |

---

*See accompanying notes to the financial statements.*

THE OBERWEIS FUNDS

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | Small-Cap Opportunities Fund | Small-Cap Opportunities Fund |
|  | Period Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31,<br> 2024 |
| FROM OPERATIONS |  |  |
| Net investment income (loss) | $(4100305) | $(4043569) |
| Net realized gains (losses) on investment transactions | (42246368) | (4691063) |
| Change in net unrealized appreciation/depreciation on investments | 53462623 | 129093535 |
| Net increase (decrease) in net assets resulting from operations | 7115950 | 120358903 |
| FROM DISTRIBUTIONS: |  |  |
| Distributions to shareholders |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (3204721) |
| &nbsp;&nbsp;&nbsp;Institutional Class | - | (7709674) |
| Net decrease in net assets from distributions | - | (10914395) |
| FROM CAPITAL SHARE TRANSACTIONS |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 87000176 | 194054835 |
| &nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions |  | 3078454 |
| &nbsp;&nbsp;&nbsp;Redemption of shares (see note 5) | (141406668) | (121092243) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from investor class share transactions | (54406492) | 76041046 |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 410028021 | 831607874 |
| &nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions |  | 5294191 |
| &nbsp;&nbsp;&nbsp;Redemption of shares (see note 5) | (258886723) | (131136847) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from institutional class share transactions | 151141298 | 705765218 |
| Redemption fees (see note 5) | - | 15729 |
| Net increase (decrease) in net assets resulting from capital share transactions | 96734806 | 781821993 |
| Total increase (decrease) in net assets | 103850756 | 891266501 |
| NET ASSETS |  |  |
| Beginning of period | 1408597037 | 517330536 |
| End of period | $1512447793 | $1408597037 |
| TRANSACTIONS IN SHARES |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 3535935 | 7808822 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  | 119320 |
| &nbsp;&nbsp;&nbsp;Less shares redeemed | (5981687) | (4948662) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from investor class share transactions | (2445752) | 2979480 |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 16153949 | 33083141 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  | 200083 |
| &nbsp;&nbsp;&nbsp;Less shares redeemed | (11043584) | (5125513) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from institutional class share transactions | 5110365 | 28157711 |
| Net increase (decrease) from capital share transactions | 2664613 | 31137191 |

---

*See accompanying notes to the financial statements.*

THE OBERWEIS FUNDS

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | Global Opportunities Fund | Global Opportunities Fund |
|  | Period Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31, <br> 2024 |
| FROM OPERATIONS |  |  |
| Net investment income (loss) | $(98025) | $(335386) |
| Net realized gains (losses) on investment and foreign currency transactions | 988172 | 7155073 |
| Change in net unrealized appreciation/depreciation on investment and foreign currencies | 4585050 | (1455426) |
| Net increase (decrease) in net assets resulting from operations | 5475197 | 5364261 |
| FROM CAPITAL SHARE TRANSACTIONS |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 239833 | 1531175 |
| &nbsp;&nbsp;&nbsp;Redemption of shares (see note 5) | (1607336) | (4469340) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from investor class share transactions | (1367503) | (2938165) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 2149956 | 7571222 |
| &nbsp;&nbsp;&nbsp;Redemption of shares (see note 5) | (918753) | (5827653) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from institutional class share transactions | 1231203 | 1743569 |
| Net increase (decrease) in net assets resulting from capital share transactions | (136300) | (1194596) |
| Total increase (decrease) in net assets | 5338897 | 4169665 |
| NET ASSETS |  |  |
| Beginning of period | 57355302 | 53185637 |
| End of period | $62694199 | $57355302 |
| TRANSACTIONS IN SHARES |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 8400 | 51588 |
| &nbsp;&nbsp;&nbsp;Less shares redeemed | (56971) | (154678) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from investor class share transactions | (48571) | (103090) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 76201 | 243820 |
| &nbsp;&nbsp;&nbsp;Less shares redeemed | (30312) | (195386) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from institutional class share transactions | 45889 | 48434 |
| Net increase (decrease) from capital share transactions | (2682) | (54656) |

---

*See accompanying notes to the financial statements.*

THE OBERWEIS FUNDS

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | China Opportunities Fund | China Opportunities Fund |
|  | Period Ended <br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31, <br> 2024 |
| FROM OPERATIONS |  |  |
| Net investment income (loss) | $191005 | $118597 |
| Net realized gains (losses) on investment and foreign currency transactions | 2582003 | 2608251 |
| Change in net unrealized appreciation/depreciation on investment and foreign currencies | 4189576 | 218040 |
| Net increase (decrease) in net assets resulting from operations | 6962584 | 2944888 |
| FROM DISTRIBUTIONS: |  |  |
| Distributions to shareholders |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (674578) |
| &nbsp;&nbsp;&nbsp;Institutional Class | - | (124056) |
| Net decrease in net assets from distributions | - | (798634) |
| FROM CAPITAL SHARE TRANSACTIONS |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 4117583 | 2189384 |
| &nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions |  | 632345 |
| &nbsp;&nbsp;&nbsp;Redemption of shares (see note 5) | (4029082) | (9206684) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from investor class share transactions | 88501 | (6384955) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 706627 | 649712 |
| &nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions |  | 105713 |
| &nbsp;&nbsp;&nbsp;Redemption of shares (see note 5) | (602087) | (4958205) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from institutional class share transactions | 104540 | (4202780) |
| Redemption fees (see note 5) | 5316 | 6857 |
| Net increase (decrease) in net assets resulting from capital share transactions | 198357 | (10580878) |
| Total increase (decrease) in net assets | 7160941 | (8434624) |
| NET ASSETS |  |  |
| Beginning of period | 36838834 | 45273458 |
| End of period | $43999775 | $36838834 |
| TRANSACTIONS IN SHARES |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 519308 | 307378 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  | 91644 |
| &nbsp;&nbsp;&nbsp;Less shares redeemed | (542076) | (1335627) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from investor class share transactions | (22768) | (936605) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 89303 | 91831 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  | 15059 |
| &nbsp;&nbsp;&nbsp;Less shares redeemed | (77513) | (719304) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from institutional class share transactions | 11790 | (612414) |
| Net increase (decrease) from capital share transactions | (10978) | (1549019) |

---

*See accompanying notes to the financial statements.*

THE OBERWEIS FUNDS

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | International Opportunities Fund | International Opportunities Fund |
|  | Period Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31, <br> 2024 |
| FROM OPERATIONS |  |  |
| Net investment income (loss) | $2286214 | $5017002 |
| Net realized gains (losses) on investments and foreign currency transactions | 37297465 | 32669808 |
| Change in net unrealized appreciation/depreciation on investments and foreign currencies | 44793393 | (11760858) |
| Net increase (decrease) in net assets resulting from operations | 84377072 | 25925952 |
| FROM DISTRIBUTIONS |  |  |
| Distributions to shareholders |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (1180390) |
| &nbsp;&nbsp;&nbsp;Institutional Class | - | (7826547) |
| Net decrease in net assets from distributions | - | (9006937) |
| FROM CAPITAL SHARE TRANSACTIONS |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 17348199 | 9050909 |
| &nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions |  | 1076968 |
| &nbsp;&nbsp;&nbsp;Redemption of shares (see note 5) | (13707426) | (38278036) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from investor class share transactions | 3640773 | (28150159) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of shares | 6266818 | 35484679 |
| &nbsp;&nbsp;&nbsp;Proceeds from reinvestment of distributions |  | 7219275 |
| &nbsp;&nbsp;&nbsp;Redemption of shares (see note 5) | (34530101) | (83715839) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from institutional class share transactions | (28263283) | (41011885) |
| Redemption fees (see note 5) | 1222 | 250136 |
| Net increase (decrease) in net assets resulting from capital share transactions | (24621288) | (68911908) |
| Total increase (decrease) in net assets | 59755784 | (51992893) |
| NET ASSETS |  |  |
| Beginning of period | 341527562 | 393520455 |
| End of period | $401283346 | $341527562 |
| TRANSACTIONS IN SHARES |  |  |
| Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 890507 | 485883 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  | 57654 |
| &nbsp;&nbsp;&nbsp;Less shares redeemed | (689285) | (2085671) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from investor class share transactions | 201222 | (1542134) |
| Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 665339 | 3907034 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  | 805723 |
| &nbsp;&nbsp;&nbsp;Less shares redeemed | (3642456) | (9549318) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from investor class share transactions | (2977117) | (4836561) |
| Net increase (decrease) from capital share transactions | (2775895) | (6378695) |

---

*See accompanying notes to the financial statements.*

THE OBERWEIS FUNDS

Statements of Changes in Net Assets (continued)

---

| | | |
|:---|:---|:---|
|  | Focused International Growth Fund | Focused International Growth Fund |
|  | Period Ended<br> June 30, 2025<br> (unaudited) | Year Ended<br> December 31, <br> 2024 |
| FROM OPERATIONS |  |  |
| Net investment income (loss) | $114773 | $103978 |
| Net realized gains (losses) on investments and foreign currency transactions | 462065 | 325731 |
| Change in net unrealized appreciation/depreciation on investments and foreign currencies | 1910857 | 294116 |
| Net increase (decrease) in net assets resulting from operations | 2487695 | 723825 |
| FROM DISTRIBUTIONS |  |  |
| Distributions to shareholders | - | (105004) |
| Net decrease in net assets from distributions | - | (105004) |
| FROM CAPITAL SHARE TRANSACTIONS |  |  |
| Proceeds from sale of shares | 2148483 | 1614633 |
| Proceeds from reinvestment of distributions |  | 67404 |
| Redemption of shares (see note 5) | (40087) | (647692) |
| Net increase (decrease) from capital share transactions | 2108396 | 1034345 |
| Total increase (decrease) in net assets | 4596091 | 1653166 |
| NET ASSETS |  |  |
| Beginning of period | 7685112 | 6031946 |
| End of period | $12281203 | $7685112 |
| TRANSACTIONS IN SHARES |  |  |
| Shares sold | 199192 | 164274 |
| Shares issued in reinvestment of distributions |  | 6892 |
| Less shares redeemed | (3246) | (64696) |
| Net increase (decrease) from capital share transactions | 195946 | 106470 |

---

*See accompanying notes to the financial statements.*

THE OBERWEIS FUNDS

Notes to Financial Statements

June 30, 2025 (unaudited)

**1. Description of Organization**

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

 ****

**2. Significant Accounting Policies**

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

 ****

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

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

**Fair value measurements*.*** In accordance with Financial Accounting Standards Board (''FASB'') guidance, the Funds utilize the ''Fair Value Measurements and Disclosures'' to define fair value, set out a framework for measuring fair value, and expand disclosures regarding fair value measurements.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three levels listed below:

-Level 1— Quoted prices in active markets for identical securities.

-Level 2— Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc).

-Level 3—Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

THE OBERWEIS FUNDS

Notes to Financial Statements

June 30, 2025 (unaudited) (continued)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds' net assets as of June 30, 2025:

---

| | | |
|:---|:---|:---|
|  | Micro-Cap<br> Fund | Small-Cap<br> Opportunities<br> Fund |
| Level 1 – Equities | $706290907 | $1467427068 |
| Total Level 1 | 706290907 | 1467427068 |
| Level 2 |  |  |
| Level 3 | - | - |
| Total Investments | $706290907 | $1467427068 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Global <br> Opportunities Fund | China <br> Opportunities<br> Fund | International <br> Opportunities<br> Fund |
| Level 1 - Equities |  |  |  |
| Total Asia | $9080315 | $43679908 | $83054715 |
| Total Australia |  |  | 24894512 |
| Total Europe | 15411029 |  | 233644133 |
| Total North America | 35828913 |  | 50379308 |
| Total Short-Term Investments | - | 138817 | 5770822 |
| Total Level 1 | 60320257 | 43818725 | 397743490 |
| Level 2 |  |  |  |
| Level 3 | - | - | - |
| Total Investments | $60320257 | $43818725 | $397743490 |

---

---

| | |
|:---|:---|
|  | Focused International <br> Growth Fund |
| Level 1 - Equities |  |
| Total Asia | $2141495 |
| Total Australia | 203172 |
| Total Europe | 9168231 |
| Total North America | 246520 |
| Total Short-Term Investments | 531387 |
| Total Level 1 | 12290805 |
| Level 2 |  |
| Level 3 | - |
| Total Investments | $12290805 |

---

The Funds' assets include certain foreign securities for which a third-party statistical pricing service may be employed for purposes of fair market valuation. The pricing service provides fair market valuation on days when the movement in relevant indices exceeds a predetermined threshold.

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

THE OBERWEIS FUNDS

Notes to Financial Statements

June 30, 2025 (unaudited) (continued)

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

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

 ****

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

 ****

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

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

 ****

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

 ****

**Federal income taxes and dividends to shareholders*.*** It is the policy of the Funds to continue to comply with all requirements of the Internal Revenue Code of 1986, as amended (''the Code''), applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders. The Funds have met the requirements of the Code applicable to regulated investment companies for the period ended June 30, 2025. Therefore, no federal income tax provision is required. Income and capital gains of the Funds are determined in accordance with both tax regulations and accounting principles generally accepted in the U.S. (''GAAP''). Such treatment may result in temporary and permanent differences between tax basis earnings and earnings reported for financial statement purposes. These reclassifications, which have no impact on the net asset value of the Funds, are primarily attributable to certain differences in computation of distributable income and capital gains under federal tax rules versus GAAP.

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

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

As of June 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period ended June 30, 2025, the Funds did not incur any interest or penalties.

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

THE OBERWEIS FUNDS

Notes to Financial Statements

June 30, 2025 (unaudited) (continued)

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

---

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

---

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

---

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

---

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

---

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

---

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

---

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

---

THE OBERWEIS FUNDS

Notes to Financial Statements

June 30, 2025 (unaudited) (continued)

Capital loss carryovers are available to offset future realized capital gains and thereby reduce further taxable gain distributions.

During the year ended December 31, 2024, the funds utilized the following amounts of capital loss carryover.

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
| Micro-Cap Fund | $11637484 | $- |
| Small-Cap Opportunities Fund | 14718772 |  |
| Global Opportunities Fund | 6918947 |  |
| China Opportunities Fund | 13239 | 817627 |
| International Opportunities Fund | 18138220 | 9221762 |
| Focused International Growth | 276758 | 59304 |

---

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

---

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

---

Post-October capital losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year.

For the year ended December 31, 2024, Post October capital losses treated arising on January 1, 2025 was as follows:

---

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

---

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

---

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

---

THE OBERWEIS FUNDS

Notes to Financial Statements

June 30, 2025 (unaudited) (continued)

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

---

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

---

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

The Funds have reviewed all open tax years and major jurisdictions and concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for exam by taxing authorities and, as of June 30, 2025, open Federal tax years include the tax years ended 2021 through 2025. The Funds have no examinations in progress and are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

 ****

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

 ****

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

 ****

**3. Transactions with affiliates**

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

**Investment advisory agreement.** Under the Advisory Agreement, OAM provides investment advisory services to the Micro-Cap, Small-Cap Opportunities Funds and Global Opportunities Fund and pursuant to a separate Management Agreement, OAM provides non-investment advisory management services such as administrative, compliance and accounting services to these Funds. For investment advisory services, the Micro-Cap Fund paid monthly investment advisory fees at an annual rate equal to .60% of average daily net assets. The Small-Cap Opportunities Fund paid monthly investment advisory fees at an annual rate equal to .40% of average daily net assets. The Global Opportunities Fund paid monthly investment advisory fees at an annual rate equal to .45% of the first $50 million of average daily net assets and .40% of average daily net assets in excess of $50 million. For investment advisory and management services, the China Opportunities Fund, the International Opportunities Fund and the Focused International Growth Fund paid monthly investment advisory and management fees at an annual rate equal to 1.00%, 1.00% and .80% of average daily net assets, respectively. For the period ended June 30, 2025, the Micro-Cap Fund, Small-Cap Opportunities Fund and Global Opportunities Fund incurred investment advisory fees totaling $1,924,360, $2,837,401 and $125,345, respectively. For the period ended June 30, 2025, the China Opportunities Fund, the International Opportunities Fund and the Focused International Growth Fund incurred investment advisory fees totaling $202,520, $1,775,793 and $39,883, respectively.

 ****

**Management agreement.** For management services and facilities furnished, the Micro-Cap Fund, Small-Cap Opportunities Fund and Global Opportunities Fund, each paid a monthly fee at an annual rate equal to .40% of average daily net assets. For the period ended June 30, 2025, the Micro-Cap Fund, Small-Cap Opportunities Fund, and Global Opportunities Fund incurred management fees totaling $1,282,907, $2,837,401, and $112,948, respectively.

THE OBERWEIS FUNDS

Notes to Financial Statements

June 30, 2025 (unaudited) (continued)

**Expense reimbursement.** OAM is contractually obligated to reduce its investment and management fees or reimburse the Micro-Cap Fund and Global Opportunities Fund Investor Class Shares to the extent that total ordinary operating expenses, as defined, exceed in any one period the following amounts expressed as a percentage of each Fund's average daily net assets: 1.80% of the first $50 million; plus 1.60% of average daily net assets in excess of $50 million. OAM is contractually obligated to reduce its investment and management fees or reimburse Small-Cap Opportunities Fund, China Opportunities Fund, and International Opportunities Fund Investor Class Shares to the extent that total ordinary operating expenses, as defined, exceed in any one year 1.25%, 2.24%, and 1.35% expressed as a percentage of the Fund's average daily net assets, respectively. OAM is contractually obligated to reduce its investment and management fees or reimburse the Micro-Cap Fund and the Global Opportunities Fund Institutional Class Shares to the extent that total ordinary operating expenses, as defined, exceed in any one year the following amounts expressed as a percentage of each Fund's average daily net assets: 1.55% of the first $50 million; plus 1.35% of average daily net assets in excess of $50 million. OAM is contractually obligated to reduce its investment and management fees or reimburse the Small-Cap Opportunities Fund, China Opportunities Fund, International Opportunities Fund and Focused International Growth Fund Institutional Class Shares to the extent that total ordinary operating expenses, as defined, exceed in any one year 1.00%, 1.99%, 1.10% and 0.95% expressed as a percentage of the Funds' average daily net assets, respectively. For the period ended June 30, 2025 OAM reimbursed the International Opportunities Fund and the Focused International Growth Fund in the amount of $130,244, and $51,282, respectively.

During the term of the contract, the adviser may recoup the amount of any expenses reimbursed from the International Opportunities Fund, the China Opportunities Fund, and the Focused International Growth Fund 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.

For the period ended June 30, 2025, the amounts of fee reductions and expense reimbursements subject to recovery by the Adviser from the International Opportunities Fund, the China Opportunities Fund, and the Focused International Growth Fund are $726,911, $0, and $212,491, respectively. The portions of these amounts that the Adviser may recover expire no later than the following dates:

---

| | | | |
|:---|:---|:---|:---|
| | **December 31,** | **December 31,** | **December 31,** |
| <br>**Oberweis Funds** | **2026** | **2027** | **2028** |
| International Opportunities Fund | $257922 | $338745 | $130244 |
| Focused International Growth Fund | 62009 | 99200 | 51282 |

---

**Officers and trustees*.*** Certain officers and trustees of the Trust are also officers and/or directors of OAM and OSI. During the period ended June 30, 2025, the Trust made no direct payments to its officers and paid $79,500 to its unaffiliated trustees.

 ****

**Distribution and shareholder service agreement.** The Funds have a distribution and shareholder services agreement with OSI. For services under the distribution and shareholder services agreement, the Funds pay OSI a fee at the annual rate of .25% of the average daily net assets of Investor Class Shares as compensation for services. For the period ended June 30, 2025, the Micro-Cap Fund, Small-Cap Opportunities Fund, Global Opportunities Fund, China Opportunities Fund, and International Opportunities Fund incurred distribution fees totaling $358,342, $461,853, $41,979, $43,699, and $130,775, respectively.

 ****

**Affiliated Commissions*.*** For the period ended June 30, 2025, the Micro-Cap Fund, Small-Cap Opportunities Fund, Global Opportunities Fund, China Opportunities Fund, International Opportunities Fund, and Focused International Growth Fund did not execute any security transactions through OSI and therefore did not pay commissions to OSI.

**4. Investment transactions**

The cost of securities purchased and proceeds from securities sold during the period ended June 30, 2025, other than money market investments, aggregated $182,664,943 and $125,153,518, respectively, for the Micro-Cap Fund, $570,693,229 and $500,330,243, respectively, for the Small-Cap Opportunities Fund, $25,720,138 and $26,582,405, respectively, for the Global Opportunities Fund, $24,271,225 and $24,482,921, respectively, for the China Opportunities Fund, $257,365,133,and $282,881,887, respectively, for the International Opportunities Fund, $6,351,732 and $4,382,892, respectively for the Focused International Growth Fund. The China Opportunities Fund, International Opportunities Fund, and Focused International Growth Fund did hold a money market fund that held government securities during the period ended June 30, 2025.

The Funds may write covered call options. The premiums received provide a partial hedge (protection) against declining prices and enables each Fund to generate a higher return during 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 each Fund. The Funds write covered call options for which premiums received are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options, which are either exercised or closed, are offset against the proceeds received or amount paid on the transaction to determine realized gains or losses. Amounts recovered for securities litigation are included in the realized gains of the Fund and are recorded when received. The Funds did not write covered call options during the period ended June 30, 2025.

THE OBERWEIS FUNDS

Notes to Financial Statements

June 30, 2025 (unaudited) (continued)

 ****

**5. Redemption fee**

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

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

The redemption fee is retained by the Funds for the expense they incur in connection with shareholder redemptions. Redemption fees received by the China Opportunities Fund, International Opportunities Fund and Focused International Growth Fund were $5,316, $1,222 and $0, respectively, for the period ended June 30, 2025, and were recorded as a reduction of the redemption of shares in the Statements of Changes in Net Assets.

 ****

**6. Earnings credits and interest charges**

The Trust, as part of the agreement with the Custodian, receives credits against its custodian fees on its uninvested cash balances and is allowed to borrow for temporary purposes. Borrowings are not to exceed 5% of the value of each Fund's total assets at the time of any such borrowing. Interest on amounts borrowed is calculated at the prime rate and is payable monthly. During the period ended June 30, 2025, the Micro-Cap Fund, Small-Cap Opportunities Fund, Global Opportunities Fund, China Opportunities Fund, International Opportunities Fund and Focused International Growth Fund did not receive any earnings credits. During the period ended June 30, 2025, the Micro-Cap Fund, Small Cap Opportunities Fund, Global Opportunities Fund, China Opportunities Fund, International Opportunities Fund, and Focused International Growth Fund incurred interest charges of $12, $25,339, $2, $1,195, $1,695 and $51 respectively, which is included in custodian fees and expenses in the Statements of Operations.

**7. Segment Information**

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

**8. Subsequent events**

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

THE OBERWEIS FUNDS

Financial Highlights

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Micro-Cap Fund** | **Micro-Cap Fund** |
| | | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| **Investor Class**<br>|<br>**Six Months<br> Ended<br> June 30,<br> 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value at beginning of period | $45.08 | $37.61 | $31.64 | $35.88 | $29.10 | $22.40 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |  |
| Net investment loss<sup>a</sup> | (.21) | (.38) | (.29) | (.32) | (.43) | (.26) |
| Net realized and unrealized gains (losses) on investments | .37 | 8.99 | 6.23 | (3.52) | 15.93 | 6.96 |
| Total from investment operations | .16 | 8.61 | 5.94 | (3.84) | 15.50 | 6.70 |
| Redemption fees<sup>a</sup> |  |  | .03 | .03 | .02 |  |
| Less distributions: |  |  |  |  |  |  |
| Distribution from net realized gains on investments | - | (1.14) | - | (.43) | (8.74) | - |
| Net asset value at end of period | $45.24 | $45.08 | $37.61 | $31.64 | $35.88 | $29.10 |
| Total return (%) | .35 <sup>d</sup> | 22.87 | 18.87 | (10.60) | 53.38 | 29.91 |
| RATIO/SUPPLEMENTAL DATA: |  |  |  |  |  |  |
| Net Assets at end of period (in thousands) | $313106 | $308437 | $236230 | $96281 | $87603 | $45345 |
| Ratio of gross expenses to average net assets (%) | 1.46 <sup>c</sup> | 1.47 | 1.53 | 1.53 | 1.48 | 1.59 |
| Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.46 <sup>c</sup> | 1.47 | 1.53 | 1.52 | 1.48 | 1.58 |
| Ratio of net investment loss to average net assets (%) | (1.01)<sup>c</sup> | (.90) | (.82) | (1.02) | (1.08) | (1.22) |
| Portfolio turnover rate (%) | 20 <sup>d</sup> | 51 | 58 | 61 | 81 | 92 |

---

Notes:

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

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

<sup>c</sup> Annualized.

<sup>d</sup> Not annualized.

THE OBERWEIS FUNDS

Financial Highlights (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Micro-Cap Fund** | **Micro-Cap Fund** |
| | | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| **Institutional Class**<br>|<br>**Six Months<br> Ended<br> June 30,<br> 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value at beginning of period | $46.15 | $38.39 | $32.21 | $36.43 | $29.36 | $22.55 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |  |
| Net investment loss<sup>a</sup> | (.16) | (.28) | (.21) | (.24) | (.33) | (.21) |
| Net realized and unrealized gains (losses) on investments | .39 | 9.18 | 6.36 | (3.58) | 16.12 | 7.02 |
| Total from investment operations | .23 | 8.90 | 6.15 | (3.82) | 15.79 | 6.81 |
| Redemption fees<sup>a</sup> |  |  | .03 | .03 | .02 |  |
| Less distributions: |  |  |  |  |  |  |
| Distribution from net realized gains on investments | - | (1.14) | - | (.43) | (8.74) | - |
| Net asset value at end of period | $46.38 | $46.15 | $38.39 | $32.21 | $36.43 | $29.36 |
| Total return (%) | .50 <sup>d</sup> | 23.16 | 19.19 | (10.39) | 53.90 | 30.20 |
| RATIO/SUPPLEMENTAL DATA: |  |  |  |  |  |  |
| Net Assets at end of period (in thousands) | $407674 | $349376 | $219437 | $72507 | $50015 | $31202 |
| Ratio of gross expenses to average net assets (%) | 1.21 <sup>c</sup> | 1.22 | 1.28 | 1.28 | 1.23 | 1.34 |
| Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.21 <sup>c</sup> | 1.22 | 1.28 | 1.27 | 1.23 | 1.33 |
| Ratio of net investment loss to average net assets (%) | (.76)<sup>c</sup> | (.66) | (.59) | (.76) | (.85) | (.97) |
| Portfolio turnover rate (%) | 20 <sup>d</sup> | 51 | 58 | 61 | 81 | 92 |

---

Notes:

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

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

<sup>c</sup> Annualized.

<sup>d</sup> Not annualized.

THE OBERWEIS FUNDS

Financial Highlights (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Small-Cap Opportunities Fund** | **Small-Cap Opportunities Fund** |
| | | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| **Investor Class**<br>|<br>**Six Months<br> Ended<br> June 30,<br> 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value at beginning of period | $25.49 | $22.12 | $19.10 | $21.54 | $18.29 | $14.36 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |  |
| Net investment loss<sup>a</sup> | (.09) | (.14) | (.08) | (.16) | (.28) | (.17) |
| Net realized and unrealized gains (losses) on investments | .62 | 3.71 | 3.09 | (2.26) | 8.23 | 4.84 |
| Total from investment operations | .53 | 3.57 | 3.01 | (2.42) | 7.95 | 4.67 |
| Redemption fees<sup>a</sup> |  |  | .01 | .01 | .01 |  |
| Less distributions: |  |  |  |  |  |  |
| Distribution from net realized gains on investments | - | (.20) | - | (.03) | (4.71) | (.74) |
| Net asset value at end of period | $26.02 | $25.49 | $22.12 | $19.10 | $21.54 | $18.29 |
| Total return (%) | 2.08 <sup>d</sup> | 16.14 | 15.81 | (11.17) | 43.57 | 32.47 |
| RATIO/SUPPLEMENTAL DATA: |  |  |  |  |  |  |
| Net Assets at end of period (in thousands) | $351090 | $406170 | $286616 | $94110 | $16322 | $7767 |
| Ratio of gross expenses to average net assets (%) | 1.25 <sup>c</sup> | 1.26 | 1.32 | 1.45 | 1.59 | 2.03 |
| Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.25 <sup>c</sup> | 1.25 | 1.25 | 1.25 | 1.55 | 1.55 |
| Ratio of net investment loss to average net assets (%) | (.76)<sup>c</sup> | (.55) | (.38) | (.82) | (1.22) | (1.14) |
| Portfolio turnover rate (%) | 36 <sup>d</sup> | 61 | 71 | 45 | 106 | 147 |

---

Notes:

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

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

<sup>c</sup> Annualized.

<sup>d</sup> Not annualized.

THE OBERWEIS FUNDS

Financial Highlights (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Small-Cap Opportunities Fund** | **Small-Cap Opportunities Fund** |
| | | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| **Institutional Class**<br>|<br>**Six Months<br> Ended<br> June 30,<br> 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value at beginning of period | $26.13 | $22.62 | $19.49 | $21.92 | $18.51 | $14.49 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |  |
| Net investment loss<sup>a</sup> | (.06) | (.08) | (.03) | (.11) | (.23) | (.13) |
| Net realized and unrealized gains (losses) on investments | .65 | 3.79 | 3.15 | (2.30) | 8.34 | 4.89 |
| Total from investment operations | .59 | 3.71 | 3.12 | (2.41) | 8.11 | 4.76 |
| Redemption fees<sup>a</sup> |  |  | .01 | .01 | .01 |  |
| Less distributions: |  |  |  |  |  |  |
| Distribution from net realized gains on investments | - | (.20) | - | (.03) | (4.71) | (.74) |
| Net asset value at end of period | $26.72 | $26.13 | $22.62 | $19.49 | $21.92 | $18.51 |
| Total return (%) | 2.26 <sup>d</sup> | 16.40 | 16.06 | (10.93) | 43.92 | 32.80 |
| RATIO/SUPPLEMENTAL DATA: |  |  |  |  |  |  |
| Net Assets at end of period (in thousands) | $1161358 | $1002427 | $230715 | $62776 | $12727 | $8866 |
| Ratio of gross expenses to average net assets (%) | 1.00 <sup>c</sup> | 1.01 | 1.07 | 1.20 | 1.34 | 1.78 |
| Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.00 <sup>c</sup> | 1.00 | 1.00 | 1.00 | 1.30 | 1.30 |
| Ratio of net investment loss to average net assets (%) | (.51)<sup>c</sup> | (.30) | (.15) | (.59) | (.97) | (.89) |
| Portfolio turnover rate (%) | 36 <sup>d</sup> | 61 | 71 | 45 | 106 | 147 |

---

Notes:

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

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

<sup>c</sup> Annualized.

<sup>d</sup> Not annualized.

THE OBERWEIS FUNDS

Financial Highlights (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Global Opportunities Fund** | **Global Opportunities Fund** |
| | | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| **Investor Class**<br>|<br>**Six Months<br> Ended<br> June 30,<br> 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value at beginning of period | $29.65 | $26.78 | $25.17 | $35.29 | $36.51 | $24.82 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |  |
| Net investment loss<sup>a</sup> | (.06) | (.20) | (.18) | (.19) | (.37) | (.32) |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | 2.83 | 3.07 | 1.79 | (9.27) | 7.99 | 14.13 |
| Total from investment operations | 2.77 | 2.87 | 1.61 | (9.46) | 7.62 | 13.81 |
| Redemption fees<sup>a</sup> |  |  |  |  | .01 |  |
| Less distributions: |  |  |  |  |  |  |
| Distribution from net realized gains on investments | - | - | - | (.66) | (8.85) | (2.12) |
| Net asset value at end of period | $32.42 | $29.65 | $26.78 | $25.17 | $35.29 | $36.51 |
| Total return (%) | 9.34 <sup>d</sup> | 10.72 | 6.40 | (26.80) | 20.92 | 55.55 |
| RATIO/SUPPLEMENTAL DATA: |  |  |  |  |  |  |
| Net Assets at end of period (in thousands) | $36767 | $35066 | $34431 | $34968 | $53342 | $45566 |
| Ratio of gross expenses to average net assets (%) | 1.45 <sup>c</sup> | 1.48 | 1.51 | 1.52 | 1.38 | 1.53 |
| Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.45 <sup>c</sup> | 1.48 | 1.50 | 1.51 | 1.38 | 1.53 |
| Ratio of net investment loss to average net assets (%) | (.41)<sup>c</sup> | (.70) | (.67) | (.73) | (.86) | (1.14) |
| Portfolio turnover rate (%) | 46 <sup>d</sup> | 103 | 95 | 73 | 111 | 129 |

---

Notes:

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

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

<sup>c</sup> Annualized.

<sup>d</sup> Not annualized.

THE OBERWEIS FUNDS

Financial Highlights (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Global Opportunities Fund** | **Global Opportunities Fund** |
| | | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| **Institutional Class**<br>|<br>**Six Months<br> Ended<br> June 30,<br> 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value at beginning of period | $30.36 | $27.35 | $25.64 | $35.84 | $36.87 | $24.99 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |  |
| Net investment loss<sup>a</sup> | (.04) | (.13) | (.12) | (.12) | (.26) | (.25) |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | 2.92 | 3.14 | 1.83 | (9.42) | 8.07 | 14.25 |
| Total from investment operations | 2.88 | 3.01 | 1.71 | (9.54) | 7.81 | 14.00 |
| Redemption fees<sup>a</sup> |  |  |  |  | .01 |  |
| Less distributions: |  |  |  |  |  |  |
| Distribution from net realized gains on investments | - | - | - | (.66) | (8.85) | (2.12) |
| Net asset value at end of period | $33.24 | $30.36 | $27.35 | $25.64 | $35.84 | $36.87 |
| Total return (%) | 9.49 <sup>d</sup> | 11.01 | 6.67 | (26.61) | 21.23 | 55.94 |
| RATIO/SUPPLEMENTAL DATA: |  |  |  |  |  |  |
| Net Assets at end of period (in thousands) | $25927 | $22289 | $18754 | $16837 | $23518 | $17109 |
| Ratio of gross expenses to average net assets (%) | 1.20 <sup>c</sup> | 1.23 | 1.25 | 1.28 | 1.14 | 1.28 |
| Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.20 <sup>c</sup> | 1.23 | 1.25 | 1.27 | 1.13 | 1.27 |
| Ratio of net investment loss to average net assets (%) | (.26)<sup>c</sup> | (.43) | (.44) | (.44) | (.61) | (.88) |
| Portfolio turnover rate (%) | 46 <sup>d</sup> | 103 | 95 | 73 | 111 | 129 |

---

Notes:

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

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

<sup>c</sup> Annualized.

<sup>d</sup> Not annualized.

THE OBERWEIS FUNDS

Financial Highlights (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **China Opportunities Fund** | **China Opportunities Fund** |
| | | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| **Investor Class**<br>|<br>**Six Months<br> Ended<br> June 30,<br> 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value at beginning of period | $6.89 | $6.56 | $7.14 | $11.51 | $17.29 | $12.33 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |  |
| Net investment income (loss)<sup>a</sup> | .03 | .01 | (.03) | (.08) | (.11) | (.16) |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | 1.33 | .47 | (.53) | (4.20) | (.88) | 7.11 |
| Total from investment operations | 1.36 | .48 | (.56) | (4.28) | (.99) | 6.95 |
| Redemption fees<sup>a</sup> |  |  | .01 |  |  |  |
| Less dividends and distributions: |  |  |  |  |  |  |
| Distribution from net realized gains on investments |  |  |  | (.09) | (4.79) | (1.99) |
| Dividends from net investment income | - | (.15) | (.03) | - | - | - |
| Total dividends and distributions | - | (.15) | (.03) | (.09) | (4.79) | (1.99) |
| Net asset value at end of period | $8.25 | $6.89 | $6.56 | $7.14 | $11.51 | $17.29 |
| Total return (%) | 19.74 <sup>d</sup> | 7.29 | (7.70) | (37.23) | (5.41) | 56.51 |
| RATIO/SUPPLEMENTAL DATA: |  |  |  |  |  |  |
| Net Assets at end of period (in thousands) | $37856 | $31794 | $36390 | $45803 | $81018 | $98527 |
| Ratio of gross expenses to average net assets (%) | 1.89 <sup>c</sup> | 2.16 | 2.16 | 2.05 | 1.87 | 1.95 |
| Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.89 <sup>c</sup> | 2.16 | 2.15 | 2.03 | 1.87 | 1.95 |
| Ratio of net investment gains (losses) to average net assets (%) | .92 <sup>c</sup> | .16 | (.39) | (.97) | (.63) | (1.11) |
| Portfolio turnover rate (%) | 60 <sup>d</sup> | 155 | 189 | 254 | 241 | 192 |

---

Notes:

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

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

<sup>c</sup> Annualized.

<sup>d</sup> Not annualized.

THE OBERWEIS FUNDS

Financial Highlights (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **China Opportunities Fund** | **China Opportunities Fund** |
| | | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| **Institutional Class**<br>|<br>**Six Months<br> Ended<br> June 30,<br> 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value at beginning of period | $7.01 | $6.67 | $7.27 | $11.67 | $17.42 | $12.39 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |  |
| Net investment income (loss)<sup>a</sup> | .04 | .06 | (.01) | (.05) | (.07) | (.13) |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | 1.35 | .45 | (.55) | (4.26) | (.89) | 7.15 |
| Total from investment operations | 1.39 | .51 | (.56) | (4.31) | (.96) | 7.02 |
| Redemption fees<sup>a</sup> |  |  | .01 |  |  |  |
| Less dividends and distributions: |  |  |  |  |  |  |
| Distribution from net realized gains on investments |  |  |  | (.09) | (4.79) | (1.99) |
| Dividends from net investment income | - | (.17) | (.05) | - | - | - |
| Total dividends and distributions | - | (.17) | (.05) | (.09) | (4.79) | (1.99) |
| Net asset value at end of period | $8.40 | $7.01 | $6.67 | $7.27 | $11.67 | $17.42 |
| Total return (%) | 19.83 <sup>d</sup> | 7.61 | (7.58) | (36.97) | (5.23) | 56.79 |
| RATIO/SUPPLEMENTAL DATA: |  |  |  |  |  |  |
| Net Assets at end of period (in thousands) | $6143 | $5045 | $8883 | $10513 | $15247 | $21497 |
| Ratio of gross expenses to average net assets (%) | 1.64 <sup>c</sup> | 1.92 | 1.90 | 1.80 | 1.62 | 1.69 |
| Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.64 <sup>c</sup> | 1.92 | 1.90 | 1.78 | 1.62 | 1.69 |
| Ratio of net investment gains (losses) to average net assets (%) | 1.08 <sup>c</sup> | .87 | (.10) | (.62) | (.38) | (.85) |
| Portfolio turnover rate (%) | 60 <sup>d</sup> | 155 | 189 | 254 | 241 | 192 |

---

Notes:

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

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

<sup>c</sup> Annualized.

<sup>d</sup> Not annualized.

THE OBERWEIS FUNDS

Financial Highlights (continued)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **International Opportunities Fund** | **International Opportunities Fund** |
| | | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| **Investor Class**<br>|<br>**Six Months<br> Ended<br> June 30,<br> 2025**<br>**(unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value at beginning of period | $18.50 | $17.42 | $16.68 | $26.50 | $31.52 | $19.43 |
| INCOME (LOSS) FROM INVESTMENT OPERATIONS: |  |  |  |  |  |  |
| Net investment income (loss)<sup>a</sup> | .12 | .24 | .11 | .11 | (.26) | (.16) |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | 4.64 | 1.07 | .70 | (9.93) | .72 | 12.37 |
| Total from investment operations | 4.76 | 1.31 | .81 | (9.82) | .46 | 12.21 |
| Redemption fees<sup>a</sup> |  | .01 |  |  |  |  |
| Less dividends and distributions: |  |  |  |  |  |  |
| Distribution from net realized gains on investments |  |  |  |  | (5.48) |  |
| Dividends from net investment income | - | (.24) | (.07) | - | - | (.12) |
| Total dividends and distributions | - | (.24) | (.07) | - | (5.48) | (.12) |
| Net asset value at end of period | $23.26 | $18.50 | $17.42 | $16.68 | $26.50 | $31.52 |
| Total return (%) | 25.73 <sup>d</sup> | 7.54 | 4.89 | (37.06) | 1.52 | 62.86 |
| RATIO/SUPPLEMENTAL DATA: |  |  |  |  |  |  |
| Net Assets at end of period (in thousands) | $121949 | $93256 | $114698 | $144970 | $310356 | $327354 |
| Ratio of gross expenses to average net assets (%) | 1.42 <sup>c</sup> | 1.45 | 1.92 | 1.87 | 1.77 | 1.87 |
| Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.35 <sup>c</sup> | 1.35 | 1.59 | 1.60 | 1.60 | 1.60 |
| Ratio of net investment income (loss) to average net assets (%) | 1.17 <sup>c</sup> | 1.27 | .66 | .60 | (.79) | (.75) |
| Portfolio turnover rate (%) | 74 <sup>d</sup> | 99 | 103 | 74 | 93 | 130 |

---

Notes:

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

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

<sup>c</sup> Annualized.

<sup>d</sup> Not annualized.

THE OBERWEIS FUNDS

Financial Highlights (continued)

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

---

| | |
|:---|:---|
| **Institutional Class** | **International Opportunities Fund** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Six Months<br> Ended<br> June 30,<br> 2025<br> (unaudited)** | **Year Ended<br> December 31,<br> 2024** | **Period Ended<br> December 31,<br> 2023<sup>e</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> | .06 | .13 |  |
| Net realized and unrealized gains on investments and translation of assets and liabilities denominated in foreign currency | 2.24 | .52 | .07 |
| Total from investment operations | 2.30 | .65 | .07 |
| Redemption fees<sup>a</sup> |  | .01 |  |
| Less dividends and distributions: |  |  |  |
| Dividends from net realized gains on investments and foreign currency transactions |  |  |  |
| Dividends from net investment income | - | (.29) | - |
| Total dividends and distributions | - | (.29) | - |
| Net asset value at end of period | $11.17 | $8.87 | $8.50 |
| Total return (%) | 25.93 <sup>d</sup> | 7.70 | .83 <sup>d</sup> |
| RATIO/SUPPLEMENTAL DATA: |  |  |  |
| Net Assets at end of period (in thousands) | $279334 | $248272 | $278822 |
| Ratio of gross expenses to average net assets (%) | 1.17 <sup>c</sup> | 1.20 | 1.10 <sup>c</sup> |
| Ratio of net expenses to average net assets (%)<sup>b</sup> | 1.10 <sup>c</sup> | 1.10 | 1.09 <sup>c</sup> |
| Ratio of net investment income to average net assets (%) | 1.34 <sup>c</sup> | 1.46 | .28 <sup>c</sup> |
| Portfolio turnover rate (%) | 74 <sup>d</sup> | 99 | 103 |

---

Notes:

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

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

<sup>c</sup> Annualized.

<sup>d</sup> Not annualized

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

THE OBERWEIS FUNDS

Financial Highlights (continued)

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

---

| | |
|:---|:---|
| **Institutional Class** | **Focused International Growth Fund** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Years Ended December 31,** | **Years Ended December 31,** | |
| | **Six Months<br> Ended<br> June 30,<br> 2025**<br>**(unaudited)** | **2024** | **2023** | **Period Ended<br> December 31,**<br>**2022<sup>e</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>a</sup> | .13 | .15 | .12 | .07 |
| Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency | 2.60 | .89 | 1.15 | (2.34) |
| Total from investment operations | 2.73 | 1.04 | 1.27 | (2.27) |
| Redemption fees<sup>a</sup> |  |  |  |  |
| Less dividends and distributions: |  |  |  |  |
| Dividends from net investment income | - | (.14) | (.13) | (.10) |
| Total dividends and distributions | - | (.14) | (.13) | (.10) |
| Net asset value at end of period | $12.40 | $9.67 | $8.77 | $7.63 |
| Total return (%) | 28.23 <sup>d</sup> | 11.79 | 16.60 | (22.75)<sup>d</sup> |
| RATIO/SUPPLEMENTAL DATA: |  |  |  |  |
| Net Assets at end of period (in thousands) | $12281 | $7685 | $6032 | $5077 |
| Ratio of gross expenses to average net assets (%) | 1.98 <sup>c</sup> | 2.37 | 2.51 | 1.97 <sup>c</sup> |
| Ratio of net expenses to average net assets (%)<sup>b</sup> | .95 <sup>c</sup> | .95 | .95 | .95 <sup>c</sup> |
| Ratio of net investment income to average net assets (%) | 2.30 <sup>c</sup> | 1.49 | 1.47 | 1.18 <sup>c</sup> |
| Portfolio turnover rate (%) | 46 <sup>d</sup> | 66 | 88 | 54 <sup>d</sup> |

---

Notes:

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

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

<sup>c</sup> Annualized.

<sup>d</sup> Not Annualized

e For the period from April 1, 2022 (commencement of operations) through December 31, 2022.

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

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

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

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

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

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

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

Not applicable.

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

Not applicable to the registrant.

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

Not applicable to the registrant.

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

Not applicable to the registrant.

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

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

**ITEM 16. CONTROLS AND PROCEDURES.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal
financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures
(as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17CFR
270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required
by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act
(17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

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

**ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable to the registrant.

**ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION**

No accounting restatement that required recovery of erroneously awarded compensation.

**ITEM 19. EXHIBITS.**

---

| | |
|:---|:---|
| (a) (1) | Not required for the Semi-Annual Report. |
| (a) (2) | Not required for the Semi-Annual Report. |
| (a) (3) | [Certifications pursuant to Rule 30a-2 under the Investment Company Act of 1940 (17CFR 270.30a-2) in the exact form set forth below: are attached hereto.](ea0250454-01_ex99cert.htm) |
| (a) (4) | Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not Applicable to the registrant. |
| (a) (5) | No Change in the registrant's independent public accountant. |
| (b) | [The certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](ea0250454-01_ex99906cert.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | **<u>The Oberweis Funds</u>** |
| By (Signature and Title\*) | /s/ James W. Oberweis |
|  | James W. Oberweis <br> President/Principal Executive Officer, The Oberweis Funds |

---

Date 09/04/2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title\*) | /s/ James W. Oberweis |
|  | James W. Oberweis <br> President/Principal Executive Officer, The Oberweis Funds |

---

Date 09/04/2025

---

| | |
|:---|:---|
| By (Signature and Title\*) | /s/ Eric V. Hannemann |
|  | Eric V. Hannemann <br> Treasurer/Principal Financial Officer, The Oberweis Funds |

---

Date 09/04/2025

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

## Ex-99.Cert

**Exhibit 99.CERT**

Certifications Pursuant To

Section 302 of

The Sarbanes-Oxley Act of 2002

I, James W. Oberweis, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| /s/ James W. Oberweis | Date: 9/4/2025 |
| James W. Oberweis |  |
| Principal Executive Officer |  |

---

Certifications Pursuant To

Section 302 of

The Sarbanes-Oxley Act of 2002

I, Eric V. Hannemann, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| /s/ Eric V. Hannemann | Date: 9/4/2025 |
| Eric V. Hannemann |  |
| Principal Financial Officer |  |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>The Oberweis Funds</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

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

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the issuer.

---

| | |
|:---|:---|
| Date: September 4, 2025 | /s/ James W. Oberweis |
|  | James W. Oberweis |
|  | President <br> (Principal Executive Officer) |

---

**Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002**

Name of Issuer: **<u>The Oberweis Funds</u>**

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

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

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the issuer.

---

| | |
|:---|:---|
| Date: September 4, 2025 | /s/ Eric V. Hannemann |
|  | Eric V. Hannemann |
|  | Treasurer<br> (Principal Financial Officer) |

---