Oberweis Fund NCSR Certified annual shareholder report (management investment company)

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) (Zip code)

James W. Oberweis
The Oberweis Funds
3333 Warrenville Road, Suite 500
Lisle, IL 60532

Copy to: James A. Arpaia
Vedder Price P.C.
222 North LaSalle Street, Suite 2600
Chicago, IL 60601

(Name and address of agent for service)

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

Date of fiscal year end:December 31

Date of reporting period:December 31, 2019

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Annual Reports for the period 01/01/19 through 12/31/19 is filed herewith

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ANNUAL REPORT

	INVESTOR CLASS	INSTITUTIONAL CLASS
Oberweis Micro-Cap Fund	OBMCX	OMCIX
Oberweis Small-Cap Opportunities Fund	OBSOX	OBSIX
Oberweis Small-Cap Value Fund	OBIVX	OBVLX
Oberweis Global Opportunities Fund	OBEGX	OBGIX
Oberweis China Opportunities Fund	OBCHX	OCHIX
Oberweis International Opportunities Fund	OBIOX	—
Oberweis Emerging Markets Fund	OBEMX	OIEMX

December 31, 2019

oberweisfunds.com

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Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on www.oberweisfunds.com and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds or your financial intermediary electronically by contacting us at 1-800-245-7311.

You may elect to receive all future reports in paper free of charge. You can inform the Funds or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by contacting us at 1-800-245-7311. Your election to receive reports in paper will apply to all funds held with the fund complex.

TABLE OF CONTENTS

	President’s Letter					1
	Management Discussion on Fund Performance					4
	Schedule of Investments
	Oberweis Micro-Cap Fund					17
	Oberweis Small-Cap Opportunities Fund					21
	Oberweis Small-Cap Value Fund					25
	Oberweis Global Opportunities Fund					30
	Oberweis China Opportunities Fund					33
	Oberweis International Opportunities Fund					38
	Oberweis Emerging Markets Fund					42
	Statements of Assets and Liabilities
	Oberweis Micro-Cap Fund					45
	Oberweis Small-Cap Opportunities Fund					45
	Oberweis Small-Cap Value Fund					45
	Oberweis Global Opportunities Fund					46
	Oberweis China Opportunities Fund					46
	Oberweis International Opportunities Fund					46
	Oberweis Emerging Markets Fund					47
	Statements of Operations
	Oberweis Micro-Cap Fund					48
	Oberweis Small-Cap Opportunities Fund					48
	Oberweis Small-Cap Value Fund					48
	Oberweis Global Opportunities Fund					49
	Oberweis China Opportunities Fund					49
	Oberweis International Opportunities Fund					49
	Oberweis Emerging Markets Fund					49
	Statements of Changes in Net Assets
	Oberweis Micro-Cap Fund					50
	Oberweis Small-Cap Opportunities Fund					51
	Oberweis Small-Cap Value Fund					52
	Oberweis Global Opportunities Fund					53
	Oberweis China Opportunities Fund					54
	Oberweis International Opportunities Fund					55
	Oberweis Emerging Markets Fund					56
	Notes to the Financial Statements					57
	Financial Highlights
	Oberweis Micro-Cap Fund					67
	Oberweis Small-Cap Opportunities Fund					69
	Oberweis Small-Cap Value Fund					71
	Oberweis Global Opportunities Fund					73
	Oberweis China Opportunities Fund					75
	Oberweis International Opportunities Fund					77
	Oberweis Emerging Markets Fund					78
	Report of Independent Registered Public Accounting Firm					80
	Trustees and Officers of the Oberweis Funds					82
	Supplemental Information					84

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PRESIDENT’S LETTER (unaudited)

Dear Fellow Oberweis Funds Shareholder,

What a difference a year can make! Just over a year ago, in the final quarter of 2018, investors were reducing equity exposure at the most frantic pace since 2008, fearing a prolonged US-China trade war, slowing growth, rising interest rates and tighter monetary policy. In last year’s letter, we wrote: “Have investors become worry warts unduly? While we cannot say for certain, fear and great buying opportunities are often neighbors.”

Now we can say for certain. On January 15th, 2020, the U.S. and China signed the much-anticipated “Phase One” trade treaty. To be sure, US-China trade negotiations have a long way to go, but this step marks a sharp directional change from the escalatory feuds that preceded it. On economic growth, recession prognosticators were either wrong or early. US earnings growth has surprised to the upside, at least so far, while still tepid growth outside the U.S. has nonetheless exceeded expectations. In terms of monetary policy trends, the Federal Reserve reversed course in 2019, cutting interest rates three times in 2019. Global central bank bond purchases are again accelerating, and the yield curve has steepened since the inversion fears of early 2019. Instead of rising, interest rates declined in 2019, with the yield on the 10-year US Treasury bond falling 77 basis points in 2019 to 1.92%. And as these developments unfolded, investors turned ravenous on equities – especially for US large-caps – and the S&P 500 jumped 31.49% in 2019. Globally, small-cap stock prices also appreciated, but not by as much as their larger brethren. In terms of US small-cap returns, the Russell 2000 gained 25.53% and international small-caps, as measured by MSCI World ex-USA Small-Cap Core Index, returned 25.41%. Small-cap growth beat small-cap value, both domestically and internationally, continuing one of the longer historical runs for growth over value1 . By all accounts, 2019 was quite the rebound year.

2019 In Review

Among our international funds, the International Opportunities Fund returned 22.85% (versus 28.04% for the MSCI World ex-US SCG Index). The China Opportunities Fund returned 36.33% (compared to 23.46% for the MSCI China Index). The Emerging Markets Fund returned 22.56% (versus 11.50% for the MSCI EM Small Cap Index). Among the domestic funds, the Micro-Cap Fund and Small-Cap Opportunities Fund returned 21.94% and 25.07%, respectively (compared to 23.33% and 28.48% for the Russell Micro-Cap Growth and Russell 2000 Growth indices). The Small-Cap Value Fund returned 19.31% (versus 22.39% for the Russell 2000 Value Index). The Global Opportunities Fund returned 25.67% (versus 24.65% for the MSCI ACWI Small-Cap Index).

On a relative basis, 2019 was an excellent year for the China Opportunities and Emerging Markets Funds. Global Opportunities also outperformed its benchmark. The US funds and the International Opportunities Fund faced headwinds this year. For the International Opportunities Fund, we believe the shortfall was primarily associated with investor preference for highly predictable near-term earnings over favorable long-term earnings growth opportunities, while our process focuses on the latter. At any time, there is a tradeoff between the two, but we believe the relative price for long-term earnings growth is much less than normal (compared to companies with more certain near-term earnings). Similar to other periods of underperformance in the past, it would not surprise us to see the last two years set the stage for reversion to a more normal balance, which would be a positive for the International Opportunities Fund.

1 For the USA, the Russell 2000 Growth Index returned 28.48% versus 22.39% for the Russell 2000 Value Index. Internationally, the MSCI World ex-USA Small-Cap Growth Index returned 28.04% versus 22.82% for the MSCI World ex USA Small-Cap Value Index

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PRESIDENT’S LETTER (unaudited) (continued)

As we close out the decade, we are particularly proud of the 10-year track records of the International Opportunities and Micro-Cap Funds. For the trailing 10 years ended 12/31/2019, International Opportunities delivered an annual average return 12.02% versus 8.80% for its benchmark2, and the Micro-Cap Fund returned 12.42% annualized versus 10.69% for its benchmark3.

Outlook

Many economic indicators reflect more favorable data than last year. Monetary policy is now squarely dovish. The U.S. consumer remains in solid shape, bolstered by a record-low debt-service ratio, record household net worth and record low unemployment. Importantly, inflation worldwide remains under control. Internationally, while growth is not as good as in the US, it has not been as bad as expectations. Trade tensions remain but seem to be on a path of de-escalation, which is a huge difference from last year. On the other hand, expectations are also much higher, as evidence by stock prices that are nominally 20-30% higher than last year. On a Price/Earnings and Price/Free Cash Flow Yield basis, valuations remain reasonable for small-caps, particularly for those in international and emerging markets. Similarly, small-cap value has been out of favor as an asset class for about a decade. While not as cheap as last year, it’s hard to argue stocks are overly expensive in comparison to the meager yield of the risk-free alternative: US treasuries. In short, we believe that small-caps globally remain in a reasonable valuation range, with marginally improving growth prospects.

Valuation Recap

As of December 31, 2019, the price/earnings (P/E) ratio was 16.7 times for the Global Opportunities Fund (versus 14.2 last quarter), 19.2 times for the Small-Cap Opportunities Fund (versus 14.8 last quarter), 14.4 times for the Micro-Cap Fund (versus 11.9 last quarter), 18.3 times for the International Opportunities Fund (versus 13.8 last quarter), 19.5 times for the China Opportunities Fund (versus 20.1 last quarter), and 17.9 times for the Emerging Markets Fund (versus 17.6 times last quarter). Each of these funds invests in companies with expected earnings growth rates that are higher than that of the broader market, and in companies expected to grow faster than current market expectations. For the Small-Cap Value Fund, the average P/E ratio was 14.0 times (versus 12.8 last quarter). As of December 31, 2019, the weighted-average market capitalization was $3.8 billion for the Global Opportunities Fund, $2.7 billion for the Small-Cap Opportunities Fund, $1.0 billion for the Micro-Cap Fund, $3.0 billion for the Small-Cap Value Fund, $4.1 billion for the International Opportunities Fund, $2.4 billion for the Emerging Markets Fund, and $90.3 billion for the China Opportunities Fund. Note the China Opportunities Fund’s market cap is skewed upward due to two mega-cap holdings; the median market cap of the fund was $9.5 billion.

2 Compared to the MSCI World Ex-USA SCG Index

3 Compared to the Russell Micro-Cap Growth Index

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PRESIDENT’S LETTER (unaudited) (continued)

We appreciate your investment in The Oberweis Funds and are grateful for the trust you have shown us with your valuable investments. If you have any questions about your account, please contact shareholder services at (800) 245-7311. Thank you for investing with us in The Oberweis Funds.

Sincerely,

James W. Oberweis, CFA
President & Portfolio Manager

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MANAGEMENT DISCUSSION ON FUND PERFORMANCE (unaudited)

Market Environment

Global equities returned 27.67% in 2019, as measured by the MSCI World Index. Global small-caps, as measured by the MSCI World Small-Cap Index, slightly underperformed large-caps, returning 26.19%. International small-caps underperformed versus U.S. small-caps, as evidenced by the 25.41% return on the MSCI World ex-USA Small-Cap Index. Within the United States, large-cap growth stocks outperformed small-cap growth stocks by 791 basis points, as measured by the respective returns of the Russell 1000 Growth (36.39%) and Russell 2000 Growth (28.48%) indices. Within domestic small-cap, growth outperformed value, with the Russell 2000 Growth Index (28.48%) outperforming the Russell 2000 Value Index (22.39%) by 609 basis points for the year.

Discussion of The Oberweis Funds

The Micro-Cap Fund returned 21.94% versus 23.33% for the Russell Micro-Cap Growth Index. The portfolio benefitted from favorable stock selection in financial services and consumer discretionary, while performance was adversely impacted by stock selection in health care. At the stock level, eHealth, Inc. (EHTH), Veracyte, Inc. (VCYT), and Bandwidth Inc. (BAND) were among the top contributors to performance. Turning Point Brands, Inc. (TPB), LiqTech International, Inc. (LIQT), and Zix Corp. (ZIXI) were among the top detractors.

The Small-Cap Opportunities Fund returned 25.07% versus 28.48% for the Russell 2000 Growth Index. The fund benefitted from stock selection in producer durables, materials & processing, and financial services, while stock selection in health care detracted from performance. Bandwidth Inc. (BAND), Mellanox Technologies, Ltd. (MLNX), and Trex Company (TREX) were among the top contributors to performance. Plantronics Inc. (PLT), Green Dot Corp. (GDOT), and GW Pharmaceuticals PLC (GWPH) were among the top detractors.

The Small-Cap Value Fund returned 19.31% versus 22.39% for the Russell 2000 Value Index. The fund benefitted from stock selection in producer durables and energy while performance was negatively impacted by adverse stock selection in technology and financials. Triumph Group, Inc (TGI), Williams-Sonoma, Inc (WSM), and Oshkosh (OSK) were among the top contributors to performance; Gulfport Energy Corp (GPOR), AMC Entertainment Holdings, Inc (AMC), and Cars.com, Inc (CARS) were among the top detractors.

The Global Opportunities Fund returned 25.67% versus 24.65% for the MSCI ACWI Small-Cap Index. At the country level, the portfolio benefitted from favorable stock selection in Sweden, Australia, and China, partially offset by adverse stock selection in the US. At the sector level, the Fund was positively impacted by stock selection in technology, industrials and consumer discretionary, partially offset by adverse stock selection in healthcare. At the stock level, A-Living Services (3319 HK), Afterpay (APT AU), and Evolution Gaming Group (EVO SS) were among the top contributors to performance; Caredx (CDNA), Green Dot Corp (GDOT) and GW Pharmaceuticals Plc (GWPH) were among the top detractors.

The China Opportunities Fund returned 36.33% versus 23.46% for the MSCI China Index. The portfolio benefitted from exceptionally favorable stock selection in industrials. It also benefitted from favorable allocation and stock selection to consumer services, information technology and consumer stables. At the stock level, Alibaba Group Holding (BABA), New Oriental Education (EDU), and A-Living Services (3319 HK) were among the top contributors; Ofilm Group (002456 CH), Focused Photonics (300203 CH), and Trip.com Group (TCOM) were among the top detractors.

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MANAGEMENT DISCUSSION ON FUND PERFORMANCE
(unaudited) (continued)

The International Opportunities Fund returned 22.85% versus 28.04% for the MSCI World ex-US Small Cap Growth Index. The portfolio benefitted from stock selection in Australia and Sweden while stock selection in Japan and the U.K. detracted from performance. On a sector level, the portfolio benefitted from stock selection in consumer discretionary and consumer staples while performance was negatively impacted by stock selection in health care and financials. At the stock level, Afterpay Ltd. (APT AU), Evolution Gaming Group AB (EVO SS), and Intermediate Capital Group Plc. (ICP LN) were among the top contributors to performance; Burford Capital Ltd. (BUR LN), GW Pharmaceuticals Plc. (GWPH US), and Nearmap Ltd. (NEA AU) were among the top detractors.

The Emerging Markets Fund returned 22.56% versus 11.50% for the MSCI EM Small-Cap Index. At the country level, the portfolio benefitted from stock selection in China, India, South Korea, Indonesia, and Chile, while performance was adversely affected by the fund’s holdings in Mexico. At the sector level, the fund was positively impacted by stock selection in consumer discretionary, communication services, financials, energy, and consumer staples, while performance was adversely impacted by selection in information technology. At the stock level, AfreecaTV (067160 KS), Yantai Jereh Oilfield Services (002353 CH), and Nissin Foods (1475 HK) were among the top contributors to performance; Settle Bank (234340 KS), Cafe24 (042000 KS), and Escorts Ltd (ESC IN) were among the top detractors.

The portfolio turnover rates were 120% for the Global Opportunities Fund, 112% for the Micro-Cap Fund, 142% for the Small-Cap Opportunities Fund, 68% for the Small-Cap Value Fund, 184% for the China Opportunities Fund, 142% for the International Opportunities Fund and 153% for the Emerging Markets Fund. The net expense ratios for the investor share class of the Funds were 1.55% for Global Opportunities, 1.58% for Micro-Cap, 1.55% for Small-Cap Value, 1.55% for Small-Cap Opportunities, 1.84% for China Opportunities, 1.60% for International Opportunities and 1.75% for Emerging Markets.

For current performance information, please visit www.oberweisfunds.com.

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MANAGEMENT DISCUSSION ON FUND PERFORMANCE
(unaudited) (continued)

Oberweis Micro-Cap Fund

At December 31, 2019

	Asset Allocation (% of Net Assets)
	Equities					96.3
	Other Assets less Liabilities					3.7

	Top Ten Holdings (% of Net Assets)
	Vericel Corp.					2.6
	Recro Pharma, Inc.					2.5
	eHealth, Inc.					2.4
	Perdoceo Education Corp.					2.4
	Castle Biosciences, Inc.					2.3
	Axcelis Technologies, Inc.					2.2
	SkyWest, Inc.					2.2
	Bandwidth, Inc.					2.1
	Tandem Diabetes Care, Inc.					2.0
	LiqTech Intenational, Inc.					1.9

	Top Ten Industries (% of Net Assets)
	Computer Services Software & Systems					15.1
	Biotechnology					10.5
	Specialty Retail					5.4
	Communications Technology					4.5
	Scientific Instruments – Control & Filter					3.7
	Production Technology Equipment					3.6
	Medical Equipment					3.4
	Commercial Services – Rental & Leasing					2.6
	Oil Well Equipment & Services					2.6
	Insurance – Multi-Line					2.4

Oberweis Small-Cap
Opportunities Fund

At December 31, 2019

	Asset Allocation (% of Net Assets)
	Equities					96.0
	Other Assets less Liabilities					4.0

	Top Ten Holdings (% of Net Assets)
	WW International, Inc.					2.9
	Recro Pharma, Inc.					2.4
	Bottomline Technologies (DE), Inc.					2.4
	CACI International, Inc.					2.3
	Gray Television, Inc.					2.2
	SkyWest, Inc.					2.0
	DMC Global, Inc.					2.0
	Arcosa, Inc.					2.0
	Cornerstone OnDemand, Inc.					2.0
	Inphi Corp.					2.0


	Top Ten Industries (% of Net Assets)
	Computer Services Software & Systems					17.9
	Biotechnology					7.2
	Telecommunications Equipment					3.8
	Education Services					3.5
	Healthcare Services					3.1
	Medical & Dental Instruments & Supplies					3.0
	Production Technology Equipment					2.9
	Consumer Services – Miscellaneous					2.9
	Textiles Apparel & Shoes					2.8
	Semiconductors & Components					2.6

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MANAGEMENT DISCUSSION ON FUND PERFORMANCE
(unaudited) (continued)

Oberweis Small Cap Value Fund

At December 31, 2019

	Asset Allocation (% of Net Assets)
	Equities					92.1
	REITS					7.7
	Other Assets less Liabilities					0.2

	Top Ten Holdings (% of Net Assets)
	Central Pacific Financial Corp.					2.7
	Williams-Sonoma, Inc.					2.6
	Old National Bancorp					2.6
	Triumph Bancorp, Inc.					2.5
	Physicians Realty Trust					2.5
	Triumph Group, Inc.					2.3
	Wolverine World Wide, Inc.					2.3
	W&T Offshore, Inc.					2.2
	Simmons First National Corp.					2.1
	Hancock Whitney Corp.					2.0

	Top Ten Industries (% of Net Assets)
	Banks – Diversified					17.9
	Computer Services Software & Systems					6.9
	Specialty Retail					4.3
	Health Care					3.9
	Lodging & Resort					3.3
	Insurance – Property-Casualty					3.1
	Technology – Miscellaneous					3.1
	Utilities – Gas Distributors					3.0
	Textiles Apparel & Shoes					2.9
	Healthcare Services					2.9

Oberweis Global
Opportunities Fund

At December 31, 2019

	Asset Allocation (% of Net Assets)
	Equities					98.7
	Other Assets less Liabilities					1.3

	Top Ten Holdings (% of Net Assets)
	eHealth, Inc.					4.9
	CACI International, Inc.					3.8
	Tandem Diabetes Care, Inc.					3.7
	Perdoceo Education Corp.					3.6
	Inphi Corp.					3.6
	WW International, Inc.					3.4
	DMC Global, Inc.					3.4
	Skyline Champion Corp					3.3
	A-Living Services Co. Ltd.					3.2
	Burford Capital Ltd.					2.9

	Top Ten Industries (% of Net Assets)
	Software					8.9
	Information Technology Services					7.8
	Diversified Consumer Services					7.1
	Semiconductor & Semiconductor Equipment					6.4
	Commercial Services & Supply					4.7
	Health Care Equipment & Supplies					4.7
	Household Durables					4.5
	Airlines					4.4
	Textiles, Apparel & Luxury Goods					3.7
	Energy Equipment & Services					3.4

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MANAGEMENT DISCUSSION ON FUND PERFORMANCE
(unaudited) (continued)

Oberweis China
Opportunities Fund

At December 31, 2019

	Asset Allocation (% of Net Assets)
	Equities					99.5
	Other Assets less Liabilities					0.5

	Top Ten Holdings (% of Net Assets)
	Alibaba Group Hldg. Ltd. ADS					8.0
	Tencent Hldgs. Ltd.					5.4
	GDS Hldgs. Ltd.					2.3
	TAL Education Group ADS					2.1
	New Oriental Education & Technology Group, Inc. ADS					2.1
	A-Living Services Co. Ltd.					1.9
	Longfor Group Hldgs. Ltd.					1.8
	CIFI Hldgs. Group Co. Ltd.					1.8
	Anhui Conch Cement Co. Ltd					1.8
	Gree Electric Appliances, Inc. of Zhuhai					1.7

	Top Ten Industries (% of Net Assets)
	Internet & Direct Marketing Retail					13.0
	Interactive Media & Services					8.0
	Real Estate Management & Development					7.8
	Electronic Equipment, Instruments & Components					7.0
	Household Durables					6.1
	Diversified Consumer Services					4.2
	Hotels, Restaurants & Leisure					3.7
	Capital Markets					3.6
	Insurance					3.4
	Commercial Services & Supply					3.4

Oberweis International
Opportunities Fund

At December 31, 2019

	Asset Allocation (% of Net Assets)
	Equities					99.7
	Other Assets less Liabilities					0.3

	Top Ten Holdings (% of Net Assets)
	Sushiro Global Hldgs. Ltd.					4.6
	Evolution Gaming Group AB					3.6
	Intermediate Capital Group PLC					3.6
	Future PLC					3.5
	Afterpay Touch Group Ltd.					3.4
	Kobe Bussan Co. Ltd.					3.1
	Evolution Mining Ltd.					3.0
	Air Canada					2.5
	JD Sports Fashion PLC					2.4
	VAT Group AG					2.2

	Top Ten Industries (% of Net Assets)
	Capital Markets					8.6
	Hotels, Restaurants & Leisure					8.2
	Information Technology Services					7.6
	Machinery					6.8
	Media					5.1
	Food & Staples Retailing					4.7
	Software					4.7
	Semiconductor & Semiconductor Equipment					4.5
	Metals & Mining					4.2
	Professional Services					3.5

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MANAGEMENT DISCUSSION ON FUND PERFORMANCE
(unaudited) (continued)

Oberweis Emerging Markets Fund

At December 31, 2019

	Asset Allocation (% of Net Assets)
	Equities					96.8
	Other Assets less Liabilities					3.2

	Top Ten Holdings (% of Net Assets)
	M31 Technology Corp.					3.5
	Linx SA					3.2
	Affle India Ltd.					2.8
	Yantai Jereh Oilfield Services Group Co. Ltd.					2.4
	LandMark Optoelectronics Corp.					2.1
	DB HiTek Co. Ltd.					2.1
	B2W – Companhia Digital					2.1
	Taiwan Union Technology Corp.					2.0
	Clicks Group Ltd.					2.0
	Seegene, Inc.					2.0

	Top Ten Industries (% of Net Assets)
	Semiconductor & Semiconductor Equipment					11.4
	Electronic Equipment, Instruments & Components					8.8
	Software					6.8
	Beverages					4.7
	Pharmaceuticals					4.3
	Biotechnology					4.0
	Food Products					3.9
	Machinery					3.8
	Construction Materials					3.7
	Diversified Consumer Services					3.5

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MANAGEMENT DISCUSSION ON FUND PERFORMANCE
(unaudited) (continued)

Average Annual Total Returns1 (for the Periods Ended December 31, 2019)

	1 YR (%)		5 YR (%)		10 YR (%)		SINCE INCEPTION2 (%)		EXPENSE RATIO3 (%)
OBMCX		21.94		12.64		12.42		9.96		1.58
OMCIX4		22.09		12.90		12.69		10.23		1.32
Russell Microcap Growth		23.33		4.87		10.69		N/A5

Growth of a $10,000 Investment (from January 1, 1996 to December 31, 2019)

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1 Performance data represents past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance shown. You can obtain performance data current to the most recent month by visiting oberweisfunds.com. Returns are historical and include changes in share price and reinvestment of dividends and capital gains. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The Oberweis Funds invest in rapidly growing smaller and medium sized companies, which may offer greater return potential. However, these investments often involve greater risks and volatility. There is no guarantee that the portfolios can achieve their objectives.

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.

2 Since Inception returns are from commencement of operations on 01/01/96 for the Fund.

3 Expense ratio is the total annual net fund operating expense ratio as of 12/31/19. The expense ratio gross of any fee waivers or expense reimbursement was 1.60% and 1.34% for the Investor Class and Institutional Class, respectively.

4 The Institutional share class (OMCIX) began on May 1, 2017, returns for prior periods represent synthetic returns.

5 The Russell Microcap Growth Index began on July 3, 2000, and the line graph for the Index begins at the same value as the Fund on that date.

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MANAGEMENT DISCUSSION ON FUND PERFORMANCE
(unaudited) (continued)

Average Annual Total Returns1 (for the Periods Ended December 31, 2019)

	1 YR (%)		5 YR (%)		10 YR (%)		SINCE INCEPTION2 (%)		EXPENSE RATIO3 (%)
OBSOX		25.07		10.45		11.90		7.09		1.55
OBSIX4		25.43		10.74		12.19		7.36		1.30
Russell 2000 Growth		28.48		9.34		13.01		7.14

Growth of a $10,000 Investment (from September 15, 1996 to December 31, 2019)

[MISSING IMAGE: tv536902-lc_obsoxpn.jpg]

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.

2 Since Inception returns are from commencement of operations on 09/15/96 for the Fund.

3 Expense ratio is the total annual net fund operating expense ratio as of 12/31/19. The expense ratio gross of any fee waivers or expense reimbursement was 2.21% and 1.96% for the Investor Class and Institutional Class, respectively.

4 The Institutional share class (OBSIX) began on May 1, 2017, returns for prior periods represent synthetic returns.

TABLE OF CONTENTS

MANAGEMENT DISCUSSION ON FUND PERFORMANCE
(unaudited) (continued)

Average Annual Total Returns1 (for the Periods Ended December 31, 2019)

	1 YR (%)		5 YR (%)		SINCE INCEPTION2 (%)		EXPENSE RATIO3 (%)
OBVLX		19.56		4.18		9.92		1.30
OBIVX4		19.31		4.11		9.88		1.55
Russell 2000 Value		22.39		6.99		10.53

Growth of a $10,000 Investment (from September 30, 2010 to December 31, 2019)

[MISSING IMAGE: tv536902-lc_obvlxpn.jpg]

The Russell 2000 Value Index is a market capitalization-weighted index of value oriented stocks of U.S. domiciled companies that are included in the Russell 2000 index. Value-oriented stocks tend to have lower price-to-book ratios and lower forecasted growth values. The Russell indices are unmanaged and are not available for investment.

2 Since Inception returns are from commencement of operations on 9/30/10 for the Fund.

3 Expense ratio is the total annual net fund operating expense ratio as of 12/31/19. The expense ratio gross of any fee waivers or expense reimbursement was 1.49% and 1.74% for Institutional and Investor Class, respectively.

4 The Investor Class (OBIVX) began on May 1, 2018, returns of prior periods represent synthetic returns.

TABLE OF CONTENTS

MANAGEMENT DISCUSSION ON FUND PERFORMANCE
(unaudited) (continued)

Average Annual Total Returns1 (for the Periods Ended December 31, 2019)

	1 YR (%)		5 YR (%)		10 YR (%)		SINCE INCEPTION2 (%)		EXPENSE RATIO3 (%)
OBEGX		25.67		6.17		8.86		8.26		1.55
OBGIX4		25.96		6.43		9.13		8.53		1.30
MSCI ACWI Small-Cap		24.65		7.85		9.71		N/A5

Growth of a $10,000 Investment (from January 7, 1987 to December 31, 2019)

[MISSING IMAGE: tv536902-lc_obegxpn.jpg]

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. A sales load of 4% was charged on the Oberweis Global Opportunities Fund until 12/31/19 and is not reflected in the total return figures or graph above.

2 Since Inception returns are from commencement of operations on 01/07/87 for the Fund.

3 Expense ratio is the total annual net fund operating expense ratio as of 12/31/19. The expense ratio gross of any fee waivers or expense reimbursement was 1.58% and 1.33% for Investor Class and Institutional Class, respectively.

4 The Institutional share class (OBGIX) began on May 1, 2017, returns for prior periods represent synthetic returns.

5 The MSCI ACWI Small-Cap Index began on May 31, 1994, and the line graph for the index begins at the same value as the Fund on that date.

TABLE OF CONTENTS

MANAGEMENT DISCUSSION ON FUND PERFORMANCE
(unaudited) (continued)

Average Annual Total Returns1 (for the Periods Ended December 31, 2019)

	1 YR (%)		5 YR (%)		10 YR (%)		SINCE INCEPTION2 (%)		EXPENSE RATIO3 (%)
OBCHX	��	36.33		6.78		6.68		11.81		1.84
OCHIX4		36.82		7.06		6.95		12.09		1.59
MSCI China Net		23.46		7.49		5.34		10.35

Growth of a $10,000 Investment (from October 1, 2005 to December 31, 2019)

[MISSING IMAGE: tv536902-lc_obchxpn.jpg]

1 Performance data represents past performance, which is no guarantee of future results. Returns are historical and include changes in share price and reinvestment of dividends and capital gains. Current performance may be higher or lower than the performance shown. You can obtain performance data current to the most recent month by visiting oberweisfunds.com. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The Oberweis Funds invest in rapidly growing smaller and medium sized companies, which may offer greater return potential. However, these investments often involve greater risks and volatility. Foreign and emerging market investing involves special risks such as currency fluctuation and less public disclosure, as well as economic and political risk. There is no guarantee that the portfolios can achieve their objectives.

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.

2 Since Inception returns are from commencement of operations on 10/01/05 for the Fund.

3 Expense ratio is the total annual net fund operating expense ratio as of 12/31/19. The expense ratio gross of any fee waivers or expense reimbursement was 1.95% and 1.70% for Investor Class and Institutional Class, respectively.

4 The Institutional share class (OCHIX) began on May 1, 2017, returns for prior periods represent synthetic returns.

TABLE OF CONTENTS

MANAGEMENT DISCUSSION ON FUND PERFORMANCE
(unaudited) (continued)

Average Annual Total Returns1 (for the Periods Ended December 31, 2019)

	1 YR (%)		5 YR (%)		10 YR (%)		SINCE INCEPTION2 (%)		EXPENSE RATIO3 (%)
OBIOX		22.85		7.26		12.02		8.28		1.60
MSCI World ex-US Small Cap Growth		28.04		9.40		8.80		4.75

Growth of a $10,000 Investment (from February 1, 2007 to December 31, 2019)

[MISSING IMAGE: tv536902-lc_obioxpn.jpg]

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.

2 Since Inception returns are from commencement of operations on 02/01/07 for the Fund.

3 Expense ratio is the total annual net fund operating expense ratio as of 12/31/19. The expense ratio gross of any fee waivers or expense reimbursement was 1.82%.

TABLE OF CONTENTS

MANAGEMENT DISCUSSION ON FUND PERFORMANCE
(unaudited) (continued)

Average Annual Total Returns1 (for the Periods Ended December 31, 2019)

	1 YR (%)		SINCE INCEPTION2 (%)		EXPENSE RATIO3 (%)
OBEMX		22.56		(1.99)		1.75
OIEMX		22.91		(1.75)		1.50
MSCI EM Small-Cap		11.50		(4.71)

Growth of a $10,000 Investment (from May 1, 2018 to December 31, 2019)

[MISSING IMAGE: tv536902-lc_obemxpn.jpg]

The MSCI EM Small-Cap Index (Net) is a free float-adjusted market capitalization weighted index that measures the performance of Small-Cap stocks in 24 emerging markets.

2 Since Inception returns are from commencement of operations on 05/01/2018 for the Fund.

3 Expense ratio is the total annual net fund operating expense ratio as of 12/31/19. The expense ratio gross of any fee waivers or expense reimbursement was 3.86% and 3.61% for Investor Class and Institutional Class, respectively.

TABLE OF CONTENTS

OBERWEIS MICRO-CAP FUND

Schedule of Investments December 31, 2019

	Shares		Value
Equities – 96.3%
Advertising Agencies – 1.0%
Marchex, Inc.*		199,300		$	753,354
Air Transport – 2.2%
SkyWest, Inc.		25,800			1,667,454
Alternative Energy – 1.6%
Ameresco, Inc.*		69,808			1,221,640
Back Office Support, Human Resources & Consulting – 1.3%
CRA International, Inc.		18,800			1,024,036
Banks – Diversified – 1.9%
Enterprise Financial Services Corp.		17,300			834,033
Southern National Bancorp of Virginia, Inc.		36,800			601,680
					1,435,713
Banks – Savings, Thrifts & Mortgage – 1.1%
Meta Financial Group, Inc.		23,000			839,730
Biotechnology – 10.5%
Baudax Bio, Inc.*		75,660			523,567
Castle Biosciences, Inc.*		51,200			1,759,744
Coherus Biosciences, Inc.*		32,800			590,564
Collegium Pharmaceutical, Inc*.		40,400			831,432
Pfenex, Inc.*		45,200			496,296
Recro Pharma, Inc.		104,100			1,908,153
Vericel Corp.*		115,493			2,009,578
					8,119,334
BUILDING Materials – 0.7%
Griffon Corp.		28,600			581,438
Commercial Services – Rental & Leasing – 2.6%
H&E Equipment Services, Inc.		17,700			591,711
McGrath RentCorp.		19,000			1,454,260
					2,045,971
Commercial Vehicles & Parts – 1.2%
Spartan Motors, Inc.		53,100			960,048

See accompanying notes to the financial statements.

TABLE OF CONTENTS

OBERWEIS MICRO-CAP FUND (continued)

Schedule of Investments December 31, 2019

	Shares		Value
Communications Technology – 4.5%
Bandwidth, Inc.*		25,249		$	1,617,198
Comtech Telecommunications Corp.		13,700			486,213
Digi International, Inc.*		38,100			675,132
Harmonic, Inc.*		80,600			628,680
PC-Tel, Inc.*		9,182			77,772
					3,484,995
Computer Services Software & Systems – 15.1%
Digital Turbine, Inc.*		148,700			1,060,231
EverQuote, Inc.*		22,800			783,180
Limelight Networks, Inc.*		187,300			764,184
MobileIron, Inc.*		206,900			1,005,534
Model N, Inc.*		11,000			385,770
OneSpan, Inc.*		70,700			1,210,384
Perficient, Inc.*		24,800			1,142,536
TechTarget, Inc.*		22,600			589,860
Telaria, Inc.*		166,800			1,469,508
The Rubicon Project, Inc.*		146,200			1,192,992
Upland Software, Inc.*		31,600			1,128,436
Zix Corp.*		149,000			1,010,220
					11,742,835
Computer Technology – 1.0%
Impinj, Inc.*		31,200			806,832
Diversified Manufacturing Operations – 2.4%
Federal Signal Corp.		24,200			780,450
Inmode Ltd.*		27,700			1,085,840
					1,866,290
Education Services – 2.4%
Perdoceo Education Corp.*		100,959			1,856,636
Electronic Components – 2.3%
Camtek Ltd.		93,400			1,011,522
Methode Electronics, Inc.		19,800			779,130
					1,790,652
Environmental, Maintenance, & Security Services – 0.8%
SP Plus Corp.*		14,339			608,404
Financial Data & Systems – 1.5%
Cardtronics PLC.*		25,900			1,156,435
Home Building – 0.7%
M/I Homes, Inc.*		14,500			570,575

See accompanying notes to the financial statements.

TABLE OF CONTENTS

OBERWEIS MICRO-CAP FUND (continued)

Schedule of Investments December 31, 2019

	Shares		Value
Healthcare Services – 1.8%
Addus HomeCare Corp.*		14,100		$	1,370,802
Insurance – Multi-Line – 2.4%
eHealth, Inc.*		19,600			1,883,168
Leisure Time – 0.7%
Clarus Corp.		40,900			554,604
Machinery – Industrial – 1.3%
Tennant Co.		12,700			989,584
Manufactured Housing – 1.7%
Skyline Champion Corp*		40,803			1,293,455
Materials & Processing – 0.5%
Tecnoglass, Inc.		48,900			403,425
Medical & Dental Instruments & Supplies – 2.3%
Antares Pharma, Inc.*		112,300			527,810
Cutera, Inc.*		34,900			1,249,769
					1,777,579
Medical Equipment – 3.4%
Oxford Immunotec Global PLC*		65,200			1,082,320
Tandem Diabetes Care, Inc.*		26,600			1,585,626
					2,667,946
Metal Fabricating – 1.2%
Northwest Pipe Co.*		26,800			892,708
Office Supplies & Equipment – 0.6%
ACCO Brands Corp.		53,300			498,888
Oil Well Equipment & Services – 2.6%
DMC Global, Inc.		31,165			1,400,555
Matrix Service Co.*		26,400			604,032
					2,004,587
Pharmaceuticals – 1.3%
BioDelivery Sciences International, Inc.*		156,100			986,552
Power Transmission Equipment – 1.9%
Powell Industries, Inc.		29,300			1,435,407
Production Technology Equipment – 3.6%
Axcelis Technologies, Inc.*		72,200			1,739,659
Ultra Clean Hldgs., Inc.*		45,600			1,070,232
					2,809,891

See accompanying notes to the financial statements.

TABLE OF CONTENTS

OBERWEIS MICRO-CAP FUND (continued)

Schedule of Investments December 31, 2019

	Shares		Value
Recreational Vehicles & Boats – 0.9%
Malibu Boats, Inc.*		17,700		$	724,815
Scientific Instruments – Control & Filter – 3.7%
LiqTech International, Inc.*		252,980			1,479,933
Napco Security Technologies, Inc.*		46,137			1,355,966
					2,835,899
Scientific Instruments – Electrical – 1.5%
Allied Motion Technologies, Inc.		23,800			1,154,300
Scientific Instruments – Pollution Control – 0.8%
Team, Inc.*		40,000			638,800
Semiconductors & Components – 0.7%
Adesto Technologies Corp.*		68,200			579,700
Specialty Retail – 5.4%
America’s Car-Mart, Inc.*		5,000			548,300
Boot Barn Hldgs., Inc.*		16,800			748,104
The Cato Corp.		25,000			435,000
Tilly’s, Inc.		85,700			1,049,825
Zumiez, Inc.*		40,100			1,385,054
					4,166,283
Textile Products – 1.3%
Unifi, Inc*		41,400			1,045,764
Telecommunications Equipment – 1.9%
Knowles Corp.*		67,600			1,429,741
Total Equities
(Cost: $63,031,578)				$	74,676,270
Total Investments – 96.3%
(Cost: $63,031,578)				$	74,676,270
Other Assets Less Liabilities – 3.7%					2,863,564
Net Assets – 100%				$	77,539,834

* Non-income producing security during the year ended December 31, 2019

See accompanying notes to the financial statements.

TABLE OF CONTENTS

Oberweis Small-Cap Opportunities Fund

Schedule of Investments December 31, 2019

	Shares		Value
Equities – 96.0%
Aerospace – 1.3%
Aerojet Rocketdyne Hldgs., Inc.*		3,400		$	155,244
Air Transport – 2.0%
SkyWest, Inc.		3,700			239,131
Auto parts – 0.9%
Visteon Corp.*		1,200			103,908
Back Office Support, Human Resources, & Consulting – 1.4%
TTEC Hldgs., Inc.		4,100			162,442
Banks – Diversified – 1.9%
Banner Corp.		1,400			79,226
Enterprise Financial Services Corp.		3,100			149,451
					228,677
Banks – Savings, Thrift & Mortgage Lending – 1.2%
Meta Financial Group, Inc.		3,700			135,087
Biotechnology – 7.2%
Baudax Bio, Inc.*		4,760			32,939
Coherus Biosciences, Inc.*		4,800			86,424
Collegium Pharmaceutical, Inc*.		5,900			121,422
Recro Pharma, Inc.		15,400			282,282
Repligen Corp.*		1,200			111,000
Vericel Corp.*		12,100			210,540
					844,607
Building Materials – 1.3%
Trex Co., Inc.*		1,700			152,796
Casinos & Gambling – 1.1%
Eldorado Resorts, Inc.*		2,200			131,208
Commercial Services – Rental & Leasing – 1.7%
McGrath RentCorp.		2,600			199,004
Commercial Vehicles & Parts – 0.6%
Oshkosh Corp.		800			75,720
Communications Technology – 1.7%
Bandwidth, Inc.*		3,100			198,555

See accompanying notes to the financial statements.

TABLE OF CONTENTS

Oberweis Small-Cap Opportunities Fund (continued)

Schedule of Investments December 31, 2019

	Shares		Value
Computer Services Software & Systems – 17.9%
Bottomline Technologies (de), Inc.*		5,200		$	278,720
CACI International, Inc.*		1,100			274,989
Cornerstone OnDemand, Inc.*		4,000			234,200
CyberArk Software Ltd.*		1,200			139,896
Mercury Systems, Inc.*		2,900			200,419
NIC, Inc.		4,800			107,280
Rapid7, Inc.*		2,900			162,458
SPS Commerce, Inc.*		3,400			188,428
Synnex Corp.		1,600			206,080
The Rubicon Project, Inc.*		19,600			159,936
Upland Software, Inc.*		4,100			146,411
					2,098,817
Computer Technology – 0.9%
Impinj, Inc.*		4,100			106,026
Consumer Lending – 1.3%
Navient Corp.		11,300			154,584
Consumer Services – Miscellaneous – 2.9%
WW International, Inc.*		8,900			340,069
Containers & Packaging – 1.3%
Graphic Packaging Hldg. Co.		9,400			156,510
Diversified Manufacturing Operations – 1.4%
Inmode Ltd.*		4,100			160,720
Diversified Materials & Processing – 0.9%
Cabot Microelectronics Corp.		700			101,024
Drug & Grocery Store Chains – 0.7%
Sprouts Farmers Market, Inc.*		4,000			77,400
Education Services – 3.5%
Chegg, Inc.*		3,100			117,521
Perdoceo Education Corp.*		10,100			185,739
Strategic Education, Inc.		700			111,230
					414,490
Energy Equipment – 2.0%
Arcosa, Inc.		5,300			236,115
Financial Data & Systems – 1.4%
Cardtronics PLC*		3,700			165,205
Foods – 1.1%
Performance Food Group Co.*		2,600			133,848
Forest Products – 1.3%
Universal Forest Products, Inc.		3,100			147,870

See accompanying notes to the financial statements.

TABLE OF CONTENTS

Oberweis Small-Cap Opportunities Fund (continued)

Schedule of Investments December 31, 2019

	Shares		Value
Healthcare Services – 3.1%
Addus HomeCare Corp.*		1,900		$	184,718
Amedisys, Inc.*		1,100			183,612
					368,330
Home Building – 0.9%
M/I Homes, Inc.*		2,700			106,245
Household Equipment & Production – 1.4%
Helen of Troy Ltd.*		900			161,811
Insurance – Multi-Line – 1.9%
eHealth, Inc.*		2,300			220,984
Insurance – Property Casualty – 1.0%
NMI Hldgs., Inc.*		3,400			112,812
Machinery – Industrial – 1.4%
Chart Industries, Inc.*		2,500			168,725
Manufactured Housing – 1.4%
Skyline Champion Corp.*		5,100			161,670
Medical & Dental Instruments & Supplies – 3.0%
CONMED Corp.		1,400			156,562
NuVasive, Inc.*		2,500			193,350
					349,912
Medical Equipment – 1.8%
Tandem Diabetes Care, Inc.*		3,500			208,635
Medical Services – 1.6%
NeoGenomics, Inc.*		6,300			184,275
Oil Well Equipment & Services – 2.0%
DMC Global, Inc.		5,301			238,227
Production Technology Equipment – 2.9%
Axcelis Technologies, Inc.*		7,800			187,941
Ultra Clean Hldgs., Inc.*		6,700			157,249
					345,190
Radio & TV Broadcasters – 2.2%
Gray Television, Inc.*		12,200			261,568
Recreational Vehicles & Boats – 0.9%
Malibu Boats, Inc.*		2,600			106,470
Scientific Instruments – Control & Filter – 1.2%
SPX FLOW, Inc.*		3,000			146,610
Scientific Instruments – Gauges & Meters – 1.2%
Itron, Inc.*		1,700			142,715

See accompanying notes to the financial statements.

TABLE OF CONTENTS

Oberweis Small-Cap Opportunities Fund (continued)

Schedule of Investments December 31, 2019

	Shares		Value
Semiconductors & Components – 2.6%
Inphi Corp.*		3,100		$	229,462
Lattice Semiconductor Corp.*		4,100			78,474
					307,936
Telecommunications Equipment – 3.8%
Knowles Corp.*		10,100			213,615
Viavi Solutions, Inc.*		14,500			217,500
					431,115
Textiles Apparel & Shoes – 2.8%
Crocs, Inc.*		2,300			96,347
Deckers Outdoor Corp.*		1,300			219,518
					315,865
Total Equities
(Cost: $9,612,981)				$	11,258,152
Total Investments – 96.0%
(Cost: $9,612,981)				$	11,258,152
Other Assets Less Liabilities – 4.0%					473,375
Net Assets – 100%				$	11,731,527

* Non-income producing security during the year ended December 31, 2019

See accompanying notes to the financial statements.

TABLE OF CONTENTS

Oberweis Small-Cap Value Fund

Schedule of Investments December 31, 2019

	SHARES		VALUE
Equities – 92.1%
Aerospace – 2.3%
Triumph Group, Inc.		24,020		$	606,985
Air Transport – 2.9%
Air Transport Services Group, Inc.*		13,800			323,748
SkyWest, Inc.		3,400			219,742
Spirit Airlines, Inc.*		5,400			217,674
					761,164
Asset Management & Custodian – 0.6%
Virtus Investment Partners, Inc.		1,300			158,236
Auto Parts – 1.8%
Dana, Inc.		25,900			471,380
Back Office Support, Human Resources & Consulting – 1.0%
FTI Consulting, Inc.*		1,700			188,122
TriNet Group, Inc.*		1,500			84,915
					273,037
Banks – Diversified – 17.9%
Associated Banc-Corp		21,440			472,538
Central Pacific Financial Corp.		23,880			706,370
Fulton Financial Corp.		24,700			430,521
Hancock Whitney Corp.		12,075			529,851
Hope Bancorp, Inc.		33,200			493,352
Old National Bancorp		37,500			685,875
Simmons First National Corp.		20,368			545,659
Texas Capital Bancshares, Inc.*		3,400			193,018
Triumph Bancorp, Inc.*		17,200			653,944
					4,711,128
Building Materials – 0.4%
Quanex Building Products Corp.		6,700			114,436
Casinos & Gambling – 0.8%
Red Rock Resorts, Inc.		9,170			219,622
Cement – 0.5%
U.S. Concrete, Inc.*		3,200			133,312
Chemicals – Diversified – 0.9%
AdvanSix, Inc.*		7,400			147,704
PolyOne Corp.		2,500			91,975
					239,679
Commercial Finance & Mortgage – 1.3%
Walker & Dunlop, Inc.		5,166			334,137
Commercial Vehicles & Parts – 2.0%
Oshkosh Corp.		5,510			521,522

See accompanying notes to the financial statements.

TABLE OF CONTENTS

Oberweis Small-Cap Value Fund (continued)

Schedule of Investments December 31, 2019

	SHARES		VALUE
Communications Technology – 1.0%
Comtech Telecommunications Corp.		7,600		$	269,724
Computer Services Software & Systems – 6.9%
Blucora, Inc.*		10,200			266,628
Caci International, Inc.*		1,200			299,988
ePlus, Inc.*		2,000			168,580
Science Applications International Corp.		3,200			278,464
SYNNEX Corp.		1,586			204,277
Verint Systems, Inc.*		4,280			236,941
Zix Corp.*		52,394			355,231
					1,810,109
Construction – 0.5%
Granite Construction, Inc.*		4,800			132,816
Consumer Electronics – 0.3%
Fitbit, Inc.*		11,000			72,270
Consumer Lending – 0.3%
Navient Corp.		6,000			82,080
Consumer Staples – Miscellaneous – 0.3%
Spectrum Brands Hldgs., Inc.*		1,100			70,719
Containers & Packaging – 2.5%
Graphic Packaging Hldg. Co.		19,900			331,335
Greif, Inc.		6,088			269,090
O-I Glass, Inc.		5,800			69,194
					669,619
Diversified Financial Services – 1.8%
Stifel Financial Corp.		7,750			470,038
Diversified Manufacturing Operations – 0.3%
Federal Signal Corp.		2,480			79,980
Diversified Materials & Processing – 0.6%
Belden, Inc.		3,100			170,500
Engineering & Contracting Services – 2.9%
AECOM*		2,200			94,886
MasTec, Inc.*		7,100			455,536
Tetra Tech, Inc.		2,380			205,061
					755,483
Entertainment – 0.9%
AMC Entertainment Hldgs., Inc.		32,300			233,852
Environmental, Maintenance, & Security Services – 0.8%
Brink’s Co.		1,151			104,373
UniFirst Corp.		500			100,990
					205,363

See accompanying notes to the financial statements.

TABLE OF CONTENTS

Oberweis Small-Cap Value Fund (continued)

Schedule of Investments December 31, 2019

	SHARES		VALUE
Financial Data & Systems – 0.6%
Corelogic, Inc.*		3,900		$	170,469
Glass – 0.4%
Apogee Enterprises, Inc.		3,500			113,750
Healthcare Facilities – 1.5%
National HealthCare Corp.		4,500			388,935
Healthcare Services – 2.9%
Allscripts Healthcare Solutions, Inc.*		14,100			138,392
MEDNAX, Inc.*		17,800			494,662
The Ensign Group, Inc.		3,100			140,647
					773,701
Home Building – 0.7%
Green Brick Partners, Inc.*		16,033			184,059
Insurance – Life – 1.9%
CNO Financial Group, Inc.		26,930			488,241
Insurance – Property – Casualty – 3.1%
Heritage Insurance Hldgs., Inc.		29,993			397,407
Radian Group, Inc.		17,000			427,720
					825,127
Machinery – Agricultural – 1.9%
Agco Corp.		6,550			505,988
Machinery – Construction & Handling – 0.5%
Hyster-Yale Materials Handling, Inc.		1,600			94,336
Terex Corp.		1,500			44,670
					139,006
Metal Fabricating – 1.0%
Timken Co.		4,700			264,657
Metals & Minerals – Diversified – 0.5%
Cleveland-Cliffs, Inc.		15,000			126,000
Oil Crude Producer – 2.9%
Gulfport Energy Corp.*		56,300			171,152
W&T Offshore, Inc.*		105,000			583,800
					754,952
Oil Refining & Marketing – 1.6%
PBF Energy, Inc.		13,400			420,358
Radio & TV Broadcasters – 0.2%
Entercom Communications Corp.*		13,600			63,104
Semiconductors & Components – 1.7%
Vishay Intertechnology, Inc.		20,700			440,703

See accompanying notes to the financial statements.

TABLE OF CONTENTS

Oberweis Small-Cap Value Fund (continued)

Schedule of Investments December 31, 2019

	SHARES		VALUE
Shipping – 1.3%
Matson, Inc.		8,080		$	329,664
Specialty Retail – 4.3%
American Eagle Outfitters, Inc.		12,800			188,160
Urban Outfitters, Inc.*		9,200			255,484
Williams-Sonoma, Inc.		9,420			691,805
					1,135,449
Steel – 1.4%
Carpenter Technology Corp.		7,250			360,905
Technology – Miscellaneous – 3.1%
Benchmark Electronics, Inc.		11,500			395,140
Jabil, Inc.		5,600			231,448
Plexus Corp.*		2,400			184,656
					811,244
Textiles Apparel & Shoes – 2.9%
PVH Corp.		1,600			168,240
Wolverine World Wide, Inc.		17,650			595,511
					763,751
Truckers – 0.7%
Werner Enterprises, Inc.		5,100			185,589
Utilities – Electrical – 1.7%
Portland General Electric Co.		8,100			451,899
Utilities – Gas Distributors – 3.0%
New Jersey Resources Corp.		9,700			432,329
Southwest Gas Hldgs., Inc.		5,050			383,649
					815,978
Utilities – Telecommunications – 0.8%
Iridium Communications, Inc.*		9,400			231,616
Total Equities
(Cost: $21,678,138)				$	24,312,336
Real Estate Investment Trusts – 7.7%
Healthcare – 3.9%
National Health Investors, Inc.		4,565			371,956
Physicians Realty Trust		34,181			647,387
					1,019,343
Industrial – 0.5%
Monmouth Real Estate Investment Corp.		8,400			121,631

See accompanying notes to the financial statements.

TABLE OF CONTENTS

Oberweis Small-Cap Value Fund (continued)

Schedule of Investments December 31, 2019

	SHARES		VALUE
Lodging & Resort – 3.3%
Ryman Hospitality Properties, Inc.		5,805		$	503,060
Xenia Hotels & Resorts, Inc.		16,600			358,725
					861,785
Total Real Estate Investment Trusts
(Cost: $1,642,849)				$	2,002,759
Total Investments – 99.8%
(Cost: $23,320,987)				$	26,315,095
Other Assets Less Liabiltites – 0.2%					50,066
Net Assets – 100%				$	26,365,161

* Non-income producing security during the year ended December 31, 2019

See accompanying notes to the financial statements.

TABLE OF CONTENTS

Oberweis Global Opportunities Fund

Schedule of Investments(a) December 31, 2019

	Shares		Value
Equities – 98.7%
Australia – 1.2%
Afterpay Touch Group Ltd.*		25,000		$	513,684
Brazil – 1.0%
Linx SA*		50,000			440,252
Canada – 3.0%
Air Canada*		17,100			638,781
Parkland Fuel Corp.		17,100			628,247
					1,267,028
China – 9.8%
A-Living Services Co. Ltd.		395,750			1,366,179
GDS Hldgs. Ltd.*		12,800			660,224
Hangzhou Robam Appliances Co. Ltd.*		100,000			485,378
Li Ning Co. Ltd.*		178,500			534,884
Shenzhen Sunway Communication Co. Ltd.*		99,964			651,243
Shenzhou International Group Hldgs. Ltd.		34,200			499,901
					4,197,809
France – 2.6%
Teleperformance SE		4,500			1,097,364
Japan – 5.3%
Disco Corp.*		2,600			610,545
Kobe Bussan Co. Ltd.		33,200			1,142,220
Nihon Unisys Ltd.		16,400			514,452
					2,267,217
Sweden – 5.7%
Evolution Gaming Group AB		38,500			1,161,889
MIPS AB		44,265			937,626
Sinch AB*		10,400			318,116
					2,417,631
Switzerland – 1.3%
VAT Group AG*		3,300			556,732
United Kingdom – 10.2%
Burford Capital Ltd.		133,000			1,254,418
GB Group PLC*		45,800			473,228
Nomad Foods Ltd.*		36,730			821,650
Oxford Instruments PLC*		21,600			440,641
Serco Group PLC*		300,000			643,396
Spirent Communications PLC		212,700			708,624
					4,341,957

See accompanying notes to the financial statements.

TABLE OF CONTENTS

Oberweis Global Opportunities Fund (continued)

Schedule of Investments(a) December 31, 2019

	Shares		Value
United States Of America – 58.6%
Addus HomeCare Corp.*		4,800		$	466,656
Air Transport Services Group, Inc.*		19,400			455,124
Amedisys, Inc.*		2,000			333,840
Bandwidth, Inc.*		16,600			1,063,230
Bottomline Technologies (DE), Inc.*		6,400			343,040
Cabot Microelectronics Corp.		4,000			577,280
CACI International, Inc.*		6,500			1,624,935
Chart Industries, Inc.*		10,100			681,649
CONMED Corp.		3,700			413,771
Cornerstone OnDemand, Inc.*		9,200			538,660
Deckers Outdoor Corp.*		3,300			557,238
DMC Global, Inc.		32,600			1,465,044
eHealth, Inc.*		21,800			2,094,544
Enterprise Financial Services Corp.		7,000			337,470
Gray Television, Inc.*		20,500			439,520
Inphi Corp.*		20,600			1,524,812
Malibu Boats, Inc.*		15,200			622,440
Mercury Systems, Inc.*		5,100			352,461
Perdoceo Education Corp.*		84,300			1,550,277
Rapid7, Inc.*		11,800			661,036
Skyline Champion Corp.*		44,700			1,416,990
SkyWest, Inc.		19,300			1,247,359
Tandem Diabetes Care, Inc.*		26,500			1,579,665
The Rubicon Project, Inc.*		57,300			467,568
Trex Co., Inc.*		6,000			539,280
Upland Software, Inc.*		28,200			1,007,022
Vericel Corp.*		67,400			1,172,760
WW International, Inc.*		38,400			1,467,265
					25,000,936
Total Equities
(Cost: $35,378,323)				$	42,100,610
Total Investments – 98.7%
(Cost: $35,378,323)				$	42,100,610
Other Assets Less Liabilities – 1.3%					547,453
Net Assets – 100%				$	42,648,063

(a) Certain Securities Were Fair Valued Under The Discretion Of The Board Of Trustees. (See Note 2)

* Non-income producing security during the year ended December 31, 2019

See accompanying notes to the financial statements.

TABLE OF CONTENTS

Oberweis Global Opportunities Fund (continued)

Schedule of Investments(a) December 31, 2019

Sector Allocations (As a percentage of Net Assets) (unaudited)

	Communication Services					3.5%
	Consumer Discretionary					22.7%
	Consumer Staples					4.6%
	Energy					4.9%
	Financials					8.6%
	Health Care					9.3%
	Industrials					17.8%
	Information Technology					27.3%

See accompanying notes to the financial statements.

TABLE OF CONTENTS

Oberweis China Opportunities Fund

Schedule of Investments December 31, 2019

	Shares		Value
Equities – 99.5%
Airlines – 0.7%
China Southern Airlines Co. Ltd.*		1,000,000		$	672,459
Auto Components – 1.5%
IKD Co. Ltd.*		400,000			800,494
Minth Group Ltd.*		150,000			529,369
					1,329,863
Automobiles – 2.1%
Geely Automobile Hldgs. Ltd.*		500,000			977,888
Guangzhou Automobile Group Co. Ltd.*		750,000			933,614
					1,911,502
Banks – 1.4%
China Merchants Bank Co. Ltd.*		250,000			1,284,922
Beverages – 1.5%
Kweichow Moutai Co. Ltd.		7,975			1,354,412
Biotechnology – 0.6%
Shenzhen Kangtai Biological Products Co. Ltd.*		39,966			503,699
Capital Markets – 3.6%
CITIC Securities Co. Ltd.*		400,020			1,452,906
Huatai Securities Co. Ltd.* – Class A		300,000			874,715
Huatai Securities Co. Ltd. – Class H		500,000			884,206
					3,211,827
Chemicals – 0.4%
SKSHU Paint Co. Ltd.*		30,000			347,345
Commercial Service & Supply – 3.4%
A-Living Services Co. Ltd.		500,000			1,726,063
Country Garden Services Hldgs. Co. Ltd.*		400,000			1,347,484
					3,073,547
Communications Equipment – 1.0%
Shenzhen Sunway Communication Co. Ltd.*		140,010			912,134
Construction Materials – 1.8%
Anhui Conch Cement Co. Ltd.		220,000			1,603,634

See accompanying notes to the financial statements.

TABLE OF CONTENTS

Oberweis China Opportunities Fund (continued)

Schedule of Investments December 31, 2019

	Shares		Value
Containers & Packaging – 0.8%
Yunnan Energy New Material Co. Ltd.*		100,088		$	725,619
Diversified Consumer Services – 4.2%
New Oriental Education & Technology Group, Inc. ADS*		15,500			1,879,375
TAL Education Group ADS*		40,000			1,928,000
					3,807,375
Diversified Telecommunication Services – 0.2%
China Tower Corp. Ltd.		1,000,000			220,731
Electrical Equipment – 1.0%
Contemporary Amperex Technology Co. Ltd.*		60,002			916,521
Electronic Equipment, Instruments & Components – 7.0%
AAC Technologies Hldgs., Inc.		105,000			916,289
Hangzhou Hikvision Digital Technology Co Ltd*		180,000			846,031
Kingboard Laminates Hldgs. Ltd.*		300,000			371,906
Lens Technology Co. Ltd.*		350,032			694,466
Luxshare Precision Industry Co. Ltd.		259,814			1,361,415
Navtech, Inc.*		150,000			530,169
Sunny Optical Technology Group Co. Ltd.		80,000			1,384,957
Yageo Corp.*		10,000			145,778
					6,251,011
Energy Equipment & Services – 2.4%
China Oilfield Services Ltd.*		600,000			940,929
Yantai Jereh Oilfield Services Group Co. Ltd.*		230,001			1,220,385
					2,161,314
Food Products – 1.0%
Inner Mongolia Yili Industrial Group Co. Ltd.*		200,000			888,353
Healthcare Providers & Services – 0.9%
Aier Eye Hospital Group Co. Ltd.*		150,000			851,889
Hotels, Restaurants & Leisure – 3.7%
Huazhu Group Ltd. ADS*		30,000			1,202,100
MGM China Hldgs. Ltd.		850,000			1,387,524
Wynn Macau Ltd.*		300,000			739,191
					3,328,815

See accompanying notes to the financial statements.

TABLE OF CONTENTS

Oberweis China Opportunities Fund (continued)

Schedule of Investments December 31, 2019

	Shares		Value
Household Durables – 6.1%
Gree Electric Appliances, Inc. of Zhuhai		160,000		$	1,506,353
Hangzhou Robam Appliances Co. Ltd.*		249,962			1,213,261
Jason Furniture Hangzhou Co. Ltd.*		70,000			459,552
Man Wah Hldgs. Ltd.		700,000			498,569
Midea Group Co. Ltd.*		149,942			1,253,876
Q Technology Group Co. Ltd.*		350,000			579,418
					5,511,029
Insurance – 3.4%
China Life Insurance Co. Ltd.*		500,000			1,389,192
PICC Property & Casualty Co. Ltd.*		700,000			843,525
Ping An Insurance Group Co. of China Ltd.		72,000			850,994
					3,083,711
Interactive Media & Services – 8.0%
Autohome, Inc. ADS*		11,000			880,110
Baidu, Inc.*		11,000			1,390,400
Tencent Hldgs. Ltd.		101,000			4,868,344
					7,138,854
Internet & Direct Marketing Retail – 13.0%
Alibaba Group Hldg. Ltd. ADS*		34,000			7,211,400
JD.com, Inc.*		40,000			1,409,200
Meituan Dianping*		80,000			1,046,161
Pinduoduo, Inc.*		30,000			1,134,600
Vipshop Hldgs. Ltd.*		60,000			850,200
					11,651,561
Information Technology Services – 2.3%
GDS Hldgs. Ltd.*		39,621			2,043,651
Life Sciences Tools & Services – 2.3%
Pharmaron Beijing Co. Ltd.*		140,000			781,541
WuXi AppTec Co. Ltd.*		100,000			1,240,327
					2,021,868
Machinery – 2.0%
Han’s Laser Technology Industry Group Co. Ltd.*		129,975			746,372
Zoomlion Heavy Industry Science & Technology Co. Ltd.		1,200,000			1,005,608
					1,751,980
Media – 1.2%
Focus Media Information Technology Co. Ltd.*		1,200,000			1,078,427

See accompanying notes to the financial statements.

TABLE OF CONTENTS

Oberweis China Opportunities Fund (continued)

Schedule of Investments December 31, 2019

	Shares		Value
Metals & Mining – 3.4%
China Molybdenum Co. Ltd.*		1,500,000		$	642,942
Ganfeng Lithium Co. Ltd.*		350,000			871,373
Zhaojin Mining Industry Co. Ltd.*		500,000			552,468
Zijin Mining Group Co. Ltd.*		2,000,000			995,855
					3,062,638
Pharmaceuticals – 2.5%
Jiangsu Hengrui Medicine Co. Ltd.*		59,947			753,199
Sino Biopharmaceutical Ltd.		1,050,000			1,468,758
					2,221,957
Real Estate Management & Development – 7.8%
China Resources Land Ltd.*		200,000			995,855
CIFI Hldgs. Group Co. Ltd.		1,900,000			1,606,843
Longfor Group Hldgs. Ltd.		350,000			1,639,439
Powerlong Commercial Management Hldgs. Ltd.*		350,000			441,076
Sun Hung Kai Properties Ltd.		60,000			918,599
Sunac China Hldgs. Ltd.		240,000			1,433,723
					7,035,535
Semiconductors & Semiconductor Equipment – 1.9%
Hua Hong Semiconductor Ltd.*		400,000			909,616
Silergy Corp.*		25,000			792,274
					1,701,890
Software – 1.0%
Beijing Thunisoft Corp. Ltd.*		250,000			911,610
Specialty Retail – 0.5%
China Yongda Automobiles Services Hldgs. Ltd.*		500,000			455,578
Textiles, Apparel & Luxury Goods – 2.7%
ANTA Sports Products Ltd.		125,000			1,118,893
Li Ning Co. Ltd.		430,000			1,288,516
					2,407,409
Transportation Infrastructure – 0.4%
Shanghai International Airport Co. Ltd.		29,960			338,710
Utilities – Gas – 1.8%
ENN Energy Hldgs. Ltd.		70,000			764,922
Kunlun Energy Co. Ltd.*		950,000			838,776
					1,603,698

See accompanying notes to the financial statements.

TABLE OF CONTENTS

Oberweis China Opportunities Fund (continued)

Schedule of Investments December 31, 2019

	Shares	Value
Total Equities
(Cost: $68,697,368)			$	89,377,078
Total Investments – 99.5%
(Cost: $68,697,368)			$	89,377,078
Other Assets Less Liabilities – 0.5%				410,462
Net Assets – 100%			$	89,787,540

* Non-income producing security during the year ended December 31, 2019

ADS — American depositary share

COUNTRY ALLOCATION (As a percentage of Net Assets) (unaudited)

China ( Includes the People’s Republic of China, Taiwan and Hong Kong)

99.5%

See accompanying notes to the financial statements.

TABLE OF CONTENTS

Oberweis International Opportunities Fund

Schedule of Investments(a) December 31, 2019

	Shares		Value
Equities – 99.7%
Australia – 11.6%
Afterpay Touch Group Ltd.*		541,200		$	11,120,236
Altium Ltd.		133,100			3,242,970
Austal Ltd.		1,081,900			2,900,251
Avita Medical Ltd.*		4,445,700			2,012,264
EML Payments Ltd.*		100,000			318,596
Evolution Mining Ltd.		3,610,100			9,626,933
James Hardie Industries PLC		180,600			3,532,156
Nearmap Ltd.*		2,678,600			4,774,487
					37,527,893
Belgium – 1.7%
Barco NV		22,410			5,505,093
Canada – 16.3%
Air Canada*		214,700			8,020,250
Altus Group Ltd.		106,300			3,107,306
ATS Automation Tooling Systems, Inc.*		324,000			5,346,773
BRP, Inc.		76,200			3,471,425
Cogeco Communications, Inc.		59,400			5,177,945
Element Fleet Management Corp.		745,600			6,367,399
Equitable Group, Inc.		30,300			2,551,444
Genworth MI Canada, Inc.		101,100			4,423,612
Gibson Energy, Inc.		119,800			2,453,012
Home Capital Group, Inc.*		129,200			3,279,248
Parex Resources, Inc.*		129,847			2,414,758
Parkland Fuel Corp.		87,100			3,200,016
Real Matters, Inc.*		174,000			1,650,762
Trulieve Cannabis Corp.*		109,300			1,293,655
					52,757,605
China – 1.3%
Yihai International Hldg. Ltd.		728,000			4,269,548
Denmark – 0.1%
Royal Unibrew A/S*		3,700			338,913
Finland – 1.9%
Valmet Oyj*		259,400			6,220,421

See accompanying notes to the financial statements.

TABLE OF CONTENTS

Oberweis International Opportunities Fund (continued)

Schedule of Investments(a) December 31, 2019

	Shares		Value
France – 4.3%
Euronext NV*		4,000		$	325,967
Rexel SA		180,000			2,391,587
Rubis SCA*		18,500			1,136,147
SOITEC SA*		55,400			5,822,748
SPIE SA		166,800			3,397,743
Trigano SA*		7,700			812,754
					13,886,946
Germany – 3.9%
Aurelius Equity Opportunities SE		97,123			4,246,677
CTS Eventim AG*		52,000			3,262,666
KION Group AG*		49,100			3,376,494
Varta AG*		13,800			1,870,833
					12,756,670
Hong Kong – 0.6%
Nissin Foods Co. Ltd.*		2,320,000			1,842,948
Israel – 1.1%
AudioCodes Ltd.*		133,900			3,439,891
Italy – 1.1%
DiaSorin SpA*		10,900			1,411,644
El.En. SpA*		10,400			385,436
Leonardo SpA		156,800			1,838,860
					3,635,940
Japan – 23.3%
Ariake Japan Co. Ltd.		9,000			668,972
BayCurrent Consulting, Inc.		85,400			4,360,018
Disco Corp.*		27,600			6,481,173
Fancl Corp.		92,700			2,468,074
Kobe Bussan Co. Ltd.		289,600			9,963,462
Kusuri no Aoki Hldgs. Co. Ltd.		60,500			3,788,202
Lasertec Corp.		18,200			923,013
M&A Capital Partners Co. Ltd.*		167,600			6,785,887
Net One Systems Co. Ltd.		170,100			4,343,021
Nihon Unisys Ltd.		169,200			5,307,635
Open House Co. Ltd.*		184,100			5,263,900
Rakus Co. Ltd.*		270,900			4,966,230
SCSK Corp.*		69,800			3,619,435
Sushiro Global Hldgs. Ltd.		172,600			14,864,002
Tsuruha Hldgs., Inc.*		12,800			1,643,495
					75,446,519

See accompanying notes to the financial statements.

TABLE OF CONTENTS

Oberweis International Opportunities Fund (continued)

Schedule of Investments(a) December 31, 2019

	Shares		Value
Netherlands – 2.4%
ASM International NV		12,400		$	1,393,001
Constellium SE*		294,400			3,944,960
SBM Offshore NV		130,900			2,435,929
					7,773,890
Singapore – 0.1%
Singapore Exchange Ltd.		73,300			482,745
Sweden – 5.3%
Evolution Gaming Group AB		389,518			11,755,239
Sinch AB*		27,100			828,936
Sweco AB*		45,900			1,769,562
Tele2 AB		196,240			2,848,220
					17,201,957
Switzerland – 2.2%
VAT Group AG*		42,100			7,102,554
United Kingdom – 22.5%
ASOS PLC*		5,500			245,748
Blue Prism Group PLC*		102,100			1,532,379
boohoo Group PLC*		388,900			1,534,684
Burford Capital Ltd.		449,100			4,235,782
Capita PLC*		2,842,300			6,178,586
ConvaTec Group PLC		1,178,300			3,097,545
Dunelm Group PLC*		171,700			2,629,291
Fevertree Drinks PLC		31,600			876,127
Future PLC		584,900			11,234,667
Games Workshop Group PLC		73,200			5,919,804
Hays PLC*		344,000			827,532
HomeServe PLC		70,900			1,187,145
Howden Joinery Group PLC		214,800			1,913,823
Intermediate Capital Group PLC		546,800			11,661,783
JD Sports Fashion PLC		713,500			7,914,756
Nomad Foods Ltd.*		116,700			2,610,579
Serco Group PLC*		2,101,351			4,506,673
Spirent Communications PLC		1,471,100			4,901,069
					73,007,973
Total Equities
(Cost: $257,908,532)				$	323,197,506
Total Investments – 99.7%
(Cost: $257,908,532)				$	323,197,506
Other Assets Less Liabilities – 0.3%					1,056,005
Net Assets – 100%				$	324,253,511

(a) Certain securities were fair valued under the discretion of the Board of Trustees. (See Note 2)

* Non-income producing security during the year ended December 31, 2019

See accompanying notes to the financial statements.

TABLE OF CONTENTS

Oberweis International Opportunities Fund (continued)

Schedule of Investments(a) December 31, 2019

Sector Allocations (As a percentage of Net Assets) (unaudited)

	Communication Services					6.9%
	Consumer Discretionary					15.7%
	Consumer Staples					8.8%
	Energy					3.2%
	Financials					13.6%
	Healthcare					1.9%
	Industrials					19.5%
	Information Technology					21.1%
	Materials					5.3%
	Real Estate					2.6%
	Utilities					1.1%

See accompanying notes to the financial statements.

TABLE OF CONTENTS

Oberweis Emerging Markets Fund

Schedule of Investments(a) December 31, 2019

	Shares		Value
Equities – 96.8%
Brazil – 11.2%
Arco Platform Ltd.*		2,300		$	101,660
B2W – Companhia Digital*		10,456			163,389
YDUQS Part*		7,500			88,560
IRB-Brasil Resseguros SA		13,100			126,841
Linx SA*		28,900			254,465
LOG Commercial Properties e Participacoes SA		10,600			85,534
TOTVS SA		4,600			73,814
					894,263
Chile – 1.6%
Geopark Ltd.		5,853			129,351
China – 19.7%
Asia Cement China Hldgs. Corp.*		92,500			138,175
China Isotope & Radiation Corp.		48,200			130,207
China Oriental Group Co. Ltd.*		192,000			79,586
China Traditional Chinese Medicine Hldgs. Co. Ltd.*		200,000			96,506
Chongqing Brewery Co. Ltd.*		16,700			124,572
Hangzhou Robam Appliances Co. Ltd.		29,900			145,128
Hangzhou Tigermed Consulting Co. Ltd.		3,950			35,810
Hua Hong Semiconductor Ltd.*		36,000			81,865
Jiangsu Hengli Hydraulic Co. Ltd.*		14,500			103,561
Shanghai Weaver Network Co. Ltd.		8,140			68,362
Sichuan Swellfun Co. Ltd.		14,000			104,010
Weimob, Inc.*		141,000			61,341
Wolong Electric Group Co. Ltd.*		44,800			77,307
Xiabuxiabu Catering Management China Hldgs. Co. Ltd.*		101,000			132,207
Yantai Jereh Oilfield Services Group Co. Ltd.		35,600			188,894
					1,567,531
Hong Kong – 1.8%
Nissin Foods Co. Ltd.		94,000			74,671
SPT Energy Group, Inc.*		762,000			65,519
					140,190
India – 9.5%
Affle India Ltd.*		9,900			219,330
Amber Enterprises India Ltd.		8,000			125,209
ESAB India Ltd.*		4,825			87,221
HDFC Asset Management Co. Ltd.		862			38,641
Honeywell Automation India Ltd.		260			99,497
IndiaMart InterMesh Ltd.*		3,200			92,620
Inox Leisure Ltd.		14,700			78,743
Jamna Auto Industries Ltd.		29,684			19,380
					760,641

See accompanying notes to the financial statements.

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Oberweis Emerging Markets Fund (continued)

Schedule of Investments(a) December 31, 2019

	Shares		Value
Indonesia – 4.8%
PT Bank Tabungan Pensiunan Nasional Syariah Tbk*		297,000		$	90,862
PT Indofood Sukses Makmur Tbk		138,700			79,085
PT Kalbe Farma Tbk*		841,000			98,054
PT Mitra Adiperkasa Tbk		1,545,200			117,402
					385,403
Malaysia – 0.5%
AEON Credit Service M Bhd*		11,500			39,753
Mexico – 2.4%
Alsea SAB de CV*		28,200			74,320
Gruma SAB de CV		7,400			75,978
Prologis Property Mexico SA De CV		17,200			38,098
					188,396
Philippines – 1.1%
Wilcon Depot, Inc.		237,900			84,553
Russia – 1.3%
HeadHunter Group PLC ADS*		4,900			105,105
South Africa – 2.0%
Clicks Group Ltd.		8,880			162,682
South Korea – 19.0%
AfreecaTV Co. Ltd.		1,989			118,378
Cj Logistics Corp.*		573			76,680
DB HiTek Co. Ltd.		6,900			164,674
Douzone Bizon Co. Ltd.		1,181			82,559
Hugel, Inc.*		455			156,473
Koh Young Technology, Inc.		1,463			133,318
LG Innotek Co. Ltd.		1,137			137,043
Macquarie Korea Infrastructure Fund		8,000			80,246
MegaStudyEdu Co. Ltd.		2,400			86,225
POSCO Chemical Co. Ltd.*		1,838			78,103
SaraminHR Co. Ltd.		3,050			81,601
Seegene, Inc.*		6,000			158,451
Ssangyong Cement Industrial Co. Ltd.		16,400			80,334
Tokai Carbon Korea Co. Ltd.		1,450			82,519
					1,516,604

See accompanying notes to the financial statements.

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Oberweis Emerging Markets Fund (continued)

Schedule of Investments(a) December 31, 2019

	Shares		Value
Taiwan – 19.1%
Airtac International Group*		7,000		$	108,934
Chailease Hldg. Co. Ltd.		25,840			118,955
Chroma Ate, Inc.		17,000			82,230
Innodisk Corp.		24,981			144,168
LandMark Optoelectronics Corp.		16,000			164,926
Lien Hwa Industrial Hldgs. Corp.*		64,000			78,887
M31 Technology Corp.		25,000			279,381
SCI Pharmtech, Inc.		22,000			79,995
Sinbon Electronics Co. Ltd.		24,000			99,276
Taiwan FamilyMart Co. Ltd.*		12,000			87,467
Taiwan Union Technology Corp.		33,000			162,925
Yageo Corp.*		8,000			116,623
					1,523,767
Thailand – 0.9%
Mega Lifesciences PCL		80,200			69,524
United Kingdom – 1.9%
Stock Spirits Group PLC		54,400			148,808
Total Equities
(Cost: $6,585,105)				$	7,716,571
Total Investments – 96.8%
(Cost: $6,585,105)				$	7,716,571
Other Assets Less Liabilities – 3.2%					251,895
Net Assets – 100%				$	7,968,466

(a) Certain Securities Were Fair Valued Under The Discretion Of The Board Of Trustees

* Non-income producing security during the year ended December 31, 2019

ADS — American depositary share

Sector Allocations (As a percentage of Net Assets) (unaudited)

	Communication Services					5.2%
	Consumer Discretionary					14.3%
	Consumer Staples					11.7%
	Energy					4.8%
	Financials					6.2%
	Health Care					10.4%
	Industrials					9.2%
	Information Technology					28.7%
	Materials					4.7%
	Real Estate					1.6%

See accompanying notes to the financial statements.

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THE OBERWEIS FUNDS

Statements of Assets and Liabilities December 31, 2019

	MICRO-CAP FUND			SMALL-CAP OPPORTUNITIES FUND			SMALL-CAP VALUE FUND
ASSETS
Investment securities at value(a)		$	74,676,270		$	11,258,152		$	26,315,095
Cash			2,958,435			748,667			—
Receivable from fund shares sold			14,118			—			—
Receivable from securities sold			239,623			—			525,889
Dividends and interest receivable			16,391			3,088			40,630
Prepaid expenses			22,976			12,091			13,218
Total Assets			77,927,813			12,021,998			26,894,832
LIABILITIES
Payable to custodian bank			—			—			215,184
Payable for fund shares redeemed			85,204			29,767			—
Payable for securities purchased			184,176			228,029			266,390
Payable to advisor (see note 3)			65,720			2,795			18,205
Payable to distributor			9,944			1,296			44
Accrued expenses			42,935			28,584			29,848
Total Liabilities			387,979			290,471			529,671
NET ASSETS		$	77,539,834		$	11,731,527		$	26,365,161
NET ASSETS
Investor Class		$	46,545,805		$	6,109,681		$	210,293
Institutional Class			30,994,029			5,621,846			26,154,868
Total		$	77,539,834		$	11,731,527		$	26,365,161
SHARES OUTSTANDING
(shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with no par value)
Investor Class			2,077,779			425,493			10,682
Institutional Class			1,374,216			388,019			1,328,063
Total			3,451,995			813,512			1,338,745
NET ASSET VALUE
Investor Class, offering price and redemption price		$	22.40		$	14.36		$	19.69
Institutional Class, offering price and redemption price		$	22.55		$	14.49		$	19.69
ANALYSIS OF NET ASSETS
Capital		$	66,065,277		$	9,894,923		$	25,218,418
Accumulated earnings			11,474,557			1,836,604			1,146,743
Net assets		$	77,539,834		$	11,731,527		$	26,365,161
(a) Investment securities at cost		$	63,031,578		$	9,612,981		$	23,320,987

See accompanying notes to the financial statements.

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THE OBERWEIS FUNDS

Statements of Assets and Liabilities December 31, 2019 (continued)

	GLOBAL OPPORTUNITIES FUND			CHINA OPPORTUNITIES FUND			INTERNATIONAL OPPORTUNITIES FUND
ASSETS
Investment securities at value(a)		$	42,100,610		$	89,377,078		$	323,197,506
Cash			588,757			1,362,362			—
Foreign currency(b)			—			895,462			—
Receivable from fund shares sold			2,000			26,050			161,400
Receivable from securities sold			—			2,442,622			4,169,333
Dividends and interest receivable			21,673			22,506			1,159,093
Prepaid expenses			15,018			20,844			41,123
Total Assets			42,728,058			94,146,924			328,728,455
LIABILITIES
Payable to custodian bank			—			—			3,209,464
Payable for fund shares redeemed			2,802			88,691			635,930
Payable for securities purchased			—			4,102,724			—
Payable to advisor (see note 3)			30,307			94,215			353,527
Payable to distributor			6,713			15,860			69,633
Accrued expenses			40,173			57,894			206,390
Total Liabilities			79,995			4,359,384			4,474,944
NET ASSETS		$	42,648,063		$	89,787,540		$	324,253,511
NET ASSETS
Investor Class		$	32,004,032		$	75,486,932		$	324,253,511
Institutional Class			10,644,031			14,300,608			—
Total		$	42,648,063		$	89,787,540		$	324,253,511
SHARES OUTSTANDING
(shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with no par value)
Investor Class			1,289,358			6,124,418			16,685,465
Institutional Class			425,890			1,154,636			—
Total			1,715,248			7,279,054			16,685,465
NET ASSET VALUE
Investor Class, offering price and redemption price		$	24.82		$	12.33		$	19.43
Institutional Class, offering price and redemption price		$	24.99		$	12.39		$	—
ANALYSIS OF NET ASSETS
Capital		$	37,851,756		$	65,521,662		$	329,437,079
Accumulated earnings (losses)			4,796,307			24,265,878			(5,183,568)
Net assets		$	42,648,063		$	89,787,540		$	324,253,511
(a) Investment securities at cost		$	35,378,323		$	68,697,368		$	257,908,532
(b) Foreign currency at cost			—		$	890,412			—

See accompanying notes to the financial statements.

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THE OBERWEIS FUNDS

Statements of Assets and Liabilities December 31, 2019 (continued)

	EMERGING MARKETS FUND
ASSETS
Investment securities at value(a)		$	7,716,571
Foreign currency(b)			632,085
Receivable from fund shares sold			150
Receivable from securities sold			260,989
Receivable from advisor (see note 3)			3,968
Dividends and interest receivable			10,067
Prepaid expenses			6,258
Total Assets			8,630,088
LIABILITIES
Payable to custodian bank			202,476
Payable for securities purchased			411,121
Payable to distributor			116
Accrued expenses			47,909
Total Liabilities			661,622
NET ASSETS		$	7,968,466
NET ASSETS
Investor Class		$	586,719
Institutional Class			7,381,747
Total		$	7,968,466
SHARES OUTSTANDING
(shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with no par value)
Investor Class			60,650
Institutional Class			759,896
Total			820,546
NET ASSET VALUE
Investor Class, offering price and redemption price		$	9.67
Institutional Class, offering price and redemption price		$	9.71
ANALYSIS OF NET ASSETS
Capital		$	7,717,573
Accumulated earnings			250,893
Net Assets		$	7,968,466
(a) Investment securities at cost		$	6,585,105
(b) Foreign currency at cost		$	618,685

See accompanying notes to the financial statements.

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THE OBERWEIS FUNDS

Statements of Operations Year Ended December 31, 2019

	MICRO-CAP FUND			SMALL-CAP OPPORTUNITIES FUND			SMALL-CAP VALUE FUND
INVESTMENT INCOME
Dividends(a)(b)		$	469,650		$	68,253		$	565,811
Total investment income			469,650			68,253			565,811
EXPENSES:
Investment advisory fees (see note 3)			468,532			45,066			275,229
Management fees (see note 3)			312,355			45,066			—
Distribution fees and shareholder services (see note 3)			138,415			14,965			441
Transfer agent fees and expenses			95,305			25,736			22,822
Custodian fees and expenses			15,751			4,399			8,247
Accounting service fees			41,111			37,057			37,208
Federal and state registration fees			55,883			34,342			31,403
Audit fees			16,486			16,507			16,507
Other			44,408			13,054			18,002
Total expenses before reimbursed expenses			1,188,246			236,192			409,859
Earnings credit (see note 6)			(11,616)			(3,346)			(2,836)
Expense reimbursement (see note 3)			—			(71,415)			(48,784)
Total expenses			1,176,630			161,431			358,239
Net Investment Income (Loss)			(706,980)			(93,178)			207,572
NET REALIZED AND UNREALIZED GAINS (LOSSES) FROM INVESTMENTS:
Net realized gains (losses) on investment transactions			1,526,728			689,390			(533,736)
Change in net unrealized appreciation/depreciation on investments			13,511,984			1,859,667			5,105,381
Net realized /unrealized gains on investments			15,038,712			2,549,057			4,571,645
Net increase in net assets resulting from operations		$	14,331,732		$	2,455,879		$	4,779,217

(a) Dividends are net of foreign withholding tax of $5,622 for the Micro-Cap Fund.

(b) Dividends for Micro-Cap Fund and Small-Cap Opportunities Fund include a non-cash dividend of $189,366 and $23,871 respectively

See accompanying notes to the financial statements.

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THE OBERWEIS FUNDS

Statements of Operations Year Ended December 31, 2019 (continued)

	Global Opportunities Fund			China Opportunities Fund			International Opportunities Fund			Emerging Markets Fund
Investment Income
Dividends(a)		$	214,285		$	895,598		$	5,878,583		$	115,152
Interest			—			—			225,473			—
Total investment income			214,285			895,598			6,104,056			115,152
Expenses:
Investment advisory fees (see note 3)			188,851			1,063,625			5,403,616			95,312
Management fees (see note 3)			167,867			—			—			—
Distribution fees and shareholder services (see note 3)			79,694			178,960			1,080,723			1,263
Transfer agent fees and expenses			47,433			120,170			623,415			20,988
Custodian fees and expenses			28,194			100,348			326,422			52,760
Accounting service fees			40,057			61,684			169,953			44,952
Federal and state registration fees			39,769			36,766			31,381			28,719
Audit fees			20,996			22,267			20,996			20,996
Other			26,999			38,437			211,306			11,303
Total expenses before reimbursed expenses			639,860			1,622,257			7,867,812			276,293
Earnings credit (see note 6)			(16,408)			(86,896)			(197,774)			(5,731)
Expense reimbursement (see note 3)			—			—			(753,411)			(154,924)
Total Expenses			623,452			1,535,361			6,916,627			115,638
Net Investment Loss			(409,167)			(639,763)			(812,571)			(486)
Net Realized and Unrealized Gains (Losses) from Investments:
Net realized gains (losses) on investment transactions			(643,937)			8,796,836			(28,138,806)			83,726
Net realized losses on foreign currency transactions			(5,114)			(7,756)			(15,123)			(33,928)
Net realized gains (losses) on investments and foreign currency transactions			(649,051)			8,789,080			(28,153,929)			49,798
Change in net unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies			10,432,361			17,102,109			126,930,677			1,467,078
Net realized /unrealized gains on investments and foreign currencies			9,783,310			25,891,189			98,776,748			1,516,876
Net increase in net assets resulting from operations		$	9,374,143		$	25,251,426		$	97,964,177		$	1,516,390

(a) Dividends are net of foreign withholding tax of $18,382, $39,203, $616,796, and $17,369 for the Global Opportunities Fund, China Opportunities Fund, International Opportunities Fund, and Emerging Markets Fund respectively.

See accompanying notes to the financial statements.

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THE OBERWEIS FUNDS

Statements of Changes in Net Assets

	Micro-Cap Fund
	Year Ended December 31, 2019			Year Ended December 31, 2018
From Operations
Net investment loss		$	(706,980)		$	(1,146,910)
Net realized gains on investment transactions			1,526,728			14,871,831
Change in net unrealized appreciation/depreciation on investments			13,511,984			(25,431,397)
Net increase (decrease) in net assets resulting from operations			14,331,732			(11,706,476)
From Distributions
Distributions to shareholders
Investor Class			—			(8,933,141)
Institutional Class			—			(2,426,127)
Net decrease in net assets from distributions			—			(11,359,268)
From Capital Share Transactions
Investor Class
Proceeds from sale of shares			9,676,418			47,105,782
Proceeds from reinvestment of distributions			—			8,353,191
Redemption of shares (see note 5)			(27,287,756)			(76,102,803)
Net decrease from investor class share transactions			(17,611,338)			(20,643,830)
Institutional Class
Proceeds from sale of shares			18,429,262			11,741,602
Proceeds from reinvestment of distributions			—			2,127,970
Redemption of shares (see note 5)			(5,155,907)			(4,215,275)
Net increase from institutional class share transactions			13,273,355			9,654,297
Redemption fees (see note 5)			6,594			—
Net decrease in net assets resulting from capital share transactions			(4,331,389)			(10,989,533)
Total increase (decrease) in net assets			10,000,343			(34,055,277)
Net Assets
Beginning of year			67,539,491			101,594,768
End of year		$	77,539,834		$	67,539,491
Transactions in Shares
Investor Class
Shares sold			450,856			1,754,020
Shares issued in reinvestment of distributions			—			460,739
Less shares redeemed			(1,262,621)			(2,997,151)
Net decrease from investor class share transactions			(811,765)			(782,392)
Institutional Class
Shares sold			821,535			469,754
Shares issued in reinvestment of distributions			—			116,793
Less shares redeemed			(229,559)			(175,598)
Net increase from institutional class share transactions			591,976			410,949
Net decrease from capital share transactions			(219,789)			(371,443)

See accompanying notes to the financial statements.

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THE OBERWEIS FUNDS

Statements of Changes in Net Assets (continued)

	Small-Cap Opportunities Fund
	Year Ended December 31, 2019			Year Ended December 31, 2018
From Operations
Net investment loss		$	(93,178)		$	(112,199)
Net realized gains on investment transactions			689,390			1,667,407
Change in net unrealized appreciation/depreciation on investments			1,859,667			(2,374,509)
Net increase (decrease) in net assets resulting from operations			2,455,879			(819,301)
From Distributions
Distributions to shareholders
Investor Class			(182,129)			(1,232,801)
Institutional Class			(165,161)			(1,019,030)
Net decrease in net assets from distributions			(347,290)			(2,251,831)
From Capital Share Transactions
Investor Class
Proceeds from sale of shares			150,627			641,144
Proceeds from reinvestment of distributions			153,834			1,035,895
Redemption of shares (see note 5)			(617,320)			(2,223,654)
Net decrease from investor class share transactions			(312,859)			(546,615)
Institutional Class
Proceeds from sale of shares			208,229			1,725,341
Proceeds from reinvestment of distributions			143,919			881,812
Redemption of shares (see note 5)			(253,831)			(249,334)
Net increase from institutional class share transactions			98,317			2,357,819
Redemption fees (see note 5)			5			—
Net increase (decrease) in net assets resulting from capital share transactions			(214,537)			1,811,204
Total increase (decrease) in net assets			1,894,052			(1,259,928)
Net Assets
Beginning of year			9,837,475			11,097,403
End of year		$	11,731,527		$	9,837,475
Transactions in Shares
Investor Class
Shares sold			10,835			37,677
Shares issued in reinvestment of distributions			10,698			88,766
Less shares redeemed			(44,001)			(137,706)
Net decrease from investor class share transactions			(22,468)			(11,263)
Institutional Class
Shares sold			15,223			103,838
Shares issued in reinvestment of distributions			9,919			75,048
Less shares redeemed			(18,348)			(14,441)
Net increase from institutional class share transactions			6,794			164,445
Net increase (decrease) from capital share transactions			(15,674)			153,182

See accompanying notes to the financial statements.

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THE OBERWEIS FUNDS

Statements of Changes in Net Assets (continued)

	Small-Cap Value Fund
	Year Ended December 31, 2019			Year Ended December 31, 2018
From Operations
Net investment income		$	207,572		$	412,678
Net realized gains (losses) on investment transactions			(533,736)			510,706
Change in net unrealized appreciation/depreciation on investments			5,105,381			(6,670,179)
Net increase (decrease) in net assets resulting from operations			4,779,217			(5,746,795)
From Distributions
Distributions to shareholders
Investor Class			(1,219)			(7,694)
Institutional Class			(208,111)			(2,624,018)
Net decrease in net assets from distributions			(209,330)			(2,631,712)
From Capital Share Transactions
Investor Class
Proceeds from sale of shares			40,493			202,860
Proceeds from reinvestment of distributions			1,219			7,694
Redemption of shares			(3,032)			(30,413)
Net increase from investor class share transactions			38,680			180,141
Institutional Class
Proceeds from sale of shares			2,440,365			1,564,222
Proceeds from reinvestment of distributions			191,788			2,498,962
Redemption of shares			(7,997,029)			(9,881,634)
Net decrease from institutional class share transactions			(5,364,876)			(5,818,450)
Net decrease in net assets resulting from capital share transactions			(5,326,196)			(5,638,309)
Total decrease in net assets			(756,309)			(14,016,816)
Net Assets
Beginning of year			27,121,470			41,138,286
End of year		$	26,365,161		$	27,121,470
Transactions in Shares
Investor Class
Shares sold			2,275			9,456
Shares issued in reinvestment of distributions			62			465
Less shares redeemed			(166)			(1,410)
Net increase from investor class share transactions			2,171			8,511
Institutional Class
Shares sold			131,007			76,085
Shares issued in reinvestment of distributions			9,745			138,863
Less shares redeemed			(438,361)			(491,253)
Net decrease from institutional class share transactions			(297,609)			(276,305)
Net decrease from capital share transactions			(295,438)			(267,794)

See accompanying notes to the financial statements.

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Statements of Changes in Net Assets (continued)

	Global Opportunities Fund
	Year Ended December 31, 2019			Year Ended December 31, 2018
From Operations
Net investment loss		$	(409,167)		$	(349,948)
Net realized gains (losses) on investment and foreign currency transactions			(649,051)			285,345
Change in net unrealized appreciation/depreciation on investments and foreign currencies			10,432,361			(13,357,065)
Net increase (decrease) in net assets resulting from operations			9,374,143			(13,421,668)
From Distributions
Distributions to shareholders
Investor Class			—			(1,823,563)
Institutional Class			—			(566,071)
Net decrease in net assets from distributions			—			(2,389,634)
From Capital Share Transactions
Investor Class
Proceeds from sale of shares			584,666			1,438,571
Proceeds from reinvestment of distributions			—			1,693,376
Redemption of shares (see note 5)			(4,538,262)			(9,899,387)
Net decrease from investor class share transactions			(3,953,596)			(6,767,440)
Institutional Class
Proceeds from sale of shares			1,457,054			5,289,720
Proceeds from reinvestment of distributions			—			420,522
Redemption of shares (see note 5)			(2,013,578)			(1,123,166)
Net increase (decrease) from institutional class share transactions			(556,524)			4,587,076
Redemption fees (see note 5)			427			—
Net decrease in net assets resulting from capital share transactions			(4,509,693)			(2,180,364)
Total increase (decrease) in net assets			4,864,450			(17,991,666)
Net Assets
Beginning of year			37,783,613			55,775,279
End of year		$	42,648,063		$	37,783,613
Transactions in Shares
Investor Class
Shares sold			25,380			52,448
Shares issued in reinvestment of distributions			—			86,529
Less shares redeemed			(196,533)			(365,778)
Net decrease from investor class share transactions			(171,153)			(226,801)
Institutional Class
Shares sold			63,647			191,721
Shares issued in reinvestment of distributions			—			21,401
Less shares redeemed			(88,250)			(41,357)
Net increase (decrease) from institutional class share transactions			(24,603)			171,765
Net decrease from capital share transactions			(195,756)			(55,036)

See accompanying notes to the financial statements.

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Statements of Changes in Net Assets (continued)

	China Opportunities Fund
	Year Ended December 31, 2019			Year Ended December 31, 2018
From Operations
Net investment loss		$	(639,763)		$	(663,041)
Net realized gains on investment and foreign currency transactions			8,789,080			15,164,759
Change in net unrealized appreciation/depreciation on investments and foreign currencies			17,102,109			(40,802,932)
Net increase (decrease) in net assets resulting from operations			25,251,426			(26,301,214)
From Distributions
Distributions to shareholders
Investor Class			(2,479,581)			(12,901,481)
Institutional Class			(467,251)			(2,397,417)
Net decrease in net assets from distributions			(2,946,832)			(15,298,898)
From Capital Share Transactions
Investor Class
Proceeds from sale of shares			4,480,265			9,110,210
Proceeds from reinvestment of distributions			2,347,314			12,149,224
Redemption of shares (see note 5)			(11,082,392)			(32,230,182)
Net decrease from investor class share transactions			(4,254,813)			(10,970,748)
Institutional Class
Proceeds from sale of shares			7,307,020			3,404,811
Proceeds from reinvestment of distributions			382,078			1,934,174
Redemption of shares (see note 5)			(7,939,086)			(2,203,507)
Net increase (decrease) from institutional class share transactions			(249,988)			3,135,478
Redemption fees (see note 5)			146,096			—
Net decrease from capital share transactions			(4,358,705)			(7,835,270)
Total increase (decrease) in net assets			17,945,889			(49,435,382)
Net Assets
Beginning of year			71,841,651			121,277,033
End of year		$	89,787,540		$	71,841,651
Transactions in Shares
Investor Class
Shares sold			399,070			600,816
Shares issued in reinvestment of distributions			190,683			1,304,965
Less shares redeemed			(973,140)			(2,117,871)
Net decrease from investor class share transactions			(383,387)			(212,090)
Institutional Class
Shares sold			653,458			233,934
Shares issued in reinvestment of distributions			30,887			207,529
Less shares redeemed			(704,497)			(151,037)
Net increase (decrease) from institutional class share transactions			(20,152)			290,426
Net increase (decrease) from capital share transactions			(403,539)			78,336

See accompanying notes to the financial statements.

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Statements of Changes in Net Assets (continued)

	International Opportunities Fund
	Year Ended December 31, 2019			Year Ended December 31, 2018
From Operations
Net investment loss		$	(812,571)		$	(1,290,733)
Net realized gains (losses) on investments and foreign currency transactions			(28,153,929)			43,784,041
Change in net unrealized appreciation/depreciation on investments and foreign currencies			126,930,677			(241,937,861)
Net increase (decrease) in net assets resulting from operations			97,964,177			(199,444,553)
From Distributions
Distributions to shareholders			(3,982,313)			(86,597,641)
Net decrease in net assets from distributions			(3,982,313)			(86,597,641)
From Capital Share Transactions
Proceeds from sale of shares			49,548,735			66,625,866
Proceeds from reinvestment of distributions			3,548,504			72,325,843
Redemption of shares (see note 5)			(320,989,274)			(260,138,165)
Net decrease from capital share transactions			(267,892,035)			(121,186,456)
Total decrease in net assets			(173,910,171)			(407,228,650)
Net Assets
Beginning of year			498,163,682			905,392,332
End of year		$	324,253,511		$	498,163,682
Transactions in Shares
Shares sold			2,731,672			2,747,655
Shares issued in reinvestment of distributions			182,348			4,566,026
Less shares redeemed			(17,343,717)			(11,713,358)
Net decrease from capital share transactions			(14,429,697)			(4,399,677)

See accompanying notes to the financial statements.

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Statements of Changes in Net Assets (continued)

	Emerging Markets Fund
	Year Ended December 31, 2019			Period Ended December 31, 2018a
From Operations
Net investment income (loss)		$	(486)		$	3,577
Net realized gains (losses) on investments and foreign currency transactions			49,798			(1,001,127)
Change in net unrealized appreciation/depreciation on investments and foreign currencies			1,467,078			(331,567)
Net increase (decrease) in net assets resulting from operations			1,516,390			(1,329,117)
From Capital Share Transactions
Investor Class
Proceeds from sale of shares			103,166			498,649
Redemption of shares (see note 5)			(42,022)			(1,064)
Net increase from investor class share transactions			61,144			497,585
Institutional Class
Proceeds from sale of shares			568,374			7,787,235
Redemption of shares (see note 5)			(614,836)			(518,481)
Net increase (decrease) from institutional class share transactions			(46,462)			7,268,754
Redemption fees (see note 5)			172			—
Net increase in net assets resulting from capital share transactions			14,854			7,766,339
Total increase in net assets			1,531,244			6,437,222
Net Assets
Beginning of year			6,437,222			—
End of year		$	7,968,466		$	6,437,222
Transactions in Shares
Investor Class
Shares sold			11,398			54,090
Less shares redeemed			(4,695)			(143)
Net increase from investor class share transactions			6,703			53,947
Institutional Class
Shares sold			66,768			826,722
Less shares redeemed			(67,626)			(65,968)
Net increase (decrease) from institutional class share transactions			(858)			760,754
Net increase from capital share transactions			5,845			814,701

For the period from May 1, 2018 (commencement of operations) through December 31, 2018.

See accompanying notes to the financial statements.

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Notes to Financial Statements December 31, 2019

1. Description of Organization

Description of business. The Oberweis Funds (the “Trust”) is registered under the Investment Company Act of 1940 as a diversified open-end management investment company. The Trust is authorized to operate numerous funds under various trading strategies. The Trust consists of eight Funds of which seven are in this report: the Oberweis Micro-Cap Fund, the Oberweis Small-Cap Opportunities Fund, the Oberweis Small-Cap Value Fund, the Oberweis Global Opportunities Fund, the Oberweis China Opportunities Fund, the Oberweis International Opportunities Fund, and the Oberweis Emerging Markets Fund (collectively, “the Funds”) are each a series of the Trust. Effective February 22, 2018, the Oberweis Emerging Growth Fund was renamed Global Opportunities Fund, the change is in name only. Each Fund in this report except for Oberweis International Opportunities Fund currently offers two classes of shares: Investor Class and Institutional Class. Oberweis International Opportunities Fund offers only Investor Class shares. 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 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 Emerging Markets Fund and the Oberweis International Opportunities 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

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Notes to Financial Statements December 31, 2019 (continued)

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 inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds’ net assets as of December 31, 2019:

	Micro-Cap Fund			Small-Cap Opportunities Fund			Small-Cap Value Fund
Level 1 – Equities		$	74,676,270		$	11,258,152		$	24,312,336
REIT			—			—			2,002,759
Total Level 1			74,676,270			11,258,152			26,315,095
Level 2			—			—			—
Level 3			—			—			—
Total Investments		$	74,676,270		$	11,258,152		$	26,315,095

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Notes to Financial Statements December 31, 2019 (continued)

	Global Opportunities Fund			China Opportunities Fund			International Opportunities Fund
Level 1 – Equities
Total Asia		$	4,197,809		$	89,377,078		$	9,552,387
Total Australia			513,684			—			37,527,893
Total Europe			5,439,321			—			100,173,902
Total North America			26,267,964			—			52,757,605
Total Level 1			36,418,778			89,377,078			200,011,787
Level 2 – Equities
Total Asia			2,267,217			—			75,929,264
Total Australia			—			—			—
Total Europe			2,974,363			—			47,256,455
Total North America			—			—			—
Total South America			440,252			—			—
Total Level 2			5,681,832			—			123,185,719
Level 3			—			—			—
Total Investments		$	42,100,610		$	89,377,078		$	323,197,506

	EMERGING MARKETS FUND
Level 1 – Equities
Total Asia		$	4,031,882
Total Africa			162,682
Total Europe			253,913
Total North America			188,396
Total South America			231,011
Total Level 1			4,867,884
Level 2 – Equities
Total Asia			2,056,084
Total South America			792,603
Total Level 2			2,848,687
Level 3			—
Total Investments		$	7,716,571

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

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Notes to Financial Statements December 31, 2019 (continued)

results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gains or losses from investments and foreign currencies.

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

Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and 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. The Oberweis Small-Cap Value Fund invests in REITs and distributions received from REITs may be classified as dividends, capital gains or return on capital. 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 Expense Allocations. The Funds account separately for the assets, liabilities and operations of each Fund. Direct expenses of each Fund or class are charged to that Fund or class while general expenses are allocated pro-rata among the Funds based on net assets or other appropriate methods.

Federal Income Taxes and Dividends to Shareholders. It is the policy of the Funds to continue to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”), applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders. The Funds have met the requirements of the Code applicable to regulated investment companies for the year ended December 31, 2019. 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.

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Notes to Financial Statements December 31, 2019 (continued)

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

For the year ended December 31, 2019, permanent book and tax basis differences resulting primarily from differing treatments for net operating losses, foreign currency transactions, passive foreign investment company (“PFIC”) adjustments and the tax practice known as equalization, were identified and reclassified among the components of the Funds’ net assets.

GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended December 31, 2019, permanent differences in book and tax accounting have been reclassified to paid in capital and accumulated earnings (loss) as follows:

	Increases/(Decrease)
	Capital		Accumulated Earnings (Loss)
Micro-Cap Fund		(432,555)		432,555
Global Opportunities Fund		(414,281)		414,281
Small-Cap Opportunities Fund		22,023		(22,023)
Small-Cap Value Fund		(2,873)		2,873
China Opportunities Fund		(411,959)		411,959
International Opportunities Fund		—		—
Emerging Markets Fund		(41,583)		41,583

The tax character of distributions paid during the fiscal year ended December 31, 2019 was as follows:

	Distributions Paid from Ordinary Income			Distributions Paid from Net Long-Term Capital Gains			Total Distributions Paid
Micro-Cap Fund		$	—		$	—		$	—
Global Opportunities Fund		$	—		$	—		$	—
Small-Cap Opportunities Fund		$	—		$	347,290		$	347,290
Small-Cap Value Fund		$	209,330		$	—		$	209,330
China Opportunities Fund		$	—		$	2,946,832		$	2,946,832
International Opportunities Fund		$	3,982,313		$	—		$	3,982,313
Emerging Markets Fund		$	—		$	—		$	—

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Notes to Financial Statements December 31, 2019 (continued)

The tax character of distributions paid during the fiscal year ended December 31, 2018 was as follows:

	Distributions Paid from Ordinary Income			Distributions Paid from Net Long-Term Capital Gains			Total Distributions Paid
Micro-Cap Fund		$	—		$	11,359,268		$	11,359,268
Global Opportunities Fund		$	25,508		$	2,364,126		$	2,389,634
Small-Cap Opportunities Fund		$	254,039		$	1,997,792		$	2,251,831
Small-Cap Value Fund		$	259,889		$	2,371,823		$	2,631,712
China Opportunities Fund		$	—		$	15,298,898		$	15,298,898
International Opportunities Fund		$	13,882,345		$	72,715,296		$	86,597,641
Emerging Markets Fund		$	—		$	—		$	—

As of December 31, 2019, 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 (Post-Enactment)
	Short-Term			Long-Term
Micro-Cap Fund		$	—		$	—
Global Opportunities Fund		$	1,841,821		$	—
Small-Cap Opportunities Fund		$	—		$	—
Small-Cap Value Fund		$	1,035,347		$	685,362
China Opportunities Fund		$	—		$	—
International Opportunities Fund		$	62,100,602		$	—
Emerging Markets Fund		$	848,961		$	—

Post-October capital losses and 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, 2019, Post October capital losses and qualifed late year losses treated arising on January 1, 2020 are as follows:

	Post October Capital Losses
	Late Year Losses			Short-Term			Long-Term			Total
Micro-Cap Fund		$	—		$	—		$	—		—
Global Opportunities Fund		$	—		$	—		$	—		—
Small-Cap Opportunities Fund		$	—		$	—		$	—		—
Small-Cap Value Fund		$	—		$	—		$	—		—
China Opportunities Fund		$	7,849		$	—		$	—		—
International Opportunities Fund		$	—		$	—		$	—		—
Emerging Markets Fund		$	2,068		$	—		$	—		—

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Notes to Financial Statements December 31, 2019 (continued)

As of December 31, 2019 the components of accumulated earnings (deficit) on a tax basis were as follows:

	Undistributed ordinary income (deficit)			Undistributed long-term capital gains			Accumulated capital and other losses			Unrealized Appreciation on investments			Unrealized Appreciation / (Depreciation) foreign currency translations
Micro-Cap Fund		$	—		$	—		$	—		$	11,474,557		$	—
Global Opportunities Fund		$	—		$	—		$	(1,841,821)		$	6,638,199		$	(71)
Small-Cap Opportunities Fund		$	—		$	201,168		$	—		$	1,635,436		$	—
Small-Cap Value Fund		$	—		$	—		$	(1,720,709)		$	2,867,452		$	—
China Opportunities Fund		$	—		$	3,886,344		$	(7,849)		$	20,382,665		$	4,718
International Opportunities Fund		$	1,288,701		$	—		$	(62,100,602)		$	55,629,475		$	(1,142)
Emerging Markets Fund		$	—		$	—		$	(851,029)		$	1,097,887		$	4,034

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

As of December 31, 2019 the cost of investments for federal income tax purposes are as follows:

	Cost of Investments for Federal Tax Purposes			Gross Unrealized Appreciation			Gross Unrealized (Depreciation)			Unrealized Appreciation
Micro-Cap Fund		$	63,201,713		$	13,799,259		$	(2,324,702)		$	11,474,557
Global Opportunities Fund			35,462,411			7,372,750			(734,551)			6,638,199
Small-Cap Opportunities Fund			9,622,716			1,821,173			(185,737)			1,635,436
Small-Cap Value Fund			23,447,643			4,068,923			(1,201,471)			2,867,452
China Opportunities Fund			68,994,413			20,900,765			(518,100)			20,382,665
International Opportunities Fund			267,568,031			60,926,282			(5,296,807)			55,629,475
Emerging Markets Fund			6,618,684			1,214,342			(116,455)			1,097,887

The Funds have reviewed all open tax years and major jurisdictions and concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for exam by taxing authorities and, as of December 31, 2019, open Federal tax years include the tax years ended 2016 through 2019. 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

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Notes to Financial Statements December 31, 2019 (continued)

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, Global Opportunities, and Small-Cap Opportunities Funds 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 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. The Small-Cap Opportunities Fund paid monthly investment advisory fees at an annual rate equal to .40% of average daily net assets. For investment advisory and management services, the Small-Cap Value Fund, the China Opportunities Fund, the International Opportunities Fund and the Emerging Markets Fund paid monthly investment advisory and management fees at an annual rate equal to 1.00%, 1.25%, 1.25% and 1.25% of average daily net assets, respectively. For the year ended December 31, 2019, the Micro-Cap Fund, Global Opportunities Fund and Small-Cap Opportunities Fund incurred investment advisory fees totaling $468,532, $188,851 and $45,066, respectively. For the year ended December 31, 2019, the Small-Cap Value Fund, China Opportunities Fund, International Opportunities Fund and Emerging Market Fund incurred investment advisory fees totaling $275,229, $1,063,625, $5,403,616 and $95,312, respectively.

Management agreement. For management services and facilities furnished, the Micro-Cap Fund, Global Opportunities Fund, and Small-Cap Opportunities Fund each paid a monthly fee at an annual rate equal to .40% of average daily net assets. For the year ended December 31, 2019, the Micro-Cap Fund, Global Opportunities Fund, and Small-Cap Opportunities Fund incurred management fees totaling $312,355, $167,867, and $45,066, respectively.

Expense reimbursement. OAM is contractually obligated to reduce its investment and management fees or reimburse the Micro-Cap Fund and Global Opportunities Fund Investor Class Shares to the extent that total ordinary operating expenses, as defined, exceed in any one year the following amounts expressed as a percentage of each Fund’s average daily net assets: 1.80% of the first $50 million; plus 1.60% of average daily net assets in excess of $50 million. OAM is contractually obligated to reduce its investment and management fees or reimburse Small-Cap Opportunities Fund, Small-Cap Value Fund, China Opportunities Fund, International Opportunities Fund and Emerging Markets Fund Investor Class Shares to the extent that total ordinary operating expenses in any one year 1.55%, 1.55%, 2.24%, 1.60% and 1.75% expressed as a percentage of the Fund’s average daily net assets, respectively. OAM is contractually obligated to reduce its

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Notes to Financial Statements December 31, 2019 (continued)

investment and management fees or reimburse the Global Opportunities Fund and Micro-Cap 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 also contractually obligated to reduce its management fees or reimburse the Small-Cap Value Fund (Institutional class) to the extent that total ordinary operating expenses, as defined, exceed 1.30% expressed as a percentage of the Funds’ average daily assets. OAM is contractually obligated to reduce its investment and management fees or reimburse the Small-Cap Opportunities Fund, China Opportunities Fund and Emerging Markets Fund Institutional Class Shares to the extent that total ordinary operating expenses, as defined, exceed in any one year 1.30%, 1.99% and 1.50% expressed as a percentage of the Funds’ average daily net assets, respectively. For the year ended December 31, 2019 OAM reimbursed the Small-Cap Opportunities Fund, the Small-Cap Value Fund, the Emerging Markets Fund, and the International Opportunities Fund in the amount of $71,415, $48,784, $154,924, and $753,411, respectively.

Officers and trustees. Certain officers and trustees of the Trust are also officers and/or directors of OAM and OSI. During the year ended December 31, 2019, the Trust made no direct payments to its officers and paid $125,000 to its unaffiliated trustees.

Distribution and shareholder service agreement. The Funds have a distribution and shareholder services agreement with OSI. For services under the distribution and shareholder services agreement, the Funds pay OSI a fee at the annual rate of .25% of the average daily net assets of Investor Class Shares as compensation for services. For the year ended December 31, 2019, the Micro-Cap Fund, Small-Cap Opportunities Fund, Global Opportunities Fund, China Opportunities Fund, Emerging Markets Fund, Small Cap Value Fund and International Opportunities Fund incurred distribution fees totaling $138,415, $14,965, $79,694, $178,960, $1,263, $441, and $1,080,723 respectively.

Affiliated Commissions. For the year ended December 31, 2019, the Micro-Cap Fund, Global Opportunities Fund, Small-Cap Opportunities Fund, Small-Cap Value Fund, China Opportunities Fund, Emerging Markets Fund and International Opportunities Fund did not execute any security transactions through OSI and therefore did not pay commissions to OSI.

4. Investment transactions

The cost of securities purchased and proceeds from securities sold during the year ended December 31, 2019, other than options written and money market investments, aggregated $84,790,111, and $93,424,904, respectively, for the Micro-Cap Fund, $48,303,932 and $52,913,519, respectively, for the Global Opportunities Fund, $15,450,096 and $16,605,072, respectively, for the Small-Cap Opportunities Fund, $18,403,526 and $24,236,262, respectively, for the Small-Cap Value Fund, $143,621,568 and $142,172,416, respectively, for the China Opportunities Fund, $582,789,171, and $860,800,655, respectively, for the International Opportunities Fund, $10,796,383 and $11,053,277, respectively, for the Emerging Markets Fund. The Funds did not hold government securities during the year ended December 31, 2019.

The Funds may write covered call options. The premiums received provide a partial hedge (protection) against declining prices and enables each Fund to generate a higher return during years when OAM does not expect the underlying security to make any major price

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Notes to Financial Statements December 31, 2019 (continued)

moves in the near future but still deems the underlying security to be, over the long term, an attractive investment for each Fund. The Funds write covered call options for which premiums received are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options, which are either exercised or closed, are offset against the proceeds received or amount paid on the transaction to determine realized gains or losses. Amounts recovered for securities litigation are included in the realized gains of the Fund and are recorded when received. The Funds did not write covered call options during the year ended December 31, 2019.

5. Redemption fee

The Oberweis Funds are designed for long-term investors. To discourage market timers redemptions of shares of the Micro-Cap Fund, Global Opportunities Fund, and Small-Cap Opportunities Fund within 90 days of purchase are subject to a 1% redemption fee of the total redemption amount and 2% for the China Opportunities Fund, the Emerging Markets Fund and the International Opportunities Fund. The redemption fee is deducted from the redemption proceeds and is retained by the Fund.

The redemption fee is retained by the Funds for the expense they incur in connection with shareholder redemptions. Redemption fees received by the Micro-Cap Fund, Global Opportunities Fund, Small-Cap Opportunities Fund, China Opportunities Fund, Emerging Markets Fund and International Opportunities Fund were $6,594, $427, $5, $146,096, $172 and $38,899, respectively, for the year ended December 31, 2019, and through March of 2019 were recorded as a reduction of the redemption of shares in the Statements of Changes in Net Assets. The Board revised the policy effective April 2019 to treat redemption fees at the fund level for multi-share class funds, rather than share class level. The redemption fees from April 2019 through the end of year for multi-share class funds are recorded as a separate line item on the statements of changes in net assets.

6. Earnings credits and interest charges

The Trust, as part of the agreement with the Custodian, receives credits against its custodian fees on its uninvested cash balances and is allowed to borrow for temporary purposes. Borrowings are not to exceed 5% of the value of each Fund’s total assets at the time of any such borrowing. Interest on amounts borrowed is calculated at the prime rate and is payable monthly. During the year ended December 31, 2019, the Micro-Cap Fund, Global Opportunities Fund, Small-Cap Opportunities Fund, Small-Cap Value Fund, China Opportunities Fund, Emerging Markets Fund and International Opportunities Fund received credits of $11,616, $16,408, $3,346, $2,836, $86,896, 5,731 and $197,774, respectively. During the year ended December 31, 2019, the Micro-Cap Fund, the Small Cap Opportunities Fund, the Global Opportunities Fund, the China Opportunities Fund, the Emerging Markets Fund, the International Opportunities Fund and the Small-Cap Value Fund incurred interest charges of $3,305, $131, $835, $0, $67, $13,981 and $1,614 respectively, which is included in custodian fees and expenses in the Statements of Operations.

7. Subsequent events

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

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Financial Highlights

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

Investor Class	Micro-Cap Fund
	Years Ended December 31,
	2019			2018			2017			2016			2015
Net asset value at beginning of year		$	18.37		$	25.12		$	22.02		$	17.68		$	17.12
Income (loss) from investment operations
Net investment lossa			(.22)			(.35)			(.32)			(.15)			(.24)
Net realized and unrealized gains (losses) on investments			4.25			(2.82)			6.37			4.49			1.34
Total from investment operations			4.03			(3.17)			6.05			4.34			1.10
Redemption Feesa			—			.03			—			.01			—
Less distributions:
Distribution from net realized gains on investments			—			(3.61)			(2.95)			(.01)			(.54)
Net asset value at end of year		$	22.40		$	18.37		$	25.12		$	22.02		$	17.68
Total Return (%)			21.94			(12.30)			27.90			24.60			6.38
Ratio/Supplemental Data
Net Assets at end of year (in thousands)		$	46,546		$	53,094		$	92,249		$	67,133		$	50,679
Ratio of gross expenses to average net assets (%)			1.60			1.57			1.58			1.65			1.72
Ratio of net expenses to average net assets (%)b			1.58			1.55			1.54			1.64			1.72
Ratio of net investment loss to average net assets (%)			(1.03)			(1.30)			(1.32)			(.80)			(1.35)
Portfolio turnover rate (%)			112			119			91			102			133

Notes:

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

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

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Financial Highlights (continued)

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

Institutional Class	Micro-Cap Fund
	Years Ended December 31,						Period Ended December 31,
	2019			2018			2017a
Net asset value at beginning of period		$	18.47		$	25.17		$	23.52
Income (loss) from investment operations
Net investment lossb			(.13)			(.28)			(.18)
Net realized and unrealized gains (losses) on investments			4.21			(2.84)			4.18
Total from investment operations			4.08			(3.12)			4.00
Redemption Feesb			—			.03			—
Less distributions:
Distribution from net realized gains on investments			—			(3.61)			(2.35)
Net asset value at end of period		$	22.55		$	18.47		$	25.17
Total Return (%)			22.09			(12.07)			16.92d
Ratio/Supplemental Data
Net Assets at end of period (in thousands)		$	30,994		$	14,445		$	9,346
Ratio of gross expenses to average net assets (%)			1.34			1.33			1.32e
Ratio of net expenses to average net assets (%)c			1.32			1.32			1.28e
Ratio of net investment loss to average net assets (%)			(.61)			(1.05)			(1.04)e
Portfolio turnover rate (%)			112			119			91

Notes:

a For the period from May 1, 2017 (commencement of operations) through December 31, 2017.

b The net investment loss per share data and the redemption fee data were determined using average shares outstanding during the period.

c The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor.

d Not annualized

e Annualized.

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Financial Highlights (continued)

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

Investor Class	Small-Cap Opportunities Fund
	Years Ended December 31,
	2019			2018			2017			2016			2015
Net asset value at beginning of year		$	11.83		$	16.40		$	13.89		$	13.48		$	14.32
Income (loss) from investment operations
Net investment lossa			(.13)			(.18)			(.22)			(.22)			(.27)
Net realized and unrealized gains (losses) on investments			3.10			(1.05)			3.77			1.22			1.02
Total from investment operations			2.97			(1.23)			3.55			1.00			.75
Redemption Feesa			—			—			—			—			.02
Less distributions:
Distribution from net realized gains on investments			(.44)			(3.34)			(1.04)			(.59)			(1.61)
Net asset value at end of year		$	14.36		$	11.83		$	16.40		$	13.89		$	13.48
Total Return (%)			25.07			(7.23)			25.54			7.38			5.10
Ratio/Supplemental Data
Net Assets at end of year (in thousands)		$	6,110		$	5,299		$	7,533		$	9,385		$	10,797
Ratio of gross expenses to average net assets (%)			2.21			2.13			2.29			2.40			2.00
Ratio of net expenses to average net assets (%)b			1.55			1.55			1.72			2.00			2.00
Ratio of net investment loss to average net assets (%)			(.95)			(1.06)			(1.42)			(1.67)			(1.72)
Portfolio turnover rate (%)			142			160			142			150			134

Notes:

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

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

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Financial Highlights (continued)

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

Institutional Class	Small-Cap Opportunities Fund
	Years Ended December 31,						Period Ended December 31,
	2019			2018			2017a
Net asset value at beginning of period		$	11.90		$	16.44		$	15.20
Income (loss) from investment operations
Net investment lossb			(.10)			(.14)			(.11)
Net realized and unrealized gains (losses) on investments			3.13			(1.06)			2.39
Total from investment operations			3.03			(1.20)			2.28
Redemption Feesb			—			—			—
Less distributions:
Distribution from net realized gains on investments			(.44)			(3.34)			(1.04)
Net asset value at end of period		$	14.49		$	11.90		$	16.44
Total Return (%)			25.43			(7.05)			14.99d
Ratio/Supplemental Data
Net Assets at end of period (in thousands)		$	5,622		$	4,538		$	3,564
Ratio of gross expenses to average net assets (%)			1.96			1.88			1.86e
Ratio of net expenses to average net assets (%)c			1.30			1.30			1.30e
Ratio of net investment loss to average net assets (%)			(.69)			(.80)			(.97)e
Portfolio turnover rate (%)			142			160			142

Notes:

a For the period from May 1, 2017 (commencement of operations) through December 31, 2017.

b The net investment loss per share data and the redemption fee data were determined using average shares outstanding during the period.

c The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor.

d Not annualized

e Annualized.

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Financial Highlights (continued)

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

Investor Class	Small-Cap Value Fund
	Year Ended December 31, 2019			Period Ended December 31, 2018a
Net asset value at beginning of period		$	16.60		$	20.60
Income (loss) from investment operations
Net investment incomeb			.08			.16
Net realized and unrealized gains (losses) on investments			3.12			(3.21)
Total from investment operations			3.20			(3.05)
Less dividends and distributions:
Distribution from net realized gains on investments			—			(.93)
Dividends from net investment income			(.11)			(.02)
Total dividends and distributions			(.11)			(.95)
Net asset value at end of period		$	19.69		$	16.60
Total Return (%)			19.31			(14.76)e
Ratio/Supplemental Data
Net Assets at end of period (in thousands)		$	210		$	141
Ratio of gross expenses to average net assets (%)			1.74			1.57d
Ratio of net expenses to average net assets (%)c			1.55			1.55d
Ratio of net investment Income to average net assets (%)			.43			1.17d
Portfolio turnover rate (%)			68			54

Notes:

a For the period from May 1, 2018 (commencement of operations) through December 31, 2018.

b The net investment income per share data was determined using average shares outstanding during the period.

c The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor.

d Annualized

e Not Annualized

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Financial Highlights (continued)

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

Institutional Class	Small-Cap Value Fund
	Year Ended December 31, 2019			Year Ended December 31, 2018			Period Ended December 31, 2017a			Year Ended June 30, 2017d			Year Ended June 30, 2016d			Year Ended June 30, 2015d
Net asset value at beginning of period		$	16.60		$	21.63		$	21.63		$	18.28		$	19.35		$	20.00
Income (loss) from investment operations
Net investment incomeb			.14			.23			.11			.24			.24			.25
Net realized and unrealized gains (losses) on investments			3.11			(3.71)			1.83			3.33			(.88)			(.54)
Total from investment operations			3.25			(3.48)			1.94			3.57			(.64)			(.29)
Less dividends and distributions:
Distribution from net realized gains on investments			—			(1.49)			(1.80)			(.01)			(.30)			(.22)
Dividends from net investment income			(.16)			(.06)			(.14)			(.21)			(.13)			(.14)
Total dividends and distributions			(.16)			(1.55)			(1.94)			(.22)			(.43)			(.36)
Net asset value at end of period		$	19.69		$	16.60		$	21.63		$	21.63		$	18.28		$	19.35
Total Return (%)			19.56			(16.45)			9.48f			19.50			(3.08)			(1.43)
Ratio/Supplemental Data
Net Assets at end of period (in thousands)		$	26,155		$	26,980		$	41,138		$	34,548		$	29,642		$	29,536
Ratio of gross expenses to average net assets (%)			1.49			1.29			1.97e			2.00			2.03			2.01
Ratio of net expenses to average net assets (%)c			1.30			1.29			1.30e			1.30			1.30			1.30
Ratio of net investment Income to average net assets (%)			.75			1.10			1.05e			1.15			1.37			1.26
Portfolio turnover rate (%)			68			54			35f			76			62			70

Notes:

a For the period from July 1, 2017 through December 31, 2017

b The net investment income per share data was determined using average shares outstanding during the period.

c The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from advisor.

d The financial highlights set forth herein include the historical financial highlights of the Cozad Small Cap Value Fund (the “Predecessor Fund”). The Predecessor Fund was reorganized into the Oberweis Small-Cap Value Fund on September 29, 2017. Information prior to September 29, 2017 reflects the performance of the Predecessor Fund’s Class I shares.

e Annualized

f Not Annualized

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Financial Highlights (continued)

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

Investor Class	Global Opportunities Fund
	Years Ended December 31,
	2019			2018			2017			2016			2015
Net asset value at beginning of year		$	19.75		$	28.36		$	24.13		$	24.78		$	25.72
Income (loss) from investment operations
Net investment lossa			(.24)			(.20)			(.19)			(.24)			(.27)
Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency			5.31			(7.09)			8.21			(.14)			2.86
Total from investment operations			5.07			(7.29)			8.02			(.38)			2.59
Redemption feesa			—			—			—			—			.02
Less distributions:
Distribution from net realized gains on investments			—			(1.32)			(3.79)			(.27)			(3.55)
Net asset value at end of year		$	24.82		$	19.75		$	28.36		$	24.13		$	24.78
Total Return (%)			25.67			(25.66)			33.30			(1.54)			10.02
Ratio/Supplemental Data
Net Assets at end of year (in thousands)		$	32,004		$	28,847		$	47,856		$	44,604		$	56,848
Ratio of gross expenses to average net assets (%)			1.58			1.52			1.52			1.59			1.51
Ratio of net expenses to average net assets (%)b			1.55			1.50			1.50			1.59			1.51
Ratio of net investment loss to average net assets (%)			(1.07)			(.72)			(.67)			(.99)			(.95)
Portfolio turnover rate (%)			120			155			137			126			200

Notes:

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

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

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Financial Highlights (continued)

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

Institutional Class	Global Opportunities Fund
	Years Ended December 31,						Period Ended December 31,
	2019			2018			2017a
Net asset value at beginning of period		$	19.84		$	28.41		$	27.42
Income (loss) from investment operations
Net investment lossb			(.18)			(.13)			(.12)
Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency			5.33			(7.12)			4.90
Total from investment operations			5.15			(7.25)			4.78
Redemption Feesb			—			—			—
Less distributions:
Distribution from net realized gains on investments			—			(1.32)			(3.79)
Net asset value at end of period		$	24.99		$	19.84		$	28.41
Total Return (%)			25.96			(25.48)			17.49e
Ratio/Supplemental Data
Net Assets at end of period (in thousands)		$	10,644		$	8,937		$	7,919
Ratio of gross expenses to average net assets (%)			1.33			1.28			1.20d
Ratio of net expenses to average net assets (%)c			1.30			1.25			1.18d
Ratio of net investment loss to average net assets (%)			(.78)			(.49)			(.59)d
Portfolio turnover rate (%)			120			155			137e

Notes:

a For the period from May 1, 2017 (commencement of operations) through December 31, 2017.

b The net investment loss per share data and the redemption fee data were determined using average shares outstanding during the period.

c The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor.

d Annualized.

e Not annualized.

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Financial Highlights (continued)

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

Investor Class	China Opportunities Fund
	Years Ended December 31,
	2019			2018			2017			2016			2015
Net asset value at beginning of year		$	9.35		$	15.95		$	10.94		$	12.15		$	13.79
Income (loss) from investment operations
Net investment lossa			(.09)			(.10)			(.06)			(.11)			(.09)
Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies			3.47			(4.06)			6.07			(1.01)			(.22)
Total from investment operations			3.38			(4.16)			6.01			(1.12)			(.31)
Redemption Feesa			.02			—			—			—			.01
Less dividends and distributions:
Distribution from net realized gains on investments			(.42)			(2.44)			(.98)			(.09)			(1.34)
Dividends from net investment income			—			—			(.02)			—			—
Total dividends and distributions			(.42)			(2.44)			(1.00)			(.09)			(1.34)
Net asset value at end of year		$	12.33		$	9.35		$	15.95		$	10.94		$	12.15
Total Return (%)			36.33			(26.01)			55.05			(9.22)			(2.20)
Ratio/Supplemental Data
Net Assets at end of year (in thousands)		$	75,487		$	60,844		$	107,190		$	91,197		$	113,287
Ratio of gross expenses to average net assets (%)			1.95			1.91			1.92			1.99			1.95
Ratio of net expenses to average net assets (%)b			1.84			1.86			1.91			1.98			1.95
Ratio of net investment loss to average net assets (%)			(.77)			(.68)			(.38)			(.93)			(.61)
Portfolio turnover rate (%)			184			85			97			125			81

Notes:

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

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

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Financial Highlights (continued)

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

Institutional Class	China Opportunities Fund
	Years Ended December 31,						Period Ended December 31,
	2019			2018			2017a
Net asset value at beginning of period		$	9.36		$	15.93		$	12.78
Income (loss) from investment operations
Net investment lossb			(.07)			(.06)			(.01)
Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies			3.50			(4.07)			4.19
Total from investment operations			3.43			(4.13)			4.18
Redemption feesb			.02			—			—
Less dividends and distributions:
Distribution from net realized gains on investments			(.42)			(2.44)			(.98)
Dividends from net investment income			—			—			(.05)
Total dividends and distributions			(.42)			(2.44)			(1.03)
Net asset value at end of period		$	12.39		$	9.36		$	15.93
Total return (%)			36.82			(25.85)			32.87e
Ratio/Supplemental Data
Net Assets at end of period (in thousands)		$	14,301		$	10,998		$	14,087
Ratio of gross expenses to average net assets (%)			1.70			1.65			1.60d
Ratio of net expenses to average net assets (%)c			1.59			1.61			1.59d
Ratio of net investment loss to average net assets (%)			(.55)			(.42)			(.12)d
Portfolio turnover rate (%)			184			85			97

Notes:

a For the period from May 1, 2017 (commencement of operations) through December 31, 2017.

b The net investment loss per share data and the redemption fee data were determined using average shares outstanding during the period.

c The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor.

d Annualized.

e Not annualized.

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THE OBERWEIS FUNDS

Financial Highlights (continued)

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

Investor Class	International Opportunities Fund
	Years Ended December 31,
	2019			2018			2017			2016			2015
Net asset value at beginning of year		$	16.01		$	25.49		$	20.19		$	21.33		$	18.56
Income (loss) from investment operations
Net investment income (loss)a			(.03)			(.04)			(.04)			.01			.01
Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies			3.69			(6.30)			8.26			(1.15)			2.79
Total from investment operations			3.66			(6.34)			8.22			(1.14)			2.80
Redemption Feesa			—			—			—			.01			.01
Less dividends and distributions:
Distribution from net realized gains on investments			—			(3.10)			(2.85)			—			—
Dividends from net investment income			(.24)			(.04)			(.07)			(.01)			(.04)
Total dividends and distributions			(.24)			(3.14)			(2.92)			(.01)			(.04)
Net asset value at end of year		$	19.43		$	16.01		$	25.49		$	20.19		$	21.33
Total return (%)			22.85			(24.73)			40.77			(5.28)			15.14
Ratio/Supplemental Data
Net Assets at end of year (in thousands)		$	324,254		$	498,164		$	905,392		$	708,514		$	739,142
Ratio of gross expenses to average net assets (%)			1.82			1.77			1.79			1.82			1.85
Ratio of net expenses to average net assets (%)(b)			1.60			1.60			1.60			1.60			1.60
Ratio of net investment income (loss) to average net assets (%)			(.19)			(.16)			(.18)			.05			.05
Portfolio turnover rate (%)			142			145			153			139			214

Notes:

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

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

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THE OBERWEIS FUNDS

Financial Highlights (continued)

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

Investor Class	Emerging Markets Fund
	Year Ended December 31, 2019			Period Ended December 31, 2018a
Net asset value at beginning of period		$	7.89		$	10.00
Income (loss) from investment operations
Net investment lossb			(.02)			(.01)
Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies			1.80			(2.10)
Total from investment operations			1.78			(2.11)
Redemption Feesb			—			—
Net asset value at end of period		$	9.67		$	7.89
Total Return (%)			22.56			(21.10)e
Ratio/Supplemental Data
Net Assets at end of period (in thousands)		$	587		$	426
Ratio of gross expenses to average net assets (%)			3.86			3.99d
Ratio of net expenses to average net assets (%)c			1.75			1.75d
Ratio of net investment loss to average net assets (%)			(.21)			(.15)d
Portfolio turnover rate (%)			153			111 e

Notes:

a For the period from May 1, 2018 (commencement of operations) through December 31, 2018.

b The net investment income (loss) per share data and the redemption fee data were determined using average shares outstanding during the period.

c The ratios in this row reflect the impact, if any, of expense offset arrangements with the advisor, and expense reimbursement form the advisor

d Annualized.

e Not Annualized

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THE OBERWEIS FUNDS

Financial Highlights (continued)

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

Institutional Class	Emerging Markets Fund
	Year Ended December 31, 2019			Period Ended December 31, 2018a
Net asset value at beginning of period		$	7.90		$	10.00
Income (loss) from investment operations
Net investment incomeb			—			.01
Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies			1.81			(2.11)
Total from investment operations			1.81			(2.10)
Redemption Feesb			—			—
Net asset value at end of period		$	9.71		$	7.90
Total Return (%)			22.91			(21.00)e
Ratio/Supplemental Data
Net Assets at end of period (in thousands)		$	7,382		$	6,012
Ratio of gross expenses to average net assets (%)			3.61			3.74d
Ratio of net expenses to average net assets (%)c			1.50			1.50d
Ratio of net investment Income (loss) to average net assets (%)			—			.10d
Portfolio turnover rate (%)			153			111e

Notes:

a For the period from May 1, 2018 (commencement of operations) through December 31, 2018.

b The net investment income (loss) per share data and the redemption fee data were determined using average shares outstanding during the period.

c The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian, and expense reimbursement form the advisor

d Annualized.

e Not Annualized

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of The Oberweis Funds
and the Shareholders of Oberweis Micro-Cap Fund, Oberweis Small-Cap Opportunities Fund, Oberweis Small-Cap Value Fund, Oberweis Global Opportunities Fund, Oberweis China Opportunities Fund, Oberweis International Opportunities Fund, and Oberweis Emerging Markets Fund

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Oberweis Micro-Cap Fund, Oberweis Small-Cap Opportunities Fund, Oberweis Global Opportunities Fund, Oberweis China Opportunities Fund, and Oberweis International Opportunities Fund, each a series of shares of beneficial interest in The Oberweis Funds, (the “Funds”), including the schedules of investments, as of December 31, 2019, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the financial highlights as noted in the table below, and the related notes (collectively referred to as the “financial statements”). The financial highlights for the year ended December 31, 2015 were audited by other auditors whose report, dated February 25, 2016, expressed an unqualified opinion on such financial highlights.

We have also audited the accompanying statement of assets and liabilities of Oberweis Emerging Markets Fund (collectively with the above entities, the “Funds”), including the schedule of investments as of December 31, 2019, and the related statement of operations for the year then ended and the statement of changes in net assets and financial highlights for the year ended December 31, 2019 and for the period May 1, 2018 (commencement of operations) to December 31, 2018 and the related notes (collectively referred to as the “financial statements”).

We have also audited the accompanying statement of assets and liabilities of Oberweis Small-Cap Value Fund (collectively with the above entities, the “Funds”), including the schedule of investments as of December 31, 2019, and the related statement of operations for the year then ended and the statements of changes in net assets for each of the years in the two-year period then ended and the financial highlights as noted in the table below and the related notes (collectively referred to as the “financial statements”). The financial highlights for each of the years in the three-year period ended June 30, 2017 were audited by other auditors whose report, dated August 29, 2017, expressed an unqualified opinion on such financial highlights.

			Financial Highlights
Investor Class: Micro-Cap Fund Small-Cap Opportunities Fund Global Opportunities Fund China Opportunities Fund International Opportunities Fund			For each of the years in the four-year period ended December 31, 2019
Investor Class: Small-Cap Value Fund Emerging Markets Fund			For the year ended December 31, 2019 and for the period May 1, 2018 (commencement of operations) to December 31, 2018

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM (continued)

			Financial Highlights
Institutional Class: Micro-Cap Fund Small-Cap Opportunities Fund Global Opportunities Fund China Opportunities Fund			For each of the years in the two-year period ended December 31, 2019 and for the period May 1, 2017 (commencement of operations) to December 31, 2017
Institutional Class: Small-Cap Value Fund Emerging Markets Fund			For each of the years in the two-year period ended December 31, 2019 and for the period July 1, 2017 to December 31, 2017 For the year ended December 31, 2019 and for the period May 1, 2018 (commencement of operations) to December 31, 2018

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of December 31, 2019, and the results of their operations for the year then ended, the changes in their net assets for each of the years or periods in the two-year period then ended and their financial highlights as detailed above, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian, and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

BBD, LLP

We have served as the auditor of one or more of the Funds in the The Oberweis Funds since 2016.

Philadelphia, Pennsylvania
February 27, 2020

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TRUSTEES AND OFFICERS OF THE OBERWEIS FUNDS (unaudited)

Name, Address and Age	Position Held with Fund	Term of Office and Length of Time Served
NONINTERESTED TRUSTEES
Katherine Smith Dedrick (62) 3333 Warrenville Road, Suite 500 Lisle, IL 60532	Trustee	Trustee since November, 20041
Gary D. McDaniel (71) 3333 Warrenville Road, Suite 500 Lisle, IL 60532	Trustee	Trustee since April, 20041
James G. Schmidt (72) 3333 Warrenville Road, Suite 500 Lisle, IL 60532	Trustee	Trustee since December, 20031
INTERESTED TRUSTEES
James D. Oberweis (73) 3333 Warrenville Road, Suite 500 Lisle, IL 60532	Trustee2	Trustee since July, 19861
James W. Oberweis (45) 3333 Warrenville Road, Suite 500 Lisle, IL 60532	President	Officer since August, 19963
Patrick B. Joyce (60) 3333 Warrenville Road, Suite 500 Lisle, IL 60532	Executive Vice President Chief Compliance Officer and Treasurer	Officer since October, 19943
David I. Covas (44) 3333 Warrenville Road, Suite 500 Lisle, IL 60532	Vice President	Officer since August, 20043
Kenneth S. Farsalas (49) 3333 Warrenville Road, Suite 500 Lisle, IL 60532	Vice President	Officer since August, 20093
Eric V. Hannemann (46) 3333 Warrenville Road, Suite 500 Lisle, IL 60532	Secretary	Officer since August, 20053

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

2 James D. Oberweis is an interested trustee of the Funds since he is a shareholder of Oberweis Asset Management, Inc., the Fund’s investment advisor.

3 Elected annually by board of trustees.

The Statement of Additional Information includes additional information about Fund officers and trustees and is available upon request without charge, by calling the Fund at 800-323-6166.

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TRUSTEES AND OFFICERS OF THE OBERWEIS FUNDS

(unaudited) (continued)

Principal Occupation Last Five Years	Number of Portfolios Overseen by Trustee	Other Directorships

President – Smith Dedrick Properties, Inc., 2016 to present; President – KSD Law P.C., 2015 to present; President – KSD Global Consulting, Inc., 2015 to present; Executive Committee Member, Risk Worldwide NZ Ltd., 2011 to 2016; President – Aggressive Publishing, Inc., 2010 to present; Member – Risk Worldwide LLC, 2007 to 2016; Partner – Childress Duffy, Ltd., 2007 to 2015.	8	None
	8	None
Senior Vice President and Chief Financial Officer – Federal Heath Sign Co., May 2003 to December 2019.	8	None

Illinois State Senator, January 2013 to present; Chairman – Oberweis Dairy, Inc. December, 1986 to present.	8	None
President – Oberweis Asset Management, Inc., September, 2001 to present; Portfolio Manager from December, 1995 to present; President and Director – Oberweis Securities, Inc., September, 1996 to present.	Not Applicable	None
Executive Vice President, Secretary and Director – Oberweis Asset Management, Inc., September, 1994 to present; Executive Vice President and Director – Oberweis Securities, Inc. September, 1996 to present.	Not Applicable	None
Vice President – Oberweis Asset Management, Inc., September, 2003 to present.	Not Applicable	None
Vice President – Oberweis Asset Management, Inc., November 2004 to present.	Not Applicable	None
Vice President of Accounting – Oberweis Asset Management, Inc. and Oberweis Securities, Inc., June, 2004 to present.	Not Applicable	None

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THE OBERWEIS FUNDS

Supplemental Information (unaudited)

Qualified Dividend Income

For the year ended December 31, 2019, 100% and 94.37% of the dividends paid from net investment income for the Small-Cap Value Fund and International Opportunities Fund are designated as qualified dividend income.

Corporate Dividends Received Deduction

For the year ended December 31, 2019, 100% of the dividends paid from net investment income qualifies for the dividends received deduction available to corporate shareholders of the Small-Cap Value Fund.

Long-term Capital Gain

The Small-Cap Opportunities Fund and China Opportunities Fund designate $347,290 and $2,946,832 respectively, as long-term capital gain distribution.

Foreign Taxes Paid

Pursuant to Section 853 of the Internal Revenue Code of 1986, as amended, the China Opportunities Fund, Emerging Markets Fund and International Opportunities Fund, respectively, designate $931,018, $132,521 and $6,495,379 of income derived from foreign sources and $39,203, $17,369 and $576,118 of foreign taxes paid for the period ended December 31, 2019.

Of the ordinary income (including short-term capital gain) distributions made (or to be made) for the year ended December 31, 2019, the proportionate share of income derived from foreign sources and foreign taxes paid attributable to one share of stock are:

	Foreign Source Income			Foreign Taxes Paid
China Opportunities Fund		$	0.1279		$	0.0054
Emerging Markets Fund		$	0.1615		$	0.0212
International Opportunities Fund		$	0.3893		$	0.0345

Proxy Voting:

The Oberweis Funds has delegated authority to vote proxies related to the Funds’ (Micro-Cap Fund, Small-Cap Opportunities Fund, Global Opportunities Fund, China Opportunities Fund, International Opportunities Fund and Emerging Markets Fund) Portfolio securities to the Funds’ investment advisor, Oberweis Asset Management, Inc. (“OAM”). A description of the policies and procedures that OAM uses in fulfilling this responsibility is available, without charge upon request, by calling 1-800-323-6166. It also appears on www.oberweisfunds.com and in the Funds’ Statement of Additional Information, which can be found on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov. Information on how the Funds voted proxies relating to portfolio securities during the most recent 12 month period ended December 31 is available (1) without charge, upon request, by calling 1-800-323-6166, and (2) on the SEC’s website at http://www.sec.gov.

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THE OBERWEIS FUNDS

Supplemental Information (unaudited)

Availability of Schedules of Portfolio Investments:

The Funds file their complete schedule of portfolio investments with the SEC for the first and third quarter of each fiscal year (March 31 and September 30) on Form NPORT. The Funds’ Forms NPORT are available, without charge, on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Approval of Investment Advisory Agreements and Investment Sub-Advisory Agreement:

The Investment Advisory Agreement between The Oberweis Funds (the “Trust”) and Oberweis Asset Management, Inc. (“OAM”) with respect to the Micro-Cap Fund, the Global Opportunities Fund and the Small-Cap Opportunities Fund and the Investment Advisory and Management Agreements between the Trust and OAM with respect to the Small-Cap Value Fund, the International Opportunities Fund, the China Opportunities Fund and the Emerging Markets Fund (collectively, the “Advisory Agreements”) (the above-noted funds of the Trust are collectively referred to as the “Funds”), and the Investment Sub-Advisory Agreement between OAM and Oberweis Asset Management (Hong Kong) Limited (“OAMHK”), a wholly owned subsidiary of OAM, with respect to the China Opportunities Fund (the “Sub-Advisory Agreement” and together with the Advisory Agreements, the “Agreements”) were last approved by the Board of Trustees of the Trust (the “Board”), including all of the trustees who are not parties to the Agreements or interested persons of any such party (the “independent trustees”), at an in-person meeting on August 22, 2019. The Board, including a majority of the independent trustees, determined that the continuation of the applicable Agreements was in the best interests of each of the Funds.

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

Nature, Quality and Extent of Services. With respect to the nature, quality and extent of the services provided (i) to the Funds by OAM pursuant to the Advisory Agreements, and (ii) to the China Opportunities Fund by OAMHK pursuant to the Sub-Advisory Agreement, the Board considered the background and experience of OAM and OAMHK, the functions performed by OAM and OAMHK and the personnel providing such services, the management capabilities of OAM and OAMHK, the information contained in OAM’s and OAMHK’s Forms ADV, OAM’s financial condition and the compliance reports provided to the Board, and the culture of compliance created by OAM and OAMHK, including the competency of the Trust’s chief compliance officer. The Board also considered the experience, academic background, long tenure, structure and size of the portfolio management/strategy investment teams and their respective roles, the investment process with respect to the types of investments held by the Funds, as well as the honesty and integrity of OAM and OAMHK, and that, in the Board’s experience, OAM and OAMHK personnel are open and forthright with the Board. In addition, the Board considered that OAM and OAMHK are research-oriented firms that conduct extensive research in connection with managing the Funds.

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THE OBERWEIS FUNDS

Supplemental Information (unaudited)

The Board reviewed the investment performance of each Fund as compared to a peer universe of funds provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider (the “Performance Universe”), and as compared to the performance of a relevant market benchmark index. With respect to Fund performance, the Board considered each Fund’s performance over the one-, three-, five- and ten-year periods ended June 30, 2019, as applicable, including any periods of outperformance or underperformance as compared to the performance of the relevant market benchmark index and the Fund’s Performance Universe. In light of the information provided and the considerations made, the Board concluded that the nature, quality and extent of the services provided to each Fund by OAM and to the China Opportunities Fund by OAMHK have been and are expected to remain satisfactory.

Fees and Expenses. The Board considered the combined investment advisory and management fees charged to each Fund by OAM (the “management fees”) as compared to the management fees of a peer group of funds provided by Broadridge (the “Expense Group”) and the expense ratio(s) of each Fund as compared to the expense ratios of the Expense Group. The Board considered information provided by Broadridge on how it selected the peer funds included in the Expense Group for each Fund and considered certain limitations as to the comparability of the data provided. Based on the information provided, the Board noted that the management fees charged to each Fund, except the Micro-Cap Fund and the International Opportunities Fund, were below or equal to the median management fee of its Expense Group. The Board also noted that, although the management fees charged to the Micro-Cap Fund and the International Opportunities Fund were above the median management fee of the applicable Expense Group, such fees were within a reasonable range of the applicable median. With respect to the investment sub-advisory fees paid to OAMHK relating to the China Opportunities Fund, the Board noted that such fees are paid by OAM and not the China Opportunities Fund.

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

Profitability. With respect to the costs of services provided and profits realized by OAM, the Board considered the management fees received by OAM from each of the Funds as well as the level, quality and expense of OAM’s staff and the services that OAM provides. The Board also considered the explanation from OAM that the profits realized by OAM specifically from the relationship with the Funds could not be identified due to the impracticality of expense allocation, noting the difficulty of breaking down profitability related to each Fund versus the other Oberweis Funds and other client accounts because management and personnel time and services are not allocated between the various types of accounts. The Board noted OAM’s belief that, while the profits could not be itemized, the overall profitability of OAM was average and within a reasonable range relative to other

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THE OBERWEIS FUNDS

Supplemental Information (unaudited)

investment advisory firms, and considered that OAM has contractually agreed to reimburse the Funds for expenses if their respective expense ratios exceed certain limits. Based on this information, the Board concluded for each Fund that OAM’s profitability was not unreasonable.

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

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

After due consideration of all of the information and factors deemed relevant by the Board and based upon its own business judgment and the conclusions reached, the Board determined to approve the continuance of the Agreements. The Board, including the independent trustees, did not identify any single factor or group of factors as all-important or controlling, and considered all factors together.

Expense Examples:

As a shareholder of The Oberweis Funds, you may incur two types of costs: (1) transaction costs, including redemption fees and (2) ongoing costs, including management fees; distribution (and/or service) 12b-1 fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in The Oberweis Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 investment at the beginning of the period and held for the entire period.

Actual Expenses:

The first line for each Fund in the table below provides information about actual account values and actual expenses. You may use the information below; together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:

The second line for each Fund in the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

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THE OBERWEIS FUNDS

Supplemental Information (unaudited)

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line for each Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

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THE OBERWEIS FUNDS

Supplemental Information (unaudited)

	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 – 12/31/19			Expense Ratio During Period 7/1/19 – 12/31/19
MICRO-CAP FUND
Investor Class
Actual		$	1,000.00		$	985.05		$	7.91		1.58%
Hypothetical		$	1,000.00		$	1,017.24		$	8.03		1.58%
Institutional Class
Actual		$	1,000.00		$	986.01		$	6.61		1.32%
Hypothetical		$	1,000.00		$	1,018.55		$	6.72		1.32%
SMALL-CAP OPPORTUNITIES FUND
Investor Class
Actual		$	1,000.00		$	1,037.61		$	7.96		1.55%
Hypothetical		$	1,000.00		$	1,017.39		$	7.88		1.55%
Institutional Class
Actual		$	1,000.00		$	1,038.71		$	6.68		1.30%
Hypothetical		$	1,000.00		$	1,018.65		$	6.61		1.30%
SMALL-CAP VALUE FUND
Investor Class
Actual		$	1,000.00		$	1,064.78		$	8.07		1.55%
Hypothetical		$	1,000.00		$	1,017.39		$	7.88		1.55%
Institutional Class
Actual		$	1,000.00		$	1,065.87		$	6.77		1.30%
Hypothetical		$	1,000.00		$	1,018.70		$	6.62		1.30%
GLOBAL OPPORTUNITIES FUND
Investor Class
Actual		$	1,000.00		$	1,047.26		$	8.00		1.55%
Hypothetical		$	1,000.00		$	1,017.64		$	7.88		1.55%
Institutional Class
Actual		$	1,000.00		$	1,048.68		$	6.71		1.30%
Hypothetical		$	1,000.00		$	1,018.90		$	6.62		1.30%

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THE OBERWEIS FUNDS

Supplemental Information (unaudited)

	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 – 12/31/19			Expense Ratio During Period 7/1/19 – 12/31/19
CHINA OPPORTUNITIES FUND
Investor Class
Actual		$	1,000.00		$	1,122.05		$	9.84		1.84%
Hypothetical		$	1,000.00		$	1,015.83		$	9.35		1.84%
Institutional Class
Actual		$	1,000.00		$	1,123.38		$	8.51		1.59%
Hypothetical		$	1,000.00		$	1,017.09		$	8.08		1.59%
INTERNATIONAL OPPORTUNITIES FUND
Investor Class
Actual		$	1,000.00		$	1,030.32		$	8.19		1.60%
Hypothetical		$	1,000.00		$	1,017.14		$	8.13		1.60%
EMERGING MARKETS FUND
Investor Class
Actual		$	1,000.00		$	1,066.15		$	9.11		1.75%
Hypothetical		$	1,000.00		$	1,016.38		$	8.89		1.75%
Institutional Class
Actual		$	1,000.00		$	1,067.03		$	7.82		1.50%
Hypothetical		$	1,000.00		$	1,017.64		$	7.63		1.50%

* Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.

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Trustees and Officers

James D. Oberweis
Trustee

Gary D. McDaniel
Trustee

James W. Oberweis
President

David I. Covas
Vice President

Kenneth S. Farsalas
Vice President

Katherine Smith Dedrick
Trustee

James G. Schmidt
Trustee

Patrick B. Joyce
Executive Vice President
Chief Compliance Officer
Treasurer

Eric V. Hannemann

Secretary

Manager and Investment Advisor

Oberweis Asset Management, Inc.
3333 Warrenville Road, Suite 500, Lisle, IL 60532
800-323-6166
oberweisfunds.com

Distributor

Oberweis Securities, Inc.
3333 Warrenville Road, Suite 500, Lisle, IL 60532
630-577-2300
oberweisfunds.com

Custodian

UMB Bank, n.a.
928 Grand Blvd., Kansas City, MO 64106

Transfer Agent

UMB Fund Services, Inc.
P.O. Box 711, Milwaukee, WI 53201-0711
800-245-7311

Counsel

Vedder Price P.C.
222 North LaSalle Street, Chicago, IL 60601

Independent Registered Public Accounting Firm

BBD LLP
1835 Market Street, Philadelphia, PA 19103

The Oberweis Funds

Micro-Cap Fund
Small-Cap Opportunities Fund
Small-Cap Value Fund
Global Opportunities Fund
China Opportunities Fund
International Opportunities Fund
Emerging Markets Fund

800-245-7311

oberweisfunds.com

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3333 Warrenville Road
Suite 500
Lisle, IL 60532

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ANNUAL REPORT

Oberweis International Opportunities Institutional Fund (OBIIX)

December 31, 2019

oberweisfunds.com

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Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on www.oberweisfunds.com and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically by contacting us at 1-800-245-7311.

You may elect to receive all future reports in paper free of charge. You can inform the Fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by contacting us at 1-800-245-7311. Your election to receive reports in paper will apply to all funds held with the fund complex.

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PRESIDENT AND PORTFOLIO MANAGER’S LETTER (unaudited)

Dear Shareholder:

Thank you for your investment in the Oberweis International Opportunities Institutional Fund (OBIIX). This Fund is managed by a team led by Ralf Scherschmidt and seeks to invest in small and mid-cap companies primarily outside of the United States which are experiencing positive fundamental changes not yet fully reflected in market prices.

The Year in Review

What a difference a year can make! In last year’s letter, following a significant decline in 4Q2018 for international small-cap growth stocks, we noted that valuations for our asset class were among the cheapest of the past decade. As it turns out, fear and great buying opportunities are often neighbors. 2019 delivered an excellent year for international small-cap growth equities. The MSCI World Ex USA Small-Cap Growth Index returned 28.04%.

Much of 2019’s gain stems from macro worries that turned out to be not as bad as expected. Top among them were trade wars, slowing economic growth and rising interest rates. On January 15th, 2020, the U.S. and China signed the much-anticipated “Phase One” trade treaty. To be sure, US-China trade negotiations have a long way to go, but this step marks a sharp directional change from the escalatory feuds that preceded it. On economic growth, recession prognosticators were either wrong or early. US growth has remained on track while tepid growth outside the U.S. has nonetheless exceeded expectations. In terms of monetary policy trends, the US Federal Reserve reversed course in 2019, cutting interest rates three times in 2019. The US yield curve has steepened since the inversion fears of early 2019. Instead of rising, interest rates declined in 2019, with the yield on the 10-year US Treasury bond falling 77 basis points in 2019 to 1.92%. And as these developments unfolded, investors turned bullish on equities, with equities in most geographies and asset classes posting exceptional gains. Globally, growth stocks beat value stocks, but large-caps beat small-caps.

The International Opportunities Institutional Fund returned 23.50% in 2019. In 2018 and 2019, our investment style faced significant headwinds, which we believe to be attributable to current investor preferences. In this period, investors preferred highly predictable near-term earnings over favorable long-term earnings opportunities. For example, in Japan, which was our highest detracting country to performance, Japanese companies within our universe, which performed the best, were companies with the highest Return on Equity (ROE) levels. Companies within that same universe, which experienced positive earnings revisions (i.e. the types of companies we will own within this fund), posted a negative return for the year. As a reminder, we seek to own companies that are attractively valued because their future earnings power is substantially underestimated and not companies which are well loved because of their known, strong margins, efficiency and returns. Over the long term, there is a tradeoff between near-term earnings visibility and long term earnings potential, but we believe the past two years have rendered the price for favorable long-term earnings growth much less than normal (at least in relation to companies with more certain near-term earnings). Similar to other periods of underperformance in the past, we believe that 2018 – 2019 is likely to set the stage for a mean reversion to a more normal balance. In our opinion, this shift in investor preference stems, in part, from uneasiness of ‘peak cycle’ earnings. That is, investors fear that present margins cannot be sustained, given the extended nature of the margin improvement and earnings recovery since the 2008/2009 global financial crisis. As a result, investors fearful of the ‘peak cycle’ in earnings have piled

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PRESIDENT AND PORTFOLIO MANAGER’S LETTER (unaudited) (continued)

into companies with relatively known near-term earnings, even if companies with potentially higher-than-expected earnings in out-years offer more potential upside. The longer and stronger such preferences persist, the cheaper the longer-term but “less certain” growth opportunities become.

While we expect margins to fluctuate with the economic cycle, we also do not believe there is a structural change that would derail longer-term productivity increases and efficiency improvements. In the recent past, margins rose from the cost restructuring associated with the financial crisis, the robotization of the factory floor, and the benefits of outsourcing due to globalization. Today, many people are starting to become attuned to the productivity benefits of the cloud. Beyond that, we are confident that many other new technologies will drive growth and productivity in the coming decade and the remainder of the century. Similar to other out-of-favor moments in the past, we believe that seeking out companies with significant underestimated earnings is especially productive when they are unpopular with others. In our experience, out-of-favor periods for our style have very often been precursors for future periods of significant alpha, though obviously no one can predict the future.

Outlook

Our strategy focuses exclusively on companies with the potential to earn significantly more than what the market expects over the coming years. While such a philosophy has been slightly out of favor in the recent past, we attribute the move to natural ebbs and flows rather than anything structural. In fact, in our opinion, the low investor sentiment explains the shortening of the duration of equities, which leads investor to overvalue current year earnings and undervalue life-time earnings of a company.

We are constructive on the long-term outlook of international equities, as they continue to be very attractive on both an earnings valuation as well as a free cash flow yield basis. Furthermore, investor sentiment still appears to us to be low, which we believe to leave room for upside surprise.

Despite strong gains in absolute terms, the team is excited about our current portfolio and, while no one can predict the future, believes the balance of opportunities to be above-average for the present portfolio:

During the fourth quarter the team found an above average number of new names which historically has acted as a precursor for future performance. It was quite simply one of the best earnings seasons for finding new ideas in some time. New ideas were diversified from both a country and sector perspective and that reflects the broad low investor expectations

Developed World ex-USA small cap valuations continue to be trading below their 30 year long term average

Developed World ex-USA equity flows were negative in 2019 (the herd was on average exiting international equities)

As measured by Empirical Research Partners, investor sentiment remains decidedly low. This is an excellent starting point for us as it relates to the recent headwinds stemming from the shortening of the duration of equities:

•

As long as investor sentiment simply stays where it is, the headwind is removed

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PRESIDENT AND PORTFOLIO MANAGER’S LETTER (unaudited) (continued)

•

If investor sentiment bounces from these low levels, and equity durations return to more normal levels, we would see a meaningful tailwind for our style

In regards to 2020, we will be watching how the recent tension in the Middle East manifests itself in the energy markets. We will watch if recent inflation data in places like Germany, which showed acceleration, is transitory or if inflation is finally creeping back into the equation. Of course, we will be watching the developments of the trade war and tariffs situation. As a reminder, we remain underweight so called bond proxies which have seen dramatic increase in valuations over the past five years as investors have searched for alternatives to ultra-low bond yields.

Sincerely,


	James W. Oberweis, CFA President			Ralf Scherschmidt Portfolio Manager

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MANAGEMENT DISCUSSION ON FUND PERFORMANCE (unaudited)

Market Environment

Global equities returned 27.67% in 2019, as measured by the MSCI World Index. Global small-caps, as measured by the MSCI World Small-Cap Index, returned 26.19%. U.S. small-caps outperformed International small-caps, as evidenced by the 25.41% return on the MSCI World ex-USA Small-Cap Index vs. 28.43% for the Russell 2000 index. Non-US small cap growth companies outperformed Non-US small-cap value companies by 522bps. The MSCI World ex-USA Small-Cap Growth Index return 28.04% versus 22.82% for the MSCI World ex-USA Small-Cap Value Index.

Discussion of The International Opportunities institutional Fund

The International Opportunities Institutional Fund returned 23.50% versus 28.04% for the MSCI World ex-USA Small Cap Growth Index. The portfolio was negatively impacted from adverse stock selection in Japan, the U.K., Germany, and the Netherlands offset by positive stock selection in Australia, Sweden, Canada and China. On a sector level, the portfolio benefitted from positive stock selection in Consumer Discretionary, Consumer Staples and Industrials, while being negatively impacted by negative stock selection in Health Care, Financials and Materials. At the stock level, Afterpay Ltd. (APT AU), Evolution Gaming Group AB (EVO SS), and Intermediate Capital Group Plc. (ICP LN) were among the top contributors to performance; Burford Capital Ltd (7172 JP), GW Pharmaceuticals Plc. (GWPH US), and Nearmap Ltd. (NEA AU) were among the top detractors.

At year-end, the fund was invested in 83 stocks in 17 countries. Our top five country weightings (portfolio weighting versus the MSCI World ex-US Small Cap Growth Index) at the end of the quarter were Japan (23.1% vs. 27.5%), the United Kingdom (22.6% vs. 15.7%), Canada (16.4% vs. 8.5%), Australia (11.5% vs. 6.6%), and Sweden (5.3% vs. 7.3%). On a sector basis, the fund is overweight financials (13.7% vs. 4.9%) and underweight health care (1.9% vs. 10.3%). OBIIX Holdings

For current performance information, please visit www.oberweisfunds.com.

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MANAGEMENT DISCUSSION ON FUND PERFORMANCE

(unaudited) (continued)

Oberweis International Opportunities
Institutional Fund

At December 31, 2019

	Asset Allocation (% of Net Assets)
	Equities					99.6
	Other Assets less Liabilities					0.4

	Top Ten Holdings (% of Net Assets)
	Sushiro Global Hldgs. Ltd.					4.6
	Intermediate Capital Group PLC					3.6
	Evolution Gaming Group AB					3.6
	Future PLC					3.5
	Afterpay Touch Group Ltd.					3.4
	Kobe Bussan Co. Ltd.					3.1
	Evolution Mining Ltd.					3.0
	Air Canada					2.5
	JD Sports Fashion PLC					2.4
	VAT Group AG					2.2

	Top Ten Industries (% of Net Assets)
	Capital Markets					8.6
	Hotels, Restaurants & Leisure					8.2
	Information Technology Services					7.6
	Machinery					6.8
	Media					5.1
	Food & Staples Retailing					4.7
	Software					4.7
	Semiconductor & Semiconductor Equipment					4.5
	Metals & Mining					4.2
	Professional Services					3.5

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MANAGEMENT DISCUSSION ON FUND PERFORMANCE

(unaudited) (continued)

Average Annual Total Returns1 (for the Periods Ended December 31, 2019)

	1 YR (%)		5 YR (%)		SINCE INCEPTION2 (%)		EXPENSE RATIO3 (%)
OBIIX		23.50		7.70		4.66		1.08
MSCI World Ex-US Small Cap Growth Index		28.04		9.40		6.46

Growth of a $10,000 Investment (from March 10, 2014 to December 31, 2019)

[MISSING IMAGE: tv536903_chrtline-obiix.jpg]

2 Since Inception returns are from commencement of operations on 03/10/14 for the Fund.

3 Expense ratio is the total annual net fund operating expense ratio as of 12/31/19. The expense ratio gross of any fee waivers, earnings credit or expense reimbursement was 1.12%.

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OBERWEIS INTERNATIONAL OPPORTUNITIES INSTITUTIONAL FUND

Schedule of Investmentsa December 31, 2019

	SHARES		VALUE
Equities – 99.6%
Australia – 11.5%
Afterpay Touch Group Ltd.*		1,606,215		$	33,003,491
Altium Ltd.		397,020			9,673,357
Austal Ltd.		3,208,138			8,600,061
Avita Medical Ltd.*		13,141,079			5,948,067
EML Payments Ltd.*		296,361			944,196
Evolution Mining Ltd.		10,705,086			28,546,896
James Hardie Industries PLC		535,000			10,463,474
Nearmap Ltd.*		7,919,449			14,116,071
					111,295,613
Belgium – 1.7%
Barco NV		67,080			16,478,430
Canada – 16.4%
Air Canada*		642,600			24,004,717
Altus Group Ltd.		322,700			9,432,999
ATS Automation Tooling Systems, Inc.*		975,000			16,089,828
BRP, Inc.		228,035			10,388,534
Cogeco Communications, Inc.		179,500			15,647,158
Element Fleet Management Corp.		2,231,600			19,057,788
Equitable Group, Inc.		91,200			7,679,593
Genworth MI Canada, Inc.		301,600			13,196,452
Gibson Energy, Inc.		365,300			7,479,845
Home Capital Group, Inc.*		390,200			9,903,736
Parex Resources, Inc.*		388,200			7,219,336
Parkland Fuel Corp.		261,400			9,603,722
Real Matters, Inc.*		518,600			4,920,031
Trulieve Cannabis Corp.*		341,600			4,043,117
					158,666,856
China – 1.3%
Yihai International Hldg. Ltd.		2,165,000			12,697,214
Denmark – 0.1%
Royal Unibrew A/S*		10,800			989,259
Finland – 1.9%
Valmet Oyj*		769,200			18,445,442

See accompanying notes to the financial statements.

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OBERWEIS INTERNATIONAL OPPORTUNITIES INSTITUTIONAL FUND

Schedule of Investmentsa December 31, 2019 (continued)

	SHARES		VALUE
France – 4.3%
Euronext NV*		11,800		$	961,604
Rexel SA		538,500			7,154,832
Rubis SCA*		54,743			3,361,951
SOITEC SA*		164,474			17,286,835
SPIE SA		492,700			10,036,379
Trigano SA*		22,800			2,406,596
					41,208,197
Germany – 3.9%
Aurelius Equity Opportunities SE		289,000			12,636,448
CTS Eventim AG*		154,100			9,668,785
KION Group AG*		145,500			10,005,700
Varta AG*		40,900			5,544,714
					37,855,647
Hong Kong – 0.6%
Nissin Foods Co. Ltd.*		6,893,000			5,475,620
Israel – 1.1%
AudioCodes Ltd.*		400,787			10,296,218
Italy – 1.1%
DiaSorin SpA*		31,729			4,109,178
El.En. SpA*		30,100			1,115,540
Leonardo SpA		463,185			5,431,968
					10,656,686
Japan – 23.1%
Ariake Japan Co. Ltd.		26,900			1,999,484
BayCurrent Consulting, Inc.		253,000			12,916,680
Disco Corp.*		81,400			19,114,763
Fancl Corp.		275,800			7,342,987
Kobe Bussan Co. Ltd.		857,500			29,501,618
Kusuri no Aoki Hldgs. Co. Ltd.		178,600			11,183,023
Lasertec Corp.		53,600			2,718,325
M&A Capital Partners Co. Ltd.*		498,300			20,175,462
Net One Systems Co. Ltd.		502,300			12,824,804
Nihon Unisys Ltd.		501,900			15,744,101
Open House Co. Ltd.*		546,800			15,634,440
Rakus Co. Ltd.*		800,000			14,665,868
SCSK Corp.*		207,800			10,775,337
Sushiro Global Hldgs. Ltd.		511,700			44,066,685
Tsuruha Hldgs., Inc.*		37,900			4,866,285
					223,529,862

See accompanying notes to the financial statements.

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OBERWEIS INTERNATIONAL OPPORTUNITIES INSTITUTIONAL FUND

Schedule of Investmentsa December 31, 2019 (continued)

	SHARES		VALUE
Netherlands – 2.4%
ASM International NV		37,773		$	4,243,372
Constellium SE*		879,325			11,782,955
SBM Offshore NV		395,265			7,355,520
					23,381,847
Singapore – 0.1%
Singapore Exchange Ltd.		218,500			1,439,013
Sweden – 5.3%
Evolution Gaming Group AB		1,156,047			34,888,270
Sinch AB*		79,417			2,429,212
Sweco AB*		135,864			5,237,902
Tele2 AB		581,535			8,440,379
					50,995,763
Switzerland – 2.2%
VAT Group AG*		124,300			20,970,250
United Kingdom – 22.6%
ASOS PLC*		17,189			768,029
Blue Prism Group PLC*		301,500			4,525,096
boohoo Group PLC*		1,148,700			4,533,021
Burford Capital Ltd.		1,343,667			12,673,081
Capita PLC*		8,559,521			18,606,668
ConvaTec Group PLC		3,555,526			9,346,856
Dunelm Group PLC*		511,800			7,837,340
Fevertree Drinks PLC		93,200			2,584,019
Future PLC		1,749,766			33,609,229
Games Workshop Group PLC		220,512			17,833,167
Hays PLC*		1,016,100			2,444,347
HomeServe PLC		209,600			3,509,530
Howden Joinery Group PLC		637,000			5,675,536
Intermediate Capital Group PLC		1,639,557			34,967,370
JD Sports Fashion PLC		2,134,600			23,678,819
Nomad Foods Ltd.*		349,986			7,829,188
Serco Group PLC*		6,315,800			13,545,213
Spirent Communications PLC		4,431,100			14,762,508
					218,729,017
Total Equities
(Cost: $797,847,722)				$	963,110,934
Total Investments – 99.6%
(Cost: $797,847,722)				$	963,110,934
Other Assets Less Liabilities – 0.4%					4,007,650
Net Assets – 100%				$	967,118,584

aCertain Securities Were Fair Valued Under The Discretion Of The Board Of Trustees, (See Note 2)

* Non-income producing security during the year ended December 31, 2019

See accompanying notes to the financial statements.

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OBERWEIS INTERNATIONAL OPPORTUNITIES INSTITUTIONAL FUND

Schedule of Investmentsa December 31, 2019 (continued)

Sector Allocations (As A Percentage Of Net Assets) (unaudited)

	Communication Services					7.0%
	Consumer Discretionary					15.6%
	Consumer Staples					8.7%
	Energy					3.3%
	Financials					13.7%
	Health Care					1.9%
	Industrials					19.5%
	Information Technology					21.0%
	Materials					5.3%
	Real Estate					2.6%
	Utilities					1.0%

See accompanying notes to the financial statements.

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OBERWEIS INTERNATIONAL OPPORTUNITIES INSTITUTIONAL FUND

Statement of Assets and Liabilities December 31, 2019

Assets:
Investment securities at value(a)	$	963,110,934
Cash		30,963
Foreign currency(b)		119,525
Receivable from securities sold		3,051,157
Receivable from Fund shares sold		178,757
Dividends and interest receivable		1,970,600
Prepaid expenses		85,140
Total Assets		968,547,076
Liabilities:
Payable for Fund shares redeemed		210,332
Payable for securities purchased		265,782
Payable to Advisor (see note 3)		855,517
Accrued expenses		96,861
Total Liabilities		1,428,492
Net Assets	$	967,118,584
Shares Outstanding:
(shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with no par value)		92,933,989
Net asset value, offering price and redemption price	$	10.41
Analysis of net assets:
Capital	$	942,524,451
Accumulated investment gain		24,594,133
Net Assets	$	967,118,584
(a) Investment securities at cost	$	797,847,722
(b) Foreign currency at cost	$	118,148

See accompanying notes to the financial statements.

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OBERWEIS INTERNATIONAL OPPORTUNITIES INSTITUTIONAL FUND

Statement of Operations Year Ended December 31, 2019

Investment Income:
Dividends(a)	$	12,352,563
Interest		678,838
Total Investment Income		13,031,401
Expenses:
Investment advisory fees (see note 3)		8,958,340
Transfer agent fees and expenses		83,617
Custodian fees and expenses		362,196
Accounting service fees		280,441
Other		333,169
Total expenses before reimbursed expenses		10,017,763
Earnings credit (see note 6)		(332,460)
Total Expenses		9,685,303
Net Investment Income		3,346,098
Net Realized and Unrealized Gains (Losses) from Investments:
Net realized losses on investment transactions		(88,852,778)
Net realized losses on foreign currency transactions		(14,909)
Net realized losses on investment and foreign currency transactions		(88,867,687)
Change in net unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		264,263,933
Net realized /unrealized gains on investments and foreign currencies		175,396,246
Net increase in net assets resulting from operations	$	178,742,344

(a) Dividends are net of foreign withholding tax of $1,432,297

See accompanying notes to the financial statements.

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OBERWEIS INTERNATIONAL OPPORTUNITIES INSTITUTIONAL FUND

Statements of Changes in Net Assets

	Year Ended December 31, 2019			Year Ended December 31, 2018
From Operations:
Net investment income		$	3,346,098		$	3,570,962
Net realized gains (losses) on investments and foreign currency transactions			(88,867,687)			35,675,599
Change in net unrealized appreciation/depreciation on investments and foreign currencies			264,263,933			(291,580,762)
Net increase (decrease) in net assets resulting from operations			178,742,344			(252,334,201)
From Distributions:
Distributions to shareholders			(12,584,780)			(92,069,574)
Net decrease in net assets from distributions			(12,584,780)			(92,069,574)
From Capital Share Transactions:
Proceeds from sale of shares			153,882,218			152,538,019
Proceeds from reinvestment of distributions			11,061,099			86,901,523
Redemption of shares (see note 5)			(117,120,174)			(183,014,889)
Net increase from capital share transactions			47,823,143			56,424,653
Total increase (decrease) in net assets			213,980,707			(287,979,122)
Net Assets:
Beginning of year			753,137,877			1,041,116,999
End of year		$	967,118,584		$	753,137,877
Transactions in Shares:
Shares sold			15,512,876			12,650,333
Shares issued in reinvestment of distributions			1,061,357			10,284,204
Less shares redeemed			(11,788,870)			(16,298,575)
Net increase from capital share transactions			4,785,363			6,635,962

See accompanying notes to the financial statements.

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OBERWEIS INTERNATIONAL OPPORTUNITIES INSTITUTIONAL FUND

Notes to Financial Statements December 31, 2019

1. Description of Organization

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the Fund. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Fund is an investment company and follows 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 are valued at the closing bid price determined on the basis of reasonable inquiry. Options are valued at the last reported bid price on the primary exchange as of the close of the regular trading session of the Chicago Board Options Exchange (“CBOE”). 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 Fund holds 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 Fund, the Fund 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 Fund’s 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

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OBERWEIS INTERNATIONAL OPPORTUNITIES INSTITUTIONAL FUND

Notes to Financial Statements December 31, 2019 (continued)

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 Fund utilizes the “Fair Value Measurements and Disclosures” to define fair value, set out a framework for measuring fair value, and expand disclosures regarding fair value measurements. The Fair Value Measurement Standard applies to fair value measurements already required or permitted by existing standards.

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

•

Level 1 – Quoted prices in active markets for identical securities.

•

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

•

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

	Level 1			Level 2			Level 3
Investment Securities
Equities
Total Asia		$	28,469,052		$	224,968,875		$	—	��
Total Australia			111,295,613			—			—
Total Europe			299,797,491			139,913,047			—
Total North America			158,666,856			—			—
Total Investments		$	598,229,012		$	364,881,922		$	—

The Fund’s assets may 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 Fund 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 Fund does 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.

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OBERWEIS INTERNATIONAL OPPORTUNITIES INSTITUTIONAL FUND

Notes to Financial Statements December 31, 2019 (continued)

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 investments and other assets, less liabilities, by the number of 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. Gains and losses on premiums from expired options are recognized on the date of expiration.

Federal income taxes and dividends to shareholders. It is the policy of the Fund 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 Fund has met the requirements of the Code applicable to regulated investment companies for the year ended December 31, 2019. Therefore, no federal income tax provision is required. Income and capital gains of the Fund 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 Fund, are primarily attributable to certain differences in computation of distributable income and capital gains under federal tax rules versus GAAP.

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

For the year ended December 31, 2019, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, and passive foreign investment company (“PFIC”) adjustments were identified and reclassified among the components of the Fund’s net assets.

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OBERWEIS INTERNATIONAL OPPORTUNITIES INSTITUTIONAL FUND

Notes to Financial Statements December 31, 2019 (continued)

Increases/(Decrease)

Capital

Accumulated
Earnings

International Opportunities Institutional Fund

—

The tax character of distributions paid during the fiscal year ended December 31, 2019 was as follows:

				Distributions Paid from Ordinary Income						Distributions Paid from Net Long-Term Capital Gains						Total Distributions Paid
	International Opportunities Institutional Fund				$	12,584,780					$	—					$	12,584,780

The tax character of distributions paid during the fiscal year ended December 31, 2018 was as follows:

				Distributions Paid from Ordinary Income						Distributions Paid from Net Long-Term Capital Gains						Total Distributions Paid
	International Opportunities Institutional Fund				$	15,887,741					$	76,180,423					$	92,068,164

As of December 31, 2019, the Fund had the following net capital loss carryforward to offset future net capital gains, if any, to the extent provided by treasury regulations.

	Not Subject to Expiration (Post-Enactment)
	Short-Term			Long-Term
International Opportunities Institutional Fund		$	123,633,296		$	—

Capital loss carryforwards are subject to certain limitations to offset future gains, if any, due to the ownership change limitations set forth in Internal Revenue Code Section 382. All losses may not be available in any particular year.

As of December 31, 2019 the components of accumulated earnings on a tax basis were as follows:

				Undistributed ordinary income						Undistributed long-term capital gains						Accumulated capital and other losses						Unrealized Appreciation on investments						Unrealized Depreciation foreign currency translations
	International Opportunities Institutional Fund				$	3,566,427					$	—					$	(123,633,296)					$	144,652,951					$	8,050

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

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OBERWEIS INTERNATIONAL OPPORTUNITIES INSTITUTIONAL FUND

Notes to Financial Statements December 31, 2019 (continued)

As of December 31, 2019 the cost of investments for federal income tax purpose are as follows:

				Cost of Investments for Federal Tax Purposes						Gross Unrealized Appreciation						Gross Unrealized (Depreciation)						Unrealized Appreciation
	International Opportunities Institutional Fund				$	818,457,983					$	165,051,098					$	(20,398,147)						144,652,951

The Fund has reviewed all open tax years and major jurisdictions and concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for exam by taxing authorities and, as of December 31, 2019, open Federal tax years include the tax years ended 2016 through 2019. The Fund has no examinations in progress and is 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.

Indemnifications. Under the Trusts’ 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 Trusts’ 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 Fund has written agreements with Oberweis Asset Management, Inc. (“OAM”) as the Fund’s investment adviser and manager. Oberweis Securities, Inc. (“OSI”), the Fund’s principal distributor, is an affiliate of OAM.

Investment advisory agreement. Under the Advisory Agreement, OAM provides investment advisory and management services to the Fund. The Fund paid monthly investment advisory and management fees at an annual rate equal to 1.00% of average daily net assets. For the year ended December 31, 2019, the Fund incurred investment advisory and management fees totaling $8,958,340.

Expense reimbursement. OAM is contractually obligated to reduce its investment and management fees or reimburse the International Opportunities Institutional Fund to the extent that total ordinary operating expenses, as defined, exceed in any one year 1.10% expressed as a percentage of the Funds’ average daily net assets. For the year ended December 31, 2019 OAM reimbursed the Fund in the amount of $0.

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OBERWEIS INTERNATIONAL OPPORTUNITIES INSTITUTIONAL FUND

Notes to Financial Statements December 31, 2019 (continued)

Affiliated Commissions. For the year ended December 31, 2019, the Fund did not execute any security transactions through OSI and therefore did not pay commissions to OSI.

4. Investment transactions

The Fund may write covered call options. The premiums received provide a partial hedge (protection) against declining prices and enables the Fund to generate a higher return during years when OAM does not expect the underlying security to make any major price moves in the near future but still deems the underlying security to be, over the long term, an attractive investment for the Fund. The Fund may 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 Fund did not write covered call options during the year ended December 31, 2019.

5. Redemption fee

The Fund is designed for long-term investors. To discourage market timers, redemptions of shares within 90 days of purchase are subject to a 2% redemption fee of the total redemption amount. The redemption fee is deducted from the redemption proceeds and is retained by the Fund.

The redemption fee is retained by the Fund for the expense they incur in connection with shareholder redemptions. Redemption fees received by the Fund were $0 and $62,433 for the year ended December 31, 2019 and 2018, respectively, 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

7. Subsequent events

The Fund has evaluated subsequent events through the issuance of the financial statements and determined that no events have occurred that require disclosure.

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OBERWEIS INTERNATIONAL OPPORTUNITIES INSTITUTIONAL FUND

Financial Highlights

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

	Years Ended December 31,
	2019			2018			2017			2016			2015
Net asset value at beginning of year		$	8.54		$	12.77		$	9.72		$	10.32		$	8.97
Income (loss) from investment operations:
Net investment incomea			.04			.04			.03			.05			.06
Net realized and unrealized gains (losses) on investments and foreign currency transactions			1.97			(3.11)			3.95			(.61)			1.35
Total from investment operations			2.01			(3.07)			3.98			(.56)			1.41
Redemption feesa			—			—c			—c			—c			—c
Less dividends and distributions:
Dividends from net realized gains on investments and foreign currency transactions			—			(1.15)			(.85)			—			—
Dividends from net investment income			(.14)			(.01)			(.08)			(.04)			(.06)
Total dividends and distributions			(.14)			(1.16)			(.93)			(.04)			(.06)
Net asset value at end of year		$	10.41		$	8.54		$	12.77		$	9.72		$	10.32
Total Return (%)			23.50			(23.91)			40.99			(5.43)			15.68
Ratio/Supplemental Data
Net Assets at end of year (in thousands)		$	967,119		$	753,138		$	1,041,117		$	657,477		$	361,402
Ratio of gross expenses to average net assets (%)			1.12			1.11			1.15			1.18			1.28
Ratio of net expenses to average net assets (%)b			1.08			1.08			1.10			1.10			1.10
Ratio of net investment income to average net assets (%)			.37			.35			.29			.47			.59
Portfolio turnover rate (%)			153			145			168			123d			211

Notes:

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

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

c Less than $0.005 per share

d Excludes the value of portfolio securities received as a result of in-kind purchases of the Fund’s capital shares.

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of The Oberweis Funds
and the Shareholders of Oberweis International Opportunities Institutional Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Oberweis International Opportunities Institutional Fund, a series of shares of beneficial interest in The Oberweis Funds (the “Fund”), including the schedule of investments, as of December 31, 2019, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the four-year period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2019, and the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended and its financial highlights for each of the years in the four-year period then ended, in conformity with accounting principles generally accepted in the United States of America. The financial highlights for the year ended December 31, 2015 were audited by other auditors whose report, dated February 25, 2016, expressed an unqualified opinion on such financial highlights.

Basis for Opinion

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2019 by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

BBD, LLP

We have served as the auditor of one or more of the Funds in The Oberweis Funds since 2016.

Philadelphia, Pennsylvania
February 27, 2020

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TRUSTEES AND OFFICERS OF THE OBERWEIS FUNDS (unaudited)

Name, Address and Age		Position Held with Fund	Term of Office and Length of Time Served
NONINTERESTED TRUSTEES
Katherine Smith Dedrick (62) 3333 Warrenville Road, Suite 500 Lisle, IL 60532		Trustee	Trustee since November, 20041
Gary D. McDaniel (71) 3333 Warrenville Road, Suite 500 Lisle, IL 60532	��	Trustee	Trustee since April, 20041
James G. Schmidt (72) 3333 Warrenville Road, Suite 500 Lisle, IL 60532		Trustee	Trustee since December, 20031
INTERESTED TRUSTEES
James D. Oberweis (73) 3333 Warrenville Road, Suite 500 Lisle, IL 60532		Trustee2	Trustee since July, 19861
James W. Oberweis (45) 3333 Warrenville Road, Suite 500 Lisle, IL 60532		President	Officer since August, 19963
Patrick B. Joyce (60) 3333 Warrenville Road, Suite 500 Lisle, IL 60532		Executive Vice President Chief Compliance Officer and Treasurer	Officer since October, 19943
David I. Covas (44) 3333 Warrenville Road, Suite 500 Lisle, IL 60532		Vice President	Officer since August, 20043
Kenneth S. Farsalas (49) 3333 Warrenville Road, Suite 500 Lisle, IL 60532		Vice President	Officer since August, 20093
Eric V. Hannemann (46) 3333 Warrenville Road, Suite 500 Lisle, IL 60532		Secretary	Officer since August, 20053

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

2 James D. Oberweis is an interested trustee of the Fund since he is a shareholder of Oberweis Asset Management, Inc., the Fund’s investment advisor.

3 Elected annually by board of trustees.

The Statement of Additional Information includes additional information about Fund officers and trustees and is available upon request without charge, by calling the Fund at 800-323-6166.

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TRUSTEES AND OFFICERS OF THE OBERWEIS FUNDS

(unaudited) (continued)

Principal Occupation Last Five Years	Number of Portfolios Overseen by Trustee	Other Directorships

President – Smith Dedrick Properties, Inc., 2016 to present; President – KSD Law P.C., 2015 to present; President – KSD Global Consulting, Inc., 2015 to present; Executive Committee Member, Risk Worldwide NZ Ltd., 2011 to 2016; President – Aggressive Publishing, Inc., 2010 to present; Member – Risk Worldwide LLC, 2007 to 2016; Partner – Childress Duffy, Ltd., 2007 to 2015.	8	None
	8	None
Senior Vice President and Chief Financial Officer – Federal Heath Sign Co., May 2003 to December 2019.	8	None

Illinois State Senator, January 2013 to present; Chairman – Oberweis Dairy, Inc. December, 1986 to present.	8	None
President – Oberweis Asset Management, Inc., September, 2001 to present; Portfolio Manager from December, 1995 to present; President and Director – Oberweis Securities, Inc., September, 1996 to present.	Not Applicable	None
Executive Vice President, Secretary and Director – Oberweis Asset Management, Inc., September, 1994 to present; Executive Vice President and Director – Oberweis Securities, Inc. September, 1996 to present.	Not Applicable	None
Vice President – Oberweis Asset Management, Inc., September, 2003 to present.	Not Applicable	None
Vice President – Oberweis Asset Management, Inc., November 2004 to present.	Not Applicable	None
Vice President of Accounting – Oberweis Asset Management, Inc. and Oberweis Securities, Inc., June, 2004 to present.	Not Applicable	None

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OBERWEIS INTERNATIONAL OPPORTUNITIES INSTITUTIONAL FUND

Supplemental Information (Unaudited)

Qualified Dividend Income

For the year ended December 31, 2019, 68.17% of the dividends paid from net investment income for the International Opportunities Institutional Fund is designated as qualified dividend income.

Foreign Taxes Paid

Pursuant to Section 853 of the Internal Revenue Code of 1986, as amended, the International Opportunities Institutional Fund designates $13,784,861 of income derived from foreign sources and $1,238,154 of foreign taxes paid for the period ended December 31, 2019.

				Foreign Source Income						Foreign Taxes Paid
	International Opportunities Institutional Fund				$	0.1483					$	0.0133

Proxy Voting:

The Oberweis Fund has delegated authority to vote proxies related to the Oberweis International Opportunities Institutional Fund Portfolio securities to the Funds’ investment adviser, Oberweis Asset Management, Inc. (“OAM”). A description of the policies and procedures that OAM uses in fulfilling this responsibility is available, without charge upon request, by calling 1-800-323-6166. It also appears on www.oberweisfunds.com and in the Funds’ Statement of Additional Information, which can be found on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov. Information on how the Funds voted proxies relating to portfolio securities during the most recent 12 month period ended December 31 is available (1) without charge, upon request, by calling 1-800-323-6166, and (2) on the SEC’s website at http://www.sec.gov.

Availability of Schedules of Portfolio Investments:

The Fund files its complete schedule of portfolio investments with the SEC for the first and third quarter of each fiscal year (March 31 and September 30) on Form NPORT. The Fund’s Form NPORT are available, without charge, on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Approval of Investment Advisory Agreement:

The Investment Advisory and Management Agreement between The Oberweis Funds (the “Trust”) and Oberweis Asset Management, Inc. (“OAM”) (the “Advisory Agreement”) with respect to the International Opportunities Institutional Fund (the “Fund”) was last approved by the Board of Trustees of the Trust (the “Board”), including all of the trustees who are not parties to the Advisory Agreement or interested persons of any such party (the

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OBERWEIS INTERNATIONAL OPPORTUNITIES INSTITUTIONAL FUND

Supplemental Information (Unaudited) (continued)

“independent trustees”), at an in-person meeting on August 22, 2019. The Board, including a majority of the independent trustees, determined that the continuation of the Advisory Agreement was in the best interests of the Fund.

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

Nature, Quality and Extent of Services. With respect to the nature, quality and extent of the services provided to the Fund by OAM pursuant to the Advisory Agreement, the Board considered the background and experience of OAM, the functions performed by OAM and the personnel providing such services, the management capabilities of OAM, the information contained in OAM’s Form ADV, OAM’s financial condition and the compliance reports provided to the Board, and the culture of compliance created by OAM, including the competency of the Trust’s chief compliance officer. The Board also considered the experience, academic background, long tenure, structure and size of the portfolio management/strategy investment team and its role, the investment process with respect to the types of investments held by the Fund, as well as the honesty and integrity of OAM, and that, in the Board’s experience, OAM personnel are open and forthright with the Board. In addition, the Board considered that OAM is a research-oriented firm that conducts extensive research in connection with managing the Fund.

The Board reviewed the investment performance of the Fund as compared to a peer universe of funds provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider (the “Performance Universe”), and as compared to the performance of a relevant market benchmark index. With respect to Fund performance, the Board considered the Fund’s performance over the one-, three- and five-year periods ended June 30, 2019, including any periods of outperformance or underperformance as compared to the performance of the relevant market benchmark index and the Fund’s Performance Universe. In light of the information provided and the considerations made, the Board concluded that the nature, quality and extent of the services provided to the Fund by OAM have been and are expected to remain satisfactory.

Fees and Expenses. The Board considered the combined investment advisory and management fees charged to the Fund by OAM (the “management fees”) as compared to the management fees of a peer group of funds provided by Broadridge (the “Expense Group”) and the expense ratio of the Fund as compared to the expense ratios of the Expense Group. The Board considered information provided by Broadridge on how it selected the peer funds included in the Expense Group for the Fund and considered certain limitations as to the comparability of the data provided. Based on the information provided, the Board noted that the management fees charged to the Fund were equal to the median management fee of its Expense Group.

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OBERWEIS INTERNATIONAL OPPORTUNITIES INSTITUTIONAL FUND

Supplemental Information (Unaudited) (continued)

Fund because they reflect different competitive forces than those in the mutual fund marketplace. Based on the information provided, the Board concluded that the Fund’s management fees were reasonable and appropriate in amount, given the nature, quality and extent of the services provided and taking into consideration relevant circumstances.

Profitability. With respect to the costs of services provided and profits realized by OAM, the Board considered the management fees received by OAM from the Fund as well as the level, quality and expense of OAM’s staff and the services that OAM provides. The Board also considered the explanation from OAM that the profits realized by OAM specifically from the relationship with the Fund could not be identified due to the impracticality of expense allocation, noting the difficulty of breaking down profitability related to the Fund versus the other Oberweis Funds and other client accounts because management and personnel time and services are not allocated between the various types of accounts. The Board noted OAM’s belief that, while the profits could not be itemized, the overall profitability of OAM was average and within a reasonable range relative to other investment advisory firms, and considered that OAM has contractually agreed to reimburse the Fund for expenses if its expense ratio exceeds a certain limit. Based on this information, the Board concluded for the Fund that OAM’s profitability was not unreasonable.

Economies of Scale. The Board considered the extent to which economies of scale would be realized as the Fund grows, and whether management fee levels reflect economies of scale for the benefit of Fund shareholders. The Board noted asset capacity constraints for the Fund which limit economies of scale. The Board concluded that the Fund’s management fees reflect an appropriate recognition of any economies of scale.

Other Benefits to OAM and Its Affiliates. The Board considered the character and amount of other incidental benefits received by OAM and its affiliates from their relationship with the Fund, including benefits to OAM and other OAM accounts related to soft dollars generated by the Fund’s brokerage transactions. The Board also noted that during the past year none of the Fund’s brokerage transactions had been placed through the affiliated broker-dealer of OAM.

After due consideration of all of the information and factors deemed relevant by the Board and based upon its own business judgment and the conclusions reached, the Board determined to approve the continuance of the Advisory Agreement. The Board, including the independent trustees, did not identify any single factor or group of factors as all-important or controlling, and considered all factors together.

Expense Examples:

As a shareholder of The Oberweis International Opportunities Institutional Fund, you may incur two types of costs: (1) transaction costs, including redemption fees and (2) ongoing costs, including management fees; distribution (and/or service) 12b-1 fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in The Oberweis International Opportunities Institutional Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 investment at the beginning of the period and held for the entire period.

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OBERWEIS INTERNATIONAL OPPORTUNITIES INSTITUTIONAL FUND

Supplemental Information (Unaudited) (continued)

Actual Expenses:

Hypothetical Example for Comparison Purposes:

	Beginning Account Value 7/1/19			Ending Account Value 12/31/19			Expenses Paid During Period 7/1/19 – 12/31/19			Expense Ratio During Period 7/1/19 – 12/31/19
Actual		$	1,000.00		$	1,033.99		$	5.54		1.08%
Hypothetical		$	1,000.00		$	1,019.76		$	5.50		1.08%

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Trustees and Officers

James D. Oberweis
Trustee

Gary D. McDaniel
Trustee

James W. Oberweis
President

David I. Covas
Vice President

Kenneth S. Farsalas
Vice President

Katherine Smith Dedrick
Trustee

James G. Schmidt
Trustee

Patrick B. Joyce
Executive Vice President
Chief Compliance Officer
Treasurer

Eric V. Hannemann

Secretary

Manager and Investment Advisor

Oberweis Asset Management, Inc.
3333 Warrenville Road, Suite 500, Lisle, IL 60532
800-323-6166
oberweisfunds.com

Distributor

Oberweis Securities, Inc.
3333 Warrenville Road, Suite 500, Lisle, IL 60532
630-577-2300
oberweisfunds.com

Custodian

UMB Bank, n.a.
928 Grand Blvd., Kansas City, MO 64106

Transfer Agent

UMB Fund Services, Inc.
P.O. Box 711, Milwaukee, WI 53201-0711
800-245-7311

Counsel

Vedder Price P.C.
222 North LaSalle Street, Chicago, IL 60601

Independent Registered Public Accounting Firm

BBD LLP
1835 Market Street, 3rd Floor, Philadelphia, PA 19103

International Opportunities Institutional Fund

800-245-7311

oberweisfunds.com

TABLE OF CONTENTS

3333 Warrenville Road
Suite 500
Lisle, IL 60532

TABLE OF CONTENTS

oberweisfunds.com

800-323-6166
630-577-2300

Shareholder Services
800-245-7311

3333 Warrenville Road
Suite 500
Lisle, IL 60532

ITEM 2.

CODE OF ETHICS.

	(a)	As of December 31, 2019, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer, or persons performing similar functions.

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

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

(d)

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

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT

(a)

The registrant’s board of trustees has determined that the registrant has at least one audit committee financial expert serving on the audit committee.

(b)

The audit committee financial expert is James G. Schmidt. Mr. Schmidt is independent as defined in Form N-CSR Item 3 (a) (2).

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a)-(d)


	2018	2019
Audit fees	120,400	125,500
Audit-Related Fees	N/A	N/A
Tax Fees	29,000	29,000
All Other Fees	N/A	N/A

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

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

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

(f) Not Applicable.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment, and Adviser Affiliate that provides ongoing services to the registrant for 2019 and 2018 were $29,000. and $29,000, respectively.

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

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not Applicable to the registrant.

ITEM 6.

SCHEDULE OF INVESTMENTS.

See Schedule in Item 1.

ITEM 7.

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

Not Applicable to the registrant.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not Applicable to the registrant.

ITEM 9.

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

Not Applicable to the registrant.

ITEM 10.

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 11.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3 (c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (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)).

(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 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 12.

EXHIBITS.


(a) (1)		Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.406. Code of Ethics.

(a) (2)		Certifications pursuant to Rule 30a-2 under the Investment Company Act of 1940 (17CFR 270.30a-2) in the exact form set forth below: EX-99.CERT attached hereto.

(a) (3)		Any written solicitation to purchase securities under Rule 23 c-1 under the Investment Company Act of 1940 (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not Applicable to the registrant.



(b)		If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S. C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. EX-99.906 CERT attached hereto.

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)The Oberweis Funds

By (Signature and Title*)		/s/ James W. Oberweis
		James W. Oberweis
		President, The Oberweis Funds

Date 03/09/2020

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
		President, The Oberweis Funds

Date 03/09/2020


By (Signature and Title*)		/s/ Patrick B. Joyce
		Patrick B. Joyce
		Executive Vice President and Treasurer,
		The Oberweis Funds

Date 03/09/2020

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

Oberweis Fund N-CSRCertified annual shareholder report (management investment company)