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Oberweis International Opportunities Fund (OBIOX)
wins two prestigious 2014 Lipper Awards


CHICAGO, IL (April 8, 2014) – Named "Best Fund" by Lipper in the International Small/Mid-Cap Growth Funds classification for both the three-year and five-year periods ending December 31, 2013.***    Press Release>

President's Letter
October 2014

Dear Fellow Shareholder of The Oberweis Funds:

The third quarter was a difficult one for small-cap investors. Beginning in September, after a prolonged period of complacence, fear and volatility returned to the market. Geopolitical events in Ukraine and the Middle East caught investors’ attention, and more recently, student-led protests in Hong Kong raised eyebrows in China after the government reneged on its promise for true universal suffrage by 2017. Domestically, fears of the spread of Ebola are making headlines. Although none of these events – at least in the near term – affect the fundamentals of most of the businesses we own, they do alter investor risk appetite and thus the valuations of small-cap equities. Around the world, small-caps experienced a correction this quarter, with the U.S.-focused Russell 2000 Index returning -7.36% and the foreign-focused MSCI World ex-US Small-Cap Index returning -8.27%.

Despite the market decline, economic data indicate that the U.S. economy remains on track for modest expansion. A stronger U.S. dollar and falling commodity prices are boosting the outlook for the U.S. consumer. Lower gas prices should give consumers incremental disposable income for other goods and services in the months to come. The labor market continues to improve modestly, as hiring continued to pick up in the quarter. Housing activity is on a slow growth trajectory and mortgage conditions appear to be finally improving.

In the Eurozone, growth may be slowing incrementally. September’s Purchasing Manager Index (PMI) fell to 50.3, marking a 14-month low, and German industrial production contracted by 4.0% in August. Further, tension between Russian and Ukraine have contributed to lower consumer confidence.

In Asia, valuations for Chinese equities remain attractive, with the average market P/E at among the lowest points of the last decade. Although the old economy dominated by exports, infrastructure investment and property will encounter strong headwinds without government support, we still see healthy growth in sectors dominated by private enterprises such as e-commerce and healthcare. We remain constructive on Japan as the impact from the increased consumption tax was less impactful than many other market participants had expected. Additionally, signs of labor shortages in Japan are emerging, which should bode well for wage growth and consumption going forward.

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  Oberweis In The News

September 20, 2014
Ralf Scherschmidt and the Oberweis International Opportunities Fund (OBIOX) are featured in the Barrons article “Greater Expectations” by Sarah Max
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August 21, 2014
The Oberweis China Opportunities Fund (OBCHX) is highlighted in the AP - The Big Story article “Unexpected Summer Blockbuster: Chinese Stock Funds” by Stan Choe
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August 4, 2014
Ralf Scherschmidt is featured in the Financial Advisor article “Fast Lane” by Marla Brill
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July 29, 2014
John Wong is featured in the Bloomberg article “China Consumer Spurs 32% Oberweis Fund Gain Amid Slowdown”
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June 13, 2014
John Wong is featured in the China Money Network article “Expect A Better Second Half For Chinese Stocks”
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May 17, 2014
Jim Oberweis is interviewed by CBS News MoneyWatch Executive Editor Amey Stone “Is this a good time to invest in China?”
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March 24, 2014
Jim Oberweis and John Wong are featured in the Crain's article by Lynne Marek “Oberweis Wins, With Mutual Fund Investors”
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March 3, 2014
John Wong is featured in the Forbes.com interview with Wallace Forbes “500.com And 2 Other Alluring Chinese Growth Stocks”
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February 17, 2014
Jim Oberweis is featured in the Moneyshow.com interview with Steve Halpern “Insights from the #1 China Fund”
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February 11, 2014
Jim Oberweis is featured in the ThinkAdvisor article “Oberweis Plays Chinese Consumer Card With Success” by Savita Iyer-Ahrestani
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The Oberweis Funds Net Asset Values as of October 30, 2014

Symbol
Fund Name
Current
NAV
Prior Day NAV
Change
Year-To-Date Return
OBEGX
28.45
28.16
0.29
-7.75%
OBMCX
18.47
18.68
-0.21
-7.88%
OBSOX
16.03
16.00
0.03
-5.93%
OBCHX
17.19
17.10
0.09
2.14%
OBAOX
10.10
10.08
0.02
1.71%
OBIOX
18.42
18.47
-0.05
-5.30%
OBIIX
8.94
8.96
-0.02
-10.60%**
RUO
Russell 2000 Growth*
686.47
680.06
6.41
-0.24%
Average Annual Total Returns
September 30, 2014
Fund   OBEGX OBMCX OBSOX OBCHX OBAOX OBIOX OBIIX
Inception Date   1/7/87 1/1/96 9/15/96 10/1/05 2/1/08 2/1/07 3/10/14
One Year   -1.16% 1.91% 0.19% 12.21% 5.81% 10.28% N/A
Five Years   12.76% 12.08% 13.87% 10.56% 6.81% 19.73% N/A
Ten Years   4.24% 6.65% 6.68% N/A N/A N/A N/A
Since Inception   8.60% 9.26% 6.05% 15.65% -0.24% 9.60% -7.50%
 
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate, so that you may have gain or loss when shares are sold. Current performance may be higher or lower than quoted. Visit us online at oberweisfunds.com for most recent month-end performance.

Before investing, consider the fund’s investment objectives, risks, charges, and expenses. To obtain a copy of the prospectus or summary prospectus containing this and other information please visit our website at oberweisfunds.com or call 800-323-6166. Read it carefully before investing. 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 investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations. There is no guarantee that the funds can achieve their objectives.

*Measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted earnings growth rates. The Russell 2000 Growth Index is unmanaged and investors cannot actually make investments in this index.

**For the period beginning March 10, 2014.

***The Lipper Fund Awards program honors funds that have excelled in delivering consistently strong risk-adjusted performance, relative to peers. In addition, the Lipper Fund Awards program recognizes fund families with high average scores for all funds within a particular asset class or overall. The Lipper Fund Awards take place in 23 countries in Asia, Europe, MENA, and the Americas. The awards winners are formally announced between January and April.

Lipper designates award-winning funds in most individual classifications for the three-, five-, and ten-year periods and fund families with high average scores for the three-year time period. Please review the Lipper Fund Awards methodology document to learn more about how the awards are calculated. Lipper Award designations are not intended to constitute investment advice or predict future results and Lipper does not guarantee the accuracy of this information.

Lipper Fund Awards are part of the broader Thomson Reuters Awards for Excellence program. Please visit the Awards for Excellence website for more details about the Lipper Fund Awards. If you have specific questions about please send an email to markets.awards@thomsonreuters.com.