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


CHICAGO, Ill. (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
April 2014

Dear Fellow Shareholder of The Oberweis Funds:

Valuations Take the Spotlight
The late Sir John Templeton remarked, “Bull markets are born on pessimism, grown on skepticism, mature on optimism, and die on euphoria.” For much of the past five years, small-cap growth stocks – both in the U.S. and abroad - traded for valuations that were considerably below their long-term historical averages, reflecting the muted investor risk appetite that followed the 2008 financial crisis. However, those painful memories have largely faded, both due to the passage of time and outstanding returns over the last five years for equities broadly, and for small-cap growth stocks particularly. In the Oberweis Funds, the mean fund within our family returned an annualized average return of more than 25% over the last five years. Clearly, we’ve passed the stage of pessimism.

In the U.S., we expect equity returns will likely be more modest over the next five years compared to the last five. With price/earnings ratios back to more normal levels, future gains are likely to more closely track earnings growth. As the Federal Reserve works through the process of unwinding quantitative easing, the market’s long-time crutch becomes shaky. Still, when the doctor takes the crutch away, it’s usually because he believes the patient can stand on his own. We see no reason to abandon the stock market, but the days of unusual opportunity are now over and we expect more normal times ahead that will likely yield a fraction of the outsized gains of the last five years. The market appears to be returning to more typical times – where stock selection matters more than guessing the next swing in risk appetite.

In Europe and Japan, monetary policy is likely to remain more accommodating given the earlier stage of recovery in those regions. China is one of very few countries that still trades at bargain valuations and, as a result, we believe China ranks among the world’s most attractive investment opportunities at present. Templeton’s proverbial pessimism and skepticism are still alive and well when it comes to investor sentiment on China, implying that there’s plenty of room for improvement. Despite slowing economic growth in China, we believe that fears of a hard landing are overblown and that the severe pessimism will likely prove exaggerated. In fact, our team in China believes that foreigners are far more worried about China than the Chinese.

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  Oberweis In The News

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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January 10, 2014
Ralf Scherschmidt is featured in the New York Times article
“In a Stellar Quarter, Three Funds That Went Over the Top”
by Tim Gray

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December 2, 2013
Ralf Scherschmidt is featured in the Forbes article “Meet A Fund Manager Who Picks Winners By Betting On Wall Street Being Wrong” by Steve Schaefer
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November 19, 2013
Jim Oberweis is featured in the Bloomberg article “Oberweis Defies Muddy Waters”
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September 22, 2013
The Oberweis China Opportunities Fund (OBCHX) was highlighted in the Bloomberg article “Oberweis Sees Rally on Smartphones: China Overnight”
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August 29, 2013
The Oberweis International Opportunities Fund (OBIOX) was highlighted in the Barron’s article “A Global Hunt for Cheap Stocks”
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The Oberweis Funds Net Asset Values as of April 17, 2014

Symbol
Fund Name
Current
NAV
Prior Day NAV
Change
Year-To-Date Return
OBEGX
29.32
28.97
0.35
-4.93%
OBMCX
19.99
19.76
0.23
-0.30%
OBSOX
16.29
16.11
0.18
-4.40%
OBCHX
16.23
15.99
0.24
-3.57%
OBAOX
9.39
9.32
0.07
-5.44%
OBIOX
19.29
19.13
0.16
-0.82%
OBIIX
9.33
9.25
0.08
-6.70%**
RUO
Russell 2000 Growth*
661.80
658.89
2.91
-3.83%
Average Annual Total Returns
December 31, 2013
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 3/8/14
One Year   39.96% 48.88% 36.74% 44.26% 3.39% 38.29% N/A
Five Years   25.51% 27.14% 26.80% 25.53% 17.65% 31.72% N/A
Ten Years   4.24% 6.27% 6.27% N/A N/A N/A N/A
Since Inception   9.26% 10.33% 6.76% 16.95% -0.39% 10.92% N/A
 
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 8, 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.