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The Oberweis Funds
Capital Gains Distribution/Dividend Information

On December 29, 2014 The Oberweis Funds paid the following dividends and distributions:

The Oberweis Emerging Growth Fund (OBEGX) paid a long-term capital gains distribution of $2.4323 per share.

The Oberweis Micro-Cap Fund (OBMCX) paid a long-term capital gains distribution of $1.3753 per share.

The Oberweis Small-Cap Opportunities Fund (OBSOX) paid a long-term capital gains distribution of $1.8239 per share.

The Oberweis China Opportunities Fund (OBCHX) paid a long term capital gains distribution of $1.875 per share and an ordinary income dividend of $0.1005 per share.

The Oberweis International Opportunities Institutional Fund (OBIIX) paid an ordinary income dividend of $0.0200 per share.

There were no other dividends or distributions in The Oberweis Funds.

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
January 2015

Dear Fellow Shareholder of The Oberweis Funds:

In a year of strong returns for large-cap stocks, small-cap and international equities underperformed and each of the funds posted a negative return for the year. Among the domestic funds, 2014 was among the most challenging years of my tenure in terms of returns compared to the broader market. On a positive note, the International Opportunities and China Opportunities Funds still fared well compared to peers and beat their respective benchmark indices for the year. That said, a negative return for the year– even when better than the respective benchmark - doesn’t pay your bills and we will strive to do better in 2015.

By historical standards, 2014 was a really unusual year. Small-caps trailed large-caps by the widest margin since 1998. Similarly, the S&P 500 outperformed foreign markets, in dollar terms, by the widest margin since 1992. While some of the outperformance was due to better economic activity in the U.S. compared to other geographies like Europe, the degree of relative outperformance of the S&P 500 was quite large. Interestingly, since 1970, there have been only four other years when the S&P 500 outperformed international equities to the degree witnessed in 2014. Each time, the MSCI World ex-U.S. Index climbed the next year, beating the S&P by an average of 14 percentage points.

For U.S. equities, fundamentals remain reasonably strong and are on track to improve in 2015. Lower energy prices will help to improve consumers’ purchasing power and manufacturers will benefit from lower input costs, although the positives of cheap oil will be somewhat mitigated by America’s heavier reliance on domestic energy exploration and production for job creation and economic growth. Still, while oil-heavy states like Texas and North Dakota could be in for tough times, the net effect will likely be quite positive for the country’s growth overall. Lower energy prices should similarly benefit global growth.

What is less clear is how much of next year’s growth is already built into stock prices. In our view, the S&P 500 appears close to fully valued, while small-cap and international stocks have room left to catch up. The S&P 500 trades for a somewhat above-average multiple of 17.8x trailing earnings, compared to 17.2x a year ago and a 60-year average of 16.3x. However, high-growth small-caps are far more affordable, sporting valuations that are still below their longer-term average. While we believe U.S. economic growth will trump that of Europe in 2015, expectations for Europe remain quite low. In a “relative-to-expectations” game, even modest growth in Europe could lead to better-than-expected stock returns.

Read More>
  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
View Now>

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
View Now>

August 4, 2014
Ralf Scherschmidt is featured in the Financial Advisor article “Fast Lane” by Marla Brill
View Now>

July 29, 2014
John Wong is featured in the Bloomberg article “China Consumer Spurs 32% Oberweis Fund Gain Amid Slowdown”
View Now>

June 13, 2014
John Wong is featured in the China Money Network article “Expect A Better Second Half For Chinese Stocks”
View Now>

May 17, 2014
Jim Oberweis is interviewed by CBS News MoneyWatch Executive Editor Amey Stone “Is this a good time to invest in China?”
View Now>

April 7, 2014
Jim Oberweis is featured in the Bloomberg article by Ye Xie “China Stigma Masks Top Stock Picker’s 24% Annual Returns”
View Now>

March 24, 2014
Jim Oberweis and John Wong are featured in the Crain's article by Lynne Marek “Oberweis Wins, With Mutual Fund Investors”
View Now>

March 3, 2014
John Wong is featured in the Forbes.com interview with Wallace Forbes “500.com And 2 Other Alluring Chinese Growth Stocks”
View Now>

February 17, 2014
Jim Oberweis is featured in the Moneyshow.com interview with Steve Halpern “Insights from the #1 China Fund”
View Now>

February 11, 2014
Jim Oberweis is featured in the ThinkAdvisor article “Oberweis Plays Chinese Consumer Card With Success” by Savita Iyer-Ahrestani
View Now>


The Oberweis Funds Net Asset Values as of January 27, 2015

Symbol
Fund Name
Current
NAV
Prior Day NAV
Change
Year-To-Date Return
OBEGX
25.44
25.45
-0.01
-1.09%
OBMCX
16.57
16.63
-0.06
-3.21%
OBSOX
14.38
14.39
-0.01
0.42%
OBCHX
14.05
14.12
-0.07
1.89%
OBAOX
10.02
10.03
-0.01
3.94%
OBIOX
18.79
18.67
0.12
1.24%
OBIIX
9.08
9.02
0.06
1.23%
RUO
Russell 2000 Growth*
722.36
725.61
-3.25
0.03%
Average Annual Total Returns
December 31, 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   -8.75% -7.71% -5.31% -6.27% -2.92% -4.58% N/A
Five Years   11.62% 12.21% 13.38% 6.58% 3.83% 17.00% N/A
Ten Years   2.68% 4.68% 5.75% N/A N/A N/A N/A
Since Inception   8.63% 9.26% 6.18% 14.61% -0.53% 8.93% -10.10%
 
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.

***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.