Fund Basics

The gross expense ratio of expense offset arrangements and expense reimbursements was 1.53% and 1.28% for OBMCX and OMCIX, respectively. Oberweis Asset Management, Inc. (OAM), the Fund’s investment advisor, is contractually obligated through April 30, 2025, to reduce its management fees or reimburse OBMCX 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: 1.8% of the first $50 million; plus 1.6% of average daily net assets in excess of $50 million; and for OMCIX 1.55% of the first $50 million; plus 1.35% of average daily net assets in excess of $50 million.

Our Process

Our process rests on our firmwide commitment to uncovering and capitalizing on the persistent and recurring stock pricing inefficiencies in global equities caused by a lag in investor response to new information. This lag in recognizing the catalysts likely to positively impact future earnings growth drives the security selection across all our strategies and mutual funds. The criteria used within each product, however, can differ. This is how our investment team implements our philosophy in the Micro-Cap Fund.

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 a gain or loss when shares are sold. Current performance may be higher or lower than quoted.

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, call 800-323-6166. Read it carefully before investing. The Oberweis Funds invest in rapidly growing smaller and medium-sized companies that 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. The Oberweis Funds are distributed by Oberweis Securities, Inc. Member: FINRA and SIPC.

GROWTH OF $10,000 INVESTMENT (1/1/96 – 9/30/23)

The Russell Microcap Growth Index measures the performance of those Russell Microcap Growth companies with higher price-to-book ratios and higher forecasted growth values. The performance data includes reinvested dividends. 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. Each index is an unmanaged group of stocks, the performance of which does not reflect the deduction of fees, expenses, or taxes. You cannot invest directly in these indexes.

Institutional Class shares OMCIX performance information was calculated using the historical performance of Investor Class shares for periods prior to May 1, 2017.

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.

Top 10 Holdings and Sector Weightings as a % of Total Net Assets

The Oberweis Funds release the top 10 holdings as of the most recent quarter-end after a 60-day lag. A complete list of holdings can be obtained by contacting a shareholder services representative after the aforementioned 60-day delay periods.

The Oberweis Funds invest primarily in small-cap companies, which may have volatile price movements. Continuous publication of the Funds’ current holdings has the potential to affect trading volume and the prices of the securities in which the Funds invest. By delaying the release of the holdings, Oberweis may be able to deter front running by traders who could impair our ability to build positions in our best ideas at the best prices.

Portfolio holdings are subject to change at any time. References to specific securities should not be construed as a recommendation to buy or sell and should not be assumed profitable.