Oberweis Micro-Cap Fund

OBMCX

annual shareholder report

This report describes changes to the Fund that occurred during the reporting period.

https://oberweisfunds.com/solutions/mutual-funds/

$ 164

How did the Fund perform last year and what affected its performance?

• For the 12 months ended December 31, 2024, the Fund outperformed its benchmarked index, the Russell Microcap Growth Index. Micro-cap growth stocks delivered significant gains in 2024.

• At sector level, portfolio benefited from favorable stock selection in healthcare, industrials, and consumer discretionary while technology, energy, and consumer staples detracted from performance.

• At the stock level, ADMA Biologics (ADMA), Primoris Services (PRIM), and American Superconductor (AMSC) were among the top contributors to performance. Aehr Test Systems (AEHR), Navitas Semiconductor (NVTS), and Alphatec (ATEC) were among the top detractors to performance.

Performance of Hypothetical $10,000 Investment (December 31, 2014 to December 31, 2024)

$ 657,813,562

$ 5,309,929

Top Ten Holdings (% of Net Assets)

ADMA Biologics, Inc.	5.3
Ultra Clean Hldgs., Inc.	3.4
Primoris Services Corp.	2.8
Applied Optoelectronics, Inc.	2.8
Camtek Ltd.	2.5
American Superconductor Corp.	2.4
IMAX Corp.	2.3
Blue Bird Corp.	2.1
Rush Street Interactive, Inc.	2.1
Cellebrite DI Ltd.	2.0

Changes In and Disagreements with Accountants

No disagreements with accountants.

Institutional Class

This annual shareholder report contains important information about Oberweis Micro-Cap Fund (“OMCIX” or the “Fund”) for the period of January 1, 2024 to December 31, 2024.

You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

800-245-7311

What were your Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Costs of a
$10,000 investment

Costs paid as a percentage of a
$10,000 investment

Oberweis Micro-Cap Fund - Institutional Class

$136

1.22%

1.22%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

	Average Annual Total Returns
	1 year (%)	5 years (%)	Since Inception (%)1
OMCIX	23.16	21.39	16.88
Russell Microcap Growth Index	21.91	5.72	6.07
S&P 500 Index	25.02	14.53	14.45

1 Since the inception of OMCIX on May 1, 2017.

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

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. The S&P 500 Index is a broad-based unmanaged index of the 500 leading publicly traded companies in the United States by market capitalization. The S&P 500 Index is widely recognized as representative of the equity market in general, is unmanaged and is not available for investment.

$ 657,813,562

$ 5,309,929

Top Ten Holdings (% of Net Assets)

ADMA Biologics, Inc.	5.3
Ultra Clean Hldgs., Inc.	3.4
Primoris Services Corp.	2.8
Applied Optoelectronics, Inc.	2.8
Camtek Ltd.	2.5
American Superconductor Corp.	2.4
IMAX Corp.	2.3
Blue Bird Corp.	2.1
Rush Street Interactive, Inc.	2.1
Cellebrite DI Ltd.	2.0

Changes In and Disagreements with Accountants

No disagreements with accountants.

Investor Class

This annual shareholder report contains important information about Oberweis Small-Cap Opportunities Fund (“OBSOX” or the “Fund”) for the period of January 1, 2024 to December 31, 2024.

You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

800-245-7311

What were your Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Costs of a
$10,000 investment

Costs paid as a percentage of a
$10,000 investment

Oberweis Small-Cap Opportunities Fund - Investor Class

$135

1.25%

1.25%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

	Average Annual Total Returns
	1 year (%)	5 years (%)	10 years (%)
OBSOX	16.14	17.84	14.09
Russell 2000 Growth Index	15.15	6.86	8.09
S&P 500 Index	25.02	14.53	13.10

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

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. The S&P 500 Index is a broad-based unmanaged index of the 500 leading publicly traded companies in the United States by market capitalization. The S&P 500 Index is widely recognized as representative of the equity market in general, is unmanaged and is not available for investment.

86

61.00%

What did the Fund invest in? (as of December 31, 2024)

Asset Allocation (% of Net Assets)

Equities	98.4
Other Assets less Liabilities	1.6

Top Ten Holdings (% of Net Assets)

Credo Technology Group Hldg. Ltd.	4.2
SharkNinja, Inc.	3.2
SkyWest, Inc.	2.2
Doximity, Inc.	2.2
Encompass Health Corp.	2.2
Zeta Global Hldgs. Corp.	2.1
Frontdoor, Inc.	1.8
Flowserve Corp.	1.7
Genpact Ltd.	1.6
ICU Medical, Inc.	1.6

Top Ten Industries (% of Net Assets)

Semiconductors & Semiconductor Equipment	12.1
Software	10.9
Healthcare Equipment & Supplies	7.8
Diversified Consumer Services	6.8
Healthcare Providers & Services	5.7
Household Durables	4.5
Machinery	4.0
Professional Services	4.0
Electronic Equipment, Instruments & Components	3.7
Biotechnology	3.5

How has the Fund changed?

Effective February 14, 2024, the Board of Trustees of the Trust has determined to discontinue the deduction of a 1.00% redemption fee (the “Redemption Fee”) for shareholders of the Oberweis Small-Cap Opportunities Fund who sell their shares within 90 days of purchase.

Oberweis Small-Cap Opportunities Fund

OBSIX

annual shareholder report

This report describes changes to the Fund that occurred during the reporting period.

https://oberweisfunds.com/solutions/mutual-funds/

$ 108

How did the Fund perform last year and what affected its performance?

• For the 12 months ended December 31, 2024, the Fund outperformed its benchmarked index, the Russell 2000 Growth Index. Small-cap growth stocks delivered significant gains in 2024.

• At sector level, portfolio benefitted from favorable stock selection in industrials, consumer discretionary, and healthcare while energy, technology, and financials detracted from performance.

• At the stock level, Credo Technology (CRDO), Super Micro Computer (SMCI), and Zeta Global (ZETA) were among the top contributors to performance. Aehr Test Systems (AEHR), Tidewater (TDW), and Axcelis Technologies (ACLS) were among the top detractors.

Performance Inception Date

Performance of Hypothetical $10,000 Investment (May 1, 2017 to December 31, 2024)

May 01, 2017

86

61.00%

What did the Fund invest in? (as of December 31, 2024)

Asset Allocation (% of Net Assets)

Equities	98.4
Other Assets less Liabilities	1.6

Top Ten Holdings (% of Net Assets)

Credo Technology Group Hldg. Ltd.	4.2
SharkNinja, Inc.	3.2
SkyWest, Inc.	2.2
Doximity, Inc.	2.2
Encompass Health Corp.	2.2
Zeta Global Hldgs. Corp.	2.1
Frontdoor, Inc.	1.8
Flowserve Corp.	1.7
Genpact Ltd.	1.6
ICU Medical, Inc.	1.6

Top Ten Industries (% of Net Assets)

Semiconductors & Semiconductor Equipment	12.1
Software	10.9
Healthcare Equipment & Supplies	7.8
Diversified Consumer Services	6.8
Healthcare Providers & Services	5.7
Household Durables	4.5
Machinery	4.0
Professional Services	4.0
Electronic Equipment, Instruments & Components	3.7
Biotechnology	3.5

How has the Fund changed?

Effective February 14, 2024, the Board of Trustees of the Trust has determined to discontinue the deduction of a 1.00% redemption fee (the “Redemption Fee”) for shareholders of the Oberweis Small-Cap Opportunities Fund who sell their shares within 90 days of purchase.

Oberweis Global Opportunities Fund

OBEGX

annual shareholder report

This report describes changes to the Fund that occurred during the reporting period.

https://oberweisfunds.com/solutions/mutual-funds/

$ 156

How did the Fund perform last year and what affected its performance?

• For the 12 months ended December 31, 2024, the Fund outperformed its benchmarked index, the MSCI AWCI Small-Cap Index. Global small-cap equities gained broadly in 2024, with the U.S. outperforming most other countries.

• At the country level, stock selection in Japan, Switzerland, and the United Kingdom added to portfolio return, while Canada, the United States, and Israel detracted from portfolio return.

• At the sector level, consumer discretionary, industrials, and materials added to return, while healthcare, financials, and communication services detracted.

• At the stock level Credo Technology (CRDO US), Asics (7936 JP), and Zeta Global (ZETA US) were among the top contributors to performance; Alphatec (ATEC US), Axcelis Technologies (ACLS US), and ACM Research (ACMR US) were among the top detractors.

Performance of Hypothetical $10,000 Investment (December 31, 2014 to December 31, 2024)

$ 57,355,302

$ 466,662

Top Ten Holdings (% of Net Assets)

Credo Technology Group Hldg. Ltd.	6.0
ADMA Biologics, Inc.	4.4
Veracyte, Inc.	3.5
Ashtead Technology Hldgs. PLC	3.3
Zeta Global Hldgs. Corp.	3.2
Marks & Spencer Group PLC	3.2
SharkNinja, Inc.	3.2
Asics Corp.	3.1
Parsons Corp.	3.0
Accelleron Industries AG	2.8

Changes In and Disagreements with Accountants

No disagreements with accountants.

Institutional Class

This annual shareholder report contains important information about Oberweis Global Opportunities Fund (“OBGIX” or the “Fund”) for the period of January 1, 2024 to December 31, 2024.

You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

800-245-7311

What were your Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Costs of a
$10,000 investment

Costs paid as a percentage of a
$10,000 investment

Oberweis Global Opportunities Fund - Institutional Class

$130

1.23%

1.23%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

	Average Annual Total Returns
	1 year (%)	5 years (%)	Since Inception (%)1
OBGIX	11.01	10.44	8.08
MSCI ACWI Small-Cap Index	7.66	6.68	7.07
MSCI EAFE Index	3.82	4.73	5.49

1 Since the inception of OBGIX on May 1, 2017.

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

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. The MSCI EAFE Index is an equity index that captures large and mid-cap representation across 21 developed markets countries around the world, excluding the U.S. and Canada. The index is a broad-based index covering approximately 85% of the free-float-adjusted market capitalization in each country with minimum dividends reinvested net of withholding tax. The Indexes are unmanaged and not available for investment.

$ 57,355,302

$ 466,662

Top Ten Holdings (% of Net Assets)

Credo Technology Group Hldg. Ltd.	6.0
ADMA Biologics, Inc.	4.4
Veracyte, Inc.	3.5
Ashtead Technology Hldgs. PLC	3.3
Zeta Global Hldgs. Corp.	3.2
Marks & Spencer Group PLC	3.2
SharkNinja, Inc.	3.2
Asics Corp.	3.1
Parsons Corp.	3.0
Accelleron Industries AG	2.8

Changes In and Disagreements with Accountants

No disagreements with accountants.

Investor Class

This annual shareholder report contains important information about Oberweis China Opportunities Fund (“OBCHX” or the “Fund”) for the period of January 1, 2024 to December 31, 2024.

You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

800-245-7311

What were your Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Costs of a
$10,000 investment

Costs paid as a percentage of a
$10,000 investment

Oberweis China Opportunities Fund - Investor Class

$224

2.16%

2.16%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

	Average Annual Total Returns
	1 year (%)	5 years (%)	10 years (%)
OBCHX	7.29	(1.65)	2.48
MSCI China Net Index	19.42	(3.44)	1.88

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

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.

50

155.00%

What did the Fund invest in? (as of December 31, 2024)

Asset Allocation (% of Net Assets)

Equities	100.8
Short-Term Investments	0.1
Other Liabilities less Assets	(0.9)

Top Ten Holdings (% of Net Assets)

Tencent Hldgs. Ltd.	8.0
Alibaba Group Hldg. Ltd.	6.6
Taiwan Semiconductor Manufacturing Co. Ltd. ADS	5.6
Pop Mart International Group Ltd.	5.3
Xiaomi Corp.	4.8
Trip.com Group Ltd.	4.7
Meituan	4.5
China Construction Bank Corp.	3.6
GDS Hldgs. Ltd.	3.6
PDD Hldgs. ADS	3.2

Top Ten Industries (% of Net Assets)

Broadline Retail	12.3
Hotels, Restaurants & Leisure	11.1
Interactive Media & Services	8.0
Technology Hardware, Storage & Peripherals	6.6
Semiconductors & Semiconductor Equipment	6.2
Capital Markets	6.0
Insurance	5.6
Specialty Retail	5.3
Information Technology Services	4.7
Electrical Equipment	4.0

How has the Fund changed?

The Oberweis China Opportunties Fund’s advisory management fee was reduced to 1.00% effective October 1, 2024.

Oberweis China Opportunities Fund

OCHIX

annual shareholder report

This report describes changes to the Fund that occurred during the reporting period.

https://oberweisfunds.com/solutions/mutual-funds/

$ 199

How did the Fund perform last year and what affected its performance?

• For the 12 months ended December 31, 2024, Chinese equities broadly appreciated. The Fund underperformed its benchmarked index, the MSCI China Net Index. In 2024, significant shifts in Chinese policy were a headwind to the fund’s strategy, which focuses on company-specific fundamental analysis and earnings growth.

• At the sector level, consumer discretionary, industrials, and healthcare contributed to performance while technology, financials, and communication services were top detractors.

• At the stock level, Taiwan Semiconductor Manufacturing Co. (TSM US), Pop Mart International (9992 HK), and Meituan (3690 HK) were among the top contributors to performance; Pinduoduo (PDD US), Li Auto (LI US), and China Resources Mixc Lifestyle Services (1209 HK) were among the top detractors.

Performance Inception Date

Performance of Hypothetical $10,000 Investment (May 1, 2017 to December 31, 2024)

May 01, 2017

50

155.00%

What did the Fund invest in? (as of December 31, 2024)

Asset Allocation (% of Net Assets)

Equities	100.8
Short-Term Investments	0.1
Other Liabilities less Assets	(0.9)

Top Ten Holdings (% of Net Assets)

Tencent Hldgs. Ltd.	8.0
Alibaba Group Hldg. Ltd.	6.6
Taiwan Semiconductor Manufacturing Co. Ltd. ADS	5.6
Pop Mart International Group Ltd.	5.3
Xiaomi Corp.	4.8
Trip.com Group Ltd.	4.7
Meituan	4.5
China Construction Bank Corp.	3.6
GDS Hldgs. Ltd.	3.6
PDD Hldgs. ADS	3.2

Top Ten Industries (% of Net Assets)

Broadline Retail	12.3
Hotels, Restaurants & Leisure	11.1
Interactive Media & Services	8.0
Technology Hardware, Storage & Peripherals	6.6
Semiconductors & Semiconductor Equipment	6.2
Capital Markets	6.0
Insurance	5.6
Specialty Retail	5.3
Information Technology Services	4.7
Electrical Equipment	4.0

How has the Fund changed?

The Oberweis China Opportunties Fund’s advisory management fee was reduced to 1.00% effective October 1, 2024.

Oberweis International Opportunities Fund

OBIOX

annual shareholder report

800-245-7311

What were your Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Costs of a
$10,000 investment

Costs paid as a percentage of a
$10,000 investment

Oberweis International Opportunities Fund - Investor Class

$140

1.35%

1.35%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

	Average Annual Total Returns
	1 year (%)	5 years (%)	10 years (%)
OBIOX	7.54	3.26	5.24
MSCI World ex-US Small Cap Growth Index	2.57	2.06	5.67
MSCI EAFE Index	3.82	4.73	5.20

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

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. The MSCI EAFE Index is an equity index that captures large and mid-cap representation across 21 developed markets countries around the world, excluding the U.S. and Canada. The index is a broad-based index covering approximately 85% of the free-float-adjusted market capitalization in each country with minimum dividends reinvested net of withholding tax. The Indexes are unmanaged and not available for investment.

68

99.00%

What did the Fund invest in? (as of December 31, 2024)

Asset Allocation (% of Net Assets)

Equities	98.3
Short-Term Investments	1.1
Other Assets less Liabilities	0.6

Top Ten Holdings (% of Net Assets)

Intermediate Capital Group PLC	3.1
Marks and Spencer Group PLC	3.1
Accelleron Industries AG	2.9
Fujikura Ltd.	2.9
Games Workshop Group PLC	2.6
Santen Pharmaceutical Co. Ltd.	2.4
JB Hi-Fi Ltd.	2.4
Saab AB	2.4
CTS Eventim AG & Co.	2.3
JVCKenwood Corp.	2.2

Top Ten Industries (% of Net Assets)

Electrical Equipment	9.4
Capital Markets	7.2
Machinery	7.0
Construction & Engineering	6.5
Aerospace & Defense	6.2
Insurance	5.8
Energy Equipment & Services	5.0
Food Products	4.7
Specialty Retail	3.9
Textiles, Apparel & Luxury Goods	3.9

How has the Fund changed?

There were no material fund changes during the period.

Oberweis International Opportunities Fund

OBIIX

annual shareholder report

800-245-7311

What were your Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Costs of a
$10,000 investment

Costs paid as a percentage of a
$10,000 investment

Oberweis International Opportunities Fund - Institutional Class

$114

1.10%

1.10%

The Fund’s past performance is not a good predictor of the Fund’s future performance.

	Average Annual Total Returns
	1 year (%)	Since Inception (%)1
OBIIX	7.70	8.41
MSCI World ex-US Small Cap Growth Index	2.57	3.92
MSCI EAFE Index	3.82	4.93

1 Since the inception of OBIIX on December 22, 2023.

The Fund’s past performance is not a good predictor of the Fund’s future performance.

The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike the Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the Index returns, the performance would have been lower. Please note that one cannot invest directly in an unmanaged index.

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. The MSCI EAFE Index is an equity index that captures large and mid-cap representation across 21 developed markets countries around the world, excluding the U.S. and Canada. The index is a broad-based index covering approximately 85% of the free-float-adjusted market capitalization in each country with minimum dividends reinvested net of withholding tax. The Indexes are unmanaged and not available for investment.

$ 341,527,562

$ 3,554,955

Top Ten Holdings (% of Net Assets)

Intermediate Capital Group PLC	3.1
Marks and Spencer Group PLC	3.1
Accelleron Industries AG	2.9
Fujikura Ltd.	2.9
Games Workshop Group PLC	2.6
Santen Pharmaceutical Co. Ltd.	2.4
JB Hi-Fi Ltd.	2.4
Saab AB	2.4
CTS Eventim AG & Co.	2.3
JVCKenwood Corp.	2.2

Changes In and Disagreements with Accountants

No disagreements with accountants.

Institutional Class

This annual shareholder report contains important information about Oberweis Focused International Growth Fund (“OFIGX” or the “Fund”) for the period of January 1, 2024 to December 31, 2024.

You can find additional information about the Fund at no cost online at https://oberweisfunds.com/solutions/mutual-funds/, or by calling 800-245-7311.

https://oberweisfunds.com/solutions/mutual-funds/

$ 101

How did the Fund perform last year and what affected its performance?

• For the 12 months ended December 31, 2024, the Fund outperformed its benchmarked index, the MSCI EAFE Index. Internationally, Developed Markets outperformed Emerging Markets. Large caps outperformed small caps.

• At the country level, Germany, the U.K., and Italy were the top contributors, while Australia, Singapore, and Israel were top detractors.

• At the sector level, industrials, technology, and consumer staples contributed to performance while financials, communication services, and energy were top detractors.

• At the stock level, Hitachi (6501 JP), SAP (SAP GR), and Rolls-Royce (RR/ LN) were among the top contributors to performance; LVMH (MC FP), BHP (BHP AU) and Sony (6758 JP) were among the top detractors.

Performance Inception Date

Performance of Hypothetical $10,000 Investment (April 1, 2022 to December 31, 2024)

Apr. 01, 2022

41

66.00%