UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
The Oberweis Funds
(Exact name of registrant as specified in charter)
3333 Warrenville Road, Suite 500, Lisle, IL 60532
(Address of principal executive offices) (Zip code)
Registrant’s telephone number, including area code: (800) 323-6166
Date of fiscal year end: December 31
Date of reporting period: June 30, 2025
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Semi-Annual Reports for the period 01/01/25 through 06/30/25 is filed herewith.
ITEM 2. CODE OF ETHICS.
Not required for the Semi-Annual Report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not required for the Semi-Annual Report.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not required for the Semi-Annual Report.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not Applicable to the registrant.
ITEM 6. SCHEDULE OF INVESTMENTS.
See Schedule of Investments in Item 7.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
SEMI-ANNUAL FINANCIAL STATEMENTS, FINANCIAL HIGHLIGHTS AND OTHER INFORMATION
(Form N-CSR, Items 7-11)
JUNE 30, 2025
Table of Contents
Please note the Financials and Other Information only contains Items 7-11 required in Form N-CSR. All other required items will be filed with the SEC.
Oberweis Micro-Cap Fund
Schedule of Investments (unaudited)
June 30, 2025
See accompanying notes to the financial statements.
Oberweis Micro-Cap Fund
Schedule of Investments (unaudited) (continued)
June 30, 2025
See accompanying notes to the financial statements.
Oberweis Micro-Cap Fund
Schedule of Investments (unaudited) (continued)
June 30, 2025
ADS – American depositary share
See accompanying notes to the financial statements.
Oberweis Small-Cap Opportunities Fund
Schedule of Investments (unaudited)
June 30, 2025
See accompanying notes to the financial statements.
Oberweis Small-Cap Opportunities Fund
Schedule of Investments (unaudited) (continued)
June 30, 2025
See accompanying notes to the financial statements.
Oberweis Small-Cap Opportunities Fund
Schedule of Investments (unaudited) (continued)
June 30, 2025
See accompanying notes to the financial statements.
Oberweis Global Opportunities Fund
Schedule of Investments (unaudited)
June 30, 2025
See accompanying notes to the financial statements.
Oberweis Global Opportunities Fund
Schedule of Investments (unaudited) (continued)
June 30, 2025
ADS – American depositary share
See accompanying notes to the financial statements.
Oberweis Global Opportunities Fund
Schedule of Investments (unaudited) (continued)
June 30, 2025
See accompanying notes to the financial statements.
Oberweis China Opportunities Fund
Schedule of Investments (unaudited)
June 30, 2025
See accompanying notes to the financial statements.
Oberweis China Opportunities Fund
Schedule of Investments (unaudited) (continued)
June 30, 2025
See accompanying notes to the financial statements.
Oberweis China Opportunities Fund
Schedule of Investments (unaudited) (continued)
June 30, 2025
ADS – American depositary share
See accompanying notes to the financial statements.
Oberweis International Opportunities Fund
Schedule of Investments (unaudited)
June 30, 2025
See accompanying notes to the financial statements.
Oberweis International Opportunities Fund
Schedule of Investments (unaudited) (continued)
June 30, 2025
See accompanying notes to the financial statements.
Oberweis International Opportunities Fund
Schedule of Investments (unaudited) (continued)
June 30, 2025
See accompanying notes to the financial statements.
Oberweis International Opportunities Fund
Schedule of Investments (unaudited) (continued)
June 30, 2025
See accompanying notes to the financial statements.
Oberweis Focused International Growth Fund
Schedule of Investments (unaudited)
June 30, 2025
See accompanying notes to the financial statements.
Oberweis Focused International Growth Fund
Schedule of Investments (unaudited) (continued)
June 30, 2025
ADS – American depositary share
See accompanying notes to the financial statements.
Oberweis Focused International Growth Fund
Schedule of Investments (unaudited) (continued)
June 30, 2025
See accompanying notes to the financial statements.
THE OBERWEIS FUNDS
Statements of Assets and Liabilities
June 30, 2025 (unaudited)
See accompanying notes to the financial statements.
THE OBERWEIS FUNDS
Statements of Assets and Liabilities
June 30, 2025 (unaudited) (continued)
See accompanying notes to the financial statements.
THE OBERWEIS FUNDS
Statements of Operations
Period Ended June 30, 2025 (unaudited)
See accompanying notes to the financial statements.
THE OBERWEIS FUNDS
Statements of Operations
Period Ended June 30, 2025 (unaudited) (continued)
See accompanying notes to the financial statements.
THE OBERWEIS FUNDS
Statements of Operations
Period Ended June 30, 2025 (unaudited) (continued)
See accompanying notes to the financial statements.
THE OBERWEIS FUNDS
Statements of Changes in Net Assets
See accompanying notes to the financial statements.
THE OBERWEIS FUNDS
Statements of Changes in Net Assets (continued)
See accompanying notes to the financial statements.
THE OBERWEIS FUNDS
Statements of Changes in Net Assets (continued)
See accompanying notes to the financial statements.
THE OBERWEIS FUNDS
Statements of Changes in Net Assets (continued)
See accompanying notes to the financial statements.
THE OBERWEIS FUNDS
Statements of Changes in Net Assets (continued)
See accompanying notes to the financial statements.
THE OBERWEIS FUNDS
Statements of Changes in Net Assets (continued)
See accompanying notes to the financial statements.
THE OBERWEIS FUNDS
Notes to Financial Statements
June 30, 2025 (unaudited)
1. Description of Organization
Description of business. The Oberweis Funds (the ”Trust”) is registered under the Investment Company Act of 1940 as an open-end management investment company. The Trust is authorized to operate numerous Funds under various trading strategies. The Trust consists of six Funds: the Oberweis Micro-Cap Fund, the Oberweis Small-Cap Opportunities Fund, the Oberweis Global Opportunities Fund, the Oberweis China Opportunities Fund, the Oberweis International Opportunities Fund and the Oberweis Focused International Growth Fund (collectively, ”the Funds”) are each a series of the Trust. Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except each class may be subject to different class expenses as outlined in the relevant prospectus and each class has exclusive voting rights with respect to matters solely affecting such class.
2. Significant Accounting Policies
The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Funds are each an investment company and follow accounting and reporting guidance under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services – Investment Companies.”
Investment valuation. Investments in securities are stated at value as of the close of the regular trading session on the New York Stock Exchange (”NYSE”) (generally 3 p.m., Central Standard Time). Each listed and unlisted security for which last sale information is regularly reported is valued at the last reported sales price on that day. If there has been no sale on such day, then such security is valued at the current day’s bid price. Any unlisted security for which last sale information is not regularly reported and any listed debt security which has an inactive listed market for which over-the-counter market quotations are readily available is valued at the closing bid price determined on the basis of reasonable inquiry. Restricted securities and any other securities or other assets for which market quotations are not readily available are valued by appraisal at their fair value as determined in good faith under procedures established by and under the general supervision and responsibility of the Board of Trustees. Short-term debt obligations, commercial paper and repurchase agreements are valued on the basis of quoted yields for securities of comparable maturity, quality and type or on the basis of amortized cost.
The Oberweis Global Opportunities Fund, the Oberweis China Opportunities Fund, the Oberweis International Opportunities Fund and the Oberweis Focused International Growth Fund hold foreign equity securities. Foreign securities are fair valued as described in the following circumstances. Generally, trading in foreign securities markets is completed each day at various times prior to the close of the regular trading session of the NYSE. Due to the time differences between the closings of the relevant foreign securities exchanges and the close of the regular trading session of the NYSE for the Funds, the Funds will fair value their foreign investments when it is determined that the market quotations for the foreign investments either are not readily available or are unreliable and, therefore, do not represent fair value. When the fair value prices are utilized, these prices will attempt to reflect the impact of the U.S. financial markets’ perceptions and trading activities on the Funds’ foreign investments since the last closing prices of the foreign investments were calculated on their primary foreign securities markets or exchanges. For these purposes, the Board of Trustees of the Trust has determined that movements in relevant indices, after the close of the foreign securities exchanges, may demonstrate that market quotations are unreliable, and may trigger fair value pricing for certain securities. Consequently, fair valuation of portfolio securities may occur on a daily basis. In determining fair value prices, the Trust utilizes data furnished by an independent pricing service (and that data draws upon, among other information, the market values of foreign investments). When a Fund uses fair value pricing, the values assigned to the Fund’s foreign investments may not be the quoted or published prices of the investments on their primary markets or exchanges.
Fair value measurements. In accordance with Financial Accounting Standards Board (”FASB”) guidance, the Funds utilize the ”Fair Value Measurements and Disclosures” to define fair value, set out a framework for measuring fair value, and expand disclosures regarding fair value measurements.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three levels listed below:
-Level 1 — Quoted prices in active markets for identical securities.
-Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc).
-Level 3 — Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
THE OBERWEIS FUNDS
Notes to Financial Statements
June 30, 2025 (unaudited) (continued)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Funds’ net assets as of June 30, 2025:
The Funds’ assets include certain foreign securities for which a third-party statistical pricing service may be employed for purposes of fair market valuation. The pricing service provides fair market valuation on days when the movement in relevant indices exceeds a predetermined threshold.
Foreign currency transactions. The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gains or losses from investments and foreign currencies.
THE OBERWEIS FUNDS
Notes to Financial Statements
June 30, 2025 (unaudited) (continued)
Risks associated with foreign securities and currencies. Investments in securities of foreign issuers carry certain risks not ordinarily associated with investments in securities of U.S. issuers. These risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability or diplomatic developments, which could adversely affect investments in those countries.
Certain countries also may impose substantial restrictions on investments in their capital markets by foreign entities, including restrictions on investments in issuers of industries deemed sensitive to relevant national interests. These factors may limit the investment opportunities available and result in a lack of liquidity and a high price volatility with respect to securities of issuers from developing countries.
Fund share valuation. Fund shares are sold and redeemed on a continuous basis at net asset value. On each day the NYSE is open for trading, the net asset value per share is determined as of the later of the close of the NYSE or the CBOE by dividing the total value of each Fund’s investments and other assets, less liabilities, by the number of each Fund’s shares outstanding.
Investment transactions and investment income. Investment transactions are accounted for on the trade date (date the order to buy or sell is executed). Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information is available to the Fund, and interest income is recorded on the accrual basis and includes amortization of premium and discount. Realized gains and losses from investment transactions are reported on an identified cost basis. Income and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.
Fund Foreign Taxation. The Funds may be subject to foreign taxation related to income received, capital gains on the sale of securities and certain foreign currency transactions in the foreign jurisdictions in which they invest. Foreign taxes, if any, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Funds invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that may be payable if the securities were disposed of on the valuation date.
Fund expense allocations. The Funds account separately for the assets, liabilities and operations of each Fund. Direct expenses of each Fund or class are charged to that Fund or class while general expenses are allocated pro-rata among the Funds based on net assets or other appropriate methods.
Federal income taxes and dividends to shareholders. It is the policy of the Funds to continue to comply with all requirements of the Internal Revenue Code of 1986, as amended (”the Code”), applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders. The Funds have met the requirements of the Code applicable to regulated investment companies for the period ended June 30, 2025. Therefore, no federal income tax provision is required. Income and capital gains of the Funds are determined in accordance with both tax regulations and accounting principles generally accepted in the U.S. (”GAAP”). Such treatment may result in temporary and permanent differences between tax basis earnings and earnings reported for financial statement purposes. These reclassifications, which have no impact on the net asset value of the Funds, are primarily attributable to certain differences in computation of distributable income and capital gains under federal tax rules versus GAAP.
Dividends and Distributions to Shareholders. The Funds will distribute substantially all of their net investment income and net realized capital gains, if any, at least annually. All distributions are recorded on ex-dividend date.
Certain Funds may utilize earnings and profits on redemption of shares as part of the dividends paid deduction.
As of June 30, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period ended June 30, 2025, the Funds did not incur any interest or penalties.
For the year ended December 31, 2024, permanent book and tax basis differences resulting primarily from differing treatments for net operating losses, foreign currency transactions, passive foreign investment company (”PFIC”) adjustments and the tax practice known as equalization, were identified and reclassified among the components of the Funds’ net assets.
THE OBERWEIS FUNDS
Notes to Financial Statements
June 30, 2025 (unaudited) (continued)
GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended December 31, 2024, permanent differences in book and tax accounting have been reclassified to paid in capital and accumulated earnings (loss) as follows:
The tax character of distributions paid during the fiscal year ended December 31, 2024 was as follows:
The tax character of distributions paid during the fiscal year ended December 31, 2023 was as follows:
As of December 31, 2024, the following Funds had net capital loss carryforwards to offset future net capital gains, if any, to the extent provided by treasury regulations:
THE OBERWEIS FUNDS
Notes to Financial Statements
June 30, 2025 (unaudited) (continued)
Capital loss carryovers are available to offset future realized capital gains and thereby reduce further taxable gain distributions.
During the year ended December 31, 2024, the funds utilized the following amounts of capital loss carryover.
Qualified Late-Year losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended December 31, 2024, Qualifed late-year losses treated arising on January 1, 2025 are as follows:
Post-October capital losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year.
For the year ended December 31, 2024, Post October capital losses treated arising on January 1, 2025 was as follows:
As of December 31, 2024 the cost of investments for federal income tax purposes are as follows:
THE OBERWEIS FUNDS
Notes to Financial Statements
June 30, 2025 (unaudited) (continued)
As of December 31, 2024 the components of accumulated earnings (deficit) on a tax basis were as follows:
Accumulated capital and other losses consists of timing differences related to wash sales and capital loss carryforwards.
The Funds have reviewed all open tax years and major jurisdictions and concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for exam by taxing authorities and, as of June 30, 2025, open Federal tax years include the tax years ended 2021 through 2025. The Funds have no examinations in progress and are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Use of estimates. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from those estimates.
Indemnifications. Under the Trust’s organizational documents, its present and former Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
3. Transactions with affiliates
The Funds have written agreements with Oberweis Asset Management, Inc. (”OAM”) as the Funds’ investment advisor and manager. Oberweis Securities, Inc. (”OSI”), the Funds’ principal distributor, is an affiliate of OAM.
Investment advisory agreement. Under the Advisory Agreement, OAM provides investment advisory services to the Micro-Cap, Small-Cap Opportunities Funds and Global Opportunities Fund and pursuant to a separate Management Agreement, OAM provides non-investment advisory management services such as administrative, compliance and accounting services to these Funds. For investment advisory services, the Micro-Cap Fund paid monthly investment advisory fees at an annual rate equal to .60% of average daily net assets. The Small-Cap Opportunities Fund paid monthly investment advisory fees at an annual rate equal to .40% of average daily net assets. The Global Opportunities Fund paid monthly investment advisory fees at an annual rate equal to .45% of the first $50 million of average daily net assets and .40% of average daily net assets in excess of $50 million. For investment advisory and management services, the China Opportunities Fund, the International Opportunities Fund and the Focused International Growth Fund paid monthly investment advisory and management fees at an annual rate equal to 1.00%, 1.00% and .80% of average daily net assets, respectively. For the period ended June 30, 2025, the Micro-Cap Fund, Small-Cap Opportunities Fund and Global Opportunities Fund incurred investment advisory fees totaling $1,924,360, $2,837,401 and $125,345, respectively. For the period ended June 30, 2025, the China Opportunities Fund, the International Opportunities Fund and the Focused International Growth Fund incurred investment advisory fees totaling $202,520, $1,775,793 and $39,883, respectively.
Management agreement. For management services and facilities furnished, the Micro-Cap Fund, Small-Cap Opportunities Fund and Global Opportunities Fund, each paid a monthly fee at an annual rate equal to .40% of average daily net assets. For the period ended June 30, 2025, the Micro-Cap Fund, Small-Cap Opportunities Fund, and Global Opportunities Fund incurred management fees totaling $1,282,907, $2,837,401, and $112,948, respectively.
THE OBERWEIS FUNDS
Notes to Financial Statements
June 30, 2025 (unaudited) (continued)
Expense reimbursement. OAM is contractually obligated to reduce its investment and management fees or reimburse the Micro-Cap Fund and Global Opportunities Fund Investor Class Shares to the extent that total ordinary operating expenses, as defined, exceed in any one period the following amounts expressed as a percentage of each Fund’s average daily net assets: 1.80% of the first $50 million; plus 1.60% of average daily net assets in excess of $50 million. OAM is contractually obligated to reduce its investment and management fees or reimburse Small-Cap Opportunities Fund, China Opportunities Fund, and International Opportunities Fund Investor Class Shares to the extent that total ordinary operating expenses, as defined, exceed in any one year 1.25%, 2.24%, and 1.35% expressed as a percentage of the Fund’s average daily net assets, respectively. OAM is contractually obligated to reduce its investment and management fees or reimburse the Micro-Cap Fund and the Global Opportunities Fund Institutional Class Shares 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: 1.55% of the first $50 million; plus 1.35% of average daily net assets in excess of $50 million. OAM is contractually obligated to reduce its investment and management fees or reimburse the Small-Cap Opportunities Fund, China Opportunities Fund, International Opportunities Fund and Focused International Growth Fund Institutional Class Shares to the extent that total ordinary operating expenses, as defined, exceed in any one year 1.00%, 1.99%, 1.10% and 0.95% expressed as a percentage of the Funds’ average daily net assets, respectively. For the period ended June 30, 2025 OAM reimbursed the International Opportunities Fund and the Focused International Growth Fund in the amount of $130,244, and $51,282, respectively.
During the term of the contract, the adviser may recoup the amount of any expenses reimbursed from the International Opportunities Fund, the China Opportunities Fund, and the Focused International Growth Fund within three years from the date on which reimbursement occurred, if the recoupment does not cause the Fund’s expenses to exceed the expense limitation in place at the time of the recoupment or at the time of reimbursement, whichever is lower.
For the period ended June 30, 2025, the amounts of fee reductions and expense reimbursements subject to recovery by the Adviser from the International Opportunities Fund, the China Opportunities Fund, and the Focused International Growth Fund are $726,911, $0, and $212,491, respectively. The portions of these amounts that the Adviser may recover expire no later than the following dates:
Officers and trustees. Certain officers and trustees of the Trust are also officers and/or directors of OAM and OSI. During the period ended June 30, 2025, the Trust made no direct payments to its officers and paid $79,500 to its unaffiliated trustees.
Distribution and shareholder service agreement. The Funds have a distribution and shareholder services agreement with OSI. For services under the distribution and shareholder services agreement, the Funds pay OSI a fee at the annual rate of .25% of the average daily net assets of Investor Class Shares as compensation for services. For the period ended June 30, 2025, the Micro-Cap Fund, Small-Cap Opportunities Fund, Global Opportunities Fund, China Opportunities Fund, and International Opportunities Fund incurred distribution fees totaling $358,342, $461,853, $41,979, $43,699, and $130,775, respectively.
Affiliated Commissions. For the period ended June 30, 2025, the Micro-Cap Fund, Small-Cap Opportunities Fund, Global Opportunities Fund, China Opportunities Fund, International Opportunities Fund, and Focused International Growth Fund did not execute any security transactions through OSI and therefore did not pay commissions to OSI.
4. Investment transactions
The cost of securities purchased and proceeds from securities sold during the period ended June 30, 2025, other than money market investments, aggregated $182,664,943 and $125,153,518, respectively, for the Micro-Cap Fund, $570,693,229 and $500,330,243, respectively, for the Small-Cap Opportunities Fund, $25,720,138 and $26,582,405, respectively, for the Global Opportunities Fund, $24,271,225 and $24,482,921, respectively, for the China Opportunities Fund, $257,365,133,and $282,881,887, respectively, for the International Opportunities Fund, $6,351,732 and $4,382,892, respectively for the Focused International Growth Fund. The China Opportunities Fund, International Opportunities Fund, and Focused International Growth Fund did hold a money market fund that held government securities during the period ended June 30, 2025.
The Funds may write covered call options. The premiums received provide a partial hedge (protection) against declining prices and enables each Fund to generate a higher return during periods when OAM does not expect the underlying security to make any major price moves in the near future but still deems the underlying security to be, over the long term, an attractive investment for each Fund. The Funds write covered call options for which premiums received are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options, which are either exercised or closed, are offset against the proceeds received or amount paid on the transaction to determine realized gains or losses. Amounts recovered for securities litigation are included in the realized gains of the Fund and are recorded when received. The Funds did not write covered call options during the period ended June 30, 2025.
THE OBERWEIS FUNDS
Notes to Financial Statements
June 30, 2025 (unaudited) (continued)
5. Redemption fee
The Funds are designed for long-term investors. To discourage market timers and short-term and excessive trading, redemptions of the shares of China Opportunities Fund, International Opportunities Fund and Focused International Growth Fund within 90 days of purchase will be subject to a 2.00% redemption fee. The redemption fee is deducted from the redemption proceeds and is retained by the Fund. The redemption fee also applies to exchanges within 90 days of purchase.
Oberweis Micro-Cap Fund, Oberweis Small-Cap Opportunities Fund and Oberweis Global Opportunities Funds were subject to 1% redemption fees for the period January 01,2024 through February 14, 2024.
The redemption fee is retained by the Funds for the expense they incur in connection with shareholder redemptions. Redemption fees received by the China Opportunities Fund, International Opportunities Fund and Focused International Growth Fund were $5,316, $1,222 and $0, respectively, for the period ended June 30, 2025, and were recorded as a reduction of the redemption of shares in the Statements of Changes in Net Assets.
6. Earnings credits and interest charges
The Trust, as part of the agreement with the Custodian, receives credits against its custodian fees on its uninvested cash balances and is allowed to borrow for temporary purposes. Borrowings are not to exceed 5% of the value of each Fund’s total assets at the time of any such borrowing. Interest on amounts borrowed is calculated at the prime rate and is payable monthly. During the period ended June 30, 2025, the Micro-Cap Fund, Small-Cap Opportunities Fund, Global Opportunities Fund, China Opportunities Fund, International Opportunities Fund and Focused International Growth Fund did not receive any earnings credits. During the period ended June 30, 2025, the Micro-Cap Fund, Small Cap Opportunities Fund, Global Opportunities Fund, China Opportunities Fund, International Opportunities Fund, and Focused International Growth Fund incurred interest charges of $12, $25,339, $2, $1,195, $1,695 and $51 respectively, which is included in custodian fees and expenses in the Statements of Operations.
7. Segment Information
The FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07″),” which enhances disclosure requirements about significant segment expenses that are regularly provided to Oberweis Asset Management, Inc., the Funds’ investment advisor, which is the chief operating decision maker (the “CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by Topic 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. Each Fund has determined that it will operate as an operating segment, as the CODM reviews each Fund’s financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance.
8. Subsequent events
The Funds have evaluated subsequent events through the issuance of the financial statements and determined that no events have occurred that require recognition or disclosure.
THE OBERWEIS FUNDS
Financial Highlights
Per share income and capital for a share outstanding throughout each period is as follows:
Notes:
THE OBERWEIS FUNDS
Financial Highlights (continued)
Per share income and capital for a share outstanding throughout each period is as follows:
Notes:
THE OBERWEIS FUNDS
Financial Highlights (continued)
Per share income and capital for a share outstanding throughout each period is as follows:
Notes:
THE OBERWEIS FUNDS
Financial Highlights (continued)
Per share income and capital for a share outstanding throughout each period is as follows:
Notes:
THE OBERWEIS FUNDS
Financial Highlights (continued)
Per share income and capital for a share outstanding throughout each period is as follows:
Notes:
THE OBERWEIS FUNDS
Financial Highlights (continued)
Per share income and capital for a share outstanding throughout each period is as follows:
Notes:
THE OBERWEIS FUNDS
Financial Highlights (continued)
Per share income and capital for a share outstanding throughout each period is as follows:
Notes:
THE OBERWEIS FUNDS
Financial Highlights (continued)
Per share income and capital for a share outstanding throughout each period is as follows:
Notes:
THE OBERWEIS FUNDS
Financial Highlights (continued)
Per share income and capital for a share outstanding throughout each period is as follows:
Notes:
THE OBERWEIS FUNDS
Financial Highlights (continued)
Per share income and capital for a share outstanding throughout each period is as follows:
Notes:
THE OBERWEIS FUNDS
Financial Highlights (continued)
Per share income and capital for a share outstanding throughout each period is as follows:
Notes:
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
No changes or disagreements to disclose during the period covered by the report.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.
No matters were submitted during the period covered by the report to a vote of shareholders.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.
Remuneration disclosed in the Notes to Financial Statements section in Item 7.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.
Not applicable.
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable to the registrant.
ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees since registrant last disclosed such procedures in its proxy statement dated April 16, 2004.
ITEM 16. CONTROLS AND PROCEDURES.
ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to the registrant.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION
No accounting restatement that required recovery of erroneously awarded compensation.
ITEM 19. EXHIBITS.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date 09/04/2025
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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