N-CSRS

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-4854

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)

James W. Oberweis
The Oberweis Funds
3333 Warrenville Road, Suite 500
Lisle, IL 60532 Copy to: James A. Arpaia
Vedder Price P.C.
222 North LaSalle Street, Suite 2600
Chicago, IL 60601

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 323-6166

Date of fiscal year end: December 31

Date of reporting period: June 30, 2022

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 01/01/22 through 06/30/22 is filed herewith

SEMI-ANNUAL REPORT
	INVESTOR CLASS	INSTITUTIONAL CLASS
Oberweis Micro-Cap Fund	OBMCX	OMCIX
Oberweis Small-Cap Opportunities Fund	OBSOX	OBSIX
Oberweis Global Opportunities Fund	OBEGX	OBGIX
Oberweis China Opportunities Fund	OBCHX	OCHIX
Oberweis International Opportunities Fund	OBIOX	—
Oberweis Emerging Markets Fund	OBEMX	OIEMX
June30, 2022
oberweisfunds.com

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on www.oberweisfunds.com and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically by contacting us at 1-800-245-7311.

You may elect to receive all future reports in paper free of charge. You can inform the Fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by contacting us at 1-800-245-7311. Your election to receive reports in paper will apply to all funds held with the fund complex.

TABLE OF CONTENTS

President’s Letter	1
Fund Overview
Oberweis Micro-Cap Fund	5
Oberweis Small-Cap Opportunities Fund	5
Oberweis Global Opportunities Fund	6
Oberweis China Opportunities Fund	6
Oberweis International Opportunities Fund	7
Oberweis Emerging Markets Fund	7
Schedule of Investments
Oberweis Micro-Cap Fund	8
Oberweis Small-Cap Opportunities Fund	12
Oberweis Global Opportunities Fund	16
Oberweis China Opportunities Fund	19
Oberweis International Opportunities Fund	22
Oberweis Emerging Markets Fund	25
Statements of Assets and Liabilities
Oberweis Micro-Cap Fund	28
Oberweis Small-Cap Opportunities Fund	28
Oberweis Global Opportunities Fund	28
Oberweis China Opportunities Fund	29
Oberweis International Opportunities Fund	29
Oberweis Emerging Markets Fund	29
Statements of Operations
Oberweis Micro-Cap Fund	30
Oberweis Small-Cap Opportunities Fund	30
Oberweis Global Opportunities Fund	31
Oberweis China Opportunities Fund	31
Oberweis International Opportunities Fund	31
Oberweis Emerging Markets Fund	31
Statements of Changes in Net Assets
Oberweis Micro-Cap Fund	32
Oberweis Small-Cap Opportunities Fund	33
Oberweis Global Opportunities Fund	34
Oberweis China Opportunities Fund	35
Oberweis International Opportunities Fund	36
Oberweis Emerging Markets Fund	37
Notes to the Financial Statements	38
Financial Highlights
Oberweis Micro-Cap Fund	47
Oberweis Small-Cap Opportunities Fund	49
Oberweis Global Opportunities Fund	51
Oberweis China Opportunities Fund	53
Oberweis International Opportunities Fund	55
Oberweis Emerging Markets Fund	56
Supplemental Information	58

PRESIDENT’S LETTER (unaudited)

Dear Fellow Oberweis Funds Shareholder,

YEAR-TO-DATE PERFORMANCE THROUGH June 30, 2022

Global equity markets closed out their worst first half in over fifty years, as surging inflation, interest rate hikes by the U.S. Federal Reserve, and Russia’s war in Ukraine stoked recessionary fears. Not surprisingly, each of the Oberweis Funds declined in the first half of 2022. The Micro-Cap Fund returned -21.91% versus -33.04% for the Russell Micro-Cap Growth Index. The Small-Cap Opportunities Fund returned -22.42% versus -29.45% for the Russell 2000 Growth Index. Among our international funds, the International Opportunities Fund returned -36.68% versus -29.55% for the MSCI World ex-US Small-Cap Growth Index. The China Opportunities Fund returned -21.72% versus -11.26% for the MSCI China Index, and the Emerging Markets Fund returned -23.11% versus -20.03% for the MSCI EM Small-Cap Index. The Global Opportunities Fund returned -34.88% versus -22.27% for the MSCI ACWI Small-Cap Index. Notably, despite significant headwinds for our growth-oriented investment style, the Micro-Cap and Small-Cap Funds still materially outperformed their benchmarks in the first half, primarily due to a focus on profitable companies and favorable stock selection in those funds.

MARKET ENVIRONMENT

Concerns over inflation, and more specifically whether central banks can bring the rate of inflation down without causing a recession, continued to impact equity returns in nearly every geographic region. Additionally, energy concerns remain front and center in Europe, with the EU scrambling to find enough natural gas for this winter to offset a reduction in supply from Russia. In China, lockdowns associated with China’s zero-COVID policy pressured economic growth and political leadership, particularly in Shanghai. In the US, inflation and interest rate hikes by the Fed have curbed economic growth, although the data remains mixed as to the degree.

While virtually all equity asset classes were down significantly in the first half, the pain was particularly acute for “growth” stocks, which were punished much more than their “value” counterparts. Unexpected increases in interest rates have often been the scourge of growth equities. Growth stocks — by definition — are valued based on the potential for significant earnings growth years into the future. When interest rates rise, the present value of future earnings declines, so, all else equal, they should be worth less (assuming the change was not already anticipated). “Value” stocks also suffer from a lower net present value, but with a smaller share of their cash flows far out into the future, the impact of rising rates tends to be less severe.

The real culprit for growth underperformance in the first half was P/E multiple compression.In uncertain times, investors tend to gravitate toward perceived safety and are marginally less interested in pursuing the potential for higher returns from innovation and earnings growth. Instead, they prefer safe, predictable cash flows, which are typically characteristics of “value” stocks. As a result, the valuation gap between “growth” stocks relative to “value” stocks has compressed. Another way of thinking about it is that the multiple of today’s earnings that one must pay to participate in a potentially much larger future earnings stream has markedly declined as risk-aversion has risen.

All of this makes sense, to a point. There are many “unknowns” and we expect that inflation and the potential for recession will continue to drive daily volatility in the near term. It is rational for risk-aversion to be somewhat higher in this environment. But to what degree? Many small growth stocks are already down 30-40% or more, with P/E valuations for some of our funds among the lowest we have ever observed. Our Global Opportunities Fund, for example, has an average P/E today of 13.0x versus 25.1x a year ago. One might argue that valuations today

1

PRESIDENT’S LETTER (unaudited) (continued)

appear very cheap because earnings estimates remain too high. That’s plausible, but it is unlikely that actual earnings will be so far short of estimates to justify the P/E multiple contraction already experienced.

Perhaps counterintuitively, we are very excited about the current opportunity set and the potential for strong prospective returns. Historically, we tend to thrive coming out of environments like this, when expectations and valuations are exceptionally low and risk-aversion is high. Macroeconomic and political turmoil have taken, and may continue to take, their toll on near-term stock prices. However, what matters to investors in the long run is the earnings power of businesses, which is a function of the firm’s sales growth, margins, cash flows and the incremental return on capital reinvested in the business. We look for businesses with strong and growing earnings power protected by robust competitive advantages. The ability of those types of firms to create shareholder value is not permanently impaired by economic cycles, though they often trade as if that is the case. Broadly speaking, we believe many of the headline risks with respect to our holdings have already been discounted, and likely over-discounted. As a result, we are finding what we believe to be tremendous values in small-cap stocks around the world. No one can predict the future, but we believe the odds for above-average prospective returns are in our favor when buying amid valuations this cheap.

VALUATION RECAP

P/E valuations for many of the funds are significantly lower than average. As of June 30, 2022, the weighted-average price/earnings (P/E) ratio was 13.0 times for the Global Opportunities Fund (versus 16.2 last quarter), 10.7 times for the Small-Cap Opportunities Fund (versus 13.5 last quarter), 10.0 times for the Micro-Cap Fund (versus 12.8 last quarter), 13.9 times for the International Opportunities Fund (versus 18.6 last quarter), 24.6 times for the China Opportunities Fund (versus 16.3 last quarter), and 14.3 times for the Emerging Markets Fund (versus 18.2 times last quarter). Each of these funds invests in companies with expected earnings growth rates that are higher than that of the broader market, and in companies expected to grow faster than current market expectations. As of June 30, 2022, the weighted-average market capitalization was $4.5 billion for the Global Opportunities Fund, $2.8 billion for the Small-Cap Opportunities Fund, $1.2 billion for the Micro-Cap Fund, $3.7 billion for the International Opportunities Fund, $3.3 billion for the Emerging Markets Fund, and $44.9 billion for the China Opportunities Fund.

Thank you for investing with us in The Oberweis Funds.

Sincerely,

James W. Oberweis, CFA
President & Portfolio Manager

2

PRESIDENT’S LETTER (unaudited) (continued)

For current performance information, please visit www.oberweisfunds.com.

OBERWEIS FUNDS AVERAGE ANNUAL TOTAL RETURNS (%) (as of June 30, 2022)

	Ticker	Qtr	1 Yr	3 Yr	5 Yr	10 Yr	Life of Fund2	Expense Ratio3
Global Opportunities	OBEGX OBGIX1	-19.59 -19.55	-34.51 -34.34	8.65 8.94	5.58 5.84	9.08 9.35	8.27 8.54	1.38 1.13
Micro-Cap	OBMCX OMCIX1	-14.68 -14.62	-13.91 -13.65	15.30 15.61	13.62 13.90	16.15 16.44	10.81 11.09	1.48 1.23
Small-Cap Opportunities	OBSOX OBSIX1	-16.37 -16.31	-11.32 -11.06	15.25 15.54	14.44 14.73	13.28 13.57	8.00 8.27	1.25 1.00
China Opportunities	OBCHX OCHIX1	5.88 5.90	-29.89 -29.77	9.15 9.38	7.74 8.00	10.97 11.24	10.94 11.21	1.87 1.62
International Opportunities	OBIOX	-22.99	-39.44	2.56	2.57	10.53	7.21	1.60
Emerging Markets	OBEMX OIEMX	-15.21 -15.08	-24.99 -24.81	9.85 10.12	n/a n/a	n/a n/a	4.52 4.79	1.75 1.50

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. Unusually high returns may not be sustainable. Visit us online at oberweisfunds.com for most recent month-end performance.

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. Holdings in the Funds are subject to change.

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 are distributed by Oberweis Securities, Inc. Member: FINRA & SIPC.

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

​2 Life of Fund returns are from commencement of operations on 01/07/87 for the Global Opportunities Fund, 01/01/96 for the Micro-Cap Fund, 09/15/96 for the Small-Cap Opportunities Fund, 10/01/05 for the China Opportunities Fund, 02/01/07 for the International Opportunities Fund, 05/01/17 for the Institutional Share Classes and 05/01/18 for the Emerging Markets Fund Share Classes.

​3 December 31, 2021 data. Expense ratio is the total net annualized fund operating expense ratio. The expense ratio gross of expense offset arrangements and expense reimbursements was 1.38%, 1.13%, 1.48%, 1.23%, 1.59%, 1.34%, 1.87%, 1.62%,1.77%, 2.80% and 2.55% for OBEGX, OBGIX, OBMCX, OMCIX, OBSOX, OBSIX, OBCHX, OCHIX, OBIOX, OBEMX and OIEMX respectively. Oberweis Asset Management, Inc. (OAM), the Fund’s investment advisor is contractually obligated through April 30, 2023 to reduce its management fees or reimburse OBEGX and 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 OBGIX and OMCIX 1.55% of the first $50 million; plus 1.35% of average daily net assets in excess of $50 million. OAM is also contractually obligated through April 30, 2022 to reduce its management fees or reimburse OBSOX, OBCHX, OBIOX and OBEMX to the extent that total ordinary operating expenses exceed in any one year 1.25%, 2.24%, 1.60% and 1.75% expressed as a percentage of each Fund’s average daily net assets, respectively, and for OBSIX, OCHIX and OIEMX 1.00%, 1.99% and 1.50%, respectively.

3

PRESIDENT’S LETTER (unaudited) (continued)

The MSCI World ex-US Small Cap Growth Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of small cap growth developed markets excluding the US, with minimum dividends reinvested net of withholding tax. 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 Emerging Markets Small Cap Index is a free float-adjusted, market capitalization-weighted index that measures the performance of small-cap stocks in 24 emerging markets. 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 Russell 2000 Index measures the performance of approximately 2,000 companies with small-market capitalizations. 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 Microcap Growth Index measures the performance of those Russell Micro Cap companies with higher price-to-book ratios and higher forecasted growth values. The performance data includes reinvested dividends. The Russell Microcap 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, whose performance does not reflect the deduction of fees, expenses or taxes.

4

Oberweis Micro-Cap Fund

At June 30, 2022 (unaudited)

Asset Allocation (% of Net Assets)
Equities	97.5
Other Assets less Liabilities	2.5
Top Ten Holdings (% of Net Assets)
Lantheus Hldgs., Inc.	5.0
Axcelis Technologies, Inc.	4.0
Veritiv Corp.	3.7
Sierra Wireless, Inc.	2.2
Funko, Inc.	2.1
Resources Connection, Inc.	2.1
Clearfield, Inc.	2.0
Forrester Research, Inc.	1.8
Guess’, Inc.	1.7
Alpha and Omega Semiconductor Ltd.	1.7
Top Ten Industries (% of Net Assets)
Back Office Support, Human Resources & Consulting	12.8
Production Technology Equipment	10.7
Communications Technology	9.0
Computer Services Software & Systems	6.5
Medical Equipment	5.0
Semiconductors & Components	4.4
Containers & Packaging	3.7
Specialty Retail	3.2
Medical & Dental Instruments & Supplies	3.2
Oil Well Equipment & Services	2.9

Oberweis Small-Cap Opportunities Fund

At June 30, 2022 (unaudited)

Asset Allocation (% of Net Assets)
Equities	95.7
Other Assets less Liabilities	4.3
Top Ten Holdings (% of Net Assets)
Lantheus Hldgs., Inc.	3.9
Axcelis Technologies, Inc.	3.4
Veritiv Corp.	3.2
Evolent Health, Inc.	2.2
Clearfield, Inc.	2.2
Synaptics, Inc.	2.1
Sierra Wireless, Inc.	2.0
Stride, Inc.	2.0
MaxLinear. Inc.	1.9
MGP Ingredients, Inc.	1.8
Top Ten Industries (% of Net Assets)
Production Technology Equipment	6.0
Back Office Support, Human Resources, & Consulting	5.8
Semiconductors & Components	5.3
Healthcare Services	5.1
Medical Equipment	4.5
Containers & Packaging	4.1
Computer Services Software & Systems	3.6
Medical & Dental Instruments & Supplies	3.3
Chemicals – Diversified	3.3
Computer Technology	3.0

5

Oberweis Global Opportunities Fund

At June 30, 2022 (unaudited)

Asset Allocation (% of Net Assets)
Equities	97.4
Other Assets less Liabilities	2.6
Top Ten Holdings (% of Net Assets)
Halozyme Therapeutics, Inc.	5.0
Lantheus Hldgs., Inc.	4.6
Deckers Outdoor Corp.	4.3
Acadia Healthcare Co., Inc.	4.3
Dada Nexus Ltd. ADS	4.1
Synaptics, Inc.	3.7
Materion Corp.	3.7
Intermediate Capital Group PLC	3.3
Crocs, Inc.	3.3
Li Ning Co. Ltd.	3.3
Top Ten Industries (% of Net Assets)
Semiconductor & Semiconductor Equipment	18.5
Textiles, Apparel & Luxury Goods	10.9
Healthcare Equipment & Supplies	7.9
Software	5.2
Biotechnology	5.0
Healthcare Provider & Services	4.3
Internet & Direct Marketing Retail	4.1
Information Technology Services	3.9
Trading Co. & Distribution	3.7
Metals & Mining	3.7

Oberweis China Opportunities Fund

At June 30, 2022 (unaudited)

Asset Allocation (% of Net Assets)
Equities	99.3
Other Assets less Liabilities	0.7
Top Ten Holdings (% of Net Assets)
Alibaba Group Hldg. Ltd.	4.5
Pinduoduo, Inc. ADS	3.2
Meituan	2.9
Wuxi Biologics (Cayman), Inc.	2.7
Ningbo Deye Technology Co. Ltd.	2.5
BYD Co. Ltd.	2.4
Ningbo Orient Wires & Cables Co. Ltd.	2.3
JD.com, Inc.	2.3
Ming Yang Smart Energy Group Ltd.	2.3
Zhejiang Shuanghuan Driveline Co. Ltd.	2.3
Top Ten Industries (% of Net Assets)
Internet & Direct Marketing Retail	16.7
Real Estate Management & Development	7.0
Metals & Mining	6.8
Electrical Equipment	6.6
Automobiles	6.1
Hotels, Restaurants & Leisure	6.0
Auto Components	6.0
Machinery	4.2
Air Freight & Logisitics	4.1
Beverages	3.4

6

Oberweis International Opportunities Fund

At June 30, 2022 (unaudited)

Asset Allocation (% of Net Assets)
Equities	97.2
Other Assets less Liabilities	2.8
Top Ten Holdings (% of Net Assets)
Uniti Group Ltd.	3.8
BayCurrent Consulting, Inc.	3.6
Daiwa Securities Group, Inc.	3.5
Constellium SE	3.2
Nordic Semiconductor ASA	3.1
Rexel SA	2.8
AIXTRON SE	2.7
Rheinmetall AG	2.6
Man Group PLC	2.5
Alfen NV	2.4
Top Ten Industries (% of Net Assets)
Capital Markets	10.6
Semiconductors & Semiconductor Equipment	9.1
Electrical Equipment	6.2
Trading Co. & Distribution	5.9
Machinery	5.9
Metals & Mining	5.1
Information Technology Services	5.0
Food & Staples Retailing	4.1
Diversified Telecommunication Services	3.8
Professional Services	3.6

Oberweis Emerging Markets Fund

At June 30, 2022 (unaudited)

Asset Allocation (% of Net Assets)
Equities	90.0
Other Assets less Liabilities	10.0
Top Ten Holdings (% of Net Assets)
Dada Nexus Ltd. ADS	5.7
Kingsoft Cloud Hldgs. Ltd. ADS	4.1
Yijiahe Technology Co. Ltd.	3.2
Hangzhou Robam Appliances Co. Ltd.	2.5
Gaztransport & Technigaz SA	2.4
PT Mitra Adiperkasa Tbk	2.4
TOTVS SA	2.3
ASPEED Technology, Inc.	2.1
PT Sumber Alfaria Trijaya Tbk	2.0
Kingdee International Software Group Co. Ltd.	2.0
Top Ten Industries (% of Net Assets)
Software	8.9
Internet & Direct Marketing Retail	6.9
Semiconductors & Semiconductor Equipment	6.5
Information Technology Services	5.6
Oil, Gas & Consumable Fuels	5.6
Hotels, Restaurants & Leisure	4.6
Machinery	4.5
Food & Staples Retailing	4.3
Diversified Consumer Services	4.2
Multiline Retail	3.9

7

OBERWEIS MICRO-CAP FUND

Schedule of Investments June 30, 2022 (unaudited)

	Shares	Value
Equities – 97.5%
Aerospace – 0.7%
VSE Corp.	23,600	$	886,888
Back Office Support, Human Resources & Consulting – 12.8%
Cross Country Healthcare, Inc.*	96,900		2,018,427
Forrester Research, Inc.*	44,500		2,128,880
Franklin Covey Co.*	36,800		1,699,424
ICF International, Inc.	19,400		1,843,000
Information Services Group, Inc.	242,100		1,636,596
Kforce, Inc.	16,900		1,036,646
Resources Connection, Inc.	121,400		2,472,918
The Hackett Group, Inc.	79,300		1,504,321
TrueBlue, Inc.*	51,900		929,010
			15,269,222
Banks – Diversified – 1.0%
First Foundation, Inc.	28,900		591,872
Mercantile Bank Corp.	19,200		613,440
			1,205,312
Biotechnology – 1.4%
Dynavax Technologies Corp.*	137,200		1,727,348
Casinos & Gambling – 1.2%
Full House Resorts, Inc.*	225,743		1,372,517
Communications Technology – 9.0%
ADTRAN, Inc.	71,400		1,251,642
Aviat Networks, Inc.*	72,007		1,803,055
Bel Fuse, Inc.	81,500		1,268,140
DZS, Inc.*	117,800		1,916,606
Extreme Networks, Inc.*	133,800		1,193,496
Ooma, Inc.*	57,300		678,432
Sierra Wireless, Inc.*	110,100		2,576,340
			10,687,711
Computer Services Software & Systems – 6.5%
A10 Networks, Inc.	103,000		1,481,140
Arlo Technologies, Inc.*	168,500		1,056,495
Avid Technology, Inc.*	31,400		814,830
ChannelAdvisor Corp.*	74,700		1,089,126
Model N, Inc.*	68,700		1,757,346
Perficient, Inc.*	16,900		1,549,561
			7,748,498

See accompanying notes to the financial statements.

8

OBERWEIS MICRO-CAP FUND (continued)

Schedule of Investments June 30, 2022 (unaudited)

	Shares	Value
Computer Technology – 1.4%
ScanSource, Inc.*	53,300	$	1,659,762
Consumer Lending – 1.0%
EZCORP, Inc.*	158,200		1,188,082
Consumer Services – Miscellaneous – 2.7%
Perion Network Ltd.*	109,000		1,981,620
SP Plus Corp.*	39,500		1,213,440
			3,195,060
Containers & Packaging – 3.7%
Veritiv Corp.*	40,100		4,352,855
Construction – 1.5%
Sterling Construction Co. Inc.*	79,000		1,731,680
Diversified Retail – 0.9%
Global Industrial Co.	32,500		1,097,525
Education Services – 0.5%
Universal Technical Institute, Inc.*	80,000		570,400
Electronic Entertainment – 1.3%
Everi Hldgs. Inc.*	97,500		1,590,225
Energy Equipment – 1.3%
Ameresco, Inc.*	33,808		1,540,292
Financial Data & Systems – 1.5%
International Money Express, Inc.*	85,700		1,754,279
Healthcare Services – 0.8%
RadNet, Inc.*	51,800		895,104
Home Building – 0.9%
M/I Homes, Inc.*	28,400		1,126,344
Insurance – Property Casualty – 0.9%
Employers Hldgs., Inc.	27,000		1,131,030
Luxury Items – 1.3%
Movado Group, Inc.	48,300		1,493,919
Machinery – Agriculture – 2.2%
Titan International, Inc.*	118,400		1,787,840
Titan Machinery, Inc.*	38,900		871,749
			2,659,589
Machinery – Industrial – 1.3%
EnPro Industries, Inc.	18,600		1,523,898

See accompanying notes to the financial statements.

9

OBERWEIS MICRO-CAP FUND (continued)

Schedule of Investments June 30, 2022 (unaudited)

	Shares	Value
Medical & Dental Instruments & Supplies – 3.2%
Alphatec Hldgs. Inc.*	176,900	$	1,156,926
AngioDynamics, Inc.*	83,200		1,609,920
Cerus Corp.*	196,300		1,038,427
			3,805,273
Medical Equipment – 5.0%
Lantheus Hldgs., Inc.*	90,200		5,955,906
Oil Crude Producer – 1.0%
Earthstone Energy, Inc.*	83,800		1,143,870
Oil Well Equipment & Services – 2.9%
Patterson-UTI Energy, Inc.	123,100		1,940,056
RPC, Inc.*	216,300		1,494,633
			3,434,689
Production Technology Equipment – 10.7%
Aehr Test Systems*	175,300		1,314,750
Axcelis Technologies, Inc.*	87,100		4,776,564
CyberOptics Corp.*	42,800		1,495,432
Impinj, Inc.*	19,900		1,167,533
Photronics, Inc.*	104,300		2,031,764
Ultra Clean Hldgs., Inc.*	66,500		1,979,705
			12,765,748
Scientific Instruments – Electrical – 1.1%
Allied Motion Technologies, Inc.	38,500		879,340
RF Industries Ltd.*	63,900		396,180
			1,275,520
Scientific Instruments – Gauges & Meters – 1.0%
Vishay Precision Group, Inc.*	42,600		1,240,938
Semiconductors & Components – 4.4%
Alpha and Omega Semiconductor Ltd.*	62,000		2,067,080
Amtech Systems, Inc.*	108,900		794,970
CEVA, Inc.*	38,800		1,302,128
SMART Global Hldgs., Inc.*	64,400		1,054,228
			5,218,406
Specialty Retail – 3.2%
Boot Barn Hldgs., Inc.*	25,900		1,784,769
Guess’, Inc.	122,000		2,080,100
			3,864,869
Technology – Miscellaneous – 2.4%
Camtek Ltd.*	59,880		1,488,617
CTS Corp.	39,500		1,344,975
			2,833,592

See accompanying notes to the financial statements.

10

OBERWEIS MICRO-CAP FUND (continued)

Schedule of Investments June 30, 2022 (unaudited)

	Shares	Value
Telecommunications Equipment – 2.0%
Clearfield, Inc.*	39,300	$	2,434,635
Textiles Apparel & Shoes – 2.7%
Delta Apparel, Inc.*	21,600		612,792
Oxford Industries, Inc.*	15,800		1,402,092
Rocky Brands, Inc.	35,400		1,209,972
			3,224,856
Toys – 2.1%
Funko, Inc.*	112,500		2,511,001
Total Equities
(Cost: $108,037,141)		$	116,116,843
Total Investments – 97.5%
(Cost: $108,037,141)		$	116,116,843
Other Assets Less Liabilities – 2.5%			3,022,166
Net Assets – 100%		$	119,139,009

* Non-income producing security during the period ended June 30, 2022

See accompanying notes to the financial statements.

11

OBERWEIS SMALL-CAP OPPORTUNITIES FUND

Schedule of Investments June 30, 2022 (unaudited)

	Shares	Value
Equities – 95.7%
Asset Management & Custodian – 0.7%
Focus Financial Partners, Inc.*	7,600	$	258,856
Auto Parts – 1.0%
Visteon Corp.*	3,800		393,604
Back Office Support, Human Resources & Consulting – 5.8%
Forrester Research, Inc.*	11,100		531,024
ICF International, Inc.	5,300		503,500
Insperity, Inc.	4,000		399,320
Korn Ferry	8,500		493,170
NV5 Global, Inc.*	2,700		315,198
			2,242,212
Banks – Diversified – 0.9%
First Foundation, Inc.	17,800		364,544
Banks – Savings, Thrifts & Mortgage Lending – 1.7%
Banc of California, Inc.	26,700		470,454
Flushing Financial Corp.	8,900		189,214
			659,668
Beverage – Brewers & Distillers – 1.8%
MGP Ingredients, Inc.	7,100		710,639
Biotechnology – 1.6%
Halozyme Therapeutics, Inc.*	14,000		616,000
Building Materials – 0.8%
Patrick Industries, Inc.	6,000		311,040
Casinos & Gambling – 0.9%
Monarch Casino and Resort, Inc.*	6,200		363,754
Chemicals – Diversified – 3.3%
Avient Corp.	8,300		332,664
Cabot Corp.	8,900		567,731
Univar Solutions, Inc.*	15,000		373,050
			1,273,445
Communications Technology – 2.0%
Sierra Wireless, Inc.*	33,600		786,240
Computer Services Software & Systems – 3.6%
Cargurus, Inc.*	11,800		253,582
Rapid7, Inc.*	4,400		293,920
TechTarget, Inc.*	5,500		361,460
Teradata Corp.*	13,000		481,130
			1,390,092

See accompanying notes to the financial statements.

12

OBERWEIS SMALL-CAP OPPORTUNITIES FUND (continued)

Schedule of Investments June 30, 2022 (unaudited)

	Shares	Value
Computer Technology – 3.0%
Super Micro Computer, Inc.*	9,300	$	375,255
Synaptics, Inc.*	6,800		802,740
			1,177,995
Consumer Lending – 1.3%
FirstCash Hldgs., Inc.	7,000		486,570
Consumer Services – Miscellaneous – 1.7%
Perion Network Ltd.*	35,300		641,754
Containers & Packaging – 4.1%
O-I Glass, Inc.*	26,000		364,000
Veritiv Corp.*	11,342		1,231,174
			1,595,174
Cosmetics – 1.3%
Inter Parfums, Inc.	6,800		496,808
Diversified Manufacturing Operations – 0.9%
Inmode Ltd.*	15,000		336,150
Diversified Metals & Minerals – 1.3%
Materion Corp.	7,000		516,110
Education Services – 2.0%
Stride, Inc.*	18,600		758,694
Electronic Entertainment – 1.3%
Everi Hldgs., Inc.*	31,600		515,396
Energy Equipment – 1.2%
Ameresco, Inc.*	10,200		464,712
Entertainment – 0.8%
ZipRecruiter, Inc.*	20,200		299,364
Environmental, Maintenance & Security Services – 1.2%
ABM Industries, Inc.	10,600		460,252
Forest Products – 0.8%
UFP Industries, Inc.	4,800		327,072
Healthcare Management Services – 1.3%
Option Care Health, Inc.*	18,500		514,115

See accompanying notes to the financial statements.

13

OBERWEIS SMALL-CAP OPPORTUNITIES FUND (continued)

Schedule of Investments June 30, 2022 (unaudited)

	Shares	Value
Healthcare Services – 5.1%
Acadia Healthcare Co., Inc.*	9,700	$	656,011
AMN Healthcare Services, Inc.*	4,300		471,753
Evolent Health, Inc.*	27,400		841,454
			1,969,218
Home Building – 1.3%
M/I Homes, Inc.*	7,600		301,416
Tri Pointe Homes, Inc.*	11,400		192,318
			493,734
Insurance – Property Casualty – 0.6%
Stewart Information Services Corp.	5,000		248,750
Leisure Time – 2.5%
Callaway Golf Co.*	24,400		497,760
SeaWorld Entertainment, Inc.*	10,300		455,054
			952,814
Machinery – Agriculture – 1.1%
Titan International, Inc.*	29,100		439,410
Machinery – Industrial – 2.5%
Applied Industrial Technologies, Inc.	5,100		490,467
Franklin Electric Co., Inc.	6,800		498,168
			988,635
Manufactured Housing – 1.1%
Skyline Champion Corp.*	8,900		422,038
Medical & Dental Instruments & Supplies – 3.3%
Alphatec Hldgs., Inc.*	51,600		337,464
AngioDynamics, Inc.*	25,700		497,295
Merit Medical Systems, Inc.*	8,500		461,295
			1,296,054
Medical Equipment – 4.5%
Lantheus Hldgs., Inc.*	22,900		1,512,087
Shockwave Medical, Inc.*	1,150		219,846
			1,731,933
Oil Crude Producer – 1.6%
Magnolia Oil & Gas Corp.	14,800		310,652
PDC Energy, Inc.	4,900		301,889
			612,541
Oil Well Equipment & Services – 0.9%
NOV, Inc.	20,700		350,037
Pharmaceuticals – 1.6%
Amphastar Pharmaceuticals, Inc.*	17,900		622,741

See accompanying notes to the financial statements.

14

OBERWEIS SMALL-CAP OPPORTUNITIES FUND (continued)

Schedule of Investments June 30, 2022 (unaudited)

	Shares	Value
Power Transmission Equipment – 1.8%
Belden, Inc.	12,800	$	681,856
Production Technology Equipment – 6.0%
Axcelis Technologies, Inc.*	24,400		1,338,096
Impinj, Inc.*	9,100		533,897
Ultra Clean Hldgs., Inc.*	15,800		470,366
			2,342,359
Scientific Instruments – Pollution Control – 1.3%
Clean Harbors, Inc.*	5,900		517,253
Semiconductors & Components – 5.3%
Diodes, Inc.*	6,900		445,533
MACOM Technology Solutions Hldgs. Inc.*	7,500		345,750
MaxLinear. Inc.*	22,100		750,958
Silicon Laboratories, Inc.*	3,750		525,825
			2,068,066
Specialty Retail – 2.4%
Boot Barn Hldgs., Inc.*	8,200		565,062
Guess’, Inc.	21,100		359,755
			924,817
Telecommunications Equipment – 2.2%
Clearfield, Inc.*	13,500		836,325
Textiles, Apparel & Shoes – 2.7%
Crocs, Inc.*	11,800		574,306
Deckers Outdoor Corp.*	1,800		459,630
			1,033,936
Toys – 1.6%
Funko, Inc.*	30,400		678,528
Total Equities
(Cost: $39,325,283)		$	37,171,305
Total Investments – 95.7%
(Cost: $39,325,283)		$	37,171,305
Other Assets Less Liabilities – 4.3%			1,679,590
Net Assets – 100%		$	38,850,895

* Non-income producing security during the period ended June 30, 2022

See accompanying notes to the financial statements.

15

OBERWEIS GLOBAL OPPORTUNITIES FUND

Schedule of Investments June 30, 2022 (unaudited)

	Shares	Value
Equities – 97.4%
Australia – 2.4%
Computershare Ltd.*	38,800	$	659,879
IDP Education Ltd.	35,000		575,442
			1,235,321
Canada – 2.6%
Aritzia, Inc.*	26,100		706,638
BRP, Inc.	9,600		590,827
			1,297,465
China – 12.5%
Dada Nexus Ltd. ADS*	259,415		2,103,856
Foryou Corp.	132,800		898,849
Han’s Laser Technology Industry Group Co. Ltd.	120,000		593,878
Li Ning Co. Ltd.	180,000		1,667,686
Shanghai Weaver Network Co. Ltd.*	75,000		408,594
YTO Express Group Co. Ltd.	225,000		685,323
			6,358,186
Denmark – 0.9%
ALK-Abello AS*	25,700		446,100
France – 1.7%
Rexel SA	29,700		456,767
Soitec SA*	3,000		426,011
			882,778
Germany – 2.9%
AIXTRON SE	30,000		760,218
Rheinmetall AG*	3,000		692,622
			1,452,840
India – 1.2%
Route Mobile Ltd.*	40,000		629,510
Israel – 0.9%
Inmode Ltd.*	19,400		434,754
Japan – 5.1%
BayCurrent Consulting, Inc.*	2,600		691,775
Food & Life Co. Ltd.*	31,500		672,347
Fuji Electric Co. Ltd.	19,000		786,999
Future Corp.	44,400		455,519
			2,606,640

See accompanying notes to the financial statements.

16

OBERWEIS GLOBAL OPPORTUNITIES FUND (continued)

Schedule of Investments June 30, 2022 (unaudited)

	Shares	Value
Netherlands – 1.5%
BE Semiconductor Industries NV	15,700	$	754,725
Norway – 2.0%
Nordic Semiconductor ASA*	66,900		1,037,831
South Korea – 1.0%
LEENO Industrial, Inc.	5,000		500,616
Switzerland – 1.2%
u-blox Hldg. AG*	6,000		607,730
Taiwan – 3.1%
M31 Technology Corp.	201,000		1,585,232
United Kingdom – 11.7%
Ashtead Technology Hldgs. PLC*	372,733		1,007,264
Endava PLC ADS*	9,600		847,392
Intermediate Capital Group PLC	105,100		1,674,691
Oxford Instruments PLC	19,200		461,828
RS GROUP PLC	41,900		443,227
Taylor Wimpey PLC	1,046,900		1,486,560
			5,920,962
United States of America – 46.7%
Acadia Healthcare Co., Inc.*	32,000		2,164,160
Alphatec Hldgs., Inc.*	115,000		752,100
AngioDynamics, Inc.*	25,200		487,620
Axcelis Technologies, Inc.*	25,000		1,371,000
Belden, Inc.	17,900		953,533
Boot Barn Hldgs., Inc.*	15,400		1,061,214
Cabot Corp.	8,400		535,836
Clean Harbors, Inc.*	5,400		473,418
Crocs, Inc.*	34,400		1,674,248
Deckers Outdoor Corp.*	8,600		2,196,010
Evolent Health, Inc.*	19,000		583,490
Halozyme Therapeutics, Inc.*	57,800		2,543,200
Lantheus Hldgs., Inc.*	35,600		2,350,668
Materion Corp.	25,600		1,887,488
Model N, Inc.*	21,200		542,296
Rapid7, Inc.*	8,200		547,760
Skyline Champion Corp.*	8,400		398,328
Super Micro Computer, Inc.*	10,000		403,500
Synaptics, Inc.*	16,100		1,900,605

See accompanying notes to the financial statements.

17

OBERWEIS GLOBAL OPPORTUNITIES FUND (continued)

Schedule of Investments June 30, 2022 (unaudited)

	Shares	Value
Teradata Corp.*	13,300	$	492,233
Ultra Clean Hldgs., Inc.*	15,200		452,504
			23,771,211
Total Equities
(Cost: $56,508,403)		$	49,521,901
Total Investments – 97.4%
(Cost: $56,508,403)		$	49,521,901
Other Assets Less Liabilities – 2.6%			1,346,824
Net Assets – 100%		$	50,868,725

* Non-income producing security during the period ended June 30, 2022

ADS—American depositary share

SECTOR ALLOCATIONS (As a Percentage of Net Assets)
Consumer Discretionary	27.6	%
Financials	3.3	%
Health Care	19.2	%
Industrials	11.5	%
Information Technology	31.1	%
Materials	4.7	%

See accompanying notes to the financial statements.

18

OBERWEIS CHINA OPPORTUNITIES FUND

Schedule of Investments June 30, 2022 (unaudited)

	Shares	Value
Equities – 99.3%
Air Freight & Logistics – 4.1%
Milkyway Chemical Supply Chain Service Co. Ltd.	80,000	$	1,633,629
YTO Express Group Co. Ltd.	500,032		1,523,035
			3,156,664
Auto Components – 6.0%
Foryou Corp.	210,056		1,421,752
Shenzhen Kedali Industry Co. Ltd.	60,000		1,425,093
Zhejiang Shuanghuan Driveline Co. Ltd.	370,000		1,759,826
			4,606,671
Automobiles – 6.1%
BYD Co. Ltd.	45,000		1,800,734
Li Auto, Inc.*	70,000		1,363,996
Xpeng, Inc.*	95,000		1,530,305
			4,695,035
Beverages – 3.4%
China Resources Beer Hldgs. Co. Ltd.	180,000		1,341,948
Luzhou Laojiao Co. Ltd.*	35,000		1,288,992
			2,630,940
Capital Markets – 0.5%
East Money Information Co. Ltd.	110,000		417,370
Chemicals – 2.0%
Yunnan Energy New Material Co. Ltd.	40,000		1,496,497
Electrical Equipment – 6.6%
Hongfa Technology Co. Ltd.	238,092		1,488,455
Ming Yang Smart Energy Group Ltd.	350,052		1,767,438
Ningbo Orient Wires & Cables Co. Ltd.	155,000		1,773,598
			5,029,491
Electronic Equipment, Instruments & Components – 2.4%
E Ink Hldgs., Inc.*	60,000		380,379
Wuhan DR Laser Technology Corp. Ltd.	56,016		1,445,941
			1,826,320
Entertainment – 1.7%
NetEase, Inc.	70,000		1,285,492
Food Products – 3.2%
Beijing Dabeinong Technology Group Co. Ltd.*	200,000		233,333
COFCO Joycome Foods Ltd.	2,100,000		1,016,975
Shanghai Milkground Food Tech Co. Ltd.*	170,000		1,188,474
			2,438,782

See accompanying notes to the financial statements.

19

OBERWEIS CHINA OPPORTUNITIES FUND (continued)

Schedule of Investments June 30, 2022 (unaudited)

	Shares	Value
Healthcare Providers & Services – 2.1%
Hygeia Healthcare Hldgs. Co. Ltd.*	240,000	$	1,595,045
Hotels, Restaurants & Leisure – 6.0%
Huazhu Group Ltd.	350,000		1,355,967
Jiumaojiu International Hldgs. Ltd.	600,000		1,594,280
Trip.com Group Ltd.*	15,000		423,612
Yum China Hldgs., Inc.	25,500		1,236,750
			4,610,609
Independent Power & Renewable Electricity Producers – 0.4%
China Longyuan Power Group Corp. Ltd.	150,000		289,800
Information Technology Services – 0.6%
GDS Hldgs. Ltd.*	110,000		463,310
Interactive Media & Services – 1.5%
Tencent Hldgs. Ltd.	25,000		1,129,123
Internet & Direct Marketing Retail – 16.7%
Alibaba Group Hldg. Ltd.*	240,000		3,422,542
Dada Nexus Ltd. ADS*	160,000		1,297,600
JD Health International, Inc.*	200,000		1,568,792
JD.com, Inc.	55,000		1,771,933
Meituan*	90,000		2,227,405
Pinduoduo, Inc. ADS*	40,000		2,472,000
			12,760,272
Life Sciences Tools & Services – 2.7%
Wuxi Biologics (Cayman), Inc.*	225,000		2,058,801
Machinery – 4.2%
Han’s Laser Technology Industry Group Co. Ltd.	110,000		544,389
LK Technology Hldgs. Ltd.*	400,000		764,643
Ningbo Deye Technology Co. Ltd.*	44,972		1,880,288
			3,189,320
Metals & Mining – 6.8%
China Hongqiao Group Ltd.	700,000		791,278
Ganfeng Lithium Co. Ltd.	118,000		1,298,529
Yongxing Special Materials Technology Co. Ltd.	70,082		1,593,472
Zhejiang Huayou Cobalt Co. Ltd.	104,000		1,485,515
			5,168,794
Oil, Gas & Consumable Fuels – 1.4%
Yankuang Energy Group Co. Ltd.*	350,000		1,097,263
Pharmaceuticals – 0.6%
Shenyang Xingqi Pharmaceutical Co. Ltd.*	20,000		458,061

See accompanying notes to the financial statements.

20

OBERWEIS CHINA OPPORTUNITIES FUND (continued)

Schedule of Investments June 30, 2022 (unaudited)

	Shares	Value
Professional Services – 0.2%
Centre Testing International Group Co. Ltd.	50,050	$	173,530
Real Estate Management & Development – 7.0%
China Resources Mixc Lifestyle Services Ltd.	251,538		1,246,983
Ever Sunshine Lifestyle Services Group Ltd.	810,000		1,032,268
KE Hldgs., Inc. ADS*	90,000		1,615,500
Longfor Group Hldgs. Ltd.	310,000		1,463,718
			5,358,469
Semiconductors & Semiconductor Equipment – 3.1%
BOE Varitronix Ltd.*	350,000		702,962
JA Solar Technology Corp. Ltd.	140,112		1,651,381
			2,354,343
Specialty Retail – 1.6%
China Tourism Group Duty Free Corp. Ltd.*	35,000		1,217,835
Technology Hardware, Storage & Peripherals – 1.7%
Ninestar Corp.*	170,000		1,285,482
Tobacco – 1.6%
Smoore International Hldgs. Ltd.*	400,000		1,233,624
Textiles, Apparel & Luxury Goods – 2.0%
Li Ning Co. Ltd.	165,000		1,528,712
Transportation Infrastructure – 1.6%
Shanghai International Airport Co. Ltd.*	140,000		1,185,784
Utilities – Gas – 1.5%
China Resources Gas Group Ltd.*	250,000		1,164,486
Total Equities
(Cost: $67,391,599)		$	75,905,925
Total Investments – 99.3%
(Cost: $67,391,599)		$	75,905,925
Other Assets Less Liabilities – 0.7%			534,966
Net Assets – 100%		$	76,440,891

* Non-income producing security during the period ended June 30, 2022

ADS—American depositary share

COUNTRY ALLOCATION (As a Percentage of Net Assets)
China ( Includes the People’s Republic of China, Taiwan and Hong Kong)	99.3	%

See accompanying notes to the financial statements.

21

OBERWEIS INTERNATIONAL OPPORTUNITIES FUND

Schedule of Investments June 30, 2022 (unaudited)

	Shares	Value
Equities – 97.2%
Australia – 10.9%
Charter Hall Group.	83,000	$	620,438
Computershare Ltd.	174,700		2,971,154
Elders Ltd.	216,300		1,879,636
Evolution Mining Ltd.	559,100		918,455
GrainCorp Ltd.*	281,200		1,845,812
IDP Education Ltd.	214,200		3,521,703
JB Hi-Fi Ltd.*	21,100		560,123
Uniti Group Ltd.*	1,908,900		6,482,460
			18,799,781
Austria – 2.2%
AT & S Austria Technologie & Systemtechnik AG*	71,600		3,826,871
Belgium – 1.2%
VGP NV	6,200		987,634
Warehouses de Pauw NV	36,100		1,134,982
			2,122,616
Canada – 15.2%
Aritzia, Inc.*	147,600		3,996,162
ATS Automation Tooling Systems, Inc.*	145,300		3,990,332
BRP, Inc.	45,000		2,769,500
Colliers International Group, Inc.	11,900		1,303,804
Finning International, Inc.	66,200		1,393,224
Gildan Activewear, Inc.	88,000		2,532,940
Parex Resources, Inc.	243,724		4,127,706
Sleep Country Canada Hldgs., Inc.	81,500		1,520,844
TFI International, Inc.	22,400		1,798,160
Toromont Industries Ltd.	21,200		1,714,183
Trisura Group Ltd.*	38,800		1,004,664
			26,151,519
Denmark – 1.5%
ALK-Abello A/S*	65,160		1,131,046
D/S Norden A/S	41,400		1,434,908
			2,565,954
Finland – 3.9%
Metso Outotec Oyj	365,200		2,736,512
Outokumpu Oyj	550,800		2,277,779
QT Group Oyj*	23,800		1,755,942
			6,770,233
France – 3.2%
Alten SA	7,100		772,354
Rexel SA	312,100		4,799,903
			5,572,257

See accompanying notes to the financial statements.

22

OBERWEIS INTERNATIONAL OPPORTUNITIES FUND (continued)

Schedule of Investments June 30, 2022 (unaudited)

	Shares	Value
Germany – 8.6%
AIXTRON SE	183,000	$	4,637,330
Aurelius Equity Opportunities SE	49,323		1,049,316
HelloFresh SE*	73,700		2,382,776
Rheinmetall AG	19,700		4,548,218
Sixt SE	20,200		2,071,442
			14,689,082
Israel – 2.2%
Nova Ltd.*	43,100		3,815,643
Italy – 0.5%
Banca IFIS SpA	66,200		937,290
Japan – 13.4%
BayCurrent Consulting, Inc.	23,000		6,119,546
Daiwa Securities Group, Inc.	1,337,800		5,975,139
Food & Life Co. Ltd.*	160,200		3,419,363
Fuji Electric Co. Ltd.	85,000		3,520,784
Future Corp.	209,100		2,145,248
M&A Capital Partners Co. Ltd.*	69,900		1,836,627
			23,016,707
Netherlands – 8.1%
Aalberts NV	60,100		2,342,401
Alfen NV*	45,200		4,176,097
BE Semiconductor Industries NV	38,466		1,849,125
Constellium SE*	422,100		5,575,941
			13,943,564
Norway – 4.2%
Aker Solutions ASA	363,600		987,841
Nordic Semiconductor ASA*	346,600		5,376,862
Wallenius Wilhelmsen ASA	155,400		836,977
			7,201,680
Spain – 1.6%
Laboratorios Farmaceuticos Rovi SA*	41,400		2,533,808
Sweden – 4.1%
Addtech AB*	48,600		633,760
Arjo AB	56,300		356,078
Cint Group AB*	204,900		1,140,692
Hexatronic Group AB	392,300		2,922,174
Nordnet AB	127,100		1,661,154
Thule Group AB	9,100		223,546
			6,937,404

See accompanying notes to the financial statements.

23

OBERWEIS INTERNATIONAL OPPORTUNITIES FUND (continued)

Schedule of Investments June 30, 2022 (unaudited)

	Shares	Value
United Kingdom – 16.4%
Endava PLC ADS*	30,800	$	2,718,716
Future PLC	157,700		3,307,573
Howden Joinery Group PLC	112,300		823,761
IMI PLC	75,900		1,083,758
Intermediate Capital Group PLC	213,700		3,405,153
LondonMetric Property PLC	451,000		1,253,906
Man Group PLC	1,408,300		4,282,329
Marks & Spencer Group PLC*	1,681,300		2,773,173
Morgan Sindall Group PLC	40,600		900,465
OSB Group PLC	221,800		1,296,511
Redrow PLC	229,200		1,366,551
RS GROUP PLC	78,600		831,447
Safestore Hldgs. PLC	39,700		512,741
Taylor Wimpey PLC	1,198,000		1,701,116
The Sage Group PLC	216,400		1,672,194
			27,929,394
Total Equities
(Cost: $192,198,329)		$	166,813,803
Total Investments – 97.2%
(Cost: $192,198,329)		$	166,813,803
Other Assets Less Liabilities – 2.8%			4,892,834
Net Assets – 100%		$	171,706,637

* Non-income producing security during the period ended June 30, 2022

ADS—American depositary share

SECTOR ALLOCATIONS (As a Percentage of Net Assets)
Communication Services	5.7	%
Consumer Discretionary	12.6	%
Consumer Staples	5.2	%
Energy	3.0	%
Financials	12.5	%
Healthcare	2.3	%
Industrials	28.3	%
Information Technology	19.0	%
Materials	5.1	%
Real Estate	3.5	%

See accompanying notes to the financial statements.

24

OBERWEIS EMERGING MARKETS FUND

Schedule of Investments June 30, 2022 (unaudited)

	Shares	Value
Equities – 90.0%
Argentina – 0.7%
Despegar.com Corp.*	11,600	$	93,960
Australia – 1.8%
IDP Education Ltd.	14,800		243,330
Brazil – 6.0%
Afya Ltd.*	12,500		124,375
Arco Platform Ltd.*	12,500		186,625
Locaweb Servicos de Internet SA*	80,600		86,552
LOG Commercial Properties e Participacoes SA	25,000		87,274
TOTVS SA	69,900		310,667
			795,493
Canada – 0.7%
Parex Resources, Inc.	5,800		98,229
Chile – 2.4%
Falabella SA	87,800		205,710
GeoPark Ltd.	8,300		107,236
			312,946
China – 25.9%
Chongqing Brewery Co. Ltd.	11,100		243,081
Dada Nexus Ltd. ADS*	92,600		750,986
Hangzhou Robam Appliances Co. Ltd.	61,000		328,314
Kingdee International Software Group Co. Ltd.*	111,000		260,284
Kingsoft Cloud Hldgs. Ltd. ADS*	121,400		540,230
Thunder Software Technology Co. Ltd.*	7,000		136,438
Weimob, Inc.*	310,000		211,755
Wolong Electric Group Co. Ltd.*	64,500		138,938
Xiabuxiabu Catering Management China Hldgs. Co. Ltd.*	250,000		136,680
Yantai Jereh Oilfield Services Group Co. Ltd.	42,700		257,056
Yijiahe Technology Co. Ltd.*	41,248		422,691
			3,426,453
France – 2.4%
Gaztransport & Technigaz SA	2,550		319,351
Greece – 1.6%
Greek Organization of Football Prognostics SA*	14,500		207,425
Hungary – 1.1%
Richter Gedeon Nyrt	8,000		144,423

See accompanying notes to the financial statements.

25

OBERWEIS EMERGING MARKETS FUND (continued)

Schedule of Investments June 30, 2022 (unaudited)

	Shares	Value
India – 8.3%
Affle India Ltd.*	8,500	$	114,123
Amber Enterprises India Ltd.*	2,800		79,656
Container Corp. of India Ltd.	13,900		104,603
L&T Technology Services Ltd.	2,100		80,594
Linde India Ltd.	4,200		170,087
Route Mobile Ltd.	11,500		180,984
Varun Beverages Ltd.*	21,918		219,409
Vinati Organics Ltd.*	6,000		150,652
			1,100,108
Indonesia – 9.4%
PT Indofood CBP Sukses Makmur Tbk*	260,000		166,672
PT Industri Jamu dan Farmasi Sido Muncul Tbk	2,390,711		160,477
PT Mitra Adiperkasa Tbk*	4,737,900		311,673
PT Prodia Widyahusada Tbk	292,000		127,404
PT Sumber Alfaria Trijaya Tbk	1,910,500		261,616
PT United Tractors Tbk	114,000		217,325
			1,245,167
Malaysia – 0.9%
My E.G. Services Bhd*	600,000		119,796
Mexico – 2.4%
Alsea, S.A.B. de CV*	88,300		167,208
Controladora Vuela Compania de Aviacion, S.A.B de CV ADS*	14,000		143,780
			310,988
Philippines – 1.0%
Wilcon Depot, Inc.	291,500		126,174
Poland – 0.9%
Dino Polska SA*	1,600		113,893
South Africa – 1.5%
Clicks Group Ltd.	6,780		113,902
Karooooo Ltd.*	3,700		80,845
			194,747
South Korea – 6.3%
Classys, Inc.	18,450		202,490
LEENO Industrial, Inc.	1,909		191,135
LG Innotek Co. Ltd.*	718		189,398
Nice Information Service Co. Ltd.	9,392		104,163
SaraminHR Co. Ltd.	5,500		149,318
			836,504
Sweden – 0.3%
Medicover AB	3,500		45,607

See accompanying notes to the financial statements.

26

OBERWEIS EMERGING MARKETS FUND (continued)

Schedule of Investments June 30, 2022 (unaudited)

	Shares	Value
Switzerland – 0.7%
Wizz Air Hldgs. PLC*	4,209	$	89,867
Taiwan – 12.4%
Airtac International Group*	5,000		166,647
ASPEED Technology, Inc.	4,400		281,164
Chailease Hldg. Co. Ltd.	17,499		122,710
Chief Telecom, Inc.	11,000		103,587
Innodisk Corp.*	18,340		100,232
M31 Technology Corp.	23,000		181,395
momo.com, Inc.	7,440		159,642
Pan Jit International, Inc.*	98,000		207,645
Sinbon Electronics Co. Ltd.*	18,000		153,766
Taiwan FamilyMart Co. Ltd.*	12,000		75,874
Yageo Corp.*	9,000		93,228
			1,645,890
Thailand – 1.1%
Mega Lifesciences PCL	106,000		151,407
Vietnam – 2.2%
Masan Group Corp.*	28,800		138,646
Viettel Construction	54,182		144,393
			283,039
Total Equities
(Cost: $11,444,300)		$	11,904,797
Total Investments – 90.0%
(Cost: $11,444,300)		$	11,904,797
Other Assets Less Liabilities – 10.0%			1,320,803
Net Assets – 100%		$	13,225,600

* Non-income producing security during the period ended June 30, 2022

ADS—American depositary share

SECTOR ALLOCATIONS (As a Percentage of Net Assets)
Communication Services	2.7	%
Consumer Discretionary	23.6	%
Consumer Staples	11.3	%
Energy	7.6	%
Financials	0.9	%
Healthcare	5.1	%
Industrials	10.6	%
Information Technology	25.1	%
Materials	2.4	%
Real Estate	0.7	%

See accompanying notes to the financial statements.

27

THE OBERWEIS FUNDS

Statements of Assets and Liabilities June 30, 2022 (unaudited)

	Micro-Cap Fund		Small-Cap Opportunities Fund			Global Opportunities Fund
ASSETS
Investment securities at valuea	$	116,116,843	$	37,171,305		$	49,521,901
Cash		2,839,155		1,697,209			1,264,071
Receivable from securities sold		560,252		—			—
Dividends and interest receivable		14,141		4,509			139,039
Prepaid expenses		27,969		18,598			21,823
Total Assets		119,558,360		38,891,621			50,946,834
LIABILITIES
Payable for securities purchased		265,712		—			—
Payable to advisor (see note 3)		102,612		16,940			36,980
Payable to distributor		15,328		5,448			6,980
Accrued expenses		35,699		18,338			34,149
Total Liabilities		419,351		40,726			78,109
NET ASSETS	$	119,139,009	$	38,850,895		$	50,868,725
NET ASSETS
Investor Class	$	71,732,359	$	26,289,799		$	32,440,697
Institutional Class		47,406,650		12,561,096			18,428,028
Total	$	119,139,009	$	38,850,895		$	50,868,725
SHARES OUTSTANDING
(shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with no par value)
Investor Class		2,559,933		1,573,261			1,411,481
Institutional Class		1,663,983		737,593			788,409
Total		4,223,916		2,310,854			2,199,890
NET ASSET VALUE
Investor Class, offering price and redemption price	$	28.02	$	16.71		$	22.98
Institutional Class, offering price and redemption price	$	28.49	$	17.03		$	23.37
ANALYSIS OF NET ASSETS
Capital	$	110,942,172	$	40,394,546		$	57,370,927
Accumulated earnings (losses)		8,196,837		(1,543,651	)		(6,502,202	)
Net assets	$	119,139,009	$	38,850,895		$	50,868,725
​aInvestment securities at cost	$	108,037,141	$	39,325,283		$	56,508,403

See accompanying notes to the financial statements.

28

THE OBERWEIS FUNDS

Statements of Assets and Liabilities June 30, 2022 (unaudited) (continued)

	China Opportunities Fund			International Opportunities Fund			Emerging Markets Fund
ASSETS
Investment securities at valuea	$	75,905,925		$	166,813,803		$	11,904,797
Cash		285,358			3,363,803			1,335,183
Foreign Currencyb		271,282			7,255			143,495
Receivable from securities sold		1,058,013			771,038			176,750
Dividends and interest receivable		224,505			1,027,661			19,590
Prepaid expenses		18,568			29,017			21,706
Total Assets		77,763,651			172,012,577			13,601,521
LIABILITIES
Payable for securities purchased		1,188,366			—			305,010
Payable to advisor (see note 3)		71,917			146,988			1,295
Payable to distributor		11,521			38,187			371
Accrued expenses		50,956			120,765			69,245
Total Liabilities		1,322,760			305,940			375,921
NET ASSETS	$	76,440,891		$	171,706,637		$	13,225,600
NET ASSETS
Investor Class	$	59,828,511		$	171,706,637		$	1,787,528
Institutional Class		16,612,380			—			11,438,072
Total	$	76,440,891		$	171,706,637		$	13,225,600
SHARES OUTSTANDING
(shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with no par value)
Investor Class		6,639,313			10,231,919			170,527
Institutional Class		1,814,874			—			1,080,197
Total		8,454,187			10,231,919			1,250,724
NET ASSET VALUE
Investor Class, offering price and redemption price	$	9.01		$	16.78		$	10.48
Institutional Class, offering price and redemption price	$	9.15		$	—		$	10.59
ANALYSIS OF NET ASSETS
Capital	$	81,420,711		$	212,790,443		$	13,541,730
Accumulated losses		(4,979,820	)		(41,083,806	)		(316,130	)
Net assets	$	76,440,891		$	171,706,637		$	13,225,600
​aInvestment securities at cost	$	67,391,599		$	192,198,329		$	11,444,300
​bForeign currency at cost	$	271,309		$	7,228		$	143,550

See accompanying notes to the financial statements.

29

THE OBERWEIS FUNDS

Statements of Operations Period Ended June 30, 2022 (unaudited)

	Micro-Cap Fund		Small-Cap Opportunities Fund
INVESTMENT INCOME
Dividends	$	326,638		$	61,883
Total investment income		326,638			61,883
EXPENSES
Investment advisory fees (see note 3)		391,574			65,928
Management fees (see note 3)		261,049			65,928
Distribution fees and shareholder services (see note 3)		94,361			25,644
Transfer agent fees and expenses		60,946			21,730
Custodian fees and expenses		10,718			5,357
Accounting services fees		27,939			12,546
Federal and state registration fees		19,324			16,280
Other		44,416			19,246
Total expenses before reimbursed expenses		910,327			232,659
Earnings credit (see note 6)		(2,029	)		(2,677	)
Expense reimbursement (see note 3)		—			(39,518	)
Total expenses		908,298			190,464
NET INVESTMENT LOSS		(581,660	)		(128,581	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) FROM INVESTMENTS
Net realized gains on investment transactions		745,237			506,124
Change in net unrealized appreciation/depreciation on investments		(33,065,710	)		(9,115,777	)
Net realized/unrealized losses on investments		(32,320,473	)		(8,609,653	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(32,902,133	)	$	(8,738,234	)

See accompanying notes to the financial statements.

30

THE OBERWEIS FUNDS

Statements of Operations Period Ended June 30, 2022 (unaudited) (continued)

	Global Opportunities Fund		China Opportunities Fund			International Opportunities Fund			Emerging Markets Fund
INVESTMENT INCOME
Dividendsa	$	317,608		$	494,084		$	2,455,478		$	81,416
Total investment income		317,608			494,084			2,455,478			81,416
EXPENSES
Investment advisory fees (see note 3)		130,328			456,610			1,415,364			83,310
Management fees (see note 3)		117,931			—			—			—
Distribution fees and shareholder services (see note 3)		49,576			74,880			283,073			2,164
Transfer agent fees and expenses		31,349			58,330			204,434			15,990
Custodian fees and expenses		20,969			56,434			63,672			23,770
Accounting services fees		17,767			23,646			45,678			12,356
Federal and state registration fees		15,854			18,748			17,958			16,827
Audit fees		10,744			10,744			10,746			10,744
Other		18,755			22,980			66,047			6,395
Total expenses before reimbursed expenses		413,273			722,372			2,106,972			171,556
Earnings credit (see note 6)		(1,793	)		(2,291	)		(1,001	)		(1,580	)
Expense reimbursement (see note 3)		—			—			(294,304	)		(67,843	)
Total Expenses		411,480			720,081			1,811,667			102,133
NET INVESTMENT INCOME (LOSS)		(93,872	)		(225,997	)		643,811			(20,717	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) FROM INVESTMENTS
Net realized losses on investment transactions		(363,577	)		(13,241,416	)		(8,972,644	)		(996,218	)
Net realized foreign capital gains tax		—			—			—			(10,384	)
Net realized losses on foreign currency transactions		(6,041	)		(17,714	)		(29,959	)		(5,646	)
Net realized losses on investments and foreign currency transactions		(369,618	)		(13,259,130	)		(9,002,603	)		(1,012,248	)
Change in net deferred foreign capital gains taxes on unrealized appreciation/ depreciation		—			—			—			30,471
Change in net unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(26,158,745	)		(6,933,017	)		(98,952,966	)		(2,545,651	)
Net realized/unrealized losses on investments and foreign currencies		(26,528,363	)		(20,192,147	)		(107,955,569	)		(3,527,428	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(26,622,235	)	$	(20,418,144	)	$	(107,311,758	)	$	(3,548,145	)

​aDividends are net of foreign withholding tax of $23,474, $16,030, $279,173, and $16,024 for the Global Opportunities Fund, China Opportunities Fund, International Opportunities Fund, and Emerging Markets Fund respectively.

See accompanying notes to the financial statements.

31

THE OBERWEIS FUNDS

Statements of Changes in Net Assets

	Micro-Cap Fund
	Six Months Ended June 30, 2022 (Unaudited)		Year Ended December 31, 2021
FROM OPERATIONS
Net investment loss	$	(581,660	)	$	(1,096,106	)
Net realized gains on investment transactions		745,237			31,544,351
Change in net unrealized appreciation/depreciation on investments		(33,065,710	)		12,706,177
Net increase (decrease) in net assets resulting from operations		(32,902,133	)		43,154,422
FROM DISTRIBUTIONS:
Distributions to shareholders
Investor Class		—			(17,266,714	)
Institutional Class		—			(11,065,037	)
Net decrease in net assets from distributions		—			(28,331,751	)
FROM CAPITAL SHARE TRANSACTIONS
Investor Class
Proceeds from sale of shares		25,492,356			36,156,710
Proceeds from reinvestment of distributions		—			16,519,001
Redemption of shares (see note 5)		(21,581,449	)		(18,912,822	)
Net increase from investor class share transactions		3,910,907			33,762,889
Institutional Class
Proceeds from sale of shares		23,481,492			13,443,503
Proceeds from reinvestment of distributions		—			4,327,680
Redemption of shares (see note 5)		(13,028,970	)		(5,332,751	)
Net increase from institutional class share transactions		10,452,522			12,438,432
Redemption fees (see note 5)		59,793			46,967
Net increase in net assets resulting from capital share transactions		14,423,222			46,248,288
Total increase (decrease) in net assets		(18,478,911	)		61,070,959
NET ASSETS
Beginning of period		137,617,920			76,546,961
End of period	$	119,139,009		$	137,617,920
TRANSACTIONS IN SHARES
Investor Class
Shares sold		800,976			906,972
Shares issued in reinvestment of distributions		—			461,296
Less shares redeemed		(682,863	)		(484,941	)
Net increase from investor class share transactions		118,113			883,327
Institutional Class
Shares sold		717,758			320,473
Shares issued in reinvestment of distributions		—			119,023
Less shares redeemed		(426,728	)		(129,108	)
Net increase from institutional class share transactions		291,030			310,388
Net increase from capital share transactions		409,143			1,193,715

See accompanying notes to the financial statements.

32

THE OBERWEIS FUNDS

Statements of Changes in Net Assets (continued)

	Small-Cap Opportunities Fund
	Six Months Ended June 30, 2022 (Unaudited)		Year Ended December 31, 2021
FROM OPERATIONS
Net investment loss	$	(128,581	)	$	(238,629	)
Net realized gains on investment transactions		506,124			5,904,644
Change in net unrealized appreciation/depreciation on investments		(9,115,777	)		1,849,942
Net increase (decrease) in net assets resulting from operations		(8,738,234	)		7,515,957
FROM DISTRIBUTIONS
Distributions to shareholders
Investor Class		—			(3,123,678	)
Institutional Class		—			(2,406,568	)
Net decrease in net assets from distributions		—			(5,530,246	)
FROM CAPITAL SHARE TRANSACTIONS
Investor Class
Proceeds from sale of shares		19,320,735			7,952,725
Proceeds from reinvestment of distributions		—			2,713,282
Redemption of shares (see note 5)		(3,854,525	)		(2,502,149	)
Net increase from investor class share transactions		15,466,210			8,163,858
Institutional Class
Proceeds from sale of shares		4,758,683			1,774,000
Proceeds from reinvestment of distributions		—			1,540,672
Redemption of shares (see note 5)		(1,703,510	)		(1,053,050	)
Net increase from institutional class share transactions		3,055,173			2,261,622
Redemption fees (see note 5)		18,890			4,859
Net increase in net assets resulting from capital share transactions		18,540,273			10,430,339
Total increase in net assets		9,802,039			12,416,050
NET ASSETS
Beginning of period		29,048,856			16,632,806
End of period	$	38,850,895		$	29,048,856
TRANSACTIONS IN SHARES
Investor Class
Shares sold		1,021,947			317,889
Shares issued in reinvestment of distributions		—			126,140
Less shares redeemed		(206,364	)		(111,005	)
Net increase from investor class share transactions		815,583			333,024
Institutional Class
Shares sold		243,812			76,279
Shares issued in reinvestment of distributions		—			70,382
Less shares redeemed		(86,729	)		(45,184	)
Net increase from institutional class share transactions		157,083			101,477
Net increase from capital share transactions		972,666			434,501

See accompanying notes to the financial statements.

33

THE OBERWEIS FUNDS

Statements of Changes in Net Assets (continued)

	Global Opportunities Fund
	Six Months Ended June 30, 2022 (Unaudited)		Year Ended December 31, 2021
FROM OPERATIONS
Net investment loss	$	(93,872	)	$	(592,981	)
Net realized gains (losses) on investment and foreign currency transactions		(369,618	)		18,504,114
Change in net unrealized appreciation/depreciation on investments and foreign currencies		(26,158,745	)		(4,663,916	)
Net increase (decrease) in net assets resulting from operations		(26,622,235	)		13,247,217
FROM DISTRIBUTIONS
Distributions to shareholders
Investor Class		—			(10,952,215	)
Institutional Class		—			(4,909,922	)
Net decrease in net assets from distributions		—			(15,862,137	)
FROM CAPITAL SHARE TRANSACTIONS
Investor Class
Proceeds from sale of shares		1,697,480			7,705,053
Proceeds from reinvestment of distributions		—			9,853,010
Redemption of shares (see note 5)		(4,403,530	)		(8,274,566	)
Net increase (decrease) from investor class share transactions		(2,706,050	)		9,283,497
Institutional Class
Proceeds from sale of shares		6,268,839			6,574,138
Proceeds from reinvestment of distributions		—			3,645,759
Redemption of shares (see note 5)		(2,933,590	)		(2,714,588	)
Net increase from institutional class share transactions		3,335,249			7,505,309
Redemption fees (see note 5)		1,393			11,495
Net increase in net assets resulting from capital share transactions		630,592			16,800,301
Total increase (decrease) in net assets		(25,991,643	)		14,185,381
NET ASSETS
Beginning of period		76,860,368			62,674,987
End of period	$	50,868,725		$	76,860,368
TRANSACTIONS IN SHARES
Investor Class
Shares sold		60,092			179,412
Shares issued in reinvestment of distributions		—			279,360
Less shares redeemed		(160,182	)		(195,351	)
Net increase (decrease) from investor class share transactions		(100,090	)		263,421
Institutional Class
Shares sold		234,546			153,008
Shares issued in reinvestment of distributions		—			101,780
Less shares redeemed		(102,270	)		(62,733	)
Net increase from institutional class share transactions		132,276			192,055
Net increase from capital share transactions		32,186			455,476

See accompanying notes to the financial statements.

34

THE OBERWEIS FUNDS

Statements of Changes in Net Assets (continued)

	China Opportunities Fund
	Six Months Ended June 30, 2022 (Unaudited)		Year Ended December 31, 2021
FROM OPERATIONS
Net investment loss	$	(225,997	)	$	(672,492	)
Net realized gains (losses) on investment and foreign currency transactions		(13,259,130	)		28,850,352
Change in net unrealized appreciation/depreciation on investments and foreign currencies		(6,933,017	)		(34,074,056	)
Net decrease in net assets resulting from operations		(20,418,144	)		(5,896,196	)
FROM DISTRIBUTIONS
Distributions to shareholders
Investor Class		—			(24,499,105	)
Institutional Class		—			(4,324,663	)
Net decrease in net assets from distributions		—			(28,823,768	)
FROM CAPITAL SHARE TRANSACTIONS
Investor Class
Proceeds from sale of shares		3,325,134			10,556,082
Proceeds from reinvestment of distributions		—			22,926,946
Redemption of shares (see note 5)		(6,990,122	)		(21,557,737	)
Net increase (decrease) from investor class share transactions		(3,664,988	)		11,925,291
Institutional Class
Proceeds from sale of shares		6,761,248			2,825,562
Proceeds from reinvestment of distributions		—			3,592,224
Redemption of shares (see note 5)		(2,512,068	)		(7,413,774	)
Net increase (decrease) from institutional class share transactions		4,249,180			(995,988	)
Redemption fees (see note 5)		9,957			30,950
Net increase from capital share transactions		594,149			10,960,253
Total decrease in net assets		(19,823,995	)		(23,759,711	)
NET ASSETS
Beginning of period		96,264,886			120,024,597
End of period	$	76,440,891		$	96,264,886
TRANSACTIONS IN SHARES
Investor Class
Shares sold		366,891			641,145
Shares issued in reinvestment of distributions		—			2,012,901
Less shares redeemed		(769,394	)		(1,312,152	)
Net increase (decrease) from investor class share transactions		(402,503	)		1,341,894
Institutional Class
Shares sold		803,732			191,107
Shares issued in reinvestment of distributions		—			310,746
Less shares redeemed		(294,888	)		(429,627	)
Net increase from institutional class share transactions		508,844			72,226
Net increase from capital share transactions		106,341			1,414,120

See accompanying notes to the financial statements.

35

THE OBERWEIS FUNDS

Statements of Changes in Net Assets (continued)

	International Opportunities Fund
	Six Months Ended June 30, 2022 (Unaudited)		Year Ended December 31, 2021
FROM OPERATIONS
Net investment income (loss)	$	643,811		$	(2,693,822	)
Net realized gains (losses) on investments and foreign currency transactions		(9,002,603	)		68,274,853
Change in net unrealized appreciation/depreciation on investments and foreign currencies		(98,952,966	)		(60,205,704	)
Net increase (decrease) in net assets resulting from operations		(107,311,758	)		5,375,327
FROM DISTRIBUTIONS
Distributions to shareholders		—			(54,761,352	)
Net decrease in net assets from distributions		—			(54,761,352	)
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares		16,696,488			55,352,019
Proceeds from reinvestment of distributions		—			48,423,319
Redemption of shares (see note 5)		(48,067,005	)		(71,434,390	)
Redemption fees (see note 5)		32,647			46,955
Net increase (decrease) from capital share transactions		(31,337,870	)		32,387,903
Total decrease in net assets		(138,649,628	)		(16,998,122	)
NET ASSETS
Beginning of period		310,356,265			327,354,387
End of period	$	171,706,637		$	310,356,265
TRANSACTIONS IN SHARES
Shares sold		778,851			1,709,411
Shares issued in reinvestment of distributions		—			1,832,828
Less shares redeemed		(2,258,773	)		(2,214,866	)
Net increase (decrease) from capital share transactions		(1,479,922	)		1,327,373

See accompanying notes to the financial statements.

36

THE OBERWEIS FUNDS

Statements of Changes in Net Assets (continued)

	Emerging Markets Fund
	Six Months Ended June 30, 2022 (Unaudited)		Year Ended December 31, 2021
FROM OPERATIONS
Net investment loss	$	(20,717	)	$	(81,243	)
Net realized gains (losses) on investments and foreign currency transactions		(1,012,248	)		1,728,935
Change in net unrealized appreciation/depreciation on investments and foreign currencies		(2,515,180	)		(205,546	)
Net increase (decrease) in net assets resulting from operations		(3,548,145	)		1,442,146
FROM DISTRIBUTIONS
Distributions to shareholders
Investor Class		—			(203,953	)
Institutional Class		—			(1,523,671	)
Net decrease in net assets from distributions		—			(1,727,624	)
FROM CAPITAL SHARE TRANSACTIONS
Investor Class
Proceeds from sale of shares		773,222			1,259,242
Proceeds from reinvestment of distributions		—			186,395
Redemption of shares (see note 5)		(165,349	)		(481,241	)
Net increase from investor class share transactions		607,873			964,396
Institutional Class
Proceeds from sale of shares		2,925,791			1,312,840
Proceeds from reinvestment of distributions		—			1,143,509
Redemption of shares (see note 5)		(319,627	)		(309,129	)
Net increase from institutional class share transactions		2,606,164			2,147,220
Redemption fees (see note 5)		3,086			2,746
Net increase in net assets resulting from capital share transactions		3,217,123			3,114,362
Total increase (decrease) in net assets		(331,022	)		2,828,884
NET ASSETS
Beginning of period		13,556,622			10,727,738
End of period	$	13,225,600		$	13,556,622
TRANSACTIONS IN SHARES
Investor Class
Shares sold		64,079			81,184
Shares issued in reinvestment of distributions		—			13,726
Less shares redeemed		(14,333	)		(31,287	)
Net increase from investor class share transactions		49,746			63,623
Institutional Class
Shares sold		239,897			88,151
Shares issued in reinvestment of distributions		—			83,407
Less shares redeemed		(25,768	)		(20,438	)
Net increase from investor class share transactions		214,129			151,120
Net increase from capital share transactions		263,875			214,743

See accompanying notes to the financial statements.

37

THE OBERWEIS FUNDS

Notes to Financial StatementsJune 30, 2022 (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 eight Funds of which six are in this report: 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 Emerging Markets Fund (collectively, ‘‘the Funds’’) are each a series of the Trust. Each Fund in this report except for Oberweis International Opportunities Fund currently offers two classes of shares: Investor Class and Institutional Class. Oberweis International Opportunities Fund offers only Investor Class shares. 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 Emerging Markets 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

38

THE OBERWEIS FUNDS

Notes to Financial StatementsJune 30, 2022 (unaudited) (continued)

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 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, 2022:

Micro-Cap Fund			Small-Cap Opportunities Fund
Level 1 – Equities	$	116,116,843	$	37,171,305
Total Level 1		116,116,843		37,171,305
Level 2		—		—
Level 3		—		—
Total Investments	$	116,116,843	$	37,171,305

Global Opportunities Fund			China Opportunities Fund		International Opportunities Fund
Level 1 – Equities
Total Asia	$	12,114,938	$	75,905,925	$	26,832,350
Total Australia		1,235,321		—		18,799,781
Total Europe		11,102,966		—		95,030,153
Total North America		25,068,676		—		26,151,519
Total South America		—		—		—
Total Level 1		49,521,901		75,905,925		166,813,803
Level 2		—		—		—
Level 3		—		—		—
Total Investments	$	49,521,901	$	75,905,925	$	166,813,803

39

THE OBERWEIS FUNDS

Notes to Financial StatementsJune 30, 2022 (unaudited) (continued)

Emerging Markets Fund
Level 1 – Equities
Total Asia	$	8,934,538
Total Africa		194,747
Total Australia		243,330
Total Europe		920,566
Total North America		409,217
Total South America		1,202,399
Total Level 1		11,904,797
Level 2		—
Level 3		—
Total Investments	$	11,904,797

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.

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.

40

THE OBERWEIS FUNDS

Notes to Financial StatementsJune 30, 2022 (unaudited) (continued)

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 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, 2022. 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.

Certain Funds may utilize earnings and profits on redemption of shares as part of the dividends paid deduction.

For the year ended December 31, 2021, 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.

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, 2021, permanent differences in book and tax accounting have been reclassified to paid in capital and accumulated earnings (loss) as follows:

	Increases/(Decrease)
Capital				Accumulated Earnings (Loss)
Micro-Cap Fund	$	2,115,141		$	(2,115,141	)
Global Opportunities Fund		1,552,718			(1,552,718	)
Small-Cap Opportunities Fund		498,909			(498,909	)
China Opportunities Fund		5,052,339			(5,052,339	)
International Opportunities Fund		1,632,358			(1,632,358	)
Emerging Markets Fund		(83,369	)		83,369

41

THE OBERWEIS FUNDS

Notes to Financial StatementsJune 30, 2022 (unaudited) (continued)

The tax character of distributions paid during the fiscal year ended December 31, 2021 was as follows:

	Distributions Paid from Ordinary Income	Distributions Paid from Net Long-Term Capital Gains	Total Distributions Paid
Micro-Cap Fund	$6,601,079	$21,730,672	$28,331,751
Global Opportunities Fund	2,861,842	13,000,295	15,862,137
Small-Cap Opportunities Fund	2,861,415	2,688,831	5,530,246
China Opportunities Fund	4,018,595	24,805,173	28,823,768
International Opportunities Fund	—	54,761,352	54,761,352
Emerging Markets Fund	15,223	1,712,401	1,727,624

The tax character of distributions paid during the fiscal year ended December 31, 2020 was as follows:

	Distributions Paid from Ordinary Income	Distributions Paid from Net Long-Term Capital Gains	Total Distributions Paid
Micro-Cap Fund	$—	$                —	$            —
Global Opportunities Fund	—	3,445,739	3,445,739
Small-Cap Opportunities Fund	—	649,187	649,187
China Opportunities Fund	3,116,458	9,324,969	12,441,427
International Opportunities Fund	1,290,124	—	1,290,124
Emerging Markets Fund	—	—	—

The International Opportunities Fund utilized $8,525,215, respectively, of its capial loss carryforwards during the year ended December 31, 2021.

As of December 31, 2021 the components of accumulated earnings (deficit) on a tax basis were as follows:

	Undistributed ordinary income (deficit)	Undistributed long-term capital gains	Accumulated capital and other losses	Unrealized Appreciation on investments	Unrealized Appreciation/ (Depreciation) foreign currency translations and India sales tax
Micro-Cap Fund	$  —	$—	$  —	$41,098,971	$—
Global Opportunities Fund	—	1,327,220	—	18,746,003	406
Small-Cap Opportunities Fund	—	263,165	—	6,931,416	—
China Opportunities Fund	—	670,331	—	14,767,974	18
International Opportunities Fund	—	—	—	66,225,392	3,561
Emerging Markets Fund	—	336,985	—	2,965,453	(70,422)

42

THE OBERWEIS FUNDS

Notes to Financial Statements June 30, 2022 (unaudited) (continued)

Accumulated capital and other losses consists of timing differences related to wash sales and capital loss carryforwards.

As of December 31, 2021 the cost of investments for federal income tax purposes are as follows:

	Cost of Investments for Federal Tax Purposes	Gross Unrealized Appreciation	Gross Unrealized (Depreciation)	Unrealized Appreciation
Micro-Cap Fund	$97,975,649	$43,780,107	$(2,681,136)	$41,098,971
Global Opportunities Fund	55,843,137	20,352,799	(1,606,796)	18,746,003
Small-Cap Opportunities Fund	22,039,488	7,391,236	(459,820)	6,931,416
China Opportunities Fund	80,032,217	17,301,320	(2,533,346)	14,767,974
International Opportunities Fund	240,868,784	72,131,475	(5,906,083)	66,225,392
Emerging Markets Fund	9,776,967	3,815,023	(849,570)	2,965,453

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, 2022, open Federal tax years include the tax years ended 2018 through 2022. 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, Global Opportunities, and Small-Cap Opportunities Funds 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

43

THE OBERWEIS FUNDS

Notes to Financial Statements June 30, 2022 (unaudited) (continued)

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 Emerging Markets Fund paid monthly investment advisory and management fees at an annual rate equal to 1.25%, 1.25% and 1.25% of average daily net assets, respectively. For the period ended June 30, 2022, the Micro-Cap Fund, Small-Cap Opportunities Fund and Global Opportunities Fund incurred investment advisory fees totaling $391,574, $65,928 and $130,328, respectively. For the period ended June 30, 2022, the China Opportunities Fund, International Opportunities Fund, and Emerging Market Fund incurred investment advisory fees totaling $456,610, $1,415,364 and $83,310, 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, 2022, the Micro-Cap Fund, Small-Cap Opportunities Fund and Global Opportunities Fund incurred management fees totaling $261,049, $65,928, and $117,931, respectively.

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 year 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, International Opportunities Fund and Emerging Markets Fund Investor Class Shares to the extent that total ordinary operating expenses, as defined, exceed in any one year 1.25%, 2.24%, 1.60% and 1.75% 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 Global Opportunities Fund and Micro-Cap 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 and Emerging Markets Fund Institutional Class Shares to the extent that total ordinary operating expenses, as defined, exceed in any one year 1.00%, 1.99% and 1.50% expressed as a percentage of the Funds’ average daily net assets, respectively. For the period ended June 30, 2022 OAM reimbursed the Small-Cap Opportunities Fund, the International Opportunities Fund and the Emerging Markets Fund in the amount of $39,518, $294,304, and $67,843, respectively.

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, 2022, the Trust made no direct payments to its officers and paid $62,167 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

44

THE OBERWEIS FUNDS

Notes to Financial Statements June 30, 2022 (unaudited) (continued)

June 30, 2022, the Micro-Cap Fund, Small-Cap Opportunities Fund, Global Opportunities Fund, China Opportunities Fund, International Opportunities Fund, and Emerging Markets Fund incurred distribution fees totaling $94,361, $25,644, $49,576, $74,880, $283,073, and $2,164, respectively.

Affiliated Commissions.For the period ended June 30, 2022, the Micro-Cap Fund, Global Opportunities Fund, Small-Cap Opportunities Fund, China Opportunities Fund, International Opportunities Fund and Emerging Markets 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, 2022, other than money market investments, aggregated $49,774,650 and $40,369,961, respectively, for the Micro-Cap Fund, $24,860,348 and $8,050,295, respectively, for the Small-Cap Opportunities Fund, $22,836,411 and $21,345,937, respectively, for the Global Opportunities Fund, $95,201,201 and $93,920,066, respectively, for the China Opportunities Fund, $82,609,546 and $115,018,597, respectively, for the International Opportunities Fund, $6,342,773 and $3,636,649, respectively, for the Emerging Markets Fund. The Funds did not hold government securities during the period ended June 30, 2022.

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, 2022.

5. Redemption fee

The Oberweis Funds are designed for long-term investors. To discourage market timers, redemptions of shares of the Micro-Cap Fund, Global Opportunities Fund, and Small-Cap Opportunities Fund within 90 days of purchase are subject to a 1% redemption fee of the total redemption amount and 2% for the China Opportunities Fund, the Emerging Markets Fund and the International Opportunities Fund. The redemption fee is deducted from the redemption proceeds and is retained by the Fund.

The redemption fee is retained by the Funds for the expense they incur in connection with shareholder redemptions. Redemption fees received by the Micro-Cap Fund, Small-Cap Opportunities Fund, Global Opportunities Fund, China Opportunities Fund, International Opportunities Fund, and Emerging Markets Fund were $59,793, $18,890, $1,393, $9,957, $32,647 and $3,086, respectively, for the period ended June 30, 2022, and were recorded as a reduction of the redemption of shares in the Statements of Changes in Net Assets.

45

THE OBERWEIS FUNDS

Notes to Financial Statements June 30, 2022 (unaudited) (continued)

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, 2022, the Micro-Cap Fund, Small-Cap Opportunities Fund, Global Opportunities Fund, China Opportunities Fund, International Opportunities Fund, and Emerging Markets Fund received credits of $2,029, $2,677, $1,793, $2,291, $1,001, and $1,580, respectively. During the period ended June 30, 2022, the Micro-Cap Fund, the Small Cap Opportunities Fund, the Global Opportunities Fund, the China Opportunities Fund, the International Opportunities Fund and the Emerging Markets Fund incurred interest charges of $6,705, $579, $68, $268, $2,762, and $0 respectively, which is included in custodian fees and expenses in the Statements of Operations.

7. Coronavirus (COVID-19) pandemic

In early 2020, an outbreak of a novel strain of coronavirus (COVID-19) emerged globally. This coronavirus has resulted in closing international borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general public concern and uncertainty. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Funds, including political, social and economic risks. Any such impact could adversely affect the Funds’ performance, the performance of the securities in which the Funds invest and may lead to losses on your investment in each Fund. The ultimate impact of COVID-19 on the financial performance of the Funds’ investments is not reasonably estimable at this time.

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 disclosure.

46

THE OBERWEIS FUNDS

Financial Highlights

Per share income and capital for a share outstanding throughout each period is as follows:

Investor Class	MICRO-CAP FUND
	Six Months Ended June 30, 2022 (unaudited)				Years Ended December 31,
						2021			2020			2019			2018			2017
Net asset value at beginning of period		$	35.88		$	29.10		$	22.40		$	18.37		$	25.12		$	22.02
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment lossa			(.15	)		(.43	)		(.26	)		(.22	)		(.35	)		(.32	)
Net realized and unrealized gains (losses) on investments			(7.72	)		15.93			6.96			4.25			(2.82	)		6.37
Total from investment operations			(7.87	)		15.50			6.70			4.03			(3.17	)		6.05
Redemption feesa			.01			.02			—			—			.03			—
Less distributions:
Distribution from net realized gains on investments			—			(8.74	)		—			—			(3.61	)		(2.95	)
Net asset value at end of period		$	28.02		$	35.88		$	29.10		$	22.40		$	18.37		$	25.12
Total return (%)			(21.91	)d		53.38			29.91			21.94			(12.30	)		27.90
RATIO/SUPPLEMENTAL DATA:
Net Assets at end of period (in thousands)		$	71,732		$	87,603		$	45,345		$	46,546		$	53,094		$	92,249
Ratio of gross expenses to average net assets (%)			1.50	​c		1.48			1.59			1.60			1.57			1.58
Ratio of net expenses toaverage net assets (%)b			1.50	​c		1.48			1.58			1.58			1.55			1.54
Ratio of net investment loss to average net assets (%)			(1.00	)c		(1.08	)		(1.22	)		(1.03	)		(1.30	)		(1.32	)
Portfolio turnover rate (%)			31	​d		81			92			112			119			91

Notes:

​a The net investment loss per share data and the redemption fee data were determined using average shares outstanding during the period.

​b The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor.

​c Annualized.

​d Not annualized.

47

THE OBERWEIS FUNDS

Financial Highlights (continued)

Per share income and capital for a share outstanding throughout each period is as follows:

Institutional Class	MICRO-CAP FUND
	Six Months Ended June 30, 2022 (unaudited)				Years Ended December 31,												Period Ended December 31, 2017a
						2021			2020			2019			2018
Net asset value at beginning of period		$	36.43		$	29.36		$	22.55		$	18.47		$	25.17			$	23.52
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment lossb			(.12	)		(.33	)		(.21	)		(.13	)		(.28	)			(.18	)
Net realized and unrealized gains (losses) on investments			(7.83	)		16.12			7.02			4.21			(2.84	)			4.18
Total from investment operations			(7.95	)		15.79			6.81			4.08			(3.12	)			4.00
Redemption Feesb			.01			.02			—			—			.03				—
Less distributions:
Distribution from net realized gains on investments			—			(8.74	)		—			—			(3.61	)			(2.35	)
Net asset value at end of period		$	28.49		$	36.43		$	29.36		$	22.55		$	18.47			$	25.17
Total Return (%)			(21.80	)f		53.90			30.20			22.09			(12.07	)			16.92	​d
RATIO/SUPPLEMENTAL DATA:
Net Assets at end of period (in thousands)		$	47,407		$	50,015		$	31,202		$	30,994		$	14,445			$	9,346
Ratio of gross expenses to average net assets (%)			1.25	​e		1.23			1.34			1.34			1.33				1.32	​e
Ratio of net expenses to average net assets (%)c			1.25	​e		1.23			1.33			1.32			1.32				1.28	​e
Ratio of net investment loss to average net assets (%)			(0.74	)e		(.85	)		(.97	)		(.61	)		(1.05	)			(1.04	)e
Portfolio turnover rate (%)			31	​f		81			92			112			119				91

Notes:

​a For the period from May 1, 2017 (commencement of operations) through December 31, 2017.

​b The net investment loss per share data and the redemption fee data were determined using average shares outstanding during the period.

​c The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor.

​d Calendarperiod performance for 2017 represents synthetic returns

​e Annualized.

​f Not annualized.

48

THE OBERWEIS FUNDS

Financial Highlights (continued)

Per share income and capital for a share outstanding throughout each period is as follows:

Investor Class	SMALL-CAP OPPORTUNITIES FUND
	Six Months Ended June 30, 2022 (unaudited)				Years Ended December 31,
						2021			2020			2019			2018			2017
Net asset value at beginning of period		$	21.54		$	18.29		$	14.36		$	11.83		$	16.40		$	13.89
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment lossa			(.08	)		(.28	)		(.17	)		(.13	)		(.18	)		(.22	)
Net realized and unrealized gains (losses) on investments			(4.76	)		8.23			4.84			3.10			(1.05	)		3.77
Total from investment operations			(4.84	)		7.95			4.67			2.97			(1.23	)		3.55
Redemption Feesa			.01			.01			—			—			—			—
Less distributions:
Distribution from net realized gains on investments			—			(4.71	)		(.74	)		(.44	)		(3.34	)		(1.04	)
Net asset value at end of period		$	16.71		$	21.54		$	18.29		$	14.36		$	11.83		$	16.40
Total return (%)			(22.42	)d		43.57			32.47			25.07			(7.23	)		25.54
RATIO/SUPPLEMENTAL DATA:
Net Assets at end of period (in thousands)		$	26,290		$	16,322		$	7,767		$	6,110		$	5,299		$	7,533
Ratio of gross expenses to average net assets (%)			1.51	​c		1.59			2.03			2.21			2.13			2.29
Ratio of net expenses to average net assets (%)b			1.25	​c		1.55			1.55			1.55			1.55			1.72
Ratio of net investment loss to average net assets (%)			(.86	)c		(1.22	)		(1.14	)		(.95	)		(1.06	)		(1.42	)
Portfolio turnover rate (%)			25	​d		106			147			142			160			142

Notes:

​a The net investment loss per share data and the redemption fee data were determined using average shares outstanding during the period.

​b The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor.

​c Annualized.

​d Not annualized.

49

THE OBERWEIS FUNDS

Financial Highlights (continued)

Per share income and capital for a share outstanding throughout each period is as follows:

Institutional Class	SMALL-CAP OPPORTUNITIES FUND
	Six Months Ended June 30, 2022 (unaudited)				Years Ended December 31,												Period Ended December 31, 2017a
						2021			2020			2019			2018
Net asset value at beginning of period		$	21.92		$	18.51		$	14.49		$	11.90		$	16.44			$	15.20
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment lossb			(.06	)		(.23	)		(.13	)		(.10	)		(.14	)			(.11	)
Net realized and unrealized gains (losses) on investments			(4.84	)		8.34			4.89			3.13			(1.06	)			2.39
Total from investment operations			(4.90	)		8.11			4.76			3.03			(1.20	)			2.28
Redemption feesb			.01			.01			—			—			—				—
Less distributions:
Distribution from net realized gains on investments			—			(4.71	)		(.74	)		(.44	)		(3.34	)			(1.04	)
Net asset value at end of period		$	17.03		$	21.92		$	18.51		$	14.49		$	11.90			$	16.44
Total return (%)			(22.31	)f		43.92			32.80			25.43			(7.05	)			14.99	​d
RATIO/SUPPLEMENTAL DATA:
Net Assets at end of period (in thousands)		$	12,561		$	12,727		$	8,866		$	5,622		$	4,538			$	3,564
Ratio of gross expenses to average net assets (%)			1.26	​e		1.34			1.78			1.96			1.88				1.86	​e
Ratio of net expenses to average net assets (%)c			1.00	​e		1.30			1.30			1.30			1.30				1.30	​e
Ratio of net investment loss to average net assets (%)			(.64	)e		(.97	)		(.89	)		(.69	)		(.80	)			(.97	)e
Portfolio turnover rate (%)			25	​f		106			147			142			160				142

Notes:

​a For the period from May 1, 2017 (commencement of operations) through December 31, 2017.

​b The net investment loss per share data and the redemption fee data were determined using average shares outstanding during the period.

​c The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor.

​d Calendar period performance for 2017 represents synthetic returns

​e Annualized.

​f Not annualized.

50

THE OBERWEIS FUNDS

Financial Highlights (continued)

Per share income and capital for a share outstanding throughout each period is as follows:

Investor Class	GLOBAL OPPORTUNITIES FUND
	Six Months Ended June 30, 2022 (unaudited)				Years Ended December 31,
						2021			2020			2019			2018			2017
Net asset value at beginning of period		$	35.29		$	36.51		$	24.82		$	19.75		$	28.36		$	24.13
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment lossa			(.06	)		(.37	)		(.32	)		(.24	)		(.20	)		(.19	)
Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency			(12.25	)		7.99			14.13			5.31			(7.09	)		8.21
Total from investment operations			(12.31	)		7.62			13.81			5.07			(7.29	)		8.02
Redemption feesa			—			.01			—			—			—			—
Less distributions:
Distribution from net realized gains on investments			—			(8.85	)		(2.12	)		—			(1.32	)		(3.79	)
Net asset value at end of period		$	22.98		$	35.29		$	36.51		$	24.82		$	19.75		$	28.36
Total return (%)			(34.88	)d		20.92			55.55			25.67			(25.66	)		33.30
RATIO/SUPPLEMENTAL DATA:
Net Assets at end of period (in thousands)		$	32,441		$	53,342		$	45,566		$	32,004		$	28,847		$	47,856
Ratio of gross expenses to average net assets (%)			1.48	​c		1.38			1.53			1.58			1.52			1.52
Ratio of net expenses to average net assets (%)b			1.48	​c		1.38			1.53			1.55			1.50			1.50
Ratio of net investment loss to average net assets (%)			(.44	)c		(.86	)		(1.14	)		(1.07	)		(.72	)		(.67	)
Portfolio turnover rate (%)			36	​d		111			129			120			155			137

Notes:

​a The net investment loss per share data and the redemption fee data were determined using average shares outstanding during the period.

​b The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor.

​c Annualized.

​d Not annualized.

51

THE OBERWEIS FUNDS

Financial Highlights (continued)

Per share income and capital for a share outstanding throughout each period is as follows:

Institutional Class	GLOBAL OPPORTUNITIES FUND
	Six Months Ended June 30, 2022 (unaudited)				Years Ended December 31,												Period Ended December 31, 2017a
						2021			2020			2019			2018
Net asset value at beginning of period		$	35.84		$	36.87		$	24.99		$	19.84		$	28.41			$	27.42
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment lossb			(.01	)		(.26	)		(.25	)		(.18	)		(.13	)			(.12	)
Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currency			(12.46	)		8.07			14.25			5.33			(7.12	)			4.90
Total from investment operations			(12.47	)		7.81			14.00			5.15			(7.25	)			4.78
Redemption Feesb			—			.01			—			—			—				—
Less distributions:
Distribution from net realized gains on investments			—			(8.85	)		(2.12	)		—			(1.32	)			(3.79	)
Net asset value at end of period		$	23.37		$	35.84		$	36.87		$	24.99		$	19.84			$	28.41
Total return (%)			(34.79	)e		21.23			55.94			25.96			(25.48	)			17.49	​f
RATIO/SUPPLEMENTAL DATA:
Net Assets at end of period (in thousands)		$	18,428		$	23,518		$	17,109		$	10,644		$	8,937			$	7,919
Ratio of gross expenses to average net assets (%)			1.24	​d		1.14			1.28			1.33			1.28				1.20	​d
Ratio of net expenses to average net assets (%)c			1.23	​d		1.13			1.27			1.30			1.25				1.18	​d
Ratio of net investment loss to average net assets (%)			(.07	)d		(.61	)		(.88	)		(.78	)		(.49	)			(.59	)d
Portfolio turnover rate (%)			36	​e		111			129			120			155				137

Notes:

​a For the period from May 1, 2017 (commencement of operations) through December 31, 2017.

​b The net investment loss per share data and the redemption fee data were determined using average shares outstanding during the period.

​c The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor.

​d Annualized.

​e Not annualized.

​f Calendar period performance for 2017 represents synthetic returns.

52

THE OBERWEIS FUNDS

Financial Highlights (continued)

Per share income and capital for a share outstanding throughout each period is as follows:

Investor Class	China Opportunities Fund
	Six Months Ended June 30, 2022 (unaudited)					Years Ended December 31,
						2021			2020			2019			2018			2017
Net asset value at beginning of period		$	11.51		$	17.29		$	12.33		$	9.35		$	15.95		$	10.94
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment lossa			(.03	)		(.11	)		(.16	)		(.09	)		(.10	)		(.06	)
Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies			(2.47	)		(.88	)		7.11			3.47			(4.06	)		6.07
Total from investment operations			(2.50	)		(.99	)		6.95			3.38			(4.16	)		6.01
Redemption feesa			—			—			—			.02			—			—
Less dividends and distributions:
Distribution from net realized gains on investments			—			(4.79	)		(1.99	)		(.42	)		(2.44	)		(.98	)
Dividends from net investment income			—			—			—			—			—			(.02	)
Total dividends and distributions			—			(4.79	)		(1.99	)		(.42	)		(2.44	)		(1.00	)
Net asset value at end of period		$	9.01		$	11.51		$	17.29		$	12.33		$	9.35		$	15.95
Total return (%)			(21.72	)d		(5.41	)		56.51			36.33			(26.01	)		55.05
RATIO/SUPPLEMENTAL DATA:
Net Assets at end of period (in thousands)		$	59,829		$	81,018		$	98,527		$	75,487		$	60,844		$	107,190
Ratio of gross expenses to average net assets (%)			2.02	​c		1.87			1.95			1.95			1.91			1.92
Ratio of net expenses to average net assets (%)b			2.01	​c		1.87			1.95			1.84			1.86			1.91
Ratio of net investment income (loss) to average net assets (%)			(.74	)c		(.63	)		(1.11	)		(.77	)		(.68	)		(.38	)
Portfolio turnover rate (%)			125	​d		241			192			184			85			97

Notes:

​a The net investment income (loss) per share data and the redemption fee data were determined using average shares outstanding during the period.

​b The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor.

​c Annualized.

​d Not annualized.

53

THE OBERWEIS FUNDS

Financial Highlights (continued)

Per share income and capital for a share outstanding throughout each period is as follows:

Institutional Class	China Opportunities Fund
	Six Months Ended June 30, 2022 (unaudited)				Years Ended December 31,												Period Ended December 31, 2017a
						2021			2020			2019			2018
Net asset value at beginning of period		$	11.67		$	17.42		$	12.39		$	9.36		$	15.93			$	12.78
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment lossb			—			(.07	)		(.13	)		(.07	)		(.06	)			(.01	)
Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies			(2.52	)		(.89	)		7.15			3.50			(4.07	)			4.19
Total from investment operations			(2.52	)		(.96	)		7.02			3.43			(4.13	)			4.18
Redemption feesb			—			—			—			.02			—				—
Less dividends and distributions:
Distribution from net realized gains on investments			—			(4.79	)		(1.99	)		(.42	)		(2.44	)			(.98	)
Dividends from net investment income			—			—			—			—			—				(.05)
Total dividends and distributions			—			(4.79	)		(1.99	)		(.42	)		(2.44	)			(1.03	)
Net asset value at end of period		$	9.15		$	11.67		$	17.42		$	12.39		$	9.36			$	15.93
Total return (%)			(21.59	)e		(5.23	)		56.79			36.82			(25.85	)			32.87	​f
RATIO/SUPPLEMENTAL DATA:
Net Assets at end of period (in thousands)		$	16,612		$	15,247		$	21,497		$	14,301		$	10,998			$	14,087
Ratio of gross expenses to average net assets (%)			1.77	​d		1.62			1.69			1.70			1.65				1.60	​d
Ratio of net expenses to average net assets (%)c			1.77	​d		1.62			1.69			1.59			1.61				1.59	​d
Ratio of net investment income (loss) to average net assets (%)			(.05	)d		(.38	)		(.85	)		(.55	)		(.42	)			(.12	)d
Portfolio turnover rate (%)			125	​e		241			192			184			85				97

Notes:

​a For the period from May 1, 2017 (commencement of operations) through December 31, 2017.

​b The net investment income (loss) per share data and the redemption fee data were determined using average shares outstanding during the period.

​c The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor.

​d Annualized.

​e Not annualized.

​f Calendar period performance for 2017 represents synthetic returns.

54

THE OBERWEIS FUNDS

Financial Highlights (continued)

Per share income and capital for a share outstanding throughout each period is as follows:

Investor Class			International Opportunities Fund
	Six Months Ended June 30, 2022 (unaudited)				Years Ended December 31,
						2021			2020			2019			2018			2017
Net asset value at beginning of period		$	26.50		$	31.52		$	19.43		$	16.01		$	25.49		$	20.19
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)a			0.06			(.26	)		(.16	)		(.03	)		(.04	)		(.04	)
Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies			(9.78	)		.72			12.37			3.69			(6.30	)		8.26
Total from investment operations			(9.72	)		.46			12.21			3.66			(6.34	)		8.22
Redemption feesa			—			—			—			—			—			—
Less dividends and distributions:
Distribution from net realized gains on investments			—			(5.48	)		—			—			(3.10	)		(2.85	)
Dividends from net investment income			—			—			(.12)			(.24	)		(.04	)		(.07	)
Total dividends and distributions			—			(5.48	)		(.12)			(.24	)		(3.14	)		(2.92	)
Net asset value at end of period		$	16.78		$	26.50		$	31.52		$	19.43		$	16.01		$	25.49
Total return (%)			(36.68	)d		1.52			62.86			22.85			(24.73	)		40.77
RATIO/SUPPLEMENTAL DATA:
Net Assets at end of period (in thousands)		$	171,707		$	310,356		$	327,354		$	324,254		$	498,164		$	905,392
Ratio of gross expenses to average net assets (%)			1.86	​c		1.77			1.87			1.82			1.77			1.79
Ratio of net expenses to average net assets (%)b			1.60	​c		1.60			1.60			1.60			1.60			1.60
Ratio of net investment income (loss) to average net assets (%)			.57	​c		(.79	)		(.75	)		(.19	)		(.16	)		(.18	)
Portfolio turnover rate (%)			36	​d		93			130			142			145			153

Notes:

​a The net investment income (loss) per share data and the redemption fee data were determined using average shares outstanding during the period.

​b The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor.

​c Annualized.

​d Not annualized.

55

THE OBERWEIS FUNDS

Financial Highlights (continued)

Per share income and capital for a share outstanding throughout each period is as follows:

Investor Class			Emerging Markets Fund
	Six Months Ended June 30, 2022 (unaudited)				Years Ended December 31,									Period Ended December 31, 2018a
						2021			2020			2019
Net asset value at beginning of period		$	13.63		$	13.81		$	9.67		$	7.89			$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment lossb			(.03	)		(.13	)		(.06	)		(.02	)			(.01	)
Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies			(3.12	)		1.95			4.20			1.80				(2.10	)
Total from investment operations			(3.15	)		1.82			4.14			1.78				(2.11	)
Redemption Feesb			—			—			—			—				—
Less dividends and distributions:
Distribution from net realized gains on investments			—			(2.00	)		—			—				—
Dividends from net investment income			—			—			—			—				—
Total dividends and distributions			—			(2.00	)		—			—				—
Net asset value at end of period		$	10.48		$	13.63		$	13.81		$	9.67			$	7.89
Total Return (%)			(23.11	)e		13.24			42.81			22.56				(21.10	)e
RATIO/SUPPLEMENTAL DATA:
Net Assets at end of period (in thousands)		$	1,788		$	1,646		$	789		$	587			$	426
Ratio of gross expenses to average net assets (%)			2.79	​d		2.80			3.79			3.86				3.99	​d
Ratio of net expenses to average net assets (%)c			1.75	​d		1.75			1.75			1.75				1.75	​d
Ratio of net investment loss to average net assets (%)			(.59	)d		(.87	)		(.54	)		(.21	)			(.15	)d
Portfolio turnover rate (%)			29	​e		67			131			153				111	​e

Notes:

​a For the period from May 1, 2018 (commencement of operations) through December 31, 2018.

​b The net investment income (loss) per share data and the redemption fee data were determined using average shares outstanding during the period.

​c The ratios in this row reflect the impact, if any, of expense offset arrangements with the advisor, and expense reimbursement form the advisor.

​d Annualized.

​e Not Annualized.

56

THE OBERWEIS FUNDS

Financial Highlights (continued)

Per share income and capital for a share outstanding throughout each period is as follows:

Institutional Class						Emerging Markets Fund
	Six Months Ended June 30, 2022 (unaudited)				Years Ended December 31,								Period Ended December 31, 2018a
						2021			2020			2019
Net asset value at beginning of period		$	13.75		$	13.90		$	9.71		$	7.90		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)b			(.02	)		(.10	)		(.03	)		—			.01
Net realized and unrealized gains (losses) on investments and translation of assets and liabilities denominated in foreign currencies			(3.14	)		1.97			4.22			1.81			(2.11	)
Total from investment operations			(3.16	)		1.87			4.19			1.81			(2.10	)
Redemption Feesb			—			—			—			—			—
Less dividends and distributions:
Distribution from net realized gains on investments			—			(2.00	)		—			—			—
Dividends from net investment income			—			(.02	)		—			—			—
Total dividends and distributions			—			(2.02	)		—			—			—
Net asset value at end of period		$	10.59		$	13.75		$	13.90		$	9.71		$	7.90
Total return (%)			(22.98	)e		13.50			43.15			22.91			(21.00	)e
RATIO/SUPPLEMENTAL DATA:
Net Assets at end of period (in thousands)		$	11,438		$	11,910		$	9,938		$	7,382		$	6,012
Ratio of gross expenses to average net assets (%)			2.54	​d		2.55			3.54			3.61			3.74	​d
Ratio of net expenses to average net assets (%)c			1.50	​d		1.50			1.50			1.50			1.50	​d
Ratio of net investment Income (loss) to average net assets (%)			(.27	)d		(.62	)		(.26	)		—			.10	​d
Portfolio turnover rate (%)			29	​e		67			131			153			111	​e

Notes:

​a For the period from May 1, 2018 (commencement of operations) through December 31, 2018.

​b The net investment income (loss) per share data and the redemption fee data were determined using average shares outstanding during the period.

​c The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian, and expense reimbursement form the advisor.

​d Annualized.

​e Not Annualized.

57

THE OBERWEIS FUNDS

Supplemental Information (unaudited)

Liquidity Risk Management Program:

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), The Oberweis Funds (each a “Fund” and collectively, the “Funds”) have adopted and implemented a liquidity risk management program (the “LRMP”). The LRMP seeks to assess and manage the Funds’ liquidity risk, which is defined as the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The Funds’ Board of Trustees (the “Board”) has approved an officer of the Funds (the “Administrator”) to serve as the administrator of the Funds’ LRMP.

The Fund’s LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, the LRMP includes no less than annual assessments of factors that influence each Fund’s liquidity risk; no less than monthly classifications of a Fund’s investments into one of four liquidity classifications provided for in the Liquidity Rule; a 15% of net assets limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); establishment of a minimum percentage of a Fund’s assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if the Fund does not invest primarily in highly liquid investments; and regular reporting to the Board.

At a meeting of the Board on May 18, 2022, the Administrator provided a written report (the “LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of implementation of the Fund’s LRMP, including if and as applicable, (1) the operation of the Highly Liquid Investment Minimum established for each applicable Fund; (2) an assessment of the quality of the data and analysis provided, and of the particular methodologies used and metrics analyzed, by any third-party vendor engaged; and (3) a summary of any material changes to the LRMP during the prior annual period. The LRMP Report covered the period from May 1, 2021 through April 30, 2022 (the “Reporting Period”). The LRMP Report concluded that the LRMP had operated adequately and effectively to manage the Funds’ liquidity risk during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Funds’ investment strategies were appropriate for an open-end fund and did not involve relatively concentrated portfolios.

There can be no assurance that the LRMP will achieve its objectives under all circumstances in the future.

Proxy Voting:

The Oberweis Funds has delegated authority to vote proxies related to the Funds’ (Micro-Cap Fund, Small-Cap Opportunities Fund, Global Opportunities Fund, China Opportunities Fund, International Opportunities Fund and Emerging Markets Fund) Portfolio securities to the Funds’ investment adviser, Oberweis Asset Management, Inc. (“OAM”). A description of the policies and procedures that OAM uses in fulfilling this responsibility is available, without charge upon request, by calling 1-800-323-6166. It also appears on www.oberweisfunds.com and in the Funds’ Statement of Additional Information, which can be found on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov. Information on how the Funds voted proxies relating to portfolio securities during the most recent 12month period ended June 30 is available (1) without charge, upon request, by calling 1-800-323-6166, and (2) on the SEC’s website at http://www.sec.gov.

58

THE OBERWEIS FUNDS

Supplemental Information (unaudited) (continued)

Availability of Schedules of Portfolio Investments:

The Funds file their complete schedule of portfolio investments with the SEC for the first and third quarter of each fiscal year (March 31 and September 30) on Form NPORT. The Funds’ Forms NPORT are available, without charge, on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Expense Examples:

As a shareholder of The Oberweis Funds, you may incur two types of costs: (1) transaction costs, including redemption fees and (2) ongoing costs, including management fees; distribution (and/or service) 12b-1 fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in The Oberweis Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 investment at the beginning of the period and held for the entire period.

Actual Expenses:

The first line for each Fund in the table below provides information about actual account values and actual expenses. You may use the information below; together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:

The second line for each Fund in the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line for each Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

59

THE OBERWEIS FUNDS

Supplemental Information (unaudited) (continued)

	Beginning Account Value 1/1/22	Ending Account Value 6/30/22	Expenses Paid During Period* 1/1/22 – 6/30/22	Expense Ratio During Period 1/1/22 – 6/30/22
MICRO-CAP FUND
Investor Class
Actual	$ 1,000.00	$780.90	$  6.62	1.50	%
Hypothetical	$ 1,000.00	$  1,017.36	$  7.50	1.50	%
Institutional Class
Actual	$ 1,000.00	$782.00	$  5.52	1.25	%
Hypothetical	$ 1,000.00	$  1,018.60	$  6.26	1.25	%
SMALL-CAP OPPORTUNITIES FUND
Investor Class
Actual	$ 1,000.00	$775.80	$  5.50	1.25	%
Hypothetical	$ 1,000.00	$  1,018.60	$  6.26	1.25	%
Institutional Class
Actual	$ 1,000.00	$776.90	$  4.41	1.00	%
Hypothetical	$ 1,000.00	$  1,019.84	$  5.01	1.00	%
GLOBAL OPPORTUNITIES FUND
Investor Class
Actual	$ 1,000.00	$651.20	$  6.06	1.48	%
Hypothetical	$ 1,000.00	$  1,017.46	$  7.40	1.48	%
Institutional Class
Actual	$ 1,000.00	$652.10	$  5.04	1.23	%
Hypothetical	$ 1,000.00	$  1,018.70	$  6.16	1.23	%
CHINA OPPORTUNITIES FUND
Investor Class
Actual	$ 1,000.00	$782.80	$  8.88	2.01	%
Hypothetical	$ 1,000.00	$  1,014.83	$10.04	2.01	%
Institutional Class
Actual	$ 1,000.00	$784.10	$  7.83	1.77	%
Hypothetical	$ 1,000.00	$  1,016.02	$  8.85	1.77	%
INTERNATIONAL OPPORTUNITIES FUND
Investor Class
Actual	$ 1,000.00	$633.20	$  6.48	1.60	%
Hypothetical	$ 1,000.00	$  1,016.86	$  8.00	1.60	%
EMERGING MARKETS FUND
Investor Class
Actual	$ 1,000.00	$768.90	$  7.68	1.75	%
Hypothetical	$ 1,000.00	$  1,016.12	$  8.75	1.75	%
Institutional Class
Actual	$ 1,000.00	$770.20	$  6.58	1.50	%
Hypothetical	$ 1,000.00	$  1,017.36	$  7.50	1.50	%

*Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.

60

Trustees and Officers
Michael J. Simon Trustee Gary D. McDaniel Trustee James W. Oberweis President, Trustee David I. Covas Vice President Kenneth S. Farsalas Vice President	Katherine Smith Dedrick Trustee Alix J. Charles Trustee Patrick B. Joyce Executive Vice President Chief Compliance Officer Eric V. Hannemann Treasurer Thomas P. Joyce Secretary

Manager and Investment Advisor

Oberweis Asset Management, Inc.

3333 Warrenville Road, Suite 500, Lisle, IL 60532

800-323-6166

oberweisfunds.com

Distributor

Oberweis Securities, Inc.

3333 Warrenville Road, Suite 500, Lisle, IL 60532

630-577-2300

oberweisfunds.com

Custodian

UMB Bank, n.a.

928 Grand Blvd., Kansas City, MO 64106

Transfer Agent

UMB Fund Services, Inc.

P.O. Box 711, Milwaukee, WI 53201-0711
800-245-7311

Counsel

Vedder Price P.C.

222 North LaSalle Street, Chicago, IL 60601

Independent Registered Public Accounting Firm

BBD LLP

1835 Market Street, Philadelphia, PA 19103

The Oberweis Funds

Micro-Cap Fund

Small-Cap Opportunities Fund

Global Opportunities Fund

China Opportunities Fund

International Opportunities Fund

Emerging Markets Fund

800-245-7311

oberweisfunds.com

3333 Warrenville Road

Suite 500

Lisle, IL 60532

SEMI-ANNUAL REPORT

Oberweis International Opportunities Institutional Fund (OBIIX)

Oberweis Focused International Growth Fund (OFIGX)

June30, 2022

oberweisfunds.com

Beginning on January1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on www.oberweisfunds.com and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically by contacting us at 1-800-245-7311.

You may elect to receive all future reports in paper free of charge. You can inform the Fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by contacting us at 1-800-245-7311. Your election to receive reports in paper will apply to all funds held with the fund complex.

TABLE OF CONTENTS

President and Portfolio Manager’s Letter	1
Fund Overview
Oberweis International Opportunities Institutional Fund	5
Oberweis Focused International Growth Fund	5
Schedule of Investments
Oberweis International Opportunities Institutional Fund	6
Oberweis Focused International Growth Fund	10
Statement of Assets and Liabilities
Oberweis International Opportunities Institutional Fund	13
Oberweis Focused International Growth Fund	13
Statement of Operations
Oberweis International Opportunities Institutional Fund	14
Oberweis Focused International Growth Fund	14
Statements of Changes in Net Assets
Oberweis International Opportunities Institutional Fund	15
Oberweis Focused International Growth Fund	16
Notes to Financial Statements	17
Financial Highlights
Oberweis International Opportunities Institutional Fund	24
Oberweis Focused International Growth Fund	25
Supplemental Information	26

PRESIDENT AND PORTFOLIO MANAGER’S LETTER (unaudited)

Dear Fellow Shareholder:

Year-to-date performance through june30, 2022

For the first six months of 2022, the Oberweis International Opportunities Institutional fund returned -36.38% vs. -29.55% for the benchmark. The Oberweis Focused International Growth Fund, which launched on April 1st, 2022, returned -21.7% vs. -14.51% for the MSCI EAFE Index. While we are not pleased with these six-month returns, market corrections and benchmark dispersion over the short-term are to be expected, particularly in market environments similar to that experienced so far this year, when market movements seem to have been driven far more by macroeconomic worries and negative market sentiment rather than by idiosyncratic company specific fundamentals.

market environment

Concerns over inflation, and more specifically whether central banks can bring the rate of inflation down without incurring a significant economic slowdown, continued to impact global equities over the quarter. Core sticky-price CPI, a key measure of inflation for the FOMC, continued to increase over the quarter, rising to 7.5% on an annualized basis in May, following a 7.1% increase in April. It now stands at its highest level in 30 years. The issues which we have highlighted in recent quarterly letters remain central to the current investment environment with supply-side limitations placing upward pressure on prices. In particular, the labor market is still historically tight while supply chain cost pressures have yet to diminish in a meaningful manner. Of course, the war in Ukraine has also been a supply shock, with expectations for Russian oil production in 2023 downgraded by almost 2.5 million barrels per day. This potential missing supply approximates to current expectations for worldwide consumption growth. Perhaps the most important question in the equity markets today is whether the Fed is able to align demand with supply without bringing about a US and global recession.

Whether the US and developed markets end up in recession is difficult to predict. Given the unprecedented path to the current point, the economic unknowns today in our view are truly unknown, and therefore making bold and confident short-term predictions on the economic cycle in one direction or the other strikes us as premature. What is clear is that a lot of disinflation is now needed to reach the Fed’s target rate, and the US central bank faces a sizable challenge to bring it back in line. We await to see the economic consequences of monetary policy decisions as well as the inflation data.

Should, for example, sticky price CPI start to roll over without meaningful economic damage, then that could represent an inflection point higher for the stock-market. Although many pundits are ruling out this scenario with great certainty, we would not discount it: before this quarter’s drop of >15%, the S&P had experienced such a quarterly drop of >15% eight times since WWII, and 100% of the time the S&P was higher one year later, with an average return of +26.07%.

What could cause the sticky price CPI to roll over? A number of commodities have started to move lower, potentially exerting downward pressure on inflation expectations. The monetary tightening that has occurred so far will slow down housing activity over the coming quarters, if it has not already — starts and sales showed weakness in May and inventories are increasing. The run-up in prices should decelerate or to some degree even reverse. Weaker housing activity implies less construction of new homes, less spending on home improvements, fewer commissions paid to brokers, less liquidity from remortgaging. Such factors are likely to soften aggregate demand but do not by themselves necessitate a housing market crash or a recession.

1

PRESIDENT AND PORTFOLIO MANAGER’S LETTER (unaudited) (continued)

valuation recap

Valuations for developed market equities outside of the US remain below-average. For example, consider the chart below, which shows Free Cash Flow Yields for non-US developed market small-cap stocks. The charts that free cash flow yields for this asset class are near a historically high level. Absent either a severe deterioration in the economy or spike higher in bond yields, we consider this a provocative valuation that has already priced in a lot of bad news. According to a recent JP Morgan note: “Positioning and sentiment of investors is at multi-decade lows. So it is not that we think that the world and economies are in great shape, but just that an average investor expects an economic disaster, and if that does not materialize risky asset classes could recover most of their losses from the first half.” Historically, unusually high bearish sentiment and elevated levels of fear tend to be followed by above-average market returns. Most people are aware that investor sentiment is often an excellent contrarian indicator and that after investors have been the gloomiest, markets frequently have the strongest performance.

Valuation spreads, an indicator of intra-market disparities, sit at above-average historical levels but in our judgement not to a degree that compels big sector bets. This argues for a relatively balanced portfolio, which is how the strategy is positioned. Our primary focus continues to be to own strong companies with great underlying fundamentals, balance sheets and cash flows. In that regard, our portfolio companies had in aggregate an excellent set of earnings reports with strong underlying fundamentals. We are confident that whether the market goes up or down from here in the short-term, on a relative basis, the underlying fundamentals of our portfolio companies will continue to do well.

2

PRESIDENT AND PORTFOLIO MANAGER’S LETTER (unaudited) (continued)

On behalf of the entire team at Oberweis, thank you for investing in the Oberweis Funds. If you have any questions about your account, please contact shareholder services at (800) 245-7311.

Sincerely,

James W. Oberweis, CFA President	Ralf Scherschmidt Portfolio Manager

3

PRESIDENT AND PORTFOLIO MANAGER’S LETTER (unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS (%) (as of June 30, 2022)

Ticker	Qtr	1 Yr	3 Yr	5 Yr	10 Yr	Life of Fund*	Expense Ratio**
OBIIX	-22.78	-38.94	3.20	3.21	N/A	4.00	1.09
OFGIX	-21.70	N/A	N/A	N/A	N/A	-21.70	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. Unusually high returns may not be sustainable. Visit us online at oberweisfunds.com for most recent month-end performance.

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. Holdings in the Funds are subject to change.

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 are distributed by Oberweis Securities, Inc. Member: FINRA & SIPC.

*  Life of Fund returns are from commencement of operations on 03/10/14 for OBIIX and 4/1/22 for OFIGX.

** December 31, 2021. Expense ratio is the total net annualized fund operating expense ratio. The expense ratio gross of expense offset arrangements and expense reimbursements was 1.09% for OBIIX. Oberweis Asset Management, Inc. (OAM), the Fund’s investment advisor is contractually obligated through April 30, 2023 to reduce its management fees or reimburse OBIIX and OFIGX to the extent that total ordinary operating expenses exceed in any one year 1.10% and 0.95% expressed as a percentage of each Fund’s average daily net assets, respectively.

The MSCI World ex-US Small Cap Growth Index (Net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of small cap growth developed markets excluding the US, 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 comprehensive, covering approximately 85% of the free-float-adjusted market capitalization in each country.

4

Oberweis International Opportunities Institutional Fund

At June30, 2022 (unaudited)

Asset Allocation (% of Net Assets)
Equities	96.9
Other Assets less Liabilities	3.1
Top Ten Holdings (% of Net Assets)
Uniti Group Ltd.	3.8
BayCurrent Consulting, Inc.	3.6
Daiwa Securities Group, Inc.	3.5
Constellium SE	3.2
Nordic Semiconductor ASA	3.1
Rexel SA	2.8
AIXTRON SE	2.7
Rheinmetall AG	2.6
Man Group PLC	2.5
Alfen NV	2.4
Top Ten Industries (% of Net Assets)
Capital Markets	10.6
Semiconductors & Semiconductor Equipment	9.1
Electrical Equipment	6.2
Trading Co & Distribution	5.9
Machinery	5.9
Metals & Mining	5.1
Information Technology Services	5.0
Food & Staples Retailing	4.1
Diversified Telecommunication Services	3.8
Professional Services	3.6

Oberweis Focused International Growth Fund

At June30, 2022 (unaudited)

Asset Allocation (% of Net Assets)
Equities	98.1
Other Assets less Liabilities	1.9
Top Ten Holdings (% of Net Assets)
HSBC Hldgs. PLC	6.7
Sony Group Corp.	6.5
STMicroelectronics NV	6.4
Adyen NV	5.8
Rexel SA	4.9
Datadog, Inc.	4.4
Future PLC	4.1
Roche Hldg. AG	4.1
Teleperformance SE	3.8
LVMH Moet Hennessy Louis Vuitton SE	3.7
Top Ten Industries (% of Net Assets)
Semiconductor & Semiconductor Equipment	9.3
Software	8.1
Banks	6.7
Pharmaceuticals	6.6
Healthcare Equipment & Supplies	6.5
Household Durables	6.5
Oil, Gas & Consumable Fuels	6.1
Professional Services	5.8
Information Technology Services	5.8
Trading Co & Distribution	4.9

5

OBERWEIS INTERNATIONAL OPPORTUNITIES INSTITUTIONAL FUND

Schedule of Investments June30, 2022 (unaudited)

	Shares	Value
Equities – 96.9%
Australia – 10.9%
Charter Hall Group.	292,529	$	2,186,698
Computershare Ltd.	615,400		10,466,218
Elders Ltd.	762,100		6,622,611
Evolution Mining Ltd.	1,969,941		3,236,099
GrainCorp Ltd.*	990,824		6,503,821
IDP Education Ltd.	754,749		12,408,974
JB Hi-Fi Ltd.*	74,339		1,973,411
Uniti Group Ltd.*	6,725,855		22,840,424
			66,238,256
Austria – 2.2%
AT & S Austria Technologie & Systemtechnik AG*	253,100		13,527,667
Belgium – 1.2%
VGP NV	21,900		3,488,577
Warehouses de Pauw NV	127,100		3,996,018
			7,484,595
Canada – 15.2%
Aritzia, Inc.*	520,100		14,081,328
ATS Automation Tooling Systems, Inc.*	511,975		14,060,221
BRP, Inc.	158,741		9,769,626
Colliers International Group, Inc.	41,900		4,590,706
Finning International, Inc.	233,300		4,909,957
Gildan Activewear, Inc.	310,139		8,926,857
Parex Resources, Inc.	858,691		14,542,778
Sleep Country Canada Hldgs., Inc.	287,200		5,359,341
TFI International, Inc.	79,200		6,357,781
Toromont Industries Ltd.	74,600		6,031,983
Trisura Group Ltd.*	136,800		3,542,219
			92,172,797
Denmark – 1.5%
ALK-Abello A/S*	229,560		3,984,698
D/S Norden A/S	146,000		5,060,302
			9,045,000
Finland – 3.9%
Metso Outotec Oyj	1,286,631		9,640,968
Outokumpu Oyj	1,940,776		8,025,888
QT Group Oyj*	83,997		6,197,222
			23,864,078

See accompanying notes to the financial statements.

6

OBERWEIS INTERNATIONAL OPPORTUNITIES INSTITUTIONAL FUND

Schedule of Investments June30, 2022(unaudited) (continued)

	Shares	Value
France – 3.2%
Alten SA	24,800	$	2,697,799
Rexel SA	1,099,719		16,912,991
			19,610,790
Germany – 8.5%
AIXTRON SE	644,880		16,341,646
Aurelius Equity Opportunities SE	173,865		3,698,868
HelloFresh SE*	259,800		8,399,528
Rheinmetall AG	69,500		16,045,745
Sixt SE	71,317		7,313,318
			51,799,105
Israel – 2.2%
Nova Ltd.*	151,700		13,430,001
Italy – 0.5%
Banca IFIS SpA	233,100		3,300,336
Japan – 13.4%
BayCurrent Consulting, Inc.	81,200		21,604,658
Daiwa Securities Group, Inc.	4,713,700		21,053,230
Food & Life Co. Ltd.*	564,400		12,046,745
Fuji Electric Co. Ltd.	299,400		12,401,445
Future Corp.	736,600		7,557,099
M&A Capital Partners Co. Ltd.*	246,300		6,471,547
			81,134,724
Netherlands– 8.1%
Aalberts NV	211,757		8,253,241
Alfen NV*	159,300		14,717,971
BE Semiconductor Industries NV	135,426		6,510,156
Constellium SE*	1,487,239		19,646,427
			49,127,795
Norway – 4.2%
Aker Solutions ASA	1,281,100		3,480,536
Nordic Semiconductor ASA*	1,225,144		19,005,858
Wallenius Wilhelmsen ASA	547,435		2,948,458
			25,434,852
Spain – 1.5%
Laboratorios Farmaceuticos Rovi SA*	145,774		8,921,821

See accompanying notes to the financial statements.

7

OBERWEIS INTERNATIONAL OPPORTUNITIES INSTITUTIONAL FUND

Schedule of Investments June30, 2022(unaudited) (continued)

	Shares	Value
Sweden – 4.1%
Addtech AB*	171,336	$	2,234,279
Arjo AB	198,523		1,255,590
Cint Group AB*	721,779		4,018,193
Hexatronic Group AB	1,382,100		10,295,022
Nordnet AB	447,800		5,852,593
Thule Group AB	29,573		726,475
			24,382,152
United Kingdom – 16.3%
Endava PLC ADS*	108,548		9,581,532
Future PLC	555,631		11,653,709
Howden Joinery Group PLC	395,699		2,902,595
IMI PLC	267,416		3,818,368
Intermediate Capital Group PLC	752,835		11,995,874
LondonMetric Property PLC	1,589,100		4,418,143
Man Group PLC	4,962,000		15,088,346
Marks & Spencer Group PLC*	5,923,900		9,771,010
Morgan Sindall Group PLC	143,045		3,172,587
OSB Group PLC	781,500		4,568,184
Redrow PLC	807,538		4,814,755
RS GROUP PLC	278,800		2,949,205
Safestore Hldgs. PLC	139,700		1,804,281
Taylor Wimpey PLC	4,220,802		5,993,385
The Sage Group PLC	764,270		5,905,765
			98,437,739
Total Equities
(Cost: $ 677,612,141)		$	587,911,708
Total Investments – 96.9%
(Cost: $ 677,612,141)		$	587,911,708
Other Assets Less Liabilities – 3.1%			18,886,375
Net Assets – 100%		$	606,798,083

* Non-income producing security during the period ended June 30, 2022

ADS — American depositary share

See accompanying notes to the financial statements.

8

OBERWEIS INTERNATIONAL OPPORTUNITIES INSTITUTIONAL FUND

Schedule of Investments June30, 2022(unaudited) (continued)

SECTOR ALLOCATIONS (As a Percentage of Net Assets)
Communication Services	5.7	%
Consumer Discretionary	12.5	%
Consumer Staples	5.2	%
Energy	3.0	%
Financials	12.5	%
Healthcare	2.3	%
Industrials	28.3	%
Information Technology	19.0	%
Materials	5.1	%
Real Estate	3.3	%

See accompanying notes to the financial statements.

9

OBERWEIS FOCUSED INTERNATIONAL GROWTH FUND

Schedule of Investments June 30, 2022 (unaudited)

	Shares	Value
Equities – 98.1%
Australia – 3.0%
BHP Group Ltd.	4,300	$	122,429
Woodside Energy Group Ltd.*	3,400		74,721
			197,150
Denmark – 2.6%
Novo Nordisk AS*	1,500		166,366
France – 21.9%
LVMH Moet Hennessy Louis Vuitton SE	400		243,848
Rexel SA	20,600		316,815
Schneider Electric SE	1,700		201,142
STMicroelectronics NV	13,300		417,942
Teleperformance SE	800		245,902
			1,425,649
Germany – 2.1%
Sartorius AG*	400		139,761
Japan – 13.1%
BayCurrent Consulting, Inc.*	500		133,034
Bridgestone Corp.	3,100		113,097
Sony Group Corp.*	5,200		425,221
Toyota Motor Corp.*	11,900		184,183
			855,535
Netherlands – 8.7%
Adyen NV*	260		378,202
ASML Hldg. NV	400		191,092
			569,294
Sweden – 0.9%
EQT AB	3,000		61,409
Switzerland – 12.1%
Alcon, Inc.	2,900		202,547
Nestle SA	2,000		233,456
Roche Hldg. AG*	800		266,932
Straumann Hldg. AG	700		84,063
			786,998

See accompanying notes to the financial statements.

10

OBERWEIS FOCUSED INTERNATIONAL GROWTH FUND

Schedule of Investments June 30, 2022(unaudited) (continued)

	Shares	Value
United Kingdom – 25.6%
Anglo American PLC*	3,100	$	110,830
BP PLC	31,700		149,837
Diageo PLC*	3,900		167,607
Future PLC*	12,900		270,562
HSBC Hldgs. PLC*	67,500		440,085
Ocado Group PLC*	19,500		185,434
Shell PLC	6,700		174,045
St James’s Place PLC	12,800		171,784
			1,670,184
United States of America – 8.1%
Cadence Design Systems, Inc.*	1,600		240,049
Datadog, Inc.*	3,000		285,721
			525,770
Total Equities
(Cost: $ 8,189,686)		$	6,398,116
Total Investments – 98.1%
(Cost: $ 8,189,686)		$	6,398,116
Other Assets Less Liabilities – 1.9%			123,120
Net Assets – 100%		$	6,521,236

* Non-income producing security during the period ended June 30, 2022

See accompanying notes to the financial statements.

11

OBERWEIS FOCUSED INTERNATIONAL GROWTH FUND

Schedule of Investments June 30, 2022(unaudited) (continued)

SECTOR ALLOCATIONS (As a Percentage of Net Assets)
Communication Services	4.1	%
Consumer Discretionary	14.8	%
Consumer Staples	9.0	%
Energy	6.1	%
Financials	10.3	%
Health Care	13.2	%
Industrials	13.8	%
Information Technology	23.2	%
Materials	3.6	%

See accompanying notes to the financial statements.

12

THE OBERWEIS FUNDS

Statements of Assets and Liabilities June 30, 2022 (unaudited)

	International Opportunities Institutional Fund		Focused International Growth Fund
ASSETS
Investment securities at valuea	$	587,911,708		$	6,398,116
Cash		14,341,708			130,314
Foreign Currencyb		—			1,632
Receivable from securities sold		2,717,043			—
Dividends and interest receivable		2,394,641			4,512
Receivable due from advisor (see note 3)		—			520
Prepaid expenses		59,847			1,379
Total Assets		607,424,947			6,536,473
LIABILITIES
Payable to advisor (see note 3)		504,081			—
Accrued expenses		122,783			15,237
Total Liabilities		626,864			15,237
NET ASSETS	$	606,798,083		$	6,521,236
SHARES OUTSTANDING
(shares of beneficial interest issued and outstanding, respectively, unlimited number of shares authorized with no par value)		72,787,566			832,434
Net asset value, offering price and redemption price	$	8.34		$	7.83
ANALYSIS OF NET ASSETS
Capital	$	757,619,749		$	8,263,807
Accumulated earnings		(150,821,666	)		(1,742,571	)
Net Assets	$	606,798,083		$	6,521,236
​aInvestment securities at cost	$	677,612,141		$	8,189,686
​bForeign currency at cost	$	—		$	1,644

See accompanying notes to the financial statements.

13

THE OBERWEIS FUNDS

Statement of Operations Period Ended June 30, 2022 (unaudited)

	International Opportunities Institutional Fund		Focused International Growth Fundb
INVESTMENT INCOME
Dividendsa	$	8,854,714		$	61,324
Total Investment Income		8,854,714			61,324
EXPENSES
Investment advisory fees (see note 3)		4,088,006			14,386
Transfer agent fees and expenses		41,124			4,840
Custodian fees and expenses		105,404			2,737
Accounting services fees		137,022			3,614
Shareholder Fees		15,188			1,936
Audit Fees		10,744			5,544
Other		173,575			588
Total expenses before reimbursed expenses		4,571,063			33,645
Earnings credit (see note 6)		(7,501	)		(367	)
Expense reimbursement (see note 3)		(66,756	)		(16,468	)
Total Expenses		4,496,806			16,810
NET INVESTMENT INCOME		4,357,908			44,514
NET REALIZED AND UNREALIZED GAINS (LOSSES) FROM INVESTMENTS
Net realized losses on investment transactions		(40,814,923	)		—
Net realized gains (losses) on foreign currency transactions		(43,779	)		4,547
Net realized gains (losses) on investment and foreign currency transactions		(40,858,702	)		4,547
Change in net unrealized appreciation/depreciation on investments and translation of assets and liabilities denominated in foreign currencies		(342,683,455	)		(1,791,632	)
Net realized/unrealized losses on investments and foreign currencies		(383,542,157	)		(1,787,085	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(379,184,249	)	$	(1,742,571	)

​a Dividends are net of foreign withholding tax of $952,906 and $9,292 for the International Opportunities Institutional Fund and Focused International Growth Fund respectively.

​b For the period from April 1, 2022 (commencement of operations) through June 30, 2022.

See accompanying notes to the financial statements.

14

THE OBERWEIS FUNDS

Statement of Changes in Net Assets

	International Opportunities Institutional
	Six Months Ended June 30, 2022 (unaudited)		Year Ended December 31, 2021
FROM OPERATIONS
Net investment income (loss)	$	4,357,908		$	(3,838,610	)
Net realized gains (losses) on investments and foreign currency transactions		(40,858,702	)		264,574,668
Change in net unrealized appreciation\depreciation on investments and foreign currencies		(342,683,455	)		(233,269,721	)
Net increase (decrease) in net assets resulting from operations		(379,184,249	)		27,466,337
FROM DISTRIBUTIONS
Distributions to shareholders		—			(266,497,571	)
Net decrease in net assets from distributions		—			(266,497,571	)
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares		30,372,924			102,744,641
Proceeds from reinvestment of distributions		—			246,793,697
Redemption of shares (see note 5)		(122,818,255	)		(229,735,433	)
Net increase (decrease) from capital share transactions		(92,445,331	)		119,802,905
Total decrease in net assets		(471,629,580	)		(119,228,329	)
NET ASSETS
Beginning of period		1,078,427,663			1,197,655,992
End of period	$	606,798,083		$	1,078,427,663
TRANSACTIONS IN SHARES
Shares sold		2,831,032			5,885,110
Shares issued in reinvestment of distributions		—			18,882,456
Less shares redeemed		(12,308,750	)		(13,179,772	)
Net increase (decrease) from capital share transactions		(9,477,718	)		11,587,794

See accompanying notes to the financial statements.

15

THE OBERWEIS FUNDS

Statement of Changes in Net Assets (continued)

	Focused International Growth
	Three Months Ended June 30, 2022 (unaudited)
FROM OPERATIONS
Net investment income	$	44,514
Net realized gains on investments and foreign currency transactions		4,547
Change in net unrealized appreciation\depreciation on investments and foreign currencies		(1,791,632	)
Net decrease in net assets resulting from operations		(1,742,571	)
FROM CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares		8,263,807
Redemption of shares (see note 5)		—
Net increase from capital share transactions		8,263,807
Total increase in net assets		6,521,236
NET ASSETS
Beginning of period		—
End of period	$	6,521,236
TRANSACTIONS IN SHARES
Shares sold		832,434
Less shares redeemed		—
Net increase from capital share transactions		832,434

See accompanying notes to the financial statements.

16

THE OBERWEIS FUNDS

Notes to Financial Statements June 30, 2022 (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 Oberweis International Opportunities Institutional Fund and the Oberweis Focused International Growth Fund (collectively, the “Funds”) are each funds in a series issued by the Trust.

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 are valued at the closing bid price determined on the basis of reasonable inquiry. Options are valued at the last reported bid price on the primary exchange as of the close of the regular trading session of the Chicago Board Options Exchange (‘‘CBOE’’). 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 Funds 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.

17

THE OBERWEIS FUNDS

Notes to Financial Statements June 30, 2022 (unaudited) (continued)

Fair value measurements.In accordance with Financial Accounting Standards Board (‘‘FASB’’) guidance, the Funds utilizes 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. The Fair Value Measurement Standard applies to fair value measurements already required or permitted by existing standards.

Various inputs are used in determining the value of the Funds’ 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 Funds’ own assumptions in determining the fair value of investments).

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 Fund’s net assets as of June 30, 2022:

International Opportunities Institutional Fund			Focused International Growth Fund
Level 1 – Equities
Total Asia	$	94,564,725	$	855,535
Total Australia		66,238,256		197,150
Total Europe		334,935,930		4,819,661
Total North America		92,172,797		525,770
Total South America		—		—
Total Level 1		587,911,708		6,398,116
Level 2		—		—
Level 3		—		—
Total Investments	$	587,911,708	$	6,398,116

The Funds’ assets may 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.

18

THE OBERWEIS FUNDS

Notes to Financial Statements June 30, 2022 (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 investments and other assets, less liabilities, by the number of 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. Gains and losses on premiums from expired options are recognized on the date of expiration.

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, 2022. 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.

The Funds may utilize earnings and profits on redemption of shares as part of the dividends paid deduction.

For the year ended December 31, 2021, permanent book and tax differences resulting primarily from differing treatments for foreign currency transactions, and passive foreign investment company (“PFIC”) adjustments were identified and reclassified among the components of the Fund’s net assets.

19

THE OBERWEIS FUNDS

Notes to Financial Statements June 30, 2022 (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, 2021, permanent differences in book and tax accounting have been reclassified to paid in capital, accumulated net investment loss and accumulated net realized gain as follows:

	Increases/(Decrease)
Capital		Accumulated Losses
International Opportunities Institutional Fund	$19,387,729	$(19,387,729)

The tax character of distributions paid during the fiscal year ended December 31, 2021 was as follows:

Distributions Paid from Ordinary Income		Distributions Paid from Net Long-Term Capital Gains	Total Distributions Paid
International Opportunities Institutional Fund	$—	$  266,497,571	$  266,497,571

The tax character of distributions paid during the fiscal year ended December 31, 2020 was as follows:

Distributions Paid from Ordinary Income		Distributions Paid from Net Long-Term Capital Gains	Total Distributions Paid
International Opportunities Institutional Fund	$3,566,427	$2,601,191	$6,167,618

As of December 31, 2021 the components of accumulated earnings on a tax basis were as follows:

Undistributed ordinary income		Undistributed long-term capital gains	Accumulated capital and other losses	Unrealized Appreciation on investments	Unrealized Depreciation foreign currency translations
International Opportunities Institutional Fund	$—	$—	$—	$   228,354,464	$8,119

Accumulated capital and other losses consists of timing differences related to wash sales and mark to market on PFICs.

As of December 31, 2021 the cost of investments for federal income tax purposes are as follows:

Cost of Investments for Federal Tax Purposes		Gross Unrealized Appreciation	Gross Unrealized (Depreciation)	Unrealized Appreciation
International Opportunities Institutional Fund	$822,258,226	$248,213,504	$(19,859,040)	$228,354,464

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, 2022, open Federal tax years include the tax years ended 2018 through 2022. The Funds have no examinations in progress and is 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.

20

THE OBERWEIS FUNDS

Notes to Financial Statements June 30, 2022 (unaudited) (continued)

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 Trusts’ 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 Trusts’ 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 Fund’s investment adviser and manager. Oberweis Securities, Inc. (‘‘OSI’’), the Fund’s principal distributor, is an affiliate of OAM.

Investment advisory agreement.Under the Advisory Agreement, OAM provides investment advisory and management services to the Funds. The Oberweis International Opportunities Institutional Fund paid monthly investment advisory and management fees at an annual rate equal to 1.00% of average daily net assets and the Focused International Growth Fund paid investment advisory and management fees at an annual rate equal to 0.80% of average daily net assets. For the period ended June 30, 2022, the International Opportunities Institutional Fund incurred investment advisory and management fees totaling $4,088,006 and the Focused International Growth Fund incurred investment advisory and management fees totaling $14,386.

Expense reimbursement.OAM is contractually obligated to reduce its investment and management fees or reimburse the International Opportunities Institutional Fund and the Focused International Growth Fund to the extent that total ordinary operating expenses, as defined, exceed in any one year 1.10% and 0.95% expressed as a percentage of each Fund’s average daily net assets. For the period ended June 30, 2022 OAM reimbursed the International Opportunities Institutional Fund and the Focused International Growth Fund in the amount of $66,756 and $16,468, respectively.

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, 2022, the Trust made no direct payments to its officers and paid $62,167 to its unaffiliated trustees.

Affiliated commissions.For the period ended June 30, 2022, the International Opportunities Institutional Fund and the 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, 2022, other than options written and money market investments, aggregated $304,963,984 and $384,262,019, respectively for the International Opportunities Institutional Fund, and $8,189,686 and $0 respectively for the Focused International Growth Fund. The Funds did not hold government securities during the period ended June 30, 2022.

21

THE OBERWEIS FUNDS

Notes to Financial Statements June 30, 2022 (unaudited) (continued)

The Funds may write covered call options. The premiums received provide a partial hedge (protection) against declining prices and enables the 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 the Fund. The Fund may 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 Fund did not write covered call options during the period ended June 30, 2022.

5. Redemption fee

The Fund is designed for long-term investors. To discourage market timers, redemptions of shares within 90 days of purchase are subject to a 2% redemption fee of the total redemption amount. The redemption fee is deducted from the redemption proceeds and is retained by the Fund.

The redemption fee is retained by the Funds for the expense they incur in connection with shareholder redemptions. Redemption fees received by the International Opportunities International Fund and Focused International Growth Fund were $100,866 and $0 respectively for the period ended June 30, 2022 and were recorded as a reduction of the redemption of shares in the Statement 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, 2022, the International Opportunities Institutional Fund and the Focused International Growth Fund received credits of $7,501 and $367 respectively. The International Opportunities Institutional Fund and the Focused International Growth Fund incurred interest charges of $26,792 and $0 respectively, which is included in custodian fees and expenses in the Statement of Operations.

7. Coronavirus (COVID-19) pandemic

In early 2020, an outbreak of a novel strain of coronavirus (COVID-19) emerged globally. This coronavirus has resulted in closing international borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general public concern and uncertainty. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Funds, including political, social and economic risks. Any such impact could adversely affect the Funds’ performance, the performance of the securities in which the Funds invest and may lead to losses on your investment in each Fund. The ultimate impact of COVID-19 on the financial performance of the Funds’ investments is not reasonably estimable at this time.

22

THE OBERWEIS FUNDS

Notes to Financial Statements June 30, 2022 (unaudited) (continued)

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 disclosure.

23

THE OBERWEIS FUNDS

Financial Highlights

Per share income and capital for a share outstanding throughout each period is as follows:

			International Opportunities Institutional Fund
	Six Months Ended June 30, 2022 (unaudited)				Years Ended December 31,
					2021				2020			2019			2018			2017
Net asset value at beginning of period		$	13.11		$	16.95		$	10.41		$	8.54		$	12.77		$	9.72
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment income (loss)a			.06			(.06	)		(.03	)		.04			.04			.03
Net realized and unrealized gains (losses) on investments and foreign currency transactions			(4.83	)		.40			6.66			1.97			(3.11	)		3.95
Total from investment operations			(4.77	)		.34			6.63			2.01			(3.07	)		3.98
Redemption feesa			—	​e		—	​e		—	​e		—	​e		—	​e		—	​e
Less dividends and distributions:
Dividends from net realized gains on investments and foreign currency transactions			—			(4.18	)		(.04	)		—			(1.15	)		(.85	)
Dividends from net investment income			—			—			(.05	)		(.14	)		(.01	)		(.08	)
Total dividends and distributions			—			(4.18	)		(.09	)		(.14	)		(1.16	)		(.93	)
Net asset value at end of period		$	8.34		$	13.11		$	16.95		$	10.41		$	8.54		$	12.77
Total return (%)			(36.38	)d		2.10			63.65			23.50			(23.91	)		40.99
RATIO/SUPPLEMENTAL DATA:
Net Assets at end of period (in thousands)		$	606,798		$	1,078,428		$	1,197,656		$	967,119		$	753,138		$	1,041,117
Ratio of gross expenses to average net assets (%)			1.12	​c		1.09			1.13			1.12			1.11			1.15
Ratio of net expenses to average net assets (%)b			1.10	​c		1.09			1.10			1.08			1.08			1.10
Ratio of net investment income (loss) to average net assets (%)			​1.07	​c		(.32	)		(.27	)		.37			.35			.29
Portfolio turnover rate (%)			37	​d		91			134			153			145			168

Notes:

​a The net investment income (loss) per share data and the redemption fee data were determined using average shares outstanding during the period.

​b The ratios in this row reflect the impact, if any, of expense offset arrangements with the custodian and expense reimbursement from the advisor.

​c Annualized.

​d Not annualized.

​eLess than $0.005 per share

24

THE OBERWEIS FUNDS

Financial Highlights (continued)

Per share income and capital for a share outstanding throughout each period is as follows:

	Focused International Growth Fund
			Period Ended June 30, 2022a (unaudited)
Net asset value at beginning of period		$	10.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net investment incomeb			.05
Net realized and unrealized gains (losses) on investments			(2.22	)
Total from investment operations			(2.17	)
Redemption Feesb			—
Net asset value at end of period		$	7.83
Total Return (%)			(21.70	)e
RATIO/SUPPLEMENTAL DATA:
Net Assets at end of period (in thousands)		$	6,521
Ratio of gross expenses to average net assets (%)			1.90	​d
Ratio of net expenses to average net assets (%)c			.95
Ratio of net investment income to average net assets (%)			2.52	​d
Portfolio turnover rate (%)			0	​e

Notes:

​a For the period from April 1, 2022 (commencement of operations) through June 30, 2022.

​b The net investment income per share data and the redemption fee data were determined using average shares outstanding during the period.

​c The ratios in this row reflect the impact, if any, of expense offset arrangements.

​d Annualized.

​e Not Annualized.

25

THE OBERWEIS FUNDS

Supplemental Information (unaudited)

Liquidity Risk Management Program:

Consistent with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), The Oberweis Funds (each a “Fund” and collectively, the “Funds”) have adopted and implemented a liquidity risk management program (the “LRMP”). The LRMP seeks to assess and manage the Funds’ liquidity risk, which is defined as the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The Funds’ Board of Trustees (the “Board”) has approved an officer of the Funds (the “Administrator”) to serve as the administrator of the Funds’ LRMP.

The Funds’ LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, the LRMP includes no less than annual assessments of factors that influence each Funds’ liquidity risk; no less than monthly classifications of a Fund’s investments into one of four liquidity classifications provided for in the Liquidity Rule; a 15% of net assets limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); establishment of a minimum percentage of a Fund’s assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if the Fund does not invest primarily in highly liquid investments; and regular reporting to the Board.

At a meeting of the Board on May18, 2022, the Administrator provided a written report (the “LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of implementation of the Funds’ LRMP, including if and as applicable, (1) the operation of the Highly Liquid Investment Minimum established for each applicable Fund; (2) an assessment of the quality of the data and analysis provided, and of the particular methodologies used and metrics analyzed, by any third-party vendor engaged; and (3) a summary of any material changes to the LRMP during the prior annual period. The LRMP Report covered the period from May 1, 2021 through April 30, 2022 (the “Reporting Period”). The LRMP Report concluded that the LRMP had operated adequately and effectively to manage the Funds’ liquidity risk during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Funds’ investment strategies were appropriate for an open-end fund and did not involve relatively concentrated portfolios.

There can be no assurance that the LRMP will achieve its objectives under all circumstances in the future.

Proxy Voting:

The Oberweis Funds has delegated authority to vote proxies related to the Funds’ portfolio securities to the Fund’s investment advisor, Oberweis Asset Management, Inc. (“OAM”). A description of the policies and procedures that OAM uses in fulfilling this responsibility is available, without charge upon request, by calling 1-800-323-6166. It also appears on www.oberweisfunds.com and in the Funds’ Statement of Additional Information, which can be found on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov. Information on how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (1) without charge, upon request, by calling 1-800-323-6166, and (2) on the SEC’s website at http://www.sec.gov.

26

THE OBERWEIS FUNDS

Supplemental Information(unaudited) (continued)

Availability of Schedules of Portfolio Investments:

The Funds file their complete schedule of portfolio investments with the SEC for the first and third quarter of each fiscal year (March 31 and September 30) on Form NPORT. The Funds’ Form NPORT are available, without charge, on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Approval of Investment Advisory Agreement:

The Investment Advisory and Management Agreement between The Oberweis Funds (the “Trust”) and Oberweis Asset Management (“OAM”) (the “Advisory Agreement”) with respect to the Focused International Growth Fund (the “Fund”) was approved by the Board of Trustees (the “Board”), including all of the trustees who are not parties to the Agreement or interested persons of any such party (the “independent trustees”), on February 16, 2022. The Board of Trustees, including a majority of the independent trustees, determined to approve the Agreement. The independent trustees were assisted by legal counsel in making their determination.

Nature, Quality and Extent of Services.With respect to the nature, quality and extent of the services to be provided by OAM pursuant to the Advisory Agreement, the Board considered the background and experience of OAM, the functions to be performed by OAM, the personnel that will provide such services and the management capabilities of OAM. The Board also considered OAM’s financial condition, the compliance reports provided to the Board and the culture of compliance created by OAM, including the competency of the Trust and OAM’s chief compliance officer. The Board also considered the experience, academic background, long tenure, structure, size and geographic locations of the portfolio management/strategy investment team and its role, the investment process with respect to the types of investments to be held by the Fund, the Fund’s portfolio management team and the portfolio manager who will be responsible for managing the Fund, as well as the honesty and integrity of OAM and that in the Board’s experience, OAM personnel are always open and forthright with the Board. In addition, the Board considered that OAM is a research-oriented firm that conducts extensive research. Based on the information provided, the Board concluded that the nature and extent of services to be provided to the Fund by OAM were appropriate and that the quality of such services was expected to be good.

Fees and Expenses.The Board compared the amounts to be paid to OAM for advisory and management services for the Fund as compared to a peer universe of funds provided by Broadridge Financial Solutions, Inc., an independent provider of investment company data. This information showed that the proposed advisory and management fees would be lower than nine of the other fourteen mutual funds.

In addition, the Board considered the proposed expense limitations for the Fund and noted that OAM would be responsible for the costs associated with the start-up of the Fund, including the organizational expenses and costs of preparing and filing the Registration Statement. Based on the information considered, the Board concluded that the Fund’s advisory and management fees were reasonable in amount given the quality of services expected to be provided and taking into consideration other relevant circumstances.

27

THE OBERWEIS FUNDS

Supplemental Information(unaudited) (continued)

Economies of Scale.The Board also considered the extent to which economies of scale would be realized as the Fund grows and whether fee levels reflect economies of scale for the benefit of Fund shareholders. The Board noted the asset capacity constraints for the Fund which limit economies of scale. The Board concluded that the Fund’s advisory and management fees reflect an appropriate recognition of any economies of scale.

Other Benefits to OAM or Its Affiliates.With respect to other incidental benefits to be received by OAM or its affiliates from their relationship with the Fund, the Board considered the fact that neither distribution fees nor 12b-1 fees would be paid to Oberweis Securities, Inc. (“OSI”) as the distributor of the Fund, as such, OSI would not receive payments for its distribution services for the Fund’s shares. The Board also considered potential benefits to OAM related to soft dollars.

After due consideration of all of the information and factors deemed relevant by the Board and based upon its own business judgment and the conclusions reached, the Board determined to approve the Advisory Agreement. The Board, including the Independent Trustees, did not identify any single factor or group of factors as all important or controlling and considered all factors together.

Expense Examples:

As a shareholder of The Fund, you may incur two types of costs: (1) transaction costs, including redemption fees and (2) ongoing costs, including management fees; distribution (and/or service) 12b-1 fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in The Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 investment at the beginning of the period and held for the entire period.

Actual Expenses:

The first line for each Fund in the table below provides information about actual account values and actual expenses. You may use the information below; together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:

The second line for each Fund in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

28

THE OBERWEIS FUNDS

Supplemental Information(unaudited) (continued)

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line for each Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value 1/1/22	Ending Account Value 6/30/22	Expenses Paid During Period* 1/1/22 – 6/30/22	Expense Ratio During Period 1/1/22 – 6/30/22
INTERNATIONAL OPPORTUNITIES FUND
Actual	$ 1,000.00	$636.20	$4.46	1.10%
Hypothetical	$ 1,000.00	$  1,019.34	$5.51	1.10%
FOCUSED INTERNATIONAL GROWTH FUND
Actual	$ 1,000.00	$783.00	$  4.20	0.95%
Hypothetical	$ 1,000.00	$ 1,020.08	$  4.76	0.95%

* Expenses are equal to the average account value times the Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.

29

Trustees and Officers
Michael J. Simon Trustee Gary D. McDaniel Trustee James W. Oberweis President, Trustee David I. Covas Vice President Kenneth S. Farsalas Vice President	Katherine Smith Dedrick Trustee Alix J. Charles Trustee Patrick B. Joyce Executive Vice President Chief Compliance Officer Eric V. Hannemann Treasurer Thomas P. Joyce Secretary

Manager and Investment Advisor

Oberweis Asset Management, Inc.

3333 Warrenville Road, Suite 500, Lisle, IL 60532

800-323-6166

oberweisfunds.com

Distributor

Oberweis Securities, Inc.

3333 Warrenville Road, Suite 500, Lisle, IL 60532

630-577-2300

oberweisfunds.com

Custodian

UMB Bank, n.a.

928 Grand Blvd., Kansas City, MO 64106

Transfer Agent

UMB Fund Services, Inc.

P.O. Box 711, Milwaukee, WI 53201-0711

800-245-7311

Counsel

Vedder Price P.C.

222 North LaSalle Street, Chicago, IL 60601

Independent Registered Public Accounting Firm

BBD, LLP

1835 Market Street, 3rd Floor, Philadelphia, PA 19103

International Opportunities Institutional Fund

Focused International Growth Fund

800-245-7311

oberweisfunds.com

3333 Warrenville Road

Suite 500

Lisle, IL 60532

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 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not Applicable to the registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not Applicable to the registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not Applicable to the registrant.

ITEM 10. 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 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There has been no change to the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

(a) (1)	Not required for the Semi-Annual Report.
(a) (2)	Certifications pursuant to Rule 30a-2 under the Investment Company Act of 1940 (17CFR 270.30a-2) in the exact form set forth below: are attached hereto.
(a) (3)	Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not Applicable to the registrant.
(b)	The certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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.

(Registrant) The Oberweis Funds

By (Signature and Title*) /s/ James W. Oberweis
James W. Oberweis
President, The Oberweis Funds

Date 8/31/2022

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.

By (Signature and Title*) /s/ James W. Oberweis
James W. Oberweis
President, The Oberweis Funds

Date 8/31/2022

By (Signature and Title*) /s/ Eric V. Hannemann
Eric V. Hannemann
Treasurer, The Oberweis Funds

Date 8/31/2022

/*/ Print the name and title of each signing officer under his or her signature.

EX-99.CERT

 Exhibit 99.CERT

Certifications Pursuant To

Section 302 of

The Sarbanes-Oxley Act of 2002

I, James W. Oberweis, certify that:

1. I have reviewed this report on Form N-CSR of The Oberweis Funds (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ James W. Oberweis	Date: 8/31/2022
James W. Oberweis
President

Certifications Pursuant To

Section 302 of

The Sarbanes-Oxley Act of 2002

I, Eric V. Hannemann, certify that:

1. I have reviewed this report on Form N-CSR of The Oberweis Funds (the “registrant”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

/s/ Eric V. Hannemann	Date: 8/31/2022
Eric V. Hannemann
Treasurer

EX-99.906CERT

 Exhibit 99.906 CERT

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: The Oberweis Funds

            In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

Date:   August 31, 2022	/s/ James W. Oberweis
	James W. Oberweis
	President (Chief Executive Officer)

Certification Pursuant to 18 U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer:  The Oberweis Funds

            In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

1.   The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

Date:      August 31, 2022	/s/ Eric V. Hannemann
	Eric V. Hannemann
	Treasurer (Chief Financial Officer)