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                              THE OBERWEIS FUNDS
 
                           SUPPLEMENT TO PROSPECTUS
                           DATED SEPTEMBER 15, 1996
 
OBERWEIS MICRO-CAP PORTFOLIO
 
  Effective as of November 1, 1996, the Fund will resume offering shares of
the Micro-Cap Portfolio to both new shareholders and existing shareholders.
The Fund anticipates ceasing sales of the Micro-Cap Portfolio to both new
shareholders and existing shareholders when the Portfolio reaches $60 million
in net assets but reserves the right to change this limit in the future.
 
                       SUPPLEMENT DATED OCTOBER 28, 1996



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