<PAGE> PAGE 1
000 B000000 12/31/96
000 C000000 0000803020
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 THE OBERWEIS FUNDS
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001 C000000 8003236166
002 A000000 951 ICE CREAM DRIVE, SUITE 200
002 B000000 NORTH AURORA
002 C000000 IL
002 D010000 60542
003 000000 N
004 000000 N
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006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 OBERWEIS EMERGING GROWTH PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 OBERWEIS MICRO-CAP PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 OBERWEIS MID-CAP PORTFOLIO
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 OBERWEIS ASSET MANAGEMENT, INC.
008 B00AA01 A
008 C00AA01 801-35657
008 D01AA01 NORTH AURORA
008 D02AA01 IL
008 D03AA01 60542
011 A00AA01 THE CHICAGO CORPORATION
011 B00AA01 8-01-10037
011 C01AA01 CHICAGO
011 C02AA01 IL
011 C03AA01 60604
011 C04AA01 1003
012 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
<PAGE> PAGE 2
012 B00AA01 85-00535
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64105
013 A00AA01 ERNST & YOUNG
013 B01AA01 CHICAGO
013 B02AA01 IL
013 B03AA01 60606
013 B04AA01 6301
014 A00AA01 DELETE
015 A00AA01 STATE STREET BANK & TRUST COMPANY
015 B00AA01 S
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02101
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 3
019 C00AA00 OBERWEISFD
020 A000001 INSTINET CORPORATION
020 B000001 13-3443395
020 C000001 88
020 A000002 HAMBRECHT & QUIST
020 B000002 94-2856935
020 C000002 82
020 A000003 SMITH BARNEY
020 B000003 13-1912900
020 C000003 30
020 A000004 WOOD & COMPANY
020 C000004 15
020 A000005 THE CHICAGO CORPORATION
020 B000005 36-2549961
020 C000005 14
020 A000006 WILLIAM O'NEIL & COMPANY
020 B000006 36-4039857
020 C000006 7
020 A000007 ROBERT W. BAIRD & CO.
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020 C000007 6
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020 B000008 96-2622900
020 C000008 2
020 A000009 GOLDMAN SACHS
020 B000009 74-7124004
020 C000009 1
020 A000010 DONALDSON, LUFKIN & JENRETTE, INC.
020 B000010 13-2741729
020 C000010 1
021 000000 247
022 A000001 STATE STREET BANK & TRUST
<PAGE> PAGE 3
022 B000001 04-1867445
022 C000001 212653
022 D000001 0
022 A000002 CIGNA CORPORATION
022 B000002 06-1059331
022 C000002 201434
022 D000002 0
022 A000003 AMERICAN EXPRESS CREDIT CORP
022 B000003 11-1988350
022 C000003 173120
022 D000003 0
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022 B000004 38-1612444
022 C000004 99381
022 D000004 0
022 A000005 HELLER FINANCIAL
022 B000005 36-1208070
022 C000005 85104
022 D000005 0
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022 A000007 GENERAL ELECTRIC CREDIT CORP
022 B000007 13-1500700
022 C000007 36015
022 D000007 0
022 A000008 SHERWOOD SECURITIES
022 B000008 13-2616318
022 C000008 35135
022 D000008 20255
022 A000009 PAINE WEBBER
022 B000009 13-2638166
022 C000009 30258
022 D000009 581
022 A000010 MONTGOMERY SECURITIES
022 B000010 94-1701676
022 C000010 17018
022 D000010 3401
023 C000000 1111181
023 D000000 81551
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025 D00AA02 0
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<PAGE> PAGE 4
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
055 A00AA00 Y
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
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077 A000000 Y
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077 D000000 N
077 E000000 N
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077 G000000 N
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<PAGE> PAGE 5
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 Y
077 P000000 N
077 Q010000 N
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077 Q030000 N
078 000000 N
080 A00AA00 ICI MUTUAL INSURANCE COMPANY
080 C00AA00 750
081 A00AA00 Y
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085 B00AA00 N
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<PAGE> PAGE 6
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048 E020100 0.000
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048 I020100 0.000
048 J010100 99999999
048 J020100 0.000
<PAGE> PAGE 7
048 K010100 99999999
048 K020100 0.000
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050 000100 N
051 000100 N
052 000100 Y
053 A000100 N
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062 E000100 0.0
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062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
066 A000100 Y
066 B000100 Y
066 C000100 N
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
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071 B000100 111087
071 C000100 173035
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<PAGE> PAGE 8
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073 C000100 0.0000
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<PAGE> PAGE 9
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035 000200 0
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038 000200 59
039 000200 N
040 000200 Y
041 000200 Y
042 A000200 0
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<PAGE> PAGE 10
042 E000200 0
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048 000200 0.600
048 A010200 0
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048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
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050 000200 N
051 000200 N
052 000200 Y
053 A000200 N
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
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<PAGE> PAGE 11
062 O000200 0.0
062 P000200 0.0
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062 R000200 0.0
063 A000200 0
063 B000200 0.0
066 A000200 Y
066 B000200 Y
066 C000200 N
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
071 A000200 48571
071 B000200 17399
071 C000200 24969
071 D000200 70
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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028 G020300 0
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028 H000300 0
034 000300 N
035 000300 0
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037 000300 Y
038 000300 3
039 000300 N
040 000300 Y
041 000300 Y
042 A000300 0
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042 C000300 100
042 D000300 0
042 E000300 0
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043 000300 5
044 000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.400
048 A010300 0
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048 B010300 0
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<PAGE> PAGE 14
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048 I010300 0
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048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 Y
053 A000300 Y
053 B000300 Y
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
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062 H000300 0.0
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066 A000300 Y
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066 D000300 N
066 E000300 N
066 F000300 N
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067 000300 N
068 A000300 N
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069 000300 N
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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SIGNATURE SALLY JORDAN
TITLE SECRETARY
<PAGE>
OBERWEIS EMERGING GROWTH PORTFOLIO
TRANSACTION EFFECTED PURSUANT TO RULE 10F-3
INITIAL PUBLIC OFFERING
- --------------------------------------------------------------------------------
Issue: Precision Response Purchase Date: July 17, 1996
Shares Purchased: 50,000 Price Per Share: $14.50
Total Cost to Fund: $725,000
Total Principal Amount of Offering: $58,000,000 **
Fund's Total Cost as a % of Total Offering: 1.25% **
Fund's Total Cost as a % of Total Fund Assets: 0.42%(cannot exceed 3%)
Underwriter Purchased From: DAIN BOSWORTH
- --------------------------------------------------------------------------------
**The amount of securities of any class of such issue purchased by the Fund
cannot exceed 4% of the principal amount of the offering of such class or
$500,000 in principal amount, whichever is greater, but in no event greater than
10% of the principal amount of the offering.
. The securities were purchased at not more than the public offering price
prior to the end of the first full business day after the first date on which
the issue is offered to the public, if not offered for subscription upon
exercise of rights or, if so offered, purchased on or before the fourth day
preceding the day on which the rights offering terminates. yes / no / not
applicable ---
. Issue was offered pursuant to an underwriting agreement under which the
underwriters are committed to purchase all of the securities being offered,
except those purchased by others pursuant to a rights offering, if the
underwriters purchase any thereof: yes / no
---
. The issuer has been in continuous operation for not less than three years,
including the operation of any predecessors: yes / no
---
. The Fund has not purchased the securities directly or indirectly from an
officer, director, member of an advisory board, investment advisor or
employee of the Fund or from a person of which any such officer, director,
member of an advisory board, investment advisor or employee is an affiliated
person; provided that a purchase from a syndicate manager shall not be deemed
to be a purchase from a specific underwriter so long as that underwriter does
not benefit directly or indirectly from the transaction: yes / no
---
. The commission, spread or profit, received by the principal underwriters is
reasonable and fair compared to the commission, spread or profit received by
other such persons in connection with the underwriting of similar securities
being sold during a comparable period of time: yes / no
---
To assist in determining Fund compliance with respect to this trade, the
following information is provided concerning recent offerings of similar
securities:
<TABLE>
<CAPTION>
Issuer Price Per Share Underwriting Discount Gross Spread
- ------ --------------- --------------------- -------------
<S> <C> <C> <C>
Precision Response $14.50 $1.02 7%
ICT Group $16.00 $1.12 7%
SpectraLink $ 8.00 $ .56 7%
</TABLE>
Advest, Inc.
Alex Brown & Sons, Inc.
Bean Murray, Foster Securities, Inc
Cruttenden Roth, Inc.
Dain Bosworth, Inc.
EVEREN Securities, Inc.
Furman Selz LLC
George K. Baum & Co.
Gerard Klauer Mattison & Co., LLC
Goldman, Sachs & Co.
GS 2 Securities, Inc.
Hoak Securities Corp.
Interstate/Johnson Lane Corp.
J.C. Bradford & Co.
J.P. Morgan Securities, Inc
Janney Montgomery Scott, Inc.
Jeffries & Co., Inc.
John G. Kinnard and Company, Inc.
Kirkpatrick, Pettis, Smith, Polian, Inc.
Legg Mason Wood Walker, Inc.
Lehman Brothers, Inc.
McDonald & Co. Securities, Inc.
Montgomery Securities
Morgan Keegan & Co., Inc.
Needham & Co., Inc.
Oppenheimer & Co., Inc.
Parker/Hunter, Inc.
Piper Jaffray, Inc.
Principal Financial Securities, Inc.
Rauscher Price Refsnes, Inc.
Raymond James & Associates, Inc.
Robert W. Baird & Co., Inc.
Robertson, Stephens & Co., Inc.
Smith Barney, Inc.
Sutro & Co., Inc.
The Chicago Corporation
The Robinson-Humphrey Co., Inc.
Tucker Anthony, Inc.
Wedbush Morgan Securities
Wheat First Securities, Inc.
William Blair & Co., Inc.
<PAGE>
Oberweis Mid-Cap Portfolio
Transaction Effected Pursuant to Rule 10f-3
Initial Public Offering
- --------------------------------------------------------------------------------
Issue: Advanced Fibre Communications Purchase Date: September 30,1996
Shares Purchased: 300 Price Per Share: $25.00
Total Cost to Fund: $7,500.00
Total Principal Amount of Offering: $112,500,000.00 **
Fund's Total Cost as a % of Total Offering: .01% **
Fund's Total Cost as a % of Total Fund Assets: .12% (cannot exceed 3%)
Underwriter Purchased From: MORGAN STANLEY & CO.
- --------------------------------------------------------------------------------
**The amount of securities of any class of such issue purchased by the Fund
cannot exceed 4% of the principal amount of the offering of such class or
$500,000 in principal amount, whichever is greater, but in no event greater than
10% of the principal amount of the offering.
. The securities were purchased at not more than the public offering price
prior to the end of the first full business day after the first date on which
the issue is offered to the public, if not offered for subscription upon
exercise of rights or, if so offered, purchased on or before the fourth day
preceding the day on which the rights offering terminates. yes / no / not
applicable ---
. Issue was offered pursuant to an underwriting agreement under which the
underwriters are committed to purchase all of the securities being offered,
except those purchased by others pursuant to a rights offering, if the
underwriters purchase any thereof: yes / no
---
. The issuer has been in continuous operation for not less than three years,
including the operation of any predecessors: yes / no
---
. The Fund has not purchased the securities directly or indirectly from an
officer, director, member of an advisory board, investment advisor or
employee of the Fund or from a person of which any such officer, director,
member of an advisory board, investment advisor or employee is an affiliated
person; provided that a purchase from a syndicate manager shall not be deemed
to be a purchase from a specific underwriter so long as that underwriter does
not benefit directly or indirectly from the transaction: yes / no
---
. The commission, spread or profit, received by the principal underwriters is
reasonable and fair compared to the commission, spread or profit received by
other such persons in connection with the underwriting of similar securities
being sold during a comparable period of time: yes / no
---
To assist in determining Fund compliance with respect to this trade, the
following information is provided concerning recent offerings of similar
securities:
<TABLE>
<CAPTION>
Issuer Price Per Share Underwriting Discount Gross Spread
- ------ --------------- --------------------- -------------
<S> <C> <C> <C>
Advanced Fibre Comm. $25.00 $1.75 7%
Alyn Corporation $13.50 $ .95 7%
Integrated Technology USA $ 6.00 $ .48 8%
</TABLE>
Alex Brown & Sons, Inc.
Brad Peery, Inc.
Cowen & Company
Dain Bosworth, Inc.
Donaldson, Luftkin & Jenrette Securities Corp.
EVEREN Securities, Inc.
Fahnestock & Co., Inc.
Furman Selz LLC
Hambrecht & Quist LLC
McDonald & Co. Securities, Inc.
Merrill Lynch International
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Morgan Stanley & Co. International Ltd.
Morgan Stanley & Co., Inc.
Needham & Co., Inc.
Nutmeg Securities, Ltd.
Parker/Hunter, Inc.
Pennsylvania Merchant Group Ltd.
Raymond James & Associates, Inc.
Smith Barney, Inc.
Soundview Financial Group, Inc.
The Chicago Corporation
<PAGE>
OBERWEIS MID-CAP PORTFOLIO
TRANSACTION EFFECTED PURSUANT TO RULE 10f-3
INITIAL PUBLIC OFFERING
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
<S> <C> <S> <C>
Issue: INTERNATIONAL NETWORK SERVICES PURCHASE DATE: SEPTEMBER 18,1996
Shares Purchased: 500 PRICE PER SHARE: $16.00
Total Cost to Fund: $8,000.00
Total Principal Amount of Offering: $40,000,000 **
Fund's Total Cost as a % of Total Offering: .02% **
Fund's Total Cost as a % of Total Fund Assets: .15%(CANNOT EXCEED 3%)
Underwriter Purchased From: MORGAN STANLEY & CO.
- -------------------------------------------------------------------------------------
</TABLE>
**The amount of securities of any class of such issue purchased by the Fund
cannot exceed 4% of the principal amount of the offering of such class or
$500,000 in principal amount, whichever is greater, but in no event greater than
10% of the principal amount of the offering.
* The securities were purchased at not more than the public offering price
prior to the end of the first full business day after the first date on
which the issue is offered to the public, if not offered for subscription
upon exercise of rights or, if so offered, purchased on or before the
fourth day preceding the day on which the rights offering terminates.
YES / no / not applicable
* Issue was offered pursuant to an underwriting agreement under which the
underwriters are committed to purchase all of the securities being offered,
except those purchased by others pursuant to a rights offering, if the
underwriters purchase any thereof: YES / no
* The issuer has been in continuous operation for not less than three years,
including the operation of any predecessors: YES / no
* The Fund has not purchased the securities directly or indirectly from an
officer, director, member of an advisory board, investment advisor or
employee of the Fund or from a person of which any such officer, director,
member of an advisory board, investment advisor or employee is an
affiliated person; provided that a purchase from a syndicate manager shall
not be deemed to be a purchase from a specific underwriter so long as that
underwriter does not benefit directly or indirectly from the transaction:
YES / no
* The commission, spread or profit, received by the principal underwriters is
reasonable and fair compared to the commission, spread or profit received
by other such persons in connection with the underwriting of similar
securities being sold during a comparable period of time: YES / no
To assist in determining Fund compliance with respect to this trade, the
following information is provided concerning recent offerings of similar
securities:
<TABLE>
<CAPTION>
Issuer Price Per Share Underwriting Discount Gross Spread
------ --------------- --------------------- -------------
<S> <C> <C> <C>
International Network Serv. $16.00 $1.12 7%
Carriage Services $13.50 $ .95 7%
Paracelsus Healthcare $ 8.50 $ .51 6%
</TABLE>
Adams Harkness & Hill, Inc.
Advest, Inc.
Alex Brown & Sons, Inc.
Furman Selz LLC
Goldman, Sachs & Co.
Hambrecht & Quist LLC
Hampshire Securities Corp.
J.P. Morgan Securities, Inc
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Montgomery Securities
Morgan Stanley & Co. International Ltd.
Pennsylvania Merchant Group Ltd.
Punk, Ziegel & Knoell, LP
Robertson, Stephens & Co., Inc.
Soundview Financial Group, Inc.
The Chicago Corporation
Wessels, Arnold & Henderson, LLC
<PAGE>
OBERWEIS MID-CAP PORTFOLIO
TRANSACTION EFFECTED PURSUANT TO RULE 10f-3
INITIAL PUBLIC OFFERING
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------
<S> <C> <S> <C>
Issue: ABERCROMBIE & FITCH PURCHASE DATE: SEPTEMBER 25,1996
Shares Purchased: 2500 PRICE PER SHARE: $16.00
Total Cost to Fund: $40,000.00
Total Principal Amount of Offering: $112,000,000 **
Fund's Total Cost as a % of Total Offering: .04% **
Fund's Total Cost as a % of Total Fund Assets: .68% (CANNOT EXCEED 3%)
Underwriter Purchased From: GOLDMAN SACHS
- --------------------------------------------------------------------------------------
</TABLE>
**The amount of securities of any class of such issue purchased by the Fund
cannot exceed 4% of the principal amount of the offering of such class or
$500,000 in principal amount, whichever is greater, but in no event greater than
10% of the principal amount of the offering.
* The securities were purchased at not more than the public offering price
prior to the end of the first full business day after the first date on
which the issue is offered to the public, if not offered for subscription
upon exercise of rights or, if so offered, purchased on or before the
fourth day preceding the day on which the rights offering terminates.
YES / no / not applicable
* Issue was offered pursuant to an underwriting agreement under which the
underwriters are committed to purchase all of the securities being offered,
except those purchased by others pursuant to a rights offering, if the
underwriters purchase any thereof: YES / no
* The issuer has been in continuous operation for not less than three years,
including the operation of any predecessors: YES / no
* The Fund has not purchased the securities directly or indirectly from an
officer, director, member of an advisory board, investment advisor or
employee of the Fund or from a person of which any such officer, director,
member of an advisory board, investment advisor or employee is an
affiliated person; provided that a purchase from a syndicate manager shall
not be deemed to be a purchase from a specific underwriter so long as that
underwriter does not benefit directly or indirectly from the transaction:
YES / no
* The commission, spread or profit, received by the principal underwriters is
reasonable and fair compared to the commission, spread or profit received
by other such persons in connection with the underwriting of similar
securities being sold during a comparable period of time: YES / no
To assist in determining Fund compliance with respect to this trade, the
following information is provided concerning recent offerings of similar
securities:
<TABLE>
<CAPTION>
Issuer Price Per Share Underwriting Discount Gross Spread
------ --------------- --------------------- ------------
<S> <C> <C> <C>
Abercrombie & Fitch $16.00 $1.06 6%
LCC International, Inc. $16.00 $1.12 7%
Cymer $ 9.50 $ .66 7%
</TABLE>
Alex Brown & Sons, Inc.
Bear Sterns & Co., Inc.
Black & Co., Inc.
Chase Securities, Inc.
Citicorp Securities, Inc.
CS First Boston Corporation
Deutsche Morgan Grenfell/CJ Lawrence, Inc.
Dillon Reed & Co., Inc.
Donaldson, Luftkin & Jenrette Securities Corp.
Furman Selz LLC
Gerard Klauer Mattison & Co., LLC
Goldman, Sachs & Co.
Gruntal & Co., Inc.
HSBC Securities, Inc
J.P. Morgan Securities, Inc
JJB Hilliard, WL Lyons, Inc.
Lazard Frese & Co. LLC
Legg Mason Wood Walker, Inc.
McDonald & Co. Securities, Inc.
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Montgomery Securities
Morgan Stanley & Co., Inc.
NatCity Investments, Inc.
Oppenheimer & Co., Inc.
Prudential Securities Inc.
Raymond James & Associates, Inc.
Robertson, Stephens & Co., Inc.
Rodman & Renshaw, Inc.
Salomon Brothers, Inc.
Schroeder Wertheim & Co., Inc.
Stephens, Inc.
The Buckingham Research Group, Inc.
The Chicago Corporation
The Ohio Company
USB Securities, LLC
William Blair & Co., Inc.
<PAGE>
Oberweis Emerging Growth Portfolio
Transaction Effected Pursuant to Rule 10F-3
Initial Public Offering
- --------------------------------------------------------------------------------
Issue: INTELLIGROUP, INC. PURCHASE DATE: SEPTEMBER 27,1996
Shares Purchased: 5,000 PRICE PER SHARE: $10.00
Total Cost to Fund: $50,000.00
Total Principal Amount of Offering: $24,750,000 **
Fund's Total Cost as a % of Total Offering: .20% **
Fund's Total Cost as a % of Total Fund Assets: .03% (CANNOT EXCEED 3%)
Underwriter Purchased From: MONTGOMERY
- --------------------------------------------------------------------------------
**The amount of securities of any class of such issue purchased by the Fund
cannot exceed 4% of the principal amount of the offering of such class or
$500,000 in principal amount, whichever is greater, but in no event greater than
10% of the principal amount of the offering.
. The securities were purchased at not more than the public offering price
prior to the end of the first full business day after the first date on
which the issue is offered to the public, if not offered for subscription
upon exercise of rights or, if so offered, purchased on or before the
fourth day preceding the day on which the rights offering terminates.
YES/ NO / NOT APPLICABLE
---
. Issue was offered pursuant to an underwriting agreement under which the
underwriters are committed to purchase all of the securities being offered,
except those purchased by others pursuant to a rights offering, if the
underwriters purchase any thereof: YES / NO
---
. The issuer has been in continuous operation for not less than three years,
including the operation of any predecessors: YES / NO
---
. The Fund has not purchased the securities directly or indirectly from an
officer, director, member of an advisory board, investment advisor or
employee of the Fund or from a person of which any such officer, director,
member of an advisory board, investment advisor or employee is an
affiliated person; provided that a purchase from a syndicate manager shall
not be deemed to be a purchase from a specific underwriter so long as that
underwriter does not benefit directly or indirectly from the transaction:
YES / NO
---
. The commission, spread or profit, received by the principal underwriters is
reasonable and fair compared to the commission, spread or profit received
by other such persons in connection with the underwriting of similar
securities being sold during a comparable period of time: YES / NO
---
To assist in determining Fund compliance with respect to this trade, the
following information is provided concerning recent offerings of similar
securities:
<TABLE>
<CAPTION>
Issuer Price Per Share Underwriting Discount Gross Spread
- ------------------------------- --------------- --------------------- -------------
<S> <C> <C> <C>
Intelligroup, Inc. $10.00 $.70 7%
Interlink Computer Serv. $10.00 $.70 7%
Talx Corporation $ 9.00 $.63 7%
</TABLE>
Adams Harkness & Hill, Inc.
Bear Sterns & Co., Inc.
CL King & Associates, Inc.
Cowen & Company
Crowell, Weedon & Co.
Donaldson, Luftkin & Jenrette Securities Corp.
Gerard Klauer Mattison & Co., LLC
Goldman, Sachs & Co.
Hambrecht & Quist LLC
Interstate/Johnson Lane Corp.
J.P. Morgan Securities, Inc
Lehman Brothers, Inc.
McDonald & Co. Securities, Inc.
Montgomery Securities
Morgan Stanley & Co., Inc.
Oppenheimer & Co., Inc.
Prudential Securities Inc.
Raymond James & Associates, Inc.
Scott & Stringfellow, Inc.
The Chicago Corporation
USB Securities, LLC
<PAGE>
Oberweis Emerging Growth Portfolio
Transaction Effected Pursuant to Rule 10f-3
Initial Public Offering
Issue: NCO GROUP Purchase Date: November 6, 1996
Shares Purchased: 10,000 Price Per Share: $13.00
Total Cost to Fund: $130,000.00
Total Principal Amount of Offering: $32,500,000 **
Fund's Total Cost as a % of Total Offering: .4% **
Fund's Total Cost as a % of Total Fund Assets: .07% (cannot exceed 3%)
Underwriter Purchased From: MONTGOMERY
**The amount of securities of any class of such issue purchased by the Fund
cannot exceed 4% of the principal amount of the offering of such class or
$500,000 in principal amount, whichever is greater, but in no event greater than
10% of the principal amount of the offering.
. The securities were purchased at not more than the public offering price
prior to the end of the first full business day after the first date on
which the issue is offered to the public, if not offered for subscription
upon exercise of rights or, if so offered, purchased on or before the
fourth day preceding the day on which the rights offering terminates.
YES / NO / NOT APPLICABLE
. Issue was offered pursuant to an underwriting agreement under which the
underwriters are committed to purchase all of the securities being offered,
except those purchased by others pursuant to a rights offering, if the
underwriters purchase any thereof: YES / NO
. The issuer has been in continuous operation for not less than three years,
including the operation of any predecessors: YES / NO
. The Fund has not purchased the securities directly or indirectly from an
officer, director, member of an advisory board, investment advisor or
employee of the Fund or from a person of which any such officer, director,
member of an advisory board, investment advisor or employee is an
affiliated person; provided that a purchase from a syndicate manager shall
not be deemed to be a purchase from a specific underwriter so long as that
underwriter does not benefit directly or indirectly from the transaction:
YES / NO
. The commission, spread or profit, received by the principal underwriters is
reasonable and fair compared to the commission, spread or profit received
by other such persons in connection with the underwriting of similar
securities being sold during a comparable period of time: YES / NO
To assist in determining Fund compliance with respect to this trade, the
following information is provided concerning recent offerings of similar
securities:
<TABLE>
<CAPTION>
Issuer Price Per Share Underwriting Discount Gross Spread
------ --------------- --------------------- -------------
<S> <C> <C> <C>
NCO Group $13.00 $.91 7%
Vivid Technologies, Inc. $12.00 $.84 7%
Obie Media Corporation $ 7.00 $.56 8%
</TABLE>
Alex Brown & Sons, Inc.
Dain Bosworth, Inc.
Furman Selz LLC
Hambrecht & Quist LLC
HC Wainwright & Co., Inc.
Janney Montgomery Scott, Inc.
McDonald & Co. Securities, Inc.
Montgomery Securities
Morgan Stanley & Co., Inc.
Needham & Co., Inc.
Raymond James & Associates, Inc.
Robert W. Baird & Co., Inc.
Robertson, Stephens & Co., Inc.
Smith Barney, Inc.
The Chicago Corporation
Unterberg Harris
William Blair & Co., Inc.
<PAGE>
OBERWEIS MICRO-CAP PORTFOLIO
TRANSACTION EFFECTED PURSUANT TO RULE 10f-3
INITIAL PUBLIC OFFERING
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
<S> <C> <S> <C>
Issue: GEOTEL COMMUNICATIONS DATE: NOVEMBER 20, 1996
Shares Purchased: 2,000 PRICE PER SHARE: $12.00
Total Cost to Fund: $24,000.00
Total Principal Amount of Offering: $26,400,000 **
Fund's Total Cost as a % of Total Offering: .09% **
Fund's Total Cost as a % of Total Fund Assets: .08% (CANNOT EXCEED 3%)
Underwriter Purchased From: ALEX BROWN
- --------------------------------------------------------------------------------
</TABLE>
**The amount of securities of any class of such issue purchased by the Fund
cannot exceed 4% of the principal amount of the offering of such class or
$500,000 in principal amount, whichever is greater, but in no event greater than
10% of the principal amount of the offering.
* The securities were purchased at not more than the public offering price
prior to the end of the first full business day after the first date on
which the issue is offered to the public, if not offered for subscription
upon exercise of rights or, if so offered, purchased on or before the
fourth day preceding the day on which the rights offering terminates.
YES / no / not applicable
* Issue was offered pursuant to an underwriting agreement under which the
underwriters are committed to purchase all of the securities being offered,
except those purchased by others pursuant to a rights offering, if the
underwriters purchase any thereof: YES / no
* The issuer has been in continuous operation for not less than three years,
including the operation of any predecessors: YES / no
* The Fund has not purchased the securities directly or indirectly from an
officer, director, member of an advisory board, investment advisor or
employee of the Fund or from a person of which any such officer, director,
member of an advisory board, investment advisor or employee is an
affiliated person; provided that a purchase from a syndicate manager shall
not be deemed to be a purchase from a specific underwriter so long as that
underwriter does not benefit directly or indirectly from the transaction:
YES / no
* The commission, spread or profit, received by the principal underwriters is
reasonable and fair compared to the commission, spread or profit received
by other such persons in connection with the underwriting of similar
securities being sold during a comparable period of time: YES / no
To assist in determining Fund compliance with respect to this trade, the
following information is provided concerning recent offerings of similar
securities:
<TABLE>
<CAPTION>
Issuer Price Per Share Underwriting Discount Gross Spread
------ --------------- --------------------- -------------
<S> <C> <C> <C>
GeoTel Communications $12.00 $.84 7%
Award Software Intl. $ 8.00 $.56 7%
Precom Technology $ 9.00 $.63 7%
</TABLE>
Adams Harkness & Hill, Inc.
Cowen & Company
Dakin Securites Corporation
Hambrecht & Quist LLC
Montgomery Securities
Morgan Stanley & Co., Inc.
Needham & Co., Inc.
Oppenheimer & Co., Inc.
Parker/Hunter, Inc.
Robertson, Stephens & Co., Inc.
Soundview Financial Group, Inc.
The Chicago Corporation
The Seidler Companies Incorporated
Volpe, Welty & Company
Wheat First Securities, Inc.
<PAGE>
OBERWEIS EMERGING GROWTH PORTFOLIO
TRANSACTION EFFECTED PURSUANT TO RULE 10f-3
INITIAL PUBLIC OFFERING
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
<S> <C> <S> <C>
Issue: DONNELLY ENTERPRISE SOLUTIONS, INC. PURCHASE DATE: OCTOBER 30,1996
Shares Purchased: 15,000 PRICE PER SHARE: $25.00
Total Cost to Fund: $375,000.00
Total Principal Amount of Offering: $71,500,000 **
Fund's Total Cost as a % of Total Offering: .52% **
Fund's Total Cost as a % of Total Fund Assets:.21% (CANNOT EXCEED 3%)
Underwriter Purchased From: SALOMON BROTHERS
- -------------------------------------------------------------------------------------
</TABLE>
**The amount of securities of any class of such issue purchased by the Fund
cannot exceed 4% of the principal amount of the offering of such class or
$500,000 in principal amount, whichever is greater, but in no event greater than
10% of the principal amount of the offering.
* The securities were purchased at not more than the public offering price
prior to the end of the first full business day after the first date on
which the issue is offered to the public, if not offered for subscription
upon exercise of rights or, if so offered, purchased on or before the
fourth day preceding the day on which the rights offering terminates.
YES / no / not applicable
* Issue was offered pursuant to an underwriting agreement under which the
underwriters are committed to purchase all of the securities being offered,
except those purchased by others pursuant to a rights offering, if the
underwriters purchase any thereof: YES / no
* The issuer has been in continuous operation for not less than three years,
including the operation of any predecessors: YES / no
* The Fund has not purchased the securities directly or indirectly from an
officer, director, member of an advisory board, investment advisor or
employee of the Fund or from a person of which any such officer, director,
member of an advisory board, investment advisor or employee is an
affiliated person; provided that a purchase from a syndicate manager shall
not be deemed to be a purchase from a specific underwriter so long as that
underwriter does not benefit directly or indirectly from the transaction:
YES / no
* The commission, spread or profit, received by the principal underwriters is
reasonable and fair compared to the commission, spread or profit received
by other such persons in connection with the underwriting of similar
securities being sold during a comparable period of time: YES / no
To assist in determining Fund compliance with respect to this trade, the
following information is provided concerning recent offerings of similar
securities:
<TABLE>
<CAPTION>
Issuer Price Per Share Underwriting Discount Gross Spread
------ --------------- --------------------- -------------
<S> <C> <C> <C>
Donnelly Enterprise Solutions $25.00 $1.625 7%
Abercrombie & Fitch $16.00 $ 1.06 7%
</TABLE>
A G Edwards & Sons, Inc.
Advest, Inc.
Alex Brown & Sons, Inc.
Bear Sterns & Co., Inc.
Cazenove, Inc.
Dain Bosworth, Inc.
David A. Noyes & Co.
Donaldson, Luftkin & Jenrette Securities Corp.
EVEREN Securities, Inc.
Fahnestock & Co., Inc.
Goldman, Sachs & Co.
J.P. Morgan Securities, Inc
Lehman Brothers, Inc.
McDonald & Co. Securities, Inc.
Montgomery Securities
Morgan Stanley & Co., Inc.
Nesbit Burns Securities, Inc.
Oppenheimer & Co., Inc.
Punk, Ziegel & Knoell, LP
Ragen Mackenzie Inc.
Rauscher Price Refsnes, Inc.
Raymond James & Associates, Inc.
Robertson, Stephens & Co., Inc.
Salomon Brothers, Inc.
Smith Barney, Inc.
Soundview Financial Group, Inc.
Sutro & Co., Inc.
The Chicago Corporation
The Robinson-Humphrey Co., Inc.
<PAGE>
Oberweis Mid-Cap Portfolio
Transaction Effected Pursuant to Rule 10f-3
Initial Public Offering
Issue: INGRAM MICRO, INC. Purchase Date: November 1, 1996
Shares Purchased: 1,000 Price Per Share: $18.00
Total Cost to Fund: $18,000.00
Total Principal Amount of Offering: $360,000,000 **
Fund's Total Cost as a % of Total Offering: .01% **
Fund's Total Cost as a % of Total Fund Assets: .24% (cannot exceed 3%)
Underwriter Purchased From: MORGAN STANLEY
**The amount of securities of any class of such issue purchased by the Fund
cannot exceed 4% of the principal amount of the offering of such class or
$500,000 in principal amount, whichever is greater, but in no event greater than
10% of the principal amount of the offering.
. The securities were purchased at not more than the public offering price
prior to the end of the first full business day after the first date on
which the issue is offered to the public, if not offered for subscription
upon exercise of rights or, if so offered, purchased on or before the
fourth day preceding the day on which the rights offering terminates.
YES / NO / NOT APPLICABLE
. Issue was offered pursuant to an underwriting agreement under which the
underwriters are committed to purchase all of the securities being offered,
except those purchased by others pursuant to a rights offering, if the
underwriters purchase any thereof: YES / NO
. The issuer has been in continuous operation for not less than three years,
including the operation of any predecessors: YES / NO
. The Fund has not purchased the securities directly or indirectly from an
officer, director, member of an advisory board, investment advisor or
employee of the Fund or from a person of which any such officer, director,
member of an advisory board, investment advisor or employee is an
affiliated person; provided that a purchase from a syndicate manager shall
not be deemed to be a purchase from a specific underwriter so long as that
underwriter does not benefit directly or indirectly from the transaction:
YES / NO
. The commission, spread or profit, received by the principal underwriters is
reasonable and fair compared to the commission, spread or profit received
by other such persons in connection with the underwriting of similar
securities being sold during a comparable period of time: YES / NO
To assist in determining Fund compliance with respect to this trade, the
following information is provided concerning recent offerings of similar
securities:
<TABLE>
<CAPTION>
Issuer Price Per Share Underwriting Discount Gross Spread
- ---------------------------- --------------- --------------------- -------------
<S> <C> <C> <C>
Ingram Micro, Inc. $18.00 $.972 5%
Education Mgmt. Corp. $15.00 $1.05 7%
Summit $ 9.50 $ .66 7%
</TABLE>
A G Edwards & Sons, Inc.
Adams Harkness & Hill, Inc.
Alex Brown & Sons, Inc.
Bear Sterns & Co., Inc.
Cowen & Company
Dillon Reed & Co., Inc.
Donaldson, Luftkin & Jenrette Securities Corp.
Edward D. Jones & Co., LP
Equitable Securities Corporation
EVEREN Securities, Inc.
Goldman, Sachs & Co.
Hambrecht & Quist LLC
Interstate/Johnson Lane Corp.
J.C. Bradford & Co.
Janney Montgomery Scott, Inc.
JJB Hilliard, WL Lyons, Inc.
Legg Mason Wood Walker, Inc.
Lehman Brothers, Inc.
McDonald & Co. Securities, Inc.
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Montgomery Securities
Morgan Keegan & Co., Inc.
Morgan Stanley & Co., Inc.
Needham & Co., Inc.
Paine Webber, Inc.
Raymond James & Associates, Inc.
Robert W. Baird & Co., Inc.
Scott & Stringfellow, Inc.
Smith Barney, Inc.
Soundview Financial Group, Inc.
Stephens, Inc.
The Chicago Corporation
The Robinson-Humphrey Co., Inc.
Tucker Anthony, Inc.
Volpe, Welty & Company
Wedbush Morgan Securities
Wheat First Securities, Inc.
<PAGE>
Oberweis Mid-Cap Portfolio
Transaction Effected Pursuant to Rule 10f-3
Initial Public Offering
Issue: METRIS COMPANIES Purchase Date: October 25, 1996
Shares Purchased: 1,000 Price Per Share: $16.00
Total Cost to Fund: $16,000.00
Total Principal Amount of Offering: $45,333,328 **
Fund's Total Cost as a % of Total Offering: .04% **
Fund's Total Cost as a % of Total Fund Assets: .22% (cannot exceed 3%)
Underwriter Purchased From: SMITH BARNEY
**The amount of securities of any class of such issue purchased by the Fund
cannot exceed 4% of the principal amount of the offering of such class or
$500,000 in principal amount, whichever is greater, but in no event greater than
10% of the principal amount of the offering.
. The securities were purchased at not more than the public offering price
prior to the end of the first full business day after the first date on
which the issue is offered to the public, if not offered for subscription
upon exercise of rights or, if so offered, purchased on or before the
fourth day preceding the day on which the rights offering terminates.
YES / NO / NOT APPLICABLE
. Issue was offered pursuant to an underwriting agreement under which the
underwriters are committed to purchase all of the securities being offered,
except those purchased by others pursuant to a rights offering, if the
underwriters purchase any thereof: YES / NO
. The issuer has been in continuous operation for not less than three years,
including the operation of any predecessors: YES / NO
. The Fund has not purchased the securities directly or indirectly from an
officer, director, member of an advisory board, investment advisor or
employee of the Fund or from a person of which any such officer, director,
member of an advisory board, investment advisor or employee is an
affiliated person; provided that a purchase from a syndicate manager shall
not be deemed to be a purchase from a specific underwriter so long as that
underwriter does not benefit directly or indirectly from the transaction:
YES / NO
. The commission, spread or profit, received by the principal underwriters is
reasonable and fair compared to the commission, spread or profit received
by other such persons in connection with the underwriting of similar
securities being sold during a comparable period of time: YES / NO
To assist in determining Fund compliance with respect to this trade, the
following information is provided concerning recent offerings of similar
securities:
<TABLE>
<CAPTION>
Issuer Price Per Share Underwriting Discount Gross Spread
- --------------------------- --------------- --------------------- -------------
<S> <C> <C> <C>
Metris Companies $16.00 $1.12 7%
Boston Biomedica, Inc. $ 8.50 $.595 7%
Alyn Corporation $13.50 $ .95 7%
</TABLE>
Bear Sterns & Co., Inc.
Brean Murray, Foster Securities, Inc.
CL King & Associates, Inc.
Dain Bosworth, Inc.
First Michigan
Furman Selz LLC
GS 2 Securities, Inc.
Jeffries & Co., Inc.
Legg Mason Wood Walker, Inc.
McDonald & Co. Securities, Inc.
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Paine Webber, Inc.
Salomon Brothers, Inc.
Sanford C. Berstein & Co., Inc.
Smith Barney, Inc.
Sutro & Co., Inc.
The Chicago Corporation
Wheat First Securities, Inc.
William Blair & Co., Inc.
<PAGE>
EXHIBIT 23
Report of Internal Control
SUPPLEMENTARY REPORT OF INDEPENDENT AUDITORS
The Board of Trustees
The Oberweis Funds
In planning and performing our audit of the financial statements of each of The
Oberweis Funds, consisting of the Oberweis Emerging Growth Portfolio and
Oberweis Micro-Cap Portfolio, for the year ended December 31, 1996 and Oberweis
Mid-Cap Portfolio for the period from September 15, 1996 (commencement of
operations) to December 31, 1996, we considered their internal control
structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.
The management of The Oberweis Funds is responsible for establishing and
maintaining an internal control structure. In fulfilling this responsibility,
estimates and judgments by management are required to asses the expected
benefits and related costs of internal control structure policies and
procedures. Two of the objectives of an internal control structure are to
provide management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weakness under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation o the specific internal control structure elements does not reduce to
a relatively low level of risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
ERNST & YOUNG LLP
Chicago, Illinois
January 30, 1997
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND> This schedule contains summary financial information extracted from
December 31, 1996 Annual Report and is qualified in its entirety by reference to
such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 01
<NAME> Oberweis Emerging Growth Portfolio
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 135,137
<INVESTMENTS-AT-VALUE> 191,866
<RECEIVABLES> 700
<ASSETS-OTHER> 27
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 192,784
<PAYABLE-FOR-SECURITIES> 1,930
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,259
<TOTAL-LIABILITIES> 7,189
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 123,305
<SHARES-COMMON-STOCK> 5,649
<SHARES-COMMON-PRIOR> 4,630
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5,172
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 57,118
<NET-ASSETS> 185,595
<DIVIDEND-INCOME> 67
<INTEREST-INCOME> 859
<OTHER-INCOME> 0
<EXPENSES-NET> 2,673
<NET-INVESTMENT-INCOME> (1,747)
<REALIZED-GAINS-CURRENT> 13,266
<APPREC-INCREASE-CURRENT> 14,469
<NET-CHANGE-FROM-OPS> 25,988
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (14,255)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,132
<NUMBER-OF-SHARES-REDEEMED> (4,528)
<SHARES-REINVESTED> 415
<NET-CHANGE-IN-ASSETS> 50,932
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 12,380
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 748
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,673
<AVERAGE-NET-ASSETS> 180,513
<PER-SHARE-NAV-BEGIN> 29.09
<PER-SHARE-NII> (.32)
<PER-SHARE-GAIN-APPREC> 6.73
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 2.64
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 32.86
<EXPENSE-RATIO> 1.48
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND> This schedule contains summary financial information extracted from
December 31, 1996 Annual Report and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 02
<NAME> Oberweis Micro-Cap Portfolio
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 30,110
<INVESTMENTS-AT-VALUE> 30,545
<RECEIVABLES> 528
<ASSETS-OTHER> 57
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 31,172
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 439
<TOTAL-LIABILITIES> 439
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,697
<SHARES-COMMON-STOCK> 2,502
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,403)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 439
<NET-ASSETS> 30,733
<DIVIDEND-INCOME> 4
<INTEREST-INCOME> 225
<OTHER-INCOME> 0
<EXPENSES-NET> 566
<NET-INVESTMENT-INCOME> (337)
<REALIZED-GAINS-CURRENT> (1,403)
<APPREC-INCREASE-CURRENT> 439
<NET-CHANGE-FROM-OPS> (1,301)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,315
<NUMBER-OF-SHARES-REDEEMED> 1,823
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 30,633
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 175
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 566
<AVERAGE-NET-ASSETS> 28,237
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (.15)
<PER-SHARE-GAIN-APPREC> 2.43
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.28
<EXPENSE-RATIO> 1.94
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND> This schedule contains summary financial information extracted from
December 31, 1996 Annual Report and is qualified in its entirety by reference
to such financial statements.
</LEGEND>
<SERIES>
<NUMBER> 03
<NAME> Oberweis Mid-Cap Portfolio
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> SEP-15-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 7,051
<INVESTMENTS-AT-VALUE> 7,287
<RECEIVABLES> 179
<ASSETS-OTHER> 55
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,521
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 226
<TOTAL-LIABILITIES> 226
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,123
<SHARES-COMMON-STOCK> 709
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (63)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 235
<NET-ASSETS> 7,295
<DIVIDEND-INCOME> 1
<INTEREST-INCOME> 7
<OTHER-INCOME> 0
<EXPENSES-NET> 42
<NET-INVESTMENT-INCOME> (64)
<REALIZED-GAINS-CURRENT> (63)
<APPREC-INCREASE-CURRENT> 235
<NET-CHANGE-FROM-OPS> 138
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 821
<NUMBER-OF-SHARES-REDEEMED> 113
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 7,285
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 72
<AVERAGE-NET-ASSETS> 6,419
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (.05)
<PER-SHARE-GAIN-APPREC> .34
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.29
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
