OBERWEIS FUND
NSAR-A, 1998-08-14
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<PAGE>      PAGE  1
000 A000000 06/30/98
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
001 B000000 811-4854
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
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  3
007 C010100  1
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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 OBERWEIS BROKERAGE, INC.
011 B00AA01 8-49679
011 C01AA01 NORTH AURORA
011 C02AA01 IL
011 C03AA01 60542
012 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
012 B00AA01 85-00535
<PAGE>      PAGE  2
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64105
013 A00AA01 ERNST & YOUNG
013 B01AA01 CHICAGO
013 B02AA01 IL
013 B03AA01 60606
014 A00AA01 OBERWEIS BROKERAGE, INC.
014 B00AA01 8-49679
015 A00AA01 INVESTORS FIDUCIARY TRUST COMPANY
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64105
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     54
020 A000002 BLOOMBERG SECURITIES
020 B000002 94-2856935
020 C000002     31
020 A000003 SALOMON SMITH BARNEY
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020 C000003     13
020 A000004 HAMBRECHT & QUIST
020 B000004 94-2856935
020 C000004     11
020 A000005 OBERWEIS BROKERAGE, INC.
020 B000005 36-4106772
020 C000005      8
020 A000006 WILLIAM O'NEIL & CO., INC.
020 B000006 36-4039857
020 C000006      1
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000      118
022 A000001 HELLER FINANCIAL, INC.
022 B000001 36-1208070
022 C000001     29377
022 D000001         0
022 A000002 SHERWOOD SECURITIES CORP.
022 B000002 13-2616318
022 C000002      8245
022 D000002     14871
022 A000003 STATE STREET CORP.
<PAGE>      PAGE  3
022 B000003 04-1867445
022 C000003     22293
022 D000003         0
022 A000004 HAMBRECHT & QUIST INC.
022 B000004 94-2856935
022 C000004      2461
022 D000004      1040
022 A000005 SALOMON SMITH BARNEY, INC.
022 B000005 13-1912900
022 C000005       422
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022 A000006 OPPENHEIMER & CO.
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022 C000006       346
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022 A000007 KNIGHT SECURITIES
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022 D000007      1365
022 A000008 ALEX BROWN & SONS
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022 C000008      1415
022 D000008        57
022 A000009 EQUITABLE SECURITIES CORP.
022 B000009 62-0871146
022 C000009      1252
022 D000009         0
022 A000010 JEFFERIES & COMPANY, INC.
022 B000010 96-2622900
022 C000010       246
022 D000010       853
023 C000000      74586
023 D000000      29595
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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<PAGE>      PAGE  11
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<PAGE>      PAGE  13
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SIGNATURE   STEVE LEMIRE                                 
TITLE       SECRETARY           
 


<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
JUNE 30, 1998 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
   <NUMBER> 1
   <NAME> OBERWEIS EMERGING GROWTH PORTFOLIO
<MULTIPLIER> 1,000
       
<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
JUNE 30, 1998 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
   <NUMBER> 2
   <NAME> OBERWEIS MICRO-CAP PORTFOLIO
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               JUN-30-1998
<INVESTMENTS-AT-COST>                           20,401
<INVESTMENTS-AT-VALUE>                          27,105
<RECEIVABLES>                                      192
<ASSETS-OTHER>                                      39
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                  27,336
<PAYABLE-FOR-SECURITIES>                            88
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          549
<TOTAL-LIABILITIES>                                637
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        24,952
<SHARES-COMMON-STOCK>                            1,957
<SHARES-COMMON-PRIOR>                            2,710
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (4,957)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         6,704
<NET-ASSETS>                                    26,699
<DIVIDEND-INCOME>                                   35
<INTEREST-INCOME>                                    1
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                     308
<NET-INVESTMENT-INCOME>                          (272)
<REALIZED-GAINS-CURRENT>                         (998)
<APPREC-INCREASE-CURRENT>                        1,486
<NET-CHANGE-FROM-OPS>                              216
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            114
<NUMBER-OF-SHARES-REDEEMED>                      (867)
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                        (10,138)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                               95
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    318
<AVERAGE-NET-ASSETS>                            31,805
<PER-SHARE-NAV-BEGIN>                            13.59
<PER-SHARE-NII>                                  (.11)
<PER-SHARE-GAIN-APPREC>                            .16
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              13.64
<EXPENSE-RATIO>                                   1.96
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
JUNE 30, 1998 SEMI-ANNUAL REPORT AND IS QUALIFIED IN ITS ENTIRETY
BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
   <NUMBER> 3
   <NAME> OBERWEIS MID-CAP PORTFOLIO
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               JUN-30-1998
<INVESTMENTS-AT-COST>                            5,010
<INVESTMENTS-AT-VALUE>                           6,592
<RECEIVABLES>                                      102
<ASSETS-OTHER>                                      40
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                   6,734
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                           54
<TOTAL-LIABILITIES>                                 54
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                         5,303
<SHARES-COMMON-STOCK>                              548
<SHARES-COMMON-PRIOR>                              604
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          (204)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         1,581
<NET-ASSETS>                                     6,680
<DIVIDEND-INCOME>                                    1
<INTEREST-INCOME>                                    2
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                      66
<NET-INVESTMENT-INCOME>                           (63)
<REALIZED-GAINS-CURRENT>                            21
<APPREC-INCREASE-CURRENT>                          999
<NET-CHANGE-FROM-OPS>                              957
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                             71
<NUMBER-OF-SHARES-REDEEMED>                      (127)
<SHARES-REINVESTED>                                  0
<NET-CHANGE-IN-ASSETS>                             333
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                               13
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                     85
<AVERAGE-NET-ASSETS>                             6,652
<PER-SHARE-NAV-BEGIN>                            10.51
<PER-SHARE-NII>                                  (.10)
<PER-SHARE-GAIN-APPREC>                           1.78
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              12.19
<EXPENSE-RATIO>                                   2.00
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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