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<PAGE> PAGE 10
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SIGNATURE STEVE LEMIRE
TITLE SECRETARY
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<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM JUNE 30, 1999 SEMI-ANNUAL REPORT AND IS QUALIFIED
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (8,557)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 64
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 239
<AVERAGE-NET-ASSETS> 22,147
<PER-SHARE-NAV-BEGIN> 14.18
<PER-SHARE-NII> (.13)
<PER-SHARE-GAIN-APPREC> .15
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.20
<EXPENSE-RATIO> 2.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM JUNE 30, 1999 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-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 4,567
<INVESTMENTS-AT-VALUE> 8,124
<RECEIVABLES> 375
<ASSETS-OTHER> 31
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,530
<PAYABLE-FOR-SECURITIES> 387
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26
<TOTAL-LIABILITIES> 413
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,033
<SHARES-COMMON-STOCK> 518
<SHARES-COMMON-PRIOR> 538
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (473)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,557
<NET-ASSETS> 8,117
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1
<OTHER-INCOME> 0
<EXPENSES-NET> 62
<NET-INVESTMENT-INCOME> (61)
<REALIZED-GAINS-CURRENT> (39)
<APPREC-INCREASE-CURRENT> 1,422
<NET-CHANGE-FROM-OPS> 1,322
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 110
<NUMBER-OF-SHARES-REDEEMED> (130)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,201
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 83
<AVERAGE-NET-ASSETS> 6,520
<PER-SHARE-NAV-BEGIN> 12.86
<PER-SHARE-NII> (.13)
<PER-SHARE-GAIN-APPREC> 2.94
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.67
<EXPENSE-RATIO> 2.00
</TABLE>
EXHIBIT A
THE OBERWEIS FUNDS
(the "Fund")
Record of Securities Purchased
Under the Fund's Rule 10f-3 Procedures
Portfolio: Oberweis Emerging Growth Portfolio
Issuer: Javelin Systems, Inc.
Date offering commenced: 2/12/99
Aggregate number and value of securities offered through underwriting or selling
syndicate:
2,500,000 shares $30,625,000
Offering price at close of first day on which any sales were made: 12 3/16
Underwriting syndicate's members: see attached
Date of purchase: 2/12/99
Number and value of securities purchased (specific as to each series if
applicable):
60,000 shares $735,000
Purchase price (net of fees and expenses): 12 1/4
Maturity date and interest rate (if applicable): N/A
Underwriter from whom purchased: Van Kasper & Company
Commission, spread or profit: 6 %
Comparative information regarding commission, spread or profit for similar
underwritings during the same period:
Issuer Price Per Share Underwriting Discount Gross Spread
- ------ --------------- --------------------- ------------
RF Micro Devices, Inc. $61 7/16 $3.23 5%
VIALOG Corp. $8.00 $0.56 7%
Carrier Access Corp. $10.00 $0.70 7%
-1-
<PAGE>
Conditions
- ----------
Yes No
--- --
(1) The securities are either (i) part of an issue registered under
the Securities Act of 1933 that is being offered to the public
or (ii) Eligible Municipal Securities, (iii) securities sold in
an Eligible Foreign Offering or (iv) securities sold in an
Eligible Rule 144A Offering. X __
(2) The purchase price paid did not exceed the price paid by each
other purchaser of securities in that offering or in any
concurrent offering of the securities at the close of the first
day on which any sales are made (except, in the case of an
Eligible Foreign Offering, for any rights to purchase that are
required by law to be granted to existing security holders of
the issuer), or, if a rights offering, the securities were
purchased on or before the fourth day preceding the day on
which the offering terminated. X __
(3) In respect of securities other than Eligible Municipal
Securities, the issuer of the securities has been in continuous
operation for not less than three years, including the
operations of any predecessors. X __
(4) The underwriting was a firm commitment underwriting. X __
(5) The commission, spread or profit was reasonable and fair in
relation to that being received by others for underwriting
similar securities during the same period. X __
(6) The amount of such securities purchased by all of the
investment companies managed by the Adviser did not exceed 25%
of the principal amount of an offering other than an Eligible
Rule 144A Offering, or, in an Eligible Rule 144A Offering, 25%
of the total of (1) the principal amount of the offering sold
by underwriters or members of the selling syndicate to QIBs,
plus (2) the principal amount in any concurrent public
offering. X __
(7) The Adviser was not a direct or indirect participant in the
sale. X __
-2-
<PAGE>
Van Kasper & Company
Tucker Anthony Incorporated
Meridian Capital Group, Inc.
BT Alex Brown Incorporated
A.G Edwards & Sons, Inc.
First Union Capital Markets Corp.
Hambrecht & Quist LLC
NationsBanc Montgomery Securities LLC
PaineWebber Incorporated
SG Cowen Securities Corporation
Advest, Inc.
Brean Murray & Co., Inc.
Cleary, Gull, Reiland & McDevitt Inc.
D.A. Davidson & Co., Inc.
Fahnestock & Co., Inc.
Hagerty, Stewart & Associates, Inc.
Jefferies & Company
Josephthal & Co.
Laidlaw Global Securities, Inc.
Needham & Company, Inc.
Oberweis Brokerage, Inc.
Pennsylvania Merchant Group
Sanders Morris Mundy Inc.
The Seidler Companies Incorporated
Sutro & Co. Incorporated
C.E. Unterberg, Towbin
-3-
