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SIGNATURE STEVE LEMIRE
TITLE SECRETARY
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THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 490
<NUMBER-OF-SHARES-REDEEMED> 1,227
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (6,989)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,976)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 120
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 435
<AVERAGE-NET-ASSETS> 20,005
<PER-SHARE-NAV-BEGIN> 14.18
<PER-SHARE-NII> (.28)
<PER-SHARE-GAIN-APPREC> 3.04
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.94
<EXPENSE-RATIO> 2.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM DECEMBER 31, 1999 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> YEAR
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 7,886
<INVESTMENTS-AT-VALUE> 14,048
<RECEIVABLES> 143
<ASSETS-OTHER> 525
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,716
<PAYABLE-FOR-SECURITIES> 243
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 388
<TOTAL-LIABILITIES> 631
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,638
<SHARES-COMMON-STOCK> 580
<SHARES-COMMON-PRIOR> 538
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,435
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,012
<NET-ASSETS> 14,085
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6
<OTHER-INCOME> 0
<EXPENSES-NET> 198
<NET-INVESTMENT-INCOME> (157)
<REALIZED-GAINS-CURRENT> 3,246
<APPREC-INCREASE-CURRENT> 3,876
<NET-CHANGE-FROM-OPS> 6,965
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1,280)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 663
<NUMBER-OF-SHARES-REDEEMED> 683
<SHARES-REINVESTED> 62
<NET-CHANGE-IN-ASSETS> 7,169
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (374)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 33
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 198
<AVERAGE-NET-ASSETS> 8,140
<PER-SHARE-NAV-BEGIN> 12.86
<PER-SHARE-NII> (.31)
<PER-SHARE-GAIN-APPREC> 14.22
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 2.48
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 24.29
<EXPENSE-RATIO> 2.00
</TABLE>
Exhibit 99.B
Report of Independent Auditors
The Board of Trustees and Shareholders
The Oberweis Funds
In planning and performing our audit of the financial statements of the Oberweis
Funds, consisting of the Oberweis Emerging Growth Portfolio, the Oberweis
Micro-Cap Portfolio, and the Oberweis Mid-Cap Portfolio, for the year ended
December 31, 1999, we considered their internal control, including control
activities 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.
The management of The Oberweis Funds is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of control. Generally, controls that are relevant to an audit pertain to
the entity's objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the 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 would not necessarily disclose all
matters in the internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level of risk that misstatements caused by error or fraud 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 and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of the Board of
Trustees and management of The Oberweis Funds and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other than
these specified parties.
/s/ ERNST & YOUNG LLP
ERNST & YOUNG LLP
Chicago, Illinois
January 28, 2000
Exhibit 99.O
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: Candela Corp.
Date offering commenced: 7/23/99
Aggregate number and value of securities offered through underwriting or selling
syndicate:
2,430,000 shares $34,020,000
Offering price at close of first day on which any sales were made: 14
Underwriting syndicate's members: see attached
Date of purchase: 7/23/99
Number and value of securities purchased (specific as to each series if
applicable):
60,000 shares $840,000
Purchase price (net of fees and expenses): 14
Maturity date and interest rate (if applicable): N/A
Underwriter from whom purchased: Needham
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
- ------ --------------- --------------------- ------------
Be, Inc. $6.00 $0.42 7%
Musicmaker.com $14.00 $0.98 7%
Javelin Systems, Inc. $12.25 $0.735 6%
-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>
Needham & Company, Inc.
Tucker Anthony Incorporated
Adams, Harkness & Hill, Inc.
William Blair & Co. L.L.C.
Bluestone Capital Partners, L.P.
Gerald Klauer Mattison & Co., LLC
Janney Montgomery Scott Inc.
C.L. King & Associates, Inc.
Oberweis Brokerage, Inc.
Suntrust Equitable Securities Corporation
Sutro & Co. Incorporated
C.E. Unterberg, Towbin
-3-
