OBERWEIS SECURITIES, INC.
LISLE, IL

Each of the Oberweis Funds is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company and is qualified for sale in the 50 states. The Oberweis Aperture allows us to discern those companies that are experiencing superior growth and have the potential to continue doing so. It also helps us to buy these companies at reasonably attractive prices — valuations that don’t yet fully reflect their earnings potential. The Aperture strategy, in short, deepens our insight and brings sharper focus to our stock selection process. Also, by helping us to avoid overpaying for stocks with solid growth potential, this approach can help us fine-tune our exposure to better manage the risks associated with investing in smaller-cap stocks. We invest in sustainable businesses with a strong competitive position driven by niche market leadership, intellectual capital, or unique manufacturing processes. Put another way, we look for a high barrier to competitive entry. We invest in profitable and scalable business models, which tend to generate rising net profit margins as revenue growth accelerates. We invest in businesses that are significantly undervalued based on PEG ratio calculations using our earnings estimates and growth forecasts. We look for a recent positive earnings release or an earnings surprise that tangibly and quantitatively begins to confirm that analyst expectations are too low. We look for businesses at the inflection point of change — often from a new product, a new management team, or a regulatory change — as these changes can drive unexpected or underestimated growth. We invest in firms with significant gaps between our forecasts and analysts' expectations. We look for small- and mid-cap firms not widely followed by other analysts to maximize the chances of finding misunderstood situations. Oberweis Securities, Inc. Each of the Oberweis Funds is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company and is qualified for sale in the 50 states. The Oberweis Aperture allows us to discern those companies that are experiencing superior growth and have the potential to continue doing so. It also helps us to buy these companies at reasonably attractive prices — valuations that don’t yet fully reflect their earnings potential. The Aperture strategy, in short, deepens our insight and brings sharper focus to our stock selection process. Also, by helping us to avoid overpaying for stocks with solid growth potential, this approach can help us fine-tune our exposure to better manage the risks associated with investing in smaller-cap stocks. We invest in sustainable businesses with a strong competitive position driven by niche market leadership, intellectual capital, or unique manufacturing processes. Put another way, we look for a high barrier to competitive entry. We invest in profitable and scalable business models, which tend to generate rising net profit margins as revenue growth accelerates. We invest in businesses that are significantly undervalued based on PEG ratio calculations using our earnings estimates and growth forecasts. We look for a recent positive earnings release or an earnings surprise that tangibly and quantitatively begins to confirm that analyst expectations are too low. We look for businesses at the inflection point of change — often from a new product, a new management team, or a regulatory change — as these changes can drive unexpected or underestimated growth. We invest in firms with significant gaps between our forecasts and analysts' expectations. We look for small- and mid-cap firms not widely followed by other analysts to maximize the chances of finding misunderstood situations. Oberweis Securities, Inc. Each of the Oberweis Funds is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company and is qualified for sale in the 50 states. The Oberweis Aperture allows us to discern those companies that are experiencing superior growth and have the potential to continue doing so. It also helps us to buy these companies at reasonably attractive prices — valuations that don’t yet fully reflect their earnings potential. The Aperture strategy, in short, deepens our insight and brings sharper focus to our stock selection process. Also, by helping us to avoid overpaying for stocks with solid growth potential, this approach can help us fine-tune our exposure to better manage the risks associated with investing in smaller-cap stocks. We invest in sustainable businesses with a strong competitive position driven by niche market leadership, intellectual capital, or unique manufacturing processes. Put another way, we look for a high barrier to competitive entry. We invest in profitable and scalable business models, which tend to generate rising net profit margins as revenue growth accelerates. We invest in businesses that are significantly undervalued based on PEG ratio calculations using our earnings estimates and growth forecasts. We look for a recent positive earnings release or an earnings surprise that tangibly and quantitatively begins to confirm that analyst expectations are too low. We look for businesses at the inflection point of change — often from a new product, a new management team, or a regulatory change — as these changes can drive unexpected or underestimated growth. We invest in firms with significant gaps between our forecasts and analysts' expectations. We look for small- and mid-cap firms not widely followed by other analysts to maximize the chances of finding misunderstood situations. Oberweis Securities, Inc. Each of the Oberweis Funds is registered under the Investment Company Act of 1940 as an open-end, diversified management investment company and is qualified for sale in the 50 states. The Oberweis Aperture allows us to discern those companies that are experiencing superior growth and have the potential to continue doing so. It also helps us to buy these companies at reasonably attractive prices — valuations that don’t yet fully reflect their earnings potential. The Aperture strategy, in short, deepens our insight and brings sharper focus to our stock selection process.