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Performance : Micro-Cap Growth Equity Composite AIMR

Oberweis Asset Management, Inc.

Micro-Cap Growth Equity Composite Historical Gross of Fees Performance as of 12/31/06

Annual Returns		1996		1997		1998		1999		2000		2001		2002	2003	2004	2005	2006

OAM Micro-Cap Growth		24.74%		12.51%		6.29%		21.50%		-6.04%		25.84%		-15.37%	110.53%	3.37%	14.47%	2.53%
Russell 2000 Growth		11.26%		12.94%		1.25%		43.10%		-22.44%		-9.22%		-30.27%	48.53%	14.31%	4.15%	13.35%



Annualized Returns Years Ending 12/31/06		1 Year		3 Year		5 Year		7 Year		10 Year		Since Inception		Inception Date

OAM Micro-Cap Growth		2.53%		6.65%		16.67%		14.35%		14.02%		14.96%		1/1/1996
Russell 2000 Growth		13.35%		10.51%		6.93%		-0.23%		4.88%		5.44%


The Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book rations and higher forecasted earnings growth rates. This index is unmanaged and investors cannot actually make investments in this index. This benchmark has not been covered by the report of the independent auditors. Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. The performance presented does not reflect the deduction of investment advisory fees. The client's return will be reduced by the advisory fees and other expenses it may incur in the management of its account. The investment advisory fees are described in Part II of the Form ADV. The advisory fee, compounded over a period of years, will have an adverse effect on the value of the client's portfolio. See accompanying notes to performance.


Micro-Cap Growth Equity Composite Historical Net of Fees Performance as of 12/31/06

Annual Returns		1996		1997		1998		1999		2000		2001		2002	2003	2004	2005	2006

OAM Micro-Cap Growth		23.74%		11.51%		5.29%		20.50%		-7.04%		24.84%		-16.37%	109.53%	2.42%	13.37%	1.52%
Russell 2000 Growth		11.26%		12.94%		1.25%		43.10%		-22.44%		-9.22%		-30.27%	48.53%	14.31%	4.15%	13.35%



Annualized Returns Years Ending 12/31/06		1 Year		3 Year		5 Year		7 Year		10 Year		Since Inception		Inception Date

OAM Micro-Cap Growth		1.52%		5.64%		15.62%		13.31%		12.99%		13.93%		01/01/1996
Russell 2000 Growth		13.35%		10.51%		6.93%		-0.23%		4.88%		5.44%


The Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book rations and higher forecasted earnings growth rates. This index is unmanaged and investors cannot actually make investments in this index. This benchmark has not been covered by the report of the independent auditors. Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. See accompanying notes to performance.

Oberweis Asset Management

Micro-Cap Growth Equity Composite
Notes to Performance
as of December 31, 2006


I.	Oberweis Asset Management, Inc. (OAM) has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS).
II.	The following standards describe performance presented herein:
A.	The Micro-Cap Growth Equity Composite was created January 1, 1996. Composite results are computed on a total return basis and include the effect of cash held in each portfolio. Monthly composite returns are asset-weighted. Quarterly and annual composite returns are calculated by linking monthly composite returns resulting in a time-weighted rate of return. The reporting currency is U.S. Dollar.
B.	Gross performance is computed before deducting management fees. Only fee-paying accounts are included in the composite. Generally, the management fees are 1.30% on the first $25 million plus 1.25% on the next $50 million. OAM’s investment advisory fees are described in Part II of the Form ADV.
C.	The composite returns disclosed were derived solely from the performance of a registered open-end investment company for the period 1996-2006.
D.	The Micro-Cap Growth Equity Composite includes all fully discretionary accounts in excess of $5 million invested in Micro-Cap Growth Equity strategies. Accounts meeting the composite criteria must be under discretionary management for at least one full month to be included in the composite. Existing accounts switching strategies will be included in the composite the first month in which the above criteria are met following the month in transition. Closed or terminated portfolios will be removed from the Micro-Cap Growth Equity Composite effective the month end prior to termination of active management (last full month of management).
E.	OAM values all portfolios each month on a trade date basis. Monthly market values reflect the daily weighting of cash flows.
III.	The standard deviation of portfolio returns has not been presented in prior years since it is not a meaningful measure of composite dispersion, as there were less than five accounts in the composite during each of the prior years presented. For accounts managed all months in the presentation year, the asset-weighted standard deviation of account returns within the composite is presented as a measure of dispersion. Standard deviation is a measure of variability. This is also used in the investment community as an indication of risk. The asset-weighted standard deviation for the current year is 0.45%.
IV.	OAM is a registered investment adviser. Assets managed include all accounts where OAM has been engaged as investment adviser. A complete list and description of firm composites is available upon request.

Calendar Year Ended	Composite Assets ($mm)		Percentage of Firm Assets Managed		Number of Portfolios		Total Firm Assets ($mm)

2006	246.3		11.7%		7		2,106.2
2005	262.6		14.3%		7		1,841.9
2004	127.2		14.5%		5		876.4
2003	99.7		15.1%		1		658.3
2002	22.0		13.9%		1		157.8
2001	47.8		24.4%		1		195.8
2000	20.5		11.0%		1		185.7
1999	21.4		12.3%		1		173.4
1998	28.3		17.1%		1		165.4
1997	36.8		16.3%		1		225.7
1996	31.0		11.6%		1		267.3


V.	The results presented above should not be considered a prediction of future performance. Financial consultants to whom OAM provides before-fee performance data may use the data only in one-on-one presentations of a private and confidential nature.

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