# EDGAR Filing Document

**Accession Number:** 0001286087
**File Stem:** 0000894189-25-007986
**Filing Date:** 2025-9
**Character Count:** 54955
**Document Hash:** d351010a2ec55c862a9fe1e9270195b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-007986.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0000894189-25-007986

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**PERIOD START**: 20251031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PERRITT FUNDS INC
- **CENTRAL INDEX KEY:** 0001286087

**ORGANIZATION NAME:**
- **EIN:** 043788672
- **STATE OF INCORPORATION:** MD

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21556
- **FILM NUMBER:** 251336523

**BUSINESS ADDRESS:**
- **STREET 1:** 300 S. WACKER DRIVE
- **STREET 2:** SUITE 600
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-669-1650

**MAIL ADDRESS:**
- **STREET 1:** 300 S. WACKER DRIVE
- **STREET 2:** SUITE 600
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

## Series and Classes Contracts Data

### Perritt MicroCap Opportunities Fund (Series ID: S000039929)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000123834 | Investor Class | PRCGX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Perritt MicroCap Opportunities Fund** | **Perritt MicroCap Opportunities Fund** | **Perritt MicroCap Opportunities Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** | **July 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 95.0%** | **Shares** | **Value**  |
| **Aerospace & Defense - 0.7%** | **Aerospace & Defense - 0.7%** | |
| VirTra, Inc. <sup>(a)</sup> | 58264 | $413092 |
| **Air Freight & Logistics - 3.0%** | **Air Freight & Logistics - 3.0%** |  |
| Radiant Logistics, Inc. <sup>(a)</sup> | 280000 | 1654800 |
| **Automobile Components - 1.1%** | **Automobile Components - 1.1%** |  |
| Motorcar Parts of America, Inc. <sup>(a)</sup> | 57000 | 591090 |
| **Banks - 1.1%** | **Banks - 1.1%** |  |
| First Internet Bancorp | 16507 | 361998 |
| Flushing Financial Corp. | 20000 | 239800 |
|  |  | 601798 |
| **Capital Markets - 6.0%** | **Capital Markets - 6.0%** |  |
| Heritage Global, Inc. <sup>(a)</sup> | 200000 | 430000 |
| Silvercrest Asset Management Group, Inc. - Class A | 117000 | 1914120 |
| US Global Investors, Inc. - Class A | 400000 | 956000 |
|  |  | 3300120 |
| **Chemicals - 4.1%** | **Chemicals - 4.1%** |  |
| Arq, Inc. <sup>(a)</sup> | 75000 | 401250 |
| Flexible Solutions International, Inc. | 110000 | 586531 |
| Greystone Logistics, Inc. <sup>(a)</sup> | 90000 | 103500 |
| Northern Technologies International Corp. | 153000 | 1178100 |
|  |  | 2269381 |
| **Commercial Services & Supplies - 4.6%** | **Commercial Services & Supplies - 4.6%** |  |
| CECO Environmental Corp. <sup>(a)</sup> | 12000 | 539400 |
| Perma-Fix Environmental Services, Inc. <sup>(a)</sup> | 153000 | 1762560 |
| Quest Resource Holding Corp. <sup>(a)</sup> | 120000 | 241200 |
|  |  | 2543160 |
| **Communications Equipment - 2.6%** | **Communications Equipment - 2.6%** |  |
| Aviat Networks, Inc. <sup>(a)</sup> | 22000 | 475200 |
| BK Technologies Corp. <sup>(a)</sup> | 12000 | 466080 |
| Ceragon Networks, Ltd. <sup>(a)</sup> | 215000 | 475150 |
|  |  | 1416430 |
| **Construction & Engineering - 3.1%** | **Construction & Engineering - 3.1%** |  |
| Bowman Consulting Group Ltd. <sup>(a)</sup> | 15000 | 520200 |
| Northwest Pipe Co. <sup>(a)</sup> | 20000 | 835600 |
| Orion Group Holdings, Inc. <sup>(a)</sup> | 50000 | 370500 |
|  |  | 1726300 |
| **Consumer Finance - 1.8%** | **Consumer Finance - 1.8%** |  |
| EZCORP, Inc. - Class A <sup>(a)</sup> | 70000 | 1002400 |
| **Consumer Staples Distribution & Retail - 0.4%** | **Consumer Staples Distribution & Retail - 0.4%** |  |
| HF Foods Group, Inc. <sup>(a)</sup> | 90000 | 243900 |
| **Distributors - 1.4%** | **Distributors - 1.4%** |  |
| Alliance Entertainment Holding Corp. <sup>(a)</sup> | 51273 | 244572 |
| A-Mark Precious Metals, Inc. | 25000 | 532000 |
|  |  | 776572 |
| **Diversified Consumer Services - 2.5%** | **Diversified Consumer Services - 2.5%** |  |
| Beachbody Co., Inc. <sup>(a)</sup> | 25000 | 108750 |
| Carriage Services, Inc. | 5000 | 224600 |
| Lincoln Educational Services Corp. <sup>(a)</sup> | 25000 | 571750 |
| Universal Technical Institute, Inc. <sup>(a)</sup> | 15000 | 483300 |
|  |  | 1388400 |
| **Diversified REITs - 0.6%** | **Diversified REITs - 0.6%** |  |
| Modiv Industrial, Inc. | 23000 | 330050 |
| **Electrical Equipment - 4.1%** | **Electrical Equipment - 4.1%** |  |
| Espey Mfg. & Electronics Corp. | 5000 | 220000 |
| LSI Industries, Inc. | 38000 | 695400 |
| Power Solutions International, Inc. <sup>(a)</sup> | 10000 | 937500 |
| SKYX Platforms Corp. <sup>(a)</sup> | 70000 | 70000 |
| Ultralife Corp. <sup>(a)</sup> | 40000 | 318800 |
|  |  | 2241700 |
| **Electronic Equipment, Instruments & Components - 5.3%** | **Electronic Equipment, Instruments & Components - 5.3%** |  |
| Bel Fuse, Inc. - Class B | 12000 | 1560480 |
| Coda Octopus Group, Inc. <sup>(a)</sup> | 45000 | 335250 |
| Identiv, Inc. <sup>(a)</sup> | 70000 | 254100 |
| Powerfleet, Inc. <sup>(a)</sup> | 190000 | 771400 |
|  |  | 2921230 |
| **Energy Equipment & Services - 3.1%** | **Energy Equipment & Services - 3.1%** |  |
| Drilling Tools International Corp. <sup>(a)</sup> | 45000 | 93600 |
| Forum Energy Technologies, Inc. <sup>(a)</sup> | 10000 | 197100 |
| Natural Gas Services Group, Inc. <sup>(a)</sup> | 14000 | 337260 |
| NPK International, Inc. <sup>(a)</sup> | 120000 | 1082400 |
|  |  | 1710360 |
| **Entertainment - 0.3%** | **Entertainment - 0.3%** |  |
| WildBrain Ltd. <sup>(a)</sup> | 100000 | 148500 |
| **Financial Services - 1.3%** | **Financial Services - 1.3%** |  |
| Paysign, Inc. <sup>(a)</sup> | 20000 | 148800 |
| Usio, Inc. <sup>(a)</sup> | 340000 | 581400 |
|  |  | 730200 |
| **Food Products - 1.0%** | **Food Products - 1.0%** |  |
| Alico, Inc. | 11000 | 355080 |
| Mama's Creations, Inc. <sup>(a)</sup> | 25000 | 206500 |
|  |  | 561580 |
| **Health Care Equipment & Supplies - 1.6%** | **Health Care Equipment & Supplies - 1.6%** |  |
| ElectroCore, Inc. <sup>(a)</sup> | 15000 | 103800 |
| Modular Medical, Inc. <sup>(a)</sup> | 85000 | 61115 |
| Sensus Healthcare, Inc. <sup>(a)</sup> | 125586 | 702026 |
|  |  | 866941 |
| **Health Care Providers & Services - 2.1%** | **Health Care Providers & Services - 2.1%** |  |
| InfuSystem Holdings, Inc. <sup>(a)</sup> | 70000 | 392000 |
| Quipt Home Medical Corp. <sup>(a)</sup> | 105299 | 232711 |
| Viemed Healthcare, Inc. <sup>(a)</sup> | 85000 | 517650 |
|  |  | 1142361 |
| **Hotels, Restaurants & Leisure - 1.1%** | **Hotels, Restaurants & Leisure - 1.1%** |  |
| Bragg Gaming Group, Inc. <sup>(a)</sup> | 90000 | 358200 |
| Century Casinos, Inc. <sup>(a)</sup> | 104000 | 245440 |
|  |  | 603640 |
| **Household Durables - 3.1%** | **Household Durables - 3.1%** |  |
| Legacy Housing Corp. <sup>(a)</sup> | 68000 | 1521840 |
| Lovesac Co. <sup>(a)</sup> | 9000 | 162090 |
|  |  | 1683930 |
| **Interactive Media & Services - 1.1%** | **Interactive Media & Services - 1.1%** |  |
| DHI Group, Inc. <sup>(a)</sup> | 225000 | 598500 |
| **IT Services - 2.8%** | **IT Services - 2.8%** |  |
| Data Storage Corp. <sup>(a)</sup> | 40000 | 188800 |
| Information Services Group, Inc. | 123883 | 533936 |
| Research Solutions, Inc. <sup>(a)</sup> | 305518 | 814205 |
|  |  | 1536941 |
| **Machinery - 5.7%** | **Machinery - 5.7%** |  |
| Aebi Schmidt Holding AG <sup>(a)</sup> | 30004 | 309041 |
| Gencor Industries, Inc. <sup>(a)</sup> | 37367 | 544811 |
| Mayville Engineering Co., Inc. <sup>(a)</sup> | 30000 | 503100 |
| Miller Industries, Inc. | 26000 | 1059500 |
| Taylor Devices, Inc. <sup>(a)</sup> | 6000 | 270600 |
| TechPrecision Corp. <sup>(a)</sup> | 60500 | 260150 |
| Twin Disc, Inc. | 20000 | 173000 |
|  |  | 3120202 |
| **Marine Transportation - 0.4%** | **Marine Transportation - 0.4%** |  |
| Euroseas Ltd. | 4000 | 207000 |
| **Media - 1.1%** | **Media - 1.1%** |  |
| Creative Realities, Inc. <sup>(a)</sup> | 151517 | 412126 |
| Perion Network Ltd. <sup>(a)</sup> | 20000 | 216400 |
|  |  | 628526 |
| **Metals & Mining - 6.8%** | **Metals & Mining - 6.8%** |  |
| Ascent Industries Co. <sup>(a)</sup> | 24000 | 307920 |
| Atlas Lithium Corp. <sup>(a)</sup> | 45000 | 205200 |
| Avino Silver & Gold Mines Ltd. <sup>(a)</sup> | 465000 | 1483350 |
| Endeavour Silver Corp. <sup>(a)</sup> | 150000 | 760500 |
| McEwen Mining, Inc. <sup>(a)</sup> | 68000 | 690880 |
| United States Antimony Corp. <sup>(a)</sup> | 65000 | 198900 |
| Vox Royalty Corp. | 30000 | 95100 |
|  |  | 3741850 |
| **Mortgage Real Estate Investment Trusts (REITs) - 0.6%** | **Mortgage Real Estate Investment Trusts (REITs) - 0.6%** |  |
| Chicago Atlantic Real Estate Finance, Inc. | 25000 | 324750 |
| **Oil, Gas & Consumable Fuels - 2.7%** | **Oil, Gas & Consumable Fuels - 2.7%** |  |
| Evolution Petroleum Corp. | 150000 | 724500 |
| Vaalco Energy, Inc. | 115000 | 427800 |
| Vitesse Energy, Inc. | 15000 | 358950 |
|  |  | 1511250 |
| **Personal Care Products - 0.6%** | **Personal Care Products - 0.6%** |  |
| Nature's Sunshine Products, Inc. <sup>(a)</sup> | 25000 | 350250 |
| **Pharmaceuticals - 1.9%** | **Pharmaceuticals - 1.9%** |  |
| Assertio Holdings, Inc. <sup>(a)</sup> | 266250 | 190635 |
| Biote Corp. <sup>(a)</sup> | 100000 | 407000 |
| High Tide, Inc. <sup>(a)</sup> | 100000 | 219000 |
| Medexus Pharmaceuticals, Inc. <sup>(a)</sup> | 125000 | 247500 |
|  |  | 1064135 |
| **Professional Services - 5.3%** | **Professional Services - 5.3%** |  |
| Asure Software, Inc. <sup>(a)</sup> | 25009 | 242587 |
| BGSF, Inc. <sup>(a)</sup> | 55000 | 337150 |
| DLH Holdings Corp. <sup>(a)</sup> | 150000 | 841500 |
| Hudson Global, Inc. <sup>(a)</sup> | 50650 | 453318 |
| IBEX Holdings Ltd. <sup>(a)</sup> | 10000 | 295700 |
| Where Food Comes From, Inc. <sup>(a)</sup> | 13000 | 146120 |
| Willdan Group, Inc. <sup>(a)</sup> | 7000 | 597100 |
|  |  | 2913475 |
| **Semiconductors & Semiconductor Equipment - 1.1%** | **Semiconductors & Semiconductor Equipment - 1.1%** |  |
| Photronics, Inc. <sup>(a)</sup> | 30000 | 610800 |
| **Software - 2.8%** | **Software - 2.8%** |  |
| ACCESS Newswire, Inc. <sup>(a)</sup> | 19721 | 233694 |
| Consensus Cloud Solutions, Inc. <sup>(a)</sup> | 8000 | 161440 |
| Mitek Systems, Inc. <sup>(a)</sup> | 50000 | 451000 |
| NetSol Technologies, Inc. <sup>(a)</sup> | 65000 | 264550 |
| Ooma, Inc. <sup>(a)</sup> | 40000 | 455200 |
|  |  | 1565884 |
| **Specialty Retail - 1.2%** | **Specialty Retail - 1.2%** |  |
| Build-A-Bear Workshop, Inc. | 12000 | 608520 |
| Xcel Brands, Inc. <sup>(a)</sup> | 42500 | 58650 |
|  |  | 667170 |
| **Technology Hardware, Storage & Peripherals - 0.9%** | **Technology Hardware, Storage & Peripherals - 0.9%** |  |
| Immersion Corp. | 70000 | 487900 |
| **Textiles, Apparel & Luxury Goods - 1.6%** | **Textiles, Apparel & Luxury Goods - 1.6%** |  |
| Lakeland Industries, Inc. | 44000 | 612040 |
| Superior Group of Cos., Inc. | 30000 | 289500 |
|  |  | 901540 |
| **Trading Companies & Distributors - 1.2%** | **Trading Companies & Distributors - 1.2%** |  |
| BlueLinx Holdings, Inc. <sup>(a)</sup> | 5000 | 366350 |
| Karat Packaging, Inc. | 10000 | 272300 |
|  |  | 638650 |
| **Water Utilities - 1.2%** | **Water Utilities - 1.2%** |  |
| Global Water Resources, Inc. | 35000 | 334250 |
| Pure Cycle Corp. <sup>(a)</sup> | 35000 | 343000 |
|  |  | 677250 |
| **TOTAL COMMON STOCKS** (Cost $34,340,229) | **TOTAL COMMON STOCKS** (Cost $34,340,229) | 52414008 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **TOTAL INVESTMENTS - 95.0% (**Cost $34,340,229**)** | **TOTAL INVESTMENTS - 95.0% (**Cost $34,340,229**)** | 52414008 |
| Money Market Deposit Account - 5.2% <sup>(b)</sup> | Money Market Deposit Account - 5.2% <sup>(b)</sup> | 2851163 |
| Liabilities in Excess of Other Assets - (0.2)% | Liabilities in Excess of Other Assets - (0.2)% | (119154) |
| **TOTAL NET ASSETS - 100.0%** |  | $55146017 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

REIT - Real Estate Investment Trust<br>

(a) Non-income producing security.

(b) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on
 market conditions and is subject to change daily. The rate as of July 31, 2025 was 4.11%.

------

#### Summary of Fair Value Disclosure as of July 31, 2025 (Unaudited)
Perritt MicroCap Opportunities Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $52414008 | $– | $– | $52414008 |
| Total Investments | $52414008 | $– | $– | $52414008 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Perritt Funds Inc

- **b. Investment Company Act file number:** 811-21556

- **c. CIK number of Registrant:** 0001286087

- **d. LEI of Registrant:** 549300OLJ7DQJB66FB73

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 300 South Wacker Drive

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

  - **Telephone number:** 312-669-1650

**Item A.2. Information about the Series.**

- **a. Name of Series:** Perritt MicroCap Opportunities Fund

- **b. EDGAR series identifier (if any):** S000039929

- **c. LEI of Series:** 549300JJYNZSL3L6CO22

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-10-31

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $55340795.63

**Total Liabilities:** $191264.33

**Net Assets:** $55149531.30

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000123834 | 9.03%                | 6.65%                | 0.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $542529.10               | $3908705.54                                |
| Month 2  | $588261.53               | $2878779.94                                |
| Month 3  | $454648.76               | $-26677.69                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                   | Title                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Greystone Logistics Inc                | Greystone Logistics Inc                  | CUSIP: 39807A100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     90000 | NS      | $103500.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Global Inc                      | Hudson Global Inc                        | CUSIP: 443787205<br>LEI: 54930073WVI9H7ILKL69 | Long             | EC               | CORP              | US        |     50650 | NS      | $453317.50    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Lovesac Co/The                         | Lovesac Co/The                           | CUSIP: 54738L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9000 | NS      | $162090.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Paysign Inc                            | Paysign Inc                              | CUSIP: 70451A104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20000 | NS      | $148800.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Sensus Healthcare Inc                  | Sensus Healthcare Inc                    | CUSIP: 81728J109<br>LEI: 549300F3JF8NCDJJZW04 | Long             | EC               | CORP              | US        |    125586 | NS      | $702025.74    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Twin Disc Inc                          | Twin Disc Inc                            | CUSIP: 901476101<br>LEI: 549300FR8EHCY14BLP32 | Long             | EC               | CORP              | US        |     20000 | NS      | $173000.00    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| US Global Investors Inc                | US Global Investors Inc                  | CUSIP: 902952100<br>LEI: 529900IRM26R91LI8531 | Long             | EC               | CORP              | US        |    400000 | NS      | $956000.00    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Antimony Corp            | United States Antimony Corp              | CUSIP: 911549103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     65000 | NS      | $198900.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| VAALCO Energy Inc                      | VAALCO Energy Inc                        | CUSIP: 91851C201<br>LEI: 549300CFHFVIWB8M6T24 | Long             | EC               | CORP              | US        |    115000 | NS      | $427800.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Brands Inc                        | Xcel Brands Inc                          | CUSIP: 98400M200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42500 | NS      | $58650.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| IBEX Holdings Ltd                      | IBEX Holdings Ltd                        | CUSIP: N/A<br>LEI: 5493000GRFLPVYU2CX17       | Long             | EC               | CORP              | US        |     10000 | NS      | $295700.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Asure Software Inc                     | Asure Software Inc                       | CUSIP: 04649U102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25009 | NS      | $242587.30    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| BlueLinx Holdings Inc                  | BlueLinx Holdings Inc                    | CUSIP: 09624H208<br>LEI: 549300YSX7GU28F5I540 | Long             | EC               | CORP              | US        |      5000 | NS      | $366350.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| DLH Holdings Corp                      | DLH Holdings Corp                        | CUSIP: 23335Q100<br>LEI: 549300KRYPLQFKWVTE62 | Long             | EC               | CORP              | US        |    150000 | NS      | $841500.00    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Endeavour Silver Corp                  | Endeavour Silver Corp                    | CUSIP: 29258Y103<br>LEI: 549300IF2E29780PPV02 | Long             | EC               | CORP              | CA        |    150000 | NS      | $760500.00    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolution Petroleum Corp               | Evolution Petroleum Corp                 | CUSIP: 30049A107<br>LEI: 549300P9ZXGJZ6SSM116 | Long             | EC               | CORP              | US        |    150000 | NS      | $724500.00    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Lithium Corp                     | Atlas Lithium Corp                       | CUSIP: 105861306<br>LEI: 5493006FIK0ZLW06RD76 | Long             | EC               | CORP              | BR        |     45000 | NS      | $205200.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Creative Realities Inc                 | Creative Realities Inc                   | CUSIP: 22530J309<br>LEI: 5493009BPEB04TIQA243 | Long             | EC               | CORP              | US        |    151517 | NS      | $412126.24    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Lakeland Industries Inc                | Lakeland Industries Inc                  | CUSIP: 511795106<br>LEI: 549300HGP70IM9WKU164 | Long             | EC               | CORP              | US        |     44000 | NS      | $612040.00    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Modiv Industrial Inc                   | Modiv Industrial Inc                     | CUSIP: 60784B101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23000 | NS      | $330050.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Modular Medical Inc                    | Modular Medical Inc                      | CUSIP: 60785L207<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     85000 | NS      | $61115.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc                         | Photronics Inc                           | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |     30000 | NS      | $610800.00    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Solutions International          | Power Solutions International Inc        | CUSIP: 73933G202<br>LEI: 549300JWGWDXC70SNH31 | Long             | EC               | CORP              | US        |     10000 | NS      | $937500.00    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Ascent Industries Co                   | Ascent Industries Co                     | CUSIP: 871565107<br>LEI: 549300U2S5125001TS43 | Long             | EC               | CORP              | US        |     24000 | NS      | $307920.00    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Viemed Healthcare Inc                  | Viemed Healthcare Inc                    | CUSIP: 92663R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     85000 | NS      | $517650.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| VirTra Inc                             | VirTra Inc                               | CUSIP: 92827K301<br>LEI: 549300BGHL1PW2M7IZ13 | Long             | EC               | CORP              | US        |     58264 | NS      | $413091.76    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Biote Corp                             | Biote Corp                               | CUSIP: 090683103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    100000 | NS      | $407000.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Carriage Services Inc                  | Carriage Services Inc                    | CUSIP: 143905107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5000 | NS      | $224600.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Consensus Cloud Solutions Inc          | Consensus Cloud Solutions Inc            | CUSIP: 20848V105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8000 | NS      | $161440.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP Inc                             | EZCORP Inc                               | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |     70000 | NS      | $1002400.00   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Flexible Solutions Internation         | Flexible Solutions International Inc     | CUSIP: 33938T104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    110000 | NS      | $586531.00    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Forum Energy Technologies Inc          | Forum Energy Technologies Inc            | CUSIP: 34984V209<br>LEI: 549300SF93HLCR1REE27 | Long             | EC               | CORP              | US        |     10000 | NS      | $197100.00    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Legacy Housing Corp                    | Legacy Housing Corp                      | CUSIP: 52472M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     68000 | NS      | $1521840.00   | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| First Internet Bancorp                 | First Internet Bancorp                   | CUSIP: 320557101<br>LEI: 549300T25MP2M92XU194 | Long             | EC               | CORP              | US        |     16507 | NS      | $361998.51    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Flushing Financial Corp                | Flushing Financial Corp                  | CUSIP: 343873105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20000 | NS      | $239800.00    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Global Inc                    | Heritage Global Inc                      | CUSIP: 42727E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    200000 | NS      | $430000.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| High Tide Inc                          | High Tide Inc                            | CUSIP: 42981E401<br>LEI: 529900J22WX18I890H12 | Long             | EC               | CORP              | CA        |    100000 | NS      | $219000.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Karat Packaging Inc                    | Karat Packaging Inc                      | CUSIP: 48563L101<br>LEI: 549300JYUKCQP3P8D632 | Long             | EC               | CORP              | US        |     10000 | NS      | $272300.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Mayville Engineering Co Inc            | Mayville Engineering Co Inc              | CUSIP: 578605107<br>LEI: 9845008D43E42A7FC362 | Long             | EC               | CORP              | US        |     30000 | NS      | $503100.00    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| McEwen Inc                             | McEwen Inc                               | CUSIP: 58039P305<br>LEI: 5493000FX50GEWAF3U70 | Long             | EC               | CORP              | CA        |     68000 | NS      | $690880.00    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Miller Industries Inc/TN               | Miller Industries Inc/TN                 | CUSIP: 600551204<br>LEI: 549300F1O74SPUJ7UU94 | Long             | EC               | CORP              | US        |     26000 | NS      | $1059500.00   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| NetSol Technologies Inc                | NetSol Technologies Inc                  | CUSIP: 64115A402<br>LEI: 529900EXOTPTUR7O6B54 | Long             | EC               | CORP              | US        |     65000 | NS      | $264550.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| NPK International Inc                  | NPK International Inc                    | CUSIP: 651718504<br>LEI: 54930073OHWDQW4DJN26 | Long             | EC               | CORP              | US        |    120000 | NS      | $1082400.00   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Resource Holding Corp            | Quest Resource Holding Corp              | CUSIP: 74836W203<br>LEI: 54930088J62L2GTB0F58 | Long             | EC               | CORP              | US        |    120000 | NS      | $241200.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Euroseas Ltd                           | Euroseas Ltd                             | CUSIP: N/A<br>LEI: 213800ADWWZOFC9KU444       | Long             | EC               | CORP              | GR        |      4000 | NS      | $207000.00    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Quipt Home Medical Corp                | Quipt Home Medical Corp                  | CUSIP: 74880P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    105299 | NS      | $232710.79    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bank Money Market Deposit Account | U.S. Bank Money Market Deposit Account   | CUSIP: 8AMMF0A92<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   2903822 | NS      | $2903822.02   | 5.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Vox Royalty Corp                       | Vox Royalty Corp                         | CUSIP: 92919F103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30000 | NS      | $95100.00     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| WildBrain Ltd                          | WildBrain Ltd                            | CUSIP: 96810C101<br>LEI: 549300WVVSC8SXM80J15 | Long             | EC               | CORP              | CA        |    100000 | NS      | $148500.00    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Gencor Industries Inc                  | Gencor Industries Inc                    | CUSIP: 368678108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37367 | NS      | $544810.86    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Identiv Inc                            | Identiv Inc                              | CUSIP: 45170X205<br>LEI: 5299008KH3C585Z0DS77 | Long             | EC               | CORP              | US        |     70000 | NS      | $254100.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| LSI Industries Inc                     | LSI Industries Inc                       | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               | CORP              | US        |     38000 | NS      | $695400.00    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Medexus Pharmaceuticals Inc            | Medexus Pharmaceuticals Inc              | CUSIP: 58410Q203<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    125000 | NS      | $247500.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| NWPX Infrastructure Inc                | NWPX Infrastructure Inc                  | CUSIP: 667746101<br>LEI: 54930056VW2CRCZ9RE54 | Long             | EC               | CORP              | US        |     20000 | NS      | $835600.00    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Perma-Fix Environmental Servic         | Perma-Fix Environmental Services Inc     | CUSIP: 714157203<br>LEI: 54930015OVD1T5P12U15 | Long             | EC               | CORP              | US        |    153000 | NS      | $1762560.00   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Radiant Logistics Inc                  | Radiant Logistics Inc                    | CUSIP: 75025X100<br>LEI: 549300HWCW2HBOG4GN20 | Long             | EC               | CORP              | US        |    280000 | NS      | $1654800.00   | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Research Solutions Inc/CA              | Research Solutions Inc/CA                | CUSIP: 761025105<br>LEI: 549300TYWPCKGK141Q94 | Long             | EC               | CORP              | US        |    305518 | NS      | $814205.47    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| SKYX Platforms Corp                    | SKYX Platforms Corp                      | CUSIP: 78471E105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     70000 | NS      | $70000.00     | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Silvercrest Asset Management G         | Silvercrest Asset Management Group Inc   | CUSIP: 828359109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    117000 | NS      | $1914120.00   | 3.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Where Food Comes From Inc              | Where Food Comes From Inc                | CUSIP: 96327X200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13000 | NS      | $146120.00    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Alico Inc                              | Alico Inc                                | CUSIP: 016230104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11000 | NS      | $355080.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Beachbody Co Inc/The                   | Beachbody Co Inc/The                     | CUSIP: 073463309<br>LEI: 529900N925Z2E0IV1L91 | Long             | EC               | CORP              | US        |     25000 | NS      | $108750.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Build-A-Bear Workshop Inc              | Build-A-Bear Workshop Inc                | CUSIP: 120076104<br>LEI: 529900S9MWZC1UBF3D13 | Long             | EC               | CORP              | US        |     12000 | NS      | $608520.00    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Coda Octopus Group Inc                 | Coda Octopus Group Inc                   | CUSIP: 19188U206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45000 | NS      | $335250.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| DHI Group Inc                          | DHI Group Inc                            | CUSIP: 23331S100<br>LEI: 529900489RAC0CU0AO81 | Long             | EC               | CORP              | US        |    225000 | NS      | $598500.00    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultralife Corp                         | Ultralife Corp                           | CUSIP: 903899102<br>LEI: 529900NVAFLKA00F3U05 | Long             | EC               | CORP              | US        |     40000 | NS      | $318800.00    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute          | Universal Technical Institute Inc        | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |     15000 | NS      | $483300.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Ceragon Networks Ltd                   | Ceragon Networks Ltd                     | CUSIP: N/A<br>LEI: 529900WC6JZN5WQLZ645       | Long             | EC               | CORP              | IL        |    215000 | NS      | $475150.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Assertio Holdings Inc                  | Assertio Holdings Inc                    | CUSIP: 04546C205<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    266250 | NS      | $190635.00    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Bragg Gaming Group Inc                 | Bragg Gaming Group Inc                   | CUSIP: 104833306<br>LEI: 9845000EB9E6A9887Q16 | Long             | EC               | CORP              | CA        |     90000 | NS      | $358200.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| ElectroCore Inc                        | ElectroCore Inc                          | CUSIP: 28531P202<br>LEI: 5493005O3QC5QV2L2186 | Long             | EC               | CORP              | US        |     15000 | NS      | $103800.00    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Water Resources Inc             | Global Water Resources Inc               | CUSIP: 379463102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35000 | NS      | $334250.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Aviat Networks Inc                     | Aviat Networks Inc                       | CUSIP: 05366Y201<br>LEI: 549300Z3X8Z4MK52CI65 | Long             | EC               | CORP              | US        |     22000 | NS      | $475200.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Avino Silver & Gold Mines Ltd          | Avino Silver & Gold Mines Ltd            | CUSIP: 053906103<br>LEI: 549300DZZNDMPML1VJ37 | Long             | EC               | CORP              | CA        |    465000 | NS      | $1483350.00   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Casinos Inc                    | Century Casinos Inc                      | CUSIP: 156492100<br>LEI: 549300H2L4Y24HXY7M50 | Long             | EC               | CORP              | US        |    104000 | NS      | $245440.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Atlantic Real Estate F         | Chicago Atlantic Real Estate Finance Inc | CUSIP: 167239102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25000 | NS      | $324750.00    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Data Storage Corp                      | Data Storage Corp                        | CUSIP: 23786R201<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40000 | NS      | $188800.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Drilling Tools International C         | Drilling Tools International Corp        | CUSIP: 26205E107<br>LEI: 5493000EQOTBVWM31L08 | Long             | EC               | CORP              | US        |     45000 | NS      | $93600.00     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| HF Foods Group Inc                     | HF Foods Group Inc                       | CUSIP: 40417F109<br>LEI: 54930040ARMFXM6CL697 | Long             | EC               | CORP              | US        |     90000 | NS      | $243900.00    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Immersion Corp                         | Immersion Corp                           | CUSIP: 452521107<br>LEI: 529900AKNC1UAMQ2YB35 | Long             | EC               | CORP              | US        |     70000 | NS      | $487900.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| InfuSystem Holdings Inc                | InfuSystem Holdings Inc                  | CUSIP: 45685K102<br>LEI: 549300F58N8PHJ4QUI59 | Long             | EC               | CORP              | US        |     70000 | NS      | $392000.00    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Mama's Creations Inc                   | Mama's Creations Inc                     | CUSIP: 56146T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25000 | NS      | $206500.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Technologies Internat         | Northern Technologies International Corp | CUSIP: 665809109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    153000 | NS      | $1178100.00   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Ooma Inc                               | Ooma Inc                                 | CUSIP: 683416101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40000 | NS      | $455200.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Orion Group Holdings Inc               | Orion Group Holdings Inc                 | CUSIP: 68628V308<br>LEI: 549300KBVXPV9Q3CT222 | Long             | EC               | CORP              | US        |     40000 | NS      | $296400.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Cycle Corp                        | Pure Cycle Corp                          | CUSIP: 746228303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35000 | NS      | $343000.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Aebi Schmidt Holding AG                | Aebi Schmidt Holding AG                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CH        |     30004 | NS      | $309041.20    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Bowman Consulting Group Ltd            | Bowman Consulting Group Ltd              | CUSIP: 103002101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15000 | NS      | $520200.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Espey Mfg. & Electronics Corp          | Espey Mfg. & Electronics Corp            | CUSIP: 296650104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5000 | NS      | $220000.00    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Information Services Group Inc         | Information Services Group Inc           | CUSIP: 45675Y104<br>LEI: 549300ZUNI6DQ0G8Q273 | Long             | EC               | CORP              | US        |    123883 | NS      | $533935.73    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitek Systems Inc                      | Mitek Systems Inc                        | CUSIP: 606710200<br>LEI: 549300ABZAQ3R25XG118 | Long             | EC               | CORP              | US        |     50000 | NS      | $451000.00    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Natural Gas Services Group Inc         | Natural Gas Services Group Inc           | CUSIP: 63886Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14000 | NS      | $337260.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Nature's Sunshine Products Inc         | Nature's Sunshine Products Inc           | CUSIP: 639027101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25000 | NS      | $350250.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Superior Group of Cos Inc              | Superior Group of Cos Inc                | CUSIP: 868358102<br>LEI: UOX145EEO0TB0ZWX2152 | Long             | EC               | CORP              | US        |     30000 | NS      | $289500.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Devices Inc                     | Taylor Devices Inc                       | CUSIP: 877163105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6000 | NS      | $270600.00    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| TechPrecision Corp                     | TechPrecision Corp                       | CUSIP: 878739200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     60500 | NS      | $260150.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Usio Inc                               | Usio Inc                                 | CUSIP: 917313108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    340000 | NS      | $581400.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Vitesse Energy Inc                     | Vitesse Energy Inc                       | CUSIP: 92852X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     15000 | NS      | $358950.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Willdan Group Inc                      | Willdan Group Inc                        | CUSIP: 96924N100<br>LEI: 529900YQO0LF5VAEKN05 | Long             | EC               | CORP              | US        |      7000 | NS      | $597100.00    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Perion Network Ltd                     | Perion Network Ltd                       | CUSIP: N/A<br>LEI: 529900SL7HYNVD6HG708       | Long             | EC               | CORP              | IL        |     20000 | NS      | $216400.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Arq Inc                                | Arq Inc                                  | CUSIP: 00770C101<br>LEI: 52990086HRJSW2EZQH40 | Long             | EC               | CORP              | US        |     75000 | NS      | $401250.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| BK Technologies Corp                   | BK Technologies Corp                     | CUSIP: 05587G203<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12000 | NS      | $466080.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| BGSF Inc                               | BGSF Inc                                 | CUSIP: 05601C105<br>LEI: 549300AUC6I9ZG3KKQ91 | Long             | EC               | CORP              | US        |     55000 | NS      | $337150.00    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CECO Environmental Corp                | CECO Environmental Corp                  | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |     13000 | NS      | $584350.00    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Educational Services C         | Lincoln Educational Services Corp        | CUSIP: 533535100<br>LEI: 549300BJ55KUY6RG7L98 | Long             | EC               | CORP              | US        |     25000 | NS      | $571750.00    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorcar Parts of America Inc          | Motorcar Parts of America Inc            | CUSIP: 620071100<br>LEI: 549300AG4610OSV3H429 | Long             | EC               | CORP              | US        |     57000 | NS      | $591090.00    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Powerfleet Inc NJ                      | Powerfleet Inc NJ                        | CUSIP: 73931J109<br>LEI: 2549007NKEFPYEH4MF81 | Long             | EC               | CORP              | US        |    190000 | NS      | $771400.00    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| A-Mark Precious Metals Inc             | A-Mark Precious Metals Inc               | CUSIP: 00181T107<br>LEI: XP6XYFDZQGKLUMOFGT37 | Long             | EC               | CORP              | US        |     25000 | NS      | $532000.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Alliance Entertainment Holding         | Alliance Entertainment Holding Corp      | CUSIP: 01861F102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     51273 | NS      | $244572.21    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Bel Fuse Inc                           | Bel Fuse Inc                             | CUSIP: 077347300<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |     12000 | NS      | $1560480.00   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| ACCESS Newswire Inc                    | ACCESS Newswire Inc                      | CUSIP: 46520M204<br>LEI: 894500M5FGGV3CFQ8F15 | Long             | EC               | CORP              | US        |     19721 | NS      | $233693.85    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-23

**Name of Applicant:** Perritt Funds Inc

**Signature:** /s/ Lynn Burmeister

**Name of Signer:** Lynn Burmeister

**Title:** Chief Compliance Officer