# EDGAR Filing Document

**Accession Number:** 0001286087
**File Stem:** 0001145549-23-017301
**Filing Date:** 2023-3
**Character Count:** 51640
**Document Hash:** 1e2ce0f6a9af797f3683938e822e6583
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-017301.hdr.sgml**: 20230322

**ACCESSION NUMBER**: 0001145549-23-017301

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230322

**DATE AS OF CHANGE**: 20230322

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PERRITT FUNDS INC
- **CENTRAL INDEX KEY:** 0001286087
- **IRS NUMBER:** 043788672
- **STATE OF INCORPORATION:** MD

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21556
- **FILM NUMBER:** 23752419

**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 Funds, Inc. |  |
| Notes to the Schedule of Investments (Unaudited) | July 31, 2022 |
| 1. Security Valuation |  |
| Exchange-listed securities are generally valued at the last sales price reported by the principal security exchange on which the issue is traded, or if no sale |  |
| is reported, the mean between the latest bid and ask price unless the Funds' investment advisor believes that the mean does not represent a fair value, in |  |
| which case the securities are valued as set forth below. Securities listed on NASDAQ are valued at the NASDAQ Official Closing Price. Demand notes, |  |
| commercial paper, U.S. Treasury Bills and warrants are stated at fair value using market prices if available, or a pricing service when such prices are |  |
| believed to reflect fair value. Securities for which market quotations are not readily available are valued at their fair value as determined in good faith by |  |
| the Funds' advisor under procedures established by and under the supervision of the Board of Directors of the Fund. The Funds' fair value procedures allow |  |
| for the use of certain methods performed by the Funds' advisor to value those securities for which market quotations are not readily available, at a price |  |
| that a Fund might reasonably expect to receive upon a sale of such securities. For example, these methods may be based on a multiple of earnings, or a discount |  |
| from market of a similarly freely traded security, or a yield to maturity with respect to debt issues, or a combination of these and other methods. |  |
| The Funds' may invest in warrants or rights (other than those acquired in units or attached to other securities), which entitle the purchaser to buy |  |
| equity securities at a specific price for a specific period of time. Warrants and rights have no voting rights, receive no dividends and have no rights with |  |
| respect to the assets of the issuer. |  |
| General Accepted Accounting Principles ("GAAP") establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair value. |  |
| GAAP also requires additional disclosures about the various inputs used to develop the measurements of fair value. These inputs are summarized in the |  |
| three broad levels listed below: |  |
| • Level 1 - Quoted prices in active markets for identical securities |  |
| • Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |  |
| • Level 3 - Significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments). |  |
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The |  |
| following is a summary of the inputs used to value the Funds' securities as of January 31, 2023: |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Perritt MicroCap Opportunities Fund** | | | | |
| **<u>Description</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments in Securities** | | | | |
| **Common Stocks** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $2043847 | $- | $- | $2043847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 7617384 | - | - | 7617384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 698250 | - | - | 698250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 3276449 | - | - | 3276449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 9058259 | - | - | 9058259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 3769824 | - | - | 3769824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 17377686 | - | - | 17377686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 8098005 | - | - | 8098005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 5004192 | - | - | 5004192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 313950 | - | - | 313950 |
| **Total Common Stocks** | 57257846 | - | - | 57257846 |
| **Short Term Investments** | 692538 | - | - | 692538 |
| **Total Investments in Securities** | $57950384 | $- | $- | $57950384 |

---

Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | |
|:---|:---|
| Description | **Warrants** |
| Balance as of November 1, 2022 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | - |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales proceeds and paydowns | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accreted discounts, net | - |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Actions | - |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) | - |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers into/(out of) Level 3 | - |
| **Balance as of January 31, 2023** | **-** |
| Change in unrealized appreciation (depreciation) during the |  |
| period for Level 3 investments held at January 31, 2023. | $**-** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Perritt Ultra MicroCap Fund** |  |  |  |  |
| **<u>Description</u>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Investments in Securities** |  |  |  |  |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $827235 | $- | $- | $827235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 1105400 | - | - | 1105400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 212015 | - | - | 212015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 131256 | - | - | 131256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 847078 | - | - | 847078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 1660258 | - | - | 1660258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 2603743 | - | - | 2603743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 3897475 | - | - | 3897475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 569852 | - | - | 569852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 313495 | - | - | 313495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 256140 | - | - | 256140 |
| **Total Common Stocks** | 12423947 | - | - | 12423947 |
| **Warrants** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | - | - | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 4485 | - | - | 4485 |
| **Total Warrants** | 4485 | - | 0 | 4485 |
| **Short Term Investments** | 345993 | - | - | 345993 |
| **Total Investments in Securities** | $12774425 | $- | $0 | $12774425 |

---

Below is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | |
|:---|:---|
| Description | **Warrants** |
| Balance as of November 1, 2022 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases | - |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales proceeds and paydowns | - |
| &nbsp;&nbsp;&nbsp;&nbsp; Accreted discounts, net | - |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Actions | - |
| &nbsp;&nbsp;&nbsp;&nbsp; Realized gain (loss) | - |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) | - |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfers into/(out of) Level 3 | - |
| **Balance as of January 31, 2023** | $**0** |
| Change in unrealized appreciation (depreciation) during the |  |
| period for Level 3 investments held at January 31, 2023. | $**-** |

---

Please refer to the Schedule of Investments for additional information regarding the composition of the amounts listed above.<br>

## Nport-Ex

---

| | | |
|:---|:---|:---|
| Perritt Micro Cap Opportunities | Perritt Micro Cap Opportunities | Perritt Micro Cap Opportunities |
| Schedule of Investments (Unaudited) | Schedule of Investments (Unaudited) | January 31, 2023 |
| **Shares** | **COMMON STOCKS - 98.98%** | **Value** |
|  | **Air Freight & Logistics - 3.62%** |  |
| 373000 | Radiant Logistics, Inc. (a) | $2092530 |
|  |  | 2092530 |
|  | **Auto Components - 1.35%** |  |
| 40000 | Motorcar Parts of America, Inc. (a) | 582400 |
| 7894 | Strattec Security Corp. (a) | 196639 |
|  |  | 779039 |
|  | **Banks - 1.14%** |  |
| 25000 | First Internet Bancorp | 657250 |
|  |  | 657250 |
|  | **Capital Markets - 9.40%** |  |
| 289999 | Heritage Global, Inc. (a) | 765597 |
| 180000 | Silvercrest Asset Management Group, Inc. - Class A | 3402000 |
| 406600 | U.S. Global Investors, Inc. - Class A | 1272658 |
|  |  | 5440255 |
|  | **Chemicals - 5.79%** |  |
| 155520 | Flexible Solutions International, Inc. - ADR(a)(b) | 496109 |
| 218829 | Northern Technologies International Corp. | 2855719 |
|  |  | 3351828 |
|  | **Commercial Services & Supplies - 3.545** |  |
| 20000 | CECO Environmental Corp. (a) | 287800 |
| 207000 | Perma-Fix Environmental Services, Inc. (a) | 859050 |
| 131589 | Quest Resource Holding Corp. (a) | 907964 |
|  |  | 2054814 |
|  | **Communications Equipment - 2.91%** |  |
| 13000 | Aviat Networks, Inc. (a) | 420550 |
| 200000 | Ceragon Networks, Ltd. - ADR(a)(b) | 416000 |
| 182612 | PC-Tel, Inc. | 845494 |
|  |  | 1682044 |
|  | **Construction & Engineering - 4.57%** |  |
| 45703 | Bowman Consulting Group Ltd. (a) | 1164970 |
| 10288 | IES Holdings, Inc. (a) | 409565 |
| 15900 | Matrix Service Co. (a) | 128313 |
| 25223 | Northwest Pipe Co. (a) | 943340 |
|  |  | 2646188 |
|  | **Consumer Finance - 0.79%** |  |
| 50000 | EZCORP, Inc. - Class A (a) | 455500 |
|  |  | 455500 |
|  | **Diversified Consumer Services - 1.87%** |  |
| 75000 | Lincoln Educational Services Corp. (a) | 476250 |
| 80000 | Universal Technical Institute, Inc. (a) | 606400 |
|  |  | 1082650 |
|  | **Diversified Financial Services - 2.78%** |  |
| 32000 | A-Mark Precious Metals, Inc. | 1232000 |
| 20000 | SWK Holdings Corp. (a) | 377200 |
|  |  | 1609200 |
|  | **Diversified Telecommunication Services - 0.62%** |  |
| 25000 | Ooma, Inc. (a) | 359250 |
|  |  | 359250 |
|  | **Electrical Equipment - 1.19%** |  |
| 50000 | LSI Industries, Inc. | 686500 |
|  |  | 686500 |
|  | **Electronic Equipment, Instruments & Components - 4.29%** |  |
| 27630 | Bel Fuse, Inc. - Class B | 1089727 |
| 69474 | Coda Octopus Group, Inc. (a) | 501602 |
| 33000 | Identiv, Inc. (a) | 287760 |
| 210605 | Powerfleet, Inc. (a) | 602330 |
|  |  | 2481419 |
|  | **Energy Equipment & Services - 2.51%** |  |
| 325000 | CSI Compressco LP | 455000 |
| 40000 | Geospace Technologies Corp. (a) | 190400 |
| 120000 | Newpark Resources, Inc. (a) | 544800 |
| 229495 | Profire Energy, Inc. (a) | 259329 |
|  |  | 1449529 |
|  | **Entertainment - 1.56%** |  |
| 20381 | Chicken Soup For The Soul Entertainment, Inc. (a) | 126770 |
| 363500 | WildBrain Ltd. - ADR(a)(b) | 774255 |
|  |  | 901025 |
|  | **Food Products - 1.21%** |  |
| 350000 | MamaMancini's Holdings, Inc. (a) | 698250 |
|  |  | 698250 |
|  | **Health Care Providers & Services - 2.70%** |  |
| 13793 | InfuSystem Holdings, Inc. (a) | 138206 |
| 133802 | Quipt Home Medical Corp. - ADR(a)(b) | 776052 |
| 76070 | Viemed Healthcare, Inc. - ADR(a)(b) | 645834 |
|  |  | 1560092 |
|  | **Health Care Technology - 0.95%** |  |
| 238857 | iCAD, Inc. (a) | 546982 |
|  |  | 546982 |
|  | **Hotels, Restaurants & Leisure - 1.74%** |  |
| 84000 | Century Casinos, Inc. (a) | 740880 |
| 90000 | Galaxy Gaming, Inc. (a) | 265050 |
|  |  | 1005930 |
|  | **Household Durables - 5.26%** |  |
| 6271 | Flexsteel Industries, Inc. | 120780 |
| 91500 | Legacy Housing Corp. (a) | 1831830 |
| 82284 | Singing Machine Co., Inc. (a) | 365343 |
| 20000 | The Lovesac Co. (a) | 514800 |
| 20062 | VOXX International Corp. (a) | 211554 |
|  |  | 3044307 |
|  | **Interactive Media & Services - 1.07%** |  |
| 103800 | DHI Group, Inc. (a) | 616572 |
|  |  | 616572 |
|  | **Internet & Direct Marketing Retail - 0.52%** |  |
| 400000 | Polished.com, Inc. (a) | 302000 |
|  |  | 302000 |
|  | **IT Services - 2.66%** |  |
| 96117 | Information Services Group, Inc. | 503653 |
| 270000 | Research Solutions, Inc. (a) | 599400 |
| 225000 | Usio, Inc. (a) | 438750 |
|  |  | 1541803 |
|  | **Machinery - 8.65%** |  |
| 53557 | Commercial Vehicle Group, Inc. (a) | 448808 |
| 41000 | Gencor Industries, Inc. (a) | 436240 |
| 17512 | LB Foster Co. - Class A (a) | 207167 |
| 48000 | Mayville Engineering Co, Inc. (a) | 768000 |
| 40000 | Miller Industries, Inc. | 1160400 |
| 39000 | Shyft Group, Inc. | 1298310 |
| 272000 | TechPrecision Corp. (a) | 682720 |
|  |  | 5001645 |
|  | **Marine - 0.85%** |  |
| 25000 | Euroseas Ltd. - ADR (b) | 493750 |
|  |  | 493750 |
|  | **Metals & Mining - 2.86%** |  |
| 72404 | Ampco-Pittsburgh Corp. (a) | 237485 |
| 65000 | Fortitude Gold Corp. | 416000 |
| 236069 | Gold Resource Corp. | 408399 |
| 88000 | McEwen Mining, Inc. (a) | 590480 |
|  |  | 1652364 |
|  | **Mortgage Real Estate Investment Trusts - 1.55%** |  |
| 57997 | Chicago Atlantic Real Estate Finance, Inc. | 896054 |
|  |  | 896054 |
|  | **Oil & Gas & Consumable Fuels - 3.16%** |  |
| 172367 | Evolution Petroleum Corp. | 1075570 |
| 60000 | PHX Minerals, Inc. | 216600 |
| 115000 | Vaalco Energy, Inc. | 534750 |
|  |  | 1826920 |
|  | **Pharmaceuticals - 2.87%** |  |
| 315000 | Assertio Holdings, Inc. (a) | 1294650 |
| 45000 | ProPhase Labs, Inc. | 368100 |
|  |  | 1662750 |
|  | **Professional Services - 6.41%** |  |
| 37523 | BGSF, Inc. | 543333 |
| 160800 | DLH Holdings Corp. (a) | 1979448 |
| 39636 | Hudson Global, Inc. (a) | 988918 |
| 14000 | Where Food Comes From, Inc. (a) | 196000 |
|  |  | 3707699 |
|  | **Semiconductors & Semiconductor Equipment - 1.19%** |  |
| 38000 | Photronics, Inc. (a) | 688560 |
|  |  | 688560 |
|  | **Software - 1.64%** |  |
| 21720 | American Software, Inc. - Class A | 330361 |
| 30000 | Asure Software, Inc. (a) | 318900 |
| 84800 | Intrusion, Inc. (a) | 300192 |
|  |  | 949453 |
|  | **Specialty Retail - 0.83%** |  |
| 10000 | Build-A-Bear Workshop, Inc. (a) | 245600 |
| 303500 | Xcel Brands, Inc. (a) | 235243 |
|  |  | 480843 |
|  | **Technology Hardware, Storage & Peripherals - 1.30%** |  |
| 350000 | Boxlight Corp. - Class A (a) | 161805 |
| 81000 | Immersion Corp. | 592920 |
|  |  | 754725 |
|  | **Textile, Apparel & Luxury Goods - 1.59%** |  |
| 14000 | Delta Apparel, Inc. (a) | 163380 |
| 20000 | Lakeland Industries, Inc. (a) | 289600 |
| 39366 | Superior Group of Cos., Inc. | 469636 |
|  |  | 922616 |
|  | **Trading Companies & Distributors - 1.20%** |  |
| 8000 | BlueLinx Holdings, Inc. (a) | 694560 |
|  |  | 694560 |
|  | **Water Utilities - 0.54%** |  |
| 35000 | Pure Cycle Corp. (a) | 313950 |
|  |  | 313950 |
|  | **Wireless Telecommunications Services - 0.29%** |  |
| 20000 | Spok Holdings, Inc. | 167000 |
|  |  | 167000 |
|  | **TOTAL COMMON STOCKS (Cost $37,671,746)** | $57257846 |
|  | **SHORT-TERM INVESTMENTS - 1.20%** |  |
|  | **Money Market Funds - 1.20%** |  |
| 692538 | U.S. Bank Money Market Deposit Account, 3.90% (c) | $692538 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $692,538)** | $692538 |
|  | **Total Investments (Cost $38,364,284) - 100.18%** | $**57950384** |
|  | **Liabilities in Excess of Other Assets - (0.18)%** | (102502) |
|  | **TOTAL NET ASSETS - 100.00%** | $**57847882** |

---

*Percentages are stated as a percent of net assets.*<br>

---

| | |
|:---|:---|
| *ADR* | *American Depository Receipt* |
| (a) | *Non-income producing security.* |
| (b) | *Foreign issued security.* |
| (c) | *The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term investment vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on conditions and may change daily and by any amount. The rate shown is as of January 31, 2023.* |

---

## 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:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**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:** $58014341.22

**Total Liabilities:** $146236.90

**Net Assets:** $57868104.32

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000123834 | 2.76%                | -1.48%               | 8.65%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2699851.72              | $-1173228.93                               |
| Month 2  | $89827.62                | $-1182988.12                               |
| Month 3  | $311291.09               | $4340533.10                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LSI Industries Inc                     | LSI Industries Inc                          | CUSIP: 50216C108<br>LEI: 529900HY42OANH6BVT33 | Long             | EC               | CORP              | US        |     50000 | NS      | $686500.00    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Lakeland Industries Inc                | Lakeland Industries Inc                     | CUSIP: 511795106<br>LEI: 549300HGP70IM9WKU164 | Long             | EC               | CORP              | US        |     20000 | NS      | $289600.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Educational Services C         | Lincoln Educational Services Corp           | CUSIP: 533535100<br>LEI: 549300BJ55KUY6RG7L98 | Long             | EC               | CORP              | US        |     75000 | NS      | $476250.00    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| MamaMancini's Holdings Inc             | MamaMancini's Holdings Inc                  | CUSIP: 56146T103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    350000 | NS      | $698250.00    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Miller Industries Inc/TN               | Miller Industries Inc/TN                    | CUSIP: 600551204<br>LEI: 549300F1O74SPUJ7UU94 | Long             | EC               | CORP              | US        |     40000 | NS      | $1160400.00   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ProPhase Labs Inc                      | ProPhase Labs Inc                           | CUSIP: 74345W108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45000 | NS      | $368100.00    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Technical Institute          | Universal Technical Institute Inc           | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |     80000 | NS      | $606400.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Usio Inc                               | Usio Inc                                    | CUSIP: 917313108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    225000 | NS      | $438750.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| VOXX International Corp                | VOXX International Corp                     | CUSIP: 91829F104<br>LEI: EC1QKSEOVR96PYJPNS25 | Long             | EC               | CORP              | US        |     20062 | NS      | $211553.79    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| VAALCO Energy Inc                      | VAALCO Energy Inc                           | CUSIP: 91851C201<br>LEI: 549300CFHFVIWB8M6T24 | Long             | EC               | CORP              | US        |    115000 | NS      | $534750.00    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Viemed Healthcare Inc                  | Viemed Healthcare Inc                       | CUSIP: 92663R105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     76070 | NS      | $645834.30    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| WildBrain Ltd                          | WildBrain Ltd                               | CUSIP: 96810C101<br>LEI: 549300WVVSC8SXM80J15 | Long             | EC               | CORP              | CA        |    363500 | NS      | $774255.00    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Identiv Inc                            | Identiv Inc                                 | CUSIP: 45170X205<br>LEI: 5299008KH3C585Z0DS77 | Long             | EC               | CORP              | US        |     33000 | NS      | $287760.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Immersion Corp                         | Immersion Corp                              | CUSIP: 452521107<br>LEI: 529900AKNC1UAMQ2YB35 | Long             | EC               | CORP              | US        |     81000 | NS      | $592920.00    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Information Services Group Inc         | Information Services Group Inc              | CUSIP: 45675Y104<br>LEI: 549300ZUNI6DQ0G8Q273 | Long             | EC               | CORP              | US        |     96117 | NS      | $503653.08    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Legacy Housing Corp                    | Legacy Housing Corp                         | CUSIP: 52472M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     91500 | NS      | $1831830.00   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Strattec Security Corp                 | Strattec Security Corp                      | CUSIP: 863111100<br>LEI: 549300Z394OP8S8TSR40 | Long             | EC               | CORP              | US        |      7894 | NS      | $196639.54    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Superior Group of Cos Inc              | Superior Group of Cos Inc                   | CUSIP: 868358102<br>LEI: UOX145EEO0TB0ZWX2152 | Long             | EC               | CORP              | US        |     39366 | NS      | $469636.38    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| TechPrecision Corp                     | TechPrecision Corp                          | CUSIP: 878739101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    272000 | NS      | $682720.00    | 1.18%             |  |  |  | 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        |    722769 | NS      | $722769.15    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Build-A-Bear Workshop Inc              | Build-A-Bear Workshop Inc                   | CUSIP: 120076104<br>LEI: 529900S9MWZC1UBF3D13 | Long             | EC               | CORP              | US        |     10000 | NS      | $245600.00    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicken Soup For The Soul Ente         | Chicken Soup For The Soul Entertainment Inc | CUSIP: 16842Q100<br>LEI: 549300THRJ0EJ1DIID72 | Long             | EC               | CORP              | US        |     20381 | NS      | $126769.82    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudson Global Inc                      | Hudson Global Inc                           | CUSIP: 443787205<br>LEI: 54930073WVI9H7ILKL69 | Long             | EC               | CORP              | US        |     39636 | NS      | $988918.20    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Powerfleet Inc                         | Powerfleet Inc                              | CUSIP: 73931J109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    210605 | NS      | $602330.30    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| A-Mark Precious Metals Inc             | A-Mark Precious Metals Inc                  | CUSIP: 00181T107<br>LEI: XP6XYFDZQGKLUMOFGT37 | Long             | EC               | CORP              | US        |     32000 | NS      | $1232000.00   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| American Software Inc/GA               | American Software Inc/GA                    | CUSIP: 029683109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21720 | NS      | $330361.20    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Perma-Fix Environmental Servic         | Perma-Fix Environmental Services Inc        | CUSIP: 714157203<br>LEI: 54930015OVD1T5P12U15 | Long             | EC               | CORP              | US        |    207000 | NS      | $859050.00    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Photronics Inc                         | Photronics Inc                              | CUSIP: 719405102<br>LEI: 549300OK5JVNIBNY6F63 | Long             | EC               | CORP              | US        |     38000 | NS      | $688560.00    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Ampco-Pittsburgh Corp                  | Ampco-Pittsburgh Corp                       | CUSIP: 032037103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     72404 | NS      | $237485.12    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Assertio Holdings Inc                  | Assertio Holdings Inc                       | CUSIP: 04546C205<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    315000 | NS      | $1294650.00   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Asure Software Inc                     | Asure Software Inc                          | CUSIP: 04649U102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     30000 | NS      | $318900.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Aviat Networks Inc                     | Aviat Networks Inc                          | CUSIP: 05366Y201<br>LEI: 549300Z3X8Z4MK52CI65 | Long             | EC               | CORP              | US        |     13000 | NS      | $420550.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| BGSF Inc                               | BGSF Inc                                    | CUSIP: 05601C105<br>LEI: 549300AUC6I9ZG3KKQ91 | Long             | EC               | CORP              | US        |     37523 | NS      | $543333.04    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Bel Fuse Inc                           | Bel Fuse Inc                                | CUSIP: 077347300<br>LEI: 2549009L4XYDBRRY6X39 | Long             | EC               | CORP              | US        |     27630 | NS      | $1089727.20   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| BlueLinx Holdings Inc                  | BlueLinx Holdings Inc                       | CUSIP: 09624H208<br>LEI: 549300YSX7GU28F5I540 | Long             | EC               | CORP              | US        |      8000 | NS      | $694560.00    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Bowman Consulting Group Ltd            | Bowman Consulting Group Ltd                 | CUSIP: 103002101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     45703 | NS      | $1164969.47   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Boxlight Corp                          | Boxlight Corp                               | CUSIP: 103197109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    350000 | NS      | $161805.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| CECO Environmental Corp                | CECO Environmental Corp                     | CUSIP: 125141101<br>LEI: 5493002CZCTL4HGLIY91 | Long             | EC               | CORP              | US        |     20000 | NS      | $287800.00    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CSI Compressco LP                      | CSI Compressco LP                           | CUSIP: 12637A103<br>LEI: 549300STALDQYSVEO325 | Long             | EC               | CORP              | US        |    325000 | NS      | $455000.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Century Casinos Inc                    | Century Casinos Inc                         | CUSIP: 156492100<br>LEI: 549300H2L4Y24HXY7M50 | Long             | EC               | CORP              | US        |     84000 | NS      | $740880.00    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Heritage Global Inc                    | Heritage Global Inc                         | CUSIP: 42727E103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    289999 | NS      | $765597.36    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| iCAD Inc                               | iCAD Inc                                    | CUSIP: 44934S206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    239000 | NS      | $547310.00    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Newpark Resources Inc                  | Newpark Resources Inc                       | CUSIP: 651718504<br>LEI: 54930073OHWDQW4DJN26 | Long             | EC               | CORP              | US        |    120000 | NS      | $544800.00    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Northwest Pipe Co                      | Northwest Pipe Co                           | CUSIP: 667746101<br>LEI: 54930056VW2CRCZ9RE54 | Long             | EC               | CORP              | US        |     25223 | NS      | $943340.20    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| PHX Minerals Inc                       | PHX Minerals Inc                            | CUSIP: 69291A100<br>LEI: 5493007OI1JOF1QSPE51 | Long             | EC               | CORP              | US        |     60000 | NS      | $216600.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| PCTEL Inc                              | PCTEL Inc                                   | CUSIP: 69325Q105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    182612 | NS      | $845493.56    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Profire Energy Inc                     | Profire Energy Inc                          | CUSIP: 74316X101<br>LEI: 5299000Z8I499RSMID74 | Long             | EC               | CORP              | US        |    234495 | NS      | $264979.35    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Vehicle Group Inc           | Commercial Vehicle Group Inc                | CUSIP: 202608105<br>LEI: 5493006OG8I91X0K7Q22 | Long             | EC               | CORP              | US        |     53557 | NS      | $448807.66    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| IES Holdings Inc                       | IES Holdings Inc                            | CUSIP: 44951W106<br>LEI: 549300687T8E6LN6EN72 | Long             | EC               | CORP              | US        |     10288 | NS      | $409565.28    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| InfuSystem Holdings Inc                | InfuSystem Holdings Inc                     | CUSIP: 45685K102<br>LEI: 549300F58N8PHJ4QUI59 | Long             | EC               | CORP              | US        |     13793 | NS      | $138205.86    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Intrusion Inc                          | Intrusion Inc                               | CUSIP: 46121E205<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     84800 | NS      | $300192.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Lovesac Co/The                         | Lovesac Co/The                              | CUSIP: 54738L109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20000 | NS      | $514800.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Matrix Service Co                      | Matrix Service Co                           | CUSIP: 576853105<br>LEI: 529900VYBKSX6HD2YW58 | Long             | EC               | CORP              | US        |     15900 | NS      | $128313.00    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Mayville Engineering Co Inc            | Mayville Engineering Co Inc                 | CUSIP: 578605107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48000 | NS      | $768000.00    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| McEwen Mining Inc                      | McEwen Mining Inc                           | CUSIP: 58039P305<br>LEI: 5493000FX50GEWAF3U70 | Long             | EC               | CORP              | CA        |     88000 | NS      | $590480.00    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorcar Parts of America Inc          | Motorcar Parts of America Inc               | CUSIP: 620071100<br>LEI: 549300AG4610OSV3H429 | Long             | EC               | CORP              | US        |     40000 | NS      | $582400.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Technologies Internat         | Northern Technologies International Corp    | CUSIP: 665809109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    218829 | NS      | $2855718.45   | 4.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Ooma Inc                               | Ooma Inc                                    | CUSIP: 683416101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25000 | NS      | $359250.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Pure Cycle Corp                        | Pure Cycle Corp                             | CUSIP: 746228303<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35000 | NS      | $313950.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Quest Resource Holding Corp            | Quest Resource Holding Corp                 | CUSIP: 74836W203<br>LEI: 54930088J62L2GTB0F58 | Long             | EC               | CORP              | US        |    131589 | NS      | $907964.10    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Quipt Home Medical Corp                | Quipt Home Medical Corp                     | CUSIP: 74880P104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    133802 | NS      | $776051.60    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Radiant Logistics Inc                  | Radiant Logistics Inc                       | CUSIP: 75025X100<br>LEI: 549300HWCW2HBOG4GN20 | Long             | EC               | CORP              | US        |    373000 | NS      | $2092530.00   | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Research Solutions Inc/CA              | Research Solutions Inc/CA                   | CUSIP: 761025105<br>LEI: 549300TYWPCKGK141Q94 | Long             | EC               | CORP              | US        |    270000 | NS      | $599400.00    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| SWK Holdings Corp                      | SWK Holdings Corp                           | CUSIP: 78501P203<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20000 | NS      | $377200.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Singing Machine Co Inc/The             | Singing Machine Co Inc/The                  | CUSIP: 829322403<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     82284 | NS      | $365342.44    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Spok Holdings Inc                      | Spok Holdings Inc                           | CUSIP: 84863T106<br>LEI: 549300HXXANIVN2ICC89 | Long             | EC               | CORP              | US        |     20000 | NS      | $167000.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| US Global Investors Inc                | US Global Investors Inc                     | CUSIP: 902952100<br>LEI: 529900IRM26R91LI8531 | Long             | EC               | CORP              | US        |    406600 | NS      | $1272658.00   | 2.20%             |  |  |  | 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        |     14000 | NS      | $196000.00    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Xcel Brands Inc                        | Xcel Brands Inc                             | CUSIP: 98400M101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    303500 | NS      | $235242.85    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Ceragon Networks Ltd                   | Ceragon Networks Ltd                        | CUSIP: N/A<br>LEI: 529900WC6JZN5WQLZ645       | Long             | EC               | CORP              | IL        |    200000 | NS      | $416000.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Euroseas Ltd                           | Euroseas Ltd                                | CUSIP: N/A<br>LEI: 213800ADWWZOFC9KU444       | Long             | EC               | CORP              | GR        |     25000 | NS      | $493750.00    | 0.85%             |  |  |  | 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        |     57997 | NS      | $896053.65    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Coda Octopus Group Inc                 | Coda Octopus Group Inc                      | CUSIP: 19188U206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     69474 | NS      | $501602.28    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| DHI Group Inc                          | DHI Group Inc                               | CUSIP: 23331S100<br>LEI: 529900489RAC0CU0AO81 | Long             | EC               | CORP              | US        |    103800 | NS      | $616572.00    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| DLH Holdings Corp                      | DLH Holdings Corp                           | CUSIP: 23335Q100<br>LEI: 549300KRYPLQFKWVTE62 | Long             | EC               | CORP              | US        |    160800 | NS      | $1979448.00   | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Apparel Inc                      | Delta Apparel Inc                           | CUSIP: 247368103<br>LEI: 549300YCES15WEDS8Z04 | Long             | EC               | CORP              | US        |     14000 | NS      | $163380.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Polished.com Inc                       | Polished.com Inc                            | CUSIP: 28252C109<br>LEI: 549300D8Y9ETZNNDSB51 | Long             | EC               | CORP              | US        |    400000 | NS      | $302000.00    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Evolution Petroleum Corp               | Evolution Petroleum Corp                    | CUSIP: 30049A107<br>LEI: 549300P9ZXGJZ6SSM116 | Long             | EC               | CORP              | US        |    172367 | NS      | $1075570.08   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP Inc                             | EZCORP Inc                                  | CUSIP: 302301106<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | EC               | CORP              | US        |     50000 | NS      | $455500.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| First Internet Bancorp                 | First Internet Bancorp                      | CUSIP: 320557101<br>LEI: 549300T25MP2M92XU194 | Long             | EC               | CORP              | US        |     25000 | NS      | $657250.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Flexsteel Industries Inc               | Flexsteel Industries Inc                    | CUSIP: 339382103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6271 | NS      | $120779.46    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Flexible Solutions Internation         | Flexible Solutions International Inc        | CUSIP: 33938T104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    155520 | NS      | $496108.80    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortitude Gold Corp                    | Fortitude Gold Corp                         | CUSIP: 34962K100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     65000 | NS      | $416000.00    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| L B Foster Co                          | L B Foster Co                               | CUSIP: 350060109<br>LEI: 549300AUUJGJ2T2L2179 | Long             | EC               | CORP              | US        |     17512 | NS      | $207166.96    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Galaxy Gaming Inc                      | Galaxy Gaming Inc                           | CUSIP: 36318P105<br>LEI: 549300C2URR4B1VXPH39 | Long             | EC               | CORP              | US        |     90000 | NS      | $265050.00    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Gencor Industries Inc                  | Gencor Industries Inc                       | CUSIP: 368678108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41000 | NS      | $436240.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Geospace Technologies Corp             | Geospace Technologies Corp                  | CUSIP: 37364X109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40000 | NS      | $190400.00    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Resource Corp                     | Gold Resource Corp                          | CUSIP: 38068T105<br>LEI: 5299006MQBYLDAOI2D32 | Long             | EC               | CORP              | US        |    236069 | NS      | $408399.37    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Shyft Group Inc/The                    | Shyft Group Inc/The                         | CUSIP: 825698103<br>LEI: 549300YY0TB51BGRV994 | Long             | EC               | CORP              | US        |     39000 | NS      | $1298310.00   | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Silvercrest Asset Management G         | Silvercrest Asset Management Group Inc      | CUSIP: 828359109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    180000 | NS      | $3402000.00   | 5.88%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-22

**Name of Applicant:** Perritt Funds Inc

**Signature:** /s/ Lynn Burmeister

**Name of Signer:** Lynn Burmeister

**Title:** Chief Compliance Officer