Perritt Funds NPORT-P Perritt Ultra MicroCap Fund (Jan 2024 report)

Perritt Ultra MicroCap Fund

Schedule of Investments

as of January 31, 2024 (Unaudited)

COMMON STOCKS - 97.1%	Shares		Value
Aerospace & Defense - 3.3%
VirTra, Inc.(a)	35,000	$	358,750
Banks - 3.2%
First Internet Bancorp	6,500		214,370
Isabella Bank Corp.	6,000		129,240
			343,610
Biotechnology - 0.6%
Actinium Pharmaceuticals, Inc.(a)	12,000		64,560
Capital Markets - 1.7%
Silvercrest Asset Management Group, Inc. - Class A	11,000		183,480
Chemicals - 3.9%
Advanced Emissions Solutions, Inc.(a)	30,000		100,800
Flexible Solutions International, Inc.	36,815		68,844
Northern Technologies International Corp.	20,000		258,800
			428,444
Commercial Services & Supplies - 2.3%
Quest Resource Holding Corp.(a)	35,600		245,640
Communications Equipment - 1.9%
BK Technologies Corp.(a)	15,000		178,500
Westell Technologies, Inc. - Class A(a)	20,000		32,600
			211,100
Construction & Engineering - 1.3%
Bowman Consulting Group Ltd.(a)	4,500		141,345
Consumer Finance - 0.3%
Janover, Inc.(a)	30,000		37,800
Consumer Staples Distribution & Retail - 1.1%
HF Foods Group, Inc.(a)	25,000		125,000
Diversified REITs - 1.6%
Generation Income Properties, Inc.	3,080		12,813
Modiv Industrial, Inc.	11,000		164,890
			177,703
Electrical Equipment - 2.7%
Espey Manufacturing & Electronics Corp.	5,500		121,000
Expion360, Inc.(a)	15,000		64,650
Ultralife Corp.(a)	15,000		106,050
			291,700
Electronic Equipment, Instruments & Components - 6.2%
Data I/O Corp.(a)	49,374		160,959
Identiv, Inc.(a)	16,000		125,120
Iteris, Inc.(a)	25,000		120,500
Luna Innovations, Inc.(a)	22,500		161,325
Napco Security Technologies, Inc.	3,000		104,250
			672,154
Energy Equipment & Services - 2.9%
Gulf Island Fabrication, Inc.(a)	20,000		90,000
Natural Gas Services Group, Inc.(a)	15,100		220,762
			310,762
Financial Services - 5.0%
A-Mark Precious Metals, Inc.	9,000		242,730
Cantaloupe, Inc.(a)	25,000		170,250
Usio, Inc.(a)	80,000		133,600
			546,580
Food Products - 0.4%
BranchOut Food, Inc.(a)	34,708		39,914
Health Care Equipment & Supplies - 6.2%
Biomerica, Inc.(a)	42,500		39,525
Modular Medical, Inc.(a)	85,000		143,650
Pro-Dex, Inc.(a)	6,000		130,200
Sensus Healthcare, Inc.(a)	30,586		99,404
Strata Skin Sciences, Inc.(a)	100,000		52,500
UFP Technologies, Inc.(a)	1,250		210,638
			675,917
Health Care Providers & Services - 1.1%
Quipt Home Medical Corp.(a)	25,000		117,500
Health Care Technology - 0.3%
CareCloud, Inc.(a)	24,200		31,944
Hotels, Restaurants & Leisure - 3.8%
Bragg Gaming Group, Inc.(a)	40,000		222,400
Century Casinos, Inc.(a)	20,000		69,400
Galaxy Gaming, Inc.(a)	66,621		119,918
			411,718
Household Durables - 0.3%
Singing Machine Co., Inc.(a)	43,510		31,284
Interactive Media & Services - 0.7%
DHI Group, Inc.(a)	35,000		80,150
IT Services - 5.9%
Data Storage Corp.(a)	19,414		71,249
DecisionPoint Systems, Inc.(a)	40,001		263,207
Information Services Group, Inc.	25,000		110,500
Research Solutions, Inc.(a)	75,000		195,750
			640,706
Machinery - 6.7%
Commercial Vehicle Group, Inc.(a)	17,500		113,575
Gencor Industries, Inc.(a)	15,000		234,000
Taylor Devices, Inc.(a)	10,315		317,702
TechPrecision Corp.(a)	15,000		57,000
			722,277
Media - 2.1%
Creative Realities, Inc.(a)	50,000		145,000
Perion Network Ltd.(a)	2,000		58,900
Saga Communications, Inc. - Class A	1,184		27,966
			231,866
Metals & Mining - 1.8%
Ampco-Pittsburgh Corp.(a)	38,505		97,418
Ascent Industries Co.(a)	5,402		54,074
Avino Silver & Gold Mines Ltd.(a)	100,000		47,500
			198,992
Mortgage Real Estate Investment Trusts (REITs) - 2.7%
Chicago Atlantic Real Estate Finance, Inc.	10,950		173,776
Sachem Capital Corp.	32,500		116,675
			290,451
Oil, Gas & Consumable Fuels - 2.1%
Adams Resources & Energy, Inc.	5,000		125,850
PHX Minerals, Inc.	31,000		98,890
			224,740
Pharmaceuticals - 0.9%
ProPhase Labs, Inc.(a)(b)	20,000		97,000
Professional Services - 9.8%
Asure Software, Inc.(a)	10,000		88,400
BGSF, Inc.	13,000		132,600
DLH Holdings Corp.(a)	33,424		524,757
Hudson Global, Inc.(a)	11,014		162,456
Willdan Group, Inc.(a)	8,000		153,120
			1,061,333
Real Estate Management & Development - 1.0%
LuxUrban Hotels, Inc.(a)(b)	25,000		104,000
Semiconductors & Semiconductor Equipment - 0.8%
inTEST Corp.(a)	7,500		89,475
Software - 1.7%
Issuer Direct Corp.(a)	10,133		153,515
NetSol Technologies, Inc.(a)	12,739		26,370
			179,885
Specialized REITs - 1.2%
Global Self Storage, Inc.	30,000		132,000
Technology Hardware, Storage & Peripherals - 1.4%
TransAct Technologies, Inc.(a)	20,000		153,200
Textiles, Apparel & Luxury Goods - 3.3%
Crown Crafts, Inc.	30,000		156,900
Lakeland Industries, Inc.	11,000		198,110
			355,010
Trading Companies & Distributors - 1.0%
FGI Industries Ltd.(a)	70,000		102,900
Water Utilities - 2.0%
Global Water Resources, Inc.	18,000		215,820
Wireless Telecommunication Services - 1.9%
SurgePays, Inc.(a)(b)	30,000		210,000
TOTAL COMMON STOCKS (Cost $8,152,572)			10,536,710
WARRANTS - 0.0%(c)	Contracts		Value
Metals & Mining - 0.0%(c)
Ampco-Pittsburgh Corp., Expires 08/01/2025, Exercise Price $5.75(a)	15,000		1,336
TOTAL WARRANTS (Cost $0)			1,336
SHORT-TERM INVESTMENTS - 3.0%	Shares		Value
Investments Purchased with Proceeds from Securities Lending - 3.0%
First American Government Obligations Fund - Class X, 5.18%(d)	328,195		328,195
TOTAL SHORT-TERM INVESTMENTS (Cost $328,195)			328,195
TOTAL INVESTMENTS - 100.1% (Cost $8,480,767)		$	10,866,241
Money Market Deposit Account - 4.1%(e)			449,212
Liabilities in Excess of Other Assets - (4.2)%			(457,966)
TOTAL NET ASSETS - 100.0%		$	10,857,487

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (GICS^®) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

(a)	Non-income producing security.
(b)	All or a portion of this security is on loan as of January 31, 2024. The total market value of these securities was $314,493 which represented 2.9% of net assets.
(c)	Represents less than 0.05% of net assets.
(d)	The rate shown represents the 7-day effective yield as of January 31, 2024.
(e)	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 January 31, 2024 was 5.20%.