Perritt MicroCap Opportunities Fund
  
Schedule of Investments
  
July 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 95.0%
  
Shares
    
Value
 
Aerospace & Defense - 0.7%
        
VirTra, Inc. (a)
    
58,264
    
$
413,092
  
                 
Air Freight & Logistics - 3.0%
          
Radiant Logistics, Inc. (a)
    
280,000
      
1,654,800
  
                 
Automobile Components - 1.1%
          
Motorcar Parts of America, Inc. (a)
    
57,000
      
591,090
  
                 
Banks - 1.1%
          
First Internet Bancorp
    
16,507
      
361,998
  
Flushing Financial Corp.
    
20,000
      
239,800
  
             
601,798
  
                 
Capital Markets - 6.0%
          
Heritage Global, Inc. (a)
    
200,000
      
430,000
  
Silvercrest Asset Management Group, Inc. - Class A
    
117,000
      
1,914,120
  
US Global Investors, Inc. - Class A
    
400,000
      
956,000
  
             
3,300,120
  
                 
Chemicals - 4.1%
          
Arq, Inc. (a)
    
75,000
      
401,250
  
Flexible Solutions International, Inc.
    
110,000
      
586,531
  
Greystone Logistics, Inc. (a)
    
90,000
      
103,500
  
Northern Technologies International Corp.
    
153,000
      
1,178,100
  
             
2,269,381
  
                 
Commercial Services & Supplies - 4.6%
          
CECO Environmental Corp. (a)
    
12,000
      
539,400
  
Perma-Fix Environmental Services, Inc. (a)
    
153,000
      
1,762,560
  
Quest Resource Holding Corp. (a)
    
120,000
      
241,200
  
             
2,543,160
  
                 
Communications Equipment - 2.6%
          
Aviat Networks, Inc. (a)
    
22,000
      
475,200
  
BK Technologies Corp. (a)
    
12,000
      
466,080
  
Ceragon Networks, Ltd. (a)
    
215,000
      
475,150
  
             
1,416,430
  
                 
Construction & Engineering - 3.1%
          
Bowman Consulting Group Ltd. (a)
    
15,000
      
520,200
  
Northwest Pipe  Co. (a)
    
20,000
      
835,600
  
Orion Group Holdings, Inc. (a)
    
50,000
      
370,500
  
             
1,726,300
  
                 
Consumer Finance - 1.8%
          
EZCORP, Inc. - Class A (a)
    
70,000
      
1,002,400
  
                 
Consumer Staples Distribution & Retail - 0.4%
          
HF Foods Group, Inc. (a)
    
90,000
      
243,900
  
                 
Distributors - 1.4%
          
Alliance Entertainment Holding Corp. (a)
    
51,273
      
244,572
  
A-Mark Precious Metals, Inc.
    
25,000
      
532,000
  
             
776,572
  
                 
Diversified Consumer Services - 2.5%
          
Beachbody Co., Inc. (a)
    
25,000
      
108,750
  
Carriage Services, Inc.
    
5,000
      
224,600
  
Lincoln Educational Services Corp. (a)
    
25,000
      
571,750
  
Universal Technical Institute, Inc. (a)
    
15,000
      
483,300
  
             
1,388,400
  
                 
Diversified REITs - 0.6%
          
Modiv Industrial, Inc.
    
23,000
      
330,050
  
                 
Electrical Equipment - 4.1%
          
Espey Mfg. & Electronics Corp.
    
5,000
      
220,000
  
LSI Industries, Inc.
    
38,000
      
695,400
  
Power Solutions International, Inc. (a)
    
10,000
      
937,500
  
SKYX Platforms Corp. (a)
    
70,000
      
70,000
  
Ultralife Corp. (a)
    
40,000
      
318,800
  
             
2,241,700
  
                 
Electronic Equipment, Instruments & Components - 5.3%
          
Bel Fuse, Inc. - Class B
    
12,000
      
1,560,480
  
Coda Octopus Group, Inc. (a)
    
45,000
      
335,250
  
Identiv, Inc. (a)
    
70,000
      
254,100
  
Powerfleet, Inc. (a)
    
190,000
      
771,400
  
             
2,921,230
  
                 
Energy Equipment & Services - 3.1%
          
Drilling Tools International Corp. (a)
    
45,000
      
93,600
  
Forum Energy Technologies, Inc. (a)
    
10,000
      
197,100
  
Natural Gas Services Group, Inc. (a)
    
14,000
      
337,260
  
NPK International, Inc. (a)
    
120,000
      
1,082,400
  
             
1,710,360
  
                 
Entertainment - 0.3%
          
WildBrain Ltd. (a)
    
100,000
      
148,500
  
                 
Financial Services - 1.3%
          
Paysign, Inc. (a)
    
20,000
      
148,800
  
Usio, Inc. (a)
    
340,000
      
581,400
  
             
730,200
  
                 
Food Products - 1.0%
          
Alico, Inc.
    
11,000
      
355,080
  
Mama's Creations, Inc. (a)
    
25,000
      
206,500
  
             
561,580
  
                 
Health Care Equipment & Supplies - 1.6%
          
ElectroCore, Inc. (a)
    
15,000
      
103,800
  
Modular Medical, Inc. (a)
    
85,000
      
61,115
  
Sensus Healthcare, Inc. (a)
    
125,586
      
702,026
  
             
866,941
  
                 
Health Care Providers & Services - 2.1%
          
InfuSystem Holdings, Inc. (a)
    
70,000
      
392,000
  
Quipt Home Medical Corp. (a)
    
105,299
      
232,711
  
Viemed Healthcare, Inc. (a)
    
85,000
      
517,650
  
             
1,142,361
  
                 
Hotels, Restaurants & Leisure - 1.1%
          
Bragg Gaming Group, Inc. (a)
    
90,000
      
358,200
  
Century Casinos, Inc. (a)
    
104,000
      
245,440
  
             
603,640
  
                 
Household Durables - 3.1%
          
Legacy Housing Corp. (a)
    
68,000
      
1,521,840
  
Lovesac Co. (a)
    
9,000
      
162,090
  
             
1,683,930
  
                 
Interactive Media & Services - 1.1%
          
DHI Group, Inc. (a)
    
225,000
      
598,500
  
                 
IT Services - 2.8%
          
Data Storage Corp. (a)
    
40,000
      
188,800
  
Information Services Group, Inc.
    
123,883
      
533,936
  
Research Solutions, Inc. (a)
    
305,518
      
814,205
  
             
1,536,941
  
                 
Machinery - 5.7%
          
Aebi Schmidt Holding AG (a)
    
30,004
      
309,041
  
Gencor Industries, Inc. (a)
    
37,367
      
544,811
  
Mayville Engineering Co., Inc. (a)
    
30,000
      
503,100
  
Miller Industries, Inc.
    
26,000
      
1,059,500
  
Taylor Devices, Inc. (a)
    
6,000
      
270,600
  
TechPrecision Corp. (a)
    
60,500
      
260,150
  
Twin Disc, Inc.
    
20,000
      
173,000
  
             
3,120,202
  
                 
Marine Transportation - 0.4%
          
Euroseas Ltd.
    
4,000
      
207,000
  
                 
Media - 1.1%
          
Creative Realities, Inc. (a)
    
151,517
      
412,126
  
Perion Network Ltd. (a)
    
20,000
      
216,400
  
             
628,526
  
                 
Metals & Mining - 6.8%
          
Ascent Industries Co. (a)
    
24,000
      
307,920
  
Atlas Lithium Corp. (a)
    
45,000
      
205,200
  
Avino Silver & Gold Mines Ltd. (a)
    
465,000
      
1,483,350
  
Endeavour Silver Corp. (a)
    
150,000
      
760,500
  
McEwen Mining, Inc. (a)
    
68,000
      
690,880
  
United States Antimony Corp. (a)
    
65,000
      
198,900
  
Vox Royalty Corp.
    
30,000
      
95,100
  
             
3,741,850
  
                 
Mortgage Real Estate Investment Trusts (REITs) - 0.6%
          
Chicago Atlantic Real Estate Finance, Inc.
    
25,000
      
324,750
  
                 
Oil, Gas & Consumable Fuels - 2.7%
          
Evolution Petroleum Corp.
    
150,000
      
724,500
  
Vaalco Energy,  Inc.
    
115,000
      
427,800
  
Vitesse Energy, Inc.
    
15,000
      
358,950
  
             
1,511,250
  
                 
Personal Care Products - 0.6%
          
Nature's Sunshine Products, Inc. (a)
    
25,000
      
350,250
  
                 
Pharmaceuticals - 1.9%
          
Assertio Holdings, Inc. (a)
    
266,250
      
190,635
  
Biote Corp. (a)
    
100,000
      
407,000
  
High Tide, Inc. (a)
    
100,000
      
219,000
  
Medexus Pharmaceuticals, Inc. (a)
    
125,000
      
247,500
  
             
1,064,135
  
                 
Professional Services - 5.3%
          
Asure Software, Inc. (a)
    
25,009
      
242,587
  
BGSF, Inc. (a)
    
55,000
      
337,150
  
DLH Holdings Corp. (a)
    
150,000
      
841,500
  
Hudson Global, Inc. (a)
    
50,650
      
453,318
  
IBEX Holdings Ltd. (a)
    
10,000
      
295,700
  
Where Food Comes From, Inc. (a)
    
13,000
      
146,120
  
Willdan Group, Inc. (a)
    
7,000
      
597,100
  
             
2,913,475
  
                 
Semiconductors & Semiconductor Equipment - 1.1%
          
Photronics, Inc. (a)
    
30,000
      
610,800
  
                 
Software - 2.8%
          
ACCESS Newswire, Inc. (a)
    
19,721
      
233,694
  
Consensus Cloud Solutions, Inc. (a)
    
8,000
      
161,440
  
Mitek Systems, Inc. (a)
    
50,000
      
451,000
  
NetSol Technologies, Inc. (a)
    
65,000
      
264,550
  
Ooma, Inc. (a)
    
40,000
      
455,200
  
             
1,565,884
  
                 
Specialty Retail - 1.2%
          
Build-A-Bear Workshop, Inc.
    
12,000
      
608,520
  
Xcel Brands, Inc. (a)
    
42,500
      
58,650
  
             
667,170
  
                 
Technology Hardware, Storage & Peripherals - 0.9%
          
Immersion Corp.
    
70,000
      
487,900
  
                 
Textiles, Apparel & Luxury Goods - 1.6%
          
Lakeland Industries, Inc.
    
44,000
      
612,040
  
Superior Group of Cos., Inc.
    
30,000
      
289,500
  
             
901,540
  
                 
Trading Companies & Distributors - 1.2%
          
BlueLinx Holdings, Inc. (a)
    
5,000
      
366,350
  
Karat Packaging, Inc.
    
10,000
      
272,300
  
             
638,650
  
                 
Water Utilities - 1.2%
          
Global Water Resources, Inc.
    
35,000
      
334,250
  
Pure Cycle Corp. (a)
    
35,000
      
343,000
  
             
677,250
  
TOTAL COMMON STOCKS (Cost $34,340,229)
      
52,414,008
  
                 
SHORT-TERM INVESTMENTS
  
TOTAL INVESTMENTS - 95.0% (Cost $34,340,229)
      
52,414,008
  
Money Market Deposit Account - 5.2% (b)
      
2,851,163
  
Liabilities in Excess of Other Assets - (0.2)%
      
(119,154
)
TOTAL NET ASSETS - 100.0%
          
$
55,146,017
  
two
      
–
%
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. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® 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

(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:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
  
$
52,414,008
    
$
–
    
$
–
    
$
52,414,008
  
Total Investments
  
$
52,414,008
    
$
–
    
$
–
    
$
52,414,008
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.