0001145549-24-001780.txt : 20240111 0001145549-24-001780.hdr.sgml : 20240111 20240111164534 ACCESSION NUMBER: 0001145549-24-001780 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20231031 FILED AS OF DATE: 20240111 DATE AS OF CHANGE: 20240111 EFFECTIVENESS DATE: 20240111 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PERRITT FUNDS INC CENTRAL INDEX KEY: 0001286087 ORGANIZATION NAME: IRS NUMBER: 043788672 STATE OF INCORPORATION: MD FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-21556 FILM NUMBER: 24529687 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 0001286087 S000000859 Perritt Ultra MicroCap Fund C000002474 Investor Class PREOX 0001286087 S000039929 Perritt MicroCap Opportunities Fund C000123834 Investor Class PRCGX N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0001286087 XXXXXXXX false false false N-1A S000000859 true S000039929 true Perritt Funds Inc 811-21556 0001286087 549300OLJ7DQJB66FB73 300 South Wacker Drive Suite 600 Chicago 60606 US-IL US 3126691650 Perritt Capital Management, Inc. 300 South Wacker Drive Chicago 60606 3126691650 Records relating to its function as investment adviser of the Perritt Funds U.S. Bancorp Fund Services LLC 615 East Michigan Street Milwaukee 53202 18336121912 Records relating to its function as administrator, transfer agent and dividend disbursing agent U.S. Bank, N.A. 1555 North River Center Drive Milwaukee 53212 18336121912 Records relating to its function as custodian N N N-1A 2 Y David Maglich N/A N Dianne Click N/A N Michael Corbett 002874844 Y Lynn Burmeister N/A 300 South Wacker Drive Suite 600 Chicago 60606 XXXXXX N N N N N N N Quasar Distributors, LLC 8-52323 000103848 N/A Y N Cohen & Company, Ltd. 00925 N/A N N N N N N N Perritt Ultra MicroCap Fund S000000859 5493005VZLEGZBVZ6K39 N 1 0 0 N/A N N Y N N Revenue sharing split Cash collateral reinvestment fee 132055.320000000000 6043.810000000000 Rule 17a-7 (17 CFR 270.17a-7) Rule 32a-4 (17 CFR 270.32a-4) N N N N Perritt Capital Management, Inc. 801-30378 000111623 N/A N U.S. Bancorp Fund Services, LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N N Clear Street, LLC. 008-69972 000288933 549300KNQS43Y7TO3X67 6693.670000000000 Wedbush Securities Inc. 008-12987 000000877 549300CSX55MXZ47EI78 6675.390000000000 Roth Capital Partners LLC 008-32129 000015407 549300FMF3TPT1HFRF48 6086.190000000000 Barrington Research Associates Inc. 008-29831 000013820 549300EAYDU2H358PB45 3638.680000000000 Northland Securities, Inc. 008-48994 000040258 254900ZIK4MLVQAWLS15 1135.000000000000 RBC Capital Markets, LLC. 008-45411 000031194 549300LCO2FLSSVFFR64 1092.020000000000 D.A. Davidson & Co. 008-02399 000000199 549300094RQ5A7DYLF51 862.480000000000 Alliance Global Partners, LLC. 008-25132 000008361 549300QJQ08RJGC7D885 724.290000000000 Jonestrading Institutional Services LLC 008-26089 000006888 2138008JJ5PA8H5UIL69 711.340000000000 BTIG LLC 008-65473 000122225 549300GTG9PL6WO3EC51 3901.340000000000 32969.840000000000 Craig Hallum Capital Group LLC 008-65407 000121395 549300YWNPUXBR9XZW77 108000.000000000000 RBC Capital Markets, LLC. 008-45411 000031194 549300LCO2FLSSVFFR64 99000.000000000000 Alliance Global Partners, LLC. 008-25132 000008361 549300QJQ08RJGC7D885 50000.000000000000 257000.000000000000 N 11366148.730000000000 Uncommitted 2000000.000000000000 N N N N Perritt MicroCap Opportunities Fund S000039929 549300JJYNZSL3L6CO22 N 1 0 0 N/A N N N N N/A N/A N/A Rule 17a-7 (17 CFR 270.17a-7) Rule 32a-4 (17 CFR 270.32a-4) N N N N Perritt Capital Management, Inc. 801-30378 000111623 N/A N U.S. Bancorp Fund Services, LLC 85-11357 N1GZ7BBF3NP8GI976H15 N N N Intercontinental Exchange Inc. 5493000F4ZO33MV32P92 N N U.S. Bank National Association 6BYL5QZYBDK8S7L73M02 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N N U.S. Bancorp Fund Services, LLC N1GZ7BBF3NP8GI976H15 N N N First Clearing Corp. 008-35158 000017344 549300ZMKHE2W4ILX759 19028.320000000000 Wedbush Securities Inc. 008-12987 000000877 549300CSX55MXZ47EI78 18691.430000000000 Piper Jaffray Investment Management LLC 008-68637 000145876 N/A 10688.300000000000 Craig Hallum Capital Group LLC 008-65407 000121395 549300YWNPUXBR9XZW77 8900.580000000000 Roth Capital Partners LLC 008-32129 000015407 549300FMF3TPT1HFRF48 8826.560000000000 Barrington Research Associates Inc. 008-29831 000013820 549300EAYDU2H358PB45 8202.800000000000 RBC Capital Markets, LLC. 008-45411 000031194 549300LCO2FLSSVFFR64 6611.150000000000 Clear Street, LLC. 008-69972 000288933 549300KNQS43Y7TO3X67 4992.140000000000 Lake Street Capital Markets, LLC. 008-69101 000164447 254900F3EIYAEL5PI265 4548.990000000000 BTIG LLC 008-65473 000122225 549300GTG9PL6WO3EC51 10980.980000000000 122629.050000000000 Craig Hallum Capital Group LLC 008-65407 000121395 549300YWNPUXBR9XZW77 331000.000000000000 Lake Street Capital Markets, LLC. 008-69101 000164447 254900F3EIYAEL5PI265 105000.000000000000 436000.000000000000 N 55216732.216000000000 Uncommitted 2500000.000000000000 N N N N true INTERNAL CONTROL RPT 2 perritt_ncen.htm INTERNAL CONTROL REPORT

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Directors of
Perritt Funds, Inc.

In planning and performing our audit of the financial statements of Perritt Funds, Inc. comprising Perritt MicroCap Opportunities Fund and Perritt Ultra MicroCap Fund (the “Funds”) as of and for the year ended October 31, 2023, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting.  Accordingly, we express no such opinion.

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP). A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and directors of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds’ annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Funds’ internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of October 31, 2023.

This report is intended solely for the information and use of management and the Board of Directors of the Funds and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.


COHEN & COMPANY, LTD.
Chicago, Illinois
December 21, 2023