AXT Inc

Perritt Ultra MicroCap Fund
Schedule of Investments (Unaudited)			January 31, 2023

Shares		COMMON STOCKS - 97.69%	Value
		Aerospace & Defense - 1.50%
	40,000	VirTra, Inc. (a)	$	190,400
				190,400
		Biotechnology - 2.85%
	12,000	Actinium Pharmaceuticals, Inc. (a)		140,640
	30,000	ImmuCell Corp. (a)		222,300
				362,940
		Capital Markets - 1.63%
	11,000	Silvercrest Asset Management Group, Inc. - Class A		207,900
				207,900
		Chemicals - 3.26%
	48,250	Flexible Solutions International, Inc. - ADR(a)(c)		153,917
	20,000	Northern Technologies International Corp.		261,000
				414,917
		Commercial Services & Supplies - 1.93%
	35,600	Quest Resource Holding Corp. (a)		245,640
				245,640
		Communications Equipment - 4.01%
	75,000	BK Technologies Corp.		287,250
	48,075	PC-Tel, Inc.		222,587
				509,837
		Construction & Engineering - 2.93%
	14,635	Bowman Consulting Group Ltd. (a)		373,046
				373,046
		Distributors - 0.78%
	30,090	Educational Development Corp.		99,297
				99,297
		Diversified Financial Services - 2.72%
	9,000	A-Mark Precious Metals, Inc.		346,500
				346,500
		Electrical Equipment - 0.43%
	25,000	Expion360, Inc. (a)		54,500
				54,500
		Electronic Equipment, Instruments & Components - 7.80%
	20,000	Airgain, Inc. (a)		160,000
	44,899	Data I/O Corp. (a)		189,025
	16,000	Identiv, Inc. (a)		139,520
	22,500	Luna Innovations, Inc. (a)		198,900
	10,500	Napco Security Technologies, Inc. (a)		304,185
				991,630
		Energy Equipment & Services - 0.35%
	9,000	Gulf Island Fabrication, Inc. (a)		44,100
				44,100
		Equity Real Estate Investment - 2.47%
	40,000	Global Self Storage, Inc.		204,400
	8,570	Modiv, Inc. - Class C		109,095
				313,495
		Food & Staples Retailing - 0.55%
	15,000	HF Foods Group, Inc. (a)		69,900
				69,900
		Food Products - 0.29%
	50,000	Better Choice Co, Inc. (a)		36,995
				36,995
		Health Care Equipment & Supplies - 4.65%
	32,500	Biomerica, Inc. (a)		97,500
	131,756	Dynatronics Corp. (a)		57,973
	73,011	INVO BioScience, Inc. (a)		49,209
	19,987	Sensus Healthcare, Inc. (a)		182,681
	70,748	Strata Skin Sciences, Inc. (a)		62,407
	1,250	UFP Technologies, Inc. (a)		142,163
				591,933
		Health Care Providers & Services - 1.60%
	35,000	Quipt Home Medical Corp. - ADR (a)(c)		203,000
				203,000
		Health Care Technology - 1.39%
	49,200	CareCloud, Inc. (a)		177,120
				177,120
		Hotels, Restaurants & Leisure - 4.08%
	40,000	Bragg Gaming Group, Inc. - ADR(a)(c)		146,000
	20,000	Century Casinos, Inc. (a)		176,400
	66,621	Galaxy Gaming, Inc. (a)		196,199
				518,599
		Household Durables - 1.09%
	31,084	Singing Machine Co., Inc. (a)		138,013
				138,013
		Interactive Media & Services - 1.63%
	35,000	DHI Group, Inc. (a)		207,900
				207,900
		IT Services - 8.02%
	15,000	BM Technologies, Inc. (a)		67,800
	15,000	Cantaloupe, Inc. (a)		76,350
	44,752	Data Storage Corp. (a)		77,869
	40,001	DecisionPoint Systems, Inc. (a)		364,409
	25,000	Information Services Group, Inc.		131,000
	75,000	Research Solutions, Inc. (a)		166,500
	70,000	Usio, Inc. (a)		136,500
				1,020,428
		Leisure Products - 0.86%
	26,802	Vision Marine Technologies, Inc. - ADR (a)(c)		108,816
				108,816
		Machinery - 5.78%
	17,500	Commercial Vehicle Group, Inc. (a)		146,650
	15,000	Gencor Industries, Inc. (a)		159,600
	19,820	P&F Industries, Inc. - Class A		110,199
	10,315	Taylor Devices, Inc. (a)		167,928
	60,000	TechPrecision Corp. (a)		150,600
				734,977
		Media - 4.87%
	44,254	Direct Digital Holdings, Inc. - Class A (a)		254,461
	7,500	Perion Network Ltd. - ADR (a)(c)		251,250
	4,500	Saga Communications, Inc. - Class A		113,625
				619,336
		Metals & Mining - 1.22%
	47,236	Ampco-Pittsburgh Corp. (a)		154,934
				154,934
		Mortgage Real Estate Investment Trusts - 2.30%
	10,950	Chicago Atlantic Real Estate Finance, Inc.		169,178
	32,500	Sachem Capital Corp.		123,500
				292,678
		Oil, Gas & Consumable Fuels - 0.69%
	24,143	PHX Minerals, Inc.		87,156
				87,156
		Personal Products - 0.83%
	12,000	Natural Alternatives International, Inc. (a)		105,120
				105,120
		Pharmaceuticals - 2.56%
	18,000	Alimera Sciences, Inc. (a)		49,500
	79,550	Medicine Man Technologies, Inc. (a)		112,166
	20,000	ProPhase Labs, Inc.		163,600
				325,266
		Professional Services - 6.59%
	10,000	BGSF, Inc.		144,800
	34,000	DLH Holdings Corp. (a)		418,540
	11,014	Hudson Global, Inc. (a)		274,799
				838,139
		Semiconductors & Semiconductor Equipment - 3.09%
	22,500	AXT, Inc. (a)		132,525
	20,000	inTEST Corp. (a)		260,000
				392,525
		Software - 5.03%
	20,000	Asure Software, Inc. (a)		212,600
	15,000	Intrusion, Inc. (a)		53,100
	10,133	Issuer Direct Corp. (a)		280,785
	30,500	NetSol Technologies, Inc. (a)		92,720
				639,205
		Technology Hardware, Storage & Peripherals - 2.70%
	55,000	One Stop Systems, Inc. (a)		193,050
	20,000	TransAct Technologies, Inc. (a)		150,800
				343,850
		Textile, Apparel & Luxury Goods - 1.89%
	22,500	Crown Crafts, Inc.		132,075
	7,500	Lakeland Industries, Inc. (a)		108,600
				240,675
		Trading Companies & Distributors - 1.31%
	2,000	Transcat, Inc. (a)		167,040
				167,040
		Water Utilities - 2.01%
	18,000	Global Water Resources, Inc.		256,140
				256,140

		TOTAL COMMON STOCKS ($9,078,535)	$	12,423,947

Contracts		WARRANTS - 0.03%
		Health Care Equipment & Supplies - 0.00%
	250,000	Titan Medical, Inc.
		Expiration: 08/10/2023, Exercise Price $3.20 (a)(b)(e)(f)		0
		Metals & Mining - 0.04%
	15,000	Ampco-Pittsburgh Corp.
		Expiration: 08/01/2025, Exercise Price $5.75 (a)(b)	$	4,485

		TOTAL WARRANTS (Cost $85,000)	$	4,485

Shares		SHORT-TERM INVESTMENTS - 2.72%
		Money Market Funds - 2.72%
	345,993	U.S. Bank Money Market Deposit Account, 3.90% (d)	$	345,993

		TOTAL SHORT TERM INVESTMENTS (Cost $345,993)	$	345,993

		Total Investments (Cost$9,509,528) - 100.45%	$	12,774,425
		Liabilities in Excess of Other Assets - (0.45)%		(57,843	)
		TOTAL NET ASSETS - 100.00%	$	12,716,582

Percentages are stated as a percent of net assets.
ADR - American Depositary Receipt

(a)		Non-income producing security.
(b)		These securities are deemed to be illiquid. These securities represent $4,485 of value or 0.04% of net assets.
(c)		Foreign issued security.
(d)		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.
(e)		Security was purchased in a transaction exempt from registration in the U.S. under the Securities Act of 1933 (the “Act”) and, unless registered under the Act, may only be sold pursuant to exemption from registration and, in the case of a Rule 144A offering under the Act, may only be sold to “qualified institutional buyers.” The value of this security is $0 or 0.00% of the Fund’s net assets.
(f)		The prices for this security was derived from estimates of fair value using methods approved by the Fund's Board of Directors. This security represents $0 of value or 0.00% of net assets.

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
Description	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks
Communication Services	$	2,043,847	$	-	$	-	$	2,043,847
Consumer Discretionary		7,617,384		-		-		7,617,384
Consumer Staples		698,250		-		-		698,250
Energy		3,276,449		-		-		3,276,449
Financials		9,058,259		-		-		9,058,259
Health Care		3,769,824		-		-		3,769,824
Industrials		17,377,686		-		-		17,377,686
Information Technology		8,098,005		-		-		8,098,005
Materials		5,004,192		-		-		5,004,192
Utilities		313,950		-		-		313,950
Total Common Stocks		57,257,846		-		-		57,257,846
Short Term Investments		692,538		-		-		692,538
Total Investments in Securities	$	57,950,384	$	-	$	-	$	57,950,384

Description	Warrants
Balance as of November 1, 2022	$	0
Purchases		-
Sales proceeds and paydowns		0
Accreted discounts, net		-
Corporate Actions		-
Realized gain (loss)		-
Change in unrealized appreciation (depreciation)		0
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
Description	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks
Communication Services	$	827,235	$	-	$	-	$	827,235
Consumer Discretionary		1,105,400		-		-		1,105,400
Consumer Staples		212,015		-		-		212,015
Energy		131,256		-		-		131,256
Financials		847,078		-		-		847,078
Health Care		1,660,258		-		-		1,660,258
Industrials		2,603,743		-		-		2,603,743
Information Technology		3,897,475		-		-		3,897,475
Materials		569,852		-		-		569,852
Real Estate		313,495		-		-		313,495
Utilities		256,140		-		-		256,140
Total Common Stocks		12,423,947		-		-		12,423,947
Warrants
Health Care		-		-		0		0
Materials		4,485		-		-		4,485
Total Warrants		4,485		-		0		4,485
Short Term Investments		345,993		-		-		345,993
Total Investments in Securities	$	12,774,425	$	-	$	0	$	12,774,425

Description	Warrants
Balance as of November 1, 2022	$	0
Purchases		-
Sales proceeds and paydowns		-
Accreted discounts, net		-
Corporate Actions		-
Realized gain (loss)		-
Change in unrealized appreciation (depreciation)		-
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.	$	-