Before you invest in the Perritt MicroCap Opportunities Fund or Perrritt Emerging Opportunities Fund, please refer to the prospectus for important information about the investment company, including investment objectives, risks, charges and expenses. You may also obtain a hard copy of the prospectus by calling 800-331-8936. The prospectus should be read carefully before you invest or send money.

Mutual fund investing involves risk. Principal loss is possible. The Funds invest in smaller companies, which involve additional risks such as limited liquidity and greater volatility. The Funds invest in micro cap companies which tend to perform poorly during times of economic stress. The Emerging Opportunities Fund may invest in early stage companies which tend to be more volatile and somewhat more speculative than investments in more established companies.

Shares of the Perritt MicroCap Opportunities Fund or Perritt Emerging Opportunities Fund are offered only to United States residents, and information on this site is intended for such persons.

¹ ©2009 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating (based on a Morningstar risk adjusted return measure that account for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating® for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating® metrics.

The Perritt MicroCap Opportunities Fund was rated against the following numbers of U.S.-domiciled Small Cap Blend Funds over the following time periods: 558 funds, 442 funds and 220 funds in the last three, five and ten years respectively for the period ending 3/31/2009. With respect to these Small Blend Funds, the Perritt MicroCap Opportunities Fund received a three-year Morningstar Rating® of two stars, a five-year Morningstar Rating® of two stars and a ten-year Morningstar Rating® of three stars.

The Overall Morningstar Rating® for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating® metrics. The Perritt Emerging Opportunities Fund was rated against 558 U.S.-domiciled Small Cap Blend Funds in the last three years. The Perritt Emerging Opportunities Fund received a three-year Morningstar Rating® of one star.

Fund managers named to the Barron's list of the industry's Top 100 have consistently outperformed their peers. The Barron's/Value Line annual rankings system awards points to managers who generate more stable returns and subtracts points from funds deemed to volatile. Value Line first scanned 5,447 equity funds, screening out those with more than two lead managers and managers with less than three years. tenure. The remaining funds were then organized by investment objective, and then sector funds and those with less than $200 million in assets were eliminated. 928 managers qualified to be ranked.

Funds in the Forbes Honor Roll survey are evaluated over four market cycles and given hypothetical investment results in dollar terms after factoring in any sales commission and taxes paid by an upper-income investor who deployed $10,000 on Jan 31, 1994. Honor Roll Funds must earn a B grade or better in down markets and a C grade or better in up markets. Managers must also be on the job for six years, a fund must be open to new investors, and sector funds are not included. Honor Roll winning funds are then ranked 1 to 10 by this criterion.

The Perritt Funds are distributed by Quasar Distributors, LLC.