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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Midsouth Bancorp | AMEX:MSL | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Table of Contents
|
Perritt MicroCap Opportunities Fund
|
|
From the Desk of Michael Corbett, President
|
2
|
Performance
|
4
|
Ten Largest Common Stock Holdings
|
6
|
Allocation of Portfolio Investments
|
7
|
Perritt Ultra MicroCap Fund
|
|
From the Desk of Michael Corbett, President
|
8
|
Performance
|
10
|
Ten Largest Common Stock Holdings
|
12
|
Allocation of Portfolio Investments
|
13
|
Perritt Funds
|
|
Schedule of Investments
|
14
|
Statement of Assets and Liabilities
|
22
|
Statement of Operations
|
23
|
Statements of Changes in Net Assets
|
24
|
Financial Highlights
|
26
|
Notes to Financial Statements
|
28
|
Expense Example
|
36
|
Advisory Agreement
|
38
|
Directors and Officers
|
40
|
Information
|
43
|
President’s Message
|
Michael Corbett joined the firm in 1990 as a research analyst. He was appointed co-manager of the MicroCap Opportunities Fund in 1996 and President of the
Fund in 1999. A graduate of DePaul University, Mr. Corbett has been President of the Ultra MicroCap Fund since its inception. He is responsible for the daily
operations of both funds and assumed the lead portfolio management duties of both the MicroCap Opportunities Fund and Ultra MicroCap Fund in October 2010.
|
Performance* (Unaudited)
|
April 30, 2013
|
*
|
The graph illustrates the performance of a hypothetical $10,000 investment made in the Fund 10 years ago. Assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees or the deduction of taxes that a shareholder would pay on the Fund’s distributions or the redemption of the Fund shares. The graph does not imply any future performance.
|
Performance* (Unaudited) (Continued
|
April 30, 2013
|
Cumulative Total Returns**
|
||||||||
Periods ended April 30, 2013 (Unaudited)
|
||||||||
Past
|
Past
|
Past
|
Past
|
Past
|
Past
|
Past
|
||
6 Months
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
15 Years
|
20 Years
|
||
Perritt MicroCap | ||||||||
Opportunities Fund |
16.78%
|
13.35%
|
24.94%
|
29.55%
|
183.59%
|
245.13%
|
625.70%
|
|
Russell 2000® Index |
16.58%
|
17.69%
|
37.70%
|
42.06%
|
170.71%
|
138.88%
|
457.08%
|
|
(reflects no deduction | ||||||||
for fees and expenses) | ||||||||
Russell | ||||||||
MicroCap® Index |
16.17%
|
18.57%
|
32.22%
|
35.24%
|
136.79%
|
N/A
|
N/A
|
|
(reflects no deduction | ||||||||
for fees and expenses) | ||||||||
Average Annual Total Returns**
|
||||||||
Periods ended April 30, 2013 (Unaudited)
|
||||||||
Past
|
Past
|
Past
|
Past
|
Past
|
Past
|
|||
1 Year
|
3 Years
|
5 Years
|
10 Years
|
15 Years
|
20 Years
|
|||
Perritt MicroCap | ||||||||
Opportunities Fund |
13.35%
|
7.70%
|
5.31%
|
10.99%
|
8.61%
|
10.42%
|
||
Russell 2000® Index |
17.69%
|
11.25%
|
7.27%
|
10.47%
|
5.98%
|
8.97%
|
||
(reflects no deduction for | ||||||||
fees and expenses) | ||||||||
Russell MicroCap® Index |
18.57%
|
9.76%
|
6.22%
|
9.00%
|
N/A
|
N/A
|
||
(reflects no deduction for | ||||||||
fees and expenses) |
**
|
The tables do not reflect the deduction of taxes that a shareholder would pay on the Fund’s distributions or the redemption of Fund shares.
|
Ten Largest Common Stock Holdings (Unaudited)
|
Ten Largest Common Stock Holdings (Unaudited) (Continued)
|
Allocation of Portfolio Investments (Unaudited)
|
April 30, 2013
|
President’s Message
|
*
|
Private Equity is capital that is not quoted on a public stock exchange. Private equity consists of investors and funds that make investments directly into private companies or conduct buyouts of public companies that result in a delisting of public equity. The majority of private equity consists of institutional investors and accredited investors who can commit large sums of money for long periods of time. Private equity investments often demand long holding periods to allow for a turnaround of a distressed company or a liquidity event such as an IPO or sale to a public company. The Ultra MicroCap Fund invests in companies that are often targeted by private equity investors due to their business characteristics and small market capitalizations. However The Ultra MicroCap Fund only invests in companies that are listed on public stock exchanges.
|
Performance* (Unaudited)
|
April 30, 2013
|
*
|
The graph illustrates the performance of a hypothetical $10,000 investment made in the Fund at inception (August 30, 2004) through April 30, 2013. Assumes reinvestment of dividends and capital gains, but does not reflect the effect of any applicable sales charge or redemption fees or the deduction of taxes that a shareholder would pay on the Fund’s distributions or the redemption of Fund shares. The graph does not imply any future performance.
|
Performance* (Unaudited) (Continued)
|
April 30, 2013
|
Cumulative Total Returns**
|
||||||
Periods ended April 30, 2013 (Unaudited)
|
||||||
Past
|
Past
|
Past
|
Past
|
Since
|
||
6 Months
|
1 Year
|
3 Years
|
5 Years
|
Inception
|
||
Perritt Ultra MicroCap Fund |
13.04%
|
7.97%
|
21.16%
|
15.56%
|
56.69%
|
|
Russell 2000® Index |
16.58%
|
17.69%
|
37.70%
|
42.06%
|
95.25%
|
|
(reflects no deduction for | ||||||
fees and expenses) | ||||||
Russell MicroCap® Index |
16.17%
|
18.57%
|
32.22%
|
35.24%
|
61.20%
|
|
(reflects no deduction for | ||||||
fees and expenses) | ||||||
Average Annual Total Returns**
|
||||||
Periods ended April 30, 2013 (Unaudited)
|
||||||
Past
|
Past
|
Past
|
Since
|
|||
1 Year
|
3 Years
|
5 Years
|
Inception
|
|||
Perritt Ultra MicroCap Fund |
7.97%
|
6.61%
|
2.93%
|
5.32%
|
||
Russell 2000® Index |
17.69%
|
11.25%
|
7.27%
|
8.03%
|
||
(reflects no deduction for | ||||||
fees and expenses) | ||||||
Russell MicroCap® Index |
18.57%
|
9.76%
|
6.22%
|
5.66%
|
||
(reflects no deduction for | ||||||
fees and expenses) |
**
|
The tables do not reflect the deduction of taxes that a shareholder would pay on the Fund’s distributions or the redemption of Fund shares.
|
Ten Largest Common Stock Holdings (Unaudited)
|
Ten Largest Common Stock Holdings (Unaudited) (Continued)
|
Allocation of Portfolio Investments (Unaudited)
|
April 30, 2013
|
Schedule of Investments
|
April 30, 2013 (Unaudited)
|
Schedule of Investments (Continued)
|
April 30, 2013 (Unaudited)
|
Shares
|
Value
|
||||||
Energy & Related Services (Continued)
|
|||||||
500,000 |
Newpark Resources,
|
||||||
Inc.
(a)
|
$ | 5,250,000 | |||||
135,442 |
PHI, Inc.
(a)
|
3,761,224 | |||||
421,596 |
TGC Industries, Inc.
|
3,104,500 | |||||
653,100 |
Uranium Energy
|
||||||
Corp.
(a)
|
1,012,305 | ||||||
29,024,434 | |||||||
Environmental Services – 0.46%
|
|||||||
2,125,000 |
Perma-Fix Environmental
|
||||||
Services
(a)
|
1,593,750 | ||||||
Financial Services – 6.50%
|
|||||||
447,000 |
Atlas Financial
|
||||||
Holdings, Inc.
(a)(e)
|
3,263,100 | ||||||
100,000 |
B of I Holding, Inc.
(a)
|
4,078,000 | |||||
728,100 |
Global Cash Access
|
||||||
Holdings, Inc.
(a)
|
5,191,353 | ||||||
245,000 |
Nicholas Financial, Inc.
|
3,581,900 | |||||
6,000 |
Oppenheimer
|
||||||
Holdings, Inc.
|
111,000 | ||||||
323,588 |
SWS Group, Inc.
(a)
|
1,841,216 | |||||
510,000 |
U.S. Global Investors,
|
||||||
Inc. – Class A
|
1,392,300 | ||||||
15,000 |
Virtus Investment
|
||||||
Partners, Inc.
(a)
|
2,865,000 | ||||||
22,323,869 | |||||||
Food – 3.57%
|
|||||||
50,000 |
Cal-Maine Foods, Inc.
|
2,134,000 | |||||
259,600 |
John B. Sanfilippo
|
||||||
& Son, Inc.
(a)
|
5,446,408 | ||||||
350,000 |
Landec Corp.
(a)
|
4,693,500 | |||||
12,273,908 | |||||||
Leisure – 2.00%
|
|||||||
11,784 |
Ascent Media Corp.
(a)
|
783,518 | |||||
1,053,776 |
Century Casinos, Inc.
(a)
|
3,077,026 | |||||
655,000 |
Full House
|
||||||
Resorts, Inc.
(a)
|
1,807,800 | ||||||
92,252 |
Monarch Casino &
|
||||||
Resort, Inc.
(a)
|
1,187,283 | ||||||
6,855,627 | |||||||
Medical Supplies & Services – 8.33%
|
|||||||
367,500 |
Addus Homecare
|
||||||
Corp.
(a)
|
4,351,200 | ||||||
327,899 |
Allied Healthcare
|
||||||
Products
(a)
|
882,048 | ||||||
215,000 |
Anika Therapeutics,
|
||||||
Inc.
(a)
|
2,870,250 | ||||||
390,000 |
BioScrip, Inc.
(a)
|
5,405,400 | |||||
130,000 |
Exactech, Inc.
(a)
|
2,405,000 | |||||
450,000 |
Five Star Quality
|
||||||
Care, Inc.
(a)
|
2,128,500 | ||||||
515,000 |
Medical Action
|
||||||
Industries, Inc.
(a)
|
4,186,950 | ||||||
220,553 |
Syneron Medical
|
||||||
Ltd.
(a)
|
1,969,538 | ||||||
125,900 |
The Ensign Group,
|
||||||
Inc.
|
4,390,133 | ||||||
28,589,019 | |||||||
Minerals & Resources – 0.32%
|
|||||||
650,000 |
Vista Gold Corp.
(a)
|
1,092,000 | |||||
Oil & Gas – 1.88%
|
|||||||
305,000 |
Hallador Energy Co.
|
2,183,800 | |||||
229,174 |
Triangle Petroleum
|
||||||
Corp.
(a)
|
1,258,165 | ||||||
450,000 |
Vaalco Energy, Inc.
(a)
|
3,024,000 | |||||
6,465,965 | |||||||
Retail – 2.86%
|
|||||||
204,630 |
Kirklands, Inc.
(a)
|
2,467,838 | |||||
500,000 |
PCM, Inc.
(a)
|
3,625,000 | |||||
75,000 |
Rush Enterprises,
|
||||||
Inc.
(a)
|
1,485,000 | ||||||
244,636 |
Systemax, Inc.
|
2,240,866 | |||||
9,818,704 | |||||||
Semiconductor Related Products – 4.77%
|
|||||||
383,900 |
Integrated Silicon
|
||||||
Solution, Inc.
(a)
|
3,520,363 | ||||||
575,000 |
Photronics, Inc.
(a)
|
4,536,750 | |||||
333,650 |
Rudolph Technologies,
|
||||||
Inc.
(a)
|
3,893,695 | ||||||
93,936 |
Sparton Corp.
(a)
|
1,304,771 | |||||
500,000 |
Ultra Clean
|
||||||
Holdings, Inc.
(a)
|
3,130,000 | ||||||
16,385,579 | |||||||
Software – 2.91%
|
|||||||
410,000 |
American Software,
|
||||||
Inc. – Class A
|
3,407,100 | ||||||
150,000 |
Clicksoftware
|
||||||
Technologies Ltd.
|
1,080,000 |
Schedule of Investments (Continued)
|
April 30, 2013 (Unaudited)
|
Shares
|
Value
|
||||||
Software (Continued)
|
|||||||
35,000 |
Computer Task
|
||||||
Group, Inc.
|
$ | 718,200 | |||||
1,880,000 |
iPass, Inc.
(a)
|
3,628,400 | |||||
137,042 |
VASCO Data Security
|
||||||
International, Inc.
(a)
|
1,166,228 | ||||||
9,999,928 | |||||||
Specialty Manufacturing – 8.15%
|
|||||||
35,000 |
AEP Industries, Inc.
(a)
|
2,698,500 | |||||
225,000 |
China Gerui Advanced
|
||||||
Materials Group Ltd.
|
|||||||
(Acquired 6/1/10,
|
|||||||
Cost $1,282,500)
(a)(b)
|
378,000 | ||||||
585,000 |
China Gerui Advanced
|
||||||
Materials Group
|
|||||||
Ltd.
(a)
|
982,800 | ||||||
200,000 |
Courier Corp.
|
2,880,000 | |||||
110,000 |
Douglas Dynamics,
|
||||||
Inc.
|
1,538,900 | ||||||
500,000 |
Federal Signal Corp.
(a)
|
3,880,000 | |||||
130,000 |
Global Power Equipment
|
||||||
Group, Inc.
|
2,145,000 | ||||||
65,000 |
L.B. Foster Co.
|
2,869,750 | |||||
130,000 |
LMI Aerospace, Inc.
(a)
|
2,780,700 | |||||
375,000 |
Manitex International,
|
||||||
Inc.
(a)
|
3,798,750 | ||||||
186,647 |
Northern Technologies
|
||||||
International Corp.
(a)
|
2,015,788 | ||||||
74,000 |
Northwest Pipe Co.
(a)
|
2,019,460 | |||||
27,987,648 | |||||||
Telecommunications – 4.10%
|
|||||||
700,000 |
Gilat Satellite
|
||||||
Networks Ltd.
(a)
|
3,885,000 | ||||||
268,000 |
Globecomm
|
||||||
Systems, Inc.
(a)
|
3,283,000 | ||||||
238,000 |
Oplink Communications,
|
||||||
Inc.
(a)
|
3,907,960 | ||||||
275,000 |
SeaChange International,
|
||||||
Inc.
(a)
|
2,986,500 | ||||||
14,062,460 | |||||||
Transportation – 3.44%
|
|||||||
150,000 |
Republic Airways
|
||||||
Holdings, Inc.
(a)
|
1,678,500 | ||||||
420,000 |
Scorpio Tankers, Inc.
|
3,633,000 | |||||
133,333 |
Star Bulk Carriers
|
||||||
Corp.
(a)
|
834,665 | ||||||
310,000 |
StealthGas, Inc.
(a)
|
3,205,400 | |||||
381,532 |
USA Truck, Inc.
(a)
|
1,957,259 | |||||
100,000 |
Vitran Corporation,
|
||||||
Inc.
(a)
|
482,000 | ||||||
11,790,824 | |||||||
TOTAL COMMON
|
|||||||
STOCKS
|
|||||||
(Cost $261,742,269)
|
$ | 310,350,407 | |||||
REAL ESTATE
|
|||||||
INVESTMENT TRUSTS – 1.13%
|
|||||||
224,494 |
Monmouth Real Estate
|
||||||
Investment Corp. –
|
|||||||
Class A
|
$ | 2,388,616 | |||||
90,000 |
Whitestone Real Estate
|
||||||
Investment Trust
|
1,485,000 | ||||||
TOTAL REAL ESTATE
|
|||||||
INVESTMENT TRUSTS
|
|||||||
(Cost $2,353,052)
|
$ | 3,873,616 | |||||
Contracts
|
WARRANTS – 0.00%
|
Value
|
|||||
Oil & Gas – 0.00%
|
|||||||
59,555 |
Magnum Hunter Resources
|
||||||
Corp. Warrant (Acquired
|
|||||||
8/29/2011, Cost $0)
|
|||||||
Expiration: 10/14/2013,
|
|||||||
Exercise Price
|
|||||||
$10.50
(a)(b)
|
$ | 8,338 | |||||
TOTAL WARRANTS
|
|||||||
(Cost $0)
|
$ | 8,338 | |||||
RIGHTS – 0.00%
|
|||||||
Oil & Gas – 0.00%
|
|||||||
305,000 |
Sino Clean Energy,
|
||||||
Inc.
(c)(d)
|
$ | — | |||||
TOTAL RIGHTS
|
|||||||
(Cost $0)
|
$ | — |
Schedule of Investments (Continued)
|
April 30, 2013 (Unaudited)
|
Shares
|
SHORT TERM
|
Value
|
||||||
INVESTMENTS – 8.67%
|
||||||||
12,749,627 |
Alpine Municipal
|
|||||||
Money Market
|
||||||||
Fund, 0.11%
|
$ | 12,749,627 | ||||||
17,000,000 |
Fidelity Institutional
|
|||||||
Money Market Funds –
|
||||||||
Prime Money Market
|
||||||||
Portfolio, 0.04%
|
17,000,000 | |||||||
TOTAL SHORT TERM
|
||||||||
INVESTMENTS
|
||||||||
(Cost $29,749,627)
|
$ | 29,749,627 | ||||||
Total Investments
|
||||||||
(Cost $293,844,948) –
|
||||||||
100.18 % | $ | 343,981,988 | ||||||
Liabilities in Excess
|
||||||||
of Other Assets –
|
||||||||
(0.18 )% | (605,418 | ) | ||||||
TOTAL NET ASSETS –
|
||||||||
100.00 % | $ | 343,376,570 |
(a)
|
Non-income producing security.
|
(b)
|
Restricted under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. See Note 7 of the Notes to the Financial Statements.
|
(c)
|
The price for this security was derived from an estimate of fair market value using methods approved by the Fund’s Board of Directors. This security represents $0 or 0.00% of the Fund’s Net Assets. Sino Clean Energy, Inc. Rights were classified as a level 3 security.
|
(d)
|
Contingent Value Right. See Note 11 of the Notes to the Financial Statements.
|
(e)
|
Affiliated issuer: See Note 12 of the Notes to Financial Statements.
|
Schedule of Investments
|
April 30, 2013 (Unaudited)
|
Schedule of Investments (Continued)
|
April 30, 2013 (Unaudited)
|
Schedule of Investments (Continued)
|
April 30, 2013 (Unaudited)
|
Schedule of Investments (Continued)
|
April 30, 2013 (Unaudited)
|
Shares
|
SHORT TERM
|
Value
|
|||||
INVESTMENTS – 3.09%
|
|||||||
1,517,788 |
Fidelity Institutional
|
||||||
Money Market Funds –
|
|||||||
Prime Money Market
|
|||||||
Portfolio, 0.04%
|
$ | 1,517,788 | |||||
TOTAL SHORT TERM
|
|||||||
INVESTMENTS
|
|||||||
(Cost $1,517,788)
|
$ | 1,517,788 | |||||
Total Investments
|
|||||||
(Cost $47,444,374) –
|
|||||||
100.00%
|
$ | 49,078,446 | |||||
Other Assets in Excess
|
|||||||
of Liabilities –
|
|||||||
0.00%
|
1,771 | ||||||
TOTAL NET ASSETS –
|
|||||||
100.00%
|
$ | 49,080,217 |
(a)
|
Non-income producing security.
|
(b)
|
Restricted under Rule 144A of the Securities Act of 1933. Such securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. See Note 7 of the Notes to Financial Statements.
|
(c)
|
The prices for these securities were derived from an estimate of fair market value using methods approved by the Fund’s Board of Directors. These securities represent $0 or 0.00% of the Fund’s Net Assets. These securities were classified as level 3 securities.
|
Statement of Assets and Liabilities
|
Perritt MicroCap
|
Perritt Ultra
|
|||||||
Opportunities Fund
|
MicroCap Fund
|
|||||||
Assets:
|
||||||||
Investments at value
|
||||||||
Unaffiliated issuers
|
$ | 340,718,888 | $ | 49,078,446 | ||||
Affiliated issuers
|
3,263,100 | — | ||||||
Receivable for fund shares issued
|
591,242 | 73,407 | ||||||
Receivable for investments sold
|
1,035,287 | 60,622 | ||||||
Dividends and interest receivable
|
43,159 | 5,880 | ||||||
Prepaid expenses
|
45,072 | 15,677 | ||||||
Total Assets
|
345,696,748 | 49,234,032 | ||||||
Liabilities:
|
||||||||
Payable for investments purchased
|
1,843,438 | — | ||||||
Payable for fund shares purchased
|
52,099 | 42,483 | ||||||
Payable to Advisor
|
277,300 | 51,791 | ||||||
Payable to Officer & Directors
|
15,562 | 15,562 | ||||||
Accrued expenses & other liabilities
|
131,779 | 43,979 | ||||||
Total Liabilities
|
2,320,178 | 153,815 | ||||||
Net Assets
|
$ | 343,376,570 | $ | 49,080,217 | ||||
Net Assets Consist of:
|
||||||||
Capital stock
|
$ | 278,928,896 | $ | 48,717,128 | ||||
Accumulated net investment loss
|
(523,427 | ) | (216,296 | ) | ||||
Accumulated undistributed net realized
|
||||||||
gain/(loss) on investments sold
|
14,834,061 | (1,054,687 | ) | |||||
Net unrealized appreciation on investments
|
50,137,040 | 1,634,072 | ||||||
Total Net Assets
|
$ | 343,376,570 | $ | 49,080,217 | ||||
Capital Stock, $0.01 and $0.0001 par value, respectively
|
||||||||
Authorized
|
40,000,000 | 100,000,000 | ||||||
Outstanding
|
11,207,097 | 3,774,409 | ||||||
Net Assets
|
$ | 343,376,570 | $ | 49,080,217 | ||||
Net asset value price per share
|
$ | 30.64 | $ | 13.00 | ||||
Cost of Investments
|
||||||||
Unaffiliated issuers
|
$ | 291,221,741 | $ | 47,444,374 | ||||
Affiliated issuers
|
2,623,207 | — |
Statement of Operations
|
Perritt MicroCap
|
Perritt Ultra
|
|||||||
Opportunities Fund
|
MicroCap Fund
|
|||||||
Investment Income:
|
||||||||
Dividend income
|
||||||||
Unaffiliated issuers
|
$ | 2,958,574 | $ | 445,490 | ||||
Less: Foreign tax withheld
|
(91,860 | ) | — | |||||
Issuance fees
|
— | (4,942 | ) | |||||
Interest income
|
4,802 | 531 | ||||||
Total investment income
|
2,871,516 | 441,079 | ||||||
Expenses:
|
||||||||
Investment advisory fee
|
1,607,269 | 310,593 | ||||||
Shareholder servicing
|
161,976 | 35,383 | ||||||
Administration fee
|
62,657 | 9,392 | ||||||
Fund accounting expenses
|
38,982 | 6,810 | ||||||
Officer & directors’ fees & expenses
|
34,722 | 34,722 | ||||||
Printing & Mailing fees
|
18,260 | 9,801 | ||||||
Federal & state registration fees
|
17,066 | 19,323 | ||||||
Other expense
|
16,430 | 5,582 | ||||||
Professional fees
|
16,054 | 17,269 | ||||||
Custodian fees
|
9,974 | 3,565 | ||||||
Total expenses
|
1,983,390 | 452,440 | ||||||
Net investment income gain/(loss)
|
888,126 | (11,361 | ) | |||||
Realized and Unrealized Gain/(Loss) on Investments:
|
||||||||
Realized gain/(loss) on investments
|
16,184,211 | (13,107 | ) | |||||
Change in unrealized appreciation on investments
|
32,178,927 | 6,146,693 | ||||||
Net realized and unrealized gain on investments
|
48,363,138 | 6,133,586 | ||||||
Net Increase in Net Assets Resulting from Operations
|
$ | 49,251,264 | $ | 6,122,225 |
Statements of Changes in Net Assets
|
Perritt MicroCap
|
||||||||
Opportunities Fund
|
||||||||
For the
|
||||||||
Six Months Ended
|
For the
|
|||||||
April 30, 2013
|
Year Ended
|
|||||||
(Unaudited)
|
October 31, 2012
|
|||||||
Operations:
|
||||||||
Net investment income
|
$ | 888,126 | $ | 1,263,855 | ||||
Net realized gain on investments
|
16,184,211 | 6,233,200 | ||||||
Net increase in unrealized appreciation on investments
|
32,178,927 | 32,295,513 | ||||||
Net increase in net assets resulting from operations
|
49,251,264 | 39,792,568 | ||||||
Dividends and Distributions to Shareholders:
|
||||||||
Net investment income
|
(2,669,596 | ) | — | |||||
Net realized gains
|
— | — | ||||||
Total dividends and distributions
|
(2,669,596 | ) | — | |||||
Capital Stock Transactions:
|
||||||||
Proceeds from shares issued
|
40,659,776 | 58,945,712 | ||||||
Cost of shares redeemed
|
(54,588,108 | ) | (128,484,720 | ) | ||||
Reinvestment of distributions
|
2,464,206 | — | ||||||
Redemption fees
|
17,788 | 13,050 | ||||||
Net decrease in net assets from capital share transactions
|
(11,446,338 | ) | (69,525,958 | ) | ||||
Total Increase/(Decrease) in Net Assets
|
35,135,330 | (29,733,390 | ) | |||||
Net Assets
|
||||||||
Beginning of the Period
|
308,241,240 | 337,974,630 | ||||||
End of the Period
|
$ | 343,376,570 | $ | 308,241,240 | ||||
Accumulated undistributed net
|
||||||||
investment income/(loss)
|
$ | (523,427 | ) | $ | 1,258,043 | |||
Capital Share Transactions:
|
||||||||
Shares sold
|
793,860 | 2,299,328 | ||||||
Issued to shareholder in reinvestment of dividends
|
89,154 | — | ||||||
Shares redeemed
|
(1,280,935 | ) | (5,077,472 | ) | ||||
Net decrease from capital stock transactions
|
(397,921 | ) | (2,778,144 | ) |
Statements of Changes in Net Assets
|
Perritt Ultra
|
||||||||
MicroCap Fund
|
||||||||
For the
|
||||||||
Six Months Ended
|
For the
|
|||||||
April 30, 2013
|
Year Ended
|
|||||||
(Unaudited)
|
October 31, 2012
|
|||||||
Operations:
|
||||||||
Net investment loss
|
$ | (11,361 | ) | $ | (308,731 | ) | ||
Net realized gain/(loss) on investments
|
(13,107 | ) | 1,036,592 | |||||
Net increase in unrealized appreciation on investments
|
6,146,693 | 1,968,947 | ||||||
Net increase in net assets resulting from operations
|
6,122,225 | 2,696,808 | ||||||
Dividends and Distributions to Shareholders:
|
||||||||
Net investment income
|
— | — | ||||||
Net realized gains
|
— | — | ||||||
Total dividends and distributions
|
— | — | ||||||
Capital Stock Transactions:
|
||||||||
Proceeds from shares issued
|
14,370,311 | 8,839,910 | ||||||
Cost of shares redeemed
|
(19,993,930 | ) | (26,264,033 | ) | ||||
Reinvestment of distributions
|
— | — | ||||||
Redemption fees
|
4,915 | 14,511 | ||||||
Net decrease in net assets from capital share transactions
|
(5,618,704 | ) | (17,409,612 | ) | ||||
Total Increase/(Decrease) in Net Assets
|
503,521 | (14,712,804 | ) | |||||
Net Assets
|
||||||||
Beginning of the Period
|
48,576,696 | 63,289,500 | ||||||
End of the Period
|
$ | 49,080,217 | $ | 48,576,696 | ||||
Accumulated undistributed net investment loss
|
$ | (216,296 | ) | $ | (204,935 | ) | ||
Capital Share Transactions:
|
||||||||
Shares sold
|
1,219,215 | 774,439 | ||||||
Issued to shareholder in reinvestment of dividends
|
— | — | ||||||
Shares redeemed
|
(1,668,652 | ) | (2,355,879 | ) | ||||
Net decrease from capital stock transactions
|
(449,437 | ) | (1,581,440 | ) |
Financial Highlights
|
For the
|
||||||||||||||||||||||||
Period Ended
|
||||||||||||||||||||||||
April 30,
|
For the Years Ended October 31,
|
|||||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
|
2008
|
|||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 26.47 | $ | 23.43 | $ | 24.52 | $ | 19.83 | $ | 15.92 | $ | 34.24 | ||||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||||||
Net investment income/(loss)
2
|
0.08 | 0.10 | (0.11 | ) | (0.15 | ) | (0.03 | ) | (0.13 | ) | ||||||||||||||
Net realized and unrealized
|
||||||||||||||||||||||||
gain/(loss) on investments
|
4.33 | 2.94 | (0.98 | ) | 4.84 | 3.94 | (13.43 | ) | ||||||||||||||||
Total from investment
|
||||||||||||||||||||||||
operations
|
4.41 | 3.04 | (1.09 | ) | 4.69 | 3.91 | (13.56 | ) | ||||||||||||||||
Less dividends and distributions:
|
||||||||||||||||||||||||
Distributions from net
|
||||||||||||||||||||||||
realized gains
|
(0.24 | ) | — | — | — | — | (4.77 | ) | ||||||||||||||||
Total dividends and distributions
|
(0.24 | ) | — | — | — | — | (4.77 | ) | ||||||||||||||||
Redemption fees
2
|
— | 3 | — | 3 | — | 3 | — | 3 | — | 3 | 0.01 | 2 | ||||||||||||
Net asset value, end of period
|
$ | 30.64 | $ | 26.47 | $ | 23.43 | $ | 24.52 | $ | 19.83 | $ | 15.92 | ||||||||||||
Total return
1
|
16.78 | % | 12.97 | % | (4.45 | %) | 23.59 | % | 24.56 | % | (45.32 | %) | ||||||||||||
Supplemental data and ratios:
|
||||||||||||||||||||||||
Net assets, end of period
|
||||||||||||||||||||||||
(in thousands)
|
$ | 343,377 | $ | 308,241 | $ | 337,975 | $ | 371,998 | $ | 315,865 | $ | 234,350 | ||||||||||||
Ratio of net expenses to
|
||||||||||||||||||||||||
average net assets
|
1.23 | % 4 | 1.26 | % | 1.22 | % | 1.27 | % | 1.42 | % | 1.37 | % | ||||||||||||
Ratio of net investment loss to
|
||||||||||||||||||||||||
average net assets
|
0.55 | % 4 | 0.38 | % | (0.42 | %) | (0.67 | %) | (0.18 | %) | (0.56 | %) | ||||||||||||
Portfolio turnover rate
|
8.4 | % 5 | 14.0 | % | 25.4 | % | 41.5 | % | 25.4 | % | 26.7 | % |
1
|
Total return reflects reinvested dividends but does not reflect the impact of taxes.
|
2
|
Net Investment income (loss) and redemption fees per share has been calculated based on average shares outstanding during the period.
|
3
|
Amount is less than $0.01 per share.
|
4
|
Annualized.
|
5
|
Not Annualized.
|
Financial Highlights
|
For the
|
||||||||||||||||||||||||
Period Ended
|
||||||||||||||||||||||||
April 30,
|
For the Years Ended October 31,
|
|||||||||||||||||||||||
2013
|
2012
|
2011
|
2010
|
2009
|
2008
|
|||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||
Net asset value, beginning of period
|
$ | 11.50 | $ | 10.90 | $ | 11.10 | $ | 8.14 | $ | 6.42 | $ | 16.45 | ||||||||||||
Income/(loss) from investment operations:
|
||||||||||||||||||||||||
Net investment loss
2
|
— | (0.06 | ) | (0.15 | ) | (0.06 | ) | (0.03 | ) | (0.16 | ) | |||||||||||||
Net realized and unrealized
|
||||||||||||||||||||||||
gain/(loss) on investments
|
1.50 | 0.66 | (0.06 | ) | 3.02 | 1.75 | (8.28 | ) | ||||||||||||||||
Total from investment
|
||||||||||||||||||||||||
operations
|
1.50 | 0.60 | (0.21 | ) | 2.96 | 1.72 | (8.44 | ) | ||||||||||||||||
Less dividends and distributions:
|
||||||||||||||||||||||||
Distributions from net
|
||||||||||||||||||||||||
realized gains
|
— | — | — | — | — | (1.59 | ) | |||||||||||||||||
Total dividends and distributions
|
— | — | — | — | — | (1.59 | ) | |||||||||||||||||
Redemption fees
2
|
— | 3 | — | 3 | 0.01 | — | 3 | — | 3 | — | 3 | |||||||||||||
Net asset value, end of period
|
$ | 13.00 | $ | 11.50 | $ | 10.90 | $ | 11.10 | $ | 8.14 | $ | 6.42 | ||||||||||||
Total return
1
|
13.04 | % | 5.50 | % | (1.80 | %) | 36.36 | % | 26.79 | % | (56.37 | %) | ||||||||||||
Supplemental data and ratios:
|
||||||||||||||||||||||||
Net assets, end of period
|
||||||||||||||||||||||||
(in thousands)
|
$ | 49,080 | $ | 48,577 | $ | 63,290 | $ | 96,532 | $ | 64,002 | $ | 40,794 | ||||||||||||
Ratio of net expenses to
|
||||||||||||||||||||||||
average net assets
|
1.82 | % 4 | 1.85 | % | 1.65 | % | 1.72 | % | 2.12 | % | 1.87 | % | ||||||||||||
Ratio of net investment loss to
|
||||||||||||||||||||||||
average net assets
|
(0.05 | %) 4 | (0.56 | %) | (1.11 | %) | (0.57 | %) | (0.07 | %) | (1.42 | %) | ||||||||||||
Portfolio turnover rate
|
6.3 | % 5 | 14.6 | % | 17.9 | % | 29.0 | % | 19.6 | % | 13.2 | % |
1
|
Total return reflects reinvested dividends but does not reflect the impact of taxes.
|
2
|
Net Investment income (loss) and redemption fees per share has been calculated based on average shares outstanding during the period.
|
3
|
Amount is less than $0.01 per share.
|
4
|
Annualized.
|
5
|
Not Annualized.
|
Notes to Financial Statements (Unaudited)
|
|
Perritt
Funds, Inc. (the “Corporation”) was organized on March 19, 2004 as a Maryland corporation and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, open-ended investment company. The Corporation consists of Perritt MicroCap Opportunities Fund (“MicroCap Fund”) and Perritt Ultra MicroCap Fund (“Ultra MicroCap Fund”) (each, a “Fund,” and collectively, the “Funds”). Perritt MicroCap Opportunities Fund, Inc., predecessor to the Micro Cap Fund, commenced operations on April 11, 1988. As part of a plan of reorganization, on February 28, 2013, Perritt MicroCap Opportunities Fund, Inc. merged into a newly-created series within the Corporation.
|
a.
|
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 fair 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 Funds. 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 the 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 similar freely traded security, or a yield to maturity with respect to debt issues, or a combination of these and other methods.
|
|
b.
|
Net realized gains and losses on securities are computed using the first-in, first-out method.
|
|
c.
|
Dividend income is recognized on the ex-dividend date, and interest income is recognized on the accrual basis. Withholding taxes on foreign dividends and capital, which are included as a component of net investment income and realized gain (loss) on investments, respectively, have been provided for in accordance with the Funds understanding of the applicable country’s tax rules and rates. Discounts and premiums on securities purchased are amortized over the life of the respective securities. Investment and shareholder transactions are recorded on the trade date.
|
|
d.
|
Provision has not been made for federal income tax since the Funds have elected to be taxed as a “regulated investment company” and intend to distribute substantially all income to their shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies.
|
Notes to Financial Statements (Unaudited) (Continued)
|
e.
|
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
|
|
In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
|
||
f.
|
Dividends from net investment income and net realized capital gains, if any, are declared and paid annually. Distributions to shareholders are recorded on the ex-dividend date. The Funds may periodically make reclassifications among certain of its capital accounts as a result of the timing and characterization of certain income and realized gain distributions determined annually in accordance with federal tax regulations which may differ from GAAP. The MicroCap Fund has reclassified the components of its capital accounts for the year ended October 31, 2012 by increasing accumulated net investment income by $753,047, decreasing accumulated net realized losses by $850,230 and increasing capital stock by $97,183. The Ultra MicroCap Fund has reclassified the components of its capital accounts for the year ended October 31, 2012 by increasing accumulated net investment loss by $103,796 and decreasing capital stock by $103,796.
|
|
g.
|
As of and during the six months ended April 30, 2013, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During those six months, the Funds did not incur any interest or penalties. The Funds are not subject to examination by U.S. federal tax authorities for any tax years before 2008.
|
|
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 or the identical security on an inactive market, interest rates, prepayment speeds, credit risk, etc.).
|
|
• Level 3 –
|
Significant unobservable inputs (including the Fund’s 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 net assets as of April 30, 2013:
|
Notes to Financial Statements (Unaudited) (Continued)
|
Perritt MicroCap Opportunities Fund
|
|||||||||||||||||
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Investments in Securities
|
|||||||||||||||||
Common Stocks
|
|||||||||||||||||
Consumer Discretionary
|
$ | 34,504,405 | $ | — | $ | — | $ | 34,504,405 | |||||||||
Consumer Staples
|
12,619,616 | — | — | 12,619,616 | |||||||||||||
Energy
|
39,626,899 | — | — | 39,626,899 | |||||||||||||
Financial
|
17,132,516 | — | — | 17,132,516 | |||||||||||||
Health Care
|
28,589,019 | — | — | 28,589,019 | |||||||||||||
Industrials
|
84,930,522 | — | — | 84,930,522 | |||||||||||||
Information Technology
|
70,508,675 | — | — | 70,508,675 | |||||||||||||
Materials
|
22,438,755 | — | — | 22,438,755 | |||||||||||||
Total Common Stocks
|
310,350,407 | — | — | 310,350,407 | |||||||||||||
Fixed Income
|
|||||||||||||||||
Real Estate
|
|||||||||||||||||
Investment Trusts
|
3,873,616 | — | — | 3,873,616 | |||||||||||||
Total Fixed Income
|
3,873,616 | — | — | 3,873,616 | |||||||||||||
Warrants
|
|||||||||||||||||
Energy
|
8,338 | — | — | 8,338 | |||||||||||||
Total Warrants
|
8,338 | — | — | 8,338 | |||||||||||||
Short Term Investments
|
29,749,627 | — | — | 29,749,627 | |||||||||||||
Total Investments
|
|||||||||||||||||
in Securities
|
$ | 343,981,988 | $ | — | $ | — | $ | 343,981,988 | |||||||||
Perritt Ultra MicroCap Fund
|
|||||||||||||||||
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Investments in Securities
|
|||||||||||||||||
Common Stocks
|
|||||||||||||||||
Consumer Discretionary
|
$ | 6,746,350 | $ | 1,105,802 | $ | — | $ | 7,852,152 | |||||||||
Consumer Staples
|
2,914,728 | — | — | 2,914,728 | |||||||||||||
Energy
|
445,756 | — | — | 445,756 | |||||||||||||
Financial
|
5,558,195 | 757,125 | — | 6,315,320 | |||||||||||||
Health Care
|
3,850,592 | — | — | 3,850,592 | |||||||||||||
Industrials
|
11,044,503 | 696,506 | — | 11,741,009 | |||||||||||||
Information Technology
|
12,157,267 | — | — | 12,157,267 | |||||||||||||
Materials
|
2,283,834 | — | — | 2,283,834 | |||||||||||||
Total Common Stocks
|
45,001,225 | 2,559,433 | — | 47,560,658 | |||||||||||||
Short Term Investments
|
1,517,788 | — | — | 1,517,788 | |||||||||||||
Total Investments
|
|||||||||||||||||
in Securities
|
$ | 46,519,013 | $ | 2,559,433 | $ | — | $ | 49,078,446 |
|
Please refer to the Schedule of Investments for additional information regarding the composition of the amounts listed above.
|
Notes to Financial Statements (Unaudited) (Continued)
|
|
Below are the transfers into or out of Levels 1 and 2 for the Funds using market values measured at the end of the reporting period:
|
MicroCap Fund | Ultra MicroCap Fund | |||||||||
Transfers into Level 1
|
$ | 8,338 | $ | 1,206,739 | ||||||
Transfers out of Level 1
|
— | 2,559,433 | ||||||||
Net Transfers in/(out) of Level 1
|
$ | 8,338 | $ | (1,352,693 | ) | |||||
Transfers into Level 2
|
$ | — | $ | 2,559,433 | ||||||
Transfers out of Level 2
|
8,338 | 1,206,739 | ||||||||
Net Transfers in/(out) of Level 2
|
$ | (8,338 | ) | $ | 1,352,693 |
|
The securities transferred from Level 1 to Level 2 due to securities not trading on the last day of the reporting period.
|
|
The securities transferred from Level 2 to Level 1 due to an increase of observable market data from an increase in market activity. Transfers between levels are recognized at the end of the reporting period.
|
|
On November 1, 2012, the combined market values of the Funds’ Level 3 securities was zero. There were no transfers into or out of Level 3 during the six months ended April 30, 2013. As of April 30, 2013, the combined market values of the Funds’ Level 3 securities was zero.
|
|
The following table presents information about unobservable inputs related to the Funds’ categories of Level 3 investments as of April 30, 2013.
|
Fair Value at
|
Valuation
|
Unobservable
|
|||
4/30/13
|
Techniques
|
Inputs
|
Ranges
|
||
Equity
|
|||||
Securities
|
$ —
|
Intrinsic Value
|
No active market
|
$0.00 – $0.00
|
|
Rights
|
—
|
Expected proceeds
|
No active market
|
N/A
|
|
from pending
|
Qualitative information
|
||||
litigation
|
based on the status
|
||||
of pending litigation
|
|||||
Warrants
|
—
|
Intrinsic
|
Warrant Strike
|
N/A
|
|
Value
|
price & underlying
|
||||
stock price
|
|
Equity Securities & Rights
|
|
As there is no active market for these level 3 securities, the value is being derived from qualitative information based on available information.
|
|
Warrants
|
|
The fair value of the warrant is derived by calculating the difference between the underlying equity security’s price and the strike price of the warrant. An increase in the underlying equity security’s price will increase the fair value of the warrant security. Alternatively, a decrease in the underlying equity security’s price will decrease the fair value of the warrant security.
|
Notes to Financial Statements (Unaudited) (Continued)
|
|
For each Fund, the Corporation entered into an investment advisory agreement (collectively, the “Agreements”) with Perritt Capital Management, Inc. (the “Advisor”), with whom certain officers and directors of the Corporation are affiliated, to furnish investment advisory services to that Fund. Under the terms of the agreements, the MicroCap Fund pays the Advisor a monthly fee at the annual rate of 1% of the Fund’s daily average net assets and Ultra MicroCap Fund pays the Advisor a monthly fee equal to 1.25% of its average net assets less than or equal to $100 million; 1.00% with respect to average net assets in excess of $100 million and less than or equal to $200 million; and 0.50% with respect to average net assets in excess of $200 million. At April 30, 2013, the MicroCap Fund and Ultra MicroCap Fund had fees due to the Advisor of $277,300 and $51,791, respectively. For the six months ended April 30, 2013, the MicroCap Fund and Ultra MicroCap Fund had incurred advisory fees of $1,607,269 and $310,593, respectively.
|
|
The Advisor manages the Funds investments subject to the supervision of the Funds’ Board of Directors. The Advisor is responsible for investment decisions and supplies investment research and portfolio management. Under the investment advisory agreement, the Advisor, at its own expense and without reimbursement from the Funds, will furnish office space and all necessary office facilities, equipment and personnel for making the investment decisions necessary for managing the Funds and maintaining its organization, will pay the salaries and fees of all officers and directors of the Funds (except the Chief Compliance Officer’s salary and the fees paid to disinterested directors) and will bear all sales and promotional expenses of the Funds.
|
|
Purchases and sales of securities, excluding short-term investments, for the six months ended April 30, 2013 were as follows:
|
Purchases
|
Sales
|
||||||||||||||||
U.S. Government
|
Other
|
U.S. Government
|
Other
|
||||||||||||||
MicroCap Fund
|
$ | — | $ | 25,853,110 | $ | — | $ | 55,813,991 | |||||||||
Ultra MicroCap Fund
|
$ | — | $ | 3,003,038 | $ | — | $ | 9,196,910 |
Notes to Financial Statements (Unaudited) (Continued)
|
MicroCap Fund | Ultra MicroCap Fund | |||||||||
Cost of investments for tax purposes
|
$ | 291,001,098 | $ | 53,219,115 | ||||||
Gross tax unrealized appreciation
|
$ | 76,897,729 | $ | 11,828,897 | ||||||
Gross tax unrealized depreciation
|
(58,939,616 | ) | (16,360,197 | ) | ||||||
Net tax unrealized depreciation
|
||||||||||
on investments
|
17,958,113 | (4,531,300 | ) | |||||||
Distributable ordinary income
|
1,258,043 | — | ||||||||
Distributable long-term capital gains
|
— | — | ||||||||
Total distributable earnings
|
1,258,043 | — | ||||||||
Other accumulated losses
|
(1,350,150 | ) | (1,227,836 | ) | ||||||
Total accumulated losses
|
$ | 17,866,006 | $ | (5,759,136 | ) |
Ordinary Income
|
Long-term Capital Gains
|
|||||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||||
MicroCap Fund
|
$ | — | $ | — | $ | — | $ | — | ||||||||||
Ultra MicroCap Fund
|
— | — | — | — |
Date of Expiration
|
Amount
|
||
MicroCap Fund
|
October 31, 2017
|
$1,350,150
|
|
Ultra MicroCap Fund
|
October 31, 2017
|
$1,022,901
|
Notes to Financial Statements (Unaudited) (Continued)
|
Notes to Financial Statements (Unaudited) (Continued)
|
Value At
|
||||||||||||||||||||||||
Share Balance At
|
Share Balance At
|
Dividend
|
April 30,
|
|||||||||||||||||||||
Issuer Name
|
November 1, 2012
|
Additions
|
Reductions
|
April 30, 2013
|
Income
|
2013
|
||||||||||||||||||
Atlas Financial
|
||||||||||||||||||||||||
Holdings, Inc.
|
— | 447,000 | — | 447,000 | $ | — | $ | 3,263,100 | ||||||||||||||||
$ | — | $ | 3,263,100 |
Value At
|
||||||||||||||||||||||||
Share Balance At
|
Share Balance At
|
Dividend
|
April 30,
|
|||||||||||||||||||||
Issuer Name
|
November 1, 2012
|
Additions
|
Reductions
|
April 30, 2013
|
Income
|
2013
|
||||||||||||||||||
TurboSonic
|
||||||||||||||||||||||||
Technologies,
|
||||||||||||||||||||||||
Inc.
1
|
1,125,000 | — | 1,125,000 | — | $ | — | $ | — | ||||||||||||||||
$ | — | $ | — |
Expense Example (Unaudited)
|
April 30, 2013
|
Expense Example (Unaudited) (Continued)
|
April 30, 2013
|
Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period
|
|
11/1/12
|
4/30/13
|
11/1/12 – 4/30/13
1
|
|
Actual
|
|||
MicroCap Fund
|
$1,000.00
|
$1,167.80
|
$6.61
|
Ultra MicroCap Fund
|
1,000.00
|
1,130.40
|
9.61
|
Hypothetical
|
|||
MicroCap Fund
|
$1,000.00
|
$1,018.70
|
$6.16
|
Ultra MicroCap Fund
|
1,000.00
|
1,015.77
|
9.10
|
1
|
Expenses are equal to the Fund’s annualized expense ratio of 1.23% for the MicroCap Fund and 1.82% for the Ultra MicroCap Fund for the six-month period, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
|
Advisory Agreement
|
Advisory Agreement (Continued)
|
Directors and Officers (Unaudited)
|
Directors and Officers (Continued) (Unaudited)
|
Directors and Officers (Continued) (Unaudited)
|
(1)
|
Mr. Corbett is an interested person of the Funds based upon his position with the Advisor.
|
•
|
IRA
|
•
|
Roth IRA
|
•
|
SEP-IRA
|
•
|
Coverdell Education
|
•
|
Simple IRA
|
Savings Account
|
(a)
|
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
|
(a)
|
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Furnished herewith.
|
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