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Morningstar Five Star Investor – July 3, 2009

Before you invest in the Perritt MicroCap 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.

Mutual fund investing involves risk. Principal loss is possible. The Perritt MicroCap Opportunities Fund invests in smaller companies, which involves additional risks such as limited liquidity and greater volatility. The Fund invests in micro-cap companies which tend to perform poorly during times of economic stress.

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

The Perritt MicroCap Opportunities Fund is distributed by Quasar Distributors, LLC.