N-CSRS 1 jf-ncsrs.htm JACOB FUNDS SEMIANNUAL REPORT 2-28-21
As filed with the U.S. Securities and Exchange Commission on May 3, 2021

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number 811-09447



Jacob Funds Inc.
(Exact name of registrant as specified in charter)



C/O Jacob Asset Management of New York LLC
727 2nd Street #106
Hermosa Beach, CA 90254
(Address of principal executive offices) (Zip code)



Ryan Jacob
C/O Jacob Asset Management of New York LLC
727 2nd Street #106
Hermosa Beach, CA 90254
(Name and address of agent for service)



(424) 237-2164
Registrant's telephone number, including area code



Date of fiscal year end: August 31



Date of reporting period:  February 28, 2021





Item 1. Reports to Stockholders.

(a) [Insert full text of semi-annual report here]






Jacob Internet Fund
Jacob Small Cap Growth Fund
Jacob Discovery Fund


Semi-Annual Report
February 28, 2021


The Jacob Internet Fund, Jacob Small Cap Growth Fund and
Jacob Discovery Fund are mutual funds with the primary
investment objective of long-term growth of capital.
 
The Jacob Internet Fund has current income as a secondary objective.




 

 
Investment Adviser
Jacob Asset Management of New York LLC




TABLE OF CONTENTS



Letter From the Manager
 
1
Industry Breakdowns
 
4
Schedules of Investments
 
7
Statements of Assets and Liabilities
 
17
Statements of Operations
 
18
Statements of Changes in Net Assets
 
19
Financial Highlights
 
22
Notes to the Financial Statements
 
27
Additional Information on Fund Expenses
 
40
Additional Information
 
42
     

 

Dear Fellow Investors,
 
Thankfully, the positive progress against COVID-19 continued this past semi-annual period with the introduction of several effective vaccines to help reduce the number of hospitalizations and deaths from this virus. As might be expected, the equity markets have recovered swiftly from their 2020 lows and many now exceed pre-pandemic levels. Aggressive action by the Federal Reserve combined with massive fiscal stimulus have been the main drivers in this sharp recovery aside from the positive vaccine news. Recently, many states have begun to accelerate their reopenings as metrics continue to improve, leading to even more optimism from investors that earnings and GDP growth will be robust for the rest of this year.
 
As for the Jacob Funds, we were fortunate to own many companies that were not only able to post robust results through the pandemic but have also benefitted from a gradual return to normalcy. Returns in all three Jacob Funds well exceeded our benchmarks and peers, owing mainly to our focus on unique small- to mid-sized businesses, whose valuations remain more modest, and which should also benefit from a broader economic expansion. While we are expecting and planning for higher near-term volatility given the many uncertainties that still exist, we still believe plenty of exciting opportunities can be found across many different sectors. Our focus remains forward-looking, as we are still excited about the emerging prospects for all of our holdings and anticipate a positive market backdrop with the global economy likely to experience a significant rebound in the balance of 2021.
 
Jacob Internet Fund
 
The Jacob Internet Fund was up 83.75% for the fiscal period ended February 28, 2021, while the NASDAQ rose 12.43%. The most notable shift in the fiscal period was the strength of smaller companies in the technology sector, helping lead to our significant outperformance versus our benchmark. Additionally, our more diversified approach among small and large market capitalizations allowed us to exceed many of our peers as well.
 
By far, our best performing name in the period was Voyager Digital, LLC (“Voyager”), up around 1,900% in the period. Even with a relatively small initial purchase, Voyager’s impact was significant, and quickly became one of the Fund’s largest positions. Founded by former senior executives at ETRADE Capital Management, LLC and Uber Technologies, Inc., Voyager built a fast-growing robust cryptocurrency trading platform that offers transactions in more than 50 different coins today. Top holding Digital Turbine, Inc., up over 241% in the period, continued to make acquisitions to bolster its position as the leading app install platform with carriers, and transition to a more vertically integrated partner that should capture more of the ecosystem economics going forward. OptimizeRx Corp., up more than 163% in the period, has seen accelerating growth from its push into more enterprise relationships, giving drug companies more efficient ways to reach doctors and provide patient engagement solutions.
 
Not surprisingly, many of the worst performing names in the period were the larger capitalization companies that had up to this point been leading the overall market. These include Alibaba Group Holding Ltd., Apple, Inc. and Facebook, Inc., down 17%, 13% and 12%, respectively in the period. Many of these companies are lighter weightings for the Fund, and in the case of Apple, Inc., we finally exited the last of our long-held position in September. Our worst-performing position in the period was the old Survey Monkey (now SVMK, Inc.), down over 25% in the period. The company’s transition to selling into larger accounts has been a bumpy one, but we still agree with the strategy, which should lead to more meaningful relationships and higher growth rates in the future.
 
Jacob Small Cap Growth Fund
 
The Jacob Small Cap Growth Fund advanced 71.14% through February 28, 2021 while the Russell 2000 Growth Index rose 37.33%. This outperformance was diversified among many of the Fund’s holdings, with an astounding ten names up over 100% in the period. Much of this can be attributed to a combination of strong execution and the gradual reopening of the economy.
 
Besides Digital Turbine, Inc. and OptimizeRx Corp. being top holdings in this fund as well, there were many other standouts across a variety of sectors. Alphatec Holdings, Inc., up over 167% in the period, has been one of our top holdings and is showing renewed strength as hospitals are allowing more of the elective spine surgeries in which their products specialize. CareDx, Inc., up over 131% in the period, smoothly pivoted to at home blood draws for its DNA testing for transplant patients when these centers were closed. A few other top performers, such as Inspired Entertainment, Inc. and American Eagle Outfitters, Inc. (“American Eagle”), up 130% and 105%, respectively, were hurt from physical location closures, but saw a huge uplift in online activity which helped minimize losses. Holdings in economically sensitive sectors – like Inspired and American Eagle – were quite prevalent among the Fund’s best performers in the period.
 
Most of the Fund’s holdings that negatively affected performance were light weightings (except SVMK, Inc. mentioned above) and some, such as commodity-related holdings Triterras, Inc. and Arch Resources, Inc., were exited completely in the period. Mesoblast Ltd., down over 50%, had a host of trial results that were mixed at best but did sign a major deal with Novartis to help fund further development of its stem cell therapy. Esperion Therapeutics, Inc., down 24% in the period, was mainly a victim of trying to launch
 
1

a major drug during Covid-19 pandemic, when many cardiologist practitioners shut down and/or went virtual, leading to a shortfall in sales forecasts for its cholesterol reduction pill. Finally, long-time holding Yext, Inc. was down over 15% in the period, as they continue to struggle to grow their core search business and new Answers offering. The Fund has subsequently sold its position.
 
Jacob Discovery Fund
 
The Jacob Discovery Fund was up 83.29% for the fiscal period ended February 28, 2021, while the Russell Micro Cap Growth Index rose 52.56%.
 
The Fund benefitted from a continued market rotation into smaller capitalized stocks, a welcome occurrence after years of underperformance for that group. The increased interest in small caps – and especially micro caps – started last year after the pandemic panic in March and really accelerated as the calendar year came to a close. Forceful stimulatory monetary and fiscal action as well as encouraging news on vaccine development offered many investors hope for a better economy on the other side of Covid-19 pandemic, traditionally a good thing for smaller companies.
 
Not surprisingly, many of the Fund’s holdings in economically or interest rate sensitive sectors – such as recruiter Hudson Global, Inc., up 61% in the period, teen retailer Tilly’s, Inc. up 63%, restaurateurs BJ’s Restaurants, Inc. up 76% and Cheesecake Factory, Inc. up 86%, First Internet Bancorp up 125%, and RFID chip manufacturer Impinj, Inc. up 162% – all had a fantastic six months. Unfortunately, our concerns about a Covid-19 resurgence led us to be underweight in many of these names during the period.
 
Still, it’s tough to be too negative given that we outperformed our benchmark and our peers during the period, thanks to decent-sized investments in other names that had very strong returns. Voyager Digital, mentioned earlier in this letter, certainly was the standout star, while another crypto-related name, BIGG Digital Assets, Inc., added relatively late in the period, also was up about 100% from the time we purchased it to the end of the fiscal period.
 
Sports betting was another winning sector for the Fund, with Score Media and Gaming, Inc. (“Score Media”) and Inspired Entertainment, Inc. up 460% and 130%, respectively. While we have substantially lightened up on Score Media due to concerns about valuation and the company’s ability to profitably compete in the U.S., we are generally optimistic about this sector and remain on the lookout for other related opportunities.
 
Our health care winners were more numerous than the losers and put up positive numbers, with Chromadex Corp., Celcuity, Inc., DiaMedica Therapeutics, Inc., Rafael Holdings, Inc., and Precision Biosciences, Inc. all up at least 93% during the period. Our interest in stem cell therapies, however, has so far not paid off, with disappointing performance in Mesoblast Ltd. (“Mesoblast”), down 50% in the period, and Brainstorm Cell Therapeutics, Inc. (“BrainStorm”), down 69%. Both companies released trial results that showed therapeutic promise but failed their primary endpoints, and while dealing with an already stem cell-skeptical FDA, will likely be challenged to commercialize their products in the U.S. without expensive new trials. Mesoblast, with their Novartis AG partnership locked up and an approved product in Japan selling reasonably well, has the wherewithal to pursue such initiatives, but we have moved on from Brainstorm as we foresee a more difficult road ahead for the development of its NuOwn treatment, one that will include significant dilution to current shareholders.
 
Since we are discussing developments during the last six-month period, it seems a good time to quickly discuss the reasoning behind the Fund’s recent name change, which took place at the end of calendar 2020. We are not currently changing the mandate of the Fund and anticipate we will remain primarily focused on investing in early stage growth stocks. However, we believe the new name – the Jacob Discovery Fund – better encapsulates what we are trying to do with the Fund, which is to focus on under-followed, under-researched, and under-the-radar opportunities that are often overlooked by much of traditional institutional Wall Street, while also giving us more flexibility in terms of holding onto names that we believe still hold substantial upside. We believe that small, interesting and underappreciated growth opportunities will always be out there, waiting to be ‘discovered,’ and we will continue to do our best to find them.
 
As always, we believe that staying true to our investment philosophy and process is still key to obtaining the best possible long-term investment performance for our shareholders.  Thank you again for your continued confidence and trust.
 
Ryan Jacob
Chairman and Chief Investment Officer
Portfolio Manager
 
Frank Alexander
Portfolio Manager
 
Darren Chervitz
Portfolio Manager
 
2

Past performance is not a guarantee of future results.
 
Performance data reflects fee waivers and in the absence of these waivers performance would be reduced.
 
Diversification does not assure a profit or protect against a loss in a declining market.
 
Must be accompanied or preceded by a prospectus.
 
The opinions expressed above are those of the portfolio manager and are subject to change at any time. Forecasts cannot be guaranteed and should not be considered investment advice.
 
Mutual fund investing involves risk; loss of principal is possible. The Funds invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater in emerging markets. Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. There are more specific risks inherent in investing in the internet area, particularly with respect to smaller capitalized companies and the high volatility of internet stocks. The Funds can invest in small-and mid-cap securities which involve additional risks such as limited liquidity and greater volatility. Investments in micro capitalization companies may involve greater risks, as these companies tend to have limited product lines, markets and financial or managerial resources. Micro cap stocks often also have a more limited trading market, such that the Adviser may not be able to sell stocks at an optimal time or price. In addition, less frequently-traded securities may be subject to more abrupt price movements than securities of larger capitalized companies. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer term debt securities.
 
Fund holdings are subject to change and should not be construed as a recommendation to buy or sell any security. Current and future portfolio holdings are subject to risk.
 
Please refer to the schedules of investments for complete Fund holdings information.
 
The NASDAQ Composite Index is a market capitalization weighted index that is designed to represent performance of the National Market System which includes over 5,000 stocks traded only over-the-counter and not on an exchange. The Russell 2000 Growth Index measures the performance of the small cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell Microcap Growth Index measures the performance of the microcap growth segment of the U.S. equity market. It includes Russell Microcap companies that are considered more growth oriented relative to the overall market as defined by Russell’s leading style methodology. The Russell Microcap Growth Index is constructed to provide a comprehensive and unbiased barometer for the microcap growth segment of the market. It is not possible to invest directly in an index.
 
The Funds are distributed by Quasar Distributors, LLC.
 
3

JACOB INTERNET FUND
INDUSTRY BREAKDOWN AS OF FEBRUARY 28, 2021
(as a percentage of total investments)
(Unaudited)





4

JACOB SMALL CAP GROWTH FUND
INDUSTRY BREAKDOWN AS OF FEBRUARY 28, 2021
(as a percentage of total investments)
(Unaudited)



5

JACOB DISCOVERY FUND
INDUSTRY BREAKDOWN AS OF FEBRUARY 28, 2021
(as a percentage of total investments)
(Unaudited)



6

JACOB INTERNET FUND
SCHEDULE OF INVESTMENTS(+)
February 28, 2021 (Unaudited)

Shares
                 
Value
 
   
COMMON STOCKS
         
88.1
%
     
   
Blank Checks
   
3.3
%
             
 
204,000
 
Porch Group, Inc.*
                 
$
3,663,840
 
 
85,000
 
Silver Spike Acquisition Corp.—Class A*
                   
2,019,600
 
                           
5,683,440
 
     
Business Services
   
10.8
%
               
 
512,000
 
Castlight Health, Inc.—Class B*
                   
870,400
 
 
203,275
 
OptimizeRx Corp.*
                   
10,810,164
 
 
43,675
 
Zillow Group, Inc.—Class C*
                   
7,046,088
 
                           
18,726,652
 
     
Calculating and Accounting
                       
     
  Machines (No Electronic Computers)
   
2.2
%
               
 
367,100
 
USA Technologies, Inc.*
                   
3,799,485
 
     
Catalog & Mail—Order Houses
   
1.9
%
               
 
14,000
 
Alibaba Group Holding Ltd.—ADR*^
                   
3,328,640
 
     
Communications Equipment
   
1.8
%
               
 
405,740
 
Powerfleet, Inc.*
                   
3,193,174
 
     
Computer Integrated Systems Design
   
2.3
%
               
 
123,200
 
Telos Corp.*
                   
4,105,024
 
     
Computer Peripheral Equipment
   
3.5
%
               
 
143,726
 
Identiv, Inc.*
                   
1,601,108
 
 
290,911
 
Immersion Corp.*
                   
2,882,928
 
 
24,300
 
Impinj, Inc.*
                   
1,554,471
 
                           
6,038,507
 
     
Computer Programming, Data Processing, Etc.
   
16.1
%
               
 
1,500
 
Alphabet, Inc.—Class C*
                   
3,055,290
 
 
11,800
 
Facebook, Inc.—Class A*
                   
3,039,916
 
 
15,000
 
MongoDB, Inc.—Class A*
                   
5,788,950
 
 
316,800
 
SVMK, Inc.*
                   
5,898,816
 
 
17,000
 
Tencent Holdings Ltd. (HK)(a)
                   
1,478,949
 
 
114,317
 
Twitter, Inc.*
                   
8,809,268
 
                           
28,071,189
 
     
Direct Mail Advertising Services
   
4.2
%
               
 
325,817
 
SharpSpring, Inc.*
                   
7,278,752
 
     
Eating Places
   
0.8
%
               
 
444,000
 
Waitr Holdings, Inc.*
                   
1,411,920
 

The accompanying notes are an integral part of these financial statements.

7

JACOB INTERNET FUND
SCHEDULE OF INVESTMENTS(+) (Continued)
February 28, 2021 (Unaudited)

Shares
                 
Value
 
   
COMMON STOCKS—(Continued)
         
88.1
%
     
   
Educational Services
   
1.6
%
             
 
533,750
 
Zovio, Inc.*
                 
$
2,738,137
 
     
Miscellaneous Amusement & Recreation
   
1.0
%
               
 
28,000
 
DraftKings, Inc.—Class A*
                   
1,722,840
 
     
Offices & Clinics of Doctors of Medicine
   
0.7
%
               
 
5,199
 
Teladoc Health, Inc.*
                   
1,149,447
 
     
Patent Owners & Lessors
   
7.9
%
               
 
165,496
 
Digital Turbine, Inc.*
                   
13,665,005
 
     
Personal Services
   
3.3
%
               
 
151,200
 
Yelp, Inc.—Class A*
                   
5,701,752
 
     
Prepackaged Software
   
13.8
%
               
 
202,841
 
Inspired Entertainment, Inc.*
                   
1,673,438
 
 
556,100
 
Qumu Corp.*
                   
4,988,217
 
 
34,000
 
Square, Inc.—Class A*
                   
7,821,020
 
 
40,500
 
Tabula Rasa HealthCare, Inc.*
                   
1,642,275
 
 
20,200
 
Twilio, Inc.—Class A*
                   
7,936,176
 
                           
24,061,126
 
     
Real Estate
   
1.0
%
               
 
584,681
 
Leju Holdings Ltd.—ADR*^
                   
1,748,196
 
     
Security Brokers, Dealers, and Flotation Companies
   
7.3
%
               
 
820,000
 
Voyager Digital Ltd.*^
                   
12,628,000
 
     
Semiconductors and Related Devices
   
0.9
%
               
 
24,300
 
CEVA, Inc.*
                   
1,487,889
 
     
State Commercial Banks
   
3.7
%
               
 
43,988
 
First Internet Bancorp
                   
1,440,607
 
 
39,725
 
Silvergate Capital Corp.—Class A*
                   
5,067,321
 
                           
6,507,928
 
     
TOTAL COMMON STOCKS (Cost $68,467,119)
                   
153,047,103
 

The accompanying notes are an integral part of these financial statements.
8

.JACOB INTERNET FUND
SCHEDULE OF INVESTMENTS(+) (Continued)
February 28, 2021 (Unaudited)

Shares
           
Value
 
   
MONEY MARKET FUND
   
12.5
%
     
 
21,737,629
 
First American Government Obligations Fund—Class X, 0.03%(b)
         
$
21,737,629
 
     
TOTAL MONEY MARKET FUND (Cost $21,737,629)
           
21,737,629
 
     
TOTAL INVESTMENTS (Cost $90,204,748)—100.6%
           
174,784,732
 
     
LIABILITIES IN EXCESS OF OTHER ASSETS—(0.6)%
           
(1,060,543
)
     
TOTAL NET ASSETS—100.0%
         
$
173,724,189
 

*
Non Income Producing.
^
U.S. Dollar-denominated foreign security.
(a)
Level 2 security.
(b)
7-day yield.
ADR
American Depositary Receipt.
(HK)
Security denominated in Hong Kong dollars.  Value translated into U.S. dollars.
(+)
Schedule of Investments is classified using the U.S. Securities and Exchange Commission’s Standard Industrial Classification (SIC) Code List.

The accompanying notes are an integral part of these financial statements.
9

JACOB SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS(+)
February 28, 2021 (Unaudited)

Shares
                 
Value
 
   
COMMON STOCKS
         
94.0
%
     
   
Biological Products, (No Diagnostic Substances)
   
5.8
%
             
 
37,000
 
Aerie Pharmaceuticals, Inc.*
                 
$
680,430
 
 
3,500
 
Krystal Biotech, Inc.*
                   
276,115
 
 
10,000
 
Mesoblast Ltd.—ADR*^(a)
                   
96,000
 
 
37,000
 
Precision BioSciences, Inc.*
                   
442,520
 
                           
1,495,065
 
     
Blank Checks
   
3.5
%
               
 
36,000
 
Porch Group, Inc.*
                   
646,560
 
 
11,000
 
Silver Spike Acquisition Corp.—Class A*
                   
261,360
 
                           
907,920
 
     
Business Services
   
8.2
%
               
 
39,800
 
OptimizeRx Corp.*
                   
2,116,564
 
     
Calculating and Accounting
                       
     
  Machines (No Electronic Computers)
   
2.0
%
               
 
51,200
 
USA Technologies, Inc.*
                   
529,920
 
     
Chemical and Fertilizer Mineral Mining
   
0.4
%
               
 
11,800
 
Nexa Resources SA^
                   
111,746
 
     
Computer Integrated System Design
   
2.3
%
               
 
17,800
 
Telos Corp.*
                   
593,096
 
     
Computer Peripheral Equipment
   
2.8
%
               
 
41,700
 
Immersion Corp.*
                   
413,247
 
 
4,700
 
Impinj, Inc.*
                   
300,659
 
                           
713,906
 
     
Computer Programming, Data Processing, Etc.
   
3.4
%
               
 
47,000
 
SVMK, Inc.*
                   
875,140
 
     
Direct Mail Advertising Services
   
4.1
%
               
 
48,000
 
SharpSpring, Inc.*
                   
1,072,320
 
     
Eating Places
   
1.1
%
               
 
1,000
 
BJ’s Restaurants, Inc.*
                   
55,530
 
 
76,000
 
Waitr Holdings, Inc.*
                   
241,680
 
                           
297,210
 
     
Family Clothing Stores
   
3.6
%
               
 
30,000
 
American Eagle Outfitters, Inc.
                   
771,000
 
 
4,600
 
Urban Outfitters, Inc.*
                   
155,940
 
                           
926,940
 
 
The accompanying notes are an integral part of these financial statements.
10

JACOB SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS(+) (Continued)
February 28, 2021 (Unaudited)

Shares
                 
Value
 
   
COMMON STOCKS—(Continued)
         
94.0
%
     
   
Industrial Organic Chemicals
   
6.0
%
             
 
70,046
 
Codexis, Inc.*
                 
$
1,548,717
 
     
Medical Laboratories
   
1.1
%
               
 
3,617
 
CareDx, Inc.*
                   
286,032
 
     
Miscellaneous Business Services
   
0.6
%
               
 
1,400
 
NV5 Global, Inc.*
                   
144,564
 
     
Patent Owners & Lessors
   
7.7
%
               
 
24,100
 
Digital Turbine, Inc.*
                   
1,989,937
 
     
Personal Services
   
3.2
%
               
 
22,200
 
Yelp, Inc.—Class A*
                   
837,162
 
     
Pharmaceutical Preparations
   
16.3
%
               
 
16,000
 
Akouos, Inc.*
                   
325,920
 
 
10,000
 
Apellis Pharmaceuticals, Inc.*
                   
481,700
 
 
4,800
 
Arcturus Therapeutics Holdings, Inc.*
                   
252,816
 
 
20,634
 
Esperion Therapeutics, Inc.*
                   
565,165
 
 
5,200
 
Frequency Therapeutics, Inc.*
                   
255,892
 
 
48,500
 
Harrow Health, Inc.*
                   
371,995
 
 
22,000
 
Heron Therapeutics, Inc.*
                   
397,760
 
 
13,000
 
Ideaya Biosciences, Inc.*
                   
247,910
 
 
45,500
 
NeuBase Therapeutics, Inc.*
                   
431,340
 
 
44,900
 
Omeros Corp.*
                   
895,306
 
                           
4,225,804
 
     
Prepackaged Software
   
2.4
%
               
 
47,792
 
Inspired Entertainment, Inc.*
                   
394,284
 
 
5,400
 
Tabula Rasa HealthCare, Inc.*
                   
218,970
 
                           
613,254
 
     
Real Estate
   
0.8
%
               
 
5,870
 
Rafael Holdings, Inc.—Class B*
                   
210,029
 
     
Security Brokers, Dealers, and Flotation Companies
   
2.4
%
               
 
40,000
 
Voyager Digital Ltd.*^
                   
616,000
 
     
Semiconductors and Related Devices
   
0.9
%
               
 
3,700
 
CEVA, Inc.*
                   
226,551
 
     
State Commercial Banks
   
3.7
%
               
 
7,439
 
Silvergate Capital Corp.—Class A*
                   
948,919
 
 
The accompanying notes are an integral part of these financial statements.

11

JACOB SMALL CAP GROWTH FUND
SCHEDULE OF INVESTMENTS(+) (Continued)
February 28, 2021 (Unaudited)

Shares
                 
Value
 
   
COMMON STOCKS—(Continued)
         
94.0
%
     
   
Surgical and Medical Instruments and Apparatus
   
10.7
%
             
 
130,800
 
Alphatec Holdings, Inc.*
                 
$
2,099,340
 
 
36,350
 
iCAD, Inc.*
                   
672,112
 
                           
2,771,452
 
     
Trucking (No Local)
   
1.0
%
               
 
29,000
 
U.S. Xpress Enterprises, Inc.—Class A*
                   
268,250
 
     
TOTAL COMMON STOCKS (Cost $12,496,696)
                   
24,326,498
 
                               
     
MONEY MARKET FUND
   


    6.2 %        
 
1,598,946
 
First American Government Obligations Fund—Class X, 0.03%(b)
                   
1,598,946
 
     
TOTAL MONEY MARKET FUND (Cost $1,598,946)
                   
1,598,946
 
     
TOTAL INVESTMENTS (Cost $14,095,642)—100.2%
                   
25,925,444
 
     
LIABILITIES IN EXCESS OF OTHER ASSETS—(0.2)%
                   
(36,617
)
     
TOTAL NET ASSETS—100.0%
                 
$
25,888,827
 

*
Non Income Producing.
^
U.S. Dollar-denominated foreign security.
(a)
Level 2 security.
(b)
7-day yield.
ADR
American Depositary Receipt.
(+)
Schedule of Investments is classified using the U.S. Securities and Exchange Commission’s Standard Industrial Classification (SIC) Code List.

The accompanying notes are an integral part of these financial statements.
12

JACOB DISCOVERY FUND
SCHEDULE OF INVESTMENTS(+)
February 28, 2021 (Unaudited)

Shares
                 
Value
 
   
COMMON STOCKS
         
80.9
%
     
   
Advertising Agencies
   
0.8
%
             
 
141,541
 
SRAX, Inc.—Class A*
                 
$
516,625
 
     
Amusement & Recreation Services
   
1.6
%
               
 
350,000
 
Super League Gaming, Inc.*
                   
1,095,500
 
     
Apparel and Accessory Stores
   
1.1
%
               
 
70,800
 
Tilly’s, Inc.—Class A*
                   
730,656
 
     
Biological Products (No Diagnostic Substances)
   
4.0
%
               
 
34,100
 
Aerie Pharmaceuticals, Inc.*
                   
627,099
 
 
5,500
 
BrainStorm Cell Therapeutics, Inc.*
                   
22,330
 
 
100,000
 
IMV, Inc.*^
                   
332,000
 
 
6,400
 
Krystal Biotech, Inc.*
                   
504,896
 
 
25,400
 
Mesoblast Ltd.—ADR*^(a)
                   
243,840
 
 
82,000
 
Precision BioSciences, Inc.*
                   
980,720
 
                           
2,710,885
 
     
Blank Checks
   
2.0
%
               
 
74,500
 
Porch Group, Inc.*
                   
1,338,020
 
     
Bottled and Canned Soft Drinks and Carbonated Waters
   
1.0
%
               
 
650,000
 
Reed’s, Inc.*
                   
682,500
 
     
Business Services
   
4.1
%
               
 
136,000
 
Castlight Health, Inc.—Class B*
                   
231,200
 
 
42,793
 
OptimizeRx Corp.*
                   
2,275,732
 
 
8,000
 
Score Media and Gaming, Inc.—Class A (CAD)*
                   
218,325
 
                           
2,725,257
 
     
Calculating and Accounting
                       
     
  Machines (No Electronic Computers)
   
2.2
%
               
 
141,600
 
USA Technologies, Inc.*
                   
1,465,560
 
     
Communications Equipment
   
1.9
%
               
 
159,599
 
Powerfleet, Inc.*
                   
1,256,044
 
     
Computer & Office Equipment
   
0.4
%
               
 
12,000
 
IntriCon Corp.*
                   
275,520
 
     
Computer Communications Equipment
   
0.7
%
               
 
93,879
 
Lantronix, Inc.*
                   
439,354
 
 
The accompanying notes are an integral part of these financial statements.
13

JACOB DISCOVERY FUND
SCHEDULE OF INVESTMENTS(+) (Continued)
February 28, 2021 (Unaudited)

Shares
                 
Value
 
   
COMMON STOCKS—(Continued)
         
80.9
%
     
   
Computer Peripheral Equipment
   
3.7
%
             
 
106,000
 
Identiv, Inc.*
                 
$
1,180,840
 
 
81,174
 
Immersion Corp.*
                   
804,434
 
 
8,200
 
Impinj, Inc.*
                   
524,554
 
                           
2,509,828
 
     
Computer Processing & Data Preparation
   
1.0
%
               
 
108,958
 
Park City Group, Inc.*
                   
662,465
 
     
Computer Programming Services
   
1.1
%
               
 
120,000
 
Scout Gaming Group AB—(SEK)*(a)
                   
764,763
 
     
Direct Mail Advertising Servicess
   
3.4
%
               
 
103,415
 
SharpSpring, Inc.*
                   
2,310,291
 
     
Eating Places
   
1.0
%
               
 
2,000
 
BJ’s Restaurants, Inc.*
                   
111,060
 
 
165,000
 
Waitr Holdings, Inc.*
                   
524,700
 
                           
635,760
 
     
Educational Services
   
1.5
%
               
 
201,250
 
Zovio, Inc.*
                   
1,032,413
 
     
Games, Toys & Children’s Vehicles (No Dolls & Bicycles)
   
1.1
%
               
 
800,000
 
BIGG Digital Assets, Inc.*^
                   
736,000
 
     
Gold and Silver Ores
   
0.8
%
               
 
540,000
 
Solitario Zinc Corp.*
                   
504,954
 
     
Help Supply Services
   
1.7
%
               
 
76,890
 
Hudson Global, Inc.*
                   
1,137,203
 
     
Industrial Organic Chemicals
   
2.9
%
               
 
87,006
 
Codexis, Inc.*
                   
1,923,703
 
     
Medical
   
1.9
%
               
 
92,402
 
Celcuity, Inc.*
                   
1,312,108
 
     
Medicinal Chemicals and Botanical Products
   
0.9
%
               
 
42,000
 
ChromaDex Corp.*
                   
585,060
 
     
Metal Mining
   
0.7
%
               
 
300,000
 
Western Copper & Gold Corp.*^
                   
465,000
 
     
Mining & Quarrying of Nonmetallic Mineral (No Fuels)
   
0.5
%
               
 
480,000
 
Azimut Exploration, Inc.*^
                   
360,000
 
     
Miscellaneous Metal Ores
   
1.0
%
               
 
200,000
 
Thunderbird Entertainment Group, Inc.*^
                   
654,640
 
 
The accompanying notes are an integral part of these financial statements.
14

JACOB DISCOVERY FUND
SCHEDULE OF INVESTMENTS(+) (Continued)
February 28, 2021 (Unaudited)

Shares
                 
Value
 
   
COMMON STOCKS—(Continued)
         
80.9
%
     
   
Patent Owners & Lessors
   
1.2
%
             
 
10,000
 
Digital Turbine, Inc.*
                 
$
825,700
 
     
Pharmaceutical Preparations
   
15.5
%
               
 
40,000
 
Akouos, Inc.*
                   
814,800
 
 
240,000
 
Arbutus Biopharma Corp.*^
                   
900,000
 
 
10,200
 
Arcturus Therapeutics Holdings, Inc.*
                   
537,234
 
 
450,000
 
Athersys, Inc.*
                   
918,000
 
 
170,000
 
DiaMedica Therapeutics, Inc.*
                   
1,558,900
 
 
35,800
 
Esperion Therapeutics, Inc.*
                   
980,562
 
 
100,889
 
Harrow Health, Inc.*
                   
773,819
 
 
21,000
 
Ideaya Biosciences, Inc.*
                   
400,470
 
 
82,000
 
NeuBase Therapeutics, Inc.*
                   
777,360
 
 
104,900
 
Omeros Corp.*
                   
2,091,706
 
 
45,000
 
Tela Bio, Inc.*
                   
691,650
 
                           
10,444,501
 
     
Prepackaged Software
   
3.7
%
               
 
90,596
 
Inspired Entertainment, Inc.*
                   
747,417
 
 
191,700
 
Qumu Corp.*
                   
1,719,549
 
                           
2,466,966
 
     
Real Estate
   
1.7
%
               
 
220,869
 
Leju Holdings Ltd.—ADR*^
                   
660,398
 
 
13,630
 
Rafael Holdings, Inc.—Class B*
                   
487,681
 
                             1,148,079  
     
Sausages & Other Prepared Meal Products
   
0.3
%
               
 
91,600
 
MamaMancini’s Holdings, Inc.*
                   
186,406
 
     
Security Brokers, Dealers, and Flotation Companies
   
7.2
%
               
 
315,000
 
Voyager Digital Ltd.*^
                   
4,851,000
 
     
Semiconductors and Related Devices
   
0.9
%
               
 
9,440
 
CEVA, Inc.*
                   
578,011
 
     
State Commercial Banks
   
0.8
%
               
 
16,015
 
First Internet Bancorp
                   
524,491
 
     
Surgical and Medical Instruments and Apparatus
   
5.5
%
               
 
104,500
 
Alphatec Holdings, Inc.*
                   
1,677,225
 
 
76,000
 
CytoSorbents Corp.*
                   
715,920
 
 
71,910
 
iCAD, Inc.*
                   
1,329,616
 
                           
3,722,761
 
 
The accompanying notes are an integral part of these financial statements.
15

JACOB DISCOVERY FUND
SCHEDULE OF INVESTMENTS(+) (Continued)
February 28, 2021 (Unaudited)

Shares
                 
Value
 
   
COMMON STOCKS—(Continued)
         
80.9
%
     
   
Trucking (No Local)
   
1.1
%
             
 
83,000
 
U.S. Xpress Enterprises, Inc.—Class A*
                 
$
767,750
 
     
TOTAL COMMON STOCKS (Cost $33,937,610)
                   
54,345,774
 
                               
     
MONEY MARKET FUND
   


    19.6 %        
 
13,178,065
 
First American Government Obligations Fund—Class X, 0.03%(b)
                   
13,178,065
 
     
TOTAL MONEY MARKET FUND (Cost $13,178,066)
                   
13,178,065
 
     
TOTAL INVESTMENTS (Cost $47,115,676)—100.5%
                   
67,523,839
 
     
LIABILITIES IN EXCESS OF OTHER ASSETS—(0.5)%
                   
(363,960
)
     
TOTAL NET ASSETS—100.0%
                 
$
67,159,879
 

^
U.S. Dollar-denominated foreign security.
*
Non Income Producing.
(a)
Level 2 security.
(b)
7-day yield.
ADR
American Depositary Receipt.
(CAD)
Security denominated in Canadian dollars. Value translated into U.S. Dollars.
(SEK)
Security denominated in Sweden dollars. Value translated into U.S. Dollars.
(+)
Schedule of Investments is classified using the U.S. Securities and Exchange Commission’s Standard Industrial Classification (SIC) Code List.

The accompanying notes are an integral part of these financial statements.
16

JACOB FUNDS INC.
STATEMENTS OF ASSETS AND LIABILITIES
February 28, 2021 (Unaudited)

         
Jacob
       
   
Jacob
   
Small Cap
   
Jacob
 
   
Internet Fund
   
Growth Fund
   
Discovery Fund
 
Assets:
                 
Investments, at value (cost $90,204,748, $14,095,642
                 
  and $47,115,676, respectively)
 
$
174,784,732
   
$
25,925,444
   
$
67,523,839
 
Receivable for capital shares sold
   
2,097,116
     
85,404
     
992,028
 
Receivable for investments sold
   
472,317
     
     
298,177
 
Dividend and interest receivable
   
299
     
21
     
263
 
Prepaid expenses and other assets
   
18,930
     
25,595
     
31,913
 
Total Assets
   
177,373,394
     
26,036,464
     
68,846,220
 
                         
Liabilities:
                       
Payable for securities purchased
   
2,791,486
     
     
1,504,242
 
Payable for capital shares repurchased
   
552,866
     
82,322
     
79,243
 
Payable for investment adviser fees
   
153,117
     
15,929
     
44,789
 
Payable for distribution and shareholder
                       
  servicing expenses – Investor Class (see Note 7)
   
42,743
     
1,780
     
6,406
 
Accrued accounting fees
   
7,427
     
5,676
     
5,971
 
Accrued administration fees
   
22,452
     
8,973
     
12,306
 
Accrued audit fees
   
7,935
     
7,935
     
7,935
 
Accrued directors fees
   
17,343
     
3,616
     
5,782
 
Accrued legal fees
   
12,359
     
4,586
     
1,543
 
Accrued transfer agent fees
   
25,345
     
10,656
     
12,038
 
Accrued expenses and other liabilities
   
16,132
     
6,164
     
6,086
 
Total Liabilities
   
3,649,205
     
147,637
     
1,686,341
 
Net Assets
 
$
173,724,189
   
$
25,888,827
   
$
67,159,879
 
                         
Net Assets Consist Of:
                       
Capital Stock
 
$
83,220,041
   
$
11,497,956
   
$
43,975,403
 
Total distributable earnings
   
90,504,148
     
14,390,871
     
23,184,476
 
Total Net Assets
 
$
173,724,189
   
$
25,888,827
   
$
67,159,879
 
                         
Institutional Class(1)
                       
Net Assets
 
$
   
$
15,254,153
   
$
26,516,457
 
Shares outstanding(3)
   
     
331,296
     
572,905
 
Net asset value, redemption price and offering price per share(2)
 
$
   
$
46.04
   
$
46.28
 
                         
Investor Class
                       
Net Assets
 
$
173,724,189
   
$
10,634,674
   
$
40,643,422
 
Shares outstanding(3)
   
15,241,290
     
237,159
     
969,817
 
Net asset value, redemption price and offering price per share(2)
 
$
11.40
   
$
44.84
   
$
41.91
 
_______________
 
(1)
The Internet Fund currently offers Investor Class shares only. See Note 1.
(2)
Redemption of shares held less than 30 days may be charged a 2% redemption fee. See Note 3.
(3)
20 billion shares of $0.001 par value authorized for the Trust.

The accompanying notes are an integral part of these financial statements.
17

JACOB FUNDS INC.
STATEMENTS OF OPERATIONS
For the Six Months Ended February 28, 2021 (Unaudited)

         
Jacob
       
   
Jacob
   
Small Cap
   
Jacob
 
   
Internet Fund
   
Growth Fund
   
Discovery Fund
 
Investment Income:
                 
Dividend income
 
$
55,716
   
$
2,184
   
$
 
Interest income
   
694
     
105
     
696
 
Total Investment Income
   
56,410
     
2,289
     
696
 
                         
Expenses:
                       
Investment advisor fees
   
596,216
     
78,533
     
164,879
 
Foreign issuance fees
   
     
     
3,242
(1) 
Distribution and shareholder servicing expenses – Investor Class (See Note 7)
   
119,243
     
8,434
     
15,800
 
Administration fees
   
57,569
     
28,835
     
34,315
 
Fund accounting fees
   
18,277
     
17,263
     
17,719
 
Transfer agent fees
   
71,882
     
33,212
     
36,548
 
Custody fees
   
6,378
     
4,087
     
4,519
 
Federal and state registration
   
11,640
     
16,442
     
15,822
 
Insurance expense
   
4,934
     
1,584
     
1,502
 
Audit fees
   
7,935
     
7,935
     
7,935
 
Legal fees
   
35,077
     
7,801
     
9,774
 
Printing and mailing of reports to shareholders
   
9,178
     
3,032
     
3,932
 
Directors’ fees
   
32,377
     
6,298
     
10,537
 
Miscellaneous expenses
   
1,298
     
1,787
     
1,783
 
Total Expenses
   
972,004
     
215,243
     
328,307
 
Expense Waiver (See Note 6)
   
     
(17,434
)
   
(24,199
)
Net Expenses
   
972,004
     
197,809
     
304,108
 
Net Investment Loss
   
(915,594
)
   
(195,520
)
   
(303,412
)
                         
Realized and Unrealized Gain on Investments:
                       
Net realized gain on investments
   
12,422,373
     
4,653,653
     
4,891,615
 
Change in net unrealized appreciation on investments
   
47,927,511
     
5,900,509
     
13,407,776
 
Net realized and unrealized gain on investments
   
60,349,884
     
10,554,162
     
18,299,391
 
Net Increase in Net Assets Resulting from Operations
 
$
59,434,290
   
$
10,358,642
   
$
17,995,979
 
_______________
(1)
Net of $532 in dividend income.

The accompanying notes are an integral part of these financial statements.
18

JACOB FUNDS INC.
JACOB INTERNET FUND
STATEMENTS OF CHANGES IN NET ASSETS

   
Six Months Ended
       
   
February 28, 2021
   
Year Ended
 
   
(Unaudited)
   
August 31, 2020
 
Operations:
           
Net investment loss
 
$
(915,594
)
 
$
(1,177,368
)
Net realized gain on investment transactions
   
12,422,373
     
10,659,342
 
Change in net unrealized appreciation/depreciation on investments
   
47,927,511
     
14,966,965
 
Net increase in net assets resulting from operations
   
59,434,290
     
24,448,939
 
                 
Distributions to Shareholders:
               
Net dividends and distributions to shareholders
   
(11,729,504
)
   
(5,360,215
)
                 
Capital Share Transactions: (Note 3)
               
Proceeds from shares sold
   
63,030,254
     
3,876,627
 
Proceeds from reinvestment of distribution
   
11,281,774
     
5,136,769
 
Cost of shares redeemed
   
(17,454,837
)
   
(8,744,480
)
Redemption fees
   
36,712
     
2,321
 
Net increase in net assets resulting from capital share transactions
   
56,893,903
     
271,237
 
                 
Net Increase in Net Assets
   
104,598,689
     
19,359,961
 
Net Assets:
               
Beginning of period/year
   
69,125,500
     
49,765,539
 
End of period/year
 
$
173,724,189
   
$
69,125,500
 

The accompanying notes are an integral part of these financial statements.
19

JACOB FUNDS INC.
JACOB SMALL CAP GROWTH FUND
STATEMENTS OF CHANGES IN NET ASSETS

   
Six Months Ended
       
   
February 28, 2021
   
Year Ended
 
   
(Unaudited)
   
August 31, 2020
 
Operations:
           
Net investment loss
 
$
(195,520
)
 
$
(274,876
)
Net realized gain on investment transactions
   
4,653,653
     
1,648,331
 
Change in net unrealized appreciation/depreciation on investments
   
5,900,509
     
3,087,624
 
Net increase in net assets resulting from operations
   
10,358,642
     
4,461,079
 
                 
Distributions to Shareholders:
               
Net dividends and distributions to shareholders
   
(2,255,468
)
   
(421,908
)
                 
Capital Share Transactions: (Note 3)
               
Proceeds from shares sold
   
3,719,275
     
302,242
 
Proceeds from reinvestment of distribution
   
2,180,879
     
409,749
 
Cost of shares redeemed
   
(5,956,394
)
   
(2,279,216
)
Redemption fees
   
6,291
     
193
 
Net decrease in net assets resulting from capital share transactions
   
(49,949
)
   
(1,567,032
)
 
               
Net Increase in Net Assets
   
8,053,225
     
2,472,139
 
Net Assets:
               
Beginning of period/year
   
17,835,602
     
15,363,463
 
End of period/year
 
$
25,888,827
   
$
17,835,602
 

The accompanying notes are an integral part of these financial statements.
20

JACOB FUNDS INC.
JACOB DISCOVERY FUND
STATEMENTS OF CHANGES IN NET ASSETS


   
Six Months Ended
       
   
February 28, 2021
   
Year Ended
 
   
(Unaudited)
   
August 31, 2020
 
Operations:
           
Net investment loss
 
$
(303,412
)
 
$
(262,130
)
Net realized gain on investment transactions
   
4,891,615
     
867,835
 
Change in net unrealized appreciation/depreciation on investments
   
13,407,776
     
4,509,065
 
Net increase in net assets resulting from operations
   
17,995,979
     
5,114,770
 
                 
Distributions to Shareholders:
               
Net dividends and distributions to shareholders
   
(1,783,333
)
   
 
                 
Capital Share Transactions: (Note 3)
               
Proceeds from shares sold
   
35,999,252
     
6,809,883
 
Proceeds from reinvestment of distribution
   
1,754,688
     
 
Cost of shares redeemed
   
(7,741,255
)
   
(5,099,142
)
Redemption fees
   
11,893
     
3,136
 
Net increase in net assets resulting from capital share transactions
   
30,024,578
     
1,713,877
 
                 
Net Increase in Net Assets
   
46,237,224
     
6,828,647
 
Net Assets:
               
Beginning of period/year
   
20,922,655
     
14,094,008
 
End of period/year
 
$
67,159,879
   
$
20,922,655
 

The accompanying notes are an integral part of these financial statements.
21

JACOB FUNDS INC.
JACOB INTERNET FUND – INVESTOR CLASS
FINANCIAL HIGHLIGHTS

The table below sets forth financial data for a share of the Fund outstanding throughout each period/year presented.
 
   
Six Months Ended
   
Year Ended August 31,
 
   
February 28, 2021
   
2020
   
2019
   
2018
   
2017
   
2016
 
   
(Unaudited)
                               
Per Share Data:
                                   
Net asset value, beginning of period/year
 
$
7.18
   
$
5.22
   
$
5.40
   
$
4.76
   
$
4.39
   
$
3.96
 
                                                 
Income from investment operations:
                                               
Net investment loss
   
(0.08
)(4)
   
(0.12
)(4)
   
(0.10
)(4)
   
(0.11
)(4)
   
(0.10
)(4)
   
(0.10
)(1)
Net realized and unrealized gain
                                               
  on investment transactions
   
5.49
     
2.65
     
0.29
     
1.31
     
0.67
     
1.02
 
Total from investment operations
   
5.41
     
2.53
     
0.19
     
1.20
     
0.57
     
0.92
 
Less distributions from net realized gains
   
(1.19
)
   
(0.57
)
   
(0.37
)
   
(0.56
)
   
(0.20
)
   
(0.49
)
Paid in capital from redemption fees(2)(5)
   
0.00
     
0.00
     
0.00
     
0.00
     
0.00
     
0.00
 
Net asset value, end of period/year
 
$
11.40
   
$
7.18
   
$
5.22
   
$
5.40
   
$
4.76
   
$
4.39
 
Total return
   
83.75
%(6)
   
55.45
%
   
4.61
%
   
28.12
%
   
13.65
%
   
25.31
%
                                                 
Supplemental data and ratios:
                                               
Net assets, end of period/year (in thousands)
 
$
173,724
   
$
69,126
   
$
49,766
   
$
51,240
   
$
43,606
   
$
43,518
 
Ratio of operating expenses
                                               
  to average net assets(3)
   
2.04
%(7)
   
2.50
%
   
2.32
%
   
2.42
%
   
2.38
%
   
2.60
%
Ratio of net investment loss
                                               
  to average net assets(3)
   
(1.92
)%(7)
   
(2.42
)%
   
(2.08
)%
   
(2.16
)%
   
(2.15
)%
   
(2.47
)%
Portfolio turnover rate
   
25
%(6)
   
52
%
   
50
%
   
46
%
   
46
%
   
43
%
_______________
(1)
Net investment loss per share is calculated using ending balances prior to consideration of adjustments for permanent book and tax differences.
(2)
Less than $0.01 per share.
(3)
For the period September 1, 2011 through January 2, 2022, the Adviser has contractually agreed to waive its advisory fee in an amount up to an annual rate of 0.10% of the Fund’s average daily net assets, to the extent that the Fund’s gross operating expense ratio exceeds 2.95%, excluding any taxes, interest, brokerage fees, acquired fund fees and expenses, and extraordinary expenses.
(4)
Net investment loss per share represents net investment loss divided by the average shares outstanding throughout the period/year.
(5)
Paid in capital from redemption fees per share represents redemption fees divided by the average shares outstanding throughout the period/year.
(6)
Not annualized
(7)
Annualized.

The accompanying notes are an integral part of these financial statements.
22

JACOB FUNDS INC.
JACOB SMALL CAP GROWTH FUND – INSTITUTIONAL CLASS
FINANCIAL HIGHLIGHTS

The table below sets forth financial data for a share of the Fund outstanding throughout each period/year presented.
 
   
Six Months Ended
   
Year Ended August 31,
 
   
February 28, 2021
   
2020
   
2019
   
2018
   
2017
   
2016(1)
 
   
(Unaudited)
                               
Per Share Data:
                                   
Net asset value, beginning of period/year
 
$
30.80
   
$
23.91
   
$
28.81
   
$
18.52
   
$
16.82
   
$
18.95
 
                                                 
Income (loss) from investment operations:
                                               
Net investment loss(2)
   
(0.35
)
   
(0.42
)
   
(0.39
)
   
(0.34
)
   
(0.27
)
   
(0.29
)
Net realized and unrealized gain (loss)
                                               
  on investment transactions
   
20.60
     
7.98
     
(4.26
)
   
10.63
     
1.97
     
(1.73
)
Total from investment operations
   
20.25
     
7.56
     
(4.65
)
   
10.29
     
1.70
     
(2.02
)
Less distributions from net realized gains
   
(5.02
)
   
(0.67
)
   
(0.25
)
   
     
     
 
Less distributions from return of capital
   
     
     
     
     
     
(0.11
)
Total distributions
   
(5.02
)
   
(0.67
)
   
(0.25
)
   
     
     
(0.11
)
Paid in capital from redemption fees(7)
   
0.01
     
0.00
(6) 
   
     
0.00
(6) 
   
     
 
Net asset value, end of period/year
 
$
46.04
   
$
30.80
   
$
23.91
   
$
28.81
   
$
18.52
   
$
16.82
 
Total return
   
71.42
%(8)
   
32.23
%
   
-16.17
%
   
55.56
%
   
10.11
%(3)
   
-10.64
%(3)
                                                 
Supplemental data and ratios:
                                               
Net assets, end of period/year (in thousands)
 
$
15,254
   
$
12,799
   
$
10,825
   
$
14,621
   
$
10,480
   
$
12,012
 
Ratio of gross operating expenses
                                               
  (prior to waiver) to average net assets
   
2.12
%(9)
   
2.56
%
   
2.22
%
   
2.46
%
   
2.59
%
   
2.94
%
Ratio of net operating expenses
                                               
  (after waiver) to average net assets(4)
   
1.92
%(9)
   
1.95
%
   
1.95
%
   
1.95
%
   
1.95
%
   
2.04
%
Ratio of net investment loss
                                               
  (prior to waiver) to average net assets
   
(2.10
)%(9)
   
(2.32
)%
   
(1.81
)%
   
(2.04
)%
   
(2.19
)%
   
(2.80
)%
Ratio of net investment loss
                                               
  (after waiver) to average net assets(4)
   
(1.90
)%(9)
   
(1.71
)%
   
(1.54
)%
   
(1.53
)%
   
(1.55
)%
   
(1.90
)%
Portfolio turnover rate(5)
   
41
%(8)
   
89
%
   
88