NPORT-EX 2 jacob1-internet_v2.htm

Jacob Internet Fund
        
Schedule of Investments (+)
      
May 31, 2020 (Unaudited)
      
             
Shares
         
Value
  
      
COMMON STOCKS - 94.9%
      
      
Business Services - 13.8%
      
 
24,200
    
JOYY, Inc. - Class A - ADR *^
  
$
1,477,410
  
 
223,275
    
OptimizeRx Corp. *
    
2,536,404
  
 
4,800
    
PayPal Holdings, Inc. *
    
744,048
  
 
35,275
    
Zillow Group, Inc. - Class C *
    
2,045,597
  
             
6,803,459
  
        
Calculating and Accounting Machines (No Electronic Computers) - 3.5%
        
 
239,100
    
USA Technologies, Inc. *
    
1,709,565
  
        
Catalog & Mail - Order Houses - 3.5%
        
 
8,200
    
Alibaba Group Holding Ltd. - ADR *^
    
1,700,598
  
        
Communications Equipment - 3.1%
        
 
321,740
    
Powerfleet, Inc. *
    
1,512,178
  
        
Computer Peripheral Equipment - 4.8%
        
 
232,911
    
Immersion Corp. *
    
1,573,314
  
 
30,300
    
Impinj, Inc. *
    
783,255
  
             
2,356,569
  
        
Computer Programing and Data Processing - 19.8%
        
 
1,600
    
Alphabet, Inc. - Class C *
    
2,286,272
  
 
6,800
    
Facebook, Inc. - Class A *
    
1,530,612
  
 
8,400
    
MongoDB, Inc. - Class A *
    
1,949,724
  
 
70,000
    
SVMK, Inc. *
    
1,410,500
  
 
5,000
    
Tencent Holdings Ltd. (HK) (a)
    
270,779
  
 
74,317
    
Twitter, Inc. *
    
2,301,598
  
             
9,749,485
  
        
Direct Mail Advertising Services - 1.8%
        
 
89,317
    
SharpSpring, Inc. *
    
884,238
  
        
Electronic Computers - 0.8%
        
 
1,200
    
Apple, Inc.
    
381,528
  
        
Miscellaneous Amusement & Recreation - 2.8%
        
 
34,500
    
DraftKings, Inc. - Class A *
    
1,369,650
  
        
Offices & Clinics of Doctors of Medicine - 0.2%
        
 
700
    
Teladoc Health, Inc. *
    
121,842
  
        
Patent Owners and Lessors - 6.0%
        
 
457,096
    
Digital Turbine, Inc. *
    
2,934,556
  
        
Personal Services - 3.5%
        
 
78,500
    
Yelp, Inc. - Class A *
    
1,706,590
  
        
Prepackaged Software - 20.8%
        
 
179,079
    
Inspired Entertainment, Inc. *
    
481,722
  
 
1,200
    
Paylocity Holding Corp. *
    
156,006
  
 
31,160
    
SINA Corp. *^
    
975,620
  
 
34,000
    
Square, Inc. - Class A *
    
2,756,720
  
 
17,500
    
Tabula Rasa HealthCare, Inc. *
    
935,025
  
 
24,800
    
Twilio, Inc. - Class A *
    
4,900,480
  
             
10,205,573
  
        
Radio, Television, and Publishers' Advertising Representatives - 4.1%
        
 
127,600
    
Yext, Inc. *
    
2,014,804
  
        
Real Estate - 1.2%
        
 
370,681
    
Leju Holdings Ltd. - ADR *^
    
611,624
  
        
Savings Institutions, Federally Chartered - 1.2%
        
 
12,585
    
E*TRADE Financial Corp.
    
573,121
  
        
Semiconductors and Related Devices - 2.2%
        
 
31,200
    
CEVA, Inc. *
    
1,075,464
  
        
State Commercial Banks - 1.8%
        
 
56,688
    
First Internet Bancorp
    
911,543
  
        
TOTAL COMMON STOCKS (Cost $28,498,119)
    
46,622,387
  
                 
        
MONEY MARKET FUND - 2.5%
        
        
Other Investment Pools and Funds - 2.5%
        
 
1,253,638
    
First American Government Obligations Fund - Class X, 0.09% (b)
    
1,253,638
  
        
TOTAL MONEY MARKET FUND (Cost $1,253,638)
    
1,253,638
  
                 
        
TOTAL INVESTMENTS (Cost $29,751,757) - 97.4%
    
47,876,025
  
        
OTHER ASSETS IN EXCESS OF LIABILITIES - 2.6%
    
1,274,484
  
        
TOTAL NET ASSETS - 100.0%
  
$
49,150,509
  
                 
     
*
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 Investment is classified using the U.S. Securities and Exchange Commission's Standard Industrial Classification (SIC) Code List.
  


Jacob Internet Fund Summary of Fair Value Exposure
            
Investment securities traded on a national securities exchange are valued at their market value determined by their last sales price in the principal market in which these securities are normally traded (except those traded on the NASDAQ National Market and Capital Market exchanges which are valued at the NASDAQ Official Closing Price (“NOCP”)), unless there are no transactions on the valuation date, in which case they are valued at the mean between the closing bid and ask prices. Securities traded over-the-counter are valued at the last reported sales price unless there is no reported sales price, in which case the mean between the closing bid and ask prices is used.  Foreign securities, currencies and other assets denominated in foreign currencies are translated into U.S. dollars at  the exchange rate of such currencies. Foreign equity securities are valued at the last sale price at the close of the exchange on which the security is principally traded. The Funds values foreign securities at fair value, using fair valuation procedures approved by the Board of Directors, taking into account the occurrence of events after the close of foreign markets in calculating the NAV. In such cases, use of fair valuation can reduce the investor's ability to seek profit by estimating the fund's NAV in advance of the time the NAV is calculated. The Board of Directors have retained an independent fair value pricing service to assist in valuing foreign securities held by the Funds. Debt securities with maturities of 60 days or less are valued at amortized cost, which approximates market value. Short-term securities with 60 days or less remaining to maturity are, unless conditions indicate otherwise, amortized to maturity based on their cost to the Fund if acquired within 60 days of maturity or, if already held by the Fund on the 60th day, based on the value determined on the 61st day.  If amortized cost does not approximate fair value, short-term securities are reported at fair value. Where market quotations are not readily available, are unreliable or when values have been materially affected by events occurring before the close of U.S. markets but after the close of the securities’ primary markets, securities are valued at fair value using procedures approved by the Board of Directors that are designed to determine a security’s fair value.
               
               
The Fund adheres to fair valuation accounting standards which provide an authoritative definition of fair value and sets out a hierarchy for measuring fair value. These standards require disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period. These standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy is organized into three levels based upon the assumptions (referred to as “inputs”) used in pricing the asset or liability. These standards state that “observable inputs” reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources and “unobservable inputs” reflect an entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability.

Various inputs are used in determining the value of the Internet Fund’s investments. These inputs are summarized in the three broad levels listed below:
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund  has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.  These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
               
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 Internet Fund's investments as of May 31, 2020:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
                        
Prepackaged Software
  
$
10,205,573
    
$
-
    
$
-
    
$
10,205,573
  
Computer Programing and Data Processing
    
9,478,706
      
270,779
  (a)
 
  
-
      
9,749,485
  
Business Services
    
6,803,459
      
-
      
-
      
6,803,459
  
Patent Owners and Lessors
    
2,934,556
      
-
      
-
      
2,934,556
  
Computer Peripheral Equipment
    
2,356,569
      
-
      
-
      
2,356,569
  
Radio, Television, and Publishers' Advertising Representatives
    
2,014,804
      
-
      
-
      
2,014,804
  
Calculating and Accounting Machines (No Electronic Computers)
    
1,709,565
      
-
      
-
      
1,709,565
  
Personal Services
    
1,706,590
      
-
      
-
      
1,706,590
  
Catalog & Mail - Order Houses
    
1,700,598
      
-
      
-
      
1,700,598
  
Communications Equipment
    
1,512,178
      
-
      
-
      
1,512,178
  
Miscellaneous Amusement & Recreation
    
1,369,650
      
-
      
-
      
1,369,650
  
Semiconductors and Related Devices
    
1,075,464
      
-
      
-
      
1,075,464
  
State Commercial Banks
    
911,543
      
-
      
-
      
911,543
  
Direct Mail Advertising Services
    
884,238
      
-
      
-
      
884,238
  
Real Estate
    
611,624
      
-
      
-
      
611,624
  
Savings Institutions, Federally Chartered
    
573,121
      
-
      
-
      
573,121
  
Electronic Computers
    
381,528
      
-
      
-
      
381,528
  
Offices & Clinics of Doctors of Medicine
    
121,842
      
-
      
-
      
121,842
  
Total Common Stocks
    
46,351,608
      
270,779
      
-
      
46,622,387
  
                                 
Short Term Investment
                                
Money Market Fund
    
1,253,638
      
-
      
-
      
1,253,638
  
                                 
Total Investments in Securities
  
$
47,605,246
    
$
270,779
    
$
-
    
$
47,876,025
  

(a) Certain non-U.S. dollar demoninated securities use systematic fair valuation.
        
               
Tax Disclosure - The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company and to make the requisite distributions of income and capital gains to its shareholders sufficient to relieve it from all or substantially all federal income taxes. Therefore, no federal income tax provision has been provided.
               
The Fund has adopted financial reporting rules regarding recognition and measurement of tax positions taken or expected to be taken on a tax return. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. During the period, the Fund did not incur any interest or penalties. The Fund has reviewed all open tax years and concluded that there is no effect to any of the Fund's financial positions or results of operations and no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on a tax return. The Fund does not have examinations in progress.