NPORT-EX 2 internet.htm

Jacob Internet Fund
      
Schedule of Investments (+)
      
November 30, 2020 (Unaudited)
      
       
Shares
       
Value
  
    
COMMON STOCKS - 97.6%
      
    
Blank Checks - 4.4%
      
 
72,000
  
Insu Acquisition Corp II - Class A *
  
$
921,600
  
 
240,000
  
Triterras, Inc. - Class A *^
    
2,858,400
  
           
3,780,000
  
      
Business Services - 12.6%
        
 
512,000
  
Castlight Health, Inc. - Class B *
    
645,120
  
 
203,275
  
OptimizeRx Corp. *
    
5,370,525
  
 
43,675
  
Zillow Group, Inc. - Class C *
    
4,708,602
  
           
10,724,247
  
      
Calculating and Accounting Machines (No Electronic Computers) - 1.6%
        
 
158,100
  
USA Technologies, Inc. *
    
1,343,850
  
      
Catalog & Mail - Order Houses - 2.4%
        
 
7,800
  
Alibaba Group Holding Ltd. - ADR *^
    
2,054,208
  
      
Communications Equipment - 2.6%
        
 
318,540
  
Powerfleet, Inc. *
    
2,191,555
  
      
Computer Peripheral Equipment - 3.5%
        
 
230,911
  
Immersion Corp. *
    
1,976,598
  
 
24,300
  
Impinj, Inc. *
    
1,015,497
  
           
2,992,095
  
      
Computer Programming, Data Processing, Etc. - 22.1%
        
 
1,800
  
Alphabet, Inc. - Class C *
    
3,169,332
  
 
7,600
  
Facebook, Inc. - Class A *
    
2,104,972
  
 
15,000
  
MongoDB, Inc. - Class A *
    
4,309,650
  
 
190,000
  
SVMK, Inc. *
    
4,043,200
  
 
17,000
  
Tencent Holdings Ltd. (HK) (a)
    
1,239,261
  
 
84,317
  
Twitter, Inc. *
    
3,921,584
  
           
18,787,999
  
      
Direct Mail Advertising Services - 4.3%
        
 
237,817
  
SharpSpring, Inc. *
    
3,690,920
  
      
Miscellaneous Amusement & Recreation - 1.7%
        
 
28,000
  
DraftKings, Inc. - Class A *
    
1,466,080
  
      
Offices & Clinics of Doctors of Medicine - 1.2%
        
 
5,199
  
Teladoc Health, Inc. *
    
1,033,405
  
      
Patent Owners & Lessors - 11.1%
        
 
209,096
  
Digital Turbine, Inc. *
    
9,405,138
  
      
Personal Services - 2.8%
        
 
75,200
  
Yelp, Inc. - Class A *
    
2,401,888
  
      
Prepackaged Software - 19.9%
        
 
179,079
  
Inspired Entertainment, Inc. *
    
1,190,875
  
 
230,000
  
Qumu Corp. *
    
1,115,500
  
 
34,000
  
Square, Inc. - Class A *
    
7,172,640
  
 
28,500
  
Tabula Rasa HealthCare, Inc. *
    
982,110
  
 
20,200
  
Twilio, Inc. - Class A *
    
6,465,818
  
           
16,926,944
  
      
Radio, Television, and Publishers' Advertising Representatives - 1.6%
        
 
72,800
  
Yext, Inc. *
    
1,383,928
  
      
Real Estate - 1.5%
        
 
584,681
  
Leju Holdings Ltd. - ADR *^
    
1,292,145
  
      
Security Brokers, Dealers, and Flotation Companies - 2.1%
        
 
1,385,000
  
Voyager Digital Ltd. *
    
1,752,302
  
      
Semiconductors and Related Devices - 1.1%
        
 
24,300
  
CEVA, Inc. *
    
954,504
  
      
State Commercial Banks - 1.1%
        
 
37,988
  
First Internet Bancorp
    
971,733
  
      
TOTAL COMMON STOCKS (Cost $37,632,163)
    
83,152,941
  
      
MONEY MARKET FUND - 2.7%
        
      
Other Investment Pools and Funds - 2.7%
        
 
2,321,399
  
First American Government Obligations Fund - Class X, 0.05% (b)
    
2,321,399
  
      
TOTAL MONEY MARKET FUND (Cost $2,321,399)
    
2,321,399
  
      
TOTAL INVESTMENTS (Cost $39,953,562) - 100.3%
    
85,474,340
  
      
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%
    
(249,696
)
      
TOTAL NET ASSETS - 100.0%
  
$
85,224,644
  
   
   
 *
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.
        

 
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 November 30, 2020:
        

 
  
Level 1
    
Level 2
 
  
Level 3
    
Total
  
Common Stocks
                        
Computer Programming, Data Processing, Etc.
  
$
17,548,738
    
$
1,239,261
 (a)
  
$
-
    
$
18,787,999
  
Prepackaged Software
    
16,926,944
      
-
      
-
      
16,926,944
  
Business Services
    
10,724,247
      
-
      
-
      
10,724,247
  
Patent Owners & Lessors
    
9,405,138
      
-
      
-
      
9,405,138
  
Blank Checks
    
3,780,000
      
-
      
-
      
3,780,000
  
Direct Mail Advertising Services
    
3,690,920
      
-
      
-
      
3,690,920
  
Computer Peripheral Equipment
    
2,992,095
      
-
      
-
      
2,992,095
  
Personal Services
    
2,401,888
      
-
      
-
      
2,401,888
  
Communications Equipment
    
2,191,555
      
-
      
-
      
2,191,555
  
Catalog & Mail - Order Houses
    
2,054,208
      
-
      
-
      
2,054,208
  
Security Brokers, Dealers, and Flotation Companies
    
1,752,302
      
-
      
-
      
1,752,302
  
Miscellaneous Amusement & Recreation
    
1,466,080
      
-
      
-
      
1,466,080
  
Radio, Television, and Publishers' Advertising Representatives
    
1,383,928
      
-
      
-
      
1,383,928
  
Calculating and Accounting Machines (No Electronic Computers)
    
1,343,850
      
-
      
-
      
1,343,850
  
Real Estate
    
1,292,145
      
-
      
-
      
1,292,145
  
Offices & Clinics of Doctors of Medicine
    
1,033,405
      
-
      
-
      
1,033,405
  
State Commercial Banks
    
971,733
      
-
      
-
      
971,733
  
Semiconductors and Related Devices
    
954,504
      
-
      
-
      
954,504
  
Total Common Stocks
    
81,913,680
      
1,239,261
      
-
      
83,152,941
  
 
                                
Short Term Investment
                                
Money Market Fund
    
2,321,399
      
-
      
-
      
2,321,399
  
 
                                
Total Investments in Securities
  
$
84,235,079
    
$
1,239,261
 
  
$
-
    
$
85,474,340
  
                                 
(a) Certain non-U.S. dollar demoninated securities use systematic fair valuation.