Jacob Internet Fund
  
Schedule of Investments
  
November 30, 2024 (Unaudited)
  
   
COMMON STOCKS - 99.8%
  
Shares
    
Value
 
Auto Dealers & Gasoline Stations - 3.6%
        
Autohome, Inc. - ADR
    
22,300
    
$
613,473
  
TrueCar, Inc. (a)
    
323,000
      
1,375,980
  
             
1,989,453
  
                 
Business Services - 13.1%
          
Coinbase Global, Inc. - Class A (a)
    
5,000
      
1,481,000
  
comScore, Inc. (a)
    
83,750
      
680,050
  
OptimizeRx Corp. (a)
    
497,875
      
2,713,419
  
Phreesia, Inc. (a)
    
61,000
      
1,282,830
  
Zhihu, Inc. - ADR (a)
    
284,000
      
1,019,560
  
             
7,176,859
  
                 
Calculating and Accounting Machines (No Electronic Computers) - 3.5%
          
Cantaloupe, Inc. (a)
    
210,200
      
1,908,616
  
                 
Communications Equipment - 7.2%
          
Powerfleet, Inc. (a)
    
559,918
      
3,941,823
  
                 
Computer Communications Equipment - 0.3%
          
Lantronix, Inc. (a)
    
53,600
      
160,800
  
                 
Computer Peripheral Equipment - 2.4%
          
Identiv, Inc. (a)
    
326,726
      
1,300,369
  
                 
Computer Processing & Data Preparation - 8.4%
          
Doximity, Inc. - Class A (a)
    
53,900
      
2,856,700
  
HUYA, Inc. - ADR
    
160,800
      
517,776
  
Nextdoor Holdings, Inc. (a)
    
506,100
      
1,229,823
  
             
4,604,299
  
                 
Computer Programming Services - 1.5%
          
Twilio, Inc. - Class A (a)
    
8,000
      
836,320
  
                 
Computer Programming, Data Processing, Etc. - 16.7%
          
Braze, Inc. - Class A (a)
    
57,850
      
2,297,802
  
Cloudflare, Inc. - Class A (a)
    
24,000
      
2,395,920
  
Confluent, Inc. - Class A (a)
    
57,500
      
1,773,300
  
MongoDB, Inc. (a)
    
8,477
      
2,733,748
  
             
9,200,770
  
                 
Finance Services - 9.1%
          
Block, Inc. (a)
    
34,600
      
3,063,830
  
SoFi Technologies, Inc. (a)
    
116,800
      
1,916,688
  
             
4,980,518
  
                 
Miscellaneous Amusement & Recreation - 12.0%
          
DraftKings, Inc. - Class A (a)
    
71,200
      
3,107,880
  
Flutter Entertainment PLC (a)
    
2,800
      
773,696
  
Inspired Entertainment, Inc. (a)
    
280,043
      
2,694,014
  
             
6,575,590
  
                 
Patent Owners & Lessors - 2.1%
          
Immersion Corp.
    
127,111
      
1,136,372
  
                 
Personal Services - 2.2%
          
WM Technology, Inc. (a)
    
1,006,662
      
1,197,928
  
                 
Real Estate - 13.4%
          
Porch Group, Inc. (a)
    
1,029,900
      
3,769,434
  
Zillow Group, Inc. - Class C (a)
    
42,475
      
3,598,057
  
             
7,367,491
  
                 
Semiconductors & Related Devices - 2.7%
          
Atomera, Inc. (a)(b)
    
167,100
      
1,032,678
  
Impinj, Inc. (a)
    
2,250
      
432,472
  
             
1,465,150
  
                 
State Commercial Banks - 1.6%
          
BM Technologies, Inc. (a)(b)
    
189,240
      
903,621
  
TOTAL COMMON STOCKS (Cost $39,475,471)
      
54,745,979
  
                 
MONEY MARKET FUNDS - 0.5%
  
Shares
          
First American Government Obligations Fund - Class X, 4.56% (c)
    
288,695
      
288,695
  
TOTAL MONEY MARKET FUNDS (Cost $288,695)
            
288,695
  
                 
COLLATERAL FOR SECURITIES ON LOAN – 3.5%
  
Shares
          
First American Government Obligations Fund - Class X, 4.56% (c)(d)
    
1,921,782
      
1,921,782
  
TOTAL COLLATERAL FOR SECURITIES ON LOAN (Cost $1,921,782)
      
1,921,782
  
                 
TOTAL INVESTMENTS - 103.8% (Cost $41,685,948)
      
56,956,456
  
Liabilities in Excess of Other Assets - (3.8)%
      
(2,079,514
)
TOTAL NET ASSETS - 100.0%
          
$
54,876,942
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%
   
Schedule of Investments is classified using the U.S. Securities and Exchange Commission's Standard Industrial Classification (SIC) Code List.
  

ADR - American Depositary Receipt
PLC - Public Limited Company

(a)
Non-income producing security.
(b)
All or a portion of this security is on loan as of November 30, 2024. The total market value of these securities was $1,909,546 which represented 3.5% of net assets.
(c)
The rate shown represents the 7-day annualized effective yield as of November 30, 2024.
(d)
All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of November 30, 2024 is $1,921,782 which represented 3.5% of net assets.


Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)
 
Jacob Internet Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
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 would be based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of November 30, 2024:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
54,745,979
    
$
–
    
$
–
    
$
54,745,979
  
  Money Market Funds
    
288,695
      
–
      
–
      
288,695
  
  Collateral for Securities on Loan
    
1,921,782
      
–
      
–
      
1,921,782
  
Total Investments
  
$
56,956,456
    
$
–
    
$
–
    
$
56,956,456
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.