| Jacob Discovery Fund | ||||||||
| Schedule of Investments | ||||||||
| November 30, 2024 (Unaudited) | ||||||||
| COMMON STOCKS - 99.6% | Shares | Value | ||||||
| Advertising - 2.1% | ||||||||
IZEA Worldwide, Inc. (a) | 119,650 | $ | 342,199 | |||||
| Auto Dealers & Gasoline Stations - 2.4% | ||||||||
TrueCar, Inc. (a) | 90,000 | 383,400 | ||||||
| Biological Products (No Diagnostic Substances) - 0.9% | ||||||||
Precision BioSciences, Inc. (a) | 20,089 | 146,449 | ||||||
| Business Services - 7.7% | ||||||||
comScore, Inc. (a) | 44,305 | 359,757 | ||||||
OptimizeRx Corp. (a) | 105,654 | 575,814 | ||||||
Zhihu, Inc. - ADR (a) | 82,366 | 295,694 | ||||||
1,231,265 | ||||||||
| Calculating and Accounting Machines (No Electronic Computers) - 4.0% | ||||||||
Cantaloupe, Inc. (a) | 69,325 | 629,471 | ||||||
| Communications Equipment - 6.9% | ||||||||
Powerfleet, Inc. (a) | 155,121 | 1,092,052 | ||||||
| Computer Peripheral Equipment - 2.6% | ||||||||
Identiv, Inc. (a) | 104,555 | 416,129 | ||||||
| Computer Processing & Data Preparation - 5.9% | ||||||||
| DouYu International Holdings Ltd. - ADR | 14,000 | 160,160 | ||||||
| HUYA, Inc. - ADR | 38,000 | 122,360 | ||||||
Nextdoor Holdings, Inc. (a) | 59,000 | 143,370 | ||||||
ReposiTrak, Inc. (b) | 22,512 | 517,326 | ||||||
943,216 | ||||||||
| Consumer Credit Reporting, Collection Agencies - 1.3% | ||||||||
CreditRiskMonitor.com, Inc. (a) | 66,200 | 208,199 | ||||||
| Functions Related to Depository Banking - 3.8% | ||||||||
Usio, Inc. (a) | 400,100 | 604,151 | ||||||
| Gold and Silver Ores - 3.1% | ||||||||
Solitario Zinc Corp. (a) | 819,300 | 499,773 | ||||||
| Help Supply Services - 4.1% | ||||||||
Hudson Global, Inc. (a) | 45,954 | 660,819 | ||||||
| Industrial Organic Chemicals - 2.0% | ||||||||
Codexis, Inc. (a) | 68,875 | 315,447 | ||||||
| Medical Laboratories - 4.5% | ||||||||
CareDx, Inc. (a) | 16,300 | 400,002 | ||||||
Celcuity, Inc. (a) | 24,209 | 309,875 | ||||||
709,877 | ||||||||
| Metal Mining - 1.5% | ||||||||
Western Copper & Gold Corp. (a) | 214,950 | 238,594 | ||||||
| Mining & Quarrying of NonmetallicMineral (No Fuels) - 1.4% | ||||||||
Azimut Exploration, Inc. (a) | 462,480 | 219,216 | ||||||
| Miscellaneous Amusement & Recreation - 4.7% | ||||||||
Inspired Entertainment, Inc. (a) | 78,336 | 753,592 | ||||||
| Motion Picture & Video Tape Production - 5.1% | ||||||||
Thunderbird Entertainment Group, Inc. (a) | 625,135 | 806,424 | ||||||
| Patent Owners & Lessors - 1.1% | ||||||||
| Immersion Corp. | 19,182 | 171,487 | ||||||
| Personal Services - 1.8% | ||||||||
WM Technology, Inc. (a) | 241,788 | 287,728 | ||||||
| Pharmaceutical Preparations - 15.9% | ||||||||
Arcturus Therapeutics Holdings, Inc. (a) | 5,370 | 98,486 | ||||||
Cartesian Therapeutics, Inc. (a)(b) | 7,000 | 131,810 | ||||||
DiaMedica Therapeutics, Inc. (a) | 114,730 | 648,798 | ||||||
Esperion Therapeutics, Inc. (a)(b) | 175,000 | 490,000 | ||||||
Harrow, Inc. (a) | 18,047 | 756,350 | ||||||
Heron Therapeutics, Inc. (a)(b) | 112,960 | 134,422 | ||||||
Ideaya Biosciences, Inc. (a) | 4,835 | 132,286 | ||||||
SCYNEXIS, Inc. (a) | 100,000 | 137,000 | ||||||
2,529,152 | ||||||||
| Real Estate - 2.8% | ||||||||
Porch Group, Inc. (a) | 120,550 | 441,213 | ||||||
| Semiconductors & Related Devices - 2.5% | ||||||||
Atomera, Inc. (a)(b) | 63,300 | 391,194 | ||||||
| State Commercial Banks - 5.5% | ||||||||
BM Technologies, Inc. (a)(b) | 183,000 | 873,825 | ||||||
| Surgical & Medical Instruments & Apparatus - 6.0% | ||||||||
Alphatec Holdings, Inc. (a) | 40,200 | 421,296 | ||||||
Cerus Corp. (a) | 55,000 | 101,750 | ||||||
Tela Bio, Inc. (a) | 139,775 | 438,893 | ||||||
961,939 | ||||||||
TOTAL COMMON STOCKS (Cost $19,375,382) | 15,856,811 | |||||||
| PREFERRED STOCKS - 0.1% | Shares | Value | ||||||
| Advertising Agencies - 0.1% | ||||||||
| SRAX INC-PFD 0.00%, | 368,541 | 10,061 | ||||||
TOTAL PREFERRED STOCKS (Cost $18,017) | 10,061 | |||||||
| MONEY MARKET FUNDS - 0.4% | Shares | Value | ||||||
First American Government Obligations Fund - Class X, 4.56% (c) | 61,430 | 61,430 | ||||||
TOTAL MONEY MARKET FUNDS (Cost $61,430) | 61,430 | |||||||
| COLLATERAL FOR SECURITIES ON LOAN – 11.8% | Shares | |||||||
First American Government Obligations Fund - Class X, 4.56% (c)(d) | 1,877,888 | 1,877,888 | ||||||
TOTAL COLLATERAL FOR SECURITIES ON LOAN (Cost $1,877,888) | 1,877,888 | |||||||
TOTAL INVESTMENTS - 111.9% (Cost $21,332,717) | 17,806,190 | |||||||
| Liabilities in Excess of Other Assets - (11.9)% | (1,887,224 | ) | ||||||
| TOTAL NET ASSETS - 100.0% | $ | 15,918,966 | ||||||
| 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 |
| (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 $1,866,900 which represented 11.7% 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 $1,877,888 which represented 11.8% of net assets. |
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
| Common Stocks | $ | 15,429,396 | $ | 427,415 | $ | – | $ | 15,856,811 | ||||||||
| Preferred Stocks | – | – | 10,061 | 10,061 | ||||||||||||
| Money Market Funds | 61,430 | – | – | 61,430 | ||||||||||||
| Collateral for Securities on Loan | 1,877,888 | – | – | 1,877,888 | ||||||||||||
| Total Investments | $ | 17,368,714 | $ | 427,415 | $ | 10,061 | $ | 17,806,190 | ||||||||
| Refer to the Schedule of Investments for further disaggregation of investment categories. | ||||||||||||||||
