Letter From the Manager |
1 |
|||
Industry Breakdowns |
4 |
|||
Fund Performance |
8 |
|||
Schedules of Investments |
15 |
|||
Statements of Assets and Liabilities |
25 |
|||
Statements of Operations |
27 |
|||
Statements of Changes in Net Assets |
29 |
|||
Financial Highlights |
33 |
|||
Notes to the Financial Statements |
40 |
|||
Report of Independent Registered Public |
||||
Accounting Firm |
57 |
|||
Additional Information on Fund Expenses |
58 |
|||
Voting Results of Special |
||||
Meeting of Shareholders |
61 |
|||
Additional Information |
62 |
Cumulative
Total Returns | |
through
August 31, 2022 | |
Since
Inception | |
Jacob Internet Fund Institutional Class |
-49.00% |
S&P 500®
Index |
-16.14% |
NASDAQ Composite Index |
-24.07% |
NASDAQ Internet Index |
-40.19% |
Average
Annual Total Returns | |||
through
August 31, 2022 | |||
One
Year |
Five
Year |
Ten
Year | |
Jacob Internet Fund Investor Class |
-53.13% |
10.84% |
13.25% |
S&P 500®
Index |
-11.23% |
11.82% |
13.08% |
NASDAQ Composite Index |
-21.99% |
13.98% |
15.68% |
NASDAQ Internet Index |
-49.43% |
3.90% |
13.08% |
Average
Annual Total Returns | |||
through
August 31, 2022 | |||
One
Year |
Five
Year |
Since
Inception | |
Jacob Small Cap Growth Fund Institutional Class |
-53.74% |
5.26% |
6.55% |
Russell 2000 Growth Index |
-25.26% |
6.69% |
10.71% |
Average
Annual Total Returns | |||
through
August 31, 2022 | |||
One
Year |
Five
Year |
Ten
Year | |
Jacob Small Cap Growth Fund Investor Class |
-53.90% |
4.96% |
5.38% |
Russell 2000 Growth Index |
-25.26% |
6.69% |
10.16% |
Average
Annual Total Returns | |||
through
August 31, 2022 | |||
One
Year |
Five
Year |
Since
Inception* | |
Jacob Discovery Fund Institutional Class |
-45.51% |
18.79% |
10.18% |
Russell Microcap Growth Index |
-33.98% |
3.98% |
7.86% |
Russell 2000 Growth Index |
-25.26% |
6.69% |
10.00% |
* |
Fund performance is shown beginning on
October 16, 2012, which is when the Adviser’s investment team took over
exclusive management of the Jacob Micro Cap Growth Fund (formerly,
PineBridge US Micro Cap Growth Fund) (the “Predecessor Fund”), which was
reorganized into the Fund on November 12, 2012. The Jacob Micro Cap
Growth Fund changed its name to the Jacob Discovery Fund on December 31,
2020. In previous years, the Predecessor Fund was managed by another
investment advisory firm, and, from July 9, 2012 through October 15, 2012,
it was managed by the Adviser along with the portfolio manager from the
prior advisory firm. |
Average
Annual Total Returns | |||
through
August 31, 2022 | |||
One
Year |
Five
Year |
Since
Inception* | |
Jacob Discovery Fund Investor Class |
-45.66% |
18.51% |
9.88% |
Russell Microcap Growth Index |
-33.98% |
3.98% |
7.86% |
Russell 2000 Growth Index |
-25.26% |
6.69% |
10.00% |
* |
Fund performance is shown beginning on
October 16, 2012, which is when the Adviser’s investment team took over
exclusive management of the Jacob Micro Cap Growth Fund (formerly,
PineBridge US Micro Cap Growth Fund) (the “Predecessor Fund”), which was
reorganized into the Fund on November 12, 2012. The Jacob Micro Cap
Growth Fund changed its name to the Jacob Discovery Fund on December 31,
2020. In previous years, the Predecessor Fund was managed by another
investment advisory firm, and, from July 9, 2012 through October 15, 2012,
it was managed by the Adviser along with the portfolio manager from the
prior advisory firm. |
Average
Annual Total Returns | ||
through
August 31, 2022 | ||
One
Year |
Since
Inception | |
Jacob Forward ETF |
||
NAV Return |
-55.75% |
-49.25% |
Market Price Return |
-55.59% |
-49.15% |
S&P 500®
Index |
-11.23% |
-7.03% |
Shares |
Value |
||||||||||||||
COMMON STOCKS |
99.6 |
% |
|||||||||||||
Business Services |
12.4 |
% |
|||||||||||||
650,000 |
comScore, Inc.* |
$ |
1,417,000 |
||||||||||||
206,975 |
OptimizeRx Corp.* |
3,284,693 |
|||||||||||||
93,675 |
Zillow Group, Inc.—Class C* |
3,134,365 |
|||||||||||||
7,836,058 |
|||||||||||||||
Calculating & Accounting |
|||||||||||||||
Machines (No Electronic
Computers) |
3.4 |
% |
|||||||||||||
336,000 |
Cantaloupe, Inc.* |
2,140,320 |
|||||||||||||
Catalog & Mail-Order Houses |
2.8 |
% |
|||||||||||||
7,900 |
Alibaba Group Holding Ltd.—ADR*^ |
753,739 |
|||||||||||||
95,800 |
Poshmark, Inc.—Class A* |
1,036,556 |
|||||||||||||
1,790,295 |
|||||||||||||||
Communications Equipment |
2.2 |
% |
|||||||||||||
430,740 |
Powerfleet, Inc.* |
1,374,061 |
|||||||||||||
Computer Communications Equipment |
6.3 |
% |
|||||||||||||
654,600 |
Lantronix, Inc.* |
3,966,876 |
|||||||||||||
Computer Peripheral Equipment |
13.1 |
% |
|||||||||||||
242,726 |
Identiv, Inc.* |
3,621,472 |
|||||||||||||
482,911 |
Immersion Corp.* |
2,878,149 |
|||||||||||||
19,800 |
Impinj, Inc.* |
1,767,744 |
|||||||||||||
8,267,365 |
|||||||||||||||
Computer Programming Services |
6.1 |
% |
|||||||||||||
78,000 |
Doximity, Inc.—Class A* |
2,588,820 |
|||||||||||||
36,000 |
HashiCorp, Inc.—Class A* |
1,272,600 |
|||||||||||||
3,861,420 |
|||||||||||||||
Computer Programming, Data Processing,
Etc. |
7.6 |
% |
|||||||||||||
12,400 |
MongoDB, Inc.* |
4,003,464 |
|||||||||||||
259,000 |
Nextdoor Holdings, Inc.* |
823,620 |
|||||||||||||
4,827,084 |
|||||||||||||||
Electric Services |
1.4 |
% |
|||||||||||||
157,817 |
Transphorm, Inc.* |
875,884 |
|||||||||||||
Miscellaneous Amusement &
Recreation |
3.1 |
% |
|||||||||||||
123,000 |
DraftKings, Inc.—Class A* |
1,975,380 |
|||||||||||||
Nonstore Retailers |
2.8 |
% |
|||||||||||||
463,400 |
Rover Group, Inc.* |
1,765,554 |
Shares |
Value |
||||||||||||||
COMMON STOCKS—(Continued) |
99.6 |
% |
|||||||||||||
Patent Owners & Lessors |
5.2 |
% |
|||||||||||||
177,946 |
Digital Turbine, Inc.* |
$ |
3,286,663 |
||||||||||||
Personal Services |
1.3 |
% |
|||||||||||||
23,600 |
Yelp, Inc.* |
806,412 |
|||||||||||||
Prepackaged Software |
24.3 |
% |
|||||||||||||
41,000 |
Block, Inc.* |
2,825,310 |
|||||||||||||
49,700 |
Cloudflare, Inc.—Class A* |
3,109,729 |
|||||||||||||
437,294 |
Cvent Holding Corp.* |
2,212,708 |
|||||||||||||
228,543 |
Inspired Entertainment, Inc.* |
2,392,845 |
|||||||||||||
546,400 |
Porch Group, Inc.* |
1,174,760 |
|||||||||||||
37,600 |
Twilio, Inc.—Class A* |
2,616,208 |
|||||||||||||
403,000 |
WM Technology, Inc.* |
1,055,860 |
|||||||||||||
15,387,420 |
|||||||||||||||
Real Estate |
0.2 |
% |
|||||||||||||
58,468 |
Leju Holdings Ltd.—ADR*^ |
132,138 |
|||||||||||||
Semiconductors & Related
Devices |
0.9 |
% |
|||||||||||||
45,000 |
Atomera, Inc.* |
581,850 |
|||||||||||||
State Commercial Banks |
6.5 |
% |
|||||||||||||
45,125 |
Silvergate Capital Corp.—Class A* |
4,111,790 |
|||||||||||||
TOTAL COMMON STOCKS (Cost
$69,199,850) |
62,986,570 |
||||||||||||||
TOTAL INVESTMENTS (Cost
$69,199,850)—99.6% |
62,986,570 |
||||||||||||||
OTHER ASSETS IN EXCESS OF
LIABILITIES—0.4% |
242,729 |
||||||||||||||
TOTAL NET ASSETS—100.0% |
$ |
63,229,299 |
(+) |
Schedule of Investments is classified
using the U.S. Securities and Exchange Commission’s Standard Industrial
Classification (SIC) Code List. |
* |
Non Income Producing. |
^ |
U.S. Dollar-denominated foreign
security. |
ADR |
American Depositary
Receipt. |
Shares |
Value |
||||||||||||||
COMMON STOCKS |
99.3 |
% |
|||||||||||||
Biological Products (No Diagnostic
Substances) |
8.4 |
% |
|||||||||||||
3,121 |
Aerie Pharmaceuticals, Inc.* |
$ |
47,127 |
||||||||||||
2,600 |
Beam Therapeutics, Inc.* |
141,960 |
|||||||||||||
1,800 |
CRISPR Therapeutics AG*^ |
117,162 |
|||||||||||||
1,172 |
Krystal Biotech, Inc.* |
82,169 |
|||||||||||||
90,712 |
Precision BioSciences, Inc.* |
146,046 |
|||||||||||||
4,500 |
Twist Bioscience Corp.* |
180,540 |
|||||||||||||
715,004 |
|||||||||||||||
Business Services |
4.8 |
% |
|||||||||||||
26,035 |
OptimizeRx Corp.* |
413,175 |
|||||||||||||
Calculating & Accounting |
|||||||||||||||
Machines (No Electronic
Computers) |
3.2 |
% |
|||||||||||||
43,269 |
Cantaloupe, Inc.* |
275,624 |
|||||||||||||
Catalog & Mail-Order Houses |
1.4 |
% |
|||||||||||||
11,200 |
Poshmark, Inc.—Class A* |
121,184 |
|||||||||||||
Computer Peripheral Equipment |
6.8 |
% |
|||||||||||||
59,391 |
Immersion Corp.* |
353,970 |
|||||||||||||
2,544 |
Impinj, Inc.* |
227,128 |
|||||||||||||
581,098 |
|||||||||||||||
Computer Programming Services |
5.7 |
% |
|||||||||||||
9,900 |
Doximity, Inc.—Class A* |
328,581 |
|||||||||||||
4,400 |
HashiCorp, Inc.—Class A* |
155,540 |
|||||||||||||
484,121 |
|||||||||||||||
Computer Programming, Data Processing,
Etc. |
1.0 |
% |
|||||||||||||
28,000 |
Nextdoor Holdings, Inc.* |
89,040 |
|||||||||||||
Eating Places |
1.8 |
% |
|||||||||||||
6,000 |
BJ’s Restaurants, Inc.* |
150,480 |
|||||||||||||
Family Clothing Stores |
2.9 |
% |
|||||||||||||
21,669 |
American Eagle Outfitters, Inc. |
243,993 |
|||||||||||||
Industrial Organic Chemicals |
7.0 |
% |
|||||||||||||
105,751 |
Amyris, Inc.* |
310,908 |
|||||||||||||
40,746 |
Codexis, Inc.* |
285,630 |
|||||||||||||
596,538 |
Shares |
Value |
||||||||||||||
COMMON STOCKS—(Continued) |
99.3 |
% |
|||||||||||||
Medical Laboratories |
3.8 |
% |
|||||||||||||
12,817 |
CareDx, Inc.* |
$ |
251,085 |
||||||||||||
13,512 |
DermTech, Inc.* |
75,127 |
|||||||||||||
326,212 |
|||||||||||||||
Miscellaneous Amusement &
Recreation |
2.7 |
% |
|||||||||||||
14,400 |
DraftKings, Inc.—Class A* |
231,264 |
|||||||||||||
Nonstore Retailers |
2.6 |
% |
|||||||||||||
59,000 |
Rover Group, Inc.* |
224,790 |
|||||||||||||
Patent Owners & Lessors |
4.7 |
% |
|||||||||||||
21,947 |
Digital Turbine, Inc.* |
405,361 |
|||||||||||||
Personal Services |
1.2 |
% |
|||||||||||||
2,868 |
Yelp, Inc.* |
98,000 |
|||||||||||||
Pharmaceutical Preparations |
18.7 |
% |
|||||||||||||
15,273 |
Akouos, Inc.* |
51,165 |
|||||||||||||
2,654 |
Apellis Pharmaceuticals, Inc.* |
160,593 |
|||||||||||||
40,000 |
Arbutus Biopharma Corp.* |
88,800 |
|||||||||||||
3,230 |
Arcturus Therapeutics Holdings, Inc.* |
45,349 |
|||||||||||||
41,628 |
Harrow Health, Inc.* |
374,236 |
|||||||||||||
95,197 |
Heron Therapeutics, Inc.* |
389,356 |
|||||||||||||
23,349 |
Ideaya Biosciences, Inc.* |
229,521 |
|||||||||||||
151,024 |
NeuBase Therapeutics, Inc.* |
91,460 |
|||||||||||||
6,000 |
Schrodinger, Inc.* |
164,640 |
|||||||||||||
1,595,120 |
|||||||||||||||
Prepackaged Software |
9.6 |
% |
|||||||||||||
54,283 |
Cvent Holding Corp.* |
274,672 |
|||||||||||||
27,092 |
Inspired Entertainment, Inc.* |
283,653 |
|||||||||||||
64,489 |
Porch Group, Inc.* |
138,651 |
|||||||||||||
48,403 |
WM Technology, Inc.* |
126,816 |
|||||||||||||
823,792 |
|||||||||||||||
State Commercial Banks |
6.1 |
% |
|||||||||||||
5,732 |
Silvergate Capital Corp.—Class A* |
522,300 |
|||||||||||||
Surgical & Medical Instruments &
Apparatus |
6.9 |
% |
|||||||||||||
78,063 |
Alphatec Holdings, Inc.* |
592,498 |
|||||||||||||
TOTAL COMMON STOCKS (Cost
$9,589,040) |
8,489,594 |
Shares |
Value |
||||||||||
MONEY MARKET FUND |
0.4 |
% |
|||||||||
31,547 |
First American Government Obligations Fund—Class X, 2.04%(a) |
$ |
31,547 |
||||||||
TOTAL MONEY MARKET FUND (Cost
$31,547) |
31,547 |
||||||||||
TOTAL INVESTMENTS (Cost
$9,620,587)—99.7% |
8,521,141 |
||||||||||
OTHER ASSETS IN EXCESS OF
LIABILITIES—0.3% |
23,774 |
||||||||||
TOTAL NET ASSETS—100.0% |
$ |
8,544,915 |
(+) |
Schedule of Investments is classified
using the U.S. Securities and Exchange Commission’s Standard Industrial
Classification (SIC) Code List. |
* |
Non Income Producing. |
^ |
U.S. Dollar-denominated foreign
security. |
(a) |
7-day yield. |
Shares |
Value |
||||||||||||||
COMMON STOCKS |
99.4 |
% |
|||||||||||||
Advertising |
0.7 |
% |
|||||||||||||
294,500 |
IZEA Worldwide, Inc.* |
$ |
251,591 |
||||||||||||
Biological Products (No Diagnostic
Substances) |
4.9 |
% |
|||||||||||||
73,680 |
Aerie Pharmaceuticals, Inc.* |
1,112,568 |
|||||||||||||
211,500 |
IMV, Inc.*^ |
148,050 |
|||||||||||||
2,000 |
Krystal Biotech, Inc.* |
140,220 |
|||||||||||||
196,600 |
Precision BioSciences, Inc.* |
316,526 |
|||||||||||||
1,717,364 |
|||||||||||||||
Business Services |
5.3 |
% |
|||||||||||||
445,000 |
comScore, Inc.* |
970,100 |
|||||||||||||
56,914 |
OptimizeRx Corp.* |
903,225 |
|||||||||||||
1,873,325 |
|||||||||||||||
Calculating & Accounting |
|||||||||||||||
Machines (No Electronic
Computers) |
3.3 |
% |
|||||||||||||
183,740 |
Cantaloupe, Inc.* |
1,170,424 |
|||||||||||||
Communications Equipment |
2.4 |
% |
|||||||||||||
265,139 |
Powerfleet, Inc.* |
845,793 |
|||||||||||||
Computer Communications Equipment |
6.7 |
% |
|||||||||||||
388,979 |
Lantronix, Inc.* |
2,357,213 |
|||||||||||||
Computer Peripheral Equipment |
11.8 |
% |
|||||||||||||
132,200 |
Identiv, Inc.* |
1,972,424 |
|||||||||||||
228,757 |
Immersion Corp.* |
1,363,392 |
|||||||||||||
9,060 |
Impinj, Inc.* |
808,877 |
|||||||||||||
4,144,693 |
|||||||||||||||
Computer Processing & Data
Preparation |
3.5 |
% |
|||||||||||||
202,562 |
Park City Group, Inc.* |
1,223,474 |
|||||||||||||
Computer Programming Services |
0.3 |
% |
|||||||||||||
346,500 |
Scout Gaming Group AB (SEK)* |
120,177 |
|||||||||||||
Computer Programming, Data Processing,
Etc. |
0.5 |
% |
|||||||||||||
50,000 |
Nextdoor Holdings, Inc.* |
159,000 |
|||||||||||||
Electric Services |
1.5 |
% |
|||||||||||||
93,127 |
Transphorm, Inc.* |
516,855 |
|||||||||||||
Functions Related to Depository
Banking |
1.8 |
% |
|||||||||||||
359,000 |
Usio, Inc.* |
621,070 |
Shares |
Value |
||||||||||||||
COMMON STOCKS—(Continued) |
99.4 |
% |
|||||||||||||
Games, Toys & Children’s Vehicles (No
Dolls & Bicycles) |
0.3 |
% |
|||||||||||||
310,000 |
BIGG Digital Assets, Inc.*^ |
$ |
96,038 |
||||||||||||
Gold and Silver Ores |
1.7 |
% |
|||||||||||||
1,035,000 |
Solitario Zinc Corp.* |
595,125 |
|||||||||||||
Help Supply Services |
6.0 |
% |
|||||||||||||
59,778 |
Hudson Global, Inc.* |
2,108,968 |
|||||||||||||
Industrial Organic Chemicals |
2.5 |
% |
|||||||||||||
126,405 |
Codexis, Inc.* |
886,099 |
|||||||||||||
Medical Laboratories |
3.4 |
% |
|||||||||||||
98,049 |
Celcuity, Inc.* |
916,758 |
|||||||||||||
48,800 |
DermTech, Inc.* |
271,328 |
|||||||||||||
1,188,086 |
|||||||||||||||
Metal Mining |
1.4 |
% |
|||||||||||||
377,500 |
Western Copper & Gold Corp.*^ |
486,975 |
|||||||||||||
Mining & Quarrying of Nonmetallic
Mineral (No Fuels) |
1.1 |
% |
|||||||||||||
576,000 |
Azimut Exploration, Inc.*^ |
387,360 |
|||||||||||||
Miscellaneous Metal Ores |
5.4 |
% |
|||||||||||||
783,200 |
Thunderbird Entertainment Group, Inc.*^ |
1,903,176 |
|||||||||||||
Nonstore Retailers |
1.1 |
% |
|||||||||||||
102,400 |
Rover Group, Inc.* |
390,144 |
|||||||||||||
Pharmaceutical Preparations |
17.0 |
% |
|||||||||||||
63,000 |
Akouos, Inc.* |
211,050 |
|||||||||||||
180,000 |
Arbutus Biopharma Corp.* |
399,600 |
|||||||||||||
16,160 |
Arcturus Therapeutics Holdings, Inc.* |
226,886 |
|||||||||||||
12,000 |
Athersys, Inc.* |
33,000 |
|||||||||||||
324,000 |
Columbia Care, Inc.* |
690,120 |
|||||||||||||
238,500 |
DiaMedica Therapeutics, Inc.* |
422,145 |
|||||||||||||
181,911 |
Harrow Health, Inc.* |
1,635,380 |
|||||||||||||
102,000 |
Heron Therapeutics, Inc.* |
417,180 |
|||||||||||||
40,800 |
Ideaya Biosciences, Inc.* |
401,064 |
|||||||||||||
319,500 |
NeuBase Therapeutics, Inc.* |
193,489 |
|||||||||||||
87,928 |
Omeros Corp.* |
354,350 |
|||||||||||||
116,095 |
Tela Bio, Inc.* |
981,003 |
|||||||||||||
5,965,267 |
|||||||||||||||
Prepackaged Software |
6.4 |
% |
|||||||||||||
120,336 |
Inspired Entertainment, Inc.* |
1,259,918 |
Shares |
Value |
||||||||||||||
COMMON STOCKS—(Continued) |
99.4 |
% |
|||||||||||||
Prepackaged Software—(Continued) |
6.4 |
% |
|||||||||||||
162,800 |
Porch Group, Inc.* |
$ |
350,020 |
||||||||||||
267,030 |
Qumu Corp.* |
174,691 |
|||||||||||||
178,000 |
WM Technology, Inc.* |
466,360 |
|||||||||||||
2,250,989 |
|||||||||||||||
Real Estate |
0.2 |
% |
|||||||||||||
36,077 |
Leju Holdings Ltd.—ADR*^ |
81,534 |
|||||||||||||
Semiconductors and Related Devices |
1.1 |
% |
|||||||||||||
30,000 |
Atomera, Inc.* |
387,900 |
|||||||||||||
State Commercial Banks |
2.6 |
% |
|||||||||||||
145,000 |
BM Technologies, Inc.* |
916,400 |
|||||||||||||
Surgical & Medical Instruments &
Apparatus |
6.5 |
% |
|||||||||||||
225,200 |
Alphatec Holdings, Inc.* |
1,709,268 |
|||||||||||||
203,000 |
CytoSorbents Corp.* |
385,700 |
|||||||||||||
67,819 |
iCAD, Inc.* |
204,135 |
|||||||||||||
2,299,103 |
|||||||||||||||
TOTAL COMMON STOCKS (Cost
$49,524,933) |
34,944,143 |
||||||||||||||
PREFERRED STOCKS |
0.1 |
% |
|||||||||||||
Advertising Agencies |
0.1 |
% |
|||||||||||||
368,541 |
SRAX, Inc.* |
44,520 |
|||||||||||||
TOTAL PREFERRED STOCKS (Cost
$18,017) |
44,520 |
||||||||||||||
MONEY MARKET FUND |
0.1 |
% |
|||||||||||||
33,170 |
First American Government Obligations Fund—Class X, 2.04%(a) |
33,170 |
|||||||||||||
TOTAL MONEY MARKET FUND (Cost
$33,170) |
33,170 |
||||||||||||||
TOTAL INVESTMENTS (Cost
$49,576,120)—99.6% |
35,021,833 |
||||||||||||||
OTHER ASSETS IN EXCESS OF
LIABILITIES—0.4% |
149,651 |
||||||||||||||
TOTAL NET ASSETS—100.0% |
$ |
35,171,484 |
(+) |
Schedule of Investments is classified
using the U.S. Securities and Exchange Commission’s Standard Industrial
Classification (SIC) Code List. |
* |
Non Income Producing. |
^ |
U.S. Dollar-denominated foreign
security. |
ADR |
American Depositary Receipt. |
(SEK) |
Security denominated in Swedish Krona.
Value translated into U.S. Dollars. |
(a) |
7-day yield. |
Shares |
Value |
||||||||||||||
COMMON STOCKS |
99.8 |
% |
|||||||||||||
Biological Products (No Diagnostic
Substances) |
7.9 |
% |
|||||||||||||
1,800 |
Aerie Pharmaceuticals, Inc.* |
$ |
27,180 |
||||||||||||
1,237 |
Beam Therapeutics, Inc.* |
67,540 |
|||||||||||||
842 |
CRISPR Therapeutics AG*^ |
54,806 |
|||||||||||||
590 |
Krystal Biotech, Inc.* |
41,365 |
|||||||||||||
1,982 |
Twist Bioscience Corp.* |
79,518 |
|||||||||||||
270,409 |
|||||||||||||||
Business Services |
9.3 |
% |
|||||||||||||
10,035 |
OptimizeRx Corp.* |
159,255 |
|||||||||||||
4,725 |
Zillow Group, Inc.—Class C* |
158,099 |
|||||||||||||
317,354 |
|||||||||||||||
Catalog & Mail-Order Houses |
2.4 |
% |
|||||||||||||
395 |
Alibaba Group Holding Ltd.—ADR*^ |
37,687 |
|||||||||||||
4,234 |
Poshmark, Inc.—Class A* |
45,812 |
|||||||||||||
83,499 |
|||||||||||||||
Computer Peripheral Equipment |
2.4 |
% |
|||||||||||||
932 |
Impinj, Inc.* |
83,209 |
|||||||||||||
Computer Programming Services |
5.6 |
% |
|||||||||||||
3,915 |
Doximity, Inc.—Class A* |
129,939 |
|||||||||||||
1,720 |
HashiCorp, Inc.—Class A* |
60,802 |
|||||||||||||
190,741 |
|||||||||||||||
Computer Programming, Data Processing,
Etc. |
6.8 |
% |
|||||||||||||
609 |
MongoDB, Inc.* |
196,622 |
|||||||||||||
11,418 |
Nextdoor Holdings, Inc.* |
36,309 |
|||||||||||||
232,931 |
|||||||||||||||
Industrial Organic Chemicals |
7.9 |
% |
|||||||||||||
47,873 |
Amyris, Inc.* |
140,746 |
|||||||||||||
18,362 |
Codexis, Inc.* |
128,718 |
|||||||||||||
269,464 |
|||||||||||||||
Medical Laboratories |
4.2 |
% |
|||||||||||||
5,604 |
CareDx, Inc.* |
109,782 |
|||||||||||||
5,991 |
DermTech, Inc.* |
33,310 |
|||||||||||||
143,092 |
|||||||||||||||
Miscellaneous Amusement &
Recreation |
2.4 |
% |
|||||||||||||
5,144 |
DraftKings, Inc.—Class A* |
82,613 |
Shares |
Value |
||||||||||||||
COMMON STOCKS—(Continued) |
99.8 |
% |
|||||||||||||
Nonstore Retailers |
2.4 |
% |
|||||||||||||
21,878 |
Rover Group, Inc.* |
$ |
83,355 |
||||||||||||
Patent Owners & Lessors |
4.5 |
% |
|||||||||||||
8,254 |
Digital Turbine, Inc.* |
152,451 |
|||||||||||||
Pharmaceutical Preparations |
12.8 |
% |
|||||||||||||
1,200 |
Apellis Pharmaceuticals, Inc.* |
72,612 |
|||||||||||||
1,526 |
Arcturus Therapeutics Holdings, Inc.* |
21,425 |
|||||||||||||
42,149 |
Heron Therapeutics, Inc.* |
172,390 |
|||||||||||||
10,120 |
Ideaya Biosciences, Inc.* |
99,480 |
|||||||||||||
2,651 |
Schrodinger, Inc.* |
72,744 |
|||||||||||||
438,651 |
|||||||||||||||
Prepackaged Software |
18.1 |
% |
|||||||||||||
1,906 |
Block, Inc.* |
131,341 |
|||||||||||||
2,446 |
Cloudflare, Inc.—Class A* |
153,046 |
|||||||||||||
21,233 |
Cvent Holding Corp.* |
107,439 |
|||||||||||||
25,010 |
Porch Group, Inc.* |
53,772 |
|||||||||||||
1,720 |
Twilio, Inc.—Class A* |
119,678 |
|||||||||||||
19,586 |
WM Technology, Inc.* |
51,315 |
|||||||||||||
616,591 |
|||||||||||||||
State Commercial Banks |
5.7 |
% |
|||||||||||||
2,126 |
Silvergate Capital Corp.—Class A* |
193,721 |
|||||||||||||
Surgical & Medical Instruments &
Apparatus |
7.4 |
% |
|||||||||||||
33,107 |
Alphatec Holdings, Inc.* |
251,282 |
|||||||||||||
TOTAL COMMON STOCKS (Cost
$6,129,800) |
3,409,363 |
||||||||||||||
MONEY MARKET FUND |
0.2 |
% |
|||||||||||||
6,676 |
First American Government Obligations Fund—Class X, 2.04%(a) |
6,676 |
|||||||||||||
TOTAL MONEY MARKET FUND (Cost
$6,676) |
6,676 |
||||||||||||||
TOTAL INVESTMENTS (Cost
$6,136,476)—100.0% |
3,416,039 |
||||||||||||||
OTHER ASSETS IN EXCESS OF
LIABILITIES—0.0% |
156 |
||||||||||||||
TOTAL NET ASSETS—100.0% |
$ |
3,416,195 |
(+) |
Schedule of Investments is classified
using the U.S. Securities and Exchange Commission’s Standard Industrial
Classification (SIC) Code List. |
* |
Non Income Producing. |
^ |
U.S. Dollar-denominated foreign
security. |
ADR |
American Depositary Receipt. |
(a) |
7-day yield. |
Jacob |
||||||||||||
Jacob |
Small
Cap |
Jacob |
||||||||||
Internet
Fund |
Growth
Fund |
Discovery
Fund |
||||||||||
Assets: |
||||||||||||
Investments,
at value (cost $69,199,850, $9,620,587 |
||||||||||||
and
$49,576,120, respectively) |
$ |
62,986,570 |
$ |
8,521,141 |
$ |
35,021,833 |
||||||
Receivable
for capital shares sold |
7,798 |
21,000 |
8 |
|||||||||
Receivable
for investments sold |
490,326 |
76,807 |
393,767 |
|||||||||
Dividend
and interest receivable |
1,646 |
208 |
346 |
|||||||||
Due
from adviser |
— |
2,058 |
— |
|||||||||
Prepaid
expenses and other assets |
24,353 |
11,828 |
15,069 |
|||||||||
Total
Assets |
63,510,693 |
8,633,042 |
35,431,023 |
|||||||||
Liabilities: |
||||||||||||
Payable
for securities purchased |
— |
41,602 |
87,268 |
|||||||||
Payable
for capital shares repurchased |
28,011 |
— |
55,602 |
|||||||||
Payable
for investment adviser fees |
74,429 |
— |
34,648 |
|||||||||
Payable
to custodian |
64,206 |
— |
— |
|||||||||
Payable
for distribution and shareholder |
||||||||||||
servicing
expenses – Investor Class (see Note 7) |
14,845 |
781 |
4,895 |
|||||||||
Accrued
accounting fees |
6,675 |
5,785 |
6,082 |
|||||||||
Accrued
administration fees |
11,858 |
8,306 |
9,657 |
|||||||||
Accrued
audit fees |
16,000 |
16,000 |
16,000 |
|||||||||
Accrued
directors fees |
15,198 |
1,996 |
8,516 |
|||||||||
Accrued
legal fees |
12,506 |
1,532 |
7,431 |
|||||||||
Accrued
transfer agent fees |
28,733 |
9,619 |
23,105 |
|||||||||
Accrued
expenses and other liabilities |
8,933 |
2,506 |
6,335 |
|||||||||
Total
Liabilities |
281,394 |
88,127 |
259,539 |
|||||||||
Net Assets |
$ |
63,229,299 |
$ |
8,544,915 |
$ |
35,171,484 |
||||||
Net Assets Consist Of: |
||||||||||||
Capital
stock |
$ |
73,136,787 |
$ |
11,078,570 |
$ |
64,787,805 |
||||||
Accumulated
losses |
(9,907,488 |
) |
(2,533,655 |
) |
(29,616,321 |
) | ||||||
Total
Net Assets |
$ |
63,229,299 |
$ |
8,544,915 |
$ |
35,171,484 |
||||||
Institutional Class |
||||||||||||
Net
Assets |
$ |
133,168 |
$ |
5,057,362 |
$ |
13,274,025 |
||||||
Shares
outstanding(1) |
27,505 |
292,510 |
542,313 |
|||||||||
Net
asset value, redemption price and offering price per share(2) |
$ |
4.84 |
$ |
17.29 |
$ |
24.48 |
||||||
Investor Class |
||||||||||||
Net
Assets |
$ |
63,096,131 |
$ |
3,487,553 |
$ |
21,897,459 |
||||||
Shares
outstanding(1) |
13,048,164 |
209,123 |
991,307 |
|||||||||
Net
asset value, redemption price and offering price per share(2) |
$ |
4.84 |
$ |
16.68 |
$ |
22.09 |
(1) |
20 billion shares of $0.001 par value authorized for the
Trust. |
(2) |
Redemption of shares held less than 30 days may be charged a 2%
redemption fee. See Note 3. |
Jacob |
||||
Forward
ETF |
||||
Assets: |
||||
Investments,
at value (cost $6,136,476) |
$ |
3,416,039 |
||
Receivable
for investments sold |
32,046 |
|||
Dividend
and interest receivable |
10 |
|||
Total
Assets |
3,448,095 |
|||
Liabilities: |
||||
Payable
for securities purchased |
30,280 |
|||
Payable
for investment adviser fees |
1,620 |
|||
Total
Liabilities |
31,900 |
|||
Net Assets |
$ |
3,416,195 |
||
Net Assets Consist Of: |
||||
Capital
stock |
$ |
7,336,049 |
||
Accumulated
losses |
(3,919,854 |
) | ||
Total
Net Assets |
$ |
3,416,195 |
||
Net Asset Value |
||||
Net
Assets |
$ |
3,416,195 |
||
Shares
outstanding(1) |
370,000 |
|||
Net
asset value, redemption price and offering price per share(2) |
$ |
9.23 |
(1) |
20 billion shares of $0.001 par value authorized for the
Trust. |
(2) |
Redemption of shares may be charged for a redemption fee by the Fund.
See Note 3. |
Jacob |
||||||||||||
Jacob |
Small
Cap |
Jacob |
||||||||||
Internet
Fund |
Growth
Fund |
Discovery
Fund |
||||||||||
Investment Income: |
||||||||||||
Dividend
income |
$ |
3,494 |
$ |
11,916 |
$ |
— |
||||||
Interest
income |
3,066 |
300 |
2,057 |
|||||||||
Total
Investment Income |
6,560 |
12,216 |
2,057 |
|||||||||
Expenses: |
||||||||||||
Investment
adviser fees |
1,408,148 |
119,783 |
771,714 |
|||||||||
Foreign
issuance fees |
— |
— |
14,322 |
(1) | ||||||||
Distribution
and shareholder servicing expenses – Investor Class (See Note 7) |
393,985 |
23,204 |
173,844 |
|||||||||
Administration
fees |
119,967 |
54,160 |
76,240 |
|||||||||
Fund
accounting fees |
41,141 |
34,748 |
39,652 |
|||||||||
Transfer
agent fees |
193,340 |
62,671 |
154,909 |
|||||||||
Custody
fees |
20,264 |
9,879 |
18,109 |
|||||||||
Federal
and state registration |
48,859 |
41,243 |
61,455 |
|||||||||
Insurance
expense |
7,153 |
1,287 |
3,519 |
|||||||||
Audit
fees |
16,000 |
16,000 |
16,000 |
|||||||||
Legal
fees |
58,947 |
7,758 |
35,921 |
|||||||||
Printing
and mailing of reports to shareholders |
21,297 |
2,709 |
16,162 |
|||||||||
Directors’
fees |
54,293 |
7,054 |
33,269 |
|||||||||
Miscellaneous
expenses |
4,627 |
3,576 |
4,075 |
|||||||||
Total
Expenses |
2,388,021 |
384,072 |
1,419,191 |
|||||||||
Expense
Waiver (See Note 6) |
— |
(65,582 |
) |
— |
||||||||
Distribution
and Shareholder Servicing Expense Waiver (See Note 7) |
(112,567 |
) |
(6,630 |
) |
(49,670 |
) | ||||||
Net
Expenses |
2,275,454 |
311,860 |
1,369,521 |
|||||||||
Net Investment Loss |
(2,268,894 |
) |
(299,644 |
) |
(1,367,464 |
) | ||||||
Realized and Unrealized Gain (Loss) on
Investments: |
||||||||||||
Net
realized gain (loss) on investments |
2,592,203 |
(261,815 |
) |
(13,001,020 |
) | |||||||
Change
in net unrealized appreciation (depreciation) on investments |
(79,541,319 |
) |
(10,710,244 |
) |
(29,343,489 |
) | ||||||
Net
realized and unrealized loss on investments |
(76,949,116 |
) |
(10,972,059 |
) |
(42,344,509 |
) | ||||||
Net Decrease in Net Assets Resulting from
Operations |
$ |
(79,218,010 |
) |
$ |
(11,271,703 |
) |
$ |
(43,711,973 |
) |
(1) |
Net of $7,209 in dividend income. |
Jacob |
||||
Forward
ETF |
||||
Investment Income: |
||||
Interest
income |
$ |
23 |
||
Total
Investment Income |
23 |
|||
Expenses: |
||||
Investment
adviser fees |
40,084 |
|||
Net
Expenses |
40,084 |
|||
Net Investment Loss |
(40,061 |
) | ||
Realized and Unrealized Gain (Loss) on
Investments: |
||||
Net
realized gain (loss) on: |
||||
Investments |
(1,096,451 |
) | ||
In-kind
redemptions |
73,770 |
|||
Change
in net unrealized appreciation (depreciation) on investments |
(3,238,250 |
) | ||
Net
realized and unrealized loss on investments |
(4,260,931 |
) | ||
Net Decrease in Net Assets Resulting from
Operations |
$ |
(4,300,992 |
) |
Year
Ended |
Year
Ended |
|||||||
August
31, 2022 |
August
31, 2021 |
|||||||
Operations: |
||||||||
Net
investment loss |
$ |
(2,268,894 |
) |
$ |
(2,624,361 |
) | ||
Net
realized gain on investment transactions |
2,592,203 |
9,203,477 |
||||||
Change
in net unrealized appreciation (depreciation) on investments |
(79,541,319 |
) |
36,675,566 |
|||||
Net
increase (decrease) in net assets resulting from operations |
(79,218,010 |
) |
43,254,682 |
|||||
Distributions to Shareholders: |
||||||||
Investor
Class |
(4,453,876 |
) |
(11,729,504 |
) | ||||
Net
decrease in net assets resulting from distributions paid |
(4,453,876 |
) |
(11,729,504 |
) | ||||
Capital Share Transactions: (Note
3) |
||||||||
Proceeds
from shares sold |
16,359,990 |
152,314,100 |
||||||
Proceeds
from reinvestment of distribution |
4,330,889 |
11,281,774 |
||||||
Cost
of shares redeemed |
(43,936,950 |
) |
(94,471,649 |
) | ||||
Redemption
fees |
28,246 |
344,107 |
||||||
Net
increase (decrease) in net assets resulting from capital share
transactions |
(23,217,825 |
) |
69,468,332 |
|||||
Net Increase (Decrease) in Net
Assets |
(106,889,711 |
) |
100,993,510 |
|||||
Net Assets: |
||||||||
Beginning
of year |
170,119,010 |
69,125,500 |
||||||
End
of year |
$ |
63,229,299 |
$ |
170,119,010 |
Year
Ended |
Year
Ended |
|||||||
August
31, 2022 |
August
31, 2021 |
|||||||
Operations: |
||||||||
Net
investment loss |
$ |
(299,644 |
) |
$ |
(447,851 |
) | ||
Net
realized gain (loss) on investment transactions |
(261,815 |
) |
4,687,489 |
|||||
Change
in net unrealized appreciation (depreciation) on investments |
(10,710,244 |
) |
3,681,505 |
|||||
Net
increase (decrease) in net assets resulting from operations |
(11,271,703 |
) |
7,921,143 |
|||||
Distributions to Shareholders: |
||||||||
Institutional
Class |
(1,585,241 |
) |
(1,415,462 |
) | ||||
Investor
Class |
(1,165,724 |
) |
(840,006 |
) | ||||
Net
decrease in net assets resulting from distributions paid |
(2,750,965 |
) |
(2,255,468 |
) | ||||
Capital Share Transactions: (Note
3) |
||||||||
Proceeds
from shares sold |
1,052,272 |
18,437,137 |
||||||
Proceeds
from reinvestment of distribution |
2,670,273 |
2,180,879 |
||||||
Cost
of shares redeemed |
(11,322,982 |
) |
(13,984,766 |
) | ||||
Redemption
fees |
2,148 |
31,345 |
||||||
Net
increase (decrease) in net assets resulting from capital share
transactions |
(7,598,289 |
) |
6,664,595 |
|||||
Net Increase (Decrease) in Net
Assets |
(21,620,957 |
) |
12,330,270 |
|||||
Net Assets: |
||||||||
Beginning
of year |
30,165,872 |
17,835,602 |
||||||
End
of year |
$ |
8,544,915 |
$ |
30,165,872 |
Year
Ended |
Year
Ended |
|||||||
August
31, 2022 |
August
31, 2021 |
|||||||
Operations: |
||||||||
Net
investment loss |
$ |
(1,367,464 |
) |
$ |
(1,165,303 |
) | ||
Net
realized gain (loss) on investment transactions |
(13,001,020 |
) |
6,164,507 |
|||||
Change
in net unrealized appreciation (depreciation) on investments |
(29,343,489 |
) |
7,788,815 |
|||||
Net
increase (decrease) in net assets resulting from operations |
(43,711,973 |
) |
12,788,019 |
|||||
Distributions to Shareholders: |
||||||||
Institutional
Class |
(585,464 |
) |
(1,111,442 |
) | ||||
Investor
Class |
(1,576,154 |
) |
(671,891 |
) | ||||
Net
decrease in net assets resulting from distributions paid |
(2,161,618 |
) |
(1,783,333 |
) | ||||
Capital Share Transactions: (Note
3) |
||||||||
Proceeds
from shares sold |
30,693,560 |
170,996,300 |
||||||
Proceeds
from reinvestment of distribution |
1,983,979 |
1,754,688 |
||||||
Cost
of shares redeemed |
(63,489,650 |
) |
(93,054,965 |
) | ||||
Redemption
fees |
23,860 |
206,392 |
||||||
Other
transaction(1) |
— |
3,570 |
||||||
Net
increase (decrease) in net assets resulting from capital share
transactions |
(30,788,251 |
) |
79,905,985 |
|||||
Net Increase (Decrease) in Net
Assets |
(76,661,842 |
) |
90,910,671 |
|||||
Net Assets: |
||||||||
Beginning
of year |
111,833,326 |
20,922,655 |
||||||
End
of year |
$ |
35,171,484 |
$ |
111,833,326 |
(1) |
Reimbursement from U.S. Bank Global Fund Services due to shareholder
activity. |
Year
Ended |
Period
Ended |
|||||||
August
31, 2022 |
August
31, 2021(1) |
|||||||
Operations: |
||||||||
Net
investment loss |
$ |
(40,061 |
) |
$ |
(5,539 |
) | ||
Net
realized gain (loss) on: |
||||||||
Investments |
(1,096,451 |
) |
(39,443 |
) | ||||
In-kind
redemptions |
73,770 |
— |
||||||
Change
in net unrealized appreciation (depreciation) on investments |
(3,238,250 |
) |
517,813 |
|||||
Net
increase (decrease) in net assets resulting from operations |
(4,300,992 |
) |
472,831 |
|||||
Distributions to Shareholders: |
||||||||
Net
dividends and distributions to shareholders |
(26,864 |
) |
— |
|||||
Capital Share Transactions: (Note
3) |
||||||||
Proceeds
from shares sold |
1,203,095 |
7,063,390 |
||||||
Cost
of shares redeemed |
(997,390 |
) |
— |
|||||
Transaction
fees (Note 3) |
43 |
2,082 |
||||||
Net
increase in net assets resulting from capital share transactions |
205,748 |
7,065,472 |
||||||
Net Increase (Decrease) in Net
Assets |
(4,122,108 |
) |
7,538,303 |
|||||
Net Assets: |
||||||||
Beginning
of year |
7,538,303 |
— |
||||||
End
of year |
$ |
3,416,195 |
$ |
7,538,303 |
(1) |
Commencement of investment operations on July 13,
2021. |
Period Ended |
||||
August 31, 2022(1) |
||||
Per Share Data: |
||||
Net asset value, beginning of period |
$ |
9.48 |
||
Loss from investment operations: |
||||
Net
investment loss(2) |
(0.08 |
) | ||
Net
realized and unrealized loss on investment transactions |
(4.56 |
) | ||
Total
from investment operations |
(4.64 |
) | ||
Paid
in capital from redemption fees(3) |
0.00 |
(4) | ||
Net asset value, end of period |
$ |
4.84 |
||
Total return |
-49.00 |
%(5) | ||
Supplemental data and ratios: |
||||
Net assets, end of period (in thousands) |
$ |
133 |
||
Ratio of operating expenses to average net assets(7) |
1.99 |
%(6) | ||
Ratio of net investment loss to average net assets(7) |
(2.01 |
)%(6) | ||
Portfolio turnover rate |
42 |
%(5) |
(1) |
Commencement of investment operations on
December 31, 2021. |
(2) |
Net investment loss per share represents
net investment loss divided by the average shares outstanding throughout
the period. |
(3) |
Paid in capital from redemption fees per
share represents redemption fees divided by the average shares outstanding
throughout the period. |
(4) |
Less than $0.01 per share. |
(5) |
Not annualized. |
(6) |
Annualized. |
(7) |
For the period December 31, 2021
(inception date) through January 5, 2023, 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 2.65%, excluding any taxes,
interest, brokerage fees, acquired fund fees and expenses, and
extraordinary expenses. |
Year Ended August
31, |
||||||||||||||||||||
2022 |
2021 |
2020 |
2019 |
2018 |
||||||||||||||||
Per
Share Data: |
||||||||||||||||||||
Net asset value,
beginning of year |
$ |
10.63 |
$ |
7.18 |
$ |
5.22 |
$ |
5.40 |
$ |
4.76 |
||||||||||
Income
(loss) from investment operations: |
||||||||||||||||||||
Net investment loss(1) |
(0.16 |
) |
(0.19 |
) |
(0.12 |
) |
(0.10 |
) |
(0.11 |
) | ||||||||||
Net realized and unrealized gain
(loss) |
||||||||||||||||||||
on investment
transactions |
(5.34 |
) |
4.81 |
2.65 |
0.29 |
1.31 |
||||||||||||||
Total from investment operations |
(5.50 |
) |
4.62 |
2.53 |
0.19 |
1.20 |
||||||||||||||
Less distributions from net realized
gains |
(0.29 |
) |
(1.19 |
) |
(0.57 |
) |
(0.37 |
) |
(0.56 |
) | ||||||||||
Paid in capital from redemption fees(2) |
0.00 |
(3) |
0.02 |
0.00 |
(3) |
0.00 |
(3) |
0.00 |
(3) | |||||||||||
Net asset value,
end of year |
$ |
4.84 |
$ |
10.63 |
$ |
7.18 |
$ |
5.22 |
$ |
5.40 |
||||||||||
Total
return |
-53.13 |
% |
71.34 |
% |
55.45 |
% |
4.61 |
% |
28.12 |
% | ||||||||||
Supplemental
data and ratios: |
||||||||||||||||||||
Net assets, end
of year (in thousands) |
$ |
63,096 |
$ |
170,119 |
$ |
69,126 |
$ |
49,766 |
$ |
51,240 |
||||||||||
Ratio of gross
operating expenses |
||||||||||||||||||||
(prior to
waivers) to average net assets |
2.12 |
% |
2.03 |
% |
2.60 |
% |
2.42 |
% |
2.52 |
% | ||||||||||
Ratio of net
operating expenses |
||||||||||||||||||||
(after
waivers) to average net assets(4) |
2.02 |
% |
1.93 |
% |
2.50 |
% |
2.32 |
% |
2.42 |
% | ||||||||||
Ratio of net
investment loss |
||||||||||||||||||||
(prior to
waivers) to average net assets |
(2.11 |
)% |
(1.98 |
)% |
(2.52 |
)% |
(2.18 |
)% |
(2.26 |
)% | ||||||||||
Ratio of net
investment loss |
||||||||||||||||||||
(after
waivers) to average net assets(4) |
(2.01 |
)% |
(1.88 |
)% |
(2.42 |
)% |
(2.08 |
)% |
(2.16 |
)% | ||||||||||
Portfolio
turnover rate |
42 |
% |
44 |
% |
52 |
% |
50 |
% |
46 |
% |
(1) |
Net
investment loss per share represents net investment loss divided by the
average shares outstanding throughout the year. |
(2) |
Paid
in capital from redemption fees per share represents redemption fees
divided by the average shares outstanding throughout the year. |
(3) |
Less
than $0.01 per share. |
(4) |
For
the period September 1, 2011 through January 5, 2023, 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. The Fund has adopted a distribution and service
plan (the ÒPlanÓ) pursuant to Rule 12b-1 under the 1940 Act, under which
the Fund may pay Plan related expenses up to 0.35% of average daily net
assets on an annual basis. The Adviser has agreed to waive 0.10% of the
0.35% Plan fee. |
Year
Ended August 31, |
||||||||||||||||||||
2022 |
2021 |
2020 |
2019 |
2018 |
||||||||||||||||
Per Share Data: |
||||||||||||||||||||
Net asset value, beginning of year |
$ |
43.52 |
$ |
30.80 |
$ |
23.91 |
$ |
28.81 |
$ |
18.52 |
||||||||||
Income (loss) from investment
operations: |
||||||||||||||||||||
Net
investment loss(1) |
(0.52 |
) |
(0.68 |
) |
(0.42 |
) |
(0.39 |
) |
(0.34 |
) | ||||||||||
Net
realized and unrealized gain (loss) |
||||||||||||||||||||
on
investment transactions |
(20.09 |
) |
18.37 |
7.98 |
(4.26 |
) |
10.63 |
|||||||||||||
Total
from investment operations |
(20.61 |
) |
17.69 |
7.56 |
(4.65 |
) |
10.29 |
|||||||||||||
Less
distributions from net realized gains |
(5.62 |
) |
(5.02 |
) |
(0.67 |
) |
(0.25 |
) |
— |
|||||||||||
Paid
in capital from redemption fees(2) |
0.00 |
(3) |
0.05 |
0.00 |
(3) |
— |
0.00 |
(3) | ||||||||||||
Net asset value, end of year |
$ |
17.29 |
$ |
43.52 |
$ |
30.80 |
$ |
23.91 |
$ |
28.81 |
||||||||||
Total return |
-53.74 |
% |
62.04 |
% |
32.23 |
% |
-16.17 |
% |
55.56 |
% | ||||||||||
Supplemental data and ratios: |
||||||||||||||||||||
Net assets, end of year (in thousands) |
$ |
5,057 |
$ |
12,782 |
$ |
12,799 |
$ |
10,825 |
$ |
14,621 |
||||||||||
Ratio of gross operating expenses |
||||||||||||||||||||
(prior to waiver) to average net assets |
2.46 |
% |
1.84 |
% |
2.56 |
% |
2.22 |
% |
2.46 |
% | ||||||||||
Ratio of net operating expenses |
||||||||||||||||||||
(after waiver) to average net assets(4) |
1.95 |
% |
1.74 |
% |
1.95 |
% |
1.95 |
% |
1.95 |
% | ||||||||||
Ratio of net investment loss |
||||||||||||||||||||
(prior to waiver) to average net assets |
(2.37 |
)% |
(1.80 |
)% |
(2.32 |
)% |
(1.81 |
)% |
(2.04 |
)% | ||||||||||
Ratio of net investment loss |
||||||||||||||||||||
(after waiver) to average net assets(4) |
(1.86 |
)% |
(1.70 |
)% |
(1.71 |
)% |
(1.54 |
)% |
(1.53 |
)% | ||||||||||
Portfolio turnover rate |
45 |
% |
71 |
% |
89 |
% |
88 |
% |
81 |
% |
(1) |
Net investment loss per share represents
net investment loss divided by the average shares outstanding throughout
the year. |
(2) |
Paid in capital from redemption fees per
share represents redemption fees divided by the average shares outstanding
throughout the year. |
(3) |
Less than $0.01 per share. |
(4) |
The Adviser has contractually agreed,
effective November 12, 2012 (date of reorganization) through January 5,
2023, to waive up to 100% of its advisory fee to the extent that the
Fund’s gross operating expense ratio exceeds 1.95%, excluding any taxes,
interest, brokerage fees, acquired fund fees and expenses, and
extraordinary expenses. |
Year
Ended August 31, |
||||||||||||||||||||
2022 |
2021 |
2020 |
2019 |
2018 |
||||||||||||||||
Per Share Data: |
||||||||||||||||||||
Net asset value, beginning of year |
$ |
42.33 |
$ |
30.14 |
$ |
23.48 |
$ |
28.36 |
$ |
18.28 |
||||||||||
Income (loss) from investment
operations: |
||||||||||||||||||||
Net
investment loss(1) |
(0.61 |
) |
(0.76 |
) |
(0.49 |
) |
(0.46 |
) |
(0.40 |
) | ||||||||||
Net
realized and unrealized gain (loss) |
||||||||||||||||||||
on
investment transactions |
(19.42 |
) |
17.92 |
7.82 |
(4.19 |
) |
10.48 |
|||||||||||||
Total
from investment operations |
(20.03 |
) |
17.16 |
7.33 |
(4.65 |
) |
10.08 |
|||||||||||||
Less
distributions from net realized gains |
(5.62 |
) |
(5.02 |
) |
(0.67 |
) |
(0.25 |
) |
— |
|||||||||||
Paid
in capital from redemption fees(2) |
0.00 |
(3) |
0.05 |
0.00 |
(3) |
0.02 |
0.00 |
(3) | ||||||||||||
Net asset value, end of year |
$ |
16.68 |
$ |
42.33 |
$ |
30.14 |
$ |
23.48 |
$ |
28.36 |
||||||||||
Total return |
-53.90 |
% |
61.60 |
% |
31.83 |
% |
-16.35 |
% |
55.14 |
% | ||||||||||
Supplemental data and ratios: |
||||||||||||||||||||
Net assets, end of year (in thousands) |
$ |
3,488 |
$ |
17,384 |
$ |
5,037 |
$ |
4,538 |
$ |
6,415 |
||||||||||
Ratio of gross operating expenses |
||||||||||||||||||||
(prior to waivers) to average net assets |
2.70 |
% |
2.07 |
% |
2.91 |
% |
2.57 |
% |
2.81 |
% | ||||||||||
Ratio of net operating expenses |
||||||||||||||||||||
(after waivers) to average net assets(4) |
2.25 |
% |
1.93 |
% |
2.25 |
% |
2.25 |
% |
2.25 |
% | ||||||||||
Ratio of net investment loss |
||||||||||||||||||||
(prior to waivers) to average net assets |
(2.62 |
)% |
(2.03 |
)% |
(2.67 |
)% |
(2.15 |
)% |
(2.39 |
)% | ||||||||||
Ratio of net investment loss |
||||||||||||||||||||
(after waivers) to average net assets(4) |
(2.17 |
)% |
(1.89 |
)% |
(2.01 |
)% |
(1.83 |
)% |
(1.83 |
)% | ||||||||||
Portfolio turnover rate |
45 |
% |
71 |
% |
89 |
% |
88 |
% |
81 |
% |
(1) |
Net investment loss per share represents
net investment loss divided by the average shares outstanding throughout
the year. |
(2) |
Paid in capital from redemption fees per
share represents redemption fees divided by the average shares outstanding
throughout the year. |
(3) |
Amount is less than $0.01. |
(4) |
The Adviser has contractually agreed,
effective November 12, 2012 (date of reorganization) through January 5,
2023, to waive up to 100% of its advisory fee to the extent that the
Fund’s gross operating expense ratio exceeds 2.25%, excluding any taxes,
interest, brokerage fees, acquired fund fees and expenses, and
extraordinary expenses. The Fund has adopted a distribution and service
plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act, under which
the Fund may pay Plan related expenses up to 0.35% of average daily net
assets on an annual basis. The Adviser has agreed to waive 0.10% of the
0.35% Plan fee. |
Year
Ended August 31, |
||||||||||||||||||||
2022 |
2021 |
2020 |
2019 |
2018 |
||||||||||||||||
Per Share Data: |
||||||||||||||||||||
Net asset value, beginning of year |
$ |
45.90 |
$ |
27.00 |
$ |
19.26 |
$ |
18.50 |
$ |
11.32 |
||||||||||
Income (loss) from investment
operations: |
||||||||||||||||||||
Net
investment loss(1) |
(0.61 |
) |
(0.65 |
) |
(0.35 |
) |
(0.29 |
) |
(0.29 |
) | ||||||||||
Net
realized and unrealized gain (loss) |
||||||||||||||||||||
on
investment transactions |
(19.91 |
) |
21.69 |
8.09 |
1.05 |
7.47 |
||||||||||||||
Total
from investment operations |
(20.52 |
) |
21.04 |
7.74 |
0.76 |
7.18 |
||||||||||||||
Less
distributions from net investment income |
(0.18 |
) |
— |
— |
— |
— |
||||||||||||||
Less
distributions from net realized gains |
(0.73 |
) |
(2.24 |
) |
— |
— |
— |
|||||||||||||
Paid
in capital from redemption fees(2) |
0.01 |
0.10 |
0.00 |
(3) |
— |
— |
||||||||||||||
Net asset value, end of year |
$ |
24.48 |
$ |
45.90 |
$ |
27.00 |
$ |
19.26 |
$ |
18.50 |
||||||||||
Total return |
-45.51 |
% |
82.06 |
% |
40.19 |
% |
4.11 |
% |
63.43 |
% | ||||||||||
Supplemental data and ratios: |
||||||||||||||||||||
Net assets, end of year (in thousands) |
$ |
13,274 |
$ |
30,536 |
$ |
13,249 |
$ |
9,840 |
$ |
9,098 |
||||||||||
Ratio of gross operating expenses |
||||||||||||||||||||
(prior to waiver) to average net assets |
1.80 |
% |
1.74 |
% |
2.90 |
% |
2.90 |
% |
3.50 |
% | ||||||||||
Ratio of net operating expenses |
||||||||||||||||||||
(after waiver) to average net assets(4) |
1.80 |
% |
1.67 |
% |
2.00 |
% |
2.00 |
% |
2.40 |
% | ||||||||||
Ratio of net investment loss |
||||||||||||||||||||
(prior to waiver) to average net assets |
(1.80 |
)% |
(1.66 |
)% |
(2.60 |
)% |
(2.52 |
)% |
(3.15 |
)% | ||||||||||
Ratio of net investment loss |
||||||||||||||||||||
(after waiver) to average net assets(4) |
(1.80 |
)% |
(1.59 |
)% |
(1.70 |
)% |
(1.62 |
)% |
(2.05 |
)% | ||||||||||
Portfolio turnover rate |
23 |
% |
32 |
% |
83 |
% |
73 |
% |
63 |
% |
(1) |
Net investment loss per share represents
net investment loss divided by the average shares outstanding throughout
the year. |
(2) |
Paid in capital from redemption fees per
share represents redemption fees divided by the average shares outstanding
throughout the year. |
(3) |
Less than $0.01 per share. |
(4) |
The Adviser has contractually agreed,
effective December 29, 2016 through at least January 5, 2023, to waive up
to 100% of its advisory fee to the extent that the Fund’s gross operating
expense ratio exceeds 2.00%, excluding any taxes, interest, brokerage
fees, acquired fund fees and expenses, and extraordinary
expenses. |
Year
Ended August 31, |
||||||||||||||||||||
2022 |
2021 |
2020 |
2019 |
2018 |
||||||||||||||||
Per Share Data: |
||||||||||||||||||||
Net asset value, beginning of year |
$ |
41.51 |
$ |
24.65 |
$ |
17.62 |
$ |
16.96 |
$ |
10.40 |
||||||||||
Income (loss) from investment
operations: |
||||||||||||||||||||
Net
investment loss(1) |
(0.64 |
) |
(0.69 |
) |
(0.38 |
) |
(0.32 |
) |
(0.30 |
) | ||||||||||
Net
realized and unrealized gain (loss) |
||||||||||||||||||||
on
investment transactions |
(17.99 |
) |
19.66 |
7.41 |
0.96 |
6.86 |
||||||||||||||
Total
from investment operations |
(18.63 |
) |
18.97 |
7.03 |
0.64 |
6.56 |
||||||||||||||
Less
distributions from net investment income |
(0.07 |
) |
— |
— |
— |
— |
||||||||||||||
Less
distributions from net realized gains |
(0.73 |
) |
(2.24 |
) |
— |
— |
— |
|||||||||||||
Paid
in capital from redemption fees(2) |
0.01 |
0.13 |
0.00 |
(3) |
0.02 |
0.00 |
(3) | |||||||||||||
Net asset value, end of year |
$ |
22.09 |
$ |
41.51 |
$ |
24.65 |
$ |
17.62 |
$ |
16.96 |
||||||||||
Total return |
-45.66 |
% |
81.58 |
% |
39.90 |
% |
3.89 |
% |
63.08 |
% | ||||||||||
Supplemental data and ratios: |
||||||||||||||||||||
Net assets, end of year (in thousands) |
$ |
21,897 |
$ |
81,297 |
$ |
7,674 |
$ |
4,254 |
$ |
2,854 |
||||||||||
Ratio of gross operating expenses |
||||||||||||||||||||
(prior to waivers) to average net assets |
2.11 |
% |
1.97 |
% |
3.25 |
% |
3.25 |
% |
3.84 |
% | ||||||||||
Ratio of net operating expenses |
||||||||||||||||||||
(after waivers) to average net assets(4) |
2.01 |
% |
1.85 |
% |
2.30 |
% |
2.30 |
% |
2.64 |
% | ||||||||||
Ratio of net investment loss |
||||||||||||||||||||
(prior to waivers) to average net assets |
(2.11 |
)% |
(1.86 |
)% |
(2.93 |
)% |
(2.87 |
)% |
(3.51 |
)% | ||||||||||
Ratio of net investment loss |
||||||||||||||||||||
(after waivers) to average net assets(4) |
(2.01 |
)% |
(1.74 |
)% |
(1.98 |
)% |
(1.92 |
)% |
(2.31 |
)% | ||||||||||
Portfolio turnover rate |
23 |
% |
32 |
% |
83 |
% |
73 |
% |
63 |
% |
(1) |
Net investment loss per share represents
net investment loss divided by the average shares outstanding throughout
the year. |
(2) |
Paid in capital from redemption fees per
share represents redemption fees divided by the average shares outstanding
throughout the year. |
(3) |
Less than $0.01 per share. |
(4) |
The Adviser has contractually agreed,
effective December 29, 2016 through at least January 5, 2023, to waive up
to 100% of its advisory fee to the extent that the Fund’s gross operating
expense ratio exceeds 2.30%, excluding any taxes, interest, brokerage
fees, acquired fund fees and expenses, and extraordinary expenses. The
Fund has adopted a distribution and service plan (the “Plan”) pursuant to
Rule 12b-1 under the 1940 Act, under which the Fund may pay Plan
related expenses up to 0.35% of average daily net assets on an annual
basis. The Adviser has agreed to waive 0.10% of the 0.35% Plan
fee. |
Year
Ended |
Period
Ended |
|||||||
August
31, 2022 |
August
31, 2021(1) |
|||||||
Per Share Data: |
||||||||
Net asset value, beginning of year/period |
$ |
20.94 |
$ |
20.00 |
||||
Income (loss) from investment
operations: |
||||||||
Net
investment loss(2) |
(0.11 |
) |
(0.02 |
) | ||||
Net
realized and unrealized gain (loss) |
||||||||
on
investment transactions |
(11.53 |
) |
0.96 |
|||||
Total
from investment operations |
(11.64 |
) |
0.94 |
|||||
Less
distributions from net investment income |
(0.07 |
) |
— |
|||||
Net asset value, end of year/period |
$ |
9.23 |
$ |
20.94 |
||||
Total returns: |
||||||||
Net Asset Value(3) |
-55.75 |
% |
4.70 |
%(5) | ||||
Market Value(4) |
-55.59 |
% |
4.55 |
%(5) | ||||
Supplemental data and ratios: |
||||||||
Net assets, end of year/period (in thousands) |
$ |
3,416 |
$ |
7,538 |
||||
Ratio of operating expenses to average net assets |
0.75 |
% |
0.75 |
%(6) | ||||
Ratio of net investment loss to average net assets |
(0.75 |
)% |
(0.75 |
)%(6) | ||||
Portfolio turnover rate(7) |
62 |
% |
3 |
%(5) |
(1) |
Commencement of investment operations on
July 13, 2021. |
(2) |
Net investment loss per share represents
net investment loss divided by the average shares outstanding throughout
the year/period. |
(3) |
Net asset value total return is
calculated assuming an initial investment made at the net asset value at
the beginning of the year/period, reinvestment of all dividends and
distributions at net asset value during the period and redemption on the
last day of the period at net asset value. |
(4) |
Market value total return is calculated
assuming an initial investment made at market value at the beginning of
the year/period, reinvestment of all dividends and distributions at net
asset value during the period and redemption on the last day of the period
at market value. The market value is determined by the midpoint of the
bid/ask spread at 4:00 p.m. from the NYSE Arca, Inc. Exchange. Market
value returns may vary from net asset value returns. |
(5) |
Not annualized |
(6) |
Annualized. |
(7) |
Portfolio turnover rate excludes in-kind
transactions. |
(a) Investment Valuation—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 an
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 a Fund if acquired within 60 days of maturity or, if already held
by a 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 Funds adhere to fair valuation
accounting standards which provide an authoritative definition of fair
value and set 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. | |
Summary of Fair Value
Exposure | |
Various inputs are used in determining
the value of the Funds’ 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 Funds have 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 in 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 Funds’ 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. |
Level
1 |
Level
2 |
Level
3 |
Total |
||||||||||||||
Common Stocks |
|||||||||||||||||
Prepackaged Software |
$ |
15,387,420 |
$ |
— |
$ |
— |
$ |
15,387,420 |
|||||||||
Computer Peripheral Equipment |
8,267,365 |
— |
— |
8,267,365 |
|||||||||||||
Business Services |
7,836,058 |
— |
— |
7,836,058 |
|||||||||||||
Computer Programming, Data Processing,
Etc. |
4,827,084 |
— |
— |
4,827,084 |
|||||||||||||
State Commercial Banks |
4,111,790 |
— |
— |
4,111,790 |
|||||||||||||
Computer Communications
Equipment |
3,966,876 |
— |
— |
3,966,876 |
|||||||||||||
Computer Programming Services |
3,861,420 |
— |
— |
3,861,420 |
|||||||||||||
Patent Owners & Lessors |
3,286,663 |
— |
— |
3,286,663 |
|||||||||||||
Calculating & Accounting
Machines |
|||||||||||||||||
(No Electronic
Computers) |
2,140,320 |
— |
— |
2,140,320 |
|||||||||||||
Miscellaneous Amusement &
Recreation |
1,975,380 |
— |
— |
1,975,380 |
|||||||||||||
Catalog & Mail-Order Houses |
1,790,295 |
— |
— |
1,790,295 |
|||||||||||||
Nonstore Retailers |
1,765,554 |
— |
— |
1,765,554 |
|||||||||||||
Communications Equipment |
1,374,061 |
— |
— |
1,374,061 |
|||||||||||||
Electric Services |
875,884 |
— |
— |
875,884 |
|||||||||||||
Personal Services |
806,412 |
— |
— |
806,412 |
|||||||||||||
Semiconductors & Related
Devices |
581,850 |
— |
— |
581,850 |
|||||||||||||
Real Estate |
132,138 |
— |
— |
132,138 |
|||||||||||||
Total Common
Stocks |
62,986,570 |
— |
— |
62,986,570 |
|||||||||||||
Total Investments in
Securities |
$ |
62,986,570 |
$ |
— |
$ |
— |
$ |
62,986,570 |
Level
1 |
Level
2 |
Level
3 |
Total |
||||||||||||||
Common Stocks |
|||||||||||||||||
Pharmaceutical Preparations |
$ |
1,595,120 |
$ |
— |
$ |
— |
$ |
1,595,120 |
|||||||||
Prepackaged Software |
823,792 |
— |
— |
823,792 |
|||||||||||||
Biological Products (No Diagnostic
Substances) |
715,004 |
— |
— |
715,004 |
|||||||||||||
Industrial Organic Chemicals |
596,538 |
— |
— |
596,538 |
|||||||||||||
Surgical & Medical Instruments &
Apparatus |
592,498 |
— |
— |
592,498 |
|||||||||||||
Computer Peripheral Equipment |
581,098 |
— |
— |
581,098 |
|||||||||||||
State Commercial Banks |
522,300 |
— |
— |
522,300 |
|||||||||||||
Computer Programming Services |
484,121 |
— |
— |
484,121 |
|||||||||||||
Business Services |
413,175 |
— |
— |
413,175 |
|||||||||||||
Patent Owners & Lessors |
405,361 |
— |
— |
405,361 |
|||||||||||||
Medical Laboratories |
326,212 |
— |
— |
326,212 |
|||||||||||||
Calculating & Accounting
Machines |
|||||||||||||||||
(No Electronic
Computers) |
275,624 |
— |
— |
275,624 |
|||||||||||||
Family Clothing Stores |
243,993 |
— |
— |
243,993 |
|||||||||||||
Miscellaneous Amusement &
Recreation |
231,264 |
— |
— |
231,264 |
|||||||||||||
Nonstore Retailers |
224,790 |
— |
— |
224,790 |
|||||||||||||
Eating Places |
150,480 |
— |
— |
150,480 |
|||||||||||||
Catalog & Mail-Order Houses |
121,184 |
— |
— |
121,184 |
|||||||||||||
Personal Services |
98,000 |
— |
— |
98,000 |
|||||||||||||
Computer Programming, Data Processing,
Etc. |
89,040 |
— |
— |
89,040 |
|||||||||||||
Total Common
Stocks |
8,489,594 |
— |
— |
8,489,594 |
|||||||||||||
Short Term
Investment |
|||||||||||||||||
Money Market Fund |
31,547 |
— |
— |
31,547 |
|||||||||||||
Total Investments in
Securities |
$ |
8,521,141 |
$ |
— |
$ |
— |
$ |
8,521,141 |
Level
1 |
Level
2 |
Level
3 |
Total |
||||||||||||||
Common Stocks |
|||||||||||||||||
Pharmaceutical Preparations |
$ |
5,965,267 |
$ |
— |
$ |
— |
$ |
5,965,267 |
|||||||||
Computer Peripheral Equipment |
4,144,693 |
— |
— |
4,144,693 |
|||||||||||||
Computer Communications
Equipment |
2,357,213 |
— |
— |
2,357,213 |
|||||||||||||
Surgical & Medical Instruments &
Apparatus |
2,299,103 |
— |
— |
2,299,103 |
|||||||||||||
Prepackaged Software |
2,250,989 |
— |
— |
2,250,989 |
|||||||||||||
Help Supply Services |
2,108,968 |
— |
— |
2,108,968 |
|||||||||||||
Miscellaneous Metal Ores |
1,903,176 |
— |
— |
1,903,176 |
|||||||||||||
Business Services |
1,873,325 |
— |
— |
1,873,325 |
|||||||||||||
Biological Products (No Diagnostic
Substances) |
1,717,364 |
— |
— |
1,717,364 |
|||||||||||||
Computer Processing & Data
Preparation |
1,223,474 |
— |
— |
1,223,474 |
|||||||||||||
Medical Laboratories |
1,188,086 |
— |
— |
1,188,086 |
|||||||||||||
Calculating & Accounting
Machines |
|||||||||||||||||
(No Electronic
Computers) |
1,170,424 |
— |
— |
1,170,424 |
|||||||||||||
State Commercial Banks |
916,400 |
— |
— |
916,400 |
|||||||||||||
Industrial Organic Chemicals |
886,099 |
— |
— |
886,099 |
|||||||||||||
Communication Equipment |
845,793 |
— |
— |
845,793 |
|||||||||||||
Functions Related to Depository
Banking |
621,070 |
— |
— |
621,070 |
|||||||||||||
Gold and Silver Ores |
595,125 |
— |
— |
595,125 |
|||||||||||||
Electric Services |
516,855 |
— |
— |
516,855 |
|||||||||||||
Metal Mining |
486,975 |
— |
— |
486,975 |
|||||||||||||
Nonstore Retailers |
390,144 |
— |
— |
390,144 |
|||||||||||||
Semiconductors and Related
Devices |
387,900 |
— |
— |
387,900 |
|||||||||||||
Mining & Quarrying of |
|||||||||||||||||
Nonmetallic Minerals (No
Fuels) |
— |
387,360 |
— |
387,360 |
|||||||||||||
Advertising |
251,591 |
— |
— |
251,591 |
|||||||||||||
Computer Programming, Data Processing,
Etc. |
159,000 |
— |
— |
159,000 |
|||||||||||||
Computer Programming Services |
— |
120,177 |
(a) |
— |
120,177 |
||||||||||||
Games, Toys & Children’s
Vehicles |
|||||||||||||||||
(No Dolls &
Bicycles) |
96,038 |
— |
— |
96,038 |
|||||||||||||
Real Estate |
81,534 |
— |
— |
81,534 |
|||||||||||||
Total Common
Stocks |
34,436,606 |
507,537 |
— |
34,944,143 |
|||||||||||||
Preferred
Stocks |
|||||||||||||||||
Advertising Agencies |
— |
— |
44,520 |
44,520 |
|||||||||||||
Short Term
Investment |
|||||||||||||||||
Money Market Fund |
33,170 |
— |
— |
33,170 |
|||||||||||||
Total Investments in
Securities |
$ |
34,469,776 |
$ |
507,537 |
$ |
44,520 |
$ |
35,021,833 |
(a) |
Certain non-U.S. dollar denominated
securities use systematic fair value. |
Preferred
Stocks |
|||||
Beginning Balance –
September 1, 2021 |
$ |
— |
|||
Acquisitions |
18,017 |
||||
Change in unrealized appreciation
(depreciation) |
26,503 |
||||
Ending Balance –
August 31, 2022 |
$ |
44,520 |
|||
Change in unrealized
appreciation (deprecation) |
|||||
on
investments still held at August 31, 2022 |
$ |
26,503 |
Level
1 |
Level
2 |
Level
3 |
Total |
||||||||||||||
Common Stocks |
|||||||||||||||||
Prepackaged Software |
$ |
616,591 |
$ |
— |
$ |
— |
$ |
616,591 |
|||||||||
Pharmaceutical Preparations |
438,651 |
— |
— |
438,651 |
|||||||||||||
Business Services |
317,354 |
— |
— |
317,354 |
|||||||||||||
Biological Products (No Diagnostic
Substances) |
270,409 |
— |
— |
270,409 |
|||||||||||||
Industrial Organic Chemicals |
269,464 |
— |
— |
269,464 |
|||||||||||||
Surgical & Medical Instruments &
Apparatus |
251,282 |
— |
— |
251,282 |
|||||||||||||
Computer Programming, Data Processing,
Etc. |
232,931 |
— |
— |
232,931 |
|||||||||||||
State Commercial Banks |
193,721 |
— |
— |
193,721 |
|||||||||||||
Computer Programming Services |
190,741 |
— |
— |
190,741 |
|||||||||||||
Patent Owners & Lessors |
152,451 |
— |
— |
152,451 |
|||||||||||||
Medical Laboratories |
143,092 |
— |
— |
143,092 |
|||||||||||||
Catalog & Mail-Order Houses |
83,499 |
— |
— |
83,499 |
|||||||||||||
Nonstore Retailers |
83,355 |
— |
— |
83,355 |
|||||||||||||
Computer Peripheral Equipment |
83,209 |
— |
— |
83,209 |
|||||||||||||
Miscellaneous Amusement &
Recreation |
82,613 |
— |
— |
82,613 |
|||||||||||||
Total Common
Stocks |
3,409,363 |
— |
— |
3,409,363 |
|||||||||||||
Short Term
Investment |
|||||||||||||||||
Money Market Fund |
6,676 |
— |
— |
6,676 |
|||||||||||||
Total Investments in
Securities |
$ |
3,416,039 |
$ |
— |
$ |
— |
$ |
3,416,039 |
(b) Income Recognition—Interest income is
accrued as earned. Dividend income is recorded on the ex-dividend
date. | |
(c) Expenses—Expenses that are not
attributable to a particular Fund are typically allocated in proportion to
each Fund’s respective net assets. Expenses, other than those which
are class specific, are allocated to a particular share class in
proportion to each class’s respective net assets. Expenses are
recorded on an accrual basis. | |
(d) Securities Transactions—Security
transactions are accounted for on trade date. Realized gains and losses on
securities sold are determined using specific identification. | |
(e) Foreign Currency Transactions—The books
and records are maintained in U.S. dollars. Foreign currency denominated
transactions (i.e., market value of investment securities, assets and
liabilities, purchases and sales of investment securities, and income and
expenses) are translated into U.S. dollars at the current rate of
exchange. | |
The Funds do not isolate that portion of
the results of operations resulting from changes in foreign exchange rates
on investments from the fluctuations arising from changes in market prices
of securities held. Such fluctuations are included with the net realized
and unrealized gain or loss from investments. | |
(f) Distributions to Shareholders—The Funds
record distributions to shareholders on the ex-dividend date. Dividends
from net investment income, if any, are declared and paid annually.
Distributions of net realized capital gains, if any, will be declared and
distributed annually. The amounts of distributions from net investment
income and net realized capital gains are determined in accordance with
federal income tax regulations, which may differ from those amounts
determined under GAAP. These book/tax differences are either temporary or
permanent in nature. To the extent these differences are permanent,
reclassifications are made in the capital accounts in the period that the
differences arise. The reclassifications have no effect on net assets or
net asset value per share. | |
(g) Federal Income Taxes—The Funds comply
with provisions of Subchapter M of the Internal Revenue Code applicable to
regulated investment companies, including the distribution of
substantially all of the Funds’ taxable income. Accordingly, no provision
for federal income taxes is considered necessary in the financial
statements. | |
The Funds follow accounting standards
regarding recognition and measurement of tax positions taken on a tax
return. No material uncertain tax positions existed as of August 31, 2022.
As a result, the Funds have not recorded any liabilities for uncertain tax
positions as of August 31, 2022. The standards require the Funds to
analyze all open tax years, as defined by the Statute of Limitations, for
all major jurisdictions. Open tax years are those that are open for
examinations by taxing authorities. As of August 31, 2022, open federal
tax years include the tax years ended August 31, 2019 through August 31,
2021. | |
(h) Use
of Estimates—The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that
affect the reported amount of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting
period. Actual results could differ from those estimates. | |
(i) Contingencies and Commitments—The Funds
indemnify the Corporation’s Officers and Directors for certain liabilities
that might arise from their performance of their duties to the Funds.
Additionally, in the normal course of business, the Funds enter into
contracts that contain a variety of representations and warranties and
which provide general indemnifications. Each Fund’s maximum exposure under
these arrangements is unknown, as this would involve future claims that
may be made against the Funds that have not yet occurred. However, based
on experience, the Corporation expects the risk of loss to be
remote. |
(j) COVID-19 Pandemic—The global outbreak of
COVID-19 (commonly referred to as “coronavirus”) has disrupted economic
markets and the prolonged economic impact is uncertain. The ultimate
economic fallout from the pandemic, and the long-term impact on economies,
markets, industries and individual issuers, are not known. The operational
and financial performance of the issuers of securities in which the Funds
invest depends on future developments, including the duration and spread
of the outbreak, and such uncertainty may in turn adversely affect the
value and liquidity of the Funds’ investments, impair the Funds’ ability
to satisfy redemption requests, and negatively impact the Funds’
performance. |
Period Ended
|
|||||||||
August 31, 2022 (a)
|
|||||||||
Shares |
Amount |
||||||||
Sales |
30,666 |
$ |
223,077 |
||||||
Redemptions |
(3,161 |
) |
(23,741 |
) | |||||
Redemption fees |
— |
18 |
|||||||
Net increase |
27,505 |
$ |
199,354 |
||||||
Shares
Outstanding: |
|||||||||
Beginning of period |
— |
||||||||
End of period |
27,505 |
(a) |
Commencement of investment operations on
December 31, 2021. |
Year
Ended
|
Year
Ended
|
||||||||||||||||
August
31, 2022
|
August
31, 2021
|
||||||||||||||||
Shares |
Amount |
Shares |
Amount |
||||||||||||||
Sales |
1,746,515 |
$ |
16,136,913 |
14,048,687 |
$ |
152,314,100 |
|||||||||||
Reinvestments |
435,703 |
4,330,889 |
1,488,361 |
11,281,774 |
|||||||||||||
Redemptions |
(5,136,645 |
) |
(43,913,209 |
) |
(9,164,639 |
) |
(94,471,649 |
) | |||||||||
Redemption fees |
— |
28,228 |
— |
344,107 |
|||||||||||||
Net increase (decrease) |
(2,954,427 |
) |
$ |
(23,417,179 |
) |
6,372,409 |
$ |
69,468,332 |
|||||||||
Shares
Outstanding: |
|||||||||||||||||
Beginning of year |
16,002,591 |
9,630,182 |
|||||||||||||||
End of year |
13,048,164 |
16,002,591 |
|||||||||||||||
Total increase (decrease) |
|||||||||||||||||
for the Fund |
$ |
(23,217,825 |
) |
$ |
69,468,332 |
Year
Ended
|
Year
Ended
|
||||||||||||||||
August
31, 2022
|
August
31, 2021
|
||||||||||||||||
Shares |
Amount |
Shares |
Amount |
||||||||||||||
Sales |
5,538 |
$ |
151,774 |
50,759 |
$ |
2,297,866 |
|||||||||||
Reinvestments |
45,139 |
1,543,754 |
40,082 |
1,374,424 |
|||||||||||||
Redemptions |
(51,871 |
) |
(1,550,043 |
) |
(212,661 |
) |
(8,156,837 |
) | |||||||||
Redemption fees |
— |
1,254 |
— |
16,757 |
|||||||||||||
Net increase (decrease) |
(1,194 |
) |
$ |
146,739 |
(121,820 |
) |
$ |
(4,467,790 |
) | ||||||||
Shares
Outstanding: |
|||||||||||||||||
Beginning of year |
293,704 |
415,524 |
|||||||||||||||
End of year |
292,510 |
293,704 |
|||||||||||||||
Investor
Class |
|||||||||||||||||
Year
Ended
|
Year
Ended
|
||||||||||||||||
August
31, 2022
|
August
31, 2021
|
||||||||||||||||
Shares |
Amount |
Shares |
Amount |
||||||||||||||
Sales |
25,282 |
$ |
900,498 |
359,330 |
$ |
16,139,271 |
|||||||||||
Reinvestments |
34,044 |
1,126,519 |
24,131 |
806,455 |
|||||||||||||
Redemptions |
(260,874 |
) |
(9,772,940 |
) |
(139,909 |
) |
(5,827,929 |
) | |||||||||
Redemption fees |
— |
895 |
— |
14,588 |
|||||||||||||
Net increase (decrease) |
(201,548 |
) |
$ |
(7,745,028 |
) |
243,552 |
$ |
11,132,385 |
|||||||||
Shares
Outstanding: |
|||||||||||||||||
Beginning of year |
410,671 |
167,119 |
|||||||||||||||
End of year |
209,123 |
410,671 |
|||||||||||||||
Total increase (decrease) |
|||||||||||||||||
for the Fund |
$ |
(7,598,289 |
) |
$ |
6,664,595 |
Year
Ended |
Year
Ended |
||||||||||||||||
August
31, 2022 |
August
31, 2021 |
||||||||||||||||
Shares |
Amount |
Shares |
Amount |
||||||||||||||
Sales |
200,465 |
$ |
7,037,153 |
634,097 |
$ |
29,090,401 |
|||||||||||
Reinvestments |
13,389 |
560,864 |
34,419 |
1,093,502 |
|||||||||||||
Redemptions |
(336,805 |
) |
(11,492,980 |
) |
(493,898 |
) |
(21,586,614 |
) | |||||||||
Redemption fees |
— |
6,724 |
— |
64,560 |
|||||||||||||
Other transaction |
— |
— |
— |
1,272 |
|||||||||||||
Net increase (decrease) |
(122,951 |
) |
$ |
(3,888,239 |
) |
174,618 |
$ |
8,663,121 |
|||||||||
Shares
Outstanding: |
|||||||||||||||||
Beginning of year |
665,264 |
490,646 |
|||||||||||||||
End of year |
542,313 |
665,264 |
|||||||||||||||
Investor
Class |
|||||||||||||||||
Year
Ended |
Year
Ended |
||||||||||||||||
August
31, 2022 |
August
31, 2021 |
||||||||||||||||
Shares |
Amount |
Shares |
Amount |
||||||||||||||
Sales |
675,946 |
$ |
23,656,407 |
3,453,116 |
$ |
141,905,899 |
|||||||||||
Reinvestments |
37,569 |
1,423,115 |
22,974 |
661,186 |
|||||||||||||
Redemptions |
(1,680,659 |
) |
(51,996,670 |
) |
(1,829,006 |
) |
(71,468,351 |
) | |||||||||
Redemption fees |
— |
17,136 |
— |
141,832 |
|||||||||||||
Other transaction |
— |
— |
— |
2,298 |
|||||||||||||
Net increase (decrease) |
(967,144 |
) |
$ |
(26,900,012 |
) |
1,647,084 |
$ |
71,242,864 |
|||||||||
Shares
Outstanding: |
|||||||||||||||||
Beginning of year |
1,958,451 |
311,367 |
|||||||||||||||
End of year |
991,307 |
1,958,451 |
|||||||||||||||
Total increase (decrease) |
|||||||||||||||||
for the Fund |
$ |
(30,788,251 |
) |
$ |
79,905,985 |
Year
Ended
|
Period
Ended
|
||||||||||||||||
August
31, 2022
|
August
31, 2021(b)
|
||||||||||||||||
Shares |
Amount |
Shares |
Amount |
||||||||||||||
Sales |
70,000 |
$ |
1,203,095 |
360,000 |
$ |
7,063,390 |
|||||||||||
Redemptions |
(60,000 |
) |
(997,390 |
) |
— |
— |
|||||||||||
Transaction fees |
— |
43 |
— |
2,082 |
|||||||||||||
Net increase |
10,000 |
$ |
205,748 |
360,000 |
$ |
7,065,472 |
|||||||||||
Shares
Outstanding: |
|||||||||||||||||
Beginning of year/period |
360,000 |
— |
|||||||||||||||
End of year/period |
370,000 |
360,000 |
(b) |
Commencement of investment operations on
July 13, 2021. |
Number
of shareholders owning greater | ||
Fund |
than
10% of outstanding Fund shares | |
Internet Fund Institutional Class |
1 | |
Internet Fund Investor Class |
2 | |
Small Cap Growth Fund Institutional Class |
3 | |
Small Cap Growth Fund Investor Class |
3 | |
Discovery Fund Institutional Class |
3 | |
Discovery Fund Investor Class |
4 | |
Forward ETF |
1 |
Fund |
Purchases |
Sales |
|||||||
Internet Fund |
$ |
47,759,982 |
$ |
77,631,667 |
|||||
Small Cap Growth Fund |
6,893,165 |
17,500,317 |
|||||||
Discovery Fund |
16,194,037 |
49,599,705 |
|||||||
Forward ETF |
3,271,972 |
3,313,583 |
Fund |
Purchases |
Sales |
|||||||
Forward ETF |
$ |
1,163,531 |
$ |
979,186 |
Internet |
Small
Cap |
Discovery |
Forward |
||||||||||||||
Fund |
Growth
Fund |
Fund |
ETF |
||||||||||||||
Cost of Investments |
$ |
70,915,405 |
$ |
9,961,224 |
$ |
51,740,136 |
$ |
6,259,108 |
|||||||||
Gross unrealized appreciation |
14,736,519 |
2,271,613 |
7,436,251 |
166,789 |
|||||||||||||
Gross unrealized depreciation |
(22,665,354 |
) |
(3,711,696 |
) |
(24,154,554 |
) |
(3,009,858 |
) | |||||||||
Net unrealized depreciation |
$ |
(7,928,835 |
) |
$ |
(1,440,083 |
) |
$ |
(16,718,303 |
) |
$ |
(2,843,069 |
) | |||||
Undistributed ordinary income |
— |
— |
— |
— |
|||||||||||||
Undistributed long-term capital gains |
— |
— |
— |
— |
|||||||||||||
Total distributable earnings |
$ |
— |
$ |
— |
$ |
— |
$ |
— |
|||||||||
Other accumulated losses |
$ |
(1,978,653 |
) |
$ |
(1,093,572 |
) |
$ |
(12,898,018 |
) |
$ |
(1,076,785 |
) | |||||
Total accumulated losses |
$ |
(9,907,488 |
) |
$ |
(2,533,655 |
) |
$ |
(29,616,321 |
) |
$ |
(3,919,854 |
) |
Internet |
Small
Cap |
Discovery |
Forward |
|
Fund |
Growth
Fund |
Fund |
ETF |
|
$1,978,653 |
$200,970 |
$1,371,175 |
$63,471 |
Year
Ended August 31, 2022 |
Year
Ended August 31, 2021 |
||||||||||||||||||||||||||||
Ordinary |
Long-Term |
Distribution |
Total |
Ordinary |
Long-Term |
Total |
|||||||||||||||||||||||
Income |
Capital
Gains |
in
Excess |
Distributions |
Income |
Capital
Gains |
Distributions |
|||||||||||||||||||||||
Internet Fund |
$ |
— |
$ |
4,453,876 |
$ |
— |
$ |
4,453,876 |
$ |
— |
$ |
11,729,504 |
$ |
11,729,504 |
|||||||||||||||
Small Cap |
|||||||||||||||||||||||||||||
Growth Fund |
— |
2,272,219 |
478,746 |
2,750,965 |
1,116,015 |
1,139,453 |
2,255,468 |
||||||||||||||||||||||
Discovery Fund |
721,115 |
1,440,476 |
27 |
2,161,618 |
349,378 |
1,433,955 |
1,783,333 |
||||||||||||||||||||||
Forward ETF |
26,831 |
— |
33 |
26,864 |
— |
— |
— |
Internet |
Small
Cap |
Discovery |
Forward |
||||||||||||||
Fund |
Growth
Fund |
Fund |
ETF |
||||||||||||||
Distributable Earnings |
$ |
2,672,555 |
$ |
579,046 |
$ |
1,143,750 |
$ |
(64,829 |
) | ||||||||
Capital Stock |
(2,672,555 |
) |
(579,046 |
) |
(1,143,750 |
) |
64,829 |
Internet |
Small
Cap |
Discovery |
||||||||||
Fund |
Growth
Fund |
Fund |
Expiration | |||||||||
$ |
— |
$ |
90,687 |
$ |
130,104 |
August 31, 2023 | ||||||
— |
17,434 |
24,199 |
August 31, 2024 | |||||||||
— |
65,582 |
— |
August 31, 2025 | |||||||||
$ |
— |
$ |
173,703 |
$ |
154,303 |
Fund |
Financial Statements
Presented |
Jacob Internet Fund |
The statements of changes in net assets
for each of the years in the two-year period ended August 31, 2022 and the
financial highlights for the period December 31, 2021 (commencement of
operations) to August, 31, 2022 for the Institutional Class and for each
of the years in the five-year period ended August 31, 2022 for the
Investor Class |
Jacob Small Cap Growth Fund |
The statements of changes in net assets
for each of the years in the two-year period ended August 31, 2022 and the
financial highlights for each of the years in the five-year period ended
August 31, 2022 |
Jacob Discovery Fund |
The statements of changes in net assets
for each of the years in the two-year period ended August 31, 2022 and the
financial highlights for each of the years in the five-year period ended
August 31, 2022 |
Jacob Forward ETF |
The statements of changes in net assets
and the financial highlights for the period from July 13, 2021
(commencement of operations) to August 31, 2021 and for the year ended
August, 31, 2022 |
Expenses
Paid | |||
Beginning
Account |
Ending
Account |
During
the Period | |
Value
3/1/22 |
Value
8/31/22 |
3/1/22
– 8/31/22* | |
Actual |
$1,000.00 |
$
627.80 |
$
8.16 |
Hypothetical (5% annual return before
expenses) |
$1,000.00 |
$1,015.17 |
$10.11 |
* |
Expenses are equal to the Institutional
Class’s annualized expense ratio of 1.99% multiplied by the average
account value over the period multiplied by 184/365 (to reflect the
one-half year period). |
Expenses
Paid | |||
Beginning
Account |
Ending
Account |
During
the Period | |
Value
3/1/22 |
Value
8/31/22 |
3/1/22
– 8/31/22* | |
Actual |
$1,000.00 |
$
627.80 |
$
8.29 |
Hypothetical (5% annual return before
expenses) |
$1,000.00 |
$1,015.02 |
$10.26 |
* |
Expenses are equal to the Investor
Class’s annualized expense ratio of 2.02% multiplied by the average
account value over the period multiplied by 184/365 (to reflect the
one-half year period). |
Expenses
Paid | |||
Beginning
Account |
Ending
Account |
During
the Period | |
Value
3/1/22 |
Value
8/31/22 |
3/1/22
– 8/31/22* | |
Actual |
$1,000.00 |
$
652.00 |
$8.12 |
Hypothetical (5% annual return before
expenses) |
$1,000.00 |
$1,015.38 |
$9.91 |
* |
Expenses are equal to the Institutional
Class’s annualized expense ratio of 1.95% multiplied by the average
account value over the period multiplied by 184/365 (to reflect the
one-half year period). |
Expenses
Paid | |||
Beginning
Account |
Ending
Account |
During
the Period | |
Value
3/1/22 |
Value
8/31/22 |
3/1/22
– 8/31/22* | |
Actual |
$1,000.00 |
$
650.50 |
$
9.36 |
Hypothetical (5% annual return before
expenses) |
$1,000.00 |
$1,013.86 |
$11.42 |
* |
Expenses are equal to the Investor
Class’s annualized expense ratio of 2.25% multiplied by the average
account value over the period multiplied by 184/365 (to reflect the
one-half year period). |
Expenses
Paid | |||
Beginning
Account |
Ending
Account |
During
the Period | |
Value
3/1/22 |
Value
8/31/22 |
3/1/22
– 8/31/22* | |
Actual |
$1,000.00 |
$
723.80 |
$7.82 |
Hypothetical (5% annual return before
expenses) |
$1,000.00 |
$1,016.13 |
$9.15 |
* |
Expenses are equal to the Institutional
Class’s annualized expense ratio of 1.80% multiplied by the average
account value over the period multiplied by 184/365 (to reflect the
one-half year period). |
Expenses
Paid | |||
Beginning
Account |
Ending
Account |
During
the Period | |
Value
3/1/22 |
Value
8/31/22 |
3/1/22
– 8/31/22* | |
Actual |
$1,000.00 |
$
722.80 |
$
8.73 |
Hypothetical (5% annual return before
expenses) |
$1,000.00 |
$1,015.07 |
$10.21 |
* |
Expenses are equal to the Investor
Class’s annualized expense ratio of 2.01% multiplied by the average
account value over the period multiplied by 184/365 (to reflect the
one-half year period). |
Expenses
Paid | |||
Beginning
Account |
Ending
Account |
During
the Period | |
Value
3/1/22 |
Value
8/31/22 |
3/1/22
– 8/31/22* | |
Actual* |
$1,000.00 |
$
644.20 |
$3.11 |
Hypothetical (5% annual return before
expenses) |
$1,000.00 |
$1,021.42 |
$3.82 |
* |
Actual expenses are equal to the Forward
ETF’s annualized expense ratio of 0.75% multiplied by the average account
value over the period, multiplied by 184/365 (to reflect the one-half year
period). |
Votes
For |
Votes
Against |
Abstained |
Broker
Non-Votes |
||
182,707 |
1,535 |
710 |
N/A |
Discovery Fund |
10.05% |
Discovery Fund |
10.05% |
Small Cap Growth Fund |
100.00% |
|
Discovery Fund |
65.06% |
Internet Fund |
$4,928,856 |
|
Small Cap Growth Fund |
$2,272,219 |
|
Discovery Fund |
$1,440,476 |
Number of |
|||||
Term of |
Portfolios |
||||
Position(s) |
Office & |
in Fund |
Other | ||
Held |
Length |
Complex |
Directorships | ||
within the |
of Time |
Principal
Occupation |
Overseen |
Held by | |
Name, Address and
Age |
Corporation |
Served(1) |
During Past Five
Years |
by
Director |
Director |
Independent
Directors: |
|||||
William B. Fell |
Director |
Since |
Chief Financial Officer, Rhoads |
4 |
None |
c/o Jacob Asset Management |
1999 |
Industries, Inc., since 2012; |
|||
727 2nd St. #106 |
Accounting and Financial |
||||
Hermosa Beach, CA 90254 |
Consultant, 2010-2012. |
||||
Age: 53 |
|||||
Christopher V. Hajinian |
Director |
Since |
Media Production, since 2011; |
4 |
None |
c/o Jacob Asset Management |
1999 |
Property Management, since |
|||
727 2nd St. #106 |
2008. |
||||
Hermosa Beach, CA 90254 |
|||||
Age: 53 |
|||||
Jeffrey I. Schwarzschild |
Director |
Since |
Chief Counsel, California |
4 |
None |
c/o Jacob Asset Management |
1999 |
Conservation Corps, since |
|||
727 2nd St. #106 |
September 2011. |
||||
Hermosa Beach, CA 90254 |
|||||
Age: 51 |
|||||
Interested
Director: |
|||||
Ryan I. Jacob(2) |
Director, |
Since |
Chairman and Chief Executive |
4 |
None |
c/o Jacob Asset Management |
President, |
1999 |
Officer of the Adviser since 1999. |
||
727 2nd St. #106 |
Chairman of |
||||
Hermosa Beach, CA 90254 |
the Board |
||||
Age: 53 |
and Chief |
||||
Executive |
|||||
Officer |
Term of |
|||
Position(s) |
Office & |
||
Held |
Length |
||
within the |
of Time |
Principal
Occupation | |
Name, Address and
Age |
Corporation |
Served(1) |
During Past Five
Years |
Officers: |
|||
Alenoush Terzian |
Vice |
Since |
Director of Operations for the Adviser since May 2021; |
c/o Jacob Asset Management |
President, |
2021 |
Vice President, U.S. Bank Global Fund Services, |
727 2nd St. #106 |
Secretary and |
December 2010 – May 2021. | |
Hermosa Beach, CA 90254 |
Treasurer |
||
Age: 39 |
|||
Shane Morris |
Chief |
Since |
Operations Manager for the Adviser since July 2008. |
c/o Jacob Asset Management |
Compliance |
2008 |
|
727 2nd St. #106 |
Officer and |
||
Hermosa Beach, CA 90254 |
Anti-Money |
||
Age: 45 |
Laundering |
||
Compliance |
|||
Officer |
(1) |
Each Director holds office during the
lifetime of the Funds, until his termination, or until the election and
qualification of his successor. |
(2) |
Ryan I. Jacob is deemed to be an
“interested person” of the Funds (as defined in the 1940 Act) because of
his affiliation with the Adviser. |