Jacob Internet Fund

Jacob Small Cap Growth Fund

Jacob Discovery Fund

Jacob Forward ETF

Semi-Annual Report

February 28, 2023

The Jacob Internet Fund, Jacob Small Cap Growth Fund and

Jacob Discovery Fund are mutual funds with the primary investment

objective of long-term growth of capital. The Jacob Forward ETF

is an exchange traded fund with the primary investment objective

of long-term growth of capital.

The Jacob Internet Fund has current income as a secondary objective.

Investment Adviser

Jacob Asset Management of New York LLC

TABLE OF CONTENTS

JACOB FUNDS INC.

LETTER FROM THE MANAGER (Unaudited)

Dear Fellow Investors,

We started the recent fiscal period with some understandable optimism, considering the rise in most market indices from their June lows. This feeling ended up being short lived as it became clear that the Federal Reserve was sending a more strident message that it would be aggressively raising rates to combat inflation. This somewhat surprising tone contributed to a sharp market reversal into the fall, and with it more uncertainty as to how it would ultimately affect economic growth. While inflation has cooled as a result, we will likely need to see more evidence of price stability for the Fed to even consider a pause. As this debate continues, many companies are reigning in costs as they retrench for a more subdued spending environment. While it’s difficult to predict with much certainty on how this will play out, our belief is that most of the Funds’ holdings will emerge from this difficult period in an even better competitive position in their respective markets and exit this downturn with more streamlined cost structures that will enable a rapid increase in profitability should economic conditions improve.

As for the Funds, the fiscal period continued to be very challenging, but we believe that most of the underperformance versus our benchmarks has been mainly the result of uncertain macro conditions rather than fundamental issues with our company holdings. Valuations remain depressed across many sectors, mainly reflecting poor market sentiment rather than business results. Our decision to increase weightings in smaller cap stocks did not help as investors became more risk averse and worried about an economic slowdown. Historically, small cap stocks have done well in periods of higher interest rates, and an ever-increasing valuation discrepancy between large- and small-cap stocks has us leaning into small-cap growth opportunities even more, especially those that have had the most extreme declines as investors sought to reduce their risk exposure. While we do expect volatility to remain elevated, we believe that ultimately higher stock prices will prove to be justified for those companies that deliver both strong revenue growth and earnings leverage. Hopefully, in the not-too-distant future, we will see calmer market conditions lead to stock valuations that better reflect the current economic landscape.

Jacob Internet Fund

The Jacob Internet Fund (“Internet Fund”) was down 11.36% for the six-month ended February 28, 2023 (the “Period”), while the NASDAQ Composite Index declined 2.61%. While the overall market was weak during the period, the poor results in the small-cap technology sector had the greatest impact on our negative performance versus our benchmarks and peers.

By far the worst performing position – and most impactful to our performance in the period – was Silvergate Capital Corp. (“Silvergate”), which was down 85% for the Period. Silvergate’s business model serving bitcoin depositors made the company vulnerable to aftershocks in the crypto market post-collapse of FTX Trading Ltd. Silvergate was hit by an exodus of customers, which ultimately forced them to sell government bonds at losses to fund these withdrawals. These losses exacerbated the problems at the bank, led to more deposit withdrawals, and caused us to worry about the need for a massive equity raise, or the eventual shutdown of their crypto operations, so we exited the position. WM Technology, Inc., down 58% for the Period, has continued to struggle alongside most cannabis-related names. Stalled progress with federal legalization and a thriving illicit market is still negatively impacting the industry. Identiv, a leader in custom RFID tags and readers, had a combination of supply-related issues and a delay in customer rollouts that led to a 53% decline in the Period. A couple of smaller positions, Atomera, Inc. and comScore, Inc., and long-time holding Digital Turbine, Inc., round out the bottom performers, down 49%, 47% and 42%, respectively. Digital Turbine, Inc.’s weakness coincided with a reduction in overall marketing spending that has affected all ad-tech companies, with the others not really being affected by fundamental issues, but likely tax-loss selling into the end of the year.

The best-performing stocks in the fiscal period were also a diverse group, reflecting the angst across the broader tech sector. Inspired Entertainment, Inc., up 51% in the Period, benefitted from the post-Covid recovery in in-person gaming in the UK and the robust growth of their virtual sports betting products. Impinj, up 49% in the Period, continued its torrid performance in the fast-growing chip market to enable wireless tracking. Reports that conference technology provider Cvent Holding Corp. was attracting takeover interest, led to a 44% rise in the Period and our eventual exit as we felt that the upside was being fully reflected in the stock. Finally, another long time holding, the haptic chip designer Immersion Corp., was up 31% in the Period as its new executive team continued to enact shareholder friendly measures to boost profitability, including an aggressive effort to buy back shares.

JACOB FUNDS INC.

LETTER FROM THE MANAGER (Unaudited) (Continued)

Jacob Small Cap Growth Fund

The Jacob Small Cap Growth Fund (“Small Cap Fund”) was up 0.18% in the Period while the Russell 2000 Growth Index rose 3.06%. Most of our worst-performing holdings were some of our smallest, which due to their more speculative characteristics, fared poorly as recent market declines deepened over the Period.

As in the Internet Fund, Silvergate Capital Corp. and WM Technology, Inc. were the worst performers in the Period, down 85% and 58%, respectively. The two other holdings that had the most impact on performance were Amyris, Inc. and Heron Therapeutics, Inc., down 58% and 42% respectively. Amyris, Inc., a leading manufacturer of chemicals used for food and beauty products, has engaged in an aggressive push into more valuable branded products, and while it has shown remarkable progress, its need to continually raise additional capital has led to more dilution than we anticipated. Heron Therapeutics, Inc., a drug developer with a focus on pain and nausea relief, has stumbled out the gate post-approval of their lead product (Zynrelef) and has yet to prove broad interest among doctors and hospitals. Most recently, a group of activist investors have been added to the Heron Therapeutics, Inc. board, giving us more confidence that we could see improvement as the year progresses or an ultimate breakup or sale of the company.

A trio of healthcare holdings provided by far the most positive impact on performance in the Period. Harrow Health, Inc., up 99%, saw the Food and Drug Administration approve of one of its recently acquired compounds (Iheezo), which will be another product its large sales force can sell to ophthalmologists. We believe this approval, the first ever for the company of a branded pharmaceutical, along with a recent acquisition of neglected eye care drugs from Novartis AG, will lead to a significant step up in revenues in the next few years. Alphatec Holdings, Inc. (“Alphatec”), a large holding of the Fund for several years, continues to execute its ambitious plans to become an industry leader in spinal surgery products. With only a single-digit market share, Alphatec’s market opportunity is still vast, and has an outstanding management team we think is likely to reach its ambitious goals. Lastly, early-stage drug company IDEAYA Biosciences, Inc. was up 80% for the Period, as it continues to develop its promising lead drug (Darovasertib) to treat uveal melanoma, a disease with basically zero treatment options. We believe this product, in addition to a host of pre-clinical synthetic lethality drugs, provides many different avenues for Ideaya to prove it deserves an even higher valuation.

Jacob Discovery Fund

The Jacob Discovery Fund (“Discovery Fund”) was up 1.04% for Period, while the Russell Microcap Growth Index declined 0.35%. We are pleased that the Discovery Fund modestly outperformed the Russell Microcap Growth Index, especially given that the portfolio has by far the smallest average market cap among our peers. Fortunately, many of our worst performers were small positions of the Discovery Fund to start the Period, while a couple of our strongest performers were among our top holdings.

Despite the modest outperformance of the Discovery Fund vs. the Russell Microcap Growth Index, however, we generally underperformed many of our peers mainly due to our heavy exposure to technology and biotech. Our worst performer, IMV, Inc., was in the latter category, and was down 88% for the Period as new management followed in their predecessors’ footprint by proving incapable of driving their clinical trials forward in a timely and meaningful way. Unable to secure a larger drug developer as a partner and faced with the prospect of continuous dilutive stock sales to fund the business, we exited the position despite our continued belief in the usefulness of its drug delivery platform.

As mentioned above, IMV, Inc. was a very small position of the fund, as was our second-worst performer, Scout Gaming Group AB, also down 88% for the Period. Scout Gaming AB is one of the leading fantasy sports providers outside the U.S., with a heavy focus in Europe. Unfortunately, fantasy sports have not taken off as they have in the United States of America, and the company has had to undergo a painful restructuring to try and right-size the business, laying off more than half of its workforce and terminating several of its relationships. New management is in place, and we still believe the company has the assets in terms of technology and partners to create a healthy profitable business, and we participated in a tender offer funding the company that will hopefully give them the money they need to get there.

Yet again, our cannabis names were disappointing, with Columbia Care, Inc. and WM Technology, Inc. down 71% and 58% in the Period, respectively. Stalled federal legislative progress, a dispensary and cultivation overbuild, and a thriving illicit market continues

JACOB FUNDS INC.

LETTER FROM THE MANAGER (Unaudited) (Continued)

to put a lot of pressure on the industry. We do believe in the long-term prospects of the market and remain optimistic that eventually the industry gets through these tough growing pains and reaches a point where companies able to survive on the other side will thrive. However, we are appropriately cautious about adding to our exposure to this space until we get more signs that a turn is near.

It wasn’t all negative for the Discovery Fund during the Period. Two of our names nearly doubled during the Period – Harrow Health, Inc., up 99%, and Alphatec, up 95% and already discussed in this letter. Cytosorbents Corp. has had a difficult Period after getting a nice but ultimately short-lived COVID-19 bump for its blood purification technology, but they are now on the precipice of finalizing a U.S. clinical trial for what we believe should end up being a significant opportunity: Clearing blood-thinning drugs from patients undergoing emergency heart surgeries. If results prove successful, which we think will be the case as the product is already used for this purpose overseas, then we believe Cytosorbents Corp. will likely see its revenue grow substantially in the coming years.

Finally, with inflation at the top of investors’ minds, it was a good time to be in the business of mining for physical metals, and all three of our commodity-focused stocks performed well during the Period: Azimut Exploration, Inc., up 55%; and Western Copper and Gold Corp. and Solitario Zinc Corp., each up 29%. All of these companies have what we think are valuable properties that will provide metals that will be absolutely vital to the world’s increasingly insatiable need for electrification.

Jacob Forward ETF

The Jacob Forward ETF (“Forward ETF”) at market price was down 6.76% for the Period while the S&P 500 Index rose 1.26%. Not surprisingly, a large-cap diversified index like the S&P 500 was more resilient during difficult market conditions where many investors continue to be risk averse.

As the Forward ETF combines and incorporates many of the same top holdings as our other three strategies, the best- and worst-performing positions were very similar to the above-mentioned holdings. Amyris, Inc., Heron Therapeutics, Inc. and Digital Turbine, Inc. had the biggest declines in the Period, down 58%, 42% and 42%, respectively. Alphatec, IDEAYA Biosciences, Inc. and Impinj, Inc. were the top performers in the Period, up 95%, 80% and 49% respectively. Please refer to the above-mentioned commentary for additional commentary on each.

As always, we believe that staying true to our investment philosophy and process is still key to obtaining the best possible long-term investment performance for our shareholders. Thank you again for your continued confidence and trust.

Ryan Jacob

Chairman and Chief Investment Officer

Portfolio Manager

Frank Alexander

Portfolio Manager

Darren Chervitz

Portfolio Manager

Past performance is not a guarantee of future results.

Performance data reflects fee waivers, as applicable, and in the absence of these waivers performance would be reduced.

Diversification does not assure a profit or protect against a loss in a declining market.

Must be accompanied or preceded by a prospectus.

The opinions expressed above are those of the portfolio manager and are subject to change at any time. Forecasts cannot be guaranteed and should not be considered investment advice.

JACOB FUNDS INC.

LETTER FROM THE MANAGER (Unaudited) (Continued)

Mutual fund investing involves risk; loss of principal is possible. The Funds invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. These risks are greater in emerging markets. Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. There are more specific risks inherent in investing in the internet area, particularly with respect to smaller capitalized companies and the high volatility of internet stocks. The Funds can invest in small-and mid-cap securities which involve additional risks such as limited liquidity and greater volatility. Investments in micro capitalization companies may involve greater risks, as these companies tend to have limited product lines, markets and financial or managerial resources. Micro cap stocks often also have a more limited trading market, such that the Adviser may not be able to sell stocks at an optimal time or price. In addition, less frequently-traded securities may be subject to more abrupt price movements than securities of larger capitalized companies. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer term debt securities.

Fund holdings are subject to change and should not be construed as a recommendation to buy or sell any security. Current and future portfolio holdings are subject to risk.

Please refer to the schedules of investments for complete Fund holdings information.

The NASDAQ Composite Index is a market capitalization weighted index that is designed to represent performance of the National Market System which includes over 5,000 stocks traded only over-the-counter and not on an exchange. The Russell 2000 Growth Index measures the performance of the small cap growth segment of the U.S. equity universe. It includes those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell Microcap Growth Index measures the performance of the microcap growth segment of the U.S. equity market. It includes Russell Microcap companies that are considered more growth oriented relative to the overall market as defined by Russell’s leading style methodology. The Russell Microcap Growth Index is constructed to provide a comprehensive and unbiased barometer for the microcap growth segment of the market. The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. It is not possible to invest directly in an index.

The Funds are distributed by Quasar Distributors, LLC.

JACOB INTERNET FUND

INDUSTRY BREAKDOWN AS OF FEBRUARY 28, 2023

(as a percentage of total investments)

(Unaudited)

JACOB SMALL CAP GROWTH FUND

INDUSTRY BREAKDOWN AS OF FEBRUARY 28, 2023

(as a percentage of total investments)

(Unaudited)

JACOB DISCOVERY FUND

INDUSTRY BREAKDOWN AS OF FEBRUARY 28, 2023

(as a percentage of total investments)

(Unaudited)

JACOB FORWARD ETF

INDUSTRY BREAKDOWN AS OF FEBRUARY 28, 2023

(as a percentage of total investments)

(Unaudited)

JACOB INTERNET FUND

SCHEDULE OF INVESTMENTS⁽⁺⁾

February 28, 2023 (Unaudited)

Shares							Value
		COMMON STOCKS			99.2	%
		Business Services	13.0	%
	720,000	comScore, Inc.*					$	835,200
	28,100	JOYY, Inc.—ADR^						882,340
	177,075	OptimizeRx Corp.*						3,160,789
	48,675	Zillow Group, Inc.—Class C*						2,044,350
								6,922,679
		Calculating & Accounting Machines
		(No Electronic Computers)	4.0	%
	366,000	Cantaloupe, Inc.*						2,108,160
		Catalog & Mail-Order Houses	2.4	%
	14,600	Alibaba Group Holding Ltd.—ADR*^						1,281,734
		Communications Equipment	2.2	%
	422,740	Powerfleet, Inc.*						1,175,217
		Computer Communications Equipment	4.9	%
	503,600	Lantronix, Inc.*						2,593,540
		Computer Peripheral Equipment	8.5	%
	242,726	Identiv, Inc.*						1,703,937
	292,911	Immersion Corp.						2,240,769
	4,300	Impinj, Inc.*						570,266
								4,514,972
		Computer Processing & Data Preparation	1.6	%
	28,300	Autohome, Inc.—ADR^						863,150
		Computer Programming Services	8.3	%
	79,400	Doximity, Inc.—Class A*						2,670,222
	60,000	HashiCorp, Inc.—Class A*						1,752,000
								4,422,222
		Computer Programming, Data Processing, Etc.	8.2	%
	15,400	MongoDB, Inc.*						3,226,608
	549,000	Nextdoor Holdings, Inc.*						1,130,940
								4,357,548
		Electric Services	1.1	%
	157,817	Transphorm, Inc.*						596,548
		Miscellaneous Amusement & Recreation	6.1	%
	171,000	DraftKings, Inc.—Class A*						3,225,060
		Nonstore Retailers	3.4	%
	436,400	Rover Group, Inc.*						1,824,152

The accompanying notes are an integral part of these financial statements.

JACOB INTERNET FUND

SCHEDULE OF INVESTMENTS⁽⁺⁾ (Continued)

February 28, 2023 (Unaudited)

Shares							Value
		COMMON STOCKS—(Continued)			99.2	%
		Patent Owners & Lessors	3.5	%
	172,246	Digital Turbine, Inc.*					$	1,849,922
		Personal Services	1.1	%
	20,000	Yelp, Inc.*						600,400
		Prepackaged Software	27.2	%
	35,300	Block, Inc.*						2,708,569
	36,000	Braze, Inc.—Class A*						1,105,200
	56,100	Cloudflare, Inc.—Class A*						3,366,561
	97,700	Hello Group, Inc.—ADR^						860,737
	200,000	HUYA, Inc.—ADR*^						860,000
	83,743	Inspired Entertainment, Inc.*						1,323,977
	513,600	Porch Group, Inc.*						1,284,000
	37,200	Twilio, Inc.—Class A*						2,500,212
	443,000	WM Technology, Inc.*						489,515
								14,498,771
		Real Estate	0.1	%
	58,468	Leju Holdings Ltd.—ADR*^						68,992
		Schools & Educational Services	1.9	%
	26,000	New Oriental Education & Technology Group, Inc.—ADR*^						1,006,720
		Semiconductors & Related Devices	0.7	%
	52,000	Atomera, Inc.*						344,760
		State Commercial Banks	1.0	%
	36,125	Silvergate Capital Corp.—Class A*						502,499
		TOTAL COMMON STOCKS (Cost $60,139,781)						52,757,046

		MONEY MARKET FUND			0.1	%
	79,029	First American Government Obligations Fund—Class X, 4.37%^(a)						79,029
		TOTAL MONEY MARKET FUND (Cost $79,029)						79,029
		TOTAL INVESTMENTS (Cost $60,218,810)—99.3%						52,836,075
		OTHER ASSETS IN EXCESS OF LIABILITIES—0.7%						380,690
		TOTAL NET ASSETS—100.0%					$	53,216,765

(+)	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.

The accompanying notes are an integral part of these financial statements.

JACOB SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS⁽⁺⁾

February 28, 2023 (Unaudited)

Shares							Value
		COMMON STOCKS			100.0	%
		Biological Products (No Diagnostic Substances)	8.3	%
	3,200	Beam Therapeutics, Inc.*					$	128,768
	2,400	CRISPR Therapeutics AG*^						118,368
	3,372	Krystal Biotech, Inc.*						276,201
	132,712	Precision BioSciences, Inc.*						148,637
								671,974
		Business Services	7.6	%
	4,400	JOYY, Inc.—ADR^						138,160
	26,535	OptimizeRx Corp.*						473,650
								611,810
		Calculating & Accounting Machines
		(No Electronic Computers)	3.9	%
	55,269	Cantaloupe, Inc.*						318,350
		Computer Peripheral Equipment	5.3	%
	45,391	Immersion Corp.						347,241
	594	Impinj, Inc.*						78,776
								426,017
		Computer Processing & Data Preparation	1.6	%
	4,300	Autohome, Inc.—ADR^						131,150
		Computer Programming Services	7.9	%
	11,500	Doximity, Inc.—Class A*						386,745
	8,600	HashiCorp, Inc.—Class A*						251,120
								637,865
		Computer Programming, Data Processing, Etc.	2.1	%
	81,000	Nextdoor Holdings, Inc.*						166,860
		Family Clothing Stores	0.8	%
	4,569	American Eagle Outfitters, Inc.						65,657
		Industrial Organic Chemicals	5.0	%
	188,751	Amyris, Inc.*						235,939
	34,446	Codexis, Inc.*						166,546
								402,485
		Medical Laboratories	3.8	%
	15,017	CareDx, Inc.*						252,586
	13,512	DermTech, Inc.*						52,562
								305,148

The accompanying notes are an integral part of these financial statements.

JACOB SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS⁽⁺⁾ (Continued)

February 28, 2023 (Unaudited)

Shares							Value
		COMMON STOCKS—(Continued)			100.0	%
		Miscellaneous Amusement & Recreation	5.9	%
	25,200	DraftKings, Inc.—Class A*					$	475,272
		Motion Picture & Video Tape Production	4.1	%
	140,000	Thunderbird Entertainment Group, Inc.*^						329,700
		Nonstore Retailers	3.1	%
	61,000	Rover Group, Inc.*						254,980
		Patent Owners & Lessors	3.5	%
	26,047	Digital Turbine, Inc.*						279,745
		Personal Services	1.0	%
	2,768	Yelp, Inc.*						83,095
		Pharmaceutical Preparations	17.7	%
	30,000	Arbutus Biopharma Corp.*						83,400
	1,630	Arcturus Therapeutics Holdings, Inc.*						26,487
	27,628	Harrow Health, Inc.*						495,094
	127,197	Heron Therapeutics, Inc.*						301,457
	9,049	Ideaya Biosciences, Inc.*						159,715
	6,300	Schrodinger, Inc.*						136,899
	22,000	Tela Bio, Inc.*						232,320
								1,435,372
		Prepackaged Software	10.9	%
	5,300	Braze, Inc.—Class A*						162,710
	15,000	Hello Group, Inc.—ADR^						132,150
	31,000	HUYA, Inc.—ADR*^						133,300
	12,192	Inspired Entertainment, Inc.*						192,756
	76,289	Porch Group, Inc.*						190,722
	62,403	WM Technology, Inc.*						68,955
								880,593
		State Commercial Banks	0.8	%
	4,932	Silvergate Capital Corp.—Class A*						68,604
		Surgical & Medical Instruments & Apparatus	6.7	%
	36,763	Alphatec Holdings, Inc.*						544,460
		TOTAL COMMON STOCKS (Cost $9,235,587)						8,089,137

The accompanying notes are an integral part of these financial statements.

JACOB SMALL CAP GROWTH FUND

SCHEDULE OF INVESTMENTS⁽⁺⁾ (Continued)

February 28, 2023 (Unaudited)

Shares					Value
		MONEY MARKET FUND	0.3	%
	20,978	First American Government Obligations Fund—Class X, 4.37%^(a)			$	20,978
		TOTAL MONEY MARKET FUND (Cost $20,978)				20,978
		TOTAL INVESTMENTS (Cost $9,256,565)—100.3%				8,110,115
		LIABILITIES IN EXCESS OF OTHER ASSETS—(0.3)%				(26,480	)
		TOTAL NET ASSETS—100.0%			$	8,083,635

(+)	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.

The accompanying notes are an integral part of these financial statements.

JACOB DISCOVERY FUND

SCHEDULE OF INVESTMENTS⁽⁺⁾

February 28, 2023 (Unaudited)

Shares							Value
		COMMON STOCKS			90.8	%
		Advertising	0.7	%
	358,600	IZEA Worldwide, Inc.*					$	233,090
		Biological Products (No Diagnostic Substances)	1.4	%
	1,960	Krystal Biotech, Inc.*						160,544
	232,700	Precision BioSciences, Inc.*						260,624
								421,168
		Business Services	6.0	%
	496,100	comScore, Inc.*						575,476
	71,654	OptimizeRx Corp.*						1,279,024
								1,854,500
		Calculating & Accounting Machines
		(No Electronic Computers)	4.0	%
	216,325	Cantaloupe, Inc.*						1,246,032

		Communications Equipment	2.3	%
	259,839	Powerfleet, Inc.*						722,352
		Computer Communications Equipment	5.2	%
	311,679	Lantronix, Inc.*						1,605,147
		Computer Peripheral Equipment	7.2	%
	144,555	Identiv, Inc.*						1,014,776
	144,182	Immersion Corp.						1,102,993
	960	Impinj, Inc.*						127,315
								2,245,084
		Computer Processing & Data Preparation	3.6	%
	181,512	Park City Group, Inc.						1,109,038
		Computer Programming Services	0.5	%
	3,458,760	Scout Gaming Group AB (SEK)*						151,279
		Computer Programming, Data Processing, Etc.	0.7	%
	99,000	Nextdoor Holdings, Inc.*						203,940
		Electric Services	1.2	%
	95,267	Transphorm, Inc.*						360,109
		Functions Related to Depository Banking	2.3	%
	379,100	Usio, Inc.*						705,126
		Gold and Silver Ores	2.4	%
	1,014,300	Solitario Zinc Corp.*						750,582

The accompanying notes are an integral part of these financial statements.

JACOB DISCOVERY FUND

SCHEDULE OF INVESTMENTS⁽⁺⁾ (Continued)

February 28, 2023 (Unaudited)

Shares							Value
		COMMON STOCKS—(Continued)			90.8	%
		Help Supply Services	4.7	%
	57,628	Hudson Global, Inc.*					$	1,470,667
		Industrial Organic Chemicals	2.1	%
	100,000	Amyris, Inc.*						125,000
	108,875	Codexis, Inc.*						526,411
								651,411
		Medical Laboratories	3.4	%
	73,209	Celcuity, Inc.*						862,402
	47,825	DermTech, Inc.*						186,039
								1,048,441
		Metal Mining	1.7	%
	329,950	Western Copper & Gold Corp.*^						524,621
		Mining & Quarrying of Nonmetallic Mineral (No Fuels)	1.6	%
	524,480	Azimut Exploration, Inc.*^						512,102
		Motion Picture & Video Tape Production	5.4	%
	707,535	Thunderbird Entertainment Group, Inc.*^						1,666,245
		Nonstore Retailers	1.3	%
	100,350	Rover Group, Inc.*						419,463
		Pharmaceutical Preparations	18.0	%
	141,400	Arbutus Biopharma Corp.*						393,092
	12,170	Arcturus Therapeutics Holdings, Inc.*						197,763
	317,500	Columbia Care, Inc.*						193,675
	233,730	DiaMedica Therapeutics, Inc.*						404,353
	111,911	Harrow Health, Inc.*						2,005,445
	109,960	Heron Therapeutics, Inc.*						260,605
	30,985	Ideaya Biosciences, Inc.*						546,885
	313,100	NeuBase Therapeutics, Inc.*						72,013
	86,168	Omeros Corp.*						324,853
	113,775	Tela Bio, Inc.*						1,201,464
								5,600,148
		Prepackaged Software	5.2	%
	150,000	DouYu International Holdings Ltd.—ADR*^						187,500
	50,336	Inspired Entertainment, Inc.*						795,812
	159,550	Porch Group, Inc.*						398,875
	224,440	WM Technology, Inc.*						248,006
								1,630,193

The accompanying notes are an integral part of these financial statements.

JACOB DISCOVERY FUND

SCHEDULE OF INVESTMENTS⁽⁺⁾ (Continued)

February 28, 2023 (Unaudited)

Shares							Value
		COMMON STOCKS—(Continued)			90.8	%
		Real Estate	0.1	%
	35,352	Leju Holdings Ltd.—ADR*^					$	41,715
		Semiconductors & Related Devices	0.7	%
	34,400	Atomera, Inc.*						228,072
		State Commerical Banks	1.7	%
	160,000	BM Technologies, Inc.*						532,800
		Surgical & Medical Instruments & Apparatus	7.4	%
	104,200	Alphatec Holdings, Inc.*						1,543,202
	247,940	CytoSorbents Corp.*						763,655
								2,306,857
		TOTAL COMMON STOCKS (Cost $40,627,993)						28,240,182

		PREFERRED STOCKS			0.0	%
		Advertising Agencies	0.0	%
	368,541	SRAX, Inc.*						15,110
		TOTAL PREFERRED STOCKS (Cost $18,017)						15,110

		MONEY MARKET FUND			8.6	%
	2,687,904	First American Government Obligations Fund—Class X, 4.37%^(a)						2,687,904
		TOTAL MONEY MARKET FUND (Cost $2,687,904)						2,687,904
		TOTAL INVESTMENTS (Cost $43,333,914)—99.4%						30,943,196
		OTHER ASSETS IN EXCESS OF LIABILITIES—0.6%						171,409
		TOTAL NET ASSETS—100.0%					$	31,114,605

(+)	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.

The accompanying notes are an integral part of these financial statements.

JACOB FORWARD ETF

SCHEDULE OF INVESTMENTS⁽⁺⁾

February 28, 2023 (Unaudited)

Shares							Value
		COMMON STOCKS			100.0	%
		Biological Products (No Diagnostic Substances)	7.2	%
	1,266	Beam Therapeutics, Inc.*					$	50,944
	1,020	CRISPR Therapeutics AG*^						50,306
	1,405	Krystal Biotech, Inc.*						115,083
								216,333
		Business Services	10.7	%
	1,600	JOYY, Inc.—ADR^						50,240
	9,206	OptimizeRx Corp.*						164,327
	2,540	Zillow Group, Inc.—Class C*						106,680
								321,247
		Catalog & Mail-Order Houses	2.2	%
	760	Alibaba Group Holding Ltd.—ADR*^						66,720
		Computer Peripheral Equipment	0.9	%
	215	Impinj, Inc.*						28,513
		Computer Processing & Data Preparation	1.6	%
	1,590	Autohome, Inc.—ADR^						48,495
		Computer Programming Services	7.5	%
	4,120	Doximity, Inc.—Class A*						138,556
	3,070	HashiCorp, Inc.—Class A*						89,644
								228,200
		Computer Programming, Data Processing, Etc.	7.7	%
	836	MongoDB, Inc.*						175,159
	27,685	Nextdoor Holdings, Inc.*						57,031
								232,190
		Industrial Organic Chemicals	5.4	%
	75,200	Amyris, Inc.*						94,000
	14,180	Codexis, Inc.*						68,560
								162,560
		Medical Laboratories	3.3	%
	5,980	CareDx, Inc.*						100,584
		Miscellaneous Amusement & Recreation	5.6	%
	8,950	DraftKings, Inc.—Class A*						168,797
		Nonstore Retailers	2.9	%
	20,696	Rover Group, Inc.*						86,509
		Patent Owners & Lessors	3.3	%
	9,240	Digital Turbine, Inc.*						99,238

The accompanying notes are an integral part of these financial statements.

JACOB FORWARD ETF

SCHEDULE OF INVESTMENTS⁽⁺⁾ (Continued)

February 28, 2023 (Unaudited)

Shares							Value
		COMMON STOCKS—(Continued)			100.0	%
		Pharmaceutical Preparations	9.2	%
	385	Apellis Pharmaceuticals, Inc.*					$	25,210
	721	Arcturus Therapeutics Holdings, Inc.*						11,716
	51,900	Heron Therapeutics, Inc.*						123,003
	3,510	Ideaya Biosciences, Inc.*						61,952
	2,500	Schrodinger, Inc.*						54,325
								276,206
		Prepackaged Software	22.4	%
	1,890	Block, Inc.*						145,019
	1,840	Braze, Inc.—Class A*						56,488
	3,065	Cloudflare, Inc.—Class A*						183,931
	5,620	Hello Group, Inc.—ADR^						49,512
	10,865	HUYA, Inc.—ADR*^						46,720
	26,255	Porch Group, Inc.*						65,638
	1,935	Twilio, Inc.—Class A*						130,051
								677,359
		Schools & Educational Services	1.9	%
	1,470	New Oriental Education & Technology Group, Inc.—ADR*^						56,918
		State Commerical Banks
	1,860	Silvergate Capital Corp.—Class A*						25,873
		Surgical & Medical Instruments & Apparatus	7.3	%
	14,940	Alphatec Holdings, Inc.*						221,262
		TOTAL COMMON STOCKS (Cost $5,037,610)						3,017,004

		MONEY MARKET FUND	0.1	%
	4,293	First American Government Obligations Fund—Class X, 4.37%^(a)						4,293
		TOTAL MONEY MARKET FUND (Cost $4,293)						4,293
		TOTAL INVESTMENTS (Cost $5,041,903)—100.1%						3,021,297
		LIABILITIES IN EXCESS OF OTHER ASSETS—(0.1)%						(4,054	)
		TOTAL NET ASSETS—100.0%					$	3,017,243

(+)	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.

The accompanying notes are an integral part of these financial statements.

JACOB FUNDS INC.

STATEMENTS OF ASSETS AND LIABILITIES

February 28, 2023 (Unaudited)

				Jacob
	Jacob			Small Cap			Jacob
	Internet Fund			Growth Fund			Discovery Fund
Assets:
Investments, at value (cost $60,218,810, $9,256,565
and $43,333,914, respectively)	$	52,836,075		$	8,110,115		$	30,943,196
Receivable for capital shares sold		34,233			—			647
Receivable for investments sold		508,532			60,712			250,367
Dividend and interest receivable		551			168			9,021
Prepaid expenses and other assets		21,742			20,056			23,006
Total Assets		53,401,133			8,191,051			31,226,237

Liabilities:
Payable for securities purchased		—			57,474			—
Payable for capital shares repurchased		17,550			1,175			2,166
Payable for investment adviser fees		53,826			—			27,362
Payable for distribution and shareholder
servicing expenses-Investor Class (see Note 7)		10,764			681			3,853
Accrued accounting fees		9,530			8,667			8,728
Accrued administration fees		18,689			13,167			14,244
Accrued audit fees		7,688			7,688			7,688
Accrued directors fees		14,318			2,265			8,907
Accrued legal fees		5,303			806			2,856
Accrued transfer agent fees		30,590			11,448			23,985
Accrued expenses and other liabilities		16,110			4,045			11,843
Total Liabilities		184,368			107,416			111,632
Net Assets	$	53,216,765		$	8,083,635		$	31,114,605

Net Assets Consist Of:
Capital stock	$	70,278,169		$	10,616,662		$	60,909,537
Total accumulated losses		(17,061,404	)		(2,533,027	)		(29,794,932	)
Total Net Assets	$	53,216,765		$	8,083,635		$	31,114,605

Institutional Class
Net Assets	$	4,991		$	4,704,719		$	11,900,042
Shares outstanding⁽¹⁾		1,159			271,296			480,376
Net asset value, redemption price and offering price per share⁽²⁾	$	4.31		$	17.34		$	24.77

Investor Class
Net Assets	$	53,211,774		$	3,378,916		$	19,214,563
Shares outstanding⁽¹⁾		12,398,892			202,253			860,678
Net asset value, redemption price and offering price per share⁽²⁾	$	4.29		$	16.71		$	22.32

__________

⁽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.

The accompanying notes are an integral part of these financial statements.

JACOB FUNDS INC.

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

February 28, 2023 (Unaudited)

	Jacob
	Forward ETF
Assets:
Investments, at value (cost $5,041,903)	$	3,021,297
Dividend and interest receivable		11
Total Assets		3,021,308

Liabilities:
Payable for securities purchased		2,725
Payable for investment adviser fees		1,340
Total Liabilities		4,065
Net Assets	$	3,017,243

Net Assets Consist Of:
Capital stock	$	7,166,947
Total accumulated losses		(4,149,704	)
Total Net Assets	$	3,017,243

Net Asset Value
Net Assets	$	3,017,243
Shares outstanding⁽¹⁾		350,000
Net asset value, redemption price and offering price per share⁽²⁾	$	8.62

__________

⁽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.

The accompanying notes are an integral part of these financial statements.

JACOB FUNDS INC.

STATEMENTS OF OPERATIONS

For the Six Months Ended February 28, 2023 (Unaudited)

				Jacob
	Jacob			Small Cap			Jacob
	Internet Fund			Growth Fund			Discovery Fund
Investment Income:
Dividend income	$	54,978		$	8,371		$	28,005
Interest income		3,145			1,045			19,008
Total Investment Income		58,123			9,416			47,013

Expenses:
Investment adviser fees		331,820			32,392			166,767
Distribution and shareholder servicing expenses-Investor Class (See Note 7)		92,784			5,857			32,578
Administration fees		37,555			28,269			29,179
Fund accounting fees		18,387			17,344			17,381
Transfer agent fees		67,420			26,534			49,250
Custody fees		3,805			3,532			4,465
Federal and state registration		24,051			17,191			19,430
Insurance expense		3,069			391			1,931
Audit fees		7,188			7,188			7,188
Legal fees		26,823			4,147			14,488
Printing and mailing of reports to shareholders		10,576			1,201			7,079
Directors’ fees		27,018			4,427			15,760
Miscellaneous expenses		5,500			1,901			2,575
Total Expenses		655,996			150,374			368,071
Expense Waiver (See Note 6)		—			(32,392	)		(34,497	)
Distribution and Shareholder Servicing Expense Waiver (See Note 7)		(26,510	)		(1,673	)		(9,308	)
Net Expenses		629,486			116,309			324,266
Net Investment Loss		(571,363	)		(106,893	)		(277,253	)

Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on:
Investments		(5,413,098	)		154,524			(2,064,961	)
Foreign Currency Transactions		—			—			34
Change in net unrealized appreciation (depreciation) on investments		(1,169,455	)		(47,004	)		2,163,569
Net realized and unrealized gain (loss) on investments		(6,582,553	)		107,520			98,642
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(7,153,916	)	$	627		$	(178,611	)

The accompanying notes are an integral part of these financial statements.

JACOB FUNDS INC.

STATEMENT OF OPERATIONS (Continued)

For the Six Months Ended February 28, 2023 (Unaudited)

	Jacob
	Forward ETF
Investment Income:
Interest income	$	46
Total Investment Income		46

Expenses:
Investment adviser fees		11,456
Net Expenses		11,456
Net Investment Loss		(11,410	)

Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on:
Investments		(940,234	)
In-kind redemptions		21,963
Change in net unrealized appreciation (depreciation) on investments		699,831
Net realized and unrealized loss on investments		(218,440	)
Net Decrease in Net Assets Resulting from Operations	$	(229,850	)

The accompanying notes are an integral part of these financial statements.

JACOB FUNDS INC.

JACOB INTERNET FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	February 28, 2023			Year Ended
	(Unaudited)			August 31, 2022
Operations:
Net investment loss	$	(571,363	)	$	(2,268,894	)
Net realized gain (loss) on investment transactions		(5,413,098	)		2,592,203
Change in net unrealized appreciation (depreciation) on investments		(1,169,455	)		(79,541,319	)
Net decrease in net assets resulting from operations		(7,153,916	)		(79,218,010	)

Distributions to Shareholders:
Investor Class		—			(4,453,876	)
Net decrease in net assets resulting from distributions paid		—			(4,453,876	)

Capital Share Transactions: (Note 3)
Proceeds from shares sold		772,013			16,359,990
Proceeds from reinvestment of distribution		—			4,330,889
Cost of shares redeemed		(3,635,728	)		(43,936,950	)
Redemption fees		5,097			28,246
Net decrease in net assets resulting from capital share transactions		(2,858,618	)		(23,217,825	)

Net Decrease in Net Assets		(10,012,534	)		(106,889,711	)
Net Assets:
Beginning of period		63,229,299			170,119,010
End of period	$	53,216,765		$	63,229,299

The accompanying notes are an integral part of these financial statements.

JACOB FUNDS INC.

JACOB SMALL CAP GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	February 28, 2023			Year Ended
	(Unaudited)			August 31, 2022
Operations:
Net investment loss	$	(106,893	)	$	(299,644	)
Net realized gain (loss) on investment transactions		154,524			(261,815	)
Change in net unrealized appreciation (depreciation) on investments		(47,004	)		(10,710,244	)
Net increase (decrease) in net assets resulting from operations		627			(11,271,703	)

Distributions to Shareholders:
Institutional Class		—			(1,585,241	)
Investor Class		—			(1,165,724	)
Net decrease in net assets resulting from distributions paid		—			(2,750,965	)

Capital Share Transactions: (Note 3)
Proceeds from shares sold		87,602			1,052,272
Proceeds from reinvestment of distribution		—			2,670,273
Cost of shares redeemed		(549,649	)		(11,322,982	)
Redemption fees		140			2,148
Net decrease in net assets resulting from capital share transactions		(461,907	)		(7,598,289	)

Net Decrease in Net Assets		(461,280	)		(21,620,957	)
Net Assets:
Beginning of period		8,544,915			30,165,872
End of period	$	8,083,635		$	8,544,915

The accompanying notes are an integral part of these financial statements.

JACOB FUNDS INC.

JACOB DISCOVERY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended
	February 28, 2023			Year Ended
	(Unaudited)			August 31, 2022
Operations:
Net investment loss	$	(277,253	)	$	(1,367,464	)
Net realized gain (loss) on:
Investments		(2,064,961	)		(13,001,020	)
Foreign Currency Transactions		34			—
Change in net unrealized appreciation (depreciation) on investments		2,163,569			(29,343,489	)
Net decrease in net assets resulting from operations		(178,611	)		(43,711,973	)

Distributions to Shareholders:
Institutional Class		—			(585,464	)
Investor Class		—			(1,576,154	)
Net decrease in net assets resulting from distributions paid		—			(2,161,618	)

Capital Share Transactions: (Note 3)
Proceeds from shares sold		4,388,204			30,693,560
Proceeds from reinvestment of distribution		—			1,983,979
Cost of shares redeemed		(8,266,998	)		(63,489,650	)
Redemption fees		526			23,860
Net decrease in net assets resulting from capital share transactions		(3,878,268	)		(30,788,251	)

Net Decrease in Net Assets		(4,056,879	)		(76,661,842	)
Net Assets:
Beginning of period		35,171,484

Letter From the Manager

Financial Highlights

Industry Breakdowns

Notes to the Financial Statements

Schedules of Investments

Change in Independent Registered

Statements of Assets and Liabilities

Public Accounting Firm

Statements of Operations

Additional Information on Fund Expenses

Statements of Changes in Net Assets

Additional Information