485BPOS
2012-10-01
0001090372
2012-10-01
Jacob Funds Inc.
false
2012-10-01
2012-10-01
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance.</tt>
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<tt>The Fund's investment objective is long-term growth of capital.</tt>
<tt>This example is intended to help you compare the cost of investing in the Fund <br />with the cost of investing in other mutual funds. The Example assumes that you <br />invest $10,000 in the Fund over the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your <br />investment has a 5% return each year and that the Fund's operating expenses <br />remain the same.</tt>
<tt>The Fund seeks to achieve its investment objective by investing, under normal<br />circumstances, at least 80% of its assets in micro capitalization companies. <br />Micro capitalization companies are defined as those companies with market <br />capitalizations (share price multiplied by number of shares outstanding) of <br />(1) less than or equal to $600 million; or (2) within the capitalization range <br />of the Russell Micro Cap® Growth Index at the time of purchase.  As of August <br />31, 2012, the market capitalization of the largest company in the Russell Micro <br />Cap® Growth Index was approximately $837 million, and the weighted average and <br />median market capitalizations of the Russell Micro Cap® Growth Index were <br />approximately $322 million and $149 million, respectively.<br /> <br />The Fund maintains a diversified portfolio of investments consisting primarily<br />of common stocks. The Fund may also invest in other equity securities such as<br />preferred stocks, securities convertible or exchangeable into common stocks,<br />rights, warrants, or real estate investment trusts. The Adviser expects to<br />select investments for the Fund in companies that are broadly diversified <br />over various industry groups.<br /> <br />The Adviser manages the Fund's portfolio in an aggressive growth style. The<br />Adviser believes that investments in micro capitalization companies can have<br />greater earnings and sales growth potential than larger capitalized companies<br />and can offer substantial opportunities for long-term growth of capital. The<br />Adviser's overall stock selections are based on its qualitative and quantitative<br />assessment of a company's fundamental prospects and whether it has an<br />above-average potential for long-term growth of capital.<br /> <br />The Adviser expects to invest the Fund's net assets primarily in U.S. companies,<br />but may gain exposure to foreign markets through the global operations of U.S.<br />companies, by purchasing depositary receipts or securities of foreign companies<br />traded on U.S. exchanges, or through direct investment in foreign companies. The<br />Adviser will not invest more than 25% of the Fund's net assets directly in<br />foreign companies.<br /> <br />The Fund intends to hold some cash, short-term debt obligations, government<br />securities or other high-quality investments for reserves to cover redemptions<br />and unanticipated expenses, or to maintain liquidity while seeking appropriate<br />investments.</tt>
JACOB MICRO CAP GROWTH FUND
Example:
Performance information gives some indication of the risks of investing in
the Fund by comparing the Fund's performance with a broad measure of market
performance.
Investment Objective
Investing in a mutual fund has inherent risks, which could cause you to lose money.
Principal Risks
Shareholder Fees (fees paid directly from your investment)
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Performance Information
Annual Fund Operating Expenses (expenses paid each year as a percentage of the value of your investment)
Portfolio Turnover
<tt>Investing in a mutual fund has inherent risks, which could cause you to lose<br />money. The principal risks of investing in the Fund, and the circumstances that<br />could adversely affect the Fund's net asset value and total return, are listed<br />below.<br /> <br />·  Market Risk: The value of the Fund's shares and the securities held by the    <br />   Fund can each decline in value. Even when the stock market in general is      <br />   rising, the stocks selected by the Adviser may decline. Prices of common      <br />   stocks of even the best managed, most profitable corporations are subject to  <br />   market risk, which means their stock prices can decline. In addition, swings  <br />   in investor psychology or significant trading by large institutional investors<br />   can result in price fluctuations.                                             <br />  <br />·  Micro Capitalized Company Risk: Investments in micro capitalization companies <br />   may involve greater risks, as these companies tend to have limited product    <br />   lines, markets and financial or managerial resources. Micro cap stocks often  <br />   also have a more limited trading market, such that the Adviser may not be able<br />   to sell stocks at an optimal time or price. In addition, less                 <br />   frequently-traded securities may be subject to more abrupt price movements    <br />   than securities of larger capitalized companies.                              <br />  <br />·  Growth Companies Risk. Growth companies are expected to increase their        <br />   earnings at a certain rate. When these expectations are not met, the prices of<br />   these stocks may go down, even if earnings showed an absolute increase. Growth<br />   company stocks also typically lack the dividend yield that can cushion stock  <br />   prices in market downturns. Different investment styles tend to shift in and  <br />   out of favor, depending on market conditions and investor sentiment. The      <br />   Fund's growth style may cause the Fund to underperform funds that have a      <br />   broader investment style.                                                     <br /> <br />·  Foreign and Emerging Market Risk: The risks of investing in foreign companies,<br />   including those located in emerging market countries, can increase the        <br />   potential for losses in the Fund and may include currency fluctuations,       <br />   political and economic instability, less government regulation, less publicly <br />   available information, limited trading markets, differences in financial      <br />   reporting standards and less stringent regulation of securities               <br />   markets. Foreign securities markets generally have less volume than U.S.      <br />   securities exchanges and securities of some foreign companies are less liquid <br />   and more volatile than securities of comparable U.S. companies. Additional    <br />   risks include future political and economic developments, the possibility that<br />   a foreign jurisdiction might impose or increase withholding taxes on income   <br />   payable with respect to foreign securities, the possible seizure,             <br />   nationalization or expropriation of the foreign issuer or foreign deposits (in<br />   which the Fund could lose its entire investment in a certain market) and the  <br />   possible adoption of foreign governmental restrictions such as exchange       <br />   controls.</tt>
Fees and Expenses
Principal Investment Strategies
<tt>Performance information gives some indication of the risks of investing in <br />the Fund by comparing the Fund's performance with a broad measure of market<br />performance. Performance information is not presented because the Fund had not<br />commenced operations as of the date of this Prospectus. In the future, the Fund<br />will disclose performance information in a bar chart and performance table.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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0.00
187
579
2159
0.0000
995
0.0064
0.0120
0.00
0.0000
0.0184
0.00
0.00
222
685
2524
-0.0200
1175
0.0064
0.0120
0.00
0.0035
0.0219
0.00
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance. <br />During the most recent fiscal year, the Fund's portfolio turnover rate was <br />13.60% of the average value of its portfolio.</tt>
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<tt>The Fund's investment objective is to maximize total investment return<br />consisting of a combination of income and capital appreciation.</tt>
<tt>This example is intended to help you compare the cost of investing in the Fund <br />with the cost of investing in other mutual funds. The Example assumes that you <br />invest $10,000 in the Fund over the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your <br />investment has a 5% return each year and that the Fund's operating expenses <br />remain the same.</tt>
reflects no deduction for fees, expenses or taxes
<tt>The Fund seeks to achieve its investment objective by investing primarily in<br />equity securities of U. S. companies of any size. The Fund may gain exposure <br />to foreign markets through the global operations of U.S. companies, or through<br />direct investment in foreign companies. The Adviser will not invest more than<br />25% of the Fund's net assets directly in foreign companies. The Fund may, to a<br />lesser extent, invest in investment grade fixed income or debt securities to<br />seek income.<br /> <br />The Fund invests in securities of companies that the Adviser believes have the<br />greatest potential for capital appreciation and income. The Adviser's overall<br />stock selections are based on an assessment of a company's fundamental prospects. <br />Specifically, the Adviser uses fundamental analysis to assess the quality, <br />growth potential, financial strength and overall value of a company. While <br />trying to maximize the capital appreciation potential of the Fund's portfolio <br />of investments, the Adviser also seeks to obtain securities for the Fund that <br />are selling at reasonable prices.<br /> <br />The Fund maintains a diversified portfolio of investments consisting primarily<br />of common stocks, and may also invest in other equity securities such as<br />preferred stocks, securities convertible or exchangeable into common stock,<br />rights, warrants or real estate investment trusts (REITs). Equity securities<br />generally represent an ownership interest in a company and their value is based<br />on the success of the company's business, any income paid to shareholders, the<br />value of the company's assets, general market conditions and investor demand. <br />The Fund may also purchase depositary receipts, which are certificates normally <br />issued by U.S. banks that evidence the ownership of shares of a foreign company.<br /> <br />The Fund generally seeks to purchase securities as long-term investments, but<br />when circumstances warrant, securities may be sold without regard to the length<br />of time they have been held to reduce risk or volatility or to respond to<br />changing fundamental information.<br /> <br />The Fund intends to hold some cash, short-term debt obligations, government<br />securities or other high-quality investments for reserves to cover redemptions<br />and unanticipated expenses, to seek income, or to maintain liquidity while<br />seeking appropriate investments.</tt>
JACOB WISDOM FUND
Example:
After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.
Investment Objective
Please note that the Fund's past performance (before and after taxes) is not necessarily
an indication of how the Fund will perform in the future.
Investing in a mutual fund has inherent risks, which could cause you to lose money.
Principal Risks
Shareholder Fees (fees paid directly from your investment)
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
The return after taxes on distribution and sale of fund shares may be higher
than the return before taxes because the method of calculation assumes generally
that you can use the short-term capital loss realized upon the sale of fund shares
to offset income of the same tax character from other sources thereby reducing the
amount of tax you otherwise might owe.
0.1360
Actual after-tax returns depend on an investor's tax situation and may differ
from those shown. After-tax returns shown are not relevant to investors who
hold their Fund shares through tax-deferred arrangements such as 401(k) plans
or individual retirement accounts.
Annual Total Returns as of December 31, 2011 (Investor Class)
Performance Information
<tt>The performance information shown is for the period from December 1, 2009 to<br />December 31, 2011. The performance information shown for the period from<br />December 1, 2009, to February 17, 2010, is that of the Fund's predecessor, the<br />Wisdom Fund. The Adviser took over management of the Wisdom Fund on December 1,<br />2009, and the Wisdom Fund was reorganized into the Jacob Wisdom Fund on February<br />18, 2010. <br /><br />After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local taxes. <br />Actual after-tax returns depend on an investor's tax situation and may differ from <br />those shown. After-tax returns shown are not relevant to investors who hold their <br />Fund shares through tax-deferred arrangements such as 401(k) plans or individual <br />retirement accounts. The return after taxes on distribution and sale of fund shares <br />may be higher than the return before taxes because the method of calculation assumes <br />generally that you can use the short-term capital loss realized upon the sale of <br />fund shares to offset income of the same tax character from other sources thereby <br />reducing the amount of tax you otherwise might owe.</tt>
The performance information that follows gives some indication of the risks of investing in the Fund.
<tt>As of September 30, 2012, the Fund's year to date return was 14.40%.<br /> <br />Best Quarter   Q1  2012   9.56%<br />Worst Quarter  Q3  2011  -9.08%</tt>
Annual Fund Operating Expenses (expenses paid each year as a percentage of the value of your investment)
Average Annual Total Returns as of December 31, 2011
Portfolio Turnover
<tt>Investing in a mutual fund has inherent risks, which could cause you to lose<br />money. The principal risks of investing in the Fund, and the circumstances that<br />could adversely affect the Fund's net asset value and total return, are listed<br />below.<br /> <br />·  Market Risk: Even when the stock market in general is rising, the stocks      <br />   selected by the Adviser may decline. Prices of common stocks of even the best <br />   managed, most profitable corporations are subject to market risk, which means <br />   their stock prices can decline. In addition, swings in investor psychology or <br />   significant trading by large institutional investors can result in price      <br />   fluctuations. The Adviser may not be able to sell stocks at an optimal time or<br />   price.                                                                        <br /><br />·  Smaller Capitalized Company Risk: Investments in smaller capitalized companies<br />   may involve greater risks, as these companies may not have the management     <br />   experience, financial resources, product diversification and competitive      <br />   strengths of larger companies.                                                <br /> <br />·  Convertible Securities Risk: The market value of convertible securities tends <br />   to decline as interest rates increase and, conversely, to increase as interest<br />   rates decline. In addition, convertible securities generally offer lower      <br />   interest or dividend yields than non-convertible securities of similar        <br />   quality.                                                                      <br /><br />·  Fixed Income Risk: Yields and principal values of fixed income securities     <br />   (bonds) will fluctuate. Generally, values of fixed income securities change   <br />   inversely with interest rates. As interest rates go up, the value of debt     <br />   securities tends to go down. As a result, to the extent the Fund holds fixed  <br />   income investments, the value of the Fund may go down. The issuers of         <br />   instruments in which the Fund invests may be unable to meet interest and/or   <br />   principal payments. An issuer's securities may decrease in value if its       <br />   financial strength weakens, which may reduce its credit rating and possibly   <br />   its ability to meet its contractual obligations.                              <br /><br />·  Foreign Risk: The risks of investing in foreign companies can increase the    <br />   potential for losses in the Fund and may include currency fluctuations,       <br />   political and economic instability, less government regulation, less publicly <br />   available information, limited trading markets, differences in financial      <br />   reporting standards and less stringent regulation of securities markets. <br />   Foreign securities markets generally have less volume than U.S. securities <br />   exchanges and securities of some foreign companies are less liquid and more <br />   volatile than securities of comparable U.S. companies. Additional risks <br />   include future political and economic developments, the possibility that a <br />   foreign jurisdiction might impose or increase withholding taxes on income <br />   payable with respect to foreign securities, the possible seizure, <br />   nationalization or expropriation of the foreign issuer or foreign deposits (in<br />   which the Fund could lose its entire investment in a certain market) and the  <br />   possible adoption of foreign governmental restrictions such as exchange       <br />   controls.                                                                     <br /><br />·  Real Estate Investment Trust Risk: Investments in real estate related         <br />   instruments may be affected by economic, legal, cultural, environmental or    <br />   technological factors that affect property values, rents or occupancies of    <br />   real estate related to the Fund's holdings. The performance of REITs depends  <br />   on how well the REIT manages the properties it owns.</tt>
Fees and Expenses
Principal Investment Strategies
<tt>The performance information that follows gives some indication of the risks of<br />investing in the Fund. The bar chart shows the Fund's performance from year to<br />year, and the table compares the Fund's average annual returns with those of a<br />broad measure of market performance. Please note that the Fund's past performance <br />(before and after taxes) is not necessarily an indication of how the Fund will <br />perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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S&P® 500 Index (reflects no deduction for fees, expenses or taxes)
0.0211
0.0842
Return After Taxes on Distributions and Sale of Fund Shares
0.0233
0.0632
Return After Taxes on Distributions
0.0322
0.0731
JWSFX
Worst Quarter
Best Quarter
0.00
2012-09-30
Return Before Taxes
235
2012-03-31
827
-0.0908
-0.0050
0.1152
3111
-0.0200
1445
0.0956
0.0359
0.0197
0.0050
2014-01-04
2011-09-30
Fund's year to date return
0.0359
0.00
0.0035
0.0232
0.0282
0.0752
0.1440
0.00
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance. <br />During the most recent fiscal year, the Fund's portfolio turnover rate was <br />102.80% of the average value of its portfolio.</tt>
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<tt>The Fund's investment objective is long-term growth of capital.</tt>
<tt>This example is intended to help you compare the cost of investing in the Fund <br />with the cost of investing in other mutual funds. The Example assumes that you <br />invest $10,000 in the Fund over the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your <br />investment has a 5% return each year and that the Fund's operating expenses <br />remain the same.</tt>
reflects no deduction for fees, expenses or taxes
<tt>The Fund seeks to achieve its investment objective by investing, under normal<br />circumstances, at least 80% of its assets in small capitalization companies. <br />Small capitalization companies are defined as those companies with market <br />capitalizations (share price multiplied by number of shares outstanding)<br />within the capitalization range of the Russell 2000® Growth Index at the time <br />of purchase.  As of August 31, 2012, the market capitalization of the largest<br />company in the Russell 2000® Growth Index was approximately $4.621 billion, <br />and the weighted average and median market capitalizations of the Russell 2000®<br />Growth Index were approximately $1.431 billion and $584 million, respectively.<br /><br />The Fund maintains a diversified portfolio of investments consisting primarily<br />of common stocks. The Fund may also invest in other equity securities such as<br />preferred stocks, securities convertible or exchangeable into common stocks,<br />rights, warrants, or real estate investment trusts. The Adviser expects to<br />select investments for the Fund in companies that are broadly diversified <br />over various industry groups.<br /><br />The Adviser manages the Fund's portfolio in an aggressive growth style. The<br />Adviser believes that investments in small capitalization companies can have<br />greater earnings and sales growth potential than larger capitalized companies<br />and can offer substantial opportunities for long-term growth of capital. The<br />Adviser's overall stock selections are based on its qualitative and quantitative<br />assessment of a company's fundamental prospects and whether it has an<br />above-average potential for long-term growth of capital.<br /> <br />The Adviser expects to invest the Fund's net assets primarily in U.S. companies,<br />but may gain exposure to foreign markets through the global operations of U.S.<br />companies, by purchasing depositary receipts or securities of foreign companies<br />traded on U.S. exchanges, or through direct investment in foreign companies. The<br />Adviser will not invest more than 25% of the Fund's net assets directly in<br />foreign companies.<br /><br />The Fund intends to hold some cash, short-term debt obligations, government<br />securities or other high-quality investments for reserves to cover redemptions<br />and unanticipated expenses, or to maintain liquidity while seeking appropriate<br />investments.</tt>
JACOB SMALL CAP GROWTH FUND
Example:
After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.
Investment Objective
Please note that the Fund's past performance (before and after taxes) is not necessarily
an indication of how the Fund will perform in the future.
Investing in a mutual fund has inherent risks, which could cause you to lose money.
Principal Risks
Shareholder Fees (fees paid directly from your investment)
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
The return after taxes on distribution and sale of fund shares may be higher
than the return before taxes because the method of calculation assumes generally
that you can use the short-term capital loss realized upon the sale of fund shares
to offset income of the same tax character from other sources thereby reducing the
amount of tax you otherwise might owe.
1.0280
Actual after-tax returns depend on an investor's tax situation and may differ from
those shown. After-tax returns shown are not relevant to investors who hold their
Fund shares through tax-deferred arrangements such as 401(k) plans or individual
retirement accounts.
Annual Total Returns as of December 31, 2011 (Investor Class)
Performance Information
<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local taxes. <br />Actual after-tax returns depend on an investor's tax situation and may differ <br />from those shown. After-tax returns shown are not relevant to investors who <br />hold their Fund shares through tax-deferred arrangements such as 401(k) plans <br />or individual retirement accounts. The return after taxes on distribution and <br />sale of fund shares may be higher than the return before taxes because the <br />method of calculation assumes generally that you can use the short-term capital <br />loss realized upon the sale of fund shares to offset income of the same tax <br />character from other sources thereby reducing the amount of tax you otherwise <br />might owe.</tt>
The performance information that follows gives some indication of the risks of investing in the Fund.
<tt>As of September 30, 2012, the Fund's year to date return was 14.52%. <br /><br />Best Quarter   Q4  2010    22.86%<br />Worst Quarter  Q3  2011   -27.18%</tt>
Annual Fund Operating Expenses (expenses paid each year as a percentage of the value of your investment)
Average Annual Total Returns as of December 31, 2011
Portfolio Turnover
<tt>Investing in a mutual fund has inherent risks, which could cause you to lose<br />money. The principal risks of investing in the Fund, and the circumstances that<br />could adversely affect the Fund's net asset value and total return, are listed<br />below.<br /> <br />·  Market Risk: The value of the Fund's shares and the securities held by the    <br />   Fund can each decline in value. Even when the stock market in general is      <br />   rising, the stocks selected by the Adviser may decline. Prices of common      <br />   stocks of even the best managed, most profitable corporations are subject to  <br />   market risk, which means their stock prices can decline. In addition, swings  <br />   in investor psychology or significant trading by large institutional investors<br />   can result in price fluctuations.                                             <br /> <br />·  Smaller Capitalized Company Risk: Investments in small capitalization         <br />   companies may involve greater risks, as these companies tend to have limited  <br />   product lines, markets and financial or managerial resources. Small cap stocks<br />   often also have a more limited trading market, such that the Adviser may not  <br />   be able to sell stocks at an optimal time or price. In addition, less         <br />   frequently-traded securities may be subject to more abrupt price movements    <br />   than securities of larger capitalized companies.                              <br /> <br />·  Growth Companies Risk. Growth companies are expected to increase their        <br />   earnings at a certain rate. When these expectations are not met, the prices of<br />   these stocks may go down, even if earnings showed an absolute increase. Growth<br />   company stocks also typically lack the dividend yield that can cushion stock  <br />   prices in market downturns. Different investment styles tend to shift in and  <br />   out of favor, depending on market conditions and investor sentiment. The      <br />   Fund's growth style may cause the Fund to underperform funds that have a      <br />   broader investment style.                                                    <br /> <br />·  Foreign and Emerging Market Risk: The risks of investing in foreign companies,<br />   including those located in emerging market countries, can increase the        <br />   potential for losses in the Fund and may include currency fluctuations,       <br />   political and economic instability, less government regulation, less publicly <br />   available information, limited trading markets, differences in financial      <br />   reporting standards and less stringent regulation of securities               <br />   markets. Foreign securities markets generally have less volume than U.S.      <br />   securities exchanges and securities of some foreign companies are less liquid <br />   and more volatile than securities of comparable U.S. companies. Additional    <br />   risks include future political and economic developments, the possibility that<br />   a foreign jurisdiction might impose or increase withholding taxes on income   <br />   payable with respect to foreign securities, the possible seizure,             <br />   nationalization or expropriation of the foreign issuer or foreign deposits (in<br />   which the Fund could lose its entire investment in a certain market) and the  <br />   possible adoption of foreign governmental restrictions such as exchange       <br />   controls.</tt>
Fees and Expenses
Principal Investment Strategies
<tt>The performance information that follows gives some indication of the risks of investing <br />in the Fund. The bar chart shows the Fund's performance for the last calendar year, and <br />the table compares the Fund's average annual returns with those of a broad measure of <br />market performance. Please note that the Fund's past performance (before and after taxes) <br />is not necessarily an indication of how the Fund will perform in the future. Performance <br />information is not presented for Institutional Class shares of the Fund because the Fund <br />had not issued Institutional Class shares as of the date of this Prospectus.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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Russell 2000® Growth Index (reflects no deduction for fees, expenses or taxes)
-0.0291
0.1451
2010-02-01
Return After Taxes on Distributions and Sale of Fund Shares
-0.0905
0.0805
2010-02-01
Return After Taxes on Distributions
-0.1534
0.0910
2010-02-01
0.00
Return Before Taxes
198
639
-0.0013
2400
0.0000
1107
0.0118
0.0090
2014-01-02
0.00
0.0000
0.0195
0.0208
2010-02-01
0.00
JSCGX
Worst Quarter
Best Quarter
0.00
2012-09-30
Return Before Taxes
228
2010-12-31
740
-0.2718
-0.0018
2753
-0.0200
1279
0.2286
-0.1393
0.0118
0.0090
2014-01-02
2011-09-30
the Fund's year to date return
-0.1393
0.00
0.0035
0.0225
0.0243
0.1005
2010-02-01
0.1452
0.00
<tt>The Fund pays transaction costs, such as commissions, when it buys and sells<br />securities (or "turns over" its portfolio). A higher portfolio turnover rate <br />may indicate higher transaction costs and may result in higher taxes when Fund<br />shares are held in a taxable account. These costs, which are not reflected in<br />annual fund operating expenses or in the example, affect the Fund's performance. <br />During the most recent fiscal year, the Fund's portfolio turnover rate was 52.39% <br />of the average value of its portfolio.</tt>
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<tt>The Fund's primary investment objective is long-term growth of capital.</tt>
<tt>This example is intended to help you compare the cost of investing in the Fund <br />with the cost of investing in other mutual funds. The Example assumes that you <br />invest $10,000 in the Fund over the time periods indicated and then redeem all <br />of your shares at the end of those periods. The Example also assumes that your <br />investment has a 5% return each year and that the Fund's operating expenses <br />remain the same.</tt>
reflects no deduction for fees, expenses or taxes
<tt>The Fund seeks to achieve its investment objectives by investing, under normal<br />circumstances, at least 80% of its assets in securities of Internet companies<br />and companies in Internet-related industries. The Fund primarily invests in<br />common stocks and securities convertible into common stocks, but may invest <br />up to 35% in fixed income or debt securities. The Internet is a collection <br />of connected computers that allows commercial and professional organizations,<br />educational institutions, government agencies, and consumers to communicate<br />electronically, access and share information, and conduct business around the<br />world. The Adviser selects investments in companies that derive a substantial<br />portion of their revenue from Internet or Internet-related businesses or those<br />that are aggressively developing and expanding their Internet and Internet-related <br />business operations. The Adviser believes that the Internet offers unique <br />investment opportunities because of its ever-growing popularity among business <br />and personal users alike. Many Internet companies are newer and have small to <br />medium market capitalizations.<br />  <br />The Fund invests in companies that emphasize research and development with<br />respect to proprietary products and services for Internet users and businesses,<br />because the Adviser believes that these stocks have the greatest potential to<br />rise in value. The Adviser's overall stock selections are based on an assessment<br />of a company's fundamental prospects. The Fund generally seeks to purchase<br />securities as long-term investments, but when circumstances warrant, securities<br />may be sold without regard to the length of time they have been held to reduce<br />risk or volatility or to respond to changing fundamental information. The Fund<br />may invest without limitation in foreign securities, including securities of<br />emerging market countries, so that the Fund has the flexibility to take full<br />advantage of investment opportunities in Internet companies and companies in<br />Internet-related industries.<br /> <br />The Fund intends to hold some cash, short-term debt obligations, government<br />securities or other high-quality investments for reserves to cover redemptions<br />and unanticipated expenses, to seek income, or to maintain liquidity while<br />seeking appropriate investments.</tt>
JACOB INTERNET FUND
<tt>Current income is a secondary objective.</tt>
Example:
After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes.
Investment Objectives
Please note that the Fund's past performance (before and after taxes) is not
necessarily an indication of how the Fund will perform in the future.
Investing in a mutual fund has inherent risks, which could cause you to lose money.
Principal Risks
Shareholder Fees (fees paid directly from your investment)
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
The return after taxes on distribution and sale of fund shares may be higher than
the return before taxes because the method of calculation assumes generally that
you can use the short-term capital loss realized upon the sale of fund shares
to offset income of the same tax character from other sources thereby reducing
the amount of tax you otherwise might owe.
0.5239
Actual after-tax returns depend on an investor's tax situation and may differ
from those shown. After-tax returns shown are not relevant to investors who
hold their Fund shares through tax-deferred arrangements such as 401(k) plans
or individual retirement accounts.
Annual Total Returns as of December 31, 2011 (Investor Class)
Performance Information
<tt>After-tax returns are calculated using the historical highest individual federal<br />marginal income tax rates and do not reflect the impact of state and local taxes. <br />Actual after-tax returns depend on an investor's tax situation and may differ from <br />those shown. After-tax returns shown are not relevant to investors who hold their <br />Fund shares through tax-deferred arrangements such as 401(k) plans or individual <br />retirement accounts. The return after taxes on distribution and sale of fund <br />shares may be higher than the return before taxes because the method of calculation <br />assumes generally that you can use the short-term capital loss realized upon the <br />sale of fund shares to offset income of the same tax character from other sources <br />thereby reducing the amount of tax you otherwise might owe.</tt>
The performance information that follows gives some indication of the risks of investing in the Fund.
<tt>As of September 30, 2012, the Fund's year to date return was 16.24%.<br /> <br />Best Quarter   Q4  2002       60.00%<br />Worst Quarter  Q3  2001      -51.20%</tt>
Annual Fund Operating Expenses (expenses paid each year as a percentage of the value of your investment)
Average Annual Total Returns as of December 31, 2011
Portfolio Turnover
<tt>Investing in a mutual fund has inherent risks, which could cause you to lose<br />money. The principal risks of investing in the Fund, and the circumstances that<br />could adversely affect the Fund's net asset value and total return, are listed<br />below.<br /><br />·  Market Risk: Even when the stock market in general is rising, the stocks      <br />   selected by the Adviser may decline. Prices of common stocks of even the best <br />   managed, most profitable corporations are subject to market risk, which means <br />   their stock prices can decline. In addition, swings in investor psychology or <br />   significant trading by large institutional investors can result in price      <br />   fluctuations. The Adviser may not be able to sell stocks at an optimal time or<br />   price.                                                                        <br /><br />·  Internet Company Risk: Many Internet-related companies have incurred large    <br />   losses since their inception and will continue to incur large losses in the   <br />   hope of capturing market share and generating future revenues. Accordingly,   <br />   many such companies expect to incur significant operating losses for the      <br />   foreseeable future, and may never be profitable.                              <br /><br />·  Computer/Internet Technology Risk: Companies in the rapidly changing field <br />   of computer/Internet technology face special risks. For example, their <br />   products or services may not prove commercially successful or may become <br />   obsolete quickly. The value of the Fund's shares may be susceptible to factors         <br />   affecting the computer/Internet technology area and to greater risk and market<br />   fluctuation than an investment in a fund that invests in a broader range of   <br />   portfolio securities not concentrated in any particular area or industry. <br />   The computer/Internet technology area may be subject to greater governmental      <br />   regulation than many other areas and changes in governmental policies and the <br />   need for regulatory approvals may have a material adverse effect on these     <br />   areas. Additionally, companies in these areas may be subject to risks of      <br />   developing technologies, competitive pressures and other factors and are      <br />   dependent upon consumer and business acceptance as new technologies evolve.   <br /><br />·  Smaller Capitalized or Unseasoned Company Risk: The Adviser believes that     <br />   smaller capitalized or unseasoned companies generally have greater earnings   <br />   and sales growth potential than larger capitalized companies. However,        <br />   investments in smaller capitalized or unseasoned companies may involve greater<br />   risks, in part because they have limited product lines, markets and financial <br />   or managerial resources. In addition, less frequently-traded securities may be<br />   subject to more abrupt price movements than securities of larger capitalized  <br />   companies.                                                                    <br /><br />·  Convertible Securities Risk: The market value of convertible securities tends <br />   to decline as interest rates increase and, conversely, to increase as interest<br />   rates decline. In addition, convertible securities generally offer lower      <br />   interest or dividend yields than non-convertible securities of similar        <br />   quality.                                                                      <br /><br />·  Foreign and Emerging Market Risk: The risks of investing in foreign companies,<br />   including those located in emerging market countries, can increase the potential <br />   for losses in the Fund and may include currency fluctuations, political and <br />   economic instability, less government regulation, less publicly available <br />   information, limited trading markets, differences in financial reporting <br />   standards and less stringent regulation of securities markets. Foreign securities <br />   markets generally have less volume than U.S. securities exchanges and securities <br />   of some foreign companies are less liquid and more volatile than securities of <br />   comparable U.S. companies. Additional risks include future political and economic <br />   developments, the possibility that a foreign jurisdiction might impose or increase <br />   withholding taxes on income payable with respect to foreign securities, the<br />   possible seizure, nationalization or expropriation of the foreign issuer or <br />   foreign deposits (in which the Fund could lose its entire investment in a certain <br />   market) and the possible adoption of foreign governmental restrictions such as <br />   exchange controls.                                                                     <br /><br />·  Fixed Income Risk: Yields and principal values of fixed income securities     <br />   (bonds) will fluctuate. Generally, values of fixed income securities change   <br />   inversely with interest rates. As interest rates go up, the value of debt     <br />   securities tends to go down. As a result, to the extent the Fund holds fixed  <br />   income investments, the value of the Fund may go down.</tt>
Fees and Expenses
Principal Investment Strategies
The Fund seeks to achieve its investment objectives by investing, under normal circumstances, at least 80% of its assets in securities of Internet companies and companies in Internet-related industries.
<tt>The performance information that follows gives some indication of the risks of<br />investing in the Fund. The bar chart shows the Fund's performance from year to<br />year, and the table compares the Fund's average annual returns with those of two<br />broad measures of market performance and an index of Internet stocks. Please<br />note that the Fund's past performance (before and after taxes) is not necessarily <br />an indication of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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Bloomberg U.S. Internet Index (reflects no deduction for fees, expenses or taxes)
-0.0587
0.0171
0.0133
NASDAQ Composite Index (reflects no deduction for fees, expenses or taxes
-0.0079
0.0250
0.0374
S&P® 500 Index (reflects no deduction for fees, expenses or taxes)
0.0211
-0.0025
0.0292
Return After Taxes on Distributions and Sale of Fund Shares
-0.0589
0.0042
0.1061
Return After Taxes on Distributions
-0.0906
0.0043
0.1174
JAMFX
-0.1304
Worst Quarter
Best Quarter
0.00
2012-09-30
Return Before Taxes
272
2002-12-31
835
-0.5120
0.3230
0.3545
3022
-0.0200
1425
-0.0080
0.6000
-0.0906
0.0109
-0.5115
0.0125
2001-09-30
0.7188
0.0052
0.1080
Fund's year to date return
-0.0906
0.00
1.0125
0.0035
0.1183
0.0269
0.1624
0.1624
0.00
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pure
iso4217:USD
Jacob Asset Management of New York LLC, the Fund's investment adviser (the "Adviser"), has contractually agreed, through at least January 2, 2014, to waive up to 100% of its advisory fees to the extent that the Total Annual Fund Operating Expenses (excluding any taxes, interest, brokerage fees, acquired fund expenses and extraordinary expenses) exceed 2.25% or 1.95% for Investor Class shares and Institutional Class shares, respectively, of each class' average daily net assets. This fee waiver agreement does not extend to indirect expenses of any acquired funds. Pursuant to this fee waiver agreement, the Adviser is entitled to recoup any fees that it waived for a period of three years following such fee waivers to the extent that such recoupment will not cause the Fund to exceed any applicable expense limitation that was in place for the Fund when the fees were waived. Please note that the maximum waiver is 0.90%, which means that the Fund's overall expenses could exceed 2.25% for Investor Class shares, as is the case above, or 1.95% for Institutional Class shares. This waiver agreement may only be terminated by the Board. Please also note that this fee waiver agreement is contingent upon the closing of the reorganization of the Jacob Small Cap Growth Fund II (formerly PineBridge US Small Cap Growth Fund) series of Jacob Funds II (formerly PineBridge Mutual Funds) into the Fund. Otherwise the 2.45% expense cap currently in place for Investor Class shares of the Fund (as described above) will apply through at least January 2, 2014.
Please note that the percentage of Annual Fund Operating Expenses shown is based on estimated amounts and on the amount of assets expected to transfer into the Fund as a result of the reorganization of the Jacob Small Cap Growth Fund II (formerly PineBridge US Small Cap Growth Fund) series of Jacob Funds II (formerly PineBridge Mutual Funds) into the Fund. If the Fund's average annual net assets during the current fiscal year are lower, the Fund's expense ratio would be higher than that shown above.
Please note that the percentage of Annual Fund Operating Expenses shown is based on estimated amounts and on the amount of assets expected to transfer into the Fund as a result of the reorganization of the Jacob Micro Cap Growth Fund (formerly PineBridge US Micro Cap Growth Fund) series of Jacob Funds II (formerly PineBridge Mutual Funds) into the Fund. If the Fund's average annual net assets during the current fiscal year are lower, the Fund's expense ratio would be higher than that shown above.
Jacob Asset Management of New York LLC, the Fund's investment adviser (the "Adviser"), has contractually agreed, through at least January 2, 2014, to waive up to 100% of its advisory fees, to the extent that the Total Annual Fund Operating Expenses (excluding any taxes, interest, brokerage fees, and extraordinary expenses) would exceed 1.95% of average daily net assets. This fee waiver agreement does not extend to indirect expenses of any acquired funds. Pursuant to this fee waiver agreement, the Adviser is entitled to recoup any fees that it waived for a period of three years following such fee waivers to the extent that such recoupment will not cause the Fund's expenses to exceed 1.95%. Please note that the maximum waiver is 0.50%, which means that the Fund's overall expenses could exceed 1.95%, as is the case above. This waiver agreement may only be terminated by the Board.