Jacob Small Cap Growth Fund (Prospectus Summary) | Jacob Small Cap Growth Fund

JACOB SMALL CAP GROWTH FUND

Investment Objective

The Fund's investment objective is long-term growth of capital.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold

shares of the Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees	Jacob Small Cap Growth Fund Investor Class
Maximum Sales Charge (Load) Imposed on Purchases	none
Maximum Deferred Sales Charge (Load)	none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends	none
Redemption Fee (as a percentage of amount redeemed or exchanged within 30 days of purchase)	2.00%

Annual Fund Operating Expenses (expenses paid each year as a percentage of the value of your investment )

Annual Fund Operating Expenses		Jacob Small Cap Growth Fund Investor Class
Advisory Fees		0.90%
Distribution and/or Service (12b-1) Fees		0.35%
Other Expenses		3.20%
Total Annual Fund Operating Expenses		4.45%
Fee Waiver	[1]	(0.90%)
Total Annual Fund Operating Expenses After Fee Waiver		3.55%

Example:

This example is intended to help you compare the cost of investing in the Fund

with the cost of investing in other mutual funds. The Example assumes that you

invest $10,000 in the Fund over the time periods indicated and then redeem all

of your shares at the end of those periods. The Example also assumes that your

investment has a 5% return each year and that the Fund's operating expenses

remain the same.

Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years	Expense Example, With Redemption, 5 Years	Expense Example, With Redemption, 10 Years
Jacob Small Cap Growth Fund Investor Class	358	1,265	2,183	4,523

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells

securities (or "turns over" its portfolio). A higher portfolio turnover rate may

indicate higher transaction costs and may result in higher taxes when Fund

shares are held in a taxable account. These costs, which are not reflected in

annual fund operating expenses or in the example, affect the Fund's

performance. During the most recent fiscal year, the Fund's portfolio turnover

rate was 102.80% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing, under normal

circumstances, at least 80% of its assets in small capitalization

companies. Small capitalization companies are defined as those companies with

market capitalizations (share price multiplied by number of shares outstanding)

within the capitalization range of the Russell 2000® Growth Index at the time of

purchase.



The Fund maintains a diversified portfolio of investments consisting primarily

of common stocks. The Fund may also invest in other equity securities such as

preferred stocks, securities convertible or exchangeable into common stocks,

rights, warrants, or real estate investment trusts. The Adviser expects to

select investments for the Fund in companies that are broadly diversified over

various industry groups.



The Adviser manages the Fund's portfolio in an aggressive growth style. The

Adviser believes that investments in small capitalization companies can have

greater earnings and sales growth potential than larger capitalized companies

and can offer substantial opportunities for long-term growth of capital. The

Adviser's overall stock selections are based on its qualitative and quantitative

assessment of a company's fundamental prospects and whether it has an

above-average potential for long-term growth of capital.



The Adviser expects to invest the Fund's net assets primarily in U.S. companies,

but may gain exposure to foreign markets through the global operations of U.S.

companies, by purchasing depositary receipts or securities of foreign companies

traded on U.S. exchanges, or through direct investment in foreign companies. The

Adviser will not invest more than 25% of the Fund's net assets directly in

foreign companies.



The Fund intends to hold some cash, short-term debt obligations, government

securities or other high-quality investments for reserves to cover redemptions

and unanticipated expenses, or to maintain liquidity while seeking appropriate

investments. There may be times, however, when the Fund attempts to respond to

unfavorable market, economic, political or other conditions by investing up to

100% of its assets in cash or those types of money market investments for

temporary defensive purposes. During those times, the Fund will not be able to

pursue its investment objective and, instead, will focus on preserving your

investment.

Principal Risks

Investing in a mutual fund has inherent risks, which could cause you to lose

money. The principal risks of investing in the Fund, and the circumstances that

could adversely affect the Fund's net asset value and total return, are listed

below.



o  Market Risk: The value of the Fund's shares and the securities held by the

   Fund can each decline in value. Even when the stock market in general is

   rising, the stocks selected by the Adviser may decline. Prices of common

   stocks of even the best managed, most profitable corporations are subject to

   market risk, which means their stock prices can decline. In addition, swings

   in investor psychology or significant trading by large institutional investors

   can result in price fluctuations.



o  Smaller Capitalized Company Risk: Investments in small capitalization

   companies may involve greater risks, as these companies tend to have limited

   product lines, markets and financial or managerial resources. Small 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.



o  Foreign and Emerging Market Risk: The risks of investing in foreign companies,

   including those located in emerging market countries, can increase the

   potential for losses in the Fund and may include currency fluctuations,

   political and economic instability, less government regulation, less publicly

   available information, limited trading markets, differences in financial

   reporting standards and less stringent regulation of securities

   markets. Foreign securities markets generally have less volume than U.S.

   securities exchanges and securities of some foreign companies are less liquid

   and more volatile than securities of comparable U.S. companies. Additional

   risks include future political and economic developments, the possibility that

   a foreign jurisdiction might impose or increase withholding taxes on income

   payable with respect to foreign securities, the possible seizure,

   nationalization or expropriation of the foreign issuer or foreign deposits (in

   which the Fund could lose its entire investment in a certain market) and the

   possible adoption of foreign governmental restrictions such as exchange

   controls.



o  Real Estate Investment Trust Risk: Investments in real estate related

   instruments may be affected by economic, legal, cultural, environmental or

   technological factors that affect property values, rents or occupancies of

   real estate related to the Fund's holdings. The performance of REITs depends

   on how well the REIT manages the properties it owns.



o  Convertible Securities Risk: The market value of convertible securities tends

   to decline as interest rates increase and, conversely, to increase as interest

   rates decline. In addition, convertible securities generally offer lower

   interest or dividend yields than non-convertible securities of similar

   quality.

Performance Information

Please note that the Fund intends to file an amended Prospectus dated January 3,

2012 containing 2011 performance information.



Performance information gives some indication of the risks of an investment in

the Fund by comparing the Fund's performance with a broad measure of market

performance. Performance information is not available because the Adviser has

not managed the Fund for a full calendar year as of the date of this

prospectus. In the future, the Fund will disclose performance information in a

bar chart and performance table.

[1] Jacob Asset Management of New York LLC, the Fund's investment adviser (the "Adviser"), has contractually agreed, through January 2, 2013, 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 non-routine expenses) would exceed 2.45% of average daily net assets. 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 2.45%. Please note that the maximum waiver is 0.90%, which means that the Fund's overall expenses could exceed 2.45%, as is the case above. This waiver agreement may only be terminated by the Board.