Jacob Internet Fund (Prospectus Summary) | Jacob Internet Fund

JACOB INTERNET FUND

Investment Objectives

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

Current income is a secondary objective.

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 Internet 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 Internet Fund Investor Class
Advisory Fees		1.25%
Distribution and/or Service (12b-1) Fees		0.35%
Other Expenses		1.09%
Total Annual Fund Operating Expenses	[1]	2.69%

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 Internet Fund Investor Class	272	835	1,425	3,022

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 52.39% of the average value of its portfolio.

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. The Fund primarily invests in

common stocks and securities convertible into common stocks, but may invest up

to 35% in fixed income or debt securities. The Internet is a collection of

connected computers that allows commercial and professional organizations,

educational institutions, government agencies, and consumers to communicate

electronically, access and share information, and conduct business around the

world. The Adviser selects investments in companies that derive a substantial

portion of their revenue from Internet or Internet-related businesses or those

that are aggressively developing and expanding their Internet and

Internet-related business operations. The Adviser believes that the Internet

offers unique investment opportunities because of its ever-growing popularity

among business and personal users alike. Many Internet companies are newer and

have small to medium market capitalizations.



The Fund invests in companies that emphasize research and development with

respect to proprietary products and services for Internet users and businesses,

because the Adviser believes that these stocks have the greatest potential to

rise in value. The Adviser's overall stock selections are based on an assessment

of a company's fundamental prospects. The Fund generally seeks to purchase

securities as long-term investments, but when circumstances warrant, securities

may be sold without regard to the length of time they have been held to reduce

risk or volatility or to respond to changing fundamental information. The Fund

may invest without limitation in foreign securities, including securities of

emerging market countries, so that the Fund has the flexibility to take full

advantage of investment opportunities in Internet companies and companies in

Internet-related industries. However, the Adviser currently does not expect to

invest more than 50% of the Fund's net assets 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, to seek income, 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: 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. The Adviser may not be able to sell stocks at an optimal time or

   price.



o  Internet Company Risk: Many Internet-related companies have incurred large

   losses since their inception and will continue to incur large losses in the

   hope of capturing market share and generating future revenues. Accordingly,

   many such companies expect to incur significant operating losses for the

   foreseeable future, and may never be profitable.



o  Computer/Internet Technology Risk: Companies in the rapidly changing field of

   computer/Internet technology face special risks. For example, their products

   or services may not prove commercially successful or may become obsolete

   quickly. The value of the Fund's shares may be susceptible to factors

   affecting the computer/Internet technology area and to greater risk and market

   fluctuation than an investment in a fund that invests in a broader range of

   portfolio securities not concentrated in any particular area or industry. The

   computer/Internet technology area may be subject to greater governmental

   regulation than many other areas and changes in governmental policies and the

   need for regulatory approvals may have a material adverse effect on these

   areas. Additionally, companies in these areas may be subject to risks of

   developing technologies, competitive pressures and other factors and are

   dependent upon consumer and business acceptance as new technologies evolve.



o  Smaller Capitalized or Unseasoned Company Risk: The Adviser believes that

   smaller capitalized or unseasoned companies generally have greater earnings

   and sales growth potential than larger capitalized companies. However,

   investments in smaller capitalized or unseasoned companies may involve greater

   risks, in part because they have limited product lines, markets and financial

   or managerial resources. In addition, less frequently-traded securities may be

   subject to more abrupt price movements than securities of larger capitalized

   companies.



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.



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  Fixed Income Risk: Yields and principal values of fixed income securities

   (bonds) will fluctuate. Generally, values of fixed income securities change

   inversely with interest rates. As interest rates go up, the value of debt

   securities tends to go down. As a result, to the extent the Fund holds fixed

   income investments, the value of the Fund may go down.

Performance Information

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

2012 containing 2011 performance information.



The performance information that follows gives some indication of the risks of

investing in the Fund. The bar chart shows the Fund's performance from year to

year, and the table compares the Fund's average annual returns with those of two

broad measures of market performance and an index of Internet stocks. 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.

Annual Total Returns as of December 31, 2010

Best Quarter Q4 2002 60.00%

Worst Quarter Q3 2001 -51.20%



As of September 30, 2011, the Fund's year to date return was (11.07)%.

Average Annual Total Returns as of December 31, 2010

Average Annual Total Returns Jacob Internet Fund	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, 5 Years	Average Annual Returns, 10 Years
Investor Class	Return Before Taxes	35.45%	5.57%	3.91%
Investor Class After Taxes on Distributions	Return After Taxes on Distributions	35.45%	5.40%	3.82%
Investor Class After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	23.05%	4.74%	3.37%
S&P® 500 Index	S&P® 500 Index (reflects no deduction for fees, expenses or taxes)	15.06%	2.29%	1.41%
NASDAQ Composite Index	NASDAQ Composite Index (reflects no deduction for fees, expenses or taxes)	18.15%	4.71%	1.43%
Bloomberg U.S. Internet Index	Bloomberg U.S. Internet Index (reflects no deduction for fees, expenses or taxes)	8.33%	3.19%	(4.24%)

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. 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. 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] Jacob Asset Management of New York LLC, the Fund's investment adviser (the "Adviser"), has contractually agreed, through January 2, 2013, to waive its advisory fees in an amount up to an annual rate of 0.10% of the Fund's average daily net assets, 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 2.95% 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 2.95%. During the fiscal year ended August 31, 2011, the Adviser recouped previously waived fees in an amount equal to 0.13%, which resulted in Total Annual Fund Operating Expenses (after recoupment) of 2.82% for the fiscal year. All eligible previously waived fees were recouped during the fiscal year. Please note that the maximum waiver is 0.10%, which means that the Fund's overall expenses could exceed 2.95%. This waiver agreement may only be terminated by the Board.