Jacob Wisdom Fund (Prospectus Summary) | Jacob Wisdom Fund

JACOB WISDOM FUND

Investment Objective

The Fund's investment objective is to maximize total investment return

consisting of a combination of income and capital appreciation.

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 Wisdom 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 Wisdom Fund Investor Class
Advisory Fees		0.50%
Distribution and/or Service (12b-1) Fees		0.35%
Other Expenses		1.97%
Total Annual Fund Operating Expenses		2.82%
Fee Waiver	[1]	(0.50%)
Total Annual Fund Operating Expenses After Fee Waiver		2.32%

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 Wisdom Fund Investor Class	235	827	1,445	3,111

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 13.60% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing primarily in

equity securities of U.S. companies of any size. The Fund may gain exposure to

foreign markets through the global operations of U.S. companies, 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 may, to a

lesser extent, invest in investment grade fixed income or debt securities to

seek income.



The Fund invests in securities of companies that the Adviser believes have the

greatest potential for capital appreciation and income. The Adviser's overall

stock selections are based on an assessment of a company's fundamental

prospects. Specifically, the Adviser uses fundamental analysis to assess the

quality, growth potential, financial strength and overall value of a

company. While trying to maximize the capital appreciation potential of the

Fund's portfolio of investments, the Adviser also seeks to obtain securities for

the Fund that are selling at reasonable prices.



The Fund maintains a diversified portfolio of investments consisting primarily

of common stocks, and may also invest in other equity securities such as

preferred stocks, securities convertible or exchangeable into common stock,

rights, warrants or real estate investment trusts (REITs). Equity securities

generally represent an ownership interest in a company and their value is based

on the success of the company's business, any income paid to shareholders, the

value of the company's assets, general market conditions and investor

demand. The Fund may also purchase depositary receipts, which are certificates

normally issued by U.S. banks that evidence the ownership of shares of a foreign

company.



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 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  Smaller Capitalized Company Risk: Investments in smaller capitalized companies

   may involve greater risks, as these companies may not have the management

   experience, financial resources, product diversification and competitive

   strengths of larger 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  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.



o  Foreign Risk: The risks of investing in foreign companies 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.

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 a

broad measure of market performance. 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

As of September 30, 2011, the Fund's year to date return was (4.15)%.



Best Quarter Q3 2010 8.53%

Worst Quarter Q2 2010 -6.60%

Average Annual Total Returns as of December 31, 2010

Average Annual Total Returns Jacob Wisdom Fund	Average Annual Returns, Label	Average Annual Returns, 1 Year	Average Annual Returns, Since Inception
Investor Class	Return Before Taxes	11.52%	11.29%
Investor Class After Taxes on Distributions	Return After Taxes on Distributions	11.44%	11.19%
Investor Class After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	7.49%	9.56%
S&P® 500 Index	S&P® 500 Index (reflects no deduction for fees, expenses or taxes)	15.06%	15.85%

The performance information shown is for the period from December 1, 2009 to

December 31, 2010. The performance information shown for the period from

December 1, 2009, to February 17, 2010, is that of the Fund's predecessor, the

Wisdom Fund. The Adviser took over management of the Wisdom Fund on December 1,

2009, and the Wisdom Fund was reorganized into the Jacob Wisdom Fund on February

18, 2010.

[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, and non-routine expenses) would exceed 1.95% 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 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.