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

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

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

Annual Fund Operating Expenses Jacob Micro Cap Growth Fund		Investor Class	Institutional Class
Advisory Fees		1.20%	1.20%
Distribution and/or Service (12b-1) Fees		0.35%	none
Other Expenses		0.64%	0.64%
Total Annual Fund Operating Expenses	[1]	2.19%	1.84%

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 Jacob Micro Cap Growth Fund (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
Investor Class	222	685	1,175	2,524
Institutional Class	187	579	995	2,159

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.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing, under normal
circumstances, at least 80% of its assets in micro capitalization companies.
Micro capitalization companies are defined as those companies with market
capitalizations (share price multiplied by number of shares outstanding)
of (1) less than or equal to $600 million; or (2) within the capitalization
range of the Russell Micro Cap® Growth Index at the time of purchase. As of
August 31, 2012, the market capitalization of the largest company in the Russell
Micro Cap® Growth Index was approximately $837 million, and the weighted average
and median market capitalizations of the Russell Micro Cap® Growth Index were
approximately $322 million and $149 million, respectively.

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 micro 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.

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.

·  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.                                             
  
·  Micro Capitalized Company Risk: 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.   
                           
·  Growth Companies Risk. Growth companies are expected to increase their        
   earnings at a certain rate. When these expectations are not met, the prices of
   these stocks may go down, even if earnings showed an absolute increase. Growth
   company stocks also typically lack the dividend yield that can cushion stock  
   prices in market downturns. Different investment styles tend to shift in and  
   out of favor, depending on market conditions and investor sentiment. The      
   Fund's growth style may cause the Fund to underperform funds that have a      
   broader investment style.                                                     
  
·  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.

Performance Information

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. Performance information is not presented because the Fund had
not commenced investment operations as of the date of this Prospectus. In
the future, the Fund will disclose performance information in a bar chart
and performance table.

[1] 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.