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.

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: 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.                                                                        
  
·  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.                                                

·  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.                                                                      
  
·  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. The issuers of         
   instruments in which the Fund invests may be unable to meet interest and/or   
   principal payments. An issuer's securities may decrease in value if its       
   financial strength weakens, which may reduce its credit rating and possibly   
   its ability to meet its contractual obligations.                              
  
·  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.                                                                     

·  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

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, 2011 (Investor Class)

As of September 30, 2012, the Fund's year to date return was 14.40%.

Best Quarter       Q1     2012      9.56%
Worst Quarter      Q3     2011     -9.08%

Average Annual Total Returns as of December 31, 2011

Average Annual Total Returns Jacob Wisdom Fund	Label	1 Year	Since Inception
Investor Class	Return Before Taxes	3.59%	7.52%
Investor Class After Taxes on Distributions	Return After Taxes on Distributions	3.22%	7.31%
Investor Class After Taxes on Distributions and Sales	Return After Taxes on Distributions and Sale of Fund Shares	2.33%	6.32%
S&P® 500 Index	S&P® 500 Index (reflects no deduction for fees, expenses or taxes)	2.11%	8.42%

The performance information shown is for the period from December 1, 2009 to
December 31, 2011. 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.

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 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.