REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



To the Board of Directors of Jacob Funds Inc.
and the Shareholders of the
Jacob Internet Fund,
Jacob Small Cap Growth Fund,
Jacob Micro Cap Growth Fund and
Jacob Wisdom Fund


In planning and performing our audits of the financial statements of Jacob Internet Fund, Jacob Small
Cap Growth Fund, Jacob Micro Cap Growth Fund, and Jacob Wisdom Fund (the "Funds"), each a series
of shares of Jacob Funds Inc., as of August 31, 2014 and for the year then ended, in accordance with the
standards of the Public Company Accounting Oversight Board (United States) ("PCAOB"), we
considered internal control over financial reporting, including control activities over safeguarding
securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on
the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of
expressing an opinion on the effectiveness of the Funds' internal control over financial reporting.
Accordingly, we express no such opinion.

The management of the Funds is responsible for establishing and maintaining effective internal control
over financial reporting.  In fulfilling this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of controls.  A company's internal control over
financial reporting is a process designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with
accounting principles generally accepted in the United States of America ("GAAP").  A company's
internal control over financial reporting includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of the financial statements in accordance with GAAP, and
that receipts and expenditures of the company are being made only in accordance with authorizations of
management and trustees of the company; and (3) provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a
material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect
misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the
risk that controls may become inadequate because of changes in conditions or that the degree of
compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control
does not allow management or employees, in the normal course of performing their assigned functions, to
prevent or detect misstatements on a timely basis.  A material weakness is a deficiency, or combination of
deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a
material misstatement of the Funds' annual or interim financial statements will not be prevented or
detected on a timely basis.

Our consideration of the Funds' internal control over financial reporting was for the limited purpose
described in the first paragraph and would not necessarily disclose all deficiencies in internal control that
might be material weaknesses under standards established by the PCAOB.  However, we noted no
deficiencies in the internal control over financial reporting and operations, including controls over
safeguarding securities that we consider to be material weaknesses, as defined above, as of August 31,
2014.

This report is intended solely for the information and use of management, the shareholders of the Jacob
Internet Fund, Jacob Small Cap Growth Fund, Jacob Micro Cap Growth Fund and Jacob Wisdom Fund,
the Board of Directors of Jacob Funds Inc. and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified parties.




							/s/ BBD, LLP
							BBD, LLP


Philadelphia, Pennsylvania
October 29, 2014