Jacob Small Cap Growth Fund Investor Class Shares

Under normal circumstances, at least 80% of its assets in small capitalization companies. Small capitalization companies are defined as those companies with market capitalizations (share price multiplied by number of shares outstanding) within the capitalization range of the Russell 2000® Growth Index at the time of purchase. The Adviser manages the fund's portfolio in an aggressive growth style. It will not invest more than 25% of the fund's net assets directly in foreign companies.