Jacob
Small Cap Growth Fund

PERFORMANCE

 

Returns / NAV: as of 5/17/12
  Daily Month-to-date Quarter-to-date Year-to-date
Jacob Small Cap Growth Fund -3.34% -13.20% -17.63% -2.43%
Russell 2000 Growth Index -2.56% -8.24% -9.75% 2.24%


 

  Total Returns as of Month-End 4/30/12 Total Returns as of Quarter-End 3/31/12 Average Annualized Returns as of 3/31/12
  Month Quarter 1 year Since Inception*
Jacob Small Cap Growth Fund -5.10% 18.45% -6.26% 17.73%
Russell 2000 Growth Index -1.64% 13.28% 0.68% 19.46%

*Inception Date: 2/1/2010
Expense Ratio: Gross 5.43% Net 4.53%**

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 888-522-6939.

The fund imposes a 2.00% redemption fee on shares held less than 90 days. Performance data does not reflect the redemption fee. If reflected, returns would be lower. The fund imposes neither a maximum sales charge on purchases nor a maximum deferred sales charge.

**The advisor has contractually agreed, until 1/31/2012, to waive its fees and/or absorb expenses of the fund to ensure that total annual operating expenses do not exceed 2.45% percent of the fund's average net assets. Note the maximum waiver is 0.90%, which means that is is possible that he funds' overall expenses could exceed 2.45%.

Investment performance reflects fee waivers. In the absence of these waivers returns would be reduced.

The Fund invests in smaller companies, which involve additional risks, such as limited liquidity and greater volatility. Investments in foreign securities involve greater volatility and political, economic and currency risks, and differences in accounting methods.

The Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in an index.