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2025-08-31 2025-08-31 iso4217:USD pure iso4217:USD shares false 0001090372 N-1A N-CSR Jacob Funds Inc. 2026-08-31 Jacob Internet Fund Investor Class JAMFX 2026-08-31 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">This </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">annual shareholder report</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;"> contains important information about the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">Jacob Internet Fund for the period of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">September 1, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">2025, to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">August 31, 2026. </span> annual shareholder report <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">You can find additional information about the Fund at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">https://jacobam.com/resources/reports/index.html</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">. You can also request this information by contacting us at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">1-424-237-2164</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">.</span> https://jacobam.com/resources/reports/index.html 1-424-237-2164 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#4A4A4A;;"><b>WHAT WERE THE FUND COSTS FOR THE PAST YEAR? </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(based on a hypothetical $10,000 investment)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #E6FAFF;border-left:1.5pt solid #E6FAFF; border-right:1.5pt solid #E6FAFF; border-bottom:1.5pt solid #E6FAFF; margin-left:7.9pt;"> <tr style="height:1px;"> <td style="height:1px;width:50%;background-color:#E6FAFF;"></td> <td style="height:1px;width:22.33812949640288%;background-color:#E6FAFF;"></td> <td style="height:1px;width:27.661870503597125%;background-color:#E6FAFF;"></td> </tr> <tr> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Class Name</b></span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Costs of a $10,000 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>investment</b></span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Costs paid as a percentage of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>a $10,000 investment</b></span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E6FAFF;;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Investor Class</span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$222</span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">2.48%</span></div> </td> </tr> </table></div> 222 0.0248 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#4A4A4A;;"><b>HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?</b></span></span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">For the 12-month period ended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">August 31, 2026, the Fund underperformed its benchmark, the S&amp;P 500 TR and NASDAQ </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Composite Total Return Index.</span></div><div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#161616;;"><b>WHAT FACTORS INFLUENCED PERFORMANCE</b></span></span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">The broader equity market advanced over the fiscal year, with technology-sector gains concentrated among </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">semiconductors, artificial intelligence infrastructure and larger companies. Other areas of technology experienced greater </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">volatility as investors reassessed which business models were positioned to benefit from artificial intelligence and which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">faced potential disruption. The conflict in the Middle East and the resulting increase in oil prices also raised concerns </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">about inflation, economic growth and interest rates, contributing to shifts in investor risk appetite. The Fund declined as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">losses in several Internet and technology holdings outweighed gains from its strongest contributors. The Fund will </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">continue to focus on companies positioned to benefit from long-term growth in artificial intelligence, cybersecurity, digital </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">finance and modern data infrastructure.</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:7.75pt;"> <tr style="height:1px;"> <td style="height:1px;width:1.8507194244604317%;"></td> <td style="height:1px;width:98.14928057553956%;"></td> </tr> <tr> <td colspan="2" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top Contributors</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#30DB87;;">↑</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Crowdstrike Holdings, Inc.</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#30DB87;;">↑</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Lightwave Logic, Inc.</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#30DB87;;">↑</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Confluent, Inc.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:7.75pt;"> <tr style="height:1px;"> <td style="height:1px;width:1.8507194244604317%;"></td> <td style="height:1px;width:98.14928057553956%;"></td> </tr> <tr> <td colspan="2" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top Detractors</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#CA0046;;">↓</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">WM Technology, Inc.</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#CA0046;;">↓</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Flutter Entertainment PLC</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#CA0046;;">↓</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Neighborhood Intelligence, Inc.</span></div> </td> </tr> </table></div><div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#161616;;"><b>PERFORMANCE</b></span></span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">The Jacob Internet Fund declined 21.28% for the fiscal period ended August 31, 2026. Market sentiment shifted sharply </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">during the year as investors assessed the potential impact of artificial intelligence on technology business models. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Geopolitical conflict and renewed risk aversion also contributed to broad selling. Conditions improved later in the period as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">investors became more discriminating about potential AI winners and losers, but the recovery did not offset the earlier </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">weakness.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">CrowdStrike Holdings, Inc. was the largest contributor, rising 140.09% during the period as revenue and subscription </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">demand continued to grow. Lightwave Logic, Inc. advanced 61.61% on continued progress with its high-speed electro-optic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">modulator platform. Confluent, Inc. increased 51.96%, supported by IBM’s agreement to acquire the company for $31 per </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">share in cash.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">WM Technology, Inc. was the largest detractor, declining 68.55% during the period. Flutter Entertainment plc fell 65.47%, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">while Neighborhood Intelligence, Inc. decreased 62.07%. The magnitude of these declines more than offset the positive </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">contributions from the Fund’s strongest holdings.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Overall, a small number of strong gainers did not offset broader weakness across the portfolio, resulting in a negative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">return for the fiscal year.</span></div> <div><img alt="image" src="ts8661img003.jpg" style="width:89.06386701662292%"/></div> <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#161616;;"><b>ANNUAL AVERAGE TOTAL RETURN (%)</b></span></span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;margin-left:7.75pt;border-bottom:1.5pt solid #778B8B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:47.530575539568346%;"></td> <td style="height:1px;width:17.489208633093526%;"></td> <td style="height:1px;width:17.140287769784173%;"></td> <td style="height:1px;width:17.83992805755396%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>5 Year</b></span></div> </td> <td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>10 Year</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Investor Class (without sales charge)</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">-21.28</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">-10.51</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">8.82</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>S&amp;P 500 TR</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">20.38</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">12.79</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">15.37</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>NASDAQ Composite Total Return Index</b></span> </div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">23.64</span></div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">12.38</span></div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">18.61</span></div> </td> </tr> </table></div> Investor Class (without sales charge) -0.2128 -0.1051 0.0882 S&P 500 TR 0.2038 0.1279 0.1537 NASDAQ Composite Total Return Index 0.2364 0.1238 0.1861 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Visit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">https://jacobam.com/resources/reports/index.html</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"> for more recent performance information.</span></div> The Fund’s past performance is not a good predictor of how the Fund will perform in the future. <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;color:#6B6B6B;;margin-left:18pt;margin-left:0pt;"><i>The graph and table do not reflect the </i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;color:#6B6B6B;;margin-left:18pt;margin-left:0pt;"><i>deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</i></span> <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#4A4A4A;;"><b>KEY FUND STATISTICS </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">August 31, 2026)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #6B6B6B;margin-left:7.75pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:74.41007194244604%;"></td> <td style="height:1px;width:25.58992805755396%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Net Assets</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$42,609,662</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Number of Holdings</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">39</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Net Advisory Fee</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$603,260</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Portfolio Turnover</b></span></div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">55%</span></div> </td> </tr> </table></div> 42609662 39 603260 0.55 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#4A4A4A;;"><b>WHAT DID THE FUND INVEST IN? </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">August 31, 2026)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;margin-left:8pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:82.93036211699166%;"></td> <td style="height:1px;width:13.77158774373259%;"></td> <td style="height:1px;width:3.298050139275766%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top 10 Issuers</b></span></div> </td> <td colspan="2" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>(% of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>net </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>assets)</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b> </b></span>  </div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">MongoDB, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">6.8</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">OptimizeRx Corp.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">6.4</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Snowflake, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">5.9</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Cloudflare, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">5.5</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Robinhood Markets, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">5.4</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Coinbase Global, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">5.1</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Braze, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">5.0</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Circle Internet Group, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.8</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Crowdstrike Holdings, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.3</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Reddit, Inc.</span></div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.3</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> </table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#161616;;"><b>Sector Breakdown (% of net assets)</b></span></div><div><img alt="image" src="ts8661img004.jpg" style="width:97.85407725321889%"/></div><div></div> 0.068 0.064 0.059 0.055 0.054 0.051 0.050 0.048 0.043 0.043 https://jacobam.com/resources/reports/index.html 10000 11365 14560 15232 23678 40569 19013 16892 18384 29580 23286 10000 11623 13909 14315 17455 22895 20325 23566 29960 34718 41793 10000 12473 15897 15783 23569 30755 23992 28753 36558 44583 55121 0.424 0.264 0.209 0.059 0.031 0.012 0.001 Jacob Small Cap Growth Fund Investor Class JSCGX 2026-08-31 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">This </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">annual shareholder report</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;"> contains important information about the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">Jacob Small Cap Growth Fund for the period of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">September 1, 2025, to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">August 31, 2026. </span> annual shareholder report <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">You can find additional information about the Fund at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">https://jacobam.com/resources/reports/index.html</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">. You can also request this information by contacting us at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">1-424-237-2164</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">.</span> https://jacobam.com/resources/reports/index.html 1-424-237-2164 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#4A4A4A;;"><b>WHAT WERE THE FUND COSTS FOR THE PAST YEAR? </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(based on a hypothetical $10,000 investment)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #E6FAFF;border-left:1.5pt solid #E6FAFF; border-right:1.5pt solid #E6FAFF; border-bottom:1.5pt solid #E6FAFF; margin-left:7.9pt;"> <tr style="height:1px;"> <td style="height:1px;width:50%;background-color:#E6FAFF;"></td> <td style="height:1px;width:22.33812949640288%;background-color:#E6FAFF;"></td> <td style="height:1px;width:27.661870503597125%;background-color:#E6FAFF;"></td> </tr> <tr> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Class Name</b></span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Costs of a $10,000 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>investment</b></span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Costs paid as a percentage of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>a $10,000 investment</b></span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E6FAFF;;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Investor Class</span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$265</span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">2.81%</span></div> </td> </tr> </table></div> 265 0.0281 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#4A4A4A;;"><b>HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?</b></span></span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">For the 12-month period ended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">August 31, 2026, the Fund underperformed its benchmark, the S&amp;P 500 TR and Russell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">2000 Growth Total Return.</span></div><div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#161616;;"><b>WHAT FACTORS INFLUENCED PERFORMANCE</b></span></span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">The broader equity market advanced over the year, although performance varied considerably across sectors and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">individual companies. Strong earnings and artificial intelligence-related investment supported larger companies, while </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">conflict in the Middle East pushed oil prices higher and increased concerns about inflation, economic growth and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">direction of interest rates. These conditions created greater volatility for smaller, early-stage companies, particularly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">those with significant financing needs or longer development timelines. The Fund declined as losses in several holdings </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">outweighed gains from companies benefiting from favorable clinical, regulatory and commercial developments. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">will continue to focus on innovative companies with strong growth potential, meaningful catalysts and opportunities for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">valuation expansion.</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:7.75pt;"> <tr style="height:1px;"> <td style="height:1px;width:1.8507194244604317%;"></td> <td style="height:1px;width:98.14928057553956%;"></td> </tr> <tr> <td colspan="2" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top Contributors</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#30DB87;;">↑</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">CareDx, Inc.</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#30DB87;;">↑</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Krystal Biotech, Inc.</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#30DB87;;">↑</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Beam Therapeutics, Inc.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:7.75pt;"> <tr style="height:1px;"> <td style="height:1px;width:1.8507194244604317%;"></td> <td style="height:1px;width:98.14928057553956%;"></td> </tr> <tr> <td colspan="2" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top Detractors</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#CA0046;;">↓</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Heron Therapeutics, Inc.</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#CA0046;;">↓</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">WM Technology, Inc.</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#CA0046;;">↓</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Neighborhood Intelligence, Inc.</span></div> </td> </tr> </table></div><div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#161616;;"><b>PERFORMANCE</b></span></span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">The Jacob Small Cap Growth Fund - Investor Class declined 11.06% for the fiscal period ended August 31, 2026. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">recorded several large biotechnology gains, but declines in smaller holdings and volatility in growth stocks outweighed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">them.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">CareDx, Inc. was the largest contributor, rising 266.84% during the period as testing-services revenue and profitability </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">improved. Krystal Biotech, Inc. advanced 143.3%, supported by VYJUVEK’s continued commercial growth. Beam </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Therapeutics Inc. increased 79.89% following encouraging updated clinical data for its BEAM-302 program.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Heron Therapeutics, Inc. was the largest detractor, declining 76.44% after the company withdrew its full-year guidance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">amid patent uncertainty affecting its largest product. WM Technology, Inc. fell 68.55%, and Neighborhood Intelligence, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Inc. decreased 67.3%. These declines had a significant effect on the Fund’s results.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Overall, sharp declines in several holdings and continued volatility among smaller growth companies outweighed the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">strong performance of the Fund’s top contributors, resulting in a negative return for the fiscal year.</span></div> <div><img alt="image" src="ts8660img003.jpg" style="width:89.06386701662292%"/></div> <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#161616;;"><b>ANNUAL AVERAGE TOTAL RETURN (%)</b></span></span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;margin-left:7.75pt;border-bottom:1.5pt solid #778B8B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:47.530575539568346%;"></td> <td style="height:1px;width:17.489208633093526%;"></td> <td style="height:1px;width:17.140287769784173%;"></td> <td style="height:1px;width:17.83992805755396%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>5 Year</b></span></div> </td> <td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>10 Year</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Investor Class (without sales charge)</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">-11.06</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">-7.97</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">7.20</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>S&amp;P 500 TR</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">20.38</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">12.79</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">15.37</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Bloomberg US 2000 Growth Total Return Index</b></span> </div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">24.50</span></div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.66</span></div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">10.99</span></div> </td> </tr> </table></div> Investor Class (without sales charge) -0.1106 -0.0797 0.0720 S&P 500 TR 0.2038 0.1279 0.1537 Bloomberg US 2000 Growth Total Return Index 0.2450 0.0466 0.1099 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Visit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">https://jacobam.com/resources/reports/index.html</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"> for more recent performance information.</span></div> The Fund’s past performance is not a good predictor of how the Fund will perform in the future. <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;color:#6B6B6B;;margin-left:18pt;margin-left:0pt;"><i>The graph and table do not reflect the </i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;color:#6B6B6B;;margin-left:18pt;margin-left:0pt;"><i>deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</i></span> <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#4A4A4A;;"><b>KEY FUND STATISTICS </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">August 31, 2026)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #6B6B6B;margin-left:7.75pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:74.41007194244604%;"></td> <td style="height:1px;width:25.58992805755396%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Net Assets</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$8,150,351</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Number of Holdings</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">35</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Net Advisory Fee</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$0</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Portfolio Turnover</b></span></div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">76%</span></div> </td> </tr> </table></div> 8150351 35 0 0.76 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#4A4A4A;;"><b>WHAT DID THE FUND INVEST IN? </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">August 31, 2026)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;margin-left:8pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:82.93036211699166%;"></td> <td style="height:1px;width:13.77158774373259%;"></td> <td style="height:1px;width:3.298050139275766%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top 10 Issuers</b></span></div> </td> <td colspan="2" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>(% of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>net </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>assets)</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b> </b></span>  </div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Omeros Corp.</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">7.6</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">OptimizeRx Corp.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">6.6</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Braze, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">5.0</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Circle Internet Group, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.9</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Harrow, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.9</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Celcuity, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.7</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">DraftKings, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.4</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Nextdoor Holdings, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.2</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Beam Therapeutics, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.1</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Porch Group, Inc.</span></span> </div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">3.9</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> </table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#161616;;"><b>Sector Breakdown (% of net assets)</b></span></div><div><img alt="image" src="ts8660img004.jpg" style="width:97.85407725321889%"/></div> 0.076 0.066 0.050 0.049 0.049 0.047 0.044 0.042 0.041 0.039 https://jacobam.com/resources/reports/index.html 10000 10986 17043 14256 18788 30361 13996 13492 15581 22537 20045 10000 11623 13909 14315 17455 22895 20325 23566 29960 34718 41793 10000 11519 15129 13526 15550 22594 16955 17590 20665 22786 28368 0.448 0.208 0.176 0.082 0.054 0.013 0.019 Jacob Small Cap Growth Fund Institutional Class JSIGX 2026-08-31 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">This </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">annual shareholder report</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;"> contains important information about the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">Jacob Small Cap Growth Fund for the period of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">September 1, 2025, to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">August 31, 2026. </span> annual shareholder report <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">You can find additional information about the Fund at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">https://jacobam.com/resources/reports/index.html</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">. You can also request this information by contacting us at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">1-424-237-2164</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">.</span> https://jacobam.com/resources/reports/index.html 1-424-237-2164 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#4A4A4A;;"><b>WHAT WERE THE FUND COSTS FOR THE PAST YEAR? </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(based on a hypothetical $10,000 investment)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #E6FAFF;border-left:1.5pt solid #E6FAFF; border-right:1.5pt solid #E6FAFF; border-bottom:1.5pt solid #E6FAFF; margin-left:7.9pt;"> <tr style="height:1px;"> <td style="height:1px;width:50%;background-color:#E6FAFF;"></td> <td style="height:1px;width:22.33812949640288%;background-color:#E6FAFF;"></td> <td style="height:1px;width:27.661870503597125%;background-color:#E6FAFF;"></td> </tr> <tr> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Class Name</b></span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Costs of a $10,000 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>investment</b></span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Costs paid as a percentage of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>a $10,000 investment</b></span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E6FAFF;;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Institutional Class</span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$238</span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">2.52%</span></div> </td> </tr> </table></div> 238 0.0252 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#4A4A4A;;"><b>HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?</b></span></span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">For the 12-month period ended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">August 31, 2026, the Fund underperformed its benchmark, the S&amp;P 500 TR and Russell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">2000 Growth Total Return.</span></div><div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#161616;;"><b>WHAT FACTORS INFLUENCED PERFORMANCE</b></span></span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">The broader equity market advanced over the year, although performance varied considerably across sectors and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">individual companies. Strong earnings and artificial intelligence-related investment supported larger companies, while </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">conflict in the Middle East pushed oil prices higher and increased concerns about inflation, economic growth and the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">direction of interest rates. These conditions created greater volatility for smaller, early-stage companies, particularly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">those with significant financing needs or longer development timelines. The Fund declined as losses in several holdings </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">outweighed gains from companies benefiting from favorable clinical, regulatory and commercial developments. The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">will continue to focus on innovative companies with strong growth potential, meaningful catalysts and opportunities for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">valuation expansion.</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:7.75pt;"> <tr style="height:1px;"> <td style="height:1px;width:1.8507194244604317%;"></td> <td style="height:1px;width:98.14928057553956%;"></td> </tr> <tr> <td colspan="2" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top Contributors</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#30DB87;;">↑</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">CareDx, Inc.</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#30DB87;;">↑</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Krystal Biotech, Inc.</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#30DB87;;">↑</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Beam Therapeutics, Inc.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:7.75pt;"> <tr style="height:1px;"> <td style="height:1px;width:1.8507194244604317%;"></td> <td style="height:1px;width:98.14928057553956%;"></td> </tr> <tr> <td colspan="2" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top Detractors</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#CA0046;;">↓</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Heron Therapeutics, Inc.</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#CA0046;;">↓</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">WM Technology, Inc.</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#CA0046;;">↓</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Neighborhood Intelligence, Inc.</span></div> </td> </tr> </table></div><div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#161616;;"><b>PERFORMANCE</b></span></span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">The Jacob Small Cap Growth Fund - Institutional Class declined 10.80% for the fiscal period ended August 31, 2026. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Fund recorded several large biotechnology gains, but declines in smaller holdings and volatility in growth stocks </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">outweighed them.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">CareDx, Inc. was the largest contributor, rising 266.84% during the period as testing-services revenue and profitability </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">improved. Krystal Biotech, Inc. advanced 143.3%, supported by VYJUVEK’s continued commercial growth. Beam </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Therapeutics Inc. increased 79.89% following encouraging updated clinical data for its BEAM-302 program.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Heron Therapeutics, Inc. was the largest detractor, declining 76.44% after the company withdrew its full-year guidance </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">amid patent uncertainty affecting its largest product. WM Technology, Inc. fell 68.55%, and Neighborhood Intelligence, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Inc. decreased 67.3%. These declines had a significant effect on the Fund’s results.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Overall, sharp declines in several holdings and continued volatility among smaller growth companies outweighed the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">strong performance of the Fund’s top contributors, resulting in a negative return for the fiscal year.</span></div> <div><img alt="image" src="ts8659img003.jpg" style="width:89.06386701662292%"/></div> <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#161616;;"><b>ANNUAL AVERAGE TOTAL RETURN (%)</b></span></span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;margin-left:7.75pt;border-bottom:1.5pt solid #778B8B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:47.530575539568346%;"></td> <td style="height:1px;width:17.489208633093526%;"></td> <td style="height:1px;width:17.140287769784173%;"></td> <td style="height:1px;width:17.83992805755396%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>5 Year</b></span></div> </td> <td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>10 Year</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Institutional Class (without sales charge)</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">-10.80</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">-7.71</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">7.49</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>S&amp;P 500 TR</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">20.38</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">12.79</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">15.37</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Bloomberg US 2000 Growth Total Return Index</b></span> </div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">24.50</span></div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.66</span></div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">10.99</span></div> </td> </tr> </table></div> Institutional Class (without sales charge) -0.1080 -0.0771 0.0749 S&P 500 TR 0.2038 0.1279 0.1537 Bloomberg US 2000 Growth Total Return Index 0.2450 0.0466 0.1099 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Visit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">https://jacobam.com/resources/reports/index.html</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"> for more recent performance information.</span></div> The Fund’s past performance is not a good predictor of how the Fund will perform in the future. <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;color:#6B6B6B;;margin-left:18pt;margin-left:0pt;"><i>The graph and table do not reflect the </i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;color:#6B6B6B;;margin-left:18pt;margin-left:0pt;"><i>deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</i></span> <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#4A4A4A;;"><b>KEY FUND STATISTICS </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">August 31, 2026)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #6B6B6B;margin-left:7.75pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:74.41007194244604%;"></td> <td style="height:1px;width:25.58992805755396%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Net Assets</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$8,150,351</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Number of Holdings</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">35</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Net Advisory Fee</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$0</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Portfolio Turnover</b></span></div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">76%</span></div> </td> </tr> </table></div> 8150351 35 0 0.76 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#4A4A4A;;"><b>WHAT DID THE FUND INVEST IN? </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">August 31, 2026)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;margin-left:8pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:82.93036211699166%;"></td> <td style="height:1px;width:13.77158774373259%;"></td> <td style="height:1px;width:3.298050139275766%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top 10 Issuers</b></span></div> </td> <td colspan="2" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>(% of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>net </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>assets)</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b> </b></span>  </div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Omeros Corp.</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">7.6</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">OptimizeRx Corp.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">6.6</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Braze, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">5.0</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Circle Internet Group, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.9</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Harrow, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.9</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Celcuity, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.7</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">DraftKings, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.4</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Nextdoor Holdings, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.2</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Beam Therapeutics, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.1</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Porch Group, Inc.</span></span> </div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">3.9</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> </table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#161616;;"><b>Sector Breakdown (% of net assets)</b></span></div><div><img alt="image" src="ts8659img004.jpg" style="width:97.85407725321889%"/></div> 0.076 0.066 0.050 0.049 0.049 0.047 0.044 0.042 0.041 0.039 https://jacobam.com/resources/reports/index.html 100000 110173 171386 143679 189925 307752 142361 137585 159322 230955 206007 100000 116234 139088 143151 174554 228955 203248 235655 299601 347177 417931 100000 115191 151286 135256 155504 225943 169549 175900 206652 227862 283684 0.448 0.208 0.176 0.082 0.054 0.013 0.019 Jacob Discovery Fund Investor Class JMCGX 2026-08-31 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">This </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">annual shareholder report</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;"> contains important information about the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">Jacob Discovery Fund for the period of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">September 1, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">2025, to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">August 31, 2026. </span> annual shareholder report <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">You can find additional information about the Fund at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">https://jacobam.com/resources/reports/index.html</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">. You can also request this information by contacting us at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">1-424-237-2164</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">.</span> https://jacobam.com/resources/reports/index.html 1-424-237-2164 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#4A4A4A;;"><b>WHAT WERE THE FUND COSTS FOR THE PAST YEAR? </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(based on a hypothetical $10,000 investment)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #E6FAFF;border-left:1.5pt solid #E6FAFF; border-right:1.5pt solid #E6FAFF; border-bottom:1.5pt solid #E6FAFF; margin-left:7.9pt;"> <tr style="height:1px;"> <td style="height:1px;width:50%;background-color:#E6FAFF;"></td> <td style="height:1px;width:22.33812949640288%;background-color:#E6FAFF;"></td> <td style="height:1px;width:27.661870503597125%;background-color:#E6FAFF;"></td> </tr> <tr> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Class Name</b></span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Costs of a $10,000 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>investment</b></span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Costs paid as a percentage of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>a $10,000 investment</b></span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E6FAFF;;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Investor Class</span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$242</span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">2.31%</span></div> </td> </tr> </table></div> 242 0.0231 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#4A4A4A;;"><b>HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?</b></span></span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">For the 12-month period ended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">August 31, 2026, the Fund underperformed its benchmark, the S&amp;P 500 TR and Russell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Microcap Growth Total Return.  </span></div><div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#161616;;"><b>WHAT FACTORS INFLUENCED PERFORMANCE</b></span></span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">The broader equity market advanced over the year, although performance varied considerably across sectors and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">individual companies. Strong corporate earnings and investment related to artificial intelligence supported major market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">indexes, while conflict in the Middle East disrupted global energy supplies and caused oil prices to rise sharply. Higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">energy costs contributed to renewed inflation and interest-rate concerns, creating additional volatility for smaller </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">companies. Against this backdrop, the Fund generated a positive return as favorable regulatory, commercial and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">operating developments drove strong gains in several biotechnology and health care holdings. These gains offset the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">declines in certain smaller positions. The Fund will continue to focus on underfollowed companies with identifiable growth </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">catalysts and the potential for meaningful valuation appreciation.</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:7.75pt;"> <tr style="height:1px;"> <td style="height:1px;width:1.8507194244604317%;"></td> <td style="height:1px;width:98.14928057553956%;"></td> </tr> <tr> <td colspan="2" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top Contributors</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#30DB87;;">↑</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Omeros Corp.</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#30DB87;;">↑</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">CareDx, Inc.</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#30DB87;;">↑</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Cerus Corp.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:7.75pt;"> <tr style="height:1px;"> <td style="height:1px;width:1.8507194244604317%;"></td> <td style="height:1px;width:98.14928057553956%;"></td> </tr> <tr> <td colspan="2" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top Detractors</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#CA0046;;">↓</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Heron Therapeutics, Inc.</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#CA0046;;">↓</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">WM Technology, Inc.</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#CA0046;;">↓</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Neighborhood Intelligence, Inc.</span></div> </td> </tr> </table></div><div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#161616;;"><b>PERFORMANCE</b></span></span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">The Jacob Discovery Fund - Investor Class gained 9.78% for the fiscal period ended August 31, 2026. Although volatile </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">market conditions weighed on many smaller growth companies during the year, strong gains in several biotechnology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">holdings allowed the Fund to finish with a positive return.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Omeros Corporation was the largest contributor, rising 351.68% during the period following FDA approval and the initial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">commercial launch of YARTEMLEA. CareDx, Inc. advanced 266.84%, supported by strong growth in testing services and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">improved profitability. Cerus Corporation increased 101.53% as product revenue grew and the company raised the lower </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">end of its 2026 product revenue guidance.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Heron Therapeutics, Inc. was the largest detractor, declining 76.44% after patent uncertainty affecting its largest product </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">led the company to withdraw its full-year guidance. WM Technology, Inc. fell 68.55%, while Neighborhood Intelligence, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Inc. decreased 62.07%. The declines in these smaller positions weighed on performance.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Overall, the magnitude of the gains from the Fund’s top contributors more than offset the declines from its weakest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">holdings, producing a positive return for the fiscal year.</span></div> <div><img alt="image" src="ts8658img003.jpg" style="width:89.06386701662292%"/></div> <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#161616;;"><b>ANNUAL AVERAGE TOTAL RETURN (%)</b></span></span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;margin-left:7.75pt;border-bottom:1.5pt solid #778B8B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:47.530575539568346%;"></td> <td style="height:1px;width:17.489208633093526%;"></td> <td style="height:1px;width:17.140287769784173%;"></td> <td style="height:1px;width:17.83992805755396%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>5 Year</b></span></div> </td> <td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>10 Year</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Investor Class (without sales charge)</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">9.78</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">-5.53</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">11.68</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>S&amp;P 500 TR</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">20.38</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">12.79</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">15.37</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Bloomberg US Micro Cap Total Return Index</b></span> </div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">20.54</span></div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">-0.36</span></div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">9.08</span></div> </td> </tr> </table></div> Investor Class (without sales charge) 0.0978 -0.0553 0.1168 S&P 500 TR 0.2038 0.1279 0.1537 Bloomberg US Micro Cap Total Return Index 0.2054 -0.0036 0.0908 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Visit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">https://jacobam.com/resources/reports/index.html</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"> for more recent performance information.</span></div> The Fund’s past performance is not a good predictor of how the Fund will perform in the future. <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;color:#6B6B6B;;margin-left:18pt;margin-left:0pt;"><i>The graph and table do not reflect the </i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;color:#6B6B6B;;margin-left:18pt;margin-left:0pt;"><i>deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</i></span> <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#4A4A4A;;"><b>KEY FUND STATISTICS </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">August 31, 2026)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #6B6B6B;margin-left:7.75pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:74.41007194244604%;"></td> <td style="height:1px;width:25.58992805755396%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Net Assets</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$14,476,212</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Number of Holdings</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">49</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Net Advisory Fee</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$47,584</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Portfolio Turnover</b></span></div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">49%</span></div> </td> </tr> </table></div> 14476212 49 47584 0.49 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#4A4A4A;;"><b>WHAT DID THE FUND INVEST IN? </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">August 31, 2026)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;margin-left:8pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:82.93036211699166%;"></td> <td style="height:1px;width:13.77158774373259%;"></td> <td style="height:1px;width:3.298050139275766%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top 10 Issuers</b></span></div> </td> <td colspan="2" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>(% of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>net </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>assets)</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b> </b></span>  </div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Omeros Corp.</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">7.8</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Usio, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">7.3</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">OptimizeRx Corp.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.9</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Celcuity, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">3.4</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Porch Group, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">3.4</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Solitario Resources Corp.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">3.2</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Harrow, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">3.1</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Nextdoor Holdings, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">3.0</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Cerus Corp.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">3.0</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Western Copper &amp; Gold Corp.</span></span> </div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">2.6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> </table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#161616;;"><b>Sector Breakdown (% of net assets)</b></span></div><div><img alt="image" src="ts8658img004.jpg" style="width:97.85407725321889%"/></div><div></div> 0.078 0.073 0.049 0.034 0.034 0.032 0.031 0.030 0.030 0.026 https://jacobam.com/resources/reports/index.html 10000 9319 15197 15789 22079 40092 21786 20464 21707 27486 30173 10000 11623 13909 14315 17455 22895 20325 23566 29960 34718 41793 10000 11446 14405 11136 13213 24281 17780 15890 17214 19780 23842 0.411 0.171 0.148 0.093 0.091 0.060 0.023 0.003 Jacob Discovery Fund Institutional Class JMIGX 2026-08-31 <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">This </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">annual shareholder report</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;"> contains important information about the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">Jacob Discovery Fund for the period of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">September 1, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">2025, to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">August 31, 2026. </span> annual shareholder report <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">You can find additional information about the Fund at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">https://jacobam.com/resources/reports/index.html</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">. You can also request this information by contacting us at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">1-424-237-2164</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#161616;;">.</span> https://jacobam.com/resources/reports/index.html 1-424-237-2164 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#4A4A4A;;"><b>WHAT WERE THE FUND COSTS FOR THE PAST YEAR? </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(based on a hypothetical $10,000 investment)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #E6FAFF;border-left:1.5pt solid #E6FAFF; border-right:1.5pt solid #E6FAFF; border-bottom:1.5pt solid #E6FAFF; margin-left:7.9pt;"> <tr style="height:1px;"> <td style="height:1px;width:50%;background-color:#E6FAFF;"></td> <td style="height:1px;width:22.33812949640288%;background-color:#E6FAFF;"></td> <td style="height:1px;width:27.661870503597125%;background-color:#E6FAFF;"></td> </tr> <tr> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Class Name</b></span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Costs of a $10,000 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>investment</b></span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>Costs paid as a percentage of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;"><b>a $10,000 investment</b></span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E6FAFF;;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">Institutional Class</span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$211</span></div> </td> <td colspan="1" style="background-color:#E6FAFF;;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E6FAFF;padding-left:2pt;padding-top:1.5pt;padding-bottom:0;align:center;text-align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">2.01%</span></div> </td> </tr> </table></div> 211 0.0201 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#4A4A4A;;"><b>HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?</b></span></span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">For the 12-month period ended </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">August 31, 2026, the Fund underperformed its benchmark, the S&amp;P 500 TR and Russell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Microcap Growth Total Return.  </span></div><div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#161616;;"><b>WHAT FACTORS INFLUENCED PERFORMANCE</b></span></span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">The broader equity market advanced over the year, although performance varied considerably across sectors and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">individual companies. Strong corporate earnings and investment related to artificial intelligence supported major market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">indexes, while conflict in the Middle East disrupted global energy supplies and caused oil prices to rise sharply. Higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">energy costs contributed to renewed inflation and interest-rate concerns, creating additional volatility for smaller </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">companies. Against this backdrop, the Fund generated a positive return as favorable regulatory, commercial and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">operating developments drove strong gains in several biotechnology and health care holdings. These gains offset the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">declines in certain smaller positions. The Fund will continue to focus on underfollowed companies with identifiable growth </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">catalysts and the potential for meaningful valuation appreciation.</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:7.75pt;"> <tr style="height:1px;"> <td style="height:1px;width:1.8507194244604317%;"></td> <td style="height:1px;width:98.14928057553956%;"></td> </tr> <tr> <td colspan="2" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top Contributors</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#30DB87;;">↑</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Omeros Corp.</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#30DB87;;">↑</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">CareDx, Inc.</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#30DB87;;">↑</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Cerus Corp.</span></div> </td> </tr> </table></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:7.75pt;"> <tr style="height:1px;"> <td style="height:1px;width:1.8507194244604317%;"></td> <td style="height:1px;width:98.14928057553956%;"></td> </tr> <tr> <td colspan="2" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top Detractors</b></span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#CA0046;;">↓</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Heron Therapeutics, Inc.</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#CA0046;;">↓</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">WM Technology, Inc.</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#CA0046;;">↓</span></div> </td> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Neighborhood Intelligence, Inc.</span></div> </td> </tr> </table></div><div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#161616;;"><b>PERFORMANCE</b></span></span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">The Jacob Discovery Fund - Institutional Class gained 10.11% for the fiscal period ended August 31, 2026. Although volatile </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">market conditions weighed on many smaller growth companies during the year, strong gains in several biotechnology </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">holdings allowed the Fund to finish with a positive return.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Omeros Corporation was the largest contributor, rising 351.68% during the period following FDA approval and the initial </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">commercial launch of YARTEMLEA. CareDx, Inc. advanced 266.84%, supported by strong growth in testing services and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">improved profitability. Cerus Corporation increased 101.53% as product revenue grew and the company raised the lower </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">end of its 2026 product revenue guidance.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Heron Therapeutics, Inc. was the largest detractor, declining 76.44% after patent uncertainty affecting its largest product </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">led the company to withdraw its full-year guidance. WM Technology, Inc. fell 68.55%, while Neighborhood Intelligence, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Inc. decreased 62.07%. The declines in these smaller positions weighed on performance.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Overall, the magnitude of the gains from the Fund’s top contributors more than offset the declines from its weakest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">holdings, producing a positive return for the fiscal year.</span></div> <div><img alt="image" src="ts8657img003.jpg" style="width:89.06386701662292%"/></div> <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#161616;;"><b>ANNUAL AVERAGE TOTAL RETURN (%)</b></span></span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;margin-left:7.75pt;border-bottom:1.5pt solid #778B8B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:47.530575539568346%;"></td> <td style="height:1px;width:17.489208633093526%;"></td> <td style="height:1px;width:17.140287769784173%;"></td> <td style="height:1px;width:17.83992805755396%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div> </td> <td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>1 Year</b></span></div> </td> <td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>5 Year</b></span></div> </td> <td colspan="1" style="border-bottom:1.5pt solid #1447FF;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>10 Year</b></span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Institutional Class (without sales charge)</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">10.11</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">-5.25</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.5pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">11.97</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>S&amp;P 500 TR</b></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">20.38</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">12.79</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #778B8B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">15.37</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Bloomberg US Micro Cap Total Return Index</b></span> </div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">20.54</span></div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">-0.36</span></div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">9.08</span></div> </td> </tr> </table></div> Institutional Class (without sales charge) 0.1011 -0.0525 0.1197 S&P 500 TR 0.2038 0.1279 0.1537 Bloomberg US Micro Cap Total Return Index 0.2054 -0.0036 0.0908 <div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Visit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;;">https://jacobam.com/resources/reports/index.html</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"> for more recent performance information.</span></div> The Fund’s past performance is not a good predictor of how the Fund will perform in the future. <span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;color:#6B6B6B;;margin-left:18pt;margin-left:0pt;"><i>The graph and table do not reflect the </i></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;color:#6B6B6B;;margin-left:18pt;margin-left:0pt;"><i>deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.</i></span> <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#4A4A4A;;"><b>KEY FUND STATISTICS </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">August 31, 2026)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;border-top:1.5pt solid #6B6B6B;margin-left:7.75pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:74.41007194244604%;"></td> <td style="height:1px;width:25.58992805755396%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Net Assets</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$14,476,212</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Number of Holdings</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">49</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Net Advisory Fee</b></span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$47,584</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:top"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Portfolio Turnover</b></span></div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">49%</span></div> </td> </tr> </table></div> 14476212 49 47584 0.49 <div><span style="text-transform:uppercase;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;text-transform:uppercase;color:#4A4A4A;;"><b>WHAT DID THE FUND INVEST IN? </b></span></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">(as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.824pt;color:#2D2D2D;;">August 31, 2026)</span></div><div> <table cellspacing="0" style="width:98%;cellspacing:0;margin-left:8pt;border-bottom:1.5pt solid #6B6B6B;margin-top:10px;"> <tr style="height:1px;"> <td style="height:1px;width:82.93036211699166%;"></td> <td style="height:1px;width:13.77158774373259%;"></td> <td style="height:1px;width:3.298050139275766%;"></td> </tr> <tr> <td colspan="1" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>Top 10 Issuers</b></span></div> </td> <td colspan="2" style="border-bottom:1.5pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>(% of </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>net </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b>assets)</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;"><b> </b></span>  </div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Omeros Corp.</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">7.8</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Usio, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">7.3</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">OptimizeRx Corp.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">4.9</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Celcuity, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">3.4</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Porch Group, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">3.4</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Solitario Resources Corp.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">3.2</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Harrow, Inc.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">3.1</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Nextdoor Holdings, Inc.</span></span> </div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">3.0</span></div> </td> <td colspan="1" style="border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Cerus Corp.</span></span> </div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;white-space:nowrap;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">3.0</span></div> </td> <td colspan="1" style="background-color:#E4F5FF;;border-bottom:0.75pt solid #6B6B6B;vertical-align:bottom"> <div style="background-color:#E4F5FF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> <tr> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="padding-left:0pt;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">Western Copper &amp; Gold Corp.</span></span> </div> </td> <td colspan="1" style="white-space:nowrap;vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:3pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">2.6</span></div> </td> <td colspan="1" style="vertical-align:bottom"> <div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#2D2D2D;;">%</span></div> </td> </tr> </table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#161616;;"><b>Sector Breakdown (% of net assets)</b></span></div><div><img alt="image" src="ts8657img004.jpg" style="width:97.85407725321889%"/></div><div></div> 0.078 0.073 0.049 0.034 0.034 0.032 0.031 0.030 0.030 0.026 https://jacobam.com/resources/reports/index.html 100000 93476 152766 159042 222874 405764 221090 208266 221632 281420 309861 100000 116234 139088 143151 174554 228955 203248 235655 299601 347177 417931 100000 114465 144046 111358 132131 242812 177799 158896 172143 197797 238421 0.411 0.171 0.148 0.093 0.091 0.060 0.023 0.003