ck0001300746-20230930
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Intrepid
Capital Fund
Institutional
Class (Ticker: ICMVX)
Investor
Class (Ticker: ICMBX) |
Intrepid
Income Fund
Institutional
Class (Ticker: ICMUX)
Investor
Class (Not Available for Sale) |
Intrepid
Small Cap Fund
Institutional
Class (Ticker: ICMZX)
Investor
Class (Ticker: ICMAX) |
Prospectus
January 31,
2024
The
Securities and Exchange Commission has not approved or disapproved these
securities or determined if this Prospectus is truthful or complete. Any
representation to the contrary is a criminal offense.
TABLE
OF CONTENTS
SUMMARY
SECTION
Intrepid Capital
Fund
Investment
Objective:
The Intrepid Capital Fund (the “Fund” in this Summary) seeks
long-term capital appreciation and high current
income.
Fees and
Expenses of the Fund: This table describes the fees
and expenses that you may pay if you buy, hold, and sell shares of the Fund. You
may pay other fees, such as brokerage commissions and other fees to financial
intermediaries, which are not reflected in the table and Example
below.
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SHAREHOLDER
FEES
(fees
paid directly from your investment) |
Investor
Class |
Institutional
Class |
Maximum
Sales Charge (Load) Imposed on Purchases (as a percentage of offering
price) |
None |
None |
Maximum
Deferred Sales Charge (Load) (as a percentage of offering
price) |
None |
None |
Maximum
Sales Charge (Load) Imposed on Reinvested Dividends and Other
Distributions (as a percentage of offering price) |
None |
None |
Redemption
Fee (as a percentage of amount redeemed on shares held for 30 days or
less) |
2.00% |
2.00% |
Exchange
Fee |
None |
None |
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ANNUAL
FUND OPERATING EXPENSES
(expenses
that you pay each year as a percentage of the value of your
investment) |
Management
Fees |
1.00% |
1.00% |
Distribution
and/or Service (12b-1) Fees |
0.25% |
None |
Other
Expenses(1) |
0.74% |
0.84% |
Total
Annual Fund Operating Expenses |
1.99% |
1.84% |
Fee
Waiver and/or Expense Reimbursement(2) |
-0.58% |
-0.69% |
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement(2) |
1.41% |
1.15% |
(1)“Other Expenses”
include Acquired Fund Fees and Expenses of one basis point. As a result, Total
Annual Fund Operating Expenses in the table above do not correlate to the ratio
of Expenses to Average Net Assets found within the “Financial Highlights”
section of this Prospectus, which does not include Acquired Fund Fees and
Expenses.
(2)Intrepid
Capital Management, Inc. (the “Adviser”) has contractually agreed to reduce its
fees and/or reimburse the Fund to the extent necessary to ensure that Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement do
not exceed 1.15% of the average daily net assets of the Fund. This expense
limitation agreement will continue in effect until January 31,
2025.
The Adviser may recoup any waived amount from the Fund pursuant to this
agreement if such reimbursement does not cause the Fund to exceed existing
expense limitations and the reimbursement is made within three years after the
year in which the Adviser incurred the expense. The Fund may have Total
Annual
Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement higher
than these expense caps as a result of any sales, distribution and other fees
incurred under a plan adopted pursuant to Rule 12b-1 under the Investment
Company Act of 1940, as amended (the “Investment Company Act”), acquired fund
fees and expenses or other expenses (such as taxes, interest, brokerage
commissions and extraordinary items) that are excluded from the
calculation.
Example
This Example is intended to help you compare the cost of investing
in the Fund with the cost of investing in other mutual funds. The Example
assumes that you invest $10,000 in the Fund for the time periods indicated and
then redeem all of your shares at the end of these periods. The Example also
assumes that your investment has a 5% return each year and that the Fund’s
operating expenses remain the same (taking into account the contractual expense
limitation for one year). Although your actual
costs may be higher or lower, based on these assumptions, your costs would
be:
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| 1
Year |
3
Years |
5
Years |
10
Years |
Investor
Class |
$144 |
$566 |
$1,015 |
$2,260 |
Institutional
Class |
$117 |
$512 |
$931 |
$2,102 |
Portfolio
Turnover:
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the example, affect the Fund’s performance.
During the most recent fiscal year, the Fund’s portfolio turnover rate was
57%
of the average value of its portfolio.
Principal Investment
Strategies: Under
normal conditions, the Fund invests primarily in a diversified portfolio of
undervalued small and medium capitalization (i.e.,
less than $25 billion of market capitalization) equity securities and high yield
securities (also known as “junk bonds”). The Fund believes an equity security is
undervalued if the market value of the outstanding equity security is less than
the intrinsic value of the company issuing the equity security. Equity
securities include common stocks, preferred stocks, convertible preferred
stocks, warrants, options, exchange-traded funds (“ETFs”) and foreign
securities, which include American Depository Receipts
(“ADRs”).
The
Fund considers the intrinsic value of a company to be the present value of a
company’s expected future stream of free cash flows discounted by an appropriate
discount rate. After estimating the intrinsic value of a company, the Fund
adjusts for debt, cash, and other potential capital (such as minority interest)
on the company’s balance sheet. The Fund then makes buy/sell decisions by
comparing a company’s market value with its intrinsic value estimates. The Fund
seeks to invest in internally financed companies generating cash in excess of
their business needs, with predictable revenue streams, and in industries with
high barriers to entry.
The
Fund’s investments in high yield securities will not be limited in duration, but
typically will be in securities having a duration of two to six years at the
time of purchase. Duration is a measure of a debt security’s price sensitivity,
taking into
account
a debt security’s cash flows over time. For example, a security with a duration
of five years would likely drop five percent in value if interest rates rose one
percentage point.
Additionally,
the Fund’s investments in high yield securities will not be limited in credit
rating, but typically will be in securities rated below-investment grade by a
nationally recognized statistical rating agency. The Fund believes that these
securities may be attractively priced relative to their risk because many
institutional investors do not purchase less than investment grade debt
securities.
In
certain market conditions, the Adviser may determine that it is appropriate for
the Fund to hold a significant cash position for an extended period of time. The
Fund expects that it may maintain substantial cash positions when the Adviser
determines that such cash holdings, given the risks the Adviser believes to be
present in the market, are more beneficial to shareholders than investment in
additional securities.
Principal
Risks: There is a risk that you could lose all or
a portion of your money on your investment in the Fund. This
risk may increase during times of significant market volatility. The following
risks could affect the value of your investment:
•Equity
Securities Risks:
Equity securities may experience sudden, unpredictable drops in value or long
periods of decline in value. This change may occur because of factors that
affect securities markets generally or factors affecting specific industries,
sectors or companies in which the Fund invests.
•General
Market Risk; Recent Market Events:
The prices of the securities in which the Fund invests may decline in response
to adverse issuer, political, regulatory, market, economic or other
developments, and to the negative impact of any epidemic, pandemic or natural
disaster that may cause broad changes in market value, public perceptions
concerning these developments, and adverse investor sentiment or publicity.
Securities selected for the Fund’s portfolio may decline in value more than the
overall stock market.
The
global pandemic caused by COVID-19 resulted in unprecedented volatility and a
wide range of social and economic disruptions, including closed borders,
voluntary or compelled quarantines of large populations, stressed healthcare
systems, reduced or prohibited domestic or international travel, and supply
chain disruptions affecting the United States and many other countries. Some
sectors of the economy and individual issuers experienced particularly large
losses as a result of these disruptions. The impact of these events and other
epidemics or pandemics in the future could adversely affect Fund performance.
Furthermore,
the Russian military invasion of Ukraine in February 2022 and the resulting
actions taken by the United States and European Union in levying broad economic
sanctions against Russia could continue to have adverse effects on the price and
liquidity of investments, which could adversely affect the financial markets,
and therefore, Fund performance. Similarly, the recent conflict between Israel
and Hamas in Gaza, and the threat of future hostilities in the broader Middle
East region, may have similar adverse effects on market
volatility
and global economic growth which could adversely affect Fund
performance.
•Small
and Medium Capitalization Company Risk:
The Fund invests in small and medium capitalization companies that tend to be
more volatile and less liquid than large capitalization companies, which can
negatively affect the Fund’s ability to purchase or sell these securities. Small
and medium capitalization companies can be subject to more abrupt or erratic
share price changes than larger, more established
companies.
•Value
Investing Risk:
The risk associated with the Fund’s investment in companies it considers
undervalued relative to their peers or the general stock market where these
securities may decline or may not reach what the investment adviser believes are
their full value.
•Foreign
Securities Risk:
Stocks of non-U.S. companies (whether directly or in ADRs) as an asset class may
underperform stocks of U.S. companies, and such stocks may be less liquid and
more volatile than stocks of U.S. companies. The costs associated with
securities transactions are often higher in foreign countries than the U.S. The
U.S. dollar value of foreign securities traded in foreign currencies (and any
dividends and interest earned) held by the Fund may be affected unfavorably by
changes in foreign currency exchange rates. An increase in the U.S. dollar
relative to these other currencies will adversely affect the Fund, if the
positions are not fully hedged. Additionally, investments in foreign securities,
whether or not publicly traded in the U.S., may involve risks which are in
addition to those inherent in domestic investments. Foreign companies may be
subject to significantly higher levels of taxation than U.S. companies,
including potentially confiscatory levels of taxation, thereby reducing the
earnings potential of such foreign companies. Substantial withholding taxes may
apply to distributions from foreign companies. Foreign companies may not be
subject to the same regulatory requirements of U.S. companies and, as a
consequence, there may be less publicly available information about such
companies. Also, foreign companies may not be subject to uniform accounting,
auditing and financial reporting standards and requirements comparable to those
applicable to U.S. companies. Policy and legislative changes in foreign
countries and other events affecting global markets, such as the institution of
tariffs by the U.S. or the United Kingdom’s withdrawal from the European Union,
may contribute to decreased liquidity and increased volatility in the financial
markets. Foreign governments and foreign economies often are less stable than
the U.S. Government and the U.S. economy.
•Interest
Rate Risk:
When interest rates rise, the value of previously-issued bonds and other debt
securities decreases. Further, as interest rates rise after a period of
historically low interest rates, it may cause potentially sudden and
unpredictable effects on the markets and the Fund's investments, and therefore
Fund performance may be adversely affected.
•Debt/Fixed
Income Securities Risk:
An increase in interest rates typically causes
a fall in the value of the debt securities in which the Fund may invest.
The
value of your investment in the Fund may change in response to changes in the
credit ratings of the Fund’s portfolio of debt securities. With interest rates
rising in the United States, the Fund may be subject to heightened interest rate
risk. Moreover, rising interest rates or lack of market participants may lead to
decreased liquidity in the bond and loan markets, making it more difficult for
the Fund to sell its holdings at a time when the Adviser might wish to sell.
Lower rated securities (“junk bonds”) are generally subject to greater risk of
loss of your money than higher rated securities. Issuers may (increase) decrease
prepayments of principal when interest rates (fall) increase, affecting the
maturity of the debt security and causing the value of the security to decline.
The administrator of the London Interbank Offered Rate (“LIBOR”) has phased out
LIBOR such that after June 30, 2023, the overnight, 1‑month, 3‑month, 6‑month
and 12‑month U.S. dollar LIBOR settings have ceased to be published or
representative. All other LIBOR settings and certain other interbank offered
rates, such as the Euro Overnight Index Average, ceased to be published or
representative after December 31, 2021. Actions by regulators have resulted in
the establishment of alternative reference rates to LIBOR in most major
currencies. The impact of the discontinuation of LIBOR and the transition to an
alternative rate on the Fund’s portfolio remains uncertain. There can be no
guarantee that financial instruments that transition to an alternative reference
rate will retain the same value or liquidity as they would otherwise have had.
These events and any additional regulatory or market changes that occur as a
result of the transition away from LIBOR and the adoption of alternative
reference rates may have an adverse impact on the value of the Fund’s
investments, performance or financial condition, and might lead to increased
volatility and illiquidity in markets that relied on LIBOR to determine interest
rates.
•Credit
Risk:
The risk of investing in bonds and debt securities whose issuers may not be able
to make interest and principal payments. In turn, issuers’ inability to make
payments may lower the credit quality of the security and lead to greater
volatility in the price of the security.
•High
Yield Risk:
The risk of loss on investments in high yield securities or “junk bonds.” These
securities are rated below investment grade, are usually less liquid, have
greater credit risk than investment grade debt securities, and their market
values tend to be volatile. They are more likely to default than investment
grade securities when adverse economic and business conditions are present, such
as economic recession or periods of high interest
rates.
•Liquidity
Risk: The
risk, due to certain investments trading in lower volumes or to market and
economic conditions, that the Fund may be unable to find a buyer for its
investments when it seeks to sell them or to receive the price it expects based
on the Fund’s valuation of the investments. Events that may lead to increased
redemptions, such as market disruptions, may also negatively impact the
liquidity of the Fund’s investments when it needs to dispose of them. If the
Fund is forced to sell its investments at an unfavorable time and/or under
adverse
conditions in order to meet redemption requests, such sales could negatively
affect the Fund. Liquidity issues may also make it difficult to value the Fund’s
investments.
•Cash
Position Risk:
The ability of the Fund to meet its objective may be limited to the extent it
holds assets in cash (or cash equivalents) or is otherwise
uninvested.
•Exchange-Traded
Fund Risk:
The risk of owning an ETF generally reflects the risks of owning the underlying
securities they are designed to track, although lack of liquidity in an ETF
could result in it being more volatile than the underlying portfolio of
securities. Disruptions in the markets for the securities underlying ETFs
purchased or sold by the Fund could result in losses on the Fund’s investment in
ETFs. ETFs also have management fees that increase their costs versus the costs
of owning the underlying securities directly.
•Changes
in Tax Laws. All statements contained in this Prospectus regarding the U.S.
federal income tax consequences of an investment in the Fund are based on
current law, which is subject to change at any time, potentially with
retroactive effect. For example, tax legislation enacted in 2017 (the Tax Cuts
and Jobs Act) resulted in fundamental changes to the Code (some of which are set
to expire in the next few years). More recently, the Inflation Reduction Act of
2022 will add a 15% alternative minimum tax on large corporations and a 1%
excise tax on repurchases of stock by publicly traded corporations and certain
affiliates. The excise tax on repurchases of stock may cause some corporations
in which the Fund invests to reduce liquidity opportunities for its investors,
which could potentially reduce the value of your investment in the Fund. Such
legislation, as well as possible future U.S. tax legislation and administrative
guidance, could materially affect the tax consequences of your investment in the
Fund and the Fund’s investments or holding structures.
Performance:
The following
bar chart and table provide some indication of the risks of investing in the
Fund. The bar chart shows changes in the Fund’s performance from
year to year for Investor Class shares (the Class with the longest period of
annual returns). The table shows how the Fund’s average annual returns over 1,
5, and 10 years compare with those of a broad measure of market performance, as
well as additional indices that reflect the market sectors in which the Fund
invests. For additional information on the indices, please see “Index
Descriptions” in this Prospectus. The performance for the Institutional Class
shares would differ only to the extent that the Institutional Class shares have
different expenses than the Investor Class shares. The Fund’s past
performance (before and after taxes) is not necessarily an indication of how the
Fund will perform in the future. Updated performance information
is available on the Fund’s website at www.intrepidcapitalfunds.com.
Intrepid
Capital Fund – Investor Class
Calendar
Year Total Returns as of 12/31
During
the period shown on the bar chart, the Fund’s best and worst quarters are shown
below:
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Best
Quarter |
December 31,
2020 |
14.35 |
% |
Worst
Quarter |
March 31,
2020 |
-20.04 |
% |
AVERAGE
ANNUAL TOTAL RETURNS
(For
the period ended December 31, 2023)
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Year |
5
Years |
10
Years |
Investor
Class |
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Return Before
Taxes |
14.16% |
5.56% |
3.32% |
Return After
Taxes on Distributions |
12.34% |
4.41% |
2.00% |
Return After
Taxes on Distributions and Sale of Fund
Shares |
8.48% |
3.87% |
2.11% |
Institutional
Class |
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Return Before
Taxes |
14.32% |
5.79% |
3.57% |
Bloomberg
Combined 1-5Y TR Index (60% S&P 500®
Index/40% Bloomberg U.S. Government/Credit Index 1-5YR TR Index)
(reflects no deduction for
fees, expenses or taxes) |
17.49% |
10.23% |
7.96% |
Bloomberg
Combined Index (60% S&P 500®
Index/40% Bloomberg U.S. Gov/Credit Index) (reflects no deduction for
fees, expenses or taxes) |
17.76% |
10.12% |
8.16% |
S&P
500®
Total Return Index (reflects no deduction for fees, expenses or
taxes) |
26.29% |
15.69% |
12.03% |
Bloomberg
U.S. Gov/Credit 1-5Y TR Index (reflects no deduction for fees, expenses or
taxes) |
4.89% |
1.54% |
1.43% |
Bloomberg
U.S. Gov/Credit Index (reflects no deduction for fees, expenses or
taxes) |
5.72% |
1.41% |
1.97% |
The
Fund uses the Bloomberg U.S. Gov/Credit 1-5Y TR Index, Bloomberg Combined Index,
and Bloomberg
U.S. Gov/Credit Index as additional indices because they compare the Fund’s performance
with the returns of indices holding investments similar to those of the
Fund. For additional information on the indices, please see
“Index Descriptions” in this Prospectus.
The
Fund offers two Classes of shares. Investor Class shares commenced operations on
January 3, 2005 and Institutional Class shares commenced operations on April 30,
2010.
After-tax returns are
calculated using the historical highest individual federal marginal income tax
rates and do not reflect the impact of state and local taxes.
Actual after-tax returns depend on your situation and may differ from those
shown. In certain cases, the figure
representing “Return After Taxes on Distributions and Sale of Fund Shares” may
be higher than the other return figures for the same period. A higher after-tax
return results when a capital loss occurs upon redemption and provides an
assumed tax deduction that benefits the investor. Furthermore, the after-tax
returns shown are not relevant to those who hold their shares through
tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts
(“IRAs”). After-tax returns are shown
for Investor Class shares only, and after-tax returns for Institutional Class
shares will vary.
Management
Investment
Adviser:
Intrepid Capital Management, Inc. is the investment adviser for the
Fund.
Portfolio
Manager:
Mark Travis has served as the portfolio manager of the Fund since its inception
in 2005 and is the President of the Adviser. Matt Parker, CFA®,
CPA, Hunter Hayes, CFA®,
and Joe Van Cavage, CFA®,
have served as part of the investment team of the Fund since 2019.
For
important information about the purchase and sale of Fund shares, tax
information and financial intermediary compensation, please turn to “Purchase
and Sale of Fund Shares, Taxes and Financial Intermediary Compensation” on page
23.
Intrepid Small Cap
Fund
Investment Objective: The Intrepid Small Cap Fund
(the “Fund” in this Summary) seeks long-term capital
appreciation.
Fees and Expenses of the
Fund: This
table describes the fees and expenses that you may pay if you buy, hold, and
sell shares of the Fund. You may pay other fees, such as brokerage commissions
and other fees to financial intermediaries, which are not reflected in the table
and Example below.
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SHAREHOLDER
FEES
(fees
paid directly from your investment) |
Investor
Class |
Institutional
Class |
Maximum
Sales Charge (Load) Imposed on Purchases (as a percentage of offering
price) |
None |
None |
Maximum
Deferred Sales Charge (Load) (as a percentage of offering
price) |
None |
None |
Maximum
Sales Charge (Load) Imposed on Reinvested Dividends and Other
Distributions (as a percentage of offering price) |
None |
None |
Redemption
Fee (as a percentage of amount redeemed on shares held for 30 days or
less) |
2.00% |
2.00% |
Exchange
Fee |
None |
None |
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ANNUAL
FUND OPERATING EXPENSES
(expenses
that you pay each year as a percentage of the value of your
investment) |
Management
Fees |
1.00% |
1.00% |
Distribution
and/or Service (12b-1) Fees |
0.25% |
None |
Other
Expenses |
0.71% |
0.70% |
Total
Annual Fund Operating Expenses |
1.96% |
1.70% |
Fee
Waiver and/or Expense Reimbursement(1) |
-0.66% |
-0.55% |
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement(1) |
1.30% |
1.15% |
(1)The
Adviser has contractually agreed to reduce its fees and/or reimburse the Fund to
the extent necessary to ensure that Total Annual Fund Operating Expenses After
Fee Waiver and/or Expense Reimbursement do not exceed 1.15% of the average daily
net assets of the Fund. This expense limitation agreement will continue in
effect until January 31,
2025. The Adviser may recoup any waived amount from the Fund
pursuant to this agreement if such reimbursement does not cause the Fund to
exceed existing expense limitations and the reimbursement is made within three
years after the year in which the Adviser incurred the expense. The Fund may
have Total Annual Fund Operating Expenses after Fee Waiver and/or Expense
Reimbursement higher than these expense caps as a result of any sales,
distribution and other fees incurred under a plan adopted pursuant to Rule 12b-1
under the Investment Company Act of 1940, as amended (the “Investment Company
Act”), acquired fund fees and expenses or other expenses (such as taxes,
interest, brokerage commissions and extraordinary items) that are excluded from
the calculation.
Example
This Example is intended to help you compare the cost of investing
in the Fund with the cost of investing in other mutual funds. The Example
assumes that you invest $10,000 in the Fund for the time periods indicated and
then redeem all of your shares at the end of these periods. The Example also
assumes that your investment has a 5% return each year and that the Fund’s
operating expenses remain the same (taking into account the contractual expense
limitation for one year). Although your actual
costs may be higher or lower, based on these assumptions, your costs would
be:
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| 1
Year |
3
Years |
5
Years |
10
Years |
Investor
Class |
$132 |
$551 |
$996 |
$2,232 |
Institutional
Class |
$117 |
$482 |
$871 |
$1,963 |
Portfolio
Turnover:
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the example, affect the Fund’s performance.
During the most recent fiscal year, the Fund’s portfolio turnover rate was
40% of the average
value of its portfolio.
Principal Investment
Strategies:
Under normal conditions, the Fund invests at
least 80% of its net assets, plus borrowings for investment purposes, in a
diversified portfolio of equity securities of small capitalization companies.
The Fund defines small capitalization companies to include companies having a
capitalization that does not exceed the upper limit of the capitalization ranges
of the higher of the Morningstar Small Cap Index or the S&P SmallCap
600®
Index during the most recent 12 months. For the 12 months ended
December 31, 2023
this limit was approximately $22
billion.
Equity securities include common stocks, preferred stocks, convertible preferred
stocks, warrants, options, ETFs and foreign securities, which include
ADRs.
The
Fund invests in undervalued equity securities and believes an equity security is
undervalued if the market value of the outstanding equity security is less than
the intrinsic value of the company issuing the equity security. The Fund
considers the intrinsic value of a company to be the present value of a
company’s expected future stream of free cash flows discounted by an appropriate
discount rate. After estimating the intrinsic value of a company, the Fund
adjusts for debt, cash, and other potential capital (such as minority interest)
on the company’s balance sheet. The Fund then makes buy/sell decisions by
comparing a company’s market value with its intrinsic value estimates. The Fund
seeks to invest in internally financed companies generating cash in excess of
their business needs, with predictable revenue streams, and in industries with
high barriers to entry. In determining the presence of these factors, the Fund’s
investment adviser reviews periodic reports filed with the Securities and
Exchange Commission as well as industry publications. The Fund may engage in
short-term trading.
The
Fund may hold in excess of 25% of its assets in cash or cash equivalents at any
time and for an extended time. The Fund expects that it may maintain substantial
cash positions when the Adviser determines that such cash holdings, given the
risks the Adviser believes to be present in the market, are more beneficial to
shareholders than investment in additional
securities.
Principal
Risks: There is a risk that you could lose all or
a portion of your money on your investment in the Fund. This
risk may increase during times of significant market volatility. The following
risks could affect the value of your investment:
•Equity
Securities Risks:
Equity securities may experience sudden, unpredictable drops in value or long
periods of decline in value. This change may occur because of factors that
affect securities markets generally or factors affecting specific industries,
sectors or companies in which the Fund invests.
•General
Market Risk; Recent Market Events:
The prices of the securities in which the Fund invests may decline in response
to adverse issuer, political, regulatory, market, economic or other
developments, and to the negative impact of any epidemic, pandemic or natural
disaster that may cause broad changes in market value, public perceptions
concerning these developments, and adverse investor sentiment or publicity.
Securities selected for the Fund’s portfolio may decline in value more than the
overall stock market.
The
global pandemic caused by COVID-19 resulted in unprecedented volatility and a
wide range of social and economic disruptions, including closed borders,
voluntary or compelled quarantines of large populations, stressed healthcare
systems, reduced or prohibited domestic or international travel, and supply
chain disruptions affecting the United States and many other countries. Some
sectors of the economy and individual issuers experienced particularly large
losses as a result of these disruptions. The impact of these events and other
epidemics or pandemics in the future could adversely affect Fund performance.
Furthermore,
the Russian military invasion of Ukraine in February 2022 and the resulting
actions taken by the United States and European Union in levying broad economic
sanctions against Russia could continue to have adverse effects on the price and
liquidity of investments, which could adversely affect the financial markets,
and therefore, Fund performance. Similarly, the recent conflict between Israel
and Hamas in Gaza, and the threat of future hostilities in the broader Middle
East region, may have similar adverse effects on market volatility and global
economic growth which could adversely affect Fund
performance.
•Small-Capitalization
Company Risk:
The risk of investing in the stocks of smaller companies. Small companies can be
more sensitive to changing economic conditions. Stocks of smaller companies are
more volatile, often have less trading volume than those of larger companies and
are more difficult to sell at quoted market prices.
•Value
Investing Risk:
The risk associated with the Fund’s investment in companies it considers
undervalued relative to their peers or the general stock market where these
securities may decline or may not reach what the investment adviser believes are
their full value.
•Foreign
Securities Risk:
Stocks of non-U.S. companies (whether directly or in ADRs) as an asset class may
underperform stocks of U.S. companies, and such stocks may be less liquid and
more volatile than stocks of U.S. companies. The costs associated with
securities transactions are often higher in foreign countries than the U.S. The
U.S. dollar value of foreign securities traded in foreign currencies (and any
dividends and interest earned) held by the Fund may be affected unfavorably by
changes in foreign currency exchange rates. An increase in the U.S. dollar
relative to these other currencies will adversely affect the Fund, if the
positions are not fully hedged. Additionally, investments in foreign securities,
whether or not publicly traded in the U.S., may involve risks which are in
addition to those inherent in domestic investments. Foreign companies may be
subject to significantly higher levels of taxation than U.S. companies,
including potentially confiscatory levels of taxation, thereby reducing the
earnings potential of such foreign companies. Substantial withholding taxes may
apply to distributions from foreign companies. Foreign companies may not be
subject to the same regulatory requirements of U.S. companies and, as a
consequence, there may be less publicly available information about such
companies. Also, foreign companies may not be subject to uniform accounting,
auditing and financial reporting standards and requirements comparable to those
applicable to U.S. companies. Policy and legislative changes in foreign
countries and other events affecting global markets, such as the institution of
tariffs by the U.S. or the United Kingdom’s withdrawal from the European Union,
may contribute to decreased liquidity and increased volatility in the financial
markets. Foreign governments and foreign economies often are less stable than
the U.S. Government and the U.S. economy.
•ADR
Risk: ADRs
may be subject to some of the same risks as direct investment in foreign
companies, which includes international trade, currency, political, regulatory
and diplomatic risks. Because unsponsored ADR arrangements are organized
independently and without the cooperation of the issuer of the underlying
securities, available information concerning the foreign issuer may not be as
current as for sponsored ADRs and voting rights with respect to the deposited
securities are not passed through.
•Liquidity
Risk: The
risk, due to certain investments trading in lower volumes or to market and
economic conditions, that the Fund may be unable to find a buyer for its
investments when it seeks to sell them or to receive the price it expects based
on the Fund’s valuation of the investments. Events that may lead to increased
redemptions, such as market disruptions, may also negatively impact the
liquidity of the Fund’s investments when it needs to dispose of them. If the
Fund is forced to sell its investments at an unfavorable time and/or under
adverse
conditions in order to meet redemption requests, such sales could negatively
affect the Fund. Liquidity issues may also make it difficult to value the Fund’s
investments.
•Cash
Position Risk:
The ability of the Fund to meet its objective may be limited to the extent it
holds assets in cash (or cash equivalents) or is otherwise
uninvested.
•Exchange-Traded
Fund Risk:
The risk of owning an ETF generally reflects the risks of owning the underlying
securities they are designed to track, although lack of liquidity in an ETF
could result in it being more volatile than the underlying portfolio of
securities. Disruptions in the markets for the securities underlying ETFs
purchased or sold by the Fund could result in losses on the Fund’s investment in
ETFs. ETFs also have management fees that increase their costs versus the costs
of owning the underlying securities directly.
•Changes
in Tax Laws. All statements contained in this Prospectus regarding the U.S.
federal income tax consequences of an investment in the Fund are based on
current law, which is subject to change at any time, potentially with
retroactive effect. For example, tax legislation enacted in 2017 (the Tax Cuts
and Jobs Act) resulted in fundamental changes to the Code (some of which are set
to expire in the next few years). More recently, the Inflation Reduction Act of
2022 will add a 15% alternative minimum tax on large corporations and a 1%
excise tax on repurchases of stock by publicly traded corporations and certain
affiliates. The excise tax on repurchases of stock may cause some corporations
in which the Fund invests to reduce liquidity opportunities for its investors,
which could potentially reduce the value of your investment in the Fund. Such
legislation, as well as possible future U.S. tax legislation and administrative
guidance, could materially affect the tax consequences of your investment in the
Fund and the Fund’s investments or holding structures.
Performance:
The following
bar chart and table provide some indication of the risks of investing in the
Fund. The bar chart shows changes in the Fund’s performance from
year to year for Investor Class shares (the Class with the longest period of
annual returns). The table shows how the Fund’s average annual returns over 1, 5
and 10 years compare with those of a broad measure of market performance For
additional information on the index, please see “Index Descriptions” in this
Prospectus. The performance for the Institutional Class shares would differ only
to the extent that the Institutional Class shares have different expenses than
the Investor Class shares. The Fund’s past performance
(before and after taxes) is not necessarily an indication of how the Fund will
perform in the future. Updated performance information is
available on the Fund’s website at www.intrepidcapitalfunds.com.
Intrepid
Small Cap Fund – Investor Class
Calendar
Year Total
Returns as of 12/31
During
the period shown on the bar chart, the Fund’s best and worst quarters are shown
below:
|
|
|
|
|
|
|
| |
Best
Quarter |
December 31,
2020 |
20.79 |
% |
Worst
Quarter |
March 31,
2020 |
-21.50 |
% |
AVERAGE
ANNUAL TOTAL RETURNS
(For
the period ended December
31, 2023)
|
|
|
|
|
|
|
|
|
|
| |
| 1
Year |
5
Years |
10
Years |
Investor
Class |
|
| |
Return Before
Taxes |
11.62% |
4.05% |
1.96% |
Return After
Taxes on Distributions |
11.41% |
3.96% |
1.47% |
Return After
Taxes on Distributions and Sale of Fund
Shares |
7.03% |
3.13% |
1.42% |
Institutional
Class |
|
| |
Return Before
Taxes |
11.79% |
4.26% |
2.18% |
Morningstar
U.S. Small Cap Total Return Index (reflects
no deduction for fees, expenses or
taxes) |
20.59% |
10.88% |
7.56% |
The
Fund offers two Classes of shares. Investor Class shares commenced operations on
October 3, 2005 and Institutional Class shares commenced operations on November
3, 2009.
After-tax returns are
calculated using the historical highest individual federal marginal income tax
rates and do not reflect the impact of state and local taxes.
Actual after-tax returns depend on your situation and may differ from those
shown. Furthermore, the after-tax
returns shown are not relevant to those who hold their shares through
tax-deferred arrangements such as 401(k) plans or IRAs.
After-tax returns are shown
for Investor Class shares only, and after-tax returns for Institutional Class
shares will vary.
Management
Investment
Adviser:
Intrepid
Capital Management, Inc. is the investment adviser for the Fund.
Portfolio
Managers:
Matt Parker, CFA®,
CPA has served as co-lead portfolio manager of the Fund since 2019 and is a Vice
President of the Adviser. Joe Van Cavage, CFA®
has served as co-lead portfolio manager of the Fund since 2019 and is a Vice
President of the Advisor. Hunter Hayes, CFA®,
has served as part of the investment team since 2019.
For
important information about the purchase and sale of Fund shares, tax
information and financial intermediary compensation, please turn to “Purchase
and Sale of Fund Shares, Taxes and Financial Intermediary Compensation” on page
23.
Intrepid Income
Fund
Investment
Objective: The
Intrepid Income Fund (the “Fund” in this Summary) seeks high current income and
capital appreciation.
Fees and Expenses of the
Fund:
This table describes the fees and expenses that you may pay if you
buy, hold, and sell shares of the Fund. You may pay other fees, such as
brokerage commissions and other fees to financial intermediaries, which are not
reflected in the table and Example below.
|
|
|
|
|
|
|
| |
SHAREHOLDER
FEES
(fees
paid directly from your investment) |
Investor
Class |
Institutional
Class |
Maximum
Sales Charge (Load) Imposed on Purchases (as a percentage of offering
price) |
None |
None |
Maximum
Deferred Sales Charge (Load) (as a percentage of offering
price) |
None |
None |
Maximum
Sales Charge (Load) Imposed on Reinvested Dividends and Other
Distributions (as a percentage of offering price) |
None |
None |
Redemption
Fee (as a percentage of amount redeemed on shares held for 30 days or
less) |
2.00% |
2.00% |
Exchange
Fee |
None |
None |
|
|
|
|
|
|
|
| |
ANNUAL
FUND OPERATING EXPENSES
(expenses
that you pay each year as a percentage of the value of your
investment) |
Management
Fees |
0.75% |
0.75% |
Distribution
and/or Service (12b-1) Fees |
0.25% |
None |
Other
Expenses(1)(2) |
0.23% |
0.29% |
Total
Annual Fund Operating Expenses |
1.23% |
1.04% |
Fee
Waiver and/or Expense Reimbursement(3) |
-0.08% |
-0.03% |
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement(3) |
1.15% |
1.01% |
(1)Investor
Class shares are not available for sale. “Other Expenses” are based on estimated
expenses for the current fiscal year for the Investor Class
shares.
(2)“Other Expenses”
include Acquired Fund Fees and Expenses of one basis point. As a result, Total
Annual Fund Operating Expenses in the table above do not correlate to the ratio
of Expenses to Average Net Assets found within the “Financial Highlights”
section of this Prospectus, which does not include Acquired Fund Fees and
Expenses.
(3)The
Adviser has contractually agreed to reduce its fees and/or reimburse the Fund to
the extent necessary to ensure that Total Annual Fund Operating Expenses After
Fee Waiver and/or Expense Reimbursement do not exceed 1.15% of the Fund’s
average daily net assets for the Investor Class shares of the Fund, and do not
exceed 1.00% of the average daily net assets for the Institutional Class
shares. This expense limitation agreement will continue in effect
until January 31,
2025. The Adviser may recoup any waived amount from the Fund
pursuant to this agreement if such reimbursement does not cause the Fund to
exceed existing expense limitations and the reimbursement is made within three
years after the year in which the Adviser incurred the expense. The Fund may
have Total
Annual
Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement higher
than these expense caps as a result of acquired fund fees and expenses or other
expenses (such as taxes, interest, brokerage commissions and extraordinary
items) that are excluded from the calculation.
Example
This Example is intended to help you compare the cost of investing
in the Fund with the cost of investing in other mutual funds. The Example
assumes that you invest $10,000 in the Fund for the time periods indicated and
then redeem all of your shares at the end of these periods. The Example also
assumes that your investment has a 5% return each year and that the Fund’s
operating expenses remain the same (taking into account the contractual expense
limitation for one year). Although your actual
costs may be higher or lower, based on these assumptions, your costs would
be:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| 1
Year |
3
Years |
5
Years |
10
Years |
Investor
Class |
$117 |
$382 |
$668 |
$1,482 |
Institutional
Class |
$103 |
$326 |
$567 |
$1,258 |
Portfolio
Turnover:
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the example, affect the Fund’s performance.
During the most recent fiscal year, the Fund’s portfolio turnover rate was
112%
of the average value of its portfolio.
Principal Investment
Strategies: Under
normal conditions, the Fund primarily invests in a diversified portfolio of
fixed-income securities. The Fund’s fixed income securities will consist
principally of high-yield corporate debt securities (sometimes referred to as
“junk bonds”), bank debt (including loan assignments and participations),
convertible debt, and U.S. Government securities. The Fund may also invest in
investment grade corporate debt securities, as well as the debt of foreign
companies. Foreign companies, or non-U.S. companies, are companies domiciled or
headquartered outside of the U.S., or whose primary business activities or
principal trading markets are located outside of the U.S. High yield securities
typically pay high current interest. They also offer the potential for capital
appreciation when purchased at a discount to par value or when favorable
company-specific events occur. The Fund’s investment advisor performs deep
fundamental credit analysis in selecting debt securities for the Fund, and the
Fund’s holdings will not be limited by credit quality, sector, or geography. The
Fund’s investments in debt instruments will not be limited in duration, but
typically will be in securities having a duration of two to six years at the
time of purchase. Duration is a measure of a debt security’s price sensitivity
taking into account a debt security’s cash flows over time. For example, a
security with a duration of five years would likely drop five percent in value
if interest rates rose one percentage
point.
In
addition, the Fund may invest in equity securities, consisting principally of
dividend-paying common stock or preferred stock. The Fund will typically seek
dividend-paying equity and preferred securities that it believes are undervalued
based
on
internal appraisals of such securities’ intrinsic values. The Fund typically
determines the intrinsic value of a company to be the present value of a
company’s expected future stream of free cash flows discounted by an appropriate
discount rate. After estimating the intrinsic value of the business as a whole,
the Fund adjusts for debt, cash, and other potential capital (such as minority
interest) to arrive at an estimate of the equity security’s intrinsic value. If
a dividend paying common stock or preferred stock stops paying dividends after
its purchase by the Fund, the Fund would not be required to sell the
security.
The
Adviser may shift the Fund’s assets among various types of income-producing
securities based upon changing market conditions and its own credit analyses to
determine the creditworthiness and potential for capital appreciation of a
security.
In
certain market conditions, the Adviser may determine that it is appropriate for
the Fund to hold a significant cash position for an extended period. The Fund
expects that it may maintain substantial cash positions when the Adviser
determines that such cash holdings, given the risks the Adviser believes to be
present in the market, are more beneficial to shareholders than investment in
additional securities.
Principal
Risks: There is a risk that you could lose all or
a portion of your money on your investment in the Fund. This
risk may increase during times of significant market volatility. The following
risks could affect the value of your investment:
•General
Market Risk; Recent Market Events:
The prices of the securities in which the Fund invests may decline in response
to adverse issuer, political, regulatory, market, economic or other
developments, and to the negative impact of any epidemic, pandemic or natural
disaster that may cause broad changes in market value, public perceptions
concerning these developments, and adverse investor sentiment or publicity.
Securities selected for the Fund’s portfolio may decline in value more than the
overall stock market.
The
global pandemic caused by COVID-19 resulted in unprecedented volatility and a
wide range of social and economic disruptions, including closed borders,
voluntary or compelled quarantines of large populations, stressed healthcare
systems, reduced or prohibited domestic or international travel, and supply
chain disruptions affecting the United States and many other countries. Some
sectors of the economy and individual issuers experienced particularly large
losses as a result of these disruptions. The impact of these events and other
epidemics or pandemics in the future could adversely affect Fund performance.
Furthermore,
the Russian military invasion of Ukraine in February 2022 and the resulting
actions taken by the United States and European Union in levying broad economic
sanctions against Russia could continue to have adverse effects on the price and
liquidity of investments, which could adversely affect the financial markets,
and therefore, Fund performance. Similarly, the recent conflict between Israel
and Hamas in Gaza, and the threat of future hostilities in the broader Middle
East region, may have similar adverse effects on market volatility and global
economic growth which could adversely affect Fund
performance.
•Interest
Rate Risk:
When interest rates rise, the value of previously-issued bonds and other debt
securities decreases. Further, as interest rates rise after a period of
historically low interest rates, it may cause potentially sudden and
unpredictable effects on the markets and the Fund's investments, and therefore
Fund performance may be adversely affected.
•Debt/Fixed
Income Securities Risk:
An
increase in interest rates typically causes a fall in the value of the debt
securities in which the Fund may invest. The value of your investment in the
Fund may change in response to changes in the credit ratings of the Fund’s
portfolio of debt securities. With interest rates rising in the United States,
the Fund may be subject to heightened interest rate risk. Moreover, rising
interest rates or lack of market participants may lead to decreased liquidity in
the bond and loan markets, making it more difficult for the Fund to sell its
holdings at a time when the Adviser might wish to sell. Lower rated securities
(“junk bonds”) are generally subject to greater risk of loss of your money than
higher rated securities. Issuers may (increase) decrease prepayments of
principal when interest rates (fall) increase, affecting the maturity of the
debt security and causing the value of the security to decline. The
administrator of the London Interbank Offered Rate (“LIBOR”) has phased out
LIBOR such that after June 30, 2023, the overnight, 1‑month, 3‑month, 6‑month
and 12‑month U.S. dollar LIBOR settings have ceased to be published or
representative. All other LIBOR settings and certain other interbank offered
rates, such as the Euro Overnight Index Average, ceased to be published or
representative after December 31, 2021. Actions by regulators have resulted in
the establishment of alternative reference rates to LIBOR in most major
currencies. The impact of the discontinuation of LIBOR and the transition to an
alternative rate on the Fund’s portfolio remains uncertain. There can be no
guarantee that financial instruments that transition to an alternative reference
rate will retain the same value or liquidity as they would otherwise have had.
These events and any additional regulatory or market changes that occur as a
result of the transition away from LIBOR and the adoption of alternative
reference rates may have an adverse impact on the value of the Fund’s
investments, performance or financial condition, and might lead to increased
volatility and illiquidity in markets that relied on LIBOR to determine interest
rates.
•Credit
Risk:
The risk of investing in bonds and debt securities whose issuers may not be able
to make interest and principal payments. In turn, issuers’ inability to make
payments may lower the credit quality of the security and lead to greater
volatility in the price of the security.
•High
Yield Risk:
The risk of loss on investments in high yield securities or “junk bonds.” These
securities are rated below investment grade, are usually less liquid, have
greater credit risk than investment grade debt securities, and their market
values tend to be volatile. They are more likely to default than investment
grade securities when adverse economic and business conditions are
present.
•Liquidity
Risk:
The risk, due to certain investments trading in lower volumes or to market and
economic conditions, that the Fund may be unable to find a buyer for its
investments when it seeks to sell them or to receive the price it expects based
on the Fund’s valuation of the investments. Events that may lead to increased
redemptions, such as market disruptions, may also negatively impact the
liquidity of the Fund’s investments when it needs to dispose of them. If the
Fund is forced to sell its investments at an unfavorable time and/or under
adverse conditions in order to meet redemption requests, such sales could
negatively affect the Fund. Liquidity issues may also make it difficult to value
the Fund’s investments.
•Cash
Position Risk:
The ability of the Fund to meet its objective may be limited to the extent it
holds assets in cash (or cash equivalents) or is otherwise
uninvested.
•Changes
in Tax Laws. All statements contained in this Prospectus regarding the U.S.
federal income tax consequences of an investment in the Fund are based on
current law, which is subject to change at any time, potentially with
retroactive effect. For example, tax legislation enacted in 2017 (the Tax Cuts
and Jobs Act) resulted in fundamental changes to the Code (some of which are set
to expire in the next few years). More recently, the Inflation Reduction Act of
2022 will add a 15% alternative minimum tax on large corporations and a 1%
excise tax on repurchases of stock by publicly traded corporations and certain
affiliates. The excise tax on repurchases of stock may cause some corporations
in which the Fund invests to reduce liquidity opportunities for its investors,
which could potentially reduce the value of your investment in the Fund. Such
legislation, as well as possible future U.S. tax legislation and administrative
guidance, could materially affect the tax consequences of your investment in the
Fund and the Fund’s investments or holding structures.
Performance:
The following
bar chart and table provide some indication of the risks of investing in the
Fund. The bar chart shows changes in the Fund’s performance from
year to year for Institutional Class shares (the only Class currently available
for sale). The table shows how the Fund’s average annual returns over 1, 5 and
10 years compare with those of a broad-based market index, as well as additional
indices that reflect the market sectors in which the Fund invests. For
additional information on the indices, please see “Index Description” in this
Prospectus. No performance information is available for the Investor Class
shares since that class is currently not available for sale. The performance for
the Investor Class shares would differ only to the extent that the Investor
Class shares have different expenses than the Institutional Class shares.
The Fund’s past performance
(before and after taxes) is not necessarily an indication of how the Fund will
perform in the future. Updated performance information is
available on the Fund’s website at www.intrepidcapitalfunds.com.
Intrepid
Income Fund – Institutional Class
Calendar
Year Total Returns as of 12/31
During
the period shown on the bar chart, the Fund’s best and worst quarters are shown
below:
|
|
|
|
|
|
|
| |
Best
Quarter |
December 31,
2020 |
7.43 |
% |
Worst
Quarter |
March 31,
2020 |
-6.66 |
% |
AVERAGE
ANNUAL TOTAL RETURNS
(For
the period ended December
31, 2023)
|
|
|
|
|
|
|
|
|
|
| |
| 1
Year |
5
Years |
10
Years |
Institutional
Class |
|
| |
Return Before
Taxes |
10.88% |
6.10% |
4.04% |
Return After
Taxes on Distributions |
6.81% |
3.37% |
2.02% |
Return After
Taxes on Distributions and Sale of Fund
Shares |
6.31% |
3.50% |
2.21% |
Bloomberg
U.S. Gov/Credit 1-5Y TR Index (reflects no deduction for
fees, expenses or taxes) |
4.89% |
1.54% |
1.43% |
Bloomberg
U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or
taxes) |
5.53% |
1.10% |
1.81% |
Institutional
Class shares commenced operations on August 16, 2010. Performance shown prior to
August 16, 2010 reflects the performance of Investor Class shares, which
commenced operations on July 2, 2007 and ceased operations on January 31, 2014,
and includes expenses that are not applicable to and are higher than those of
Institutional Class shares. After-tax returns are
calculated using the historical highest individual federal stated income tax
rates and do not reflect the impact of state and local taxes.
Actual after-tax returns depend on your situation and may differ from those
shown. In
certain cases, the figure representing “Return After Taxes on
Distributions and Sale of Fund Shares”
may be higher than the other return figures for the same period. A higher
after-tax return results when a capital loss occurs upon redemption and provides
an assumed tax deduction that benefits the investor.
Furthermore, the after-tax
returns shown are not relevant to those who hold their shares through
tax-deferred arrangements such as 401(k) plans or
IRAs.
Management
Investment
Adviser:
Intrepid Capital Management, Inc. is the investment adviser for the
Fund.
Portfolio
Managers:
Mark
Travis has served as the portfolio manager of the Fund since 2018 and co-lead
portfolio manager of the Fund since 2019 and is the President of the Adviser.
Hunter Hayes, CFA®,
has served as co-lead portfolio manager of the Fund since 2019 and is a Senior
Vice President of the Adviser. Joe Van Cavage, CFA®
has
served as a co-portfolio manager of the Fund since 2024 and is a Senior Vice
President of the Adviser. Matt Parker, CFA®
has
served as a co-portfolio manager of the Fund since 2024 and is a Senior Vice
President of the Adviser.
For
important information about the purchase and sale of Fund shares, tax
information and financial intermediary compensation, please turn to “Purchase
and Sale of Fund Shares, Taxes and Financial Intermediary Compensation” on page
23.
PURCHASE
AND SALE OF FUND SHARES, TAXES
AND
FINANCIAL INTERMEDIARY
COMPENSATION
Purchasing
Shares:
Investors may purchase, exchange or redeem Fund shares by mail at Intrepid
Capital Management Funds Trust, c/o U.S. Bancorp Fund Services, LLC, doing
business as U.S. Bank Global Fund Services, 615 East Michigan Street,
3rd Floor, Milwaukee, WI 53201-5207, or by telephone at 1-866-996-FUND.
Redemptions by telephone are only permitted upon previously receiving
appropriate authorization. Subsequent purchases and redemptions may be made by
visiting the Funds’ website at www.intrepidcapitalfunds.com. Transactions will
only occur on days the New York Stock Exchange is open. Investors who wish to
purchase or redeem Fund shares through a financial intermediary should contact
the financial intermediary directly for information relative to the purchase or
sale of Fund shares. The minimum initial amount of investment in a Fund is
$2,500 for Investor Class shares and $250,000 for Institutional Class shares
(except as noted in the next sentence). The minimum initial amount of investment
in the Institutional Class shares of the Intrepid Income Fund is $2,500.
Subsequent investments in the Investor Class or Institutional Class shares of a
Fund may be made with a minimum investment of $100. Investor Class shares of the
Intrepid Income Fund are not currently available for sale.
Tax
Information:
The Funds’ distributions generally will be taxable to you, whether they are paid
in cash or reinvested in Fund shares, unless you invest through a tax-deferred
arrangement, such as a 401(k) plan or IRA, in which case such distributions may
be subject to federal income tax.
Payments
to Broker-Dealers and Other Financial Intermediaries: If
you purchase Fund shares through a broker-dealer or other financial intermediary
(such as a bank), the Funds and their related companies may pay the intermediary
for the sale of Fund shares and related services. These payments may create
conflicts of interest by influencing the broker-dealer or other intermediary and
your salesperson to recommend a Fund over another investment. In addition, your
financial intermediary may charge a transaction fee for the purchase or sale of
fund shares. Ask your advisor or visit your financial intermediary’s website for
more information.
MORE
INFORMATION ABOUT THE FUNDS’
INVESTMENT
STRATEGIES AND
PRINCIPAL
RISKS
INVESTMENT
OBJECTIVE
Please
remember that an investment objective is not a guarantee. An investment in one
of the Funds might not appreciate and investors could lose money. Each Fund may
change its investment objective without obtaining shareholder
approval.
Each
Fund may hold in excess of 25% of its assets in cash or cash equivalents at any
time or for an extended time. To the extent a Fund holds assets in cash (or cash
equivalents) and is otherwise uninvested, the ability of the Fund to meet its
objective may be limited. The Adviser will determine the amount of the Fund’s
assets to be held in cash or cash equivalents at its sole discretion, based on
such factors as it may consider appropriate under the circumstances, including
holding cash for temporary defensive positions as discussed below. A Fund’s cash
levels are likely to increase in market environments in which the Adviser
struggles to find undervalued investments because portfolio sale decisions are
made based on valuation and are independent of whether the Fund has found a
replacement idea. This can reduce a Fund’s performance in rising
markets.
Each
Fund may, in response to adverse market, economic or other conditions, take
temporary defensive positions that are inconsistent with a Fund’s principal
investment strategies. Typically, these adverse conditions will result in a Fund
having difficulty finding qualifying investments. A temporary defensive position
means a Fund will invest some or all of its assets in money market instruments
such as U.S. Treasury Bills, commercial paper or repurchase agreements (cash). A
Fund may maintain a temporary defensive position for prolonged periods, until
such time as it can find securities that meet its investment criteria. Even when
a Fund is not taking a temporary defensive position, or the Adviser has not
determined that is advisable to hold a significant cash position, the Fund will
still hold some cash so that it can pay expenses, satisfy redemption requests,
or take advantage of investment opportunities.
PRINCIPAL
INVESTMENT STRATEGIES
Equity
Security Investments
Under
normal circumstances, the Intrepid Capital Fund typically will hold equity
securities of approximately 20 to 75 different companies, while the Intrepid
Small Cap Fund will generally hold equity securities of approximately 12 to 50
different companies. Equity securities include common stocks, preferred stocks,
convertible preferred stocks, warrants, options, ETFs and foreign securities,
which include ADRs. When limiting their holdings to a relatively small number of
positions, these Funds will invest in only the best ideas of the Adviser.
However, so limiting the number of holdings may cause the performance of each
Fund to be more volatile as
each
position is likely to have a more meaningful impact on performance than if the
Fund had invested in a greater number of securities.
Each
Fund typically will hold a position until either the price reaches the target
valuation level or the Fund determines that the price is unlikely to reach that
level. Each Fund may hold stocks for several years or longer, if
necessary.
High
Yield Security Investments
Under
normal conditions, the Intrepid Capital Fund will typically hold high yield
securities (also known as “junk bonds”) of approximately 10-40 companies with
approximately 20% to 60% of the Intrepid Capital Fund’s total assets held in
such high yield securities. The Intrepid Income Fund typically will hold high
yield securities of approximately 15-70 companies. The Intrepid Capital Fund and
the Intrepid Income Fund normally will not purchase high yield securities that
are rated lower than “CCC” by Standard & Poor’s®
(“S&P®”)
or at least “Caa” by Moody’s Investors Service®,
Inc. (“Moody’s”). Notwithstanding the foregoing, the Intrepid Income Fund may
purchase or hold securities in default if it believes the default will be cured,
and the Intrepid Capital Fund may purchase or hold securities in default if it
believes the default will be cured or in situations where the Intrepid Capital
Fund believes it is more appropriate to evaluate the security as if it were an
equity investment.
The
investments of the Intrepid Capital Fund and the Intrepid Income Fund in high
yield securities are a means of attempting to achieve returns that exceed those
of five-year treasury securities. In purchasing high yield securities, these
Funds examine the universe of all high yield corporate bonds seeking those that
are attractively priced relative to their risk. In assessing risk, these Funds
independently assess many of the same factors considered by S&P and Moody’s.
In evaluating price the Funds typically consider the lowest possible yield that
could be realized in owning the security, assuming it does not default. These
Funds often purchase high yield securities shortly after a credit downgrade to
less than investment grade. At such times, many institutional investors may be
required to sell such securities creating a selling demand that might result in
more attractive pricing. Each of these Funds will sell a high yield security if
the yield no longer compensates owners for the risks of holding the security or
if other securities are more attractively priced relative to their risk. The
former might occur if the credit weakens and the latter might occur if the
issuer’s business outlook improves and the security’s yield
declines.
PRINCIPAL
RISKS OF INVESTING IN EACH FUND
Investors
in a Fund may lose money. There are risks associated with the types of
securities in which the Fund invests. The principal risks of each Fund are
listed below.
|
|
|
|
|
|
|
|
|
|
| |
| Intrepid Capital Fund |
Intrepid Small
Cap Fund |
Intrepid Income Fund |
ADR
Risk |
| ü |
|
Cash
Position Risk |
ü |
ü |
ü |
Credit
Risk |
ü |
| ü |
Debt/Fixed
Income Securities Risk |
ü |
| ü |
Equity
Securities Risk |
ü |
ü |
|
ETF
Risk |
ü |
ü |
|
Foreign
Securities Risk |
ü |
ü |
|
High
Yield Risk |
ü |
| ü |
Interest
Rate Risk |
ü |
| ü |
Liquidity
Risk |
ü |
ü |
ü |
General
Market Risk; Recent Market Events |
ü |
ü |
ü |
Small
and Medium Capitalization Company Risk |
ü |
ü |
|
Value
Investing Risk |
ü |
ü |
|
Changes
in Tax Laws |
ü |
ü |
ü |
•ADR
Risk:
ADRs may be subject to some of the same risks as direct investment in foreign
companies, which includes international trade, currency, political, regulatory
and diplomatic risks. Because unsponsored ADR arrangements are organized
independently and without the cooperation of the issuer of the underlying
securities, available information concerning the foreign issuer may not be as
current as for sponsored ADRs and voting rights with respect to the deposited
securities are not passed through.
•Cash
Position Risk:
The ability of a Fund to meet its objective may be limited to the extent it
holds assets in cash (or cash equivalents) or is otherwise
uninvested.
•Credit
Risk:
The issuers of the bonds and other debt securities held by a Fund may be unable
to make interest or principal payments. Even if these issuers are able to make
interest or principal payments, they may suffer adverse changes in financial
conditions that would lower the credit quality of the security and lead to
greater volatility in the price of the security.
•Debt/Fixed
Income Securities Risk:
The
value of your investment in a Fund may change in response to changes in interest
rates. An increase in interest rates typically causes a fall in the value of the
debt securities in which the Fund invests. Interest rates in the
U.S. are at, or near, historic lows, which
may
increase a Fund’s exposure to risks associated with rising interest rates.
Moreover, rising interest rates or lack of market participants may lead to
decreased liquidity in the bond and loan markets, making it more difficult for a
Fund to sell its holdings at a time when the Fund might wish to sell. The longer
the duration of a debt security, the more its value typically falls in response
to an increase in interest rates. The value of your investment in a Fund may
change in response to the credit ratings of the Fund’s portfolio of debt
securities. The degree of risk for a particular security may be reflected in its
credit rating. Generally, investment risk and price volatility increase as a
security’s credit rating declines. The financial condition of an issuer of a
debt security held by a Fund may cause it to default or become unable to pay
interest or principal due on the security. A Fund cannot collect interest and
principal payments on a debt security if the issuer defaults. Prepayment and
extension risks may occur when interest rates decline and issuers of debt
securities experience acceleration in prepayments. The acceleration can shorten
the maturity of the debt security and force the Fund to invest in securities
with lower interest rates, reducing the Fund’s return. Issuers may decrease
prepayments of principal when interest rates increase, extending the maturity of
the debt security and causing the value of the security to decline. Distressed
debt securities (“junk bonds”) involve greater risk of default or downgrade and
are more volatile than investment grade securities. Distressed debt securities
may also be less liquid than higher quality debt securities.
A
Fund may have been exposed to financial instruments that were tied to LIBOR.
Until a few years ago, LIBOR was used as a “benchmark” or “reference rate” for
various commercial and financial contracts, including corporate and municipal
bonds, bank loans, asset-backed and mortgage-related securities, interest rate
swaps and other derivatives. The administrator of LIBOR has phased out LIBOR
such that after June 30, 2023, the overnight, 1‑month, 3‑month, 6‑month and
12‑month U.S. dollar LIBOR settings have ceased to be published or
representative. All other LIBOR settings and certain other interbank offered
rates, such as the Euro Overnight Index Average, ceased to be published or
representative after December 31, 2021. Actions by regulators have resulted in
the establishment of alternative reference rates to LIBOR in most major
currencies. The effectiveness of alternative reference rates used in new or
existing financial instruments and products has not yet been fully determined.
The transition process away from LIBOR could lead to increased volatility and
illiquidity in markets for instruments whose terms previously relied on LIBOR.
•Equity
Securities Risks:
Equity
securities may experience sudden, unpredictable drops in value or long periods
of decline in value. This change may occur because of factors that affect
securities markets generally or factors affecting specific industries, sectors
or companies in which a Fund invests.
•ETFs
Risk.
ETFs are investment companies that trade like stocks. The price of an ETF is
derived from and based upon the securities held by the ETF.
However,
like stocks, shares of ETFs are not traded at net asset value, but may trade at
prices above or below the value of their underlying portfolios. The level of
risk involved in the purchase or sale of an ETF is similar to the risk involved
in the purchase or sale of a traditional common stock, except that the pricing
mechanism for an ETF is based on a basket of securities. Thus, the risks of
owning an ETF generally reflect the risks of owning the underlying securities
they are designed to track, although lack of liquidity in an ETF could result in
it being more volatile than the underlying portfolio of securities. Disruptions
in the markets for the securities underlying ETFs purchased or sold by a Fund
could result in losses on a Fund’s investment in ETFs. ETFs are subject to
management fees and other fees that may increase their costs versus the costs of
owning the underlying securities directly.
•Foreign
Securities Risk:
Stocks of non-U.S. companies (whether directly or in ADRs) as an asset class may
underperform stocks of U.S. companies, and such stocks may be less liquid and
more volatile than stocks of U.S. companies. The costs associated with
securities transactions are often higher in foreign countries than the U.S. The
U.S. dollar value of foreign securities traded in foreign currencies (and any
dividends and interest earned) held by the Fund may be affected unfavorably by
changes in foreign currency exchange rates. Policy and legislative changes in
foreign countries and other events affecting global markets, such as the
institution of tariffs by the U.S. or the United Kingdom’s withdrawal from the
European Union, may contribute to decreased liquidity and increased volatility
in the financial markets. Additionally, investments in foreign securities,
whether or not publicly traded in the U.S., may involve risks which are in
addition to those inherent in domestic investments, such as less demanding
regulatory requirements, less demanding financial reporting requirements, and
less stable economies. Foreign companies may be subject to significantly higher
levels of taxation than U.S. companies, including potentially confiscatory
levels of taxation, thereby reducing the earnings potential of such foreign
companies. Substantial withholding taxes may apply to distributions from foreign
companies.
•High
Yield Risk:
Investment in high yield securities can involve a substantial risk of loss.
These securities, commonly called “junk bonds,” are rated below investment grade
and considered to be speculative with respect to the issuer’s ability to pay
interest and principal. They are more likely to default than investment grade
securities when adverse economic and business conditions are present, such as
economic recession or periods of high interest rates. High yield securities are
generally much less liquid than investment grade debt securities and their
market values tend to be volatile. In addition, high yield securities tend to
have greater credit risk than investment grade securities.
•Interest
Rate Risk:
In general, the value of bonds and other debt securities falls when interest
rates rise. Longer term obligations are usually more sensitive to interest rate
changes than shorter term obligations. There have been extended periods of
increases in interest rates that have caused
significant
declines in bond prices. As interest rates rise after a period of historically
low interest rates, it may cause potentially sudden and unpredictable effects on
the markets and the Fund's investments, and therefore Fund performance may be
adversely affected.
•Liquidity
Risk:
The risk, due to certain investments trading in lower volumes or to market and
economic conditions, that the Fund may be unable to find a buyer for its
investments when it seeks to sell them or to receive the price it expects based
on the Fund’s valuation of the investments. Events that may lead to increased
redemptions, such as market disruptions, may also negatively impact the
liquidity of the Fund’s investments when it needs to dispose of them. If the
Fund is forced to sell its investments at an unfavorable time and/or under
adverse conditions in order to meet redemption requests, such sales could
negatively affect the Fund. Liquidity issues may also make it difficult to value
the Fund’s investments.
•Market
Risk:
The prices of the securities in which the Fund invests may decline in response
to adverse issuer, political, regulatory, market, economic or other
developments, and to the negative impact of any epidemic, pandemic or natural
disaster that may cause broad changes in market value, public perceptions
concerning these developments, and adverse investor sentiment or publicity. The
prices of the securities in which each Fund invests may decline for a number of
reasons. Market risk may affect a single issuer, industry, sector of the economy
or the market as a whole. The global pandemic caused by COVID-19 resulted in
unprecedented volatility and a wide range of social and economic disruptions,
including closed borders, voluntary or compelled quarantines of large
populations, stressed healthcare systems, reduced or prohibited domestic or
international travel, and supply chain disruptions affecting the United States
and many other countries. Some sectors of the economy and individual issuers
experienced particularly large losses as a result of these disruptions. The
impact of these events and other epidemics or pandemics in the future could
adversely affect Fund performance.
Furthermore,
the Russian military invasion of Ukraine in February 2022 and the resulting
actions taken by the United States and European Union in levying broad economic
sanctions against Russia could continue to have adverse effects on the price and
liquidity of investments, which could adversely affect the financial markets,
and therefore, Fund performance. Similarly, the recent conflict between Israel
and Hamas in Gaza, and the threat of future hostilities in the broader Middle
East region, may have similar adverse effects on market volatility and global
economic growth which could adversely affect Fund performance.
These
developments as well as other events could result in further market volatility
and negatively affect financial asset prices, the liquidity of fixed income or
other securities held by a Fund and the normal operations of securities
exchanges and other markets, despite government efforts to address market
disruptions. In addition, the Funds may face challenges with respect to
its
day-to-day operations if key personnel of the Adviser or other service providers
are unavailable due to quarantines and restrictions on travel related to the
recent coronavirus outbreak. As a result, the risk environment remains elevated.
The Adviser will monitor developments and seek to manage the Funds in a manner
consistent with achieving each Fund’s investment objective, but there can be no
assurance that it will be successful in doing so.
•Small
and Medium Capitalization Risk:
Small and medium capitalization companies often have narrower product lines and
markets and more limited managerial and financial resources, and as a result may
be more sensitive to changing economic conditions. Stocks of smaller companies
are often more volatile and tend to have less trading volume than those of
larger companies. Less trading volume may make it more difficult to sell
securities of smaller companies at quoted market prices. Finally, there are
periods when investing in small capitalization company stocks falls out of favor
with investors and the stocks of smaller companies underperform.
•Changes
in Tax Laws.
All statements contained in this Prospectus regarding the U.S. federal income
tax consequences of an investment in the Fund are based on current law, which is
subject to change at any time, potentially with retroactive effect. For example,
tax legislation enacted in 2017 (the Tax Cuts and Jobs Act) resulted in
fundamental changes to the Code (some of which are set to expire in the next few
years). More recently, the Inflation Reduction Act of 2022 will add a 15%
alternative minimum tax on large corporations and a 1% excise tax on repurchases
of stock by publicly traded corporations and certain affiliates. The excise tax
on repurchases of stock may cause some corporations in which the Fund invests to
reduce liquidity opportunities for its investors, which could potentially reduce
the value of your investment in the Fund. Such legislation, as well as possible
future U.S. tax legislation and administrative guidance, could materially affect
the tax consequences of your investment in the Fund and the Fund’s investments
or holding structures.
•Value
Investing Risk:
A Fund may be wrong in its assessment of a company’s value or the market may not
recognize improving fundamentals as quickly as the Fund anticipated. In such
cases, the stock may not reach the price that reflects the intrinsic value of
the company. There are periods when the value investing style falls out of favor
with investors and in such periods a Fund may not perform as well as other
mutual funds investing in common stocks.
Because
of these risks, each Fund is a suitable investment only for those investors who
have long-term investment goals. Prospective investors who are uncomfortable
with an investment that will fluctuate in value should not invest in the
Funds.
NON-PRINCIPAL
RISKS OF INVESTING IN FUNDS
The
Funds are subject to the following non-principal risks:
•Cybersecurity
Risk:
Cybersecurity incidents may allow an unauthorized party to gain access to Fund
assets, customer data (including private shareholder information), or
proprietary information, or cause a Fund, the Adviser and/or the Funds’ service
providers (including, but not limited to, Fund accountants, custodians,
sub-custodians, transfer agents and financial intermediaries) to suffer data
breaches, data corruption or lose operational functionality.
•Redemption
Risk:
A Fund may experience periods of heavy redemptions that could cause the Fund to
liquidate its assets at inopportune times or at a loss or depressed value,
particularly during periods of declining or illiquid markets. Redemption risk is
greater to the extent that a Fund has investors with large shareholdings, short
investment horizons, or unpredictable cash flow needs. In addition, redemption
risk is heightened during periods of overall market turmoil. The redemption by
one or more large shareholders of their holdings in a Fund could hurt
performance and/or cause the remaining shareholders in the Fund to lose money.
If a Fund is forced to liquidate its assets under unfavorable conditions or at
inopportune times, the value of your investment could decline.
DISCLOSURE
OF PORTFOLIO HOLDINGS
A
description of the Funds’ policies and procedures with respect to the disclosure
of the Funds’ portfolio securities is available in the Funds’ Statement of
Additional Information (“SAI”).
MANAGEMENT
OF THE FUNDS
Intrepid
Capital Management, Inc. (the “Adviser”), located at 1400 Marsh Landing Parkway,
Suite 106, Jacksonville Beach, Florida 32250, is the investment adviser for the
Funds. The Adviser has been conducting its investment advisory business since
1994. Its clientèle historically and primarily consists of corporate,
institutional, and high net-worth individuals. As of September 30,
2023,
the Adviser had approximately $707
million in assets under management.
Under
investment advisory agreements, the Adviser receives an advisory fee from each
Fund at an annual rate of each Fund’s average daily net assets as indicated
below under the caption, “Contractual Advisory Fee.” For the fiscal year ended
September 30,
2023,
the Adviser received, after applicable fee waivers, an advisory fee at an annual
rate of each Fund’s average daily net assets as indicated below the “Net
Advisory Fee Received.” The currently effective annual advisory fee for each of
the Funds is as follows:
|
|
|
|
|
|
|
|
|
|
| |
| Contractual
Advisory Fee as of the fiscal year ended 9/30/23 |
| Net
Advisory Fee Received for fiscal year ended 9/30/23 |
Intrepid
Capital Fund(1) |
1.00% |
| 0.29% |
Intrepid
Income Fund |
0.75% |
| 0.61% |
Intrepid
Small Cap Fund(2) |
1.00% |
| 0.38% |
(1)The
Intrepid Capital Fund compensates the Adviser at an annualized rate of 1.00% on
the first $500 million in average daily net assets in the Fund and 0.80% on the
balance.
(2)The
Intrepid Small Cap Fund compensates the Adviser at an annualized rate of 1.00%
on the first $500 million in average daily net assets in the Fund and 0.80% on
the balance.
In
addition to the advisory fees discussed above, each Fund incurs other expenses
such as custodian, transfer agency, interest, Acquired Fund Fees and Expenses
and other customary Fund expenses (Acquired Fund Fees and Expenses are indirect
fees that the Fund incurs from investing in the shares of other investment
companies).
For
the Intrepid Capital Fund, the Adviser has contractually agreed to reduce its
fees and/or reimburse the Fund to the extent necessary to ensure that the net
annual operating expenses (excluding acquired fund fees and expenses and Rule
12b-1 fees) do not exceed a stated maximum percentage (“cap”) for the period
ending
January 31, 2025.
For
the Intrepid Income Fund, the Adviser has contractually agreed to reduce its
fees and/or reimburse the Fund to the extent necessary to ensure that the net
annual operating expenses (excluding acquired fund fees and expenses) do not
exceed the cap for the period ending
January 31, 2025.
For
the Intrepid Small Cap Fund, the Adviser has contractually agreed to reduce its
fees and/or reimburse the Fund to the extent necessary to ensure that the net
annual operating expenses (excluding acquired fund fees and expenses and Rule
12b-1 fees) do not exceed the cap for the period ending
January 31, 2025.
|
|
|
|
|
|
|
| |
| Investor
Shares |
Institutional
Shares |
Intrepid
Capital Fund(1) |
1.15% |
1.15% |
Intrepid
Income Fund |
1.15% |
1.00% |
Intrepid
Small Cap Fund(1) |
1.15% |
1.15% |
(1)The
contractual waiver of fees and/or reimbursement of certain expenses for the
Intrepid Capital Fund and the Intrepid Small Cap Fund are exclusive of sales,
distribution and other fees incurred under a plan adopted pursuant to Rule 12b-1
under the 1940 Act.
The
Adviser may recoup any waived amount from a Fund pursuant to this agreement if
such reimbursement does not cause a Fund to exceed existing expense limitations
and the reimbursement is made within three years after the month in which the
Adviser incurred the expense.
The
most recent discussion regarding the basis for the Board of Trustees’ approval
of the investment advisory agreements between the Trust and the Adviser on
behalf of the Funds is available in the Semi-Annual
Report
to Shareholders for the period ended March 31, 2023.
As
investment adviser, the Adviser manages the investment portfolio of each Fund
and decides which securities to buy and sell. The Funds’ portfolios are managed
by experienced portfolio managers as described below. With respect to each of
the Funds, the lead member of the team makes the final investment decisions
based on the information team members provide. Team members may also execute
decisions of the lead member.
|
|
|
|
| |
Mark
Travis
Intrepid
Capital Fund
Intrepid
Income Fund
|
Mark
Travis is the lead portfolio manager of the Intrepid Capital Fund and a
co-lead portfolio manager of the Intrepid Income Fund. Mr. Travis also
served as portfolio manager of the Intrepid Income Fund from 2018 to 2019.
Mr. Travis is a founder and has been the President of the Adviser since
1994. Prior to founding the firm, Mr. Travis was Vice President of the
Consulting Group of Smith Barney and its predecessor firms for ten years.
Mr. Travis holds a BA in Economics from the University of
Georgia. |
Hunter
Hayes
Intrepid
Income Fund
Intrepid
Capital Fund
Intrepid
Small Cap Fund
|
Hunter
Hayes is a co-lead portfolio manager of the Intrepid Income Fund and has
served on the investment team for the Intrepid Capital Fund and the
Intrepid Small Cap Fund since 2019. Mr. Hayes joined the Adviser in 2017
and was named a Senior Vice President of the Adviser in 2023. He primarily
focuses on high yield fixed income investments and was previously a
research analyst covering small-cap equity securities. Prior to joining
the Adviser, Mr. Hayes was a high yield investment analyst for Eaton Vance
from 2015-2017, and a business valuation associate for Deloitte from
2014-2015. A CFA Charterholder, he graduated Highest Honors from Auburn
University in 2014 with a BSBA in Finance and a BM in Piano Performance.
|
Matt
Parker
Intrepid
Small Cap Fund
Intrepid
Capital Fund
Intrepid
Income Fund
|
Matt
Parker is a co-lead portfolio manager of the Intrepid Small Cap Fund and a
co-portfolio manager of the Intrepid Income Fund. Mr. Parker joined the
Adviser in 2014 and was named a Senior Vice President of the Adviser in
2023. Mr. Parker has served on the investment team for the Intrepid
Capital Fund since 2019. He primarily focuses on domestic small cap equity
securities and high yield fixed income investments. Mr. Parker was a
research analyst for the Adviser from 2014 to 2018 and primarily focused
on international equity securities. Prior to joining the Adviser, Mr.
Parker was an auditor for Ernst & Young LLP from 2011-2014. A CFA
Charterholder and licensed CPA, Mr. Parker received his Master of
Accounting degree and BS in Business Administration degree from the
University of North Carolina at Chapel
Hill. |
|
|
|
|
| |
Joe
Van Cavage
Intrepid
Small Cap Fund
Intrepid
Capital Fund
Intrepid
Income Fund
|
Joe
Van Cavage is a co-lead portfolio manager of the Intrepid Small Cap Fund
and a co-portfolio manager of the Intrepid Income Fund. He has served on
the investment team for the Intrepid Capital Fund since 2019. Mr. Van
Cavage joined the Adviser in 2018 and was named a Senior Vice President of
the Adviser in 2023. He primarily focuses on domestic small cap equity
securities and high yield fixed income investments. Prior to joining the
Adviser, Mr. Van Cavage was manager of Investor Relations at Vistra Energy
Corp. from 2017-2018, Investor Relations Analyst at Murphy USA Inc. from
2016-2017, and Equity Research Analyst at River Road Asset Management LLC
from 2011-2016. A CFA Charterholder, Mr. Van Cavage received his Master of
Business Administration and BS in Civil Engineering degrees from the
University of Florida. |
The
Funds’ SAI provides additional information about the compensation of each member
of the investment teams, other accounts managed by them and their ownership of
shares of the Funds that they manage.
SHARE
PRICES OF THE FUNDS
The
price at which investors purchase shares of each Fund and at which shareholders
redeem shares of each Fund is called its net asset value (“NAV”). Each Fund
normally calculates its NAV as of the close of regular trading on the New York
Stock Exchange (“NYSE”) (normally 4:00 p.m., Eastern Time) on each day the NYSE
is open for trading. If the NYSE is not open, then the Funds do not determine
their NAV, and investors may not purchase or redeem shares of the Funds. The
NYSE is closed for trading on national holidays, Good Friday and weekends. The
NYSE also may be closed for trading on national days of mourning or due to
natural disasters or other extraordinary events or emergencies. If the NYSE
closes early on a valuation day, the Funds shall determine their NAV as of that
time. The NAV is determined by adding the value of a Fund’s investments, cash
and other assets, subtracting the liabilities and then dividing the result by
the total number of shares outstanding. Due to the fact that different expenses
are charged to the Institutional Class and Investor Class shares of a Fund, the
NAV of the two classes of a Fund may vary. Each Fund values money market
instruments it holds at their amortized cost, as long as the Adviser determines
that amortized cost approximates the fair value of the instruments under the
Fund’s fair
value methodologies. Each Fund values securities and other assets for which
market quotations are not readily available or reliable at their fair value as
determined by the Adviser using the Fund’s fair value
methodologies.
Fair
Value Pricing
The
fair value of a security is the amount which a Fund might reasonably expect to
receive upon a current sale. The fair value of a security may differ from the
last quoted price and a Fund may not be able to sell the security at the fair
market value. Market quotations may not be available, for example if trading in
particular securities
was
halted during the day and not resumed prior to the close of trading on the NYSE.
Market quotations of debt securities and equity securities not traded on a
securities exchange may not be reliable if the securities are thinly traded.
Market quotations of foreign securities may not be reliable if events or
circumstances that may affect the value of portfolio securities occur between
the time of the market quotations and the close of trading on the NYSE. Because
some foreign markets are open on days when a Fund does not price its shares, the
value of a Fund’s holdings (and correspondingly, a Fund’s NAV) could change at a
time when you are not able to buy or sell Fund shares.
The
Board of Trustees has appointed the Adviser as the Funds’ valuation designee
(“Valuation Designee”) to perform all fair valuations of the Funds’ portfolio
investments, subject to the Board’s oversight. As the Valuation Designee, the
Adviser has established fair value methodologies for the fair valuation of the
Funds’ portfolio investments.
With
regard to foreign equity securities, the Funds may use a systematic fair
valuation methodology provided by an independent pricing service to value
foreign equity securities in order to capture events occurring between the time
a foreign exchange closes and the close of the NYSE that may affect the value of
the Funds’ securities traded on foreign exchanges. The Adviser, as the Valuation
Designee, oversees the use of such independent pricing service. By fair valuing
securities whose prices may have been affected by events occurring between the
time a foreign exchange closes and the close of the NYSE, the Funds deter
“arbitrage” market timers, who seek to exploit delays between the change in the
value of a Fund’s portfolio holdings and the net asset value of the Fund’s
shares, and seek to help ensure that the prices at which the Funds’ shares are
purchased and redeemed are fair.
Good
Order
The
Funds will process purchase orders and redemption orders that they receive in
good order prior to the close of regular trading on a day that the NYSE is open
at the NAV determined later that day. The Funds will process purchase orders and
redemption orders that they receive in good order after the close of regular
trading at the NAV determined at the close of regular trading on the next day
the NYSE is open. An investor’s purchase order or redemption request will be
considered in good order if the letter of instruction includes the name and
class of the Fund, the dollar amount or number of shares to be purchased or
redeemed, the signature of all registered shareholders, including a signature
guarantee when required, and the account number. If an investor sends a purchase
order or redemption request to the Funds’ corporate address, instead of to the
Funds’ transfer agent, U.S. Bancorp Fund Services, LLC (the “Transfer Agent”),
the Funds will forward it to the Transfer Agent and the effective date of the
purchase order or redemption request will be delayed until the purchase order or
redemption request is received by the Transfer Agent.
Distribution
Fees
The
Funds have adopted a distribution plan pursuant to Rule 12b-l under the
Investment Company Act for the Investor Class shares of each Fund. This Plan
allows the Investor Class shares of each Fund to use up to 0.25% of its average
daily net assets to pay sales, distribution and other fees for the sale of its
shares and for services provided to investors. Because these fees are paid out
of the assets of the Investor Class shares of each Fund, over time these fees
will increase the cost of your investment and may cost you more than paying
other types of sales charges.
Multiple
Classes
The
Intrepid Capital Fund and the Intrepid Small Cap Fund offer two classes of
shares: Institutional Class shares and Investor Class shares. The Intrepid
Income Fund offers one class of shares: Institutional Class shares. For Funds
offering two classes, each class of shares is designed for specific investors.
The different classes of shares represent investments in the same portfolio of
securities, but are subject to different expenses. Share classes may have
different expenses which may affect their performance and may be subject to
different investment minimums and other features.
PURCHASING
SHARES
How
to Purchase Shares from the Funds
1.Read
this Prospectus carefully.
2.Determine
how much you want to invest keeping in mind the following minimums:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Intrepid
Capital Fund Intrepid Small Cap Fund |
| Intrepid Income Fund |
|
|
|
|
| |
a. New
accounts |
Investor Class |
| Institutional Class |
| Institutional Class |
• Individual
Retirement Accounts |
$2,500 |
|
| $250,000 |
|
| $2,500 |
|
• All
other Accounts |
$2,500 |
|
| $250,000 |
|
| $2,500 |
|
• with
automatic investment plan |
$2,500 |
|
| $250,000 |
|
| $2,500 |
|
b. Existing
accounts |
|
|
|
| |
• Dividend
reinvestment |
No
Minimum |
| No
Minimum |
| No
Minimum |
• All
other investments |
$100 |
|
| $100 |
|
| $100 |
|
• with
automatic investment plan |
Monthly
draw of $100 |
| Monthly
draw of $100 |
| Monthly
draw of $100 |
The
minimum initial investment in the Institutional Class shares is $250,000 ($2,500
for the Institutional Class shares of the Intrepid Income Fund), and this
minimum may be waived at the Adviser’s sole discretion (please see the section
entitled “Purchasing Shares from Other Servicing Agents” for more information).
In its sole discretion, the Adviser may also allow the following to purchase
Institutional Class shares of each Fund below the stated minimum investment
amount: (i) members of the Board of Trustees and their immediate family members,
(ii) employees of the Adviser and their immediate family members, and (iii)
persons who aggregate at least $1 million into the Funds in a single
purchase.
3.Complete
the New Account Application accompanying this Prospectus, carefully following
the instructions. For additional investments, complete the Invest by Mail form
included with your most recent confirmation statement received from the Transfer
Agent. If you do not have the Invest by Mail form, include the Fund name and
your name, address, and account number on a separate piece of paper along with
your check. (The Funds have additional New Account Applications and Invest by
Mail forms if you need them.) If you have any questions, please call
1-866-996-FUND.
4.Make
your check payable to the Fund you are purchasing. All checks must be in U.S.
Dollars drawn on a domestic financial institution. The Funds will not accept
payment in cash or money orders. The Funds do not accept postdated checks or any
conditional order or payment. To prevent check fraud, the Funds will not accept
third party checks, Treasury checks, credit card checks, traveler’s checks or
starter checks for the purchase of shares. The Transfer Agent will charge a $25
fee against a shareholder’s account for any payment, automatic investment
purchase or electronic funds transfer returned for any reason. The shareholder
will also be responsible for any losses suffered by a Fund as a
result.
5.Send
the application and check to:
BY
FIRST CLASS MAIL:
Intrepid
Capital Management Funds Trust
c/o
U.S. Bank Global Fund Services
P.O.
Box 701
Milwaukee,
WI 53201-0701
BY
OVERNIGHT DELIVERY SERVICE OR EXPRESS MAIL:
Intrepid
Capital Management Funds Trust
c/o
U.S. Bank Global Fund Services
615
East Michigan Street, 3rd Floor
Milwaukee,
WI 53202-5207
Please
do not send letters by overnight delivery service or express mail to the post
office box address.
The
Funds do not consider the U.S. Postal Service or other independent delivery
services to be its agents. Therefore, deposit in the mail or with such services,
or receipt at U.S. Bancorp Fund Services, LLC post office box, of purchase
orders or redemption requests does not constitute receipt by the Transfer Agent
of the Fund. Receipt of purchase orders or redemption requests is based on when
the order is received at the Transfer Agent’s offices.
Making
an Initial Investment by Wire
If
you wish to open an account by wire, please contact the Transfer Agent, at
1-866-996-FUND before you wire funds to make arrangements with a telephone
service representative. The Transfer Agent will require you to complete an
account application which you may mail or send by overnight delivery service to
the Transfer Agent. Upon receipt of your completed account application, the
Transfer Agent will establish an account and an account number for you. You may
then instruct your bank to wire transfer your investment as set forth
below.
Making
a Subsequent Investment by Wire
To
make a subsequent investment by wire, please contact the Transfer Agent, at
1-866-996-FUND before you send your wire. This will alert the Funds to your
intention and will ensure proper credit when your wire is received. Instruct
your bank to wire transfer your investment to:
U.S.
Bank, N.A.
777
East Wisconsin Avenue
Milwaukee,
WI 53202
ABA
#075000022
For
credit to U.S. Bancorp Fund Services, LLC
Account
#112-952-137
For
further credit to:
(name
of Intrepid Fund) (add class, either Investor or Institutional)
(your
name and account number)
Please
remember that U.S. Bank, N.A. must receive your wired funds prior to the close
of regular trading on the NYSE for you to receive same day pricing. The Funds
and U.S. Bank, N.A. are not responsible for the consequences of delays resulting
from the banking or Federal Reserve wire system, or from incomplete wiring
instructions.
Purchasing
Shares from Other Servicing Agents
Some
broker-dealers may sell shares of the Funds. These broker-dealers may charge
investors a fee either at the time of purchase or redemption. The fee, if
charged, is retained by the broker-dealer and not remitted to the Funds or the
Adviser. Some broker-dealers may purchase and redeem shares on a three-day
settlement basis.
The
Funds may enter into agreements with broker-dealers, financial institutions or
other service providers (“Servicing Agents”) that may include the Funds as an
investment alternative in the programs they offer or administer. Servicing
Agents may:
•Become
shareholders of record of the Funds. This means all requests to purchase
additional shares and all redemption requests must be sent through the Servicing
Agents. This also means that purchases made through Servicing Agents are not
subject to the Funds’ minimum purchase requirements.
•Use
procedures and impose restrictions that may be in addition to, or different
from, those applicable to investors purchasing shares directly from the
Funds.
•Charge
fees to their customers for the services they provide them. Also, the Funds
and/or the Adviser may pay fees to Servicing Agents to compensate them for the
services they provide their customers.
•Be
allowed to purchase shares by telephone with payment to follow within seven
days. If the telephone purchase is made prior to the close of regular trading on
the NYSE, it will receive same day pricing.
•Be
authorized to accept purchase orders on behalf of the Funds (and designate other
Servicing Agents to accept purchase orders on the Funds’ behalf). If the Funds
have entered into an agreement with a Servicing Agent pursuant to which the
Servicing Agent (or its designee) has been authorized to accept purchase orders
on the Funds’ behalf, then all purchase orders received in good order by the
Servicing Agent (or its designee) before 4:00 p.m. Eastern time will receive
that day’s NAV, and all purchase orders received in good order by the Servicing
Agent (or its designee) after 4:00 p.m. Eastern time will receive the next day’s
NAV.
If
you decide to purchase shares through Servicing Agents, please carefully review
the program materials provided to you by the Servicing Agent, including fee
information and procedures for purchasing and selling shares of a Fund. When you
purchase shares of the Funds through a Servicing Agent, it is the responsibility
of the Servicing Agent to place your order with the Funds on a timely basis. If
the Servicing Agent does not place your order on a timely basis, or if it does
not pay the purchase price to the Funds within the period specified in its
agreement with the Funds, the Servicing Agent may be held liable for any
resulting fees or losses.
Telephone
Purchases
Unless
declined on your New Account Application, the telephone purchase option allows
investors to make subsequent investments directly from a bank checking or
savings account. Only bank accounts held at domestic financial institutions that
are Automated Clearing House (“ACH”) members may be used for telephone
transactions. This option will become effective approximately seven business
days after the application form is received by the Transfer Agent. Purchases
must be in amounts of $100 or more and may not be used for initial purchases of
the Funds’ shares. Your shares will be purchased at the NAV determined at the
close of regular trading on the day your order is received provided your
telephone order is received by or prior to market close. Telephone purchases may
be made by calling 1-866-996-FUND. Please allow sufficient time to place your
telephone transaction. Once your telephone transaction has been placed, it
cannot be canceled or modified after the close of regular trading on the NYSE
(generally, 4:00 p.m., Eastern time).
Other
Information about Purchasing Shares of the Funds
The
Funds may reject any purchase order for any reason. The Funds will not accept
initial purchase orders made by telephone unless they are from a Servicing Agent
which has an agreement with the Funds.
Shares
of the Funds may be offered to only U.S. citizens and U.S. resident aliens
having a social security number or individual tax identification number. This
Prospectus should not be considered a solicitation or offering of Fund shares to
non-U.S. citizens or non-resident aliens. As noted, investors generally must
reside in the
U.S.
or its territories (which includes U.S. military APO or FPO addresses) and have
a U.S. tax identification number.
The
Funds will not issue certificates evidencing shares, although it will send
investors a written confirmation for all purchases of shares.
The
Funds offer an Automatic Investment Plan (“AIP”) allowing shareholders to make
purchases of shares on a regular and convenient basis. The minimum purchase for
an AIP is $100. You may select the day of the month, either monthly or
quarterly, on which you would like your automatic investment to occur. To
establish an AIP, please complete the appropriate section of the New Account
Application or submit a written letter of instruction to the Transfer Agent. The
first AIP purchase will take place no earlier than seven business days after the
Transfer Agent has received your request. The AIP may be modified or terminated
by the Funds at any time. Investors should submit modifications or terminations
by calling 1‑866-996-FUND five days prior to effective date. Please call if you
have any additional questions about establishing an AIP.
If
you have elected an AIP, wire redemption, electronic funds transfer (“EFT”)
purchases, EFT redemptions or a systematic withdrawal plan (see “Other
Redemption Considerations” below), please include (attach) a voided check or
savings deposit slip with your application. The Fund is unable to debit or
credit mutual fund or pass-through accounts. Please contact your financial
institution to determine if it participates in the ACH system.
The
Funds also offer the following retirement plans:
•Traditional
IRA
•Roth
IRA
•SEP-IRA
•SIMPLE-IRA
•Coverdell
Education Savings Account
Investors
can obtain further information about the automatic investment plan and the IRAs
by calling the Funds at 1-866-996-FUND. The Funds recommend that investors
consult with a competent financial and tax advisor regarding any IRA before
investing through them.
Anti-Money
Laundering Compliance
The
Funds and their distributors are required to comply with various anti-money
laundering laws and regulations. Consequently, the Funds or the Funds’
distributors may request additional information from you to verify your identity
and source of funds.
In
compliance with the USA Patriot Act of 2001, please note that the Transfer
Agent, will verify certain information on your New Account Application as part
of the Funds’ anti-money laundering program. As requested on the New Account
Application, you must supply your full name, date of birth, social security
number and permanent street address. If you are opening the account in the name
of the legal
entity
(e.g.,
partnership, limited liability company, business trust, corporation, etc.) you
must also supply the identity of the beneficial owners. Mailing addresses
containing only a P.O. Box will not be accepted. Please contact the Transfer
Agent at 1-866-996-FUND if you need additional assistance completing your New
Account Application.
If
the Funds or the Funds’ distributors do not have reasonable belief of the
identity of a customer, the account will be rejected, or the customer will not
be allowed to perform a transaction on the account until clarifying information
is received. In the event that the Transfer Agent is unable to verify your
identity, the Fund reserves the right to redeem your account at the current
day’s net asset value. If at any time the Funds believe an investor may be
involved in suspicious activity or if certain account information matches
information on government lists of suspicious persons, it may choose not to
establish a new account or may be required to “freeze” a shareholder’s account.
It also may be required to provide a governmental agency or another financial
institution with information about transactions that have occurred in a
shareholder’s account or to transfer monies received to establish a new account,
transfer an existing account or transfer the proceeds of an existing account to
a governmental agency. In some circumstances, the law may not permit the Funds
or their distributors to inform the shareholder that it has taken the actions
described above.
Householding
You
will receive shareholder documents, including prospectuses, shareholder reports,
notices and proxy statements, for the Funds. In an effort to decrease costs and
to reduce the volume of mail you receive, when possible, only one copy of these
documents will be sent to shareholders who are part of the same family and share
the same address. If you wish to receive individual copies of these documents,
please call us at 1-866-996-FUND. We will begin sending you individual copies 30
days after receiving your request.
REDEEMING
SHARES
How
to Sell Shares by Mail
1. Prepare
a letter of instruction containing:
•The
name and class of the Fund(s);
•Account
number(s);
•The
amount of money or number of shares being redeemed;
•The
name(s) on the account and
•Daytime
phone number.
The
Funds may require additional information for redemptions by corporations,
executors, administrators, trustees, guardians, or others who hold shares in a
fiduciary or representative capacity. Please contact the Funds’ Transfer Agent,
in advance, at 1-866-996-FUND if you have any questions.
2. Sign
the letter of instruction exactly as the shares are registered. Joint ownership
accounts must be signed by all owners.
3. Have
the signatures guaranteed by a Medallion program member or a non-Medallion
program member in the following situations:
•When
a redemption is received by the Transfer Agent and the account address has
changed within the last 30 calendar days;
•The
redemption request is in excess of $100,000;
•When
redemption proceeds are sent or payable to any person, address or bank account
not on record; or
•If
ownership on your account is being changed.
In
addition to the situations described above, the Funds and/or the Transfer Agent
reserve the right to require a signature guarantee or other acceptable signature
authentication in other instances based on the circumstances relative to the
particular situation. The Funds, at their sole discretion, may waive the
signature guarantee requirements in certain instances.
Non-financial
transactions including establishing or modifying certain services on an account
may require a signature verification from a Signature Validation Program member
or other acceptable form of authentication from a financial institution
source.
Signature
guarantees will generally be accepted from domestic banks, brokers, dealers,
credit unions, national securities exchanges, registered securities
associations, clearing agencies and savings associations, as well as from
participants in the New York Stock Exchange Medallion Signature Program and the
Securities Transfer Agents Medallion Program. A notarized signature is not an
acceptable signature guarantee.
4. Send
the letter of instruction to:
BY
FIRST CLASS MAIL:
Intrepid
Capital Management Funds Trust
c/o
U.S. Bank Global Fund Services
Shareholder
Services Center
P.O.
Box 701
Milwaukee,
WI 53201-0701
BY
OVERNIGHT DELIVERY SERVICE OR EXPRESS MAIL:
Intrepid
Capital Management Funds Trust
c/o
U.S. Bank Global Fund Services
3rd
Floor
615
East Michigan Street
Milwaukee,
WI 53202-5207
The
Funds do not consider the U.S. Postal Service or other independent delivery
services to be their agents. Therefore, deposit in the mail or with such
services, or receipt at the U.S. Bancorp Fund Services, LLC post office box of
purchase orders or redemption requests does not constitute receipt by the
Transfer Agent of the Funds. Receipt of purchase orders or redemption requests
is based on when the order is received at the Transfer Agent’s
office.
How
to Sell Shares by Telephone
1. You
may redeem a minimum of $100 and up to $100,000 by telephone unless you declined
this option on your New Account Application.
2. Assemble
the same information that you would include in the letter of instruction for a
written redemption request.
3. Call
the Transfer Agent at 1-866-996-FUND. Please do not call the Funds or the
Adviser.
4. Once
a telephone transaction has been placed, it cannot be canceled or modified after
the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern
time).
In
order to arrange for telephone redemptions after an account has been opened or
to change the bank account or address designated to receive redemption proceeds,
a written request must be sent to the transfer agent. The request must be signed
by each shareholder of the account and may require a signature guarantee,
signature verification from a Signature Validation Program member, or other form
of signature authentication from a financial institution source. Further
documentation may be requested from corporations, executors, administrators,
trustees and guardians.
How
to Sell Shares through Servicing Agents
If
your shares are held by a Servicing Agent, you must redeem your shares through
the Servicing Agent. Contact the Servicing Agent for instructions on how to do
so.
Redemption
Price
The
redemption price per share you receive for redemption requests is the next
determined NAV after:
•The
Transfer Agent receives your written request in good order with all required
information; or
•The
Transfer Agent receives your authorized telephone request in good order with all
required information.
If
the Funds have entered into an agreement with a Servicing Agent pursuant to
which the Servicing Agent (or its designee) has been authorized to accept
redemption requests on behalf of the Funds, then all redemption requests
received in good order by the Servicing Agent (or its designee) before 4:00 p.m.
Eastern time will receive that day’s NAV, and all redemption requests received
in good order by the Servicing Agent (or its designee) after 4:00 p.m. Eastern
time will receive the next day’s NAV.
Payment
of Redemption Proceeds
•For
those shareholders who redeem shares by mail, the Transfer Agent will mail a
check in the amount of the redemption proceeds no later than the seventh day
after it receives the redemption request in good order with all required
information.
•For
those shareholders who redeem by telephone, the Transfer Agent will either mail
a check in the amount of the redemption proceeds no later than the seventh day
after it receives the redemption request in good order, or transfer the
redemption proceeds to your designated bank account if you have elected to
receive redemption proceeds by wire. The Transfer Agent generally wires
redemption proceeds on the business day following the calculation of the
redemption price. There is a $15 fee for each wire transfer. Proceeds may also
be sent to a predetermined bank account by EFT through the ACH network if the
shareholder’s financial institution is a member. There is no charge to have
proceeds sent via ACH, however, funds are typically credited within two days
after redemption. However, the Funds may direct the Transfer Agent to pay the
proceeds of a telephone redemption on a date no later than the seventh day after
the redemption request.
•For
those shareholders who redeem shares through Servicing Agents, the Servicing
Agent will transmit the redemption proceeds in accordance with its redemption
procedures, typically no later than the seventh day after the redemption
request.
•The
Funds typically expect that a Fund will hold cash or cash equivalents to meet
redemption requests. The Funds may also use the proceeds from the sale of
portfolio securities to meet redemption requests if consistent with the
management of the Fund. These redemption methods will be used regularly and may
also be used in stressed market conditions.
•The
Funds reserve the right to redeem in-kind as described under “Other Redemption
Considerations” below. Redemptions in-kind may be used regularly in
circumstances as described above, and may also be used in stressed market
conditions. In-kind redemptions may be in the form of pro-rata slices of a
Fund’s portfolio, individual securities or a representative basket of
securities. A shareholder will be exposed to market risk until the readily
marketable securities are converted to cash and may incur transaction expenses
in converting these securities to cash. The Funds have in place a line of credit
that may be used to meet redemption requests during regular or stressed market
conditions.
Other
Redemption Considerations
The
Funds offer a Systematic Withdrawal Plan (“SWP”) whereby shareholders may
request that a check be drawn in a particular amount be sent to them each month,
calendar quarter, or annually. Payment can be made by sending a check to your
address of record, or funds may be sent directly to your pre-determined bank
account via the ACH network. For the Intrepid Capital Fund and Intrepid Small
Cap
Fund,
to establish a SWP, your account must have a value of at least $10,000 for
Investor Class shares ($350,000 for the Institutional Class shares), and the
minimum amount that may be withdrawn each month, quarter or year is $100. To
establish a SWP for the Intrepid Income Fund, your account must have a balance
of at least $10,000. The SWP may be terminated or modified by the Funds at any
time. The shareholder should submit any termination or modification to the
Transfer Agent five days prior to effective date. To establish a SWP, please
complete the appropriate section of the New Account Application or submit a
written letter of instruction to the Transfer Agent. A signature guarantee may
be required. Your withdrawals may, over time, deplete your original
investment—or exhaust it entirely if you make large and frequent withdrawals.
Please call 1-866-996-FUND if you have additional questions about establishing a
SWP.
When
redeeming shares of the Funds, shareholders should consider the
following:
•The
redemption may result in a taxable gain or loss.
•Shareholders
who redeem shares held in an IRA must indicate on their written redemption
request whether or not to withhold federal income taxes. If not, these
redemptions will be subject to federal income tax withholding. Shares held in
IRA accounts may be redeemed by telephone at 1-866-996-FUND. IRA investors will
be asked whether or not to withhold taxes from any distribution.
•As
permitted by the Investment Company Act, the Funds may delay the payment of
redemption proceeds for up to seven days in all cases.
•If
you purchased shares by check or electronic funds transfer through the ACH
network, the Funds may delay the payment of redemption proceeds until the
purchase amount has cleared (which may take up to 10 calendar days from the date
of purchase). This delay will not apply if you purchased your shares via wire
payment.
•The
Transfer Agent will send the proceeds of redemptions to an address or account
other than that shown on its records only if the shareholder has sent in a
written request with signatures guaranteed.
•The
Funds reserve the right to refuse a telephone redemption request if it believes
it is advisable to do so. The Funds and the Transfer Agent may modify or
terminate their procedures for telephone redemptions at any time. Neither the
Funds nor the Transfer Agent will be liable for following instructions for
telephone redemption transactions that they reasonably believe to be genuine,
provided they use reasonable procedures to confirm the genuineness of the
telephone instructions. They may be liable for unauthorized transactions if they
fail to follow such procedures. These procedures include requiring some form of
personal identification prior to acting upon the telephone instructions and
recording all telephone calls. During periods of substantial economic or market
change, you may find telephone redemptions difficult to implement and may
encounter higher than
usual
call waits. Telephone trades must be received by or prior to market close.
Please allow sufficient time to place your telephone transaction. If a Servicing
Agent or shareholder cannot contact the Transfer Agent by telephone, they should
make a redemption request in writing in the manner described
earlier.
•If
an account has more than one owner or authorized person, the Funds will accept
telephone instructions from any one owner or authorized person. The Funds may
change, modify or terminate their telephone privileges at any time upon at least
a 60-day notice to shareholders.
•The
Transfer Agent currently charges a fee of $15 when transferring redemption
proceeds to your designated bank account by wire.
•The
Funds may involuntarily redeem a shareholder’s shares upon certain conditions as
may be determined by the Trustees, including, for example and not limited to,
(1) if the shareholder fails to provide the Funds with identification required
by law; (2) if the Funds are unable to verify the information received from the
shareholder; and (3) to reimburse a Fund for any loss sustained by reason of the
failure of the shareholder to make full payment for shares purchased by the
shareholder. Additionally, as discussed below, shares may be redeemed in
connection with the closing of small accounts.
•If
you hold Investor Class shares of a Fund and your account balance falls below
$500 (for any reason), you will be given 60 days’ written notice to make
additional investments so that your account balance is $500 or more. If you do
not, the Fund may close your account and mail the redemption proceeds to
you.
•If
you hold Institutional Class shares of the Intrepid Capital Fund or Intrepid
Small Cap Fund and your account balance falls below $250,000 for any reason, the
Fund reserves the right to give you 60 days’ written notice to make additional
investments so that your account balance is $250,000 or more. If you do not, the
Fund may convert your Institutional Class shares of the Intrepid Capital Fund or
Intrepid Small Cap Fund into Investor Class shares, at which time your account
will be subject to the policies and procedures for Investor Class shares. Any
such conversion will occur at the relative NAV of the two share Classes, without
the imposition of any fees or other charges. Where a retirement plan or other
financial intermediary holds Institutional Class shares on behalf of its
participants or clients, the above policy applies to any such participants or
clients when they roll over their accounts with the retirement plan or financial
intermediary into an individual retirement account and they are not otherwise
eligible to purchase Institutional Class shares. If you hold Institutional Class
shares of the Intrepid Income Fund and your account balance falls below $500
(for any reason) the Fund reserves the right to give you 60 days’ written notice
to make additional investments so that your account balance is $500 or more. If
you do not, the Fund may close your account and mail the redemption proceeds to
you.
•While
the Funds generally pay redemption requests in cash, the Funds reserve the right
to pay redemption requests “in-kind.” This means that the Funds may pay
redemption requests entirely or partially with liquid securities rather than
with cash. Shareholders who receive a redemption “in-kind” may incur costs to
subsequently dispose of such securities.
Your
mutual fund account may be transferred to your state of residence if no activity
occurs within your account during the “inactivity period” specified in your
state’s abandoned property laws. If the Funds are unable to locate a
shareholder, they will determine whether the shareholder’s account can legally
be considered abandoned. The Funds are legally obligated to escheat (or
transfer) abandoned property to the appropriate state’s unclaimed property
administrator in accordance with statutory requirements. The shareholder’s last
known address of record determines which state has jurisdiction. Interest or
income is not earned on redemption or distribution checks sent to you during the
time the check remained uncashed.
Frequent
Purchases and Redemptions of Fund Shares
Frequent
purchases and redemptions of a Fund’s shares may harm Fund shareholders by
interfering with the efficient management of a Fund’s portfolio, increasing
brokerage and administrative costs and potentially diluting the value of its
shares. Accordingly, the Board of Trustees has adopted policies and procedures
that discourage frequent repurchases and redemptions of shares of the Funds
by:
•Reserving
the right to reject any purchase order for any reason or no reason, including
purchase orders from potential investors that the Funds believe might engage in
frequent purchases and redemptions of Fund shares.
•Imposing
a 2.00% redemption fee on redemptions of shares held for 30 days or less. The
2.00% redemption fee does not apply to exchanges between Funds. In addition the
redemption fee will not apply to: (a) shares purchased through reinvested
distributions (dividends and capital gains); (b) shares held in
employer-sponsored retirement plans, such as 401(k) plans, but will apply to IRA
accounts; or (c) through systematic programs such as the systematic withdrawal
plan, automatic investment plan, and systematic exchange plans.
The
Funds rely on intermediaries to determine when a redemption occurs on shares
held for 30 days or less. The right to reject an order applies to any order,
including an order placed from an omnibus account or a retirement plan. Due to
the complexity and subjectivity involved in identifying market timing and the
volume of shareholder transactions the Funds handle, there can be no assurance
that the Funds’ efforts will identify all trades or trading practices that may
be considered abusive. In particular, because each Fund receives purchase and
sale orders through financial intermediaries that use omnibus accounts, the
Funds cannot always detect market timing. As a consequence, each Fund’s ability
to monitor and discourage abusive trading practices in omnibus accounts of
financial intermediaries may be limited.
EXCHANGING
SHARES
Shares
of each class of the Funds may be exchanged for shares in an identically
registered account of the corresponding class of another Intrepid Fund at their
relative NAVs (as long as you otherwise meet the investment minimum of that
class), and the 2.00% redemption fee does not apply to exchanges between Funds.
You may have a taxable gain or loss as a result of an exchange because an
exchange is treated as a sale of shares for federal income tax
purposes.
You
may also exchange your shares to and from the First American Retail Prime
Obligations Fund Class A (the “First American Fund”), subject to a 2% redemption
fee on redemptions of Fund shares held for 30 days or less, if applicable.
Although the First American Fund is not affiliated with the Adviser, the
exchange privilege is a convenient way for you to purchase shares in a money
market fund in order to respond to changes in your goals or market conditions.
Before exchanging into the First American Fund, you should read its prospectus.
To obtain the First American Fund’s current prospectus and the necessary
exchange authorization forms, call the Funds’ Transfer Agent at 1-866-996-FUND.
This exchange privilege does not constitute an offering or recommendation on the
part of the Funds or the Adviser of an investment in the First American
Fund.
How
to Exchange Shares
1. Read
this Prospectus carefully and, if applicable, the Prospectus of the First
American Fund.
2. Determine
the number of shares or dollars you want to exchange and contact the Transfer
Agent by telephone if you did not decline telephone options, or in writing.
Please keep in mind that your telephone exchange is subject to a $100 minimum.
If you are exchanging into the First American Fund, the minimum exchange amount
to a new account is $2,500.
3. Write
to Intrepid Capital Management Funds Trust, c/o U.S. Bank Global Fund Services,
P.O. Box 701, Milwaukee, WI 53201-0701 or call the Fund at 1-866-996-FUND. The
Transfer Agent charges a $5.00 fee for each telephone exchange. There is no
charge for a written exchange.
CONVERTING
SHARES
If
you hold Institutional Class shares of the Intrepid Capital Fund or the Intrepid
Small Cap Fund and your account balance falls below $250,000 (for any reason),
the Fund reserves the right to give you 60 days’ written notice to make
additional investments so that your account balance is $250,000 or more. If you
do not, the Fund may convert your Institutional Class shares of the Intrepid
Capital Fund or Intrepid Small Cap Fund into Investor Class shares, at which
time your account will be subject to the policies and procedures for Investor
Class shares. Any such conversion will occur at the relative NAV of the two
share Classes, without the imposition of any fees or other charges.
If
you hold Institutional Class shares of the Intrepid Income Fund and your account
balance falls below $500 (for any reason) the Fund reserves the right to give
you 60 days’ written notice to make additional investments so that your account
balance is $500 or more. If you do not, the Fund may close your account and mail
the redemption proceeds to you.
Shareholders
who hold Investor Class shares of a Fund that are eligible to own Institutional
Class shares may convert their Investor Class shares into Institutional Class
shares by providing notice to the Transfer Agent on the basis of the relative
NAVs of the two classes without the imposition of any fee or other charge if the
account is held directly with the Fund. If the account is held through a
retirement plan or other financial intermediary, then the intermediary must have
a specific agreement in place with the Distributor, and the intermediary may
separately charge a fee to the shareholder.
DIVIDENDS,
DISTRIBUTIONS AND TAXES
Each
of the Intrepid Capital Fund and the Intrepid Income Fund distribute
substantially all of their net investment income quarterly. The Intrepid Small
Cap Fund distributes substantially all of its net investment income annually.
Each of the Funds distribute substantially all of their capital gains annually.
You
have four distribution options:
•Automatic
Reinvestment Option: Both dividend and capital gains distributions will be
reinvested in additional Fund shares.
•All
Cash Option: Both dividend and capital gains distributions will be paid in
cash.
•Reinvest
all dividend distributions and receive capital gain distributions in
cash.
•Reinvest
all capital gain distributions and receive dividend distributions in
cash.
If
you elect to receive distributions in cash and the U.S. Postal Service cannot
deliver your check, or if a check remains uncashed for six months, the Funds
reserve the right to reinvest the distribution check in your account at that
Fund’s then current NAV and to reinvest all subsequent
distributions.
You
may make this election on the New Account Application. You may change your
election by writing to U.S. Bank Global Fund Services, or by calling
1-866-996-FUND at least 5 days prior to record date.
The
following discussion regarding federal income taxes is based on laws that were
in effect as of the date of this Prospectus and summarizes only some of the
important federal income tax considerations affecting the Funds and you as a
shareholder. It does not apply to foreign or tax-exempt shareholders or those
holding Fund shares through a tax-advantaged account, such as a 401(k) plan or
IRA. This discussion is not intended as a substitute for careful tax planning.
You should
consult
your tax advisor about your specific tax situation. Please see the SAI for
additional federal income tax information.
Each
Fund has elected to be treated and intends to qualify each year as a regulated
investment company (a “RIC”). A RIC is not subject to tax at the corporate level
on income and gains from investments that are distributed in a timely manner to
shareholders. However, a Fund’s failure to qualify as a RIC would result in
corporate level taxation, and consequently, a reduction in income available for
distribution to you as a shareholder.
Each
Fund’s distributions, whether received in cash or additional shares of the Fund,
may be subject to federal, state, and local income tax. These distributions may
be taxed as ordinary income, dividend income, or long-term capital gain, and may
be taxable at different rates depending on the length of time the Fund holds its
assets.
Corporate
shareholders may be able to deduct a portion of their distributions when
determining their taxable income.
If
you purchase shares of a Fund shortly before it makes a taxable distribution,
your distribution will, in effect, be a taxable return of capital. Similarly, if
you purchase shares of a Fund that has appreciated securities, you will receive
a taxable return of part of your investment if and when the Fund sells the
appreciated securities and distributes the gain. Each Fund has built up, or has
the potential to build up, high levels of unrealized appreciation.
Each
Fund will notify you of the tax status of ordinary income distributions and
capital gain distributions after the end of each calendar year.
You
will generally recognize taxable gain or loss on a redemption of shares in an
amount equal to the difference between the amount received and your tax basis in
such shares. This gain or loss will generally be capital and will be long-term
capital gain or loss if the shares were held for more than one year. You should
be aware that an exchange of shares in a Fund for shares in other Funds is
treated for federal income tax purposes as a sale and a purchase of shares,
which may result in recognition of a gain or loss and be subject to federal
income tax.
In
general, when a shareholder sells Fund shares, the Fund must report to the
shareholder and the IRS the shareholder’s cost basis, gain or loss and holding
period in the sold shares using a specified method for determining which shares
were sold. You are not bound by this method and, if timely, can choose a
different, permissible method. Please consult with your tax
advisor.
If
you hold shares in a Fund through a broker (or another nominee), please contact
that broker (or nominee) with respect to the reporting of cost basis and
available elections for your account.
When
you receive a distribution from a Fund or redeem shares, you may be subject to
backup withholding.
INDEX
DESCRIPTIONS
Each
index described below is used herein for comparative purposes in accordance with
SEC regulations. A direct investment in an index is not possible.
S&P
500®
Index
The
S&P 500®
Index is a capitalization-weighted index of 500 stocks. The Index is designed to
measure performance of the broad domestic economy through changes in the
aggregate market value of 500 stocks representing all major industries. The
Index does not reflect any deductions for fees, expenses or taxes. The S&P
500®
Index
is a trademark of Standard & Poor’s Financial Services LLC.
Bloomberg
U.S. Aggregate Bond Index
The
Bloomberg U.S. Aggregate Bond Index is made up of the Bloomberg U.S.
Government/Corporate Bond Index, Mortgage-Backed Securities Index, and
Asset-Backed Securities Index, including securities that are of investment-grade
quality or better, have at least one year to maturity, and have an outstanding
par value of at least $100 million. The Index does not reflect any deductions
for fees, expenses or taxes.
Bloomberg
Combined 1-5Y TR Index
The
Bloomberg
Combined Index consists of an unmanaged portfolio of 60% common stocks
represented by the S&P 500®
Index and 40% bonds represented by the Bloomberg U.S. Gov/Credit 1-5Y TR Index.
The Index does not reflect any deductions for fees, expenses or
taxes.
Bloomberg
Combined Index
The
Bloomberg
Combined Index consists of an unmanaged portfolio of 60% common stocks
represented by the S&P 500®
Index and 40% bonds represented by the Bloomberg U.S. Gov/Credit Index. The
Index does not reflect any deductions for fees, expenses or taxes.
Bloomberg
US Gov/Credit Index
The
Bloomberg U.S. Government/Credit Index is the non-securitized component of the
U.S. Aggregate Index. The Bloomberg U.S. Government/Credit Index includes
Treasuries, Government-Related Issues and USD Corporates. The Index does not
reflect any deductions for fees, expenses or taxes.
Bloomberg
US Gov/Credit 1-5Y TR Index
The
Bloomberg 1-5 Year U.S. Government/Credit Index measures the performance of U.S.
dollar-denominated U.S. Treasury bonds, government-related bonds (i.e.,
U.S. and non-U.S. agencies, sovereign, quasi-sovereign, supranational and local
authority debt) and investment-grade U.S. corporate bonds that have a remaining
maturity of greater than or equal to one year and less than five years. The
Index does not reflect any deductions for fees, expenses or taxes.
Morningstar
U.S. Small Cap Total Return Index
The
Morningstar Small Cap Index tracks the performance of U.S. small-cap stocks that
fall between 90th and 97th percentile in market capitalization of the investable
universe.
FINANCIAL
HIGHLIGHTS
The
financial highlights table is intended to help you understand each Fund’s
financial performance for the past 5 years. Certain information reflects
financial results for a single Fund share. The total returns in the table
represent the rate that an investor would have earned or lost on an investment
in each Fund for the stated period (assuming reinvestment of all dividends and
distributions). The information has been derived from the financial statements
audited by Deloitte & Touche LLP, whose report, along with the Funds’
financial statements, is included in the Funds’ Annual
Report
and is incorporated by reference in the Funds’ SAI, which is available upon
request. The Investor Class shares of the Intrepid Income Fund have ceased
operations as of the date of this Prospectus and therefore do not have a
financial performance record.
Intrepid
Capital Fund – Investor Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Year
Ended September 30, |
| |
| 2023 |
| 2022 |
| 2021 |
| 2020 |
| 2019 |
| |
NET
ASSET VALUE: |
|
|
|
|
|
|
|
|
|
| |
Beginning
of year |
$9.88 |
|
| $11.69 |
|
| $9.58 |
|
| $10.28 |
|
| $11.64 |
|
| |
OPERATIONS: |
|
|
|
|
|
|
|
|
|
| |
Net
investment income(1)
(2) |
0.46 |
|
| 0.25 |
|
| 0.16 |
|
| 0.11 |
|
| 0.24 |
|
| |
Net
realized and unrealized gain (loss) on investment
securities |
0.78 |
|
| (1.80) |
|
| 2.16 |
|
| (0.31) |
|
| (1.21) |
|
| |
Total
from operations(3) |
1.24 |
|
| (1.55) |
|
| 2.32 |
|
| (0.20) |
|
| (0.97) |
|
| |
LESS
DISTRIBUTIONS: |
|
|
|
|
|
|
|
|
|
| |
From
net investment income |
(0.46) |
|
| (0.24) |
|
| (0.16) |
|
| (0.50) |
|
| (0.20) |
|
| |
From
return of capital |
— |
|
| (0.02) |
|
| (0.05) |
|
| — |
|
| — |
|
| |
From
net realized gains |
— |
|
| — |
|
| — |
|
| — |
|
| (0.19) |
|
| |
Total
distributions |
(0.46) |
|
| (0.26) |
|
| (0.21) |
|
| (0.50) |
|
| (0.39) |
|
| |
NET
ASSET VALUE: |
|
|
|
|
|
|
|
|
|
| |
End
of year |
$10.66 |
|
| $9.88 |
|
| $11.69 |
|
| $9.58 |
|
| $10.28 |
|
| |
Total
return |
12.67 |
% |
| -13.39 |
% |
| 24.30 |
% |
| -1.88 |
% |
| -8.26 |
% |
| |
Net
assets at end of year (000s omitted) |
$11,733 |
|
| $14,244 |
|
| $19,764 |
|
| $20,038 |
|
| $34,291 |
|
| |
RATIO
OF EXPENSES TO AVERAGE NET ASSETS: |
|
|
|
|
|
|
|
|
|
| |
Before
expense reimbursement/recoupment |
1.98 |
% |
| 1.92 |
% |
| 1.82 |
% |
| 1.69 |
% |
| 1.53 |
% |
| |
After
expense reimbursement/recoupment |
1.28 |
% |
| 1.40 |
% |
| 1.40 |
% |
| 1.40 |
% |
| 1.40 |
% |
| |
|
|
|
|
|
|
|
|
|
|
| |
RATIO
OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS: |
|
|
|
|
|
|
|
|
|
| |
Before
expense reimbursement/recoupment |
3.62 |
% |
| 1.65 |
% |
| 1.04 |
% |
| 0.91 |
% |
| 1.43 |
% |
| |
After
expense reimbursement/recoupment |
4.32 |
% |
| 2.17 |
% |
| 1.46 |
% |
| 1.20 |
% |
| 1.56 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Portfolio
turnover rate |
57 |
% |
| 36 |
% |
| 17 |
% |
| 60 |
% |
| 54 |
% |
| |
__________
(1)Net
investment income per share is calculated using the ending accumulated net
investment income balances prior to consideration or adjustment for permanent
book-to-tax differences for the year ended September 30, 2019.
(2)Net
investment income per share is calculated using the average shares outstanding
method for the years ended September 30, 2023, 2022, 2021, and
2020.
(3)Total
from investment operations per share includes redemption fees of less than $0.01
per share for each of the five years ended September 30, 2023, 2022, 2021, 2020,
and 2019.
Intrepid
Capital Fund – Institutional Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Year
Ended September 30, |
|
| 2023 |
| 2022 |
| 2021 |
| 2020 |
| 2019 |
|
NET
ASSET VALUE: |
|
|
|
|
|
|
|
|
| |
Beginning
of year |
$9.92 |
|
| $11.72 |
|
| $9.59 |
|
| $10.29 |
|
| $11.65 |
| |
OPERATIONS: |
|
|
|
|
|
|
|
|
| |
Net
investment income(1)(2) |
0.48 |
|
| 0.27 |
|
| 0.19 |
|
| 0.14 |
|
| 0.22 |
| |
Net
realized and unrealized gain (loss) on investment
securities |
0.79 |
|
| (1.80) |
|
| 2.17 |
|
| (0.32) |
|
| (1.16) |
| |
Total
from operations(3) |
1.27 |
|
| (1.53) |
|
| 2.36 |
|
| (0.18) |
|
| (0.94) |
| |
LESS
DISTRIBUTIONS: |
|
|
|
|
|
|
|
|
| |
From
net investment income |
(0.48) |
|
| (0.24) |
|
| (0.16) |
|
| (0.52) |
|
| (0.23) |
| |
From
return of capital |
— |
|
| (0.03) |
|
| (0.07) |
|
| — |
|
| — |
| |
From
net realized gains |
— |
|
| — |
|
| — |
|
| — |
|
| (0.19) |
| |
Total
distributions |
(0.48) |
|
| (0.27) |
|
| (0.23) |
|
| (0.52) |
|
| (0.42) |
| |
NET
ASSET VALUE: |
|
|
|
|
|
|
|
|
| |
End
of year |
$10.71 |
|
| $9.92 |
|
| $11.72 |
|
| $9.59 |
|
| $10.29 |
| |
Total
return |
12.85 |
% |
| -13.23 |
% |
| 24.72 |
% |
| -1.67 |
% |
| -8.07 |
% |
|
Net
assets at end of year (000s omitted) |
$31,234 |
|
| $29,083 |
|
| $35,318 |
|
| $44,189 |
|
| $84,874 |
| |
RATIO
OF EXPENSES TO AVERAGE NET ASSETS: |
|
|
|
|
|
|
|
|
| |
Before
expense reimbursement/recoupment |
1.84 |
% |
| 1.67 |
% |
| 1.57 |
% |
| 1.44 |
% |
| 1.28 |
% |
|
After
expense reimbursement/recoupment |
1.13 |
% |
| 1.15 |
% |
| 1.15 |
% |
| 1.15 |
% |
| 1.15 |
% |
|
|
|
|
|
|
|
|
|
|
| |
RATIO
OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS: |
|
|
|
|
|
|
|
|
| |
Before
expense reimbursement/recoupment |
3.79 |
% |
| 1.91 |
% |
| 1.29 |
% |
| 1.17 |
% |
| 1.71 |
% |
|
After
expense reimbursement/recoupment |
4.50 |
% |
| 2.43 |
% |
| 1.71 |
% |
| 1.46 |
% |
| 1.84 |
% |
|
Portfolio
turnover rate |
57 |
% |
| 36 |
% |
| 17 |
% |
| 60 |
% |
| 54 |
% |
|
__________
(1)Net
investment income per share is calculated using the ending accumulated net
investment income balances prior to consideration or adjustment for permanent
book-to-tax differences for the year ended September 30, 2019.
(2)Net
investment income per share is calculated using the average shares outstanding
method for the years ended September 30, 2023, 2022, 2021, and
2020.
(3)Total
from investment operations per share includes redemption fees of less than $0.01
per share for each of the five years ended September 30, 2023, 2022, 2021, 2020,
and 2019.
Intrepid
Small Cap Fund – Investor Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Year
Ended September 30, |
| 2023 |
| 2022 |
| 2021 |
| 2020 |
| 2019 |
| |
NET
ASSET VALUE: |
|
|
|
|
|
|
|
|
|
| |
Beginning
of year |
$13.35 |
|
| $17.51 |
|
| $14.09 |
|
| $13.56 |
|
| $13.89 |
|
| |
OPERATIONS: |
|
|
|
|
|
|
|
|
|
| |
Net
investment income (loss)(1) |
0.12 |
|
| (0.02) |
|
| (0.18) |
|
| (0.07) |
|
| 0.08 |
|
| |
Net
realized and unrealized gain (loss) on investment
securities |
1.60 |
|
| (4.14) |
|
| 3.60 |
|
| 0.71 |
|
| (0.34) |
|
| |
Total
from operations(2) |
1.72 |
|
| (4.16) |
|
| 3.42 |
|
| 0.64 |
|
| (0.26) |
|
| |
LESS
DISTRIBUTIONS: |
|
|
|
|
|
|
|
|
|
| |
From
net investment income |
— |
|
| — |
|
| — |
|
| (0.11) |
|
| (0.07) |
|
| |
From
net realized gains |
— |
|
| — |
|
| — |
|
| — |
|
| — |
|
| |
Total
distributions |
— |
|
| — |
|
| — |
|
| (0.11) |
|
| (0.07) |
|
| |
NET
ASSET VALUE: |
|
|
|
|
|
|
|
|
|
| |
End
of year |
$15.07 |
|
| $13.35 |
|
| $17.51 |
|
| $14.09 |
|
| $13.56 |
|
| |
Total
return |
12.88 |
% |
| -23.76 |
% |
| 24.27 |
% |
| 4.72 |
% |
| -1.85 |
% |
| |
Net
assets at end of year (000s omitted) |
$27,887 |
|
| $29,850 |
|
| $43,458 |
|
| $38,376 |
|
| $51,076 |
|
| |
RATIO
OF EXPENSES TO AVERAGE NET ASSETS: |
|
|
|
|
|
|
|
|
|
| |
Before
expense reimbursement/recoupment |
1.96 |
% |
| 1.77 |
% |
| 1.73 |
% |
| 1.73 |
% |
| 1.55 |
% |
| |
After
expense reimbursement/recoupment |
1.30 |
% |
| 1.30 |
% |
| 1.31 |
% |
(3) |
1.40 |
% |
| 1.38 |
% |
| |
RATIO
OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS: |
|
|
|
|
|
|
|
|
|
| |
Before
expense reimbursement/recoupment |
0.15 |
% |
| (0.57) |
% |
| (1.44) |
% |
| (0.87) |
% |
| 0.41 |
% |
| |
After
expense reimbursement/recoupment |
0.81 |
% |
| (0.10) |
% |
| (1.04) |
% |
| (0.54) |
% |
| 0.58 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Portfolio
turnover rate |
40 |
% |
| 66 |
% |
| 81 |
% |
| 105 |
% |
| 59 |
% |
| |
__________
(1)Net
investment income (loss) per share is calculated using the average shares
outstanding method for the years ended September 30, 2023, 2022, 2021, 2020, and
2019.
(2)Total
from investment operations per share includes redemption fees of less than $0.01
per share for each of the five years ended September 30, 2023, 2022, 2021, 2020,
and 2019.
(3)Expense
waiver of 1.30% was implemented on January 22, 2021.
Intrepid
Small Cap Fund – Institutional Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Year
Ended September 30, |
|
| |
| 2023 |
| 2022 |
| 2021 |
| 2020 |
| 2019 |
|
| |
NET
ASSET VALUE: |
|
|
|
|
|
|
|
|
|
|
| |
Beginning
of year |
$13.79 |
|
| $18.07 |
|
| $14.52 |
|
| $13.94 |
|
| $14.25 |
|
|
| |
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
| |
Net
investment income gain (loss)(1) |
0.15 |
|
| 0.01 |
|
| (0.16) |
|
| (0.04) |
|
| 0.11 |
|
|
| |
Net
realized and unrealized gain (loss) on investment
securities |
1.66 |
|
| (4.29) |
|
| 3.71 |
|
| 0.74 |
|
| (0.34) |
|
|
| |
Total
from operations(2) |
1.81 |
|
| (4.28) |
|
| 3.55 |
|
| 0.70 |
|
| (0.23) |
|
|
| |
LESS
DISTRIBUTIONS: |
|
|
|
|
|
|
|
|
|
|
| |
From
net investment income |
— |
|
| — |
|
| — |
|
| (0.12) |
|
| (0.08) |
|
|
| |
From
net realized gains |
— |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| |
Total
distributions |
— |
|
| — |
|
| — |
|
| (0.12) |
|
| (0.08) |
|
|
| |
NET
ASSET VALUE: |
|
|
|
|
|
|
|
|
|
|
| |
End
of year |
$15.60 |
|
| $13.79 |
|
| $18.07 |
|
| $14.52 |
|
| $13.94 |
|
|
| |
Total
return |
13.04 |
% |
| -23.63 |
% |
| 24.45 |
% |
| 5.02 |
% |
| -1.61 |
% |
|
| |
Net
assets at end of year (000s omitted) |
$19,906 |
|
| $23,342 |
|
| $35,070 |
|
| $19,879 |
|
| $30,516 |
|
|
| |
RATIO
OF EXPENSES TO AVERAGE NET ASSETS: |
|
|
|
|
|
|
|
|
|
|
| |
Before
expense reimbursement/recoupment |
1.70 |
% |
| 1.51 |
% |
| 1.51 |
% |
| 1.48 |
% |
| 1.32 |
% |
|
| |
After
expense reimbursement/recoupment |
1.15 |
% |
| 1.15 |
% |
| 1.15 |
% |
| 1.15 |
% |
| 1.15 |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
RATIO
OF NET INVESTMENT INCOME (LOSS) TO AVERAGE NET ASSETS: |
|
|
|
|
|
|
|
|
|
|
| |
Before
expense reimbursement/recoupment |
0.39 |
% |
| (0.32) |
% |
| (1.23) |
% |
| (0.60) |
% |
| 0.64 |
% |
|
| |
After
expense reimbursement/recoupment |
0.94 |
% |
| 0.05 |
% |
| (0.87) |
% |
| (0.27) |
% |
| 0.81 |
% |
|
| |
Portfolio
turnover rate |
40 |
% |
| 66 |
% |
| 81 |
% |
| 105 |
% |
| 59 |
% |
|
| |
__________
(1)Net
investment income (loss) per share is calculated using the average shares
outstanding method for each of the years ended September 30, 2023, 2022, 2021,
2020, and 2019.
(2)Total
from investment operations per share includes redemption fees of less than $0.01
for each of the five years ended September 30, 2023, 2022, 2021, 2020, and
2019.
Intrepid
Income Fund - Institutional Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
| Year
Ended September 30, |
|
| |
| 2023 |
| 2022 |
| 2021 |
| 2020 |
| 2019 |
|
| |
NET
ASSET VALUE: |
|
|
|
|
|
|
|
|
|
|
| |
Beginning
of year |
$8.80 |
|
| $9.78 |
|
| $8.93 |
|
| $9.17 |
|
| $9.21 |
|
|
| |
OPERATIONS: |
|
|
|
|
|
|
|
|
|
|
| |
Net
investment income(1)(2) |
0.83 |
|
| 0.64 |
|
| 0.61 |
|
| 0.47 |
|
| 0.32 |
|
|
| |
Net
realized and unrealized gain (loss) on investment
securities |
(0.14) |
|
| (0.97) |
|
| 0.84 |
|
| (0.27) |
|
| (0.04) |
|
|
| |
Total
from operations(3) |
0.68 |
|
| (0.33) |
|
| 1.45 |
|
| 0.20 |
|
| 0.28 |
|
|
| |
LESS
DISTRIBUTIONS: |
|
|
|
|
|
|
|
|
|
|
| |
From
net investment income |
(0.81) |
|
| (0.65) |
|
| (0.60) |
|
| (0.44) |
|
| (0.32) |
|
|
| |
From
net realized gains |
— |
|
| — |
|
| — |
|
| — |
|
| — |
|
|
| |
Total
distributions |
(0.81) |
|
| (0.65) |
|
| (0.60) |
|
| (0.44) |
|
| (0.32) |
|
|
| |
NET
ASSET VALUE: |
|
|
|
|
|
|
|
|
|
|
| |
End
of year |
$8.68 |
|
| $8.80 |
|
| $9.78 |
|
| $8.93 |
|
| $9.17 |
|
|
| |
Total
return |
8.06 |
% |
| -3.59 |
% |
| 16.62 |
% |
| 2.27 |
% |
| 3.07 |
% |
|
| |
Net
assets at end of year (000s omitted) |
$359,089 |
|
| $276,954 |
|
| $265,212 |
|
| $95,196 |
|
| $58,672 |
|
|
| |
RATIO
OF EXPENSES TO AVERAGE NET ASSETS: |
|
|
|
|
|
|
|
|
|
|
| |
Before
expense reimbursement/recoupment |
1.03 |
% |
| 0.98 |
% |
| 1.04 |
% |
| 1.17 |
% |
| 1.09 |
% |
|
| |
After
expense reimbursement/recoupment |
0.90 |
% |
| 0.91 |
% |
| 0.91 |
% |
| 0.91 |
% |
| 0.90 |
% |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| |
RATIO
OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS: |
|
|
|
|
|
|
|
|
|
|
| |
Before
expense reimbursement/recoupment |
9.18 |
% |
| 6.68 |
% |
| 6.25 |
% |
| 4.99 |
% |
| 3.13 |
% |
|
| |
After
expense reimbursement/recoupment |
9.31 |
% |
| 6.75 |
% |
| 6.38 |
% |
| 5.25 |
% |
| 3.32 |
% |
|
| |
Portfolio
turnover rate |
112 |
% |
| 146 |
% |
| 94 |
% |
| 144 |
% |
| 104 |
% |
|
| |
__________
(1)Net
investment income per share is calculated using the ending accumulated net
investment income balances prior to consideration or adjustment for permanent
book-to-tax differences for the year ended September 30, 2019.
(2)Net
investment income per share is calculated using the average shares outstanding
method for the years ended September 30, 2023, 2022, 2021, and
2020.
(3)Total
from investment operations per share includes redemption fees of less than $0.01
per share for the years ended September 30, 2023, 2022, 2021, 2020, and
2019.
PRIVACY
POLICY
Intrepid
Capital Management Funds Trust
We
collect the following nonpublic personal information about you:
•Information
we receive from you on or in applications or other forms, correspondence, or
conversations, including, but not limited to, your name, address, phone number,
social security number, assets, income and date of birth; and
•Information
about your transactions with us, our affiliates, or others, including, but not
limited to, your account number and balance, payment history parties to
transactions, cost basis information, and other financial
information.
We
use this information in connection with your investment in the Funds, to provide
you with other relevant products that you request from us, to provide you with
information about products that may interest you, to improve our website or
present our website’s contents to you, and as otherwise described to you when
collecting your personal information. We
do not disclose any nonpublic personal information about our current or former
shareholders to nonaffiliated third parties, except as permitted by law.
We
may disclose your personal information to our affiliates, vendors, and service
providers for a business purpose.
For example, we are permitted by law to disclose all of the information we
collect, as described above, to our Transfer Agent to process your transactions.
Furthermore, we restrict access to your nonpublic personal information to those
persons who require such information to provide products or services to you.
As
a result, we do not provide a means for opting out of our limited sharing of
your information. We
maintain physical, electronic and procedural safeguards that comply with federal
standards to guard your nonpublic personal information.
In
the event that you hold shares of the Funds through a financial intermediary,
including, but not limited to, a broker-dealer, bank or trust company, the
privacy policy of your financial intermediary would govern how your nonpublic
personal information would be shared with nonaffiliated third
parties.
Not
a part of the Prospectus.
To
learn more about the Intrepid Capital Fund, the Intrepid Small Cap Fund, and the
Intrepid Income Fund, and their investment policies, you may want to read the
Funds’ Statement of Additional Information (“SAI”). The Funds’ SAI is
incorporated by reference into this Prospectus. This means that the contents of
the SAI are legally a part of this Prospectus.
Additional
information about the Funds’ investments is available in the Fund’s annual and
semi-annual reports to shareholders. In the Funds’ annual report, you will find
a discussion of the market conditions and investment strategies that
significantly affected each Fund’s performance during its last fiscal year. The
SAI and the annual and semi-annual reports are all available to shareholders and
prospective investors upon request without charge, simply by calling
1-866-996-FUND or visiting the Funds’ website at www.intrepidcapitalfunds.com.
To obtain other information about the Funds or for shareholder inquiries, call
1-866-996-FUND.
Prospective
investors and shareholders who have questions about the Funds may also call the
above number or write to the following address:
Intrepid
Capital Management Funds Trust
c/o
U.S. Bank Global Fund Services
P.O.
Box 701
Milwaukee,
WI 53201-0701
Reports
and other information about the Fund are also available:
•free
of charge from the SEC’s EDGAR database on the SEC’s Internet website at
http:/www.sec.gov; or
•for
a fee, by electronic request at the following e-mail address:
[email protected].
Investment
Company Act File No. 811-21625