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Small Cap Value Intrepid Endurance
Investor Class (ICMAX)

Intrepid Endurance
Class (ICMZX)
Small Cap
Small/Mid Cap Value Intrepid Select Fund:
Select Investor Class (ICMTX)
Small/Mid/Large Cap Value Intrepid Disciplined
Value Fund
International Value Intrepid International
Small/Mid/Large Cap Value
Equity & Fixed Income
Intrepid Capital Fund:
Investor Class (ICMBX)

Intrepid Capital Fund:
Institutional Class (ICMVX)
Fixed Income Intrepid Income
Institutional Class


The Intrepid Select Fund is non-diversified (meaning that compared to diversified mutual funds, the Fund may invest a greater percentage of its assets in a particular issuer). A non-diversified Fund's shares may be more susceptible to adverse changes in the value of a particular security than would be the shares of a diversified mutual fund. Thus, a non-diversified Fund may be more sensitive to economic, business and political changes, because of the larger impact of fluctuation in the values of securities of fewer issuers. The Intrepid Capital, Endurance, Select and International Funds invest in smaller companies, which involve additional risks such as limited liquidity and greater volatility. The Intrepid Capital, Income and Disciplined Value Funds invest in debt securities, which typically decrease in value when interest rates rise. This risk is usually greater for longer term debt securities. Investment by these Funds in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The Funds may invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. The risks of owning ETFs 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. ETFs also have management fees that increase their costs versus the costs of owning the underlying securities directly. 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.

Diversification does not guarantee a profit or protect from loss in a declining market.

Mutual fund investing involves risk. Principal loss is possible. All investments involve risk.

The Funds' investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company. Please read it carefully before investing. A hard copy of the prospectus can be requested by calling 866-996-FUND (3863).

Intrepid Capital Management Funds are distributed by Quasar Distributors, LLC.


Mutual Funds | Managed Accounts