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Mutual Fund Commentary

Intrepid

Mutual Fund Commentary

Intrepid Endurance Fund

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Endurance Fund: Click for Standardized Performance, Top 10 Holdings, and current Morningstar Rating™

Disciplined Value Fund: Click for Standardized Performance, Top 10 Holdings, and current Morningstar Rating™

Capital Fund: Click for Standardized Performance, Top 10 Holdings, and current Morningstar Rating™

Income Fund: Click for Standardized Performance, Top 10 Holdings, and current Morningstar Rating™

Effective January 25, 2019, the Intrepid Select Fund (the “Acquired Fund”) reorganized into the Intrepid Disciplined Value Fund (the “Acquiring Fund”). The Acquired Fund was managed by the same portfolio managers, had the same investment objective of seeking long-term capital appreciation, and had similar investment strategies and policies as the Acquiring Fund.

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Mutual fund investing involves risk. Principal loss is possible.

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.

The Intrepid Capital Management Funds are not offered for sale in countries other than the United States and its territories; Guam, Puerto Rico and the U.S. Virgin Islands. The Funds may not sell its shares without registration in any other states.

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