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Separate Account Commentary

Quarterly Commentary

1Q 2012

Please click the download link above to view the commentary in PDF format.

Quarterly Commentary

Quarterly Commentary

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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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