Intrepid Capital Featured in Barron's

For current fund performance and holdings, please refer to the fund page here https://intrepidcapitalfunds.com/strategies/mutual-funds/income/overview/

As of 3/31/26, the Intrepid Income Fund (Institutional Class) ranked in the top 12^th percentile out of 356 funds, in the 1^st percentile out of 339 funds, in the 1^st percentile out of 305 funds, and in the 3^rd percentile out of 216 funds in the Morningstar Multisector Bond category for the 1, 3, 5, and 10-year time periods respectively based on total return. The Fund received a 5-Star Morningstar rating for the Overall (out of 339), 5-year, and 10-year time period based on risk-adjusted returns.

The Fund’s rankings and ratings may have been lower were it not for fee waivers in effect during the ranking periods. Ranking and ratings are relative to a peer group and do not necessarily mean the fund had high or positive total returns.

The Morningstar Rating^TM (“star rating”) is calculated for funds with at least a three-year history. Exchange-traded and open-end mutual funds are combined into a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each fund category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating^TM is a weighted average of the performance figures associated with a fund’s 3-, 5-, and 10-year (if applicable) Morningstar Rating^TM metrics.

The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance, please call 866-996-FUND or visit the Fund’s website at http://www.intrepidcapitalfunds.com/.

Gross expense ratio 1.01%; Net expense ratio 1.01% reflects fee waiver in effect through January 31, 2027.

Fund holdings are subject to change and risk.

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).

Interest Rate Risk: When interest rates rise, the value of previously-issued bonds and other debt securities decreases.  An increase in interest rates typically causes a decline 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.   

The risk of investing in bonds and debt securities whose issuers may not be able to make interest and principal payments. 

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.

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