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Form N-CSRS Intrepid Capital Managem For: Mar 31

Form N-CSRS Intrepid Capital Managem For: Mar 31


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-21625

Intrepid Capital Management Funds Trust
(Exact name of registrant as specified in charter)

1400 Marsh Landing Parkway, Suite 106

Jacksonville Beach, FL 32250
(Address of principal executive offices) (Zip code)

Mark F. Travis

1400 Marsh Landing Parkway, Suite 106

Jacksonville Beach FL 32250

(Name and address of agent for service)

 1-904-246-3433

Registrant’s telephone number, including area code

Date of fiscal year end: 09/30/2021

Date of reporting period: 03/31/2021

Item 1. Reports to Stockholders.

(a)

[Insert full text of semi-annual or annual report here]

Intrepid Capital Fund

Intrepid Endurance Fund

Intrepid Income Fund

Semi-Annual Report

March 31, 2021

April 2, 2021

       
     

 

 

 

 

 

 

Mark F. Travis, President/C.E.O.

 

 

 

 

 

PERFORMANCE

 

Total Returns as of March 31, 2021

 

Inception

     
 

Date

Qtr.

YTD

1 Year

Intrepid Capital Fund – Inv.

01/03/05

5.30%

5.30%

43.79%

Intrepid Capital Fund – Inst.

04/30/10

5.36%

5.36%

44.13%

BBC Combined 1-5Yr

 

3.46%

3.46%

32.35%

S&P 500 Index

 

6.17%

6.17%

56.35%

   
 

Average Annualized Total Returns

 

as of March 31, 2021

       

Since

 

3 Year

5 Year

10 Year

Inception

Intrepid Capital Fund – Inv.

  3.19%

  5.18%

  4.98%

5.89%

Intrepid Capital Fund – Inst.

  3.43%

  5.43%

  5.24%

5.67%

BBC Combined 1-5Yr

11.82%

10.81%

  9.29%

7.34%^

S&P 500 Index

16.78%

16.29%

13.91%

9.88%^

^

Since Inception returns are as of the Fund’s Investor Class inception date. Since the inception date of the Institutional Class, the annualized return of the BBC Combined 1-5Yr Index is 9.39% and S&P 500
Index is 14.02%.

Performance data quoted represents past performance and does not guarantee future results.

 

Investment returns and principal value will fluctuate, and when sold, may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than
the performance quoted and can be obtained by calling 866-996-FUND. The Fund imposes a 2% redemption fee on shares held for 30 days or less. Performance data does not reflect the redemption fee. If it had, returns would be reduced.

 

Per the Prospectus dated January 31, 2021, the annual operating expense (gross) for the Intrepid Capital Fund-Investor Share Class is 1.70% and for the Intrepid Capital Fund-Institutional Share Class is 1.45%. The
Fund’s Advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses until January 31, 2022, such that the total operating expense for the Capital Fund-Investor Share Class is 1.40% and for the Capital Fund-Institutional
Share Class is 1.15%. The Capital

Fund-Investor Share Class may have Net Expense 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. As a result of the calculations,
the Net Expense for the Capital Fund-Investor Share Class is 1.41%. The Net Expense for the Capital Fund-Institutional Share Class is 1.16%. The Net Expense Ratio represents the percentage paid by investors. Otherwise, performance shown would have
been lower.

 

April 2, 2021

 

“No matter what the form of government, there are in fact only two kinds

of government possible. Under one system, the state is everything and the individual

is an incident. Under that system, the individual has no rights, though they may be

termed such; he has only privileges. Under that system, the state is the reservoir

of all rights, all privileges, all powers. But this system our forefathers rejected.

They declared that all just government drives its powers from the consent of the

governed. They affirmed the dignity and the sanctity of the individual…they elected

a man-made state, not a state-made man.”

– Frank Dixon

 

Dear Fellow Shareholders,

 

Welcome to the RobinHood market! I ran across the above quote as I was thinking about the US Capitol being over-run by Trump supporters contesting the election of Joe Biden. It did not appear from the mayhem that
followed that “the governed were giving their consent”…at least not peacefully!

 

Unfortunately, an Air Force veteran of the Iraq War, along with a Capitol Hill policeman, lost their lives that day.

 

This was quickly followed up with the second impeachment of Donald Trump by the House of Representatives. And not too long thereafter, the exoneration by the U.S. Senate – many of whom decided against impeachment of
someone no longer in office.

 

If that wasn’t enough news, traders using online forums and accounts at RobinHood circled like sharks around companies with large amounts of short interest in an attempt to “squeeze” the short sellers through focused
buying in companies like Gamestop (GME), AMC Theaters (AMCX), and others. All this crazy activity almost brought down the broker-dealer (RobinHood), and maybe it should have.

 

As I’m sure you remember from your youth, the story of Robin Hood and his band of Merry Men took from the rich to give to the poor. In this case, I think the opposite happened! RobinHood trading, with catchy slogans
and hip advertisements, convinced many that – with the RobinHood trading app, a little money, and a lot of chutzpah – one could go far!

I recall from earlier in the year a front-page story in the Wall Street Journal that chronicled the woe of a 31 year-old security guard living in his parent’s home. He took out a personally guaranteed $30,000 bank loan
to fund his RobinHood account to trade Gamestop (GME) shares with his RobinHood app. I will jump to the punchline – it didn’t end well for the young security guard. Stories like this one make my blood boil!

 

I bring all of this up because it was a wild quarter, particularly when you consider all of the above took place only in January!

 

Once the transition of power to the Biden administration was complete, it didn’t take long at all for his $1.9 trillion (with a T!) stimulus bill to gain approval from both the US House and Senate using the
reconciliation process. This stimulus bill, along with the interest rate suppression courtesy of the Federal Reserve, has ignited prices of almost everything…lumber, copper, oil, bitcoin, stocks, and some bonds.

 

Please keep in mind as interest rates rise, bond prices fall, which they did across the US Treasury and US investment grade bond yield curves. For example, the yield on the 10 Year US Treasury started the year at 0.90%
and finished March at 1.77%, almost a double in yield in one quarter. This movement in rates hurt what we internally call “long duration assets” – this caused negative returns for some bonds in the quarter, and slowed the ascent of the Nasdaq
Composite Index in the same time period.

 

At the Intrepid Capital Fund, with the continuing support from the Federal Reserve and the new stimulus package, we have stayed invested. But as you may have come to expect from us, we have stayed invested in
securities that may have been overlooked by others. I have three examples:

 

 

1.

Trulieve Cannabis. A home grown (no pun intended), Florida-centric producer and retailer of cannabis and related products, Trulieve markets to the rapidly growing
population of residents with a medical marijuana license in Florida. The growth rate, earnings before interest, taxes, depreciation and amortization (EBITDA) margin, and sales per square foot are nothing short of phenomenal.

     
 

2.

Great Western Petroleum 9% 09-30-21 Notes. It is not too often you see a corporate bond in the top ten performers. Along with a new administration comes a renewed push
for renewable energy along with restrictions on oil and gas exploration, including but not limited to the prohibition of drilling on federal lands. Well, guess what? Restricted supply meets heightened demand, and voila – higher oil prices!
Hunter Hayes followed this issue closely and deserves the credit here as I likely would not have made it to a refinancing and a higher bond price.

     
 

3.

Twitter. I know many of you are rubbing your eyes right now with a loud “what?!”. The last President certainly created a ton of brand awareness up until the day he was
kicked off! Interesting note here: the average daily users

   

are around 192 million, which is lower than Snapchat and well behind the 2.2 billion Facebook users, indicating there is plenty of room for growth. Elliott Management, the behemoth hedge fund run by Paul
Singer, has taken a large stake and Board representation. Yes, CEO Jack Dorsey is odd. We hope he continues to work with Elliott to create value and/or sell the company. His larger economic interests lie in his equity position in Square
Holdings (SQ), the payment processing business.

For the quarter ended March 31st, the Fund returned +5.30%. For the Fund’s fiscal first half (also ended March 31st), the Fund returned 20.41%. And for the trailing twelve months, the Fund returned +43.79%. Let’s see
where we go from here!

 

Top Ten Holdings

 

(% of Net Assets)  

 

       

Trulieve Cannabis Corporation

   

5.0

%

 

Skechers USA Inc. – Class A

   

3.8

%

 

Alphabet Inc – Class A

   

3.6

%

 

Twitter Inc.

   

3.5

%

 

Accenture PLC – Class A

   

3.4

%

 

Berkshire Hathaway – Class B

   

3.4

%

 

IAC Interactive Corp

   

3.3

%

 

WNS Holdings Ltd

   

3.2

%

 

Copart Inc.

   

3.2

%

 

TJX Companies

   

3.2

%

 

Top ten holdings are as of March 31, 2021. Fund holdings are subject to change and are not recommendations to buy or sell any security.

Thank you for your continued support. If there is anything we can do to serve you better, please don’t hesitate to call.

 

All the best,

 

Mark Travis

Intrepid Capital Fund Portfolio Manager

 

 

 

Mutual Fund investing involves risk.

 

All investments involve risk.  Principal loss is possible.  The Fund is subject to special risks including volatility due to investments in smaller companies, which involve additional risks such as
limited liquidity and greater volatility.  Investments in debt securities typically decrease in value when interest rates rise.  This risk is usually greater for longer-term debt securities.  Investments by the Fund in lower-rated and non-rated
securities present a greater risk of loss to principal and interest than higher-rated securities.  The Fund 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.  ETFs also have management fees that increase their costs versus the costs of owning the underlying securities directly.

 

This report is authorized for distribution only when preceded or accompanied by a current prospectus.

 

The S&P 500 Index is a broad-based, unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general.  The Bloomberg Barclays US Gov/Credit 1-5Y TR Index measures the
performance of U.S. dollar-denominated U.S. Treasury bonds, government-related bonds,

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 Bloomberg Barclays (BB) Combined Index consists of an unmanaged portfolio of
60% common stocks represented by the S&P 500 Index and 40% bonds represented Bloomberg Barclays US Government/Credit 1-5 Yr Index. You cannot invest directly in an index. The Nasdaq Composite Index is the market capitalization-weighted index of
over 2,500 common equities listed on the Nasdaq stock exchange. The indices referenced above are used herein for comparative purposes in accordance with SEC regulations. EBITDA, or earnings before interest, taxes, depreciation, and amortization, is a
measure of a company’s overall financial performance and is used as an alternative to net income in some circumstances.

 

Opinions expressed are subject to change, are not guaranteed and should not be considered investment advice or recommendations to buy or sell any security.

 

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

April 1, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

           
               

 

 

Matt Parker, CFA, CPA

 

 

 

Joe Van Cavage, CFA

 

 

 

Endurance Fund

 

 

 

 

 

 

Co-Portfolio Manager

 

 

 

 

PERFORMANCE

Total Returns as of March 31, 2021

 

Inception

     
 

Date

Qtr.

YTD

1 Year

Intrepid Endurance Fund – Inv.

10/03/05

  9.69%

  9.69%

68.81%

Intrepid Endurance Fund – Inst.

11/03/09

  9.75%

  9.75%

69.16%

Morningstar Small Cap Index

 

11.62%

11.62%

89.97%

   
 

Average Annualized Total Returns

 

as of March 31, 2021

       

Since

 

3 Year

5 Year

10 Year

Inception

Intrepid Endurance Fund – Inv.

10.90%

  7.60%

  5.37%

8.35%

Intrepid Endurance Fund – Inst.

11.17%

  7.84%

  5.62%

7.38%

Morningstar Small Cap Index

13.48%

14.44%

11.29%

  9.72%^

^

Since Inception returns are as of the Fund’s Investor Class inception date. Since the inception date of the Institutional Class, the annualized return of the Morningstar Small Cap Index is 14.05%.

Performance data quoted represents past performance and does not guarantee future results.

 

Investment returns and principal value will fluctuate, and when sold, may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than
the performance quoted and can be obtained by calling 866-996-FUND. The Fund imposes a 2% redemption fee on shares held for 30 days or less. Performance data does not reflect the redemption fee. If it had, returns would be reduced.

 

Per the Prospectus dated January 31, 2021, the annual operating expense (gross) for the Intrepid Capital Fund-Investor Share Class is 1.74% and for the Intrepid Capital Fund-Institutional Share Class is 1.49%. The
Fund’s Advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses until January 31, 2023, such that the total operating expense for the Endurance Fund-Investor Share Class is 1.30% and until January 31, 2022, such that
the total operating expense for the Endurance Fund-Institutional Share Class is 1.15%. The Endurance Fund-Investor Share Class may have Net Expense 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. As a result of the calculations, the Net Expense for the Endurance Fund-Investor Share Class is 1.31%. The Net Expense for the Endurance Fund-Institutional Share Class is 1.16%. The Net
Expense Ratio represents the percentage paid by investors. Otherwise, performance shown would have been lower.

 

April 1, 2021

 

Dear Fellow Shareholders,

 

We’ll start off this letter the same way we started off the last one: wow, what a quarter! This quarter had it all: political volatility, crazy speculation (Gamestop, etc), violent factor rotations, and another round
of stimulus. Behind these headlines, it appears the vaccine roll-out in the US is going very well…which is great news.

 

Boiling all of the above into a soup, small cap stocks continued their strong trend from last quarter. The Intrepid Endurance Fund (“the Fund”) returned 9.69% for the quarter, compared to 11.62% for our benchmark
Morningstar Small Cap Index.  For the first half of the Fund’s fiscal year, the Fund returned 32.51%, compared to 44.32% for the benchmark Morningstar Small Cap Index.

 

Last quarter, we mentioned that the Fund would likely lag the small cap market if certain macro conditions emerged that benefitted specific types of investments, specifically “recovery plays,” small cap financials, and
energy. Unfortunately, that discussion proved timely as expectations of a strong rebound in the US economy drove rising inflation concerns and interest rates, which favored all three of these categories.

 

Despite that, we remain steadfast in only allocating your capital into companies that show “enduring” traits and avoiding what we view as structurally challenged industries, such as those mentioned above. We believe
that doing this continues to give you the best chance for long-term success, rather than trying to guess what macro conditions might occur and what sectors that might favor. With how difficult the future is to predict (see 2020), we think focusing on
enduring businesses is the more prudent long-term strategy.

 

Top Ten Holdings

 

(% of Net Assets)  

         

Trulieve Cannabis Corporation

   

9.5

%

 

Take-Two Interactive Software, Inc.

   

7.0

%

 

AdvisorShares Pure US Cannabis ETF

   

7.0

%

 

LGI Homes, Inc.

   

4.7

%

 

WNS Holdings Ltd

   

4.7

%

 

Skechers USA Inc. – Class A

   

4.6

%

 

SP Plus Corporation

   

4.3

%

 

Cresco Labs, Inc.

   

4.2

%

 

Burlington Stores Inc.

   

3.4

%

 

Dropbox Inc. – Class A

   

3.3

%

 

  

Top ten holdings are as of March 31, 2021. Fund holdings are subject to change and are not recommendations to buy or sell any security.

The good news is that the companies in the Portfolio are performing very well. As a group, we have been very pleased with their most recent operational execution and financial results. In addition, while finding new
opportunities that are priced

attractively is more difficult now than it was six months ago, we are still finding great small cap companies that have fallen through the cracks of the large run-up over the last six months.

 

We purchased new positions in several securities, including Turning Point Brands (TPB), Franklin Covey (FC), and Gamesys Group (GYS LN).  We sold Gamesys before quarter-end after a takeover announcement sent the shares
higher just two weeks after our purchase.  Sometimes it’s better to be lucky than smart.

 

The Fund had a moderate level of selling activity during the quarter.  We sold out of our positions in Amdocs (DOX), Charles River Labs (CRL), Copart (CPRT), Icon Plc (ICLR), Liberty Braves (BATRK), Ollies Bargain
Outlets (OLLI), and Sykes Enterprises (SYKE) after these securities reached our estimates of intrinsic value.

 

The top contributors to performance for the quarter were Trulieve Cannabis Corp (TRUL CN), LGI Homes (LGIH), and Skechers USA (SKX).  Trulieve will be discussed in more detail later in the letter.  Homebuilder LGI
reported blowout quarterly results to close out 2020 and has benefited from the remarkable strength of US housing demand.  Skechers stock steadily ground higher during the quarter as we think investors anticipated a pickup in retail activity as the
economy re-opens.  We still believe each of these three positions are trading well below intrinsic value.

 

The top detractors to performance for the quarter were Take-Two Interactive Software (TTWO), IAA Inc (IAA), and a new position in Cresco Labs (CRLBF) which will be discussed later.  We think the reasons for the decline
in TTWO and IAA are more related to changes in investors’ macro positioning rather than company-specific fundamental issues.  Take-Two and IAA each reported fine quarters but were victims of a rotation into “recovery plays.”

 

Finally, we purchased a couple of new positions in the cannabis industry – Cresco Labs (CRLBF) and an AdvisorShares Cannabis ETF (MSOS).  Following our initial investment in Trulieve (TRUL CN), we have spent the past
few months doing extensive research into the US cannabis industry and believe the opportunity is unique and highly compelling.  Collectively, our exposure to this industry was 20.7% of the Fund as of quarter-end, which is approaching the maximum
level we are willing to invest the Fund in one single sector.  We owe you an explanation, and will devote a large portion of this letter walking you through our thesis and why we believe the cannabis industry deserves such a large allocation.

 

 

We think the opportunity in the cannabis industry is one of the most unique and compelling opportunities that we have seen in our careers.  The combination of (a) growing public momentum behind cannabis, (b)
regulations that create barriers to entry and scale, and (c) a large, existing illicit user base that is transitioning to the legal market has created a very attractive setup for an investment:

 

1.

Booming Demand – Legal cannabis consumption is a rapidly growing end market

     
 

2.

Constrained Supply – State & local regulations often restrict the number of legal cannabis businesses

     
 

3.

Inefficient stock prices – Federal regulations prevent these companies from listing on US exchanges and being purchased by large institutional investors

     
 

4.

Imminent Catalysts – Regulatory changes are in the works that we believe will broaden the ownership of these stocks and significantly increase these companies’
addressable market.

In short, many of these companies can operate in an environment that, due to certain regulations, reduces competition despite very high demand growth. And, again due to regulations, we are able to own these companies
before other large investors.

 

Demand for legal cannabis has grown rapidly and is expected to continue.  The total size of the legal market in the US today is around $18 billion.  Most estimates we have seen forecast the size of the market to reach
~$60 billion by 2025 and up to $100 billion by 2030 (20-30% annual growth).1  Importantly, most of this growth is expected to come from shifts in consumption from the
illicit market to the legal market.  The illicit market today is estimated to be at least triple the size of the legal market, which puts the size of the total cannabis market (legal & illicit) at around $80 billion – larger than the size of the
wine industry!2  Because this proven demand already exists today, we view the potential growth as much less risky than a new product category which needs to attract new
consumers rather than convert existing users.  We think the legal operators will gradually out-compete the illicit market on safety, quality and convenience, which will drive conversion.

 

The supply side of the equation varies by state (regulation is effectively at the state level).  Our focus is on companies that operate in states which restrict the number of licenses awarded to cannabis companies,
thereby limiting supply.  These states generally seek to tightly control the supply chain, but also want to prevent a flood of “weed shops” from entering their markets.  For example, consider the case of Virginia.  The state has awarded five regional
licenses (essentially monopolies), which translates to a maximum capacity of just 30 retail dispensaries in a state with ~9 million people.  While this is somewhat of an extreme sample, the broader point remains that supply, in some states, is being
artificially limited by government regulations.

 

What do you get when you mix booming demand with constrained supply?  Incredible economics!  The best operators in the industry are able to enjoy strong pricing power while continuing to scale their operations.  A
perfect example of this is Trulieve, the Fund’s largest holding, whose dominance in the limited license state of Florida has led to operating metrics that are superior to some of the best retailers in the world.

 

Perhaps the most compelling part of our thesis is that US institutional investors are largely restricted from owning these stocks for the time being.  Because cannabis is

still an illegal drug at the federal level, large banking institutions cannot do business with cannabis companies.  As a result, these stocks do not trade on US exchanges and cannot be custodied by some of the largest
custodians.  Instead, they trade on less liquid Canadian exchanges and have a large retail shareholder base.  In our view, this is the main reason why these stocks trade at large discounts to our estimates of their value despite such attractive
characteristics.

 

Fortunately, we expect upcoming changes in federal regulations which will benefit the cannabis industry.  Public momentum is on their side, as over two-thirds of Americans believe marijuana should be legal (up from
about 33% in 2000).  One such proposal is the SAFE Banking Act which was recently introduced in Congress and would lift the restrictions on banks to do business with cannabis companies.  Most experts we have spoken to expect SAFE (or some other piece
of related legislation) to pass within the next year, which would allow these stocks to be listed on US exchanges and owned by institutional shareholders.  We believe this will be a significant catalyst to drive flows into these stocks and push
prices up closer to intrinsic value.

 

Then there is the prospect of federal legalization or decriminalization of cannabis, which is probably the most notable piece of legislation that would impact the industry.  There is still some uncertainty about how
this could take effect, but it is likely an inevitability that there will eventually be some sort of broad legalization.  On the one hand, this could allow more traditional supply/demand dynamics to take hold, which would impair the pricing power
that certain companies currently enjoy.  On the other hand, it would massively increase the addressable market by unlocking a large swath of demand.  In the meantime, however, we expect the best operators may continue to earn large excess profits and
build economic moats.  We believe the current market valuations of these operators are significantly undervalued regardless of how potential regulatory changes play out.

 

We currently have positions in three cannabis related securities – Trulieve, Cresco Labs and a cannabis ETF.  Trulieve has a dominant position in the highly attractive Florida market and is the most profitable large
cannabis business in the US.  Cresco is the largest wholesaler in the industry and places a smaller emphasis on retail.  They have strategically positioned themselves to potentially benefit from the industry becoming more like a traditional consumer
packaged good (CPG) category over time.  Finally, the AdvisorShares cannabis ETF owns a number of different companies in the cannabis industry.  While we have our views on which companies are best positioned currently, we also acknowledge that there
is still a lot of uncertainty as to how the cannabis industry will evolve over time.  Because we think prices are broadly attractive across the industry, we think owning a basket of companies via an ETF is an effective way to diversify our investment
outside of Trulieve and Cresco Labs. As our view on the future becomes clearer, we plan to allocate the ETF position into specific operating companies.

In closing, we remain highly optimistic about the positioning of the Portfolio.  We ended the quarter with a cash level of 6%, which is materially consistent with the prior quarter but lower than what it has been over
much of the last decade.  While this will likely result in more volatility than what the Fund has historically experienced, we expect this positioning – in great companies at attractive prices – has the potential to help mitigate and grow your
capital over time.

 

Thank you for your investment.

 

   

Matt Parker, CFA, CPA

Joe Van Cavage, CFA

Intrepid Endurance Fund

Intrepid Endurance Fund

  Co-Portfolio Manager

  Co-Portfolio Manager

 

Past performance is not a guarantee of future results.

 

Mutual Fund investing involves risk. Principal loss is possible.  The Fund is subject to special risks including volatility due to investments in smaller companies, which involve additional risks
such as limited liquidity and greater volatility.  The Fund 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.  ETFs also have management fees that increase their costs versus the costs of owning the underlying securities directly.

 

This report is authorized for distribution only when preceded or accompanied by a current prospectus.

 

Prior to June 26, 2015, the Fund was named the Intrepid Small Cap Fund.

 

1 BTIG Initiation Report (18B figure, 60B 2025 size), Cowen (100B 2030 figure).

 

2 Green Thumb Jan. 2021 Investor Presentation (cannabis>wine).

 

Earnings growth is not representative of the Fund’s future performance.

 

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.  You cannot invest directly in an index.  
The index is used herein for comparative purposes in accordance with SEC regulations.

 

Opinions expressed are subject to change, are not guaranteed and should not be considered investment advice or recommendations to buy or sell any security.

 

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

April 12, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

           
               

 

 

Mark F. Travis, President/C.E.O.

 

 

 

 

 

 

Income Fund Co-Portfolio Manager

 

 

 

Income Fund Co-Portfolio Manager

 

 

PERFORMANCE

Total Returns as of March 31, 2021

 

Inception

     
 

Date

Qtr.

YTD

1 Year

Intrepid Income Fund – Inst.^

08/16/10

 4.09%

 4.09%

21.30%

Bloom Barc US Gov/Cred 1-5Y

-0.57%

  1.90%

Bloomberg Barclays US Agg Bond Index

 

-3.37%

-3.37%

  0.71%

ICE BofAML US Corporate Index

 

-4.49%

-4.49%

  9.30%

ICE BofAML High Yield Index

 

 0.90%

 0.90%

23.31%

   
 

Average Annualized Total Returns

 

as of March 31, 2021

       

Since

 

3 Year

5 Year

10 Year

Inception

Intrepid Income Fund – Inst.^

6.11%

5.73%

4.00%

4.27%

Bloom Barc US Gov/Cred 1-5Y

3.66%

2.33%

2.10%

2.92%

Bloomberg Barclays US Agg Bond Index

4.65%

3.10%

3.44%

4.24%

ICE BofAML US Corporate Index

6.17%

4.92%

5.03%

5.50%

ICE BofAML High Yield Index

6.52%

7.93%

6.31%

7.01%

^

Institutional Class shares of the Intrepid Income Fund commenced operations on August 16, 2010. Performance shown prior to August 16, 2010 (Since Inception) reflects the performance of Investor Class shares,
which commenced operations on July 2, 2007, and includes expenses that are not applicable to and are higher than those of Institutional Class shares.

Effective January 31, 2014, the Investor Class shares of the Fund were closed, and any outstanding Investor Class shares were converted into Institutional Class shares.

 

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value will
fluctuate, and when sold, may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 866-996-FUND. The Fund imposes a 2%
redemption fee on shares held for 30 days or less. Performance data does not reflect the redemption fee. If it had, returns would be reduced.

 

Per the Prospectus dated January 31, 2020, the annual operating expense (gross) for the Intrepid Income Fund-Institutional Share Class is 1.17%. The Fund’s Advisor has

contractually agreed to waive a portion of its fees and/or reimburse expenses until January 31, 2022 such that total operating expense for the Income Fund-Institutional Share Class is 0.90%. The Net Expense for the
Income Fund-Institutional Class is 0.91%. The Net Expense Ratio represents the percentage paid by investors. Otherwise, performance shown would have been lower.

 

30-Day Subsidized SEC Yield: 4.60%; 30-Day Unsubsidized SEC Yield: 4.49%

 

April 12, 2021

 

Dear Fellow Shareholders,

 

Vaccines for COVID-19 have been distributed across the US at a blistering pace.  At the same time, a different type of vaccine is being injected into the American financial system.  It has also been administered at a
rapid pace and has temporarily halted the spread of financial collapse.

 

We are speaking, of course, about money printing.  As the chart to the left shows, the M2 money stock has grown asymptotically since the onset of COVID-19.  In addition to M1, this measure also includes savings
deposits and money market accounts.  Alongside direct injections of liquidity into American’s bank accounts, the Federal Reserve has administered this liquidity by purchasing corporate bonds and continuing to expand its balance sheet through Treasury
purchases.

 

Many have applauded the Federal Reserve’s decision to rapidly inject money into the system.  After all, the dollars printed for stimulus programs, direct deposits, and corporate credit facilities kept many small
businesses afloat and food on people’s tables.  Just like virologists had not seen something like COVID-19 before, economists had not seen anything like the rapid shutdowns that accompanied the virus.

 

But eventually, we must deal with the fallout from the borrowed money.  As the chart above shows, the velocity of money has fallen to a 60-year low. This measures the frequency a unit of currency is used.

It is logical for the velocity of money to slow down as people hunker down at home.  But as consumption habits normalize, what will happen?  Many believe a resumption of normal activity will lead to elevated inflation
that will be difficult for the Federal Reserve to control.  Others have argued that the velocity of money will not pick back up anytime soon, which could even lead to deflation. We believe our short duration credit
strategy will likely continue to perform well in either scenario.

 

For now, the Federal Reserve’s “vaccine” has bolstered credit markets to new all-time highs.  Last week, yields for CCC-rated bonds, the riskiest slice of the market, dropped to an all-time low of 6.10%.  This time
last year, there was over $1 trillion of distressed bonds and loans in just the US alone, which today has shriveled to less than $100 billion, according to Bloomberg.  Any and every high yield issuer is rushing to lock in record-low rates as primary
supply continues to vaporize previous records.  There remain plenty of attractive securities amidst the frothiness, but we believe it has never been more important to know and understand the businesses to which one lends capital.

 

Fixed income performance in the first quarter was mixed.  Rates rose to welcome the new decade, with the 10-Year Treasury ending the quarter at 1.74%, nearly double its yield to start the year.  Accordingly, the
duration-heavy Bloomberg Barclays US Aggregate Index (the “Barclays Aggregate Index”) dropped -3.37% for the quarter ended March 31, 2021 and the ICE BofAML US Corporate Index (the “Corporate Index”) returned -4.49% over the same period.  On the
other hand, riskier debt continued its recovery, with the ICE BofAML High Yield Index (the “HY Index”) gaining 0.90% in the quarter.  The shorter-duration Bloomberg Barclays US Govt/Credit 1-5 Year Total Return USD Index (the “1-5 Year TR Index”)
returned -0.57% over the same period.  We are pleased to report that The Intrepid Income Fund (the “Fund”) gained 4.09% for the quarter ended March 31, 2021.

 

We also report semiannual results given the Fund’s 9/30 fiscal year end. For the first six months of the Fund’s fiscal year, the Fund gained 11.83%.  This compares to a loss of
-2.73% for the Barclays Aggregate Index and a loss of -1.64% for the Corporate Index.  The 1-5 Year TR Index lost -0.25% and the HY Index gained 7.44% over the same period.

 

Our performance vs. benchmarks is summarized in the table below.

 

Relevant Benchmarks vs.

3 Months Ended

6 Months Ended

ICMUX Performance

3/31/2021

3/31/2021

Bloomberg Barclays US Govt/

   

  Credit 1-5 Year Total Return USD Index

-0.57%

  -0.25%

Bloomberg Barclays US Aggregate Index

-3.37%

  -2.73%

ICE BofAML US Corporate Index

-4.49%

  -1.64%

ICE BofAML High Yield Index

0.90%

  7.44%

Intrepid Income Fund

4.09%

11.83%

The Fund’s success during the first calendar quarter was primarily attributable to security selection, but we also benefited from a positive overall environment for risk assets.  Additionally, we are very pleased with
how our short duration focus has protected your capital in the face of rising rates.

 

Our top contributors for the three months ended 3/31/2021 included:

 

 

GRTWST 9.0% due 9/30/2021 – We have written about our Great Western thesis in previous commentaries, so we will not rehash the entire thing.  The company’s 9% bonds
plunged this time last year on the back of negative oil prices, but we believed this Colorado-based producer had low enough leverage, robust enough hedges, and adequate liquidity to refinance its notes, so we purchased more at around 60 cents
on the dollar.

     
   

We face a difficult choice in fixed income markets when a position we own gaps down.  Given the binary nature of  bonds, conviction becomes paramount in the heat of this sort of volatility.  We went into April
with a conservative enough weight in GRTWST that we were comfortable doubling down on our position.  We have a rule that when a position trades down significantly, we must either add or sell, forcing
us to have a view.

     
   

Great Western had been talking about refinancing its notes well before the bonds sold off.  In fact, as the chart to the left shows, we added to our position at what we thought was an attractive yield last
January.  Then the pandemic hit!  As COVID-19 infected markets with fear, we spoke with other GRTWST lenders, as well as the company, and became confident the notes would be refinanced.  In June, we purchased more bonds at close to a 50%
yield.  The bonds traded sideways for the next few months, despite the overall recovery in energy.

   

 

   

In February, we finally received a call from Barclays’ credit syndicate about Great Western’s refinancing.  At the time, GRTWST’s year-end leverage was only 1.6x and the company was roughly 90% hedged in 2021
at prices that would lock in free cash flow generation.  Still, exiting bondholders, including us, played hardball, and demanded that the existing GRTWST equity holders make some credit-positive concessions to make a new issue more
attractive.

     
   

The biggest concession came from one of the company’s largest equity investors.  This shareholder agreed to roll its preferred equity, with a large

 
   

dollar coupon, into common stock, saving the company considerable amounts of cash interest.  Concurrently, this experienced, institutional energy investor became the majority equity holder, which we believe
puts the company in a great position.  Lastly, other existing equity investors poured a modest amount of additional capital into the business and the company carved out 2nd lien capacity on the existing credit agreement, giving GRTWST’s new
notes a better spot in the capital structure.  In short, other investors recognized the value of the company’s assets which lifted the price of our notes.

     
   

As we continued to gain conviction that the old  GRTWST notes were going to roll into a new issue, we purchased even more GRTWST 9% notes in the low 70s.  Shortly after that
purchase, our entire position was called at par, earning us a substantial return.

     
   

Great Western is not the typical sort of position in our Portfolio, but it showcases how our credit process paid off during one of the sharpest selloffs in short-duration energy bonds ever.  Given our knowledge
of GRTWSTs credit situation, and our relatively small weight going into the selloff, we were able to deploy capital opportunistically when we saw a mispricing.  We did this knowing the risks, but believing we had a sufficient margin of safety
such that, even in a worst-case scenario (bankruptcy), we would likely have had a good recovery.

     
 

TK 5% due 1/15/2023 – Teekay Corporation’s busted convertible notes remain one of our favorite positions.  This small, unrated, and misunderstood debt issue has continued
to shine since we started nibbling on it in the low-80s.  Both of TK’s daughter companies are continuing to perform well as LNG demand returns and tanker day rates have steadied.  We believe this parent company will attempt a global
refinancing later this year, meaning these convertible notes still likely carry a double-digit yield, despite trading in the mid-90s at the time this letter was written.

     
 

TPB 2.5% due 7/15/2024 – Turning Point Brand’s business continued to crush expectations, resulting in a tremendous run-up in the stock and, hence, the convertible debt we
purchased.  Since these converts are no longer “busted,” we have reduced our position substantially.  We still believe the business is potentially poised for continued outperformance on the back of its Stoker’s and Zig-Zag brands, but we have
no interest in holding onto convertible notes without a positive yield.  We happily participated in TPB’s debut high yield bond offering in February, which we discuss below.  Our equity counterparts also continue to love TPB’s common stock.

     

Both TPB and GRTWST were also top contributors for the six months ended 3/31/2021, along with:

 

WETF 4.25% due 6/16/2023 – Similar to TPB, Wisdom Tree Investments’ business has performed exceptionally since our purchase and the stock has nearly

   

doubled on the back of sanguine market conditions.  The convertible notes we purchased are no longer busted, so we have substantially reduced our position.

We had only one material detractor for the three- and six-month periods ended 3/31/2021:

 

 

GRTWST 12% due 9/01/2025 – As we discussed above, Great Western refinanced its debt in February.  The new notes, which we purchased upon issuance, have scarcely traded as
bondholders await news on the company’s new capital plan.  These new notes come with a special M&A call at 110 cents on the dollar if the company merges or is acquired in the first 12 months.  We believe that GRTWST is a good M&A
target, especially given the recent trend of consolidation in the DJ Basin.  Regardless of whether the company is acquired or not, we believe the company’s low leverage and solid liquidity profile position it well to succeed as oil and gas
prices continue to recover and cash flow generation improves.

The Income Fund had seven corporate bond positions that were called or matured in the first calendar quarter.  We also reduced several positions as they hit our internal yield bogey, selling out of our Nordstrom 6.95%
Notes due 3/15/2028 and ServiceMaster 7.45% Notes due 8/15/2027, entirely.  The proceeds from the bonds that were called, sold, or matured were redeployed into a mixture of existing positions and new positions from borrowers we have lent to before,
including:

 

 

TRGP 9.5% Perpetual Preferred – Targa Resources is an operator of crude and natural gas gathering and processing assets. The company is squarely focused on deleveraging,
as it believes it is close to ratings improvements.  We have owned a different issue of TRGP preferred stock in the past, which was called by the company this past December.

     
   

This preferred issue, which was also partially paid down in December, carries a high dividend and is currently callable at 110 cents on the dollar before dropping to 105 cents on the dollar in 2022.  We
purchased this security at 105.25 cents on the dollar, which works out to over a 9% yield-to-worst.  We believe that TRGP will prioritize paying down this high-cost issue as it cleans up its balance sheet and that there exists asymmetric
upside relative to the risk.

     
 

VTOL 6.875% due 3/01/2028 – Bristow Group provides offshore helicopter services to international energy companies, plus search and rescue operations for the UK
government.  We purchased a small weight in this new issue after our old notes, which were originally issued by ERA Group before it merged with Bristow, were called.  The new issue has collateral coverage of 2.6x per 3rd party appraisal, and
leverage is relatively light at 2.1x.

     
 

CURA 10.25% Revolving Credit Facility – We have written extensively about our Curaleaf thesis.  When the company did a small, $50 million drive-by in January, we decided
to participate. The terms and protections of this

   

revolving credit facility are the same as the existing term loan we own.  We expect both issues to be called next January.

     
 

GRTWST 12% due 9/01/2025 – As discussed above, we rolled into Great Western’s new issue, which has a favorable position in the capital structure, a fat coupon, and a
special M&A call.  We believe these notes will do well as oil and gas prices continue to recover.

     
 

TPB 5.625% due 2/15/2026 – TPB tapped the high yield market for the first time in February, raising $250 million for a war chest to continue its buy-and-build strategy. 
We believe TPB’s management is best-in-class1 and has demonstrated the ability to make sound acquisitions that lead to value creation.  The deal was
well-oversubscribed, with the bonds trading up several points off the break.  Net leverage remains manageable at ~3.1x and we expect the company to continue potentially generating plenty of free cash flow to offset its acquisitiveness.

     
 

VSTO 4.5% due 3/15/2029 – Vista Outdoor is another issuer whose bonds we rolled into after our 2023 notes were called.  We continue to love VSTO’s core business, focused
on outdoor sports and recreational activities, and believe that the extra dollars raised by this issue will allow the company to continue making accretive acquisitions.  Although the coupon is relatively low, especially for the duration, we
feel the strong cash flow profile justifies holding a small position, which we will add to opportunistically.

We remain cautiously optimistic about the prospects for economic recovery, and continue to hunt for short-dated, high-yielding securities issued by credit-worthy companies.  We endeavor to find securities that do not
operate with an unhealthy reliance upon the mercurial credit window, preferring those rare borrowers that view leverage as a bridge to a destination, not an endless highway with increasingly expensive fuel stops.

 

We anticipate some volatility over the next several quarters, which may present excellent buying opportunities in credit markets, and remain committed to our short duration bias as an organic way to maintain some “dry
powder”.

 

Top Ten Holdings

 

(% of Net Assets)

       

Curaleaf, Inc., 1/10/24, 13.0000%

   

5.4

%

Teekay, 1/15/23, 5.000%

   

4.1

%

Great Western Petroleum,

       

  9/01/25, 12.000%

   

3.9

%

Trulieve Cann., 6/18/24, 9.750%

   

3.9

%

Targa Resources Preferred,

       

  perpetual, 9.500%

   

3.9

%

Oppenheimer, 10/01/25, 5.500%

   

3.7

%

Meredith, 2/01/26, 6.875%

   

3.2

%

Matador Resources, 9/15/26, 5.875%

   

3.1

%

Caleres, 8/15/23, 6.250%

   

3.1

%

Edgewell Personal Care,

       

  05/24/22, 4.700%

   

2.9

%

Top ten holdings are as of March 31, 2021. Fund holdings are subject to change and are not recommendations to buy or sell any security.

Looking back over the past year, we could not be more pleased with the way our strategy has worked.  Going into last March, we were able to redeploy cash from maturing short duration positions into attractive,
sometimes longer-dated positions at a time when liquidity was hard to come by.  At certain times, it was

almost a “name your price” exercise, where forced sellers had no choice but to unload creditworthy positions at deep discounts.

 

As the graph below shows, our short duration bias hedged us from the brunt of last year’s selloff and allowed us to quickly redeploy capital at great prices.  We have slowly trimmed or sold many of the positions we
piled into as those credits hit our yield bogeys, but we believe we will have ample opportunities to purchase bargain securities in the future as more bargains avail themselves.

 

 

As we discussed earlier, a debate is raging on whether inflation might accelerate on the back of unprecedented money printing.  We have no superior forecasting ability when it comes to something as complex as
inflation.  We do, however, take solace in how our short-duration bias and careful credit work has helped preserve capital and rewarded investor capital over the past year, and continue to believe our strategy will aim to generate attractive absolute
returns.

 

In the event inflation does begin dislodging stubbornly low yields on certain longer-dated, creditworthy fixed income securities, we will have the nimbleness, afforded by our short duration bias, to redeploy capital
if/when we deem it to be an attractive opportunity for the commensurate risk.

 

Thank you for your investment.

 

Sincerely,

   

Mark F. Travis, President

Hunter Hayes

Intrepid Income Fund

Intrepid Income Fund

  Co-Portfolio Manager

  Co-Portfolio Manager

Mutual fund investing involves risk. Principal loss is possible.

 

All investments involve risk. Principal loss is possible. Investments in debt securities typically decrease in value when interest rates rise. The risk is generally greater for longer term debt
securities. Investments by the Fund in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher rated securities. The Fund may invest in foreign securities which involve greater volatility and
political, economic and currency risks and differences in accounting methods.

 

This report is authorized for distribution only when preceded or accompanied by a current prospectus.

 

The Bloomberg Barclays US Gov/Credit 1-5Y TR Index measures the performance of U.S. dollar-denominated U.S. Treasury bonds, government-related bonds, 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. Bloomberg Barclays Capital U.S. Aggregate Bond Index is an index representing about 8,200 fixed income securities. To be included in the index, bonds must be rated investment
grade by Moody’s and S&P. The ICE BofAML High Yield Index tracks the performance of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade
rating (based on an average of Moody’s, S&P and Fitch), at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount
outstanding of $250 million. The ICE BofAML US Corporate tracks the performance of US dollar denominated investment grade corporate debt publicly issued in the US domestic market. Index The ICE BofAML High Yield Index tracks the performance of US
dollar denominated below investment grade corporate debt publicly issued in the US domestic market.  Cash flow is the net amount of cash and cash-equivalents being transferred into and out of a business. You cannot invest directly in an index.  The
indices referenced above are used herein for comparative purposes in accordance with SEC regulations.

 

1

“Best-in-class” is solely an opinion and such opinion is subject to change. Those companies that hold leading market share positions, strong growth potential, historically good profitability, and management
teams known for integrity and good corporate governance are generally considered to be “best-in-class”.

 

Yield-to-Worst is the lowest yield an investor can expect when investing in a callable bond. Duration is an approximate measure of the price sensitivity of a fixed-income investment to a change in interest rates,
expressed as a number of years. Free cash flow represents the cash a company generates after accounting for cash outflows to support operations and maintain its capital assets.

 

30-Day SEC Yield (subsidized/unsubsidized) represents net investment income earned by a fund over a 30-day period, expressed as an annual percentage rate based on the fund’s share price at the end of the 30-day period.
Subsidized yield reflects fee waivers and/or expense reimbursements during the period. Without waivers and/or reimbursements, yields would be reduced. Unsubsidized yield does not adjust for any fee waivers and/or expense reimbursements in effect.

 

Opinions expressed are subject to change, are not guaranteed and should not be considered investment advice or recommendations to buy or sell any security.

 

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

EXPENSE EXAMPLE

March 31, 2021 (Unaudited)

As a shareholder of the Intrepid Capital Management Funds Trust (the “Funds”), you incur ongoing costs, including management fees; distribution and/or service fees; and other expenses incurred by the
Funds.  This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare costs with the ongoing costs of investing in other mutual funds.

 

The example is based on an investment of $1,000 invested at the beginning of the period and held the entire period of October 1, 2020 through March 31, 2021.

 

Actual Expenses


The first line of the following table provides information about actual account values and actual expenses.  Although the Funds charge no sales load or transaction fees, you will be assessed fees for
outgoing wire transfers, returned checks or stop payment orders at prevailing rates charged by U.S. Bank Global Fund Services, the Funds’ transfer agent.  If you request a redemption be made by wire transfer, currently a $15.00 fee is charged by the
Funds’ transfer agent.  To the extent that a Fund invests in shares of other investment companies as part of its investment strategy, you will indirectly bear your proportionate share of any fees and expenses charged by the underlying funds in which
the Fund invests in addition to the expenses of the Fund.  Actual expenses of the underlying funds are expected to vary among the various underlying funds.  These expenses are not included in the following example.  The example includes, but is not
limited to, management fees, shareholder servicing fees, distribution fees, fund accounting, custody and transfer agent fees.  However, the example below does not include portfolio trading commissions and related expenses, interest expense and other
extraordinary expenses as determined under generally accepted accounting principles.  You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period.  Simply divide your account
value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during
this period.

 

Hypothetical Example for Comparison Purposes


The second line of the following table provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5%
per year before expenses, which is not the Funds’ actual return.  The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.  You may use this information to compare
the ongoing costs of investing in the Funds and other funds.  To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

EXPENSE EXAMPLE (continued)

March 31, 2021 (Unaudited)

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange
fees.  Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds.  In addition, if these transactional costs were included, your costs would have
been higher.

 

INTREPID CAPITAL FUND – INVESTOR CLASS


     

Expenses Paid

 

Beginning

Ending

During Period*

 

Account Value

Account Value

October 1, 2020 –

 

October 1, 2020

March 31, 2021

March 31, 2021

Actual

$1,000.00

$1,204.10

$7.69

Hypothetical (5% return

     

  before expenses)

  1,000.00

  1,017.95

 7.04

*

Expenses are equal to the Fund’s annualized expense ratio of 1.40%, multiplied by the average account value over the period, multiplied by 182/365 to reflect the period.

 

INTREPID CAPITAL FUND – INSTITUTIONAL CLASS


     

Expenses Paid

 

Beginning

Ending

During Period*

 

Account Value

Account Value

October 1, 2020 –

 

October 1, 2020

March 31, 2021

March 31, 2021

Actual

$1,000.00

$1,205.70

$6.32

Hypothetical (5% return

     

  before expenses)

  1,000.00

  1,019.20

 5.79

*

Expenses are equal to the Fund’s annualized expense ratio of 1.15%, multiplied by the average account value over the period, multiplied by 182/365 to reflect the period.

 

INTREPID ENDURANCE FUND – INVESTOR CLASS


     

Expenses Paid

 

Beginning

Ending

During Period*

 

Account Value

Account Value

October 1, 2020 –

 

October 1, 2020

March 31, 2021

March 31, 2021

Actual

$1,000.00

$1,325.10

$7.83

Hypothetical (5% return

     

  before expenses)

  1,000.00

  1,018.20

 6.79

*

Expenses are equal to the Fund’s annualized expense ratio of 1.35%, multiplied by the average account value over the period, multiplied by 182/365 to reflect the period. Expense waiver of 1.30% was implemented
on January 22, 2021.

EXPENSE EXAMPLE (continued)

March 31, 2021 (Unaudited)

INTREPID ENDURANCE FUND – INSTITUTIONAL CLASS


     

Expenses Paid

 

Beginning

Ending

During Period*

 

Account Value

Account Value

October 1, 2020 –

 

October 1, 2020

March 31, 2021

March 31, 2021

Actual

$1,000.00

$1,325.80

$6.67

Hypothetical (5% return

     

  before expenses)

  1,000.00

  1,019.20

 5.79

*

Expenses are equal to the Fund’s annualized expense ratio of 1.15%, multiplied by the average account value over the period, multiplied by 182/365 to reflect the period.

 

INTREPID INCOME FUND


     

Expenses Paid

 

Beginning

Ending

During Period*

 

Account Value

Account Value

October 1, 2020 –

 

October 1, 2020

March 31, 2021

March 31, 2021

Actual

$1,000.00

$1,118.30

$4.81

Hypothetical (5% return

     

  before expenses)

  1,000.00

  1,020.39

 4.58

*

Expenses are equal to the Fund’s annualized expense ratio (including interest expense) of 0.91%, multiplied by the average account value over the period, multiplied by 182/365 to reflect the period.

ALLOCATION OF PORTFOLIO HOLDINGS (as a % of total net assets)

March 31, 2021 (Unaudited)

INTREPID CAPITAL FUND


 

 

Components of Portfolio Holdings

     
 

Common Stocks

 

$

40,636,625

 
 

Corporate Bonds

   

12,383,473

 
 

Convertible Bonds

   

2,800,526

 
 

Real Estate Investment Trust (REIT)

   

1,642,637

 
 

Cash*

   

1,216,201

 
   

$

58,679,462

 

*

Cash, cash equivalents and other assets less liabilities.

ALLOCATION OF PORTFOLIO HOLDINGS (as a % of total net assets)

March 31, 2021 (Unaudited)

INTREPID ENDURANCE FUND


 

 

Components of Portfolio Holdings

     
 

Consumer Discretionary

 

$

15,719,250

 
 

Information Technology

   

12,528,250

 
 

Communication Services

   

12,461,099

 
 

Industrials

   

11,211,637

 
 

Consumer Staples

   

9,030,434

 
 

Health Care

   

8,476,591

 
 

Exchange-Traded Funds

   

8,026,538

 
 

Financials

   

3,657,577

 
 

Real Estate Investment Trust (REIT)

   

2,087,006

 
 

Convertible Bond

   

916,694

 
 

Cash*

   

5,376,954

 
     

$

89,492,030

 

The sector and industry classifications presented in this report, present the Global Industry Classification Standard (GICS®).  GICS® was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”).  GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

 

*

Cash, cash equivalents and other assets less liabilities.

 

Note: For purposes of categorizing securities for compliance with Section 8(b)(1) of the Investment Company Act of 1940, as amended, the Fund uses more specific industry classifications.

ALLOCATION OF PORTFOLIO HOLDINGS (as a % of total net assets)

March 31, 2021 (Unaudited)

INTREPID INCOME FUND


 

 

Components of Portfolio Holdings

     
 

Corporate Bonds

 

$

79,912,396

 
 

Bank Loans

   

22,569,403

 
 

Convertible Bonds

   

21,396,662

 
 

Convertible Preferred Stock

   

5,305,244

 
 

Common Stock

   

4,025,845

 
 

Asset-Backed Securities

   

1,334,035

 
 

Warrants

   

227,365

 
 

Cash*

   

2,907,913

 
     

$

137,678,863

 

*

Cash, cash equivalents and other liabilities less assets.

SCHEDULE OF INVESTMENTS

March 31, 2021 (Unaudited)

COMMON STOCKS – 69.25%

 

Shares

   

Value

 

Capital Goods – 1.92%

           

Acuity Brands, Inc.

   

6,816

   

$

1,124,640

 
                 

Commercial & Professional Services – 5.12%

               

Copart, Inc. (a)

   

17,303

     

1,879,279

 

IAA, Inc. (a)

   

20,472

     

1,128,826

 
             

3,008,105

 
                 

Consumer Durables & Apparel – 3.76%

               

Skechers U.S.A., Inc. – Class A (a)

   

52,965

     

2,209,170

 
                 

Diversified Financials – 6.28%

               

Berkshire Hathaway, Inc. – Class B (a)

   

7,807

     

1,994,454

 

Jefferies Financial Group, Inc.

   

56,098

     

1,688,550

 
             

3,683,004

 
                 

Food, Beverage & Tobacco – 4.31%

               

Becle SAB de CV (b)

   

613,543

     

1,399,417

 

Turning Point Brands, Inc.

   

21,619

     

1,127,863

 
             

2,527,280

 
                 

Health Care Equipment & Services – 1.50%

               

CVS Health Corp.

   

11,673

     

878,160

 
                 

Media & Entertainment – 18.00%

               

Alphabet, Inc. – Class A (a)

   

1,013

     

2,089,333

 

Electronic Arts, Inc.

   

11,572

     

1,566,502

 

InterActiveCorp (a)

   

9,028

     

1,952,847

 

Match Group, Inc. (a)

   

8,418

     

1,156,465

 

Take-Two Interactive Software, Inc. (a)

   

9,872

     

1,744,382

 

Twitter, Inc. (a)

   

32,272

     

2,053,467

 
             

10,562,996

 
                 

Pharmaceuticals, Biotechnology & Life Sciences – 4.99%

               

Trulieve Cannabis Corp. (a)(b)

   

64,392

     

2,928,306

 
                 

Real Estate – 2.47%

               

FRP Holdings, Inc. (a)

   

29,429

     

1,448,495

 

See notes to financial statements.

SCHEDULE OF INVESTMENTS (continued)

March 31, 2021 (Unaudited)

COMMON STOCKS – 69.25% (continued)

 

Shares

   

Value

 

Retailing – 6.15%

           

Dollar General Corp.

   

8,554

   

$

1,733,211

 

The TJX Companies, Inc.

   

28,357

     

1,875,816

 
             

3,609,027

 
                 

Software & Services – 13.30%

               

Accenture PLC – Class A (b)

   

7,240

     

2,000,050

 

Dropbox, Inc. – Class A (a)

   

47,129

     

1,256,459

 

Mastercard, Inc. – Class A

   

3,770

     

1,342,309

 

Visa, Inc. – Class A

   

6,195

     

1,311,667

 

WNS Holdings Ltd. – ADR (a)(b)

   

26,170

     

1,895,755

 
             

7,806,240

 
                 

Technology Hardware & Equipment – 1.45%

               

Fabrinet (a)(b)

   

9,417

     

851,202

 

TOTAL COMMON STOCKS (Cost $26,261,147)

           

40,636,625

 
                 

REAL ESTATE INVESTMENT TRUST (REIT) – 2.80%

               

Real Estate – 2.80%

               

PotlatchDeltic Corp.

   

31,040

     

1,642,637

 

TOTAL REIT (Cost $978,514)

           

1,642,637

 
                 

CONVERTIBLE BONDS – 4.77%

 

Principal Amount

         

Diversified Financials – 1.32%

               

WisdomTree Investments, Inc.

               

  4.250%, 06/15/2023 (c)

 

$

625,000

     

774,625

 
                 

Energy – 1.35%

               

Teekay Corp.

               

  5.000%, 01/15/2023 (b)

   

837,000

     

792,020

 
                 

Real Estate – 2.10%

               

CTO Realty Growth, Inc.

               

  3.875%, 04/15/2025

   

1,185,000

     

1,233,881

 

TOTAL CONVERTIBLE BONDS

               

  (Cost $2,496,864)

           

2,800,526

 

See notes to financial statements.

SCHEDULE OF INVESTMENTS (continued)

March 31, 2021 (Unaudited)

CORPORATE BONDS – 21.11%

 

Principal Amount

   

Value

 

Automobiles & Components – 2.78%

           

Nexteer Automotive Group Ltd.

           

  5.875%, 11/15/2021 (b)(c)

 

$

1,632,000

   

$

1,632,000

 
                 

Consumer Services – 2.79%

               

Nathan’s Famous, Inc.

               

  6.625%, 11/01/2025 (c)

   

1,587,000

     

1,634,610

 
                 

Energy – 3.56%

               

Great Western Petroleum LLC

               

  12.000%, 09/01/2025 (c)

   

1,500,000

     

1,350,000

 

Murphy Oil Corp.

               

  6.875%, 08/15/2024

   

724,000

     

741,195

 
             

2,091,195

 
                 

Food & Staples Retailing – 2.13%

               

Ingles Markets, Inc.

               

  5.750%, 06/15/2023

   

1,234,000

     

1,247,099

 
                 

Food, Beverage & Tobacco – 1.00%

               

Turning Point Brands, Inc.

               

  5.625%, 02/15/2026 (c)

   

564,000

     

586,560

 
                 

Industrials – 2.02%

               

Icahn Enterprises LP

               

  6.750%, 02/01/2024

   

1,158,000

     

1,184,055

 
                 

Pharmaceuticals, Biotechnology & Life Sciences – 1.84%

               

Trulieve Cannabis Corp.

               

  9.750%, 06/18/2024 (b)

   

1,005,000

     

1,081,494

 
                 

Retailing – 2.26%

               

Caleres, Inc.

               

  6.250%, 08/15/2023

   

1,315,000

     

1,328,150

 
                 

Telecommunication Services – 2.73%

               

Cincinnati Bell, Inc.

               

  8.000%, 10/15/2025 (c)

   

1,500,000

     

1,598,310

 

TOTAL CORPORATE BONDS

               

  (Cost $12,456,018)

           

12,383,473

 

See notes to financial statements.

SCHEDULE OF INVESTMENTS (continued)

March 31, 2021 (Unaudited)

SHORT-TERM INVESTMENT – 0.00%

 

Shares

   

Value

 

Money Market Fund – 0.00%

           

STIT – Treasury Portfolio –

           

  Institutional Class, 0.010% (d)

   

1,026

   

$

1,026

 

TOTAL SHORT-TERM INVESTMENT

               

  (Cost $1,026)

           

1,026

 

Total Investments (Cost $42,193,569) – 97.93%

           

57,464,287

 

Other Assets in Excess of Liabilities – 2.07%

           

1,215,175

 

TOTAL NET ASSETS – 100.00%

         

$

58,679,462

 

ADR – American Depositary Receipt

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

Foreign Issued Security.

(c)

Securities purchases pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” As of March 31, 2021, the value
of these investments was $7,576,105, or 12.91% of total net assets.

(d)

Rate listed is the 7-day effective yield.

The industry classifications presented in this report, present the Global Industry Classification Standard (GICS®). GICS® was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.

See notes to financial statements.

SCHEDULE OF INVESTMENTS

March 31, 2021 (Unaudited)

COMMON STOCKS – 81.67%

 

Shares

   

Value

 

Capital Goods – 2.41%

           

Acuity Brands, Inc.

   

13,050

   

$

2,153,250

 
                 

Commercial & Professional Services – 10.12%

               

Franklin Covey Co. (a)

   

92,321

     

2,611,761

 

IAA, Inc. (a)

   

47,651

     

2,627,476

 

SP Plus Corp. (a)

   

116,473

     

3,819,150

 
             

9,058,387

 
                 

Consumer Durables & Apparel – 9.34%

               

LGI Homes, Inc. (a)

   

28,138

     

4,201,285

 

Skechers U.S.A., Inc. – Class A (a)

   

99,559

     

4,152,606

 
             

8,353,891

 
                 

Diversified Financials – 4.09%

               

Cboe Global Markets, Inc.

   

13,630

     

1,345,145

 

Jefferies Financial Group, Inc.

   

76,825

     

2,312,432

 
             

3,657,577

 
                 

Food, Beverage & Tobacco – 5.87%

               

Becle SAB de CV (b)

   

1,091,871

     

2,490,424

 

Turning Point Brands, Inc.

   

53,000

     

2,765,010

 
             

5,255,434

 

Media & Entertainment – 13.92%

               

Angi, Inc. (a)

   

118,819

     

1,544,647

 

InterActiveCorp (a)

   

11,537

     

2,495,568

 

Take-Two Interactive Software, Inc. (a)

   

35,407

     

6,256,417

 

The Madison Square Garden Corp. – Class A (a)

   

12,061

     

2,164,467

 
             

12,461,099

 
                 

Pharmaceuticals, Biotechnology & Life Sciences – 13.69%

               

Cresco Labs, Inc. (a)(b)

   

302,000

     

3,775,000

 

Trulieve Cannabis Corp. (a)(b)

   

186,396

     

8,476,591

 
             

12,251,591

 
                 

Retailing – 8.23%

               

Burlington Stores, Inc. (a)

   

10,225

     

3,055,230

 

Etsy, Inc. (a)

   

10,626

     

2,142,945

 

See notes to financial statements.

SCHEDULE OF INVESTMENTS (continued)

March 31, 2021 (Unaudited)

COMMON STOCKS – 81.67% (continued)

 

Shares

   

Value

 

Retailing – 8.23% (continued)

           

Five Below, Inc. (a)

   

11,359

   

$

2,167,184

 
             

7,365,359

 
                 

Software & Services – 10.17%

               

Dropbox, Inc. – Class A (a)

   

112,263

     

2,992,932

 

Keywords Studios PLC (a)(b)

   

54,157

     

1,921,779

 

WNS Holdings Ltd. – ADR (a)(b)

   

57,795

     

4,186,670

 
             

9,101,381

 
                 

Technology Hardware & Equipment – 3.83%

               

Fabrinet (a)(b)

   

19,886

     

1,797,496

 

Silicom Ltd. (a)(b)

   

36,112

     

1,629,373

 
             

3,426,869

 

TOTAL COMMON STOCKS (Cost $50,291,168)

           

73,084,838

 
                 

EXCHANGE-TRADED FUNDS – 8.97%

               

AdvisorShares Pure US Cannabis (a)

   

147,000

     

6,232,800

 

iShares Gold Trust (a)

   

110,316

     

1,793,738

 

TOTAL EXCHANGE-TRADED FUNDS

               

  (Cost $7,927,407)

           

8,026,538

 
                 

REAL ESTATE INVESTMENT TRUST (REIT) – 2.33%

               

Real Estate – 2.33%

               

PotlatchDeltic Corp.

   

39,437

     

2,087,006

 

TOTAL REIT (Cost $1,489,496)

           

2,087,006

 

See notes to financial statements.

SCHEDULE OF INVESTMENTS (continued)

March 31, 2021 (Unaudited)

CONVERTIBLE BOND – 1.02%

 

Principal Amount

   

Value

 

Diversified Financials – 1.02%

           

EZCORP, INC.

           

  2.875%, 07/01/2024

 

$

995,000

   

$

916,694

 

TOTAL CONVERTIBLE BOND (Cost $870,045)

           

916,694

 

Total Investments (Cost $60,578,116) – 93.99%

           

84,115,076

 

Other Assets in Excess of Liabilities – 6.01%

           

5,376,954

 

TOTAL NET ASSETS – 100.00%

         

$

89,492,030

 

ADR – American Depositary Receipt

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

Foreign Issued Security.

SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS

March 31, 2021 (Unaudited)

          

Amount of

     

Amount of

       
             

Currency to

     

Currency to

       
     

Forward

Currency

 

be Received

 

Currency

 

be Delivered

   

Unrealized

 

Counterparty

 

Settlement

to be

 

in Local

 

to be

 

in Local

   

Appreciation

 

of Contracts

 

Date

Received

 

Currency

 

Delivered

 

Currency

   

(Depreciation)

 

State Street Bank

 

04/21/2021

USD

   

590,292

 

GBP

   

444,000

   

$

(21,849

)

State Street Bank

 

04/21/2021

USD

   

2,276,017

 

GBP

   

1,640,000

     

14,957

 

State Street Bank

 

09/09/2021

USD

   

1,706,422

 

MXN

   

36,915,000

     

(66,503

)

                             

$

(73,395

)

GBP – British Pound

MXN – Mexican Peso

USD – U.S. Dollar

See notes to financial statements.

SCHEDULE OF INVESTMENTS

March 31, 2021 (Unaudited)

ASSET-BACKED SECURITIES – 0.97%

 

Principal Amount

   

Value

 

Transportation – 0.97%

           

Continental Airlines 2000-2 Class A-1

           

  Pass Through Trust

           

  7.707%, 10/02/2022 (a)

 

$

2,494

   

$

2,494

 

UAL 2007-1 Pass Through Trust

               

  6.636%, 01/02/2024

   

1,294,902

     

1,331,541

 

TOTAL ASSET-BACKED SECURITIES

               

  (Cost $1,347,620)

           

1,334,035

 
                 

BANK LOANS – 16.39%

               

Consumer Services – 16.39%

               

Acreage Holdings, Inc. 15.000%, 04/01/2021 (b)

   

3,500,000

     

3,638,950

 

Curaleaf, Inc. R/C 10.250%, 06,30,2021 (b)

   

4,000,000

     

3,997,500

 

Curaleaf, Inc. T/L 13.000%, 06/30/2021 (b)

   

6,750,000

     

7,391,250

 

RailWorks Corp. 6.500%

               

  (3 Month LIBOR USD + 0.550%), 06/30/2021 (c)

   

2,305,707

     

2,324,440

 

Watlow Electric Manufacturing Co. 4.500%

               

  (3 Month LIBOR USD + 0.400%), 03/02/2028 (c)

   

2,500,000

     

2,500,013

 

WDB Holding PA, Inc. 12.785%, 12/18/2024 (b)

   

2,500,000

     

2,717,250

 

TOTAL BANK LOANS (Cost $21,743,595)

           

22,569,403

 
                 

COMMON STOCK – 2.93%

               

Diversified Financials – 2.93%

               

Choice Consolidation Corp. (d)

   

406,651

     

4,025,845

 

TOTAL COMMON STOCK (Cost $4,064,158)

           

4,025,845

 
                 

CONVERTIBLE BONDS – 15.54%

               

Capital Goods – 0.18%

               

Tutor Perini Corp.

               

  2.875%, 06/15/2021

   

249,000

     

252,579

 
                 

Diversified Financials – 5.43%

               

EZCORP, Inc.

               

  2.875%, 07/01/2024

   

3,806,000

     

3,506,468

 

  2.375%, 05/01/2025

   

2,000,000

     

1,638,750

 

See notes to financial statements.

SCHEDULE OF INVESTMENTS (continued)

March 31, 2021 (Unaudited)

CONVERTIBLE BONDS – 15.54% (continued)

 

Principal Amount

   

Value

 

Diversified Financials – 5.43% (continued)

           

WisdomTree Investments, Inc.

           

  4.250%, 06/15/2023 (a)

 

$

1,875,000

   

$

2,323,875

 
             

7,469,093

 

Energy – 4.13%

               

Teekay Corp.

               

  5.000%, 01/15/2023 (d)

   

6,011,000

     

5,687,970

 
                 

Food, Beverage & Tobacco – 1.74%

               

Turning Point Brands, Inc.

               

  2.500%, 07/15/2024

   

1,970,000

     

2,394,781

 
                 

Real Estate – 2.48%

               

CTO Realty Growth, Inc.

               

  3.875%, 04/15/2025

   

3,279,000

     

3,414,259

 
                 

Telecommunication Services – 1.58%

               

Liberty Latin America Ltd.

               

  2.000%, 07/15/2024 (d)

   

2,201,000

     

2,177,980

 

TOTAL CONVERTIBLE BONDS

               

  (Cost $18,842,809)

           

21,396,662

 
                 

CONVERTIBLE PREFERRED STOCK – 3.85%

               

Energy – 3.85%

               

Targa Resources Corp. (a)

   

5,000

     

5,305,244

 

TOTAL CONVERTIBLE PREFERRED STOCK

               

  (Cost $5,262,500)

           

5,305,244

 
                 

CORPORATE BONDS – 58.04%

               

Automobiles & Components – 1.27%

               

Nexteer Automotive Group Ltd.

               

  5.875%, 11/15/2021 (a)(d)

   

1,744,000

     

1,744,000

 
                 

Capital Goods – 1.12%

               

Terex Corp.

               

  5.625%, 02/01/2025 (a)

   

1,500,000

     

1,542,195

 

See notes to financial statements.

SCHEDULE OF INVESTMENTS (continued)

March 31, 2021 (Unaudited)

CORPORATE BONDS – 58.04% (continued)

 

Principal Amount

   

Value

 

Consumer Durables & Apparel – 4.08%

           

Levi Strauss & Co.

           

  5.000%, 05/01/2025

 

$

34,000

   

$

34,684

 

LGI Homes, Inc.

               

  6.875%, 07/15/2026 (a)

   

2,500,000

     

2,615,625

 

Vista Outdoor, Inc.

               

  4.500%, 03/15/2029 (a)

   

3,000,000

     

2,973,990

 
             

5,624,299

 
                 

Consumer Services – 4.37%

               

Boyd Gaming Corp.

               

  6.375%, 04/01/2026

   

164,000

     

169,307

 

  6.000%, 08/15/2026

   

3,438,000

     

3,588,157

 

Nathan’s Famous, Inc.

               

  6.625%, 11/01/2025 (a)

   

2,188,000

     

2,253,640

 
             

6,011,104

 
                 

Diversified Financials – 5.69%

               

Donnelley Financial Solutions, Inc.

               

  8.250%, 10/15/2024

   

2,569,000

     

2,684,605

 

Oppenheimer Holdings, Inc.

               

  5.500%, 10/01/2025

   

4,970,000

     

5,143,950

 
             

7,828,555

 
                 

Energy – 12.98%

               

Bristow Group, Inc.

               

  6.875%, 03/01/2028 (a)

   

2,500,000

     

2,496,587

 

Great Western Petroleum LLC

               

  12.000%, 09/01/2025 (a)

   

6,000,000

     

5,400,000

 

Matador Resources Co.

               

  5.875%, 09/15/2026

   

4,442,000

     

4,330,950

 

Murphy Oil Corp.

               

  6.875%, 08/15/2024

   

1,874,000

     

1,918,508

 

Teekay Corp.

               

  9.250%, 11/15/2022 (a)(d)

   

3,700,000

     

3,727,750

 
             

17,873,795

 

See notes to financial statements.

SCHEDULE OF INVESTMENTS (continued)

March 31, 2021 (Unaudited)

CORPORATE BONDS – 58.04% (continued)

 

Principal Amount

   

Value

 

Food & Staples Retailing – 1.69%

           

Ingles Markets, Inc.

           

  5.750%, 06/15/2023

 

$

2,296,000

   

$

2,320,372

 
                 

Food, Beverage & Tobacco – 1.83%

               

Turning Point Brands, Inc.

               

  5.625%, 02/15/2026 (a)

   

2,426,000

     

2,523,040

 
                 

Funds, Trusts, and Other Financial Vehicles – 1.59%

               

Icahn Enterprises LP

               

  6.750%, 02/01/2024

   

2,146,000

     

2,194,285

 
                 

Household & Personal Products – 2.93%

               

Edgewell Personal Care Co.

               

  4.700%, 05/24/2022

   

3,860,000

     

4,041,131

 
                 

Materials – 0.62%

               

New Gold, Inc.

               

  6.375%, 05/15/2025 (a)(c)

   

824,000

     

850,265

 
                 

Media & Entertainment – 6.13%

               

Meredith Corp.

               

  6.875%, 02/01/2026

   

4,262,000

     

4,376,541

 

Rackspace Technology Global, Inc.

               

  5.375%, 12/01/2028 (a)

   

1,500,000

     

1,528,050

 

Speedway Motorsports LLC

               

  4.875%, 11/01/2027 (a)

   

2,533,000

     

2,539,333

 
             

8,443,924

 
                 

Merchant Wholesalers, Nondurable Goods – 2.44%

               

KeHE Distributors LLC

               

  8.625%, 10/15/2026 (a)

   

3,010,000

     

3,355,683

 
                 

Personal and Laundry Services – 0.20%

               

Photo Holdings Merger Sub, Inc.

               

  8.500%, 10/01/2026 (a)

   

250,000

     

271,367

 
                 

Pharmaceuticals, Biotechnology & Life Sciences – 3.90%

               

Trulieve Cannabis Corp.

               

  9.750%, 06/18/2024 (d)

   

4,986,000

     

5,365,504

 

See notes to financial statements.

SCHEDULE OF INVESTMENTS (continued)

March 31, 2021 (Unaudited)

CORPORATE BONDS – 58.04% (continued)

 

Principal Amount

   

Value

 

Rental and Leasing Services – 0.14%

           

Ford Motor Credit Co. LLC

           

  1.044% (3 Month LIBOR

           

    USD + 0.810%), 04/05/2021 (c)

 

$

192,000

   

$

192,000

 
                 

Retailing – 4.09%

               

Caleres, Inc.

               

  6.250%, 08/15/2023

   

4,212,000

     

4,254,120

 

GameStop Corp.

               

  10.000%, 03/15/2023 (a)

   

1,218,000

     

1,275,094

 

L Brands, Inc.

               

  5.625%, 10/15/2023

   

100,000

     

108,687

 
             

5,637,901

 
                 

Telecommunication Services – 2.97%

               

Cincinnati Bell, Inc.

               

  8.000%, 10/15/2025 (a)

   

2,645,000

     

2,818,354

 

Cincinnati Bell Telephone Co LLC

               

  6.300%, 12/01/2028

   

1,158,000

     

1,274,622

 
             

4,092,976

 

TOTAL CORPORATE BONDS

               

  (Cost $77,884,628)

           

79,912,396

 
                 

WARRANTS – 0.17%

               

Consumer Services – 0.17%

               

Acreage Holdings, Inc. – Class D

               

  Expiration: 10/30/2024, Exercise Price: $3.01

   

49,833

     

498

 

Acreage Holdings, Inc. – Class E

               

  Expiration: 10/30/2024, Exercise Price: $3.15

   

111,209

     

226,867

 

TOTAL WARRANTS (Cost $0)

           

227,365

 

See notes to financial statements.

SCHEDULE OF INVESTMENTS (continued)

March 31, 2021 (Unaudited)

SHORT-TERM INVESTMENT – 5.15%

 

Shares

   

Value

 

Money Market Fund – 5.15%

           

STIT – Treasury Portfolio –

           

  Institutional Class, 0.010% (e)

   

7,092,321

   

$

7,092,321

 

TOTAL SHORT-TERM INVESTMENT

               

  (Cost $7,092,321)

           

7,092,321

 

Total Investments (Cost $136,237,631) – 103.04%

           

141,863,271

 

Liabilities in Excess of Other Assets – (3.04%)

           

(4,184,408

)

TOTAL NET ASSETS – 100.00%

         

$

137,678,863

 

Percentages are stated as a percent of net assets.

(a)

Securities purchases pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional buyers.” As of March 31, 2021, the value
of these investments was $45,546,586, or 33.08% of total net assets.

(b)

The rate listed is a fixed rate.

(c)

Variable rate security. The rate listed is as of March 31, 2021.

(d)

Foreign Issued Security.

(e)

Rate listed is the 7-day effective yield.

See notes to financial statements.

STATEMENTS OF ASSETS AND LIABILITIES

March 31, 2021 (Unaudited)

   

Intrepid

   

Intrepid

   

Intrepid

 
   

Capital Fund

   

Endurance Fund

   

Income Fund

 

ASSETS:

                 

Investments, at value(1)

 

$

57,464,287

   

$

84,115,076

   

$

141,863,271

 

Income receivable

   

312,874

     

10,066

     

2,253,558

 

Receivable for fund shares sold

   

11,305

     

80,910

     

160,935

 

Receivable for investments sold

   

294,297

     

129,135

     

 

Cash

   

     

5,337,307

     

 

Deposit for forwards at broker

   

860,000

     

     

 

Other assets

   

36,805

     

50,227

     

25,222

 

  Total assets

   

58,979,568

           

144,302,986

 
                       

LIABILITIES:

                       

Payable for fund shares redeemed

   

139,643

     

9,135

     

358,226

 

Payable for loans outstanding

   

13,000

     

     

 

Payable for investment securities purchased

   

     

     

6,023,750

 

Depreciation on forward currency contracts

   

     

73,395

     

 

Payable to Investment Adviser

   

29,178

     

55,532

     

73,175

 

Payable to Trustees

   

4,209

     

3,688

     

6,408

 

Payable to Custodian

   

3,079

     

     

2,882

 

Distribution payable

   

33,495

     

     

107,641

 

Accrued distribution fees

   

8,495

     

10,835

     

 

Other expenses payable

   

69,007

     

78,106

     

52,041

 

  Total liabilities

   

300,106

     

230,691

     

6,624,123

 

Total net assets

 

$

58,679,462

   

$

89,492,030

   

$

137,678,863

 

NET ASSETS CONSIST OF:

                       

Capital stock

 

$

70,659,290

   

$

69,321,756

   

$

134,921,724

 

Total distributable earnings

   

(11,979,828

)

   

20,170,274

     

2,757,139

 

Total net assets

 

$

58,679,462

   

$

89,492,030

   

$

137,678,863

 

Investor Class

                       

Net assets

 

$

21,219,262

   

$

50,743,030

   

$

 

Shares outstanding

   

1,863,376

     

2,718,148

     

 

Institutional Class

                       

Net assets

   

37,460,200

     

38,749,000

     

137,678,863

 

Shares outstanding

   

3,282,647

     

2,012,715

     

14,252,217

 

Total shares outstanding (unlimited

                       

  shares of no par value authorized)

   

5,146,023

     

4,730,863

     

14,252,217

 

Investor Class Net asset value, offering

                       

  and redemption price per share(2)

 

$

11.39

   

$

18.67

   

$

 

Institutional Class Net asset value, offering

                       

  and redemption price per share(2)

 

$

11.41

   

$

19.25

   

$

9.66

 

(1)   Cost of Investments

 

$

42,193,569

   

$

60,578,116

   

$

136,237,631

 

(2)    If applicable, redemption price per share may be reduced by a 2.00% redemption fee for shares redeemed within 30 days of
purchase.

See notes to financial statements.

STATEMENTS OF OPERATIONS

For the Six Months Ended March 31, 2021 (Unaudited)

   

Intrepid

   

Intrepid

   

Intrepid

 
   

Capital Fund

   

Endurance Fund

   

Income Fund

 

INVESTMENT INCOME:

                 

Dividend income

 

$

334,890

   

$

92,189

   

$

 

Interest income

   

611,859

     

15,673

     

4,455,854

 

Total investment income

   

946,749

     

107,862

     

4,455,854

 

Advisory fees (See Note 3)

   

297,151

     

359,589

     

433,369

 

Administration fees

   

38,118

     

41,606

     

51,137

 

Shareholder servicing fees and expenses

   

31,212

     

30,747

     

24,506

 

Fund accounting fees

   

31,207

     

30,794

     

25,145

 

Distribution (12b-1) fees –

                       

  Investor Class Only (See Note 4)

   

26,568

     

59,558

     

 

Audit fees

   

20,251

     

21,406

     

20,251

 

Federal and state registration

   

16,744

     

13,580

     

9,828

 

Trustees fees and expenses

   

7,231

     

7,119

     

11,872

 

Legal fees

   

5,530

     

6,013

     

4,725

 

Custody fees

   

5,000

     

3,604

     

6,165

 

Reports to shareholders

   

3,878

     

4,368

     

2,030

 

Insurance

   

3,773

     

2,940

     

2,758

 

Miscellaneous

   

3,045

     

3,297

     

3,717

 

Interest fees

   

16

     

     

2,933

 

Total expenses before Adviser waiver

   

489,724

     

584,621

     

598,436

 

Expenses waived by Adviser (See Note 3)

   

(121,416

)

   

(120,949

)

   

(75,460

)

Total net expenses

   

368,308

     

463,672

     

522,976

 

Net investment income (loss)

   

578,441

     

(355,810

)

   

3,932,878

 

NET REALIZED AND UNREALIZED

                       

  GAIN (LOSS) ON INVESTMENTS:

                       

Net realized gain (loss) on:

   

     

     

 

Investments and foreign currency translation

   

1,192,443

     

11,596,058

     

2,900,374

 

Forward currency contracts

   

(202,210

)

   

(137,463

)

   

 

Net change in unrealized

                       

  appreciation (depreciation) on:

                       

Investments and foreign currency translation

   

9,466,698

     

7,771,455

     

5,669,713

 

Forward currency contracts

   

115,212

     

(77,548

)

   

 

Net realized and unrealized gain

   

10,572,143

     

19,152,502

     

8,570,087

 

Net increase in net assets

                       

  resulting from operations

 

$

11,150,584

   

$

18,796,692

   

$

12,502,965

 

See notes to financial statements.

 

STATEMENTS OF CHANGES IN NET ASSETS

   

Period Ended

   

Year Ended

 
   

March 31, 2021

   

September 30, 2020

 
   

(Unaudited)

       

OPERATIONS:

           

Net investment income

 

$

578,441

   

$

1,165,664

 

Net realized gain (loss) on investments

               

  and foreign currency translation

   

990,233

     

(2,042,156

)

Net change in unrealized

               

  appreciation (depreciation)

   

9,581,910

     

(2,100,820

)

Net increase (decrease) in assets

               

  resulting from operations

   

11,150,584

     

(2,977,312

)

                 

DISTRIBUTIONS TO SHAREHOLDERS:

               

Net dividends and distributions

               

  to shareholders – Investor Class

   

(272,052

)

   

(1,373,585

)

Net dividends and distributions

               

  to shareholders – Institutional Class

   

(501,197

)

   

(3,242,240

)

Total dividends and distributions

   

(773,249

)

   

(4,615,825

)

                 

CAPITAL SHARE TRANSACTIONS:

               

Proceeds from shares sold – Investor Class

   

443,330

     

853,600

 

Proceeds from shares sold – Institutional Class

   

285,827

     

1,111,157

 

Proceeds from shares issued to holders in

               

  reinvestment of dividends – Investor Class

   

258,863

     

1,320,299

 

Proceeds from shares issued to holders in

               

  reinvestment of dividends – Institutional Class

   

470,855

     

3,045,079

 

Cost of shares redeemed – Investor Class(1)

   

(3,186,186

)

   

(14,012,162

)

Cost of shares redeemed – Institutional Class(2)

   

(14,197,387

)

   

(39,662,657

)

Net decrease in net assets

               

  from capital share transactions

   

(15,924,698

)

   

(47,344,684

)

                 

TOTAL DECREASE IN NET ASSETS

   

(5,547,363

)

   

(54,937,821

)

                 

NET ASSETS:

               

Beginning of Period

   

64,226,825

     

119,164,646

 

End of Period

 

$

58,679,462

   

$

64,226,825

 

(1)

Net of redemption fees of $2 and $24, respectively.

(2)

Net of redemption fees of $0 and $310, respectively.

See notes to financial statements.

 

STATEMENTS OF CHANGES IN NET ASSETS (continued)

   

Period Ended

   

Year Ended

 
   

March 31, 2021

   

September 30, 2020

 
   

(Unaudited)

       

OPERATIONS:

           

Net investment income loss

 

$

(355,810

)

 

$

(291,871

)

Net realized gain (loss) on investments

               

  and foreign currency translation

   

11,458,595

     

(6,847,890

)

Net change in unrealized appreciation

   

7,693,907

     

8,906,486

 

Net increase in assets resulting from operations

   

18,796,692

     

1,766,725

 
                 

DISTRIBUTIONS TO SHAREHOLDERS:

               

Net dividends and distributions

               

  to shareholders – Investor Class

   

     

(383,569

)

Net dividends and distributions

               

  to shareholders – Institutional Class

   

     

(223,243

)

Total dividends and distributions

   

     

(606,812

)

                 

CAPITAL SHARE TRANSACTIONS:

               

Net assets from merger – Investor Class (Note 10)

   

18,311,674

     

 

Proceeds from shares sold – Investor Class

   

2,075,834

     

1,783,407

 

Proceeds from shares sold – Institutional Class

   

17,364,852

     

1,051,653

 

Proceeds from shares issued to holders in

               

  reinvestment of dividends – Investor Class

   

     

377,090

 

Proceeds from shares issued to holders in

               

  reinvestment of dividends – Institutional Class

   

     

221,653

 

Cost of shares redeemed – Investor Class(1)

   

(21,194,464

)

   

(15,427,344

)

Cost of shares redeemed – Institutional Class(2)

   

(4,117,425

)

   

(12,503,395

)

Net increase (decrease) in net assets

               

  from capital share transactions

   

12,440,471

     

(24,496,935

)

                 

TOTAL INCREASE (DECREASE)

               

  IN NET ASSETS

   

31,237,163

     

(23,337,022

)

                 

NET ASSETS:

               

Beginning of Period

   

58,254,867

     

81,591,889

 

End of Period

 

$

89,492,030

   

$

58,254,867

 

(1)

Net of redemption fees of $263 and $1,067, respectively.

(2)

Net of redemption fees of $0 and $83, respectively.

See notes to financial statements.

 

STATEMENTS OF CHANGES IN NET ASSETS (continued)

   

Period Ended

   

Year Ended

 
   

March 31, 2021

   

September 30, 2020

 
   

(Unaudited)

       

OPERATIONS:

           

Net investment income

 

$

3,932,878

   

$

4,097,351

 

Net realized gain (loss) on investments

               

  and foreign currency translation

   

2,900,374

     

(775,788

)

Net change in unrealized

               

  appreciation (depreciation)

   

5,669,713

     

(418,784

)

Net increase in assets resulting from operations

   

12,502,965

     

2,902,779

 
                 

DISTRIBUTIONS TO SHAREHOLDERS:

               

Net dividends and distributions to shareholders

   

(3,946,130

)

   

(4,092,710

)

Total dividends and distributions

   

(3,946,130

)

   

(4,092,710

)