# EDGAR Filing Document

**Accession Number:** 0001300746
**File Stem:** 0001145549-23-013439
**Filing Date:** 2023-2
**Character Count:** 41257
**Document Hash:** 824303355086fc6653919a9eec8e8427
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-013439.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001145549-23-013439

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Intrepid Capital Management Funds Trust
- **CENTRAL INDEX KEY:** 0001300746
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21625
- **FILM NUMBER:** 23682871

**BUSINESS ADDRESS:**
- **STREET 1:** 1400 MARSH LANDING PKWY, SUITE 106
- **CITY:** JACKSONVILLE BEACH
- **STATE:** FL
- **ZIP:** 32250
- **BUSINESS PHONE:** 904-246-3433

**MAIL ADDRESS:**
- **STREET 1:** 1400 MARSH LANDING PKWY, SUITE 106
- **CITY:** JACKSONVILLE BEACH
- **STATE:** FL
- **ZIP:** 32250

## Series and Classes Contracts Data

### Intrepid Income Fund (Series ID: S000017981)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000091655 | Institutional Class | ICMUX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | | |
| **December 31, 2022 (Unaudited)** | | |
| **Intrepid Income Fund** | | |
|  |<br><br>**Principal Amount** |<br><br>**Value** |
| **BANK LOANS - 13.44%** | | |
| **Health Care - 13.44%** | | |
| Devi Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 11.750%, 05/08/2024 (a)(b) | $7312089 | 7312089 |
| &nbsp;&nbsp;&nbsp; 8.000%, 04/08/2024 (a)(b) | 1000000 | 1000000 |
| Gage Growth Corp. 14.500%, 11/01/2024 (a) | 6500000 | 6437600 |
| Shryne Group, Inc. 8.500%, 05/26/2026 (a)(b) | 9000000 | 9000000 |
| Vcp23 LLC 7.000%, 04/30/2024 (a)(b) | 9000000 | 8370000 |
| Verano Holdings Corp. 12.750%, 10/30/2026 (a) | 8000000 | 7770400 |
| TOTAL BANK LOANS (Cost $40,138,217) |  | 39890089 |
| **CONVERTIBLE BONDS - 10.23%** |  |  |
| **Capital Goods - 0.38%** |  |  |
| Lightning eMotors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.500%, 05/15/2024 (c) | 5500000 | 1127500 |
| **Diversified Financials - 4.43%** |  |  |
| EZCORP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 3.750%, 12/15/2029 (c) | 13500000 | 13128750 |
| **Media & Entertainment - 1.72%** |  |  |
| WildBrain Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.875%, 09/30/2024 (c)(d) | 7500000 | 5109860 |
| **Real Estate - 1.22%** |  |  |
| DigitalBridge Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.000%, 04/15/2023 | 3652000 | 3615480 |
| **Telecommunication Services - 2.49%** |  |  |
| Liberty Latin America Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 2.000%, 07/15/2024 (d) | 8275000 | 7385437 |
| TOTAL CONVERTIBLE BONDS (Cost $34,486,589) |  | 30367027 |
| **CORPORATE BONDS - 71.96%** |  |  |
| **Capital Goods - 7.69%** |  |  |
| Ahern Rentals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.375%, 05/15/2023 (c) | 8000000 | 8000000 |
| Carlisle Companies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 0.550%, 09/01/2023 | 7500000 | 7258748 |
| WASH Multifamily Acquisition, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.750%, 04/15/2026 (c) | 8000000 | 7549240 |
|  |  | 22807988 |
| **Clothing and Clothing Accessories Stores - 2.98%** |  |  |
| Abercrombie & Fitch Management Co. |  |  |
| &nbsp;&nbsp;&nbsp; 8.750%, 07/15/2025 (c) | 9000000 | 8834512 |
| **Commercial & Professional Services - 7.70%** |  |  |
| Ardagh Packaging Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp; 5.250%, 04/30/2025 (c)(d) | 7200000 | 6868129 |
| Cimpress PLC |  |  |
| &nbsp;&nbsp;&nbsp; 7.000%, 06/15/2026 (c)(d) | 10100000 | 6998088 |
| Conduent Business Services LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.000%, 11/01/2029 (c) | 5000000 | 4091500 |
| IAA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.500%, 06/15/2027 (c) | 200000 | 195415 |
| PROSOMNUS, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.000%, 11/30/2027 (b) | 3391961 | 3005956 |
| Ritchie Bros Auctioneers, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.375%, 01/15/2025 (c)(d) | 1721000 | 1693842 |
|  |  | 22852930 |
| **Consumer Durables & Apparel - 2.81%** |  |  |
| LGI Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.000%, 07/15/2029 (c) | 2400000 | 1857420 |
| Vista Outdoor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.500%, 03/15/2029 (c) | 8795000 | 6469074 |
|  |  | 8326494 |
| **Consumer Services - 2.81%** |  |  |
| Brinker International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.000%, 10/01/2024 (c) | 7000000 | 6758084 |
| Nathan's Famous, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.625%, 11/01/2025 (c) | 1606000 | 1573069 |
|  |  | 8331153 |
| **Diversified Financials - 4.31%** |  |  |
| AFC Gamma, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.750%, 05/01/2027 (c) | 10000000 | 7787630 |
| Enceladus Development Venture III LLC |  |  |
| &nbsp;&nbsp;&nbsp; 10.000%, 11/15/2023 (c) | 5000000 | 5000000 |
|  |  | 12787630 |
| **Energy - 13.88%** |  |  |
| Bristow Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 6.875%, 03/01/2028 (c) | 7550000 | 6958154 |
| CVR Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.250%, 02/15/2025 (c) | 11880000 | 10947242 |
| Enerflex Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 9.000%, 10/15/2027 (c)(d) | 700000 | 698999 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp; 5.875%, 01/15/2024 | 269000 | 265109 |
| Transocean Sentry Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; 5.375%, 05/15/2023 (c)(d) | 3307661.11 | 3278123 |
| IEA Energy Services LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.625%, 08/15/2029 (c) | 7640000 | 7219380 |
| W&T Offshore, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.750%, 11/01/2023 (c) | 12000000 | 11830080 |
|  |  | 41197087 |
| **Food, Beverage & Tobacco - 2.80%** |  |  |
| Turning Point Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.625%, 02/15/2026 (c) | 9610000 | 8302367 |
| **Materials - 3.80%** |  |  |
| Valvoline, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 4.250%, 02/15/2030 (c) | 8040000 | 7814177 |
| Warrior Met Coal, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 7.875%, 12/01/2028 (c) | 3500000 | 3454824 |
|  |  | 11269001 |
| **Media & Entertainment - 3.65%** |  |  |
| ANGI Group LLC |  |  |
| &nbsp;&nbsp;&nbsp; 3.875%, 08/15/2028 (c) | 8000000 | 5949720 |
| Rackspace Technology Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 5.375%, 12/01/2028 (c) | 11316000 | 4895126 |
|  |  | 10844846 |
| **Pipeline Transportation - 2.81%** |  |  |
| PBF Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp; 6.875%, 05/15/2023 | 8344000 | 8348798 |
| **Pharmaceuticals, Biotechnology & Life Sciences - 5.88%** |  |  |
| Trulieve Cannabis Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 9.750%, 06/18/2024 (d) | 4798000 | 4611078 |
| &nbsp;&nbsp;&nbsp; 8.000%, 10/06/2026 (d) | 15000000 | 12838500 |
|  |  | 17449578 |
| **Retailing - 1.64%** |  |  |
| Kohls Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 3.250%, 02/01/2023 | 4871000 | 4872656 |
| **Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.58%** |  |  |
| Atento Luxco 1 SA |  |  |
| &nbsp;&nbsp;&nbsp; 8.000%, 02/10/2026 (c)(d) | 14152000 | 7642080 |
| **Support Activities for Mining - 3.17%** |  |  |
| Earthstone Energy Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp; 8.000%, 04/15/2027 (c) | 5194000 | 4967119 |
| Ensign Drilling, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; 9.250%, 04/15/2024 (c)(d) | 4700000 | 4449418 |
| **Telecommunication Services - 3.45%** |  | 9416537 |
| Cincinnati Bell Telephone Co LLC |  |  |
| &nbsp;&nbsp;&nbsp; 6.300%, 12/01/2028 | 3253000 | 2776322 |
| Linkem SpA |  |  |
| &nbsp;&nbsp;&nbsp; 7.693% (3 Month EURIBOR + 6.500%), 02/09/2023 (c)(d)(e) | 7000000 | 7474389 |
|  |  | 10250711 |
| TOTAL CORPORATE BONDS (Cost $229,450,840) |  | 213534368 |
| **WARRANT - 0.00%** |  |  |
| **Consumer Services - 0.0%** |  |  |
| Prosomnus, Inc. |  |  |
| Expiration: 11/30/2027, Exercise Price: $11.50 (f) | 33919 | 2659 |
| TOTAL WARRANT (COST $0) |  | 2659 |
| **SHORT-TERM INVESTMENT - 4.94%** |  |  |
| **Money Market Fund - 4.94%** |  |  |
| STIT - Treasury Portfolio - Institutional Class, 4.19% (g) | 14661375 | 14661375 |
| TOTAL SHORT TERM INVESTMENT (Cost $14,661,375) |  | 14661375 |
| **Total Investments (Cost $318,737,021) - 100.58%** |  | 298455518 |
| **Liabilities in Excess of Other Assets - (0.58)%** |  | (1715848) |
| **TOTAL NET ASSETS - 100.00%** |  | $296739670 |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| (a) | The rate listed is a fixed rate. |
| (b) | Security is fair valued using procedures approved by the Board of Trustees which includes significant unobservable inputs and is deemed a Level 3 security. See Footnote 2. The aggregate value of fair valued securities as of December 31, 2022 was $28,688,045 which represented 9.67% of net assets. |
| (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 December 31, 2022, the value of these investments was $188,923,311, or 63.67% of total net assets. |
| (d) | Foreign Issued Security. |
| (e) | Variable Rate Security. The Rate listed is as of December 31, 2022. |
| (f) | Non-income producing security. |
| (g) | Rate listed is the 7-day effective yield. |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Schedule of Open Forward Currency Contracts** | **Schedule of Open Forward Currency Contracts** |  |  |  |  | |
| **December 31, 2022** | **December 31, 2022** |  |  |  |  | |
| (Unaudited) |  |  | Amount of |  | Amount of |  |
|  | Forward |  | Currency to be |  | Currency to be |  |
|  | Settlement | Currency to be | Received in | Currency to be | Delivered in Local | Unrealized |
| Counterparty of Contracts | Date | Received | Local Currency | Delivered | Currency | Depreciation |
| State Street Bank | 01/3/2023 | USD | 7176554 | CAD | 7128317 | $(456119) |
| State Street Bank | 02/9/2023 | USD | 7559840 | EUR | 7067682 | (27681) |
| State Street Bank | 03/31/2023 | USD | 5627333 | EUR | 7720313 | (78909) |
|  |  |  |  |  |  | $(562709) |

---

## Nport-Ex

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| As of December 31, 2022, the Funds' assets and liabilities carried at fair value were classified as follows: | As of December 31, 2022, the Funds' assets and liabilities carried at fair value were classified as follows: | As of December 31, 2022, the Funds' assets and liabilities carried at fair value were classified as follows: | As of December 31, 2022, the Funds' assets and liabilities carried at fair value were classified as follows: | As of December 31, 2022, the Funds' assets and liabilities carried at fair value were classified as follows: | As of December 31, 2022, the Funds' assets and liabilities carried at fair value were classified as follows: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Description |  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Intrepid Capital Fund</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Bank Loans\* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care |  | $- | $2933000 | $1930000 | $4863000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Bank Loans |  | - | 2933000 | 1930000 | 4863000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks\* |  | 21892097 | - | - | 21892097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate Investment Trust (REIT)\* |  | 566767 | - | - | 566767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Convertible Bonds\* |  | - | 2877761 | - | 2877761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds\* |  | - | 8940647 | - | 8940647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Warrants\* |  |  |  | 77804 | 77804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund\* |  | 1752474 | - | - | 1752474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill\* |  | - | 1983170 | - | 1983170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** |  | $24211338 | $16734578 | $2007804 | $42953720 |
| **<u>Intrepid Small Cap Fund</u>** | **<u>Intrepid Small Cap Fund</u>** |  |  |  |  |
|  |  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks\* |  | $45088821 | $- | $- | $45088821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Fund\* |  | 1907915 | - | - | 1907915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** |  | $46996736 | $- | $- | $46996736 |
| **<u>Intrepid Income Fund</u>** | **<u>Intrepid Income Fund</u>** |  |  |  |  |
|  |  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Bank Loans\* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care |  | - | 14208000 | 25682089 | 39890089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Bank Loans |  |  | 14208000 | 25682089 | 39890089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Convertible Bonds\* |  | - | 30367027 | - | 30367027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds\* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Goods |  | - | 22807988 | - | 22807988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clothing and Clothing Accessories Stores |  | - | 8834512 | - | 8834512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial & Professional Services |  | - | 19846974 | 3005956 | 22852930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Durables & Apparel |  | - | 8326494 | - | 8326494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Services |  | - | 8331153 | - | 8331153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Financials |  | - | 12787630 | - | 12787630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | - | 41197087 | - | 41197087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food, Beverage & Tobacco |  | - | 8302367 | - | 8302367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials |  | - | 11269001 | - | 11269001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media & Entertainment |  | - | 10844846 | - | 10844846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pipeline Transportation |  | - | 8348798 | - | 8348798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals, Biotechnology & Life Sciences |  | - | 17449578 | - | 17449578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retailing |  | - | 4872656 | - | 4872656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities, Commodity Contracts, and Other Financial Investments and Related Activities |  |  | 7642080 |  | 7642080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Support Activities for Mining |  | - | 9416537 | - | 9416537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Telecommunication Services |  | - | 10250711 | - | 10250711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Corporate Bonds |  |  | 210528412 | 3005956 | 213534368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrant\* |  | 2659 | - | - | 2659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund\* |  | 14661375 | - | - | 14661375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** |  | $14664034 | $255103439 | $28688045 | $298455518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized Depreciation on Forward Currency Contracts |  |  | (562709) |  | (562709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** |  | $14664034 | $254540730 | $28688045 | $297892809 |
| Below is a reconciliation that details the activity of securities in Level 3 during the current fiscal period. | Below is a reconciliation that details the activity of securities in Level 3 during the current fiscal period. |  |  |  |  |
|  | **Intrepid Capital Fund** | **Intrepid Income Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning Balance - October 1, 2022 | $1946013 | $24614250 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases | &nbsp;&nbsp;&nbsp;&nbsp;- | 4000001 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (337911) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains | &nbsp;&nbsp;&nbsp;&nbsp;- | 3361 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized losses | &nbsp;&nbsp;&nbsp;&nbsp;- | - |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation | &nbsp;&nbsp;&nbsp;&nbsp;61791 | 408344 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Transfers Into Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;- | - |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Transfers Out of Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;- | - |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ending Balance - March 31, 2022 | $2007804 | $28688045 |  |  |  |
| As of December 31, 2022, the change in unrealized appreciation on the positions still held in the Intrepid Capital Fund was $61,791, and was $408,344 for the Intrepid Income Fund. | As of December 31, 2022, the change in unrealized appreciation on the positions still held in the Intrepid Capital Fund was $61,791, and was $408,344 for the Intrepid Income Fund. | As of December 31, 2022, the change in unrealized appreciation on the positions still held in the Intrepid Capital Fund was $61,791, and was $408,344 for the Intrepid Income Fund. | As of December 31, 2022, the change in unrealized appreciation on the positions still held in the Intrepid Capital Fund was $61,791, and was $408,344 for the Intrepid Income Fund. | As of December 31, 2022, the change in unrealized appreciation on the positions still held in the Intrepid Capital Fund was $61,791, and was $408,344 for the Intrepid Income Fund. |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Intrepid Capital Management Funds Trust

- **b. Investment Company Act file number:** 811-21625

- **c. CIK number of Registrant:** 0001300746

- **d. LEI of Registrant:** 549300SDGJ1WLXS2N321

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1400 Marsh Landing Parkway

  - **City:** Jacksonville Beach

  - **State:** FL

  - **Foreign country:** US

  - **Zip / Postal Code:** 32250

  - **Telephone number:** 904-246-3433

**Item A.2. Information about the Series.**

- **a. Name of Series:** Intrepid Income Fund

- **b. EDGAR series identifier (if any):** S000017981

- **c. LEI of Series:** 549300R6K0YJJYEMZZ65

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $304188574.98

**Total Liabilities:** $10842467.08

**Net Assets:** $293346107.90

**Cash Not Reported:** $613011.59

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 479.670000000000 | **1-Year:** 2341.870000000000 | **5-Year:** 424.790000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 17161.040000000000 | **1-Year:** 22342.630000000000 | **5-Year:** 7988.080000000000 | **10-Year:** 1486.840000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000091655 | 0.36%                | 2.06%                | -0.72%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1373590.49             | $478057.92                                 |
| Month 2  | $270039.84               | $3516128.37                                |
| Month 3  | $346954.14               | $-3889788.59                               |

### Schedule of Portfolio Investments

| Name                       | Title                                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AFC GAMMA INC              | AFC Gamma Inc                                                         | CUSIP: 00109KAA3<br>LEI: 5493005G0MGS3E0E7218 | Long             | DBT              | CORP              | US        |  10000000 | PA      | $7787629.60   | 2.65%             | 2027-05-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ANGI GROUP LLC             | ANGI Group LLC                                                        | CUSIP: 001846AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8000000 | PA      | $5949720.00   | 2.03%             | 2028-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| ABERCROMBIE & FITCH MANA   | Abercrombie & Fitch Management Co                                     | CUSIP: 003000AA4<br>LEI: 5493003QMCFDA98NPT74 | Long             | DBT              | CORP              | US        |   9000000 | PA      | $8834511.60   | 3.01%             | 2025-07-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| AHERN RENTALS INC          | Ahern Rentals Inc                                                     | CUSIP: 008674AH6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8000000 | PA      | $8000000.00   | 2.73%             | 2023-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| ARDAGH PKG FIN/HLDGS USA   | Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc                | CUSIP: 03969AAQ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7200000 | PA      | $6868129.10   | 2.34%             | 2025-04-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ATENTO LUXCO 1 SA          | Atento Luxco 1 SA                                                     | CUSIP: 04684LAC2<br>LEI: 549300MLFF3HYCZQTC48 | Long             | DBT              | CORP              | LU        |  14152000 | PA      | $7642080.00   | 2.61%             | 2026-02-10      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| BRINKER INTERNATIONAL IN   | Brinker International Inc                                             | CUSIP: 109641AH3<br>LEI: 52990067JY6PBGJNTG76 | Long             | DBT              | CORP              | US        |   7000000 | PA      | $6758084.41   | 2.30%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BRISTOW GROUP INC          | Bristow Group Inc                                                     | CUSIP: 11040GAA1<br>LEI: 5493005Q24EN3UC1PV68 | Long             | DBT              | CORP              | US        |   7550000 | PA      | $6958154.22   | 2.37%             | 2028-03-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CVR ENERGY INC             | CVR Energy Inc                                                        | CUSIP: 12662PAB4<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |  11880000 | PA      | $10947241.80  | 3.73%             | 2025-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CARLISLE COS INC           | Carlisle Cos Inc                                                      | CUSIP: 142339AK6<br>LEI: XR64VGX1ZPX6G7ZN7Z11 | Long             | DBT              | CORP              | US        |   7500000 | PA      | $7258748.03   | 2.47%             | 2023-09-01      | Fixed         | 0.55%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN SENTRY LTD      | Transocean Sentry Ltd                                                 | CUSIP: 89385AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   3307661 | PA      | $3278123.70   | 1.12%             | 2023-05-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TRULIEVE CANNABIS CORP     | Trulieve Cannabis Corp                                                | CUSIP: 89788CAB0<br>LEI: 549300122MBOJDGEZ014 | Long             | DBT              | CORP              | CA        |   4798000 | PA      | $4611077.60   | 1.57%             | 2024-06-18      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| TRULIEVE CANNABIS CORP     | Trulieve Cannabis Corp                                                | CUSIP: 89788CAD6<br>LEI: 549300122MBOJDGEZ014 | Long             | DBT              | CORP              | CA        |  15000000 | PA      | $12838500.00  | 4.38%             | 2026-10-06      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TURNING POINT BRANDS INC   | Turning Point Brands Inc                                              | CUSIP: 90041LAF2<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |   9610000 | PA      | $8302366.53   | 2.83%             | 2026-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| W & T OFFSHORE INC         | W&T Offshore Inc                                                      | CUSIP: 92922PAL0<br>LEI: 549300Q7EOY2YIO3YK85 | Long             | DBT              | CORP              | US        |  12000000 | PA      | $11830080.00  | 4.03%             | 2023-11-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| WARRIOR MET COAL INC       | Warrior Met Coal Inc                                                  | CUSIP: 93627CAB7<br>LEI: 549300152B1S9YKBYV79 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3454824.35   | 1.18%             | 2028-12-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| WASH MULTIFAM ACQ INC      | WASH Multifamily Acquisition Inc                                      | CUSIP: 93710WAA3<br>LEI: 549300AS7PRY5PHG6L12 | Long             | DBT              | CORP              | US        |   8000000 | PA      | $7549240.00   | 2.57%             | 2026-04-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| WILDBRAIN LTD              | WildBrain Ltd                                                         | CUSIP: 96810CAA9<br>LEI: 549300WVVSC8SXM80J15 | Long             | DBT              | CORP              | CA        |   7500000 | PA      | $5109859.68   | 1.74%             | 2024-09-30      | Fixed         | 5.88%                 | No            |                  3 | On Loan: No      |
| N/A                        | CAD/USD FWD 20230331                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-78908.99    | -0.03%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                        | EUR/USD FWD 20230103                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-456118.82   | -0.16%            |  |  |  | No            |                  2 | On Loan: No      |
| N/A                        | EUR/USD FWD 20230209                                                  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |         1 | NC      | $-27680.72    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| DEVI HOLDINGS, INC.        | DEVI HOLDINGS, INC.                                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   7312089 | PA      | $7312089.10   | 2.49%             | 2024-05-08      | Floating      | 11.75%                | No            |                  3 | On Loan: No      |
| CIMPRESS PLC               | Cimpress PLC                                                          | CUSIP: 17186HAC6<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |  10100000 | PA      | $6998088.00   | 2.39%             | 2026-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CINC BELL TEL              | Cincinnati Bell Telephone Co LLC                                      | CUSIP: 171875AD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3253000 | PA      | $2776321.65   | 0.95%             | 2028-12-01      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| DIGITALBRIDGE GROUP INC    | DigitalBridge Group Inc                                               | CUSIP: 19624RAA4<br>LEI: 549300XG87L902AGBO89 | Long             | DBT              | CORP              | US        |   3652000 | PA      | $3615480.00   | 1.23%             | 2023-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DEVI HOLDINGS INC.         | DEVI HOLDINGS INC.                                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   1000000 | PA      | $1000000.00   | 0.34%             | 2024-04-08      | Floating      | 8.00%                 | No            |                  3 | On Loan: No      |
| GAGE GROWTH CORP.          | GAGE GROWTH CORP.                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   6500000 | PA      | $6437600.00   | 2.19%             | 2024-11-01      | Floating      | 14.00%                | No            |                  2 | On Loan: No      |
| VCP23, LLC                 | VCP23, LLC                                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   9000000 | PA      | $8370000.00   | 2.85%             | 2024-04-30      | Floating      | 7.00%                 | No            |                  3 | On Loan: No      |
| SHRYNE GROUP, INC          | SHRYNE GROUP, INC                                                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   9000000 | PA      | $9000000.00   | 3.07%             | 2026-05-26      | Floating      | 15.50%                | No            |                  3 | On Loan: No      |
| VERANO HOLDINGS CORP       | VERANO HOLDINGS CORP                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              | CORP              | US        |   8000000 | PA      | $7770400.00   | 2.65%             | 2026-10-30      | Floating      | 13.50%                | No            |                  2 | On Loan: No      |
| LINKEM SPA                 | Linkem SpA                                                            | CUSIP: BA0032827<br>LEI: 8156008F52B23E338F42 | Long             | DBT              | CORP              | IT        |   7000000 | PA      | $7474389.58   | 2.55%             | 2023-02-09      | Floating      | 7.69%                 | No            |                  2 | On Loan: No      |
| CONDUENT BUS SERVICES      | Conduent Business Services LLC / Conduent State & Local Solutions Inc | CUSIP: 20679LAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4091500.00   | 1.39%             | 2029-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| EARTHSTONE ENERGY HOL      | Earthstone Energy Holdings LLC                                        | CUSIP: 27034RAA1<br>LEI: 549300HGVO86L8G72J25 | Long             | DBT              | CORP              | US        |   5194000 | PA      | $4967118.76   | 1.69%             | 2027-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ENERFLEX LTD               | Enerflex Ltd                                                          | CUSIP: 29269RAA3<br>LEI: 54930014N7872VUS3F89 | Long             | DBT              | CORP              | CA        |    700000 | PA      | $698999.00    | 0.24%             | 2027-10-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP         | Energy Transfer LP                                                    | CUSIP: 29273VAD2<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |    269000 | PA      | $265109.43    | 0.09%             | 2024-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ENCELADUS DEV VENTUR III   | Enceladus Development Venture III LLC                                 | CUSIP: 29290BAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5000000.00   | 1.70%             | 2023-11-15      | Fixed         | 10.00%                | No            |                  3 | On Loan: No      |
| ENSIGN DRILLING INC        | Ensign Drilling Inc                                                   | CUSIP: 29359NAA3<br>LEI: 549300MJ7RLJKQNMN618 | Long             | DBT              | CORP              | CA        |   4700000 | PA      | $4449418.04   | 1.52%             | 2024-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| EZCORP INC                 | EZCORP Inc                                                            | CUSIP: 302301AG1<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |  13500000 | PA      | $13128750.00  | 4.48%             | 2029-12-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| IAA INC                    | IAA Inc                                                               | CUSIP: 449253AB9<br>LEI: 549300PZCOPC5178W747 | Long             | DBT              | CORP              | US        |    200000 | PA      | $195414.77    | 0.07%             | 2027-06-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IEA ENERGY SERVICES LLC    | IEA Energy Services LLC                                               | CUSIP: 45174AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7640000 | PA      | $7219379.80   | 2.46%             | 2029-08-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| KOHL'S CORPORATION         | Kohl's Corp                                                           | CUSIP: 500255AS3<br>LEI: 549300JF6LPRTRJ0FH50 | Long             | DBT              | CORP              | US        |   4871000 | PA      | $4872656.14   | 1.66%             | 2023-02-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| LGI HOMES INC              | LGI Homes Inc                                                         | CUSIP: 50187TAF3<br>LEI: 549300W02B4WNV8CV109 | Long             | DBT              | CORP              | US        |   2400000 | PA      | $1857419.62   | 0.63%             | 2029-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PROSOMNUS INC              | ProSomnus Inc                                                         | CUSIP: 50535E116<br>LEI: N/A                  | N/A              | DE               | CORP              | US        |     33919 | NS      | $2659.25      | 0.00%             |  |  |  | Yes           |                  1 | On Loan: No      |
| LIBERTY LATIN AMERICA      | Liberty Latin America Ltd                                             | CUSIP: 53069QAB5<br>LEI: 213800YWQHEAX7CAVO83 | Long             | DBT              | CORP              | BM        |   8275000 | PA      | $7385437.50   | 2.52%             | 2024-07-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LIGHTNING EMOTORS INC      | Lightning eMotors Inc                                                 | CUSIP: 53228RAA3<br>LEI: 549300JQ9U3NF5XD5A71 | Long             | DBT              | CORP              | US        |   5500000 | PA      | $1127500.00   | 0.38%             | 2024-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| NATHAN'S FAMOUS INC        | Nathan's Famous Inc                                                   | CUSIP: 632347AC4<br>LEI: 54930034SKNSF1JIE673 | Long             | DBT              | CORP              | US        |   1606000 | PA      | $1573068.97   | 0.54%             | 2025-11-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PBF LOGISTICS LP/FINANCE   | PBF Logistics LP / PBF Logistics Finance Corp                         | CUSIP: 69318UAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8344000 | PA      | $8348797.80   | 2.85%             | 2023-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PROSOMNUS, INC             | PROSOMNUS, INC                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | DBT              | CORP              | US        |   3391961 | PA      | $3005955.84   | 1.02%             | 2027-11-30      | Variable      | 9.00%                 | Yes           |                  3 | On Loan: No      |
| RACKSPACE TECHNOLOGY       | Rackspace Technology Global Inc                                       | CUSIP: 750098AA3<br>LEI: 549300QTYCKLMFSE8I97 | Long             | DBT              | CORP              | US        |  11316000 | PA      | $4895125.64   | 1.67%             | 2028-12-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| RITCHIE BROS AUCTIONEERS   | Ritchie Bros Auctioneers Inc                                          | CUSIP: 767744AA3<br>LEI: 5493002H8U24DJXQ4886 | Long             | DBT              | CORP              | CA        |   1721000 | PA      | $1693842.62   | 0.58%             | 2025-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Invesco Treasury Portfolio | Invesco Treasury Portfolio                                            | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |  14195677 | NS      | $14195676.90  | 4.84%             |  |  |  | No            |                  1 | On Loan: No      |
| VALVOLINE INC              | Valvoline Inc                                                         | CUSIP: 92047WAD3<br>LEI: 549300CMHPBEY6VPOT75 | Long             | DBT              | CORP              | US        |   8040000 | PA      | $7814176.66   | 2.66%             | 2030-02-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VISTA OUTDOOR INC          | Vista Outdoor Inc                                                     | CUSIP: 928377AC4<br>LEI: 549300QI2D33ESTJLN81 | Long             | DBT              | CORP              | US        |   8795000 | PA      | $6469074.30   | 2.21%             | 2029-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-27

**Name of Applicant:** Intrepid Capital Management Funds Trust

**Signature:** /s/ Don White

**Name of Signer:** Intrepid Capital Management Funds Trust

**Title:** Secretary/Treasurer