# EDGAR Filing Document

**Accession Number:** 0001300746
**File Stem:** 0001133228-25-006174
**Filing Date:** 2025-6
**Character Count:** 141691
**Document Hash:** cf73977ddac4b1d9fbfdbb8d086197fc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-006174.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001133228-25-006174

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Intrepid Capital Management Funds Trust
- **CENTRAL INDEX KEY:** 0001300746

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21625
- **FILM NUMBER:** 251030252

**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 Capital Fund (Series ID: S000000841)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000002456 | Investor Class      | ICMBX           |
| C000088547 | Institutional Class | ICMVX           |

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

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

?xml version='1.0' encoding='ASCII'? 2025-04-09193734_IntrepidCapitalFund_InvestorClass_TSRSemiAnnual

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 **<u>811-21625</u>**

**<u>Intrepid Capital Management Funds Trust</u>**

(Exact name of registrant as specified in charter)

**<u>1400 Marsh Landing Parkway, Suite 106</u>**

**<u>Jacksonville Beach, FL 32250</u>**

(Address of principal executive offices) (Zip code)

**<u>Mark F. Travis</u>**

**<u>1400 Marsh Landing Parkway, Suite 106</u>**

**<u>Jacksonville Beach, FL 32250</u>**

(Name and address of agent for service)

**<u>[1-904-246-3433]</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>09/30/2025</u>**

Date of reporting period: **<u>03/31/2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img002.jpg) | **Intrepid Capital Fund**  | ![image](img001.jpg) |
| ![image](img002.jpg) | Investor Class \| ICMBX  | ![image](img001.jpg) |
| ![image](img002.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the Intrepid Capital Fund for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://intrepidcapitalfunds.com/resources/fund-documents/. You can also request this information by contacting us at 1-866-996-3863.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Investor Class | $71 | 1.40% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $84406149 |
| **Number of Holdings** | 60 |
| **Portfolio Turnover** | 33% |

---

Visit https://intrepidcapitalfunds.com/resources/fund-documents/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** **\*** |
|  Invesco Treasury Portfolio  | 5.3% |
|  FRP Holdings, Inc.  | 4.3% |
|  Berkshire Hathaway, Inc.  | 4.1% |
|  iShares Gold Trust  | 3.7% |
|  Alphabet, Inc.  | 3.2% |
|  W R Berkley Corp.  | 2.9% |
|  Skillz, Inc.  | 2.6% |
|  RealReal, Inc.  | 2.6% |
|  Liberty Media Corp.  | 2.5% |
|  TJX Cos., Inc.  | 2.5% |

---

\* Expressed as a percentage of net assets.

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** **\*** |
|  Media & Entertainment  | 17.2% |
|  Financial Services  | 11.0% |
|  Commercial & Professional Services  | 9.1% |
|  Consumer Discretionary Distribution & Retail  | 8.5% |
|  Consumer Durables & Apparel  | 7.0% |
|  Food, Beverage & Tobacco  | 6.9% |
|  Real Estate Management & Development  | 5.6% |
|  Insurance  | 4.3% |
|  Consumer Staples Distribution & Retail  | 4.1% |
|  Cash & Other  | 26.3% |

---

\* Expressed as a percentage of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://intrepidcapitalfunds.com/resources/fund-documents/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Intrepid Capital Management Inc. documents not be householded, please contact Intrepid Capital Management Inc. at 1-866-996-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Intrepid Capital Management Inc. or your financial intermediary.

Intrepid Capital Fund PAGE 1 TSR-SAR-461195208

------

---

| | | |
|:---|:---|:---|
| ![image](img002.jpg) | **Intrepid Capital Fund**  | ![image](img001.jpg) |
| ![image](img002.jpg) | Institutional Class \| ICMVX  | ![image](img001.jpg) |
| ![image](img002.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the Intrepid Capital Fund for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://intrepidcapitalfunds.com/resources/fund-documents/. You can also request this information by contacting us at 1-866-996-3863.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $58 | 1.15% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $84406149 |
| **Number of Holdings** | 60 |
| **Portfolio Turnover** | 33% |

---

Visit https://intrepidcapitalfunds.com/resources/fund-documents/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** **\*** |
|  Invesco Treasury Portfolio  | 5.3% |
|  FRP Holdings, Inc.  | 4.3% |
|  Berkshire Hathaway, Inc.  | 4.1% |
|  iShares Gold Trust  | 3.7% |
|  Alphabet, Inc.  | 3.2% |
|  W R Berkley Corp.  | 2.9% |
|  Skillz, Inc.  | 2.6% |
|  RealReal, Inc.  | 2.6% |
|  Liberty Media Corp.  | 2.5% |
|  TJX Cos., Inc.  | 2.5% |

---

\* Expressed as a percentage of net assets.

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** **\*** |
|  Media & Entertainment  | 17.2% |
|  Financial Services  | 11.0% |
|  Commercial & Professional Services  | 9.1% |
|  Consumer Discretionary Distribution & Retail  | 8.5% |
|  Consumer Durables & Apparel  | 7.0% |
|  Food, Beverage & Tobacco  | 6.9% |
|  Real Estate Management & Development  | 5.6% |
|  Insurance  | 4.3% |
|  Consumer Staples Distribution & Retail  | 4.1% |
|  Cash & Other  | 26.3% |

---

\* Expressed as a percentage of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://intrepidcapitalfunds.com/resources/fund-documents/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Intrepid Capital Management Inc. documents not be householded, please contact Intrepid Capital Management Inc. at 1-866-996-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Intrepid Capital Management Inc. or your financial intermediary.

Intrepid Capital Fund PAGE 1 TSR-SAR-461195604

------

---

| | | |
|:---|:---|:---|
| ![image](img002.jpg) | **Intrepid Income Fund**  | ![image](img001.jpg) |
| ![image](img002.jpg) | Institutional Class \| ICMUX  | ![image](img001.jpg) |
| ![image](img002.jpg) | Semi-Annual Shareholder Report \| March 31, 2025  | ![image](img001.jpg) |

---

This semi-annual shareholder report contains important information about the Intrepid Income Fund for the period of October 1, 2024, to March 31, 2025. You can find additional information about the Fund at https://intrepidcapitalfunds.com/resources/fund-documents/. You can also request this information by contacting us at 1-866-996-3863.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Institutional Class | $48 | 0.95% |

---

\* Annualized

**KEY FUND STATISTICS** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $937240590 |
| **Number of Holdings** | 95 |
| **Portfolio Turnover** | 53% |
| **Effective Duration** | 2.36 Years |

---

Visit https://intrepidcapitalfunds.com/resources/fund-documents/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of March 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** **\*** |
|  RealReal, Inc.  | 4.4% |
|  Invesco Treasury Portfolio  | 3.6% |
|  Diversified Healthcare Trust  | 3.1% |
|  Herbalife Nutrition Ltd.  | 3.0% |
|  Icahn Enterprises LP  | 2.8% |
|  Twilio, Inc.  | 2.7% |
|  PRA Group, Inc.  | 2.4% |
|  Skillz, Inc.  | 2.3% |
|  Deluxe Corp.  | 2.3% |
|  ANGI Group LLC  | 2.3% |

---

\* Expressed as a percentage of net assets.

---

| | |
|:---|:---|
| **Top Sectors** | **(%)** **\*** |
|  Financial Services  | 20.5% |
|  Consumer Discretionary Distribution & Retail  | 9.1% |
|  Consumer Services  | 6.8% |
|  Commercial & Professional Services  | 6.6% |
|  Energy  | 6.5% |
|  Media & Entertainment  | 5.0% |
|  Consumer Staples Distribution & Retail  | 4.7% |
|  Software & Services  | 4.7% |
|  Pharmaceuticals, Biotechnology & Life Sciences  | 3.8% |
|  Cash & Other  | 32.3% |

---

\* Expressed as a percentage of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://intrepidcapitalfunds.com/resources/fund-documents/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Intrepid Capital Management Inc. documents not be householded, please contact Intrepid Capital Management Inc. at 1-866-996-3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Intrepid Capital Management Inc. or your financial intermediary.

Intrepid Income Fund PAGE 1 TSR-SAR-461195703

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7
 of this Form."

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](intrepid_capital-logo.jpg)

**Intrepid Funds** 

**Intrepid Capital Fund**

**Intrepid Income Fund** 

Semi-Annual Financial Statements and Other Information

March 31, 2025 (Unaudited)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| Schedule of Investments <br>|  |
| &nbsp;&nbsp;&nbsp; [Intrepid Capital Fund](#tsoicf) | [1](#tsoicf) |
| &nbsp;&nbsp;&nbsp; [Intrepid Income Fund](#tsoiif) | [4](#tsoiif) |
| [Statements of Assets and Liabilities](#tsal) | [9](#tsal) |
| [Statements of Operations](#tsop) | [10](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [11](#tscna) |
| [Financial Highlights](#tfihi) | [13](#tfihi) |
| [Notes to Financial Statements](#tnotes) | [16](#tnotes) |
| [Additional Information](#trep) | [26](#trep) |
| [Other Information](#totherinf) | [30](#totherinf) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Intrepid Capital Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 65.3%** | **COMMON STOCKS - 65.3%** | **COMMON STOCKS - 65.3%** |
| **Capital Goods - 4.1%**<br>|  |  |
| Acuity, Inc. | 6404 | $1686494  |
| Watsco, Inc. | 3521 | 1789724  |
|  |  | 3476218  |
| **Commercial & Professional Services - 4.8%** | **Commercial & Professional Services - 4.8%** | **Commercial & Professional Services - 4.8%** |
| Atento SA<sup>(a)(b)</sup> | 96558308 | 0  |
| Copart, Inc.<sup>(b)</sup> | 34852 | 1972275  |
| &nbsp;&nbsp;&nbsp; SS&C Technologies <br>Holdings, Inc. | 16119 | 1346420  |
| WNS Holdings Ltd.<sup>(b)</sup> | 11521 | 708426  |
|  |  | 4027121  |
| &nbsp;&nbsp;&nbsp; **Consumer Discretionary Distribution &** <br>**Retail - 4.2%** | &nbsp;&nbsp;&nbsp; **Consumer Discretionary Distribution &** <br>**Retail - 4.2%** | &nbsp;&nbsp;&nbsp; **Consumer Discretionary Distribution &** <br>**Retail - 4.2%** |
| TJX Cos., Inc. | 17307 | 2107992  |
| Valvoline, Inc.<sup>(b)</sup> | 41074 | 1429786  |
|  |  | 3537778  |
| **Consumer Durables & Apparel - 7.0%** | **Consumer Durables & Apparel - 7.0%** | **Consumer Durables & Apparel - 7.0%** |
| Garmin Ltd. | 8004 | 1737909  |
| Levi Strauss & Co. - Class A | 64156 | 1000192  |
| Polaris, Inc. | 26610 | 1089413  |
|  Skechers USA, Inc. - Class A<sup>(b)</sup> | 35914 | 2039197  |
|  |  | 5866711  |
| **Consumer Staples Distribution & Retail - 4.1%** | **Consumer Staples Distribution & Retail - 4.1%** | **Consumer Staples Distribution & Retail - 4.1%** |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club <br>Holdings, Inc.<sup>(b)</sup> | 18101 | 2065324  |
| Dollar Tree, Inc.<sup>(b)</sup> | 18897 | 1418598  |
|  |  | 3483922  |
| **Energy - 1.6%**<br>|  |  |
| Civitas Resources, Inc. | 38319 | 1336950  |
| **Financial Services - 7.7%**<br>|  |  |
|  Berkshire Hathaway, Inc. - Class B<sup>(b)</sup> | 6517 | 3470824  |
| Chicago Atlantic BDC, Inc. | 38198 | 431638  |
| Jefferies Financial Group, Inc. | 28188 | 1510031  |
| Sprott, Inc. | 24961 | 1120000  |
|  |  | 6532493  |
| **Food, Beverage & Tobacco - 4.6%** | **Food, Beverage & Tobacco - 4.6%** | **Food, Beverage & Tobacco - 4.6%** |
| Becle SAB de CV | 1688667 | 1549667  |
| &nbsp;&nbsp;&nbsp; Philip Morris <br>International, Inc. | 10420 | 1653967  |
| Simply Good Foods Co.<sup>(b)</sup> | 20188 | 696284  |
|  |  | 3899918  |
| **Insurance - 4.3%**<br>|  |  |
| Markel Group, Inc.<sup>(b)</sup> | 640 | 1196551  |
| W R Berkley Corp. | 34245 | 2436874  |
|  |  | 3633425  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Media & Entertainment - 13.7%** | **Media & Entertainment - 13.7%** | **Media & Entertainment - 13.7%** |
| Alphabet, Inc. - Class A | 17503 | $2706664  |
|  Atlanta Braves Holdings, Inc. - Class C<sup>(b)</sup> | 33737 | 1349817  |
| IAC, Inc.<sup>(b)</sup> | 45588 | 2094313  |
|  Liberty Media Corp. - Class A<sup>(b)</sup> | 31368 | 2109184  |
| Match Group, Inc. | 38939 | 1214897  |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive <br>Software, Inc.<sup>(b)</sup> | 9872 | 2045972  |
|  |  | 11520847  |
| **Real Estate Management & Development - 5.6%** | **Real Estate Management & Development - 5.6%** | **Real Estate Management & Development - 5.6%** |
| FRP Holdings, Inc.<sup>(b)</sup> | 127956 | 3655703  |
|  Howard Hughes Holdings, Inc.<sup>(b)</sup> | 14854 | 1100384  |
|  |  | 4756087  |
| **Software & Services - 1.4%**<br>|  |  |
| Dropbox, Inc. - Class A<sup>(b)</sup> | 45608 | 1218190  |
| **Technology Hardware & Equipment - 2.2%** | **Technology Hardware & Equipment - 2.2%** | **Technology Hardware & Equipment - 2.2%** |
| Fabrinet<sup>(b)</sup> | 9307 | 1838225  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>**(Cost $41,596,324)** |  | 55127885  |
|  | **Par** |  |
| **CORPORATE BONDS - 16.3%** | **CORPORATE BONDS - 16.3%** | **CORPORATE BONDS - 16.3%** |
| **Commercial & Professional Services - 3.3%** | **Commercial & Professional Services - 3.3%** | **Commercial & Professional Services - 3.3%** |
| Atento Luxco 1 SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 20.00% (includes 10.00% Cash and 10.00% PIK), 05/17/2025<sup>(a)(c)</sup> | $785227 | 785227  |
| &nbsp;&nbsp;&nbsp; 20.00% (includes 10.00% Cash and 10.00% PIK), 09/30/2026<sup>(a)(c)</sup> | 483530 | 449683  |
| &nbsp;&nbsp;&nbsp; Cimpress PLC, <br>7.38%, 09/15/2032<sup>(c)</sup> | 1696000 | 1560736  |
|  |  | 2795646  |
| &nbsp;&nbsp;&nbsp; **Consumer Discretionary Distribution &** <br>**Retail - 3.1%** | &nbsp;&nbsp;&nbsp; **Consumer Discretionary Distribution &** <br>**Retail - 3.1%** | &nbsp;&nbsp;&nbsp; **Consumer Discretionary Distribution &** <br>**Retail - 3.1%** |
| &nbsp;&nbsp;&nbsp; Foot Locker, Inc., <br>4.00%, 10/01/2029<sup>(c)</sup> | 1750000 | 1451753  |
|  RealReal, Inc., 13.00% (includes 4.25% PIK), 03/01/2029<sup>(c)</sup> | 1088653 | 1170301  |
|  |  | 2622054  |
| **Consumer Services - 0.6%**<br>|  |  |
|  Brinker International, Inc., 8.25%, 07/15/2030<sup>(c)</sup> | 500000 | 525957  |
| **Food, Beverage & Tobacco - 2.3%** | **Food, Beverage & Tobacco - 2.3%** | **Food, Beverage & Tobacco - 2.3%** |
|  Turning Point Brands, Inc., 7.63%, 03/15/2032<sup>(c)</sup> | 1838000 | 1914740 |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Intrepid Capital Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  | **CORPORATE BONDS - (Continued)**  |
| **Media & Entertainment - 3.5%** | **Media & Entertainment - 3.5%** | **Media & Entertainment - 3.5%** |
| &nbsp;&nbsp;&nbsp; Gray Media, Inc., <br>7.00%, 05/15/2027<sup>(c)</sup> | $800000 | $785390  |
| &nbsp;&nbsp;&nbsp; Skillz, Inc., <br>10.25%, 12/15/2026<sup>(c)</sup> | 2216000 | 2182959  |
|  |  | 2968349  |
| &nbsp;&nbsp;&nbsp; **Pharmaceuticals, Biotechnology &** <br>**Life Sciences - 2.4%** | &nbsp;&nbsp;&nbsp; **Pharmaceuticals, Biotechnology &** <br>**Life Sciences - 2.4%** | &nbsp;&nbsp;&nbsp; **Pharmaceuticals, Biotechnology &** <br>**Life Sciences - 2.4%** |
| &nbsp;&nbsp;&nbsp; Celgene Corp., <br>3.90%, 02/20/2028 | 23000 | 22576  |
|  Trulieve Cannabis Corp., 8.00%, 10/06/2026 | 2000000 | 1966450  |
|  |  | 1989026  |
| **Telecommunication Services - 1.1%** | **Telecommunication Services - 1.1%** | **Telecommunication Services - 1.1%** |
|  Cincinnati Bell Telephone Co. LLC, 6.30%, 12/01/2028 | 1000000 | 960880  |
| **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** | **TOTAL CORPORATE BONDS** |
| &nbsp;&nbsp;&nbsp; (Cost $13,402,346) |  | 13776652  |
| **BANK LOANS - 4.7%**<br>|  |  |
| **Financial Services - 1.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Chicago Atlantic Real Estate Finance, Inc., <br>9.00%, 10/18/2028 | 1000000 | 987500  |
|  **Health Care Equipment & Services - 0.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shryne Group, Inc., <br>17.00%, 05/26/2026 | 750432 | 746079  |
| &nbsp;&nbsp;&nbsp; **Pharmaceuticals, Biotechnology &** <br>**Life Sciences - 1.5%** | &nbsp;&nbsp;&nbsp; **Pharmaceuticals, Biotechnology &** <br>**Life Sciences - 1.5%** | &nbsp;&nbsp;&nbsp; **Pharmaceuticals, Biotechnology &** <br>**Life Sciences - 1.5%** |
|  Common Citizen Senior Secured Term Loan, 11.50%, 12/31/2025 | 752214 | 752214  |
|  Verano Holdings Corp., 14.50% (Prime Rate + 6.50%), 10/30/2026 | 494922 | 514718  |
|  |  | 1266932  |
| **Telecommunication Services - 1.2%** | **Telecommunication Services - 1.2%** | **Telecommunication Services - 1.2%** |
|  ViaPath Technologies, Senior Secured First Lien, 11.82% (1 mo. SOFR US + 7.50%), 08/06/2029 | 995000 | 993756  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $3,962,786)** |  | 3994267  |
|  | **Shares** |  |
| **EXCHANGE TRADED FUNDS - 3.7%** | **EXCHANGE TRADED FUNDS - 3.7%** | **EXCHANGE TRADED FUNDS - 3.7%** |
| iShares Gold Trust<sup>(b)</sup> | 52279 | 3082370  |
| **TOTAL EXCHANGE TRADED FUNDS**  | **TOTAL EXCHANGE TRADED FUNDS**  | **TOTAL EXCHANGE TRADED FUNDS**  |
| &nbsp;&nbsp;&nbsp; (Cost $1,511,974) |  | 3082370 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**COMMON - 2.1%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**COMMON - 2.1%** | &nbsp;&nbsp;&nbsp; **REAL ESTATE INVESTMENT TRUSTS -** <br>**COMMON - 2.1%** |
| **Financial Services - 2.1%**<br>|  |  |
|  Chicago Atlantic Real Estate Finance, Inc. | 61878 | $909607  |
| Rithm Capital Corp. | 77171 | 883608  |
|  |  | 1793215  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON**  | &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON**  | &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON**  |
| &nbsp;&nbsp;&nbsp; (Cost $1,778,918) |  | 1793215  |
|  | **Par** |  |
| **CONVERTIBLE BONDS - 1.2%** | **CONVERTIBLE BONDS - 1.2%** | **CONVERTIBLE BONDS - 1.2%** |
| &nbsp;&nbsp;&nbsp; **Consumer Discretionary Distribution &** <br>**Retail - 1.2%** | &nbsp;&nbsp;&nbsp; **Consumer Discretionary Distribution &** <br>**Retail - 1.2%** | &nbsp;&nbsp;&nbsp; **Consumer Discretionary Distribution &** <br>**Retail - 1.2%** |
| &nbsp;&nbsp;&nbsp; RealReal, Inc., <br>1.00%, 03/01/2028 | $1288000 | 995525  |
| **TOTAL CONVERTIBLE BONDS**  | **TOTAL CONVERTIBLE BONDS**  | **TOTAL CONVERTIBLE BONDS**  |
| &nbsp;&nbsp;&nbsp; (Cost $919,548) |  | 995525  |
|  | **Shares** |  |
| **PREFERRED STOCKS - 1.0%** | **PREFERRED STOCKS - 1.0%** | **PREFERRED STOCKS - 1.0%** |
| **Commercial & Professional Services - 1.0%** | **Commercial & Professional Services - 1.0%** | **Commercial & Professional Services - 1.0%** |
| &nbsp;&nbsp;&nbsp; Atento Class A Preferred Shares, <br>12.00%, 02/23/2028<sup>(a)</sup> | 815537 | 815537  |
| **TOTAL PREFERRED STOCKS**  | **TOTAL PREFERRED STOCKS**  | **TOTAL PREFERRED STOCKS**  |
| &nbsp;&nbsp;&nbsp; (Cost $815,537) |  | 815537 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** |  |
| **PURCHASED OPTIONS - 0.1%<sup>(b)</sup>** | **PURCHASED OPTIONS - 0.1%<sup>(b)</sup>** | **PURCHASED OPTIONS - 0.1%<sup>(b)</sup>** | **PURCHASED OPTIONS - 0.1%<sup>(b)</sup>** |
| **Put Options - 0.1%**<br>|  |  |  |
|  Lien_Put, Expiration: 10/01/2025; Exercise Price: $13.23<sup>(d)(e)</sup> | $431637  | 38198 | 73722  |
| **TOTAL PURCHASED OPTIONS**  | **TOTAL PURCHASED OPTIONS**  | **TOTAL PURCHASED OPTIONS**  | **TOTAL PURCHASED OPTIONS**  |
| &nbsp;&nbsp;&nbsp; (Cost $95,304) |  |  | 73722  |
| **WARRANTS - 0.0%<sup>(f)</sup>** | **WARRANTS - 0.0%<sup>(f)</sup>** | **WARRANTS - 0.0%<sup>(f)</sup>** | **WARRANTS - 0.0%<sup>(f)</sup>** |
|  **Pharmaceuticals, Biotechnology & Life Sciences - 0.0%<sup>(f)</sup>**<br>|  |  |  |
|  Cansortium Holdings LLC, Expires 04/29/2025, Exercise Price $1.20<sup>(b)</sup> |  | 250000 | 0  |
|  Green Thumb Industries, Inc., Expires 10/15/2026, Exercise Price $30.02<sup>(b)</sup> |  | 7328 | 5496  |
|  **Total Pharmaceuticals, Biotechnology & Life Sciences** |  |  | 5496  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $0)** |  |  | 5496 |

---

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Intrepid Capital Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **SHORT-TERM INVESTMENTS - 5.3%** | **SHORT-TERM INVESTMENTS - 5.3%** | **SHORT-TERM INVESTMENTS - 5.3%** |
| **Money Market Funds - 5.3%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Invesco Treasury Portfolio - Class Institutional, <br>4.25%<sup>(g)</sup> | 4475627 | $4475627  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM** <br>**INVESTMENTS**  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM** <br>**INVESTMENTS**  | &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM** <br>**INVESTMENTS**  |
| &nbsp;&nbsp;&nbsp; (Cost $4,475,627) |  | 4475627  |
| **TOTAL INVESTMENTS - 99.7%**  | **TOTAL INVESTMENTS - 99.7%**  | **TOTAL INVESTMENTS - 99.7%**  |
| &nbsp;&nbsp;&nbsp; (Cost $68,558,364) |  | $84140296  |
|  Other Assets in Excess of Liabilities - 0.3% |  | 265853  |
| &nbsp;&nbsp;&nbsp; **TOTAL NET** <br>**ASSETS - 100.0%** |  | $84406149 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

PIK - Payment in Kind

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $2,050,447 or 2.4% of net assets as of March 31, 2025.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of March 31, 2025, the value of these securities total $10,826,746 or 12.8% of the Fund's net assets.

<sup>(d)</sup> Exchange-traded.

<sup>(e)</sup> 100 shares per contract.

<sup>(f)</sup> Represents less than 0.05% of net assets.

<sup>(g)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Intrepid Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **CORPORATE BONDS - 77.4%**<br>|  |  |
| **Automobiles & Components - 1.1%**<br>|  |  |
|  Aston Martin Capital Holdings Ltd., 10.00%, 03/31/2029<sup>(a)</sup> | $11500000 | $10421364  |
| **Capital Goods - 2.8%**<br>|  |  |
| Icahn Enterprises LP<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 05/15/2026 | 5794000 | 5760271  |
| &nbsp;&nbsp;&nbsp; 10.00%, 11/15/2029<sup>(a)</sup> | 4000000 | 3978770  |
| &nbsp;&nbsp;&nbsp; 9.00%, 06/15/2030 | 17000000 | 16138970  |
|  |  | 25878011  |
| **Commercial & Professional Services - 5.7%**<br>|  |  |
| Atento Luxco1 SA<br>|  |  |
| &nbsp;&nbsp;&nbsp; 20.00% (includes 10.00% Cash and 10.00% PIK), 05/17/2025<sup>(a)(b)</sup> | 7926893 | 7926893  |
| &nbsp;&nbsp;&nbsp; 20.00% (includes 10.00% Cash and 10.00% PIK), 09/30/2026<sup>(a)(b)</sup> | 3694230 | 3435634  |
| &nbsp;&nbsp;&nbsp; Cimpress PLC, <br>7.38%, 09/15/2032<sup>(a)</sup> | 22400000 | 20613494  |
| Deluxe Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 8.00%, 06/01/2029<sup>(a)</sup> | 16039000 | 14619528  |
| &nbsp;&nbsp;&nbsp; 8.13%, 09/15/2029<sup>(a)</sup> | 7043000 | 7089413  |
|  |  | 53684962  |
| &nbsp;&nbsp;&nbsp; **Consumer Discretionary Distribution &**<br>**Retail - 6.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Foot Locker, Inc., <br>4.00%, 10/01/2029<sup>(a)</sup> | 23075000 | 19142399  |
| Macy's Retail Holdings LLC<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.38%, 03/15/2037 | 16369000 | 13680631  |
| &nbsp;&nbsp;&nbsp; 5.13%, 01/15/2042 | 2500000 | 1707142  |
|  RealReal, Inc., 13.00% (includes 4.25% PIK), 03/01/2029<sup>(a)</sup> | 22887090 | 24603621  |
| &nbsp;&nbsp;&nbsp; Upbound Group, Inc., <br>6.38%, 02/15/2029<sup>(a)</sup> | 4000000 | 3787206  |
|  |  | 62920999  |
| **Consumer Services - 6.8%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; ANGI Group LLC, <br>3.88%, 08/15/2028<sup>(a)</sup> | 23868000 | 21657136  |
| &nbsp;&nbsp;&nbsp; Brinker International, Inc., <br>8.25%, 07/15/2030<sup>(a)</sup> | 10620000 | 11171316  |
| &nbsp;&nbsp;&nbsp; Full House Resorts, Inc., <br>8.25%, 02/15/2028<sup>(a)</sup> | 16625000 | 16446038  |
| &nbsp;&nbsp;&nbsp; Raising Cane's Restaurants LLC, <br>9.38%, 05/01/2029<sup>(a)</sup> | 13500000 | 14359059  |
|  |  | 63633549  |
|  **Consumer Staples Distribution & Retail - 4.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; C&S Group Enterprises LLC, <br>5.00%, 12/15/2028<sup>(a)</sup> | 9180000 | 7679873  |
| &nbsp;&nbsp;&nbsp; KeHE Distributors LLC, <br>9.00%, 02/15/2029<sup>(a)</sup> | 19463000 | 20000782  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| &nbsp;&nbsp;&nbsp; United Natural Foods, Inc., <br>6.75%, 10/15/2028<sup>(a)</sup> | 14971000 | 14804289  |
|  |  | 42484944  |
| **Energy - 5.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Alliance Resource Operating Partners LP, <br>8.63%, 06/15/2029<sup>(a)</sup> | $7445000 | $7790478  |
| &nbsp;&nbsp;&nbsp; Bristow Group, Inc., <br>6.88%, 03/01/2028<sup>(a)</sup> | 20526000 | 20344273  |
| &nbsp;&nbsp;&nbsp; CVR Energy, Inc., <br>8.50%, 01/15/2029<sup>(a)</sup> | 9262000 | 8901299  |
| &nbsp;&nbsp;&nbsp; W&T Offshore, Inc., <br>10.75%, 02/01/2029<sup>(a)</sup> | 9930000 | 9519367  |
|  |  | 46555417  |
|  **Equity Real Estate Investment Trusts (REITs) - 3.1%**<br>|  |  |
| Diversified Healthcare Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp; 9.75%, 06/15/2025 | 11734000 | 11742235  |
| &nbsp;&nbsp;&nbsp; 0.00%, 01/15/2026<sup>(a)</sup> | 17992000 | 16978911  |
|  |  | 28721146  |
| **Financial Services - 15.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Advanced Flower Capital, Inc., <br>5.75%, 05/01/2027<sup>(a)</sup> | 7000000 | 6696559  |
|  Enceladus Development Venture III LLC, 10.00%, 04/22/2025<sup>(a)</sup> | 2111111 | 2058333  |
| &nbsp;&nbsp;&nbsp; EZCORP, Inc., <br>7.38%, 04/01/2032<sup>(a)</sup> | 14000000 | 14241173  |
| &nbsp;&nbsp;&nbsp; FirstCash, Inc., <br>5.63%, 01/01/2030<sup>(a)</sup> | 20596000 | 19984721  |
|  Great Ajax Operating Partnership LP, 9.88%, 09/01/2027<sup>(a)(c)</sup> | 10000000 | 9823230  |
| &nbsp;&nbsp;&nbsp; Green Dot Corp., <br>8.75%, 09/15/2029<sup>(a)</sup> | 10000000 | 10442965  |
| &nbsp;&nbsp;&nbsp; LD Holdings Group LLC, <br>8.75%, 11/01/2027<sup>(a)</sup> | 4000000 | 3634076  |
|  PennyMac Mortgage Investment Trust, 9.00%, 02/15/2030 | 200000 | 5096000  |
| &nbsp;&nbsp;&nbsp; PHH Escrow Issuer LLC, <br>9.88%, 11/01/2029<sup>(a)</sup> | 20000000 | 19320400  |
| PRA Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/01/2029<sup>(a)</sup> | 11798000 | 10882062  |
| &nbsp;&nbsp;&nbsp; 8.88%, 01/31/2030<sup>(a)</sup> | 11545000 | 12053823  |
| &nbsp;&nbsp;&nbsp; Ready Capital Corp., <br>9.38%, 03/01/2028 | 5000000 | 5012500  |
| RithmCapital Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.25%, 10/15/2025<sup>(a)</sup> | 6551000 | 6547257  |
| &nbsp;&nbsp;&nbsp; 8.00%, 04/01/2029<sup>(a)</sup> | 12000000 | 11942212  |
| Visa, Inc., 2.70%, 04/15/2040 | 12250000 | 9174961  |
|  |  | 146910272  |
| **Food, Beverage & Tobacco - 2.6%** | **Food, Beverage & Tobacco - 2.6%** |  |
| &nbsp;&nbsp;&nbsp; Becle SAB de CV, <br>2.50%, 10/14/2031<sup>(a)</sup> | 4315000 | 3483631  |
| &nbsp;&nbsp;&nbsp; Turning Point Brands, Inc., <br>7.63%, 03/15/2032<sup>(a)</sup> | 20162000 | 21003804  |
|  |  | 24487435  |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Intrepid Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **CORPORATE BONDS - (Continued)**<br>|  |  |  |
| **Health Care Equipment & Services - 0.3%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Prosomnus 8% 12/31/2026, <br>8.00% (includes 8.00% PIK), 12/31/2026<sup>(b)</sup> |  | $3202056 | $3202056  |
| **Household & Personal Products - 3.0%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Herbalife Nutrition Ltd., <br>7.88%, 09/01/2025<sup>(a)</sup> |  | 28465000 | 28465762  |
| **Materials - 2.4%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Algoma Steel, Inc., <br>9.13%, 04/15/2029<sup>(a)</sup> |  | 5500000 | 5122590  |
| &nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc., <br>7.88%, 12/01/2028<sup>(a)</sup> |  | 16716000 | 17136307  |
|  |  |  | 22258897  |
| **Media & Entertainment - 5.0%**<br>|  |  |  |
| Gray Media, Inc.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 7.00%, 05/15/2027<sup>(a)</sup> |  | 8850000 | 8688372  |
| &nbsp;&nbsp;&nbsp; 10.50%, 07/15/2029<sup>(a)</sup> |  | 1000000 | 1036931  |
| Skillz, Inc., 10.25%, 12/15/2026<sup>(a)</sup> |  | 22188000 | 21857177  |
| Verve Group SE<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 8.66% (3 mo. EURIBOR + 6.25%), 06/21/2026 | EUR | 7000000  | 7759297  |
| &nbsp;&nbsp;&nbsp; 6.33% (3 mo. EURIBOR + 4.00%), 04/01/2029<sup>(a)</sup> | EUR | 7000000  | 7569714  |
|  |  |  | 46911491  |
|  **Pharmaceuticals, Biotechnology & Life Sciences - 2.1%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Trulieve Cannabis Corp., <br>8.00%, 10/06/2026 |  | 19649000 | 19319388  |
| **Software & Services - 4.7%**<br>|  |  |  |
|  Conduent Business Services LLC, 6.00%, 11/01/2029<sup>(a)</sup> |  | 19450000 | 18238545  |
| Twilio, Inc., 3.88%, 03/15/2031 |  | 28357000 | 25568393  |
|  |  |  | 43806938  |
|  **Technology Hardware & Equipment - 2.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Xerox Corp., <br>10.25%, 10/15/2030<sup>(a)</sup> |  | 8000000 | 7962444  |
| Xerox Holdings Corp.<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 08/15/2025<sup>(a)</sup> |  | 7295000 | 7223237  |
| &nbsp;&nbsp;&nbsp; 8.88%, 11/30/2029<sup>(a)</sup> |  | 12895000 | 8720375  |
| &nbsp;&nbsp;&nbsp; Xerox Issuer Corp., <br>13.50%, 04/15/2031<sup>(a)</sup> |  | 2000000 | 1920000  |
|  |  |  | 25826056  |
| **Telecommunication Services - 1.3%**<br>|  |  |  |
|  Cincinnati Bell Telephone Co. LLC, 6.30%, 12/01/2028 |  | 12745000 | 12246416  |
| **Transportation - 1.9%**<br>|  |  |  |
|  Cargo Aircraft Management, Inc., 4.75%, 02/01/2028<sup>(a)</sup> |  | 15700000 | 15700992  |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
|  Priority 1 Issuer Logistics DAC, 12.63%, 11/19/2027 | $2000000 | $1969458  |
|  |  | 17670450  |
| &nbsp;&nbsp;&nbsp; **TOTAL CORPORATE BONDS** <br>**(Cost $724,388,592)** |  | 725405553  |
| **BANK LOANS - 10.4%**<br>|  |  |
|  **Commercial & Professional Services - 0.3%**<br>|  |  |
|  LXActionTarget, 11.75% (includes 0.50% PIK), 07/19/2027 | 3010642 | 2950429  |
|  **Consumer Discretionary Distribution & Retail - 0.6%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; American Greetings Corp., Senior Secured First Lien, 10.07% <br>(1 mo. SOFR US + 5.75%), 10/30/2029 | 3925000 | 3945430  |
| &nbsp;&nbsp;&nbsp; Jill Acquisition LLC, Senior Secured First Lien, 12.45% <br>(3 mo. SOFR US + 8.00%), 05/08/2028 | 1306154 | 1318810  |
|  |  | 5264240  |
| **Consumer Durables & Apparel - 1.9%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Peloton Interactive, Inc., Senior Secured First Lien, 9.81% <br>(3 mo. SOFR US + 5.50%), 05/30/2029 | 17954774 | 18152994  |
|  **Consumer Staples Distribution & Retail - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; United Natural Foods, Inc. First Lien, 9.06% (1 mo. Term <br>SOFR + 4.75%), 05/01/2031 | 1985000 | 2013534  |
| **Financial Services - 2.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Chicago Atlantic Real Estate Finance, Inc., <br>9.00%, 10/18/2028 | 16000000 | 15800000  |
|  LXKernelmatter, 10.50% (includes 10.50% PIK), 08/14/2026<sup>(b)</sup> | 3209764 | 2969031  |
|  |  | 18769031  |
|  **Health Care Equipment & Services - 0.9%**<br>|  |  |
|  Shryne Group, Inc., 17.00% (PRIME + 8.50%) (includes 1.00% PIK), 05/26/2026 | 6988131 | 6947599  |
| &nbsp;&nbsp;&nbsp; Youth Opportunity Investments LLC First Lien, <br>13.08%, 09/15/2026 | 1669146 | 1669146  |
|  |  | 8616745  |
| **Materials - 0.8%**<br>|  |  |
|  M2S Group Intermediate Holdings, Inc., Senior Secured First Lien, 9.05% (3 mo. SOFR US + 4.75%), 08/27/2031 | 7327586 | 7059690  |

---

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Intrepid Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **BANK LOANS - (Continued)**<br>|  |  |
|  **Pharmaceuticals, Biotechnology & Life Sciences - 1.7%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Common Citizen Senior Secured Term Loan, <br>11.50%, 12/31/2025 | $12286155 | $12286155  |
|  Verano Holdings Corp., 14.50% (Prime Rate + 6.50%), 10/30/2026 | 3549055 | 3691017  |
|  |  | 15977172  |
| **Telecommunication Services - 2.0%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; ViaPath Technologies, Senior Secured First Lien, 11.82% <br>(1 mo. SOFR US + 7.50%), 08/06/2029 | 18915013 | 18891369  |
| &nbsp;&nbsp;&nbsp; **TOTAL BANK LOANS** <br>**(Cost $97,125,539)** |  | 97695204  |
| **CONVERTIBLE BONDS - 5.0%** | **CONVERTIBLE BONDS - 5.0%** |  |
|  **Consumer Discretionary Distribution & Retail - 1.8%**<br>|  |  |
| RealReal, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.00%, 06/15/2025 | 3146000 | 3128643  |
| &nbsp;&nbsp;&nbsp; 1.00%, 03/01/2028 | 17675000 | 13661420  |
|  |  | 16790063  |
| **Energy - 1.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Green Plains, Inc., <br>2.25%, 03/15/2027 | 16500000 | 13798443  |
| **Financial Services - 1.7%**<br>|  |  |
| PennyMac Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.50%, 03/15/2026 | 7110000 | 7070895  |
| &nbsp;&nbsp;&nbsp; 8.50%, 06/01/2029<sup>(a)</sup> | 9000000 | 9396000  |
|  |  | 16466895  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONVERTIBLE BONDS** <br>**(Cost $45,842,130)** |  | 47055401  |
|  | **Shares** |  |
| **COMMON STOCKS - 1.3%**<br>|  |  |
|  **Commercial & Professional Services - 0.0%<sup>(d)</sup>**<br>|  |  |
| Atento SA<sup>(b)(e)</sup> | 661412762 | 0  |
|  **Equity Real Estate Investment Trusts (REITs) - 0.3%**<br>|  |  |
| Southern Realty Trust, Inc.<sup>(e)</sup> | 125000 | 2500000  |
| SRT_Blocker<sup>(e)</sup> | 50000 | 0  |
|  |  | 2500000 |
| **Financial Services - 0.8%**<br>|  |  |
| Chicago Atlantic BDC, Inc. | 717987 | 8113253 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value** |
|  **Health Care Equipment & Services - 0.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Prosomnus Restructured <br>Equity<sup>(b)(e)</sup> | 1584196 | $1584196 |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $15,257,091)** |  | 12197449  |
| **PREFERRED STOCKS - 1.0%**<br>|  |  |
|  **Commercial & Professional Services - 0.6%**<br>|  |  |
| Atento SA, 12.00%, 02/23/2028<sup>(b)</sup> | 5587837 | 5587837  |
| **Materials - 0.4%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Ramaco Resources, Inc., <br>8.38%, 11/30/2029 | 146575 | 3637552  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $9,242,218)** |  | 9225389  |
|  **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.3%**<br>|  |  |
|  **Equity Real Estate Investment Trusts (REITs) - 0.1%**<br>|  |  |
| Southern Realty Trust, Inc.<sup>(e)</sup> | 50000 | 1000000  |
| **Financial Services - 0.2%**<br>|  |  |
|  Chicago Atlantic Real Estate Finance, Inc. | 145946 | 2145406  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT** <br>**TRUSTS - COMMON** <br>**(Cost $3,298,649)** |  | 3145406 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** |  |
| **PURCHASED OPTIONS - 0.2%<sup>(e)</sup>**  | **PURCHASED OPTIONS - 0.2%<sup>(e)</sup>**  | **PURCHASED OPTIONS - 0.2%<sup>(e)</sup>**  |  |
| **Put Options - 0.2%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Lien_Put, Expiration: <br>10/01/2025; Exercise Price: $13.23<sup>(f)(g)</sup> | $8113253 | 717987 | 1385715  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $1,791,378)** |  |  | 1385715 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS - 5.7%**<br>|  |  |
| **Commercial Paper - 2.1%**<br>|  |  |
|  **Equity Real Estate Investment Trusts (REITs) - 2.1%**<br>|  |  |
| &nbsp;&nbsp;&nbsp; MID-AMER APTS LP CP, <br>4.48%, 04/03/2025<sup>(h)</sup> | $20000000 | 19995033 |

---

The accompanying notes are an integral part of these financial statements.

6<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Intrepid Income Fund** 

**Schedule of Investments** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **SHORT-TERM INVESTMENTS - (Continued)**  | **SHORT-TERM INVESTMENTS - (Continued)**  |  |
| **Money Market Funds - 3.6%**<br>|  |  |
|  Invesco Treasury Portfolio - Class Institutional, 4.25%<sup>(i)</sup> | 33308673 | $33308674  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $53,303,707)** |  | 53303707  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.3%** <br>**(Cost $950,249,304)** |  | $949413824  |
| &nbsp;&nbsp;&nbsp; Liabilities in Excess of <br>Other Assets - (1.3)% |  | (12173234)  |
| **TOTAL NET ASSETS - 100.0%** |  | $937240590 |

---

Percentages are stated as a percent of net assets.

Par amount is in USD unless otherwise indicated.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

EURIBOR - Euro Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

PIK - Payment in Kind

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SOFR - Secured Overnight Financing Rate

EUR - Euro

<sup>(a)</sup> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional buyers. As of March 31, 2025, the value of these securities total $596,423,835 or 63.6% of the Fund's net assets.

<sup>(b)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $24,705,647 or 2.6% of net assets as of March 31, 2025.

<sup>(c)</sup> Step coupon bond. The rate disclosed is as of March 31, 2025.

<sup>(d)</sup> Represents less than 0.05% of net assets.

<sup>(e)</sup> Non-income producing security.

<sup>(f)</sup> Exchange-traded.

<sup>(g)</sup> 100 shares per contract.

<sup>(h)</sup> The rate shown is the annualized effective yield as of March 31, 2025.

<sup>(i)</sup> The rate shown represents the 7-day annualized effective yield as of March 31, 2025.

The accompanying notes are an integral part of these financial statements.

7<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**INTREPID INCOME FUND** 

**SCHEDULE OF FORWARD CURRENCY CONTRACTS** 

**March 31, 2025 (Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement** <br>**Date** | **Currency** <br>**Purchased** | **Currency** <br>**Purchased** | **Currency** <br>**Sold** | **Currency** <br>**Sold** | **Unrealized** <br>**Appreciation** <br>(Depreciation)  |
| State Street Bank & Trust Co. | 04/10/2025 | USD | 7708052 | EUR | 7033857 | &nbsp;&nbsp; $98324  |
| State Street Bank & Trust Co. | 07/01/2025 | USD | 7779776 | EUR | 7115209 | &nbsp;&nbsp; 45649  |
| **Net Unrealized Appreciation (Depreciation)** |  |  |  |  |  | &nbsp;&nbsp; $143973 |

---

EUR - Euro

USD - United States Dollar

The accompanying notes are an integral part of these financial statements.

8<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Intrepid Funds** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Intrepid Capital** <br>**Fund** | **Intrepid Income** <br>**Fund**  |
| **ASSETS:**<br>|  |  |
| Investments, at value<sup>(1)</sup> | &nbsp;&nbsp; $84140296 | &nbsp;&nbsp; $949413824  |
| Income receivable | &nbsp;&nbsp; 710969 | &nbsp;&nbsp; 16698069  |
| Receivable for fund shares sold | &nbsp;&nbsp; 10805 | &nbsp;&nbsp; 1265555  |
| Receivable for investments sold | &nbsp;&nbsp; 3067 | &nbsp;&nbsp; —  |
| Appreciation on forward currency contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; 143973  |
| Other assets | &nbsp;&nbsp; 55093 | &nbsp;&nbsp; 70831  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 84920230 | &nbsp;&nbsp; 967592252  |
| **LIABILITIES:**<br>|  |  |
| Payable for fund shares redeemed | &nbsp;&nbsp; 285555 | &nbsp;&nbsp; 5391048  |
| Payable for investment securities purchased | &nbsp;&nbsp; 14678 | &nbsp;&nbsp; 23309719  |
| Payable for foreign currencies purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; 23914  |
| Payable to Investment Adviser | &nbsp;&nbsp; 46375 | &nbsp;&nbsp; 591811  |
| Payable to Trustees | &nbsp;&nbsp; 1117 | &nbsp;&nbsp; 23889  |
| Payable to Custodian | &nbsp;&nbsp; 9852 | &nbsp;&nbsp; 18775  |
| Distribution payable | &nbsp;&nbsp; 25279 | &nbsp;&nbsp; 674296  |
| Accrued distribution fees | &nbsp;&nbsp; 33722 | &nbsp;&nbsp; —  |
| Other expenses payable | &nbsp;&nbsp; 97503 | &nbsp;&nbsp; 318210  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 514081 | &nbsp;&nbsp; 30351662  |
| **TOTAL NET ASSETS** | &nbsp;&nbsp; $84406149 | &nbsp;&nbsp; $937240590  |
| **Net assets consist of:**<br>|  |  |
| Capital stock | &nbsp;&nbsp; 84440151 | &nbsp;&nbsp; 961136641  |
| Total distributable earnings | &nbsp;&nbsp; (34002) | &nbsp;&nbsp; (23896051)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp; $84406149 | &nbsp;&nbsp; $937240590  |
| **Investor Class**<br>|  |  |
| Net assets | &nbsp;&nbsp; $31080817 | &nbsp;&nbsp; $—  |
| Shares outstanding | &nbsp;&nbsp; 2504011 | &nbsp;&nbsp; —  |
| **Institutional Class**<br>|  |  |
| Net assets | &nbsp;&nbsp; 53325332 | &nbsp;&nbsp; 937240590  |
| Shares outstanding | &nbsp;&nbsp; 4272589 | &nbsp;&nbsp; 104758074  |
| Total shares outstanding (unlimited shares of no par value authorized) | &nbsp;&nbsp; 6776600 | &nbsp;&nbsp; 104758074  |
| Investor Class Net asset value, offering and redemption price per share<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12.41 | &nbsp;&nbsp; —  |
| Institutional Class Net asset value, offering and redemption price per share<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;12.48 | 8.90  |
| &nbsp;&nbsp;&nbsp;&nbsp;(1)Cost of Investments | &nbsp;&nbsp; $68558364 | &nbsp;&nbsp; $950249304 |
| &nbsp;&nbsp;&nbsp;&nbsp;(2)If applicable, redemption price per share may be reduced by a 2.00% redemption fee for shares redeemed within 30 days of purchase. | &nbsp;&nbsp;&nbsp;&nbsp;(2)If applicable, redemption price per share may be reduced by a 2.00% redemption fee for shares redeemed within 30 days of purchase. | &nbsp;&nbsp;&nbsp;&nbsp;(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.

9<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Intrepid Funds** 

**Statements of Operations** 

**For the Period Ended March 31, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Intrepid Capital** <br>**Fund** | **Intrepid Income** <br>**Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividend income | &nbsp;&nbsp; $404508 | $1659168  |
| Interest income | &nbsp;&nbsp; 1263264 | 37761636  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 1667772 | 39420804  |
| Advisory fees (See Note 3) | &nbsp;&nbsp; 372360 | 3162137  |
| Shareholder servicing fees and expenses | &nbsp;&nbsp; 43153 | 116904  |
| Administration fees | &nbsp;&nbsp; 40607 | 323094  |
| Fund accounting fees | &nbsp;&nbsp; 35147 | 123637  |
| Distribution (12b-1) fees - Investor Class Only (See Note 4) | &nbsp;&nbsp; 33047 | —  |
| Legal fees | &nbsp;&nbsp; 23147 | 23931  |
| Federal and state registration | &nbsp;&nbsp; 18575 | 30682  |
| Custody fees | &nbsp;&nbsp; 8267 | 27319  |
| Audit fees | &nbsp;&nbsp; 5885 | 70267  |
| Reports to shareholders | &nbsp;&nbsp; 5024 | 16622  |
| Miscellaneous | &nbsp;&nbsp; 3590 | 11854  |
| Trustees fees and expenses | &nbsp;&nbsp; 3027 | 42909  |
| Insurance | &nbsp;&nbsp; 1323 | 7364  |
| &nbsp;&nbsp;&nbsp; Total expenses before Adviser waiver | &nbsp;&nbsp; 593152 | 3956720  |
| &nbsp;&nbsp;&nbsp; Expenses waived/recouped by Adviser (See Note 3) | &nbsp;&nbsp; (131890) | 54091  |
| &nbsp;&nbsp;&nbsp; Total net expenses | &nbsp;&nbsp; 461262 | 4010811  |
| **Net investment income** | &nbsp;&nbsp; 1206510 | 35409993  |
| **NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:**<br>|  |  |
| Net realized gain on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency translation | &nbsp;&nbsp; 4937863 | 2820473  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts | &nbsp;&nbsp; — | 143973  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments and foreign currency translation | &nbsp;&nbsp; 3189692 | (15621164)  |
| &nbsp;&nbsp;&nbsp; Forward currency contracts | &nbsp;&nbsp; — | 62430  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 8127555 | (12594288)  |
| **Net increase in net assets resulting from operations** | &nbsp;&nbsp; 9334065 | 22815705 |

---

See notes to financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**Intrepid Capital Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $1206510 | $1518130  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments and foreign currency translation | 4937863 | (510125)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation | 3189692 | 6590931  |
| &nbsp;&nbsp;&nbsp; **Net increase in assets resulting from operations** | 9334065 | 7598936  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Investor Class | (413676) | (384456)  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders - Institutional Class | (744554) | (1157138)  |
| &nbsp;&nbsp;&nbsp; **Total dividends and distributions** | (1158230) | (1541594)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Investor Class | 728717 | 958202  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold - Institutional Class | 34341050 | 3567577  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends - Investor Class | 392920 | 358923  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends - Institutional Class | 739987 | 1149112  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Investor Class<sup>(1)</sup> | (4518809) | (2165469)  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed - Institutional Class<sup>(2)</sup> | (2869544) | (5475806)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital share transactions** | 28814321 | (1607461)  |
| **TOTAL increase IN NET ASSETS** | 36990156 | 4449881  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 47415993 | 42966112  |
| &nbsp;&nbsp;&nbsp; End of period | $84406149 | $47415993 |

---

<sup>(1)</sup> Net of redemption fees of $111 and $0, respectively.

<sup>(2)</sup> Net of redemption fees of $168 and $0, respectively.

See notes to financial statements.

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Intrepid Income Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended** <br>**September 30,** <br>**2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income | $35409993 | $43536303  |
| &nbsp;&nbsp;&nbsp; Net realized gain(loss) on investments and foreign currency translation | 2964446 | (7681542)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (15558734) | 29121419  |
| &nbsp;&nbsp;&nbsp; **Net increase in assets resulting from operations** | 22815705 | 64976180  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net dividends and distributions to shareholders | (35273169) | (43350920)  |
| &nbsp;&nbsp;&nbsp; **Total dividends and distributions** | (35273169) | (43350920)  |
| **CAPITAL SHARE TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold | 293518283 | 456715962  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued to holders in reinvestment of dividends | 31658106 | 39465086  |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed<sup>(1)</sup> | (131776641) | (120596769)  |
| &nbsp;&nbsp;&nbsp; **Net increase in net assets from capital share transactions** | 193399748 | 375584279  |
| **TOTAL INCREASE IN NET ASSETS** | 180942284 | 397209539  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 756298306 | 359088767  |
| &nbsp;&nbsp;&nbsp; End of period | $937240590 | $756298306 |

---

<sup>(1)</sup> Net of redemption fees of $20,772 and $10,534, respectively.

See notes to financial statements.

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Intrepid Capital Fund - Investor Class** 

**Financial Highlights** 

**Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021**  | **2020**  |
| **NET ASSET VALUE:**<br>|  |  |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $12.21 | $10.66 | $9.88 | $11.69 | $9.58 | $10.28  |
| **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | 0.37 | 0.46 | 0.25 | 0.16 | 0.11  |
|  Net realized and unrealized gain (loss) on investment securities | &nbsp;&nbsp;&nbsp;&nbsp; 0.17 | 1.56 | 0.78 | (1.80) | 2.16 | (0.31)  |
| **Total from operations<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | 1.93 | 1.24 | (1.55) | 2.32 | (0.20)  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.17) | (0.38) | (0.46) | (0.24) | (0.16) | (0.50)  |
| From return of capital | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  | (0.02) | (0.05) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.17) | (0.38) | (0.46) | (0.26) | (0.21) | (0.50)  |
| **NET ASSET VALUE:**<br>|  |  |  |  |  |  |
| End of period | &nbsp;&nbsp;&nbsp;&nbsp; $12.41 | $12.21 | $10.66 | $9.88 | $11.69 | $9.58  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 3.01%<sup>(3)</sup> | 18.26% | 12.67% | -13.39% | 24.30% | -1.88%  |
| Net assets at end of period (000s omitted) | &nbsp;&nbsp;&nbsp;&nbsp; $31081 | $12515 | $11733 | $14244 | $19764 | $20038  |
|  **RATIO OF EXPENSES TO AVERAGE NET ASSETS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/<br>recoupment | &nbsp;&nbsp;&nbsp;&nbsp; 1.74%<sup>(4)</sup> | 1.93% | 1.98% | 1.92% | 1.82% | 1.69%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment | &nbsp;&nbsp;&nbsp;&nbsp; 1.40%<sup>(4)</sup> | 1.36% | 1.28% | 1.40% | 1.40% | 1.40%  |
| &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME** <br>**TO AVERAGE NET ASSETS:** | &nbsp;&nbsp;&nbsp; **RATIO OF NET INVESTMENT INCOME** <br>**TO AVERAGE NET ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment | &nbsp;&nbsp;&nbsp;&nbsp; 2.77%<sup>(4)</sup> | 2.64% | 3.62% | 1.65% | 1.05% | 0.91%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/ <br>recoupment | &nbsp;&nbsp;&nbsp;&nbsp;3.11%<sup>(4)</sup> | 3.21% | 4.32% | 2.17% | 1.46% | 1.20%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 33%<sup>(3)</sup> | 33% | 57% | 36% | 17% | 60% |

---

<sup>(1)</sup> Net investment income per share is calculated using the average shares outstanding method.

<sup>(2)</sup> Total investment operations per share includes redemption fees of less than $0.01 per share. 

<sup>(3)</sup> Not Annualized.

<sup>(4)</sup> Annualized.

See notes to financial statements.

13<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Intrepid Capital Fund - Institutional Class** 

**Financial Highlights** 

**Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021**  | **2020**  |
| **NET ASSET VALUE:**<br>|  |  |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; $12.27 | $10.71 | $9.92 | $11.72 | $9.59 | $10.29  |
| **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 0.21 | 0.40 | 0.48 | 0.27 | 0.19 | 0.14  |
|  Net realized and unrealized gain (loss) on investment securities | &nbsp;&nbsp;&nbsp;&nbsp; 0.23 | 1.57 | 0.79 | (1.80) | 2.17 | (0.32)  |
| **Total from operations<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | 1.97 | 1.27 | (1.53) | 2.36 | (0.18)  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.23) | (0.41) | (0.48) | (0.24) | (0.16) | (0.52)  |
| From return of capital | &nbsp;&nbsp;&nbsp;&nbsp; — |  |  | (0.03) | (0.07) | —  |
| **Total distributions** | &nbsp;&nbsp;&nbsp;&nbsp; (0.23) | (0.41) | (0.48) | (0.27) | (0.23) | (0.52)  |
| **NET ASSET VALUE:**<br>|  |  |  |  |  |  |
| End of period | &nbsp;&nbsp;&nbsp;&nbsp; $12.48 | $12.27 | $10.71 | $9.92 | $11.72 | $9.59  |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 3.14%<sup>(3)</sup> | 18.52% | 12.85% | -13.23% | 24.72% | -1.67%  |
| Net assets at end of period (000s omitted) | &nbsp;&nbsp;&nbsp;&nbsp; $53325 | $34901 | $31234 | $29083 | $35318 | $44189  |
|  **RATIO OF EXPENSES TO AVERAGE NET ASSETS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement/ <br>recoupment | &nbsp;&nbsp;&nbsp;&nbsp; 1.51%<sup>(4)</sup> | 1.72% | 1.84% | 1.67% | 1.57% | 1.44%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment | &nbsp;&nbsp;&nbsp;&nbsp; 1.15%<sup>(4)</sup> | 1.15% | 1.13% | 1.15% | 1.15% | 1.15%  |
|  **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment | &nbsp;&nbsp;&nbsp;&nbsp; 2.95%<sup>(4)</sup> | 2.84% | 3.79% | 1.91% | 1.29% | 1.17%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment | &nbsp;&nbsp;&nbsp;&nbsp; 3.31%<sup>(4)</sup> | 3.41% | 4.50% | 2.43% | 1.71% | 1.46%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp; 33%<sup>(3)</sup> | 33% | 57% | 36% | 17% | 60% |

---

<sup>(1)</sup> Net investment income per share is calculated using the average shares outstanding method.

<sup>(2)</sup> Total investment operations per share includes redemption fees of less than $0.01 per share.

<sup>(3)</sup> Not Annualized.

<sup>(4)</sup> Annualized.

See notes to financial statements.

14<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Intrepid Income Fund - Institutional Class** 

**Financial Highlights** 

**Per share data for a share of capital stock outstanding for the entire period and selected information for the period are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  | **Year Ended September 30,**  |
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited) | **2024** | **2023** | **2022** | **2021**  | **2020**  |
| **NET ASSET VALUE:**<br>|  |  |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; $9.07 | $8.68 | $8.80 | $9.78 | $8.93 | $9.17  |
| **OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; 0.38 | 0.75 | 0.83 | 0.64 | 0.61 | 0.47  |
|  Net realized and unrealized gain (loss) on investment securities | &nbsp;&nbsp;&nbsp; (0.18) | 0.37 | (0.14) | (0.97) | 0.84 | (0.27)  |
| **Total from operations<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | 1.12 | 0.68 | (0.33) | 1.45 | 0.20  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| From net investment income | &nbsp;&nbsp;&nbsp; (0.37) | (0.73) | (0.81) | (0.65) | (0.60) | (0.44)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.37) | (0.73) | (0.81) | (0.65) | (0.60) | (0.44)  |
| **NET ASSET VALUE:**<br>|  |  |  |  |  |  |
| End of period | &nbsp;&nbsp;&nbsp; $8.90 | $9.07 | $8.68 | $8.80 | $9.78 | $8.93  |
| Total return | &nbsp;&nbsp;&nbsp; 2.91%<sup>(3)</sup> | 13.47% | 8.06% | -3.59% | 16.62% | 2.27%  |
| Net assets at end of period (000s omitted) | &nbsp;&nbsp;&nbsp; $937241 | $756298 | $359089 | $276954 | $265212 | $95196  |
|  **RATIO OF EXPENSES TO AVERAGE NET ASSETS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment | &nbsp;&nbsp;&nbsp; 0.95%<sup>(4)</sup> | 1.00% | 1.03% | 0.98% | 1.04% | 1.17%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment | &nbsp;&nbsp;&nbsp; 0.95%<sup>(4)</sup> | 0.97% | 0.90% | 0.91% | 0.91% | 0.91%  |
|  **RATIO OF NET INVESTMENT INCOME TO AVERAGE NET ASSETS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment | &nbsp;&nbsp;&nbsp; 8.41%<sup>(4)</sup> | 8.40% | 9.18% | 6.68% | 6.25% | 4.99%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement/<br>recoupment | &nbsp;&nbsp;&nbsp; 8.40%<sup>(4)</sup> | 8.42% | 9.31% | 6.75% | 6.38% | 5.25%  |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp; 53%<sup>(3)</sup> | 99% | 112% | 146% | 94% | 144% |

---

<sup>(1)</sup> Net investment income per share is calculated using the average shares outstanding method.

<sup>(2)</sup> Total investment operations per share includes redemption fees of less than $0.01 per share. 

<sup>(3)</sup> Not Annualized.

<sup>(4)</sup> Annualized.

See notes to financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**Intrepid Funds** 

**Notes to Financial Statements** 

**March 31, 2025 (Unaudited)** 

1. ORGANIZATION

Intrepid Capital Management Funds Trust (the "Trust") was organized as a Delaware Statutory Trust on August 27, 2004 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company issuing shares in series, each series representing a distinct portfolio with its own investment objectives and policies. At March 31, 2025, the Trust consisted of two series (the "Funds"): Intrepid Capital Fund, and Intrepid Income Fund. The Intrepid Capital Fund's Investor Class commenced operations on January 3, 2005, the Intrepid Capital Fund's Institutional Class commenced operations on April 30, 2010, the Intrepid Income Fund's Investor Class commenced operations on July 2, 2009 and ceased operations on January 31, 2014. Effective as of the close of business on January 31, 2014 all Investor Class shares of the Intrepid Income Fund were converted into Institutional Class shares. The Intrepid Income Fund's Institutional Class commenced operations on August 16, 2010.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States ("GAAP"). The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Investment Companies.

**Valuation of Securities – Fair value prices represent any prices not considered market value prices and are either obtained from a third-party pricing service or are determined by Intrepid Capital Management, Inc. (the "Adviser"), in accordance with valuation procedures approved by the Trust's Board of Trustees, and in accordance with provisions of the 1940 Act and rules thereunder. The Trust has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below. With regard to Level 2 prices, other significant observable inputs include quoted prices from similar securities, interest rates, prepayment speeds, credit risk, and, as applicable, the application of the fair value methodologies established by the Adviser, as discussed below. With regard to Level 3 prices, significant unobservable inputs include the application of the fair value methodologies established by the Adviser.** 

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The Board of Trustees has appointed the Adviser as the Funds' valuation designee under Rule 2a-5 of the 1940 Act, to perform all fair valuations of the Funds' portfolio investments, subject to the Board's oversight. As the valuation designee, the Adviser has established methodologies for its fair valuation of the Funds' portfolio investments. Specifically, securities or other assets for which there are no readily available market quotations are valued at their fair value as determined by the Adviser, as the valuation designee. The fair value of a security is the amount which a Fund might reasonably expect to receive upon a current sale. The fair value of a security may differ from the last quoted price and a Fund may not be able to sell a security at the fair value. In determining fair value, the Adviser considers all relevant qualitative and quantitative information available including news regarding significant market or security specific events. For securities that do not trade during NYSE hours, fair value determinations are based on analyses of market movements after the close of those securities' primary markets, and may include reviews of developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. The Adviser utilizes a service provided by an independent third party to assist in fair valuation of certain securities.

Equity investments, including common stocks, foreign issued common stocks, exchange-traded funds, closed end mutual funds, real estate investments trusts and certain preferred securities, which are traded on an exchange (other than

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**Intrepid Funds** 

**Notes to Financial Statements** 

**March 31, 2025 (Unaudited)(Continued)** 

The NASDAQ OMX Group, Inc., referred to as "NASDAQ") are valued at the last sale price reported by the exchange on which the securities are primarily traded on the day of valuation. Securities that are traded on NASDAQ under one of its three listing tiers, NASDAQ Global Market, NASDAQ Global Select Market and NASDAQ Capital Market, are valued at the NASDAQ Official Closing Price. If there are no sales on a given day for securities traded on an exchange, the latest mean quotation will be used. If there is no Nasdaq Official Closing Price for a Nasdaq-listed security or sale price available for an over-the-counter security, the latest mean quotations from Nasdaq will be used. When using the market quotations or closing price provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. When using the latest mean quotation, the security will be classified as Level 2.

Investment in mutual funds, including money market funds, are generally priced at the ending net asset value (NAV) provided by the service agent of the funds and will be classified as Level 1 securities.

Debt securities, such as corporate bonds, convertible bonds, senior loans, and U.S. government agency issues for which market quotations are not readily available may be valued based on information supplied by independent pricing services using matrix pricing formulas and/or independent broker bid quotations. Debt securities with remaining maturities of 60 days or less may be valued on an amortized cost basis to the extent it is equivalent to fair value, which involves valuing an instrument at its cost and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating rates on the fair value of the instrument. Amortized cost will not be used if it does not approximate fair value, due to credit or other impairments of the issuer. These securities will generally be classified as Level 2 securities. Warrants for which the underlying security is registered and equities which are subject to a required holding period, but have a comparable public issue, are valued in good faith by the adviser pursuant to procedures established under the general supervision and responsibility of the Board. These securities will generally be classified as Level 2 securities. If the warrant is exchange traded and the official closing price of the exchange is used, these instruments are classified as Level 1 securities.

Forward currency contracts derive their value from the underlying currency prices. These are valued by a pricing service using pricing models. The models use inputs that are observed from active markets, such as exchange rates. These contracts are classified as Level 2.

The inputs of methodology used for valuing securities may not be an indication of the risk associated with investing in those securities.

As of March 31, 2025, the Funds' assets and liabilities carried at fair value were classified as follows:

**Intrepid Capital Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| Total Common Stocks\* | $55127885  | $—  | $—  | $55127885  |
| Total Corporate Bonds\* | —  | 12541742  | 1234910  | 13776652  |
| Total Bank Loans\* | —  | 3994267  | —  | 3994267  |
| Total Exchange Traded Funds\* | 3082370  | —  | —  | 3082370  |
| Total Real Estate Investment Trusts\* | 1793215  | —  | —  | 1793215  |
| Total Convertible Bonds\* | —  | 995525  | —  | 995525  |
| Total Preferred Stocks\* | —  | —  | 815537  | 815537  |
| Total Purchased Options\* | —  | 73722  | —  | 73722  |
| Total Warrants\* | —  | 5496  | —  | 5496  |
| Money Market Fund\* | 4475627  | —  | —  | 4475627  |
| **Total Assets** | $64479097  | $17610752  | $2050447  | $84140296 |

---

\* For further information regarding security characteristics, please see the Schedule of Investments.

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**[**TABLE OF CONTENTS**](#TOC)**

**Intrepid Funds** 

**Notes to Financial Statements** 

**March 31, 2025 (Unaudited)(Continued)** 

**Intrepid Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| Total Corporate Bonds\* | $5096000  | $705744970  | $14564583  | $725405553  |
| Total Bank Loans\* | —  | 94726173  | 2969031  | 97695204  |
| Total Convertible Bonds\* | —  | 47055401  | —  | 47055401  |
| Total Common Stocks\* | 8113253  | 2500000  | 1584196  | 12197449  |
| Total Preferred Stocks\* | —  | 3637552  | 5587837  | 9225389  |
| Total Real Estate Investment Trusts\* | 2145406  | 1000000  | —  | 3145406  |
| Total Purchased Options\* |  | 1385715  |  | 1385715  |
| Total Commercial paper\* |  | 19995033  |  | 19995033  |
| Money Market Fund\* | 33308674  | —  | —  | 33308674  |
|  Unrealized Appreciation on Forward Currency Contracts |  | 143973  |  | 143973  |
| **Total Assets** | $48663333  | $876188817  | $24705647  | $949557797 |

---

\* For further information regarding security characteristics, please see the Schedule of Investments.

Below is a reconciliation that details the activity of securities in Level 3 during the current fiscal period.

**Intrepid Capital Fund** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Common Stock**  | **Preferred Stock** | **Corporate Bonds**  |
| Beginning Balance - October 1, 2024 | $434512 | &nbsp;&nbsp; $815537 | &nbsp;&nbsp; $1206766  |
| Purchases |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 61991  |
| Sales |  | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Realized gains |  | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Realized losses |  | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Change in unrealized appreciation | (434512) | &nbsp;&nbsp; — | &nbsp;&nbsp; (33847)  |
| Net Transfers Into Level 3 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Net Transfers Out of Level 3 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; —  |
| Ending Balance - March 31, 2025 | $— | &nbsp;&nbsp; $815537 | &nbsp;&nbsp; $1234910 |

---

**Intrepid Income Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Preferred Stock** | **Corporate Bonds** | **Bank Loan**  |
| Beginning Balance - October 1, 2024 | $2976357 | $5587837 | $10662263 | $2940000  |
| Purchases |  |  | 673124 | 10642 |
| Sales |  |  |  | —  |
| Realized gains |  |  |  | —  |
| Realized losses |  |  |  | —  |
| Change in unrealized appreciation | (2976357) |  | 27140 | (213)  |
| Net Transfers Into Level 3 | 1584196 |  | 3202056 | 2969031  |
| Net Transfers Out of Level 3 |  |  |  | (2950429)  |
| Ending Balance - March 31, 2025 | $1584196 | $5587837 | $14564583 | $2969031 |

---

As of March 31, 2025, the change in unrealized appreciation on the positions still held in the Intrepid Capital Fund was $(468,359), and was $(2,962,922) for the Intrepid Income Fund.

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**[**TABLE OF CONTENTS**](#TOC)**

**Intrepid Funds** 

**Notes to Financial Statements** 

**March 31, 2025 (Unaudited)(Continued)** 

The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Type of Security** | **Industry** | **Fair Value** <br>**at 3/31/2025** | **Valuation Techniques** | **Unobservable Inputs** | **Range**  |
| Intrepid Capital Fund | Common Stock  | Commercial & Professional Services | $—  | Market Approach  | EBITDA Multiple  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4X  |
|  |  |  |  |  | Discount Appiled to Restructuring  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15%  |
|  |  |  |  |  | Discount Appiled to Illiquidity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35%  |
| Intrepid Capital Fund  | Preferred Stock  | Commercial & Professional Services | $815537  | Market Approach  | EBITDA Multiple  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4X  |
|  |  |  |  |  | Discount Appiled to Restructuring  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15%  |
|  |  |  |  |  | Discount Appiled to Illiquidity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35%  |
| Intrepid Capital Fund  | Corporate Bonds | Commercial & Professional Services | $1234910  | Market Approach  | EBITDA Multiple  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4X  |
|  |  |  |  |  | Discount Appiled to Restructuring  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15%  |
|  |  |  |  |  | Discount Appiled to Illiquidity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35%  |
| Intrepid Income Fund  | Common Stock  | Commercial & Professional Services | $—  | Market Approach  | EBITDA Multiple  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4X  |
|  |  |  |  |  | Discount Appiled to Restructuring  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15%  |
|  |  |  |  |  | Discount Appiled to Illiquidity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35%  |
| Intrepid Income Fund  | Common Stock  | Health Care Equipment & Services  | $1584196  | Recent Transaction Price |  |  |
| Intrepid Income Fund  | Preferred Stock  | Commercial & Professional Services | $5587837  | Market Approach  | EBITDA Multiple  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4X  |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Intrepid Funds** 

**Notes to Financial Statements** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Type of Security** | **Industry** | **Fair Value** <br>**at 3/31/2025** | **Valuation Techniques** | **Unobservable Inputs** | **Range**  |
|  |  |  |  |  | Discount Appiled to Restructuring  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15%  |
|  |  |  |  |  | Discount Appiled to Illiquidity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35%  |
| Intrepid Income Fund  | Corporate Bonds | Commercial & Professional Services | $11362527  | Market Approach  | EBITDA Multiple  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4X  |
|  |  |  |  |  | Discount Appiled to Restructuring  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15%  |
|  |  |  |  |  | Discount Appiled to Illiquidity  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35%  |
| Intrepid Income Fund  | Corporate Bonds | Health Care Equipment & Services  | $3202056  | Recent Transaction Price |  |  |
| Intrepid Income Fund  | Bank Loan | Financial Services  | $2969031  | Recent Transaction Price |  |  |

---

The significant unobservable inputs used in the fair value measurement of the common stock and/or corporate bonds in the Intrepid Capital Fund and Intrepid Income Fund were an EBITDA multiple, discounts applied due to restructuring, and discounts applied due to illiquidity of the underlying investments. Significant increases (decreases) in the EBITDA multiple in isolation would have resulted in a higher (lower) fair value measurement and significant increases (decreases) in the discount applied due to restructuring input in isolation would have resulted in a lower (higher) fair value measurement.

**Derivative Instruments and Hedging Activities – The Funds' adviser may use derivative instruments, such as forward currency contracts, as a means to manage exposure to different types of risk, including market risk and exchange rate risk, and to gain exposure to underlying securities. During the period ended March 31, 2025, the Intrepid Income Fund held derivative instruments.** 

**Forward Currency Contracts – The Intrepid Income Fund used forward currency contracts during the period for the purpose of hedging exposures to non-U.S. dollar denominated assets. In general the use of these contracts may reduce the overall risk level in a fund, but may also lower fund performance. The use of these contracts does not create leverage in the Fund, but does expose the Fund to counterparty credit risk. When the contract is settled, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it settled.** 

Effect of Forward Currency Contracts on the Statement of Operations for the Period Ended March 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Change in Unrealized**<br>**Appreciation on Forward** <br>**Currency Contracts** | **Realized Gain**<br>**on Forward**<br>**Currency Contracts**  |
| Intrepid Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $62430 | &nbsp;&nbsp;&nbsp;&nbsp; $305287 |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Intrepid Funds** 

**Notes to Financial Statements** 

**March 31, 2025 (Unaudited)(Continued)** 

The average monthly notional amounts of forward currency contracts during the period ended March 31, 2025 were as follows:

---

| | |
|:---|:---|
|  | **Intrepid**<br>**Income Fund**  |
| Long Positions<br>|  |
| Forward currency contracts | $—  |
| Short Positions<br>|  |
| Forward currency contracts | $4491628 |

---

Long position forward currency contracts are received and settled in foreign currency. Short position forward currency contracts are received and settled in U.S. dollar.

At March 31, 2025, Intrepid Capital Management Funds Trust is invested in derivative contracts in the Income Fund, which is reflected in the Statements of Assets and Liabilities, as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Risk** | **Derivative**<br>**Type** | **Derivative Assets** | **Derivative Assets** | **Derivative Liability**  | **Derivative Liability**  |
| **Fund** | **Risk** | **Derivative**<br>**Type** | **Statement of**<br>**Assets and**<br>**Liabilities Location** | **Fair Value**<br>**Amount** | **Statement of**<br>**Assets and**<br>**Liabilities Location** | **Fair Value**<br>**Amount**  |
| Intrepid Income Fund | Currency | Forward<br>foreign<br>currency<br>exchange | Unrealized<br>appreciation on<br>foreign forward<br>currency contracts | $143973 | Unrealized<br>depreciation on<br>foreign forward<br>currency contracts | $—  |
|  |  |  |  | $143973 |  | $— |

---

**Offsetting on the Statement of Assets and Liabilities – For financial reporting purposes, the Fund offsets financial assets and financial liabilities that are subject to master netting arrangements or similar agreements within appreciation on forward currency contracts and depreciation on forward currency contracts on the Statements of Assets and Liabilities.** 

**Derivative Risk – The risks of using the types of derivatives in which the Funds may engage include the risk that movements in the value of the derivative may not fully offset or complement instruments currently held in the Funds in the manner intended by the Funds' adviser; the risk that the counterparty to a derivative contract may fail to comply with their obligations to the Fund; the risk that the derivative may not possess a liquid secondary market at a time when the Fund would look to disengage the position; the risk that additional capital from the Fund may be called upon to fulfill the conditions of the derivative contract; and the risk that the cost of the derivative contracts may reduce the overall returns experienced by the Funds.** 

**Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.** 

**Indemnification – In the normal course of business the Funds enter into contracts that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims against the Funds that have not yet occurred. Based on experience, the Funds expect the risk of loss to be remote.** 

**Foreign Currency Transactions – The books and records are maintained in U.S. dollars. Foreign currency denominated transactions (i.e. market value of investment securities, assets and liabilities, purchases and sales of investment securities, and income and expenses) are translated into U.S. dollars at the current rate of exchange. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are reflected in net realized and unrealized gain or loss on investments and foreign currency translation.** 

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**Intrepid Funds** 

**Notes to Financial Statements** 

**March 31, 2025 (Unaudited)(Continued)** 

The value of a Fund's foreign investments may be significantly affected by changes in currency exchange rates and the Fund may incur costs in converting securities denominated in foreign currencies to U.S. dollars. Dividends and interest on foreign securities may be subject to foreign withholding taxes, which would reduce the Fund's income without providing a tax credit for the Fund's shareholders.

**Securities Transactions and Investment Income – The Funds record security transactions based on trade date. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis. Discounts and premiums on securities purchased are amortized over the lives of the respective securities using the effective yield method. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. Net realized gains or losses are determined using the identified cost method.** 

**Distribution to Shareholder Policy – Dividends from net investment income, if any, are declared and paid at least monthly or quarterly, for Intrepid Income Fund and Intrepid Capital Fund, respectively. Distributions of net realized capital gains, if any, are declared and paid at least annually.** 

**Federal Income Taxes – The Funds comply with, and intend to continue to comply with, the requirements of Subchapter M of the Internal Revenue Code necessary to qualify as a regulated investment company and to make the requisite distributions of income and capital gains to its shareholders sufficient to relieve it from Federal income taxes.** 

**Allocation of Income, Expenses, and Gains/Losses – Income, expenses (other than those deemed to be attributable to a specific share class), and gains and losses of each Fund are allocated to each class of shares based upon the ratio of net assets represented by each class as a percentage of the net assets of that Fund. Expenses deemed directly attributable to a specific class of shares are charged against the operations of such class. Most Fund expenses are allocated by class based on relative net assets.** 

**Subsequent Events Evaluation – In preparing these financial statements, the Trust has evaluated events and transactions for potential recognition or disclosure resulting from subsequent events after the Statements of Assets and Liabilities date of March 31, 2025, through the date the financial statements were issued.** 

**Israel-Hamas Conflict Risk – The U.S.-designated terrorist group Hamas attacked Israel on October 7, 2023, resulting in an ensuing war in the region. Current hostilities and the potential for future hostilities may diminish the value, or cause significant volatility in the share price, of companies based in or having significant operations in Israel. The Israeli securities market may be closed for extended periods of time or trading on the Israeli securities market may be suspended altogether. How long the armed conflict and related events will last cannot be predicted.** 

3. INVESTMENT ADVISER

The Trust has entered into investment advisory agreements (collectively, "Agreement") with the Adviser, with whom certain officers and Trustees of the Trust are affiliated, to furnish investment advisory services to the Funds. Under the terms of the Agreement, the Trust, on behalf of the Funds, compensates the Adviser for its management services on the Intrepid Capital Fund at the annual rate of 1.00% on the first $500 million of average daily net assets and 0.80% on the Intrepid Capital Fund's average daily net assets in excess of $500 million, and on the Intrepid Income Fund at the annual rate of 0.75% of that Fund's average daily net assets.

For the Intrepid Capital Fund, the Adviser agreed to waive its management fee and/or reimburse other expenses in both the Investor Share Class and Institutional Share Class, including organization expenses, to the extent necessary to ensure that operating expenses did not exceed 1.15%. The Investor Share Class may have a Net Expense ratio 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. For the Intrepid Income Fund, the Adviser agreed to waive its management fee and/or reimburse other expenses of the Fund, including organization expenses, to the extent necessary to ensure that the Fund's operating expenses did not exceed 1.00% (0.90% prior to February 1, 2024) of average daily net assets. The Fund may have Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement higher than these expense caps as a result of acquired fund fees and expenses or other expenses (such as taxes, interest, brokerage commissions and extraordinary items) that are excluded from the calculation. Any such waivers or reimbursements for

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**Intrepid Funds** 

**Notes to Financial Statements** 

**March 31, 2025 (Unaudited)(Continued)** 

the Funds are subject to later adjustment to allow the Adviser to recoup amounts waived or reimbursed to the extent actual fees and expenses on a monthly basis during the fiscal year are less than the respective expense cap limitations, provided, however, that the Adviser shall only be entitled to recoup such amounts for a period of three years from the month such amount was waived or reimbursed. Waived/reimbursed expenses subject to potential recovery by year of expiration are as set forth below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year of Expiration**  | **Year of Expiration**  | **Year of Expiration**  |
|  | **2026** | **2027** | **2028**  |
| Intrepid Capital Fund | $310874 | $258195 | $131890  |
| Intrepid Income Fund | 429910 | 150024 | 309 |

---

4. DISTRIBUTION PLAN

The Trust, on behalf of the Funds, has adopted a distribution plan pursuant to Rule 12b-1 under the 1940 Act (the "12b-1 Plan"), which provides that the Funds may reimburse the Funds' distributor or others at an annual rate of up to 0.25% of the average daily net assets of the Investor Class of the Capital Fund and the Small Cap Fund.

Quasar Distributors, LLC serves as distributor to the Funds.

5. INVESTMENT TRANSACTIONS

The aggregate purchases and sales of securities (excluding short-term securities) by the Funds for the period ended March 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Non-U.S. Government** | **Non-U.S. Government** | **U.S. Government**  | **U.S. Government**  |
|  | **Purchases** | **Sales** | **Purchases** | **Sales**  |
| Intrepid Capital Fund | $23359661 | $24865528 | $— | $—  |
| Intrepid Income Fund | 653421980 | 482944103 |  |  |

---

6. CAPITAL SHARE TRANSACTIONS

**Intrepid Capital Fund – Investor Class** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited)  | **Year Ended** <br>**September 30,** <br>**2024**  |
| Shares sold | &nbsp;&nbsp; 1805197 | 83244  |
| Shares issued to holders in reivestment of dividends | &nbsp;&nbsp; 31660 | 30261  |
| Shares redeemed | &nbsp;&nbsp; (357879) | (188637)  |
| Net decrease in shares | &nbsp;&nbsp; 1478978 | (75132)  |
| Shares outstanding:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp; 1025033 | 1100165  |
| &nbsp;&nbsp;&nbsp; End of year | &nbsp;&nbsp; 2504011 | 1025033 |

---

**Intrepid Capital Fund – Institutional Class** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited)  | **Year Ended** <br>**September 30,** <br>**2024**  |
| Shares sold | &nbsp;&nbsp; 1592642 | 312312  |
| Shares issued to holders in reivestment of dividends | &nbsp;&nbsp; 59292 | 96383  |
| Shares redeemed | &nbsp;&nbsp; (223966) | (479206)  |
| Net decrease in shares | &nbsp;&nbsp; 1427968 | (70511)  |
| Shares outstanding:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | &nbsp;&nbsp; 2844621 | 2915132  |
| &nbsp;&nbsp;&nbsp; End of year | &nbsp;&nbsp; 4272589 | 2844621 |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Intrepid Funds** 

**Notes to Financial Statements** 

**March 31, 2025 (Unaudited)(Continued)** 

**Intrepid Income Fund** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**March 31, 2025** <br>(Unaudited)  | **Year Ended** <br>**September 30,** <br>**2024**  |
| Shares sold | 32376018 | 51203233  |
| Shares issued to holders in reivestment of dividends | 3506973 | 4441250  |
| Shares redeemed | (14555262) | (13586797)  |
| Net decrease in shares | 21327729 | 42057686  |
| Shares outstanding:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 83430345 | 41372658  |
| &nbsp;&nbsp;&nbsp; End of year | 104758074 | 83430345 |

---

7. FEDERAL INCOME TAX INFORMATION

The tax components of distributions paid during the fiscal years ended September 30, 2024 and 2023 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2023**  | **September 30, 2023**  | **September 30, 2023**  |
|  | **Ordinary**<br>**Income** | **Return of**<br>**Capital** | **Long-Term**<br>**Capital Gains** | **Ordinary**<br>**Income** | **Return of**<br>**Capital** | **Long-Term**<br>**Capital Gains**  |
| Intrepid Capital Fund | $1541594  | $— | $—  | $1903404 | $— | $—  |
| Intrepid Small Cap Fund | 420445  |  |  |  |  | —  |
| Intrepid Income Fund | 43350920  |  |  | 29246444 |  |  |

---

Additionally, U.S. generally accepted accounting principles require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended September 30, 2024, the following table shows the reclassifications made:

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed**<br>**Net Investment**<br>**Income (Losses)** | **Accumulated**<br>**Net Realized**<br>**Gains (Losses)** | **Paid-in**<br>**Capital**  |
| Intrepid Capital Fund | &nbsp;&nbsp; $(208) | &nbsp;&nbsp; $208  | $—  |
| Intrepid Small Cap Fund | &nbsp;&nbsp; (282) | &nbsp;&nbsp; 1282  | (1000)  |
| Intrepid Income Fund | &nbsp;&nbsp; (553082) | &nbsp;&nbsp; 553082  |  |

---

These reclassifications primarily relate to adjustments with differing book and tax methods of accounting for the usage of investment losses and currency adjustments.

As of September 30, 2024, the components of accumulated earnings (losses) for income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | **Intrepid**<br>**Capital Fund** | **Intrepid** <br>**Income Fund**  |
| Cost of investments | $34548104  | $727096721  |
| Unrealized appreciation | 13049347  | 19596257  |
| Unrealized depreciation | (903144) | (6111044)  |
| Net unrealized appreciation | 12146203  | 13485213  |
| Undistributed ordinary income | 2003  |  |
| Undistributed long-term capital gain |  | —  |
| Distributable income  | 2003  | —  |
| Other accumulated loss | (20358043) | (24923800)  |
| Total accumulated gain (loss) | $(8209837) | $(11438587) |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Intrepid Funds** 

**Notes to Financial Statements** 

**March 31, 2025 (Unaudited)(Continued)** 

The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales.

At September 30, 2024, the Intrepid Capital Fund has short-term tax basis capital losses of $15,877,930 and long-term tax basis capital losses of $4,478,819 which may be carried forward to offset future capital gains. To the extent that the Intrepid Capital Fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforwards. These losses do not expire.

At September 30, 2024, the Intrepid Small Cap Fund has short-term unlimited tax basis capital losses of $58,859, and short-term limited tax basis capital losses of $45,766 which may be carried forward to offset future capital gains. To the extent that the Intrepid Small Cap Fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforwards. These losses do not expire.

During the 2024 fiscal year, Intrepid Small Cap Fund utilized $2,931,464 of short-term capital loss carryover.

At September 30, 2024, the Intrepid Income Fund had short-term tax basis capital losses of $10,858,701 and long-term tax basis capital losses of $13,900,014 which may be carried forward to offset future capital gains. To the extent that the Intrepid Income Fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforwards. These losses do not expire.

During the 2024 fiscal year, Intrepid Income Fund utilized $2,009,617 of short-term capital loss carryover.

There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax returns for the fiscal year-end September 30, 2024, or for any other tax years which are open for exam. As of September 30, 2024, the Intrepid Capital Fund, the Intrepid Small Cap Fund and the Intrepid Income Fund's open tax years include the tax years ended September 30, 2022 through 2024. The Trust is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next year. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year, the Funds did not incur any interest or penalties, nor were any accrued as of September 30, 2024.

8. LINE OF CREDIT

The Intrepid Capital Management Funds Trust has a $50,000,000 uncommitted, senior secured 364-day umbrella line of credit, for temporary emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. The average interest rate as of March 31, 2025 was 7.25%. During the period ended March 31, 2025, The intrepid Capital Fund and the Intrepid Income Fund did not borrow from the line of credit. There were no loans outstanding as of the year ended March 31, 2025.

9. Liquidity Risk Management Program

Consistent with Rule 22e-4 under the Investment Company Act of 1940, theFund has established a liquidity risk management program to manage "liquidity risk" (the "LRMP"). "Liquidity Risk" is defined as the risk that the Fund could not meetrequests to redeem shares issued by a Fund without significant dilution of remaininginvestors' interest in the Fund. The LRMP is overseen by the Program Administrator,a committee comprised of representatives of the Fund's investment adviser and officers of the Fund. The Fund's Board of Directors has approved the designation of the Program Administrator to oversee the LRMP.

On May 6, 2025, the Trustees reviewed and considered a written report prepared by the Program Administrator that addressed the operation of the LRMP and assessed the LRMP's adequacy and effectiveness of implementation for the most recent annual period (the "Review Period"). During the period covered by the report, it was determined that: (1) the LRMP continues to be reasonably designed to effectively assess and manage the Funds' Liquidity Risk; and (2) the LRMP has been adequately and effectively implemented with respect to the Fund during the reporting period. Following the Trustees' review and discussion, they determined that they believe the disclosures in the report, taken as a whole, provide the information necessary for the Trustees to effectively asses the LRMP and its implementation during the Review Period, and that they are comfortable with the report's conclusion that the LRMP is reasonably designed to assess and manage the Funds' liquidity risk and complies with the requirements of Rule 22e-4, and that the LRMP has operated as intended during the Review Period.

25<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**INTREPID FUNDS** 

**ADDITIONAL INFORMATION** 

**March 31, 2025 (Unaudited)** 

**Investment Advisory Agreement Disclosure** 

On November 12, 2024, the Board of Trustees of Intrepid Capital Management Funds Trust (the "Trustees") approved the continuation of the investment advisory agreements for the Intrepid Capital Fund, the Intrepid Endurance Fund and the Intrepid Income Fund (each a "Fund" and, collectively, the "Funds") with the investment adviser to the Funds, Intrepid Capital Management, Inc. (the "Adviser"). As part of the process of approving the continuation of the advisory agreements, the Trustees reviewed the fiduciary duties of the Trustees with respect to approving the advisory agreements and the relevant factors for the Trustees to consider, and the members of the Board of Trustees who are not deemed "interested persons" (as that term is defined by the Investment Company Act of 1940) of the Funds (the "Independent Trustees") met in executive session to discuss the renewal of the advisory agreements.

In advance of the meetings, the Adviser sent detailed information to the Trustees to assist them in their evaluation of the investment advisory agreements. This information included, but was not limited to, a memorandum from Fund counsel that summarized the legal standards applicable to the Trustees' consideration of the advisory agreements; detailed comparative information relating to the Funds' management fees and other expenses of the Funds; information regarding fees paid and other payments; information on the Adviser's profitability; information about brokerage commissions; detailed comparative information relating to the Funds' performance; information about sales and redemptions of the Funds; information about the Funds' compliance program; and other information the Trustees believed was useful in evaluating the approval of advisory agreements.

All of the factors discussed by the Trustees were considered as a whole, and were considered separately by the Independent Trustees, meeting in executive session. The factors were viewed in their totality by the Trustees, with no single factor being the principal or decisive factor in the Trustees' determination of whether to approve the continuation of the investment advisory agreements. The Trustees recognized that the management and fee arrangements for the Funds are the result of years of review and discussion between the Independent Trustees and the Adviser, that certain aspects of such arrangements may receive greater scrutiny in some years than in others and that the Trustees' conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years. Prior to approving the continuation of the investment advisory agreements, the Trustees and the Independent Trustees in executive session considered, among other items:

&nbsp;&nbsp;&nbsp;&nbsp;• The nature and quality of the investment advisory
 services provided by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• A comparison of the fees and expenses of the Funds
 to other similar funds.

&nbsp;&nbsp;&nbsp;&nbsp;• A comparison of the fee structures of other accounts
 managed by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• Whether economies of scale are recognized by the
 Funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The costs and profitability of the Funds to the
 Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• The performance of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;• The other benefits to the Adviser from serving
 as investment adviser to the Funds (in addition to the advisory fee).

The material considerations and determinations of the Board of Trustees, including all of the Independent Trustees, are as follows:

<u>Nature and Quality of Investment Advisory Services</u>

The Trustees noted that the Adviser supervises the investment portfolios of the Funds, directing the day-to-day management of the Funds' portfolios, including the purchase and sale of investment securities, and they concluded that the Adviser expends substantial resources to provide this supervision. The Trustees then discussed with management the nature of the investment process employed by the portfolio managers of the Funds, which is highly research intensive, and requires that the Adviser expend substantial resources to determine the portfolio of the Funds.

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**INTREPID FUNDS** 

**ADDITIONAL INFORMATION** 

**March 31, 2025 (Unaudited)(Continued)** 

Management noted that in employing its strategy, the Adviser conducts extensive research on target companies, including telephonic and onsite interviews with management, competitors, analysts and others. The Trustees then discussed staffing at the Adviser, and concluded that the Adviser has sufficient staffing to conduct the research needed to meet the investment objectives of the Funds.

The Trustees also considered the background and experience of the Adviser's senior management and expertise of, and the level of attention given to the Funds by, investment personnel of the Adviser, and determined that the personnel servicing the Funds are well qualified. In addition, the Trustees deliberated on the quality of the material service providers to the Funds, who provide administrative and distribution services on behalf of the Funds and are overseen by the Adviser, and the overall reputation and capabilities of the Adviser, noting that they believe the service providers are respected in the industry and provide valuable services to the Funds.

Based on the Trustees' review, the Trustees believe that the Adviser provides high quality services to the Funds, and they noted that their overall confidence in the Adviser is high. The Trustees also determined that they were satisfied with the nature, extent and quality of the investment advisory services provided to the Funds by the Adviser, and that the nature and extent of the services provided by the Adviser are appropriate to assure that each Fund's operations are conducted in compliance with applicable laws, rules and regulations.

<u>Comparative Fees and Expenses</u>

The Trustees then discussed with management the variables, in addition to the management fees, such as administrative and transaction fees that impact costs to the shareholders of the Funds, noting that as discussed, managing the Funds is resource intensive. Management reviewed with the Trustees the comparison of the Funds' expense ratios to other similar funds. As part of the discussion with management, the Trustees ensured that they understood and were comfortable with the criteria used by the Adviser to determine the mutual funds that make up the peer universes for purposes of their review.

While the Funds had higher than average fees and expenses, the Trustees believe this was due to the resource intensive nature of the Funds and the lower average net assets under management of the Funds when compared to the peer groups. The Trustees concluded that the expense ratios of the Funds are within a reasonable range of comparable mutual funds, and that the Funds' fees are reasonable.

<u>Comparison of Fee Structures of Other Accounts</u>

The Trustees then inquired of management regarding the distinction between the services performed by the Adviser for separate accounts or private investment companies and those performed by the Adviser for the Funds. The Adviser noted that the management of the Funds involves more comprehensive and substantive duties than the management of separate accounts or private investment companies. Specifically, the Adviser noted the following:

&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser provides tailored investment advisory
 services to the Funds in order to accommodate the cash flow volatility presented by the purchases and redemptions of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;• With regard to the Funds, the Adviser attempts
 to serve the needs of thousands of accounts, ranging from direct accounts holding a few thousand dollars to the large omnibus accounts
 of intermediaries who in turn service thousands of large and small accounts.

&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser maintains a robust shareholder
 communication effort for the Funds to reach shareholders through direct contact, through intermediaries, or via the financial press.

&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser coordinates with the Funds'
 Chief Compliance Officer and other service providers to insure compliance with regulatory regimens imposed by Federal law and the Internal
 Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;• Separate accounts or private investment companies
 do not require the same level of services and oversight, nor do they present the same compliance risk.

The Trustees concluded that the services performed by the Adviser for the Funds require a higher level of service and oversight than the services performed by the Adviser for separate accounts or private investment companies, and that the services performed by the Adviser for the Funds require a higher level of compliance resources from the

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**INTREPID FUNDS** 

**ADDITIONAL INFORMATION** 

**March 31, 2025 (Unaudited)(Continued)** 

Adviser. Based on this determination, the Trustees believe that the differential in advisory fees between the Funds and the separate accounts and private investment companies is reasonable, and concluded that the fee rates charged to the Funds in comparison to those charged to the Adviser's other clients are reasonable.

In addition to the above, the Trustees discussed with management the fact that increasingly investors in the Funds invest through brokerage platforms (intermediaries), with fewer investors going directly to the Funds' transfer agent. The Trustees noted that in connection with the intermediaries, the Adviser absorbs all costs in excess of the fees paid by the Funds. As result, the cost of obtaining, retaining and servicing shareholders for the Funds is significantly higher than the costs for separately managed accounts.

<u>Performance</u>

The Trustees noted that at each quarterly meeting, the Trustees review reports comparing the investment performance of the Funds to various indices. Based on the information provided at this meeting and the information and quarterly discussions regarding the Funds' investment performance, the Trustees believe that the Adviser manages the Funds in a manner that is materially consistent with their stated investment objective and style.

The Trustees reviewed the Adviser's quality of investment management, management history and ability to successfully market the Funds. The Trustees noted that while the Funds have underperformed, the investment strategies of the Funds are designed to provide lower risk, which means it is expected that the Funds will underperform on a comparative basis during periods of market outperformance, but that investors should be protected in case of a downturn in the market.

The Trustees concluded that the performance of the Funds, adjusting for risk, has been satisfactory on a relative basis and on an absolute basis. They continue to believe that the Adviser's discipline should lead to more favorable results in the long-term, and concluded that renewal of the existing advisory agreement was in the best interest of the Funds' shareholders.

<u>Costs and Profitability</u>

The Trustees considered the cost of services provided and the profits realized by the Adviser, by reviewing reports provided by the Funds' administrator that compared the Funds' investment advisory fees to those of other comparable mutual funds. Mr. Travis acknowledged that the Funds' contractual investment advisory fee was higher than the industry average and attributed it to other peer funds realizing economies of scale to decrease advisory costs. The Trustees also considered the Funds' overall expense ratios compared to peer group funds and the Adviser's willingness to waive a portion of its advisory fees to keep the overall expenses of the Funds lower.

The Adviser provided the Independent Trustees with information regarding the Adviser's financial performance. The Independent Trustees discussed the financial health of the Adviser and the ability of the Adviser to provide high quality services to the Funds. In connection with this discussion, the Trustees discussed the Adviser's profitability, as presented, and the impact of the intermediary service fees on the profitability. The Trustees also considered the resources and revenues that the Adviser has put into managing and distributing the Funds, and concluded that the level of profitability realized by the Adviser from its provision of services to the Funds is reasonable, and that the overall expense ratios and investment advisory fees were fair and within a reasonable range of industry averages.

<u>Economies of Scale</u>

The Trustees then discussed with management whether economies of scale are recognized by the Funds. They noted that as Fund assets grow, certain fixed costs are spread over the larger asset base, which may lead to some economies of scale. On the other hand, the Trustees noted that many of the Funds' expenses are subject to diseconomies of scale. For example, the intermediary service fees generally increase as the Funds' assets grow. Given the size of the Funds and the reimbursements being made by the Adviser, the Trustees determined that the proposed fee schedules were acceptable.

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**INTREPID FUNDS** 

**ADDITIONAL INFORMATION** 

**March 31, 2025 (Unaudited)(Continued)** 

<u>Fall-Out Benefits</u>

The Trustees then considered other benefits to the Adviser from serving as adviser to the Funds (in addition to the advisory fee). The Trustees noted that the Adviser derives ancillary benefits from its association with the Funds in the form of proprietary and third party research products and services received from broker dealers that execute portfolio trades for the Funds. The Trustees determined such products and services have been used for legitimate purposes relating to the Funds by providing assistance in the investment decision-making process. The Trustees concluded that the other benefits realized by the Adviser from its relationship with the Funds were reasonable.

<u>Conclusion</u>

After reviewing the materials and management's presentation, as well as other information regularly provided at the Board's quarterly meetings throughout the year regarding the quality of services provided by the Adviser, the performance of the Funds, expense information, regulatory compliance issues, trading information and related matters and other factors deemed relevant by the Trustees, the Trustees, including all of the Independent Trustees, approved the continuation of the investment advisory agreements.

The Trustees noted that all of the factors above were considered by them as a whole, and separately by the Independent Trustee meeting in executive session. The factors were viewed in their totality by the Trustees, with no single factor being the principal or decisive factor in their determination of whether to approve the continuation of the investment advisory.

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**[**TABLE OF CONTENTS**](#TOC)**

**Intrepid Funds** 

**OTHER INFORMATION** 

**March 31, 2025 (Unaudited)** 

**Disclosure Regarding Fund Trustees and Officers**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address** <br>**and Age** | **Position(s)** <br>**Held with** <br>**the Fund** | **Term of** <br>**Office** <br>**and** <br>**Length** <br>**of Service** | **Principal** <br>**Occupation(s)** <br>**During Past** <br>**Five Years** | **Number of** <br>**Portfolios** <br>**in Fund** <br>**Complex** <br>**Overseen** <br>**by Trustee** | **Other** <br>**Directorships** <br>**Held by Trustee** |
| **Independent Trustees<sup>(1)</sup>** | **Independent Trustees<sup>(1)</sup>** | **Independent Trustees<sup>(1)</sup>** | **Independent Trustees<sup>(1)</sup>** | **Independent Trustees<sup>(1)</sup>** | **Independent Trustees<sup>(1)</sup>** |
| Peter R. Osterman, Jr. <br>c/o Intrepid Capital Management Funds Trust 1400 Marsh Landing Pkwy., Suite 106 Jacksonville Beach, FL 32250 <br>Age: 75 | Trustee | Indefinite Term; Since November 2004 | Retired, former Senior Vice President and Chief Financial Officer, HosePower U.S.A. (an industrial tool distributor) (October 2010- March 2016), Chief Financial Officer, JAX Refrigeration, Inc. (a commercial refrigeration construction company) (April 2016- June 2017), Chief Financial Officer, Standard Precast, Inc. (an industrial concrete casting company) (June 2017- October 2017) | Three |  |
| Ed Vandergriff, CPA c/o Intrepid Capital Management Funds Trust 1400 Marsh Landing Pkwy., Suite 106 Jacksonville Beach, FL 32250 <br>Age: 74 | Trustee | Indefinite Term; Since November 2004 | President, Development Catalysts (a real estate finance and development company) (2000-present). | Three |  |
| John Louis Fouts c/o Intrepid Capital Management Funds Trust 1400 Marsh Landing Pkwy., Suite 106 Jacksonville Beach,<br>FL 32250<br>Age: 57 | Trustee | Indefinite<br>Term;<br>Since<br>February<br>2024 | Owner and Portfolio<br>Manager, Fouts family<br>Investments (a sole<br>proprietorship) (January<br>2022 to Present); Partner,<br>Water Street Capital<br>(Private Investment Firm)<br>(January 2002 to<br>December 2021).<br>| Three | Trustee, Georgia<br>Tech (July 2022<br>to Present)<br>Trustee, Harvard<br>Business School<br>Alumni Advisory<br>Board<br>(September 2018<br>to June 2023)<br>|

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**Intrepid Funds** 

**OTHER INFORMATION** 

**March 31, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address** <br>**and Age** | **Position(s)** <br>**Held with** <br>**the Fund** | **Term of** <br>**Office** <br>**and** <br>**Length** <br>**of Service** | **Principal** <br>**Occupation(s)** <br>**During Past** <br>**Five Years** | **Number of** <br>**Portfolios** <br>**in Fund** <br>**Complex** <br>**Overseen** <br>**by Trustee** | **Other** <br>**Directorships** <br>**Held by Trustee** |
| **Officer** | **Officer** | **Officer** | **Officer** | **Officer** | **Officer** |
| Timothy A. Page <br>c/o Intrepid Capital Management Funds Trust 1400 Marsh Landing Pkwy., Suite 106 Jacksonville Beach, FL 32250 <br>Age: 41 | Treasurer <br>and <br>Secretary | Indefinite Term; Since April 2023 | Chief Financial Officer, Intrepid Capital Management, Inc. (April 2023-Present), Vice President & Controller, Genesis Health, (July 2022- March 2023), Vice President & Controller, RS&H, Inc. (December 2016-June 2022) | N/A | N/A |

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<sup>(1)</sup> "Independent" trustees are trustees who are not deemed to be "interested persons" (as defined in the 1940 Act) of the Trust.

The Statement of Additional information includes additional information about the Fund's Trustees and is available free of charge upon request by calling the Fund toll free at 1.866.996.3863.

**PROXY VOTING POLICIES AND PROCEDURES AND PROXY VOTING RECORD**

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1.866.996.3863 and on the SEC's website (http://www.sec.gov).

The Funds are required to file how they voted proxies related to portfolio securities during the most recent 12-month period ended June 30. Once filed, the information is available without charge, upon request, by calling 1.866.996.3863 and on the SEC's website (http://www.sec.gov).

**AVAILABILITY OF QUARTERLY PORTFOLIO HOLDINGS SCHEDULES**

The Funds are required to file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Once filed, the Funds' Form N-PORT is available without charge, upon request on the SEC's website (http://www.sec.gov) and is available by calling 1.866.996.3863.

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**Intrepid Funds** 

**OTHER INFORMATION** 

**March 31, 2025 (Unaudited)(Continued)** 

**Disclosure Regarding Advisors to the Board**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address** <br>**and Age** | **Position(s)** <br>**Held with** <br>**the Fund** | **Term of** <br>**Office** <br>**and** <br>**Length** <br>**of Service** | **Principal** <br>**Occupation(s)** <br>**During Past** <br>**Five Years** | **Portfolios** <br>**in Fund** <br>**Complex** <br>**Overseen** <br>**by Advisor** <br>**to the Board** | **Other** <br>**Directorships** <br>**Held by Advisor** <br>**to the Board**  |
| **Disinterested Advisors to the Board<sup>(1)</sup>**  | **Disinterested Advisors to the Board<sup>(1)</sup>**  | **Disinterested Advisors to the Board<sup>(1)</sup>**  | **Disinterested Advisors to the Board<sup>(1)</sup>**  | **Disinterested Advisors to the Board<sup>(1)</sup>**  | **Disinterested Advisors to the Board<sup>(1)</sup>**  |
| Robert Brian King <br>c/o Intrepid Capital Management Funds Trust 1400 Marsh Landing Pkwy., Suite 106 Jacksonville Beach, FL 32250 <br>Age: 62 | Advisor to the Board | Indefinite Term; Since February 2024 | CPG Partner, Valor Equity Partners (Private Investment Firm) (June 2021 to Present); CEO, RBK Advisory Services (Business Advisory Services) (June 2018 to Present). | Three | Trustee, Boys & Girls Club of Northeast Florida (August 2018 to Present); Trustee, 88 Acres; (June 2018 to Present); Trustee, Good Karma Foods (October 2020 to Present); Trustee, Shameless Pets; (August 2021 to Present); Trustee, Episcopal School of Jacksonville (May 2016 to May 2023) |

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<sup>(1)</sup> From time to time, the Board of Trustees may appoint advisors to the Board of Trustees ("Advisors") with the intention of having qualified individuals serve in an advisory capacity to garner experience in the mutual fund and asset management industry and be considered as potential Trustees in the future. The Board of Trustees has determined that Mr. King is not an interested persons, as defined in the Investment Company Act of 1940.

32<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**INTREPID FUNDS** 

**OTHER INFORMATION** 

**March 31, 2025 (Unaudited)** 

**Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies** 

There were no changes in or disagreements with accountants during the period covered by this report.

33<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**INTREPID FUNDS** 

**OTHER INFORMATION** 

**March 31, 2025 (Unaudited)** 

**Item 9 – Proxy Disclosures for Open-End Management Investment Companies** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

34<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**INTREPID FUNDS** 

**OTHER INFORMATION** 

**March 31, 2025 (Unaudited)** 

**Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** 

Included under Item 7a in the Notes to Financial Statements.

35<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**INTREPID FUNDS** 

**OTHER INFORMATION** 

**March 31, 2025 (Unaudited)** 

**Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract**

Included under Item 7a in the Notes to the Financial Statements

36<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Board of Trustees** 

Edward Vandergriff

Mark Travis

Peter Osterman, Jr.

John Louis Fouts

**Investment Adviser** 

Intrepid Capital Management, Inc.

1400 Marsh Landing Parkway, Suite 106

Jacksonville Beach, FL 32250

**Independent Registered Public Accounting Firm** 

Deloitte & Touche LLP

111 South Wacker Drive

Chicago, IL 60606

**Legal Counsel** 

Foley & Lardner LLP

777 East Wisconsin Avenue

Milwaukee, WI 53202

**Custodian** 

U.S. Bank, N.A.

1555 North RiverCenter Drive, Suite 302

Milwaukee, WI 53212

**Distributor** 

Quasar Distributors, LLC

111 East Kilbourn Avenue, Suite 2200

Milwaukee, WI 53202

**Administrator, Transfer Agent** 

**and Dividend Disbursing Agent** 

U.S. Bancorp Fund Services, LLC,

doing business as U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, WI 53202

Shareholder/Investor Information

1.866.996.3863 www.intrepidcapitalfunds.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;a) The Registrant's Principal Executive Officer and Principal Financial Officer have
 reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940,
 as amended, (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the
 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that
 the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately
 recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service
 provider.

&nbsp;&nbsp;&nbsp;&nbsp;(a) There were no changes in the Registrant's internal control over financial reporting
 (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are
 reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Incorporated by reference to previous Form N-CSR filing.](https://www.sec.gov/Archives/edgar/data/1300746/000089418908003869/coe.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.* Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](icmf-efp15840_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(5)* *Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period*. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](icmf-efp15840_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Intrepid Capital Management
 Funds Trust

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| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Mark F. Travis |
|  | Mark F. Travis, Principal Executive Officer |

---

Date <u>June 5, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Mark F. Travis |
|  | Mark F. Travis, Principal Executive Officer |

---

Date <u>June 5, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Timothy A. Page |
|  | Timothy A. Page, Principal Financial Officer |

---

Date <u>June 5, 2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Mark F. Travis, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Intrepid Capital Management Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 5, 2025 | /s/ Mark F. Travis |
|  |  | Mark F. Travis<br> Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Timothy A. Page, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Intrepid Capital Management Funds Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 5, 2025 | /s/ Timothy A. Page |
|  |  | Timothy A. Page<br> Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Intrepid Capital Management Funds Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Intrepid Capital Management Funds Trust for the period ended March 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Intrepid Capital Management Funds Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Mark F. Travis | /s/ Timothy A. Page |
| Mark F. Travis<br> Principal Executive Officer, Intrepid Capital Management Funds Trust | Timothy A. Page<br> Principal Financial Officer, Intrepid Capital Management Funds Trust |

---

Dated: <u>June 5, 2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Intrepid Capital Management Funds Trust for purposes of Section 18 of the Securities Exchange Act of 1934.