0000894189-13-000817.txt : 20130211 0000894189-13-000817.hdr.sgml : 20130211 20130211164415 ACCESSION NUMBER: 0000894189-13-000817 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130211 DATE AS OF CHANGE: 20130211 EFFECTIVENESS DATE: 20130211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Intrepid Capital Management Funds Trust CENTRAL INDEX KEY: 0001300746 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-118634 FILM NUMBER: 13592321 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 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Intrepid Capital Management Funds Trust CENTRAL INDEX KEY: 0001300746 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21625 FILM NUMBER: 13592322 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 0001300746 S000000841 INTREPID CAPITAL FUND C000002456 Investor Class ICMBX C000088547 Institutional Class ICMVX 0001300746 S000000842 Intrepid Small Cap Fund C000002457 Investor Class ICMAX C000081152 Institutional Class ICMZX 0001300746 S000017981 Intrepid Income Fund C000049846 Investor Class ICMYX C000091655 Institutional Class ICMUX 0001300746 S000019422 INTREPID ALL CAP FUND C000053995 Investor Class ICMCX C000091656 Institutional Class 485BPOS 1 intrepid_bxbrl.htm POST EFFECTIVE AMENDMENT FOR XBRL intrepid_bxbrl.htm

 
As filed with the Securities and Exchange Commission on February 11, 2013
 

Securities Act File No. 333-118634
Investment Company Act File No. 811-21625

 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM  N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
[
X
]
Pre-Effective Amendment No.
   
[
 
]
Post-Effective Amendment No.
22
 
[
X
]
 
AND/OR
 
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
[
X
]
Amendment No.
24
 
[
X
]

Intrepid Capital Management Funds Trust
 (Exact Name of Registrant as Specified in Charter)

1400 Marsh Landing Parkway, Suite 106
Jacksonville Beach, Florida 32250
(Address of Principal Executive Office) (Zip Code)
 

(904) 246-3433
(Registrant’s Telephone Number, Including Area Code)
 

Mark F. Travis
Intrepid Capital Management, Inc.
1400 Marsh Landing Parkway, Suite 106
Jacksonville Beach, Florida 32250
 (Name and Address of Agent for Service)
 

With copy to:
Peter Fetzer
Foley & Lardner LLP
777 East Wisconsin Avenue
Milwaukee, WI 53202-5306

It is proposed that this filing will become effective (check appropriate box):
[X]
immediately upon filing pursuant to paragraph (b).
[   ]
on (date) pursuant to paragraph (b).
[   ]
60 days after filing pursuant to paragraph (a)(1).
[   ]
on (date) pursuant to paragraph (a)(1).
[   ]
75 days after filing pursuant to paragraph (a)(2).
[   ]
on (date) pursuant to paragraph (a)(2) of rule 485.

If appropriate check the following box:
[   ]
This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

This Post-Effective Amendment (“PEA”) No. 22 to the Trust’s Registration Statement on Form N-1A hereby incorporates Parts A, B and C from the Trust’s PEA No. 21 on Form N-1A filed January 28, 2013.  This PEA No. 22 is filed for the sole purpose of submitting the XBRL exhibit for the risk/return summary first provided in PEA No. 21 to the Trust’s Registration Statement.
 
 
 
 
 

 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that this Post-Effective Amendment No. 22 to its Registration Statement meets all the requirements for effectiveness pursuant to Rule 485(b) of the Securities Act of 1933, as amended, and the Registrant has duly caused this Post-Effective Amendment No. 22 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Jacksonville Beach and State of Florida on February 11, 2013.

 
Intrepid Capital Management Funds Trust
   
 
By:  /s/Mark F. Travis                                         
 
Mark F. Travis
 
President

Pursuant to the requirements of the Securities Act of 1933, as amended, this Post-Effective Amendment No. 22 to its Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

Signature
Title
Date
     
/s/Mark F. Travis
President and Trustee
February 11, 2013
Mark F. Travis
   
     
/s/Donald C. White
Secretary and Treasurer
February 11, 2013
Donald C. White
   
     
Roy F. Clarke*
Trustee
February 11, 2013
Roy F. Clarke
   
     
Peter R. Osterman, Jr.*
Trustee
February 11, 2013
Peter R. Osterman, Jr.
   
     
Ed Vandergriff, Jr.*
Trustee
February 11, 2013
Ed Vandergriff, Jr.
   
     
*By: /s/Mark F. Travis
   
Mark F. Travis
Attorney-In Fact as Power of Attorney
previously filed and incorporated herein by
reference.
     
 

 
 
C-1

 

INDEX TO EXHIBITS

Exhibit
Exhibit No.
Instance Document
EX-101.INS
Schema Document
EX-101.SCH
Calculation Linkbase Document
EX-101.CAL
Definition Linkbase Document
EX-101.DEF
Label Linkbase Document
EX-101.LAB
Presentation Linkbase Document
EX-101.PRE

 
 
 
 
 
 
 
 
C-2
 
 

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The Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the Fund in the table above differs from the Ratio of Expenses to Average Net Assets found within the "Financial Highlights" section of the statutory prospectus because the audited information in the "Financial Highlights" reflects the operating expenses and does not include indirect expenses such as AFFE. Intrepid Capital Management, Inc. (the "Adviser") has contractually agreed to reduce its fees and/or reimburse the Fund to the extent necessary to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding AFFE) do not exceed 1.40% of the average daily net assets for the Investor Class shares of the Fund, and do not exceed 1.15% of the average daily net assets for the Institutional Class shares of the Fund. This agreement will continue in effect until January 31, 2014, with successive renewal terms of one year unless terminated by the Board of Trustees prior to any such renewal. The Adviser has the right to receive reimbursement for fee reductions and/or expense payments made in the prior three fiscal years provided that after giving effect to such reimbursement, Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding AFFE) do not exceed 1.40% of average daily net assets for the Investor Class and do not exceed 1.15% of the average daily net assets for the Institutional Class in the year of reimbursement. "Other Expenses" are presented before any waivers or expense reimbursements. Intrepid Capital Management, Inc. (the "Adviser") has contractually agreed to reduce its fees and/or reimburse the Investor Class shares of the Fund to the extent necessary to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding AFFE) do not exceed 1.40% of the average daily net assets for the Investor Class, and do not exceed 1.15% of the average daily net assets for the Institutional Class shares of the Fund. This agreement will continue in effect until January 31, 2014 with successive renewal terms of one year unless terminated by the Board of Trustees prior to any such renewal. The Adviser has the right to receive reimbursement for fee reductions and/or expense payments made in the prior three fiscal years provided that after giving effect to such reimbursement, Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding AFFE) for the Investor Class shares do not exceed 1.40% and for Institutional Class shares do not exceed 1.15% of the Fund's average daily net assets in the year of reimbursement. "Other Expenses" are presented before any waivers or expense reimbursements. "Other Expenses" includes Acquired Fund Fees and Expenses ("AFFE"), which are indirect fees and expenses that funds incur from investing in the shares of other mutual funds. The Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the Fund in the table above differ from the Ratio of Expenses to Average Net Assets found within the "Financial Highlights" section of the statutory prospectus because the audited information in the "Financial Highlights" reflects the operating expenses and does not include indirect expenses such as AFFE. Intrepid Capital Management, Inc. (the "Adviser") has contractually agreed to reduce its fees and/or reimburse the Fund to the extent necessary to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding AFFE) do not exceed 1.15% of the Fund's average daily net assets for the Investor Class shares of the Fund, and do not exceed 0.90% of the average daily net assets for the Institutional Class shares. This agreement will continue in effect until January 31, 2014, with successive renewal terms of one year unless terminated by the Board of Trustees prior to any such renewal. The Adviser has the right to receive reimbursement for fee reductions and/or expense payments made in the prior three fiscal years provided that after giving effect to such reimbursement, Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding AFFE) do not exceed 1.15% of average daily net assets for the Investor Class and do not exceed 0.90% of average daily net assets for the Institutional Class in the year of reimbursement. "Other Expenses" are presented before any waivers or expense reimbursements. "Other Expenses" for the Institutional Class shares are based on estimated expenses for the Investor Class shares. Intrepid Capital Management, Inc. (the "Adviser") has contractually agreed to reduce its fees and/or reimburse the Fund to the extent necessary to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding Acquired Fund Fees and Expenses) do not exceed 1.40% of the Fund's average daily net assets for the Investor Class shares of the Fund, and do not exceed 1.15% of the average daily net assets for the Institutional Class shares. This agreement will continue in effect until January 31, 2014, with successive renewal terms of one year unless terminated by the Board of Trustees prior to any such renewal. The Adviser has the right to receive reimbursement for fee reductions and/or expense payments made in the prior three fiscal years provided that after giving effect to such reimbursement, Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement (excluding Acquired Fund Fees and Expenses) do not exceed 1.40% of average daily net assets for the Investor Class and do not exceed 1.15% of average daily net assets for the Institutional Class in the year of reimbursement. "Other Expenses" are presented before any waivers or expense reimbursements. Intrepid Capital Management Funds Trust 485BPOS false 0001300746 2012-09-30 2013-01-28 2013-01-31 2013-01-31 INTREPID CAPITAL FUND ICMBX ICMVX Portfolio Turnover <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 63% of the average value of its portfolio.</font> </div> 0.63 Performance: <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> The following bar chart and table provide some indication of the risks of investing in the Fund.&#160;&#160;The bar chart shows changes in the Fund&#8217;s performance from year to year for Investor Class shares (the Class with the longest period of annual returns).&#160;&#160;The table shows how the Fund&#8217;s average annual returns over time compare with those of a broad measure of market performance, as well as additional indices that reflect the market sectors in which the Fund invests.&#160;&#160;<font style="DISPLAY: inline">The performance for the Institutional Class shares would differ only to the extent that the Institutional Class shares have different expenses than the Investor Class shares.&#160;&#160;</font>The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;Updated performance information is available on the Fund&#8217;s website at www.intrepidcapitalfunds.com.</font> </div> Intrepid Capital Fund - Investor Class Calendar Year Total Returns as of 12/31 0.1532 0.0488 -0.1670 0.3128 0.1586 0.0222 0.1095 ~ http://www.intrepidcapitalfunds.com/20130128/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact ck0001300746_S000000841Member row primary compact * ~ Best Quarter 0.1370 2009-06-30 Worst Quarter -0.1355 2008-12-31 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">During the period shown on the bar chart, the Fund&#8217;s best and worst quarters are shown below:</font> </div> <br/><table cellpadding="1" cellspacing="0" width="30%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Best Quarter</font> </div> </td> <td valign="top" width="17%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">June 30, 2009</font> </div> </td> <td align="right" valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13.70<font style="DISPLAY: inline; FONT-FAMILY: times new roman">%</font></font> </div> </td> </tr> <tr> <td valign="top" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter</font> </div> </td> <td valign="top" width="17%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">December 31, 2008</font> </div> </td> <td align="right" valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-13.55<font style="DISPLAY: inline; FONT-FAMILY: times new roman">%</font></font> </div> </td> </tr> </table> 0.1095 0.0752 0.0692 0.0956 0.0609 0.0564 0.0773 0.0579 0.0543 0.1120 0.0729 0.1600 0.0166 0.0433 0.1558 0.1001 0.0828 0.0482 0.0606 0.0545 0.1592 0.0512 0.0603 0.1158 0.0387 0.0511 0.1600 0.0166 0.0946 0.1558 0.1001 0.1022 0.0482 0.0606 0.0646 0.1592 0.0512 0.0990 0.1158 0.0387 0.0862 2010-04-30 2005-01-03 ~ http://www.intrepidcapitalfunds.com/20130128/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact ck0001300746_S000000841Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">After tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&#160;&#160;Actual after-tax returns depend on your situation and may differ from those shown.&#160;&#160;Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts (&#8220;IRAs&#8221;).&#160;&#160;After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary.</font> </div> After tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your situation and may differ from those shown. The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Investor Class shares (the Class with the longest period of annual returns). The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. (reflects no deduction for fees, expenses or taxes) www.intrepidcapitalfunds.com Average Annual Total Returns (For the periods ended December 31, 2012) Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs"). Investment Objective: <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> The Intrepid Capital Fund (the &#8220;Fund&#8221;) seeks long-term capital appreciation and high current income.</font> </div> Example <div align="justify" style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 144 455 788 1732 118 377 656 1451 ~ http://www.intrepidcapitalfunds.com/20130128/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0001300746_S000000841Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Principal Investment Strategies: <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> Under normal conditions, the Fund invests primarily in undervalued small and mid capitalization (i.e., less than $15 billion of market capitalization) equity securities and high yield securities (also known as &#8220;junk bonds&#8221;). The Fund believes an equity security is undervalued if the market value of the outstanding equity security is less than the intrinsic value of the company issuing the equity security.</font> </div> <br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">The Fund considers the intrinsic value of a company to be the present value of a company&#8217;s expected future stream of free cash flows discounted by an appropriate discount rate. After estimating the intrinsic value of a company, the Fund adjusts for debt, cash, and other potential capital (such as minority interest) on the company&#8217;s balance sheet. The Fund then makes buy/sell decisions by comparing a company&#8217;s market value with its intrinsic value estimates.&#160;&#160;</font>The Fund seeks to invest in internally financed companies generating cash in excess of their business needs, with predictable revenue streams, and in industries with high barriers to entry.</font> </div> <br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Fund&#8217;s investments in high yield securities will not be limited in duration, but typically will be in securities having a duration of two to six years at the time of purchase.&#160;&#160;Duration is a measure of a debt security&#8217;s price sensitivity, taking into account a debt security&#8217;s cash flows over time.&#160;&#160;For example, a security with a duration of five would likely drop five percent in value if interest rates rose one percentage point.</font> </div> <br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Additionally, the Fund&#8217;s investments in high yield securities will not be limited in credit rating, but typically will be in securities rated below-investment grade by a nationally recognized statistical rating agency.&#160;&#160;The Fund believes that these securities may be attractively priced relative to their risk because many institutional investors do not purchase less than investment grade debt securities.</font> </div> <br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">In certain market conditions, the Adviser may determine that it is appropriate for the Fund to hold a significant cash position for an extended period of time. The Fund expects that it may maintain substantial cash positions when the Adviser determines that <font style="DISPLAY: inline">such</font> cash holdings, given the risks the Adviser believes to be present in the market, are more beneficial to shareholders than investment in additional securities.</font> </div> Fees and Expenses of the Fund: <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 -0.0200 -0.0200 0.0000 0.0000 0.0100 0.0100 0.0025 0.0000 0.0020 0.0020 0.0145 0.0120 -0.0004 -0.0004 0.0141 0.0116 ~ http://www.intrepidcapitalfunds.com/20130128/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0001300746_S000000841Member row primary compact * ~ ~ http://www.intrepidcapitalfunds.com/20130128/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0001300746_S000000841Member row primary compact * ~ 2014-01-31 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) "Other Expenses" includes Acquired Fund Fees and Expenses ("AFFE"), which are indirect fees and expenses that funds incur from investing in the shares of other mutual funds. The Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the Fund in the table above differs from the Ratio of Expenses to Average Net Assets found within the "Financial Highlights" section of the statutory prospectus because the audited information in the "Financial Highlights" reflects the operating expenses and does not include indirect expenses such as AFFE. SHAREHOLDER FEES (fees paid directly from your investment) Principal Risks: <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">There is a risk that you could lose all or a portion of your money on your investment in the Fund.&#160;&#160;This risk may increase during times of significant market volatility.&#160;&#160;The following risks could affect the value of your investment:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 36pt"> &#160; </td> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Market Risk</font>: The risk that certain stocks and high yield securities selected for the Fund&#8217;s portfolio may decline in value more than the overall stock market;</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 36pt"> &#160; </td> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: symbol, serif; FONT-SIZE: 10pt">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Small and Medium Capitalization Company Risk</font><font style="FONT-STYLE: italic; 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DISPLAY: inline; FONT-WEIGHT: bold">Non-Diversification Risk</font>: Because the Fund is non-diversified (meaning that compared to diversified mutual funds, the Fund may invest a greater percentage of its assets in a particular issuer), the Fund&#8217;s shares may be more susceptible to adverse changes in the value of a particular security than would be the shares of a diversified mutual fund.&#160;&#160;Thus, the Fund is more sensitive to economic, business and political changes which may result in greater price fluctuations of the Fund&#8217;s shares;</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-3" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 36pt"> &#160; </td> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; 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DISPLAY: inline; FONT-WEIGHT: bold">Credit Risk</font>: The risk of investing in bonds and debt securities whose issuers may not able to make interest and principal payments.&#160;&#160;In turn, issuers&#8217; inability to make payments may lower the credit quality of the security and lead to greater volatility in the price of the security;</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-5" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 36pt"> &#160; </td> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;"><font style="DISPLAY: inline; FONT-SIZE: 10pt">&#183;</font>&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; 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Thus, the Fund is more sensitive to economic, business and political changes which may result in greater price fluctuations of the Fund's shares; There is a risk that you could lose all or a portion of your money on your investment in the Fund. Intrepid Small Cap Fund ICMAX ICMZX Portfolio Turnover <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 68% of the average value of its portfolio.</font> </div> 0.68 Performance: <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> The following bar chart and table provide some indication of the risks of investing in the Fund.&#160;&#160;The bar chart shows changes in the Fund&#8217;s performance from year to year for Investor Class shares (the Class with the longest period of annual returns).&#160;&#160;The table shows how the Fund&#8217;s average annual returns over time compare with those of a broad measure of market performance.&#160; <font style="DISPLAY: inline">T</font>he performance for the Institutional Class shares would differ only to the extent that the Institutional Class shares have different expenses than the Investor Class shares. <font style="DISPLAY: inline">The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.&#160;&#160;</font>Updated performance information is available on the Fund&#8217;s website at www.intrepidcapitalfunds.com.</font> </div> Intrepid Small Cap Fund - Investor Class Calendar Year Total Returns as of 12/31 0.1459 0.1040 -0.0712 0.3988 0.1897 0.0172 0.0887 ~ http://www.intrepidcapitalfunds.com/20130128/role/ScheduleAnnualTotalReturnsBarChart20011 column dei_LegalEntityAxis compact ck0001300746_S000000842Member row primary compact * ~ Best Quarter 0.2251 2009-06-20 Worst Quarter -0.0911 2011-09-30 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">During the period shown on the bar chart, the Fund&#8217;s best and worst quarters are shown below:</font> </div> <br/><table cellpadding="1" cellspacing="0" width="30%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Best Quarter</font> </div> </td> <td align="left" valign="top" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">June 20, 2009</font> </div> </td> <td align="right" valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22.51%</font> </div> </td> </tr> <tr> <td valign="top" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter</font> </div> </td> <td align="left" valign="top" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">September 30, 2011</font> </div> </td> <td align="right" valign="top" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-9.11%</font> </div> </td> </tr> </table> 0.0887 0.1135 0.1151 0.0671 0.0953 0.1002 0.0658 0.0906 0.0944 0.0908 0.1135 0.1635 0.0356 0.0473 0.1635 0.0356 0.1498 2005-10-03 2009-11-03 ~ http://www.intrepidcapitalfunds.com/20130128/role/ScheduleAverageAnnualReturnsTransposed20012 column dei_LegalEntityAxis compact ck0001300746_S000000842Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">After tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&#160;&#160;Actual after-tax returns depend on your situation and may differ from those shown.&#160;&#160;Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts (&#8220;IRAs&#8221;).&#160;&#160;After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary.</font> </div> After tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your situation and may differ from those shown. The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Investor Class shares (the Class with the longest period of annual returns). The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. (reflects no deduction for fees, expenses or taxes) www.intrepidcapitalfunds.com Average Annual Total Returns (For the periods ended December 31, 2012) Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs"). Investment Objective: <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Intrepid Small Cap Fund (the &#8220;Fund&#8221;) seeks long-term capital appreciation.</font> </div> Example <div align="justify" style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 144 455 788 1732 118 377 656 1451 ~ http://www.intrepidcapitalfunds.com/20130128/role/ScheduleExpenseExampleTransposed20010 column dei_LegalEntityAxis compact ck0001300746_S000000842Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Principal Investment Strategies: <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Under normal conditions, the Fund invests at least 80% of its net assets in equity securities of small capitalization companies. The Fund defines small capitalization companies to include companies having a capitalization that does not exceed the upper limit of the capitalization ranges of the highest of the Russell 2000 Index, the S&amp;P SmallCap 600 Index or the Dow Jones US Small Cap Total Stock Market Index during the most recent 12 months.&#160;&#160;For the 12 months ended December 31, 2012 this limit was approximately $4.84 billion.</font> </div> <br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund invests in undervalued equity securities and believes an equity security is undervalued if the market value of the outstanding equity security is less than the intrinsic value of the company issuing the equity security.&#160;&#160;<font style="DISPLAY: inline">The Fund considers the intrinsic value of a company to be the present value of a company&#8217;s expected future stream of free cash flows discounted by an appropriate discount rate. After estimating the intrinsic value of a company, the Fund adjusts for debt, cash, and other potential capital (such as minority interest) on the company&#8217;s balance sheet. The Fund then makes buy/sell decisions by comparing a company&#8217;s market value with its intrinsic value estimates.&#160;&#160;</font>The Fund seeks to invest in internally financed companies generating cash in excess of their business needs, with predictable revenue streams, and in industries with high barriers to entry.&#160;&#160;In determining the presence of these factors, the Fund&#8217;s investment adviser reviews periodic reports filed with the Securities and Exchange Commission as well as industry publications.&#160;&#160;The Fund may engage in short-term trading.</font> </div> <br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">In certain market conditions, the Adviser may determine that it is appropriate for the Fund to hold a significant cash position for an extended period of time. The Fund expects that it may maintain substantial cash positions when the Adviser determines that <font style="DISPLAY: inline">such</font> cash holdings, given the risks the Adviser believes to be present in the market, are more beneficial to shareholders than investment in additional securities.</font> </div> Fees and Expenses of the Fund: <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 -0.0200 -0.0200 0.0000 0.0000 0.0100 0.0100 0.0025 0.0000 0.0020 0.0020 0.0145 0.0120 -0.0004 -0.0004 0.0141 0.0116 ~ http://www.intrepidcapitalfunds.com/20130128/role/ScheduleShareholderFees20008 column dei_LegalEntityAxis compact ck0001300746_S000000842Member row primary compact * ~ ~ http://www.intrepidcapitalfunds.com/20130128/role/ScheduleAnnualFundOperatingExpenses20009 column dei_LegalEntityAxis compact ck0001300746_S000000842Member row primary compact * ~ 2014-01-31 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) "Other Expenses" includes Acquired Fund Fees and Expenses ("AFFE"), which are indirect fees and expenses that funds incur from investing in the shares of other mutual funds. The Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the Fund in the table above differs from the Ratio of Expenses to Average Net Assets found within the "Financial Highlights" section of the statutory prospectus because the audited information in the "Financial Highlights" reflects the operating expenses and does not include indirect expenses such as AFFE. 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FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 36pt"> &#160; </td> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">High Portfolio Turnover Risk:</font> High portfolio turnover will produce higher transaction costs (such as brokerage commissions or markups or markdowns) which a Fund must pay, and will increase realized gains (or losses) to investors, which may lower a Fund's after-tax performance.</font> </div> </td> </tr> </table> Non-Diversification Risk: Because the Fund is non-diversified (meaning that compared to diversified mutual funds, the Fund may invest a greater percentage of its assets in a particular issuer), the Fund's shares may be more susceptible to adverse changes in the value of a particular security than would be the shares of a diversified mutual fund. Thus, the Fund is more sensitive to economic, business and political changes which may result in greater price fluctuations of the Fund's shares; There is a risk that you could lose all or a portion of your money on your investment in the Fund. Intrepid Income Fund ICMYX ICMUX Portfolio Turnover <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was <font style="DISPLAY: inline; FONT-FAMILY: times new roman">54</font>% of the average value of its portfolio.</font> </div> 0.54 Performance: <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> The following bar chart and table provide some indication of the risks of investing in the Fund.&#160;&#160;The bar chart shows changes in the Fund&#8217;s performance from year to year for Investor Class shares (the Class with the longest period of annual returns).&#160;&#160;The table shows how the Fund&#8217;s average annual returns over time compare with those of a broad measure of market performance.&#160;&#160;The performance for the Institutional Class shares would differ only to the extent that the Institutional Class shares have different expenses than the Investor Class shares. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund&#8217;s website at www.intrepidcapitalfunds.com.</font> </div> Intrepid Income Fund - Investor Class Calendar Year Total Returns as of 12/31 -0.1256 0.2596 0.0616 0.0450 0.0582 ~ http://www.intrepidcapitalfunds.com/20130128/role/ScheduleAnnualTotalReturnsBarChart20018 column dei_LegalEntityAxis compact ck0001300746_S000017981Member row primary compact * ~ Best Quarter 0.0948 2009-06-30 Worst Quarter -0.1189 2008-12-31 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">During the period shown on the bar chart, the Fund&#8217;s best and worst quarters are shown below:</font> </div> <br/><table cellpadding="1" cellspacing="0" width="30%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Best Quarter</font> </div> </td> <td valign="top" width="19%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">June 30, 2009</font> </div> </td> <td align="right" valign="top" width="9%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9.48<font style="DISPLAY: inline; FONT-FAMILY: times new roman">%</font></font> </div> </td> </tr> <tr> <td valign="top" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter</font> </div> </td> <td valign="top" width="19%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">December 31, 2008</font> </div> </td> <td align="right" valign="top" width="9%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-11.89<font style="DISPLAY: inline; FONT-FAMILY: times new roman">%</font></font> </div> </td> </tr> </table> 0.0582 0.0527 0.0495 0.0404 0.0337 0.0305 0.0390 0.0340 0.0312 0.0609 0.0579 0.1558 0.1001 0.0891 0.1558 0.1001 0.1103 2010-08-16 2007-06-02 ~ http://www.intrepidcapitalfunds.com/20130128/role/ScheduleAverageAnnualReturnsTransposed20019 column dei_LegalEntityAxis compact ck0001300746_S000017981Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">After tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&#160;&#160;Actual after-tax returns depend on your situation and may differ from those shown.&#160;&#160; In certain cases, the figure representing &#8220;Return After Taxes on Distributions and Sale of Fund Shares&#8221; may be higher than the other return figures for the same period.&#160;&#160;A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts (&#8220;IRAs&#8221;).&#160;&#160;After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary.</font> </div> After tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your situation and may differ from those shown. The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Investor Class shares (the Class with the longest period of annual returns). The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. After-tax returns are shown for Investor Class shares only, and after-tax returns for Institutional Class shares will vary. (reflects no deduction for fees, expenses or taxes) In certain cases, the figure representing "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. www.intrepidcapitalfunds.com Average Annual Total Returns (For the periods ended December 31, 2012) Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs"). Investment Objective: <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> The Intrepid Income Fund (the &#8220;Fund&#8221;) seeks high current income and capital appreciation.</font> </div> Example <div align="justify" style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 118 392 686 1524 93 314 553 1238 ~ http://www.intrepidcapitalfunds.com/20130128/role/ScheduleExpenseExampleTransposed20017 column dei_LegalEntityAxis compact ck0001300746_S000017981Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Principal Investment Strategies: <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Under normal conditions, the Fund primarily invests (up to 100% of its net assets) in high yield securities (also known as &#8220;junk bonds&#8221;).&#160;&#160;High yield securities typically pay high current interest.&#160;&#160;They also offer the potential for capital appreciation when purchased at a discount to par value or when favorable company-specific events occur or changes in interest rates increase the price in the short-term.&#160;&#160;The Fund&#8217;s investments in high yield securities will not be limited in duration, but typically will be in securities having a duration of two to six years at the time of purchase.&#160;&#160;Duration is a measure of a debt security&#8217;s price sensitivity taking in to account a debt security&#8217;s cash flows over time.&#160;&#160;For example, a security with a duration of five would likely drop five percent in value if interest rates rose one percentage point.&#160;&#160;The Fund&#8217;s investments in high yield securities will not be limited in credit rating, but typically will be in securities rated below investment grade by a nationally recognized statistical rating agency.&#160;&#160;The Fund believes that these securities may be attractively priced relative to their risk because many institutional investors do not purchase less than investment grade debt securities.&#160;&#160;When the spread between the interest rates earned on high yield securities and the interest rates earned on investment grade debt securities narrows, the Fund may invest in investment grade debt securities and money market instruments.&#160;&#160;The investment grade debt securities in which the Fund invests typically will have a duration of two to six years.</font> </div> <br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">In certain market conditions, the Adviser may determine that it is appropriate for the Fund to hold a significant cash position for an extended period of time. The Fund expects that it may maintain substantial cash positions when the Adviser determines that such cash holdings, given the risks the Adviser believes to be present in the market, are more beneficial to shareholders than investment in additional securities.</font> </div> Fees and Expenses of the Fund: <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 -0.0200 -0.0200 0.0000 0.0000 0.0075 0.0075 0.0025 0.0000 0.0027 0.0027 0.0127 0.0102 -0.0011 -0.0011 0.0116 0.0091 ~ http://www.intrepidcapitalfunds.com/20130128/role/ScheduleShareholderFees20015 column dei_LegalEntityAxis compact ck0001300746_S000017981Member row primary compact * ~ ~ http://www.intrepidcapitalfunds.com/20130128/role/ScheduleAnnualFundOperatingExpenses20016 column dei_LegalEntityAxis compact ck0001300746_S000017981Member row primary compact * ~ 2014-01-31 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) "Other Expenses" includes Acquired Fund Fees and Expenses ("AFFE"), which are indirect fees and expenses that funds incur from investing in the shares of other mutual funds. The Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the Fund in the table above differ from the Ratio of Expenses to Average Net Assets found within the "Financial Highlights" section of the statutory prospectus because the audited information in the "Financial Highlights" reflects the operating expenses and does not include indirect expenses such as AFFE. SHAREHOLDER FEES (fees paid directly from your investment) Principal Risks: <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">There is a risk that you could lose all or a portion of your money on your investment in the Fund.&#160;&#160;This risk may increase during times of significant market volatility.&#160;&#160;The following risks could affect the value of your investment:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-13" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 36pt"> &#160; </td> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; 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Thus, the Fund is more sensitive to economic, business and political changes which may result in greater price fluctuations of the Fund's shares; There is a risk that you could lose all or a portion of your money on your investment in the Fund. INTREPID ALL CAP FUND ICMCX Portfolio Turnover <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account.&#160;&#160;These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund&#8217;s performance.&#160;&#160;During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 71% of the average value of its portfolio.</font> </div> 0.71 Performance: <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> The following bar chart and table provide some indication of the risks of investing in the Fund.&#160;&#160;The bar chart shows changes in the Fund&#8217;s performance from year to year for Investor Class shares.&#160;&#160;The table shows how the Fund&#8217;s average annual returns over time compare with those of a broad measure of market performance, as well as an additional index that reflects the market sectors in which the Fund invests.&#160;&#160;No performance information is available for the Institutional Class shares since that class had not commenced operations as of the date of this prospectus. The performance for the Institutional Class shares would differ only to the extent that the Institutional Class shares have different expenses than the Investor Class shares. The Fund&#8217;s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund&#8217;s website at www.intrepidcapitalfunds.com.</font> </div> Intrepid All Cap Fund - Investor Class Calendar Year Total Returns as of 12/31 -0.2384 0.3190 0.1675 -0.0058 0.1051 ~ http://www.intrepidcapitalfunds.com/20130128/role/ScheduleAnnualTotalReturnsBarChart20025 column dei_LegalEntityAxis compact ck0001300746_S000019422Member row primary compact * ~ Best Quarter 0.1485 2009-06-30 Worst Quarter -0.1756 2008-12-31 <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">During the period shown on the bar chart, the Fund&#8217;s best and worst quarters are shown below:</font> </div> <br/><table cellpadding="1" cellspacing="0" width="30%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="top" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Best Quarter</font> </div> </td> <td valign="top" width="19%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">June 30, 2009</font> </div> </td> <td align="right" valign="top" width="11%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14.85<font style="DISPLAY: inline; FONT-FAMILY: times new roman">%</font></font> </div> </td> </tr> <tr> <td valign="top" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Worst Quarter</font> </div> </td> <td valign="top" width="19%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">December 31, 2008</font> </div> </td> <td align="right" valign="top" width="11%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-17.56<font style="DISPLAY: inline; FONT-FAMILY: times new roman">%</font></font> </div> </td> </tr> </table> 0.1051 0.0520 0.0393 0.0856 0.0409 0.0286 0.0767 0.0401 0.0292 0.1600 0.0166 0.0064 0.1642 0.0204 0.0095 2007-10-31 ~ http://www.intrepidcapitalfunds.com/20130128/role/ScheduleAverageAnnualReturnsTransposed20026 column dei_LegalEntityAxis compact ck0001300746_S000019422Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">After tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.&#160;&#160;Actual after-tax returns depend on your situation and may differ from those shown.&#160;&#160; In certain cases, the figure representing &#8220;Return After Taxes on Distributions and Sale of Fund Shares&#8221; may be higher than the other return figures for the same period.&#160;&#160;A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts (&#8220;IRAs&#8221;).</font> </div> After tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your situation and may differ from those shown. No performance information is available for the Institutional Class shares since that class had not commenced operations as of the date of this prospectus. The following bar chart and table provide some indication of the risks of investing in the Fund. The bar chart shows changes in the Fund's performance from year to year for Investor Class shares. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. (reflects no deduction for fees, expenses or taxes) In certain cases, the figure representing "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor. www.intrepidcapitalfunds.com Average Annual Total Returns (For the periods ended December 31, 2012) Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs"). Investment Objective: <div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Intrepid All Cap Fund (the &#8220;Fund&#8221;) seeks long-term capital appreciation.</font> </div> Example <div align="justify" style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.&#160;&#160;The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods.&#160;&#160;The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses remain the same.</font></div> 143 485 852 1883 117 408 720 1606 ~ http://www.intrepidcapitalfunds.com/20130128/role/ScheduleExpenseExampleTransposed20024 column dei_LegalEntityAxis compact ck0001300746_S000019422Member row primary compact * ~ Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Principal Investment Strategies: <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>Under normal conditions, the Fund invests at least 80% of its net assets in equity securities of companies of any size capitalization. The Fund invests in undervalued equity securities and believes an equity security is undervalued if the market value of the outstanding equity security is less than the intrinsic value of the company issuing the equity security.&#160;&#160;The Fund considers the intrinsic value of a company to be the present value of a company&#8217;s expected future stream of free cash flows discounted by an appropriate discount rate.&#160;&#160;After estimating the intrinsic value of a company, the Fund adjusts for debt, cash, and other potential capital (such as minority interest) on the company&#8217;s balance sheet.&#160;&#160;The Fund then makes buy/sell decisions by comparing a company&#8217;s market value with its intrinsic value estimates.&#160;&#160;The Fund seeks to invest in internally financed companies generating cash in excess of their business needs, with predictable revenue streams, and in industries with high barriers to entry.&#160;&#160;In determining the presence of these factors, the Fund&#8217;s investment adviser reviews periodic reports filed with the Securities and Exchange Commission as well as industry publications.</font> </div> <br/><div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">In certain market conditions, the Adviser may determine that it is appropriate for the Fund to hold a significant cash position for an extended period of time. The Fund expects that it may maintain substantial cash positions when the Adviser determines that such cash holdings, given the risks the Adviser believes to be present in the market, are more beneficial to shareholders than investment in additional securities.</font> </div> Fees and Expenses of the Fund: <div align="left" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> </div> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 -0.0200 -0.0200 0.0000 0.0000 0.0100 0.0100 0.0025 0.0000 0.0035 0.0035 0.0160 0.0135 -0.0020 -0.0020 0.0140 0.0115 ~ http://www.intrepidcapitalfunds.com/20130128/role/ScheduleShareholderFees20022 column dei_LegalEntityAxis compact ck0001300746_S000019422Member row primary compact * ~ ~ http://www.intrepidcapitalfunds.com/20130128/role/ScheduleAnnualFundOperatingExpenses20023 column dei_LegalEntityAxis compact ck0001300746_S000019422Member row primary compact * ~ 2014-01-31 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) SHAREHOLDER FEES (fees paid directly from your investment) Principal Risks: <div align="justify" style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">There is a risk that you could lose all or a portion of your investment in the Fund.&#160;&#160;This risk may increase during times of significant market volatility.&#160;&#160;The following risks could affect the value of your investment:</font> </div> <br/><table cellpadding="0" cellspacing="0" id="list-19" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 36pt"> &#160; </td> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Market Risk</font>: The risk that certain stocks selected for the Fund&#8217;s portfolio may decline in value more than the overall stock market;</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-20" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 36pt"> &#160; </td> <td style="TEXT-ALIGN: left; WIDTH: 27pt"> <div style="TEXT-ALIGN: left"> <font style="display: inline; font-size: 10pt; font-family: Symbol, serif;">&#183;&#160;&#160;</font> </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">Small and Medium Capitalization Company Risk</font><font style="FONT-STYLE: italic; DISPLAY: inline">:</font> The Fund may invest in small and medium capitalization companies that tend to be more volatile and less liquid than large capitalization companies, which can negatively affect the Fund&#8217;s ability to purchase or sell these securities.&#160;&#160;Small and medium capitalization companies can be subject to more abrupt or erratic share price changes than larger, more established companies;</font> </div> </td> </tr> </table> <br/><table cellpadding="0" cellspacing="0" id="list-21" width="100%" style="FONT-FAMILY: times new roman; 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