NAV and Performance

Daily Prices as of 02-08-2010
	Inception Date	Ticker	Price	Daily $	YTD %
Intrepid Small Cap Fund	10/03/05	ICMAX	$14.04		-3.31
Intrepid Capital Fund	01/03/05	ICMBX	$10.10		-1.17
Intrepid All Cap Fund	10/31/07	ICMCX	$9.16		-2.86
Intrepid Income Fund	07/02/07	ICMYX	$9.73	-	0.72
FA Prime Obligations Fund			$1.00	-	N/A

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value will fluctuate, and when sold, may be worth more or less than their original cost. Performance current to the most recent month-end may be lower or higher than the performance quoted and can be obtained by calling 866-996-FUND. The Funds impose a 2.00% redemption fee on shares held less than one month. Peformance data does not reflect the redemption fee. If it had, returns would be reduced.

Per the Prospectus Supplement the annual operating expense (gross) for the Small Cap Fund-Investor Shares is 2.30%, Capital Fund-Investors Shares is 1.81%, All Cap Fund-Investor Shares is 3.01% and Income Fund-Investors Shares is 1.63%. The Fund's Advisor has contractually agreed to waive a portion of its fees and/or reimburse expenses such that the total operating expenses (excluding Acquired Fund Fees and Expenses) do not exceed 1.50% through 9/30/10 for the Small Cap Fund, 1.95% through 9/30/09 for the Capital Fund, 1.95% through 9/30/09 for the All Cap Fund and 1.25% through 9/30/09 for the Income Fund. Otherwise, performance shown would have been lower.

Intrepid Small Cap Fund (ICMAX)

The charts below illustrate the performance of a hypothetical $10,000 investment made in the Fund since the Fund's inception. Assumes reinvestment of dividends and capital gains, but does not reflect the redemption fees.

Intrepid Capital Fund (ICMBX)

Intrepid All Cap Fund (ICMCX)

Intrepid Income Fund (ICMYX)

©2009 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar;(2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating (based on a Morningstar risk-adjusted return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Intrepid Small Cap Fund was rated 5-Stars against the following numbers of Small Value funds over the following time periods: 310 funds in the last three years. The Intrepid Capital Fund was rated 5-Stars against the following numbers of U.S. domiciled Moderate Allocation funds over the following time periods: 953 funds in the last three years.

A Lipper Fund Award is awarded to one fund in each Lipper classification for achieving the strongest trend of consistent risk-adjusted performance against its classification peers over a three, five or ten-year period, if applicable. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Lipper Analytical Services, Inc. is an independent mutual fund research and rating service

Past performance does not guarantee future results.

The Intrepid Capital Management Funds are non-diversified, meaning they may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the Funds are more exposed to individual stock volatility than a diversified fund. The Intrepid Capital and Small Cap Funds invest in smaller companies, which involve additional risks such as limited liquidity and greater volatility. The Intrepid Capital, Income and All Cap Funds invest in debt securities, which typically decrease in value when interest rates rise. This risk is usually greater for longer term debt securities. Investment by these Funds in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities.

An investment in Intrepid FA Prime Obligations Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although these funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money in these funds.

Investment performance reflects fee waivers. In the absence of waivers, total return would be reduced.

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