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HOW TO INVEST

Decide which funds best meet
your investment needs by reading
the prospectus.
Determine how much you want to invest in each fund. (minimums apply)
Complete a New Account Application or IRA Application.
Make your check payable to
the name of the fund that you
are purchasing.
Send your applications and
check to:

Intrepid Capital
Management Funds Trust
c/o US Bancorp Fund Services
P.O. Box 701
Milwaukee, WI 53201

To Invest by Wire or Make a Telephone Purchase

Please call:
866-996-FUND.

A completed application must be received in advance of the purchase.

Questions & Answers

Q: With more than 6,000 mutual funds in existence, why should I choose the Intrepid Capital Funds?

A: The Intrepid Capital Funds are set apart by one simple premise: discipline. The Funds offer the prospective investor the opportunity to co-invest with a team that provides several distinct competitive advantages: concentrated portfolios, low turnover with an average three-year holding period, and a diverse set of securities of varying market capitalizations.

Q: How does your investment process differ from your peer group?

A: The Intrepid Capital Funds management team always remember that our customers trust us to manage their money prudently. We use our own internal research to implement a valuation technique that focuses on a business's value, not its volatile market price. Finally, we look for businesses with sustainable competitive advantages, high free cash flows, and quality balance sheets.

Q: Can you summarize the core beliefs that drive your investment strategies?

A: Our core investment beliefs drive everything we do, and guide us in every investment we make.

We believe absolute return is superior to relative strategies. We look for solid gains, not just advances compared to the rest of the market. In other words, we believe the benchmark focus of many of our competitors is unwise. We focus on absolute gains instead.
We believe risk control is critical.
We recognize that "group-think" prevails in our industry, and we've opted to steer our own ship through independent research and autonomous thinking.
We believe that markets can be less than rational in the short term. We seek long-term strategies that yield real, rational results.
We believe it's foolish to diversify just for the sake of diversity. We put your money, and our own, into securities we can trust.
We believe sell-side research can be misleading. We generate in-house research to guide our team's tactics.
We believe, above all else, in a disciplined, long-term outlook.

Free cash flow is a measure of financial performance calculated as operating cash flow minus capital expenditures. Free cash flow represents the cash that a company is able to generate after laying out the money required to maintain or expand its asset base.