Intrepid Small Cap Fund - Investor Class 

The fund primarily allocates its investments to a broad range of equity holdings from companies categorized as small capitalization. The advisor considers a company to be small-cap if its market capitalization does not exceed the maximum limit of the capitalization ranges observed in either the Morningstar Small Cap Index or the S&P SmallCap 600® Index, utilizing the higher of these two benchmarks over the most recent twelve-month period.