Intrepid Income Fund: Consistent Returns in a Volatile Rate Environment

You are receiving this email as a registered member of Morningstar.com and have asked to receive features, products and services from third party companies. This is a paid advertisement from the sponsor. Intrepid Income Fund: Consistent Returns in a Volatile Rate Environment The Intrepid Income Fund focuses on smaller, short-dated debt issues to generate steady income in a world of volatile credit spreads and interest rates. [Intrepid Funds: Short duration is the new core fixed income.] The Intrepid Income Fund has achieved top decile performance as of 5/31/2024 for the trailing 1, 3, 5 and 10 years per Morningstar – along with a recent Lipper award – by focusing on pockets of the credit markets that most bond funds are unable or unwilling to access. And less competition often translates to greater yield for a given level of risk. Our approach is unconventional, yet simple. We look for creditworthy companies likely to suffer from a structural shortage of investor demand due to: - Issue sizes that are too small for most large bond funds - Issues that are non-rated by one of the major ratings agencies - Issues that are short-dated, special situations, or temporarily out of favor industries Plenty of funds are able to outperform peers from a few good calls, favorable market conditions, or even a string of good luck. But sustainable alpha requires a sound, repeatable process that most cannot or will not replicate. We believe the barriers to competition that persist in certain corners of the fixed income market create opportunities that can be exploited by flexible investors who are adept at navigating them. Want to know more? Visit our website [here](. Our team looks forward to speaking with you. Sincerely, Hunter K. Hayes Chief Investment Officer Co-Lead Portfolio Manager The Intrepid Income Fund has achieved top decile performance for the trailing one, three, five and ten years per Morningstar. For the trailing one, three, five and ten-year time periods through 5/31/2024, the Morningstar rankings were 3rd, 2nd, 1st and 2nd percentiles among 350, 314, 263 and 173 Multisector Bond funds, respectively, based on risk-adjusted returns. The Intrepid Income Fund, Institutional won the 2023 Lipper Fund Awards for Best Short High Yield Fund over 3 Years and 5 Years based on consistent risk-adjusted returns. Classification averages are calculated with all eligible share classes for each eligible classification. The calculation periods extend over 36, 60, and 120 months. The highest Lipper Leader for Consistent Return (Effective Return) value within each eligible classification determines the fund classification winner over three, five or ten years. The Fund's Institutional Shares ranked No. 1 out of 16 and 15 similar funds for its performance over the three and five years, respectively, ending November 30, 2022. Past performance does not guarantee future results. Mutual fund investing involves risk. Principal loss is possible. Investments in debt securities typically decrease in value when interest rates rise. The risk is generally greater for longer term debt securities. Investments by the fund in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher rated securities. The Fund may invest in foreign securities which involve greater volatility and political, economic, and currency risks and differences in accounting methods. The Funds’ investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company. Please read it carefully before investing. A hard copy of the prospectus can be requested by calling 866-996-FUND (3863). Intrepid Capital Management Funds are distributed by Quasar Distributors, LLC. Alpha is a measurement of an investment’s excess returns compared to a benchmark or index. Morningstar classifies funds into categories based on similar investment objective and strategy. Morningstar percentile rankings are based on a fund's total return compared to its Morningstar Category of exchange-traded and open-end mutual funds. The highest percentile rank is 1 and the lowest percentile rank is 100. [View online]( | [Unsubscribe]( from future Advertising Products and Features email | [Update]( your email preferences If you have questions about Morningstar.com or your membership, please send a note to joe@morningstar.com. [Click here]( to learn about Morningstar's privacy policy. © 2024 Morningstar, Inc. All Rights Reserved. 22 W. Washington St. Chicago, IL 60602