| Intrepid Small Cap Fund | |
| Schedule of Investments | |
| June 30, 2024 (Unaudited) | |
| | |
| COMMON STOCKS - 83.3% | Shares | | Value | |
| Capital Goods - 11.4% | | | |
| Acuity Brands, Inc. | | | 4,103 | | | $ | 990,628 | |
| Armstrong World Industries, Inc. | | | 9,522 | | | | 1,078,271 | |
| Helios Technologies, Inc. | | | 17,250 | | | | 823,688 | |
| Park Aerospace Corp. | | | 140,745 | | | | 1,925,392 | |
| | | | | | | | 4,817,979 | |
| | | | | | | | | |
| Commercial & Professional Services - 12.7% | | | | | |
Conduent, Inc. (a) | | | 391,528 | | | | 1,276,381 | |
Franklin Covey Co. (a) | | | 49,660 | | | | 1,887,080 | |
WNS Holdings Ltd. (a) | | | 41,855 | | | | 2,197,388 | |
| | | | | | | | 5,360,849 | |
| | | | | | | | | |
| Consumer Discretionary Distribution & Retail - 4.7% | | | | | |
Valvoline, Inc. (a) | | | 45,725 | | | | 1,975,320 | |
| | | | | | | | | |
| Consumer Durables & Apparel - 8.4% | | | | | |
| Carter's, Inc. | | | 20,266 | | | | 1,255,884 | |
LGI Homes, Inc. (a) | | | 8,095 | | | | 724,421 | |
Skechers USA, Inc. - Class A (a) | | | 22,374 | | | | 1,546,491 | |
| | | | | | | | 3,526,796 | |
| | | | | | | | | |
| Consumer Staples Distribution & Retail - 3.8% | | | | | |
BJ's Wholesale Club Holdings, Inc. (a) | | | 18,101 | | | | 1,589,992 | |
| | | | | | | | | |
| Energy - 3.7% | | | | | |
| Civitas Resources, Inc. | | | 22,812 | | | | 1,574,028 | |
| | | | | | | | | |
| Financial Services - 10.3% | | | | | |
| Cboe Global Markets, Inc. | | | 4,363 | | | | 741,972 | |
| Jefferies Financial Group, Inc. | | | 35,636 | | | | 1,773,247 | |
Pagseguro Digital Ltd. - Class A (a) | | | 156,164 | | | | 1,825,557 | |
| | | | | | | | 4,340,776 | |
| | | | | | | | | |
| Food, Beverage & Tobacco - 8.8% | | | | | |
| Becle SAB de CV | | | 1,071,395 | | | | 1,932,552 | |
Simply Good Foods Co. (a) | | | 20,188 | | | | 729,392 | |
| Vector Group Ltd. | | | 100,635 | | | | 1,063,712 | |
| | | | | | | | 3,725,656 | |
| | | | | | | | | |
| Media & Entertainment - 4.1% | | | | | |
IAC, Inc. (a) | | | 36,339 | | | | 1,702,482 | |
| | | | | | | | | |
| Real Estate Management & Development - 6.3% | | | | | |
FRP Holdings, Inc. (a) | | | 93,162 | | | | 2,656,980 | |
| | | | | | | | | |
| Software & Services - 3.7% | | | | | |
Dropbox, Inc. - Class A (a) | | | 69,476 | | | | 1,561,126 | |
| | | | | | | | | |
| Technology Hardware & Equipment - 5.4% | | | | | |
Fabrinet (a) | | | 9,307 | | | | 2,278,261 | |
TOTAL COMMON STOCKS (Cost $28,286,054) | | | | 35,110,245 | |
| | | | | | | | | |
| EXCHANGE TRADED FUNDS - 8.6% | Shares | | Value | |
AdvisorShares Pure US Cannabis ETF (a) | | | 224,446 | | | | 1,645,189 | |
iShares Gold Trust (a) | | | 45,117 | | | | 1,981,990 | |
| | | | | | | | 3,627,179 | |
TOTAL EXCHANGE TRADED FUNDS (Cost $3,451,250) | | | | 3,627,179 | |
| | | | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS - 5.9% | Shares | | Value | |
| Financial Services - 5.9% | | | | | |
| Chicago Atlantic Real Estate Finance, Inc. | | | 107,532 | | | | 1,651,691 | |
| Rithm Capital Corp. | | | 77,171 | | | | 841,936 | |
| | | | | | | | 2,493,627 | |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,471,033) | | | | 2,493,627 | |
| | | | | | | | | |
| SHORT-TERM INVESTMENTS - 2.3% | | | | | | | | |
| Money Market Funds - 2.3% | Shares | | | | | |
Invesco Treasury Portfolio - Class Institutional, 5.22% (b) | | | 985,893 | | | | 985,893 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $985,893) | | | | 985,893 | |
| | | | | | | | | |
TOTAL INVESTMENTS - 100.1% (Cost $35,194,230) | | | | 42,216,944 | |
| Liabilities in Excess of Other Assets - (0.1)% | | | | (61,906 | ) |
| TOTAL NET ASSETS - 100.0% | | | | | | $ | 42,155,038 | |
| | | | | | | | | |
| Percentages are stated as a percent of net assets. | | | | | |
| | |
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | |
Intrepid Small Cap Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of June 30, 2024:
