ICMUX Fees and Costs — Intrepid Income Fund, Institutional Class
Data updated: 2026-08-28
The net expense ratio is 1.01%: a 0.75% management fee plus 0.26% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $369K in broker commissions, 0.0401% of average net assets, and portfolio turnover was 86%.
ICMUX Fees and Expenses
Annual operating expenses and sales charges of ICMUX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.26% |
| Gross expense ratio | 1.01% |
| Fee waiver | — |
| Net expense ratio | 1.01% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
ICMUX Costs Over Time
On $10,000 invested in ICMUX, assuming 5% a year before costs, total costs come to $656 over 5 years, cutting the return by 1.10% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.01%) | $106 | $331 | $573 |
| Trading costs (broker commissions) | $4 | $13 | $23 |
| Lost growth on money paid in costs | $0 | $17 | $60 |
| Total costs | $110 | $361 | $656 |
| Value after costs | $10,390 | $11,215 | $12,107 |
| Impact on return, per year | 1.10% | 1.10% | 1.10% |
ICMUX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0401%
- Total broker commissions: $369K
- Bought from dealers (principal trades, not a cost): $3.0B
- Portfolio turnover (prospectus): 86%
- Securities lending: none during the year
ICMUX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JONESTRADING INSTITUTIONAL SERVICES LLC | $369K | 100.00% |
ICMUX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| U.S. Bancorp Investments, Inc. | $1.6B | 63.18% |
| BARCLAY INVESTMENTS LLC | $160.9M | 6.39% |
| Jefferies LLC | $160.2M | 6.36% |
| Morgan Stanley & Co, Inc. | $130.0M | 5.16% |
| GOLDMAN SACHS & CO. LLC | $114.6M | 4.55% |
| SEAPORT GLOBAL SECURITIES LLC. | $82.6M | 3.28% |
| Knight Securities Corp. | $79.1M | 3.14% |
| BOFA SECURITIES INC. | $70.2M | 2.79% |
| Wells Fargo Securities LLC | $66.2M | 2.63% |
| JP Morgan Securities LLC | $63.2M | 2.51% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.