# EDGAR Filing Document

**Accession Number:** 0001251896
**File Stem:** 0001133228-26-003225
**Filing Date:** 2026-3
**Character Count:** 117760
**Document Hash:** a832b5a2323d7db8bbb65ad59a58cfc7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003225.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001133228-26-003225

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 26

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AEGIS FUNDS
- **CENTRAL INDEX KEY:** 0001251896

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21399
- **FILM NUMBER:** 26732000

**BUSINESS ADDRESS:**
- **STREET 1:** 6862 ELM STREET
- **STREET 2:** STE 830
- **CITY:** MCLEAN
- **STATE:** VA
- **ZIP:** 22101
- **BUSINESS PHONE:** 703-528-7788

**MAIL ADDRESS:**
- **STREET 1:** 6862 ELM STREET
- **STREET 2:** STE 830
- **CITY:** MCLEAN
- **STATE:** VA
- **ZIP:** 22101

## Series and Classes Contracts Data

### Aegis Value Fund (Series ID: S000043790)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000135823 | Class I      | AVALX           |

?xml version='1.0' encoding='ASCII'? 2025-10-03190022_AegisValueFund_ClassI_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-21399</u>**

**<u>Aegis Funds</u>**

(Exact name of registrant as specified in charter)

**<u>6862 Elm Street, Suite 830, McLean, VA 22101</u>**

(Address of principal executive offices) (Zip code)

**<u>Scott L. Barbee</u>**

**<u>6862 Elm Street, Suite 830, McLean, VA 22101</u>**

(Name and address of agent for service)

**<u>(703) 528-7788</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>December 31, 2025</u>**

Date of reporting period: **<u>December 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img30396_202406281846488.jpg) | **Aegis Value Fund**  | ![image](img30397_202508202148283.jpg) |
| ![image](img30396_202406281846488.jpg) | Class I \| AVALX  | ![image](img30397_202508202148283.jpg) |
| ![image](img30396_202406281846488.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img30397_202508202148283.jpg) |

---

This annual shareholder report contains important information about the Aegis Value Fund (the "Fund") for the period of January 1, 2025, to December 31, 2025. You can find additional information about the Fund at www.aegisfunds.com/documents. You can also request this information by contacting us at 1-800-528-3780.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** |
| Class I | $182 | 1.36% |

---

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

During the year ended December 31, 2025, the Fund returned 67.07%. The Fund outperformed its broad-based index, the S&P500, which returned 17.88%. The Fund also outperformed its more narrowly-based, secondary index which more closely reflects the types of securities in which it invests, the S&P SmallCap 600 Pure Value Index, which returned 8.83%.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Holdings in the Materials sector in aggregate significantly contributed to Fund performance during the reporting period, with aggregate holdings in the Gold, Silver, & Precious Metals & Minerals industry being a large contribution to those returns. Fund holdings in the Energy sector also contributed to Fund performance during the reporting period. Fund holdings in the Real Estate and Consumer Staples sectors contributed the least or detracted from Fund performance.

Compared to the S&P 500, the Fund's outsized exposure to small cap stocks weighed on performance during the reporting period, as small cap stocks generally underperformed large cap stocks. Additionally, the Fund's outsized exposure to value stocks weighed on performance, as value stocks generally underperformed growth stocks during the year ended December 31, 2025.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Equinox Gold Corp |
| ↑ | Amerigo Resources Ltd |
| ↑ | Bank of Cyprus Holdings PLC |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Algoma Steel Group Inc |
| ↓ | Interfor Corp |
| ↓ | Peabody Energy Corp |

---

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses were deducted.

Aegis Value Fund PAGE 1 TSR-AR-00761L102

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts6241img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Class I (without sales charge)**  | 67.07 | 25.77 | 22.82 |
| **S&P 500 TR**  | 17.88 | 14.42 | 14.82 |
| **S&P SmallCap 600 Pure Value TR**  | 8.83 | 14.21 | 9.65 |

---

Visit www.aegisfunds.com/documents for more recent performance information.

\* *The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $1035993996 | **Net Advisory Fee** | $7188579 |
| **Number of Holdings** | 103 | **Portfolio Turnover** | 12% |

---

**WHAT DID THE FUND INVEST IN?** (as of December 31, 2025)\*

**Sector Breakdown (% of net assets)**

![image](ts6241img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  United States Treasury Bill  | 16.2% |
|  Equinox Gold Corp.  | 5.8% |
|  Cenovus Energy, Inc.  | 5.5% |
|  Amerigo Resources Ltd.  | 4.0% |
|  Capital Ltd.  | 3.4% |
|  Precision Drilling Corp.  | 3.4% |
|  Hallador Energy Company  | 3.2% |
|  International Petroleum Corp.  | 3.2% |
|  Bank of Cyprus Holdings PLC  | 2.8% |
|  Kenmare Resources PLC  | 2.2% |

---

---

| | |
|:---|:---|
| **Top Ten Countries** | **(%)** |
|  Canada  | 45.3% |
|  United States  | 33.8% |
|  Australia  | 5.5% |
|  Mauritius  | 5.0% |
|  Cyprus  | 2.8% |
|  Ireland  | 2.3% |
|  Nigeria  | 1.2% |
|  Ghana  | 1.2% |
|  Switzerland  | 1.2% |
|  Cash & Other  | 1.7% |

---

\* Percentages are stated as a percent of net assets.

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.aegisfunds.com/documents.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Aegis Financial Corporation documents not be householded, please contact Aegis Financial Corporation at 1-800-528-3780, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Aegis Financial Corporation or your financial intermediary.

Aegis Value Fund PAGE 2 TSR-AR-00761L102

10000170712003716634209022481634164377514270946736780831000011196136401304217149203042613221399270253378639827100001340713580109621349112931189521773521872230862512544.529.33.63.21.30.80.20.216.9 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has made amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. *A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of trustees has determined that it does not have an audit committee financial expert serving on its audit committee. At this time, the registrant believes that the experience provided by each member of the audit committee together offers the registrant adequate oversight for the registrant's level of financial complexity.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other services" provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
|  | FYE 12/31/2025 | FYE 12/31/2024 |
| (a) Audit Fees | $21500 | $21100 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $5500 | $5000 |
| (d) All Other Fees | $0 | $0 |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 12/31/2024 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) None of the hours expended on the principal accountant's engagement to audit the Registrant's financial statements for the fiscal year ended December 31, 2025 were attributable to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

---

| | | |
|:---|:---|:---|
| Non-Audit Related Fees | FYE 12/31/2025 | FYE 12/31/2024 |
| Registrant | $5500 | $5000 |
| Registrant's Investment Adviser | $0 | $0 |

---

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

The registrant is not a foreign issuer.

(j) Not applicable

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7
 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](aegisfunds_logo.jpg)

**Aegis Value Fund**

Financial Statements

December 31, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#soi) | [1](#soi) |
| [Statement of Assets and Liabilities](#sal) | [4](#sal) |
| [Statement of Operations](#sop) | [5](#sop) |
| [Statements of Changes in Net Assets](#scna) | [6](#scna) |
| [Financial Highlights](#fihi) | [7](#fihi) |
| [Notes to Financial Statements](#notes) | [8](#notes) |
| [Report of Independent Registered Public Accounting Firm](#report) | [15](#report) |
| [Other Information](#other) | [16](#other) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aegis Value Fund** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 81.8%**<br>|  |  |
| **Consumer Discretionary - 0.8%**<br>|  |  |
| **Household Durables - 0.8%**<br>|  |  |
| Bassett Furniture Industries, Inc.<sup>(a)</sup> | 481855 | $8075890  |
| **Specialty Retail - 0.0%<sup>(b)</sup>**<br>|  |  |
| Reitmans CAD LDT A<sup>(c)</sup> | 241361 | 382471  |
| **Total Consumer Discretionary** |  | 8458361  |
| **Consumer Staples - 0.2%**<br>|  |  |
|  **Consumer Staples Distribution & Retail - 0.2%**<br>|  |  |
| Village Super Market, Inc. - Class A | 54750 | 1937876  |
| **Energy - 29.3%<sup>(d)</sup>**<br>|  |  |
| **Energy Equipment & Services - 11.9%**<br>|  |  |
| ACT Energy Technologies Ltd.<sup>(a)(c)</sup> | 1939006 | 7049390  |
| AKITA Drilling Ltd. - Class A<sup>(c)</sup> | 6652685 | 9839314  |
| Enerflex Ltd. | 511060 | 7885656  |
| Koil Energy Solutions, Inc.<sup>(a)(c)</sup> | 766584 | 1770809  |
| Natural Gas Services Group, Inc.<sup>(a)</sup> | 660289 | 22218725  |
| Noram Drilling AS | 1333834 | 4366718  |
|  North American Construction Group Ltd. | 1005817 | 14480306  |
| Precision Drilling Corp.<sup>(c)</sup> | 492753 | 35358452  |
| Tidewater, Inc.<sup>(c)</sup> | 266406 | 13456167  |
| Total Energy Services, Inc. | 615510 | 6681796  |
|  Wolverine Energy & Infrastructure, Inc.<sup>(c)(e)</sup> | 475591 | 0  |
|  |  | 123107333  |
| **Oil, Gas & Consumable Fuels - 17.4%**<br>|  |  |
| Afentra PLC<sup>(c)</sup> | 3467318 | 1924928  |
| ARC Resources Ltd. | 477703 | 8962043  |
| Ardmore Shipping Corp. | 67645 | 716360  |
| Athabasca Oil Corp.<sup>(c)</sup> | 3653213 | 18711222  |
| Cenovus Energy, Inc. | 3345144 | 56591199  |
| Greenfire Resources Ltd.<sup>(c)</sup> | 181511 | 863992  |
| International Petroleum Corp.<sup>(c)</sup> | 1839691 | 33280775  |
| Jadestone Energy PLC<sup>(c)</sup> | 7641873 | 2417562  |
| Parex Resources, Inc. | 687231 | 9237851  |
| PBF Energy, Inc. - Class A | 602476 | 16339149  |
| PetroTal Corp. | 4805885 | 1348050  |
| SEPLAT Energy PLC<sup>(f)</sup> | 3133891 | 11989631  |
| Vermilion Energy, Inc. | 2175494 | 18100719  |
|  |  | 180483481  |
| **Total Energy** |  | 303590814  |
| **Financials - 3.6%**<br>|  |  |
| **Banks - 3.3%**<br>|  |  |
| Bank of Cyprus Holdings PLC | 3143618 | 29340638  |
| First Internet Bancorp | 244342 | 5099417  |
|  |  | 34440055  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Capital Markets - 0.3%**<br>|  |  |
| Hennessy Advisors, Inc. | 140536 | $1349146  |
| Westwood Holdings Group, Inc. | 97606 | 1679799  |
|  |  | 3028945  |
| **Total Financials** |  | 37469000  |
| **Industrials - 0.2%**<br>|  |  |
| **Professional Services - 0.2%**<br>|  |  |
| Paragon Advanced Labs, Inc.<sup>(c)</sup> | 1143000 | 2331718  |
| **Materials - 44.5%<sup>(d)</sup>**<br>|  |  |
| **Chemicals - 3.9%**<br>|  |  |
| AdvanSix, Inc. | 1174992 | 20327362  |
| Mosaic Co. | 826536 | 19911252  |
|  |  | 40238614  |
| **Diversified Metals & Mining - 10.0%**<br>|  |  |
| AIC Mines Ltd.<sup>(c)</sup> | 20384073 | 8005706  |
| Alphamin Resources Corp. | 19381813 | 16804020  |
| Amerigo Resources Ltd.<sup>(a)</sup> | 12426606 | 41103633  |
| C3 Metals, Inc.<sup>(c)</sup> | 1648351 | 1393091  |
| Glencore PLC | 2179279 | 11913336  |
| Gunnison Copper Corp.<sup>(c)</sup> | 2483258 | 759876  |
| Kenmare Resources PLC<sup>(a)</sup> | 7028188 | 23290409  |
| Solitario Resources Corp.<sup>(c)</sup> | 620433 | 432318  |
|  |  | 103702389  |
|  **Gold, Silver & Precious Metals & Minerals - 22.8%**<br>|  |  |
| Asara Resources Ltd.<sup>(c)</sup> | 40000000 | 2578594  |
| Brightstar Resources Ltd.<sup>(c)</sup> | 16666667 | 5475733  |
| Cabral Gold, Inc.<sup>(c)</sup> | 12911156 | 6490618  |
| Catalyst Metals Ltd.<sup>(c)</sup> | 4033416 | 19615684  |
| DPM Metals, Inc. | 606525 | 18745248  |
| Eldorado Gold Corp.<sup>(c)</sup> | 349946 | 12577200  |
| Equinox Gold Corp.<sup>(c)</sup> | 4303550 | 60482663  |
| &nbsp;&nbsp;&nbsp; Erdene Resource Development <br>Corp.<sup>(c)</sup> | 1850057 | 11120156  |
| Galiano Gold, Inc.<sup>(c)</sup> | 6082700 | 15466557  |
| GoldQuest Mining Corp.<sup>(c)</sup> | 2849300 | 3508300  |
| i-80 Gold Corp.<sup>(c)</sup> | 1064476 | 1566604  |
| Liberty Gold Corp.<sup>(c)</sup> | 8567262 | 5180742  |
| Loncor Gold, Inc.<sup>(c)</sup> | 5142858 | 5020895  |
| Metals Exploration PLC<sup>(c)</sup> | 8249895 | 1690302  |
| Minera Alamos, Inc.<sup>(c)</sup> | 35167661 | 13579732  |
| Mundoro Capital, Inc.<sup>(c)</sup> | 2714573 | 504329  |
| Newcore Gold Ltd.<sup>(a)(c)</sup> | 16000002 | 7227424  |
| Orezone Gold Corp.<sup>(c)</sup> | 11906848 | 15354720  |
| Perseus Mining Ltd. | 5226073 | 19646848  |
| Revival Gold, Inc.<sup>(c)</sup> | 8183049 | 4113733  |
| Robex Resources, Inc.<sup>(c)</sup> | 383500 | 1461298  |
| Tesoro Gold Ltd.<sup>(c)</sup> | 1346681 | 1177310  |
| Toubani Resources Ltd.<sup>(c)</sup> | 1300000 | 347767  |
| TriStar Gold, Inc.<sup>(c)</sup> | 351164 | 52449  |
| Troilus Mining Corp.<sup>(c)</sup> | 2773220 | 3172165  |
|  |  | 236157071 |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aegis Value Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Materials - (Continued)**  | **Materials - (Continued)**  | **Materials - (Continued)**  |
| **Mining Services - 4.6%**<br>|  |  |
| Capital Ltd.<sup>(a)</sup> | 23042304 | $35408126  |
| Geodrill Ltd.<sup>(a)(c)</sup> | 3956698 | 11934523  |
|  |  | 47342649  |
| **Paper & Forest Products - 0.5%**<br>|  |  |
| Conifex Timber, Inc.<sup>(c)</sup> | 1526413 | 77847  |
| Interfor Corp.<sup>(c)</sup> | 773473 | 4823816  |
| Mercer International, Inc. | 264447 | 523605  |
|  |  | 5425268  |
| **Steel - 2.7%**<br>|  |  |
| Algoma Steel Group, Inc. | 1727084 | 7109413  |
| Olympic Steel, Inc. | 72276 | 3092329  |
| Ryerson Holding Corp. | 688025 | 17310709  |
|  |  | 27512451  |
| **Total Materials** |  | 460378442  |
| **Utilities - 3.2%**<br>|  |  |
|  **Independent Power and Renewable Electricity Producers - 3.2%**<br>|  |  |
| Hallador Energy Company<sup>(c)</sup> | 1751501 | 33348579  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $519,227,853)** |  | 847514790  |
|  **REAL ESTATE INVESTMENT TRUSTS - 1.3%**<br>|  |  |
| **Real Estate - 1.3%**<br>|  |  |
| **Hotel & Resort REITs - 1.3%**<br>|  |  |
| Chatham Lodging Trust | 661712 | 4506259  |
| RLJ Lodging Trust | 1233285 | 9187973  |
| **Total Real Estate** |  | 13694232  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $13,722,173)** |  | 13694232 |

---

---

| | | |
|:---|:---|:---|
|  | **Contracts**  |  |
| **WARRANTS - 0.0%<sup>(b)</sup>**<br>|  |  |
| **Materials - 0.0%<sup>(b)(d)</sup>**<br>|  |  |
|  **Gold, Silver, & Precious Metals & Minerals - 0.0%<sup>(b)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Revival Gold, Inc., Expires <br>11/30/2026, Exercise Price $0.45<sup>(c)</sup> | 1428572 | 316928  |
| &nbsp;&nbsp;&nbsp; **TOTAL WARRANTS** <br>**(Cost $0)** |  | 316928 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 16.2%**<br>|  |  |
| 3.50%, 01/15/2026<sup>(g)</sup> | $2000000 | $1997085  |
| 3.59%, 01/22/2026<sup>(g)</sup> | 6000000 | 5986838  |
| 3.62%, 01/29/2026<sup>(g)</sup> | 6000000 | 5982509 |
| 3.61%, 02/05/2026<sup>(g)</sup> | 6000000 | 5978321  |
| 3.62%, 02/12/2026<sup>(g)</sup> | 6000000 | 5974044  |
| 3.63%, 02/19/2026<sup>(g)</sup> | 6000000 | 5969720  |
| 3.64%, 02/26/2026<sup>(g)</sup> | 6000000 | 5965418  |
| 3.42%, 03/05/2026<sup>(g)</sup> | 6000000 | 5963559  |
| 3.42%, 03/12/2026<sup>(g)</sup> | 6000000 | 5959483  |
| 3.42%, 03/19/2026<sup>(g)</sup> | 6000000 | 5955496  |
| 3.43%, 03/26/2026<sup>(g)</sup> | 6000000 | 5951422  |
| 3.47%, 04/02/2026<sup>(g)</sup> | 6000000 | 5946787  |
| 3.48%, 04/09/2026<sup>(g)</sup> | 6000000 | 5942649  |
| 3.45%, 04/16/2026<sup>(g)</sup> | 6000000 | 5939026  |
| 3.45%, 04/23/2026<sup>(g)</sup> | 6000000 | 5935083  |
| 3.45%, 04/30/2026<sup>(g)</sup> | 6000000 | 5931066  |
| 3.46%, 05/07/2026<sup>(g)</sup> | 6000000 | 5926864  |
| 3.43%, 05/14/2026<sup>(g)</sup> | 6000000 | 5923363  |
| 3.45%, 05/21/2026<sup>(g)</sup> | 6000000 | 5918975  |
| 3.44%, 05/28/2026<sup>(g)</sup> | 12000000 | 11830047  |
| 3.43%, 06/04/2026<sup>(g)</sup> | 12000000 | 11822707  |
| 3.43%, 06/11/2026<sup>(g)</sup> | 12000000 | 11814687  |
| 3.45%, 06/18/2026<sup>(g)</sup> | 12000000 | 11805547  |
| 3.44%, 06/25/2026<sup>(g)</sup> | 12000000 | 11798015  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $168,186,655)** |  | 168218711  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.3%** <br>**(Cost $701,136,681)** |  | $1029744661  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.7% |  | 6249335  |
| **TOTAL NET ASSETS - 100.0%** |  | $1035993996 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

For purposes of these financial statements, the securities in the portfolio have been organized utilizing their respective Global Industry Classification Standard ("GICS<sup>®</sup>") code. The Fund does not rely exclusively on GICS<sup>®</sup> Industry classifications for purposes of its industry concentration policy. For example, within the Metals & Mining sector, the Fund uses the GICS<sup>®</sup> Sub-Industry classifications, or aggregate there of as shown above, for purposes of determining compliance with its industry concentration policy. In addition, in cases where a holding has been judged by Aegis Financial Corporation ("Advisor") to be misclassified by GICS<sup>®</sup>, or has not been classified by GICS<sup>®</sup>, the Fund uses a Fund-determined GICS<sup>®</sup> framework classification.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

The accompanying notes are an integral part of these financial statements.

2<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aegis Value Fund** 

**Schedule of Investments** 

**December 31, 2025(Continued)** 

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Affiliated security as defined by the Investment Company Act of 1940.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> Non-income producing security.

<sup>(d)</sup> To the extent that the Fund invests more heavily in a particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(e)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Advisor acting as valuation designee. These securities represented $0.00 or 0.0% of net assets as of December 31, 2025.

<sup>(f)</sup> All or a portion of this position was purchased in a private placement transaction and may be a restricted security as defined in Rule 144A under the Securities Act of 1933. Resale may only be available to Qualified Institutional Buyers or through sales on certain offshore exchanges as allowed under Section 904 of Regulation S-X.

<sup>(g)</sup> The rate shown is the annualized yield as of December 31, 2025.

**Allocation of Portfolio Holdings by Country as of December 31, 2025** 

**(% of Net Assets)** 

---

| | | |
|:---|:---|:---|
| Canada | $470677621 | 45.3%  |
| United States | 350422845 | 33.8  |
| Australia | 56847642 | 5.5  |
| Mauritius | 52212146 | 5.0  |
| Cyprus | 29340638 | 2.8  |
| Ireland | 24006769 | 2.3  |
| Nigeria | 11989631 | 1.2  |
| Ghana | 11934523 | 1.2  |
| Switzerland | 11913336 | 1.2  |
| Norway | 4366718 | 0.4  |
| United Kingdom | 3615230 | 0.4  |
| Singapore | 2417562 | 0.2  |
| Other Assets in Excess of Liabilities | 6249335 | 0.7  |
|  | $1035993996 | 100.0% |

---

The accompanying notes are an integral part of these financial statements.

3<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aegis Value Fund** 

**Statement of Assets and Liabilities** 

**December 31, 2025** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments in unaffiliated securities, at value | $871665732  |
| Investments in affiliated securities, at value | 158078929  |
| Cash | 16363966  |
| Receivable for fund shares sold | 2668067  |
| Dividends receivable | 875755  |
| Dividend tax reclaims receivable | 78447  |
| Prepaid expenses and other assets | 61021  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 1049791917  |
| **LIABILITIES:**<br>|  |
| Payable for investments purchased | 11877705  |
| Payable to Advisor | 989328  |
| Payable for capital shares redeemed | 615181  |
| Payable for expenses and other liabilities | 315707  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 13797921  |
| **NET ASSETS** | $1035993996  |
| **Net Assets Consist of:** <br>|  |
| Capital stock ($0.001 per share) | $17700  |
| Additional paid-in capital | 675996976  |
| Total distributable earnings | 359979320  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $1035993996  |
| **Class I**<br>|  |
| Net assets | $1035993996  |
| Capital shares issued and outstanding (100,000,000 shares authorized, $0.001 par value) | 17699672  |
| **Net asset value per share** | $58.53  |
| **Cost:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost | $613187698  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost | $87948983 |

---

The accompanying notes are an integral part of these financial statements.

4<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aegis Value Fund** 

**Statement of Operations** 

**For the Year Ended December 31, 2025** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income from unaffiliated securities | $9797136  |
| Dividend income from affiliated securities | 4060515  |
| Less: issuance fees | (627)  |
| Less: dividend tax withholding from unaffiliated securities | (595907)  |
| Less: dividend tax withholding from affiliated securities | (558807) |
| Interest income | 2419853  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 15122163  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | 7188579  |
| Fund administration and accounting fees | 381022  |
| Transfer agent fees | 218595  |
| Legal fees | 95110  |
| Custodian fees | 64743  |
| Federal and state registration fees | 51575  |
| Compliance fees | 50038  |
| Audit fees | 27077  |
| Reports to shareholders | 18109  |
| Trustees' fees | 7817  |
| Other expenses and fees | 23543  |
| &nbsp;&nbsp;&nbsp; Total expenses | 8126208  |
| **Net investment income** | 6995955  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | 38665428  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | 8895178  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | (43374)  |
| Net realized gain (loss) | 47517232  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated securities | 191538029  |
| &nbsp;&nbsp;&nbsp; Investments in affiliated securities | 59517695  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | 3306  |
| Net change in unrealized appreciation (depreciation) | 251059030  |
| **Net realized and unrealized gain (loss)** | 298576262  |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $305572217 |

---

The accompanying notes are an integral part of these financial statements.

5<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aegis Value Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $6995955 | $3288196  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 47517232 | 28594921  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 251059030 | (5161063)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 305572217 | 26722054  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class I | (22325843) | (25386568)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (22325843) | (25386568)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 527015138 | 52692170  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | 19052789 | 20419985  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (124933070) | (114028334)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 421134857 | (40916179)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 704381231 | (39580693)  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 331612765 | 371193458  |
| &nbsp;&nbsp;&nbsp; End of the year | $1035993996 | $331612765  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Class I | 10701348 | 1419915  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Class I | 326310 | 552788  |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Class I | (2574829) | (3225219)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 8452829 | (1252516) |

---

The accompanying notes are an integral part of these financial statements.

6<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aegis Value Fund** 

**Financial Highlights** 

**Class I** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |
| Net asset value, beginning of year | $35.86 | $35.35 | $31.97 | $28.98 | $21.05  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.56 | 0.36 | 0.25 | 0.07 | 0.07  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 23.48 | 3.06 | 3.92 | 2.97 | 7.86  |
| **Total from investment operations** | 24.04 | 3.42 | 4.17 | 3.04 | 7.93  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |
| Net investment income | (0.43) | (0.37) | (0.23) | (0.05) | —  |
| Net realized gains | (0.94) | (2.54) | (0.56) |  | —  |
| **Total distributions** | (1.37) | (2.91) | (0.79) | (0.05) | —  |
| **Net asset value, end of year** | $58.53 | $35.86 | $35.35 | $31.97 | $28.98  |
| TOTAL RETURN | 67.07% | 9.43% | 13.13% | 10.50% | 37.67%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |
| Net assets, end of year (in thousands) | $1035994 | $331613 | $371193 | $274310 | $179564  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment | 1.36% | 1.45% | 1.43% | 1.45% | 1.48%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment | 1.36% | 1.45% | 1.46% | 1.50% | 1.50%  |
|  Ratio of net investment income (loss) to average net assets | 1.17% | 0.97% | 0.75% | 0.23% | 0.25%  |
| Portfolio turnover rate | 12% | 9% | 2% | 20% | 40% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the years.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years. 

The accompanying notes are an integral part of these financial statements.

7<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aegis Value Fund** 

**Notes to Financial Statements** 

**December 31, 2025** 

1. THE ORGANIZATION

The Aegis Funds (comprised of the Aegis Value Fund) (the "Fund") is registered under the Investment Company Act of 1940 (the "1940 Act") as a diversified open- end management investment company. Prior to the close of business on December 13, 2019, the Fund offered Class A and Class I shares. Effective at the close of business on December 13, 2019, Class A shares were converted into Class I shares and Class A shares were terminated. The Fund's principal investment goal is to seek long-term capital appreciation by investing primarily in common stocks that are believed to be significantly undervalued relative to the market based on a company's book value, revenues, or cash flow.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

As an investment company, as defined in Financial Accounting Standards Board ("FASB") Accounting Standards Update 2013-08, the Fund follows accounting and reporting guidance under FASB Accounting Standards Codification Topic 946, "Financial Services – Investment Companies".

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Fund. The Fund operates as a single segment entity. The Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's chief operating decision maker (CODM). The financial information used by the CODM to assess performance and allocate resources, including total return, expense ratios, assets, and portfolio composition, is consistent with that presented within the portfolio's financial statements and financial highlights.

**Security valuation. Investments in securities are valued based on market quotations or on data furnished by an independent pricing service. Investments in securities traded on a national securities exchange (or reported on the NASDAQ National Market) are stated at the last reported sales price or a market's official close price on the day of valuation; other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are stated at the last close price, or the average of bid and ask price for NASDAQ National Market securities. Short-term (less than 60 days maturity) notes are stated at amortized cost, which is equivalent to value. Restricted securities, securities for which market quotations are not readily available, and securities with market quotations that Aegis Financial Corporation (the "Advisor") does not believe are reflective of market value are valued at fair value as determined by the Advisor, as the valuation designee, under the oversight of the Board of Trustees (the "Board"). In determining fair value, the Advisor considers all relevant qualitative and quantitative factors available. These factors are subject to change over time and are reviewed periodically. The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized, since such amounts depend on future developments inherent in long-term investments. Further, because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. Where a security is traded in more than one market, which may include foreign markets, the securities are generally valued on the market considered by the Advisor to be the primary market. The Fund values its foreign securities in U.S. dollars on the basis of the then-prevailing currency exchange rates.**

In accordance with accounting principles generally accepted in the United States of America ("GAAP"), fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. GAAP establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below:

---

| | |
|:---|:---|
| Level 1 –<br>| quoted prices in active markets for identical securities. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value.  |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**Aegis Value Fund** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

---

| | |
|:---|:---|
| Level 2 –<br>| other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.), quoted prices for identical or similar assets in markets that are not active, and inputs that are derived principally from or corroborated by observable market data. An adjustment to any observable input that is significant to the fair value may render the measurement a Level 3 measurement.  |

---

Level 3 – significant unobservable inputs, including the Fund's own assumptions in determining the fair value of investments.

**Common stocks, preferred stocks and warrants. Securities traded or dealt in one or more domestic securities exchanges, excluding the National Association of Securities Dealers' Automated Quotation System ("NASDAQ"), and not subject to restrictions against resale are valued on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities at the last quoted sales price or in the absence of a sale, at the mean of the last bid and asked prices. Securities traded or dealt in the NASDAQ and not subject to restrictions against resale are valued in accordance with the NASDAQ Official Closing Price. Securities traded on the NASDAQ Stock Market for which there were no transactions on a particular day are valued at the mean of the last bid and asked prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Stocks traded on inactive markets or valued by reference to similar instruments are categorized in Level 2.**

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund's investments as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total**  |
| **Common Stocks**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | $8075890 | $382471 | $— | $8458361  |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 1937876 |  |  | 1937876  |
| &nbsp;&nbsp;&nbsp; Energy | 287258693 | 16332121 | 0 | 303590814  |
| &nbsp;&nbsp;&nbsp; Financials | 8128362 | 29340638 |  | 37469000  |
| &nbsp;&nbsp;&nbsp; Industrials | 2331718 |  |  | 2331718  |
| &nbsp;&nbsp;&nbsp; Materials | 369504364 | 90874078 |  | 460378442  |
| &nbsp;&nbsp;&nbsp; Utilities | 33348579 |  |  | 33348579  |
| **Real Estate Investment Trusts**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Real Estate | 13694232 |  |  | 13694232  |
| **Warrants**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Materials |  | 316928 |  | 316928  |
| **Short-Term Investments**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 168218711 |  | 168218711  |
| **Total** | $724279714 | $305464947 | $0 | $1029744661 |

---

When market quotations are not readily available, any security or other asset is valued at its fair value as determined in good faith under procedures approved by the Board. If events occur that will affect the value of the Fund's portfolio securities before the net asset value ("NAV") has been calculated (a "significant event"), the security will generally be priced using a fair value procedure. If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open may also be valued at fair value. With respect to foreign (non-U.S.) equity securities, the Fund may determine the fair value of investments based on information provided by a pricing service, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the valuation designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign

9<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aegis Value Fund** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

(non-U.S.) securities. For these purposes, unless otherwise determined by the valuation designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Fund's portfolio investments being affected when shareholders are unable to buy or sell shares. The Board has adopted specific procedures for valuing portfolio securities and delegated the responsibility of fair value determinations to the Advisor, as the Fund's valuation designee. In determining the fair value of an investment, the Advisor seeks, in conjunction with the valuation methodology used pursuant to the procedures approved by the Board, to take into account the relevant factors and surrounding circumstances, which may include as appropriate and among other factors: (i) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; (iii) the price and extent of trading similar securities of comparable companies; (iv) the political and economic environment and government actions or pronouncements; (v) any special reports prepared by analysts; and (vi) the extent to which the fair value to be determined for the security will result from the use of data or formula produced by the third parties independent of the Advisor.

The following is a reconciliation of the Fund's Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended December 31, 2025:

---

| | |
|:---|:---|
| **Fair Value Measurement Using Significant Unobservable Inputs (Level 3)** | **Investments in** <br>**Securities**  |
| Beginning balance as of December 31, 2024 | $0  |
| Purchases | —  |
| Sales | —  |
| Realized gain included in earnings | —  |
| Change in unrealized depreciation | —  |
| Transfer into Level 3 during the period | —  |
| Ending balance as of December 31, 2025 | $0  |
| Change in unrealized depreciation still held as of December 31, 2025 | $— |

---

**Foreign risk and currency translation. The Fund invests directly in foreign securities. Financial market fluctuations in any country where the Fund has investments will likely affect the value of the securities that the Fund owns in that country. These movements will affect the Fund's share price and investment performance. The political, economic, and social structures of some countries may be less stable and more volatile than those in the United States. The risks of investing in foreign markets include currency fluctuations, possible nationalization or expropriation of assets, extraordinary taxation or exchange controls, political or social instability, unfavorable diplomatic developments, and certain custody and settlement risks. In addition to these risks, many foreign markets have less trading volume and less liquidity than the U.S. markets, and therefore prices in foreign markets can be highly volatile.**

Foreign markets may also have less protection for investors than the U.S. markets. Foreign issuers may be subject to less government supervision. It may also be difficult to enforce legal and shareholder/bondholder rights in foreign countries. There is no assurance that the Fund will be able to anticipate these risks or counter their effects.

The accounting records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective date of these transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gains or losses from investments.

Reported net realized foreign exchange gains or losses arise from sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign

10<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aegis Value Fund** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

currency gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at each reporting period, resulting from changes in the exchange rate. These fluctuations are included with the net realized and unrealized gains or losses from investments.

**Federal income and excise taxes. The Fund's policy is to comply with the requirements of Subchapter M of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all investment company taxable income and net capital gain to shareholders in a manner that results in no tax cost to the Fund. Therefore, no federal income tax provision is required.**

**Distributions to shareholders. Distributions to the Fund's shareholders, which are determined in accordance with income tax regulations, are recorded on the ex- dividend date. Distributions of net investment income, if any, are made at least annually for the Fund. Net realized gains from investment transactions, if any, will be distributed to shareholders annually.**

The character of distributions made during the year from net investment income or net realized gain may differ from the characterization for federal income tax purposes due to differences in the recognition of income, expense and gain/(loss) items for financial statement and tax purposes. Where appropriate, reclassifications between net asset accounts are made for such differences that are permanent in nature.

**Use of estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.**

**Security Transactions, Income and Expenses. The Fund records security transactions based on the trade date. Interest income is recognized on the accrual basis and includes accretion of discounts and amortization of premiums. The specific identification method is used to determine book and tax cost basis when calculating realized gains and losses. Dividend income is recognized on the ex-dividend date, and interest income is recognized on the accrual basis and includes accretion of discounts and amortization of premiums. Distributions from real estate investment trusts ("REITs") are recorded as ordinary income, net realized capital gain or return of capital based on information reported by the REITs and management's estimates of such amounts based on historical information. These estimates are adjusted when the actual source of distributions is disclosed by the REITs and actual amounts may differ from the estimated amounts. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates. The Fund records estimated amounts recoverable from foreign tax authorities as reclaims, which are included in dividend tax withholding on the Statement of Operations.**

**Indemnifications. In the normal course of business, the Fund enters into contracts that contain a variety of representations, which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.**

**Significant Concentrations. The Fund maintains a demand deposit in excess of Federal Deposit Insurance Company ("FDIC") Insurance limits. As a result, the Fund is exposed to credit risk in the event of insolvency or other failure of the institution to meet its obligations. The Fund manages this risk by dealing with a major financial institution and monitoring its credit worthiness.**

**New Accounting Disclosure. Update 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures ("ASU 2023-09"). Adoption of the new standard by the Fund's financial position or results of operations. A disaggregation of income taxes paid by jurisdiction is presented when significant income taxes are paid. Income taxes paid by the Fund for the year were determined to not be significant.** 

3. ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES

The Fund entered into an investment management and advisory services agreement (the "Agreement") with the Advisor that provides for a fee, computed daily and paid monthly at the annual rate of 1.20% of the Fund's average daily net assets. The Agreement shall remain in force through December 31, 2025, and may be renewed for additional one-year periods thereafter if approved annually by a majority of the independent members of the Board. The

11<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aegis Value Fund** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

Agreement may be terminated at any time, without penalty, by the Fund on sixty (60) days' written notice or by the Advisor on ninety (90) days' written notice. During the year ended December 31, 2025, the Fund incurred $7,188,579 in investment advisory fees. The Fund and the Advisor have also entered into an expense limitation agreement which shall remain in force through April 30, 2026, that provides for an advisory fee waiver and expense reimbursement from the Advisor if the Fund's expenses, exclusive of taxes, interest, fees incurred in acquiring or disposing of portfolio securities, and extraordinary expenses, exceeds 1.50% for the Class I, of the Fund's average daily net assets. During the year ended December 31, 2025, the Advisor did not recover or waive fees.

Certain officers and Trustees of the Fund are also officers of the Advisor. The Fund pays each Trustee who is not an officer of the Advisor fees in cash or Fund shares of $1,000 for each attended board meeting for the Fund and $500 for each attended audit committee meeting for the Fund. In addition, the Fund reimburses the Advisor for chief compliance officer services, a yearly amount of $50,000 paid on a quarterly basis.

4. INVESTMENT TRANSACTIONS

Purchases and sales of long-term investment securities (excluding short-term investments) for the Fund are presented below for the year ended December 31, 2025.

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Aegis Value Fund | $308836845 | $62378602 |

---

5. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF NET ASSETS

As of December 31, 2025, the components of accumulated earnings (losses) for income tax purposes were as follows:

---

| | |
|:---|:---|
| Tax cost of Investments | $702412573  |
| Unrealized appreciation of Investments | 369208444  |
| Unrealized depreciation of Investments | (41873625)  |
| Net unrealized appreciation | 327334819  |
| Undistributed ordinary income | 8861762  |
| Undistributed long term gain | 23782739  |
| Distributable earnings (deficit) | 32644501  |
| Total accumulated gain | $359979320 |

---

The difference between book and tax-basis is attributable to adjustments on passive foreign investment companies (PFICs).

As of December 31, 2025, the Fund has no capital loss carryforwards. The Fund did not utilize short term capital loss carryovers, and long-term capital loss carryovers during the year ended December 31, 2024.

As of December 31, 2025, the Fund did not defer on a tax basis, any qualified late year losses.

On the Statement of Assets and Liabilities, as a result of permanent book to tax differences, certain amounts have been reclassified for the year ended December 31, 2025. The reclassifications were primarily a result of the utilization of earnings and profits on redemption of shares as part of the dividends paid deductions.

---

| | |
|:---|:---|
| Total Distributable Earnings | $(2714448)  |
| Paid In Capital | $2714448 |

---

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aegis Value Fund** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

The tax components of dividends paid during the year ended December 31, 2025, and the year ended December 31, 2024, were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  | **Year Ended December 31, 2024**  |
| **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gains** | **Total** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gains** | **Total**  |
| $11714689 | $10611154 | $22325843 | $7473057 | $17913511 | $25386568 |

---

GAAP requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing the Fund's tax returns to determine whether these positions meet a "more-likely-than-not" standard that, based on technical merits, have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the "more-likely-than-not" recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as an interest expense in the Statement of Operations.

GAAP requires management of the Fund to analyze all open tax years, as defined by IRS statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. Open tax years include the tax years ended December 31, 2022, through December 31, 2025. As of and during the year ended December 31, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal income and excise tax returns, as required. The Fund's federal income tax returns are subject to examination by the IRS for a period of three fiscal years after they are filed. The Fund has no examination in progress and is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

6. INVESTMENTS IN AFFILIATED COMPANIES<sup>(1)</sup>

Investments representing 5% or more of the outstanding voting securities of a portfolio company result in that company being considered an affiliated company, as defined in the 1940 Act. The aggregate value of all securities of affiliated companies held in the Aegis Value Fund as of December 31, 2025, amounted to $158,078,929 representing 15.26% of net assets. A summary of transactions involving these companies for the year ended December 31, 2025, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Share Balance** <br>**December 31, 2024** | **Additions** | **Deductions** | **Share Balance** <br>**December 31, 2025**  |
| ACT Energy Technologies Ltd<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; — | 1939006 |  | &nbsp;&nbsp;&nbsp; 1939006  |
| Amerigo Resources Ltd | &nbsp;&nbsp;&nbsp; 18172738 |  | (5746132) | &nbsp;&nbsp;&nbsp; 12426606  |
| Bassett Furniture Industries Inc | &nbsp;&nbsp;&nbsp; 456855 | 25000 |  | &nbsp;&nbsp;&nbsp; 481855  |
| Cabral Gold, Inc.<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; 12911156 |  |  | &nbsp;&nbsp;&nbsp; 12911156  |
| Capital Ltd | &nbsp;&nbsp;&nbsp; 12499977 | 10542327 |  | &nbsp;&nbsp;&nbsp; 23042304  |
| Conifex Timber, Inc.<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; 2346913 |  | (820500) | &nbsp;&nbsp;&nbsp; 1526413  |
| Geodrill Ltd | &nbsp;&nbsp;&nbsp; 3956698 |  |  | &nbsp;&nbsp;&nbsp; 3956698  |
| Kenmare Resources PLC<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; 3957622 | 3070566 |  | &nbsp;&nbsp;&nbsp; 7028188  |
| Koil Energy Solutions Inc | &nbsp;&nbsp;&nbsp; 766584 |  |  | &nbsp;&nbsp;&nbsp; 766584  |
| Minera Alamos, Inc.<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; 37611661 |  | (2444000) | &nbsp;&nbsp;&nbsp; 35167661  |
| Natural Gas Services Group Inc | &nbsp;&nbsp;&nbsp; 660289 |  |  | &nbsp;&nbsp;&nbsp; 660289  |
| Newcore Gold Ltd | &nbsp;&nbsp;&nbsp; 16000002 |  |  | &nbsp;&nbsp;&nbsp; 16000002 |

---

13<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Aegis Value Fund** 

**Notes to Financial Statements** 

**December 31, 2025(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Value**<br>**December 31, 2024** | **Acquisitions** | **Dispositions** | **Corporate**<br>**Actions**  |
| ACT Energy Technologies Ltd<sup>(2)</sup> | &nbsp;&nbsp; — | 7172128 |  | —  |
| Amerigo Resources Ltd | &nbsp;&nbsp; 19722057 |  | (17346459) | —  |
| Bassett Furniture Industries Inc | &nbsp;&nbsp; 6318305 | 388671 |  | —  |
| Cabral Gold, Inc.<sup>(3)</sup> | &nbsp;&nbsp; 1841307 |  |  | —  |
| Capital Ltd | &nbsp;&nbsp; 12675398 | 13007288 |  | —  |
| Conifex Timber, Inc.<sup>(3)</sup> | &nbsp;&nbsp; 481644 |  | (55276) | —  |
| Geodrill Ltd | &nbsp;&nbsp; 8450425 |  |  | —  |
| Kenmare Resources PLC<sup>(2)</sup> | &nbsp;&nbsp; 15676313 | 12760564 |  | —  |
| Koil Energy Solutions Inc | &nbsp;&nbsp; 1770809 |  |  | —  |
| Minera Alamos, Inc.<sup>(3)</sup> | &nbsp;&nbsp; 6541386 |  | (736607) | —  |
| Natural Gas Services Group Inc | &nbsp;&nbsp; 17695745 |  |  | —  |
| Newcore Gold Ltd | &nbsp;&nbsp; 3450555 |  |  | —  |
| **Total** | &nbsp;&nbsp; $94623944 | $33328651 | $(18138342) | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized**<br>**Gain (Loss)** | **Change in** <br>**Unrealized** <br>**Appreciation** <br>(Depreciation) | **Value** <br>**December 31, 2025** | **Dividend** <br>**Income**  |
| ACT Energy Technologies Ltd<sup>(2)</sup> |  | (122738) | &nbsp;&nbsp; 7049390 | —  |
| Amerigo Resources Ltd | 12169910 | 26558125 | &nbsp;&nbsp; 41103633 | 1435674  |
| Bassett Furniture Industries Inc |  | 1368914 | &nbsp;&nbsp; 8075890 | 370484  |
| Cabral Gold, Inc.<sup>(3)</sup> |  | 4649311 | &nbsp;&nbsp; 6490618 |  |
| Capital Ltd |  | 9725440 | &nbsp;&nbsp; 35408126 | 418827  |
| Conifex Timber, Inc.<sup>(3)</sup> | (3728740) | 3380219 | &nbsp;&nbsp; 77847 |  |
| Geodrill Ltd |  | 3484098 | &nbsp;&nbsp; 11934523 | —  |
| Kenmare Resources PLC<sup>(2)</sup> |  | (5146468) | &nbsp;&nbsp; 23290409 | 1138062  |
| Koil Energy Solutions Inc |  |  | &nbsp;&nbsp; 1770809 | —  |
| Minera Alamos, Inc.<sup>(3)</sup> | 454008 | 7320945 | &nbsp;&nbsp; 13579732 |  |
| Natural Gas Services Group Inc |  | 4522980 | &nbsp;&nbsp; 22218725 | 138661  |
| Newcore Gold Ltd |  | 3776869 | &nbsp;&nbsp; 7227424 | —  |
| **Total** | $8895178 | $59517695 | &nbsp;&nbsp; $178227126 | $3501708 |

---

<sup>(1)</sup> As a result of the Aegis Value Fund's beneficial ownership of common stock of these companies, regulators require that the Fund state that it may be deemed an affiliate of the respective issuer. The Fund disclaims that the "affiliated persons" are affiliates of the Distributor, Advisor, Funds or any other client of the Advisor.

<sup>(2)</sup> This security was not affiliated as of December 31, 2024.

<sup>(3)</sup> This security was not affiliated as of December 31, 2025.

7. CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund pursuant to Section 2(a)(9) of the 1940 Act. As of December 31, 2025, Charles Schwab & Co. Inc held approximately 31.52% of the Aegis Value Fund for the benefit of its customers.

8. SUBSEQUENT EVENTS

In connection with the preparation of the financial statements of the Fund as of and for the year ended December 31, 2025, events and transactions subsequent to December 31, 2025, have been evaluated by management for possible adjustment and/or disclosure. Management has determined that there were no material events that would require disclosure in the Fund's financial statements.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aegis Value Fund** 

**Report of Independent Registered Public Accounting Firm** 

To the Shareholders of Aegis Value Fund and

Board of Trustees of The Aegis Funds

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Aegis Value Fund (the "Fund"), a series of shares of beneficial interest in The Aegis Funds, as of December 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

The Fund's financial highlights for the years ended December 31, 2022, and prior, were audited by other auditors whose report dated February 28, 2023, expressed an unqualified opinion on those financial highlights.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund's auditor since 2023.

![](14560_sig.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

February 27, 2026

15<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aegis Value Fund** 

**OTHER INFORMATION (Unaudited)** 

**PROXY VOTING**

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available by request, without charge, by calling the Fund's toll-free telephone number, 800-528-3780. Information regarding how the Fund voted proxies, if any, relating to portfolio securities during the most recent 12-month year ended December 31 is available upon request, without charge, by calling 800-528-3780. The Fund's proxy voting policies and procedures and voting record are also available on the U.S. Securities and Exchange Commission ("SEC") website at http://www.sec.gov.

**CODE OF ETHICS** 

The Fund has adopted a code of ethics applicable to its principal executive officer and principal financial officer. A copy of this code is available, without charge, by calling the Fund's toll-free phone number, 800-528-3780.

**FUND HOLDINGS** 

The complete schedules of the Fund's holdings for the second and fourth quarters of each fiscal year are contained in the Fund's semi-annual and annual shareholder reports, respectively. The Fund files complete schedules of the Fund's holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT Part F within 60 days after the end of the period. Copies of the Fund's Form N-PORT Part F are available without charge, upon request, by contacting the Fund at 800-528-3780 and on the SEC's website at http://www.sec.gov. You may also review and copy Form N-PORT Part F at the SEC's Public Reference Room in Washington, DC. For more information about the operation of the Public Reference Room, please call the SEC at 1-800-SEC-0330.

**TAX DESIGNATION** 

For the year ended December 31, 2025, certain dividends paid by the Fund may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| Aegis Value Fund | 88.71% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the year ended December 31, 2025, was as follows:

---

| | |
|:---|:---|
| Aegis Value Fund | 9.56% |

---

The percentage of income that is designated as qualified interest income which may be exempt from U.S tax withholding when paid to non-U.S. Shareholders was as follows:

---

| | |
|:---|:---|
| Aegis Value Fund | 8.04% |

---

**Operation and Effectiveness of Liquidity Risk Management Program (Unaudited)** 

Pursuant to Rule 22e-4 under the Investment Company Act of 1940, the Fund has adopted and implemented a liquidity risk management program (the "Program") designed to assess and manage the risk that the Fund could not meet requests to redeem Fund shares without significant dilution of remaining investors' interests in the Fund. In assessing, managing and reviewing liquidity risk under the Program, the Fund considers a variety of factors, including its investment strategy, portfolio investments, portfolio concentration, cash flow projections, redemption policy and redemption history.

The Program requires the Fund to, among other things, (1) periodically classify (no less frequently than monthly) its investments into specific liquidity categories; (2) determine and monitor compliance with a minimum level of Fund net assets invested in "highly liquid investments" (as defined under Rule 22e-4); (3) monitor compliance with a 15% limit for the acquisition of "illiquid investments" (as defined under Rule 22e-4); and (4) periodically assess (no less frequently than annually) the Fund's liquidity risk based on certain factors.

During the 12-month period ended September 30, 2024 (the "Review Period"), there were no liquidity events that materially affected the Fund's performance or ability to timely meet redemptions without dilution to remaining investors' interests in the Fund.

16<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Aegis Value Fund** 

**OTHER INFORMATION (Unaudited)(Continued)** 

The Chief Compliance Officer of the Fund, which the Board has designated to administer the Program, prepared a written report that addressed the operation of the Program and assessed the Program's adequacy and effectiveness of implementation during the Review Period (the "Report"). The Board reviewed and accepted the Report, which reflected that the Program is reasonably designed to assess and manage the Fund's liquidity risk and that during the Review Period the Program operated adequately and effectively in managing the Fund's liquidity risk.

17<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of
 this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

Not Applicable.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal
 Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under
 the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded
 that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately
 recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service
 provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control
 over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have
 materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* [(1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Filed herewith.](af-efp22714_ex99code.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable for open-end funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](af-efp22714_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide
 the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related
 to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring
 during the reporting period. There was no change in the registrant's independent public accountant for the period covered by this
 report.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.*](af-efp22714_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Aegis Funds

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Scott L. Barbee |
|  | Scott L. Barbee, Principal Executive Officer |

---

Date <u>3/6/26</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Scott L. Barbee |
|  | Scott L. Barbee, Principal Executive Officer |

---

Date <u>3/6/26</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Justin P. Harrison |
|  | Justin P. Harrison, Principal Financial Officer |

---

Date <u>3/6/26</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Code

**EX.99.CODE ETH** 

**THE AEGIS FUNDS**

**CODE OF ETHICS**

May 15, 1998<br> (Last revised Jun 9, 2025)

This Code of Ethics has been adopted by the Board of Trustees of The Aegis Funds (the "Trust"). This Code of Ethics is intended to comply with Rule 17j-1 of the Investment Company Act of 1940 (the "Act") as amended.

Rule 17j-1(b) of the Act makes it unlawful for any Trustee or employee of The Aegis Funds and its series (each a "Fund" and collectively the "Funds"), or its investment adviser, Aegis Financial Corporation (the "Adviser," "AFC"), in connection with the purchase or sale, directly or indirectly, by the person of a Security Held or to be Acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To employ any device, scheme or artifice to defraud a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To make any untrue statement of a material fact to a Fund or omit to state a material fact necessary in order to make the statements made to a Fund, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. To engage in any act, practice or course of business that operates or would operate as a fraud or deceit on a Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. To engage in any manipulative practice with respect to a Fund.

A. Definitions

As used in this Code, the following terms have the following meanings:

***"Access Person"*** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any Trustee or Advisory Person, as defined in this section, of a Fund or the Adviser thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) With respect to a principal underwriter, any Director, Officer or General Partner of such principal underwriter who in the ordinary course of business makes, participates in, or obtains information regarding the purchase or sale of securities for a Fund for which the principal underwriter so acts or whose functions or duties as part of the ordinary course of business relate to the making of any recommendation to a Fund regarding the purchase or sale of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding the provisions of paragraph A(ii), where the Adviser is primarily engaged in a business or businesses other than advising a Fund or other advisory clients, the term "Access Person" shall mean: any Director, Officer, General Partner or Advisory Person of the Adviser who, with respect to any Fund, makes any recommendation, participates in the determination of which recommendation shall be made, or whose principal function or duties relate to the determination of which recommendation shall be made to any Fund; or who, in connection with his duties, obtains any information concerning securities recommendations being made by such investment adviser to any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Adviser is "primarily engaged in a business or businesses other than advising registered investment companies or other advisory clients" when, for each of its most recent three fiscal year or for the period of time since its organization, whichever is lesser, the Adviser derived, on an unconsolidated basis, more than 50 percent of (A) its total sales and revenues, and (B) its income before income taxes and extraordinary items from such other business or businesses.

***"Advisory Person"*** of a Fund or the Adviser thereof means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any employee of a Fund or Adviser (or of any company in a Control relationship to a Fund or Adviser) who, in connection with his regular functions or duties, makes, participates in, or obtains information regarding the purchase or sales of Covered Securities (as defined below) by a Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any natural person in a Control relationship to a Fund or Adviser who obtains information concerning recommendations made to such company with regard to the purchase or sale of Covered Securities by a Fund.

***"Automatic Investment Plan"*** means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

***"Beneficial Ownership"*** generally means having a direct or indirect pecuniary interest in a security other than the receipt of an advisory fee and is legally defined to be beneficial ownership as used in Rule 16a-1(a)(2) under Section 16 of the Securities Exchange Act of 1934.

***"Chief Compliance Officer***" and "***CCO***" means the Chief Compliance Officer of AFC or other designated person in case of reports submitted by the CCO and transactions or activities by the CCO.

***"Control***" shall have the same meaning as set forth in Section 2(a)(9) of the Act. This includes the power to exercise a controlling influence over the management or policies of an account or entity.

"***Covered Security"*** means any security as defined in Section 2(a)(36) of the Act, except that it does not include (i) direct obligations of the government of the United States; (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; (iii) and shares issued by open-end registered investment companies that are not managed by AFC.

***"Investment Personnel***" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any employee of a Fund or the Adviser (or of any company in a Control relationship to a Fund or the Adviser) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by a Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any natural person who controls a Fund or the Adviser and who obtains information concerning recommendations made to a Fund regarding the purchase or sale of securities by a Fund.

***"Security Held or to be Acquired***" by a Fund means any Covered Security which, within the most recent 15 days, either is or has been held by a Fund; or is being or has been considered by a Fund or the Adviser for purchase by a Fund. This definition also includes any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security.

B. Requirements

An Access Person shall:

1. Not engage in any act, practice or course of conduct that would violate the provisions of Rule 17j-1(b) set forth above, and shall act with integrity, competence and in an ethical manner when dealing with a Fund, its shareholders, prospective shareholders, Trustees and other affiliated persons, and the public.

2. Use reasonable care and exercise professional judgment in all actions affecting a Fund.

3. Maintain general knowledge of and comply with all applicable federal and state laws, rules and regulations governing a Fund's activities, and not knowingly participate or assist in any violation of such laws, rules or regulations.

4. Not engage in any conduct involving dishonesty, fraud, deceit, or misrepresentation or commit any act which reflects adversely on their honesty, trustworthiness, or professional competence.

5. Respect and maintain the confidentiality of information regarding the operations of the Funds, their securities transactions and potential transactions, their portfolio strategies, or any other matters within the bounds of fiduciary duty. Confidentiality is not required for any information which represents an illegal activity as mentioned in item 3.

6. Disclose any personal or beneficial ownership of securities, or any other potential conflict of interest, that could reasonably be expected to interfere with their fiduciary duty to a Fund or their ability to make objective and unbiased recommendations or decisions regarding the operations of a Fund.

7. To the extent applicable to the duties of such person, exercise diligence and thoroughness in securities research and in the making of investment recommendations and decisions; and maintain appropriate records to support the reasonableness of such recommendations and decisions.

8. Use particular care in determining applicable fiduciary duty; and comply with such duty to a Fund and its shareholders. "Access Persons" and "Advisory Persons" must act for the benefit of a Fund and its shareholders and place those interests before their own.

9. To the extent applicable to the duties of such person, deal fairly and objectively with a Fund and its associated persons when disseminating investment recommendations, disseminating material changes in recommendations, and taking investment action.

10. Refrain from any misrepresentations or factual omissions that could affect investment decisions or other operating decisions of a Fund or its shareholders.

11. Be aware of the defined scope of material nonpublic information related to the value of a security. Avoid any trading or causing any other party to trade in that security if such trading would breach a fiduciary duty or if the information was misappropriated or relates to a material corporate event.

12. To the extent applicable to the duties of such person, use proper judgment and diligence in calculating the investment performance of a Fund. Ensure that transactions are properly recorded and that portfolio pricing is accurate. Disclose promptly and correct any errors in a Fund's NAV calculation.

13. Comply on a timely basis with the reporting requirements of Rule 17j-1 of the Act as described in section (c) of the Rule.

C. Activity Restrictions

1. Pre-approval of certain IPOs/Limited Offerings: Investment Personnel are required to obtain written approval from the CCO before directly or indirectly acquiring beneficial ownership of any security in an initial public offering (IPO) (as defined in Rule 17j-1(a)(6)) or in a limited offering (as defined in Rule 17j-1(a)(8)) (e.g., interest in a private fund). Such approval shall be documented on <u>Exhibit B</u>: Personal Trading Request and Authorization Form.

2. Investment Personnel must not accept gifts in excess of limits contained in Rule 3220 of the Conduct Rules of FINRA from any entity doing business with a Fund or Adviser.

3. Investment Personnel shall not serve on the Boards of Directors/Trustees of publicly traded companies, or in any similar capacity, absent the prior approval of such service by the CCO following the receipt of a written request for such approval. In the event such a request is approved, procedures shall be developed to avoid potential conflicts of interest. A Form of Report on Outside Business Activities is attached as <u>Exhibit F</u>.

D. Reporting and Recordkeeping

To enable a Fund and the Adviser to determine with reasonable assurance whether the provisions of Rule 17j-1(b) and this Code are being observed by their Access Persons:

1. Every Access Person shall report to the Fund or the Adviser on the form attached hereto as <u>Exhibit C</u> an initial and annual statement of holdings in any Covered Securities in which such

Access Person has, or by reason of such transaction acquires, any direct or indirect beneficial ownership in the security. The Access Person shall also report any investment accounts in which the Access Person has any direct or indirect beneficial ownership. Such reports shall be submitted not later than ten (10) days after becoming an Access Person and not later than thirty (30) days after the end of each calendar year. The CCO shall provide the reports to the Adviser's Controller for review. A Trustee who is not an "interested person" of a Fund or the Adviser within the meaning of Section 2(a)(19) of the Act ("Disinterested Trustee"), and who would be required to make a report described in item D(1) solely by reason of being a Trustee of a Fund, shall not be required to make such reports under this item D(1).

2. Every Access Person shall report to the CCO (or the Adviser's Controller, with respect to the CCO's reports) on the form attached hereto as <u>Exhibit D</u> any transactions in Covered Securities in which such Access Person has, or by reason of such transaction acquires, any direct or indirect beneficial ownership in the security as described in item D(1) above. Every report shall be made not later than thirty (30) days after the end of the calendar quarter in which the transaction was effected, and shall contain at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The date of the transaction, title and number of shares, and, as applicable, the exchange ticker symbol or CUSIP number, interest rate and maturity date and the principal amount of the security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The nature of the transaction (purchase, sale, exchange, gift, etc.);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The price at which the transaction was effected

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The name of the broker, dealer or bank through whom the transaction was effected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The date that the report was submitted.

3. No person shall be required to make a report as described in Item D(1) and Item D(2) above if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The transaction is effected for any account over which such person does not have any direct or indirect influence or control or in which the person has no "pecuniary interest" as such term is defined in the rules of Section 16 of the Securities Exchange Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Such person is a Disinterested Trustee, and would be required to make a report solely by reason of being a Trustee of a Fund; except where such Trustee knew or should have known that during the 15-day period immediately preceding or after the date of the transaction in a Covered Security by the Trustee, such Covered Security is or was purchased or sold by a Fund or such purchase or sale was considered by a Fund or its Adviser. In such cases, the Trustee shall submit a report in the form attached hereto as <u>Exhibit A</u> to the CCO not later than ten (10) days after the end of each calendar quarter with respect to any Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Where a report to the CCO pursuant to this Code would duplicate information provided to the Adviser pursuant to its Code and is recorded pursuant to Rules 204-2(a)(12) or 204-2(1)(13) under the Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The purchases or sales are non-volitional on the part of either the Access Person or a Fund, are part of an Automatic Investment Plan, or are an exercise of rights issued by an issuer pro rata to all holders of a class of its securities; provided, however, that this clause (iv) applies only to the transaction reporting requirements of item D(2).

4. Each Access Person, (other than a Disinterested Trustee exempt from the reporting requirements under item D(1) or D(3)) shall instruct any broker-dealer, custodian, or other financial institution that maintains a brokerage or other account holding Covered Securities in which the person has direct or indirect beneficial ownership to provide duplicate trade confirmations and periodic account statements directly to the CCO (or the Adviser's Controller, in the case of the CCO's accounts). Duplicate trade confirmations are not required for any such account where (a) the periodic statement includes all required details about Covered Securities transactions, including security name, trade date, number of shares, price, and executing broker, and (b) copies of periodic statements with respect to the account are received by the CCO no later than 30 days after each calendar quarter. In addition, duplicate statements and trade confirmations are not required for any such account where the Adviser has direct access to such person's periodic statements and trade confirmations.

5. A Fund and its Adviser shall identify all Access Persons who are under a duty to make such reports and the CCO shall inform such persons of such duty and deliver to such person a copy of this Code. After reading the Code, each Access Person shall make the certification contained in <u>Exhibit E</u>. Each Access Person will also be required to make the certification in <u>Exhibit E</u> each year he or she is an Access Person within thirty (30) days after the end of each calendar year. Each Disinterested Trustee shall provide the CCO quarterly the certification in <u>Exhibit G</u>.

6. A Fund and its Adviser shall, at their principal place of business, maintain records in the manner and to the extent set forth below or in the manner required by Rule 17j-1, and make such records available to the Securities and Exchange Commission or any representative thereof at any time for examination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A copy of each code of ethics which is, or at any time in the past five years has been, in effect shall be preserved in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A record of any violation of such code of ethics, and of any action taken as a result of such violation, shall be preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A record of all written acknowledgments by persons supervised currently or within the past five years by the Adviser of such persons' receipt of the Code and any amendments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) A copy of each report made by an Access Person pursuant to this code of ethics shall be preserved for a period of not less than five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) A record of any decision and the reasons supporting the decision, to approve the acquisition of securities by Investment Personnel in an initial public offering or limited offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) A list of all persons who are, or within the past five years have been, required to make reports pursuant to this Code of Ethics shall be maintained in an easily accessible place. Note: The same <u>Exhibit</u> B,C,D,E and F forms are to be used for the reporting required by this Code (the Funds' Code) and the AFC Code. <u>Exhibit A</u> and <u>G</u>, however, only apply to the Funds' Code.

E. Review of Reports

Each report required to be submitted under this Code will be promptly reviewed by the CCO (or the Adviser's Controller, with respect to the CCO's reports) when submitted. All personnel are required to promptly report any violation or potential violation of the Code to the CCO within five business days of its discovery. The CCO will investigate any such violation or potential violation and report to the Board of Trustees of a Fund with a recommendation of appropriate action to be taken to cure the violation and prevent future violations. The CCO will keep a written record of all investigations in connection with any Code violations including any action taken as a result of the violation.

F. Reports to the Board of Trustees

1. At least annually, the CCO shall submit to the Board of Trustees a written report (i) describing any issues arising under the Code since the last report to the Board, including but not limited to information about material violations of the Code and sanctions imposed in response to the material violations, and (ii) certifying that the Trust or the Adviser, as applicable, has adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

2. The Board shall consider reports made to it pursuant to items E and F(1) and determine what sanctions, if any, in addition to any forfeitures of gains, should be imposed for the material violations reported. Sanctions may include written sanction, suspension, or termination of employment of the violator. The Board shall also consider whether it is appropriate for any forfeitures to be paid to the respective Fund(s) or to a designated charity.

3. The Board of Trustees shall review this Code and the operation of these policies at least once a year.

**Exhibit A**

**The Aegis Funds**

**QUARTERLY SECURITIES TRANSACTION REPORT FOR**

**DISINTERESTED TRUSTEES**

**For the calendar quarter ended**

**[**INSERT DATE**]**

**This form must be completed by Disinterested Trustees within<br> 10 days of the end of each calendar quarter.**

During the quarter referred to above, the following transactions were effected in Covered Securities in which I had, or by reason of such transaction acquired, direct or indirect beneficial ownership, and which are required to be reported pursuant to the Code of Ethics by reason of the fact that I knew at the time of the transaction, or in the ordinary course of fulfilling my official duties as a Trustee, should have known that, during the 15-day period immediately before or after the date of the Covered Securities transaction, a Fund purchased or sold the Covered Security, or a Fund or the Adviser considered purchasing or selling the Covered Security.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;SECURITY | &nbsp;&nbsp;TRANSACTION DATE | &nbsp;&nbsp;NO. OF SHARES | &nbsp;&nbsp;PURCHASE,<br> SALE OR OTHER |

---

This report (i) excludes personal securities holdings with respect to which I had no direct or indirect influence or control, (ii) excludes personal securities holdings of securities which are not Covered Securities, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the Covered Securities listed above.

Dated:   Signature:  

**<u>Exhibit B</u>**

**The Aegis Funds<br> And<br> Aegis Financial Corporation**

**PERSONAL TRADING REQUEST AND AUTHORIZATION FORM**

 ****

---

| | | |
|:---|:---|:---|
| Name: |  |  |
| Person on Whose Behalf Trade is Being Done (if different): |  |  |
| Broker: |  |  |
| Brokerage Account Number: |  |  |
| Covered Security Description: |  |  |
| Ticker Symbol: |  |  |
| Number of Shares or Units: | Buy ____ | Sell ____ |
| Price per Share or Unit: |  |  |
| Approximate Total Price: |  |  |

---

I HEREBY CERTIFY THAT ALL OF THE FOLLOWING INFORMATION IS TRUE AND COMPLETE: To the best of my knowledge, the requested transaction is consistent with the letter and spirit of the Code.

    <br> Signature Date

When signed and dated by the *Chief Compliance Officer*, after consultation with the appropriate *Portfolio Manager*, this authorization is approved for this transaction only and is effective for 30 days from the time written below unless you are notified otherwise. A record of this transaction will be kept by the *Chief Compliance Officer* in confidential files.

      a.m. p.m. <br> Chief Compliance Officer Date Time

This form must be maintained for at least five years after the end of the fiscal year in which approval is granted.

**<u>Exhibit C</u>**

**The Aegis Funds<br> And<br> Aegis Financial Corporation**

**INITIAL AND ANNUAL SECURITIES HOLDINGS REPORT**

**This form must be completed by each Access Person (unless exempt from reporting) within 10 days of becoming an Access Person and within 30 days after the end of each calendar year thereafter.**

The following list, which is current as of the date indicated below, accurately reflects my current personal securities holdings in which I have a direct or indirect beneficial interest:

---

| | | | |
|:---|:---|:---|:---|
| SECURITY | NO. OF SHARES | PRINCIPAL AMOUNT | BROKER <br> OR BANK |

---

The chart above (i) excludes personal securities holdings with respect to which I had no direct or indirect influence or control, (ii) excludes personal securities holdings of securities which are not Covered Securities, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the Covered Securities listed above.

I have an account or accounts, over which I have direct or indirect influence or control, in which securities (including securities which are not considered Covered Securities) which are not listed above are held for my direct or indirect benefit as of the date below with the following brokers or banks:

Dated:   Signature:  

\* The information contained in this report in the case of an Initial Holdings Report must be current as of a date that is no more than 45 days prior to the date you became an Access Person. In the case of an Annual Holdings Report, the information contained in this report must be current as of a date no more than 45 days before the report was submitted.

**<u>Exhibit D</u>**

**The Aegis Funds<br> And<br> Aegis Financial Corporation**

**QUARTERLY BROKERAGE ACCOUNT REPORT**

**For the calendar quarter ended**

[INSERT DATE]

**This form must be completed by each Access Person (unless exempt from reporting) within 30 days of the end of each calendar quarter.**

During the quarter referred to above, the following transactions were effected in Covered Securities in which I had, or by reason of such transaction acquired, direct or indirect beneficial ownership, and which are required to be reported pursuant to the Code of Ethics:

---

| | | | |
|:---|:---|:---|:---|
| SECURITY | TRANSACTION DATE | NO. OF SHARES | PURCHASE,<br> SALE OR OTHER |

---

This report (i) excludes personal securities holdings with respect to which I had no direct or indirect influence or control, (ii) excludes personal securities holdings of securities which are not Covered Securities, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the Covered Securities listed above.

[ ] During the quarter referenced above, I did not establish any new accounts in which securities (including securities which are not considered Covered Securities) were held during such quarter for my direct or indirect benefit.

OR

[ ] During the quarter referenced above, I opened the following account(s) over which I have direct or indirect influence or control and in which securities (including securities which are not considered Covered Securities) were held for my direct or indirect benefit:

NAME OF BROKER OR BANK DATE ACCOUNT ESTABLISHED <br> Dated:   Signature:  

**Exhibit E**

**The Aegis Funds<br> And<br> Aegis Financial Corporation**

CERTIFICATION OF COMPLIANCE

**This form must be completed by each Access Person within<br> 10 days of becoming an Access Person and within 30 days after<br> the end of each calendar year thereafter.**

I hereby acknowledge receipt of the Code of Ethics (the "Code") applicable to The Aegis Funds and its series (each a "Fund" and collectively the "Funds") and its investment adviser, Aegis Financial Corporation. I hereby certify that I (i) recently have read/re-read the Code (including any updates thereto); (ii) understand the Code; and (iii) recognize that I am subject to its provisions. I also hereby certify that I have complied with and will continue to comply with the requirements of the Code and that I have disclosed or reported all personal securities transactions required to be disclosed or reported pursuant to the Code.

---

| |
|:---|
| Name: |
| Signature: |
| Date: |

---

**Exhibit F**

**The Aegis Funds**

**And**

**Aegis Financial Corporation**

**report on outside business activities for investment personnel**

Investment Personnel are not permitted to serve on the board of directors/trustees of any publicly traded companies, or in any similar capacity, without prior written authorization from the Compliance Officer.

Pursuant to the Code, Investment Personnel are required to submit to the Compliance Officer a description of any business activities outside of the Adviser in which he or she has a significant role, including all board of directors seats or offices. Please describe outside business activities in the space provided below.

Additionally, please include information as to whether any family members serve on the boards of directors of any company, including a publicly traded company, are otherwise employed by such publicly traded company or are employed by a brokerage firm or investment bank. Relevant information includes such family member's name, their relation to you, the company for which such family member works and their title within the organization.

If you do not have an outside business activity and if no family members are employed by a publicly traded company, please check the following box: [_]

---

| | |
|:---|:---|
| Date: | Signature: |
|  | Print Name: |

---

**Exhibit G**

**The Aegis Funds**

**QUARTERLY DISINTERESTED TRUSTEE CODE CERTIFICATION**

**For the calendar quarter ended**

**[**INSERT DATE**]**

By signing below, I represent, warrant, and agree that:

(1) I have read, understood and agree to comply with the Code of Ethics of The Aegis Funds amended through the date thereof (the "Code"); and

(2) For the quarterly period ended [_______], 20__, I have not knowingly engaged in personal securities transactions that would require reporting pursuant to the Code and Rule 17j-1 under the 1940 Act.

  <br> Name: <br> Date:

Acknowledgment:

---

| |
|:---|
| Name: |
| Title: |
| Date: |

---

SK 23261 0002 6495621

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Scott L. Barbee certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Aegis Funds;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/6/26 | /s/ Scott L. Barbee |
|  |  | Scott L. Barbee |
|  |  | Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Justin P. Harrison, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Aegis Funds;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 3/6/26 | /s/ Justin P. Harrison |
|  |  | Justin P. Harrison |
|  |  | Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Aegis Funds, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Aegis Funds for the period ended December 31, 2025, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Aegis Funds for the stated period.

---

| | | |
|:---|:---|:---|
| /s/ Scott L. Barbee | /s/ Scott L. Barbee | /s/ Justin P. Harrison |
| Scott L. Barbee | Scott L. Barbee | Justin P. Harrison |
| Principal Executive Officer, Aegis Funds | Principal Executive Officer, Aegis Funds | Principal Financial Officer, Aegis Funds |
| Dated: | 3/6/26 |  |

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This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Aegis Funds for purposes of Section 18 of the Securities Exchange Act of 1934.