# EDGAR Filing Document

**Accession Number:** 0001251896
**File Stem:** 0000894189-26-016378
**Filing Date:** 2026-5
**Character Count:** 87745
**Document Hash:** 7875dc955db5e6830143fc5c74a065c2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-016378.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000894189-26-016378

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21399
- **FILM NUMBER:** 261034902

**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           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Aegis Value Fund** | **Aegis Value Fund** | **Aegis Value Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **COMMON STOCKS - 82.7%** | **Shares**  | **Value**  |
| **<u>Consumer Discretionary</u> - 2.7%** | **<u>Consumer Discretionary</u> - 2.7%** | |
| **Automobiles - 2.1%** | | |
| Harley-Davidson, Inc. | 1369000 | $27681180 |
| **Household Durables - 0.6%** |  |  |
| Bassett Furniture Industries, Inc. <sup>(a)</sup> | 507733 | 7184422 |
| **Specialty Retail - 0.0% <sup>(b)</sup>** |  |  |
| REITMANS CAD LDT A <sup>(c)</sup> | 241361 | 315777 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 35181379 |
| **<u>Consumer Staples</u> - 0.2%** | **<u>Consumer Staples</u> - 0.2%** |  |
| **Consumer Staples Distribution & Retail - 0.2%** |  |  |
| Village Super Market, Inc. - Class A | 54750 | 2312093 |
| **<u>Energy</u> - 36.3% <sup>(d)</sup>** | **<u>Energy</u> - 36.3% <sup>(d)</sup>** |  |
| **Energy Equipment & Services - 12.7%** |  |  |
| ACT Energy Technologies Ltd. <sup>(a)(c)</sup> | 2194916 | 11202576 |
| AKITA Drilling Ltd. - Class A <sup>(c)</sup> | 6652685 | 17885876 |
| Enerflex Ltd. | 511060 | 10691375 |
| Koil Energy Solutions, Inc. <sup>(a)(c)</sup> | 766584 | 1655821 |
| Natural Gas Services Group, Inc. | 576416 | 21753940 |
| Noram Drilling AS | 1333834 | 6591409 |
| North American Construction Group Ltd. | 1005817 | 13571408 |
| Precision Drilling Corp. <sup>(c)</sup> | 492753 | 48492478 |
| Tidewater, Inc. <sup>(c)</sup> | 266406 | 22258221 |
| Total Energy Services, Inc. | 615510 | 10043906 |
| Wolverine Energy & Infrastructure, Inc. <sup>(c)(e)(f)</sup> | 475591 | 0 |
|  |  | 164147010 |
| **Oil, Gas & Consumable Fuels - 23.6%** |  |  |
| Afentra PLC <sup>(c)</sup> | 3467318 | 3874096 |
| ARC Resources Ltd. | 477703 | 9941415 |
| Ardmore Shipping Corp. | 67645 | 1031586 |
| Athabasca Oil Corp. <sup>(c)</sup> | 3653213 | 29543991 |
| Cenovus Energy, Inc. | 3345144 | 88780617 |
| Greenfire Resources Ltd. <sup>(c)</sup> | 417548 | 2638903 |
| International Petroleum Corp. <sup>(c)</sup> | 1839691 | 49619155 |
| Jadestone Energy PLC <sup>(c)</sup> | 12122735 | 4506441 |
| Parex Resources, Inc. | 687231 | 13506503 |
| PBF Energy, Inc. - Class A | 602476 | 28689907 |
| PetroTal Corp. | 4805885 | 1934653 |
| SEPLAT Energy PLC | 3133891 | 20570312 |
| SM Energy Co. | 550000 | 17149000 |
| Vermilion Energy, Inc. | 2514494 | 34650888 |
|  |  | 306437467 |
| **Total Energy** | **Total Energy** | 470584477 |
| **<u>Financials</u> - 4.1%** | **<u>Financials</u> - 4.1%** |  |
| **Banks - 2.9%** |  |  |
| Bank of Cyprus Holdings PLC | 3143618 | 30602857 |
| First Internet Bancorp | 347132 | 7074550 |
|  |  | 37677407 |
| **Capital Markets - 0.2%** |  |  |
| Hennessy Advisors, Inc. | 140536 | 1370226 |
| Westwood Holdings Group, Inc. | 97606 | 1607571 |
|  |  | 2977797 |
| **Financial Services - 0.2%** |  |  |
| Acacia Research Corp. <sup>(c)</sup> | 491086 | 2362124 |
| **Insurance - 0.8%** |  |  |
| Radian Group, Inc. | 287637 | 9515032 |
| **Total Financials** | **Total Financials** | 52532360 |
| **<u>Industrials</u> - 2.0%** | **<u>Industrials</u> - 2.0%** |  |
| **Passenger Airlines - 1.8%** |  |  |
| JET2 PLC | 1573194 | 23450958 |
| **Professional Services - 0.2%** |  |  |
| Paragon Advanced Labs, Inc. <sup>(c)(f)</sup> | 1143000 | 2670369 |
| **Total Industrials** | **Total Industrials** | 26121327 |
| **<u>Materials</u> - 35.2% <sup>(d)</sup>** | **<u>Materials</u> - 35.2% <sup>(d)</sup>** |  |
| **Chemicals - 3.8%** |  |  |
| AdvanSix, Inc. | 1174992 | 28669805 |
| Mosaic Co. | 826536 | 21076668 |
|  |  | 49746473 |
| **Diversified Metals & Mining - 6.2%** |  |  |
| AIC Mines Ltd. <sup>(c)(f)</sup> | 20876171 | 7487582 |
| Alphamin Resources Corp. | 23181813 | 19164032 |
| Amerigo Resources Ltd. | 4205137 | 15205118 |
| C3 Metals, Inc. <sup>(c)(f)</sup> | 1648351 | 1137529 |
| Glencore PLC | 2179279 | 16505480 |
| Gunnison Copper Corp. <sup>(c)</sup> | 2483258 | 722967 |
| Kenmare Resources PLC <sup>(a)</sup> | 7033188 | 19713081 |
| Solitario Resources Corp. <sup>(c)</sup> | 620433 | 508755 |
| Tharisa PLC | 68144 | 102319 |
|  |  | 80546863 |
| **Gold, Silver & Precious Metals & Minerals - 18.7%** |  |  |
| Asara Resources Ltd. <sup>(c)(f)</sup> | 55127741 | 4183893 |
| Barton Gold Holdings Ltd. <sup>(c)</sup> | 730755 | 453231 |
| Brightstar Resources Ltd. <sup>(c)(f)</sup> | 33532760 | 8900232 |
| Cabral Gold, Inc. <sup>(c)(f)</sup> | 12911156 | 8724381 |
| Catalyst Metals Ltd. <sup>(c)</sup> | 4033416 | 18185269 |
| DPM Metals, Inc. | 606525 | 21355470 |
| Eldorado Gold Corp. | 349946 | 12017052 |
| Equinox Gold Corp. <sup>(f)</sup> | 3706850 | 53533618 |
| Erdene Resource Development Corp. <sup>(c)(f)</sup> | 1850057 | 8312024 |
| Galiano Gold, Inc. <sup>(c)</sup> | 6082700 | 15216588 |
| GoldQuest Mining Corp. <sup>(c)</sup> | 2849300 | 4813353 |
| i-80 Gold Corp. <sup>(c)</sup> | 1064476 | 1614582 |
| Liberty Gold Corp. <sup>(c)</sup> | 8567262 | 7205590 |
| Metals Exploration PLC <sup>(c)</sup> | 8249895 | 1351451 |
| Minera Alamos, Inc. <sup>(c)(f)</sup> | 3516766 | 15496927 |
| Mundoro Capital, Inc. <sup>(c)(f)</sup> | 2714573 | 858610 |
| Newcore Gold Ltd. <sup>(a)(c)(f)</sup> | 18000002 | 8540005 |
| Orezone Gold Corp. <sup>(c)</sup> | 11906848 | 20199958 |
| Perseus Mining Ltd. | 5226073 | 19146938 |
| Revival Gold, Inc. <sup>(c)(f)</sup> | 10900549 | 6112018 |
| Robex Resources, Inc. <sup>(c)</sup> | 383500 | 1593437 |
| Tesoro Gold Ltd. <sup>(c)(f)</sup> | 1346681 | 871112 |
| Toubani Resources Ltd. <sup>(c)</sup> | 1300000 | 388394 |
| TriStar Gold, Inc. <sup>(c)</sup> | 351164 | 68158 |
| Troilus Mining Corp. <sup>(c)</sup> | 2773220 | 3030188 |
|  |  | 242172479 |
| **Mining Services - 3.5%** |  |  |
| Capital Ltd. <sup>(a)</sup> | 23042304 | 36293337 |
| Geodrill Ltd. <sup>(a)(c)</sup> | 3956698 | 8532883 |
|  |  | 44826220 |
| **Paper & Forest Products - 0.5%** |  |  |
| Conifex Timber, Inc. <sup>(c)(f)</sup> | 1526413 | 137159 |
| Interfor Corp. <sup>(c)</sup> | 773473 | 5643556 |
| Mercer International, Inc. | 264447 | 375514 |
|  |  | 6156229 |
| **Steel - 2.5%** |  |  |
| Algoma Steel Group, Inc. | 1727084 | 7126348 |
| Ryerson Holding Corp. | 1095496 | 24626750 |
|  |  | 31753098 |
| **Total Materials** | **Total Materials** | 455201362 |
| **<u>Utilities</u> - 2.2%** | **<u>Utilities</u> - 2.2%** |  |
| **Independent Power and Renewable Electricity Producers - 2.2%** |  |  |
| Hallador Energy Company <sup>(c)</sup> | 1751501 | 28514436 |
| **TOTAL COMMON STOCKS** (Cost $610,000,736) | **TOTAL COMMON STOCKS** (Cost $610,000,736) | 1070447434 |
| **REAL ESTATE INVESTMENT TRUSTS - 1.5%** | **Shares**  | **Value**  |
| **<u>Real Estate</u> - 1.5%** | **<u>Real Estate</u> - 1.5%** |  |
| **Hotel & Resort REITs - 1.5%** |  |  |
| Chatham Lodging Trust | 661712 | 5207674 |
| RLJ Lodging Trust | 1948853 | 14460489 |
| **Total Real Estate** | **Total Real Estate** | 19668163 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $19,195,586) | **TOTAL REAL ESTATE INVESTMENT TRUSTS** (Cost $19,195,586) | 19668163 |
| **WARRANTS - 0.0% <sup>(b)</sup>** | **Contracts**  | **Value**  |
| **Materials *-* 0.0% <sup>(b)(d)</sup>** | **Materials *-* 0.0% <sup>(b)(d)</sup>** |  |
| **Gold, Silver & Precious Metals & Minerals — 0.0% <sup>(b)</sup>** | **Gold, Silver & Precious Metals & Minerals — 0.0% <sup>(b)</sup>** |  |
| Revival Gold, Inc., Expires 11/30/2026, Exercise Price $0.45 <sup>(c)(f)</sup> | 1428572 | 382739 |
| **TOTAL WARRANTS** (Cost $0) | **TOTAL WARRANTS** (Cost $0) | 382739 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **U.S. TREASURY BILLS - 15.7%** | **Par**  | **Value**  |
| 1.79%, 04/02/2026 <sup>(g)</sup> | 6000000 | 5999404 |
| 3.23%, 04/09/2026 <sup>(g)</sup> | 12000000 | 11990323 |
| 3.40%, 04/16/2026 <sup>(g)</sup> | 12000000 | 11981855 |
| 3.44%, 04/23/2026 <sup>(g)</sup> | 12000000 | 11973636 |
| 3.44%, 04/30/2026 <sup>(g)</sup> | 12000000 | 11965572 |
| 3.42%, 05/07/2026 <sup>(g)</sup> | 12000000 | 11957760 |
| 3.40%, 05/14/2026 <sup>(g)</sup> | 12000000 | 11950202 |
| 3.41%, 05/21/2026 <sup>(g)</sup> | 12000000 | 11942056 |
| 3.41%, 05/28/2026 <sup>(g)</sup> | 12000000 | 11934007 |
| 3.56%, 06/04/2026 <sup>(g)</sup> | 12000000 | 11922960 |
| 3.55%, 06/11/2026 <sup>(g)</sup> | 12000000 | 11914895 |
| 3.54%, 06/18/2026 <sup>(g)</sup> | 12000000 | 11906660 |
| 3.54%, 06/25/2026 <sup>(g)</sup> | 12000000 | 11898472 |
| 3.56%, 07/02/2026 <sup>(g)</sup> | 12000000 | 11889600 |
| 3.56%, 07/09/2026 <sup>(g)</sup> | 12000000 | 11881170 |
| 3.54%, 07/16/2026 <sup>(g)</sup> | 12000000 | 11873579 |
| 3.56%, 07/23/2026 <sup>(g)</sup> | 12000000 | 11864735 |
| 3.56%, 07/30/2026 <sup>(g)</sup> | 6000000 | 5928197 |
| **TOTAL U.S. TREASURY BILLS** (Cost $202,793,887) | **TOTAL U.S. TREASURY BILLS** (Cost $202,793,887) | 202775083 |
| **TOTAL INVESTMENTS - 99.9% (**Cost $831,990,209**)** | **TOTAL INVESTMENTS - 99.9% (**Cost $831,990,209**)** | 1293273419 |
| Other Assets in Excess of Liabilities - 0.1% | Other Assets in Excess of Liabilities - 0.1% | 1185921 |
| **TOTAL NET ASSETS - 100.0%** |  | $1294459340 |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | 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.<br>|
| 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.<br>|
| 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 |

---

(a) Affiliated security as defined by the Investment Company Act of 1940.

(b) Represents less than 0.05% of net assets.

(c) Non-income producing security.

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

(e) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or
 0.0% of net assets as of March 31, 2026.

(f) All or a portion of this position was acquired in a private placement transaction and may constitute restricted securities under the Securities Act of 1933. Resale may be limited to transactions with Qualified
 Institutional Buyers pursuant to Rule 144A or offshore transactions conducted in accordance with Regulation S.

(g) The rate shown is the annualized yield as of March 31, 2026.

---

| | | |
|:---|:---|:---|
| **Allocation of Portfolio Holdings by Country as of March 31, 2026** | **Allocation of Portfolio Holdings by Country as of March 31, 2026** | |
| (% of Net Assets) | (% of Net Assets) |  |
| Canada | $562187001 | 43.6% |
| United States | 479179525 | 36.8 |
| Australia | 59616651 | 4.6 |
| Mauritius | 55457369 | 4.3 |
| Cyprus | 30705176 | 2.4 |
| United Kingdom | 28676505 | 2.2 |
| Ireland | 20744667 | 1.6 |
| Nigeria | 20570312 | 1.6 |
| Switzerland | 16505480 | 1.3 |
| Ghana | 8532883 | 0.7 |
| Norway | 6591409 | 0.5 |
| Singapore | 4506441 | 0.3 |
| Other Assets in Excess of Liabilities | 1185921 | 0.1 |
|  | $**1294459340** | 100.0<br> **%** |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Valuation** | **Investment Valuation** | **Investment Valuation** | **Investment Valuation** | **Investment 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. | 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. |
| **Summary of Fair Value Exposure at March 31, 2026** | **Summary of Fair Value Exposure at March 31, 2026** | **Summary of Fair Value Exposure at March 31, 2026** | **Summary of Fair Value Exposure at March 31, 2026** | **Summary of Fair Value Exposure at March 31, 2026** |
| 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: | 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: | 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: | 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: | 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 – 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. | Level 1 – 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. | Level 1 – 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. | Level 1 – 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. | Level 1 – 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. |
| Level 2 – 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 2 – 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 2 – 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 2 – 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 2 – 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. | Level 3 – significant unobservable inputs, including the Fund's own assumptions in determining the fair value of investments. | Level 3 – significant unobservable inputs, including the Fund's own assumptions in determining the fair value of investments. | Level 3 – significant unobservable inputs, including the Fund's own assumptions in determining the fair value of investments. | 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 shall be 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 upon the NASDAQ and not subject to restrictions against resale shall be 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. | ***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 shall be 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 upon the NASDAQ and not subject to restrictions against resale shall be 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. | ***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 shall be 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 upon the NASDAQ and not subject to restrictions against resale shall be 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. | ***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 shall be 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 upon the NASDAQ and not subject to restrictions against resale shall be 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. | ***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 shall be 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 upon the NASDAQ and not subject to restrictions against resale shall be 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 March 31, 2026: | 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 March 31, 2026: | 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 March 31, 2026: | 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 March 31, 2026: | 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 March 31, 2026: |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | $35181379 | $- | $- | $35181379 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 2312093 | - | - | 2312093 |
| &nbsp;&nbsp;&nbsp; Energy | 441633628 | 28950849 | 0 | 470584477 |
| &nbsp;&nbsp;&nbsp; Financials | 21929503 | 30602857 | - | 52532360 |
| &nbsp;&nbsp;&nbsp; Industrials | 2670369 | 23450958 | - | 26121327 |
| &nbsp;&nbsp;&nbsp; Materials | 362096273 | 93105089 | - | 455201362 |
| &nbsp;&nbsp;&nbsp; Utilities | 28514436 | - | - | 28514436 |
| **Real Estate Investment Trusts** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Real Estate | 19668163 | - | - | 19668163 |
| **Warrants** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Materials | - | 382739 | - | 382739 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | - | 202775083 | - | 202775083 |
| **Total** | $**914005844** | $**379267575** | $**0** | $**1293273419** |
| 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 March 31, 2026: | 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 March 31, 2026: | 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 March 31, 2026: | 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 March 31, 2026: | 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 March 31, 2026: |
| Fair Value Measurement Using Significant Unobservable Inputs (Level 3) |  |  |  | **Investments in Securities** |
| Beginning balance as of December 31, 2025 |  |  |  | $0 |
| Purchases |  |  |  | - |
| Sales |  |  |  | - |
| Realized gain included in earnings |  |  |  | - |
| Change in unrealized depreciation |  |  |  | - |
| Transfer into Level 3 during the period |  |  |  | - |
| Ending balance as of March 31, 2026 |  |  |  | $0 |
| Change in unrealized depreciation still held as of March 31, 2026 |  |  |  | $- |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Aegis Value Fund** | **Aegis Value Fund** | **Aegis Value Fund** | **Aegis Value Fund** |
| **Portfolio Characteristics** | **Portfolio Characteristics** | **Portfolio Characteristics** | **Portfolio Characteristics** |
| **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** | **March 31, 2026 (Unaudited)** |
| **Industry Breakdown** |  | | |
|  | **% of the Fund's Net Assets** | **% of the Fund's Net Assets** | **% of the Fund's Net Assets** |
| **Common Stocks** |  |  | 82.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary |  | 2.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail\* | 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples |  | 0.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 36.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 12.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 23.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials |  | 4.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials |  | 2.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines | 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials |  | 35.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Metals & Mining | 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold, Silver, & Precious Metals & Minerals | 18.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mining Services | 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paper & Forest Products | 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel | 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 2.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers | 2.2% |  |  |
| **Real Estate Investment Trusts** |  |  | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate |  | 1.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | 1.5% |  |  |
| **Warrants\*** |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials\* |  | 0.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold, Silver, & Precious Metals & Minerals\* | 0.0% |  |  |
| **Short-Term Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United States Treasury Bills |  |  | 15.7% |
| **Total Investments** |  |  | 99.9% |
| **Other Assets in Excess of Liabilities** |  |  | 0.1% |
| **Total Net Assets** |  |  | 100.0% |

---

\* Percentage rounds to less than 0.05% of total net assets.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Aegis Value Fund** | **Aegis Value Fund** | **Aegis Value Fund** | **Aegis Value Fund** | **Aegis Value Fund** |
| **Investments in Affiliated Companies<sup>(1)</sup>** | **Investments in Affiliated Companies<sup>(1)</sup>** | **Investments in Affiliated Companies<sup>(1)</sup>** | **Investments in Affiliated Companies<sup>(1)</sup>** | **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 March 31, 2026 amounted to $93,122,125 representing 7.19% of net assets. A summary of affiliated transactions for the period ended March 31, 2026 is as follows:* | *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 March 31, 2026 amounted to $93,122,125 representing 7.19% of net assets. A summary of affiliated transactions for the period ended March 31, 2026 is as follows:* | *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 March 31, 2026 amounted to $93,122,125 representing 7.19% of net assets. A summary of affiliated transactions for the period ended March 31, 2026 is as follows:* | *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 March 31, 2026 amounted to $93,122,125 representing 7.19% of net assets. A summary of affiliated transactions for the period ended March 31, 2026 is as follows:* | *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 March 31, 2026 amounted to $93,122,125 representing 7.19% of net assets. A summary of affiliated transactions for the period ended March 31, 2026 is as follows:* |
|  | **Share Balance**<br> **December 31, 2025** | **Additions** | **Deductions** | **Share Balance** <br> **March 31, 2026** |
| ACT Energy Technologies Ltd | 1939006 | 255910 | - | 2194916 |
| Amerigo Resources Ltd <sup>(3)</sup> | 12426606 | - | (8221469) | 4205137 |
| Bassett Furniture Industries Inc | 481855 | 25878 | - | 507733 |
| Capital Ltd | 23042304 | - | - | 23042304 |
| Geodrill Ltd | 3956698 | - | - | 3956698 |
| Kenmare Resources PLC | 7028188 | 5000 | - | 7033188 |
| Koil Energy Solutions Inc | 766584 | - | - | 766584 |
| Natural Gas Services Group Inc <sup>(3)</sup> | 660289 | - | (83873) | 576416 |
| Newcore Gold Ltd | 16000002 | 2000000 | - | 18000002 |
|  | **Value** <br> **December 31, 2025** | **Acquisitions** | **Dispositions** | **Corporate**<br> **Actions** |
| ACT Energy Technologies Ltd | 7049390 | 920828 | - | - |
| Amerigo Resources Ltd <sup>(3)</sup> | 41103633 | - | (31855837) | - |
| Bassett Furniture Industries Inc | 8075890 | 361997 | - | - |
| Capital Ltd | 35408126 | - | - | - |
| Geodrill Ltd | 11934523 | - | - | - |
| Kenmare Resources PLC | 23290409 | 12820 | - | - |
| Koil Energy Solutions Inc | 1770809 | - | - | - |
| Natural Gas Services Group Inc <sup>(3)</sup> | 22218725 | - | (3240537) | - |
| Newcore Gold Ltd | 7227424 | 877369 | - | - |
| **Total** | $**158078929** | $**2173014** | $**(35096374)** | $**-** |
|  | **Realized Gain**<br> (Loss) | **Change in**<br> **Unrealized**<br> **Appreciation**<br> (Depreciation) | **Value** <br> **March 31, 2026** | **Dividend Income** |
| ACT Energy Technologies Ltd | - | 3232358 | 11202576 | - |
| Amerigo Resources Ltd <sup>(3)</sup> | 28352152 | (22394830) | 15205118 | 104594 |
| Bassett Furniture Industries Inc | - | (1253465) | 7184422 | 96371 |
| Capital Ltd | - | 885211 | 36293337 | - |
| Geodrill Ltd | - | (3401640) | 8532883 | - |
| Kenmare Resources PLC | - | (3590148) | 19713081 | - |
| Koil Energy Solutions Inc | - | (114988) | 1655821 | - |
| Natural Gas Services Group Inc <sup>(3)</sup> | 2363628 | 412124 | 21753940 | 72632 |
| Newcore Gold Ltd | - | 435212 | 8540005 | - |
| **Total** | $**30715780** | $**(25790166)** | $**130081183** | $**273597** |

---

*<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, 2025.*

*<sup>(3)</sup>* *This security was not affiliated as of March 31, 2026.*

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Aegis Funds

- **b. Investment Company Act file number:** 811-21399

- **c. CIK number of Registrant:** 0001251896

- **d. LEI of Registrant:** 549300ZYHDG4N3ISK566

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 6862 Elm Street

  - **City:** McLean

  - **State:** VA

  - **Foreign country:** US

  - **Zip / Postal Code:** 22101

  - **Telephone number:** 703-528-7788

**Item A.2. Information about the Series.**

- **a. Name of Series:** Aegis Value Fund

- **b. EDGAR series identifier (if any):** S000043790

- **c. LEI of Series:** 549300ZYHDG4N3ISK566

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $1296038250.53

**Total Liabilities:** $2460336.18

**Net Assets:** $1293577914.35

**Cash Not Reported:** $1906476.69

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000135823 | 9.19%                | 9.32%                | -2.56%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $26119538.86             | $70131249.11                               |
| Month 2  | $10847884.03             | $100118439.93                              |
| Month 3  | $2565325.20              | $-37726760.60                              |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Brightstar Resources Ltd       | Brightstar Resources Ltd              | CUSIP: N/A<br>LEI: 98450058F5901E0FC619       | Long             | EC               | CORP              | AU        |  32866667 | NS      | $8723438.11   | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Acacia Research Corp           | Acacia Research Corp                  | CUSIP: 003881307<br>LEI: 529900BCN7BE6ESPDZ72 | Long             | EC               | CORP              | US        |    491086 | NS      | $2362123.66   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Asara Resources Ltd            | Asara Resources Ltd                   | CUSIP: N/A<br>LEI: 98450037Q87D11TB9636       | Long             | EC               | CORP              | AU        |  54550000 | NS      | $4140046.09   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Chatham Lodging Trust          | Chatham Lodging Trust                 | CUSIP: 16208T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    661712 | NS      | $5207673.44   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Perseus Mining Ltd             | Perseus Mining Ltd                    | CUSIP: N/A<br>LEI: 54930054ZDGKBCW3SM26       | Long             | EC               | CORP              | AU        |   5226073 | NS      | $19146938.51  | 1.48%             |  |  |  | No            |                  2 | On Loan: No      |
| DPM Metals Inc                 | DPM Metals Inc                        | CUSIP: 26139R109<br>LEI: 549300LATVTU0EIUMD45 | Long             | EC               | CORP              | CA        |    606525 | NS      | $21355470.13  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabral Gold Inc                | Cabral Gold Inc                       | CUSIP: 127106102<br>LEI: 254900N2QCI00L02A477 | Long             | EC               | CORP              | CA        |  12911156 | NS      | $8724381.17   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Afentra PLC                    | Afentra PLC                           | CUSIP: N/A<br>LEI: 21380028BFDFJK8BRX92       | Long             | EC               | CORP              | GB        |   3467318 | NS      | $3874096.38   | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Alphamin Resources Corp        | Alphamin Resources Corp               | CUSIP: N/A<br>LEI: 529900YI7Z8X5I42E192       | Long             | EC               | CORP              | MU        |  23181813 | NS      | $19164032.03  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Bassett Furniture Industries I | Bassett Furniture Industries Inc      | CUSIP: 070203104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    507733 | NS      | $7184421.95   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Mundoro Capital Inc            | Mundoro Capital Inc                   | CUSIP: 626135107<br>LEI: 529900O9ODYZXQFQXM38 | Long             | EC               | CORP              | CA        |   2714573 | NS      | $858609.82    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| REITMANS CAD LDT A             | REITMANS CAD LDT A                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | CA        |    241361 | NS      | $315776.74    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Enerflex Ltd                   | Enerflex Ltd                          | CUSIP: 29269R105<br>LEI: 54930014N7872VUS3F89 | Long             | EC               | CORP              | CA        |    511060 | NS      | $10691375.20  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| First Internet Bancorp         | First Internet Bancorp                | CUSIP: 320557101<br>LEI: 549300T25MP2M92XU194 | Long             | EC               | CORP              | US        |    347132 | NS      | $7074550.16   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Greenfire Resources Ltd        | Greenfire Resources Ltd               | CUSIP: 39525U107<br>LEI: 254900MTS0G2VGMJW059 | Long             | EC               | CORP              | CA        |    417548 | NS      | $2638903.36   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Hallador Energy Co             | Hallador Energy Co                    | CUSIP: 40609P105<br>LEI: 254900GKEQRHOI2SSC19 | Long             | EC               | CORP              | US        |   1751501 | NS      | $28514436.28  | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Harley-Davidson Inc            | Harley-Davidson Inc                   | CUSIP: 412822108<br>LEI: ZDNAWZWXIKMWI51R2A08 | Long             | EC               | CORP              | US        |   1369000 | NS      | $27681180.00  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Hennessy Advisors Inc          | Hennessy Advisors Inc                 | CUSIP: 425885100<br>LEI: 549300OM5HCSFZO7FR31 | Long             | EC               | CORP              | US        |    140536 | NS      | $1370226.00   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercer International Inc       | Mercer International Inc              | CUSIP: 588056101<br>LEI: 549300Z5IAG39VRTY874 | Long             | EC               | CORP              | CA        |    264447 | NS      | $375514.74    | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Natural Gas Services Group Inc | Natural Gas Services Group Inc        | CUSIP: 63886Q109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    576416 | NS      | $21753939.84  | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF Energy Inc                 | PBF Energy Inc                        | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               | CORP              | US        |    602476 | NS      | $28689907.12  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SM Energy Co                   | SM Energy Co                          | CUSIP: 78454L100<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | EC               | CORP              | US        |    550000 | NS      | $17149000.00  | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797QN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12000000 | PA      | $11950201.91  | 0.92%             | 2026-05-14      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797QX8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12000000 | PA      | $11914894.68  | 0.92%             | 2026-06-11      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797SN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12000000 | PA      | $11965571.67  | 0.92%             | 2026-04-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797SP3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12000000 | PA      | $11957760.10  | 0.92%             | 2026-05-07      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797TE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12000000 | PA      | $11898472.20  | 0.92%             | 2026-06-25      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| GoldQuest Mining Corp          | GoldQuest Mining Corp                 | CUSIP: 38144C100<br>LEI: 529900X419S9QM46GK24 | Long             | EC               | CORP              | CA        |   2849300 | NS      | $4813352.74   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Metals Exploration PLC         | Metals Exploration PLC                | CUSIP: N/A<br>LEI: 2138006CFXWG2OPRV987       | Long             | EC               | CORP              | GB        |   8249895 | NS      | $1351450.99   | 0.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Noram Drilling AS              | Noram Drilling AS                     | CUSIP: N/A<br>LEI: 549300YA98I8QIPGWZ72       | Long             | EC               | CORP              | NO        |   1333834 | NS      | $6591409.28   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                   | Glencore PLC                          | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | CH        |   2179279 | NS      | $16505479.90  | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| TriStar Gold Inc               | TriStar Gold Inc                      | CUSIP: 89678B109<br>LEI: 5299008HX5259QFD0E46 | Long             | EC               | CORP              | US        |    351164 | NS      | $68157.77     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Total Energy Services Inc      | Total Energy Services Inc             | CUSIP: 89154B102<br>LEI: 549300R3W0R3EV800D58 | Long             | EC               | CORP              | CA        |    615510 | NS      | $10043905.54  | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Parex Resources Inc            | Parex Resources Inc                   | CUSIP: 69946Q104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    687231 | NS      | $13506502.44  | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Conifex Timber Inc             | Conifex Timber Inc                    | CUSIP: 207324104<br>LEI: 549300EEUFHLY74V3J58 | Long             | EC               | CORP              | CA        |   1526413 | NS      | $137158.81    | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital Ltd                    | Capital Ltd                           | CUSIP: N/A<br>LEI: 213800XG175G91JW8W37       | Long             | EC               | CORP              | MU        |  23042304 | NS      | $36293336.72  | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Orezone Gold Corp              | Orezone Gold Corp                     | CUSIP: 68616T109<br>LEI: 529900ZRY6WGGRC9Z698 | Long             | EC               | CORP              | CA        |  11906848 | NS      | $20199957.79  | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Tharisa PLC                    | Tharisa PLC                           | CUSIP: N/A<br>LEI: 213800WW4YWMVVZIJM90       | Long             | EC               | CORP              | CY        |     50644 | NS      | $76042.48     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| North American Construction Gr | North American Construction Group Ltd | CUSIP: 656811106<br>LEI: 549300DQ6060LO4XGI15 | Long             | EC               | CORP              | CA        |   1005817 | NS      | $13571407.58  | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Eldorado Gold Corp             | Eldorado Gold Corp                    | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |    349946 | NS      | $12017051.56  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Toubani Resources Ltd          | Toubani Resources Ltd                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   1300000 | NS      | $388393.59    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Equinox Gold Corp              | Equinox Gold Corp                     | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | CA        |   3706850 | NS      | $53533618.36  | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesoro Gold Ltd                | Tesoro Gold Ltd                       | CUSIP: N/A<br>LEI: 9845008A3CD0A5FE6F76       | Long             | EC               | CORP              | AU        |   1346681 | NS      | $871112.26    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Galiano Gold Inc               | Galiano Gold Inc                      | CUSIP: 36352H100<br>LEI: 529900V13XJFM0VPGC86 | Long             | EC               | CORP              | CA        |   6082700 | NS      | $15216588.31  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Interfor Corp                  | Interfor Corp                         | CUSIP: 45868C109<br>LEI: 549300P4G5UZ3AMJE056 | Long             | EC               | CORP              | CA        |    773473 | NS      | $5643556.14   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| i-80 Gold Corp                 | i-80 Gold Corp                        | CUSIP: 44955L106<br>LEI: 549300LFFIWIGUEXPK11 | Long             | EC               | CORP              | CA        |   1064476 | NS      | $1614581.53   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Gunnison Copper Corp           | Gunnison Copper Corp                  | CUSIP: 402880108<br>LEI: 529900D3J6SRW92GKY67 | Long             | EC               | CORP              | US        |   2483258 | NS      | $722967.07    | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Troilus Mining Corp            | Troilus Mining Corp                   | CUSIP: 89688V103<br>LEI: 529900ROF3ICFG84XJ17 | Long             | EC               | CORP              | CA        |   2773220 | NS      | $3030187.91   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Erdene Resource Development Co | Erdene Resource Development Corp      | CUSIP: 29480N404<br>LEI: 529900T4O899O2ZM8216 | Long             | EC               | CORP              | CA        |   1850057 | NS      | $8312023.76   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Paragon Advanced Labs Inc      | Paragon Advanced Labs Inc             | CUSIP: 699130100<br>LEI: 529900I49O1IZX5SDV24 | Long             | EC               | CORP              | CA        |   1143000 | NS      | $2670368.77   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                  | Mosaic Co/The                         | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |    826536 | NS      | $21076668.00  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Solitario Resources Corp       | Solitario Resources Corp              | CUSIP: 8342EP107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    620433 | NS      | $508755.06    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797RF6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12000000 | PA      | $11881170.24  | 0.92%             | 2026-07-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797SM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12000000 | PA      | $11973636.18  | 0.93%             | 2026-04-23      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797TD9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12000000 | PA      | $11906660.04  | 0.92%             | 2026-06-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797TP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12000000 | PA      | $11864735.28  | 0.92%             | 2026-07-23      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Westwood Holdings Group Inc    | Westwood Holdings Group Inc           | CUSIP: 961765104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     97606 | NS      | $1607570.82   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| JET2 PLC                       | JET2 PLC                              | CUSIP: N/A<br>LEI: I72RQ3PNLDPW8R7JIJ56       | Long             | EC               | CORP              | GB        |   1573194 | NS      | $23450958.20  | 1.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Kenmare Resources PLC          | Kenmare Resources PLC                 | CUSIP: N/A<br>LEI: 635400ETHWP1EKJMDO16       | Long             | EC               | CORP              | IE        |   7033188 | NS      | $19713080.53  | 1.52%             |  |  |  | No            |                  2 | On Loan: No      |
| Liberty Gold Corp              | Liberty Gold Corp                     | CUSIP: 53056H104<br>LEI: 549300DY25855R7ZV117 | Long             | EC               | CORP              | CA        |   8567262 | NS      | $7205590.21   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| International Petroleum Corp   | International Petroleum Corp          | CUSIP: 46016U108<br>LEI: 54930025D80LU0SMR645 | Long             | EC               | CORP              | CA        |   1839691 | NS      | $49619154.86  | 3.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Jadestone Energy PLC           | Jadestone Energy PLC                  | CUSIP: N/A<br>LEI: 21380076GWJ8XDYKVQ37       | Long             | EC               | CORP              | SG        |  12122735 | NS      | $4506441.25   | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Robex Resources Inc            | Robex Resources Inc                   | CUSIP: 76125Y600<br>LEI: 529900UBILRW1I57HF58 | Long             | EC               | CORP              | CA        |    383500 | NS      | $1593436.85   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Minera Alamos Inc              | Minera Alamos Inc                     | CUSIP: 60283L808<br>LEI: 254900I6L38EFNS8Z440 | Long             | EC               | CORP              | CA        |   3516766 | NS      | $15496927.31  | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Koil Energy Solutions Inc      | Koil Energy Solutions Inc             | CUSIP: 24372A305<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    766584 | NS      | $1655821.44   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Radian Group Inc               | Radian Group Inc                      | CUSIP: 750236101<br>LEI: 54930005OUP720S5U385 | Long             | EC               | CORP              | US        |    287637 | NS      | $9515031.96   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryerson Holding Corp           | Ryerson Holding Corp                  | CUSIP: 783754104<br>LEI: 549300JMA41B3ZHOVE45 | Long             | EC               | CORP              | US        |   1095496 | NS      | $24626750.08  | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797QD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12000000 | PA      | $11981855.14  | 0.93%             | 2026-04-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Geodrill Ltd                   | Geodrill Ltd                          | CUSIP: N/A<br>LEI: 213800C1H5TO1CMEDY19       | Long             | EC               | CORP              | GH        |   3956698 | NS      | $8532883.33   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| SEPLAT Energy PLC              | SEPLAT Energy PLC                     | CUSIP: N/A<br>LEI: 029200711C4S4CB2E982       | Long             | EC               | CORP              | NG        |   3133891 | NS      | $20570311.83  | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| AdvanSix Inc                   | AdvanSix Inc                          | CUSIP: 00773T101<br>LEI: 5493009TPRODMCAZLF67 | Long             | EC               | CORP              | US        |   1174992 | NS      | $28669804.80  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| AKITA Drilling Ltd             | AKITA Drilling Ltd                    | CUSIP: 009905100<br>LEI: 9845008F8E3FCC4CB850 | Long             | EC               | CORP              | CA        |   6652685 | NS      | $17885875.85  | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Amerigo Resources Ltd          | Amerigo Resources Ltd                 | CUSIP: 03074G109<br>LEI: 5299000WW697YX8VQX13 | Long             | EC               | CORP              | CA        |   4205137 | NS      | $15205117.61  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc                  | Tidewater Inc                         | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |    266406 | NS      | $22258221.30  | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797SW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12000000 | PA      | $11934006.88  | 0.92%             | 2026-05-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797TF4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12000000 | PA      | $11889600.00  | 0.92%             | 2026-07-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797TN7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12000000 | PA      | $11873579.40  | 0.92%             | 2026-07-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797TQ0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5928196.98   | 0.46%             | 2026-07-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Catalyst Metals Ltd            | Catalyst Metals Ltd                   | CUSIP: N/A<br>LEI: 9845002GB72C3J4A3E64       | Long             | EC               | CORP              | AU        |   4033416 | NS      | $18185269.02  | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| ARC Resources Ltd              | ARC Resources Ltd                     | CUSIP: 00208D408<br>LEI: 5493000OCGNQZEVTDT08 | Long             | EC               | CORP              | CA        |    477703 | NS      | $9941414.60   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Athabasca Oil Corp             | Athabasca Oil Corp                    | CUSIP: 04682R107<br>LEI: 549300STK2KBVO6WED71 | Long             | EC               | CORP              | CA        |   3653213 | NS      | $29543991.27  | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Wolverine Energy & Infrastruct | Wolverine Energy & Infrastructure Inc | CUSIP: 977891100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    475591 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| AIC Mines Ltd                  | AIC Mines Ltd                         | CUSIP: N/A<br>LEI: 5299003P1FAL4U4Y9G52       | Long             | EC               | CORP              | AU        |  20811530 | NS      | $7464397.88   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| ACT Energy Technologies Ltd    | ACT Energy Technologies Ltd           | CUSIP: 004959102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   2194916 | NS      | $11202576.09  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Algoma Steel Group Inc         | Algoma Steel Group Inc                | CUSIP: 015658107<br>LEI: 549300Q5EU337A1XCX27 | Long             | EC               | CORP              | CA        |   1727084 | NS      | $7126347.61   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Newcore Gold Ltd               | Newcore Gold Ltd                      | CUSIP: 65118M103<br>LEI: 894500A52BE2PYANBI95 | Long             | EC               | CORP              | CA        |  18000002 | NS      | $8540005.26   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Barton Gold Holdings Ltd       | Barton Gold Holdings Ltd              | CUSIP: N/A<br>LEI: 984500B2B88B9509FF55       | Long             | EC               | CORP              | AU        |    681114 | NS      | $422442.66    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Cyprus Holdings PLC    | Bank of Cyprus Holdings PLC           | CUSIP: N/A<br>LEI: 635400L14KNHZXPUZM19       | Long             | EC               | CORP              | CY        |   3143618 | NS      | $30602857.43  | 2.37%             |  |  |  | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797SV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12000000 | PA      | $11942055.66  | 0.92%             | 2026-05-21      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797SX6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12000000 | PA      | $11922960.00  | 0.92%             | 2026-06-04      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| PetroTal Corp                  | PetroTal Corp                         | CUSIP: 71677J101<br>LEI: 21380047ER33PRH4XH56 | Long             | EC               | CORP              | US        |   4805885 | NS      | $1934652.86   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Precision Drilling Corp        | Precision Drilling Corp               | CUSIP: 74022D407<br>LEI: 8945003E8R4T2TZ7G795 | Long             | EC               | CORP              | CA        |    492753 | NS      | $48492477.68  | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy Inc             | Cenovus Energy Inc                    | CUSIP: 15135U109<br>LEI: 254900LJGL2N2XEMD470 | Long             | EC               | CORP              | CA        |   3345144 | NS      | $88780617.12  | 6.86%             |  |  |  | No            |                  1 | On Loan: No      |
| C3 Metals Inc                  | C3 Metals Inc                         | CUSIP: 22945L402<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   1648351 | NS      | $1137529.26   | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Ardmore Shipping Corp          | Ardmore Shipping Corp                 | CUSIP: N/A<br>LEI: 549300J8HD7K6BHD8O28       | Long             | EC               | CORP              | IE        |     67645 | NS      | $1031586.25   | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ Lodging Trust              | RLJ Lodging Trust                     | CUSIP: 74965L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1948853 | NS      | $14460489.26  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Village Super Market Inc       | Village Super Market Inc              | CUSIP: 927107409<br>LEI: 25490069686XCNNEMQ07 | Long             | EC               | CORP              | US        |     54750 | NS      | $2312092.50   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Vermilion Energy Inc           | Vermilion Energy Inc                  | CUSIP: 923725105<br>LEI: 8945009D1HGCJC8M8A68 | Long             | EC               | CORP              | CA        |   2514494 | NS      | $34650887.77  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| REVIVAL GOLD INC.              | REVIVAL GOLD INC.                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |   1428572 | NS      | $382739.40    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797SD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5999404.29   | 0.46%             | 2026-04-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797SL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  12000000 | PA      | $11990322.86  | 0.93%             | 2026-04-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Revival Gold Inc               | Revival Gold Inc                      | CUSIP: 76151P101<br>LEI: 529900X2G2T7XSIDUH63 | Long             | EC               | CORP              | CA        |  10900549 | NS      | $6112017.99   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-28

**Name of Applicant:** Aegis Funds

**Signature:** /s/ Justin Harrison

**Name of Signer:** Aegis Funds

**Title:** Chief Compliance Officer