# EDGAR Filing Document

**Accession Number:** 0001251896
**File Stem:** 0000894189-25-015358
**Filing Date:** 2025-11
**Character Count:** 65823
**Document Hash:** 733914a73a0b56716790d3176f8462d2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-015358.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0000894189-25-015358

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**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:** 251522596

**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** |
| **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** | **September 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 82.4%** | **Shares** | **Value**  |
| **<u>Consumer Discretionary</u> - 0.9%** | **<u>Consumer Discretionary</u> - 0.9%** | |
| **Household Durables - 0.9%** | | |
| Bassett Furniture Industries, Inc. <sup>(a)</sup> | 456855 | $7145212 |
| **Specialty Retail - 0.0%<sup>(b)</sup>** |  |  |
| Reitmans CAD LDT A <sup>(c)</sup> | 241361 | 353795 |
| **Total Consumer Discretionary** | **Total Consumer Discretionary** | 7499007 |
| **<u>Energy</u> - 31.0%<sup>(d)</sup>** | **<u>Energy</u> - 31.0%<sup>(d)</sup>** |  |
| **Energy Equipment & Services - 10.0%** |  |  |
| ACT Energy Technologies Ltd. <sup>(c)</sup> | 1363606 | 4801085 |
| AKITA Drilling Ltd. - Class A <sup>(c)</sup> | 6652685 | 9799529 |
| Enerflex Ltd. | 511060 | 5509227 |
| Koil Energy Solutions, Inc. <sup>(a) (c)</sup> | 766584 | 1663487 |
| Natural Gas Services Group, Inc. <sup>(a)</sup> | 660289 | 18481489 |
| Precision Drilling Corp. <sup>(c)</sup> | 441053 | 24839933 |
| STEP Energy Services Ltd. <sup>(c)(e)</sup> | 858647 | 3325506 |
| Tidewater, Inc. <sup>(c)</sup> | 266406 | 14207432 |
| Wolverine Energy & Infrastructure, Inc. <sup>(c)(f)</sup> | 475591 | 0 |
|  |  | 82627688 |
| **Oil, Gas & Consumable Fuels - 21.0%** |  |  |
| ARC Resources Ltd. | 477703 | 8711721 |
| Ardmore Shipping Corp. | 67645 | 802946 |
| Athabasca Oil Corp. <sup>(c)</sup> | 3653213 | 17482502 |
| Cenovus Energy, Inc. | 894640 | 15190302 |
| International Petroleum Corp. <sup>(c)</sup> | 1839691 | 30694564 |
| MEG Energy Corp. <sup>(c)</sup> | 1521778 | 30704553 |
| Noram Drilling AS | 456768 | 1244955 |
| North American Construction Group Ltd. | 813874 | 11561607 |
| Parex Resources, Inc. | 687231 | 8982347 |
| PBF Energy, Inc. - Class A | 602476 | 18176701 |
| SEPLAT Energy PLC <sup>(e)</sup> | 3133891 | 12240126 |
| Total Energy Services, Inc. | 615510 | 6368718 |
| Vermilion Energy, Inc. | 1625494 | 12696069 |
|  |  | 174857111 |
| **Total Energy** | **Total Energy** | 257484799 |
| **<u>Financials</u> - 4.0%** | **<u>Financials</u> - 4.0%** |  |
| **Banks - 3.6%** |  |  |
| Bank of Cyprus Holdings PLC | 3143618 | 29820281 |
|  |  | $– |
| **Capital Markets - 0.4%** |  |  |
| Hennessy Advisors, Inc. | 140536 | 1479844 |
| Westwood Holdings Group, Inc. | 97606 | 1609523 |
|  |  | 3089367 |
| **Total Financials** | **Total Financials** | 32909648 |
| **<u>Materials</u> - 42.0%<sup>(d)</sup>** | **<u>Materials</u> - 42.0%<sup>(d)</sup>** |  |
| **Diversified Metals & Mining - 10.2%** |  |  |
| AIC Mines Ltd. <sup>(c)</sup> | 20384073 | 5262435 |
| Alphamin Resources Corp. | 19227813 | 13816062 |
| Amerigo Resources Ltd. <sup>(a)</sup> | 18172738 | 35517602 |
| C3 Metals, Inc. <sup>(c)</sup> | 1648351 | 1444987 |
| Gunnison Copper Corp. <sup>(c)</sup> | 2483258 | 642360 |
| Kenmare Resources PLC <sup>(a)</sup> | 6603188 | 27903676 |
| Solitario Resources Corp. <sup>(c)</sup> | 620433 | 433062 |
|  |  | 85020184 |
| **Gold, Silver, & Precious Metals & Minerals - 26.2%<sup>(d)</sup>** |  |  |
| Asara Resources Ltd. <sup>(c)</sup> | 40000000 | 2238794 |
| Brightstar Resources Ltd. <sup>(c)</sup> | 16666667 | 6206444 |
| Cabral Gold, Inc. <sup>(c)</sup> | 12911156 | 4267537 |
| Catalyst Metals Ltd. <sup>(c)</sup> | 4033416 | 21015610 |
| DPM Metals, Inc. | 606525 | 13444921 |
| Eldorado Gold Corp. <sup>(c)</sup> | 374946 | 10827822 |
| Equinox Gold Corp. <sup>(c)</sup> | 4637450 | 51949303 |
| Erdene Resource Development Corp. <sup>(c)</sup> | 1996056 | 14815881 |
| Galiano Gold, Inc. <sup>(c)</sup> | 6332700 | 13787513 |
| Glencore PLC | 2179279 | 10036944 |
| GoldQuest Mining Corp. <sup>(c)</sup> | 2849300 | 2108773 |
| i-80 Gold Corp. <sup>(c)</sup> | 1064476 | 1017283 |
| Liberty Gold Corp. <sup>(c)</sup> | 380500 | 172246 |
| Loncor Gold, Inc. <sup>(c)</sup> | 5142858 | 4360547 |
| Metals Exploration PLC <sup>(c)</sup> | 8249895 | 1542244 |
| Minera Alamos, Inc. <sup>(c)</sup> | 37519185 | 11390282 |
| Mundoro Capital, Inc. <sup>(c)</sup> | 2714573 | 448625 |
| Newcore Gold Ltd. <sup>(a) (c)</sup> | 16000002 | 9772222 |
| Orezone Gold Corp. <sup>(c)</sup> | 12406848 | 12837437 |
| Perseus Mining Ltd. | 5226073 | 16813638 |
| Revival Gold, Inc. <sup>(c)</sup> | 8183049 | 4174725 |
| Robex Resources, Inc. <sup>(c)</sup> | 383500 | 1019580 |
| Tesoro Gold Ltd. <sup>(c)</sup> | 10766258 | 440749 |
| Toubani Resources Ltd. <sup>(c)</sup> | 1300000 | 356999 |
| TriStar Gold, Inc. <sup>(c)</sup> | 351164 | 41634 |
| Troilus Gold Corp. <sup>(c)</sup> | 2773220 | 2530710 |
|  |  | 217618463 |
| **Mining Services - 4.0%** |  |  |
| Capital Ltd. <sup>(a)</sup> | 16596969 | 23772136 |
| Geodrill Ltd. <sup>(a) (c)</sup> | 3956698 | 9751724 |
|  |  | 33523860 |
| **Paper & Forest Products - 0.8%** |  |  |
| Canfor Pulp Products, Inc. <sup>(c)</sup> | 174467 | 48265 |
| Conifex Timber, Inc. <sup>(a) (c)</sup> | 2346913 | 438455 |
| Interfor Corp. <sup>(c)</sup> | 773473 | 5641123 |
| Mercer International, Inc. | 264447 | 761607 |
|  |  | 6889450 |
| **Steel - 0.8%** |  |  |
| Algoma Steel Group, Inc. | 1727084 | 6130484 |
| **Total Materials** | **Total Materials** | 349182441 |
| **<u>Utilities</u> - 4.5%** | **<u>Utilities</u> - 4.5%** |  |
| **Independent Power and Renewable Electricity Producers - 4.5%** |  |  |
| Hallador Energy Company <sup>(c)</sup> | 1908758 | 37354394 |
| **TOTAL COMMON STOCKS** (Cost $402,368,715) | **TOTAL COMMON STOCKS** (Cost $402,368,715) | 684430289 |
| **WARRANTS - 0.0%<sup>(b)</sup>** | **Contracts** | **Value**  |
| **Materials *-* 0.0%<sup>(b)</sup>** | **Materials *-* 0.0%<sup>(b)</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)</sup> | 1428572 | 351574 |
| **TOTAL WARRANTS** (Cost $0) | **TOTAL WARRANTS** (Cost $0) | 351574 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **U.S. TREASURY BILLS - 17.2%** | **Par** | **Value**  |
| 2.09%, 10/02/2025 <sup>(g)</sup> | 4000000 | 3999536 |
| 3.69%, 10/09/2025 <sup>(g)</sup> | 6000000 | 5994466 |
| 3.92%, 10/16/2025 <sup>(g)</sup> | 6000000 | 5989545 |
| 4.00%, 10/23/2025 <sup>(g)</sup> | 6000000 | 5984679 |
| 4.05%, 10/30/2025 <sup>(g)</sup> | 6000000 | 5979746 |
| 4.02%, 11/06/2025 <sup>(g)</sup> | 6000000 | 5975239 |
| 4.02%, 11/13/2025 <sup>(g)</sup> | 6000000 | 5970553 |
| 3.93%, 11/20/2025 <sup>(g)</sup> | 6000000 | 5966598 |
| 3.84%, 11/28/2025 <sup>(g)</sup> | 6000000 | 5962244 |
| 3.84%, 12/04/2025 <sup>(g)</sup> | 6000000 | 5958453 |
| 3.79%, 12/11/2025 <sup>(g)</sup> | 6000000 | 5954560 |
| 3.81%, 12/18/2025 <sup>(g)</sup> | 6000000 | 5949822 |
| 3.81%, 12/26/2025 <sup>(g)</sup> | 6000000 | 5944817 |
| 3.81%, 01/02/2026 <sup>(g)</sup> | 6000000 | 5940374 |
| 3.73%, 01/08/2026 <sup>(g)</sup> | 6000000 | 5937762 |
| 3.74%, 01/15/2026 <sup>(g)</sup> | 6000000 | 5933220 |
| 3.75%, 01/22/2026 <sup>(g)</sup> | 6000000 | 5928718 |
| 3.74%, 01/29/2026 <sup>(g)</sup> | 6000000 | 5924504 |
| 3.71%, 02/05/2026 <sup>(g)</sup> | 6000000 | 5920863 |
| 3.69%, 02/12/2026 <sup>(g)</sup> | 6000000 | 5916923 |
| 3.70%, 02/19/2026 <sup>(g)</sup> | 6000000 | 5912537 |
| 3.70%, 02/26/2026 <sup>(g)</sup> | 6000000 | 5907993 |
| 3.71%, 03/05/2026 <sup>(g)</sup> | 6000000 | 5903635 |
| 3.71%, 03/12/2026 <sup>(g)</sup> | 6000000 | 5899290 |
| 3.71%, 03/19/2026 <sup>(g)</sup> | 2000000 | 1965003 |
| **TOTAL U.S. TREASURY BILLS** (Cost $142,724,122) | **TOTAL U.S. TREASURY BILLS** (Cost $142,724,122) | 142721080 |
| **TOTAL INVESTMENTS - 99.6% (**Cost $545,092,837**)** | **TOTAL INVESTMENTS - 99.6% (**Cost $545,092,837**)** | 827502943 |
| Other Assets in Excess of Liabilities - 0.4% | Other Assets in Excess of Liabilities - 0.4% | 3585165 |
| **TOTAL NET ASSETS - 100.0%** |  | $831088108 |
| 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.<br>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 thereof 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. | Percentages are stated as a percent of net assets.<br>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 thereof 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 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 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. |
| More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. | More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes. |

---

PLC - Public Limited Company<br>

(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) 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 Rule 904 of Regulation S.

(f) 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 September 30, 2025.

(g) The rate shown is the annualized yield as of September 30, 2025.

---

| | | |
|:---|:---|:---|
| **Allocation of Portfolio Holdings by Country as of September 30, 2025** | **Allocation of Portfolio Holdings by Country as of September 30, 2025** | **Allocation of Portfolio Holdings by Country as of September 30, 2025** |
| (% of Net Assets) | (% of Net Assets) | (% of Net Assets) |
| Canada | $400280962 | 48.3% |
| United States | 243956218 | 29.4 |
| Ireland | 58526903 | 7.0 |
| Australia | 52334669 | 6.2 |
| Mauritius | 37588198 | 4.5 |
| Nigeria | 12240126 | 1.5 |
| Switzerland | 10036944 | 1.2 |
| Ghana | 9751724 | 1.2 |
| United Kingdom | 1542244 | 0.2 |
| Norway | 1244955 | 0.1 |
| Other Assets in Excess of Liabilities | 3585165 | 0.4 |
|  | $**831088108** | 100.0<br>**%** |

---

---

| |
|:---|
| **Investment Valuation** |
| 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 under the supervision of the Board of Trustees. |
| The valuation assigned to fair valued securities for purposes of calculating the Fund's net asset value ("NAV") may differ from the security's most recent closing market price and from the prices used by other mutual funds to calculate their NAVs. 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 will value its foreign securities in U.S. dollars on the basis of the then-prevailing currency exchange rates. |
| **Summary of Fair Value Exposure at September 30, 2025** |
| 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 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. |
| *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 September 30, 2025: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Common Stocks** | | | | |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | $7499007 | $- | $- | $7499007 |
| &nbsp;&nbsp;&nbsp; Energy | 245244673 | 12240126 | - | 257484799 |
| &nbsp;&nbsp;&nbsp; Financials | 3089367 | 29820281 | - | 32909648 |
| &nbsp;&nbsp;&nbsp; Materials | 258907152 | 90275289 | - | 349182441 |
| &nbsp;&nbsp;&nbsp; Utilities | 37354394 | - | - | 37354394 |
| **Warrants** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Materials | - | 351574 | - | 351574 |
| **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills | - | 142721080 | - | 142721080 |
| **Total** | $**552094593** | $**275408350** | $**-** | $**827502943** |
| 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 September 30, 2025: | 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 September 30, 2025: | 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 September 30, 2025: | 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 September 30, 2025: | 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 September 30, 2025: |
| Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | Fair Value Measurement Using Significant Unobservable Inputs (Level 3) | Fair Value Measurement Using Significant Unobservable Inputs (Level 3) |  | **Investments in** <br> **Securities** |
| Beginning balance as of December 31, 2024 | 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 September 30, 2025 | Ending balance as of September 30, 2025 |  |  | $0 |
| Change in unrealized depreciation still held as of September 30, 2025 | Change in unrealized depreciation still held as of September 30, 2025 | Change in unrealized depreciation still held as of September 30, 2025 |  | $- |

---

------

---

| |
|:---|
| **Aegis Value Fund** |
| **Portfolio Characteristics** |
| **September 30, 2025 (Unaudited)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Industry Breakdown** | | | |
|  | **% of the Fund's Net Assets** | **% of the Fund's Net Assets** | **% of the Fund's Net Assets** |
| **Common Stocks** |  |  | 82.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary |  | 0.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail\* | 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 31.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 10.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 21.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials |  | 4.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials |  | 42.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Metals & Mining | 10.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold, Silver, & Precious Metals & Minerals | 26.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mining Services | 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paper & Forest Products | 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Steel | 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 4.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers | 4.5% |  |  |
| **Warrants\*** |  |  | 0.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials\* |  | 0.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gold, Silver, & Precious Metals & Minerals\* | 0.0% |  |  |
| **Short-Term Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Treasury Bills |  |  | 17.2% |
| **Total Investments** |  |  | 99.6% |
| **Other Assets in Excess of Liabilities** |  |  | 0.4% |
| **Total Net Assets** |  |  | 100.0% |
| *\* Percentage rounds to less than 0.05% of total net assets.* |  |  |  |

---

------

---

| |
|:---|
| **Aegis Value Fund** |
| **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 September 30, 2025, amounted to $831,088,108 representing 18.06% of net assets. A summary of affiliated transactions for the period ended September 30, 2025, 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 September 30, 2025, amounted to $831,088,108 representing 18.06% of net assets. A summary of affiliated transactions for the period ended September 30, 2025, 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 September 30, 2025, amounted to $831,088,108 representing 18.06% of net assets. A summary of affiliated transactions for the period ended September 30, 2025, 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 September 30, 2025, amounted to $831,088,108 representing 18.06% of net assets. A summary of affiliated transactions for the period ended September 30, 2025, 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 September 30, 2025, amounted to $831,088,108 representing 18.06% of net assets. A summary of affiliated transactions for the period ended September 30, 2025, is as follows:* |
|  | **Share Balance** <br> **December 31, 2024** | **Additions** | **Deductions** | **Share Balance** <br> **September 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerigo Resources Ltd. | 18172738 | - | - | 18172738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bassett Furniture Industries, Inc. | 456855 | - | - | 456855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cabral Gold, Inc. <sup>(2)</sup> | 12911156 | - | - | 12911156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Ltd. | 12499977 | 4096992 | - | 16596969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conifex Timber, Inc. | 2346913 | - | - | 2346913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geodrill Ltd. | 3956698 | - | - | 3956698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kenmare Resources PLC <sup>(3)</sup> | 3957622 | 2645566 | - | 6603188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koil Energy Solutions, Inc. | 766584 | - | - | 766584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minera Alamos, Inc. <sup>(2)</sup> | 37611661 | - | (92476) | 37519185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Services Group, Inc. | 660289 | - | - | 660289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newcore Gold Ltd. | 16000002 | - | - | 16000002 |
|  | **Value <br> December 31, 2024** | **Acquisitions** | **Dispositions** | **Corporate Actions** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerigo Resources Ltd. | 19722057 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bassett Furniture Industries, Inc. | 6318305 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cabral Gold, Inc. <sup>(2)</sup> | 1841307 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Ltd. | 12675398 | 3939265 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conifex Timber, Inc. | 481644 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geodrill Ltd. | 8450425 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kenmare Resources PLC <sup>(3)</sup> | 15676313 | 11092288 | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koil Energy Solutions, Inc. | 1770809 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minera Alamos, Inc. <sup>(2)</sup> | 6541386 | - | (27946) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Services Group, Inc. | 17695745 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newcore Gold Ltd. | 3450555 | - | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $**94623944** | $**15031553** | $**(27946)** | $**-** |
|  | **Realized** <br> **Gain (Loss)** | **Change in** <br> **Unrealized** <br> **Appreciation (Depreciation)** | **Value** <br> **September 30, 2025** | **Dividend Income** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amerigo Resources Ltd. | - | 15795545 | 35517602 | 995625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bassett Furniture Industries, Inc. | - | 826907 | 7145212 | 274113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cabral Gold, Inc. <sup>(2)</sup> | - | 2426230 | 4267537 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Ltd. | - | 7157473 | 23772136 | 418827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conifex Timber, Inc. | - | (43189) | 438455 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geodrill Ltd. | - | 1301299 | 9751724 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kenmare Resources PLC <sup>(3)</sup> | - | 1135075 | 27903676 | 1246011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Koil Energy Solutions, Inc. | - | (107322) | 1663487 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minera Alamos, Inc. <sup>(2)</sup> | 17210 | 4859632 | 11390282 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Services Group, Inc. | - | 785744 | 18481489 | 66029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newcore Gold Ltd. | - | 6321667 | 9772222 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | $**17210** | $**40459061** | $**150103822** | $**3000605** |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *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.*

(2) *This security was not affiliated as of September 30, 2025.*

(3) *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.*

## 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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $833037328.67

**Total Liabilities:** $2044223.42

**Net Assets:** $830993105.25

**Cash Not Reported:** $3838522.06

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000135823 | 1.27%                | 9.67%                | 7.75%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-46168.99               | $7467379.89                                |
| Month 2  | $-375994.44              | $56367801.53                               |
| Month 3  | $434273.43               | $52577265.10                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797PD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5928717.72   | 0.71%             | 2026-01-22      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797RJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5933220.00   | 0.71%             | 2026-01-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797RK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5924503.98   | 0.71%             | 2026-01-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797RL3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5920863.12   | 0.71%             | 2026-02-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SEPLAT Energy PLC              | SEPLAT Energy PLC                     | CUSIP: N/A<br>LEI: 029200711C4S4CB2E982       | Long             | EC               | CORP              | NG        |   3133891 | NS      | $12240125.60  | 1.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Toubani Resources Ltd          | Toubani Resources Ltd                 | CUSIP: N/A<br>LEI: 984500E554852C964176       | Long             | EC               | CORP              | AU        |   1300000 | NS      | $356998.93    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Tesoro Gold Ltd                | Tesoro Gold Ltd                       | CUSIP: N/A<br>LEI: 9845008A3CD0A5FE6F76       | Long             | EC               | CORP              | AU        |  10766258 | NS      | $440749.34    | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Amerigo Resources Ltd          | Amerigo Resources Ltd                 | CUSIP: 03074G109<br>LEI: 5299000WW697YX8VQX13 | Long             | EC               | CORP              | CA        |  18172738 | NS      | $35517602.47  | 4.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Enerflex Ltd                   | Enerflex Ltd                          | CUSIP: 29269R105<br>LEI: 54930014N7872VUS3F89 | Long             | EC               | CORP              | CA        |    511060 | NS      | $5509226.80   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Hallador Energy Co             | Hallador Energy Co                    | CUSIP: 40609P105<br>LEI: 254900GKEQRHOI2SSC19 | Long             | EC               | CORP              | US        |   1908758 | NS      | $37354394.06  | 4.50%             |  |  |  | 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        |    660289 | NS      | $18481489.11  | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Solitario Resources Corp       | Solitario Resources Corp              | CUSIP: 8342EP107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    620433 | NS      | $433062.23    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797NA1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5979746.27   | 0.72%             | 2025-10-30      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797NU7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5944816.68   | 0.72%             | 2025-12-26      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797QF7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5989545.12   | 0.72%             | 2025-10-16      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797QP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5975238.51   | 0.72%             | 2025-11-06      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797QQ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5970552.63   | 0.72%             | 2025-11-13      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797QS9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5958453.36   | 0.72%             | 2025-12-04      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797RA7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5940373.44   | 0.71%             | 2026-01-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797RH2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5937762.00   | 0.71%             | 2026-01-08      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797RT6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5916922.80   | 0.71%             | 2026-02-12      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797RU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5907993.36   | 0.71%             | 2026-02-26      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797RV1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5903635.20   | 0.71%             | 2026-03-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797SB4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5899290.00   | 0.71%             | 2026-03-12      | 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      | $1609522.94   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Geodrill Ltd                   | Geodrill Ltd                          | CUSIP: N/A<br>LEI: 213800C1H5TO1CMEDY19       | Long             | EC               | CORP              | GH        |   3956698 | NS      | $9751723.89   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| TriStar Gold Inc               | TriStar Gold Inc                      | CUSIP: 89678B109<br>LEI: 5299008HX5259QFD0E46 | Long             | EC               | CORP              | US        |    351164 | NS      | $41634.02     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Conifex Timber Inc             | Conifex Timber Inc                    | CUSIP: 207324104<br>LEI: 549300EEUFHLY74V3J58 | Long             | EC               | CORP              | CA        |   2346913 | NS      | $438454.68    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy Inc             | Cenovus Energy Inc                    | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |    894640 | NS      | $15190301.93  | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital Ltd                    | Capital Ltd                           | CUSIP: N/A<br>LEI: 213800XG175G91JW8W37       | Long             | EC               | CORP              | MU        |  16596969 | NS      | $23772136.35  | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| STEP Energy Services Ltd       | STEP Energy Services Ltd              | CUSIP: 85859H105<br>LEI: 549300MWW32HB8DY8M69 | Long             | EC               | CORP              | CA        |    858647 | NS      | $3325506.45   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Troilus Gold Corp              | Troilus Gold Corp                     | CUSIP: 896887106<br>LEI: 529900ROF3ICFG84XJ17 | Long             | EC               | CORP              | CA        |   2773220 | NS      | $2530710.21   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenmare Resources PLC          | Kenmare Resources PLC                 | CUSIP: N/A<br>LEI: 635400ETHWP1EKJMDO16       | Long             | EC               | CORP              | IE        |   6548188 | NS      | $27671257.20  | 3.33%             |  |  |  | No            |                  2 | 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        |  20384073 | NS      | $5262434.81   | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Precision Drilling Corp        | Precision Drilling Corp               | CUSIP: 74022D407<br>LEI: 549300WF2OE8T5BP4B84 | Long             | EC               | CORP              | CA        |    432753 | NS      | $24372479.80  | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ACT Energy Technologies Ltd    | ACT Energy Technologies Ltd           | CUSIP: 004959102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   1363606 | NS      | $4801084.57   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Algoma Steel Group Inc         | Algoma Steel Group Inc                | CUSIP: 015658107<br>LEI: 549300Q5EU337A1XCX27 | Long             | EC               | CORP              | CA        |   1727084 | NS      | $6130484.27   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Minera Alamos Inc              | Minera Alamos Inc                     | CUSIP: 60283L105<br>LEI: 254900I6L38EFNS8Z440 | Long             | EC               | CORP              | CA        |  37611661 | NS      | $11418356.52  | 1.37%             |  |  |  | No            |                  1 | 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      | $29820281.00  | 3.59%             |  |  |  | No            |                  2 | On Loan: No      |
| i-80 Gold Corp                 | i-80 Gold Corp                        | CUSIP: 44955L106<br>LEI: 549300LFFIWIGUEXPK11 | Long             | EC               | CORP              | CA        |   1064476 | NS      | $1017283.24   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Asara Resources Ltd            | Asara Resources Ltd                   | CUSIP: N/A<br>LEI: 98450037Q87D11TB9636       | Long             | EC               | CORP              | AU        |  40000000 | NS      | $2238794.12   | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| C3 Metals Inc                  | C3 Metals Inc                         | CUSIP: 22945L402<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   1648351 | NS      | $1444986.86   | 0.17%             |  |  |  | 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      | $353794.96    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797MS3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $3999535.68   | 0.48%             | 2025-10-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797NL7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5962244.38   | 0.72%             | 2025-11-28      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797PV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1965002.92   | 0.24%             | 2026-03-19      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Perseus Mining Ltd             | Perseus Mining Ltd                    | CUSIP: N/A<br>LEI: 54930054ZDGKBCW3SM26       | Long             | EC               | CORP              | AU        |   5226073 | NS      | $16813637.88  | 2.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Parex Resources Inc            | Parex Resources Inc                   | CUSIP: 69946Q104<br>LEI: 549300U7LWRGTY6XWK67 | Long             | EC               | CORP              | CA        |    687231 | NS      | $8982346.69   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Vermilion Energy Inc           | Vermilion Energy Inc                  | CUSIP: 923725105<br>LEI: 8945009D1HGCJC8M8A68 | Long             | EC               | CORP              | CA        |   1525494 | NS      | $11915010.26  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Bassett Furniture Industries I | Bassett Furniture Industries Inc      | CUSIP: 070203104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    456855 | NS      | $7145212.20   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| AKITA Drilling Ltd             | AKITA Drilling Ltd                    | CUSIP: 009905100<br>LEI: 9845008F8E3FCC4CB850 | Long             | EC               | CORP              | CA        |   6652685 | NS      | $9799528.81   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Mundoro Capital Inc            | Mundoro Capital Inc                   | CUSIP: 626135107<br>LEI: 529900O9ODYZXQFQXM38 | Long             | EC               | CORP              | CA        |   2714573 | NS      | $448625.27    | 0.05%             |  |  |  | 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      | $1663487.28   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercer International Inc       | Mercer International Inc              | CUSIP: 588056101<br>LEI: 549300Z5IAG39VRTY874 | Long             | EC               | CORP              | CA        |    264447 | NS      | $761607.36    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF Energy Inc                 | PBF Energy Inc                        | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               | CORP              | US        |    602476 | NS      | $18176700.92  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc                  | Tidewater Inc                         | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |    266406 | NS      | $14207431.98  | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797PM3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5912537.40   | 0.71%             | 2026-02-19      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797QG5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5984679.33   | 0.72%             | 2025-10-23      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797QR1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5966597.76   | 0.72%             | 2025-11-20      | 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      | $2108772.72   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Metals Exploration PLC         | Metals Exploration PLC                | CUSIP: N/A<br>LEI: 2138006CFXWG2OPRV987       | Long             | EC               | CORP              | GB        |   8249895 | NS      | $1542243.84   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Catalyst Metals Ltd            | Catalyst Metals Ltd                   | CUSIP: N/A<br>LEI: 9845002GB72C3J4A3E64       | Long             | EC               | CORP              | AU        |   4033416 | NS      | $21015610.07  | 2.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Noram Drilling AS              | Noram Drilling AS                     | CUSIP: N/A<br>LEI: 549300YA98I8QIPGWZ72       | Long             | EC               | CORP              | NO        |    456768 | NS      | $1244954.89   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| MEG Energy Corp                | MEG Energy Corp                       | CUSIP: 552704108<br>LEI: 5493002WXPTG5ZC1T326 | Long             | EC               | CORP              | CA        |   1521778 | NS      | $30704552.88  | 3.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Total Energy Services Inc      | Total Energy Services Inc             | CUSIP: 89154B102<br>LEI: 549300R3W0R3EV800D58 | Long             | EC               | CORP              | CA        |    615510 | NS      | $6368717.40   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Orezone Gold Corp              | Orezone Gold Corp                     | CUSIP: 68616T109<br>LEI: 529900ZRY6WGGRC9Z698 | Long             | EC               | CORP              | CA        |  12406848 | NS      | $12837437.03  | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Canfor Pulp Products Inc       | Canfor Pulp Products Inc              | CUSIP: 137584207<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    174467 | NS      | $48264.56     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ARC Resources Ltd              | ARC Resources Ltd                     | CUSIP: 00208D408<br>LEI: 5493000OCGNQZEVTDT08 | Long             | EC               | CORP              | CA        |    477703 | NS      | $8711721.02   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Gold Corp              | Liberty Gold Corp                     | CUSIP: 53056H104<br>LEI: 549300DY25855R7ZV117 | Long             | EC               | CORP              | CA        |    380500 | NS      | $172246.17    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| International Petroleum Corp   | International Petroleum Corp          | CUSIP: 46016U108<br>LEI: 54930025D80LU0SMR645 | Long             | EC               | CORP              | CA        |   1839691 | NS      | $30694564.22  | 3.69%             |  |  |  | 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      | $351574.27    | 0.04%             |  |  |  | No            |                  3 | On Loan: No      |
| North American Construction Gr | North American Construction Group Ltd | CUSIP: 656811106<br>LEI: 549300DQ6060LO4XGI15 | Long             | EC               | CORP              | CA        |    812074 | NS      | $11536037.21  | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Eldorado Gold Corp             | Eldorado Gold Corp                    | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |    374946 | NS      | $10827821.90  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Equinox Gold Corp              | Equinox Gold Corp                     | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | CA        |   4712450 | NS      | $52789462.89  | 6.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Galiano Gold Inc               | Galiano Gold Inc                      | CUSIP: 36352H100<br>LEI: 529900V13XJFM0VPGC86 | Long             | EC               | CORP              | CA        |   6332700 | NS      | $13787512.39  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Loncor Gold Inc                | Loncor Gold Inc                       | CUSIP: 54180A106<br>LEI: 984500A3C7E387C68B41 | Long             | EC               | CORP              | CA        |   5142858 | NS      | $4360546.41   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Newcore Gold Ltd               | Newcore Gold Ltd                      | CUSIP: 65118M103<br>LEI: 894500A52BE2PYANBI95 | Long             | EC               | CORP              | CA        |  16000002 | NS      | $9772222.25   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Interfor Corp                  | Interfor Corp                         | CUSIP: 45868C109<br>LEI: 549300P4G5UZ3AMJE056 | Long             | EC               | CORP              | CA        |    773473 | NS      | $5641123.05   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| DPM Metals Inc                 | DPM Metals Inc                        | CUSIP: 26139R109<br>LEI: 549300LATVTU0EIUMD45 | Long             | EC               | CORP              | CA        |    606525 | NS      | $13444920.78  | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Robex Resources Inc            | Robex Resources Inc                   | CUSIP: 76125Y600<br>LEI: 529900UBILRW1I57HF58 | Long             | EC               | CORP              | CA        |    383500 | NS      | $1019580.37   | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Gunnison Copper Corp           | Gunnison Copper Corp                  | CUSIP: 402880108<br>LEI: 529900D3J6SRW92GKY67 | Long             | EC               | CORP              | US        |   2483258 | NS      | $642360.34    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphamin Resources Corp        | Alphamin Resources Corp               | CUSIP: N/A<br>LEI: 529900YI7Z8X5I42E192       | Long             | EC               | CORP              | MU        |  19227813 | NS      | $13816061.65  | 1.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Erdene Resource Development Co | Erdene Resource Development Corp      | CUSIP: 29480N404<br>LEI: 529900T4O899O2ZM8216 | Long             | EC               | CORP              | CA        |   2000056 | NS      | $14845571.55  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabral Gold Inc                | Cabral Gold Inc                       | CUSIP: 127106102<br>LEI: 254900N2QCI00L02A477 | Long             | EC               | CORP              | CA        |  12911156 | NS      | $4267537.37   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Ardmore Shipping Corp          | Ardmore Shipping Corp                 | CUSIP: N/A<br>LEI: 549300J8HD7K6BHD8O28       | Long             | EC               | CORP              | IE        |     67645 | NS      | $802946.15    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                   | Glencore PLC                          | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | CH        |   2179279 | NS      | $10036943.40  | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Athabasca Oil Corp             | Athabasca Oil Corp                    | CUSIP: 04682R107<br>LEI: 549300STK2KBVO6WED71 | Long             | EC               | CORP              | CA        |   3653213 | NS      | $17482502.39  | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Brightstar Resources Ltd       | Brightstar Resources Ltd              | CUSIP: N/A<br>LEI: 98450058F5901E0FC619       | Long             | EC               | CORP              | AU        |  16666667 | NS      | $6206443.75   | 0.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Hennessy Advisors Inc          | Hennessy Advisors Inc                 | CUSIP: 425885100<br>LEI: 549300OM5HCSFZO7FR31 | Long             | EC               | CORP              | US        |    140536 | NS      | $1479844.08   | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797QE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5994465.75   | 0.72%             | 2025-10-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797QY6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5954560.02   | 0.72%             | 2025-12-11      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797QZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5949822.18   | 0.72%             | 2025-12-18      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Revival Gold Inc               | Revival Gold Inc                      | CUSIP: 76151P101<br>LEI: 529900X2G2T7XSIDUH63 | Long             | EC               | CORP              | CA        |   8183049 | NS      | $4174725.01   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-21

**Name of Applicant:** Aegis Funds

**Signature:** Justin Harrison

**Name of Signer:** Aegis Funds

**Title:** Chief Compliance Officer