# EDGAR Filing Document

**Accession Number:** 0001251896
**File Stem:** 0000894189-26-005628
**Filing Date:** 2026-2
**Character Count:** 37396
**Document Hash:** 3ca284a68111adacc0ad26733b1ce0fa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-005628.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000894189-26-005628

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**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:** 26683478

**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           |

## 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:** 2025-12-31

**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:** $1035364466.73

**Total Liabilities:** $1422705.42

**Net Assets:** $1033941761.31

**Cash Not Reported:** $16365306.87

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000135823 | 0.27%                | 5.70%                | 3.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3359345.58              | $-822622.34                                |
| Month 2  | $20429859.87             | $28065358.53                               |
| Month 3  | $11213287.74             | $18486652.31                               |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AKITA Drilling Ltd             | AKITA Drilling Ltd                    | CUSIP: 009905100<br>LEI: 9845008F8E3FCC4CB850 | Long             | EC               | CORP              | CA        |   6652685 | NS      | $9839314.09   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Mundoro Capital Inc            | Mundoro Capital Inc                   | CUSIP: 626135107<br>LEI: 529900O9ODYZXQFQXM38 | Long             | EC               | CORP              | CA        |   2714573 | NS      | $504328.52    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Hallador Energy Co             | Hallador Energy Co                    | CUSIP: 40609P105<br>LEI: 254900GKEQRHOI2SSC19 | Long             | EC               | CORP              | US        |   1751501 | NS      | $33348579.04  | 3.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Mercer International Inc       | Mercer International Inc              | CUSIP: 588056101<br>LEI: 549300Z5IAG39VRTY874 | Long             | EC               | CORP              | CA        |    264447 | NS      | $523605.06    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Mosaic Co/The                  | Mosaic Co/The                         | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |    826536 | NS      | $19911252.24  | 1.93%             |  |  |  | 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      | $22218724.85  | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| PBF Energy Inc                 | PBF Energy Inc                        | CUSIP: 69318G106<br>LEI: 2549003PBEDCSZMZIY02 | Long             | EC               | CORP              | US        |    602476 | NS      | $16339149.12  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Tidewater Inc                  | Tidewater Inc                         | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |    266406 | NS      | $13456167.06  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797QN0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5923363.02   | 0.57%             | 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      | $11814686.64  | 1.14%             | 2026-06-11      | 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      | $5982509.29   | 0.58%             | 2026-01-29      | 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      | $5965418.18   | 0.58%             | 2026-02-26      | 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      | $5959482.60   | 0.58%             | 2026-03-12      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797SW8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5915023.44   | 0.57%             | 2026-05-28      | 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      | $11805547.08  | 1.14%             | 2026-06-18      | 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      | $3508299.88   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Perseus Mining Ltd             | Perseus Mining Ltd                    | CUSIP: N/A<br>LEI: 54930054ZDGKBCW3SM26       | Long             | EC               | CORP              | AU        |   5226073 | NS      | $19646848.18  | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Noram Drilling AS              | Noram Drilling AS                     | CUSIP: N/A<br>LEI: 549300YA98I8QIPGWZ72       | Long             | EC               | CORP              | NO        |   1333834 | NS      | $4366718.45   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| TriStar Gold Inc               | TriStar Gold Inc                      | CUSIP: 89678B109<br>LEI: 5299008HX5259QFD0E46 | Long             | EC               | CORP              | US        |    351164 | NS      | $52448.81     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Afentra PLC                    | Afentra PLC                           | CUSIP: N/A<br>LEI: 21380028BFDFJK8BRX92       | Long             | EC               | CORP              | GB        |   3467318 | NS      | $1924927.72   | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Capital Ltd                    | Capital Ltd                           | CUSIP: N/A<br>LEI: 213800XG175G91JW8W37       | Long             | EC               | CORP              | MU        |  23042304 | NS      | $35408126.17  | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Gold Corp              | Liberty Gold Corp                     | CUSIP: 53056H104<br>LEI: 549300DY25855R7ZV117 | Long             | EC               | CORP              | CA        |   8567262 | NS      | $5180742.02   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesoro Gold Ltd                | Tesoro Gold Ltd                       | CUSIP: N/A<br>LEI: 9845008A3CD0A5FE6F76       | Long             | EC               | CORP              | AU        |   1346681 | NS      | $1177310.11   | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Galiano Gold Inc               | Galiano Gold Inc                      | CUSIP: 36352H100<br>LEI: 529900V13XJFM0VPGC86 | Long             | EC               | CORP              | CA        |   6082700 | NS      | $15466557.14  | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Precision Drilling Corp        | Precision Drilling Corp               | CUSIP: 74022D407<br>LEI: 549300WF2OE8T5BP4B84 | Long             | EC               | CORP              | CA        |    492753 | NS      | $35358451.76  | 3.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Loncor Gold Inc                | Loncor Gold Inc                       | CUSIP: 54180A106<br>LEI: 984500A3C7E387C68B41 | Long             | EC               | CORP              | CA        |   5142858 | NS      | $5020895.21   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Newcore Gold Ltd               | Newcore Gold Ltd                      | CUSIP: 65118M103<br>LEI: 894500A52BE2PYANBI95 | Long             | EC               | CORP              | CA        |  16000002 | NS      | $7227424.31   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Interfor Corp                  | Interfor Corp                         | CUSIP: 45868C109<br>LEI: 549300P4G5UZ3AMJE056 | Long             | EC               | CORP              | CA        |    773473 | NS      | $4823816.17   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Minera Alamos Inc              | Minera Alamos Inc                     | CUSIP: 60283L105<br>LEI: 254900I6L38EFNS8Z440 | Long             | EC               | CORP              | CA        |  35167661 | NS      | $13579731.40  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| i-80 Gold Corp                 | i-80 Gold Corp                        | CUSIP: 44955L106<br>LEI: 549300LFFIWIGUEXPK11 | Long             | EC               | CORP              | CA        |   1064476 | NS      | $1566603.42   | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Brightstar Resources Ltd       | Brightstar Resources Ltd              | CUSIP: N/A<br>LEI: 98450058F5901E0FC619       | Long             | EC               | CORP              | AU        |  16666667 | NS      | $5475732.97   | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Robex Resources Inc            | Robex Resources Inc                   | CUSIP: 76125Y600<br>LEI: 529900UBILRW1I57HF58 | Long             | EC               | CORP              | CA        |    383500 | NS      | $1461298.31   | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| C3 Metals Inc                  | C3 Metals Inc                         | CUSIP: 22945L402<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   1648351 | NS      | $1393091.08   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Troilus Mining Corp            | Troilus Mining Corp                   | CUSIP: 89688V103<br>LEI: 529900ROF3ICFG84XJ17 | Long             | EC               | CORP              | CA        |   2773220 | NS      | $3172165.24   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Cabral Gold Inc                | Cabral Gold Inc                       | CUSIP: 127106102<br>LEI: 254900N2QCI00L02A477 | Long             | EC               | CORP              | CA        |  12911156 | NS      | $6490617.93   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| AdvanSix Inc                   | AdvanSix Inc                          | CUSIP: 00773T101<br>LEI: 5493009TPRODMCAZLF67 | Long             | EC               | CORP              | US        |   1174992 | NS      | $20327361.60  | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Chatham Lodging Trust          | Chatham Lodging Trust                 | CUSIP: 16208T102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    661712 | NS      | $4506258.72   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Amerigo Resources Ltd          | Amerigo Resources Ltd                 | CUSIP: 03074G109<br>LEI: 5299000WW697YX8VQX13 | Long             | EC               | CORP              | CA        |  12426606 | NS      | $41103632.83  | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| First Internet Bancorp         | First Internet Bancorp                | CUSIP: 320557101<br>LEI: 549300T25MP2M92XU194 | Long             | EC               | CORP              | US        |    242129 | NS      | $5053232.23   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| RLJ Lodging Trust              | RLJ Lodging Trust                     | CUSIP: 74965L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   1233285 | NS      | $9187973.25   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797PM3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5969720.00   | 0.58%             | 2026-02-19      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797RJ8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2000000 | PA      | $1997084.56   | 0.19%             | 2026-01-15      | 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      | $5974044.00   | 0.58%             | 2026-02-12      | 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      | $5963559.48   | 0.58%             | 2026-03-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797SL2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5942648.76   | 0.57%             | 2026-04-09      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797TE7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5899007.52   | 0.57%             | 2026-06-25      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Metals Exploration PLC         | Metals Exploration PLC                | CUSIP: N/A<br>LEI: 2138006CFXWG2OPRV987       | Long             | EC               | CORP              | GB        |   8249895 | NS      | $1690301.59   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Glencore PLC                   | Glencore PLC                          | CUSIP: N/A<br>LEI: 2138002658CPO9NBH955       | Long             | EC               | CORP              | CH        |   2179279 | NS      | $11913336.05  | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |
| REVIVAL GOLD INC.              | REVIVAL GOLD INC.                     | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               | CORP              | CA        |   1428572 | NS      | $316928.47    | 0.03%             |  |  |  | No            |                  3 | On Loan: No      |
| Eldorado Gold Corp             | Eldorado Gold Corp                    | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |    349946 | NS      | $12577200.23  | 1.22%             |  |  |  | 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      |
| Equinox Gold Corp              | Equinox Gold Corp                     | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | CA        |   4303550 | NS      | $60482663.29  | 5.85%             |  |  |  | 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      | $29340637.86  | 2.84%             |  |  |  | No            |                  2 | On Loan: No      |
| DPM Metals Inc                 | DPM Metals Inc                        | CUSIP: 26139R109<br>LEI: 549300LATVTU0EIUMD45 | Long             | EC               | CORP              | CA        |    606525 | NS      | $18745248.26  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Asara Resources Ltd            | Asara Resources Ltd                   | CUSIP: N/A<br>LEI: 98450037Q87D11TB9636       | Long             | EC               | CORP              | AU        |  40000000 | NS      | $2578594.02   | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Gunnison Copper Corp           | Gunnison Copper Corp                  | CUSIP: 402880108<br>LEI: 529900D3J6SRW92GKY67 | Long             | EC               | CORP              | US        |   2483258 | NS      | $759876.41    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphamin Resources Corp        | Alphamin Resources Corp               | CUSIP: N/A<br>LEI: 529900YI7Z8X5I42E192       | Long             | EC               | CORP              | MU        |  19381813 | NS      | $16804019.87  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Ardmore Shipping Corp          | Ardmore Shipping Corp                 | CUSIP: N/A<br>LEI: 549300J8HD7K6BHD8O28       | Long             | EC               | CORP              | IE        |     67645 | NS      | $716360.55    | 0.07%             |  |  |  | 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      | $1770809.04   | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Olympic Steel Inc              | Olympic Steel Inc                     | CUSIP: 68162K106<br>LEI: 549300GQ061U6N6KWJ49 | Long             | EC               | CORP              | US        |     72276 | NS      | $3092328.66   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797QD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5939025.66   | 0.57%             | 2026-04-16      | 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      | $5978321.05   | 0.58%             | 2026-02-05      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Total Energy Services Inc      | Total Energy Services Inc             | CUSIP: 89154B102<br>LEI: 549300R3W0R3EV800D58 | Long             | EC               | CORP              | CA        |    615510 | NS      | $6681795.93   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Orezone Gold Corp              | Orezone Gold Corp                     | CUSIP: 68616T109<br>LEI: 529900ZRY6WGGRC9Z698 | Long             | EC               | CORP              | CA        |  11906848 | NS      | $15354720.02  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Kenmare Resources PLC          | Kenmare Resources PLC                 | CUSIP: N/A<br>LEI: 635400ETHWP1EKJMDO16       | Long             | EC               | CORP              | IE        |   7028188 | NS      | $23290409.12  | 2.25%             |  |  |  | No            |                  2 | On Loan: No      |
| PetroTal Corp                  | PetroTal Corp                         | CUSIP: 71677J101<br>LEI: 21380047ER33PRH4XH56 | Long             | EC               | CORP              | US        |   4805885 | NS      | $1348049.78   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Paragon Advanced Labs Inc      | Paragon Advanced Labs Inc             | CUSIP: 699130100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   1143000 | NS      | $2331718.33   | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Hennessy Advisors Inc          | Hennessy Advisors Inc                 | CUSIP: 425885100<br>LEI: 549300OM5HCSFZO7FR31 | Long             | EC               | CORP              | US        |    140536 | NS      | $1349145.60   | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797PD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5986837.69   | 0.58%             | 2026-01-22      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797PV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5955495.66   | 0.58%             | 2026-03-19      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797SD0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5946787.50   | 0.58%             | 2026-04-02      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797SM0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5935083.48   | 0.57%             | 2026-04-23      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Geodrill Ltd                   | Geodrill Ltd                          | CUSIP: N/A<br>LEI: 213800C1H5TO1CMEDY19       | Long             | EC               | CORP              | GH        |   3956698 | NS      | $11934523.13  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy Inc             | Cenovus Energy Inc                    | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |   3345144 | NS      | $56591198.78  | 5.47%             |  |  |  | No            |                  1 | On Loan: No      |
| ARC Resources Ltd              | ARC Resources Ltd                     | CUSIP: 00208D408<br>LEI: 5493000OCGNQZEVTDT08 | Long             | EC               | CORP              | CA        |    477703 | NS      | $8962043.09   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| SEPLAT Energy PLC              | SEPLAT Energy PLC                     | CUSIP: N/A<br>LEI: 029200711C4S4CB2E982       | Long             | EC               | CORP              | NG        |   3133891 | NS      | $11989630.70  | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| AIC Mines Ltd                  | AIC Mines Ltd                         | CUSIP: N/A<br>LEI: 5299003P1FAL4U4Y9G52       | Long             | EC               | CORP              | AU        |  20384073 | NS      | $8005706.39   | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Jadestone Energy PLC           | Jadestone Energy PLC                  | CUSIP: N/A<br>LEI: 21380076GWJ8XDYKVQ37       | Long             | EC               | CORP              | SG        |   7641873 | NS      | $2417562.41   | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Toubani Resources Ltd          | Toubani Resources Ltd                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |   1300000 | NS      | $347767.31    | 0.03%             |  |  |  | No            |                  2 | On Loan: No      |
| Enerflex Ltd                   | Enerflex Ltd                          | CUSIP: 29269R105<br>LEI: 54930014N7872VUS3F89 | Long             | EC               | CORP              | CA        |    511060 | NS      | $7885655.80   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Solitario Resources Corp       | Solitario Resources Corp              | CUSIP: 8342EP107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    620433 | NS      | $432317.71    | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797SC2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5951421.96   | 0.58%             | 2026-03-26      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Parex Resources Inc            | Parex Resources Inc                   | CUSIP: 69946Q104<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |    687231 | NS      | $9237850.68   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Athabasca Oil Corp             | Athabasca Oil Corp                    | CUSIP: 04682R107<br>LEI: 549300STK2KBVO6WED71 | Long             | EC               | CORP              | CA        |   3653213 | NS      | $18711221.73  | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| North American Construction Gr | North American Construction Group Ltd | CUSIP: 656811106<br>LEI: 549300DQ6060LO4XGI15 | Long             | EC               | CORP              | CA        |   1005817 | NS      | $14480305.94  | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Erdene Resource Development Co | Erdene Resource Development Corp      | CUSIP: 29480N404<br>LEI: 529900T4O899O2ZM8216 | Long             | EC               | CORP              | CA        |   1850057 | NS      | $11120156.10  | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Bassett Furniture Industries I | Bassett Furniture Industries Inc      | CUSIP: 070203104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    481855 | NS      | $8075889.80   | 0.78%             |  |  |  | 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      | $382470.71    | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797SV0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5918974.56   | 0.57%             | 2026-05-21      | 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      | $19615683.72  | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| Conifex Timber Inc             | Conifex Timber Inc                    | CUSIP: 207324104<br>LEI: 549300EEUFHLY74V3J58 | Long             | EC               | CORP              | CA        |   1526413 | NS      | $77847.01     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Revival Gold Inc               | Revival Gold Inc                      | CUSIP: 76151P101<br>LEI: 529900X2G2T7XSIDUH63 | Long             | EC               | CORP              | CA        |   8183049 | NS      | $4113732.69   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ACT Energy Technologies Ltd    | ACT Energy Technologies Ltd           | CUSIP: 004959102<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |   1934006 | NS      | $7031211.93   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryerson Holding Corp           | Ryerson Holding Corp                  | CUSIP: 783754104<br>LEI: 549300JMA41B3ZHOVE45 | Long             | EC               | CORP              | US        |    688025 | NS      | $17310709.00  | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill           | CUSIP: 912797SN8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   6000000 | PA      | $5931065.88   | 0.57%             | 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        |   6000000 | PA      | $5926864.56   | 0.57%             | 2026-05-07      | 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      | $11822706.96  | 1.14%             | 2026-06-04      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Village Super Market Inc       | Village Super Market Inc              | CUSIP: 927107409<br>LEI: 25490069686XCNNEMQ07 | Long             | EC               | CORP              | US        |     54750 | NS      | $1937876.25   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Westwood Holdings Group Inc    | Westwood Holdings Group Inc           | CUSIP: 961765104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     97606 | NS      | $1679799.26   | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Vermilion Energy Inc           | Vermilion Energy Inc                  | CUSIP: 923725105<br>LEI: 8945009D1HGCJC8M8A68 | Long             | EC               | CORP              | CA        |   2175494 | NS      | $18100718.72  | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Algoma Steel Group Inc         | Algoma Steel Group Inc                | CUSIP: 015658107<br>LEI: 549300Q5EU337A1XCX27 | Long             | EC               | CORP              | CA        |   1727084 | NS      | $7109412.84   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Greenfire Resources Ltd        | Greenfire Resources Ltd               | CUSIP: 39525U107<br>LEI: 254900MTS0G2VGMJW059 | Long             | EC               | CORP              | CA        |    181511 | NS      | $863992.36    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| International Petroleum Corp   | International Petroleum Corp          | CUSIP: 46016U108<br>LEI: 54930025D80LU0SMR645 | Long             | EC               | CORP              | CA        |   1839691 | NS      | $33280774.86  | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-01-20

**Name of Applicant:** Aegis Funds

**Signature:** Justin Harrison

**Name of Signer:** Aegis Funds

**Title:** Chief Compliance Officer