Semi-Annual Report by Investment Company (Form N-CSRS)

 

Aegis Value Fund

Financial Statements

June 30, 2026

TABLE OF CONTENTS

Aegis Value Fund

Schedule of Investments

June 30, 2026 (Unaudited)

			Shares			Value
COMMON STOCKS - 94.6%
Consumer Discretionary - 5.4%
Automobiles - 3.0%
Harley-Davidson, Inc.			1,369,000			$33,485,740
Household Durables - 2.4%
Bassett Furniture Industries, Inc.(a)			531,149			9,411,960
Mohawk Industries, Inc.(b)			142,773			17,322,648
						26,734,608
Specialty Retail - 0.0%(c)
Reitmans CAD LDT A(b)			241,361			357,383
Total Consumer Discretionary						60,577,731
Consumer Staples - 0.2%
Consumer Staples Distribution & Retail - 0.2%
Village Super Market, Inc. - Class A			54,750			2,309,355
Energy - 38.8%(d)
Energy Equipment & Services - 13.3%
ACT Energy Technologies Ltd.(a)(b)			2,194,916			9,208,355
AKITA Drilling Ltd. - Class A(a)(b)			6,652,685			16,276,973
Enerflex Ltd.			511,060			12,526,081
Koil Energy Solutions, Inc.(a)(b)			766,584			1,924,126
Natural Gas Services Group, Inc.			574,276			24,774,267
Noram Drilling AS			1,333,834			5,147,493
North American Construction Group Ltd.			1,005,817			13,375,434
Precision Drilling Corp.(b)			492,753			37,842,874
Tidewater, Inc.(b)			266,406			17,750,632
Total Energy Services, Inc.			615,510			9,582,556
Wolverine Energy & Infrastructure, Inc.(b)(e)(f)			475,591			0
						148,408,791
Oil, Gas & Consumable Fuels - 25.5%(d)
Afentra PLC(b)(f)			12,339,589			9,647,660
ARC Resources Ltd.			246,015			5,169,221
Ardmore Shipping Corp.			67,645			947,707
Athabasca Oil Corp.(b)			3,653,213			26,325,286
Cenovus Energy, Inc.			3,345,144			83,000,612
Greenfire Resources Ltd.(b)			777,716			4,394,095
International Petroleum Corp.(b)			1,839,691			39,978,337
Jadestone Energy PLC(b)			13,757,735			5,278,978
Parex Resources, Inc.			687,231			10,364,795
PBF Energy, Inc. - Class A			602,476			27,424,708
PetroTal Corp.			4,805,885			1,524,871
SEPLAT Energy PLC			3,017,770			20,543,184
SM Energy Co.			757,224			19,763,546
Vermilion Energy, Inc.			3,214,494			30,076,739
						284,439,739
Total Energy						432,848,530

			Shares			Value
Financials - 7.2%
Banks - 4.0%
Bank of Cyprus Holdings PLC			3,143,618			$34,403,573
First Internet Bancorp			347,132			9,650,269
						44,053,842
Capital Markets - 0.3%
Hennessy Advisors, Inc.			169,951			1,725,003
Westwood Holdings Group, Inc.			97,606			1,870,131
						3,595,134
Financial Services - 0.2%
Acacia Research Corp.(b)			491,086			2,288,461
Insurance - 2.7%
Radian Group, Inc.			796,790			30,015,079
Total Financials						79,952,516
Industrials - 2.6%
Passenger Airlines - 2.4%
JET2 PLC			1,573,194			26,922,907
Professional Services - 0.2%
Paragon Advanced Labs, Inc.(b)(f)			1,143,000			1,773,030
Total Industrials						28,695,937
Materials - 37.7%(d)
Chemicals - 3.7%
AdvanSix, Inc.			1,174,992			23,358,841
Mosaic Co.			826,536			17,514,298
						40,873,139
Diversified Metals & Mining - 6.7%
AIC Mines Ltd.(b)(f)			20,876,171			10,551,503
Alphamin Resources Corp.			23,181,813			24,354,593
C3 Metals, Inc.(b)(f)			1,648,351			918,172
Glencore PLC			2,179,279			14,859,295
Gunnison Copper Corp.(b)			2,483,258			647,844
Kenmare Resources PLC(a)			7,228,188			19,175,710
Solitario Resources Corp.(b)			620,433			466,814
Tharisa PLC			2,784,389			4,210,433
						75,184,364
Gold, Silver & Precious Metals & Minerals - 20.1%
Asara Resources Ltd.(b)(f)			80,000,000			7,218,477
Barton Gold Holdings Ltd.(a)(b)(f)			14,068,595			7,943,707
Brightstar Resources Ltd.(b)(f)			45,666,667			9,433,760
Cabral Gold, Inc.(b)(f)			12,911,156			8,557,368
Catalyst Metals Ltd.(b)			4,033,416			14,221,779
DPM Metals, Inc.			606,525			19,697,896
Eldorado Gold Corp.			349,946			10,891,321
Equinox Gold Corp.(f)			3,706,850			36,121,042
Erdene Resource Development Corp.(a)(b)(f)			3,334,657			12,367,563
Galiano Gold, Inc.(b)			​6,899,348			​12,891,578

Aegis Value Fund

Schedule of Investments

June 30, 2026 (Unaudited)(Continued)

			Shares			Value
COMMON STOCKS - (Continued)
Materials - (Continued)
Gold, Silver & Precious Metals & Minerals - (Continued)
GoldQuest Mining Corp.(b)			2,849,300			$1,406,318
i-80 Gold Corp.(b)			1,064,476			1,546,145
Liberty Gold Corp.(b)			8,567,262			8,819,462
Metals Exploration PLC(b)			8,249,895			1,353,782
Mining Americas, Inc.(b)(f)			3,516,766			12,472,648
Mundoro Capital, Inc.(b)(f)			2,714,573			708,191
Newcore Gold Ltd.(a)(b)(f)			19,415,002			4,449,057
Orezone Gold Corp.(b)			11,906,848			18,973,719
Perseus Mining Ltd.			5,226,073			17,657,969
Predictive Discovery Ltd.(b)			3,015,077			1,430,544
Revival Gold, Inc.(a)(b)(f)			20,586,549			9,435,048
Tesoro Gold Ltd.(b)(f)			2,091,923			1,365,633
Toubani Resources Ltd.(b)			1,300,000			351,893
TriStar Gold, Inc.(b)(f)			13,046,664			1,425,865
Troilus Mining Corp.(b)			2,773,220			3,265,487
						224,006,252
Mining Services - 3.5%
Capital Ltd.(a)			23,042,304			31,939,948
Geodrill Ltd.(a)(b)			3,956,698			7,393,090
						39,333,038
Paper & Forest Products - 0.7%
Conifex Timber, Inc.(b)(f)			1,526,413			161,440
Interfor Corp.(b)			773,473			7,117,097
Mercer International, Inc.			264,447			174,535
						7,453,072
Steel - 3.0%
Algoma Steel Group, Inc.			1,727,084			7,038,636
Ryerson Holding Corp.			1,095,496			26,960,156
						33,998,792
Total Materials						420,848,657
Utilities - 2.7%
Independent Power and Renewable Electricity Producers - 2.7%
Hallador Energy Company(b)			1,751,501			30,458,603
TOTAL COMMON STOCKS (Cost $696,333,949)						1,055,691,329
REAL ESTATE INVESTMENT TRUSTS - 4.8%
Real Estate - 4.8%
Hotel & Resort REITs - 4.8%
Chatham Lodging Trust			661,712			8,754,450
Park Hotels & Resorts, Inc.			1,483,878			21,145,261
RLJ Lodging Trust			1,998,853			23,686,408
Total Real Estate						53,586,119
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $36,064,344)						53,586,119

			Contracts			Value
WARRANTS - 0.0%(c)
Materials - 0.0%(c)(d)
Gold, Silver & Precious Metals & Minerals - 0.0%(c)
Revival Gold, Inc., Expires 11/30/2026, Exercise Price $0.45(a)(b)(f)			1,428,572			$242,351
TriStar Gold, Inc. Warrants, Expires 06/04/2028, Exercise Price $0.30(b)(f)			4,347,750			137,338
TOTAL WARRANTS (Cost $0)						379,689

			Par
SHORT-TERM INVESTMENTS
U.S. TREASURY BILLS - 1.1%
3.58%, 09/10/2026(g)			$12,000,000			11,913,972
TOTAL U.S. TREASURY BILLS (Cost $11,915,547)						11,913,972
TOTAL INVESTMENTS - 100.5% (Cost $744,313,840)						$1,121,571,109
Liabilities in Excess of Other Assets - (0.5)%						(5,568,811)
TOTAL NET ASSETS - 100.0%						$1,116,002,298

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

(b)	Non-income producing security.

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

(d)	To the extent that the Fund invests significantly in the securities of issuers in a particular industry or sector of the economy, its performance will be especially sensitive to developments affecting that industry or sector.

Aegis Value Fund

Schedule of Investments

June 30, 2026 (Unaudited)(Continued)

(e)	Fair value determined by the Advisor, as Valuation Designee, using significant unobservable inputs in accordance with procedures established by the Board. These securities represented $0 or 0.0% of net assets as of June 30, 2026.

(f)

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

(g)	The rate shown is the annualized yield as of June 30, 2026.

Canada			$477,644,183			42.8%
United States			367,573,308			32.9
Australia			70,175,265			6.3
Mauritius			56,294,541			5.0
Cyprus			38,614,006			3.5
United Kingdom			37,924,349			3.4
Nigeria			20,543,184			1.8
Ireland			20,123,417			1.8
Switzerland			14,859,295			1.3
Ghana			7,393,090			0.7
Singapore			5,278,978			0.5
Norway			5,147,493			0.5
Liabilities in Excess of Other Assets			(5,568,811)			(0.5)
			$1,116,002,298			100.0%

Aegis Value Fund

Statement of Assets and Liabilities

June 30, 2026 (Unaudited)

Aegis Value Fund

Statement of Operations

For the Period Ended June 30, 2026 (Unaudited)

Aegis Value Fund

Statements of Changes in Net Assets

Aegis Value Fund

Financial Highlights

Class I

Aegis Value Fund

Notes to Financial Statements

June 30, 2026 (Unaudited)

1. THE ORGANIZATION

The Aegis Funds (comprised of the Aegis Value Fund) (the "Fund") is registered under the Investment Company Act of 1940 (the "1940 Act") as a diversified open- end management investment company. The Fund's principal investment goal is to seek long-term capital appreciation by investing primarily in common stocks that are believed to be significantly undervalued relative to the market based on a company's book value, revenues, or cash flow.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

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

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

Aegis Value Fund

Notes to Financial Statements

June 30, 2026 (Unaudited)(Continued)

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund's investments as of June 30, 2026:

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

Aegis Value Fund

Notes to Financial Statements

June 30, 2026 (Unaudited)(Continued)

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

The following is a reconciliation of the Fund's Level 3 assets for which significant unobservable inputs were used to determine fair value for the period ended June 30, 2026:

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

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

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

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

Aegis Value Fund

Notes to Financial Statements

June 30, 2026 (Unaudited)(Continued)

securities at each reporting period, resulting from changes in the exchange rate. These fluctuations are included with the net realized and unrealized gains or losses from investments.

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

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

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

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

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

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

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

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

3. ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES

The Fund entered into an investment management and advisory services agreement (the "Agreement") with the Advisor that provides for a fee, computed daily and paid monthly at the annual rate of 1.20% of the Fund's average daily net assets. The Agreement shall remain in force through December 31, 2026, and may be renewed for additional one-year periods thereafter if approved annually by a majority of the independent members of the Board. The Agreement may be terminated at any time, without penalty, by the Fund on sixty (60) days' written notice or by the

Aegis Value Fund

Notes to Financial Statements

June 30, 2026 (Unaudited)(Continued)

Advisor on ninety (90) days' written notice. During the period ended June 30, 2026, the Fund incurred $7,503,714 in investment advisory fees. The Fund and the Advisor have also entered into an expense limitation agreement which shall remain in force through April 30, 2027, that provides for an advisory fee waiver and expense reimbursement from the Advisor if the Fund's expenses, exclusive of taxes, interest, fees incurred in acquiring or disposing of portfolio securities, and extraordinary expenses, exceeds 1.50% for the Class I, of the Fund's average daily net assets. During the period ended June 30, 2026, the Advisor did not recover or waive fees.

Certain officers and Trustees of the Fund are also officers of the Advisor. The Fund pays each Trustee who is not an officer of the Advisor fees in cash or Fund shares of $2,500 for each attended board meeting for the Fund, $2,500 for each attended audit committee meeting for the Fund, and $500 for each attended nominating and corporate governance committee meeting for the Fund. In addition, the Fund reimburses the Advisor for chief compliance officer services, a yearly amount of $50,000 paid on a quarterly basis.

4. INVESTMENT TRANSACTIONS

Purchases and sales of long-term investment securities (excluding short-term investments) for the Fund are presented below for the period ended June 30, 2026.

5. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF NET ASSETS

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

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

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

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

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

Aegis Value Fund

Notes to Financial Statements

June 30, 2026 (Unaudited)(Continued)

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

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

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

6. INVESTMENTS IN AFFILIATED COMPANIES⁽¹⁾

Investments representing 5% or more of the outstanding voting securities of a portfolio company result in that company being considered an affiliated person, as defined in the 1940 Act. The aggregate value of all securities of affiliated companies held in the Aegis Value Fund as of June 30, 2026, amounted to $129,767,888 representing 11.63% of net assets. A summary of transactions involving these companies for the period ended June 30, 2026, is as follows:

Aegis Value Fund

Notes to Financial Statements

June 30, 2026 (Unaudited)(Continued)