Welcome to the AEGIS Funds

Aegis Financial Corporation serves as the investment advisor to the Aegis Value Fund and Aegis High Yield Fund, and offers institutional and private client wealth management services through separately managed accounts.

AEGIS VALUE FUND (AVALX)

The Aegis Value Fund is a contrarian, fundamentals-driven mutual fund focused on deep-value small cap stocks. Managed by Scott Barbee since inception, the Fund has a long track record focused on exploiting investment opportunities within the low price-to-book equity segment. The research team is strongly committed to the strategy, with significant co-investment in the Fund.

Performance

Net Asset Value as of May 23, 2013	AVALX
NAV	$19.38
Change	$0.08
Percent Change	0.41%

As of March 31, 2013

			Annualized
	3 Months	YTD	1 Year	3 Years	5 Years	10 Years	Since Inception*
Aegis Value Fund (AVALX)	16.84%	16.84%	32.47%	17.34%	11.56%	12.15%	11.82%
Russell 2000 Value Index	11.63%	11.63%	18.09%	12.12%	7.29%	11.29%	7.54%
S&P 500 Index	10.61%	10.61%	13.96%	12.67%	5.81%	8.53%	4.24%

*The inception date for AVALX is 05/15/1998.

The Value Fund has an annualized gross expense ratio of 1.47%.

Click here for the Fund's most recent Factsheet.

AEGIS HIGH YIELD FUND (AHYFX & AHYAX)

The Aegis High Yield Fund is a value oriented, fundamentals-driven mutual fund focused on investing in the inefficient segments of the high yield bond market. The Fund normally invests at least 80% of its assets in high yield fixed income securities, and typically holds 30-50 issues believed to offer superior yield and capital appreciation potential. Credit risk is carefully scrutinized when selecting issues and interest rate risk is taken into consideration when managing portfolio duration. The research team is strongly committed to the strategy, with significant co-investment in the Fund.

Performance

Net Asset Value as of May 23, 2013	Institutional Class AHYFX	Retail Class AHYAX
NAV	$9.01	$9.00
Change	$0.00	$0.00
Percent Change	0.00%	0.00%

As of March 31, 2013

			Annualized
	3 Months	YTD	1 Year	3 Years	5 Years	10 Years	Since Inception*
Aegis High Yield Fund Class I (AHYFX)	4.89%	4.89%	3.09%	6.26%	9.92%	NA	7.67%
Aegis High Yield Fund Class A Without Load (AHYAX)	4.72%	4.72%	NA	NA	NA	NA	7.11%^
Aegis High Yield Fund Class A With Load (AHYAX)	0.82%	0.82%	NA	NA	NA	NA	3.14%^
Barclays High Yield Index	2.89%	2.89%	13.13%	11.24%	11.65%	NA	8.84%^^
Morningstar High Yield Category Average	2.77%	2.77%	11.76%	9.84%	8.76%	NA	6.86%^^

*The inception date for AHYFX (Class I) is 01/02/2004. The inception date for AHYAX (Class A) is 08/24/2012.

^The Since Inception returns for AHYAX (Class A) are not annualized.

^^Since Inception returns are as of the fund's I Class date. The returns (not annualized) for the Barclays Capital High Yield Index is 8.01% and Morningstar High Yield Category is N/A as of the inception date of the A Class.

The High Yield Fund (AHYFX) has an annualized gross expense ratio of 1.52%.
The Fund's net annualized expense ratio, after fee waivers, is 1.20%.

The High Yield Fund (AHYAX) has an annualized gross expense ratio of 2.19%.
The Fund's net annualized expense ratio, after fee waivers, is 1.45%.

The Advisor has contractually agreed to waive fees through 4/30/2014.

Click here for the Fund's most recent Factsheet.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. For performance data current to the most recent month end, please call us at 800-528-3780. The Aegis High Yield Fund imposes as 2% redemption fee on shares held for less than 180 days. Performance data does not reflect the redemption fee, which would have reduced the total return. Performance data for the AHYAX shares with load reflects the Class A maximum sales charge of 3.75%. Additionally, performance for the Class A Shares without load is shown at NAV, and does not reflect the maximum sales charge. If reflected, total return would be reduced.

Applications
	Application AVALX AHYFX AHYAX	Statutory Prospectus	Statutory Prospectus
	Coverdell Application AVALX AHYFX AHYAX	Summary Prospectus	Summary Prospectus
	IRA Application AVALX AHYFX AHYAX	SAI	SAI
	IRA Transfer Form		Breakpoints and Sales Loads
	IRA Disclosure
	Transfer On Death Designation Form	Annual Report	Annual Report
		Semi-Annual Report	Semi-Annual Report
Shareholder Information		Detail in XBRL Format	Detail in XBRL Format
Click here to log into your account		2013 1Q Manager's Letter	2013 1Q Manager's Letter
		2012 4Q Manager's Letter	2012 4Q Manager's Letter
	AVALX - Dividends	2012 3Q Manager's Letter	2012 3Q Manager's Letter
	AHYFX/AHYAX - Dividends	2012 2Q Manager's Letter	2012 2Q Manager's Letter
		2012 1Q Manager's Letter	2012 1Q Manager's Letter
		2011 4Q Manager's Letter	2011 4Q Manager's Letter

Please read and consider the prospectus carefully before investing. To obtain a hardcopy of the prospectus, please call 1.800.528.3780.

Mutual fund investing involves risk. Principal loss is possible.
Investments in foreign securities involve greater volatility and political, economic and currency risks and differences in accounting methods. Investments in smaller companies involve additional risks such as limited liquidity and greater volatility. For the Value Fund, Investments in Real Estate Investment Trusts (REITs) involve additional risks such as declines in the value of real estate and increased susceptibility to adverse economic or regulatory developments. The Fund invests in smaller companies, which involves additional risks such as limited liability and greater volatility. For the High Yield Fund, investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

Barclays High Yield Index: An unmanaged index that covers the universe of fixed-rate, non investment-grade debt.

Morningstar High Yield Bond Category: an average of all of the funds in the Morningstar High Yield Bond category.

Russell 2000 Value Index: A market capitalization weighted equity index maintained by the Russell Investment Group and based on the Russell 2000 Index,which measures how U.S. stocks in the equity value segment perform.

S&P 500 Index: An index of 500 stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500 is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe. One cannot invest directly in an index.

Price to Book: A ratio used to compare a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value per share.

Duration: A measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates. Duration is expressed as a number of years.

The Aegis Funds are offered only to United States residents, and information on this site is intended only for such persons. Nothing on this web site should be considered a solicitation to buy or an offer to sell shares of any Aegis Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.

The Aegis Funds are distributed by Quasar Distributors, LLC.