Prospectus by Investment Company (Form 497)

Aegis Funds

Supplement dated February 23, 2026

to the

Statement of Additional Information ("SAI") dated April 30, 2025

At a special meeting of shareholders of Aegis Value Fund (the "Fund"), a series of Aegis Funds (the "Trust"), held on February 17, 2026, shareholders elected Mr. Brant Imperatore to serve as a Trustee to fill the vacancy left by Mr. David Giannini and elected Mr. Jordan F. Nasir and Andrew R. Bacas to serve as Trustees, each existing Trustees who had not previously been elected by shareholders.

The following disclosures in the section of the Fund's SAI titled "Management of the Fund" are hereby revised to reflect the election of Mr. Imperatore as an Independent Trustee and to remove Mr. Giannini as a Trustee:

Board of Trustees. The Board of Trustees (the "Board") is responsible for overseeing the business affairs of the Trust and the Fund. The Trustees' duties are established by state and federal law. In general, Trustees have a duty to exercise care and prudent business judgment in their oversight of the Fund. Trustees also have a duty to exercise loyalty to the Fund's shareholders which requires them to act in good faith, avoid unfair dealing, and resolve any conflicts of interest in favor of the Fund and its shareholders.

The Board has five Trustees, four of whom are not "interested persons" as that term is defined in Section 2(a)(19) of the 1940 Act ("Independent Trustees") of the Trust.

Mr. Scott L. Barbee is an officer and director of the Advisor and is, therefore, considered to be an "interested person" of the Trust ("Interested Trustee").

The Board annually elects the officers of the Trust to actively supervise the day-to-day operations of the Fund. The Trustees serve for an indefinite period.

Information about each Trustee and officer of the Trust is provided in the table below:

Name, Year of Birth, and Address

Position(s) Held with the Trust

Term of Office and Length of Time Served

Principal Occupation During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Trustee

Other Directorships Held by Trustee During the Past 5 Years

Independent Trustees*

Eskander Matta Born: 1970 c/o Aegis Financial Corporation 6862 Elm Street, Suite 830 McLean, VA 22101

Trustee

Since 2003

Chief Executive Officer of Tasharina Corporation (an eCommerce business services firm) since 2012.

1

None.

Name, Year of Birth, and Address

Position(s) Held with the Trust

Term of Office and Length of Time Served

Principal Occupation During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Trustee

Other Directorships Held by Trustee During the Past 5 Years

Andrew R. Bacas Born: 1958 c/o Aegis Financial Corporation 6862 Elm Street, Suite 830 McLean, VA 22101

Trustee

Since August 2016

President of Jefferson Management Consultants, Inc. (a commercial real estate investment and advisory firm) since 2006.

1

None.

Jordan F. Nasir Born: 1969 c/o Aegis Financial Corporation 6862 Elm Street, Suite 830 McLean, VA 22101

Trustee

Since February 2018

Fund Manager of Mizuho Gulf Capital Partners (a private equity firm) since September 2017

1

Board Member, Mizuho Gulf Capital Partners, Ltd. (2017 - present); Board Member, Gulf Japan Food Fund (2017 - present).

Brant Imperatore Born: 1971 c/o Aegis Financial Corporation 6862 Elm Street, Suite 830 McLean, VA 22101

Trustee

Since February 2026

Partner of Mindset, LLC (government affairs and advisory firm)

1

None.

Interested Trustee**

Scott L. Barbee Born: 1971 c/o Aegis Financial Corporation 6862 Elm Street, Suite 830 McLean, VA 22101

President Trustee Treasurer Secretary

Since 2009 Since 2003 2003 - 2008 2006 - 2008

President of Aegis Financial Corporation since 2009.

1

Director of Donald Smith & Co. (SEC-registered investment adviser) since 2014; Director of The Barbee Family Foundation since 2012; Director of The Donald & Paula Smith Family Foundation since 2014.

Officer of the Trust who is not also a Trustee

Justin P. Harrison Born: 1973 c/o Aegis Financial Corporation 6862 Elm Street, Suite 830 McLean, VA 22101

Chief Compliance Officer, Treasurer and Secretary

Since November 2018

Chief Operating Officer and Chief Compliance Officer of Aegis Financial Corporation since 2018.

N/A

N/A

* The "Independent Trustees" are those Trustees that are not considered "interested persons" of the Trust, as that term is defined in the 1940 Act.

** Mr. Barbee is considered to be an "Interested Trustee" because of his affiliation with the Advisor.

Leadership Structure and the Board of Trustees. The Board is responsible for overseeing the business affairs of the Trust and the Fund and exercising all of its powers except those reserved for shareholders. The Board is composed of five Trustees, four of whom are Independent Trustees.

The Independent Trustees meet regularly in executive sessions among themselves and with Fund counsel to consider a variety of matters affecting the Fund. These sessions generally occur prior to, or following, scheduled Trustee meetings and at such other times as the Independent Trustees may deem necessary. As discussed in further detail below, the Board has established two standing committees to assist the Board in performing its oversight responsibilities. The Board has engaged the Advisor to manage the Fund and is responsible for overseeing the Advisor and other service providers to the Trust and the Fund in accordance with the provisions of the 1940 Act and other applicable laws.

The Trust's By-Laws do not set forth any specific qualifications to serve as a Trustee. The Nominating Committee Charter sets forth a number of factors that the Nominating and Corporate Governance Committee ("Nominating Committee") will take into account in considering candidates for membership on the Board, including (but not limited to): (i) the candidate's knowledge in matters relating to the investment company industry; (ii) any experience possessed by the candidate as a director/trustee or senior officer of other public companies; (iii) the candidate's educational background; (iv) the candidate's reputation for high ethical standards and personal and professional integrity; (v) any specific financial, technical or other expertise possessed by the candidate, and the extent to which such expertise would complement the Board's existing mix of skills and qualifications; (vi) the candidate's perceived ability to contribute to the ongoing functions of the Board, including the candidate's ability and commitment to attend meetings regularly, work collaboratively with other members of the Board and carry out his or her duties in the best interests of the Fund; and (vii) such other factors as the Nominating Committee determines to be relevant in light of the existing composition of the Board and any anticipated vacancies or other factors. The Nominating Committee Charter also sets forth certain factors that the Nominating Committee may take into account in evaluating potential conflicts of interest. In evaluating a candidate for nomination or election as a Trustee, the Nominating Committee will take into account the contribution that the candidate would be expected to make to the diverse mix of experience, qualifications, attributes and skills that the Nominating Committee believes contributes to good governance for the Fund.

The Trust does not have a lead Independent Trustee. As President of the Trust, Mr. Barbee sets the agenda at each Board meeting, presides at all meetings of the Board and acts as a liaison with service providers, officers, attorneys, and other Trustees generally between meetings. He may also perform other such functions as may be provided by the Board from time to time.

Among the attributes or skills common to all Trustees are their ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with the other Trustees, Advisor, other service providers, counsel and the independent registered public accounting firm, and to exercise effective and independent business judgment in the performance of their duties as Trustees. Each Trustee's ability to perform his or her duties effectively has been attained through the Trustee's business, consulting, public service and/or academic positions and through experience from service as a board member of the Trust, public companies or other organizations as set forth above. Each Trustee's ability to perform his or her duties effectively also has been enhanced by his or her educational background, professional training, and/or other life experiences.

The Board has determined that the Board's leadership structure is appropriate in light of the characteristics and circumstances of the Trust and the Fund, including factors such as the Fund's

investment strategy and style, the net assets of the Fund, the committee structure of the Trust, and the management, distribution and other service arrangements of the Fund. The Board believes that the current leadership structure permits the Board to exercise informed and independent judgment over matters under its purview, and it allocates areas of responsibility among service providers, committees of Trustees and the full Board in a manner that enhances effective oversight. The Board believes that having a majority of Independent Trustees is appropriate and in the best interest of the Fund, and that the Board leadership by Mr. Barbee provides the Board with valuable corporate and financial insights that assist the Board as a whole with the decision-making process. The leadership structure of the Board may be changed, at any time and in the discretion of the Board, including in response to changes in circumstances or the characteristics of the Fund.

Risk Oversight. The Fund is subject to a number of risks, including investment, compliance, operational, and valuation risks, among others. Day-to-day risk management functions are subsumed within the responsibilities of the Fund's management, the Advisor and other service providers (depending on the nature of the risk), who carry out the Fund's investment management and business affairs.

Risk oversight forms part of the Board's general oversight of the Fund and is addressed as part of various Board and Committee activities. The Board recognizes that it is not possible to identify all of the risks that may affect the Fund or to develop processes and controls to eliminate or mitigate their occurrence or effects. As part of its regular oversight of the Fund, the Board, directly or through a Committee, interacts with and reviews reports from, among others, Fund's management, the Advisor, the Chief Compliance Officer of the Fund, and the independent registered public accounting firm for the Fund, as appropriate, regarding risks faced by the Fund and relevant risk functions. The Board has appointed a Chief Compliance Officer who oversees the implementation and testing of the Fund's compliance program and reports to the Board regarding compliance matters for the Fund and its principal service providers. In addition, as part of the Board's periodic review of the Fund's advisory and other service provider agreements, the Board may consider risk management aspects of their operations and the functions for which they are responsible. The Board may, at any time and in its discretion, change the manner in which it conducts its risk oversight role.

Committees of the Board. The Board has two committees: an Audit Committee and a Nominating Committee.

The Audit Committee oversees the Trust's accounting and financial reporting policies and practices and oversees the quality and objectivity of the Trust's financial statements and the independent audit thereof. The Audit Committee also pre-approves all audit and non-audit services to be provided by the independent auditors. The members of the Audit Committee include all of the Board's Independent Trustees. The Audit Committee met once during the fiscal year ended December 31, 2024.

The Nominating Committee, also comprised of all of the Independent Trustees, evaluates the qualifications of candidates and makes nominations for Independent Trustee membership on the Board. In addition, this Committee also performs various tasks related to Board governance procedures, including, without limitation, periodically reviewing Board composition and Trustee compensation, reviewing the responsibilities of Board committees and the need for additional committees. The Nominating Committee does not consider nominees recommended by shareholders. The Nominating Committee did not meet during the fiscal year ended December 31, 2024.

Share Ownership by Trustees. As of April 1, 2025, the officers and Trustees of the Fund, as a group, owned approximately 14.11% of the Class I shares of the Fund. As of December 31, 2024, the Trustees

owned the following dollar amounts of shares in the Fund using the following ranges: None; $1 - $10,000; $10,001 - $50,000; $50,001 - $100,000; and Over $100,000.

Name of Trustee			Dollar Range of Shares in the Fund
Independent Trustees
Eskander Matta			Over $100,000
Andrew R. Bacas			Over $100,000
Jordan F. Nasir			None
Brant Imperatore*			None
Interested Trustees
Scott L. Barbee			Over $100,000
David A. Giannini**			Over $100,000
* Mr. Imperatore was elected Trustee on February 17, 2026. ** Mr. Giannini served as Trustee until December 20, 2025.

Compensation. The Trust does not pay any fees or compensation to its officers or Interested Trustee that is an employee of the Advisor. For the fiscal year ended December 31, 2024, the Independent Trustees and the Interested Trustee that was not an employee of the Advisor each received a fee of $1,000 for each meeting of the Board which they attend. Each Independent Trustee also received a fee of $500 for each Audit Committee meeting attended and $250 for each Nominating Committee meeting attended (Jordan Nasir, who is an Independent Trustee, has declined compensation). In addition, the Trust reimburses its Independent Trustees and the Interested Trustee that is not an employee of the Advisor for reasonable travel or incidental expenses incurred by them in connection with their attendance at Board meetings. The Trust offers no retirement plan or other benefits to its Trustees.

The following table sets forth information regarding compensation of the Trustees by the Fund for the fiscal year ended December 31, 2024:

Trustees			Aggregate Compensation from the Fund			Total Compensation from the Fund and Fund Complex Paid to Trustees
David A. Giannini*			$3,000			$3,000
Eskander Matta			$4,500			$4,500
Andrew R. Bacas			$4,500			$4,500
Scott L. Barbee			$0			$0
Jordan F. Nasir			$0			$0
Brant Imperatore**			$0			$0

_____________________

* David A. Giannini served as Trustee until December 20, 2025.

** Mr. Imperatore was elected Trustee on February 17, 2026.

* * * * *

Please keep this supplement for further reference.