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Aegis Funds · 40-24B2 · On 3/22/07

Filed On 3/22/07 3:23pm ET · SEC File 811-21399 · Accession Number 919574-7-1868

  As Of               Filer                 Filing     As/For/On Docs:Pgs              Issuer               Agent

 3/22/07  Aegis Funds                       40-24B2                1:21                                     Seward & Kissel/FA

Sales Literature of a Management Investment Company · Rule 24b-2
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 40-24B2     Sales Literature of a Management Investment           21     49K 
                          Company                                                

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 40-24B2

SALES LITERATURE OF REGISTERED
 MANAGEMENT INVESTMENT COMPANY

 THE AEGIS FUNDS
(Exact Name of Registrant as Specified in Charter)

Investment Company Act File Number 811-21399

 1100 North Glebe Road
Suite 1040
 Arlington, VA 22201
703-528-7788
 (Address and Telephone Number of Principal Executive Offices)

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AEGIS FUNDS                                                  Call 800-528-3780  

AegisValueFund.com                                                              
------------------                                                              

Learn more about investing in value stocks through the Aegis Value Fund.        
Ticker: AVALX                                                                   

AegisHighYieldFund.com                                                          
----------------------                                                          

Learn more about investing in high yield bonds through the Aegis High Yield     
Fund. Ticker: AHYFX                                                             

Your Account                                                                    
------------                                                                    

Access your account information and complete account transactions on-line.      

 Copyright(c) 2006 Aegis Financial Corporation. All Rights Reserved.

www.aegisfunds.com

Please consider the investment objectives, risks, charges and expenses of the   
Fund carefully before investing. View a prospectus containing this and call     
800-528-3780. Please read the prospectus carefully before investing.            

40-24B2 3rd Page of 21 TOC 1st Previous Next Bottom Just 3rd

AEGIS / VALUE FUND                                                              

WELCOME                                                                         
-------                                                                         

Welcome to the Internet home of the Aegis Value FUnd (ticker: AVALX). Founded   
in 1998, the Fund focuses on investing in small company stocks that can be      
purchased at low multiples of accounting book value. Our objective is long-term 
capital appreciation while minimizing risk of loss.                             

NEWS                                                                            
----                                                                            

December 19, 2006 - Final 2006 distribution data is now available               

August 2, 2006 - UMBISG to provide administrative services for Fund shareholders

 Copyright(c) 2006 Aegis Financial Corporation. All Rights Reserved.

www.aegisfunds.com

Please consider the investment objectives, risks, charges and expenses of the   
Fund carefully before investing. View a prospectus containing this and call     
800-528-3780. Please read the prospectus carefully before investing.            

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AEGIS / VALUE FUND                                                              

                                                                     Performance

AEGIS VALUE FUND NET ASSET VALUE AS OF MARCH 20, 2007                           
-----------------------------------------------------                           

NAV                                                  $15.60                     
Change                                                $0.05                     
Percent Change                                         0.32%                    

AEGIS VALUE FUND TOTAL RETURNS AS OF FEBRUARY 28, 2007                          
------------------------------------------------------                          

                                                                 Russell 2000(R)
                                         Aegis Value Fund      Value Index
                                         ----------------      -----------

Calendar Year-to-Date                             8.19%               0.25%     
One Year                                         20.34%              14.34%     
3 Year                                           13.03%              14.53%     
5 Year                                           15.39%              14.99%     
Average Annual, Since Inception*                 15.93%              10.80%     

----------                                                                      
*    Fund commenced operations May 15, 1998                                     

Returns include reinvestment of dividends and capital gains. An investor should 
consider the investment objective, risks, and charges and expenses of the Fund  
carefully before investing. The Fund's prospectus contains this and other       
information about the Fund. An investor can obtain a copy of the Fund's         
prospectus by downloading it from this website or by calling 1-800-528-3780. An 
investor should read the prospectus carefully before investing or sending money.

Performance information quoted above represents past performance. Past          
performance does not guarantee future results. The investment return and        
principal value of an investment in the Fund will fluctuate so that an          
investor's shares, when redeemed, may be worth more or less that their original 
cost.                                                                           

 Copyright(c) 2006 Aegis Financial Corporation. All Rights Reserved.

www.aegisfunds.com

Please consider the investment objectives, risks, charges and expenses of the   
Fund carefully before investing. View a prospectus containing this and call     
800-528-3780. Please read the prospectus carefully before investing.            

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AEGIS / VALUE FUND                                                              

 Income and Gains Distributions for 2006
 ---------------------------------------

                                        Total Amount          Rate Per Share
                                        ------------          --------------

Income*                                        $2.7M                 $0.1365    
Short Term Capital Gains                      $17.9M                 $0.9054    
Long Term Capital Gains                       $87.0M                 $4.3983    

----------                                                                      
*    The portion of the income and short-term capital gains distributions       
considered a Qualified Dividend distribution will be reported in      
conjunction with Form 1099-DIV                                        

The record date for the dividend was December 18, 2006.                         

The ex-dividend date was December 19, 2006.                                     

We welcome you to call 1-800-528-3780 for assistance although tax advice cannot 
be given by Fund representatives.                                               

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AEGIS FUNDS                                                                     

Dear Aegis Shareholder:                                                         

We are  pleased to announce  that UMB  Investment  Services  Group  (UMBISG),  a
subsidiary  of UMB  Bank,  will soon  begin  providing  administrative  customer
services for Aegis  shareholders.  As the new administrative  services provider,
UMBISG will tackle many of the daily operational details required to ensure that
shareholders receive top-notch service.                                         

This change  will be  effective  as of the close of  business on Friday,  August
11th,  2006. This change will not affect the status of your account,  and unless
you have  already  been  notified  otherwise,  it will not change  your  account
number.                                                                         

As an added shareholder  benefit,  we have been working with UMBISG to establish
web-based  account  access for direct  shareholders  who elect to participate in
this service. We are also improving our phone service by expanding service hours
and  offering  the  ability  to  complete  transactions  on the phone  following
appropriate security validations.                                               

Please retain the following information for future reference:                   

o    The toll-free  number will remain (800)  528-3780.  Effective  August 14th,
     2006,  service  representatives  will be available Monday through Friday, 7
     a.m. to 7 p.m. Central Standard Time to assist you with your account. While
     the  toll-free  number  will remain the most  convenient  way to handle all
     routine inquiries and transactions,  we continue to welcome shareholders to
     call us directly at (703) 528-7788 with any investment-oriented comments or
questions.                                                            

o    To make  additional  investments  in your  account  or to  establish  a new
account, please use the following address effective August 14th, 2006:

Regular Mail                             Overnight Mail               
------------                             --------------               

Aegis Mutual Funds                       Aegis Mutual Funds           
 P. 0. Box 2175                           803 West Michigan St., Suite A
Milwaukee, WI 53201-2175                 Milwaukee, WI 53233-2301     

     Please note:  Please do not send any  correspondence  or investments to the
     new address until after August 11th, 2006.  Also, fax transactions  will no
longer be accepted.                                                   

We hope that you will enjoy immediate  benefits resulting from the change to UMB
Fund  Services.  Thank you for your  continued  confidence  in the Aegis  mutual
funds.                                                                          

Sincerely,                                                                      

Aegis Financial Corporation                                                     

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AEGIS / VALUE FUND                                                              

                                                                         Reports

Download recent shareholder reports and quarterly factsheets below in PDF       
format. If you can't view PDF documents, you will need to download Adobe Reader 
to view them.                                                                   

Shareholder Reports                                   Quarterly Factsheets      
-------------------                                   --------------------      

o  Aegis Advisor's Report (August 31, 2006)           o  Fourth Quarter 2006    
o  Annual Report (August 31, 2006)                    o  Third Quarter 2006     
o  Semi-Annual Report (February 28, 2006)             o  Second Quarter 2006    
o  Aegis Advisor's Report (February 28, 2006)         o  First Quarter 2006     
o  Annual Report (August 31, 2005)                    o  Fourth Quarter 2005    
o  Aegis Advisor's  Report (August 31, 2005)          o  Third Quarter 2005     
o  Semi-Annual Report (February 28, 2005)             o  Second Quarter 2005    
o  Aegis Advisor's Report (February 28, 2005)         o  First Quarter 2005     
o  Annual Report (August 31, 2004)                    o  Fourth Quarter 2004    
o  Aegis Advisor's Report (August 31, 2004)           o  Third Quarter 2004     
o  Semi-Annual Report (February 29, 2004)             o  Second Quarter 2004    
o  Aegis Advisor's Report (February 29, 2004)         o  First Quarter 2004     
o  Annual Report (August 31, 2003)                    o  Fourth Quarter 2003    
o  Semi-Annual Report (February 28, 2003)             o  Third Quarter 2003     
o  Annual Report (August 31, 2002)                    o  Second Quarter 2003    
o  Semi-Annual Report (February 28, 2002)                                       
o  Annual Report (August 31, 2001)                                              
o  Semi-Annual Report (February 28, 2001)                                       

Other Important Information                                                     
---------------------------                                                     

o  Aegis Value Fund Proxy Voting Record                                         
o  Aegis Value Fund SEC Filings                                                 

 Copyright(c) 2006 Aegis Financial Corporation. All Rights Reserved.

www.aegisfunds.com

Please consider the investment objectives, risks, charges and expenses of the   
Fund carefully before investing. View a prospectus containing this and call     
800-528-3780. Please read the prospectus carefully before investing.            

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AEGIS / VALUE FUND                                                              

                                                                      Prospectus

Download our prospectus:                                                        

o  Aegis Prospectus                                                             
o  Prospectus Supplement Dated  August 8, 2006                                  
o  Aegis SAI                                                                    

To request printed copies of the Prospectus and/or Statement of Additional      
Information (SAI), please contact us:                                           

Aegis Value Fund                                                                
P.O. Box 2175                                                                   
Milwaukee, WI 53201-2175                                                        
1-800-528-3780                                                                  

 Copyright(c) 2006 Aegis Financial Corporation. All Rights Reserved.

www.aegisfunds.com

Please consider the investment objectives, risks, charges and expenses of the   
Fund carefully before investing. View a prospectus containing this and call     
800-528-3780. Please read the prospectus carefully before investing.            

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AEGIS / VALUE FUND                                                              

                                                                   How to Invest

Investors  may  establish  a regular or IRA  account  directly  with the Fund or
purchase shares of the Fund through a third-party brokerage account.            

Direct Investment                                                               
-----------------                                                               

o  Instructions & Application for Opening up a Regular (taxable) Account        

o  Instructions & Application for Transferring Regular (taxable) Account        

o  Instructions & Application for Opening up a new or rollover                  
Traditional/Roth IRA                                                      

o  Instructions & Application for Transferring Traditional/Roth IRA             

o  Account Privileges Change Form                                               

Purchasing in a Brokerage Account                                               
---------------------------------                                               

The Fund is currently available through TD Ameritrade and the following         
brokerage platforms:                                                            

o  Accutrade                                                                    
o  AmeriVest                                                                    
o  Brown&Co.                                                                    
o  Coleman&Co.                                                                  
o  Harris Direct/Pershing                                                       
o  DATEK                                                                        
o  Dreyfus Brokerage Services                                                   
o  Investec Ernst                                                               
o  LINSCO/Private Ledger                                                        
o  Meiserow Financial                                                           
o  Penson Financial                                                             
o  Scottrade                                                                    
o  Stern, Agee & Leach                                                          
o  TD Ameritrade                                                                
o  Vanguard                                                                     
o  Wells Fargo Investments                                                      

 Copyright(c) 2006 Aegis Financial Corporation. All Rights Reserved.

www.aegisfunds.com

Please consider the investment objectives, risks, charges and expenses of the   
Fund carefully before investing. View a prospectus containing this and call     
800-528-3780. Please read the prospectus carefully before investing.            

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AEGIS FUNDS                                                                     

                                                                Open New Account

Welcome to the Online Account Application                                       

To establish an account online you must:                                        

o    Review and agree to the Online Account Application Agreement. This         
Agreement describes your legal rights and responsibilities as a Funds 
shareholder.                                                          

o    Read the applicable prospectus and disclosure agreement.                   

o    Complete the Online Account Application.                                   

o    Pay for purchase of shares through your bank via the Automated             
Clearing House (ACH) and agree to receive payment of any redemption   
    proceeds for any account opened online to the bank account from which your
purchase was drawn.                                                   

o    Have cookies enabled on your browser to complete the Online Account        
Application.                                                          

To begin filing out your application online, please select Proceed to Next Step.

If you need any assistance using our Online Account Application, you may refer  
to our tutorial or call a Shareholder Services representative at 800-528-3780.  

 Copyright(c) 2006 Aegis Financial Corporation. All Rights Reserved.

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AEGIS / VALUE FUND                                                              

                                                                        About Us

Our Address         Aegis Value Fund                                            
P.O. Box 2175                           
Milwaukee, WI 53201-2175                
1-800-528-3780                          

            For overnight mail use the following street address:

Aegis Value Fund                        
803 West Michigan Street, Suite A       
Milwaukee, WI 53233-2301                

Portfolio Manager   Scott L. Barbee                                             
               Scott Barbee serves as Portfolio Manager, Director, and
                    Treasurer to the Aegis Value Fund. He joined Aegis Financial
              Corporation as a partner in 1997 and led the effort to
                   establish the Aegis Value Fund in 1998. He holds a Bachelor
                   of Science in Mechanical Engineering and a Bachelor of Arts
              in Economics from Rice University as well as an M.B.A.
                  from The Wharton School at the University of Pennsylvania.
                    Prior to joining Aegis Financial Corporation, he worked as a
              securities analyst at Donald Smith & Company and as an
  analyst and broker with Simmons & Company.

Board of Directors  Scott L. Barbee                                             

William S. Berno                        
                  Bill Berno serves as President of the Aegis Value Fund and
          Portfolio Manager of the Aegis High Yield Fund. He
                   co-founded Aegis Financial Corporation in 1994. In addition
                   to leading the Fixed Income practice, he provides oversight
                to all administrative operations of the firm. He holds a
               Bachelor of Science degree in Finance from the McIntire
                   School of Commerce at the University of Virginia as well as
                   an M.B.A. with distinction from the University of Michigan.

David A. Giannini                       
               David Giannini has served as Director of the Fund since
              2006. He has engaged in institutional equity sales and
                research with the firm Scarsdale Equities since 2006. He
               engaged in institutional equity sales and research with
Sanders Morris Harris from 1997-2006.   

Eskander Matta                          
                 Eskander Matta has served as a Director of the Fund since
                 1997. He is currently Senior Vice President of Enterprise
              Internet Services at Wells, Fargo & Co. since 2002. He
                served as Director of Strategic Consulting with Cordiant
               Communications from 2001-2002 and Director of Strategic
     Consulting with Organic, Inc. from 1999-2001.

Officers            William S. Berno, President                                 
Scott L. Barbee, Treasurer and Secretary
   Sklyer S. Showell, Chief Compliance Officer

Investment Advisor  Aegis Financial Corporation                                 
1100 North Glebe Road, Suite 1040       
Arlington, Virginia 22201               

Custodian           UMB Bank, n.a.                                              
928 Grand Boulevard                     
Kansas City, Missouri 64106             

Independent         Briggs, Bunting & Dougherty, LLP                            
Auditors            Two Penn Center Plaza, Suite 820                            
Philadelphia, Pennsylvania 19102-1732   

Counsel             Seward & Kissel, LLP                                        
1200 G. Street, N.W.                    
Washington, D.C. 20005                  

 Copyright(c) 2006 Aegis Financial Corporation. All Rights Reserved.

www.aegisfunds.com

Please consider the investment objectives, risks, charges and expenses of the   
Fund carefully before investing. View a prospectus containing this and call     
800-528-3780. Please read the prospectus carefully before investing.            

40-24B2 12th Page of 21 TOC 1st Previous Next Bottom Just 12th

AEGIS / HIGH YIELD FUND                                                         

Month: February                                                                 

SEC Yield: 5.72 %                                                               

Portfolio Duration as of 2/28/2007: 2.5 years                                   

Weighted Avg. Maturity at 2/28/2007: 3.5 years                                  

AHYFX - NAV $11.02 as of: 3/20/2007                                             

WELCOME                                                                         
-------                                                                         

Welcome to the website of the Aegis High Yield Fund, a member of the Aegis Funds
family. The Aegis High Yield Fund is a pure no-load fund and began operations   
January 1, 2004. The Fund's investment objective is to seek maximum total return
with an emphasis on providing high current income.                              

The Fund principally invests in a diversified portfolio of corporate bonds with 
credit ratings below investment grade. These bonds are referred to as high-yield
bonds, or "junk bonds." High-yield bonds pay higher interest payments than      
investment-grade bonds, but also have a higher risk of payment default and      
principal loss.                                                                 

NEWS                                                                            
----                                                                            

December 22, 2006 - Final 2006 distribution data is now available               

August 2, 2006 - UMBISG to provide administrative services for Fund shareholders

 Copyright(c) 2006 Aegis Financial Corporation. All Rights Reserved.

www.aegisfunds.com

Please consider the investment objectives, risks, charges and expenses of the   
Fund carefully before investing. View a prospectus containing this and call     
800-528-3780. Please read the prospectus carefully before investing.            

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AEGIS / HIGH YIELD FUND                                                         

                                                                     Performance

AEGIS HIGH YIELD FUND NET ASSET VALUE AS OF MARCH 21, 2007                      

NAV                                  $10.97                                     
Change                               ($0.05)                                    
Percent Change                        -0.45%                                    

AEGIS HIGH YIELD FUND TOTAL RETURNS AS OF FEBRUARY 28, 2007                     

                               Aegis              Lehman(R) High
                               High Yield Fund       Yield Value Index
                               ---------------       -----------------

Calendar Year-to-Date                  3.75%                   2.53%            
One Year                              16.68%                  12.13%            
Three Year                             9.76%                   8.80%            
Average Annual, Since Inception*       9.13%                   8.90%            

----------                                                                      
*    Fund commenced operations January 1, 2004                                  

Returns include reinvestment of dividends and capital gains. An investor should 
consider the investment objective, risks, and charges and expenses of the Fund  
carefully before investing. The Fund's prospectus contains this and other       
information about the Fund. An investor can obtain a copy of the Fund's         
prospectus by downloading it from this website or by calling 1-800-528-3780. An 
investor should read the prospectus carefully before investing or sending money.

Performance information quoted above represents past performance. Past          
performance does not guarantee future results. The investment return and        
principal value of an investment in the Fund will fluctuate so that an          
investor's shares, when redeemed, may be worth more or less that their original 
cost.                                                                           

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AEGIS / HIGH YIELD FUND 

 Income and Gains Distributions for 2006
 ---------------------------------------

                                          Total Amount            Rate Per Share
                                          ------------            --------------

Income*                                      35.5 K                   $0.1210   
Short Term Capital Gains                      None                     None     
Long Term Capital Gains                      59.7 K                   $0.2034   

----------                                                                      
*    The portion of the income and short-term capital gains distributions       
considered a Qualified Dividend distribution will be reported in      
conjunction with Form 1099-DIV                                        

The record date for the dividend was December 21, 2006.                         
The ex-dividend and payable date was December 22, 2006.                         
Reinvestment Price was $10.67                                                   

We welcome you to call 1-800-528-3780 for assistance although tax advice cannot 
be given by Fund representatives.                                               

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AEGIS / HIGH YIELD FUND                                                         

                                                                  About HY Bonds

High-Yield Bond Primer                                                          

High Yield Bond Market                                                          
----------------------                                                          

High-yield bonds are a newer and unique asset class unfamiliar to many          
investors. Before making an investment in this type of security, we recommend   
that you read this brief introductory explanation of high-yield bonds and the   
high-yield bond market to gain some understanding of the securities and some of 
the terminology used by bond investors.                                         

The U.S. high-yield bond market, which was a small specialty market prior to    
1980, has grown very rapidly during the past twenty years. At the end of 2003 it
represented approximately $1 trillion of securities from nearly 1,000 different 
issuers. The market has expanded into the investment mainstream in recent years 
because high-yield bonds represent tax-favored financing for corporations       
(interest payments are tax-deductible, while dividends are not), and the income 
and performance characteristics of high-yield bonds make them appealing to many 
investors.                                                                      

High-yield bonds are typically issued by:                                       

1)   Newer, emerging companies raising money for expansion; or                  
2)   Older companies which have weak balance sheets and/or weak profits; or     
3)   Companies taking on large debts for acquisitions or leveraged buyouts.     

In some cases, formerly investment-grade bonds are downgraded to junk status    
when a blue-chip company has persistently poor operating results or suffers a   
business setback. The companies in this segment of the high-yield bond market   
are known as "fallen angels". Fallen angels were the majority of the high-yield 
market prior to 1980.                                                           

New bond issues are sold by bond underwriters in the "primary market" directly  
to institutional investors--mutual funds, insurance companies, investment       
advisors and pension funds. New issues are typically sold at or close to their  
"face value", or principal amount, which is usually $1,000 per bond.            

Older bonds are traded among bond dealers and institutions in the "secondary    
market". Bonds in the secondary market can trade at prices above or below face  
value. Bonds are traded at a percentage of face value. Thus, a bond priced at 82
is selling for 82% of its face amount, or $820 per bond.                        

All types of bonds are priced based on their perceived risk level, as well as   
the basic level of interest rates. It is important to know that bond prices will
decline as interest rates rise, and bond prices will climb as interest rates    
fall. An 8% bond will trade below face value o when rates are 10%, but above    
face value when rates are only 6%. Bond coupons are generally fixed (a few have 
adjustable rate features). Therefore, changes in interest rates will cause      
secondary market bond prices to change.                                         

The other pricing factor-perceived risk level- is at least as important in      
determining the prices of high-yield bonds. The fluctuations of high-yield bond 
prices are much greater than the fluctuations of investment-grade bond prices   
because these lower quality bonds are far more sensitive to the overall         
financial condition of their issuer. High-yield bonds are issued by riskier     
companies that have a dramatically higher rate of failure than investment-grade 
corporations, and investors are extremely sensitive to this fact. It is         
important to know that high-yield bond prices will decline as perceived credit  
risk rises, and high-yield bond prices will climb as perceived credit risk      
falls. A bond's credit quality is indicated by its credit rating. The credit    
rating agencies judge bonds based on their likelihood of default. The rating    
agencies define any reduced, late, or missed payment as a default by the issuer.
Defaults will often cause a bankruptcy filing by the issuer.                    

A table of the major credit rating agencies and credit rating definitions is    
provided below for your information. Bonds rated Baa or BBB and above are       
considered investment-grade securities and have few defaults. Those with ratings
of Ba or BB and below are high-yield securities, or "junk bonds". Most          
high-yield bond mutual funds have average portfolio credit ratings in the B     
range.                                                                          

Ratings of Long-Term Corporate Debt Securities                                  

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MOODY'S     S&P        FITCH             DEFINITION                             
-------     ---        -----             ----------                             

Aaa         AAA        AAA               Highest quality                        
Aa          AA         AA                High quality                           
A           A          A                 Upper medium grade                     
Baa         BBB        BBB               Medium grade                           
Ba          BB         BB                Speculative                            
B           B          B                 Highly speculative                     
Caa                    CCC, CC           Vulnerable to default                  
Ca>         C          C                 Default is imminent                    
C           D          DDD, DD, D        Probably in default                    

 Copyright(c) 2006 Aegis Financial Corporation. All Rights Reserved.

www.aegisfunds.com

Please consider the investment objectives, risks, charges and expenses of the   
Fund carefully before investing. View a prospectus containing this and call     
800-528-3780. Please read the prospectus carefully before investing.            

40-24B2 17th Page of 21 TOC 1st Previous Next Bottom Just 17th

AEGIS FUNDS                                                                     

Dear Aegis Shareholder:                                                         

We are  pleased to announce  that UMB  Investment  Services  Group  (UMBISG),  a
subsidiary  of UMB  Bank,  will soon  begin  providing  administrative  customer
services for Aegis  shareholders.  As the new administrative  services provider,
UMBISG will tackle many of the daily operational details required to ensure that
shareholders receive top-notch service.                                         

This change  will be  effective  as of the close of  business on Friday,  August
11th,  2006. This change will not affect the status of your account,  and unless
you have  already  been  notified  otherwise,  it will not change  your  account
number.                                                                         

As an added shareholder  benefit,  we have been working with UMBISG to establish
web-based  account  access for direct  shareholders  who elect to participate in
this service. We are also improving our phone service by expanding service hours
and  offering  the  ability  to  complete  transactions  on the phone  following
appropriate security validations.                                               

Please retain the following information for future reference:                   

o    The toll-free  number will remain (800)  528-3780.  Effective  August 14th,
     2006,  service  representatives  will be available Monday through Friday, 7
     a.m. to 7 p.m. Central Standard Time to assist you with your account. While
     the  toll-free  number  will remain the most  convenient  way to handle all
     routine inquiries and transactions,  we continue to welcome shareholders to
     call us directly at (703) 528-7788 with any investment-oriented comments or
questions.                                                            

o    To make  additional  investments  in your  account  or to  establish  a new
account, please use the following address effective August 14th, 2006:

Regular Mail                                Overnight Mail            
------------                                --------------            

Aegis Mutual Funds                          Aegis Mutual Funds        
    P. 0. Box 2175                              803 West Michigan St., Suite A
Milwaukee, WI 53201-2175                    Milwaukee, WI 53233-2301  

     Please note:  Please do not send any  correspondence  or investments to the
     new address until after August 11th, 2006.  Also, fax transactions  will no
longer be accepted.                                                   

We hope that you will enjoy immediate  benefits resulting from the change to UMB
Fund  Services.  Thank you for your  continued  confidence  in the Aegis  mutual
funds.                                                                          

Sincerely,                                                                      

Aegis Financial Corporation                                                     

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AEGIS / HIGH YIELD FUND                                                         

                                                                         Reports

Shareholder Reports                                                             
-------------------                                                             

o  Aegis High Yield Fund Advisor's Report (December 31, 2006)                   
o  Annual Report (December 31, 2006)                                            
o  Aegis High Yield Fund Advisor's Report (June 30, 2006 )                      
o  Semi-Annual Report (June 30, 2006)                                           
o  Annual Report (December 31, 2005)                                            
o  Aegis High Yield Fund Advisor's Report (December 31, 2005)                   
o  Semi-Annual Report (June 30, 2005)                                           
o  Aegis High Yield Fund Advisor's Report (June 30, 2005)                       
o  Annual Report (December 31, 2004)                                            
o  Aegis High Yield Fund Advisor's Report (December 31, 2004)                   
o  Semi-Annual Report (June 30, 2004)                                           
o  Aegis High Yield Fund Advisor's Report (June 30, 2004)                       

 Copyright(c) 2006 Aegis Financial Corporation. All Rights Reserved.

www.aegisfunds.com

Please consider the investment objectives, risks, charges and expenses of the   
Fund carefully before investing. View a prospectus containing this and call     
800-528-3780. Please read the prospectus carefully before investing.            

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AEGIS / HIGH YIELD FUND                                                         

                                                                      Prospectus

Download our prospectus and SAI below:                                          

o  Prospectus for the Aegis High Yield Fund                                     
o  Prospectus Supplement Dated August 8, 2006                                   
o  Statement of Additional Information (SAI)                                    

To request  printed  copies of the  Prospectus  and/or  Statement of  Additional
Information (SAI), please contact us:                                           

Aegis High Yield Fund                                                           
P.O. Box 2175                                                                   
Milwaukee, WI 53201-2175                                                        
1-800-528-3780                                                                  

 Copyright(c) 2006 Aegis Financial Corporation. All Rights Reserved.

www.aegisfunds.com

Please consider the investment objectives, risks, charges and expenses of the   
Fund carefully before investing. View a prospectus containing this and call     
800-528-3780. Please read the prospectus carefully before investing.            

40-24B2 20th Page of 21 TOC 1st Previous Next Bottom Just 20th

AEGIS / HIGH YIELD FUND                                                         

                                                                   How to invest

The Aegis High Yield Fund is available through the various brokerage firms.     
Please check with your broker(s) to see if the Fund is available.               

Direct Investment                                                               

We welcome investors to purchase shares directly from the Aegis High Yield Fund.
Please download and review the following Instructions for Direct Purchase of the
Aegis High Yield Fund.                                                          

o  Instructions & Application for Opening up a Regular (taxable) Account        
o  Instructions & Application for Transferring Regular (taxable) Account        
o  Instructions & Application for Opening up a new or rollover                  
Traditional/Roth IRA                                                      
o  Instructions & Application for Transferring Traditional/Roth IRA             
o  Account Privileges Change Form                                               

Questions?                                                                      

Please do not hesitate to call us at 1-800-528-3780. Our business hours are     
7a.m. through 7p.m. Central Standard Time Monday through Friday.                

 Copyright(c) 2006 Aegis Financial Corporation. All Rights Reserved.

www.aegisfunds.com

Please consider the investment objectives, risks, charges and expenses of the   
Fund carefully before investing. View a prospectus containing this and call     
800-528-3780. Please read the prospectus carefully before investing.            

40-24B2 Last Page of 21 TOC 1st Previous Next Bottom Just 21st

AEGIS / HIGH YIELD FUND                                                         

                                                                        About Us

Our Address         Aegis High Yield Fund                                       
P.O. Box 2175                           
Milwaukee, WI 53201-2175                
1-800-528-3780                          

            For overnight mail use the following street address:

Aegis High Yield Fund                   
803 West Michigan Street, Suite A       
Milwaukee, WI 53233-2301                

Portfolio Manager   William S. Berno                                            
                Bill Berno serves as Portfolio Manager of the Aegis High
                Yield Fund. He co-founded Aegis Financial Corporation in
                1994 and serves as President of the Aegis Value Fund. In
                  addition to leading the Fixed Income practice, he provides
                 oversight to administrative operations of Aegis Financial
             Corporation. He holds a Bachelor of Science degree in
           Finance from the McIntire School of Commerce at the
                    University of Virginia as well as an M.B.A. with distinction
from the University of Michigan.        

Board of Trustees   Scott L. Barbee                                             
               Scott Barbee serves as Portfolio Manager, Director, and
                    Treasurer to the Aegis Value Fund. He joined Aegis Financial
              Corporation as a partner in 1997 and led the effort to
                   establish the Aegis Value Fund in 1998. He holds a Bachelor
                   of Science in Mechanical Engineering and a Bachelor of Arts
                   in Economics from Rice University as well as an M.B.A. from
                   The Wharton School at the University of Pennsylvania. Prior
              to joining Aegis Financial Corporation, he worked as a
              securities analyst at Donald Smith & Company and as an
  analyst and broker with Simmons & Company.

William S. Berno                        

David A. Giannini                       
              David Giannini has served as Trustee of the Fund and a
                   Director of the Aegis Value Fund since 2006. He has engaged
                in institutional equity sales and research with the firm
                  Scarsdale Equities since 2006. He engaged in institutional
                 equity sales and research with Sanders Morris Harris from
1997-2006.                              

Eskander Matta                          
                Eskander Matta has served as a Trustee of the Fund since
                 inception and as a Director of the Aegis Value Fund since
                 1997. He is currently Senior Vice President of Enterprise
              Internet Services at Wells, Fargo & Co. since 2002. He
                served as Director of Strategic Consulting with Cordiant
               Communications from 2001-2002 and Director of Strategic
     Consulting with Organic, Inc. from 1999-2001.

Officers            William S. Berno, President                                 
Scott L. Barbee, Treasurer and Secretary
   Sklyer S. Showell, Chief Compliance Officer

Investment Advisor  Aegis Financial Corporation                                 
1100 North Glebe Road, Suite 1040       
Arlington, Virginia 22201               

Custodian           UMB Bank, n.a.                                              
928 Grand Boulevard                     
Kansas City, Missouri 64106             

Independent         Briggs, Bunting & Dougherty, LLP                            
Auditors            Two Penn Center Plaza, Suite 820                            
Philadelphia, Pennsylvania 19102-1732   

Counsel             Seward & Kissel, LLP                                        
1200 G. Street, N.W.                    
Washington, D.C. 20005                  

 Copyright(c) 2006 Aegis Financial Corporation. All Rights Reserved.

www.aegisfunds.com

Please consider the investment objectives, risks, charges and expenses of the   
Fund carefully before investing. View a prospectus containing this and call     
800-528-3780. Please read the prospectus carefully before investing.            

SK 23261 0002 758050

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Dates Referenced Herein and Documents Incorporated By Reference

		Referenced-On Page
This 40-24B2 Filing	Date	First	Last	Other Filings

	5/15/98	4
	2/28/01	7
	8/31/01	7
	2/28/02	7
	8/31/02	7
	2/28/03	7
	8/31/03	7
	1/1/04	12	13
	2/29/04	7
	6/30/04	18		NSAR-A, N-PX, N-CSR
	8/31/04	7		NSAR-A
	12/31/04	18		NSAR-B, N-CSR, 24F-2NT
	2/28/05	7
	6/30/05	18		N-CSR, NSAR-A
	8/31/05	7
	12/31/05	18		N-CSR, NSAR-B, 24F-2NT
	2/28/06	7		N-CSR
	6/30/06	18		NSAR-A, N-CSR, N-PX
	8/2/06	3	12
	8/8/06	8	19
	8/31/06	7
	12/18/06	5
	12/19/06	3	5
	12/21/06	14
	12/22/06	12	14
	12/31/06	18		NSAR-B, 24F-2NT, N-CSR
	2/28/07	4	13
	3/20/07	4
	3/21/07	13
Filed On / Filed As Of	3/22/07

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Filing Submission - Alternative Formats (Word / Rich Text, HTML, Plain Text, SGML, XML, et al.)

Aegis Funds · 40-24B2 · On 3/22/07

Filed On 3/22/07 3:23pm ET · SEC File 811-21399 · Accession Number 919574-7-1868

Sales Literature of a Management Investment Company · Rule 24b-2Filing Table of Contents

Dates Referenced Herein and Documents Incorporated By Reference

Sales Literature of a Management Investment Company · Rule 24b-2
Filing Table of Contents