THE AEGIS FUNDS FIRST AMENDMENT TO THE AMENDED AND RESTATED CUSTODY AGREEMENT

THE AEGIS FUNDS

FIRST AMENDMENT TO THE

AMENDED AND RESTATED CUSTODY AGREEMENT

THIS FIRST AMENDMENT dated as of 1st day of April, 2014, to the Amended and Restated Custody Agreement, originally made and entered into as of November 11, 2011, and amended and restated as of July 29, 2013 (the "Agreement"), is entered into by and between THE AEGIS FUNDS a Delaware business trust (the “Trust”) and U.S. BANK NATIONAL ASSOCIATION, a national banking association (the "Custodian").

RECITALS

WHEREAS, the parties have entered into the Agreement; and

WHEREAS, effective April 1, 2014 the Aegis Value Fund, Inc. is entering into a plan of merger with The Aegis Funds. The Aegis Value Fund shall be a new series of The Aegis Funds; and

WHEREAS, the parties desire to amend the length of the Agreement; and

WHEREAS, Article XV, Section 15.02 of the Agreement allows for its amendment by a written instrument executed by all parties.

NOW, THEREFORE, the parties agree to the following:

Exhibit D shall be superseded and replaced with Amended Exhibit D attached hereto.

Article XIII, Section 13.01, Effective Period is hereby superseded and replaced with the following:

13.01 Effective Period. This Agreement shall become effective as of April 1, 2014 and will continue in effect for a period of two (2) years.

Except to the extent amended hereby, the Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year first written above.

THE AEGIS FUNDS	U.S. BANK NATIONAL ASSOCIATION
By:___________________________	By:_____________________________
Name:_________________________	Name: Xxxxxxx X. XxXxx
Title:__________________________	Title: Senior Vice President

Amended Exhibit D to the Amended and Restated Custody Agreement

Separate Series of The Aegis Funds

Name of Series

Aegis High Yield Fund

Aegis Value Fund