Aegis Financial 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
Alliance One International Inc.	COM	018772103	12,191	7,715,830	SH		SOLE		7,715,830	0	0
American International Group Inc. Warrant	W EXP 01/19/202	026874156	4,579	185,982	SH		SOLE		185,982	0	0
Aspen Insurance Holdings Ltd.	SHS	G05384105	5,185	118,456	SH		SOLE		118,456	0	0
Aurico Gold Inc.	COM	05155C105	5,000	1,524,378	SH		SOLE		1,524,378	0	0
Avino Silver & Gold Mines	COM	053906103	2,936	2,297,792	SH		SOLE		2,297,792	0	0
Ballantyne Strong Inc.	COM	058516105	355	85,793	SH		SOLE		85,793	0	0
Bassett Furniture Industries	COM	070203104	3,151	161,506	SH		SOLE		161,506	0	0
Bowl America Inc. - Class A	CL A	102565108	232	16,224	SH		SOLE		16,224	0	0
California First National Bank Corp.	COM	130222102	3,182	224,244	SH		SOLE		224,244	0	0
Coeur D Alene Mines Corp.	COM NEW	192108504	2,474	484,132	SH		SOLE		484,132	0	0
Comstock Resources Inc.	COM NEW	205768203	4,084	599,687	SH		SOLE		599,687	0	0
Delta Apparel Inc.	COM	247368103	8,821	866,506	SH		SOLE		866,506	0	0
Energy XXI (Bermuda) Limited	USD UNRS SHS	G10082140	409	125,317	SH		SOLE		125,317	0	0
Equity Commonwealth	COM SH BEN INT	294628102	6,183	240,849	SH		SOLE		240,849	0	0
First Federal Northern Michigan Bancorp.	COM	32021X105	196	35,640	SH		SOLE		35,640	0	0
Frequency Electronics, Inc.	COM	358010106	2,586	226,274	SH		SOLE		226,274	0	0
Frisch's Restaurants, Inc.	COM	358748101	680	25,901	SH		SOLE		25,901	0	0
Globus Maritime	COM	Y27265209	427	178,047	SH		SOLE		178,047	0	0
GulfMark Offshore, Inc.	CL A NEW	402629208	4,406	180,409	SH		SOLE		180,409	0	0
Hardinge Inc.	COM	412324303	4,327	363,037	SH		SOLE		363,037	0	0
Lake Shore Gold Corp.	COM	510728108	3,158	4,644,295	SH		SOLE		4,644,295	0	0
Lubys. Inc.	COM	549282101	1,435	315,436	SH		SOLE		315,436	0	0
McDermott International Inc.	COM	580037109	4,586	1,575,954	SH		SOLE		1,575,954	0	0
Mercer International Inc.	COM	588056101	7,577	616,555	SH		SOLE		616,555	0	0
Mitcham Industies, Inc.	COM	606501104	1,866	314,589	SH		SOLE		314,589	0	0
Natuzzi S.p.A.	ADR	63905A101	774	499,065	SH		SOLE		499,065	0	0
Nevsun Resources Ltd.	COM	64156L101	11,479	2,950,907	SH		SOLE		2,950,907	0	0
Olympic Steel Inc.	COM	68162K106	3,217	180,937	SH		SOLE		180,937	0	0
Paragon Offshore PLC	SHS	G6S01W108	7,464	2,694,703	SH		SOLE		2,694,703	0	0
Parker Drilling Co.	COM	701081101	4,493	1,463,604	SH		SOLE		1,463,604	0	0
Peabody Energy Corp.	COM	704549104	5,404	698,201	SH		SOLE		698,201	0	0
Photronics Inc.	COM	719405102	9,941	1,196,254	SH		SOLE		1,196,254	0	0
Resolute Forest Products Inc.	COM	76117W109	9,296	527,862	SH		SOLE		527,862	0	0
Rio Alto Mining Limited	COM	76689T104	3,605	1,480,652	SH		SOLE		1,480,652	0	0
Rowan Companies PLC-A	SHS CL A	G7665A101	2,638	113,100	SH		SOLE		113,100	0	0
Rubicon Technology Inc.	COM	78112T107	2,038	446,000	SH		SOLE		446,000	0	0
Ruby Tuesday	COM	781182100	8,879	1,298,120	SH		SOLE		1,298,120	0	0
Superior Industries International Inc.	COM	868168105	4,095	206,935	SH		SOLE		206,935	0	0
Sypris Solutions Inc.	COM	871655106	3,445	1,294,991	SH		SOLE		1,294,991	0	0
Tecumseh Products Company	COM	878895309	9,443	3,056,098	SH		SOLE		3,056,098	0	0
U.S. Global Investors	CL A	902952100	924	298,123	SH		SOLE		298,123	0	0
Universal Stainless & Alloy Products Inc.	COM	913837100	6,392	254,160	SH		SOLE		254,160	0	0
White Mountains Insurance Group	COM	G9618E107	2,267	3,597	SH		SOLE		3,597	0	0
WPX Energy Inc.	COM	98212B103	4,665	401,107	SH		SOLE		401,107	0	0