EXHIBIT 5.1

                               December 9, 1997 


Board of Trustees
AEGIS Investments Trust
2500 CityWest Boulevard, Suite 1200
Houston, TX 77042

                             AEGIS INVESTMENT TRUST
                      REGISTRATION STATEMENT ON FORM S-11
                      -----------------------------------

Gentlemen:

    We have acted as counsel to AEGIS Investment Trust, a Maryland real 
investment trust (the "Company"), in connection with the Registration 
Statement on Form S-11, that is being filed on the date hereof with the 
Securities and Exchange Commission (the "Registration Statement"), with 
respect to 10,000,000 shares of the Company's common shares of beneficial 
interest, $.01 par value (the "Common Shares"), which are proposed to be 
offered and sold as described in the Registration Statement.

    In rendering this opinion, we have relied upon, among other things, our 
examination of such records of the Company and certificates of its officers 
and of public officials as we have deemed necessary.

    Based upon the foregoing and having regard for such legal considerations 
as we have deemed relevant, we are of the opinion that the issuance of the 
Shares as described in the Registration Statement has been validly authorized 
and, when issued and sold as described in the Registration Statement, the 
Common Shares will be legally issued, fully paid and non-assessable.

    We hereby consent to the filing of this opinion with the Securities and 
Exchange Commission as an exhibit to the Registration Statement and to the 
statement made in reference to this firm under the caption "Legal Matters" in 
the Registration Statement.

                             Very truly yours,


                             /s/ HUNTON & WILLIAMS
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