AGF Investments Trust NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22540

AGF Investments Trust

(Exact name of registrant as specified in charter)

53 State Street

Suite 1308

Boston, MA 02109

(Address of principal executive offices) (Zip code)

William H. DeRoche, President

53 State Street, Suite 1308

Boston, MA 02109

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: (617) 292-9801

Date of fiscal year end: June 30

Date of reporting period: December 31, 2020

Item 1. Reports to Stockholders.

(a)

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

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Semi-Annual Report

December 31, 2020

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Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Funds, please call (833) AGF-FUND (833-243-3863) or visit our website at www.AGF.com. Read the prospectus or summary prospectus carefully before investing.

Investing involves risk, including loss of principal. Equity securities are volatile and can decline significantly in response to broad market and economic conditions. Investments in global equities may be significantly affected by political or economic conditions and regulatory requirements in a particular country. International markets can involve risks of currency fluctuation, political and economic instability, different accounting standards and foreign taxation. Emerging or frontier markets involve exposure to economic structures that are generally less diverse and mature. The less developed the market, the riskier the security. Such securities may be less liquid and more volatile.

Additional risks for the AGF Global Sustainable Growth Equity Fund:

The universe of sustainable investments may be smaller than that of other funds that do not focus on sustainable investment themes. The Fund may forgo opportunities to gain exposure to certain attractive companies in certain industries and sectors, such as fossil fuel producers, and may have a reduced weighting in other sectors, due to their lack of positive exposure to sustainable investment themes. Because of these themes, the Fund may underperform the market as a whole if such investments underperform the market.

Distributor: Foreside Fund Services, LLC

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Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Please see the Funds’ prospectus for a discussion of the risks associated with an investment in the Funds. Investments in the Funds are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity. Funds invested in a smaller number of holdings may expose an investor to greater volatility.

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AGF Investments Trust

Allocation of Portfolio Holdings and Industries
December 31, 2020 (Unaudited)

AGF Emerging Markets Equity Fund

The Fund’s investment objective is to provide capital growth.

The Fund invests, under normal circumstances, at least 80 percent of its net assets (plus the amounts of any borrowings) in equities issued by companies that are economically tied to emerging markets countries that are included in the Morgan Stanley Capital International (“MSCI”) Emerging Markets Index and the MSCI Frontier Markets Index. The Fund is actively managed, all cap, style neutral, and utilizes bottom-up security selection combined with a disciplined country allocation framework to select the stocks within the portfolio. The Fund may from time to time focus its investments in a particular country or geographic region.

The Fund’s investment adviser considers a company to be economically tied to emerging market countries if at least one of the following apply: a company’s securities are traded principally in an emerging market country; at least 50% of the company’s assets are located in emerging market countries; at least 50% of a company’s revenues are generated in emerging market countries; the company is organized, conducts its principal operations, or maintains its principal place of business or principal manufacturing facilities in an emerging market country; the company is classified by a major benchmark index or market data services provider as having its primary country of risk in an emerging market country.

Largest Equity Holdings

Company	% of Net Assets
Tencent Holdings Ltd.		8.4%
Taiwan Semiconductor Manufacturing Co. Ltd.		7.9%
Samsung Electronics Co. Ltd.		7.1%
Alibaba Group Holding Ltd.		5.9%
Larsen & Toubro Ltd.		4.1%
AIA Group Ltd.		3.5%
iShares MSCI India ETF		2.5%
Nari Technology Co. Ltd. (P-Note)		2.3%
Kweichow Moutai Co. Ltd. (P-Note)		2.3%
Samsung Electro-Mechanics Co. Ltd.		2.3%

Sector Exposure

Sectors	% of Net Assets
Communication Services		11.4%
Consumer Discretionary		15.3%
Consumer Staples		5.1%
Energy		4.9%
Financials		25.1%
Health Care		2.7%
Industrials		8.7%
Information Technology		19.5%
Investment Funds		2.5%
Materials		4.5%
Real Estate		1.5%
Other(1)		(1.2)%
		100.0%

(1)

Includes any non-equity securities and net other assets (liabilities).

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AGF Investments Trust

Allocation of Portfolio Holdings and Industries

December 31, 2020 (Unaudited)

AGF Global Sustainable Growth Equity Fund

The Fund’s investment objective is to provide long-term capital growth.

The Fund invests, under normal circumstances, at least 80 percent of its net assets (plus the amounts of any borrowings) in equity securities. The Fund generally invests in shares of companies located throughout the world, including in the United States, that the Fund’s investment adviser believes are positively exposed to sustainable investment themes. The Fund’s investment adviser has identified a number of sustainable investment themes that are consistent with the environmental concept of sustainable development, which is economic development that meets the needs of current generations without compromising the ability of future generations to meet theirs. Examples of these sustainable investment themes may include Energy and Power Technologies, Waste Management and Pollution Control, Water and Waste Water Solutions and Environmental Health and Safety.

Largest Equity Holdings

Company	% of Net Assets
Keyence Corp.		3.9%
Aptiv plc		3.4%
Samsung SDI Co. Ltd.		3.4%
Prysmian SpA		3.0%
Thermo Fisher Scientific, Inc.		3.0%
Danaher Corp.		3.0%
Halma plc		2.9%
Trex Co., Inc.		2.9%
Trimble, Inc.		2.8%
Kerry Group plc		2.5%

Sector Exposure

Sectors	% of Net Assets
Consumer Discretionary		9.3%
Consumer Staples		3.2%
Financials		4.4%
Health Care		7.7%
Industrials		27.3%
Information Technology		26.9%
Materials		10.3%
Real Estate		1.0%
Utilities		4.5%
Other(1)		5.4%
		100.0%

(1)

Includes any non-equity securities and net other assets (liabilities).

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AGF Investments Trust

AGF Emerging Markets Equity Fund
Schedule of Investments

December 31, 2020 (Unaudited)

Investments	Shares		Value ($)
Common Stocks – 93.4%
Aerospace & Defense – 1.0%
Singapore Technologies Engineering Ltd.		2,783		$	8,035
Banks – 13.1%
Axis Bank Ltd., GDR*		430			18,304
Banco Bradesco SA (Preference)*		2,390			12,488
Bank Mandiri Persero Tbk. PT		27,126			12,241
Credicorp Ltd.		31			5,085
DBS Group Holdings Ltd.		384			7,263
Grupo Financiero Banorte SAB de CV, Class O*		576			3,182
Industrial & Commercial Bank of China Ltd., Class H		12,622			8,212
Komercni banka A/S*		343			10,411
Powszechna Kasa Oszczednosci Bank Polski SA*		1,095			8,441
Sberbank of Russia PJSC, ADR		553			8,018
Shinhan Financial Group Co. Ltd., ADR		568			16,904
					110,549
Beverages – 2.7%
Budweiser Brewing Co. APAC Ltd.		2,569			8,493
Coca-Cola HBC AG		300			9,757
Fomento Economico Mexicano SAB de CV, ADR		55			4,167
					22,417
Construction & Engineering – 4.1%
Larsen & Toubro Ltd., GDR		1,993			34,817
Diversified Consumer Services – 0.5%
YDUQS Participacoes SA		700			4,437
Diversified Financial Services – 2.0%
Chailease Holding Co. Ltd.		1,595			9,563
FirstRand Ltd.		2,088			7,281
					16,844
Diversified Telecommunication Services – 2.2%
Hellenic Telecommunications Organization SA		517			8,337
Telkom Indonesia Persero Tbk. PT		42,997			10,148
					18,485
Electrical Equipment – 1.4%
Zhuzhou CRRC Times Electric Co. Ltd., Class H		2,763			12,073
Electronic Equipment, Instruments & Components – 3.6%
Delta Electronics, Inc.		1,163			10,849
Samsung Electro-Mechanics Co. Ltd.*		117			19,228
					30,077
Energy Equipment & Services – 0.8%
Tenaris SA, ADR		398			6,348
Food & Staples Retailing – 1.2%
Atacadao SA*		822			3,069

Investments	Shares		Value ($)
Wal-Mart de Mexico SAB de CV		2,514		$	7,072
					10,141
Health Care Providers & Services – 0.7%
Sinopharm Group Co. Ltd., Class H		2,596			6,328
Hotels, Restaurants & Leisure – 1.4%
Melco Resorts & Entertainment Ltd., ADR		645			11,965
Household Durables – 1.5%
Haier Smart Home Co. Ltd., Class H*		3,467			12,567
Insurance – 4.6%
AIA Group Ltd.		2,361			29,082
Ping An Insurance Group Co. of China Ltd., Class H		780			9,581
					38,663
Interactive Media & Services – 8.4%
Tencent Holdings Ltd.		965			70,510
Internet & Direct Marketing Retail – 8.1%
Alibaba Group Holding Ltd.*		1,703			49,758
Naspers Ltd., Class N		51			10,438
Trip.com Group Ltd., ADR*		233			7,859
					68,055
Machinery – 2.2%
Airtac International Group		472			15,125
Weichai Power Co. Ltd., Class H		1,636			3,291
					18,416
Metals & Mining – 3.2%
Anglo American plc		351			11,691
Gerdau SA (Preference)		1,032			4,858
Southern Copper Corp.		105			6,837
Vale SA*		200			3,367
					26,753
Multiline Retail – 1.2%
Lojas Americanas SA (Preference)*		1,947			9,855
Oil, Gas & Consumable Fuels – 4.1%
CNOOC Ltd.		7,941			7,300
Lukoil PJSC, ADR		211			14,387
Reliance Industries Ltd., GDR		235			12,858
					34,545
Paper & Forest Products – 1.4%
Mondi plc		487			11,494
Personal Products – 1.2%
LG Household & Health Care Ltd.*		7			10,439
Pharmaceuticals – 2.0%
Richter Gedeon Nyrt.		375			9,411
Sino Biopharmaceutical Ltd.		7,700			7,448
					16,859
Real Estate Management & Development – 1.5%
China Overseas Land & Investment Ltd.		1,270			2,763
China Vanke Co. Ltd., Class H		2,862			9,896
					12,659

See accompanying notes to the financial statements.

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AGF Investments Trust

AGF Emerging Markets Equity Fund
Schedule of Investments

December 31, 2020 (Unaudited)

Investments	Shares		Value ($)
Semiconductors & Semiconductor Equipment – 7.9%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		611		$	66,623
Software – 0.9%
TOTVS SA		1,338			7,398
Specialty Retail – 1.2%
Foschini Group Ltd. (The)*		1,471			10,259
Technology Hardware, Storage & Peripherals – 7.1%
Samsung Electronics Co. Ltd., GDR		33			59,980
Textiles, Apparel & Luxury Goods – 1.4%
Eclat Textile Co. Ltd.		806			12,148
Wireless Telecommunication Services – 0.8%
China Mobile Ltd.		1,216			6,949
Total common stocks (Cost $696,084)					786,688

Investments

Maturity
Date

Value ($)

Participation Notes – 5.3%

China

Nari Technology Co. Ltd.
(Issuer: Macquarie Bank
Limited)

4,800

03/12/2021

19,501

Kweichow Moutai Co. Ltd.
(Issuer: Bank of America
Merrill Lynch)

12/13/2021

19,248

Anhui Conch Cement Co.
Ltd. (Issuer: Bank of
America Merrill Lynch)

802

10/14/2021

6,330

Total Participation Notes
(Cost $39,925)

45,079

Investments

Value ($)

Exchange Traded Fund – 2.5%

iShares MSCI India ETF
(Cost $18,320)

521

20,955

Total Investments – 101.2%
(Cost $754,329)

852,722

Liabilities in excess of other assets – (1.2%)

(10,013)

Net Assets – 100.0%

842,709

Non-income producing security.

Abbreviations

ADR

American Depositary Receipt

GDR

Global Depositary Receipt

PJSC

Public Joint Stock Company

Participation Notes

A derivative instrument designed to replicate equity exposure in certain foreign markets where direct investment is impossible or difficult due to local investment restrictions. A Participation Note is usually issued by a financial institution, therefore investors are exposed to the issuer’s credit risk and the risks of the underlying financial instrument.

Preference

A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.

As of December 31, 2020, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments (including derivative contracts, if any) for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	140,958
Aggregate gross unrealized depreciation		(42,781)
Net unrealized appreciation	$	98,177
Federal income tax cost of investments (including derivative contracts, if any)	$	754,545

AGF Emerging Markets Equity Fund invested, as a percentage of net assets, in the following countries as of December 31, 2020:

	Brazil					5.4%
	China					27.4%
	Czech Republic					1.2%
	Greece					1.0%
	Hong Kong					8.1%
	Hungary					1.1%
	India					7.8%
	Indonesia					2.7%
	Mexico					1.7%
	Netherlands Antilles					3.0%
	Peru					1.4%
	Poland					1.0%
	Russia					2.7%
	Singapore					1.8%
	South Africa					4.7%
	South Korea					12.6%
	Switzerland					1.2%
	Taiwan					11.8%
	United Kingdom					1.4%
	United States					3.2%
	Other(1)					(1.2)%
						100.0%

(1)

Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

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AGF Investments Trust

AGF Global Sustainable Growth Equity Fund
Schedule of Investments

December 31, 2020 (Unaudited)

Investments	Shares		Value ($)
Common Stocks – 93.0%
Auto Components – 4.1%
Aptiv plc		445		$	57,979
Denso Corp.		200			11,908
					69,887
Building Products – 6.8%
Kingspan Group plc		475			33,345
Nibe Industrier AB, Class B		1,005			33,002
Trex Co., Inc.*		585			48,976
					115,323
Capital Markets – 2.1%
MSCI, Inc.		79			35,276
Chemicals – 8.8%
Albemarle Corp.		244			35,995
Chr Hansen Holding A/S*		148			15,228
Croda International plc		293			26,471
Ecolab, Inc.		183			39,594
Johnson Matthey plc		533			17,695
Umicore SA		281			13,499
					148,482
Commercial Services & Supplies – 5.6%
Tetra Tech, Inc.		362			41,912
TOMRA Systems ASA		453			22,323
Waste Connections, Inc.		287			29,438
					93,673
Construction & Engineering – 1.0%
Valmont Industries, Inc.		46			8,047
WSP Global, Inc.		92			8,716
					16,763
Containers & Packaging – 1.5%
Ball Corp.		267			24,879
Electric Utilities – 1.1%
Orsted A/S		92			18,816
Electrical Equipment – 6.1%
Legrand SA		293			26,151
Prysmian SpA		1,437			51,229
Siemens Gamesa Renewable Energy SA		638			25,900
					103,280
Electronic Equipment, Instruments & Components – 16.0%
Amphenol Corp., Class A		223			29,162
Halma plc		1,475			49,422
Hexagon AB, Class B		236			21,491
Keyence Corp.		116			65,283
Samsung SDI Co. Ltd.		99			57,424
Trimble, Inc.*		701			46,806
					269,588
Equity Real Estate Investment Trusts (REITs) – 1.0%
Equinix, Inc.		23			16,426

Investments	Shares		Value ($)
Food Products – 3.2%
Beyond Meat, Inc.*		93		$	11,625
Kerry Group plc, Class A		296			42,880
					54,505
Health Care Equipment & Supplies – 4.7%
Asahi Intecc Co. Ltd.		798			29,132
Danaher Corp.		224			49,759
					78,891
Household Durables – 1.4%
Garmin Ltd.		196			23,453
Independent Power and Renewable Electricity Producers – 0.5%
Brookfield Renewable Corp.		156			9,101
Industrial Conglomerates – 1.0%
Roper Technologies, Inc.		39			16,813
Internet & Direct Marketing Retail – 1.1%
HelloFresh SE*		238			18,392
Leisure Products – 2.6%
Giant Manufacturing Co. Ltd.		1,221			11,978
Shimano, Inc.		138			32,228
					44,206
Life Sciences Tools & Services – 3.0%
Thermo Fisher Scientific, Inc.		108			50,304
Machinery – 6.0%
Cummins, Inc.		168			38,153
NFI Group, Inc.		1,521			28,785
Xylem, Inc.		329			33,489
					100,427
Mortgage Real Estate Investment Trusts (REITs) – 2.3%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		603			38,248
Professional Services – 0.8%
Stantec, Inc.		399			12,940
Semiconductors & Semiconductor Equipment – 6.3%
Analog Devices, Inc.		154			22,750
Cree, Inc.*		208			22,027
Enphase Energy, Inc.*		111			19,477
Infineon Technologies AG		1,082			41,524
					105,778
Software – 4.7%
ANSYS, Inc.*		93			33,834
Dassault Systemes SE		169			34,331
Zoom Video Communications, Inc., Class A*		31			10,457
					78,622
Water Utilities – 1.3%
American Water Works Co., Inc.		147			22,560
Total Common Stocks (Cost $955,807)					1,566,633

See accompanying notes to the financial statements.

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AGF Investments Trust

AGF Global Sustainable Growth Equity Fund
Schedule of Investments

December 31, 2020 (Unaudited)

Investments	Shares		Value ($)
Master Limited Partnerships – 1.6%
Independent Power and Renewable Electricity Producers – 1.6%
Brookfield Renewable Partners LP (Cost $13,279)		603		$	26,031
Total Investments – 94.6% (Cost $969,086)					1,592,664
Other assets less liabilities – 5.4%					91,313
Net Assets – 100.0%					1,683,977

Non-income producing security.

Aggregate gross unrealized appreciation	$	621,206
Aggregate gross unrealized depreciation		(1,954)
Net unrealized appreciation	$	619,252
Federal income tax cost of investments (including derivative contracts, if any)	$	973,412

AGF Global Sustainable Growth Equity Fund invested, as a percentage of net assets, in the following countries as of December 31, 2020:

	Belgium					0.8%
	Canada					4.6%
	Denmark					2.0%
	France					3.6%
	Germany					3.6%
	Ireland					4.5%
	Italy					3.1%
	Japan					8.2%
	Norway					1.3%
	South Korea					3.4%
	Spain					1.5%
	Sweden					3.2%
	Taiwan					0.7%
	United Kingdom					5.6%
	United States					48.5%
	Other(1)					5.4%
						100.0%

(1)

Includes any non-equity securities and net other assets (liabilities).

See accompanying notes to the financial statements.

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AGF Investments Trust

Statements of Assets and Liabilities
December 31, 2020 (Unaudited)

	AGF Emerging Markets Equity Fund			AGF Global Sustainable Growth Equity Fund
ASSETS:
Investments in securities, at value(1)		$	852,722		$	1,592,664
Cash			2,108			117,821
Foreign cash(2)			6,216			11,474
Receivables:
Securities sold			2,616			8,038
Dividends and interest			1,025			1,270
Investment adviser (Note 4)			4,163			4,033
Prepaid expenses			27,651			25,716
Total Assets			896,501			1,761,016
LIABILITIES:
Distributions payable			1,137			—
Payables:
Securities purchased			—			12,913
Administration fees			21,600			21,600
Transfer Agent fees			10,753			10,753
Trustees fees			78			138
Custodian and Accounting fees			13,988			9,926
Professional fees			4,344			19,224
Accrued expenses and other liabilities			1,892			2,485
Total Liabilities			53,792			77,039
Net Assets		$	842,709		$	1,683,977
NET ASSETS CONSIST OF:
Paid in capital		$	756,482		$	1,108,364
Distributable earnings (loss)			86,227			575,613
Net Assets		$	842,709		$	1,683,977
NET ASSETS:
Class I		$	421,355		$	1,063,164
Class R6			421,354			620,813
Total		$	842,709		$	1,683,977
SHARES OUTSTANDING (unlimited number of shares authorized)
Class I			37,795			64,838
Class R6			37,795			37,861
Total			75,590			102,699
NET ASSET VALUE
Class I		$	11.15		$	16.40
Class R6			11.15			16.40
(1) Investments in securities, at cost		$	754,329		$	969,086
(2) Cost of foreign cash		$	6,139		$	11,121

See accompanying notes to the financial statements.

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AGF Investments Trust

Statements of Operations
For the Period Ended December 31, 2020 (Unaudited)

	AGF Emerging Markets Equity Fund			AGF Global Sustainable Growth Equity Fund
INVESTMENT INCOME:
Dividend income		$	7,880		$	5,782
Income from non-cash dividends			—			4,663
Foreign withholding tax on dividends			(1,083)			(389)
Total Investment Income			6,797			10,056
EXPENSES:
Investment advisory fees (Note 4)			2,958			4,437
Administration fees			43,188			43,200
Registration and filing fees			7,550			19,650
Professional fees			22,060			44,685
Trustee fees			147			265
Custodian and Accounting fees			23,207			18,360
Transfer Agent fees			31,695			31,696
CCO fees			2,115			2,192
Treasurer fees			8,504			12,416
Other fees			5,411			5,264
Total Expenses before Adjustments			146,835			182,165
Less: waivers and/or reimbursements by Adviser (Note 4)			(143,322)			(176,704)
Total Expenses after Adjustments			3,513			5,461
Net Investment Income			3,284			4,595
NET REALIZED GAIN (LOSS) FROM:
Transactions in investment securities			8,146			33,043
Foreign currency transactions			(220)			162
Net Realized Gain			7,926			33,205
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM:
Investment in securities			201,433			379,336
Translation of assets and liabilities denominated in foreign currencies			97			376
Net Change in Unrealized Appreciation			201,530			379,712
Net Realized and Unrealized Gain (Loss)			209,456			412,917
Net Increase (Decrease) in Net Assets Resulting from Operations		$	212,740		$	417,512

See accompanying notes to the financial statements.

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AGF Investments Trust

Statements of Changes in Net Assets

	AGF Emerging Markets Equity Fund						AGF Global Sustainable Growth Equity Fund
	Six Months Ended December 31, 2020 (Unaudited)			For the period 1/3/2020(a) – 6/30/2020			Six Months Ended December 31, 2020 (Unaudited)			Year Ended June 30, 2020
OPERATIONS:
Net investment income		$	3,284		$	2,753		$	4,595		$	1,714
Net realized gain (loss)			7,926			(18,634)			33,205			(30,347)
Net change in unrealized appreciation (depreciation)			201,530			(103,053)			379,712			135,944
Net Increase (Decrease) in Net Assets Resulting from Operations			212,740			(118,934)			417,512			107,311
DISTRIBUTIONS
Distributable earnings
Class I			(3,790)			—			(4,098)			(1,281)
Class R6			(3,789)			—			(2,394)			(665)
Total Distributions			(7,579)			—			(6,492)			(1,946)
CAPITAL TRANSACTIONS:
Class I
Capital shares issued		$	—		$	375,020		$	135,000		$	168,000
Capital shares issued in reinvestment of distributions			3,221			—			3,739			1,181
Cost of shares redeemed			—			—			—			(155,391)
Total Class I transactions			3,221			375,020			138,739			13,790
Class R6
Capital shares issued			—			375,020			—			—
Capital shares issued in reinvestment of distributions			3,221			—			2,035			565
Total Class R6 transactions			3,221			375,020			2,035			565
Net Increase in Net Assets Resulting from Capital Transactions		$	6,442		$	750,040		$	140,774		$	14,355
Total Increase in Net Assets			211,603			631,106			551,794			119,720
NET ASSETS:
Beginning of period			631,106			—			1,132,183			1,012,463
End of Period		$	842,709		$	631,106		$	1,683,977		$	1,132,183
SHARE TRANSACTIONS:
Class I
Beginning of period			37,502			—			55,772			57,040
Capital shares issued			—			37,502			8,837			15,629
Capital shares issued in reinvestment of distributions			293			—			229			103
Capital shares redeemed			—			—			—			(17,000)
Total Class I − Shares Outstanding, End of Period			37,795			37,502			64,838			55,772
Class R6
Beginning of period			37,502			—			37,736			37,687
Capital shares issued			—			37,502			—			—
Capital shares issued in reinvestment of distributions			293			—			125			49
Total Class R6 − Shares Outstanding, End of Period			37,795			37,502			37,861			37,736
Shares Outstanding, End of Period			75,590			75,004			102,699			93,508

(a)

Commencement of investment operations.

See accompanying notes to the financial statements.

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AGF Investments Trust

Financial Highlights for a share outstanding throughout the period:

	PER SHARE OPERATING PERFORMANCE
	Investment Operations									Distributions
	Net asset value, beginning of period			Net investment Income(a)		Net realized and unrealized gain(loss) from investments		Total investment operations		Net investment income		Net realized gains		Tax return of capital		Total distributions		Net asset value, end of period
AGF Emerging Markets Equity Fund – Class I
Six Months Ended December 31, 2020 (Unaudited)		$	8.41		0.04		2.80		2.84		(0.10)		—		—		(0.10)		$	11.15
For the period 01/03/20* – 6/30/2020		$	10.00		0.04		(1.63)		(1.59)		—		—		—		—		$	8.41
AGF Emerging Markets Equity Fund – Class R6
Six Months Ended December 31, 2020 (Unaudited)		$	8.41		0.04		2.80		2.84		(0.10)		—		—		(0.10)		$	11.15
For the period 01/03/20* – 6/30/2020		$	10.00		0.04		(1.63)		(1.59)		—		—		—		—		$	8.41
AGF Global Sustainable Growth Equity Fund – Class I
Six Months Ended December 31, 2020 (Unaudited)		$	12.11		0.05		4.30		4.35		(0.06)		—		—		(0.06)		$	16.40
Year Ended June 30, 2020		$	10.69		0.02		1.42		1.44		(0.02)		—		—		(0.02)		$	12.11
Year Ended June 30, 2019		$	9.98		0.05		0.71		0.76		(0.05)		—		—		(0.05)		$	10.69
For the period 11/03/17* – 6/30/2018		$	10.00		0.05		(0.07)		(0.02)		—		—		—		—		$	9.98
AGF Global Sustainable Growth Equity Fund – Class R6
Six Months Ended December 31, 2020 (Unaudited)		$	12.11		0.05		4.30		4.35		(0.06)		—		—		(0.06)		$	16.40
Year Ended June 30, 2020		$	10.69		0.02		1.42		1.44		(0.02)		—		—		(0.02)		$	12.11
Year Ended June 30, 2019		$	9.98		0.05		0.71		0.76		(0.05)		—		—		(0.05)		$	10.69
For the period 11/03/17* – 6/30/2018		$	10.00		0.05		(0.07)		(0.02)		—		—		—		—		$	9.98

Commencement of investment operations.

(a)

Net investment income (loss) per share is based on average shares outstanding.

(b)

Not annualized for periods less than one year.

(c)

Annualized for periods less than one year.

(d)

The Fund indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not reflect these indirect fees and expenses.

See accompanying notes to the consolidated financial statements.

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RATIOS/SUPPLEMENT DATA
Ratios to average net assets(c)
Expenses, before reimbursements and/or waivers	Expenses, net of reimbursements and/or waivers		Net investment income		Net investment loss, before reimbursements and/or waivers		Total Return(b)		Portfolio turnover rate(b)		Ending net assets (thousands)

39.70%(d)		0.95%(d)		0.89%		(37.86)%		33.80%		19%		$	422
40.36%(d)		0.95%(d)		0.88%		(38.52)%		(15.90)%		22%		$	316

39.70%(d)		0.95%(d)		0.89%		(37.86)%		33.80%		19%		$	421
40.36%(d)		0.95%(d)		0.88%		(38.52)%		(15.90)%		22%		$	315

26.68%		0.80%		0.67%		(25.21)%		35.95%		12%		$	1,063
44.27%		0.80%		0.15%		(43.32)%		13.46%		38%		$	675
49.81%		0.80%		0.54%		(48.47)%		7.73%		37%		$	609
28.87%		0.80%		0.68%		(27.40)%		(0.20)%		12%		$	375

26.68%		0.80%		0.67%		(25.21)%		35.95%		12%		$	621
44.27%		0.80%		0.15%		(43.32)%		13.46%		38%		$	457
49.19%		0.80%		0.53%		(47.86)%		7.73%		37%		$	403
28.87%		0.80%		0.68%		(27.40)%		(0.20)%		12%		$	374

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AGF Investments Trust

Notes to Financial Statements
December 31, 2020 (Unaudited)

1. Organization

AGF Investments Trust (formerly known as FQF Trust) (the “Trust”), a Delaware statutory trust, was formed on November 19, 2009. The Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust consists of 7 funds, 2 of which are presented herein, the AGF Emerging Markets Equity Fund and AGF Global Sustainable Growth Equity Fund (each, a “Fund”; collectively, the “Funds”). Each Fund currently offers Class I and Class R6 shares. The remaining 5 funds are presented in a separate report.

The AGF Emerging Markets Equity Fund is classified as a “non-diversified” Fund, within the meaning of the 1940 Act. The AGF Global Sustainable Growth Equity Fund is classified as a “diversified” Fund, within the meaning of the 1940 Act.

The investment objective of AGF Emerging Markets Equity Fund is to provide capital growth and the investment objective of AGF Global Sustainable Growth Equity Fund is to provide long-term capital growth. There can be no assurance that the Funds will achieve their respective investment objectives.

2. Significant Accounting Policies

The following is a summary of the significant accounting policies followed by the Funds in preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements during the reporting period. Management believes the estimates and security valuations are appropriate; however, actual results may differ from those estimates, and the security valuations reflected in the financial statements may differ from the value the Funds ultimately realize upon sale of the securities.

Investment Valuation

The net asset value (“NAV”) of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange (“NYSE”), generally 4:00 p.m., Eastern Time. A Fund’s NAV per share is calculated separately for each class of shares of a Fund. NAV per share is computed by adding the total value of a Fund’s investments and other assets, determining the proportion allocable to the particular class, subtracting the liabilities allocable to the class and then dividing that figure by the number of shares outstanding for that class.

The value of each Fund’s securities is based on such securities’ closing price on local markets when available. Such valuations would typically be categorized as Level 1 in the fair value hierarchy described below. If a security’s market price is not readily available the security will be valued by another method that the Funds’ Valuation Committee believes will better reflect fair value in accordance with the Trust’s valuation guideline which were approved by the Board of Trustees (the “Trustees”). For equity securities, the Trust has retained an independent statistical fair value pricing service to assist in the fair valuation process for securities principally traded in a foreign market in order to adjust for possible changes in value that may occur between the close of the foreign exchange and the time at which Fund shares are priced. If a security is valued at a “fair value,” that value may be different from the last quoted market price for the security. As a result, it is possible that fair value prices will be used by the Funds. Securities using these valuation adjustments are categorized as Level 2 in the fair value hierarchy.

Each Fund may use fair value pricing in a variety of circumstances, including but not limited to, situations when a security has been suspended or halted. Such valuations would typically be categorized as Level 2 or Level 3 in the fair value hierarchy described below. Fair value pricing involves subjective judgments and it is possible that a fair value determination for a security is materially different than the value that could be realized upon the sale of such security. Securities of non-exchange-traded and exchange-traded investment companies are valued at their NAV and market value, respectively.

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AGF Investments Trust

Notes to Financial Statements (continued)

December 31, 2020 (Unaudited)

The Funds disclose the fair value of its investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Funds (observable inputs) and (2) the Funds’ own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

•

Level 1 — Quoted prices in active markets for identical assets.

•

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

•

Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of December 31, 2020 for each Fund based upon the three levels defined above:

	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs			Total
AGF Emerging Markets Equity Fund
Investments
Common Stocks
Aerospace & Defense		$	—		$	8,035			—		$	8,035
Banks			45,677			64,872			—			110,549
Beverages		��	4,167			18,250			—			22,417
Construction & Engineering			—			34,817			—			34,817
Diversified Financial Services			9,563			7,281			—			16,844
Diversified Telecommunication Services			—			18,485			—			18,485
Electrical Equipment			—			12,073			—			12,073
Electronic Equipment, Instruments & Components			—			30,077			—			30,077
Health Care Providers & Services			—			6,328			—			6,328
Insurance			—			38,663			—			38,663
Interactive Media & Services			—			70,510			—			70,510
Internet & Direct Marketing Retail			57,617			10,438			—			68,055
Machinery			—			18,416			—			18,416
Oil, Gas & Consumable Fuels			—			34,545			—			34,545
Paper & Forest Products			—			11,494			—			11,494
Pharmaceuticals			7,448			9,411			—			16,859
Real Estate Management & Development			—			12,659			—			12,659
Specialty Retail			—			10,259			—			10,259
Technology Hardware, Storage & Peripherals			—			59,980			—			59,980
Textiles, Apparel & Luxury Goods			—			12,148			—			12,148
Other*			173,475			—			—			173,475
Exchange Traded Fund			20,955			—			—			20,955
Participation Notes			—			45,079			—			45,079
Total Investments		$	318,902		$	533,820		$	—		$	852,722

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AGF Investments Trust

Notes to Financial Statements (continued)

December 31, 2020 (Unaudited)

	Level 1 — Quoted Prices			Level 2 — Other Significant Observable Inputs			Level 3 — Significant Unobservable Inputs			Total
AGF Global Sustainable Growth Equity Fund
Investments
Common Stocks
Building Products		$	48,976		$	66,347		$	—		$	115,323
Chemicals			75,589			72,893			—			148,482
Commercial Services & Supplies			71,350			22,323			—			93,673
Electric Utilities			—			18,816			—			18,816
Electrical Equipment			—			103,280			—			103,280
Electronic Equipment, Instruments & Components			75,968			193,620			—			269,588
Food Products			11,625			42,880			—			54,505
Health Care Equipment & Supplies			49,759			29,132			—			78,891
Leisure Products			11,978			32,228			—			44,206
Semiconductors & Semiconductor Equipment			64,254			41,524			—			105,778
Software			44,291			34,331			—			78,622
Other*			455,469			—			—			455,469
Master Limited Partnerships			26,031			—			—			26,031
Total Investments		$	935,290		$	657,374		$	—		$	1,592,664

See Schedules of Investments for presentation by industry type.

Foreign Currency Translation

The books and records of the Funds are maintained in U.S. dollars. The Funds’ assets and liabilities in foreign currencies are translated into U.S. dollars at the prevailing exchange rate at the valuation date. Transactions denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The Funds’ income earned and expense incurred in foreign denominated currencies are translated into U.S. dollars at the prevailing exchange rate on the date of such activity.

The Funds do not isolate that portion of the results of operations arising from changes in the foreign exchange rates on investments and derivatives from the fluctuations that result from changes in the market prices of investments and derivatives held or sold during the period. Accordingly, such foreign currency gains (losses) are included in the reported net realized gain (loss) on investments in securities and derivatives and net change in unrealized appreciation (depreciation) on investment securities and derivatives on the Statements of Operations.

Net realized gains (losses) on foreign currency transactions reported on the Statements of Operations arise from sales of foreign currency, realized currency gains or losses, including foreign exchange contracts, between the trade and settlement dates on securities transactions and the difference in the amounts of dividends and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net changes in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies reported on the Statements of Operations arise from changes (due to the changes in the exchange rate) in the value of foreign currency and assets and liabilities (other than investments) denominated in foreign currencies, which are held at period end.

Allocation of Expenses, Income, and Gains and Losses

Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionally among all series of the Trust. Income, fund level expenses, and realized and unrealized gains or losses are allocated to each class of shares of a Fund based on the value of the outstanding shares of that class relative to the total value of the outstanding shares of that Fund. Expenses specific to a class (such as Rule 12b-1 and administrative services fees) are charged to that specific class. For the period ended December 31, 2020, neither Fund incurred class specific expenses such as distribution (12b-1) and administrative service fees.

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AGF Investments Trust

Notes to Financial Statements (continued)

December 31, 2020 (Unaudited)

Taxes and Distributions

Each of the Funds intends to qualify (or continue to qualify) as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute substantially all of its net investment income and net capital gains to shareholders. Accordingly, no provision for federal income taxes is required in the financial statements.

The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months. On an ongoing basis, management will monitor the tax positions taken to determine if adjustment to conclusions are necessary based on factors including but not limited to further implementation on guidance expected from FASB and ongoing analysis of tax law, regulation, and interpretations thereof.

Dividends and distributions will be automatically reinvested unless requested otherwise. Dividends will differ among classes of the Funds due to differences in distribution and other class-specific operating expenses and will generally be paid at least annually. Capital gains are distributed at least annually.

3. Investment Transactions and Related Income

Throughout the reporting period, investment transactions are accounted for no later than one business day following the trade date. For financial reporting purposes, investment transactions are accounted for on trade date on the last business day of the reporting period. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premiums and accretion of discounts. Dividend income, net of any applicable foreign withholding taxes, is recorded on the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the asset received. Large, non-recurring dividends recognized by the Funds are presented separately on the Statements of Operations as “Special Dividends” and the impact of these dividends is presented in the Financial Highlights. Gains or losses realized on sales of securities are determined using the specific identification method by comparing the identified cost of the security lot sold with the net sales proceeds.

4. Investment Management Fees

AGF Investments America Inc. (the “Adviser”) is the investment adviser to each Fund. Under an investment management agreement between the Adviser and the Trust (the “Management Agreement”), AGF Emerging Markets Equity Fund and AGF Global Sustainable Growth Equity Fund pay the Adviser a fee at an annualized rate, based on its average daily net assets, of 0.80% and 0.65%, respectively.

The Adviser has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) for AGF Emerging Markets Equity Fund’s Class I shares and Class R6 shares do not exceed 0.95% of each share class’s average daily net assets and for AGF Global Sustainable Growth Equity Fund’s Class I shares and Class R6 shares do not exceed 0.80% of each share class’s average daily net assets. The Adviser is entitled to reimbursement by each Fund of fees waived or expenses reimbursed during any of the previous 36 months beginning on the date of the expense limitation agreement, provided that the Total Annual Fund Operating Expenses do not exceed the then-applicable expense cap or the expense cap in place at the time of the original fee waiver or reimbursement. This agreement will remain in effect until November 1, 2023, and shall renew automatically for one-year terms unless the Adviser provides written notice of termination prior to the start of the next term or upon approval of the Board of Trustees of the Fund.

For the period ended December 31, 2020, management fee waivers and expense reimbursements were as follows:

Fund	Management Fees Waived			Expense Reimbursements
AGF Emerging Markets Equity Fund		$	2,958		$	140,364
AGF Global Sustainable Growth Equity Fund			4,437			172,267

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AGF Investments Trust

Notes to Financial Statements (continued)

December 31, 2020 (Unaudited)

As of December 31, 2020, the amounts eligible for repayment and the associated period of expiration are as follows:

Fund	Expires June 30, 2021			Expires June 30, 2022			Expires June 30, 2023			Expires June 30, 2024			Total Eligible for Recoupment
AGF Emerging Markets Equity Funds		$	—		$	—		$	122,717		$	143,322		$	266,039
AGF Global Sustainable Growth Equity Fund			103,593			372,335			483,251			176,704			1,135,883

5. Administration, Accounting, Custodian and Transfer Agent Fees

JPMorgan Chase Bank, N.A. (“JPMorgan”) acts as administrator (the “Administrator”), fund accounting agent and custodian to the Funds. The Administrator provides the Funds with all required general administrative services, including, without limitation, office space, equipment, and personnel; clerical and general back office services; bookkeeping, internal accounting, and secretarial services; the determination of NAVs; and the preparation and filing of all reports, registration statements, proxy statements, and all other materials required to be filed or furnished by the Funds under federal and state securities laws. The Administrator pays all fees and expenses that are directly related to the services provided by the Administrator to the Funds; each Fund reimburses the Administrator for all fees and expenses incurred by the Administrator which are not directly related to the services the Administrator provides to the Funds under the service agreement. Each Fund pays the Administrator for all fees and expenses incurred by the Administrator which are not directly related to the services the Administrator provides to the Funds under the service agreement. Each Fund may also reimburse the Administrator for such out-of-pocket expenses as incurred by the Administrator in the performance of its duties. As custodian, JPMorgan holds cash, securities and other assets of the Funds as required by the 1940 Act.

U.S. Bancorp Fund Services, LLC serves as the transfer agent (the “Transfer Agent”) to the Funds. The Transfer Agent is responsible for processing purchase and redemption requests and crediting dividends to the accounts of shareholders of the Funds. For its services, the Transfer Agent receives monthly fees charged to the Funds, plus certain charges for securities transactions.

6. Distribution, Service Plan and Fund Officers

Foreside Fund Services, LLC serves as the Funds’ distributor (the “Distributor”). The Distributor is a registered broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. Shares are continuously offered for sale by the Trust through the Distributor. The Distributor has no role in determining the investment policies of the Funds or which securities are to be purchased or sold by the Funds. No compensation is payable by the Trust to the Distributor for such distribution services. However, the Adviser has entered into an agreement with the Distributor under which it makes payments to the Distributor in consideration for its services under the Distribution Agreement. The payments made by the Adviser to the Distributor do not represent an additional expense to the Trust or its shareholders.

Foreside Fund Officer Services, LLC (“FFOS”), an affiliate of the Distributor, provides a Chief Compliance Officer as well as certain additional compliance support functions to the Funds. Foreside Management Services, LLC (“FMS”), an affiliate of the Distributor, provides a Principal Financial Officer and Treasurer to the Funds. Neither FFOS nor FMS have a role in determining the investment policies of the Trust or Funds, or which securities are to be purchased or sold by the Trust or a Fund.

7. Investment Transactions

For the period ended December 31, 2020, the cost of securities purchased and proceeds from sales of securities, excluding short-term investments, were as follows:

Fund	Purchases			Sales
AGF Emerging Markets Equity Fund		$	139,459		$	163,850
AGF Global Sustainable Growth Equity Fund			196,319			158,142

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AGF Investments Trust

Notes to Financial Statements (continued)

December 31, 2020 (Unaudited)

8. Purchase and Sale of Fund Shares

The information below explains how to purchase and sell shares of the Funds directly. Investors purchasing or selling shares through a financial intermediary may be charged transaction-based or other fees by the financial intermediary for its services. Please contact your financial intermediary for information regarding these fees and for purchase instructions.

You may purchase or redeem Fund shares through your broker-dealer, other financial intermediary that has an agreement with the Distributor, or through the Transfer Agent. You may purchase, redeem or exchange shares of any class of the Funds on any day the NYSE is open for business.

Class I Shares

Class I shares are offered by each Fund to institutions and individuals with a $1,000,000 minimum requirement for initial investment, and no minimum is required for additional investments. The minimum requirement may be waived, at the Adviser’s discretion, for certain institutions or individuals who are charged fees for advisory, investment, consulting or similar services by a financial intermediary or other service provider. Neither the minimum requirement for initial investment for the Funds nor the requirements for the minimum account size will apply to investments by employees of the Adviser (or their affiliates), officers and trustees of the Funds, partners or employees of law firms that serve as counsel to the Funds or the Funds’ independent trustees, or members of the immediate families of the foregoing (e.g. spouses and children).

Class I shares of each Fund have an investment minimum of $1,000,000 and a minimum account balance of $1,000,000. There is no investment minimum or minimum investment account size requirement for qualified retirement benefit plans. The Funds reserve the right to redeem shares if an account balance for any Fund falls below the minimum account balance due to redemptions and not due to market movement. If the account balance is not increased to the minimum amount within 60 days of the investor being notified by a Fund, then the account may be closed and the proceeds in the account given to the investor. Fund shares will be redeemed at NAV on the day the redemption transaction is processed.

The investor eligibility requirements for Class I shares of the Funds may be changed from time to time. Any such changes will be reflected in each Fund’s then current prospectus and SAI.

Class R6 Shares

Class R6 shares are offered by each Fund to institutional investors that meet a $1,000,000 minimum requirement for initial investment and to Eligible Investors (as defined below). No minimum is required for additional investments. Institutional investors (including endowments and foundations) are investors deemed appropriate by the Adviser that hold shares of a Fund through an account held directly with the Fund that are not traded through an intermediary, subject to a minimum initial investment of $1,000,000. “Eligible Investors” are not subject to a minimum initial investment and include (a) retirement and benefit plans that have plan-level or omnibus accounts held on the books of a Fund and do not collect servicing or record keeping fees from the Fund; (b) plans or platforms sponsored by a financial intermediary whereby shares are held on the books of a Fund through omnibus accounts, either at the plan or platform level or the level of the plan administrator, and where an unaffiliated third party intermediary provides administrative, distribution and/or other support services to the plan or platform and does not charge the Fund servicing, record keeping or sub-transfer agent fees; and (c) collective investment trusts. Class R6 shares are not available directly to traditional or Roth IRAs, Coverdell Savings Accounts, Keoghs, SEPs, SARSEPs, Simple IRAs, individual 401 (k) plans or individual 403 (b) plans.

Class R6 shares of each Fund have an investment minimum of $1,000,000 and a minimum account balance of $1,000,000. There is no investment minimum or minimum investment account size requirement for Eligible Investors. The Funds reserve the right to redeem shares if an account balance for any Fund falls below the minimum account balance due to redemptions and not due to market movement. If the account balance is not increased within 60 days of the investor being notified by a Fund, then the account may be closed and the proceeds in the account given to the investor. Fund shares will be redeemed at NAV on the day the redemption transaction is processed.

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AGF Investments Trust

Notes to Financial Statements (continued)

December 31, 2020 (Unaudited)

The investor eligibility requirements for Class R6 shares of the Funds may be changed from time to time. Any such changes will be reflected in each Fund’s then current prospectus and SAI.

Shareholder Concentration Risk

As of December 31, 2020, certain shareholder accounts owned more than 10% of the outstanding shares of each of AGF Emerging Markets Equity Fund and AGF Global Sustainable Growth Equity Fund. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Funds. In case of a large redemption, a Fund may be forced to sell investments at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage of illiquid positions. Large redemptions could also result in decreased economies of scale and increased operating expenses for non-redeeming fund shareholders.

As of December 31, 2020, the Adviser or an affiliate of the Adviser held 100% and 74% of the outstanding shares of AGF Emerging Markets Equity Fund and AGF Global Sustainable Growth Equity Fund, respectively. The AGF Global Sustainable Growth Equity Fund had individual shareholder and/or omnibus accounts that owned 26% of the Fund’s outstanding shares.

9. Principal Investment Risks

Each Fund may be subject to other principal risks in addition to these identified principal risks. This section discusses certain principal risks encountered by the Funds. A more complete description of the principle risks to which each Fund is subject is included in the Funds’ prospectus.

Market Risk. The value of each Fund’s investments may fluctuate because of changes in the markets in which the Fund invests, which could cause the Fund to underperform other funds with similar objectives. Changes in these markets may be rapid and unpredictable. War and occupation, terrorism and related geopolitical risks, natural disasters, and public health emergencies, including an epidemic or pandemic may lead to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally. In addition, there is a risk that policy changes by the U.S. government, Federal Reserve and/or other government actors, such as increasing interest rates, could cause increased volatility in financial markets. From time to time, markets may experience stress for potentially prolonged periods that may result in: (i) increased market volatility; (ii) reduced market liquidity; and (iii) increased redemptions. Such conditions may add significantly to the risk of volatility in the net asset value of the Fund’s shares. Although the precise impact of the recent COVID-19 outbreak remains unknown, it has introduced uncertainty and volatility in global markets and economies. This impact may be for a short-term or extend for a longer term and may adversely affect the performance of the Fund.

Portfolio Management Risk. The investment strategies, practices and risk analysis used by the Adviser may not produce the desired results. In addition, a Fund may not achieve its investment objective, including during a period in which the Adviser takes temporary positions in response to unusual or adverse market, economic or political conditions, or other unusual or abnormal circumstances. There is also the inherent risk in the portfolio manager’s ability to anticipate changing market conditions that can adversely affect the value of a Fund’s holdings.

Equity Securities Risk. The value of equity securities generally fluctuate, sometimes widely, based on real or perceived changes in an issuer’s financial condition and overall market and economic conditions, including stock market and industry conditions. A decline in the value of an equity security held by a Fund will adversely affect the value of your investment.

Sustainable Investing Risk. Because AGF Global Sustainable Growth Equity Fund focuses on equity securities of companies that the Adviser believes meet the concept of sustainable development, the Fund’s universe of investments may be smaller than that of other funds that do not focus on sustainable investment themes. The Fund may forgo opportunities to gain exposure to certain attractive companies in certain industries and sectors, such as fossil fuel producers, and may have a reduced weighting in other sectors, due to their lack of positive exposure to sustainable investment themes. Because of these themes, the Fund may underperform the market as a whole if such investments underperform the market.

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AGF Investments Trust

Notes to Financial Statements (continued)

December 31, 2020 (Unaudited)

Foreign Securities Risk. Investments in foreign securities involve risks that differ from investments in securities of U.S. issuers because of unique political, economic and market conditions. Foreign markets, especially those in less developed economies, are generally more illiquid than U.S. markets, meaning that it could be harder for a Fund to dispose of a particular security than if it were traded on a U.S. exchange. Foreign securities markets may also have high transaction costs, limited legal recourse and unreliable or untimely information. The value of foreign securities may also be adversely affected by changes in currency exchange rates.

Foreign Currency Risk. Investing in securities that trade and receive revenues in foreign currencies creates risk because foreign currencies may decline relative to the U.S. dollar, resulting in a potential loss to a Fund. When the U.S. dollar strengthens relative to a foreign currency, the U.S. dollar value of an investment denominated in that currency will typically fall. A stronger U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will increase those returns.

Emerging Markets Risk. Investments in securities of issuers located in emerging market economies (including frontier market economies) are generally riskier than investments in securities of issuers from more developed economies. Emerging market economies generally have less developed and more volatile securities trading markets with untimely and unreliable information. Emerging market economies also generally have less developed legal, financial, auditing and accounting systems, and a greater likelihood of nationalization or confiscation of assets and companies than do developed economies. The legal remedies for investors in emerging markets may be more limited than the remedies available in the U.S., and the ability of U.S. authorities to bring actions against bad actors may be limited. These same risks exist and may be greater in frontier markets.

Equity-Linked Investments Risk. Equity-linked investments, such as participatory notes, are traded over-the-counter and are designed to replicate the performance of the underlying asset. Equity-linked investments allow a Fund to invest in equity securities located in foreign markets which a Fund may be unable or unwilling to invest in directly, and may expose a Fund to the risks of the underlying or reference foreign security. In addition, the performance of equity-linked securities may not correlate to the performance of the underlying security due to transaction costs and other expenses. Equity-linked investments also expose a Fund to counterparty risk.

Depositary Receipts Risk. Depositary receipts subject a Fund generally to the same risks as if it were investing in the underlying foreign securities directly, including political and economic risks that differ from investing in securities of U.S. issuers. In addition, because the underlying securities may be trading on a non-U.S. market, the value of the underlying security may decline, sometimes rapidly, at a time when U.S. markets are closed and the Adviser may not be able to take appropriate actions to mitigate losses to a Fund.

Exchange-Traded Funds and Other Investment Companies Risk. The risks of investing in ETFs and other investment companies typically reflect the risks of the types of instruments in which the underlying ETF or other investment company invests. In addition, a Fund bears its proportionate share of the fees and expenses of the underlying fund, which may have an adverse impact on a Fund’s operating expenses and performance and may affect the value of your investment.

Liquidity Risk. Liquidity risk exists when investments are difficult to purchase or sell. This can reduce a Fund’s returns because a Fund or an entity in which it invests may be unable to transact at advantageous times or prices. An illiquid investment is hard to value and may be sold at a price that is different from the price at which the Adviser valued the investment for purposes of a Fund’s net asset value. Additionally, a Fund is subject to the risk that it could not meet redemption requests within the allowable time period without significant dilution of remaining investors’ interests in the Fund. To meet redemption requests or to raise cash to pursue other investment opportunities, a Fund may be forced to sell investments at disadvantageous times or prices, which may adversely affect the Fund.

Large Shareholders Risk. A Fund is subject to the risk that a large investor may purchase or redeem a large percentage of Fund shares at any time. As a result, a Fund’s performance or liquidity may be adversely affected because a Fund may have to sell investments at disadvantageous times or prices or hold cash when it would not otherwise do so to meet large redemption requests.

Non-Diversification Risk. The AGF Emerging Markets Equity Fund, as a non-diversified fund, can invest a

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AGF Investments Trust

Notes to Financial Statements (continued)

December 31, 2020 (Unaudited)

greater percentage of its assets in the securities of a single issuer or in fewer issuers than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss in value of one or more particular securities may have a greater effect on the fund’s return because the securities may represent a larger portion of the fund’s total portfolio assets.

Repurchase and Reverse Repurchase Agreements Risk. Repurchase and reverse repurchase agreements are subject to counterparty risk in that if a counterparty becomes insolvent, recovery of the repurchase price owed to a Fund or, in the case of a reverse repurchase agreement, the securities sold by a Fund, may be delayed. Reverse repurchase agreements may result in leverage to a Fund.

U.S. Government Securities Risk. U.S. government securities may or may not be backed by the full faith and credit of the U.S. government. U.S. government securities are subject to the risks associated with fixed-income and debt instruments, particularly interest rate risk and credit risk.

10. Guarantees and Indemnifications

In the normal course of business, a Fund enters into contracts with third-party service providers that contain a variety of representations and warranties and that provide general indemnifications. Additionally, under the Funds’ organizational documents, the Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. The Funds’ maximum exposure under these arrangements is unknown, as it involves possible future claims that may or may not be made against the Funds. Based on experience, the Adviser is of the view that the risk of loss to the Funds in connection with the Funds’ indemnification obligations is remote; however, there can be no assurance that such obligations will not result in material liabilities that adversely affect the Funds.

11. Subsequent Events

Management has evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that there are no material events that would require disclosure in the Funds’ financial statements.

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AGF Investments Trust

Expense Example (Unaudited)
December 31, 2020

As a shareholder, you incur two types of costs: (1) transaction costs for, such as brokerage commissions, purchasing and selling shares and (2) ongoing costs, including management fees, other operational and investment related expenses. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses

The actual expense examples are based on an investment of $1,000 invested at the beginning of a six month period and held through the period ended December 31, 2020.

The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The hypothetical expense examples are based on an investment of $1,000 invested at the beginning of a six month period and held through the period ended December 31, 2020.

The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as brokerage commissions on the purchases and sales of Fund shares. Therefore, the second line for each Fund in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

	Beginning Account Value 07/01/20			Ending Account Value 12/31/20			Expenses Paid During the Period*			Annualized Expense Ratio During Period
AGF Emerging Markets Equity Fund (a)
Class I
Actual		$	1,000.00		$	1,338.00		$	5.60		0.95%
Hypothetical		$	1,000.00		$	1,020.42		$	4.84		0.95%
Class R6
Actual		$	1,000.00		$	1,338.00		$	5.60		0.95%
Hypothetical		$	1,000.00		$	1,020.42		$	4.84		0.95%
AGF Global Sustainable Growth Equity Fund
Class I
Actual		$	1,000.00		$	1,359.50		$	4.76		0.80%
Hypothetical		$	1,000.00		$	1,021.17		$	4.08		0.80%
Class R6
Actual		$	1,000.00		$	1,359.50		$	4.76		0.80%
Hypothetical		$	1,000.00		$	1,021.17		$	4.08		0.80%

Expenses are equal to the average account value over the period multiplied by the Fund’s annualized expense ratio, multiplied by 184 days in the most recent fiscal half-year divided by 365 days in the fiscal year (to reflect the one-half year period).

(a)

The annualized expense ratio does not reflect the indirect expenses of the underlying Funds in which it invests.

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AGF Investments Trust

Liquidity Risk Management Program
December 31, 2020 (Unaudited)

Consistent with Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), the Funds have adopted and implemented a liquidity risk management program (the “Program”). The Program seeks to assess and manage each Fund’s liquidity risk, which is defined as the risk that a Fund is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in the Fund. The Funds’ Board of Trustees (the “Board”) has designated a Liquidity Program Administrator (“LPA”), a committee comprised of senior representatives of the adviser, AGF Investments America Inc., its affiliated company, AGF Investments Inc. and officers of the Funds to implement and monitor the Program. As part of its responsibilities, the LPA has retained a third party to perform certain functions, including providing market data and liquidity classification model information.

The Program includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, the Program includes no less than annual assessments of factors that influence each Fund’s liquidity risk; daily classifications of each Fund’s investments into one of four liquidity classifications provided for in the Liquidity Rule; a 15% of net assets limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); establishment of a minimum percentage of a Fund’s assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if the Fund does not invest primarily in highly liquid investments; and periodic reporting to the Funds’ Board.

At a meeting of the Board of Trustees on November 20, 2020, the LPA provided a written report (the “Report”) to the Board addressing the operation, adequacy, and effectiveness the Program, including any material changes to the Program for the period from the inception of the Program on June 1, 2019 through September 30, 2020 (“Reporting Period”). The Report included a summary of the oversight of the Program and the system that is used to operate the Program, a discussion of the Funds’ investment strategies and liquidity of portfolio investments including liquidity classifications, the effects of short-term and long-term cash flows on each Fund’s liquidity, and the effect that historical redemptions and market volatility had on the liquidity for each Fund during the Reporting Period. The Report concluded that during the Reporting Period: (1) there were no material changes to the Program, (2) there were no significant liquidity events impacting any Fund, and (3) it is the LPA’s assessment that the Program is adequately designed and has been effective in managing each Fund’s liquidity risk and in implementing the requirements of the Liquidity Rule. The Report further concluded that each Fund’s investment strategy continues to be appropriate and manageable for an open-end fund in both normal and stressed conditions.

There can be no assurance that the Program will achieve its objectives in the future. Additional information regarding risks of investing in each Fund, including liquidity risks presented by the Fund’s investment portfolio, is found in the Fund’s Prospectus and Statement of Additional Information.

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Additional Information (Unaudited)

Proxy Voting Information

A description of AGF Investments Trust’s proxy voting policies and procedures is attached to the Funds’ Statement of Additional Information, which is available without charge by visiting the Funds’ website at www.AGF.com or the U.S. Securities and Exchange Commission’s (“SEC”) SEC’s website at www.sec.gov or by calling collect 833-AGF-FUND (833-243-3863).

In addition, a description of how each Fund voted proxies relating to its portfolio securities during the most recent 12-month period ended June 30 is available without charge upon request by calling collect 1-833-AGF-FUND (833-243-3863) or on the SEC’s website at www.sec.gov.

Quarterly Portfolio Holdings Information

AGF Investments Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year to date on Form N-PORT and, for periods prior to March 31, 2020, on Form N-Q. The Funds’ Forms N-Q and Forms N-PORT are available on the SEC’s website at www.sec.gov. You may also review and obtain copies of the Funds’ Forms N-Q and Forms N-PORT, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov. In addition, the Funds’ full portfolio holdings are updated daily and available on the AGF Funds’ website at www.AGF.com.

This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus.

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AGF Investments Trust

53 State Street, Suite 1308
Boston, MA 02109
www.AGF.com

Distributor:
Foreside Fund Services, LLC

3 Canal Plaza, Suite 100

Portland, ME 04101

(b)

Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.

Not applicable

Item 2. Code of Ethics.

Disclosure required in Registrant’s annual Form N-CSR filing.

Item 3. Audit Committee Financial Expert.

Disclosure required in Registrant’s annual Form N-CSR filing.

Item 4. Principal Accountant Fees and Services.

Disclosure required in Registrant’s annual Form N-CSR filing.

Item 5. Audit Committee of Listed Registrants.

	(a)	The Registrant is an issuer as defined in Section 10A-3 of the Securities Exchange Act of 1934 and has a separately-designated standing Audit Committee in accordance with Section 3(a)(58)(A) of such Act. All of the Board’s independent Trustees, Peter A. Ambrosini, Joseph A. Franco and Richard S. Robie III, are members of the Audit Committee.

(b)

Not Applicable.

Item 6. Investments

(a) Schedule I – Investments in Securities of Unaffiliated Issuers

Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b) Securities Divested of in accordance with Section 13(c) of the Investment Company Act of 1940.

The Registrant made no divestments of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

The Registrant did not have in place procedures by which shareholders may recommend nominees to the Registrant’s board of trustees.

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a - 3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 13. Exhibits.

(a)

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1)

Not required for this filing.

(a)(2)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3)

Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act – Not applicable.

(a)(4)

A change in the registrant’s independent public accountant – Not applicable

(b)

Certification required by Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AGF Investments Trust


By:	/s/ William H. DeRoche
	William H. DeRoche
	President and Principal Executive Officer
	March 5, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ William H. DeRoche
	William H. DeRoche
	President and Principal Executive Officer
	March 5, 2021


By:	/s/Joshua Hunter
	Joshua Hunter
	Principal Financial Officer and Treasurer
	March 5, 2021

AGF Investments Trust N-CSRSCertified semi-annual shareholder report (management investment company)