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: June 30, 2022
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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| | | | Schedule of Investments | |
| | | AGF Emerging Markets Equity Fund | | |
| | | AGF Global Sustainable Equity Fund | | |
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| | | 1 Year | | | Since Inception | | ||||||
AGF Emerging Markets Equity Fund Class I Shares | | | | | -25.02% | | | | | | -3.22% | | |
AGF Emerging Markets Equity Fund Class R6 Shares | | | | | -25.02% | | | | | | -3.22% | | |
MSCI Emerging Markets Net Index(1) | | | | | -25.28% | | | | | | -2.51% | | |
| | | 1 Year | | | 3 Year | | | Since Inception | | |||||||||
AGF Global Sustainable Equity Fund − Class I Shares | | | | | -23.23% | | | | | | 8.58% | | | | | | 7.10% | | |
AGF Global Sustainable Equity Fund − Class R6 Shares | | | | | -23.23% | | | | | | 8.58% | | | | | | 7.10% | | |
MSCI World Net Index(1) | | | | | -14.34% | | | | | | 7.00% | | | | | | 6.65% | | |
Schedule of Investments
Investments | | | Shares | | | Value ($) | | ||||||
Common Stocks – 87.7% | | ||||||||||||
Banks – 10.8% | | ||||||||||||
Axis Bank Ltd., GDR* | | | | | 418 | | | | | $ | 16,815 | | |
Banco Bradesco SA (Preference) | | | | | 3,278 | | | | | | 10,773 | | |
Bank Mandiri Persero Tbk. PT | | | | | 34,558 | | | | | | 18,449 | | |
China Merchants Bank Co. Ltd., Class H | | | | | 1,748 | | | | | | 11,891 | | |
Komercni Banka A/S | | | | | 212 | | | | | | 5,979 | | |
Sberbank of Russia PJSC, ADR*‡^(a) | | | | | 259 | | | | | | 3 | | |
Shinhan Financial Group Co. Ltd., ADR | | | | | 364 | | | | | | 10,396 | | |
| | | | | | | | | | | 74,306 | | |
Beverages – 5.4% | | ||||||||||||
Budweiser Brewing Co. APAC Ltd. | | | | | 3,579 | | | | | | 10,734 | | |
Coca-Cola HBC AG* | | | | | 485 | | | | | | 10,769 | | |
Varun Beverages Ltd. | | | | | 1,563 | | | | | | 15,680 | | |
| | | | | | | | | | | 37,183 | | |
Chemicals – 1.5% | | ||||||||||||
Hansol Chemical Co. Ltd. | | | | | 65 | | | | | | 10,250 | | |
Construction & Engineering – 1.9% | | ||||||||||||
Larsen & Toubro Ltd., GDR | | | | | 679 | | | | | | 13,392 | | |
Diversified Financial Services – 3.3% | | ||||||||||||
Chailease Holding Co. Ltd. | | | | | 1,482 | | | | | | 10,401 | | |
FirstRand Ltd. | | | | | 3,195 | | | | | | 12,277 | | |
| | | | | | | | | | | 22,678 | | |
Diversified Telecommunication Services – 2.0% | | ||||||||||||
Hellenic Telecommunications Organization SA | | | | | 445 | | | | | | 7,756 | | |
Telkom Indonesia Persero Tbk. PT | | | | | 22,984 | | | | | | 6,176 | | |
| | | | | | | | | | | 13,932 | | |
Electronic Equipment, Instruments & Components – 1.0% | | ||||||||||||
Delta Electronics, Inc. | | | | | 911 | | | | | | 6,749 | | |
Energy Equipment & Services – 3.2% | | ||||||||||||
China Oilfield Services Ltd., Class H | | | | | 9,491 | | | | | | 9,407 | | |
Tenaris SA, ADR | | | | | 493 | | | | | | 12,665 | | |
| | | | | | | | | | | 22,072 | | |
Food & Staples Retailing – 1.9% | | ||||||||||||
Atacadao SA | | | | | 1,855 | | | | | | 5,908 | | |
Pick n Pay Stores Ltd. | | | | | 2,057 | | | | | | 7,124 | | |
| | | | | | | | | | | 13,032 | | |
Food Products – 1.3% | | ||||||||||||
China Mengniu Dairy Co. Ltd.* | | | | | 1,820 | | | | | | 9,096 | | |
Health Care Providers & Services – 0.8% | | ||||||||||||
Odontoprev SA | | | | | 2,887 | | | | | | 5,158 | | |
Hotels, Restaurants & Leisure – 1.9% | | ||||||||||||
Melco Resorts & Entertainment Ltd., ADR* | | | | | 604 | | | | | | 3,473 | | |
Trip.com Group Ltd.* | | | | | 347 | | | | | | 9,681 | | |
| | | | | | | | | | | 13,154 | | |
Household Durables – 2.5% | | ||||||||||||
Haier Smart Home Co. Ltd., Class H | | | | | 4,592 | | | | | | 17,248 | | |
Investments | | | Shares | | | Value ($) | | ||||||
Insurance – 5.9% | | ||||||||||||
AIA Group Ltd. | | | | | 2,819 | | | | | $ | 30,964 | | |
Ping An Insurance Group Co. of China Ltd., Class H | | | | | 1,395 | | | | | | 9,656 | | |
| | | | | | | | | | | 40,620 | | |
Interactive Media & Services – 7.9% | | ||||||||||||
Kakao Corp. | | | | | 119 | | | | | | 6,415 | | |
Tencent Holdings Ltd. | | | | | 1,056 | | | | | | 47,957 | | |
| | | | | | | | | | | 54,372 | | |
Internet & Direct Marketing Retail – 6.2% | | ||||||||||||
Alibaba Group Holding Ltd.* | | | | | 2,267 | | | | | | 32,338 | | |
Naspers Ltd., Class N | | | | | 72 | | | | | | 10,532 | | |
| | | | | | | | | | | 42,870 | | |
IT Services – 2.3% | | ||||||||||||
Globant SA* | | | | | 39 | | | | | | 6,786 | | |
HCL Technologies Ltd. | | | | | 725 | | | | | | 8,952 | | |
| | | | | | | | | | | 15,738 | | |
Life Sciences Tools & Services – 1.5% | | ||||||||||||
Wuxi Biologics Cayman, Inc.* | | | | | 1,139 | | | | | | 10,492 | | |
Machinery – 2.0% | | ||||||||||||
Airtac International Group* | | | | | 422 | | | | | | 14,046 | | |
Metals & Mining – 4.3% | | ||||||||||||
Anglo American plc | | | | | 257 | | | | | | 9,176 | | |
Southern Copper Corp. | | | | | 183 | | | | | | 9,115 | | |
Vale SA | | | | | 795 | | | | | | 11,630 | | |
| | | | | | | | | | | 29,921 | | |
Oil, Gas & Consumable Fuels – 1.2% | | ||||||||||||
Reliance Industries Ltd.* | | | | | 255 | | | | | | 8,396 | | |
Pharmaceuticals – 1.3% | | ||||||||||||
Richter Gedeon Nyrt. | | | | | 198 | | | | | | 3,584 | | |
Sino Biopharmaceutical Ltd. | | | | | 8,139 | | | | | | 5,242 | | |
| | | | | | | | | | | 8,826 | | |
Real Estate Management & Development – 2.5% | | ||||||||||||
Country Garden Services Holdings Co. Ltd. | | | | | 2,713 | | | | | | 12,347 | | |
KWG Living Group Holdings Ltd. | | | | | 14,265 | | | | | | 4,544 | | |
| | | | | | | | | | | 16,891 | | |
Semiconductors & Semiconductor Equipment – 8.2% | | ||||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | | | | 689 | | | | | | 56,326 | | |
Software – 1.2% | | ||||||||||||
TOTVS SA* | | | | | 1,908 | | | | | | 8,480 | | |
Specialty Retail – 0.3% | | ||||||||||||
Foschini Group Ltd. (The) | | | | | 271 | | | | | | 2,035 | | |
Technology Hardware, Storage & Peripherals – 5.4% | | ||||||||||||
Samsung Electronics Co. Ltd., GDR | | | | | 34 | | | | | | 37,135 | | |
TOTAL COMMON STOCKS (COST $667,386) | | | | | | | | | | | 604,398 | | |
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Schedule of Investments
Investments | | | Shares | | | Maturity Date | | | Value ($) | | |||||||||
PARTICIPATION NOTES – 10.2% | | | |||||||||||||||||
China | | | |||||||||||||||||
Estun Automation Co. Ltd. (Issuer: Macquarie Bank Ltd.)* | | | | | 2,996 | | | | | | 9/25/2023 | | | | | $ | 10,965 | | |
Kweichow Moutai Co. Ltd. (Issuer: UBS AG)* | | | | | 61 | | | | | | 9/16/2022 | | | | | | 18,635 | | |
LONGi Green Energy Technology Co. Ltd. (Issuer: Macquarie Bank Ltd.)* | | | | | 1,235 | | | | | | 6/26/2023 | | | | | | 12,292 | | |
NARI Technology Co. Ltd. (Issuer: Macquarie Bank Ltd.)* | | | | | 4,503 | | | | | | 3/13/2023 | | | | | | 18,162 | | |
Wuliangye Yibin Co. Ltd. (Issuer: Macquarie Bank Ltd.)* | | | | | 346 | | | | | | 3/31/2023 | | | | | | 10,437 | | |
TOTAL PARTICIPATION NOTES (COST $64,305) | | | | | | | | | | | | | | | | | 70,491 | | |
Total Investments – 97.9% (Cost $731,691) | | | | | | | | | | | | | | | | | 674,889 | | |
Other assets less liabilities – 2.1% | | | | | | | | | | | | | | | | | 14,808 | | |
Net Assets – 100.0% | | | | | | | | | | | | | | | | | 689,697 | | |
| Aggregate gross unrealized appreciation | | | | $ | 60,724 | | |
| Aggregate gross unrealized depreciation | | | | | (119,788) | | |
| Net unrealized depreciation | | | | $ | (59,064) | | |
| Federal income tax cost of investments (including derivative contracts, if any) | | | | $ | 733,953 | | |
| Brazil | | | | | 6.1% | | |
| China | | | | | 39.1% | | |
| Czech Republic | | | | | 0.9% | | |
| Greece | | | | | 1.1% | | |
| Hong Kong | | | | | 5.7% | | |
| Hungary | | | | | 0.5% | | |
| India | | | | | 9.2% | | |
| Indonesia | | | | | 3.6% | | |
| Italy | | | | | 1.6% | | |
| Peru | | | | | 1.3% | | |
| Russia | | | | | 0.0%(a) | | |
| South Africa | | | | | 6.0% | | |
| South Korea | | | | | 9.3% | | |
| Taiwan | | | | | 10.7% | | |
| United States | | | | | 2.8% | | |
| Other(1) | | | | | 2.1% | | |
| | | | | | 100.0% | | |
Schedule of Investments
Investments | | | Shares | | | Value ($) | | ||||||
COMMON STOCKS – 93.1% | | ||||||||||||
Auto Components – 3.7% | | ||||||||||||
Aptiv plc* | | | | | 264 | | | | | $ | 23,515 | | |
Denso Corp. | | | | | 554 | | | | | | 29,468 | | |
| | | | | | | | | | | 52,983 | | |
Automobiles – 1.4% | | ||||||||||||
Mercedes-Benz Group AG | | | | | 342 | | | | | | 19,791 | | |
Building Products – 6.4% | | ||||||||||||
Advanced Drainage Systems, Inc. | | | | | 206 | | | | | | 18,554 | | |
Kingspan Group plc | | | | | 355 | | | | | | 21,357 | | |
Nibe Industrier AB, Class B | | | | | 3,525 | | | | | | 26,499 | | |
Trex Co., Inc.* | | | | | 473 | | | | | | 25,741 | | |
| | | | | | | | | | | 92,151 | | |
Capital Markets – 0.5% | | ||||||||||||
MSCI, Inc. | | | | | 18 | | | | | | 7,419 | | |
Chemicals – 9.2% | | ||||||||||||
Albemarle Corp. | | | | | 197 | | | | | | 41,169 | | |
Croda International plc | | | | | 374 | | | | | | 29,494 | | |
Ecolab, Inc. | | | | | 167 | | | | | | 25,678 | | |
Johnson Matthey plc | | | | | 383 | | | | | | 8,988 | | |
Koninklijke DSM NV | | | | | 183 | | | | | | 26,436 | | |
| | | | | | | | | | | 131,765 | | |
Commercial Services & Supplies – 5.2% | | ||||||||||||
Tetra Tech, Inc. | | | | | 396 | | | | | | 54,074 | | |
TOMRA Systems ASA | | | | | 1,104 | | | | | | 20,560 | | |
| | | | | | | | | | | 74,634 | | |
Construction & Engineering – 6.5% | | ||||||||||||
Quanta Services, Inc. | | | | | 117 | | | | | | 14,665 | | |
Valmont Industries, Inc. | | | | | 164 | | | | | | 36,839 | | |
WSP Global, Inc. | | | | | 374 | | | | | | 42,287 | | |
| | | | | | | | | | | 93,791 | | |
Containers & Packaging – 1.1% | | ||||||||||||
Ball Corp. | | | | | 232 | | | | | | 15,955 | | |
Electrical Equipment – 5.8% | | ||||||||||||
Legrand SA | | | | | 483 | | | | | | 35,947 | | |
Plug Power, Inc.* | | | | | 183 | | | | | | 3,032 | | |
Prysmian SpA | | | | | 1,594 | | | | | | 43,990 | | |
| | | | | | | | | | | 82,969 | | |
Electronic Equipment, Instruments & Components – 12.3% | | ||||||||||||
Amphenol Corp., Class A | | | | | 642 | | | | | | 41,332 | | |
Halma plc | | | | | 1,083 | | | | | | 26,698 | | |
Hexagon AB, Class B | | | | | 1,466 | | | | | | 15,244 | | |
Keyence Corp. | | | | | 106 | | | | | | 36,276 | | |
Samsung SDI Co. Ltd. | | | | | 55 | | | | | | 22,571 | | |
Trimble, Inc.* | | | | | 605 | | | | | | 35,229 | | |
| | | | | | | | | | | 177,350 | | |
Food & Staples Retailing – 0.5% | | ||||||||||||
HelloFresh SE* | | | | | 206 | | | | | | 6,666 | | |
Food Products – 2.8% | | ||||||||||||
Kerry Group plc, Class A | | | | | 321 | | | | | | 30,750 | | |
Mowi ASA | | | | | 426 | | | | | | 9,719 | | |
| | | | | | | | | | | 40,469 | | |
Investments | | | Shares | | | Value ($) | | ||||||
Household Durables – 1.7% | | ||||||||||||
Garmin Ltd. | | | | | 253 | | | | | $ | 24,857 | | |
Independent Power and Renewable Electricity Producers – 0.8% | | ||||||||||||
Brookfield Renewable Corp. | | | | | 332 | | | | | | 11,826 | | |
Insurance – 2.6% | | ||||||||||||
Intact Financial Corp. | | | | | 270 | | | | | | 38,083 | | |
Leisure Products – 3.6% | | ||||||||||||
Giant Manufacturing Co. Ltd. | | | | | 2,820 | | | | | | 22,739 | | |
Shimano, Inc. | | | | | 170 | | | | | | 28,757 | | |
| | | | | | | | | | | 51,496 | | |
Life Sciences Tools & Services – 9.3% | | ||||||||||||
Danaher Corp. | | | | | 275 | | | | | | 69,718 | | |
Thermo Fisher Scientific, Inc. | | | | | 117 | | | | | | 63,564 | | |
| | | | | | | | | | | 133,282 | | |
Machinery – 6.0% | | ||||||||||||
Cummins, Inc. | | | | | 150 | | | | | | 29,030 | | |
Metso Outotec OYJ | | | | | 4,413 | | | | | | 33,125 | | |
Xylem, Inc. | | | | | 312 | | | | | | 24,392 | | |
| | | | | | | | | | | 86,547 | | |
Mortgage Real Estate Investment Trusts (REITs) – 1.0% | | ||||||||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | | | | 388 | | | | | | 14,690 | | |
Professional Services – 2.1% | | ||||||||||||
Stantec, Inc. | | | | | 684 | | | | | | 29,965 | | |
Semiconductors & Semiconductor Equipment – 5.4% | | ||||||||||||
Analog Devices, Inc. | | | | | 250 | | | | | | 36,523 | | |
Enphase Energy, Inc.* | | | | | 83 | | | | | | 16,205 | | |
Infineon Technologies AG | | | | | 621 | | | | | | 15,025 | | |
Wolfspeed, Inc.* | | | | | 161 | | | | | | 10,215 | | |
| | | | | | | | | | | 77,968 | | |
Software – 3.2% | | ||||||||||||
ANSYS, Inc.* | | | | | 68 | | | | | | 16,272 | | |
Dassault Systemes SE | | | | | 800 | | | | | | 29,642 | | |
| | | | | | | | | | | 45,914 | | |
Textiles, Apparel & Luxury Goods – 0.1% | | ||||||||||||
Allbirds, Inc., Class A* | | | | | 562 | | | | | | 2,209 | | |
Water Utilities – 1.9% | | ||||||||||||
American Water Works Co., Inc. | | | | | 180 | | | | | | 26,779 | | |
TOTAL COMMON STOCKS (COST $1,144,194) | | | | | | | | | | | 1,339,559 | | |
Master Limited Partnerships – 1.3% | | ||||||||||||
Independent Power and Renewable Electricity Producers – 1.3% | | ||||||||||||
Brookfield Renewable Partners LP (Cost $11,470) | | | | | 524 | | | | | | 18,209 | | |
Total Investments – 94.4% (Cost $1,155,664) | | | | | | | | | | | 1,357,768 | | |
Other assets less liabilities – 5.6% | | | | | | | | | | | 81,008 | | |
Net Assets – 100.0% | | | | | | | | | | | 1,438,776 | | |
|
Schedule of Investments
| Aggregate gross unrealized appreciation | | | | $ | 286,490 | | |
| Aggregate gross unrealized depreciation | | | | | (91,374) | | |
| Net unrealized appreciation | | | | $ | 195,116 | | |
| Federal income tax cost of investments (including derivative contracts, if any) | | | | $ | 1,162,652 | | |
| Canada | | | | | 8.9% | | |
| Finland | | | | | 2.3% | | |
| France | | | | | 4.6% | | |
| Germany | | | | | 2.9% | | |
| Ireland | | | | | 3.6% | | |
| Italy | | | | | 3.1% | | |
| Japan | | | | | 6.6% | | |
| Netherlands | | | | | 1.8% | | |
| Norway | | | | | 2.1% | | |
| South Korea | | | | | 1.6% | | |
| Sweden | | | | | 2.9% | | |
| Taiwan | | | | | 1.6% | | |
| United Kingdom | | | | | 4.5% | | |
| United States | | | | | 47.9% | | |
| Other(1) | | | | | 5.6% | | |
| | | | | | 100.0% | | |
June 30, 2022
| | | AGF Emerging Markets Equity Fund | | | AGF Global Sustainable Equity Fund | | ||||||
ASSETS: | | | | | | | | | | | | | |
Investments in securities, at value(1) | | | | $ | 674,889 | | | | | $ | 1,357,768 | | |
Cash | | | | | 35,244 | | | | | | 107,195 | | |
Foreign cash(2) | | | | | 196 | | | | | | 75 | | |
Receivables: | | | | | | | | | | | | | |
Securities sold | | | | | 9,479 | | | | | | 7,313 | | |
Dividends and interest | | | | | 1,859 | | | | | | 1,034 | | |
Foreign Tax Reclaims | | | | | 12 | | | | | | 516 | | |
Investment adviser (Note 4) | | | | | 34,768 | | | | | | 36,798 | | |
Prepaid expenses | | | | | 15,560 | | | | | | 12,785 | | |
Total Assets | | | | | 772,007 | | | | | | 1,523,484 | | |
LIABILITIES: | | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | | |
Securities purchased | | | | | 5,320 | | | | | | 3,659 | | |
Administration fees | | | | | 12,733 | | | | | | 12,733 | | |
Transfer Agent fees | | | | | 10,914 | | | | | | 10,914 | | |
Trustees fees | | | | | 114 | | | | | | 253 | | |
Custodian and Accounting fees | | | | | 7,320 | | | | | | 6,002 | | |
Professional fees | | | | | 42,095 | | | | | | 47,489 | | |
Accrued expenses and other liabilities | | | | | 3,814(3) | | | | | | 3,658 | | |
Total Liabilities | | | | | 82,310 | | | | | | 84,708 | | |
Net Assets | | | | $ | 689,697 | | | | | $ | 1,438,776 | | |
NET ASSETS CONSIST OF: | | | | | | | | | | | | | |
Paid in capital | | | | $ | 766,944 | | | | | $ | 1,214,550 | | |
Distributable earnings (loss) | | | | | (77,247) | | | | | | 224,226 | | |
Net Assets | | | | $ | 689,697 | | | | | $ | 1,438,776 | | |
NET ASSETS: | | | | | | | | | | | | | |
Class I | | | | $ | 344,849 | | | | | $ | 923,523 | | |
Class R6 | | | | | 344,848 | | | | | | 515,253 | | |
Total | | | | $ | 689,697 | | | | | $ | 1,438,776 | | |
SHARES OUTSTANDING (unlimited number of shares authorized) | | | | | | | | | | | | | |
Class I | | | | | 38,287 | | | | | | 69,182 | | |
Class R6 | | | | | 38,287 | | | | | | 38,599 | | |
NET ASSET VALUE | | | | | | | | | | | | | |
Class I | | | | $ | 9.01 | | | | | $ | 13.35 | | |
Class R6 | | | | | 9.01 | | | | | | 13.35 | | |
(1) Investments in securities, at cost | | | | $ | 731,691 | | | | | $ | 1,155,664 | | |
(2) Cost of foreign cash | | | | $ | 207 | | | | | $ | 75 | | |
(3) Includes payable for deferred non-U.S. capital gains tax of $1,034 | | | | | | | | | | | | | |
For the Year Ended June 30, 2022
| | | AGF Emerging Markets Equity Fund | | | AGF Global Sustainable Equity Fund | | ||||||
INVESTMENT INCOME: | | | | | | | | | | | | | |
Dividend income | | | | $ | 18,510 | | | | | $ | 19,956 | | |
Foreign withholding tax on dividends | | | | | (2,076) | | | | | | (2,087) | | |
Total Investment Income | | | | | 16,434 | | | | | | 17,869 | | |
EXPENSES: | | | | | | | | | | | | | |
Investment advisory fees (Note 4) | | | | | 6,428 | | | | | | 12,495 | | |
Administration fees | | | | | 76,400 | | | | | | 76,400 | | |
Registration and filing fees | | | | | 36,535 | | | | | | 39,288 | | |
Professional fees | | | | | 103,982 | | | | | | 130,134 | | |
Trustee fees | | | | | 623 | | | | | | 1,435 | | |
Custodian and Accounting fees | | | | | 43,979 | | | | | | 35,997 | | |
Transfer Agent fees | | | | | 64,786 | | | | | | 64,786 | | |
Chief Compliance Officer fees | | | | | 4,416 | | | | | | 5,003 | | |
Treasurer fees | | | | | 15,141 | | | | | | 26,359 | | |
Other fees | | | | | 9,092 | | | | | | 9,359 | | |
Total Expenses before Adjustments | | | | | 361,382 | | | | | | 401,256 | | |
Less: waivers and/or reimbursements by Adviser (Note 4) | | | | | (353,755) | | | | | | (385,887) | | |
Total Expenses after Adjustments | | | | | 7,627 | | | | | | 15,369 | | |
Net Investment Income | | | | | 8,807 | | | | | | 2,500 | | |
NET REALIZED GAIN (LOSS) FROM: | | | | | | | | | | | | | |
Transactions in investment securities | | | | | (24,666)(1) | | | | | | 39,916 | | |
Foreign currency transactions | | | | | (774) | | | | | | (938) | | |
Net Realized Gain (Loss) | | | | | (25,440) | | | | | | 38,978 | | |
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM: | | | | | | | | | | | | | |
Investment in securities | | | | | (213,884)(2) | | | | | | (495,842) | | |
Translation of assets and liabilities denominated in foreign currencies | | | | | (159) | | | | | | 81 | | |
Net Change in Unrealized Appreciation (Depreciation) | | | | | (214,043) | | | | | | (495,761) | | |
Net Realized and Unrealized Gain (Loss) | | | | | (239,483) | | | | | | (456,783) | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | | $ | (230,676) | | | | | $ | (454,283) | | |
| | | AGF Emerging Markets Equity Fund | | | AGF Global Sustainable Equity Fund | | ||||||||||||||||||
| | | Year Ended June 30, 2022 | | | Year Ended June 30, 2021 | | | Year Ended June 30, 2022 | | | Year Ended June 30, 2021 | | ||||||||||||
OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income | | | | $ | 8,807 | | | | | $ | 7,303 | | | | | $ | 2,500 | | | | | $ | 5,295 | | |
Net realized gain (loss) | | | | | (25,440) | | | | | | 24,395 | | | | | | 38,978 | | | | | | 103,253 | | |
Net change in unrealized appreciation (depreciation) | | | | | (214,043) | | | | | | 259,204 | | | | | | (495,761) | | | | | | 453,632 | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | | | (230,676) | | | | | | 290,902 | | | | | | (454,283) | | | | | | 562,180 | | |
DISTRIBUTIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributable earnings | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | (5,480) | | | | | | (3,790) | | | | | | (27,834) | | | | | | (4,098) | | |
Class R6 | | | | | (5,480) | | | | | | (3,789) | | | | | | (14,194) | | | | | | (2,394) | | |
Total Distributions | | | | | (10,960) | | | | | | (7,579) | | | | | | (42,028) | | | | | | (6,492) | | |
CAPITAL TRANSACTIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital shares issued | | | | $ | — | | | | | $ | — | | | | | $ | 30,000 | | | | | $ | 265,000 | | |
Capital shares issued in reinvestment of distributions | | | | | 5,231 | | | | | | 3,221 | | | | | | 27,798 | | | | | | 3,739 | | |
Cost of shares redeemed | | | | | — | | | | | | — | | | | | | (95,515) | | | | | | — | | |
Total Class I transactions | | | | | 5,231 | | | | | | 3,221 | | | | | | (37,717) | | | | | | 268,739 | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital shares issued in reinvestment of distributions | | | | | 5,231 | | | | | | 3,221 | | | | | | 14,159 | | | | | | 2,035 | | |
Total Class R6 transactions | | | | | 5,231 | | | | | | 3,221 | | | | | | 14,159 | | | | | | 2,035 | | |
Net Increase (Decrease) in Net Assets Resulting from Capital Transactions | | | | $ | 10,462 | | | | | $ | 6,442 | | | | | $ | (23,558) | | | | | $ | 270,774 | | |
Total Increase (Decrease) in Net Assets | | | | | (231,174) | | | | | | 289,765 | | | | | | (519,869) | | | | | | 826,462 | | |
NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of year | | | | | 920,871 | | | | | | 631,106 | | | | | | 1,958,645 | | | | | | 1,132,183 | | |
End of Year | | | | $ | 689,697 | | | | | $ | 920,871 | | | | | $ | 1,438,776 | | | | | $ | 1,958,645 | | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of year | | | | | 37,795 | | | | | | 37,502 | | | | | | 72,584 | | | | | | 55,772 | | |
Capital shares issued | | | | | — | | | | | | — | | | | | | 1,655 | | | | | | 16,582 | | |
Capital shares issued in reinvestment of distributions | | | | | 492 | | | | | | 293 | | | | | | 1,448 | | | | | | 230 | | |
Capital shares redeemed | | | | | — | | | | | | — | | | | | | (6,505) | | | | | | — | | |
Total Class I − Shares Outstanding, End of Year | | | | | 38,287 | | | | | | 37,795 | | | | | | 69,182 | | | | | | 72,584 | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of year | | | | | 37,795 | | | | | | 37,502 | | | | | | 37,864 | | | | | | 37,736 | | |
Capital shares issued in reinvestment of distributions | | | | | 492 | | | | | | 293 | | | | | | 735 | | | | | | 128 | | |
Total Class R6 − Shares Outstanding, End of Year | | | | | 38,287 | | | | | | 37,795 | | | | | | 38,599 | | | | | | 37,864 | | |
| | | 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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended June 30, 2022 | | | | $ | 12.18 | | | | | | 0.12 | | | | | | (3.15) | | | | | | (3.03) | | | | | | (0.04) | | | | | | (0.10) | | | | | | — | | | | | | (0.14) | | | | | $ | 9.01 | | |
Year Ended June 30, 2021 | | | | $ | 8.41 | | | | | | 0.10 | | | | | | 3.77 | | | | | | 3.87 | | | | | | (0.10) | | | | | | — | | | | | | — | | | | | | (0.10) | | | | | $ | 12.18 | | |
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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended June 30, 2022 | | | | $ | 12.18 | | | | | | 0.12 | | | | | | (3.15) | | | | | | (3.03) | | | | | | (0.04) | | | | | | (0.10) | | | | | | — | | | | | | (0.14) | | | | | $ | 9.01 | | |
Year Ended June 30, 2021 | | | | $ | 8.41 | | | | | | 0.10 | | | | | | 3.77 | | | | | | 3.87 | | | | | | (0.10) | | | | | | — | | | | | | — | | | | | | (0.10) | | | | | $ | 12.18 | | |
For the period 01/03/20* – 6/30/2020 | | | | $ | 10.00 | | | | | | 0.04 | | | | | | (1.63) | | | | | | (1.59) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 8.41 | | |
AGF Global Sustainable Equity Fund – Class I | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended June 30, 2022 | | | | $ | 17.73 | | | | | | 0.02 | | | | | | (4.02) | | | | | | (4.00) | | | | | | (0.01) | | | | | | (0.37) | | | | | | — | | | | | | (0.38) | | | | | $ | 13.35 | | |
Year Ended June 30, 2021 | | | | $ | 12.11 | | | | | | 0.05 | | | | | | 5.63 | | | | | | 5.68 | | | | | | (0.06) | | | | | | — | | | | | | — | | | | | | (0.06) | | | | | $ | 17.73 | | |
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 Equity Fund – Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended June 30, 2022 | | | | $ | 17.73 | | | | | | 0.02 | | | | | | (4.02) | | | | | | (4.00) | | | | | | (0.01) | | | | | | (0.37) | | | | | | — | | | | | | (0.38) | | | | | $ | 13.35 | | |
Year Ended June 30, 2021 | | | | $ | 12.11 | | | | | | 0.05 | | | | | | 5.63 | | | | | | 5.68 | | | | | | (0.06) | | | | | | — | | | | | | — | | | | | | (0.06) | | | | | $ | 17.73 | | |
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 | | |
| 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) | | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 45.02% | | | | | | 0.95% | | | | | | 1.10% | | | | | | (42.97)% | | | | | | (25.02)% | | | | | | 37% | | | | | $ | 345 | | |
| | | 41.06%(d) | | | | | | 0.95%(d) | | | | | | 0.89% | | | | | | (39.21)% | | | | | | 46.16% | | | | | | 43% | | | | | $ | 460 | | |
| | | 40.36%(d) | | | | | | 0.95%(d) | | | | | | 0.88% | | | | | | (38.52)% | | | | | | (15.90)% | | | | | | 22% | | | | | $ | 316 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | 45.02% | | | | | | 0.95% | | | | | | 1.10% | | | | | | (42.97)% | | | | | | (25.02)% | | | | | | 37% | | | | | $ | 345 | | |
| ��� | | 41.06%(d) | | | | | | 0.95%(d) | | | | | | 0.89% | | | | | | (39.21)% | | | | | | 46.16% | | | | | | 43% | | | | | $ | 460 | | |
| | | 40.36%(d) | | | | | | 0.95%(d) | | | | | | 0.88% | | | | | | (38.52)% | | | | | | (15.90)% | | | | | | 22% | | | | | $ | 315 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | 20.89% | | | | | | 0.80% | | | | | | 0.13% | | | | | | (19.96)% | | | | | | (23.23)% | | | | | | 20% | | | | | $ | 924 | | |
| | | 22.78% | | | | | | 0.80% | | | | | | 0.33% | | | | | | (21.65)% | | | | | | 46.98% | | | | | | 26% | | | | | $ | 1,287 | | |
| | | 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 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | 20.89% | | | | | | 0.80% | | | | | | 0.13% | | | | | | (19.96)% | | | | | | (23.23)% | | | | | | 20% | | | | | $ | 515 | | |
| | | 22.78% | | | | | | 0.80% | | | | | | 0.33% | | | | | | (21.65)% | | | | | | 46.98% | | | | | | 26% | | | | | $ | 672 | | |
| | | 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 | | |
June 30, 2022
| | | Level 1 — Quoted Prices | | | Level 2 — Other Significant Observable Inputs | | | Level 3 — Significant Unobservable Inputs | | | Total | | ||||||||||||
AGF Emerging Markets Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | | | | | | | | | | |
Banks | | | | $ | 21,169 | | | | | $ | 53,134 | | | | | $ | 3 | | | | | $ | 74,306 | | |
Beverages | | | | | — | | | | | | 37,183 | | | | | | — | | | | | | 37,183 | | |
Chemicals | | | | | — | | | | | | 10,250 | | | | | | — | | | | | | 10,250 | | |
Construction & Engineering | | | | | — | | | | | | 13,392 | | | | | | — | | | | | | 13,392 | | |
Diversified Financial Services | | | | | — | | | | | | 22,678 | | | | | | — | | | | | | 22,678 | | |
Diversified Telecommunication Services | | | | | — | | | | | | 13,932 | | | | | | — | | | | | | 13,932 | | |
Electronic Equipment, Instruments & Components | | | | | — | | | | | | 6,749 | | | | | | — | | | | | | 6,749 | | |
Energy Equipment & Services | | | | | 12,665 | | | | | | 9,407 | | | | | | — | | | | | | 22,072 | | |
Food & Staples Retailing | | | | | 5,908 | | | | | | 7,124 | | | | | | — | | | | | | 13,032 | | |
Food Products | | | | | — | | | | | | 9,096 | | | | | | — | | | | | | 9,096 | | |
Hotels, Restaurants & Leisure | | | | | 3,473 | | | | | | 9,681 | | | | | | — | | | | | | 13,154 | | |
Household Durables | | | | | — | | | | | | 17,248 | | | | | | — | | | | | | 17,248 | | |
Insurance | | | | | — | | | | | | 40,620 | | | | | | — | | | | | | 40,620 | | |
Interactive Media & Services | | | | | — | | | | | | 54,372 | | | | | | — | | | | | | 54,372 | | |
Internet & Direct Marketing Retail | | | | | — | | | | | | 42,870 | | | | | | — | | | | | | 42,870 | | |
IT Services | | | | | 6,786 | | | | | | 8,952 | | | | | | — | | | | | | 15,738 | | |
Life Sciences Tools & Services | | | | | — | | | | | | 10,492 | | | | | | — | | | | | | 10,492 | | |
Machinery | | | | | — | | | | | | 14,046 | | | | | | — | | | | | | 14,046 | | |
Metals & Mining | | | | | 20,745 | | | | | | 9,176 | | | | | | — | | | | | | 29,921 | | |
Oil, Gas & Consumable Fuels | | | | | — | | | | | | 8,396 | | | | | | — | | | | | | 8,396 | | |
Pharmaceuticals | | | | | — | | | | | | 8,826 | | | | | | — | | | | | | 8,826 | | |
Real Estate Management & Development | | | | | — | | | | | | 16,891 | | | | | | — | | | | | | 16,891 | | |
Specialty Retail | | | | | — | | | | | | 2,035 | | | | | | — | | | | | | 2,035 | | |
Technology Hardware, Storage & Peripherals | | | | | — | | | | | | 37,135 | | | | | | — | | | | | | 37,135 | | |
Other* | | | | | 69,964 | | | | | | — | | | | | | — | | | | | | 69,964 | | |
Participation Notes | | | | | — | | | | | | 70,491 | | | | | | — | | | | | | 70,491 | | |
Total Investments | | | | $ | 140,710 | | | | | $ | 534,176 | | | | | $ | 3 | | | | | $ | 674,889 | | |
| | | Level 1 — Quoted Prices | | | Level 2 — Other Significant Observable Inputs | | | Level 3 — Significant Unobservable Inputs | | | Total | | ||||||||||||
AGF Global Sustainable Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | | | | | | | | | | | | | | |
Auto Components | | | | $ | 23,515 | | | | | $ | 29,468 | | | | | $ | — | | | | | $ | 52,983 | | |
Automobiles | | | | | — | | | | | | 19,791 | | | | | | — | | | | | | 19,791 | | |
Building Products | | | | | 44,295 | | | | | | 47,856 | | | | | | — | | | | | | 92,151 | | |
Chemicals | | | | | 66,847 | | | | | | 64,918 | | | | | | — | | | | | | 131,765 | | |
Commercial Services & Supplies | | | | | 54,074 | | | | | | 20,560 | | | | | | — | | | | | | 74,634 | | |
Electrical Equipment | | | | | 3,032 | | | | | | 79,937 | | | | | | — | | | | | | 82,969 | | |
Electronic Equipment, Instruments & Components | | | | | 76,561 | | | | | | 100,789 | | | | | | — | | | | | | 177,350 | | |
Food & Staples Retailing | | | | | — | | | | | | 6,666 | | | | | | — | | | | | | 6,666 | | |
Food Products | | | | | — | | | | | | 40,469 | | | | | | — | | | | | | 40,469 | | |
Leisure Products | | | | | — | | | | | | 51,496 | | | | | | — | | | | | | 51,496 | | |
Machinery | | | | | 53,422 | | | | | | 33,125 | | | | | | — | | | | | | 86,547 | | |
Semiconductors & Semiconductor Equipment | | | | | 62,943 | | | | | | 15,025 | | | | | | — | | | | | | 77,968 | | |
Software | | | | | 16,272 | | | | | | 29,642 | | | | | | — | | | | | | 45,914 | | |
Other* | | | | | 398,856 | | | | | | — | | | | | | — | | | | | | 398,856 | | |
Master Limited Partnership | | | | | 18,209 | | | | | | — | | | | | | — | | | | | | 18,209 | | |
Total Investments | | | | $ | 818,026 | | | | | $ | 539,742 | | | | | $ | — | | | | | $ | 1,357,768 | | |
|
Year Ended June 30, 2022 | | | Year Ended June 30, 2021 | | |||||||||||||||||||||||||||||||||
Fund | | | Distributions Paid from Ordinary Income | | | Distributions Paid from Net Long Term Capital Gains | | | Total Distributions | | | Distributions Paid from Ordinary Income | | | Distributions Paid from Net Long Term Capital Gains | | | Total Distributions | | ||||||||||||||||||
AGF Emerging Markets Equity Fund | | | | $ | 9,003 | | | | | $ | 1,957 | | | | | $ | 10,960 | | | | | $ | 7,579 | | | | | $ | — | | | | | $ | 7,579 | | |
AGF Global Sustainable Equity Fund | | | | | 3,454 | | | | | | 38,574 | | | | | | 42,028 | | | | | | 6,492 | | | | | | — | | | | | | 6,492 | | |
Fund | | | Undistributed Ordinary Income | | | Undistributed Long-Term Capital Gains | | | Accumulated Capital and Other Losses | | | Unrealized Appreciation/ (Depreciation)* | | ||||||||||||
AGF Emerging Markets Equity Fund | | | | $ | 10,688 | | | | | $ | — | | | | | $ | (27,781) | | | | | $ | (60,154) | | |
AGF Global Sustainable Equity Fund | | | | | — | | | | | | 29,125 | | | | | | — | | | | | | 195,101 | | |
Fund | | | Accumulated undistributed net investment income (loss) | | | Accumulated net realized gain (loss) on investments | | | Paid in Capital | | |||||||||
AGF Emerging Markets Equity Fund | | | | $ | 4,165 | | | | | $ | (4,165) | | | | | $ | — | | |
AGF Global Sustainable Equity Fund | | | | | (366) | | | | | | 366 | | | | | | — | | |
Fund | | | Capital Loss Carryforwards | | | Utilized Capital Loss Carryforwards | | ||||||
AGF Emerging Markets Equity Fund | | | | $ | 8,414 | | | | | $ | — | | |
Fund | | | Ordinary Late Year Loss Deferrals | | | Post-October Capital Losses | | | Total | | |||||||||
AGF Emerging Markets Equity Fund | | | | $ | — | | | | | $ | 19,367 | | | | | $ | 19,367 | | |
Fund | | | Management Fees Waived | | | Expense Reimbursements | | ||||||
AGF Emerging Markets Equity Fund | | | | $ | 6,428 | | | | | $ | 347,327 | | |
AGF Global Sustainable Equity Fund | | | | | 12,495 | | | | | | 373,392 | | |
Fund | | | Expires June 30, 2023 | | | Expires June 30, 2024 | | | Expires June 30, 2025 | | | Total Eligible for Recoupment | | ||||||||||||
AGF Emerging Markets Equity Fund | | | | $ | 122,717 | | | | | $ | 328,686 | | | | | $ | 353,755 | | | | | $ | 805,158 | | |
AGF Global Sustainable Equity Fund | | | | | 483,251 | | | | | | 349,087 | | | | | | 385,887 | | | | | | 1,218,225 | | |
Fund | | | Purchases | | | Sales | | ||||||
AGF Emerging Markets Equity Fund | | | | $ | 287,787 | | | | | $ | 291,266 | | |
AGF Global Sustainable Equity Fund | | | | | 374,111 | | | | | | 459,696 | | |
August 26, 2022
June 30, 2022
| | | Beginning Account Value 01/01/22 | | | Ending Account Value 06/30/22 | | | Expenses Paid During the Period* | | | Annualized Expense Ratio During Period | | ||||||||||||
AGF Emerging Markets Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 839.70 | | | | | $ | 4.33 | | | | | | 0.95% | | |
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,020.08 | | | | | $ | 4.76 | | | | | | 0.95% | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 839.70 | | | | | $ | 4.33 | | | | | | 0.95% | | |
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,020.08 | | | | | $ | 4.76 | | | | | | 0.95% | | |
AGF Global Sustainable Equity Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
Class I | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 694.20 | | | | | $ | 3.36 | | | | | | 0.80% | | |
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,020.83 | | | | | $ | 4.01 | | | | | | 0.80% | | |
Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | |
Actual | | | | $ | 1,000.00 | | | | | $ | 694.20 | | | | | $ | 3.36 | | | | | | 0.80% | | |
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,020.83 | | | | | $ | 4.01 | | | | | | 0.80% | | |
Fund | | | QDI | | | DRD | | ||||||
AGF Emerging Markets Equity Fund | | | | | 100.00% | | | | | | 9.70% | | |
AGF Global Sustainable Equity Fund | | | | | 100.00% | | | | | | 75.15% | | |
Fund | | | Foreign Taxes Paid | | | Foreign Source Income | | ||||||
AGF Emerging Markets Equity Fund | | | | $ | 2,540 | | | | | $ | 22,977 | | |
Name, Address*, Year of Birth | | | Position(s) Held with Trust | | | Term of Office and Length of Time Served | | | Principal Occupation(s) During Past 5 Years | | | Number of Funds in Fund Complex Overseen by Trustee | | | Other Directorships Held by Trustee | |
Independent Trustees | | | | | | | | | | | | | | | | |
Peter A. Ambrosini Year of Birth: 1943 | | | Trustee | | | Indefinite/ Since 2011 | | | Independent Consultant, Independent Directors of GMO Trust (2013 − Present); Independent Consultant, GMO Funds, (2011 to present); Principal, Dover Consulting LLC (2008 to 2015). | | | 4 | | | None | |
Joseph A. Franco Year of Birth: 1957 | | | Trustee | | | Indefinite/ Since 2011 | | | Professor of Law, Suffolk University Law School (1996 to present). | | | 4 | | | None | |
Richard S. Robie III Year of Birth: 1960 | | | Trustee | | | Indefinite/ Since 2011 | | | Chief Operating Officer, Eagle Capital Management (July 2017 to present); Consultant, Advent International (August 2010 to present). | | | 4 | | | None | |
Interested Trustee** | | | | | | | | | | | | | | | | |
William H. DeRoche Year of Birth: 1962 | | | Trustee; President | | | Indefinite/ Since 2020 Since 2012 | | | Chief Investment Officer, Adviser (April 2010 to present); Chief Compliance Officer, Adviser (June 2012 to March 2017). | | | 4 | | | None | |
Name, Address, Year of Birth | | | Position(s) Held with Trust | | | Term of Office and Length of Time Served | | | Principal Occupation(s) During the Past 5 Years | |
Joshua Hunter 211 Congress Street, 10th Floor, Suite 1010 Boston, MA 02110 Year of Birth: 1981 | | | Principal Financial Officer and Treasurer | | | Indefinite/ Since 2015 | | | Fund Principal Financial Officer, Foreside Management Services LLC (July 2015 to present). | |
Kenneth Kalina 3 Canal Plaza, Suite 100 Portland, ME 04101 Year of Birth: 1959 | | | Chief Compliance Officer | | | Indefinite/ Since 2017 | | | Fund Chief Compliance Officer, Foreside Fund Officer Services, LLC (June 2017 to present); Chief Compliance Officer, Henderson Global Funds (December 2005 to June 2017). | |
Kevin McCreadie 66 Wellington Street West 31st Floor Toronto, Ontario Canada M5K 1E9 Year of Birth: 1960 | | | Vice President | | | Indefinite/ Since 2017 | | | Director and Chief Investment Officer of AGF Investments America Inc, and Executive Vice President and Chief Investment Officer of AGF Management Limited (June 2014 to present); Senior Officer and/or Director of certain subsidiaries of AGF Management Limited (June 2014 to present); Managing Executive — Institutional Asset Management, PNC Financial Services Group Inc.’s (“PNC”) Asset Management Group (December 2008 to May 2014); President and Chief Investment Officer, PNC Capital Advisors, LLC, a division of PNC and President, PNC Funds Co. and President, PNC Alternative Investment Funds Co. (March 2007 to May 2014). | |
Damion Hendrickson 53 State Street, Suite 1308 Boston, MA 02109 Year of Birth: 1972 | | | Vice President | | | Indefinite/ Since 2020 | | | Managing Director/Head of U.S. Business of AGF Investments (March 2020 to present); Managing Director/Head of Sales U.S. and Latin America of HSBC Global Asset Management (December 2011 to February 2020). | |
Boston, MA 02109
www.AGF.com
Foreside Fund Services, LLC
(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.
As of the end of the period, June 30, 2022, the Registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR that applies to its principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”). During the period covered by this report, no substantive amendments were made to the Code of Ethics. During the period covered by this report, there have been no waivers granted under the Code of Ethics.
Item 3. Audit Committee Financial Expert.
The Board has determined that it does not include an audit committee financial expert, notwithstanding certain Trustees’ past experience overseeing the implementation of accounting controls and principles, due to the continuous modernization of accounting and tax requirements and the increasingly important role played by technology in the conduct of audits.
Item 4. Principal Accountant Fees and Services.
Aggregate fees for professional services rendered for AGF Investments Trust by PricewaterhouseCoopers LLP (“PwC”) for the fiscal years ended June 30, 2021 and June 30, 2022 were:
2021 | 2022 | |
Audit Fees (a) | $38,406 | $47,248 |
Audit Related Fees (b) | 0 | |
Tax Fees (c) | $17,573 | $20,782 |
All Other Fees (d) | 0 | |
Total: | $55,979 | $68,030 |
(a) | Audit Fees: These fees relate to professional services rendered by PwC for the audit of the Registrant’s annual financial statement or services normally provided by the independent registered public accounting firm in connection with statutory and regulatory filing or engagements. These services include the audits of the financial statements of the Registrant and issuance of consents. |
(b) | Audit Related Fees: These fees relate to assurance and related services by PwC related to audit services in connection with the June 30, 2021 and June 30, 2022 annual financial statement. |
(c) | Tax Fees: These fees relate to professional services rendered by PwC for tax compliance, tax advice and tax planning. |
(d) | All Other Fees: These fees relate to products and services provided by PwC other than those reported under “Audit Fees,” “Audit-Related Fees,” and “Tax Fees” above. |
(e)(1) | Per Rule 2-01(c)(7)(A) and the charter of the Registrant’s Audit Committee, the Audit Committee approves and recommends the principal accountant for the Registrant, pre-approves (i) the principal accountant’s provision of all audit and permissible non-audit services to the Registrant (including the fees and other compensation to be paid to the principal accountant), and (ii) the principal accountant’s provision of any permissible non-audit services to the Registrant’s investment adviser (the “Adviser”), sub-adviser or any entity controlling, controlled by, or under common control with any investment adviser or sub-adviser, if the engagement relates directly to the operations of the financial reporting of the Trust. |
(e)(2) | 0% of services described in each of Items 4(b) through (d) were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
(f) | If greater than 50%, disclose the percentage of hours expended on the principal accountant’s engagement to audit the Registrant’s financial statements for the most recent fiscal year that were attributable to work performed by persons other than the principal accountant’s full-time, permanent employees: Not Applicable. |
(g) | Disclose the aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the fiscal year ended June 30, 2021 and June 30, 2022: $17,573 and $20,782, respectively. |
(h) | The Registrant’s Audit Committee has considered that the provision of non-audit services that were rendered to the Registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
(i) | A registrant identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental 6 basis documentation that establishes that the registrant is not owned or controlled by a governmental entity in the foreign jurisdiction. The registrant must submit this documentation on or before the due date for this form. A registrant that is owned or controlled by a foreign governmental entity is not required to submit such documentation. |
(j) | A registrant that is a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the registrant is so identified, must disclose: |
(1) | That, for the immediately preceding annual financial statement period, a registered public accounting firm that the PCAOB was unable to inspect or investigate completely, because of a position taken by an authority in the foreign jurisdiction, issued an audit report for the registrant; |
(2) | The percentage of shares of the registrant owned by governmental entities in the foreign jurisdiction in which the registrant is incorporated or otherwise organized; |
(3) | Whether governmental entities in the applicable foreign jurisdiction with respect to that registered public accounting firm have a controlling financial interest with respect to the registrant; |
(4) | The name of each official of the Chinese Communist Party who is a member of the board of directors of the registrant or the operating entity with respect to the registrant; and |
(5) | Whether the articles of incorporation of the registrant (or equivalent organizing document) contains any charter of the Chinese Communist Party, including the text of any such charter. |
Not Applicable.
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. |
(1) | Code of Ethics – Filed herewith. |
(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. |
(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 | ||
September 2, 2022 |
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 | ||
September 2, 2022 |
By: | /s/ Joshua Hunter | |
Joshua Hunter | ||
Principal Financial Officer and Treasurer | ||
September 2, 2022 |