# EDGAR Filing Document

**Accession Number:** 0001479599
**File Stem:** 0001839882-23-005874
**Filing Date:** 2023-3
**Character Count:** 104554
**Document Hash:** d81796af0d0208250b7d62c31ce88f38
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001839882-23-005874.hdr.sgml**: 20230303

**ACCESSION NUMBER**: 0001839882-23-005874

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230303

**DATE AS OF CHANGE**: 20230303

**EFFECTIVENESS DATE**: 20230303

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AGF Investments Trust
- **CENTRAL INDEX KEY:** 0001479599
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22540
- **FILM NUMBER:** 23701713

**BUSINESS ADDRESS:**
- **STREET 1:** 53 STATE STREET
- **STREET 2:** SUITE 1308
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 617-292-9801

**MAIL ADDRESS:**
- **STREET 1:** 53 STATE STREET
- **STREET 2:** SUITE 1308
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FQF Trust
- **DATE OF NAME CHANGE:** 20091229

## Series and Classes Contracts Data

### AGF Global Sustainable Equity Fund (Series ID: S000058641)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000192608 | Class I      | AGPIX           |
| C000192609 | Class R6     | AGPRX           |

### AGF Emerging Markets Equity Fund (Series ID: S000067379)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000216687 | Class I      |  |
| C000216688 | Class R6     |  |

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: <u>811-22540</u>

<u>AGF Investments Trust</u>

(Exact name of registrant as specified in charter)

53 State Street

Suite 1308

<u>Boston, MA 02109</u>

(Address of principal executive offices) (Zip code)

William H. DeRoche, President

53 State Street, Suite 1308

<u>Boston, MA 02109</u>

(Name and Address of Agent for Service)

Registrant's telephone number, including area code: <u>(617) 292-9801</u>

Date of fiscal year end: June 30

Date of reporting period: December 31, 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).

![](agf-ncsrs_123122img001.gif)

Semi-Annual Report

December 31, 2022

*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 Equity Fund:

The universe of sustainable investments may be smaller than that of other funds that do not focus on sustainable development issuers. 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 others, due to their lack of positive exposure to sustainability 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*

**Table of Contents**

---

| | |
|:---|:---|
| i  | [**Allocation of Portfolio Holdings and Sector Weightings**](#agf-ncsrs_123122a214) |
|  | **Schedule of Investments** |
| 1 | [AGF Emerging Markets Equity Fund](#agf-ncsrs_123122a215) |
| 3 | [AGF Global Sustainable Equity Fund](#agf-ncsrs_123122a216) |
| 5 | [**Statements of Assets and Liabilities**](#agf-ncsrs_123122a217) |
| 6 | [**Statements of Operations**](#agf-ncsrs_123122a218) |
| 7 | [**Statements of Changes in Net Assets**](#agf-ncsrs_123122a219) |
| 8 | [**Financial Highlights**](#agf-ncsrs_123122a220) |
| 10 | [**Notes to Financial Statements**](#agf-ncsrs_123122a221) |
| 18 | [**Expense Example**](#agf-ncsrs_123122a222) |
| 19 | [**Liquidity Risk Management Program**](#agf-ncsrs_123122a223) |
| 20 | [**Additional Information**](#agf-ncsrs_123122a224) |

---

*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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i

**AGF Investments Trust**

**Allocation of Portfolio Holdings and Sector Weightings**

December 31, 2022 (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% 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. From time to time the Fund may focus its investments in a particular country or geographic region.

The Fund's investment adviser, AGF Investments America Inc., 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**

---

| | |
|:---|:---|
| **Compan** **y** | **% of Net<br>Asset** **s** |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 7.4% |
|  Tencent Holdings Ltd. | 6.1% |
|  Alibaba Group Holding Ltd. | 5.6% |
|  Samsung Electronics Co. Ltd. | 5.5% |
|  Axis Bank Ltd. | 3.7% |
|  AIA Group Ltd. | 3.6% |
|  Varun Beverages Ltd. | 2.8% |
|  Larsen & Toubro Ltd. | 2.4% |
|  Chailease Holding Co. Ltd. | 2.4% |
|  China Merchants Bank Co. Ltd. | 2.3% |

---

**Sector Exposure**

---

| | |
|:---|:---|
| **Sectors** | **% of Net<br>Assets** |
|  Communication Services | 10.8% |
|  Consumer Discretionary | 12.4% |
|  Consumer Staples | 11.3% |
|  Energy | 4.1% |
|  Financials | 22.1% |
|  Health Care | 3.3% |
|  Industrials | 6.0% |
|  Information Technology | 17.8% |
|  Materials | 5.4% |
|  Real Estate | 0.9% |
|  Other<sup>(1)</sup>  | 5.9% |
|  | 100.0% |

---

(1) Includes cash and net other assets (liabilities).

ii

**AGF Investments Trust**

**Allocation of Portfolio Holdings and Sector Weightings**

December 31, 2022 (Unaudited)

**AGF Global Sustainable Equity Fund**

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

The Fund invests, under normal circumstances, at least 80% 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, AGF Investments America Inc., 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**

---

| | |
|:---|:---|
| **Compan** **y** | **% of Net<br>Asset** **s** |
|  Danaher Corp. | 2.8% |
|  Tetra Tech, Inc. | 2.2% |
|  Prysmian SpA | 2.1% |
|  Thermo Fisher Scientific, Inc. | 2.0% |
|  Amphenol Corp. | 2.0% |
|  Metso Outotec OYJ | 2.0% |
|  Valmont Industries, Inc. | 1.7% |
|  Xylem, Inc. | 1.7% |
|  Cummins, Inc. | 1.6% |
|  WSP Global, Inc. | 1.6% |

---

**Sector Exposure**

---

| | |
|:---|:---|
| **Sectors** | **% of Net<br>Assets** |
|  Consumer Discretionary | 5.7% |
|  Consumer Staples | 1.2% |
|  Financials | 1.7% |
|  Health Care | 4.8% |
|  Industrials | 23.6% |
|  Information Technology | 13.0% |
|  Materials | 4.2% |
|  Utilities | 2.0% |
|  Other<sup>(1)</sup>  | 43.8% |
|  | 100.0% |

---

(1) Includes cash and net other assets (liabilities).

See accompanying notes to the financial statements.

**AGF Investments Trust**

**AGF Emerging Markets Equity Fund**

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** **($)** |
|  **Common Stocks – 87.6%** | **Common Stocks – 87.6%** | **Common Stocks – 87.6%** |
|  *Banks – 9.7%* | *Banks – 9.7%* | *Banks – 9.7%* |
|  Axis Bank Ltd., GDR  | 444 | $25219<br>|
|  Bank Mandiri Persero Tbk. PT  | 19051 | 12146 |
|  China Merchants Bank Co. Ltd., Class H  | 2862 | 16005 |
|  Komercni Banka A/S  | 207 | 6000 |
|  Sberbank of Russia PJSC, ADR<sup>\*‡^(a</sup>)  | 259 | 3 |
|  Shinhan Financial Group Co. Ltd., ADR  | 238 | 6647 |
|  |  | 66020 |
|  *Beverages – 5.7%* | *Beverages – 5.7%* | *Beverages – 5.7%* |
|  Budweiser Brewing Co. APAC Ltd.  | 2759 | 8678 |
|  Coca-Cola HBC AG\*  | 473 | 11282 |
|  Varun Beverages Ltd.  | 1202 | 19216 |
|  |  | 39176 |
|  *Chemicals – 1.9%* | *Chemicals – 1.9%* | *Chemicals – 1.9%* |
|  Hansol Chemical Co. Ltd.\*  | 86 | 12770 |
|  *Construction & Engineering – 2.4%* | *Construction & Engineering – 2.4%* | *Construction & Engineering – 2.4%* |
|  Larsen & Toubro Ltd., GDR  | 653 | 16521 |
|  *Diversified Financial Services – 3.6%* | *Diversified Financial Services – 3.6%* | *Diversified Financial Services – 3.6%* |
|  Chailease Holding Co. Ltd.  | 2315 | 16345 |
|  FirstRand Ltd.  | 2336 | 8540 |
|  |  | 24885 |
|  *Diversified Telecommunication Services – 3.6%* | *Diversified Telecommunication Services – 3.6%* | *Diversified Telecommunication Services – 3.6%* |
|  Hellenic Telecommunications Organization SA  | 546 | 8527 |
|  HKT Trust & HKT Ltd.  | 4684 | 5743 |
|  Telkom Indonesia Persero Tbk. PT  | 42923 | 10340 |
|  |  | 24610 |
|  *Electronic Equipment, Instruments & Components – 1.2%* | *Electronic Equipment, Instruments & Components – 1.2%* | *Electronic Equipment, Instruments & Components – 1.2%* |
|  Delta Electronics, Inc. | 897 | 8361 |
|  *Energy Equipment & Services – 3.0%* | *Energy Equipment & Services – 3.0%* | *Energy Equipment & Services – 3.0%* |
|  China Oilfield Services Ltd., Class H  | 5842 | 7103 |
|  Tenaris SA, ADR  | 378 | 13290 |
|  |  | 20393 |
|  *Food & Staples Retailing – 2.9%* | *Food & Staples Retailing – 2.9%* | *Food & Staples Retailing – 2.9%* |
|  Atacadao SA  | 2367 | 6626 |
|  Nahdi Medical Co.  | 145 | 6471 |
|  Pick n Pay Stores Ltd.  | 2071 | 6922 |
|  |  | 20019 |
|  *Food Products – 1.4%* | *Food Products – 1.4%* | *Food Products – 1.4%* |
|  China Mengniu Dairy Co. Ltd.\*  | 2119 | 9610 |
|  *Health Care Providers & Services – 0.8%* | *Health Care Providers & Services – 0.8%* | *Health Care Providers & Services – 0.8%* |
|  Hapvida Participacoes e Investimentos S/A\*  | 5503 | 5295 |
|  *Hotels, Restaurants & Leisure – 3.4%* | *Hotels, Restaurants & Leisure – 3.4%* | *Hotels, Restaurants & Leisure – 3.4%* |
|  Americana Restaurants International plc\*  | 4800 | 3882 |
|  Melco Resorts & Entertainment Ltd., ADR\*  | 752 | 8648 |
|  Trip.com Group Ltd.\*  | 306 | 10726 |
|  |  | 23256 |
|  *Household Durables – 1.8%* | *Household Durables – 1.8%* | *Household Durables – 1.8%* |
|  Haier Smart Home Co. Ltd., Class H  | 3517 | 11985 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** **($)** |
|  *Insurance – 5.6%* | *Insurance – 5.6%* | *Insurance – 5.6%* |
|  AIA Group Ltd.  | 2219 | $24676<br>|
|  Ping An Insurance Group Co. of China Ltd., Class H  | 2078 | 13751 |
|  |  | 38427 |
|  *Interactive Media & Services – 7.2%* | *Interactive Media & Services – 7.2%* | *Interactive Media & Services – 7.2%* |
|  Kakao Corp.\*  | 163 | 6957 |
|  Tencent Holdings Ltd.  | 980 | 41935 |
|  |  | 48892 |
|  *Internet & Direct Marketing Retail – 7.3%* | *Internet & Direct Marketing Retail – 7.3%* | *Internet & Direct Marketing Retail – 7.3%* |
|  Alibaba Group Holding Ltd.\*  | 3437 | 37979 |
|  Naspers Ltd., Class N  | 70 | 11635 |
|  |  | 49614 |
|  *IT Services – 2.7%* | *IT Services – 2.7%* | *IT Services – 2.7%* |
|  Globant SA\*  | 37 | 6222 |
|  HCL Technologies Ltd.  | 964 | 12110 |
|  |  | 18332 |
|  *Life Sciences Tools & Services – 1.2%* | *Life Sciences Tools & Services – 1.2%* | *Life Sciences Tools & Services – 1.2%* |
|  Wuxi Biologics Cayman, Inc.\*  | 1053 | 8074 |
|  *Machinery – 1.0%* | *Machinery – 1.0%* | *Machinery – 1.0%* |
|  Airtac International Group  | 230 | 6967 |
|  *Metals & Mining – 3.5%* | *Metals & Mining – 3.5%* | *Metals & Mining – 3.5%* |
|  Anglo American plc  | 172 | 6730 |
|  Southern Copper Corp.  | 139 | 8394 |
|  Vale SA  | 521 | 8771 |
|  |  | 23895 |
|  *Oil, Gas & Consumable Fuels – 1.1%* | *Oil, Gas & Consumable Fuels – 1.1%* | *Oil, Gas & Consumable Fuels – 1.1%* |
|  Reliance Industries Ltd.  | 250 | 7697 |
|  *Pharmaceuticals – 1.4%* | *Pharmaceuticals – 1.4%* | *Pharmaceuticals – 1.4%* |
|  Cipla Ltd.  | 382 | 4968 |
|  Sino Biopharmaceutical Ltd.  | 7638 | 4472 |
|  |  | 9440 |
|  *Real Estate Management & Development – 0.9%* | *Real Estate Management & Development – 0.9%* | *Real Estate Management & Development – 0.9%* |
|  Country Garden Services Holdings Co. Ltd.  | 2538 | 6321 |
|  *Semiconductors & Semiconductor Equipment – 7.4%* | *Semiconductors & Semiconductor Equipment – 7.4%* | *Semiconductors & Semiconductor Equipment – 7.4%* |
|  Taiwan Semiconductor Manufacturing Co. Ltd., ADR  | 679 | 50579 |
|  *Software – 1.0%* | *Software – 1.0%* | *Software – 1.0%* |
|  TOTVS SA  | 1308 | 6843 |
|  *Technology Hardware, Storage & Peripherals – 5.5%* | *Technology Hardware, Storage & Peripherals – 5.5%* | *Technology Hardware, Storage & Peripherals – 5.5%* |
|  Samsung Electronics Co. Ltd., GDR  | 34 | 37570 |
|  *Transportation Infrastructure – 0.4%* | *Transportation Infrastructure – 0.4%* | *Transportation Infrastructure – 0.4%* |
|  Salik Co. PJSC\*  | 4376 | 2955 |
|  **Total Common Stocks <br>(Cost $623,965)**  |  | **598507** |

---

See accompanying notes to the financial statements.

**AGF Investments Trust**

**AGF Emerging Markets Equity Fund**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
| **Investments** | **Shares** | **Maturity<br>Date** | **Value ($)** |
|  *Participation Notes – 6.6%* | *Participation Notes – 6.6%* | *Participation Notes – 6.6%* | *Participation Notes – 6.6%* |
|  *China* | *China* |  |  |
|  Kweichow Moutai Co. Ltd. (Issuer: UBS AG)\*  | 44 | 9/29/2023 | $10931<br>|
|  LONGi Green Energy Technology Co. Ltd. (Issuer: UBS AG)\*  | 971 | 9/22/2023 | 5903 |
|  Longshine Technology Group Co. Ltd. (Issuer: Bank of America Merrill Lynch)\*  | 1572 | 11/2/2023 | 4970 |
|  NARI Technology Co. Ltd. (Issuer: Macquarie Bank Ltd.)\*  | 4239 | 3/13/2023 | 14879 |
|  Wuliangye Yibin Co. Ltd. (Issuer: Macquarie Bank Ltd.)\*  | 312 | 3/31/2023 | 8109 |
|  **Total Participation Notes<br>(Cost $46,353)**  |  |  | 44792 |
|  **Total Investments – 94.2%<br> (Cost $670,318)**  |  |  | **643299** |
|  Other assets less liabilities – 5.8%  |  |  | 39807 |
|  **Net Assets – 100.0%**  |  |  | **683106** |

---

\*Non-income producing security.

‡Value determined using significant unobservable inputs.

^Security subject to restrictions on resale.

(a)Security fair valued as of December 31, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at December 31, 2022 amounted to $3, which represents approximately 0.00%(1) of net assets of the Fund.

(1)Represents less than 0.05% of net assets.

**Abbreviations**

ADR American Depositary Receipt

GDR Global Depositary Receipt

PJSC Public Joint Stock Company

Participation NotesA 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.

As of December 31, 2022, 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 | $71591<br>|
|  Aggregate gross unrealized depreciation | (107335) |
|  Net unrealized depreciation | $(35744) |
|  Federal income tax cost of investments<br>(including derivative contracts, if any) | $679043<br>|

---

AGF Emerging Markets Equity Fund invested, as a percentage of net assets, in the following countries as of December 31, 2022:

---

| | |
|:---|:---|
|  Brazil | 4.0% |
|  China | 32.8% |
|  Czech Republic | 0.9% |
|  Greece | 1.2% |
|  Hong Kong | 6.4% |
|  India | 12.5% |
|  Indonesia | 3.3% |
|  Italy | 1.7% |
|  Mexico | 1.2% |
|  Russia | 0.0<br> %<sup>(a)</sup>  |
|  Saudi Arabia | 0.9% |
|  South Africa | 5.0% |
|  South Korea | 9.4% |
|  Taiwan | 11.0% |
|  United Arab Emirates | 1.0% |
|  United States | 2.9% |
|  Other<sup>(1)</sup>  | 5.8% |
|  | 100.0% |

---

(a)Represents less than 0.05% of net assets.

(1)Includes cash and net other assets (liabilities).

See accompanying notes to the financial statements.

**AGF Investments Trust**

**AGF Global Sustainable Equity Fund**

**Schedule of Investments**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** **($)** |
|  **Common Stocks – 55.7%** | **Common Stocks – 55.7%** | **Common Stocks – 55.7%** |
|  *Auto Components – 2.2%* | *Auto Components – 2.2%* | *Auto Components – 2.2%* |
|  Aptiv plc\*  | 303 | $28219<br>|
|  Denso Corp.  | 554 | 27590 |
|  |  | 55809 |
|  *Automobiles – 1.2%* | *Automobiles – 1.2%* | *Automobiles – 1.2%* |
|  Mercedes-Benz Group AG  | 448 | 29445 |
|  *Building Products – 3.2%* | *Building Products – 3.2%* | *Building Products – 3.2%* |
|  Advanced Drainage Systems, Inc.  | 206 | 16886 |
|  Daikin Industries Ltd.  | 74 | 11390 |
|  Kingspan Group plc  | 355 | 19221 |
|  Nibe Industrier AB, Class B  | 1704 | 15856 |
|  Trex Co., Inc.  | 377 | 15958 |
|  |  | 79311 |
|  *Chemicals – 4.0%* | *Chemicals – 4.0%* | *Chemicals – 4.0%* |
|  Albemarle Corp.  | 146 | 31662 |
|  Croda International plc  | 374 | 29860 |
|  Ecolab, Inc.  | 106 | 15429 |
|  Koninklijke DSM NV  | 183 | 22390 |
|  |  | 99341 |
|  *Commercial Services & Supplies – 2.7%* | *Commercial Services & Supplies – 2.7%* | *Commercial Services & Supplies – 2.7%* |
|  Tetra Tech, Inc.  | 374 | 54301 |
|  TOMRA Systems ASA  | 698 | 11799 |
|  |  | 66100 |
|  *Construction & Engineering – 6.2%* | *Construction & Engineering – 6.2%* | *Construction & Engineering – 6.2%* |
|  Quanta Services, Inc.  | 263 | 37478 |
|  Stantec, Inc.  | 713 | 34165 |
|  Valmont Industries, Inc.  | 131 | 43318 |
|  WSP Global, Inc.  | 335 | 38866 |
|  |  | 153827 |
|  *Containers & Packaging – 0.2%* | *Containers & Packaging – 0.2%* | *Containers & Packaging – 0.2%* |
|  Ball Corp.  | 90 | 4603 |
|  *Electrical Equipment – 5.3%* | *Electrical Equipment – 5.3%* | *Electrical Equipment – 5.3%* |
|  Legrand SA  | 433 | 34679 |
|  LG Energy Solution Ltd.\*  | 46 | 15961 |
|  Plug Power, Inc.  | 959 | 11863 |
|  Prysmian SpA  | 1407 | 52202 |
|  Vestas Wind Systems A/S  | 552 | 16059 |
|  |  | 130764 |
|  *Electronic Equipment, Instruments & Components – 7.4%* | *Electronic Equipment, Instruments & Components – 7.4%* | *Electronic Equipment, Instruments & Components – 7.4%* |
|  Amphenol Corp., Class A  | 642 | 48882 |
|  Halma plc  | 1319 | 31477 |
|  Hexagon AB, Class B  | 2308 | 24109 |
|  Keyence Corp.  | 96 | 37613 |
|  Samsung SDI Co. Ltd.\*  | 55 | 25965 |
|  Trimble, Inc.\*  | 307 | 15522 |
|  |  | 183568 |
|  *Food & Staples Retailing – 0.2%* | *Food & Staples Retailing – 0.2%* | *Food & Staples Retailing – 0.2%* |
|  HelloFresh SE\*  | 206 | 4527 |
|  *Food Products – 1.0%* | *Food Products – 1.0%* | *Food Products – 1.0%* |
|  Kerry Group plc, Class A  | 280 | 25249 |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** **($)** |
|  *Household Durables – 0.8%* | *Household Durables – 0.8%* | *Household Durables – 0.8%* |
|  Garmin Ltd. | 218 | $20119<br>|
|  ***Independent Power and Renewable Electricity Producers – 0.4%*** | ***Independent Power and Renewable Electricity Producers – 0.4%*** | ***Independent Power and Renewable Electricity Producers – 0.4%*** |
|  Brookfield Renewable Corp.  | 332 | 9139 |
|  *Insurance – 1.4%* | *Insurance – 1.4%* | *Insurance – 1.4%* |
|  Intact Financial Corp.  | 241 | 34692 |
|  *Leisure Products – 1.4%* | *Leisure Products – 1.4%* | *Leisure Products – 1.4%* |
|  Giant Manufacturing Co. Ltd.  | 2078 | 13555 |
|  Shimano, Inc.  | 131 | 20882 |
|  |  | 34437 |
|  *Life Sciences Tools & Services – 4.8%* | *Life Sciences Tools & Services – 4.8%* | *Life Sciences Tools & Services – 4.8%* |
|  Danaher Corp.  | 258 | 68478 |
|  Thermo Fisher Scientific, Inc.  | 92 | 50664 |
|  |  | 119142 |
|  *Machinery – 6.2%* | *Machinery – 6.2%* | *Machinery – 6.2%* |
|  AGCO Corp.  | 106 | 14701 |
|  Chart Industries, Inc.\*  | 81 | 9334 |
|  Cummins, Inc.  | 161 | 39009 |
|  Metso Outotec OYJ  | 4726 | 48626 |
|  Xylem, Inc.  | 388 | 42901 |
|  |  | 154571 |
|  *Mortgage Real Estate Investment Trusts (REITs) – 0.3%* | *Mortgage Real Estate Investment Trusts (REITs) – 0.3%* | *Mortgage Real Estate Investment Trusts (REITs) – 0.3%* |
|  Hannon Armstrong Sustainable Infrastructure Capital, Inc.  | 295 | 8549 |
|  ***Semiconductors & Semiconductor Equipment – 3.8%*** | ***Semiconductors & Semiconductor Equipment – 3.8%*** | ***Semiconductors & Semiconductor Equipment – 3.8%*** |
|  Analog Devices, Inc.  | 195 | 31986 |
|  Enphase Energy, Inc.  | 83 | 21992 |
|  Infineon Technologies AG  | 957 | 29124 |
|  Wolfspeed, Inc.  | 161 | 11115 |
|  |  | 94217 |
|  *Software – 1.8%* | *Software – 1.8%* | *Software – 1.8%* |
|  ANSYS, Inc.\*  | 68 | 16428 |
|  Dassault Systemes SE  | 800 | 28684 |
|  |  | 45112 |
|  *Textiles, Apparel & Luxury Goods – 0.1%* | *Textiles, Apparel & Luxury Goods – 0.1%* | *Textiles, Apparel & Luxury Goods – 0.1%* |
|  Allbirds, Inc., Class A\*  | 562 | 1360 |
|  *Water Utilities – 1.1%* | *Water Utilities – 1.1%* | *Water Utilities – 1.1%* |
|  American Water Works Co., Inc.  | 180 | 27436 |
|  **Total Common Stocks <br>(** **Cost** **$1,132,845)**  |  | &nbsp;&nbsp;&nbsp;&nbsp; **1381318** |

---

See accompanying notes to the financial statements.

**AGF Investments Trust**

**AGF Global Sustainable Equity Fund**

**Schedule of Investments (continued)**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value** **($)** |
|  **Master Limited Partnerships - 0.5%** | **Master Limited Partnerships - 0.5%** | **Master Limited Partnerships - 0.5%** |
|  *Independent Power and Renewable Electricity Producers – 0.5%* | *Independent Power and Renewable Electricity Producers – 0.5%* | *Independent Power and Renewable Electricity Producers – 0.5%* |
|  Brookfield Renewable Partners LP<br>(Cost $11,470)  | 524 | &nbsp;&nbsp;&nbsp; $13267 |
|  **Total Investments – 56.2%<br> (Cost $1,144,315**)  |  | &nbsp;&nbsp; **1394585** |
|  Other assets less liabilities – 43.8%  |  | &nbsp;&nbsp; 1085238 |
|  **Net Assets – 100.0%**  |  | &nbsp;&nbsp; **2479823** |

---

\*Non-income producing security.

**Abbreviations**

OYJ Public Limited Company

As of December 31, 2022, 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 | $339022<br>|
|  Aggregate gross unrealized depreciation | (93907) |
|  Net unrealized appreciation | $245115<br>|
|  Federal income tax cost of investments<br>(including derivative contracts, if any) | $1149470<br>|

---

AGF Global Sustainable Equity Fund invested, as a percentage of net assets, in the following countries as of December 31, 2022:

---

| | |
|:---|:---|
|  Canada | 4.9% |
|  Denmark | 0.6% |
|  Finland | 2.0% |
|  France | 2.6% |
|  Germany | 2.5% |
|  Ireland | 1.8% |
|  Italy | 2.1% |
|  Japan | 3.9% |
|  Netherlands | 0.9% |
|  Norway | 0.5% |
|  South Korea | 1.7% |
|  Sweden | 1.6% |
|  Taiwan | 0.5% |
|  United Kingdom | 2.5% |
|  United States | 28.1% |
|  Other<sup>(1)</sup>  | 43.8% |
|  | 100.0% |

---

(1)Includes cash and net other assets (liabilities).

See accompanying notes to the financial statements.

**AGF Investments Trust**

**Statements of Assets and Liabilities**

December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **AGF Emerging<br>Markets<br>Equity Fund** | **AGF Global<br>Sustainable<br>Equity Fund** |
|  **ASSETS:** | **ASSETS:** | **ASSETS:** |
|  Investments in securities, at value<sup>(1)</sup>  | $643299<br>| $1394585<br>|
|  Cash | 49874 | 94446 |
|  Foreign cash<sup>(2)</sup>  | 641 | 179 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp; Securities sold |  | 10821 |
| &nbsp;&nbsp;&nbsp; Dividends and interest | 796 | 957 |
| &nbsp;&nbsp;&nbsp; Receivable for capital shares issued |  | 995000 |
| &nbsp;&nbsp;&nbsp; Foreign Tax Reclaims  |  | 2 |
| &nbsp;&nbsp;&nbsp; Investment adviser (Note 4) | 39259 | 43095 |
|  Prepaid expenses  | 26679 | 25398 |
|  **Total Assets** | **760548** | **2564483** |
|  **LIABILITIES:** | **LIABILITIES:** | **LIABILITIES:** |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp; Securities purchased |  | 9158 |
| &nbsp;&nbsp;&nbsp; Administration fees | 12733 | 12733 |
| &nbsp;&nbsp;&nbsp; Transfer Agent fees | 22045 | 22045 |
| &nbsp;&nbsp;&nbsp; Trustee fees  | 75 | 167 |
| &nbsp;&nbsp;&nbsp; Custodian and Accounting fees | 7808 | 5999 |
| &nbsp;&nbsp;&nbsp; Professional fees  | 28098 | 29138 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 6683<br><sup>(3)</sup>  | 5420 |
|  **Total Liabilities** | **77442** | **84660** |
|  **Net Assets** | **$** **683106**<br>| **$** **2479823**<br>|
|  **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** | **NET ASSETS CONSIST OF:** |
|  Paid in capital | $776294<br>| $2238676<br>|
|  Distributable earnings (loss) | (93188) | 241147 |
|  **Net Assets** | **$** **683106**<br>| **$** **2479823**<br>|
|  **NET ASSETS:** | **NET ASSETS:** | **NET ASSETS:** |
|  Class I | $341553<br>| $1946434<br>|
|  Class R6 | 341553 | 533389 |
|  **Total** | **$** **683106**<br>| **$** **2479823**<br>|
|  **SHARES OUTSTANDING** (unlimited number of shares authorized) |  |  |
|  Class I | 38823 | 143703 |
|  Class R6 | 38823 | 39380 |
|  **Total** | 77646 | 183083 |
|  **NET ASSET VALUE** |  |  |
|  Class I | $8.80<br>| $13.54<br>|
|  Class R6 | 8.80 | 13.54 |
| *(1) Investments in securities, at cost* | *$670318*<br>| *$1144315*<br>|
| *(2) Cost of foreign cash* | *$632*<br>| *$179*<br>|
| *(3) Includes payable for deferred non-U.S. capital gains tax of $1,973* |  |  |

---

See accompanying notes to the financial statements.

**AGF Investments Trust**

**Statements of Operations**

For the Period Ended December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **AGF Emerging Markets<br>Equity Fund** | **AGF Global<br>Sustainable<br>Equity Fund** |
|  **INVESTMENT INCOME:** |  |  |
|  Dividend income | $6778<br>| $7730<br>|
|  Foreign withholding tax on dividends  | (723) | (2014) |
|  **Total Investment Income** | 6055 | 5716 |
|  **EXPENSES:** |  |  |
|  Investment advisory fees (Note 4) | 2625 | 5007 |
|  Administration fees | 38200 | 38200 |
|  Registration and filing fees | 18203 | 17210 |
|  Professional fees  | 75680 | 92371 |
|  Trustee fees  | 144 | 326 |
|  Custodian and Accounting fees | 23240 | 17424 |
|  Transfer Agent fees | 32628 | 32628 |
|  Chief Compliance Officer fees | 2114 | 2238 |
|  Treasurer fees | 7764 | 13156 |
|  Other fees | 5296 | 5393 |
|  **Total Expenses before Adjustments** | 205894 | 223953 |
|  Less: waivers and/or reimbursements by Adviser (Note 4) | (202777) | (217790) |
|  **Total Expenses after Adjustments**  | 3117 | 6163 |
|  **Net Investment Income** | 2938 | (447) |
|  **NET REALIZED GAIN (LOSS) FROM:** |  |  |
|  Transactions in investment securities  | (36103)<sup>(1)</sup>  | (1452) |
|  Foreign currency transactions | (685) | (231) |
|  **Net Realized** **Gain (Loss)** | (36788) | (1683) |
|  **NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM:** |  |  |
|  Investment in securities | 28843<br><sup>(2)</sup>  | 48166 |
|  Translation of assets and liabilities denominated in foreign currencies | 66 | 10 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | **28909** | **48176** |
|  **Net Realized and Unrealized Gain (Loss)** | **(7879)** | **46493** |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | **$** **(4941)** | **$** **46046**<br>|

---

*(1) Includes realized non-U.S. capital gains tax of $(25)*

*(2) Net of change in deferred non-U.S. capital gains tax of $(939)*

See accompanying notes to the financial statements.

**AGF Investments Trust**

**<br>Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AGF Emerging<br>Markets Equity Fund** | **AGF Emerging<br>Markets Equity Fund** | **AGF Global Sustainable<br>Equity Fund** | **AGF Global Sustainable<br>Equity Fund** |
|  | **Six Months Ended<br>December 31,<br>2022 (Unaudited)** | **Year Ended<br>June 30, 2022** | **Six Months Ended<br>December 31,<br>2022 (Unaudited)** | **Year Ended<br>June 30, 2022** |
|  **OPERATIONS:** |  |  |  |  |
|  Net investment income/(loss) | $2938<br>| $8807<br>| $(447) | $2500<br>|
|  Net realized gain (loss) | (36788) | (25440) | (1683) | 38978 |
|  Net change in unrealized appreciation (depreciation) | 28909 | (214043) | 48176 | (495761) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | **(4941)** | **(230676)** | **46046** | **(454283)** |
|  **DISTRIBUTIONS:** |  |  |  |  |
|  Distributable earnings |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I | (5500) | (5480) | (18695) | (27834) |
| &nbsp;&nbsp;&nbsp; Class R6 | (5500) | (5480) | (10430) | (14194) |
|  **Total Distributions** | **(11000)** | **(10960)** | **(29125)** | **(42028)** |
|  **CAPITAL TRANSACTIONS:** |  |  |  |  |
|  Class I |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital shares issued | $—<br>| $—<br>| $995052<br>| $30000<br>|
| &nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of distributions | 4675 | 5231 | 18695 | 27798 |
|  Cost of shares redeemed |  |  | (51) | (95515) |
|  **Total Class I transactions** | 4675 | 5231 | 1013696 | (37717) |
|  **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of distributions | 4675 | 5231 | 10430 | 14159 |
|  **Total Class R6 transactions** | **4675** | **5231** | **10430** | **14159** |
|  **Net Increase (Decrease) in Net Assets Resulting from Capital Transactions** | **$** **9350**<br>| **$** **10462**<br>| **$** **1024126**<br>| **$** **(23558)** |
|  **Total Increase (Decrease)in Net Assets** | **(6591)** | **(231174)** | **1041047** | **(519869)** |
|  **NET ASSETS:** |  |  |  |  |
|  Beginning of period | 689697 | 920871 | 1438776 | 1958645 |
|  **End of Period** | **$** **683106**<br>| **$** **689697**<br>| **$** **2479823**<br>| **$** **1438776**<br>|
|  **SHARE TRANSACTIONS:** |  |  |  |  |
|  **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 38287 | 37795 | 69182 | 72584 |
| &nbsp;&nbsp;&nbsp; Capital shares issued |  |  | 73125 | 1655 |
| &nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of distributions | 536 | 492 | 1400 | 1448 |
| &nbsp;&nbsp;&nbsp; Capital shares redeemed |  |  | (4) | (6505) |
|  **Total Class I - Shares Outstanding, En** **d of Period** | **38823** | **38287** | **143703** | **69182** |
|  **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 38287 | 37795 | 38599 | 37864 |
| &nbsp;&nbsp;&nbsp; Capital shares issued in reinvestment of distributions | 536 | 492 | 781 | 735 |
|  **Total Class R6 - Shares Outstanding, En** **d of Pe** **riod** | **38823** | **38287** | **39380** | **38599** |

---

See accompanying notes to the financial statements.

**AGF Investments Trust**

Financial Highlights for a share outstanding throughout the periods indicated

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** | **PER SHARE OPERATING PERFORMANCE** |  | **RATIOS/SUPPLEMENT DATA** | **RATIOS/SUPPLEMENT DATA** | **RATIOS/SUPPLEMENT DATA** | **RATIOS/SUPPLEMENT DATA** | **RATIOS/SUPPLEMENT DATA** | **RATIOS/SUPPLEMENT DATA** | **RATIOS/SUPPLEMENT DATA** |
|  | &nbsp;&nbsp; **Investment Operations** | &nbsp;&nbsp; **Investment Operations** | &nbsp;&nbsp; **Investment Operations** | &nbsp;&nbsp; **Investment Operations** | &nbsp;&nbsp; **Distributions** | &nbsp;&nbsp; **Distributions** | &nbsp;&nbsp; **Distributions** | &nbsp;&nbsp; **Distributions** |  | **Ratios to average net assets<sup>(c)</sup>**  | **Ratios to average net assets<sup>(c)</sup>**  | **Ratios to average net assets<sup>(c)</sup>**  | **Ratios to average net assets<sup>(c)</sup>**  |  |  |  |
|  | **Net asset<br>value,<br>beginning<br>of period** | **Net<br>investment<br>Income<sup>(a)</sup>**  | **Net<br>realized<br>and<br>unrealized<br>gain(loss)<br>from<br>investments** | **Total<br>investment<br>operations** | **Net<br>investment<br>income** | **Net<br>realized<br>gains** | **Tax return<br>of capital** | **Total<br>distributions** | **Net<br>asset<br>value,<br>end of<br>period** | **Expenses,<br>before<br>reimbursements<br>and/or waivers** | **Expenses, net<br>of reimbursements<br>and/or waivers** | **Net investment<br>income (loss)** | **Net investment<br>loss, before<br>reimbursements<br>and/or waivers** | **Total Return<sup>(b)</sup>**  | **Portfolio<br>turnover rate<sup>(b)</sup>**  | **Ending net<br>assets<br>(thousands)** |
|  **AGF Emerging Markets Equity Fund - Class I**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six Months Ended December 31, 2022 (Unaudited)  | &nbsp;&nbsp;&nbsp;&nbsp; $9.01<br>| 0.04 | (0.11) | (0.07) | (0.14) |  |  | (0.14) | &nbsp;&nbsp;&nbsp; $8.80<br>| 62.76% | 0.95% | 0.90% | (60.91)% | (0.72)% | 23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $342<br>|
|  Year Ended June 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; $12.18<br>| 0.12 | (3.15) | (3.03) | (0.04) | (0.10) |  | (0.14) | &nbsp;&nbsp;&nbsp; $9.01<br>| 45.02% | 0.95% | 1.10% | (42.97)% | (25.02)% | 37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $345<br>|
|  Year Ended June 30, 2021 | &nbsp;&nbsp;&nbsp;&nbsp; $8.41<br>| 0.10 | 3.77 | 3.87 | (0.10) |  |  | (0.10) | &nbsp;&nbsp;&nbsp; $12.18<br>| &nbsp;&nbsp; 41.06%<sup>(d)</sup>  | &nbsp;&nbsp; 0.95%<sup>(d)</sup>  | 0.89% | (39.21)% | 46.16% | 43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $460<br>|
|  For the period 01/03/20\* – 6/30/2020  | &nbsp;&nbsp;&nbsp;&nbsp; $10.00<br>| 0.04 | (1.63) | (1.59) |  |  |  |  | &nbsp;&nbsp;&nbsp; $8.41<br>| &nbsp;&nbsp; 40.36%<sup>(d)</sup>  | &nbsp;&nbsp; 0.95%<sup>(d)</sup>  | 0.88% | (38.52)% | (15.90)% | 22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $316<br>|
|  **AGF Emerging Markets Equity Fund - Class R6**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six Months Ended December 31, 2022 (Unaudited)  | &nbsp;&nbsp;&nbsp;&nbsp; $9.01<br>| 0.04 | (0.11) | (0.07) | (0.14) |  |  | (0.14) | &nbsp;&nbsp;&nbsp; $8.80<br>| 62.76% | 0.95% | 0.90% | (60.91)% | (0.72)% | 23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $341<br>|
|  Year Ended June 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; $12.18<br>| 0.12 | (3.15) | (3.03) | (0.04) | (0.10) |  | (0.14) | &nbsp;&nbsp;&nbsp; $9.01<br>| 45.02% | 0.95% | 1.10% | (42.97)% | (25.02)% | 37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $345<br>|
|  Year Ended June 30, 2021 | &nbsp;&nbsp;&nbsp;&nbsp; $8.41<br>| 0.10 | 3.77 | 3.87 | (0.10) |  |  | (0.10) | &nbsp;&nbsp;&nbsp; $12.18<br>| &nbsp;&nbsp; 41.06%<sup>(d)</sup>  | &nbsp;&nbsp; 0.95%<sup>(d)</sup>  | 0.89% | (39.21)% | 46.16% | 43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $460<br>|
|  For the period 01/03/20\* – 6/30/2020  | &nbsp;&nbsp;&nbsp;&nbsp; $10.00<br>| 0.04 | (1.63) | (1.59) |  |  |  |  | &nbsp;&nbsp;&nbsp; $8.41<br>| &nbsp;&nbsp; 40.36%<sup>(d)</sup>  | &nbsp;&nbsp; 0.95%<sup>(d)</sup>  | 0.88% | (38.52)% | (15.90)% | 22% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $315<br>|
|  **AGF Global Sustainable Equity Fund - Class I**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six Months Ended December 31, 2022 (Unaudited)  | &nbsp;&nbsp;&nbsp;&nbsp; $13.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<sup>(e)</sup>  | 0.46 | 0.46 |  | (0.27) |  | (0.27) | &nbsp;&nbsp;&nbsp; $13.54<br>| 29.07% | 0.80% | (0.06)% | (28.33)% | 3.48% | 14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1947<br>|
|  Year Ended June 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; $17.73<br>| 0.02 | (4.02) | (4.00) | (0.01) | (0.37) |  | (0.38) | &nbsp;&nbsp;&nbsp; $13.35<br>| 20.89% | 0.80% | 0.13% | (19.96)% | (23.23)% | 20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $924<br>|
|  Year Ended June 30, 2021 | &nbsp;&nbsp;&nbsp;&nbsp; $12.11<br>| 0.05 | 5.63 | 5.68 | (0.06) |  |  | (0.06) | &nbsp;&nbsp;&nbsp; $17.73<br>| 22.78% | 0.80% | 0.33% | (21.65)% | 46.98% | 26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1287<br>|
|  Year Ended June 30, 2020 | &nbsp;&nbsp;&nbsp;&nbsp; $10.69<br>| 0.02 | 1.42 | 1.44 | (0.02) |  |  | (0.02) | &nbsp;&nbsp;&nbsp; $12.11<br>| 44.27% | 0.80% | 0.15% | (43.32)% | 13.46% | 38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $675<br>|
|  Year Ended June 30, 2019 | &nbsp;&nbsp;&nbsp;&nbsp; $9.98<br>| 0.05 | 0.71 | 0.76 | (0.05) |  |  | (0.05) | &nbsp;&nbsp;&nbsp; $10.69<br>| 49.81% | 0.80% | 0.54% | (48.47)% | 7.73% | 37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $609<br>|
|  For the period 11/03/17\* – 6/30/2018  | &nbsp;&nbsp;&nbsp;&nbsp; $10.00<br>| 0.05 | (0.07) | (0.02) |  |  |  |  | &nbsp;&nbsp;&nbsp; $9.98<br>| 28.87% | 0.80% | 0.68% | (27.40)% | (0.20)% | 12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $375<br>|
|  **AGF Global Sustainable Equity Fund - Class R6**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Six Months Ended December 31, 2022 (Unaudited)  | &nbsp;&nbsp;&nbsp;&nbsp; $13.35<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<sup>(e)</sup>  | 0.46 | 0.46 |  | (0.27) |  | (0.27) | &nbsp;&nbsp;&nbsp; $13.54<br>| 29.07% | 0.80% | (0.06)% | (28.33)% | 3.48% | 14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $533<br>|
|  Year Ended June 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp; $17.73<br>| 0.02 | (4.02) | (4.00) | (0.01) | (0.37) |  | (0.38) | &nbsp;&nbsp;&nbsp; $13.35<br>| 20.89% | 0.80% | 0.13% | (19.96)% | (23.23)% | 20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $515<br>|
|  Year Ended June 30, 2021 | &nbsp;&nbsp;&nbsp;&nbsp; $12.11<br>| 0.05 | 5.63 | 5.68 | (0.06) |  |  | (0.06) | &nbsp;&nbsp;&nbsp; $17.73<br>| 22.78% | 0.80% | 0.33% | (21.65)% | 46.98% | 26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $672<br>|
|  Year Ended June 30, 2020 | &nbsp;&nbsp;&nbsp;&nbsp; $10.69<br>| 0.02 | 1.42 | 1.44 | (0.02) |  |  | (0.02) | &nbsp;&nbsp;&nbsp; $12.11<br>| 44.27% | 0.80% | 0.15% | (43.32)% | 13.46% | 38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $457<br>|
|  Year Ended June 30, 2019 | &nbsp;&nbsp;&nbsp;&nbsp; $9.98<br>| 0.05 | 0.71 | 0.76 | (0.05) |  |  | (0.05) | &nbsp;&nbsp;&nbsp; $10.69<br>| 49.19% | 0.80% | 0.53% | (47.86)% | 7.73% | 37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $403<br>|
|  For the period 11/03/17\* – 6/30/2018  | &nbsp;&nbsp;&nbsp;&nbsp; $10.00<br>| 0.05 | (0.07) | (0.02) |  |  |  |  | &nbsp;&nbsp;&nbsp; $9.98<br>| 28.87% | 0.80% | 0.68% | (27.40)% | (0.20)% | 12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $374<br>|

---

*\* 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.*

*(e) Per share amount is less than $0.005.*

**AGF Investments Trust**

**Notes to Financial Statements**

December 31, 2022 (Unaudited)

**1. Organization**

AGF Investments 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 4 funds, 2 of which are presented herein, the AGF Emerging Markets Equity Fund and AGF Global Sustainable Equity Fund (each "Fund", collectively, the "Funds"). Each Fund currently offers Class I and Class R6 shares. The remaining 2 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 Equity Fund is classified as a diversified Fund, within the meaning of the 1940 Act.

The investment objective of AGF Emerging Markets Equity Fund seeks to provide capital growth and the investment objective of AGF Global Sustainable 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 market quotations are not readily available, securities are priced at their fair value as determined in good faith by the Adviser in accordance with the Trust's and Adviser's valuation procedures. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees has designated the Adviser as "Valuation Designee" to perform fair value determinations with respect to all the investments of the Funds as well as to perform all the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Adviser has established a Valuation Committee ("Committee") and may carry out its responsibilities as Valuation Designee with respect to the Funds through the Committee, pursuant to policies and procedures approved by the Board. The Committee is responsible for, among other things, determining and monitoring the value of each Fund's assets and providing such information to the Adviser as Valuation Designee.

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.

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.

**AGF Investments Trust**

**Notes to Financial Statements (continued)**

December 31, 2022 (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, 2022 for each Fund based upon the three levels defined above:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 —<br>Quoted Prices** | **Level 2 —<br>Other** **Significant**<br> **Observable** **Inputs** | **Level 3 —<br>Significant**<br> **Unobservable**<br> **Inputs** | **Total** |
|  **AGF Emerging Markets Equity Fund** | **AGF Emerging Markets Equity Fund** | **AGF Emerging Markets Equity Fund** | **AGF Emerging Markets Equity Fund** | **AGF Emerging Markets Equity Fund** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;&nbsp; $66017<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3<br>| &nbsp;&nbsp;&nbsp;&nbsp; $66020<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Other\* | &nbsp;&nbsp;&nbsp;&nbsp; 532487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 532487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Participation Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44792 |
|  **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $598504<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $44792<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3<br>| &nbsp;&nbsp;&nbsp;&nbsp; $643299<br>|
|  **AGF Global Sustainable Equity Fund** | **AGF Global Sustainable Equity Fund** | **AGF Global Sustainable Equity Fund** | **AGF Global Sustainable Equity Fund** | **AGF Global Sustainable Equity Fund** |
|  **Investments** | **Investments** | **Investments** | **Investments** | **Investments** |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks\* | &nbsp;&nbsp;&nbsp;&nbsp; $1381318<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1381318<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Master Limited Partnerships | &nbsp;&nbsp;&nbsp;&nbsp; 13267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13267 |
|  **Total Investments** | &nbsp;&nbsp;&nbsp;&nbsp; $1394585<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1394585<br>|

---

\* 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.

**AGF Investments Trust**

**Notes to Financial Statements (continued)**

December 31, 2022 (Unaudited)

**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, 2022, neither Fund incurred class specific expenses such as distribution (12b-1) and administrative service fees.

**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. Pursuant to an investment advisory agreement between the Adviser and the Trust, AGF Emerging Markets Equity Fund and AGF Global Sustainable Equity Fund pay the Adviser a management 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% for each share class's average daily net assets and for AGF Global Sustainable Equity Fund's Class I shares and Class R6 shares do not exceed 0.80% of each share class's average daily net assets. In addition, the Adviser has contractually agreed to reduce its management fees to the extent of any acquired fund fees and expenses incurred by a Fund that are attributable to the management fee paid to the Adviser (or an affiliated person of the Adviser) by an underlying fund in which the Fund invests. The Adviser is entitled to reimbursement by the Funds 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, 2025, 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 Funds.

**AGF Investments Trust**

**Notes to Financial Statements (continued)**

December 31, 2022 (Unaudited)

For the period ended December 31, 2022, management fee waivers and expense reimbursements were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Management<br>Fees Waived** | **Expense<br>Reimbursements** |
|  AGF Emerging Markets Equity Fund | $2625 | $200152 |
|  AGF Global Sustainable Equity Fund | 5007 | 212783 |

---

As of December 31, 2022, the amounts eligible for repayment and the associated period of expiration are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Expires<br>June 30, 2023** | **Expires<br>June 30, 2024** | **Expires<br>June 30, 2025** | **Expires<br>June 30, 2026** | **Total Eligible<br>for Recoupment** |
|  AGF Emerging Markets Equity Funds | $122717 | $328686 | $353755 | $202777 | $1007935 |
|  AGF Global Sustainable Equity Fund | 236941 | 349087 | 385887 | 217790 | 1189705 |

---

**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. As compensation for the services, the Custodian is entitled to fees and reasonable out-of-pocket expenses.

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 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.

**AGF Investments Trust**

**Notes to Financial Statements (continued)**

December 31, 2022 (Unaudited)

**7. Investment Transactions**

For the period ended December 31, 2022, 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 | $143977 | $155518 |
|  AGF Global Sustainable Equity Fund | 199592 | 209486 |

---

**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.

<u>**<u>Class I Shares</u>**</u>

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. Omnibus accounts are eligible to meet the initial investment minimum for Class I shares at the omnibus account level. 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 each Fund 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 the 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.

<u>**<u>Class R6 Shares</u>**</u>

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.

**AGF Investments Trust**

**Notes to Financial Statements (continued)**

December 31, 2022 (Unaudited)

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 the 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 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, 2022, certain shareholder accounts owned more than 10% of the outstanding shares of each of AGF Emerging Markets Equity Fund and AGF Global Sustainable 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, 2022, the Adviser or an affiliate of the Adviser held 100% and 72% of the outstanding shares of AGF Emerging Markets Equity Fund and AGF Global Sustainable Equity Fund, respectively. The AGF Global Sustainable Equity Fund had individual shareholder and/or omnibus accounts that owned 28% 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 principal risks to which each Fund is subject is included in the Funds' prospectus.

**Market Risk.** The value of a Fund's investments may fluctuate because of changes in the markets in which a Fund invests, which could cause a 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 changing 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 NAV of a Fund's shares. Although the precise and future impact of the COVID-19 pandemic 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, may exacerbate pre-existing risks to a Fund and may adversely affect the performance of a 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.

**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.

**AGF Investments Trust**

**Notes to Financial Statements (continued)**

December 31, 2022 (Unaudited)

**Emerging Markets Risk.** Investments in securities of issuers economically tied to 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.

**Frontier Markets Risk.** Investments in securities of issuers domiciled in countries or issuers that are economically tied to emerging market economies that are included in the MSCI Frontier Markets Index present the same risks that exist in other emerging market economies but such risks may be greater in frontier market economies.

**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 economically tied to 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.

**Equity Securities Risk.** The values 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.

**Exchange-Traded Funds and Other Investment Companies Risk.** The risks of investing in securities of 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.

**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.

**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.

**Liquidity Risk.** Liquidity risk exists when investments are difficult to purchase, sell or price accurately. 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 NAV. Investments in non-U.S securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than investments in U.S. securities. 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.

**AGF Investments Trust**

**Notes to Financial Statements (continued)**

December 31, 2022 (Unaudited)

**Non-Diversification Risk.** The AGF Emerging Markets Equity Fund, as a non-diversified fund, can invest a 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, which could lead to greater volatility in the fund's returns.

**Sustainable Investing Risk.** Because the AGF Global Sustainable 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. There are significant differences in interpretations of what it means for a company to have positive exposure to 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. In addition, sustainable investing considerations may be linked to long-term rather than short returns.

**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. Recent Accounting Pronouncements**

In June 2022, the FASB issued ASU 2022-03, "Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions." The ASU clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring the fair value. The amendments also require additional disclosures related to equity securities subject to contractual sale restrictions. The ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within those fiscal years. Management is evaluating the implications of this guidance to future financial statements.

**12. 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.

**AGF Investments Trust**

**Expense Example**

December 31, 2022 (Unaudited)

As a shareholder of a Fund you incur two types of costs: (1) transaction costs for, such as brokerage commissions, purchasing and selling Fund 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, 2022.

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, 2022.

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<br>Account Value <br>07/01/22 | Ending<br>Account Value <br> 12/31/22 | Expenses Paid During the<br>Period\* | Annualized Expense Ratio During Period  |
|  **AGF Emerging Markets Equity Fund** |  |  |  |  |
|  **Class I** |  |  |  |  |
|  Actual | $1000.00 | &nbsp;&nbsp; $992.80 | $4.77 | 0.95% |
|  Hypothetical | $1000.00 | $1020.42 | $4.84 | 0.95% |
|  **Class R6** |  |  |  |  |
|  Actual | $1000.00 | &nbsp;&nbsp; $992.80 | $4.77 | 0.95% |
|  Hypothetical | $1000.00 | $1020.42 | $4.84 | 0.95% |
|  **AGF Global Sustainable Equity Fund** |  |  |  |  |
|  **Class I** |  |  |  |  |
|  Actual | $1000.00 | $1034.80 | $4.10 | 0.80% |
|  Hypothetical | $1000.00 | $1021.17 | $4.08 | 0.80% |
|  **Class R6** |  |  |  |  |
|  Actual | $1000.00 | $1034.80 | $4.10 | 0.80% |
|  Hypothetical | $1000.00 | $1021.17 | $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).

**AGF Investments Trust**

**Liquidity Risk Management Program**

December 31, 2022 (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 11, 2022, 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 October 1, 2021 (date of last Report) through September 30, 2022 ("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.

**AGF Investments Trust**

**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. The Funds' 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-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.

![](agf-ncsrs_123122img001.gif)

**AGF Investments Trust**

**53 State Street, Suite 1308**

**Boston, MA 02109**

<u>**<u>www.AGF.com</u>**</u>

<u>**<u>Distributor:</u>**</u>

**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.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) File the exhibits listed below as part of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Not required for this filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.](ex99-cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.](ex99-906cert.htm)

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 3, 2023 |

---

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 3, 2023 |

---

---

| | |
|:---|:---|
| By: | /s/ Joshua Hunter |
|  | Joshua Hunter |
|  | Principal Financial Officer and Treasurer |
|  | March 3, 2023 |

---

## Ex-99.Cert

[AGF Investments Trust N-CSRS](agf-ncsrs_123122.htm)

**Exhibit 99.CERT**

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 AND SECTION 302 OF THE SARBANES OXLEY ACT OF 2002:

I, William H. DeRoche, certify that:

1. I have reviewed this report on Form N-CSR of AGF Investments Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's
auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | March 3, 2023 | By: | /s/ William H. DeRoche |
|  |  |  | William H. DeRoche |
|  |  |  | President and Principal Executive Officer |

---

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 AND SECTION 302 OF THE SARBANES OXLEY ACT OF 2002:

I, Joshua Hunter, certify that:

1. I have reviewed this report on Form N-CSR of AGF Investments Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods
presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect,
the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's
auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | | |
|:---|:---|:---|:---|
| Date: | March 3, 2023 | By: | /s/ Joshua Hunter |
|  |  |  | Joshua Hunter |
|  |  |  | Principal Financial Officer and Treasurer |

---

## Exhibit 99.906

[AGF Investments Trust N-CSRS](agf-ncsrs_123122.htm)

**Exhibit 99.906CERT**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of AGF Investments Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

1. The Report fully complies with the requirements of 13(a)
or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented
in the Report.

Dated: March 3, 2023

---

| | |
|:---|:---|
| By: | /s/ William H. DeRoche |
|  | William H. DeRoche |
|  | President and Principal Executive Officer |

---

---

| | |
|:---|:---|
| By: | /s/ Joshua Hunter |
|  | Joshua Hunter |
|  | Principal Financial Officer and Treasurer |

---

A signed original of this written statement required by Section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.