# EDGAR Filing Document

**Accession Number:** 0001479599
**File Stem:** 0001752724-25-213400
**Filing Date:** 2025-9
**Character Count:** 24365
**Document Hash:** d22eb90582c36cd414e4f9c374a4b0b8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-213400.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001752724-25-213400

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250908

**EFFECTIVENESS DATE**: 20250908

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AGF Investments Trust
- **CENTRAL INDEX KEY:** 0001479599

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22540
- **FILM NUMBER:** 251299322

**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 U.S. Market Neutral Anti-Beta Fund (Series ID: S000033013)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000101802 | AGF U.S. Market Neutral Anti-Beta Fund | BTAL            |

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

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

### AGF Global Infrastructure ETF (Series ID: S000065471)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000211761 | AGF Global Infrastructure ETF | GLIF            |

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

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

## Internal

```

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of AGF U.S. Market Neutral Anti-Beta
Fund and Board of Trustees of AGF Investments Trust

In planning and performing our audit of the financial
statements of AGF U.S. Market Neutral Anti-Beta (the "Fund"),
a series of AGF Investments Trust, as of and for the year
ended June 30, 2025, in accordance with the standards of the
Public Company Accounting Oversight Board (United States)
(PCAOB), we considered the Fund's internal control over
financial reporting, including controls over safeguarding
securities, as a basis for designing our auditing procedures
for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-CEN,
but not for the purpose of expressing an opinion on the
effectiveness of the Fund's internal control over financial
reporting. Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and
maintaining effective internal control over financial reporting.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls. A fund's internal control over
financial reporting is a process designed 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 (GAAP).
A fund's internal control over financial reporting includes those
policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect
the transactions and dispositions of the assets of the fund;
(2) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance
with GAAP, and that receipts and expenditures of the fund are being
made only in accordance with authorizations of management
and trustees of the fund; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition,
use or disposition of a fund's assets that could have a material
effect on the financial statements.

Because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to
the risk that controls may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or
procedures may deteriorate.

A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow management
or employees, in the normal course of performing their assigned
functions, to prevent or detect misstatements on a timely basis.
A material weakness is a deficiency, or combination of deficiencies,
in internal control over financial reporting, such that there is a
reasonable possibility that a material misstatement of the Fund's
annual or interim financial statements will not be prevented or
detected on a timely basis.

Our consideration of the Fund's internal control over financial
reporting was for the limited purpose described in the first
paragraph and would not necessarily disclose all deficiencies in
internal control that might be material weaknesses under standards
established by the PCAOB. However, we noted no deficiencies in the
Fund's internal control over financial reporting and its operation,
including controls over safeguarding securities, that we consider to
be a material weakness as defined above as of June 30, 2025.

This report is intended solely for the information and use of
management and the Board of Trustees of the Fund and the Securities
and Exchange Commission and is not intended to be and should not
be used by anyone other than these specified parties.

/s/ COHEN & COMPANY, LTD.
COHEN & COMPANY, LTD.
Milwaukee, Wisconsin
August 22, 2025

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001479599

## N-CEN: Series/Class (Contract) Information

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-06-30

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** AGF Investments Trust

- **Item B.1.b - Investment Company Act file number:** 811-22540

- **Item B.1.c - CIK:** 0001479599

- **Item B.1.d - LEI:** 549300LZ7H1IZJQS6J67

- **Item B.2.a - Street 1:** 99 High Street

- **Item B.2.a - Street 2:** Suite 2802

- **Item B.2.b - City:** Boston

- **Item B.2.c - State:** MA

- **Item B.2.e - Zip Code:** 02110

- **Item B.2.f - Telephone:** 617-292-9801

- **Item B.2.g - Public Website:** www.AGF.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** Foreside Fund Services LLC

- **b. Street 1:** 190 Middle Street

- **Street 2:** Suite 301

- **c. City:** Portland

- **d. State, if applicable:** ME

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 04101

- **g. Telephone number:** 866-251-6920

- **h. Briefly describe the books and records kept at this location:** Records relating to its functions as distributor and underwriter.

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** AGF Investments LLC

- **b. Street 1:** 99 High Street

- **Street 2:** Suite 2802

- **c. City:** Boston

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 02110

- **g. Telephone number:** 617-292-9801

- **h. Briefly describe the books and records kept at this location:** Records relating to its functions as adviser.

**Location books Record: 3**

- **a. Name of person (e.g., a custodian of records):** JPMorgan Chase Bank, N.A.

- **b. Street 1:** 70 Fargo Street

- **c. City:** Boston

- **d. State, if applicable:** MA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 02210

- **g. Telephone number:** 800-935-9935

- **h. Briefly describe the books and records kept at this location:** Records relating to its functions as transfer agent, custodian, accountant and administrator

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 1

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name                 | Is Interested Person?   | Other Investment Company File Numbers   |
|:---|:---|:---|
| William H. DeRoche   | Yes                     | N/A                                     |
| Joseph A. Franco     | No                      | N/A                                     |
| Richard S. Robie III | No                      | N/A                                     |
| Peter A. Ambrosini   | No                      | N/A                                     |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Kenneth A. Kalina

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** 190 Middle Street

- **   Street Address 2:** Suite 301

- **d. City:** Portland

- **e. State, if applicable:** ME

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 04101

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a.i - Release numbers:**
  - IC-29335

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** Foreside Fund Services LLC

- **ii. SEC file number:** 8-51293-1

- **iii. CRD number:** 000046106

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** ME

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** Cohen & Company, Ltd.

- **b. PCAOB Number:** 925

- **c. LEI, if any:** N/A

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - AGF U.S. Market Neutral Anti-Beta Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** AGF U.S. Market Neutral Anti-Beta Fund

- **b. Series identification number, if any:** S000033013

- **c. LEI:** 549300YBDDPCJBGJCO29

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                  | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | AGF U.S. Market Neutral Anti-Beta Fund | C000101802                                | BTAL                         |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [x] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 6c-11 (17 CFR 270.6c-11)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** AGF Investments LLC

- **ii. SEC file number:** 801-71685

- **iii. CRD number:** 000153781

- **iv. LEI, if any:** 549300WQI1HX36T8P037

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** JPMorgan Chase Bank N.A.

- **ii. SEC file number:** 85-11399

- **iii. LEI, if any:** 7H6GLXDRUGQFU57RNE97

- **iv. State, if applicable:** NY

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** LSEG US FIN CORP.

- **ii. LEI, if any, or provide and describe other identifying number:** 2138007FV67QQ13CGJ43

- **Description of other identifying number:** LEI Number

- **iii. State, if applicable:** DE

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** JPMorgan Chase Bank, N.A.

- **ii. LEI, if any:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

No Shareholder Servicing Agents reported.

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** JPMorgan Chase Bank N.A.

- **ii. LEI, if any, or other identifying number:** 7H6GLXDRUGQFU57RNE97

- **iii. State, if applicable:** MA

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** Morgan Stanley & Co. LLC

- **ii. SEC file number:** 8-15869

- **iii. CRD number:** 000008209

- **iv. LEI, if any:** 9R7GPTSO7KV3UQJZQ078

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $112,537.36

**Brokers Record: 2**

- **i. Full name of broker:** Goldman Sachs & Co. LLC

- **ii. SEC file number:** 8-00129

- **iii. CRD number:** 000000361

- **iv. LEI, if any:** FOR8UP27PHTHYVLBNG30

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $6.90

**Brokers Record: 3**

- **i. Full name of broker:** Scotia Capital (USA) Inc.

- **ii. SEC file number:** 8-03716

- **iii. CRD number:** 000002739

- **iv. LEI, if any:** 549300BLWPABP1VNME36

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $365,662.38

**Aggregate Commission:** $478,206.64

**Item C.17.a. Principal transaction counterparties.**

| Name                                       | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| Goldman Sachs & Co. LLC                    | 8-00129           |    000000361 | FOR8UP27PHTHYVLBNG30 | NY      | US        | $237,795,608.79           |
| Virtu Americas LLC                         | 8-68193           |    000149823 | 549300RA02N3BNSWBV74 | NY      | US        | $98,284,657.66            |
| J.P. Morgan Securities LLC                 | 8-35008           |    000000079 | ZBUT11V806EZRVTWT807 | NY      | US        | $13,189,890.82            |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | 8-07221           |    000007691 | 8NAV47T0Y26Q87Y0QP81 | NY      | US        | $444,024,212.79           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $793,294,370.06

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $337,260,954.78

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

## Part E: Additional Questions for ETFs and ETMFs

### AGF U.S. Market Neutral Anti-Beta Fund

**Item E.1 - Exchange**

- **Exchange:** ARCX

- **Ticker:** BTAL

**Item E.2 - Authorized Participants**

| Name                              | Purchase Value   | Redeem Value    |
|:---|:---|:---|
| Goldman Sachs & Co. LLC           | $159,138,827.03  | $136,267,315.97 |
| National Financial Services LLC   | $0.00            | $0.00           |
| RBC Capital Markets, LLC          | $0.00            | $0.00           |
| Cowen and Company                 | $0.00            | $0.00           |
| BofA Securities, Inc.             | $282,118,571.73  | $280,208,563.74 |
| Mirae Asset Securities (USA) Inc. | $0.00            | $0.00           |
| Barclays Capital Inc.             | $0.00            | $0.00           |
| Morgan Stanley & Co.              | $0.00            | $0.00           |
| UBS Securities, LLC               | $0.00            | $0.00           |
| BNY Mellon Capital Markets, LLC   | $0.00            | $0.00           |
| Citadel Securities LLC            | $0.00            | $0.00           |
| Virtu Americas LLC                | $89,370,704.59   | $32,865,939.60  |
| Citigroup Global Markets Inc.     | $0.00            | $0.00           |
| J.P. Morgan Securities, LLC       | $16,596,548.14   | $0.00           |

**Item E.3 - Creation Units**

- **a. Number of Fund shares required to form a creation unit:** 50,000.00

- **b.i. Average percentage of value composed of cash (purchased):** 20.80%

- **c.i. Average percentage of value composed of cash (redeemed):** 17.30%

- **d.i.2. Average transaction fee (dollars for one or more units, purchased):** $1,500.00

- **d.i.3. Average transaction fee (percentage of value, purchased):** 0.02%

- **Item E.5 - Is the Fund an 'In-Kind Exchange-Traded Fund'?** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** AGF Investments Trust

**Date:** 2025-09-08

**Signature:** Josh Hunter

**Title:** Principal Financial Officer and Treasurer