AGF Investments Trust
AGF Global Sustainable Growth Equity
Fund
AGF Emerging Markets Equity Fund
(collectively, the “Funds”)
Supplement dated May 19, 2020, to the
currently effective
Prospectuses and Statements of Additional
Information (“SAIs”) for the Funds, dated November 1, 2020, with respect to the AGF Global Sustainable Growth Equity
Fund and dated January 1, 2020, with respect to the AGF Emerging Markets Equity Fund, as supplemented from time to time
This supplement provides updated information
beyond that contained in the Prospectuses and SAIs for the Funds and should be read in conjunction with the Prospectus and SAIs
for the Funds.
Effective immediately, the Funds’
Prospectus and SAIs are revised as follows.
The paragraph entitled “Market
Risk” of the “Principal Investment Risks” section of each Prospectus is deleted and replaced with the following:
Market
Risk. The value of the Fund’s investments may fluctuate because of changes in the markets in which the Fund invests,
which could cause the Fund to underperform other funds with similar objectives. Changes in these markets may be rapid and unpredictable.
War and occupation, terrorism and related geopolitical risks, natural disasters, and public health emergencies, including an epidemic
or pandemic may lead to increased short-term market volatility and may have adverse long-term effects on world economies and markets
generally. From time to time, markets may experience stress for potentially prolonged periods that may result in: (i) increased
market volatility; (ii) reduced market liquidity; and (iii) increased redemptions. Such conditions may add significantly to the
risk of volatility in the net asset value of the Fund’s shares. Although the precise impact of the recent COVID-19 outbreak
remains unknown, it has introduced uncertainty and volatility in global markets and economies. This impact may be for a short-term
or extend for a longer term and may adversely affect the performance of the Fund.
The paragraph entitled “Market
Risk” of the “Additional Information Regarding Principal Risks” section of each Prospectus is deleted and replaced
with the following:
Market
Risk. The market value of the Fund’s investments may increase or decrease sharply and unpredictably in response
to the real or perceived prospects of individual companies, particular sectors or industries, governments and/or general economic
conditions throughout the world. The value of an investment may decline because of general market conditions that are not specifically
related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate
earnings, changes in interest or currency rates, adverse changes to credit markets or adverse investor sentiment generally. 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. During a general downturn in the securities or other markets, multiple asset classes may decline in value and adversely
affect the Fund’s net asset value (“NAV”), regardless of the individual results of the securities and other investments
in which the Fund invests. These market events may continue for prolonged periods, particularly if they are unprecedented, unforeseen
or widespread events or conditions. As a result, the value of the Fund’s shares may fall, sometimes sharply and for extended
periods, causing investors to lose money.
In addition, events in the financial markets
and economy may cause volatility and uncertainty and adversely affect Fund performance. For example, a decline in the value and
liquidity of securities held by the Fund (including traditionally liquid securities), unusually high and unanticipated levels of
redemptions, an increase in portfolio turnover, and an increase in Fund expenses may adversely affect the Fund. In addition, because
of interdependencies between markets, events in one market may adversely impact other markets or issuers in which the Fund invests
in unforeseen ways. Governmental and regulatory actions, including tax law changes, may also impair portfolio management and have
unexpected or adverse consequences on particular markets, strategies, or investments. Future market or regulatory events may impact
the Fund in unforeseen ways, causing the Fund to modify its existing investment strategies or techniques.
Although the precise impact of the recent
COVID-19 outbreak remains unknown, it has introduced uncertainty and volatility in global markets and economies. This impact may
be for a short-term or extend for a longer term and may adversely affect the performance of the Fund.
The third sentence of the section entitled
“Purchase and Sale of Fund Shares” of each Prospectus is deleted in its entirety and replaced with the following:
Class I shares and Class R6 shares
may be bought by individuals and institutions (omnibus accounts are eligible to meet the initial investment minimum for Class I
shares at the omnibus account level) with a $1,000,000 minimum requirement for initial investment (the initial minimum requirement
may be waived for certain investors, and no minimum is required for additional investments).
The following is inserted as of the
second sentence of the first bullet point of the section entitled “Purchasing, Selling and Exchanging Fund Shares –
Investment Minimums and Eligibility Requirements” of each Prospectus:
Omnibus accounts are eligible to meet the
initial investment minimum for Class I shares at the omnibus account level.
The following is inserted as of the
second sentence of the second paragraph of the section entitled “Purchasing, Selling and Exchanging Shares – Purchasing
Shares” of each SAI:
Omnibus accounts are eligible to meet the
initial investment minimum for Class I shares at the omnibus account level.
At a special meeting of the shareholders
of the AGF Emerging Markets Equity Fund held on May 11, 2020, the AGF Emerging Markets Equity Fund’s shareholder approved
a proposal to change the Fund’s sub-classification under the Investment Company Act of 1940, as amended, from “diversified”
to “non-diversified” and eliminated a related fundamental investment restriction. Accordingly, effective immediately,
the AGF Emerging Markets Equity Fund is non-diversified and may invest a greater portion of its assets in one or more issuers or
in fewer issuers than diversified mutual funds, and the Fund’s Prospectus and SAI are revised as follows:
The following is added to the end of
the last paragraph of the section of the Fund’s Prospectus entitled “Principal Investment Strategies”:
The Fund is non-diversified, which means it may invest a greater percentage of its assets in
a limited number of issuers than a diversified fund.
The following is added to the end of
the section of the Fund’s Prospectus entitled “Principal Investment Risks”:
Non-Diversification
Risk: The 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.
The following is added to the end of
the section of the Fund’s Prospectus entitled “Additional Information Regarding Principal Risks”:
Non-Diversification
Risk: The 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 a particular investment 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.
The fourth sentence of the third paragraph
of the section of the Fund’s SAI entitled “Information about The Trust” is deleted and replaced with the following:
The Fund is an open-end, management investment
company and is classified as a “non-diversified company” within the meaning of the 1940 Act.
The ninth paragraph of the section of
the Fund’s SAI entitled “Investment Restrictions” is deleted and replaced with the following:
In addition to the fundamental restrictions
listed above, the Fund will operate in a manner consistent with its classification as a “non-diversified company,”
as that term is defined in the 1940 Act.
The following is added to the section
of the Fund’s SAI entitled “Investment Policies, Techniques and Risks”:
Non-Diversified
Status. The 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 a particular investment 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. Because the Fund is “non-diversified” under the 1940 Act, it is subject only to certain
federal tax diversification requirements. See “Taxation” below for additional information.
The following
is added to the section of the Fund’s SAI entitled “Investment Policies, Techniques and Risks”:
Market
Disruptions Risk. The Funds are subject to investment and operational risks associated with financial, economic and
other global market developments and disruptions, including war and occupation, terrorism and related geopolitical risks, natural
disasters, and public health emergencies, including an epidemic or pandemic, which may lead to increased short-term market volatility
and may have adverse long-term effects on world economies and markets generally. These events can also impair the technology and
other operational systems upon which the Funds’ service providers rely, and could otherwise disrupt the Funds’ service
providers’ ability to fulfill their obligations to the Funds.
The recent spread of an infectious respiratory
illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity
constraints in many markets, including markets for the securities the Funds hold, and may adversely affect the Funds’ investments
and operations. The transmission of COVID-19 and efforts to contain its spread have resulted in travel restrictions and disruptions,
closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare
service preparation and delivery, quarantines, event and service cancellations or interruptions, disruptions to business operations
(including staff furloughs and reductions) and supply chains, and a reduction in consumer and business spending, as well as general
concern and uncertainty that has negatively affected the economy. These disruptions have led to instability in the market place,
including equity and debt market losses and overall volatility, and the jobs market. The impact of COVID-19, and other infectious
illness outbreaks, epidemics or pandemics that may arise in the future, could adversely affect the economies of many nations or
the entire global economy, the financial wellbeing and performance of individual issuers, borrowers and sectors and the health
of the markets generally in potentially significant and unforeseen ways. In addition, the impact of infectious illnesses, such
as COVID-19, in emerging market countries may be greater due to generally less established healthcare systems. This crisis or other
public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally.
The foregoing could lead to a significant
economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse
effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely
affect the performance of the Funds. In certain cases, an exchange or market may close or issue trading halts on specific securities
or even the entire market, which may result in the Funds being, among other things, unable to buy or sell certain securities or
financial instruments or to accurately price their investments. These and other developments may adversely affect the liquidity
of the Funds’ holdings. Although the precise impact of the recent COVID-19 outbreak remains unknown, it has introduced uncertainty
and volatility in global markets and economies. This impact may be for a short-term or extend for a longer term and may adversely
affect the performance of a Fund.
Please Retain This Supplement for Future
Reference
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