AGF Mutual Funds...The significant accounting policies which management believes are appropriate for...

Annual Financial Statements

AGF Mutual Funds

September 30, 2020

2 Management’s Responsibility for Financial Reporting

3 Independent Auditor’s Report

5 AGF American Growth Class

11 AGF Canadian Growth Equity Class

18 AGF Canadian Large Cap Dividend Class

25 AGF China Focus Class

31 AGF Diversified Income Class

38 AGF Emerging Markets Class

45 AGF European Equity Class

52 AGF Fixed Income Plus Class

58 AGF Global Dividend Class

65 AGF Global Equity Class

72 AGF Global Real Assets Class

80 AGF Short-Term Income Class

87 AGF Total Return Bond Class

95 AGFiQ U.S. Sector Class

102 AGF Elements Balanced Portfolio Class

108 AGF Elements Conservative Portfolio Class

114 AGF Elements Global Portfolio Class

120 AGF Elements Growth Portfolio Class

126 AGF Elements Yield Portfolio Class

132 AGF American Growth Fund

138 AGF Canadian Large Cap Dividend Fund

147 AGF Canadian Money Market Fund

153 AGF Canadian Small Cap Fund

159 AGF Diversified Income Fund

170 AGFiQ Dividend Income Fund

178 AGF Emerging Markets Bond Fund

190 AGF Emerging Markets Fund

198 AGF Equity Income Fund

204 AGF European Equity Fund

211 AGF Fixed Income Plus Fund

222 AGF Floating Rate Income Fund

236 AGF Global Convertible Bond Fund

247 AGF Global Dividend Fund

254 AGF Global Equity Fund

261 AGF Global Growth Balanced Fund

268 AGF Global Real Assets Fund

276 AGF Global Select Fund

283 AGF Global Sustainable Growth Equity Fund

290 AGF High Yield Bond Fund

300 AGF Strategic Income Fund

308 AGF Tactical Fund

314 AGF Total Return Bond Fund

329 AGF U.S. Small-Mid Cap Fund

335 AGF Elements Balanced Portfolio

342 AGF Elements Conservative Portfolio

349 AGF Elements Global Portfolio

355 AGF Elements Growth Portfolio

362 AGF Elements Yield Portfolio

368 Notes to Financial Statements

The next report on the funds will contain the interim financial information as at March 31, 2021.

Table of Contents

The accompanying financial statements of the Funds (as defined in Note 1(a) and (b)) have been prepared by AGFInvestments Inc. (the “Manager”). The Manager of the Funds is responsible for the information and representations containedin these financial statements.

The Manager maintains appropriate processes so that relevant and reliable financial information is produced. These financialstatements have been prepared in accordance with International Financial Reporting Standards and include certain amountsthat are based on estimates and judgments. The significant accounting policies which management believes are appropriatefor the Funds are described in Note 2 to the financial statements.

The Board of Directors of the Classes (as defined in Note 1(a)), through oversight, is responsible for reviewing and approvingthe financial statements after reviewing management’s report of its financial reporting responsibilities.

The Board of Directors of AGF Investments Inc., through oversight, is responsible for reviewing and approving the financialstatements of the Trust Funds (as defined in Note 1(b)) after reviewing management’s report of its financial reportingresponsibilities.

Blake C. Goldring, C.M., M.S.M., CD, CFAExecutive ChairmanAGF Investments Inc.

Adrian Basaraba, CPA, CASenior Vice President &Chief Financial Officer

AGF Investments Inc.

Management’s Responsibility for Financial Reporting

November 24, 2020

2A N N U A L R E P O R T 2020

To the Unitholders and Trustee or Shareholders, as applicable, of AGF American Growth Class AGF Emerging Markets Bond FundAGF Canadian Growth Equity Class AGF Emerging Markets FundAGF Canadian Large Cap Dividend Class AGF Equity Income Fund (formerly, AGF Equity Income Focus Fund)AGF China Focus Class AGF European Equity FundAGF Diversified Income Class AGF Fixed Income Plus FundAGF Emerging Markets Class AGF Floating Rate Income FundAGF European Equity Class AGF Global Convertible Bond FundAGF Fixed Income Plus Class AGF Global Dividend FundAGF Global Dividend Class AGF Global Equity FundAGF Global Equity Class AGF Global Growth Balanced Fund (formerly, AGF Global Strategic Balanced Fund)AGF Global Real Assets Class AGF Global Real Assets FundAGF Short-Term Income Class AGF Global Select FundAGF Total Return Bond Class AGF Global Sustainable Growth Equity FundAGFiQ U.S. Sector Class AGF High Yield Bond FundAGF Elements Balanced Portfolio Class AGF Strategic Income FundAGF Elements Conservative Portfolio Class AGF Tactical FundAGF Elements Global Portfolio Class AGF Total Return Bond FundAGF Elements Growth Portfolio Class AGF U.S. Small-Mid Cap FundAGF Elements Yield Portfolio Class AGF Elements Balanced PortfolioAGF American Growth Fund AGF Elements Conservative PortfolioAGF Canadian Large Cap Dividend Fund AGF Elements Global PortfolioAGF Canadian Money Market Fund AGF Elements Growth PortfolioAGF Canadian Small Cap Fund AGF Elements Yield PortfolioAGF Diversified Income Fund (individually, a Fund)AGFiQ Dividend Income Fund

Our opinionIn our opinion, the accompanying financial statements of each Fund present fairly, in all material respects, the financial position of each Fund as at September 30, 2020 and 2019 andits financial performance and its cash flows for the years then ended in accordance with International Financial Reporting Standards (IFRS).

What we have audited

The financial statements of each Fund comprise:

● the statements of financial position as at September 30, 2020 and 2019;

● the statements of comprehensive income for the years then ended;

● the statements of cash flows for the years then ended;

● the statements of changes in net assets attributable to holders of redeemable shares or units, as applicable, for the years then ended; and

● the notes to the financial statements, which include a summary of significant accounting policies.

Basis for opinionWe conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’sresponsibilities for the audit of the financial statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of each Fund in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada. We have fulfilled our other ethicalresponsibilities in accordance with these requirements.

Other informationManagement is responsible for the other information of each Fund. The other information comprises the Management Report of Fund Performance of each Fund.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements of each Fund, our responsibility is to read the other information identified above and, in doing so, consider whether the otherinformation is materially inconsistent with the financial statements of each Fund or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to reportin this regard.

Independent Auditor’s Report


Responsibilities of management and those charged with governance for the financial statementsManagement is responsible for the preparation and fair presentation of the financial statements of each Fund in accordance with IFRS, and for such internal control as managementdetermines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the ability of each Fund to continue as a going concern, disclosing, as applicable, matters related togoing concern and using the going concern basis of accounting unless management either intends to liquidate any Fund or to cease operations, or has no realistic alternative but to doso.

Those charged with governance are responsible for overseeing the financial reporting process of each Fund.

Auditor’s responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance about whether the financial statements as a whole for each Fund are free from material misstatement, whether due to fraud orerror, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance withCanadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered materialif, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements of each Fund.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout theaudit. We also:

● Identify and assess the risks of material misstatement of the financial statements of each Fund, whether due to fraud or error, design and perform audit proceduresresponsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internalcontrol.

● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on the effectiveness of the internal control of each Fund.

● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

● Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the ability of each Fund to continue as a going concern. If we conclude that a material uncertaintyexists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements of each Fund or, if such disclosures are inadequate, tomodify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause anyFund to cease to continue as a going concern.

● Evaluate the overall presentation, structure and content of the financial statements of each Fund, including the disclosures, and whether the financial statements representthe underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including anysignificant deficiencies in internal control that we identify during our audit.

Chartered Professional Accountants, Licensed Public Accountants

Toronto, OntarioNovember 24, 2020

Independent Auditor’s ReportCONTINUED


STATEMENTS OF FINANCIAL POSITION

As atSeptember 30,

2020 September 30,

2019 Assets Current Assets Investments at fair value through profit or loss $ 1,232,680 $ 1,140,354 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Foreign exchange forward contracts at fair value through profit or loss – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Cash and cash equivalents 140,808 98,129 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Cash collateral received for securities on loan (Note 2) 48,516 12,437 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Receivable for shares issued 1,451 986 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Receivable for investments sold 2,049 – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Receivable for foreign exchange forward contracts – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Receivable from Manager (Note 7(b)) – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Receivable for management fee distribution 349 232 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Dividends and interest receivable 9 441 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Tax reclaims receivable – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Taxes recoverable (Note 5) – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Refundable capital gains and dividend taxes (Note 5) – –

1,425,862 1,252,579 Liabilities Current Liabilities Bank overdraft – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Written options at fair value through profit or loss – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Foreign exchange forward contracts at fair value through profit or loss – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Payable for cash collateral under securities lending (Note 2) 48,516 12,437 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Accrued management and advisory fees (Note 7(a)) 396 377 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Accrued expenses (Note 7(b)) 290 437 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Payable for shares redeemed 1,358 1,275 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Payable for dividends and distributions 77 83 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Payable for investments purchased 2,052 – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Payable for foreign exchange forward contracts – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Taxes payable (Note 5) – –

52,689 14,609 Net Assets Attributable to Holders of Redeemable Shares (Note 2) $ 1,373,173 $ 1,237,970 Investments at Cost (Note 2) $ 864,419 $ 955,078 Net Assets Attributable to Holders of Redeemable Shares

Mutual Fund Shares $ 892,399 $ 856,595 Series D Shares $ – $ – Series F Shares $ 133,186 $ 101,629 Series FV Shares $ 513 $ 220 Series I Shares $ – $ 1 Series O Shares $ 290,652 $ 236,247 Series Q Shares $ 26,519 $ 20,172 Series T Shares $ 20,946 $ 16,955 Series V Shares $ 4,823 $ 3,047 Series W Shares $ 4,135 $ 3,104

Net Assets Attributable to Holders of Redeemable Shares per Share (Note 6) Mutual Fund Shares $ 74.04 $ 54.51 Series D Shares $ – $ – Series F Shares $ 99.50 $ 72.22 Series FV Shares $ 99.20 $ 75.50 Series I Shares $ – $ 13.10 Series O Shares $ 128.15 $ 91.93 Series Q Shares $ 45.03 $ 32.30 Series T Shares $ 28.52 $ 22.59 Series V Shares $ 40.25 $ 31.03 Series W Shares $ 17.44 $ 12.51

Approved by the Board

Blake C. Goldring, Director Louise Morwick, Director

AGF American Growth Class (Note 1)(CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED)THOUSANDS OF DOLLARS EXCEPT PER SHARE AMOUNTS

The accompanying notes are an integral part of these financial statements.5

A N N U A L R E P O R T 2020

STATEMENTS OF COMPREHENSIVE INCOME For the periods ended September 30, 2020 2019 Income Dividends $ 7,087 $ 21,991 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Interest for distribution purposes (Note 2) 387 1,684 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net realized gain (loss) on investments 219,713 24,208 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net change in unrealized appreciation (depreciation) in

value of investments 182,985 (122,654) Net gain (loss) on investments 410,172 (74,771) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net realized gain (loss) on derivatives – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net change in unrealized appreciation (depreciation) in

value of derivatives – – Net gain (loss) on derivatives – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Securities lending income (Note 2) 100 101 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net gain (loss) on foreign currencies and other

net assets (3,836) 3,123 Total Income (Loss), Net 406,436 (71,547) Expenses Management and advisory fees (Note 7(a)) 18,985 20,290 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Shareholder servicing and administrative fees

(Note 7(c)) 1,545 1,701 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Annual and interim reports 62 62 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Audit fees 11 12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Custodian fees and bank charges 79 77 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Legal fees – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Registration fees 36 68 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Directors' fees and expenses 1 – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Interest – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Independent review committee fees 3 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Income taxes (Note 5) – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Harmonized sales tax and other taxes 2,142 2,284 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Foreign withholding taxes (Note 5) 1,047 1,269 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Commissions and other portfolio transaction costs

(Note 2) 773 362 Total expenses 24,684 26,127 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Less expenses waived/absorbed by Manager (Note 7(b)) (52) (59) Net expenses 24,632 26,068 Increase (Decrease) in Net Assets Attributable

to Holders of Redeemable Sharesfrom Operations $ 381,804 $ (97,615)

Increase (Decrease) in Net Assets Attributableto Holders of Redeemable Sharesfrom Operations Mutual Fund Shares $ 245,840 $ (71,830) Series D Shares $ – $ (25) Series F Shares $ 36,122 $ (6,903) Series FV Shares $ 108 $ (2) Series I Shares $ (0) $ (0) Series O Shares $ 84,258 $ (15,601) Series Q Shares $ 7,564 $ (1,146) Series T Shares $ 5,588 $ (1,609) Series V Shares $ 1,137 $ (252) Series W Shares $ 1,187 $ (247)

Increase (Decrease) in Net Assets Attributableto Holders of Redeemable Shares fromOperations per Share (Note 2) Mutual Fund Shares $ 19.16 $ (4.63) Series D Shares $ – $ (5.25) Series F Shares $ 26.89 $ (4.88) Series FV Shares $ 30.11 $ (1.05) Series I Shares $ (0.12) $ (1.32) Series O Shares $ 35.87 $ (5.51) Series Q Shares $ 12.57 $ (1.80) Series T Shares $ 7.71 $ (2.09) Series V Shares $ 10.92 $ (2.71) Series W Shares $ 4.90 $ (0.83)

STATEMENTS OF CASH FLOWS For the periods ended September 30, 2020 2019

Cash Flows from Operating Activities Increase (decrease) in net assets attributable to holders

of redeemable shares from operations $ 381,804 $ (97,615) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Adjustments for: Exchange (gain) loss on foreign currencies (512) (1,000)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net realized (gain) loss on investmentsand derivatives (219,713) (24,208)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized (appreciation) depreciationin value of investments and derivatives (182,985) 122,654

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Purchases of investments and derivatives (1,034,915) (556,124) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Proceeds from sale and maturity of investmentsand derivatives 1,345,290 545,318

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Non-cash dividends reinvested – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Increase) decrease in receivable from Manager – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Increase) decrease in receivable for managementfee distribution (117) (166)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Increase) decrease in dividends andinterest receivable 432 (30)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Increase) decrease in accrued interest for short-term investments – –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Increase) decrease in tax reclaims receivable – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in taxes recoverable/payable – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Increase) decrease in refundable capital gains anddividend taxes – –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Increase (decrease) in accrued management andadvisory fees 19 (18)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Increase (decrease) in accrued expenses (147) (444) Net Cash Generated (Used) by

Operating Activities 289,156 (11,633)

Cash Flows from Financing Activities Dividends and distributions of capital paid to holders of

redeemable shares, net of reinvestments (935) (1,063) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Proceeds from redeemable shares issued andredeemable shares converted into the Class 216,803 191,530

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Amounts paid on redemption of redeemable shares andon redeemable shares converted out of the Class (462,857) (183,635)

Net Cash Generated (Used) byFinancing Activities (246,989) 6,832

Exchange gain (loss) on foreign currencies 512 1,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net increase (decrease) in cash and cash equivalents 42,167 (4,801) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash and cash equivalents (Bank overdraft)beginning of period 98,129 101,930

Cash and Cash Equivalents (Bank Overdraft)End of Period $ 140,808 $ 98,129

Interest received, net of withholding tax* $ 395 $ 1,681 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Dividends received, net of withholding tax* $ 6,465 $ 20,688 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income taxes (paid) recovered* $ – $ – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

* Included as part of Cash Flows from Operating Activities

AGF American Growth Class (Note 1)(CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED)THOUSANDS OF DOLLARS EXCEPT PER SHARE AMOUNTS



STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES For the periods ended September 30, 2020 2019 Net Assets Attributable to Holders of

Redeemable Shares at Beginning of Period Mutual Fund Shares $ 856,595 $ 894,800 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series D Shares – 361 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series F Shares 101,629 103,175 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series FV Shares 220 – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series I Shares 1 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series O Shares 236,247 283,346 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series Q Shares 20,172 21,203 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series T Shares 16,955 20,287 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series V Shares 3,047 3,074 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series W Shares 3,104 4,403

Net Assets Attributable to Holders ofRedeemable Shares at Beginning of Period 1,237,970 1,330,650

Increase (decrease) in net assets attributable to holdersof redeemable shares from operations Mutual Fund Shares 245,840 (71,830) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series D Shares – (25) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series F Shares 36,122 (6,903) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series FV Shares 108 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series I Shares (0) (0) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series O Shares 84,258 (15,601) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series Q Shares 7,564 (1,146) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series T Shares 5,588 (1,609) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series V Shares 1,137 (252) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series W Shares 1,187 (247)

381,804 (97,615) Redeemable share transactions (Note 6):

Proceeds from redeemable shares issued Mutual Fund Shares 150,989 142,136 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series D Shares – 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series F Shares 18,836 19,130 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series FV Shares 305 141 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series I Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series O Shares 39,053 20,579 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series Q Shares 891 1,747 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series T Shares 2,826 2,878 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series V Shares 1,123 1,022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series W Shares 115 100

214,138 187,734 Proceeds from redeemable shares converted into

the Class Mutual Fund Shares 5,524 5,020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series D Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series F Shares 2,960 4,738 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series FV Shares 27 166 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series I Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series O Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series Q Shares 739 481 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series T Shares 184 378 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series V Shares 289 135 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series W Shares 193 –

9,916 10,918 Reinvestment of dividends and distributions to

holders of redeemable shares Mutual Fund Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series D Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series F Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series FV Shares 2 – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series I Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series O Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series Q Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series T Shares 524 444 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series V Shares 57 46 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series W Shares – –

583 490 Payments on redemption of redeemable shares

Mutual Fund Shares (212,363) (103,925) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series D Shares – (299) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series F Shares (25,719) (17,797) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series FV Shares (135) (78) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series I Shares (1) – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series O Shares (68,906) (52,077) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series Q Shares (2,616) (1,738) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series T Shares (3,445) (3,795) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series V Shares (648) (559) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series W Shares (464) (1,152)

(314,297) (181,420)

For the periods ended September 30, 2020 2019 Value of redeemable shares converted out of

the Class Mutual Fund Shares $ (154,186) $ (9,606) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series D Shares – (38) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series F Shares (642) (714) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series FV Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series I Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series O Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series Q Shares (231) (375) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series T Shares (354) (234) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series V Shares (16) (277) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series W Shares – –

(155,429) (11,244) Net increase (decrease) from redeemable

share transactions (245,089) 6,478 Dividends to holders of redeemable shares (Note 5):

Ordinary dividends Mutual Fund Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series D Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series F Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series FV Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series I Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series O Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series Q Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series T Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series V Shares (0) – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series W Shares – –

(0) – Capital gains dividends

Mutual Fund Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series D Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series F Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series FV Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series I Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series O Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series Q Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series T Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series V Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series W Shares – –

– – Distribution of capital (Note 5):

Mutual Fund Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series D Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series F Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series FV Shares (14) (7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series I Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series O Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series Q Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series T Shares (1,332) (1,394) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series V Shares (166) (142) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series W Shares – –

(1,512) (1,543) Increase (decrease) in net assets attributable to holders

of redeemable shares for the period 135,203 (92,680) Net Assets Attributable to Holders of

Redeemable Shares at End of Period Mutual Fund Shares 892,399 856,595 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series D Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series F Shares 133,186 101,629 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series FV Shares 513 220 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series I Shares – 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series O Shares 290,652 236,247 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series Q Shares 26,519 20,172 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series T Shares 20,946 16,955 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series V Shares 4,823 3,047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series W Shares 4,135 3,104

Net Assets Attributable to Holders ofRedeemable Shares at End of Period $ 1,373,173 $ 1,237,970

AGF American Growth Class (Note 1)(CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED)THOUSANDS OF DOLLARS



No. of Shares AverageCost ($)

FairValue ($)

Communication Services (12.6%) 176,179 Activision Blizzard Inc. 16,786,148 18,990,153289,076 Roku Inc. 39,974,576 72,672,735 217,625 T-Mobile US Inc. 13,368,031 33,139,077 357,521 Zillow Group Inc. 'A' 30,699,889 48,338,837

100,828,644 173,140,802Consumer Discretionary (16.7%)

23,694 Amazon.com Inc. 10,718,407 99,341,631 58,954 Domino's Pizza Inc. 30,848,884 33,384,565 174,767 Hilton Worldwide Holdings Inc. 20,627,326 19,854,902444,188 Sony Corporation ADR 40,692,610 45,394,442

105,412 Ulta Beauty Inc. 31,700,947 31,438,135 134,588,174 229,413,675

Consumer Staples (3.1%) 401,211 Monster Beverage Corporation 40,278,869 42,845,447

Energy (2.6%)374,687 Marathon Petroleum Corporation 19,222,055 14,638,151

358,803 Valero Energy Corporation 30,053,298 20,696,742 49,275,353 35,334,893

Financials (2.6%) 26,098 MSCI Inc. 'A' 9,427,824 12,398,387 157,710 Primerica Inc. 18,368,297 23,759,259

27,796,121 36,157,646Health Care (7.3%)

244,429 Moderna Inc. 20,005,070 23,026,963109,297 UnitedHealth Group Inc. 25,320,433 45,373,266

83,329 Veeva Systems Inc. 'A' 21,906,578 31,199,923 67,232,081 99,600,152

Industrials (16.5%) 31,447 Cintas Corporation 13,730,695 13,936,675 18,392 CoStar Group Inc. 15,114,860 20,779,898428,578 Fastenal Company 25,735,106 25,731,647298,222 Jacobs Engineering Group Inc. 29,141,715 36,838,735 147,109 JB Hunt Transport Services Inc. 25,566,470 24,755,692122,680 Old Dominion Freight Line Inc. 14,717,054 29,554,106194,838 United Rentals Inc. 37,066,339 45,271,676 61,732 W.W. Grainger Inc. 27,064,805 29,326,225

188,137,044 226,194,654Information Technology (21.6%)

412,850 Advanced Micro Devices Inc. 23,017,294 45,072,397185,022 Booz Allen Hamilton Holding

Corporation 'A' 15,937,793 20,443,454 44,319 DocuSign Inc. 4,980,688 12,701,950 85,429 Intuit Inc. 27,249,672 37,107,361 111,750 NVIDIA Corporation 35,821,576 80,533,922 113,233 Qorvo Inc. 20,147,936 19,451,534 48,348 RingCentral Inc. 13,155,631 17,678,782 22,265 ServiceNow Inc. 6,169,116 14,378,776 221,965 Teradyne Inc. 26,609,831 23,484,999 40,572 Zoom Video Communications Inc. 6,893,493 25,397,057

179,983,030 296,250,232


FairValue ($)

Real Estate (3.9%) 24,981 Equinix Inc. 18,701,419 25,284,547211,454 Prologis Inc. 19,627,982 28,330,725

38,329,401 53,615,272Utilities (2.9%)

108,573 NextEra Energy Inc. 38,233,881 40,126,954Commissions and other portfolio transaction

costs (Note 2) (263,650) –

Total Portfolio (89.8%) 864,418,948 1,232,679,727

ADR – American Depository Receipt

Note: Percentages shown relate investments at fair value to totalNet Assets Attributable to Holders of Redeemable Shares("Net Assets") as at September 30, 2020 attributable to AGFAmerican Growth Class (the "Fund").

AGF American Growth Class (Note 1)(CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED)SCHEDULE OF INVESTMENT PORTFOLIO AS AT SEPTEMBER 30, 2020



Investment ObjectiveThe Fund’s investment objective is to provide long-termcapital growth by investing primarily in equity securities ofestablished U.S. companies.

Summary of Investment PortfolioAs at September 30, 2020 and 2019, the Fund’s majorportfolio categories, as a percentage of Net Assets, areincluded in the following tables:

Portfolio by Country September 30, 2020 (%)

United States 86.5Japan 3.3

September 30, 2019 (%)

United States 90.8China 1.3

Portfolio by Sector September 30, 2020 (%)

Information Technology 21.6Consumer Discretionary 16.7Industrials 16.5Communication Services 12.6Health Care 7.3Real Estate 3.9Consumer Staples 3.1Utilities 2.9Financials 2.6Energy 2.6


Information Technology 28.1Industrials 16.6Financials 10.8Health Care 10.6Consumer Discretionary 8.4Communication Services 7.5Consumer Staples 4.8Real Estate 3.0Energy 2.3

Portfolio by Asset Mix September 30, 2020 (%)

United States Equity 86.5International Equity 3.3


United States Equity 90.8International Equity 1.3

Interest in Unconsolidated Structured Entities (Note 2)As at September 30, 2020 and 2019, the Fund had noinvestments in underlying funds or exchange traded funds.

DISCUSSION OF FINANCIAL INSTRUMENT RISKMANAGEMENT (Note 4)

Credit RiskAs at September 30, 2020 and 2019, the Fund had nosignificant investments in debt instruments and derivatives.Accordingly, the Fund was not subject to significant creditrisk.

Interest Rate RiskThe majority of the Fund’s financial assets and liabilities arenon-interest bearing. Accordingly, the Fund is not subject tosignificant amounts of risk due to fluctuations in theprevailing levels of market interest rates.

As at September 30, 2020, the Fund held cash and cashequivalents which were subject to fluctuations in theprevailing levels of market interest rates. If market interestrates had changed by 25 basis points, with all other variablesheld constant, interest income would have changed byapproximately $352,000. As at September 30, 2019, the Funddid not hold any significant cash and cash equivalents.

Other Price RiskThe Schedule of Investment Portfolio of the Fund classifiessecurities by market segment.

The impact on Net Assets of the Fund due to a 50 percentchange in benchmark (September 30, 2019 – 45 percent),using historical correlation between the return of the MutualFund Shares as compared to the return of the Fund'sbenchmark, as at September 30, 2020 and 2019, with allother variables held constant, is included in the followingtable. Regression analysis has been utilized to estimate thehistorical correlation. The analysis uses 36 monthly datapoints, unless the inception of the Fund is less than threeyears, in which case since inception data has been used. Thereturns of the other series of the Fund are substantiallysimilar to that of the Mutual Fund Shares, save fordifferences in expense structure. Impact on Net Assets ($'000)

BenchmarkSeptember 30,

2020September 30,

2019

S&P 500 Net Return Index 636,342 559,987

The historical correlation may not be representative of thefuture correlation, and accordingly the impact on Net Assetscould be materially different.

Currency RiskThe amounts in the following tables are based on the fairvalue of the Fund’s financial instruments (including cash andcash equivalents) as well as the underlying principal amountsof foreign exchange forward contracts, as applicable. Other

AGF American Growth Class (Note 1)(CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED)NOTES TO FINANCIAL STATEMENTS — FUND SPECIFIC INFORMATION



financial assets (including cash collateral received forsecurities on loan, dividends and interest receivables andreceivables for investments sold) and financial liabilities(including payable for cash collateral under securities lendingand payable for investments purchased) that aredenominated in foreign currencies do not expose the Fund tosignificant currency risk.

Currencies to which the Fund had exposure as atSeptember 30, 2020 and 2019, were as follows: September 30, 2020

($'000)Financial

Instruments

ForeignExchange

ForwardContracts Total**

Percentage ofNet Assets (%)

United States Dollar 1,375,220 – 1,375,220 100.1

September 30, 2019

($'000)Financial

Instruments

ForeignExchange

ForwardContracts Total**

Percentage ofNet Assets (%)

United States Dollar 1,232,130 – 1,232,130 99.5** Includes both monetary and non-monetary instruments, as

applicable

As at September 30, 2020 and 2019, if the Canadian dollarhad strengthened or weakened by 2 percent, in relation to allcurrencies, with all other variables held constant, Net Assetswould have decreased or increased, respectively, byapproximately $27,504,000 (September 30, 2019 –$24,643,000).

In practice, the actual trading results may differ from thissensitivity analysis and the difference could be material.

FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS(Note 4)

The following tables illustrate the classifications of the Fund’sfinancial instruments within the fair value hierarchy as atSeptember 30, 2020 and 2019. September 30, 2020

($'000) Level 1 Level 2 Level 3 Total

Equities 1,232,680 – – 1,232,680Debt Instruments – – – –Short-Term Investments – – – –Investments in Underlying Funds – – – –Total Investments 1,232,680 – – 1,232,680Derivative Assets – – – –Derivative Liabilities – – – –

September 30, 2019

($'000) Level 1 Level 2 Level 3 Total

Equities 1,140,354 – – 1,140,354Debt Instruments – – – –Short-Term Investments – – – –Investments in Underlying Funds – – – –Total Investments 1,140,354 – – 1,140,354Derivative Assets – – – –Derivative Liabilities – – – –

There were no significant transfers between levels 1 and 2during the periods ended September 30, 2020 and 2019.

Reconciliation of Level 3 Fair Value Measurement (Note 4)For the periods ended September 30, 2020 and 2019, theFund did not hold financial instruments within level 3 of thefair value hierarchy.

SECURITIES LENDING TRANSACTIONS (Note 2)

A reconciliation of the gross amount generated fromsecurities lending transactions to the securities lendingincome earned by the Fund for the periods endedSeptember 30, 2020 and 2019 is as follows: September 30, 2020 September 30, 2019

($'000)% of Gross

Income ($'000)% of Gross

Income

Gross Securities Lending Income 227 100.0 913 100.0Interest Paid on Cash Collateral (80) (35.3) (758) (83.1)Withholding Taxes (5) (2.0) (7) (0.8)Agent Fees - The Bank of New York

Mellon Corp. (42) (18.6) (47) (5.1)Net Securities Lending Income 100 44.1 101 11.0

The value of securities loaned and collateral received fromsecurities lending as at September 30, 2020 and 2019 were asfollows: ($'000)

September 30,2020

September 30,2019

Fair Value of Securities on Loan 145,902 147,046Fair Value of Cash Collateral Received 48,516 12,437Fair Value of Securities Collateral Received 103,767 141,633

AGF American Growth Class (Note 1)(CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED)NOTES TO FINANCIAL STATEMENTS — FUND SPECIFIC INFORMATION CONTINUED



STATEMENTS OF FINANCIAL POSITION

As atSeptember 30,

2020 September 30,

2019 Assets Current Assets Investments at fair value through profit or loss $ 525,224 $ 412,428 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Foreign exchange forward contracts at fair value through profit or loss – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Cash and cash equivalents 2,984 62,613 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Cash collateral received for securities on loan (Note 2) – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Receivable for shares issued 15 60 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Receivable for investments sold 6,748 166 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Receivable for foreign exchange forward contracts – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Receivable from Manager (Note 7(b)) – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Receivable for management fee distribution 17 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Dividends and interest receivable 639 704 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Tax reclaims receivable – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Taxes recoverable (Note 5) – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Refundable capital gains and dividend taxes (Note 5) 3,130 3,130

538,757 479,116 Liabilities Current Liabilities Bank overdraft – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Written options at fair value through profit or loss – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Foreign exchange forward contracts at fair value through profit or loss – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Payable for cash collateral under securities lending (Note 2) – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Accrued management and advisory fees (Note 7(a)) 219 196 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Accrued expenses (Note 7(b)) 281 385 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Payable for shares redeemed 860 189 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Payable for dividends and distributions – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Payable for investments purchased 2,807 – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Payable for foreign exchange forward contracts – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Taxes payable (Note 5) – –

4,167 770 Net Assets Attributable to Holders of Redeemable Shares (Note 2) $ 534,590 $ 478,346 Investments at Cost (Note 2) $ 480,794 $ 379,182 Net Assets Attributable to Holders of Redeemable Shares

Mutual Fund Shares $ 522,051 $ 463,839 Series D Shares $ – $ – Series F Shares $ 6,250 $ 6,569 Series FV Shares $ – $ – Series I Shares $ – $ – Series O Shares $ 6,289 $ 7,938 Series Q Shares $ – $ – Series T Shares $ – $ – Series V Shares $ – $ – Series W Shares $ – $ –

Net Assets Attributable to Holders of Redeemable Shares per Share (Note 6) Mutual Fund Shares $ 54.57 $ 57.53 Series D Shares $ – $ – Series F Shares $ 67.21 $ 70.06 Series FV Shares $ – $ – Series I Shares $ – $ – Series O Shares $ 84.91 $ 87.12 Series Q Shares $ – $ – Series T Shares $ – $ – Series V Shares $ – $ – Series W Shares $ – $ –

Approved by the Board

Blake C. Goldring, Director Louise Morwick, Director

AGF Canadian Growth Equity Class (Note 1)(CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED)THOUSANDS OF DOLLARS EXCEPT PER SHARE AMOUNTS



STATEMENTS OF COMPREHENSIVE INCOME For the periods ended September 30, 2020 2019 Income Dividends $ 9,883 $ 8,687 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Interest for distribution purposes (Note 2) 391 773 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net realized gain (loss) on investments (22,892) (8,561) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net change in unrealized appreciation (depreciation) in

value of investments 11,184 (31,383) Net gain (loss) on investments (1,434) (30,484) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net realized gain (loss) on derivatives – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net change in unrealized appreciation (depreciation) in

value of derivatives – – Net gain (loss) on derivatives – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Securities lending income (Note 2) 59 221 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Net gain (loss) on foreign currencies and other

net assets (122) (4) Total Income (Loss), Net (1,497) (30,267) Expenses Management and advisory fees (Note 7(a)) 11,535 10,698 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Shareholder servicing and administrative fees

(Note 7(c)) 949 881 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Annual and interim reports 20 29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Audit fees 11 26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Custodian fees and bank charges 43 38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Legal fees – 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Registration fees 21 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Directors' fees and expenses 1 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Interest – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Independent review committee fees 3 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Income taxes (Note 5) – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Harmonized sales tax and other taxes 1,337 1,244 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Foreign withholding taxes (Note 5) 64 108 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Commissions and other portfolio transaction costs

(Note 2) 1,959 646 Total expenses 15,943 13,707 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Less expenses waived/absorbed by Manager (Note 7(b)) (7) (7) Net expenses 15,936 13,700 Increase (Decrease) in Net Assets Attributable

to Holders of Redeemable Sharesfrom Operations $ (17,433) $ (43,967)

Increase (Decrease) in Net Assets Attributableto Holders of Redeemable Sharesfrom Operations Mutual Fund Shares $ (16,965) $ (42,751) Series D Shares $ – $ – Series F Shares $ (263) $ (551) Series FV Shares $ – $ – Series I Shares $ – $ – Series O Shares $ (205) $ (665) Series Q Shares $ – $ – Series T Shares $ – $ – Series V Shares $ – $ – Series W Shares $ – $ –

Increase (Decrease) in Net Assets Attributableto Holders of Redeemable Shares fromOperations per Share (Note 2) Mutual Fund Shares $ (1.81) $ (5.17) Series D Shares $ – $ – Series F Shares $ (2.73) $ (5.55) Series FV Shares $ – $ – Series I Shares $ – $ – Series O Shares $ (2.51) $ (6.66) Series Q Shares $ – $ – Series T Shares $ – $ – Series V Shares $ – $ – Series W Shares $ – $ –

STATEMENTS OF CASH FLOWS For the periods ended September 30, 2020 2019

Cash Flows from Operating Activities Increase (decrease) in net assets attributable to holders

of redeemable shares from operations $ (17,433) $ (43,967) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Adjustments for: Exchange (gain) loss on foreign currencies – –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net realized (gain) loss on investmentsand derivatives 22,892 8,561

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized (appreciation) depreciationin value of investments and derivatives (11,184) 31,383

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Purchases of investments and derivatives (848,327) (132,526) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Proceeds from sale and maturity of investmentsand derivatives 720,048 204,147

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Non-cash dividends reinvested – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Increase) decrease in receivable from Manager – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Increase) decrease in receivable for managementfee distribution (2) (10)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Increase) decrease in dividends andinterest receivable 65 (103)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Increase) decrease in accrued interest for short-term investments – –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Increase) decrease in tax reclaims receivable – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in taxes recoverable/payable – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Increase) decrease in refundable capital gains anddividend taxes – –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Increase (decrease) in accrued management andadvisory fees 23 (23)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Increase (decrease) in accrued expenses (104) (354) Net Cash Generated (Used) by

Operating Activities (134,022) 67,108

Cash Flows from Financing Activities Dividends and distributions of capital paid to holders of

redeemable shares, net of reinvestments – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Proceeds from redeemable shares issued andredeemable shares converted into the Class 140,559 28,348

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Amounts paid on redemption of redeemable shares andon redeemable shares converted out of the Class (66,166) (39,919)

Net Cash Generated (Used) byFinancing Activities 74,393 (11,571)

Exchange gain (loss) on foreign currencies – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net increase (decrease) in cash and cash equivalents (59,629) 55,537 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash and cash equivalents (Bank overdraft)beginning of period 62,613 7,076

Cash and Cash Equivalents (Bank Overdraft)End of Period $ 2,984 $ 62,613

Interest received, net of withholding tax* $ 465 $ 711 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Dividends received, net of withholding tax* $ 9,800 $ 8,531 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Income taxes (paid) recovered* $ – $ – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

* Included as part of Cash Flows from Operating Activities

AGF Canadian Growth Equity Class (Note 1)(CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED)THOUSANDS OF DOLLARS EXCEPT PER SHARE AMOUNTS



STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES For the periods ended September 30, 2020 2019 Net Assets Attributable to Holders of

Redeemable Shares at Beginning of Period Mutual Fund Shares $ 463,839 $ 515,970 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series D Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series F Shares 6,569 7,602 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series FV Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series I Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series O Shares 7,938 10,259 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series Q Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series T Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series V Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series W Shares – –

Net Assets Attributable to Holders ofRedeemable Shares at Beginning of Period 478,346 533,831

Increase (decrease) in net assets attributable to holdersof redeemable shares from operations Mutual Fund Shares (16,965) (42,751) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series D Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series F Shares (263) (551) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series FV Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series I Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series O Shares (205) (665) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series Q Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series T Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series V Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series W Shares – –

(17,433) (43,967) Redeemable share transactions (Note 6):

Proceeds from redeemable shares issued Mutual Fund Shares 56,326 27,656 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series D Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series F Shares 682 630 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series FV Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series I Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series O Shares 147 427 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series Q Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series T Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series V Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series W Shares – –

57,155 28,713 Proceeds from redeemable shares converted into

the Class Mutual Fund Shares 83,660 47 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series D Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series F Shares 98 295 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series FV Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series I Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series O Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series Q Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series T Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series V Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series W Shares – –

83,758 342 Reinvestment of dividends and distributions to

holders of redeemable shares Mutual Fund Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series D Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series F Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series FV Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series I Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series O Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series Q Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series T Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series V Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series W Shares – –

– – Payments on redemption of redeemable shares

Mutual Fund Shares (63,593) (36,171) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series D Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series F Shares (836) (1,407) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series FV Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series I Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series O Shares (1,591) (2,083) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series Q Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series T Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series V Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series W Shares – –

(66,020) (39,661)

For the periods ended September 30, 2020 2019 Value of redeemable shares converted out of

the Class Mutual Fund Shares $ (1,216) $ (912) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series D Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series F Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series FV Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series I Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series O Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series Q Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series T Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series V Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series W Shares – –

(1,216) (912) Net increase (decrease) from redeemable

share transactions 73,677 (11,518) Dividends to holders of redeemable shares (Note 5):

Ordinary dividends Mutual Fund Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series D Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series F Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series FV Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series I Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series O Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series Q Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series T Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series V Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series W Shares – –

– – Capital gains dividends


– – Distribution of capital (Note 5):


– – Increase (decrease) in net assets attributable to holders

of redeemable shares for the period 56,244 (55,485) Net Assets Attributable to Holders of

Redeemable Shares at End of Period Mutual Fund Shares 522,051 463,839 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series D Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series F Shares 6,250 6,569 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series FV Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series I Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series O Shares 6,289 7,938 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series Q Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series T Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series V Shares – – . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Series W Shares – –

Net Assets Attributable to Holders ofRedeemable Shares at End of Period $ 534,590 $ 478,346

AGF Canadian Growth Equity Class (Note 1)(CLASS OF AGF ALL WORLD TAX ADVANTAGE GROUP LIMITED)THOUSANDS OF DOLLARS




FairValue ($)

Communication Services (1.0%) 49,039 Cogeco Communications Inc. 5,375,783 5,354,568

Consumer Discretionary (3.8%) 43,042 Nuvei Corporation 1,471,942 2,419,737 15,096 O'Reilly Automotive Inc. 9,373,958 9,268,205 114,147 Restaurant Brands

International Inc. 9,846,791 8,729,963 20,692,691 20,417,905

Consumer Staples (4.9%) 316,661 Alimentation Couche-

Tard Inc. 'B' 10,560,996 14,683,571 170,093 Jamieson Wellness Inc. 3,316,763 7,171,121 167,676 Maple Leaf Foods Inc. 5,013,218 4,552,403

18,890,977 26,407,095Energy (8.4%)

618,200 Buried Hill Energy (Cyprus)Public Company Limited* 1,038,480 8,232

248,124 Canadian Natural ResourcesLimited 7,485,335 5,294,966

512,904 Cenovus Energy Inc. 3,387,965 2,661,972 326,605 Enbridge Inc. 14,288,338 12,704,935 664,578 Parex Resources Inc. 10,056,269 9,324,029 130,311 Parkland Corporation 4,121,334 4,588,250 186,321 TC Energy Corporation 12,173,274 10,415,344

52,550,995 44,997,728Financials (26.6%)

436,271 Apollo Healthcare CorporationWarrants January 3, 2022 87,254 23,995

154,229 Bank of Montreal 11,943,467 12,005,185 393,327 Brookfield Asset

Management Inc. 'A' 18,853,223 17,329,9881,025,414 Element Fleet Management

Corporation 12,044,261 11,361,587 439,619 Guardian Capital Group

Limited 'A' 8,463,404 10,942,117 47,492 Intact Financial Corporation 6,768,449 6,771,409 430,122 Manulife Financial Corporation 8,380,671 7,965,860 454,070 Royal Bank of Canada 39,162,973 42,451,004 408,675 Sun Life Financial Inc. 20,892,290 22,174,706 144,529 The Bank of Nova Scotia 9,037,457 7,995,344 35,200 Trisura Group Limited 1,649,120 2,983,200

137,282,569 142,004,395Health Care (3.4%)

162,513 Andlauer Healthcare Group Inc. 3,264,117 7,070,941 51,733 Zoetis Inc. 10,111,090 11,391,525

13,375,207 18,462,466Industrials (19.3%)

61,335 Boyd Group Services Inc. 12,497,996 12,614,769 197,327 Canadian National Railway

Company 23,397,447 27,982,942 55,675 Canadian Pacific Railway

Limited 14,559,363 22,551,159 33,482 Cargojet Inc. 3,516,014 6,385,352 6,960 Encompass Compliance

Corporation – 11 171,876 Stantec Inc. 6,490,114 6,948,947 50,827 TFI International Inc. 2,055,033 2,830,047 51,650 Thomson Reuters Corporation 5,357,157 5,488,329


FairValue ($)

Industrials (continued) 22,515 United Rentals Inc. 5,307,837 5,231,484 95,466 Waste Connections Inc. 12,809,493 13,212,494

85,990,454 103,245,534Information Technology (8.4%)

5,229 Constellation Software Inc. 8,344,038 7,736,985 53,717 Datadog Inc. 6,693,892 7,307,1855,960,500 iLOOKABOUT Corporation 1,490,125 1,549,730 158,587 Merrco Payments Inc.* 1,892,988 1,585,870 8,871 Shopify Inc. 'A' 9,922,248 12,079,552 32,125 Splunk Inc. 9,032,587 8,047,457 29,948 Square Inc. 'A' 5,443,463 6,482,049 36,000 Voice Mobility

International Inc.* 1,800,000 2,520 44,619,341 44,791,348

Materials (10.9%) 248,405 Bonterra Resourc

AGF Mutual Funds...The significant accounting policies which management believes are appropriate for...

Documents

Transcript of AGF Mutual Funds...The significant accounting policies which management believes are appropriate for...