AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments
September 30, 2023 (Unaudited)
Investments | Shares | Value ($) | ||||||
| LONG POSITIONS - 77.7% | ||||||||
| COMMON STOCKS - 77.7% | ||||||||
| Aerospace & Defense - 2.7% | ||||||||
| BWX Technologies, Inc.(a) | 16,470 | 1,234,921 | ||||||
| Curtiss-Wright Corp.(a) | 5,795 | 1,133,676 | ||||||
| General Dynamics Corp.(a) | 5,490 | 1,213,125 | ||||||
| Huntington Ingalls Industries, Inc.(a) | 5,490 | 1,123,144 | ||||||
| Lockheed Martin Corp.(a) | 2,745 | 1,122,595 | ||||||
| Northrop Grumman Corp.(a) | 2,745 | 1,208,322 | ||||||
| RTX Corp.(a) | 14,030 | 1,009,739 | ||||||
| 8,045,522 | ||||||||
| Air Freight & Logistics - 0.4% | ||||||||
| CH Robinson Worldwide, Inc.(a) | 12,810 | 1,103,325 | ||||||
| Banks - 2.6% | ||||||||
| Commerce Bancshares, Inc.(a) | 24,095 | 1,156,078 | ||||||
| Cullen/Frost Bankers, Inc.(a) | 12,505 | 1,140,581 | ||||||
| First Financial Bankshares, Inc.(a) | 42,090 | 1,057,301 | ||||||
| First Horizon Corp.(a) | 97,905 | 1,078,913 | ||||||
| Prosperity Bancshares, Inc.(a) | 21,350 | 1,165,283 | ||||||
| UMB Financial Corp.(a) | 18,910 | 1,173,366 | ||||||
| United Bankshares, Inc.(a) | 40,870 | 1,127,603 | ||||||
| 7,899,125 | ||||||||
| Biotechnology - 4.7% | ||||||||
| AbbVie, Inc.(a) | 8,235 | 1,227,509 | ||||||
| Alkermes plc*(a) | 44,225 | 1,238,742 | ||||||
| Amgen, Inc.(a) | 4,575 | 1,229,577 | ||||||
| Apellis Pharmaceuticals, Inc.*(a) | 28,060 | 1,067,402 | ||||||
| Biogen, Inc.*(a) | 4,575 | 1,175,821 | ||||||
| Gilead Sciences, Inc.(a) | 15,555 | 1,165,692 | ||||||
| Horizon Therapeutics plc*(a) | 10,675 | 1,234,991 | ||||||
| Incyte Corp.*(a) | 18,605 | 1,074,811 | ||||||
| Neurocrine Biosciences, Inc.*(a) | 11,285 | 1,269,562 | ||||||
| Seagen, Inc.*(a) | 5,795 | 1,229,409 | ||||||
| United Therapeutics Corp.*(a) | 5,185 | 1,171,136 | ||||||
| Vertex Pharmaceuticals, Inc.*(a) | 3,355 | 1,166,668 | ||||||
| 14,251,320 | ||||||||
| Building Products - 0.4% | ||||||||
| Carlisle Cos., Inc.(a) | 4,575 | 1,186,115 | ||||||
| Capital Markets - 0.8% | ||||||||
| Cboe Global Markets, Inc.(a) | 7,930 | 1,238,745 | ||||||
| CME Group, Inc.(a) | 5,795 | 1,160,275 | ||||||
| 2,399,020 | ||||||||
| Chemicals - 2.3% | ||||||||
| Air Products and Chemicals, Inc.(a) | 4,270 | 1,210,118 | ||||||
| CF Industries Holdings, Inc.(a) | 15,860 | 1,359,836 | ||||||
| Corteva, Inc.(a) | 23,790 | 1,217,096 | ||||||
| FMC Corp.(a) | 13,725 | 919,163 | ||||||
| Linde plc(a) | 3,050 | 1,135,668 | ||||||
| NewMarket Corp.(a) | 2,745 | 1,249,085 | ||||||
| 7,090,966 | ||||||||
Investments | Shares | Value ($) | ||||||
| Commercial Services & Supplies - 1.6% | ||||||||
| RB Global, Inc. | 20,130 | 1,258,125 | ||||||
| Republic Services, Inc.(a) | 8,235 | 1,173,570 | ||||||
| Rollins, Inc.(a) | 30,195 | 1,127,179 | ||||||
| Waste Management, Inc.(a) | 7,625 | 1,162,355 | ||||||
| 4,721,229 | ||||||||
| Communications Equipment - 2.4% | ||||||||
| Arista Networks, Inc.* | 6,710 | 1,234,171 | ||||||
| Ciena Corp.*(a) | 28,670 | 1,354,944 | ||||||
| Cisco Systems, Inc.(a) | 21,350 | 1,147,776 | ||||||
| Juniper Networks, Inc.(a) | 42,700 | 1,186,633 | ||||||
| Lumentum Holdings, Inc.*(a) | 23,485 | 1,061,052 | ||||||
| Motorola Solutions, Inc.(a) | 4,270 | 1,162,465 | ||||||
| 7,147,041 | ||||||||
| Construction & Engineering - 1.2% | ||||||||
| EMCOR Group, Inc. | 5,490 | 1,155,041 | ||||||
| MDU Resources Group, Inc.(a) | 60,085 | 1,176,465 | ||||||
| WillScot Mobile Mini Holdings Corp.* | 29,585 | 1,230,440 | ||||||
| 3,561,946 | ||||||||
| Consumer Staples Distribution & Retail - 0.4% | ||||||||
| Albertsons Cos., Inc., Class A(a) | 54,290 | 1,235,097 | ||||||
| Containers & Packaging - 2.0% | ||||||||
| Amcor plc(a) | 126,880 | 1,162,221 | ||||||
| AptarGroup, Inc. | 9,455 | 1,182,253 | ||||||
| Crown Holdings, Inc.(a) | 13,420 | 1,187,402 | ||||||
| Graphic Packaging Holding Co. | 55,205 | 1,229,967 | ||||||
| Silgan Holdings, Inc. | 26,840 | 1,157,072 | ||||||
| 5,918,915 | ||||||||
| Distributors - 0.4% | ||||||||
| Genuine Parts Co.(a) | 7,930 | 1,144,933 | ||||||
| Diversified Consumer Services - 1.2% | ||||||||
| Grand Canyon Education, Inc.*(a) | 10,675 | 1,247,694 | ||||||
| H&R Block, Inc.(a) | 30,195 | 1,300,197 | ||||||
| Service Corp. International(a) | 18,910 | 1,080,517 | ||||||
| 3,628,408 | ||||||||
| Diversified REITs - 0.3% | ||||||||
| WP Carey, Inc., REIT(a) | 18,605 | 1,006,158 | ||||||
| Diversified Telecommunication Services - 0.8% | ||||||||
| AT&T, Inc.(a) | 85,095 | 1,278,127 | ||||||
| GCI Liberty, Inc.‡ | (6,956 | ) | — | |||||
| Verizon Communications, Inc.(a) | 35,990 | 1,166,436 | ||||||
| 2,444,563 | ||||||||
| Electric Utilities - 1.9% | ||||||||
| American Electric Power Co., Inc.(a) | 15,250 | 1,147,105 | ||||||
| Duke Energy Corp.(a) | 13,420 | 1,184,449 | ||||||
| Evergy, Inc. | 21,350 | 1,082,445 | ||||||
| PNM Resources, Inc.(a) | 27,450 | 1,224,544 | ||||||
| Southern Co. (The)(a) | 17,690 | 1,144,897 | ||||||
| 5,783,440 | ||||||||
| Electrical Equipment - 0.4% | ||||||||
| Eaton Corp. plc | 5,185 | 1,105,857 | ||||||
AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
September 30, 2023 (Unaudited)
Investments | Shares | Value ($) | ||||||
| Electronic Equipment, Instruments & Components - 2.7% | ||||||||
| Arrow Electronics, Inc.*(a) | 9,150 | 1,145,946 | ||||||
| Avnet, Inc.(a) | 24,400 | 1,175,836 | ||||||
| CDW Corp.(a) | 5,795 | 1,169,199 | ||||||
| Corning, Inc.(a) | 36,905 | 1,124,496 | ||||||
| Crane NXT Co.(a) | 20,130 | 1,118,624 | ||||||
| Jabil, Inc.(a) | 10,675 | 1,354,551 | ||||||
| Teledyne Technologies, Inc.*(a) | 2,745 | 1,121,552 | ||||||
| 8,210,204 | ||||||||
| Entertainment - 1.2% | ||||||||
| Activision Blizzard, Inc.(a) | 13,115 | 1,227,957 | ||||||
| Electronic Arts, Inc.(a) | 10,065 | 1,211,826 | ||||||
| Madison Square Garden Sports Corp., Class A(a) | 6,710 | 1,182,973 | ||||||
| 3,622,756 | ||||||||
| Financial Services - 0.4% | ||||||||
| Radian Group, Inc.(a) | 44,530 | 1,118,148 | ||||||
| Food Products - 3.4% | ||||||||
| Campbell Soup Co.(a) | 28,670 | 1,177,764 | ||||||
| Conagra Brands, Inc.(a) | 39,955 | 1,095,566 | ||||||
| Flowers Foods, Inc. | 50,935 | 1,129,738 | ||||||
| General Mills, Inc.(a) | 17,690 | 1,131,983 | ||||||
| Hershey Co. (The)(a) | 5,490 | 1,098,439 | ||||||
| J M Smucker Co. (The)(a) | 8,540 | 1,049,652 | ||||||
| Kellogg Co.(a) | 19,520 | 1,161,635 | ||||||
| Kraft Heinz Co. (The)(a) | 35,685 | 1,200,443 | ||||||
| Lancaster Colony Corp.(a) | 7,320 | 1,208,020 | ||||||
| 10,253,240 | ||||||||
| Gas Utilities - 0.7% | ||||||||
| ONE Gas, Inc.(a) | 16,165 | 1,103,746 | ||||||
| Southwest Gas Holdings, Inc.(a) | 18,910 | 1,142,353 | ||||||
| 2,246,099 | ||||||||
| Ground Transportation - 0.7% | ||||||||
| Knight-Swift Transportation Holdings, Inc.(a) | 22,265 | 1,116,590 | ||||||
| Landstar System, Inc.(a) | 6,405 | 1,133,300 | ||||||
| 2,249,890 | ||||||||
| Health Care Equipment & Supplies - 0.4% | ||||||||
| Hologic, Inc.*(a) | 15,860 | 1,100,684 | ||||||
| Health Care Providers & Services - 2.8% | ||||||||
| Chemed Corp.(a) | 2,440 | 1,268,068 | ||||||
| DaVita, Inc.*(a) | 11,895 | 1,124,434 | ||||||
| HealthEquity, Inc.*(a) | 17,690 | 1,292,255 | ||||||
| Humana, Inc.(a) | 2,440 | 1,187,109 | ||||||
| McKesson Corp. | 2,745 | 1,193,663 | ||||||
| Premier, Inc., Class A(a) | 55,205 | 1,186,907 | ||||||
| UnitedHealth Group, Inc. | 2,440 | 1,230,224 | ||||||
| 8,482,660 | ||||||||
| Health Care REITs - 0.8% | ||||||||
| Omega Healthcare Investors, Inc., REIT(a) | 39,345 | 1,304,680 | ||||||
| Physicians Realty Trust, REIT(a) | 88,755 | 1,081,924 | ||||||
| 2,386,604 | ||||||||
Investments | Shares | Value ($) | ||||||
| Hotels, Restaurants & Leisure - 3.0% | ||||||||
| Choice Hotels International, Inc.(a) | 9,455 | 1,158,332 | ||||||
| Darden Restaurants, Inc.(a) | 7,625 | 1,092,052 | ||||||
| McDonald’s Corp.(a) | 4,270 | 1,124,889 | ||||||
| Starbucks Corp.(a) | 12,505 | 1,141,331 | ||||||
| Texas Roadhouse, Inc.(a) | 11,590 | 1,113,799 | ||||||
| Wendy’s Co. (The)(a) | 59,475 | 1,213,885 | ||||||
| Wyndham Hotels & Resorts, Inc.(a) | 16,165 | 1,124,114 | ||||||
| Yum! Brands, Inc.(a) | 9,455 | 1,181,308 | ||||||
| 9,149,710 | ||||||||
| Household Durables - 0.6% | ||||||||
| NVR, Inc.* | 305 | 1,818,807 | ||||||
| Independent Power and Renewable Electricity Producers - 0.4% | ||||||||
| Vistra Corp. | 40,260 | 1,335,827 | ||||||
| Industrial Conglomerates - 0.4% | ||||||||
| Honeywell International, Inc.(a) | 6,405 | 1,183,260 | ||||||
| Insurance - 8.6% | ||||||||
| Allstate Corp. (The)(a) | 11,285 | 1,257,262 | ||||||
| Arch Capital Group Ltd.*(a) | 16,165 | 1,288,512 | ||||||
| Assurant, Inc. | 8,845 | 1,269,965 | ||||||
| Axis Capital Holdings Ltd.(a) | 21,960 | 1,237,885 | ||||||
| Chubb Ltd.(a) | 6,100 | 1,269,898 | ||||||
| Enstar Group Ltd.*(a) | 4,880 | 1,180,960 | ||||||
| Erie Indemnity Co., Class A(a) | 4,270 | 1,254,483 | ||||||
| Everest Group Ltd.(a) | 3,355 | 1,246,953 | ||||||
| Globe Life, Inc.(a) | 10,675 | 1,160,693 | ||||||
| Hanover Insurance Group, Inc. (The)(a) | 11,285 | 1,252,409 | ||||||
| Hartford Financial Services Group, Inc. (The)(a) | 16,775 | 1,189,515 | ||||||
| Progressive Corp. (The) | 9,150 | 1,274,595 | ||||||
| Reinsurance Group of America, Inc.(a) | 8,540 | 1,239,923 | ||||||
| RenaissanceRe Holdings Ltd.(a) | 6,710 | 1,328,043 | ||||||
| RLI Corp.(a) | 9,455 | 1,284,840 | ||||||
| Ryan Specialty Holdings, Inc., Class A*(a) | 25,620 | 1,240,008 | ||||||
| Selective Insurance Group, Inc.(a) | 12,200 | 1,258,674 | ||||||
| Travelers Cos., Inc. (The)(a) | 7,625 | 1,245,239 | ||||||
| Unum Group | 24,400 | 1,200,236 | ||||||
| W R Berkley Corp.(a) | 19,825 | 1,258,689 | ||||||
| White Mountains Insurance Group Ltd.(a) | 610 | 912,371 | ||||||
| 25,851,153 | ||||||||
| IT Services - 1.2% | ||||||||
| Amdocs Ltd.(a) | 13,725 | 1,159,625 | ||||||
| Gartner, Inc.*(a) | 3,355 | 1,152,812 | ||||||
| International Business Machines Corp.(a) | 8,235 | 1,155,370 | ||||||
| 3,467,807 | ||||||||
| Machinery - 1.6% | ||||||||
| Chart Industries, Inc.*(a) | 7,015 | 1,186,377 | ||||||
| Donaldson Co., Inc. | 19,825 | 1,182,363 | ||||||
| PACCAR, Inc.(a) | 14,030 | 1,192,831 | ||||||
AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
September 30, 2023 (Unaudited)
Investments | Shares | Value ($) | ||||||
| Snap-on, Inc.(a) | 4,575 | 1,166,899 | ||||||
| 4,728,470 | ||||||||
| Media - 1.1% | ||||||||
| Comcast Corp., Class A(a) | 26,230 | 1,163,038 | ||||||
| Fox Corp., Class A(a) | 36,905 | 1,151,436 | ||||||
| TEGNA, Inc.(a) | 74,115 | 1,079,856 | ||||||
| 3,394,330 | ||||||||
| Multi-Utilities - 0.7% | ||||||||
| Consolidated Edison, Inc. | 13,420 | 1,147,813 | ||||||
| Dominion Energy, Inc.(a) | 24,705 | 1,103,572 | ||||||
| 2,251,385 | ||||||||
| Office REITs - 0.8% | ||||||||
| COPT Defense Properties, REIT(a) | 47,580 | 1,133,831 | ||||||
| Equity Commonwealth, REIT(a) | 63,745 | 1,170,996 | ||||||
| 2,304,827 | ||||||||
| Oil, Gas & Consumable Fuels - 2.8% | ||||||||
| Cheniere Energy, Inc.(a) | 7,320 | 1,214,827 | ||||||
| Chesapeake Energy Corp. | 14,030 | 1,209,807 | ||||||
| Chevron Corp.(a) | 7,625 | 1,285,728 | ||||||
| HF Sinclair Corp.(a) | 21,350 | 1,215,455 | ||||||
| Marathon Petroleum Corp.(a) | 8,540 | 1,292,444 | ||||||
| Range Resources Corp. | 38,125 | 1,235,631 | ||||||
| Texas Pacific Land Corp.(a) | 610 | 1,112,372 | ||||||
| 8,566,264 | ||||||||
| Pharmaceuticals - 1.5% | ||||||||
| Bristol-Myers Squibb Co.(a) | 19,520 | 1,132,941 | ||||||
| Johnson & Johnson(a) | 7,320 | 1,140,090 | ||||||
| Merck & Co., Inc.(a) | 10,980 | 1,130,391 | ||||||
| Perrigo Co. plc(a) | 33,245 | 1,062,178 | ||||||
| 4,465,600 | ||||||||
| Professional Services - 3.4% | ||||||||
| Booz Allen Hamilton Holding Corp.(a) | 10,370 | 1,133,130 | ||||||
| CACI International, Inc., Class A*(a) | 3,660 | 1,148,984 | ||||||
| FTI Consulting, Inc.*(a) | 6,405 | 1,142,716 | ||||||
| Genpact Ltd.(a) | 32,635 | 1,181,387 | ||||||
| Insperity, Inc.(a) | 11,895 | 1,160,952 | ||||||
| KBR, Inc.(a) | 19,825 | 1,168,485 | ||||||
| Leidos Holdings, Inc.(a) | 12,505 | 1,152,461 | ||||||
| Maximus, Inc.(a) | 14,945 | 1,116,093 | ||||||
| Science Applications International Corp.(a) | 10,065 | 1,062,260 | ||||||
| 10,266,468 | ||||||||
| Residential REITs - 1.1% | ||||||||
| AvalonBay Communities, Inc., REIT | 6,710 | 1,152,375 | ||||||
| Equity LifeStyle Properties, Inc., REIT(a) | 17,995 | 1,146,462 | ||||||
| Essex Property Trust, Inc., REIT | 5,185 | 1,099,687 | ||||||
| 3,398,524 | ||||||||
| Retail REITs - 1.1% | ||||||||
| Agree Realty Corp., REIT(a) | 19,520 | 1,078,285 | ||||||
| NNN REIT, Inc., REIT(a) | 30,805 | 1,088,649 | ||||||
| Realty Income Corp., REIT(a) | 21,350 | 1,066,219 | ||||||
| 3,233,153 | ||||||||
| Semiconductors & Semiconductor Equipment - 1.1% | ||||||||
| Analog Devices, Inc.(a) | 6,710 | 1,174,854 | ||||||
Investments | Shares | Value ($) | ||||||
| Cirrus Logic, Inc.*(a) | 15,250 | 1,127,890 | ||||||
| First Solar, Inc.*(a) | 6,710 | 1,084,269 | ||||||
| 3,387,013 | ||||||||
| Software - 2.7% | ||||||||
| ACI Worldwide, Inc.*(a) | 50,935 | 1,149,094 | ||||||
| Aspen Technology, Inc.*(a) | 6,100 | 1,245,986 | ||||||
| Blackbaud, Inc.*(a) | 16,470 | 1,158,170 | ||||||
| Dolby Laboratories, Inc., Class A(a) | 14,335 | 1,136,192 | ||||||
| Gen Digital, Inc.(a) | 59,170 | 1,046,126 | ||||||
| Nutanix, Inc., Class A*(a) | 39,345 | 1,372,353 | ||||||
| PTC, Inc.*(a) | 8,235 | 1,166,735 | ||||||
| 8,274,656 | ||||||||
| Specialized REITs - 0.8% | ||||||||
| Gaming and Leisure Properties, Inc., REIT(a) | 26,230 | 1,194,777 | ||||||
| VICI Properties, Inc., REIT(a) | 39,345 | 1,144,939 | ||||||
| 2,339,716 | ||||||||
| Specialty Retail - 3.6% | ||||||||
| AutoNation, Inc.*(a) | 7,625 | 1,154,425 | ||||||
| AutoZone, Inc.*(a) | 610 | 1,549,394 | ||||||
| Dick’s Sporting Goods, Inc. | 10,370 | 1,125,975 | ||||||
| Murphy USA, Inc.(a) | 3,660 | 1,250,732 | ||||||
| O’Reilly Automotive, Inc.*(a) | 1,220 | 1,108,809 | ||||||
| Penske Automotive Group, Inc.(a) | 7,320 | 1,222,879 | ||||||
| TJX Cos., Inc. (The) | 13,420 | 1,192,770 | ||||||
| Tractor Supply Co.(a) | 5,490 | 1,114,744 | ||||||
| Ulta Beauty, Inc.*(a) | 3,050 | 1,218,322 | ||||||
| 10,938,050 | ||||||||
| Technology Hardware, Storage & Peripherals - 0.4% | ||||||||
| Pure Storage, Inc., Class A*(a) | 33,550 | 1,195,051 | ||||||
| Textiles, Apparel & Luxury Goods - 0.8% | ||||||||
| Deckers Outdoor Corp.* | 2,440 | 1,254,380 | ||||||
| Skechers USA, Inc., Class A* | 25,010 | 1,224,239 | ||||||
| 2,478,619 | ||||||||
| Wireless Telecommunication Services - 0.4% | ||||||||
| T-Mobile US, Inc.* | 8,845 | 1,238,742 | ||||||
| TOTAL COMMON STOCKS (Cost $245,569,580) | 234,610,697 | |||||||
| TOTAL LONG POSITIONS (Cost $245,569,580) | 234,610,697 | |||||||
| SHORT POSITIONS - (73.8)% | ||||||||
| COMMON STOCKS - (73.8)% | ||||||||
| Aerospace & Defense - (0.4)% | ||||||||
| Axon Enterprise, Inc. | (5,795 | ) | (1,153,147 | ) | ||||
| Air Freight & Logistics - (0.4)% | ||||||||
| GXO Logistics, Inc. | (19,215 | ) | (1,126,960 | ) | ||||
AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
September 30, 2023 (Unaudited)
Investments | Shares | Value ($) | ||||||
| Automobile Components - (0.7)% | ||||||||
| Fox Factory Holding Corp. | (10,980 | ) | (1,087,898 | ) | ||||
| QuantumScape Corp. | (171,410 | ) | (1,146,733 | ) | ||||
| (2,234,631 | ) | |||||||
| Automobiles - (0.9)% | ||||||||
| Rivian Automotive, Inc., Class A | (57,340 | ) | (1,392,215 | ) | ||||
| Tesla, Inc. | (4,880 | ) | (1,221,074 | ) | ||||
| (2,613,289 | ) | |||||||
| Banks - (0.4)% | ||||||||
| Western Alliance Bancorp | (23,485 | ) | (1,079,605 | ) | ||||
| Beverages - (0.8)% | ||||||||
| Boston Beer Co., Inc. (The), Class A | (3,355 | ) | (1,306,873 | ) | ||||
| Celsius Holdings, Inc. | (6,405 | ) | (1,099,098 | ) | ||||
| (2,405,971 | ) | |||||||
| Biotechnology - (1.1)% | ||||||||
| Blueprint Medicines Corp. | (24,095 | ) | (1,210,051 | ) | ||||
| Exact Sciences Corp. | (14,640 | ) | (998,741 | ) | ||||
| Intellia Therapeutics, Inc. | (31,110 | ) | (983,698 | ) | ||||
| (3,192,490 | ) | |||||||
| Broadline Retail - (0.7)% | ||||||||
| Etsy, Inc. | (16,165 | ) | (1,043,936 | ) | ||||
| Kohl’s Corp. | (50,325 | ) | (1,054,812 | ) | ||||
| (2,098,748 | ) | |||||||
| Building Products - (1.4)% | ||||||||
| Advanced Drainage Systems, Inc. | (9,455 | ) | (1,076,263 | ) | ||||
| Builders FirstSource, Inc. | (8,845 | ) | (1,101,114 | ) | ||||
| Fortune Brands Innovations, Inc. | (17,690 | ) | (1,099,611 | ) | ||||
| Trex Co., Inc. | (17,080 | ) | (1,052,640 | ) | ||||
| (4,329,628 | ) | |||||||
| Capital Markets - (6.2)% | ||||||||
| Affiliated Managers Group, Inc. | (8,845 | ) | (1,152,857 | ) | ||||
| Ares Management Corp. | (11,590 | ) | (1,192,263 | ) | ||||
| BlackRock, Inc. | (1,830 | ) | (1,183,077 | ) | ||||
| Blackstone, Inc., Class A | (11,590 | ) | (1,241,753 | ) | ||||
| Blue Owl Capital, Inc. | (104,920 | ) | (1,359,763 | ) | ||||
| Carlyle Group, Inc. (The) | (38,735 | ) | (1,168,248 | ) | ||||
| Coinbase Global, Inc., Class A | (15,860 | ) | (1,190,769 | ) | ||||
| Franklin Resources, Inc. | (45,445 | ) | (1,117,038 | ) | ||||
| Invesco Ltd. | (76,555 | ) | (1,111,579 | ) | ||||
| Janus Henderson Group plc | (43,920 | ) | (1,134,014 | ) | ||||
| Jefferies Financial Group, Inc. | (33,550 | ) | (1,228,936 | ) | ||||
| KKR & Co., Inc. | (19,520 | ) | (1,202,432 | ) | ||||
| Lazard Ltd., Class A | (35,075 | ) | (1,087,676 | ) | ||||
| Moody’s Corp. | (3,660 | ) | (1,157,182 | ) | ||||
| MSCI, Inc. | (2,135 | ) | (1,095,426 | ) | ||||
| T. Rowe Price Group, Inc. | (10,675 | ) | (1,119,487 | ) | ||||
| (18,742,500 | ) | |||||||
| Chemicals - (1.5)% | ||||||||
| Albemarle Corp. | (6,100 | ) | (1,037,244 | ) | ||||
| Celanese Corp., Series A | (9,760 | ) | (1,225,075 | ) | ||||
| Chemours Co. (The) | (35,075 | ) | (983,854 | ) | ||||
| Scotts Miracle-Gro Co. (The) | (22,265 | ) | (1,150,655 | ) | ||||
| (4,396,828 | ) | |||||||
Investments | Shares | Value ($) | ||||||
| Commercial Services & Supplies - (0.4)% | ||||||||
| Tetra Tech, Inc. | (7,320 | ) | (1,112,860 | ) | ||||
| Consumer Finance - (1.9)% | ||||||||
| Ally Financial, Inc. | (45,140 | ) | (1,204,335 | ) | ||||
| Capital One Financial Corp. | (11,590 | ) | (1,124,809 | ) | ||||
| Credit Acceptance Corp. | (2,440 | ) | (1,122,693 | ) | ||||
| OneMain Holdings, Inc. | (29,280 | ) | (1,173,835 | ) | ||||
| SoFi Technologies, Inc. | (142,740 | ) | (1,140,493 | ) | ||||
| (5,766,165 | ) | |||||||
| Consumer Staples Distribution & Retail - (2.3)% | ||||||||
| Costco Wholesale Corp. | (2,135 | ) | (1,206,189 | ) | ||||
| Performance Food Group Co. | (18,910 | ) | (1,113,043 | ) | ||||
| Sprouts Farmers Market, Inc. | (29,585 | ) | (1,266,238 | ) | ||||
| Sysco Corp. | (16,775 | ) | (1,107,989 | ) | ||||
| Target Corp. | (9,455 | ) | (1,045,439 | ) | ||||
| US Foods Holding Corp. | (29,280 | ) | (1,162,416 | ) | ||||
| (6,901,314 | ) | |||||||
| Electric Utilities - (1.8)% | ||||||||
| ALLETE, Inc. | (21,045 | ) | (1,111,176 | ) | ||||
| Edison International | (16,775 | ) | (1,061,690 | ) | ||||
| Exelon Corp. | (29,280 | ) | (1,106,491 | ) | ||||
| NextEra Energy, Inc. | (17,385 | ) | (995,986 | ) | ||||
| NRG Energy, Inc. | (31,415 | ) | (1,210,106 | ) | ||||
| (5,485,449 | ) | |||||||
| Electrical Equipment - (1.8)% | ||||||||
| Generac Holdings, Inc. | (9,760 | ) | (1,063,450 | ) | ||||
| Rockwell Automation, Inc. | (3,965 | ) | (1,133,474 | ) | ||||
| Shoals Technologies Group, Inc., Class A | (60,695 | ) | (1,107,684 | ) | ||||
| Sunrun, Inc. | (84,180 | ) | (1,057,301 | ) | ||||
| Vertiv Holdings Co. | (30,805 | ) | (1,145,946 | ) | ||||
| (5,507,855 | ) | |||||||
| Electronic Equipment, Instruments & Components - (0.3)% | ||||||||
| Coherent Corp. | (32,635 | ) | (1,065,206 | ) | ||||
| Energy Equipment & Services - (1.6)% | ||||||||
| Baker Hughes Co. | (32,635 | ) | (1,152,668 | ) | ||||
| Halliburton Co. | (30,500 | ) | (1,235,250 | ) | ||||
| NOV, Inc. | (56,730 | ) | (1,185,657 | ) | ||||
| Schlumberger NV | (20,435 | ) | (1,191,361 | ) | ||||
| (4,764,936 | ) | |||||||
| Entertainment - (0.8)% | ||||||||
| ROBLOX Corp., Class A | (43,310 | ) | (1,254,258 | ) | ||||
| Roku, Inc. | (15,250 | ) | (1,076,497 | ) | ||||
| (2,330,755 | ) | |||||||
| Financial Services - (2.7)% | ||||||||
| Affirm Holdings, Inc. | (65,575 | ) | (1,394,780 | ) | ||||
| Apollo Global Management, Inc. | (14,030 | ) | (1,259,333 | ) | ||||
| Block, Inc., Class A | (21,045 | ) | (931,452 | ) | ||||
| Global Payments, Inc. | (9,455 | ) | (1,091,012 | ) | ||||
| PayPal Holdings, Inc. | (19,215 | ) | (1,123,309 | ) | ||||
| Shift4 Payments, Inc., Class A | (21,045 | ) | (1,165,262 | ) | ||||
| Toast, Inc., Class A | (56,120 | ) | (1,051,127 | ) | ||||
| (8,016,275 | ) | |||||||
AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
September 30, 2023 (Unaudited)
Investments | Shares | Value ($) | ||||||
| Gas Utilities - (0.4)% | ||||||||
| UGI Corp. | (50,935 | ) | (1,171,505 | ) | ||||
| Ground Transportation - (1.1)% | ||||||||
| Avis Budget Group, Inc. | (5,185 | ) | (931,693 | ) | ||||
| Lyft, Inc., Class A | (114,375 | ) | (1,205,512 | ) | ||||
| XPO, Inc. | (16,775 | ) | (1,252,422 | ) | ||||
| (3,389,627 | ) | |||||||
| Health Care Equipment & Supplies - (2.1)% | ||||||||
| Align Technology, Inc. | (3,355 | ) | (1,024,349 | ) | ||||
| Dentsply Sirona, Inc. | (31,110 | ) | (1,062,718 | ) | ||||
| ICU Medical, Inc. | (8,540 | ) | (1,016,345 | ) | ||||
| Intuitive Surgical, Inc. | (3,965 | ) | (1,158,930 | ) | ||||
| Novocure Ltd. | (63,135 | ) | (1,019,630 | ) | ||||
| STAAR Surgical Co. | (27,450 | ) | (1,102,941 | ) | ||||
| (6,384,913 | ) | |||||||
| Health Care Providers & Services - (0.3)% | ||||||||
| Guardant Health, Inc. | (30,805 | ) | (913,060 | ) | ||||
| Health Care REITs - (0.3)% | ||||||||
| Medical Properties Trust, Inc., REIT | (166,530 | ) | (907,589 | ) | ||||
| Health Care Technology - (1.1)% | ||||||||
| Doximity, Inc., Class A | (50,020 | ) | (1,061,425 | ) | ||||
| Teladoc Health, Inc. | (53,070 | ) | (986,571 | ) | ||||
| Veeva Systems, Inc., Class A | (6,100 | ) | (1,241,045 | ) | ||||
| (3,289,041 | ) | |||||||
| Hotel & Resort REITs - (0.4)% | ||||||||
| Host Hotels & Resorts, Inc., REIT | (74,420 | ) | (1,195,929 | ) | ||||
| Hotels, Restaurants & Leisure - (3.0)% | ||||||||
| Airbnb, Inc., Class A | (9,455 | ) | (1,297,321 | ) | ||||
| Caesars Entertainment, Inc. | (22,570 | ) | (1,046,120 | ) | ||||
| Carnival Corp. | (74,725 | ) | (1,025,227 | ) | ||||
| DoorDash, Inc., Class A | (14,945 | ) | (1,187,679 | ) | ||||
| DraftKings, Inc., Class A | (41,785 | ) | (1,230,150 | ) | ||||
| MGM Resorts International | (29,280 | ) | (1,076,333 | ) | ||||
| Norwegian Cruise Line Holdings Ltd. | (70,455 | ) | (1,161,098 | ) | ||||
| Royal Caribbean Cruises Ltd. | (11,895 | ) | (1,096,005 | ) | ||||
| (9,119,933 | ) | |||||||
| Household Durables - (0.7)% | ||||||||
| Mohawk Industries, Inc. | (11,895 | ) | (1,020,710 | ) | ||||
| Newell Brands, Inc. | (117,425 | ) | (1,060,348 | ) | ||||
| (2,081,058 | ) | |||||||
| Independent Power and Renewable Electricity Producers - (0.7)% | ||||||||
| AES Corp. (The) | (65,575 | ) | (996,740 | ) | ||||
| Clearway Energy, Inc., Class C | (46,665 | ) | (987,431 | ) | ||||
| (1,984,171 | ) | |||||||
| Industrial REITs - (0.3)% | ||||||||
| Prologis, Inc., REIT | (9,455 | ) | (1,060,946 | ) | ||||
| Insurance - (0.4)% | ||||||||
| Lincoln National Corp. | (46,360 | ) | (1,144,628 | ) | ||||
Investments | Shares | Value ($) | ||||||
| Interactive Media & Services - (1.1)% | ||||||||
| Match Group, Inc. | (26,535 | ) | (1,039,509 | ) | ||||
| Snap, Inc., Class A | (124,440 | ) | (1,108,760 | ) | ||||
| ZoomInfo Technologies, Inc., Class A | (65,880 | ) | (1,080,432 | ) | ||||
| (3,228,701 | ) | |||||||
| IT Services - (1.6)% | ||||||||
| Cloudflare, Inc., Class A | (18,910 | ) | (1,192,086 | ) | ||||
| MongoDB, Inc. | (3,355 | ) | (1,160,360 | ) | ||||
| Okta, Inc. | (16,470 | ) | (1,342,470 | ) | ||||
| Twilio, Inc., Class A | (20,130 | ) | (1,178,209 | ) | ||||
| (4,873,125 | ) | |||||||
| Leisure Products - (0.7)% | ||||||||
| Peloton Interactive, Inc., Class A | (200,690 | ) | (1,013,485 | ) | ||||
| YETI Holdings, Inc. | (25,010 | ) | (1,205,982 | ) | ||||
| (2,219,467 | ) | |||||||
| Life Sciences Tools & Services - (2.8)% | ||||||||
| 10X Genomics, Inc., Class A | (25,010 | ) | (1,031,662 | ) | ||||
| Azenta, Inc. | (21,960 | ) | (1,102,172 | ) | ||||
| Charles River Laboratories International, Inc. | (5,795 | ) | (1,135,704 | ) | ||||
| Illumina, Inc. | (7,320 | ) | (1,004,890 | ) | ||||
| IQVIA Holdings, Inc. | (5,185 | ) | (1,020,149 | ) | ||||
| Medpace Holdings, Inc. | (4,575 | ) | (1,107,745 | ) | ||||
| Mettler-Toledo International, Inc. | (915 | ) | (1,013,884 | ) | ||||
| Repligen Corp. | (7,015 | ) | (1,115,455 | ) | ||||
| (8,531,661 | ) | |||||||
| Machinery - (1.1)% | ||||||||
| ITT, Inc. | (11,895 | ) | (1,164,639 | ) | ||||
| Pentair plc | (17,385 | ) | (1,125,679 | ) | ||||
| Stanley Black & Decker, Inc. | (12,810 | ) | (1,070,660 | ) | ||||
| (3,360,978 | ) | |||||||
| Media - (1.1)% | ||||||||
| DISH Network Corp., Class A | (194,590 | ) | (1,140,298 | ) | ||||
| Paramount Global, Class B | (79,910 | ) | (1,030,839 | ) | ||||
| Trade Desk, Inc. (The), Class A | (15,555 | ) | (1,215,623 | ) | ||||
| (3,386,760 | ) | |||||||
| Metals & Mining - (2.8)% | ||||||||
| Alcoa Corp. | (41,175 | ) | (1,196,545 | ) | ||||
| Cleveland-Cliffs, Inc. | (80,215 | ) | (1,253,760 | ) | ||||
| Freeport-McMoRan, Inc. | (30,195 | ) | (1,125,972 | ) | ||||
| MP Materials Corp. | (59,170 | ) | (1,130,147 | ) | ||||
| Nucor Corp. | (7,015 | ) | (1,096,795 | ) | ||||
| Steel Dynamics, Inc. | (11,590 | ) | (1,242,680 | ) | ||||
| United States Steel Corp. | (39,345 | ) | (1,277,926 | ) | ||||
| (8,323,825 | ) | |||||||
| Mortgage Real Estate Investment Trusts (REITs) - (0.4)% | ||||||||
| Annaly Capital Management, Inc. | (57,950 | ) | (1,090,040 | ) | ||||
| Multi-Utilities - (0.4)% | ||||||||
| Public Service Enterprise Group, Inc. | (19,215 | ) | (1,093,526 | ) | ||||
| Office REITs - (0.7)% | ||||||||
| Cousins Properties, Inc., REIT | (52,460 | ) | (1,068,610 | ) | ||||
| Vornado Realty Trust, REIT | (50,630 | ) | (1,148,289 | ) | ||||
| (2,216,899 | ) | |||||||
AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
September 30, 2023 (Unaudited)
Investments | Shares | Value ($) | ||||||
| Oil, Gas & Consumable Fuels - (1.1)% | ||||||||
| Equitrans Midstream Corp. | (122,000 | ) | (1,143,140 | ) | ||||
| Matador Resources Co. | (19,215 | ) | (1,142,908 | ) | ||||
| Ovintiv, Inc. | (25,010 | ) | (1,189,726 | ) | ||||
| (3,475,774 | ) | |||||||
| Passenger Airlines - (1.7)% | ||||||||
| American Airlines Group, Inc. | (79,910 | ) | (1,023,647 | ) | ||||
| Delta Air Lines, Inc. | (27,755 | ) | (1,026,935 | ) | ||||
| JetBlue Airways Corp. | (193,675 | ) | (890,905 | ) | ||||
| Joby Aviation, Inc. | (162,870 | ) | (1,050,512 | ) | ||||
| United Airlines Holdings, Inc. | (23,790 | ) | (1,006,317 | ) | ||||
| (4,998,316 | ) | |||||||
| Personal Care Products - (0.7)% | ||||||||
| Coty, Inc., Class A | (104,310 | ) | (1,144,280 | ) | ||||
| Estee Lauder Cos., Inc. (The), Class A | (7,625 | ) | (1,102,194 | ) | ||||
| (2,246,474 | ) | |||||||
| Pharmaceuticals - (0.7)% | ||||||||
| Catalent, Inc. | (25,925 | ) | (1,180,365 | ) | ||||
| Elanco Animal Health, Inc. | (92,415 | ) | (1,038,745 | ) | ||||
| (2,219,110 | ) | |||||||
| Professional Services - (2.5)% | ||||||||
| Alight, Inc., Class A | (156,770 | ) | (1,111,499 | ) | ||||
| Ceridian HCM Holding, Inc. | (16,470 | ) | (1,117,489 | ) | ||||
| Clarivate plc | (163,175 | ) | (1,094,904 | ) | ||||
| Equifax, Inc. | (5,795 | ) | (1,061,528 | ) | ||||
| Paycom Software, Inc. | (3,965 | ) | (1,028,006 | ) | ||||
| Paylocity Holding Corp. | (5,795 | ) | (1,052,952 | ) | ||||
| TransUnion | (14,640 | ) | (1,051,006 | ) | ||||
| (7,517,384 | ) | |||||||
| Real Estate Management & Development - (1.3)% | ||||||||
| CoStar Group, Inc. | (14,335 | ) | (1,102,218 | ) | ||||
| Jones Lang LaSalle, Inc. | (7,015 | ) | (990,378 | ) | ||||
| Opendoor Technologies, Inc. | (335,805 | ) | (886,525 | ) | ||||
| Zillow Group, Inc., Class C | (23,180 | ) | (1,069,989 | ) | ||||
| (4,049,110 | ) | |||||||
| Semiconductors & Semiconductor Equipment - (1.1)% | ||||||||
| Entegris, Inc. | (12,200 | ) | (1,145,702 | ) | ||||
| Lam Research Corp. | (1,830 | ) | (1,146,989 | ) | ||||
| SolarEdge Technologies, Inc. | (7,320 | ) | (948,013 | ) | ||||
| (3,240,704 | ) | |||||||
| Software - (7.8)% | ||||||||
| AppLovin Corp., Class A | (28,975 | ) | (1,157,841 | ) | ||||
| Asana, Inc., Class A | (55,510 | ) | (1,016,388 | ) | ||||
| Atlassian Corp., Class A | (6,100 | ) | (1,229,211 | ) | ||||
| BILL Holdings, Inc. | (10,980 | ) | (1,192,099 | ) | ||||
| Confluent, Inc., Class A | (36,905 | ) | (1,092,757 | ) | ||||
| DocuSign, Inc. | (24,705 | ) | (1,037,610 | ) | ||||
| Elastic NV | (20,435 | ) | (1,660,139 | ) | ||||
| Five9, Inc. | (16,775 | ) | (1,078,632 | ) | ||||
| Gitlab, Inc., Class A | (26,230 | ) | (1,186,121 | ) | ||||
| HashiCorp, Inc., Class A | (41,785 | ) | (953,952 | ) | ||||
| HubSpot, Inc. | (2,440 | ) | (1,201,700 | ) | ||||
| MicroStrategy, Inc., Class A | (3,355 | ) | (1,101,379 | ) | ||||
| Rapid7, Inc. | (24,400 | ) | (1,117,032 | ) | ||||
| RingCentral, Inc., Class A | (39,955 | ) | (1,183,867 | ) | ||||
Investments | Shares | Value ($) | ||||||
| Smartsheet, Inc., Class A | (29,585 | ) | (1,197,009 | ) | ||||
| Splunk, Inc. | (10,065 | ) | (1,472,006 | ) | ||||
| UiPath, Inc., Class A | (78,080 | ) | (1,335,949 | ) | ||||
| Unity Software, Inc. | (33,855 | ) | (1,062,708 | ) | ||||
| Varonis Systems, Inc. | (37,515 | ) | (1,145,708 | ) | ||||
| Zscaler, Inc. | (8,235 | ) | (1,281,284 | ) | ||||
| (23,703,392 | ) | |||||||
| Specialized REITs - (1.5)% | ||||||||
| Digital Realty Trust, Inc., REIT | (9,150 | ) | (1,107,333 | ) | ||||
| Iron Mountain, Inc., REIT | (18,910 | ) | (1,124,199 | ) | ||||
| Lamar Advertising Co., Class A, REIT | (13,115 | ) | (1,094,709 | ) | ||||
| National Storage Affiliates Trust, REIT | (35,075 | ) | (1,113,281 | ) | ||||
| (4,439,522 | ) | |||||||
| Specialty Retail - (1.3)% | ||||||||
| Chewy, Inc., Class A | (45,140 | ) | (824,256 | ) | ||||
| Floor & Decor Holdings, Inc., Class A | (12,200 | ) | (1,104,100 | ) | ||||
| RH | (3,355 | ) | (886,928 | ) | ||||
| Wayfair, Inc., Class A | (18,300 | ) | (1,108,431 | ) | ||||
| (3,923,715 | ) | |||||||
| Textiles, Apparel & Luxury Goods - (1.1)% | ||||||||
| PVH Corp. | (14,945 | ) | (1,143,442 | ) | ||||
| Under Armour, Inc., Class A | (156,160 | ) | (1,069,696 | ) | ||||
| VF Corp. | (61,000 | ) | (1,077,870 | ) | ||||
| (3,291,008 | ) | |||||||
| Trading Companies & Distributors - (1.1)% | ||||||||
| SiteOne Landscape Supply, Inc. | (7,625 | ) | (1,246,306 | ) | ||||
| United Rentals, Inc. | (2,440 | ) | (1,084,751 | ) | ||||
| WESCO International, Inc. | (7,320 | ) | (1,052,762 | ) | ||||
| (3,383,819 | ) | |||||||
| Water Utilities - (0.3)% | ||||||||
| American Water Works Co., Inc. | (8,540 | ) | (1,057,508 | ) | ||||
| TOTAL COMMON STOCKS (Proceeds $(260,870,247)) | (222,837,830 | ) | ||||||
| TOTAL SHORT POSITIONS (Proceeds $(260,870,247)) | (222,837,830 | ) | ||||||
| Total Investments - 3.9% (Net Cost and Proceeds $(15,300,667)) | 11,772,867 | |||||||
| Other assets less liabilities - 96.1% | 290,203,492 | |||||||
| Net Assets - 100.0% | 301,976,359 | |||||||
| * | Non-income producing security. |
| (a) | All or a portion of this security is segregated in connection with obligations for securities sold short with a total value of $117,871,295. |
| ‡ | Security fair valued as of September 30, 2023 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at September 30, 2023 amounted to $0, which represents approximately 0.00% of net assets of the Fund. |
AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
September 30, 2023 (Unaudited)
OTC Total return swap contracts outstanding as of September 30, 2023
| Notional Amount | Termination Date(1) | Counterparty | Rate Paid (Received)(2) | Payment Frequency | Underlying Instrument(3) | Value and Unrealized Appreciation/ (Depreciation) ($) | |||||||||||||||
| USD | 41,869,151 | 10/1/2025 | Morgan Stanley | 5.68 | % | Monthly | Dow Jones U.S. Low Beta Total Return Index(4) | (225,750 | ) | ||||||||||||
| USD | (39,220,584 | ) | 10/1/2025 | Morgan Stanley | 4.93 | % | Monthly | Dow Jones U.S. High Beta Total Return Index(5) | (102,072 | ) | |||||||||||
| (327,822 | ) | ||||||||||||||||||||
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate (based on the U.S. effective federal funds rate), as of September 30, 2023, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Payments may be made at the conclusion of the agreement or periodically during its term. |
| (3) | The 50 largest components of the referenced underlying Swap Index can be found at www.agf.com/us/resources |
| (4) | The Dow Jones U.S. Low Beta Total Return Index (DJTLABT) is designed to measure the performance of 200 companies ranked as having the lowest beta. Beta is calculated using weekly returns for the previous 52 weeks. Dividends are reinvested. |
| (5) | The Dow Jones U.S. High Beta Total Return Index (DJTSABT) is designed to measure the performance of 200 companies ranked as having the highest beta. Beta is calculated using weekly returns for the previous 52 weeks. Dividends are reinvested. |
Abbreviations
| USD | US Dollar |
AGF Investments Trust
AGF Global Infrastructure ETF
Schedule of Investments
September 30, 2023 (Unaudited)
Investments | Shares | Value ($) | ||||||
| COMMON STOCKS - 98.3% | ||||||||
| Broadline Retail - 0.5% | ||||||||
| Amazon.com, Inc.* | 140 | 17,797 | ||||||
| Commercial Services & Supplies - 1.1% | ||||||||
| Republic Services, Inc. | 130 | 18,526 | ||||||
| Waste Connections, Inc. | 144 | 19,335 | ||||||
| 37,861 | ||||||||
| Construction & Engineering - 7.1% | ||||||||
| Quanta Services, Inc. | 348 | 65,100 | ||||||
| Vinci SA | 1,696 | 187,759 | ||||||
| 252,859 | ||||||||
| Diversified Telecommunication Services - 0.6% | ||||||||
| Cellnex Telecom SA | 601 | 20,898 | ||||||
| Electric Utilities - 15.6% | ||||||||
| American Electric Power Co., Inc. | 363 | 27,305 | ||||||
| Contact Energy Ltd. | 2,886 | 13,907 | ||||||
| Duke Energy Corp. | 456 | 40,247 | ||||||
| Edison International | 929 | 58,796 | ||||||
| Endesa SA | 1,383 | 28,109 | ||||||
| Enel SpA | 4,527 | 27,779 | ||||||
| Evergy, Inc. | 333 | 16,883 | ||||||
| Eversource Energy | 477 | 27,738 | ||||||
| Exelon Corp. | 768 | 29,023 | ||||||
| Fortis, Inc. | 774 | 29,399 | ||||||
| Hydro One Ltd. | 581 | 14,792 | ||||||
| Iberdrola SA | 1,119 | 12,494 | ||||||
| NextEra Energy, Inc. | 1,366 | 78,258 | ||||||
| OGE Energy Corp. | 438 | 14,598 | ||||||
| Redeia Corp. SA | 1,080 | 16,962 | ||||||
| Southern Co. (The) | 548 | 35,467 | ||||||
| SSE plc | 770 | 15,088 | ||||||
| Terna - Rete Elettrica Nazionale | 3,506 | 26,375 | ||||||
| Xcel Energy, Inc. | 691 | 39,539 | ||||||
| 552,759 | ||||||||
| Electrical Equipment - 2.0% | ||||||||
| Emerson Electric Co. | 472 | 45,581 | ||||||
| EnerSys | 141 | 13,349 | ||||||
| GS Yuasa Corp. | 700 | 12,462 | ||||||
| 71,392 | ||||||||
| Electronic Equipment, Instruments & Components - 0.3% | ||||||||
| Badger Meter, Inc. | 82 | 11,797 | ||||||
| Gas Utilities - 7.5% | ||||||||
| APA Group | 2,168 | 11,554 | ||||||
| Atmos Energy Corp. | 249 | 26,377 | ||||||
| China Gas Holdings Ltd. | 15,800 | 14,861 | ||||||
| China Resources Gas Group Ltd. | 7,200 | 20,939 | ||||||
| Enagas SA | 3,074 | 50,870 | ||||||
| ENN Energy Holdings Ltd. | 1,676 | 13,852 | ||||||
Investments | Shares | Value ($) | ||||||
| Italgas SpA | 2,927 | 14,970 | ||||||
| New Jersey Resources Corp. | 299 | 12,148 | ||||||
| ONE Gas, Inc. | 342 | 23,352 | ||||||
| Snam SpA | 7,355 | 34,529 | ||||||
| Spire, Inc. | 534 | 30,214 | ||||||
| UGI Corp. | 598 | 13,754 | ||||||
| 267,420 | ||||||||
| Ground Transportation - 3.2% | ||||||||
| Canadian National Railway Co. | 200 | 21,659 | ||||||
| CSX Corp. | 765 | 23,524 | ||||||
| Kyushu Railway Co. | 800 | 17,014 | ||||||
| Union Pacific Corp. | 167 | 34,006 | ||||||
| West Japan Railway Co. | 400 | 16,550 | ||||||
| 112,753 | ||||||||
| Independent Power and Renewable Electricity Producers - 1.7% | ||||||||
| Atlantica Sustainable Infrastructure plc | 185 | 3,534 | ||||||
| Capital Power Corp. | 300 | 8,375 | ||||||
| Clearway Energy, Inc. | 585 | 12,379 | ||||||
| Engie Brasil Energia SA | 1,500 | 12,363 | ||||||
| Innergex Renewable Energy, Inc. | 2,011 | 15,058 | ||||||
| Northland Power, Inc. | 617 | 10,048 | ||||||
| 61,757 | ||||||||
| Industrial Conglomerates - 0.7% | ||||||||
| DCC plc | 437 | 24,499 | ||||||
| Industrial REITs - 1.0% | ||||||||
| CapitaLand Ascendas REIT, REIT | 7,000 | 14,070 | ||||||
| STAG Industrial, Inc., REIT | 606 | 20,913 | ||||||
| 34,983 | ||||||||
| Interactive Media & Services - 1.1% | ||||||||
| Alphabet, Inc., Class C* | 299 | 39,423 | ||||||
| Machinery - 1.7% | ||||||||
| Alfa Laval AB | 701 | 23,984 | ||||||
| Hitachi Zosen Corp. | 2,400 | 13,463 | ||||||
| Pentair plc | 360 | 23,310 | ||||||
| 60,757 | ||||||||
| Multi-Utilities - 10.6% | ||||||||
| A2A SpA | 20,010 | 35,570 | ||||||
| CenterPoint Energy, Inc. | 264 | 7,088 | ||||||
| Consolidated Edison, Inc. | 181 | 15,481 | ||||||
| E.ON SE | 1,502 | 17,792 | ||||||
| Engie SA | 921 | 14,122 | ||||||
| National Grid plc | 9,551 | 114,008 | ||||||
| REN - Redes Energeticas Nacionais SGPS SA | 7,079 | 18,095 | ||||||
| Sempra | 1,905 | 129,597 | ||||||
| Veolia Environnement SA | 878 | 25,401 | ||||||
| 377,154 | ||||||||
| Oil, Gas & Consumable Fuels - 20.5% | ||||||||
| Cheniere Energy, Inc. | 709 | 117,666 | ||||||
| Enbridge, Inc. | 6,702 | 222,290 | ||||||
| Keyera Corp. | 1,743 | 40,923 | ||||||
AGF Investments Trust
AGF Global Infrastructure ETF
Schedule of Investments (continued)
September 30, 2023 (Unaudited)
Investments | Shares | Value ($) | ||||||
| Kinder Morgan, Inc. | 7,480 | 124,018 | ||||||
| ONEOK, Inc. | 1,842 | 116,838 | ||||||
| Pembina Pipeline Corp. | 673 | 20,236 | ||||||
| Williams Cos., Inc. (The) | 2,569 | 86,550 | ||||||
| 728,521 | ||||||||
| Software - 1.5% | ||||||||
| Microsoft Corp. | 114 | 35,995 | ||||||
| Oracle Corp. | 167 | 17,689 | ||||||
| 53,684 | ||||||||
| Specialized REITs - 6.0% | ||||||||
| American Tower Corp., REIT | 511 | 84,034 | ||||||
| Crown Castle, Inc., REIT | 197 | 18,130 | ||||||
| Equinix, Inc., REIT | 59 | 42,849 | ||||||
| Iron Mountain, Inc., REIT | 831 | 49,403 | ||||||
| Keppel DC REIT, REIT | 12,700 | 19,343 | ||||||
| 213,759 | ||||||||
| Transportation Infrastructure - 12.5% | ||||||||
| Aena SME SA | 881 | 132,517 | ||||||
| Atlas Arteria Ltd. | 5,633 | 20,019 | ||||||
| Flughafen Zurich AG (Registered) | 141 | 26,885 | ||||||
| Getlink SE | 673 | 10,723 | ||||||
| Grupo Aeroportuario del Centro Norte SAB de CV, ADR | 299 | 25,986 | ||||||
| Grupo Aeroportuario del Pacifico SAB de CV, ADR | 161 | 26,463 | ||||||
| Grupo Aeroportuario del Sureste SAB de CV, ADR | 122 | 29,977 | ||||||
| Kamigumi Co. Ltd. | 912 | 18,786 | ||||||
| Qube Holdings Ltd. | 4,299 | 7,929 | ||||||
| Salik Co. PJSC | 26,481 | 23,872 | ||||||
| Shenzhen Expressway Corp. Ltd., Class H | 14,000 | 11,433 | ||||||
| Transurban Group | 8,881 | 72,322 | ||||||
| Yuexiu Transport Infrastructure Ltd. | 40,000 | 21,132 | ||||||
| Zhejiang Expressway Co. Ltd., Class H | 22,000 | 16,390 | ||||||
| 444,434 | ||||||||
| Water Utilities - 3.1% | ||||||||
| American Water Works Co., Inc. | 703 | 87,052 | ||||||
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP, ADR* | 993 | 12,035 | ||||||
| Essential Utilities, Inc. | 263 | 9,029 | ||||||
| 108,116 | ||||||||
| TOTAL COMMON STOCKS (Cost $3,652,750) | 3,492,623 | |||||||
| MASTER LIMITED PARTNERSHIPS - 1.7% | ||||||||
| Multi-Utilities - 0.9% | ||||||||
| Brookfield Infrastructure Partners LP (Cost $34,838) | 1,022 | 30,047 | ||||||
| Oil, Gas & Consumable Fuels - 0.8% | ||||||||
| Energy Transfer LP (Cost $19,868) | 2,014 | 28,256 | ||||||
Investments | Shares | Value ($) | ||||||
| TOTAL MASTER LIMITED PARTNERSHIPS (Cost $54,706) | 58,303 | |||||||
| Total Investments - 100.0% (Cost $3,707,456) | 3,550,926 | |||||||
| Other assets less liabilities - 0.0%(a) | 1,379 | |||||||
| Net Assets - 100.0% | 3,552,305 | |||||||
| * | Non-income producing security. |
| (a) | Represents less than 0.05% of net assets. |
| Abbreviations | |
| ADR | American Depositary Receipt |
| PJSC | Public Joint Stock Company |
| AGF Global Infrastructure ETF invested, as a percentage of net assets, in the following countries as of September 30, 2023: | ||||
| Australia | 3.2 | % | ||
| Brazil | 0.7 | % | ||
| Canada | 11.6 | % | ||
| China | 2.8 | % | ||
| France | 6.7 | % | ||
| Germany | 0.5 | % | ||
| Italy | 3.9 | % | ||
| Japan | 2.2 | % | ||
| Mexico | 2.3 | % | ||
| New Zealand | 0.4 | % | ||
| Portugal | 0.5 | % | ||
| Singapore | 0.9 | % | ||
| Spain | 7.5 | % | ||
| Sweden | 0.7 | % | ||
| Switzerland | 0.8 | % | ||
| United Arab Emirates | 0.7 | % | ||
| United Kingdom | 4.3 | % | ||
| United States | 50.3 | % | ||
| 100.0 | % | |||
AGF Investments Trust
Notes to Quarterly Schedules of Investments
September 30, 2023 (Unaudited)
Investment Valuation
The Funds disclose the fair value of their investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Funds (observable inputs) and (2) the Funds’ own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:
| ● | Level 1 — Quoted prices in active markets for identical assets that the Funds have the ability to access. |
| ● | Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| ● | Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the valuations as of September 30, 2023 for each Fund based upon the three levels defined above:
| AGF U.S. Market Neutral Anti-Beta Fund | Level 1 — Quoted Prices | Level 2 — Other Significant Observable Inputs | Level 3 — Significant Unobservable Inputs | Total | ||||||||||||
| Investments | ||||||||||||||||
| Assets | ||||||||||||||||
| Common Stocks** | $ | 234,610,697 | $ | — | $ | — | * | $ | 234,610,697 | |||||||
| Liabilities | ||||||||||||||||
| Common Stocks** | (222,837,830 | ) | — | — | (222,837,830 | ) | ||||||||||
| Total Investments | $ | 11,772,867 | $ | — | $ | — | $ | 11,772,867 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Swap Agreements*** | — | (327,822 | ) | — | (327,822 | ) | ||||||||||
| Total Other Financial Instruments | $ | — | $ | (327,822 | ) | $ | — | $ | (327,822 | ) | ||||||
| AGF Global Infrastructure ETF | ||||||||||||||||
| Investments | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Construction & Engineering | $ | 65,100 | $ | 187,759 | $ | — | $ | 252,859 | ||||||||
| Diversified Telecommunication Services | — | 20,898 | — | 20,898 | ||||||||||||
| Electric Utilities | 412,045 | 140,714 | — | 552,759 | ||||||||||||
| Electrical Equipment | 58,930 | 12,462 | — | 71,392 | ||||||||||||
| Gas Utilities | 105,845 | 161,575 | — | 267,420 | ||||||||||||
| Ground Transportation | 79,189 | 33,564 | — | 112,753 | ||||||||||||
| Industrial Conglomerates | — | 24,499 | — | 24,499 | ||||||||||||
| Industrial REITs | 20,913 | 14,070 | — | 34,983 | ||||||||||||
| Machinery | 23,310 | 37,447 | — | 60,757 | ||||||||||||
| Multi-Utilities | 152,166 | 224,988 | — | 377,154 | ||||||||||||
| Specialized REITs | 194,416 | 19,343 | — | 213,759 | ||||||||||||
| Transportation Infrastructure | 82,426 | 362,008 | — | 444,434 | ||||||||||||
| Other** | 1,058,956 | — | — | 1,058,956 | ||||||||||||
| Master Limited Partnerships | 58,303 | — | — | 58,303 | ||||||||||||
| Total Investments | $ | 2,311,599 | $ | 1,239,327 | $ | — | $ | 3,550,926 | ||||||||
| * | Security has zero value. |
| ** | See Schedules of Investments for segregation by industry. |
| *** | The
tables above are based on market values or unrealized appreciation/(depreciation) rather than the notional amounts of derivatives. The uncertainties surrounding the valuation inputs for a derivative are likely to be more significant to a Fund’s NAV than the uncertainties surrounding inputs for a non-derivative security with the same market value. |