AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments
March 31, 2024 (Unaudited)
| Investments | Shares | Value ($) | ||||||
| Long Positions - 91.5% | ||||||||
| Common Stocks - 91.5% | ||||||||
| Aerospace & Defense - 3.8% | ||||||||
| BWX Technologies, Inc.(a) | 11,308 | 1,160,427 | ||||||
| Curtiss-Wright Corp.(a) | 4,369 | 1,118,202 | ||||||
| General Dynamics Corp.(a) | 3,855 | 1,088,999 | ||||||
| HEICO Corp.(a) | 5,140 | 981,740 | ||||||
| Lockheed Martin Corp.(a) | 2,313 | 1,052,114 | ||||||
| Northrop Grumman Corp.(a) | 2,313 | 1,107,141 | ||||||
| RTX Corp.(a) | 11,308 | 1,102,869 | ||||||
| Textron, Inc.(a) | 11,822 | 1,134,084 | ||||||
| 8,745,576 | ||||||||
| Air Freight & Logistics - 0.5% | ||||||||
| CH Robinson Worldwide, Inc.(a) | 13,878 | 1,056,671 | ||||||
| Automobile Components - 0.5% | ||||||||
| Fox Factory Holding Corp.*(a) | 20,817 | 1,083,941 | ||||||
| Biotechnology - 2.6% | ||||||||
| AbbVie, Inc.(a) | 5,654 | 1,029,593 | ||||||
| Alkermes plc*(a) | 33,924 | 918,323 | ||||||
| Amgen, Inc.(a) | 3,598 | 1,022,983 | ||||||
| Gilead Sciences, Inc.(a) | 13,878 | 1,016,564 | ||||||
| Neurocrine Biosciences, Inc.*(a) | 7,453 | 1,027,918 | ||||||
| Sarepta Therapeutics, Inc.*(a) | 7,453 | 964,865 | ||||||
| 5,980,246 | ||||||||
| Broadline Retail - 0.4% | ||||||||
| Ollie's Bargain Outlet Holdings, Inc.*(a) | 12,593 | 1,002,025 | ||||||
| Capital Markets - 1.3% | ||||||||
| Cboe Global Markets, Inc.(a) | 5,140 | 944,372 | ||||||
| CME Group, Inc.(a) | 4,626 | 995,932 | ||||||
| LPL Financial Holdings, Inc.(a) | 3,855 | 1,018,491 | ||||||
| 2,958,795 | ||||||||
| Chemicals - 2.3% | ||||||||
| CF Industries Holdings, Inc.(a) | 12,593 | 1,047,864 | ||||||
| Corteva, Inc.(a) | 18,504 | 1,067,126 | ||||||
| FMC Corp.(a) | 19,532 | 1,244,188 | ||||||
| Linde plc(a) | 2,313 | 1,073,972 | ||||||
| NewMarket Corp.(a) | 1,542 | 978,584 | ||||||
| 5,411,734 | ||||||||
| Commercial Services & Supplies - 2.3% | ||||||||
| Clean Harbors, Inc.*(a) | 5,654 | 1,138,207 | ||||||
| MSA Safety, Inc.(a) | 5,654 | 1,094,558 | ||||||
| Republic Services, Inc.(a) | 5,397 | 1,033,202 | ||||||
| Rollins, Inc.(a) | 23,644 | 1,094,008 | ||||||
| Waste Management, Inc.(a) | 4,883 | 1,040,811 | ||||||
| 5,400,786 | ||||||||
| Communications Equipment - 2.2% | ||||||||
| Ciena Corp.*(a) | 18,247 | 902,314 | ||||||
| Cisco Systems, Inc.(a) | 21,074 | 1,051,804 | ||||||
| F5, Inc.*(a) | 5,397 | 1,023,217 | ||||||
| Juniper Networks, Inc.(a) | 27,499 | 1,019,113 | ||||||
| Motorola Solutions, Inc.(a) | 3,084 | 1,094,758 | ||||||
| 5,091,206 | ||||||||
| Construction & Engineering - 1.1% | ||||||||
| EMCOR Group, Inc.(a) | 3,598 | 1,260,019 | ||||||
| MDU Resources Group, Inc.(a) | 48,059 | 1,211,087 | ||||||
| 2,471,106 | ||||||||
| Consumer Finance - 0.5% | ||||||||
| FirstCash Holdings, Inc.(a) | 8,738 | 1,114,445 | ||||||
| Consumer Staples Distribution & Retail - 2.4% | ||||||||
| BJ's Wholesale Club Holdings, Inc.*(a) | 14,135 | 1,069,313 | ||||||
| Casey's General Stores, Inc.(a) | 3,341 | 1,063,942 | ||||||
| Dollar General Corp.(a) | 7,453 | 1,163,115 | ||||||
| Kroger Co. (The)(a) | 21,588 | 1,233,322 | ||||||
| Sprouts Farmers Market, Inc.*(a) | 16,962 | 1,093,710 | ||||||
| 5,623,402 | ||||||||
| Containers & Packaging - 2.3% | ||||||||
| Amcor plc(a) | 111,795 | 1,063,171 | ||||||
| AptarGroup, Inc.(a) | 7,196 | 1,035,432 | ||||||
| Graphic Packaging Holding Co.(a) | 38,807 | 1,132,388 | ||||||
| Packaging Corp. of America(a) | 5,911 | 1,121,790 | ||||||
| Silgan Holdings, Inc.(a) | 22,873 | 1,110,713 | ||||||
| 5,463,494 | ||||||||
| Distributors - 0.5% | ||||||||
| Genuine Parts Co.(a) | 6,939 | 1,075,059 | ||||||
| Diversified Consumer Services - 0.9% | ||||||||
| Grand Canyon Education, Inc.*(a) | 7,710 | 1,050,179 | ||||||
| H&R Block, Inc.(a) | 20,817 | 1,022,323 | ||||||
| 2,072,502 | ||||||||
| Diversified REITs - 0.4% | ||||||||
| WP Carey, Inc., REIT(a) | 18,504 | 1,044,366 | ||||||
| Diversified Telecommunication Services - 0.9% | ||||||||
| AT&T, Inc.(a) | 61,423 | 1,081,045 | ||||||
| Verizon Communications, Inc.(a) | 25,700 | 1,078,372 | ||||||
| 2,159,417 | ||||||||
| Electric Utilities - 2.7% | ||||||||
| American Electric Power Co., Inc.(a) | 12,593 | 1,084,257 | ||||||
| Duke Energy Corp.(a) | 11,308 | 1,093,597 | ||||||
| Pinnacle West Capital Corp.(a) | 14,649 | 1,094,720 | ||||||
| PNM Resources, Inc.(a) | 27,499 | 1,035,062 | ||||||
| Southern Co. (The)(a) | 15,420 | 1,106,231 | ||||||
| Xcel Energy, Inc.(a) | 17,476 | 939,335 | ||||||
| 6,353,202 | ||||||||
| Electrical Equipment - 0.5% | ||||||||
| Hubbell, Inc.(a) | 2,827 | 1,173,346 | ||||||
| Electronic Equipment, Instruments & Components - 2.7% | ||||||||
| Avnet, Inc.(a) | 22,102 | 1,095,817 | ||||||
| CDW Corp.(a) | 4,112 | 1,051,767 | ||||||
| Corning, Inc.(a) | 31,354 | 1,033,428 | ||||||
| Crane NXT Co.(a) | 16,705 | 1,034,040 | ||||||
AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
March 31, 2024 (Unaudited)
| Investments | Shares | Value ($) | ||||||
| TD SYNNEX Corp.(a) | 10,023 | 1,133,601 | ||||||
| Teledyne Technologies, Inc.*(a) | 2,313 | 993,017 | ||||||
| 6,341,670 | ||||||||
| Energy Equipment & Services - 0.5% | ||||||||
| TechnipFMC plc(a) | 46,517 | 1,168,042 | ||||||
| Entertainment - 1.3% | ||||||||
| Electronic Arts, Inc.(a) | 7,196 | 954,693 | ||||||
| Endeavor Group Holdings, Inc., Class A(a) | 43,690 | 1,124,144 | ||||||
| TKO Group Holdings, Inc.(a) | 12,079 | 1,043,746 | ||||||
| 3,122,583 | ||||||||
| Financial Services - 0.5% | ||||||||
| Radian Group, Inc.(a) | 37,008 | 1,238,658 | ||||||
| Food Products - 2.3% | ||||||||
| Campbell Soup Co.(a) | 24,158 | 1,073,823 | ||||||
| Flowers Foods, Inc.(a) | 44,718 | 1,062,052 | ||||||
| General Mills, Inc.(a) | 15,677 | 1,096,920 | ||||||
| Kraft Heinz Co. (The)(a) | 28,270 | 1,043,163 | ||||||
| Lancaster Colony Corp.(a) | 5,140 | 1,067,218 | ||||||
| 5,343,176 | ||||||||
| Ground Transportation - 0.8% | ||||||||
| CSX Corp.(a) | 26,728 | 990,807 | ||||||
| Knight-Swift Transportation Holdings, Inc.(a) | 17,733 | 975,670 | ||||||
| 1,966,477 | ||||||||
| Health Care Providers & Services - 5.4% | ||||||||
| agilon health, Inc.*(a) | 165,508 | 1,009,599 | ||||||
| Cencora, Inc.(a) | 4,369 | 1,061,623 | ||||||
| Centene Corp.*(a) | 12,593 | 988,299 | ||||||
| Chemed Corp.(a) | 1,799 | 1,154,832 | ||||||
| Cigna Group (The)(a) | 3,084 | 1,120,078 | ||||||
| Elevance Health, Inc.(a) | 2,056 | 1,066,118 | ||||||
| HealthEquity, Inc.*(a) | 12,336 | 1,006,988 | ||||||
| Humana, Inc.(a) | 2,827 | 980,177 | ||||||
| McKesson Corp.(a) | 2,056 | 1,103,764 | ||||||
| Molina Healthcare, Inc.*(a) | 2,570 | 1,055,833 | ||||||
| Quest Diagnostics, Inc.(a) | 7,967 | 1,060,487 | ||||||
| UnitedHealth Group, Inc.(a) | 2,056 | 1,017,103 | ||||||
| 12,624,901 | ||||||||
| Health Care REITs - 0.9% | ||||||||
| Omega Healthcare Investors, Inc., REIT(a) | 32,639 | 1,033,677 | ||||||
| Sabra Health Care, Inc., REIT(a) | 73,245 | 1,081,829 | ||||||
| 2,115,506 | ||||||||
| Hotels, Restaurants & Leisure - 3.9% | ||||||||
| Chipotle Mexican Grill, Inc.*(a) | 257 | 747,040 | ||||||
| Choice Hotels International, Inc.(a) | 8,995 | 1,136,518 | ||||||
| Darden Restaurants, Inc.(a) | 5,911 | 988,024 | ||||||
| Hilton Worldwide Holdings, Inc.(a) | 5,140 | 1,096,413 | ||||||
| McDonald's Corp.(a) | 3,341 | 941,995 | ||||||
| Texas Roadhouse, Inc.(a) | 6,682 | 1,032,169 | ||||||
| Wendy's Co. (The)(a) | 56,026 | 1,055,530 | ||||||
| Wyndham Hotels & Resorts, Inc.(a) | 13,107 | 1,005,962 | ||||||
| Yum! Brands, Inc. | 7,453 | 1,033,358 | ||||||
| 9,037,009 | ||||||||
| Independent Power and Renewable Electricity Producers - 0.6% | ||||||||
| Vistra Corp.(a) | 20,817 | 1,449,904 | ||||||
| Industrial Conglomerates - 1.0% | ||||||||
| General Electric Co.(a) | 6,682 | 1,172,891 | ||||||
| Honeywell International, Inc.(a) | 5,140 | 1,054,985 | ||||||
| 2,227,876 | ||||||||
| Industrial REITs - 0.4% | ||||||||
| Americold Realty Trust, Inc., REIT*(a) | 40,349 | 1,005,497 | ||||||
| Insurance - 12.5% | ||||||||
| Allstate Corp. (The)(a) | 6,425 | 1,111,589 | ||||||
| Aon plc, Class A(a) | 3,341 | 1,114,958 | ||||||
| Arch Capital Group Ltd.*(a) | 11,565 | 1,069,069 | ||||||
| Assurant, Inc.(a) | 5,654 | 1,064,309 | ||||||
| Axis Capital Holdings Ltd.(a) | 16,448 | 1,069,449 | ||||||
| Brown & Brown, Inc.(a) | 12,079 | 1,057,396 | ||||||
| Chubb Ltd.(a) | 4,112 | 1,065,543 | ||||||
| Erie Indemnity Co., Class A(a) | 2,827 | 1,135,238 | ||||||
| Everest Group Ltd.(a) | 2,827 | 1,123,732 | ||||||
| Globe Life, Inc.(a) | 7,967 | 927,120 | ||||||
| Hanover Insurance Group, Inc. (The)(a) | 7,453 | 1,014,875 | ||||||
| Hartford Financial Services Group, Inc. (The)(a) | 10,794 | 1,112,322 | ||||||
| Loews Corp.(a) | 13,621 | 1,066,388 | ||||||
| Markel Group, Inc.*(a) | 771 | 1,173,061 | ||||||
| Marsh & McLennan Cos., Inc.(a) | 5,140 | 1,058,737 | ||||||
| Old Republic International Corp.(a) | 35,209 | 1,081,620 | ||||||
| Progressive Corp. (The)(a) | 5,397 | 1,116,208 | ||||||
| Reinsurance Group of America, Inc.(a) | 5,911 | 1,140,114 | ||||||
| RenaissanceRe Holdings Ltd.(a) | 4,626 | 1,087,249 | ||||||
| RLI Corp.(a) | 6,939 | 1,030,233 | ||||||
| Ryan Specialty Holdings, Inc., Class A(a) | 21,588 | 1,198,134 | ||||||
| Selective Insurance Group, Inc.(a) | 10,023 | 1,094,211 | ||||||
| Travelers Cos., Inc. (The)(a) | 4,626 | 1,064,628 | ||||||
| Unum Group(a) | 20,817 | 1,117,040 | ||||||
| W R Berkley Corp.(a) | 12,079 | 1,068,267 | ||||||
| White Mountains Insurance Group Ltd.(a) | 514 | 922,270 | ||||||
| Willis Towers Watson plc(a) | 3,598 | 989,450 | ||||||
| 29,073,210 | ||||||||
| IT Services - 1.7% | ||||||||
| Amdocs Ltd.(a) | 11,308 | 1,021,904 | ||||||
| Cognizant Technology Solutions Corp., Class A(a) | 12,850 | 941,777 | ||||||
| International Business Machines Corp.(a) | 5,654 | 1,079,688 | ||||||
| VeriSign, Inc.*(a) | 5,397 | 1,022,785 | ||||||
| 4,066,154 | ||||||||
AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
March 31, 2024 (Unaudited)
| Investments | Shares | Value ($) | ||||||
| Machinery - 1.5% | ||||||||
| Donaldson Co., Inc.(a) | 15,420 | 1,151,566 | ||||||
| PACCAR, Inc.(a) | 8,995 | 1,114,390 | ||||||
| Snap-on, Inc.(a) | 3,855 | 1,141,928 | ||||||
| 3,407,884 | ||||||||
| Media - 0.9% | ||||||||
| Fox Corp., Class A(a) | 34,438 | 1,076,876 | ||||||
| TEGNA, Inc.(a) | 74,530 | 1,113,478 | ||||||
| 2,190,354 | ||||||||
| Metals & Mining - 0.4% | ||||||||
| United States Steel Corp.(a) | 21,331 | 869,878 | ||||||
| Multi-Utilities - 0.9% | ||||||||
| Consolidated Edison, Inc.(a) | 11,822 | 1,073,556 | ||||||
| WEC Energy Group, Inc.(a) | 13,364 | 1,097,452 | ||||||
| 2,171,008 | ||||||||
| Office REITs - 0.4% | ||||||||
| COPT Defense Properties, REIT(a) | 43,176 | 1,043,564 | ||||||
| Oil, Gas & Consumable Fuels - 3.5% | ||||||||
| Chevron Corp.(a) | 6,682 | 1,054,019 | ||||||
| Diamondback Energy, Inc.(a) | 5,654 | 1,120,453 | ||||||
| Exxon Mobil Corp.(a) | 9,766 | 1,135,200 | ||||||
| Kinder Morgan, Inc.(a) | 59,624 | 1,093,504 | ||||||
| Marathon Petroleum Corp.(a) | 5,911 | 1,191,066 | ||||||
| Occidental Petroleum Corp.*(a) | 16,962 | 1,102,360 | ||||||
| Texas Pacific Land Corp.(a) | 2,313 | 1,338,094 | ||||||
| 8,034,696 | ||||||||
| Pharmaceuticals - 2.2% | ||||||||
| Bristol-Myers Squibb Co.(a) | 20,303 | 1,101,032 | ||||||
| Eli Lilly and Co.(a) | 1,285 | 999,678 | ||||||
| Johnson & Johnson(a) | 6,425 | 1,016,371 | ||||||
| Merck & Co., Inc.(a) | 7,967 | 1,051,246 | ||||||
| Pfizer, Inc.(a) | 37,522 | 1,041,235 | ||||||
| 5,209,562 | ||||||||
| Professional Services - 3.6% | ||||||||
| CACI International, Inc., Class A*(a) | 2,827 | 1,070,952 | ||||||
| FTI Consulting, Inc.*(a) | 4,626 | 972,802 | ||||||
| Jacobs Solutions, Inc.(a) | 6,939 | 1,066,732 | ||||||
| KBR, Inc.(a) | 17,219 | 1,096,162 | ||||||
| Paycom Software, Inc.(a) | 5,654 | 1,125,203 | ||||||
| Science Applications International Corp.(a) | 7,196 | 938,286 | ||||||
| TriNet Group, Inc.(a) | 7,967 | 1,055,548 | ||||||
| Verisk Analytics, Inc.(a) | 4,112 | 969,322 | ||||||
| 8,295,007 | ||||||||
| Residential REITs - 1.4% | ||||||||
| AvalonBay Communities, Inc., REIT(a) | 5,911 | 1,096,845 | ||||||
| Equity LifeStyle Properties, Inc., REIT(a) | 15,420 | 993,048 | ||||||
| Equity Residential, REIT(a) | 17,219 | 1,086,691 | ||||||
| 3,176,584 | ||||||||
| Retail REITs - 0.9% | ||||||||
| Agree Realty Corp., REIT(a) | 17,990 | 1,027,589 | ||||||
| Realty Income Corp., REIT(a) | 19,532 | 1,056,681 | ||||||
| 2,084,270 | ||||||||
| Semiconductors & Semiconductor Equipment - 0.9% | ||||||||
| Lattice Semiconductor Corp.*(a) | 13,621 | 1,065,571 | ||||||
| ON Semiconductor Corp.*(a) | 13,107 | 964,020 | ||||||
| 2,029,591 | ||||||||
| Software - 4.5% | ||||||||
| Aspen Technology, Inc.*(a) | 5,397 | 1,151,072 | ||||||
| CCC Intelligent Solutions Holdings, Inc.*(a) | 88,151 | 1,054,286 | ||||||
| Confluent, Inc., Class A*(a) | 30,583 | 933,393 | ||||||
| Dolby Laboratories, Inc., Class A(a) | 12,593 | 1,054,916 | ||||||
| Dropbox, Inc., Class A*(a) | 43,433 | 1,055,422 | ||||||
| Fortinet, Inc.*(a) | 14,906 | 1,018,229 | ||||||
| Guidewire Software, Inc.*(a) | 8,481 | 989,817 | ||||||
| Microsoft Corp.*(a) | 2,570 | 1,081,250 | ||||||
| PTC, Inc.*(a) | 5,654 | 1,068,267 | ||||||
| Roper Technologies, Inc.(a) | 1,799 | 1,008,951 | ||||||
| 10,415,603 | ||||||||
| Specialized REITs - 1.4% | ||||||||
| Digital Realty Trust, Inc., REIT(a) | 7,453 | 1,073,530 | ||||||
| Gaming and Leisure Properties, Inc., REIT(a) | 22,873 | 1,053,759 | ||||||
| VICI Properties, Inc., REIT(a) | 34,438 | 1,025,908 | ||||||
| 3,153,197 | ||||||||
| Specialty Retail - 4.1% | ||||||||
| AutoZone, Inc.*(a) | 257 | 809,974 | ||||||
| Dick's Sporting Goods, Inc.(a) | 5,911 | 1,329,147 | ||||||
| Five Below, Inc.*(a) | 5,140 | 932,293 | ||||||
| Murphy USA, Inc.(a) | 2,570 | 1,077,344 | ||||||
| O'Reilly Automotive, Inc.*(a) | 1,028 | 1,160,489 | ||||||
| Penske Automotive Group, Inc.(a) | 6,682 | 1,082,417 | ||||||
| TJX Cos., Inc. (The)(a) | 10,280 | 1,042,598 | ||||||
| Tractor Supply Co.(a) | 4,112 | 1,076,193 | ||||||
| Ulta Beauty, Inc.*(a) | 1,799 | 940,661 | ||||||
| 9,451,116 | ||||||||
| Technology Hardware, Storage & Peripherals - 1.0% | ||||||||
| HP, Inc.(a) | 35,466 | 1,071,783 | ||||||
| NetApp, Inc.(a) | 11,565 | 1,213,978 | ||||||
| 2,285,761 | ||||||||
| Textiles, Apparel & Luxury Goods - 0.5% | ||||||||
| Deckers Outdoor Corp.*(a) | 1,285 | 1,209,519 | ||||||
| Trading Companies & Distributors - 0.4% | ||||||||
| MSC Industrial Direct Co., Inc., Class A(a) | 10,280 | 997,571 | ||||||
| Wireless Telecommunication Services - 0.4% | ||||||||
| T-Mobile US, Inc.(a) | 6,168 | 1,006,741 | ||||||
| Total Common Stocks (Cost $194,439,285) | 213,093,888 | |||||||
| Total Long Positions (Cost $194,439,285) | 213,093,888 | |||||||
AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
March 31, 2024 (Unaudited)
| Investments | Shares | Value ($) | ||||||
| Short Positions - (92.2)% | ||||||||
| Common Stocks - (92.2)% | ||||||||
| Aerospace & Defense - (0.5)% | ||||||||
| Axon Enterprise, Inc. | (3,598 | ) | (1,125,742 | ) | ||||
| Air Freight & Logistics - (0.4)% | ||||||||
| GXO Logistics, Inc. | (19,018 | ) | (1,022,408 | ) | ||||
| Automobiles - (1.3)% | ||||||||
| Rivian Automotive, Inc., Class A | (94,319 | ) | (1,032,793 | ) | ||||
| Tesla, Inc. | (5,140 | ) | (903,561 | ) | ||||
| Thor Industries, Inc. | (8,224 | ) | (965,004 | ) | ||||
| (2,901,358 | ) | |||||||
| Banks - (5.1)% | ||||||||
| Bank OZK | (23,901 | ) | (1,086,540 | ) | ||||
| Citizens Financial Group, Inc. | (33,153 | ) | (1,203,122 | ) | ||||
| Comerica, Inc. | (20,560 | ) | (1,130,594 | ) | ||||
| First Citizens BancShares, Inc., Class A | (514 | ) | (840,390 | ) | ||||
| KeyCorp | (73,759 | ) | (1,166,130 | ) | ||||
| Pinnacle Financial Partners, Inc. | (12,079 | ) | (1,037,345 | ) | ||||
| Synovus Financial Corp. | (26,985 | ) | (1,081,019 | ) | ||||
| Valley National Bancorp | (122,846 | ) | (977,854 | ) | ||||
| Webster Financial Corp. | (21,588 | ) | (1,096,023 | ) | ||||
| Western Alliance Bancorp | (17,476 | ) | (1,121,784 | ) | ||||
| Zions Bancorp NA | (26,214 | ) | (1,137,688 | ) | ||||
| (11,878,489 | ) | |||||||
| Beverages - (1.3)% | ||||||||
| Boston Beer Co., Inc. (The), Class A | (2,827 | ) | (860,595 | ) | ||||
| Brown-Forman Corp., Class B | (17,733 | ) | (915,378 | ) | ||||
| Celsius Holdings, Inc. | (15,420 | ) | (1,278,626 | ) | ||||
| (3,054,599 | ) | |||||||
| Biotechnology - (2.7)% | ||||||||
| Arrowhead Pharmaceuticals, Inc. | (33,153 | ) | (948,176 | ) | ||||
| CRISPR Therapeutics AG | (11,822 | ) | (805,787 | ) | ||||
| Exact Sciences Corp. | (17,476 | ) | (1,206,892 | ) | ||||
| Intellia Therapeutics, Inc. | (36,494 | ) | (1,003,950 | ) | ||||
| Moderna, Inc. | (10,794 | ) | (1,150,209 | ) | ||||
| Natera, Inc. | (13,621 | ) | (1,245,777 | ) | ||||
| (6,360,791 | ) | |||||||
| Broadline Retail - (0.4)% | ||||||||
| Etsy, Inc. | (14,135 | ) | (971,357 | ) | ||||
| Building Products - (2.8)% | ||||||||
| Advanced Drainage Systems, Inc. | (6,168 | ) | (1,062,376 | ) | ||||
| Builders FirstSource, Inc. | (5,397 | ) | (1,125,545 | ) | ||||
| Fortune Brands Innovations, Inc. | (12,593 | ) | (1,066,249 | ) | ||||
| Owens Corning | (6,939 | ) | (1,157,425 | ) | ||||
| Simpson Manufacturing Co., Inc. | (5,140 | ) | (1,054,625 | ) | ||||
| Trex Co., Inc. | (10,537 | ) | (1,051,066 | ) | ||||
| (6,517,286 | ) | |||||||
| Capital Markets - (4.8)% | ||||||||
| Blackstone, Inc., Class A | (7,967 | ) | (1,046,625 | ) | ||||
| Blue Owl Capital, Inc. | (56,540 | ) | (1,066,344 | ) | ||||
| Carlyle Group, Inc. (The) | (22,873 | ) | (1,072,972 | ) | ||||
| Coinbase Global, Inc., Class A | (5,140 | ) | (1,362,717 | ) | ||||
| Janus Henderson Group plc | (32,639 | ) | (1,073,497 | ) | ||||
| Jefferies Financial Group, Inc. | (24,415 | ) | (1,076,702 | ) | ||||
| KKR & Co., Inc. | (10,537 | ) | (1,059,811 | ) | ||||
| Robinhood Markets, Inc., Class A | (64,764 | ) | (1,303,699 | ) | ||||
| T. Rowe Price Group, Inc. | (9,252 | ) | (1,128,004 | ) | ||||
| TPG, Inc. | (22,873 | ) | (1,022,423 | ) | ||||
| (11,212,794 | ) | |||||||
| Chemicals - (1.9)% | ||||||||
| Albemarle Corp. | (8,224 | ) | (1,083,430 | ) | ||||
| Celanese Corp., Series A | (6,682 | ) | (1,148,368 | ) | ||||
| Chemours Co. (The) | (34,952 | ) | (917,840 | ) | ||||
| Scotts Miracle-Gro Co. (The) | (17,219 | ) | (1,284,365 | ) | ||||
| (4,434,003 | ) | |||||||
| Communications Equipment - (0.4)% | ||||||||
| Lumentum Holdings, Inc. | (20,303 | ) | (961,347 | ) | ||||
| Construction & Engineering - (0.5)% | ||||||||
| API Group Corp. | (28,270 | ) | (1,110,163 | ) | ||||
| Construction Materials - (0.5)% | ||||||||
| Eagle Materials, Inc. | (4,112 | ) | (1,117,436 | ) | ||||
| Consumer Finance - (1.8)% | ||||||||
| Ally Financial, Inc. | (28,013 | ) | (1,137,048 | ) | ||||
| Credit Acceptance Corp. | (1,799 | ) | (992,238 | ) | ||||
| OneMain Holdings, Inc. | (21,845 | ) | (1,116,061 | ) | ||||
| SoFi Technologies, Inc. | (117,963 | ) | (861,130 | ) | ||||
| (4,106,477 | ) | |||||||
| Consumer Staples Distribution & Retail - (1.4)% | ||||||||
| Target Corp. | (6,682 | ) | (1,184,117 | ) | ||||
| US Foods Holding Corp. | (19,532 | ) | (1,054,142 | ) | ||||
| Walgreens Boots Alliance, Inc. | (48,059 | ) | (1,042,400 | ) | ||||
| (3,280,659 | ) | |||||||
| Containers & Packaging - (0.5)% | ||||||||
| Sealed Air Corp. | (28,013 | ) | (1,042,084 | ) | ||||
| Diversified Consumer Services - (0.5)% | ||||||||
| Duolingo, Inc. | (5,397 | ) | (1,190,470 | ) | ||||
| Diversified Telecommunication Services - (0.4)% | ||||||||
| Frontier Communications Parent, Inc. | (38,807 | ) | (950,772 | ) | ||||
| Electric Utilities - (0.6)% | ||||||||
| NRG Energy, Inc. | (19,018 | ) | (1,287,328 | ) | ||||
AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
March 31, 2024 (Unaudited)
| Investments | Shares | Value ($) | ||||||
| Electrical Equipment - (1.7)% | ||||||||
| Generac Holdings, Inc. | (9,252 | ) | (1,167,047 | ) | ||||
| NEXTracker, Inc., Class A | (16,962 | ) | (954,452 | ) | ||||
| Shoals Technologies Group, Inc., Class A | (66,049 | ) | (738,428 | ) | ||||
| Sunrun, Inc. | (88,665 | ) | (1,168,605 | ) | ||||
| (4,028,532 | ) | |||||||
| Electronic Equipment, Instruments & Components - (0.9)% | ||||||||
| Coherent Corp. | (17,219 | ) | (1,043,816 | ) | ||||
| Zebra Technologies Corp., Class A | (3,598 | ) | (1,084,581 | ) | ||||
| (2,128,397 | ) | |||||||
| Energy Equipment & Services - (3.0)% | ||||||||
| ChampionX Corp. | (32,382 | ) | (1,162,190 | ) | ||||
| Halliburton Co. | (28,784 | ) | (1,134,665 | ) | ||||
| Noble Corp. plc | (23,387 | ) | (1,134,036 | ) | ||||
| NOV, Inc. | (59,624 | ) | (1,163,860 | ) | ||||
| Schlumberger NV | (20,817 | ) | (1,140,980 | ) | ||||
| Transocean Ltd. | (212,282 | ) | (1,333,131 | ) | ||||
| (7,068,862 | ) | |||||||
| Entertainment - (0.8)% | ||||||||
| ROBLOX Corp., Class A | (24,415 | ) | (932,165 | ) | ||||
| Roku, Inc. | (15,677 | ) | (1,021,670 | ) | ||||
| (1,953,835 | ) | |||||||
| Financial Services - (2.2)% | ||||||||
| Affirm Holdings, Inc. | (26,985 | ) | (1,005,461 | ) | ||||
| Apollo Global Management, Inc. | (8,995 | ) | (1,011,488 | ) | ||||
| Block, Inc., Class A | (13,621 | ) | (1,152,064 | ) | ||||
| PayPal Holdings, Inc. | (16,962 | ) | (1,136,284 | ) | ||||
| Shift4 Payments, Inc., Class A | (13,878 | ) | (916,920 | ) | ||||
| (5,222,217 | ) | |||||||
| Food Products - (0.5)% | ||||||||
| Darling Ingredients, Inc. | (23,644 | ) | (1,099,682 | ) | ||||
| Gas Utilities - (0.5)% | ||||||||
| UGI Corp. | (42,662 | ) | (1,046,925 | ) | ||||
| Ground Transportation - (2.8)% | ||||||||
| Avis Budget Group, Inc. | (9,509 | ) | (1,164,472 | ) | ||||
| Lyft, Inc., Class A | (63,222 | ) | (1,223,346 | ) | ||||
| Old Dominion Freight Line, Inc. | (4,626 | ) | (1,014,528 | ) | ||||
| Saia, Inc. | (1,799 | ) | (1,052,415 | ) | ||||
| Uber Technologies, Inc. | (12,850 | ) | (989,322 | ) | ||||
| XPO, Inc. | (8,481 | ) | (1,034,936 | ) | ||||
| (6,479,019 | ) | |||||||
| Health Care Equipment & Supplies - (2.7)% | ||||||||
| Align Technology, Inc. | (3,341 | ) | (1,095,581 | ) | ||||
| ICU Medical, Inc. | (9,509 | ) | (1,020,506 | ) | ||||
| IDEXX Laboratories, Inc. | (1,799 | ) | (971,334 | ) | ||||
| Inspire Medical Systems, Inc. | (5,654 | ) | (1,214,422 | ) | ||||
| Novocure Ltd. | (67,591 | ) | (1,056,447 | ) | ||||
| Teleflex, Inc. | (4,369 | ) | (988,137 | ) | ||||
| (6,346,427 | ) | |||||||
| Health Care Providers & Services - (0.4)% | ||||||||
| Guardant Health, Inc. | (50,115 | ) | (1,033,872 | ) | ||||
| Health Care Technology - (1.3)% | ||||||||
| Doximity, Inc., Class A | (35,980 | ) | (968,222 | ) | ||||
| Teladoc Health, Inc. | (68,105 | ) | (1,028,385 | ) | ||||
| Veeva Systems, Inc., Class A | (4,626 | ) | (1,071,798 | ) | ||||
| (3,068,405 | ) | |||||||
| Hotels, Restaurants & Leisure - (4.4)% | ||||||||
| Airbnb, Inc., Class A | (6,682 | ) | (1,102,263 | ) | ||||
| Caesars Entertainment, Inc. | (24,672 | ) | (1,079,153 | ) | ||||
| Carnival Corp. | (68,105 | ) | (1,112,836 | ) | ||||
| DoorDash, Inc., Class A | (8,481 | ) | (1,168,003 | ) | ||||
| DraftKings, Inc., Class A | (24,929 | ) | (1,132,026 | ) | ||||
| Expedia Group, Inc. | (7,453 | ) | (1,026,651 | ) | ||||
| MGM Resorts International | (24,415 | ) | (1,152,632 | ) | ||||
| Norwegian Cruise Line Holdings Ltd. | (63,222 | ) | (1,323,236 | ) | ||||
| Penn Entertainment, Inc. | (60,652 | ) | (1,104,473 | ) | ||||
| (10,201,273 | ) | |||||||
| Household Durables - (1.0)% | ||||||||
| Mohawk Industries, Inc. | (8,738 | ) | (1,143,717 | ) | ||||
| TopBuild Corp. | (2,570 | ) | (1,132,676 | ) | ||||
| (2,276,393 | ) | |||||||
| Independent Power and Renewable Electricity Producers - (1.0)% | ||||||||
| AES Corp. (The) | (64,764 | ) | (1,161,218 | ) | ||||
| Clearway Energy, Inc., Class C | (46,517 | ) | (1,072,217 | ) | ||||
| (2,233,435 | ) | |||||||
| Industrial REITs - (0.4)% | ||||||||
| Prologis, Inc., REIT | (7,710 | ) | (1,003,996 | ) | ||||
| Insurance - (0.5)% | ||||||||
| Lincoln National Corp. | (37,522 | ) | (1,198,077 | ) | ||||
| Interactive Media & Services - (1.3)% | ||||||||
| Pinterest, Inc., Class A | (26,728 | ) | (926,660 | ) | ||||
| Snap, Inc., Class A | (94,062 | ) | (1,079,832 | ) | ||||
| ZoomInfo Technologies, Inc., Class A | (59,624 | ) | (955,772 | ) | ||||
| (2,962,264 | ) | |||||||
| IT Services - (1.7)% | ||||||||
| Cloudflare, Inc., Class A | (10,280 | ) | (995,412 | ) | ||||
| DXC Technology Co. | (46,774 | ) | (992,077 | ) | ||||
| MongoDB, Inc. | (2,313 | ) | (829,534 | ) | ||||
| Twilio, Inc., Class A | (17,476 | ) | (1,068,658 | ) | ||||
| (3,885,681 | ) | |||||||
| Leisure Products - (0.4)% | ||||||||
| Peloton Interactive, Inc., Class A | (220,506 | ) | (944,868 | ) | ||||
| Life Sciences Tools & Services - (2.1)% | ||||||||
| 10X Genomics, Inc., Class A | (22,102 | ) | (829,488 | ) | ||||
| Charles River Laboratories International, Inc. | (4,112 | ) | (1,114,146 | ) | ||||
| Illumina, Inc. | (7,453 | ) | (1,023,446 | ) | ||||
| IQVIA Holdings, Inc. | (4,112 | ) | (1,039,884 | ) | ||||
| Repligen Corp. | (5,140 | ) | (945,349 | ) | ||||
| (4,952,313 | ) | |||||||
| Machinery - (2.6)% | ||||||||
| Chart Industries, Inc. | (7,967 | ) | (1,312,324 | ) | ||||
| ITT, Inc. | (7,967 | ) | (1,083,751 | ) | ||||
AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
March 31, 2024 (Unaudited)
| Investments | Shares | Value ($) | ||||||
| Middleby Corp. (The) | (7,967 | ) | (1,281,014 | ) | ||||
| Pentair plc | (13,364 | ) | (1,141,820 | ) | ||||
| Stanley Black & Decker, Inc. | (11,565 | ) | (1,132,561 | ) | ||||
| (5,951,470 | ) | |||||||
| Media - (0.9)% | ||||||||
| Paramount Global, Class B | (90,978 | ) | (1,070,811 | ) | ||||
| Trade Desk, Inc. (The), Class A | (12,336 | ) | (1,078,413 | ) | ||||
| (2,149,224 | ) | |||||||
| Metals & Mining - (2.0)% | ||||||||
| Alcoa Corp. | (39,835 | ) | (1,346,025 | ) | ||||
| Cleveland-Cliffs, Inc. | (49,858 | ) | (1,133,771 | ) | ||||
| Freeport-McMoRan, Inc. | (26,471 | ) | (1,244,666 | ) | ||||
| MP Materials Corp. | (68,619 | ) | (981,252 | ) | ||||
| (4,705,714 | ) | |||||||
| Mortgage Real Estate Investment Trusts (REITs) - (0.5)% | ||||||||
| Annaly Capital Management, Inc. | (53,456 | ) | (1,052,549 | ) | ||||
| Multi-Utilities - (1.8)% | ||||||||
| Avista Corp. | (30,326 | ) | (1,062,016 | ) | ||||
| Black Hills Corp. | (19,532 | ) | (1,066,447 | ) | ||||
| Dominion Energy, Inc. | (21,588 | ) | (1,061,914 | ) | ||||
| Northwestern Energy Group, Inc. | (21,074 | ) | (1,073,299 | ) | ||||
| (4,263,676 | ) | |||||||
| Office REITs - (2.3)% | ||||||||
| Alexandria Real Estate Equities, Inc., REIT | (8,995 | ) | (1,159,545 | ) | ||||
| Boston Properties, Inc., REIT | (15,677 | ) | (1,023,865 | ) | ||||
| Cousins Properties, Inc., REIT | (44,718 | ) | (1,075,021 | ) | ||||
| Kilroy Realty Corp., REIT | (28,527 | ) | (1,039,239 | ) | ||||
| Vornado Realty Trust, REIT | (39,835 | ) | (1,146,053 | ) | ||||
| (5,443,723 | ) | |||||||
| Oil, Gas & Consumable Fuels - (1.0)% | ||||||||
| Equitrans Midstream Corp. | (96,632 | ) | (1,206,934 | ) | ||||
| Ovintiv, Inc. | (21,845 | ) | (1,133,755 | ) | ||||
| (2,340,689 | ) | |||||||
| Paper & Forest Products - (0.5)% | ||||||||
| Louisiana-Pacific Corp. | (14,392 | ) | (1,207,633 | ) | ||||
| Passenger Airlines - (0.5)% | ||||||||
| Delta Air Lines, Inc. | (24,158 | ) | (1,156,443 | ) | ||||
| Personal Care Products - (1.3)% | ||||||||
| Coty, Inc., Class A | (76,586 | ) | (915,969 | ) | ||||
| elf Beauty, Inc. | (5,140 | ) | (1,007,594 | ) | ||||
| Estee Lauder Cos., Inc. (The), Class A | (6,939 | ) | (1,069,647 | ) | ||||
| (2,993,210 | ) | |||||||
| Pharmaceuticals - (0.9)% | ||||||||
| Catalent, Inc. | (17,219 | ) | (972,013 | ) | ||||
| Elanco Animal Health, Inc. | (61,937 | ) | (1,008,334 | ) | ||||
| (1,980,347 | ) | |||||||
| Professional Services - (2.1)% | ||||||||
| Alight, Inc., Class A | (109,225 | ) | (1,075,866 | ) | ||||
| Clarivate plc | (112,823 | ) | (838,275 | ) | ||||
| Dayforce, Inc. | (14,135 | ) | (935,878 | ) | ||||
| Equifax, Inc. | (3,855 | ) | (1,031,290 | ) | ||||
| TransUnion | (13,107 | ) | (1,045,939 | ) | ||||
| (4,927,248 | ) | |||||||
| Real Estate Management & Development - (2.3)% | ||||||||
| CBRE Group, Inc., Class A | (11,308 | ) | (1,099,590 | ) | ||||
| CoStar Group, Inc. | (12,079 | ) | (1,166,831 | ) | ||||
| Jones Lang LaSalle, Inc. | (5,397 | ) | (1,052,901 | ) | ||||
| Opendoor Technologies, Inc. | (330,502 | ) | (1,001,421 | ) | ||||
| Zillow Group, Inc., Class C | (18,761 | ) | (915,162 | ) | ||||
| (5,235,905 | ) | |||||||
| Semiconductors & Semiconductor Equipment - (3.1)% | ||||||||
| Amkor Technology, Inc. | (32,896 | ) | (1,060,567 | ) | ||||
| Enphase Energy, Inc. | (8,481 | ) | (1,026,031 | ) | ||||
| Intel Corp. | (23,387 | ) | (1,033,004 | ) | ||||
| Marvell Technology, Inc. | (14,649 | ) | (1,038,321 | ) | ||||
| Monolithic Power Systems, Inc. | (1,285 | ) | (870,485 | ) | ||||
| SolarEdge Technologies, Inc. | (14,906 | ) | (1,058,028 | ) | ||||
| Wolfspeed, Inc. | (39,321 | ) | (1,159,969 | ) | ||||
| (7,246,405 | ) | |||||||
| Software - (6.8)% | ||||||||
| AppLovin Corp., Class A | (17,219 | ) | (1,191,899 | ) | ||||
| Braze, Inc., Class A | (17,476 | ) | (774,187 | ) | ||||
| DocuSign, Inc. | (19,532 | ) | (1,163,131 | ) | ||||
| DoubleVerify Holdings, Inc. | (23,644 | ) | (831,323 | ) | ||||
| Five9, Inc. | (15,934 | ) | (989,661 | ) | ||||
| HashiCorp, Inc., Class A | (40,092 | ) | (1,080,479 | ) | ||||
| HubSpot, Inc. | (1,542 | ) | (966,155 | ) | ||||
| MicroStrategy, Inc., Class A | (1,285 | ) | (2,190,360 | ) | ||||
| Palantir Technologies, Inc., Class A | (42,662 | ) | (981,653 | ) | ||||
| RingCentral, Inc., Class A | (32,382 | ) | (1,124,951 | ) | ||||
| Samsara, Inc., Class A | (30,069 | ) | (1,136,307 | ) | ||||
| Smartsheet, Inc., Class A | (23,901 | ) | (920,188 | ) | ||||
| UiPath, Inc., Class A | (41,891 | ) | (949,669 | ) | ||||
| Unity Software, Inc. | (30,583 | ) | (816,566 | ) | ||||
| Zscaler, Inc. | (4,112 | ) | (792,095 | ) | ||||
| (15,908,624 | ) | |||||||
| Specialized REITs - (0.9)% | ||||||||
| Lamar Advertising Co., Class A, REIT | (9,252 | ) | (1,104,782 | ) | ||||
| Rayonier, Inc., REIT | (30,326 | ) | (1,008,036 | ) | ||||
| (2,112,818 | ) | |||||||
| Specialty Retail - (2.6)% | ||||||||
| Carvana Co. | (14,392 | ) | (1,265,201 | ) | ||||
| Chewy, Inc., Class A | (60,652 | ) | (964,973 | ) | ||||
| Floor & Decor Holdings, Inc., Class A | (8,738 | ) | (1,132,620 | ) | ||||
| RH | (3,855 | ) | (1,342,542 | ) | ||||
| GNC Holdings, Inc.‡ | (6,956 | ) | — | |||||
| Wayfair, Inc., Class A | (19,275 | ) | (1,308,387 | ) | ||||
| (6,013,723 | ) | |||||||
| Textiles, Apparel & Luxury Goods - (0.8)% | ||||||||
| PVH Corp. | (7,453 | ) | (1,047,966 | ) | ||||
| Under Armour, Inc., Class A | (118,220 | ) | (872,464 | ) | ||||
| (1,920,430 | ) | |||||||
| Trading Companies & Distributors - (1.5)% | ||||||||
| SiteOne Landscape Supply, Inc. | (6,168 | ) | (1,076,624 | ) | ||||
| United Rentals, Inc. | (1,542 | ) | (1,111,952 | ) | ||||
AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
March 31, 2024 (Unaudited)
| Investments | Shares | Value ($) | ||||||
| WESCO International, Inc. | (6,939 | ) | (1,188,512 | ) | ||||
| (3,377,088 | ) | |||||||
| Water Utilities - (0.4)% | ||||||||
| American Water Works Co., Inc. | (8,481 | ) | (1,036,463 | ) | ||||
| Total Common Stocks (Proceeds $(216,853,457)) | (214,683,418 | ) | ||||||
| Total Short Positions (Proceeds $(216,853,457)) | (214,683,418 | ) | ||||||
| Total Investments - (0.7)% (Net Cost and Proceeds $(22,414,172)) | (1,589,530 | ) | ||||||
| Other assets less liabilities - 100.7% | 234,369,741 | |||||||
| Net Assets - 100.0% | 232,780,211 | |||||||
| * | 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 $163,377,374. |
| ‡ | Security fair valued as of March 31, 2024 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at March 31, 2024 amounted to $0, which represents approximately 0.00% of net assets of the Fund. |
OTC Total return swap contracts outstanding as of March 31, 2024
Notional |
Termination
|
Counterparty |
Rate
Paid |
Payment
Frequency |
Underlying
|
Value
and |
||||||||
| USD | 25,447,456 | 10/1/2025 | Morgan Stanley | 5.68 | % | Monthly | Dow Jones U.S. Low Beta
Total Return Index(4) |
3,980,640 | ||||||
| USD | (24,937,506 | ) | 10/1/2025 | Morgan Stanley | 4.93 | % | Monthly | Dow Jones U.S. High Beta
Total Return Index(5) |
(3,906,375 | ) | ||||
| 74,265 | ||||||||||||||
| (1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
| (2) | Reflects the floating financing rate (based on the U.S. effective federal funds rate), as of March 31, 2024, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Payments may be made at the conclusion of the agreement or periodically during its term. |
| (3) | The 50 largest components of the referenced underlying Swap Index can be found at www.agf.com/us/resources |
| (4) | The Dow Jones U.S. Low Beta Total Return Index (DJTLABT) is designed to measure the performance of 200 companies ranked as having the lowest beta. Beta is calculated using weekly returns for the previous 52 weeks. Dividends are reinvested. |
| (5) | The Dow Jones U.S. High Beta Total Return Index (DJTSABT) is designed to measure the performance of 200 companies ranked as having the highest beta. Beta is calculated using weekly returns for the previous 52 weeks. Dividends are reinvested. |
Abbreviations
| USD | US Dollar |
AGF Investments Trust
AGF Global Infrastructure ETF
Schedule of Investments
March 31, 2024 (Unaudited)
| Investments | Shares | Value ($) | ||||||
| Common Stocks - 97.6% | ||||||||
| Broadline Retail - 1.2% | ||||||||
| Amazon.com, Inc.* | 261 | 47,079 | ||||||
| Commercial Services & Supplies - 1.0% | ||||||||
| Republic Services, Inc. | 130 | 24,887 | ||||||
| Waste Management, Inc. | 67 | 14,281 | ||||||
| 39,168 | ||||||||
| Construction & Engineering - 9.8% | ||||||||
| Bouygues SA | 500 | 20,406 | ||||||
| China Railway Group Ltd., Class H | 40,000 | 19,778 | ||||||
| Ferrovial SE | 1,625 | 64,305 | ||||||
| Quanta Services, Inc. | 261 | 67,808 | ||||||
| Stantec, Inc. | 200 | 16,605 | ||||||
| Vinci SA | 1,522 | 195,005 | ||||||
| 383,907 | ||||||||
| Electric Utilities - 17.7% | ||||||||
| American Electric Power Co., Inc. | 1,293 | 111,327 | ||||||
| Constellation Energy Corp. | 68 | 12,570 | ||||||
| Duke Energy Corp. | 1,220 | 117,986 | ||||||
| Edison International | 1,061 | 75,045 | ||||||
| Endesa SA | 947 | 17,537 | ||||||
| Enel SpA | 8,379 | 55,314 | ||||||
| Eversource Energy | 873 | 52,179 | ||||||
| Iberdrola SA | 2,063 | 25,584 | ||||||
| Kansai Electric Power Co., Inc. (The) | 1,200 | 17,035 | ||||||
| Neoenergia SA | 3,700 | 15,013 | ||||||
| NextEra Energy, Inc. | 1,928 | 123,218 | ||||||
| Southern Co. (The) | 548 | 39,314 | ||||||
| SSE plc | 1,596 | 33,237 | ||||||
| 695,359 | ||||||||
| Electrical Equipment - 1.0% | ||||||||
| Emerson Electric Co. | 354 | 40,151 | ||||||
| Gas Utilities - 5.4% | ||||||||
| Atmos Energy Corp. | 81 | 9,629 | ||||||
| China Gas Holdings Ltd. | 19,800 | 17,860 | ||||||
| Enagas SA | 733 | 10,885 | ||||||
| ENN Energy Holdings Ltd. | 2,600 | 20,031 | ||||||
| Italgas SpA | 2,927 | 17,052 | ||||||
| New Jersey Resources Corp. | 554 | 23,772 | ||||||
| Snam SpA | 15,577 | 73,540 | ||||||
| Spire, Inc. | 666 | 40,872 | ||||||
| 213,641 | ||||||||
| Ground Transportation - 4.3% | ||||||||
| Canadian National Railway Co. | 297 | 39,110 | ||||||
| Central Japan Railway Co. | 400 | 9,914 | ||||||
| CSX Corp. | 1,265 | 46,893 | ||||||
| Kyushu Railway Co. | 800 | 18,222 | ||||||
| Union Pacific Corp. | 167 | 41,070 | ||||||
| West Japan Railway Co. | 600 | 12,485 | ||||||
| 167,694 | ||||||||
| Independent Power and Renewable Electricity Producers - 1.5% | ||||||||
| China Resources Power Holdings Co. Ltd. | 6,000 | 13,998 | ||||||
| Clearway Energy, Inc. | 585 | 13,484 | ||||||
| Engie Brasil Energia SA | 1,500 | 12,041 | ||||||
| RWE AG | 609 | 20,670 | ||||||
| 60,193 | ||||||||
| Industrial REITs - 1.4% | ||||||||
| GLP J, REIT | 20 | 16,752 | ||||||
| Prologis, Inc., REIT | 171 | 22,268 | ||||||
| STAG Industrial, Inc., REIT | 378 | 14,530 | ||||||
| 53,550 | ||||||||
| Interactive Media & Services - 1.0% | ||||||||
| Alphabet, Inc., Class C* | 248 | 37,760 | ||||||
| Machinery - 1.1% | ||||||||
| Ebara Corp. | 100 | 9,040 | ||||||
| Flowserve Corp. | 278 | 12,699 | ||||||
| Pentair plc | 247 | 21,104 | ||||||
| 42,843 | ||||||||
| Multi-Utilities - 7.3% | ||||||||
| A2A SpA | 13,784 | 24,886 | ||||||
| Dominion Energy, Inc. | 408 | 20,069 | ||||||
| National Grid plc | 8,732 | 117,485 | ||||||
| Sempra | 1,420 | 101,999 | ||||||
| WEC Energy Group, Inc. | 264 | 21,680 | ||||||
| 286,119 | ||||||||
| Oil, Gas & Consumable Fuels - 19.3% | ||||||||
| Cheniere Energy, Inc. | 601 | 96,929 | ||||||
| DT Midstream, Inc. | 334 | 20,407 | ||||||
| Enbridge, Inc. | 7,238 | 261,563 | ||||||
| Gibson Energy, Inc. | 1,200 | 20,429 | ||||||
| Kinder Morgan, Inc. | 7,098 | 130,177 | ||||||
| ONEOK, Inc. | 1,882 | 150,880 | ||||||
| TC Energy Corp. | 1,026 | 41,236 | ||||||
| Williams Cos., Inc. (The) | 971 | 37,840 | ||||||
| 759,461 | ||||||||
| Semiconductors & Semiconductor Equipment - 0.5% | ||||||||
| First Solar, Inc.* | 117 | 19,750 | ||||||
| Software - 2.3% | ||||||||
| Microsoft Corp. | 161 | 67,736 | ||||||
| Oracle Corp. | 167 | 20,977 | ||||||
| 88,713 | ||||||||
| Specialized REITs - 6.6% | ||||||||
| American Tower Corp., REIT | 500 | 98,795 | ||||||
| Crown Castle, Inc., REIT | 137 | 14,499 | ||||||
| Digital Realty Trust, Inc., REIT | 78 | 11,235 | ||||||
| Equinix, Inc., REIT | 47 | 38,791 | ||||||
| Iron Mountain, Inc., REIT | 995 | 79,809 | ||||||
AGF Investments Trust
AGF Global Infrastructure ETF
Schedule of Investments (continued)
March 31, 2024 (Unaudited)
| Investments | Shares | Value ($) | ||||||
| SBA Communications Corp., REIT | 79 | 17,119 | ||||||
| 260,248 | ||||||||
| Transportation Infrastructure - 13.8% | ||||||||
| Aena SME SA(a) | 797 | 156,879 | ||||||
| Atlas Arteria Ltd. | 5,633 | 19,565 | ||||||
| Enav SpA(a) | 7,265 | 30,411 | ||||||
| Flughafen Zurich AG (Registered) | 105 | 23,821 | ||||||
| Getlink SE | 1,739 | 29,605 | ||||||
| Grupo Aeroportuario del Centro Norte SAB de CV, ADR | 422 | 33,376 | ||||||
| Grupo Aeroportuario del Pacifico SAB de CV, ADR | 161 | 26,270 | ||||||
| Grupo Aeroportuario del Sureste SAB de CV, ADR | 164 | 52,264 | ||||||
| Kamigumi Co. Ltd. | 412 | 9,049 | ||||||
| Qube Holdings Ltd. | 4,299 | 9,553 | ||||||
| Salik Co. PJSC | 26,481 | 26,753 | ||||||
| Shenzhen Expressway Corp. Ltd., Class H | 6,000 | 5,244 | ||||||
| Transurban Group | 13,958 | 121,155 | ||||||
| 543,945 | ||||||||
| Water Utilities - 2.4% | ||||||||
| American Water Works Co., Inc. | 549 | 67,093 | ||||||
| Essential Utilities, Inc. | 482 | 17,858 | ||||||
| Guangdong Investment Ltd. | 26,000 | 11,129 | ||||||
| 96,080 | ||||||||
| Total Common Stocks (Cost $3,532,848) | 3,835,661 | |||||||
| Master Limited Partnerships - 1.1% | ||||||||
| Multi-Utilities - 0.9% | ||||||||
| Brookfield Infrastructure Partners LP (Cost $33,874) | 1,134 | 35,392 | ||||||
| Oil, Gas & Consumable Fuels - 0.2% | ||||||||
| Energy Transfer LP (Cost $3,410) | 356 | 5,600 | ||||||
| Total Master Limited Partnerships (Cost $37,284) | 40,992 | |||||||
| Total Investments - 98.7% (Cost $3,570,132) | 3,876,653 | |||||||
| Other assets less liabilities - 1.3% | 52,722 | |||||||
| Net Assets - 100.0% | 3,929,375 | |||||||
| * | Non-income producing security. |
| 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 March 31, 2024:
| Australia | 3.8 | % | ||
| Brazil | 0.7 | % | ||
| Canada | 10.6 | % | ||
| China | 2.2 | % | ||
| France | 6.2 | % | ||
| Germany | 0.5 | % | ||
| Italy | 5.1 | % | ||
| Japan | 2.4 | % | ||
| Mexico | 2.9 | % | ||
| Spain | 5.4 | % | ||
| Switzerland | 0.6 | % | ||
| United Arab Emirates | 0.7 | % | ||
| United Kingdom | 3.8 | % | ||
| United States | 53.8 | % | ||
| Other(1) | 1.3 | % | ||
| 100.0 | % |
| (1) | Includes cash and net other assets (liabilities). |
AGF Investments Trust
Notes to Quarterly Schedules of Investments
March 31, 2024 (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 March 31, 2024 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** | $ | 213,093,888 | $ | — | $ | — | * | $ | 213,093,888 | |||||||
| Liabilities | ||||||||||||||||
| Common Stocks** | $ | (214,683,418 | ) | $ | — | $ | — | $ | (214,683,418 | ) | ||||||
| Total Investments | $ | (1,589,530 | ) | $ | — | $ | — | $ | (1,589,530 | ) | ||||||
| Other Financial Instruments | ||||||||||||||||
| Assets | ||||||||||||||||
| Swap Agreement*** | $ | — | $ | 3,980,640 | $ | — | $ | 3,980,640 | ||||||||
| Liabilities | ||||||||||||||||
| Swap Agreement*** | $ | — | $ | (3,906,375 | ) | $ | — | $ | (3,906,375 | ) | ||||||
| Total Other Financial Instruments | $ | — | $ | 74,265 | $ | — | $ | 74,265 | ||||||||
| AGF Global Infrastructure ETF | ||||||||||||||||
| Investments | ||||||||||||||||
| Common Stocks** | 3,835,661 | — | — | 3,835,661 | ||||||||||||
| Master Limited Partnerships | 40,992 | — | — | 40,992 | ||||||||||||
| Total Investments | $ | 3,876,653 | $ | — | $ | — | $ | 3,876,653 | ||||||||
| * | 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. |