AGF Investments Trust
AGF Emerging Markets Equity Fund
Schedule of Investments
March 31, 2024 (Unaudited)
| Investments | Shares | Value ($) | ||||||
| Common Stocks - 89.8% | ||||||||
| Aerospace & Defense - 1.5% | ||||||||
| Embraer SA, ADR* | 402 | 10,709 | ||||||
| Banks - 10.4% | ||||||||
| Axis Bank Ltd., GDR | 97 | 6,140 | ||||||
| Banco Santander Chile, ADR | 324 | 6,425 | ||||||
| Bank Mandiri Persero Tbk. PT | 30,696 | 14,036 | ||||||
| China Merchants Bank Co. Ltd., Class H | 3,221 | 12,737 | ||||||
| HDFC Bank Ltd. | 724 | 12,569 | ||||||
| KB Financial Group, Inc. | 113 | 5,901 | ||||||
| Komercni Banka A/S | 208 | 7,449 | ||||||
| National Bank of Greece SA* | 933 | 7,304 | ||||||
| Sberbank of Russia PJSC, ADR^*‡(a) | 259 | 3 | ||||||
| 72,564 | ||||||||
| Beverages - 3.7% | ||||||||
| Budweiser Brewing Co. APAC Ltd. | 2,393 | 3,522 | ||||||
| Varun Beverages Ltd. | 1,321 | 22,152 | ||||||
| 25,674 | ||||||||
| Broadline Retail - 5.6% | ||||||||
| Alibaba Group Holding Ltd. | 3,547 | 31,836 | ||||||
| Naspers Ltd., Class N | 40 | 7,091 | ||||||
| 38,927 | ||||||||
| Chemicals - 1.4% | ||||||||
| Hansol Chemical Co. Ltd. | 65 | 9,681 | ||||||
| Commercial Services & Supplies - 0.2% | ||||||||
| GPS Participacoes e Empreendimentos SA | 400 | 1,652 | ||||||
| Communications Equipment - 1.2% | ||||||||
| Zhongji Innolight Co. Ltd., Class A | 405 | 8,668 | ||||||
| Construction & Engineering - 3.6% | ||||||||
| China Railway Group Ltd., Class H | 21,664 | 10,712 | ||||||
| Larsen & Toubro Ltd., GDR | 313 | 14,179 | ||||||
| 24,891 | ||||||||
| Consumer Staples Distribution & Retail - 3.4% | ||||||||
| Atacadao SA | 3,427 | 9,313 | ||||||
| BGF retail Co. Ltd. | 91 | 7,909 | ||||||
| Raia Drogasil SA | 1,223 | 6,674 | ||||||
| 23,896 | ||||||||
| Diversified Telecommunication Services - 2.7% | ||||||||
| Hellenic Telecommunications Organization SA | 464 | 6,843 | ||||||
| HKT Trust & HKT Ltd. | 4,842 | 5,648 | ||||||
| Telkom Indonesia Persero Tbk. PT | 30,404 | 6,654 | ||||||
| 19,145 | ||||||||
| Electrical Equipment - 0.8% | ||||||||
| Contemporary Amperex Technology Co. Ltd., Class A | 200 | 5,224 | ||||||
| Electronic Equipment, Instruments & Components - 1.1% | ||||||||
| Delta Electronics, Inc. | 700 | 7,491 | ||||||
| Energy Equipment & Services - 2.3% | ||||||||
| China Oilfield Services Ltd., Class H | 7,294 | 8,387 | ||||||
| Tenaris SA, ADR | 202 | 7,933 | ||||||
| 16,320 | ||||||||
| Financial Services - 2.0% | ||||||||
| Chailease Holding Co. Ltd. | 2,591 | 13,885 | ||||||
| Food Products - 0.6% | ||||||||
| China Mengniu Dairy Co. Ltd. | 2,103 | 4,514 | ||||||
| Hotels, Restaurants & Leisure - 2.2% | ||||||||
| Melco Resorts & Entertainment Ltd., ADR* | 765 | 5,516 | ||||||
| Trip.com Group Ltd.* | 215 | 9,482 | ||||||
| 14,998 | ||||||||
| Household Durables - 1.1% | ||||||||
| Haier Smart Home Co. Ltd., Class H | 2,350 | 7,311 | ||||||
| Insurance - 4.4% | ||||||||
| AIA Group Ltd. | 2,657 | 17,839 | ||||||
| Ping An Insurance Group Co. of China Ltd., Class H | 3,073 | 12,976 | ||||||
| 30,815 | ||||||||
| Interactive Media & Services - 6.0% | ||||||||
| Tencent Holdings Ltd. | 1,077 | 41,804 | ||||||
| Machinery - 1.0% | ||||||||
| Airtac International Group | 210 | 7,284 | ||||||
| Metals & Mining - 4.3% | ||||||||
| Anglo American plc | 356 | 8,770 | ||||||
| Southern Copper Corp. | 118 | 12,569 | ||||||
| Vale SA | 713 | 8,648 | ||||||
| 29,987 | ||||||||
| Oil, Gas & Consumable Fuels - 2.2% | ||||||||
| Reliance Industries Ltd. | 421 | 15,001 | ||||||
| Professional Services - 0.7% | ||||||||
| WNS Holdings Ltd.* | 98 | 4,952 | ||||||
| Real Estate Management & Development - 2.1% | ||||||||
| Allos SA | 1,811 | 8,637 | ||||||
| Longfor Group Holdings Ltd. | 4,231 | 5,979 | ||||||
| 14,616 | ||||||||
| Semiconductors & Semiconductor Equipment - 12.0% | ||||||||
| SK Hynix, Inc. | 88 | 11,648 | ||||||
AGF Investments Trust
AGF Emerging Markets Equity Fund
Schedule of Investments (continued)
March 31, 2024 (Unaudited)
| Investments | Shares | Value ($) | ||||||
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 528 | 71,835 | ||||||
| 83,483 | ||||||||
| Software - 1.2% | ||||||||
| Longshine Technology Group Co. Ltd., Class A | 2,500 | 4,075 | ||||||
| TOTVS SA | 772 | 4,368 | ||||||
| 8,443 | ||||||||
| Technology Hardware, Storage & Peripherals - 7.9% | ||||||||
| Samsung Electronics Co. Ltd., GDR | 28 | 41,636 | ||||||
| Wistron Corp. | 3,590 | 13,517 | ||||||
| 55,153 | ||||||||
| Textiles, Apparel & Luxury Goods - 0.9% | ||||||||
| GRUPO DE MODA SOMA SA | 4,302 | 6,528 | ||||||
| Transportation Infrastructure - 1.0% | ||||||||
| Salik Co. PJSC | 6,938 | 7,009 | ||||||
| Wireless Telecommunication Services - 2.3% | ||||||||
| Bharti Airtel Ltd. | 1,102 | 16,233 | ||||||
| Total Common Stocks (Cost $606,000) | 626,858 | |||||||
| Investments | Shares | Maturity Date | Value ($) | |||||||
| Participation Notes - 4.8% | ||||||||||
| China | ||||||||||
| Kweichow Moutai Co. Ltd. (Issuer: UBS AG)* | 44 | 10/21/2024 | 10,359 | |||||||
| NARI Technology Co. Ltd. (Issuer: Macquarie Bank Ltd.)* | 5,097 | 7/18/2024 | 17,003 | |||||||
| Wuliangye Yibin Co. Ltd. (Issuer: Macquarie Bank Ltd.)* | 290 | 7/18/2024 | 6,143 | |||||||
| Total Participation Notes (Cost $29,930) | 33,505 | |||||||||
| Total Investments - 94.6% (Cost $635,930) | 660,363 | |||||||||
| Other assets less liabilities - 5.4% | 37,433 | |||||||||
| Net Assets - 100.0% | 697,796 | |||||||||
| * | Non-income producing security. |
| ‡ | Value determined using significant unobservable inputs |
| ^ | Security subject to restrictions on resale. |
| (a) | 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 $3, which represents approximately 0.00%(1) of net assets of the Fund. |
| (1) | Represents less than 0.05% of net assets. |
| Abbreviations | |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| PJSC | Public Joint Stock Company |
| Participation Notes | A derivative instrument designed to replicate equity exposure in certain foreign markets where direct investment is impossible or difficult due to local investment restrictions. A Participation Note is usually issued by a financial institution, therefore investors are exposed to the issuer’s credit risk and the risks of the underlying financial instrument. |
AGF Emerging Markets Equity Fund invested, as a percentage of net assets, in the following countries as of March 31, 2024:
| Brazil | 8.1 | % | ||
| Chile | 0.9 | % | ||
| China | 29.8 | % | ||
| Czech Republic | 1.1 | % | ||
| Greece | 2.0 | % | ||
| Hong Kong | 4.1 | % | ||
| India | 13.1 | % | ||
| Indonesia | 3.0 | % | ||
| Mexico | 1.8 | % | ||
| Russia | 0.0 | %(a) | ||
| South Africa | 2.3 | % | ||
| South Korea | 11.0 | % | ||
| Taiwan | 15.3 | % | ||
| United Arab Emirates | 1.0 | % | ||
| United States | 1.1 | % | ||
| Other(1) | 5.4 | % | ||
| 100.0 | % |
| (a) | Represents less than 0.05% of net assets. |
| (1) | Includes cash and net other assets (liabilities). |
AGF Investments Trust
AGF Global Sustainable Equity Fund
Schedule of Investments
March 31, 2024 (Unaudited)
| Investments | Shares | Value ($) | ||||||
| Common Stocks - 94.2% | ||||||||
| Automobile Components - 4.5% | ||||||||
| Aptiv plc* | 182 | 14,496 | ||||||
| Denso Corp. | 2,066 | 39,374 | ||||||
| 53,870 | ||||||||
| Automobiles - 0.2% | ||||||||
| Tesla, Inc.* | 11 | 1,934 | ||||||
| Building Products - 13.0% | ||||||||
| Advanced Drainage Systems, Inc. | 196 | 33,759 | ||||||
| Cie de Saint-Gobain SA | 435 | 33,757 | ||||||
| Kingspan Group plc | 438 | 39,910 | ||||||
| Trex Co., Inc.* | 471 | 46,982 | ||||||
| 154,408 | ||||||||
| Chemicals - 9.0% | ||||||||
| Air Products and Chemicals, Inc. | 35 | 8,479 | ||||||
| Albemarle Corp. | 144 | 18,971 | ||||||
| DSM-Firmenich AG | 216 | 24,562 | ||||||
| Ecolab, Inc. | 238 | 54,954 | ||||||
| 106,966 | ||||||||
| Commercial Services & Supplies - 3.2% | ||||||||
| Tetra Tech, Inc. | 205 | 37,866 | ||||||
| Construction & Engineering - 8.0% | ||||||||
| Quanta Services, Inc. | 132 | 34,294 | ||||||
| Stantec, Inc. | 391 | 32,462 | ||||||
| WSP Global, Inc. | 174 | 29,000 | ||||||
| 95,756 | ||||||||
| Containers & Packaging - 2.2% | ||||||||
| Ball Corp. | 395 | 26,607 | ||||||
| Electrical Equipment - 9.4% | ||||||||
| NEXTracker, Inc., Class A* | 94 | 5,289 | ||||||
| Prysmian SpA | 719 | 37,536 | ||||||
| Schneider Electric SE | 187 | 42,296 | ||||||
| Vestas Wind Systems A/S* | 973 | 27,161 | ||||||
| 112,282 | ||||||||
| Electronic Equipment, Instruments & Components - 11.5% | ||||||||
| Amphenol Corp., Class A | 360 | 41,526 | ||||||
| Halma plc | 1,039 | 31,053 | ||||||
| Hexagon AB, Class B | 2,017 | 23,875 | ||||||
| Keyence Corp. | 82 | 37,967 | ||||||
| Samsung SDI Co. Ltd. | 9 | 3,192 | ||||||
| 137,613 | ||||||||
| Energy Equipment & Services - 1.0% | ||||||||
| Secure Energy Services, Inc. | 1,447 | 11,911 | ||||||
| Food Products - 2.2% | ||||||||
| Danone SA | 401 | 25,910 | ||||||
| Household Durables - 3.3% | ||||||||
| Garmin Ltd. | 260 | 38,706 | ||||||
| Independent Power and Renewable Electricity Producers - 1.0% | ||||||||
| Brookfield Renewable Corp. | 470 | 11,534 | ||||||
| Insurance - 1.2% | ||||||||
| Intact Financial Corp. | 89 | 14,458 | ||||||
| Life Sciences Tools & Services - 4.2% | ||||||||
| Danaher Corp. | 70 | 17,480 | ||||||
| Thermo Fisher Scientific, Inc. | 57 | 33,129 | ||||||
| 50,609 | ||||||||
| Machinery - 5.7% | ||||||||
| Alfa Laval AB | 304 | 11,951 | ||||||
| Metso OYJ | 2,257 | 26,797 | ||||||
| Xylem, Inc. | 224 | 28,949 | ||||||
| 67,697 | ||||||||
| Mortgage Real Estate Investment Trusts (REITs) - 1.4% | ||||||||
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 593 | 16,841 | ||||||
| Pharmaceuticals - 1.4% | ||||||||
| Zoetis, Inc. | 101 | 17,090 | ||||||
| Semiconductors & Semiconductor Equipment - 3.2% | ||||||||
| AIXTRON SE | 465 | 12,291 | ||||||
| Analog Devices, Inc. | 71 | 14,043 | ||||||
| Infineon Technologies AG | 341 | 11,594 | ||||||
| 37,928 | ||||||||
| Software - 6.5% | ||||||||
| Bentley Systems, Inc., Class B | 448 | 23,395 | ||||||
| Dassault Systemes SE | 824 | 36,483 | ||||||
| Synopsys, Inc.* | 30 | 17,145 | ||||||
| 77,023 | ||||||||
| Specialized REITs - 2.1% | ||||||||
| Equinix, Inc., REIT | 31 | 25,585 | ||||||
| Total Common Stocks (Cost $713,605) | 1,122,594 | |||||||
| Total Investments - 94.2% (Cost $713,605) | 1,122,594 | |||||||
| Other assets less liabilities - 5.8% | 69,302 | |||||||
| Net Assets - 100.0% | 1,191,896 | |||||||
| * | Non-income producing security. |
| Abbreviations | |
| OYJ | Public Limited Company |
AGF Investments Trust
AGF Global Sustainable Equity Fund
Schedule of Investments (continued)
March 31, 2024 (Unaudited)
AGF
Global Sustainable Equity Fund invested, as a percentage of net assets, in the following countries as of March 31, 2024:
| Canada | 7.4 | % | ||
| Denmark | 2.3 | % | ||
| Finland | 2.2 | % | ||
| France | 8.1 | % | ||
| Germany | 2.0 | % | ||
| Ireland | 3.3 | % | ||
| Italy | 3.1 | % | ||
| Japan | 6.5 | % | ||
| South Korea | 0.3 | % | ||
| Sweden | 3.0 | % | ||
| Switzerland | 2.1 | % | ||
| United Kingdom | 2.6 | % | ||
| United States | 51.3 | % | ||
| Other(1) | 5.8 | % | ||
| 100.0 | % |
(1) Includes cash and net other assets (liabilities).
See accompanying notes to the financial statements.
AGF Investments Trust
Notes to Quarterly Schedules of Investments
March 31, 2024 (Unaudited)
Investment Valuation
The Funds disclose the fair value of its 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 the Fund based upon the three levels defined above:
| AGF Emerging Markets Equity Fund | Level 1 — Quoted Prices | Level 2 — Other Significant Observable Inputs | Level 3 —Significant Unobservable Inputs | Total | ||||||||||||
| Investments | ||||||||||||||||
| Common Stocks | ||||||||||||||||
| Banks | $ | 72,561 | $ | — | $ | 3 | $ | 72,564 | ||||||||
| Other* | 554,294 | — | — | 554,294 | ||||||||||||
| Participation Notes | — | 33,505 | — | 33,505 | ||||||||||||
| Total Investments | $ | 626,855 | $ | 33,505 | $ | 3 | $ | 660,363 | ||||||||
| AGF Global Sustainable Equity Fund | ||||||||||||||||
| Investments | ||||||||||||||||
| Common Stocks* | 1,122,594 | — | — | 1,122,594 | ||||||||||||
| Total Investments | $ | 1,122,594 | $ | — | $ | — | $ | 1,122,594 | ||||||||
| * | See Schedules of Investments for segregation by industry. |