AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments
March 31, 2025 (Unaudited)
| Investments | Shares | Value ($) | ||||||
| Long Positions - 75.4% | ||||||||
| Common Stocks - 75.4% | ||||||||
| Aerospace & Defense - 2.1% | ||||||||
| General Dynamics Corp.(a) | 6,384 | 1,740,151 | ||||||
| HEICO Corp.(a) | 7,182 | 1,918,958 | ||||||
| Lockheed Martin Corp.(a) | 3,591 | 1,604,136 | ||||||
| Northrop Grumman Corp.(a) | 3,591 | 1,838,628 | ||||||
| RTX Corp.(a) | 12,768 | 1,691,249 | ||||||
| 8,793,122 | ||||||||
| Air Freight & Logistics - 1.2% | ||||||||
| CH Robinson Worldwide, Inc.(a) | 16,359 | 1,675,162 | ||||||
| Expeditors International of Washington, Inc.(a) | 13,566 | 1,631,311 | ||||||
| United Parcel Service, Inc., Class B(a) | 13,566 | 1,492,124 | ||||||
| 4,798,597 | ||||||||
| Automobile Components - 0.4% | ||||||||
| BorgWarner, Inc.(a) | 53,865 | 1,543,232 | ||||||
| Biotechnology - 1.7% | ||||||||
| AbbVie, Inc.(a) | 7,980 | 1,671,969 | ||||||
| BioMarin Pharmaceutical, Inc.*(a) | 22,743 | 1,607,703 | ||||||
| Exact Sciences Corp.*(a) | 31,920 | 1,381,817 | ||||||
| Exelixis, Inc.* | 43,491 | 1,605,688 | ||||||
| Vaxcyte, Inc.*(a) | 20,349 | 768,378 | ||||||
| 7,035,555 | ||||||||
| Broadline Retail - 0.4% | ||||||||
| eBay, Inc. | 22,743 | 1,540,383 | ||||||
| Capital Markets - 1.7% | ||||||||
| Cboe Global Markets, Inc.(a) | 7,581 | 1,715,505 | ||||||
| CME Group, Inc.(a) | 6,384 | 1,693,611 | ||||||
| MarketAxess Holdings, Inc.(a) | 8,379 | 1,812,797 | ||||||
| Virtu Financial, Inc., Class A(a) | 45,885 | 1,749,136 | ||||||
| 6,971,049 | ||||||||
| Chemicals - 2.2% | ||||||||
| Celanese Corp., Class A(a) | 29,526 | 1,676,191 | ||||||
| CF Industries Holdings, Inc.(a) | 20,349 | 1,590,274 | ||||||
| Corteva, Inc. | 25,536 | 1,606,981 | ||||||
| International Flavors & Fragrances, Inc. | 19,950 | 1,548,320 | ||||||
| LyondellBasell Industries NV, Class A(a) | 20,748 | 1,460,659 | ||||||
| Scotts Miracle-Gro Co. (The)(a) | 26,733 | 1,467,374 | ||||||
| 9,349,799 | ||||||||
| Commercial Services & Supplies - 1.2% | ||||||||
| Republic Services, Inc., Class A(a) | 6,783 | 1,642,571 | ||||||
| Tetra Tech, Inc.(a) | 53,466 | 1,563,881 | ||||||
| Waste Management, Inc.(a) | 7,182 | 1,662,705 | ||||||
| 4,869,157 | ||||||||
| Communications Equipment - 1.5% | ||||||||
| Cisco Systems, Inc.(a) | 25,137 | 1,551,204 | ||||||
| F5, Inc.*(a) | 5,586 | 1,487,384 | ||||||
| Investments | Shares | Value ($) | ||||||
| Communications Equipment - 1.5% | ||||||||
| Juniper Networks, Inc.(a) | 44,688 | 1,617,259 | ||||||
| Motorola Solutions, Inc.(a) | 3,591 | 1,572,176 | ||||||
| 6,228,023 | ||||||||
| Consumer Finance - 0.4% | ||||||||
| FirstCash Holdings, Inc.(a) | 13,965 | 1,680,269 | ||||||
| Containers & Packaging - 1.8% | ||||||||
| Amcor plc(a) | 156,009 | 1,513,287 | ||||||
| Crown Holdings, Inc.(a) | 18,354 | 1,638,278 | ||||||
| Sealed Air Corp. | 47,481 | 1,372,201 | ||||||
| Silgan Holdings, Inc.(a) | 29,127 | 1,488,972 | ||||||
| Sonoco Products Co.(a) | 34,314 | 1,620,994 | ||||||
| 7,633,732 | ||||||||
| Distributors - 0.4% | ||||||||
| Genuine Parts Co.(a) | 13,167 | 1,568,716 | ||||||
| Diversified Consumer Services - 0.8% | ||||||||
| Bright Horizons Family Solutions, Inc.*(a) | 12,768 | 1,622,046 | ||||||
| H&R Block, Inc.(a) | 29,925 | 1,643,182 | ||||||
| 3,265,228 | ||||||||
| Diversified Telecommunication Services - 1.5% | ||||||||
| AT&T, Inc.(a) | 60,249 | 1,703,841 | ||||||
| Frontier Communications Parent, Inc.*(a) | 45,087 | 1,616,820 | ||||||
| Iridium Communications, Inc.(a) | 51,072 | 1,395,287 | ||||||
| Verizon Communications, Inc.(a) | 36,708 | 1,665,075 | ||||||
| 6,381,023 | ||||||||
| Electric Utilities - 2.4% | ||||||||
| Duke Energy Corp.(a) | 13,566 | 1,654,645 | ||||||
| Entergy Corp.(a) | 18,753 | 1,603,194 | ||||||
| Eversource Energy(a) | 25,137 | 1,561,259 | ||||||
| Exelon Corp.(a) | 36,708 | 1,691,505 | ||||||
| Southern Co. (The) | 17,955 | 1,650,962 | ||||||
| Xcel Energy, Inc.(a) | 22,743 | 1,609,977 | ||||||
| 9,771,542 | ||||||||
| Electronic Equipment, Instruments & Components - 1.1% | ||||||||
| Arrow Electronics, Inc.*(a) | 14,763 | 1,532,842 | ||||||
| Crane NXT Co.(a) | 27,930 | 1,435,602 | ||||||
| Teledyne Technologies, Inc.*(a) | 3,192 | 1,588,691 | ||||||
| 4,557,135 | ||||||||
| Energy Equipment & Services - 0.4% | ||||||||
| Baker Hughes Co., Class A(a) | 36,708 | 1,613,317 | ||||||
| Financial Services - 0.4% | ||||||||
| Jack Henry & Associates, Inc. | 9,177 | 1,675,720 | ||||||
| Food Products - 3.1% | ||||||||
| Conagra Brands, Inc.(a) | 61,845 | 1,649,406 | ||||||
| Flowers Foods, Inc.(a) | 83,391 | 1,585,263 | ||||||
| General Mills, Inc.(a) | 26,334 | 1,574,510 | ||||||
| Hershey Co. (The) | 9,177 | 1,569,542 | ||||||
| Kraft Heinz Co. (The)(a) | 50,673 | 1,541,979 | ||||||
AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
March 31, 2025 (Unaudited)
| Investments | Shares | Value ($) | ||||||
| Food Products (continued) | ||||||||
| McCormick & Co., Inc. (Non-Voting)(a) | 19,551 | 1,609,243 | ||||||
| Pilgrim’s Pride Corp.*(a) | 29,925 | 1,631,212 | ||||||
| Tyson Foods, Inc., Class A(a) | 26,334 | 1,680,373 | ||||||
| 12,841,528 | ||||||||
| Ground Transportation - 0.4% | ||||||||
| CSX Corp.(a) | 50,274 | 1,479,564 | ||||||
| Health Care Equipment & Supplies - 2.2% | ||||||||
| Abbott Laboratories | 11,970 | 1,587,821 | ||||||
| Becton Dickinson & Co. | 7,182 | 1,645,109 | ||||||
| Dentsply Sirona, Inc.(a) | 85,386 | 1,275,667 | ||||||
| Hologic, Inc.*(a) | 24,738 | 1,528,066 | ||||||
| Inspire Medical Systems, Inc.*(a) | 8,778 | 1,398,160 | ||||||
| STERIS plc | 7,182 | 1,627,800 | ||||||
| 9,062,623 | ||||||||
| Health Care Providers & Services - 2.5% | ||||||||
| Cardinal Health, Inc.(a) | 12,768 | 1,759,047 | ||||||
| Cencora, Inc.(a) | 6,384 | 1,775,327 | ||||||
| Centene Corp.*(a) | 26,334 | 1,598,737 | ||||||
| Elevance Health, Inc.(a) | 3,990 | 1,735,491 | ||||||
| Quest Diagnostics, Inc.(a) | 9,177 | 1,552,748 | ||||||
| UnitedHealth Group, Inc.(a) | 3,591 | 1,880,786 | ||||||
| 10,302,136 | ||||||||
| Health Care REITs - 1.2% | ||||||||
| Omega Healthcare Investors, Inc., REIT(a) | 43,491 | 1,656,137 | ||||||
| Ventas, Inc., REIT | 23,541 | 1,618,679 | ||||||
| Welltower, Inc., REIT(a) | 10,773 | 1,650,532 | ||||||
| 4,925,348 | ||||||||
| Hotels, Restaurants & Leisure - 2.9% | ||||||||
| Choice Hotels International, Inc.(a) | 10,773 | 1,430,439 | ||||||
| Darden Restaurants, Inc.(a) | 7,980 | 1,657,925 | ||||||
| McDonald’s Corp.(a) | 5,187 | 1,620,263 | ||||||
| Texas Roadhouse, Inc., Class A(a) | 9,177 | 1,529,163 | ||||||
| Wendy’s Co. (The)(a) | 101,346 | 1,482,692 | ||||||
| Wyndham Hotels & Resorts, Inc.(a) | 15,162 | 1,372,313 | ||||||
| Wynn Resorts Ltd.(a) | 17,556 | 1,465,926 | ||||||
| Yum! Brands, Inc.(a) | 10,374 | 1,632,453 | ||||||
| 12,191,174 | ||||||||
| Household Durables - 0.7% | ||||||||
| Garmin Ltd.(a) | 7,182 | 1,559,427 | ||||||
| Newell Brands, Inc.(a) | 237,804 | 1,474,385 | ||||||
| 3,033,812 | ||||||||
| Household Products - 0.4% | ||||||||
| Church & Dwight Co., Inc.(a) | 14,763 | 1,625,259 | ||||||
| Industrial Conglomerates - 0.4% | ||||||||
| Honeywell International, Inc.(a) | 7,581 | 1,605,277 | ||||||
| Industrial REITs - 0.4% | ||||||||
| Americold Realty Trust, Inc., REIT(a) | 72,618 | 1,558,382 | ||||||
| Investments | Shares | Value ($) | ||||||
| Insurance - 10.5% | ||||||||
| Aflac, Inc.(a) | 15,162 | 1,685,863 | ||||||
| Allstate Corp. (The)(a) | 8,379 | 1,735,040 | ||||||
| Aon plc, Class A(a) | 3,990 | 1,592,369 | ||||||
| Arch Capital Group Ltd.(a) | 17,955 | 1,726,912 | ||||||
| Axis Capital Holdings Ltd.(a) | 16,758 | 1,679,822 | ||||||
| Brown & Brown, Inc.(a) | 13,965 | 1,737,246 | ||||||
| Chubb Ltd.(a) | 5,985 | 1,807,410 | ||||||
| Cincinnati Financial Corp.(a) | 11,571 | 1,709,268 | ||||||
| CNA Financial Corp.(a) | 33,117 | 1,682,012 | ||||||
| Everest Group Ltd.(a) | 4,788 | 1,739,624 | ||||||
| Hanover Insurance Group, Inc. (The)(a) | 9,975 | 1,735,151 | ||||||
| Hartford Insurance Group, Inc. (The)(a) | 13,965 | 1,727,889 | ||||||
| Loews Corp.(a) | 18,753 | 1,723,588 | ||||||
| Markel Group, Inc.*(a) | 798 | 1,491,949 | ||||||
| Marsh & McLennan Cos., Inc.(a) | 6,783 | 1,655,255 | ||||||
| Old Republic International Corp.(a) | 43,092 | 1,690,068 | ||||||
| Progressive Corp. (The)(a) | 5,586 | 1,580,894 | ||||||
| Reinsurance Group of America, Inc.(a) | 7,980 | 1,571,262 | ||||||
| RenaissanceRe Holdings Ltd.(a) | 6,783 | 1,627,920 | ||||||
| RLI Corp.(a) | 21,147 | 1,698,738 | ||||||
| Ryan Specialty Holdings, Inc., Class A(a) | 23,142 | 1,709,500 | ||||||
| Travelers Cos., Inc. (The)(a) | 6,384 | 1,688,313 | ||||||
| Unum Group(a) | 21,147 | 1,722,635 | ||||||
| W R Berkley Corp.(a) | 25,536 | 1,817,142 | ||||||
| White Mountains Insurance Group Ltd.(a) | 798 | 1,536,796 | ||||||
| Willis Towers Watson plc(a) | 4,788 | 1,618,105 | ||||||
| 43,690,771 | ||||||||
| Interactive Media & Services - 0.4% | ||||||||
| Match Group, Inc.(a) | 49,476 | 1,543,651 | ||||||
| IT Services - 3.3% | ||||||||
| Accenture plc, Class A(a) | 4,389 | 1,369,544 | ||||||
| Akamai Technologies, Inc.*(a) | 20,748 | 1,670,214 | ||||||
| Amdocs Ltd.(a) | 17,955 | 1,642,883 | ||||||
| Cognizant Technology Solutions Corp., Class A(a) | 19,152 | 1,465,128 | ||||||
| DXC Technology Co.*(a) | 86,583 | 1,476,240 | ||||||
| EPAM Systems, Inc.*(a) | 7,581 | 1,279,976 | ||||||
| International Business Machines Corp.(a) | 6,384 | 1,587,445 | ||||||
| Twilio, Inc., Class A* | 13,965 | 1,367,313 | ||||||
| VeriSign, Inc.*(a) | 6,783 | 1,722,000 | ||||||
| 13,580,743 | ||||||||
| Leisure Products - 0.3% | ||||||||
| Mattel, Inc.*(a) | 74,613 | 1,449,731 | ||||||
| Machinery - 1.5% | ||||||||
| AGCO Corp.(a) | 16,359 | 1,514,352 | ||||||
| CNH Industrial NV(a) | 125,685 | 1,543,412 | ||||||
| Otis Worldwide Corp.(a) | 15,960 | 1,647,072 | ||||||
AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
March 31, 2025 (Unaudited)
| Investments | Shares | Value ($) | ||||||
| Machinery (continued) | ||||||||
| Timken Co. (The)(a) | 20,349 | 1,462,483 | ||||||
| 6,167,319 | ||||||||
| Media - 0.8% | ||||||||
| Comcast Corp., Class A | 45,087 | 1,663,710 | ||||||
| Fox Corp., Class A(a) | 28,329 | 1,603,422 | ||||||
| 3,267,132 | ||||||||
| Multi-Utilities - 1.2% | ||||||||
| CMS Energy Corp.(a) | 21,945 | 1,648,289 | ||||||
| Consolidated Edison, Inc.(a) | 15,960 | 1,765,016 | ||||||
| Dominion Energy, Inc.(a) | 27,930 | 1,566,035 | ||||||
| 4,979,340 | ||||||||
| Oil, Gas & Consumable Fuels - 2.8% | ||||||||
| APA Corp.(a) | 71,820 | 1,509,657 | ||||||
| Cheniere Energy, Inc.(a) | 7,581 | 1,754,243 | ||||||
| Devon Energy Corp.(a) | 44,688 | 1,671,331 | ||||||
| Diamondback Energy, Inc.(a) | 10,773 | 1,722,387 | ||||||
| Exxon Mobil Corp.(a) | 14,763 | 1,755,764 | ||||||
| Kinder Morgan, Inc.(a) | 61,845 | 1,764,438 | ||||||
| Occidental Petroleum Corp.(a) | 33,117 | 1,634,655 | ||||||
| 11,812,475 | ||||||||
| Passenger Airlines - 1.5% | ||||||||
| Alaska Air Group, Inc.*(a) | 22,743 | 1,119,410 | ||||||
| American Airlines Group, Inc.*(a) | 106,533 | 1,123,923 | ||||||
| Delta Air Lines, Inc. | 25,935 | 1,130,766 | ||||||
| Southwest Airlines Co.(a) | 53,067 | 1,781,990 | ||||||
| United Airlines Holdings, Inc.*(a) | 16,758 | 1,157,140 | ||||||
| 6,313,229 | ||||||||
| Pharmaceuticals - 1.9% | ||||||||
| Bristol-Myers Squibb Co.(a) | 27,531 | 1,679,116 | ||||||
| Johnson & Johnson(a) | 9,576 | 1,588,084 | ||||||
| Perrigo Co. plc(a) | 63,840 | 1,790,073 | ||||||
| Pfizer, Inc.(a) | 60,249 | 1,526,710 | ||||||
| Royalty Pharma plc, Class A(a) | 47,880 | 1,490,504 | ||||||
| 8,074,487 | ||||||||
| Professional Services - 4.3% | ||||||||
| Automatic Data Processing, Inc.(a) | 5,187 | 1,584,784 | ||||||
| Broadridge Financial Solutions, Inc.(a) | 6,783 | 1,644,606 | ||||||
| CACI International, Inc., Class A*(a) | 4,788 | 1,756,813 | ||||||
| Clarivate plc*(a) | 360,297 | 1,415,967 | ||||||
| Dun & Bradstreet Holdings, Inc.(a) | 176,757 | 1,580,208 | ||||||
| FTI Consulting, Inc.*(a) | 9,975 | 1,636,698 | ||||||
| Jacobs Solutions, Inc.(a) | 12,768 | 1,543,524 | ||||||
| ManpowerGroup, Inc.(a) | 29,526 | 1,708,965 | ||||||
| Paychex, Inc.(a) | 10,773 | 1,662,058 | ||||||
| Science Applications International Corp.(a) | 15,960 | 1,791,829 | ||||||
| Verisk Analytics, Inc., Class A(a) | 5,187 | 1,543,755 | ||||||
| 17,869,207 | ||||||||
| Residential REITs - 0.7% | ||||||||
| Equity LifeStyle Properties, Inc., REIT(a) | 23,541 | 1,570,185 | ||||||
| Sun Communities, Inc., REIT(a) | 11,970 | 1,539,821 | ||||||
| 3,110,006 | ||||||||
| Investments | Shares | Value ($) | ||||||
| Retail REITs - 1.2% | ||||||||
| Agree Realty Corp., REIT(a) | 21,945 | 1,693,935 | ||||||
| Realty Income Corp., REIT(a) | 28,728 | 1,666,511 | ||||||
| Regency Centers Corp., REIT(a) | 21,147 | 1,559,803 | ||||||
| 4,920,249 | ||||||||
| Software - 3.5% | ||||||||
| Dolby Laboratories, Inc., Class A(a) | 19,551 | 1,570,141 | ||||||
| DoubleVerify Holdings, Inc.* | 73,017 | 976,237 | ||||||
| Dynatrace, Inc.*(a) | 27,531 | 1,298,087 | ||||||
| Guidewire Software, Inc.*(a) | 7,980 | 1,495,133 | ||||||
| HubSpot, Inc.* | 2,394 | 1,367,668 | ||||||
| Informatica, Inc., Class A*(a) | 83,790 | 1,462,136 | ||||||
| Pegasystems, Inc.(a) | 20,349 | 1,414,662 | ||||||
| Roper Technologies, Inc.(a) | 2,793 | 1,646,697 | ||||||
| Tyler Technologies, Inc.*(a) | 2,793 | 1,623,822 | ||||||
| Zoom Communications, Inc., Class A* | 21,546 | 1,589,448 | ||||||
| 14,444,031 | ||||||||
| Specialized REITs - 1.2% | ||||||||
| Crown Castle, Inc., REIT(a) | 17,157 | 1,788,274 | ||||||
| Gaming and Leisure Properties, Inc., REIT(a) | 32,718 | 1,665,346 | ||||||
| VICI Properties, Inc., Class A, REIT(a) | 49,476 | 1,613,907 | ||||||
| 5,067,527 | ||||||||
| Specialty Retail - 1.5% | ||||||||
| AutoZone, Inc.*(a) | 399 | 1,521,299 | ||||||
| Best Buy Co., Inc.(a) | 17,955 | 1,321,668 | ||||||
| Murphy USA, Inc.(a) | 3,591 | 1,687,088 | ||||||
| O’Reilly Automotive, Inc.*(a) | 1,197 | 1,714,798 | ||||||
| 6,244,853 | ||||||||
| Technology Hardware, Storage & Peripherals - 0.7% | ||||||||
| Apple, Inc. | 6,384 | 1,418,078 | ||||||
| HP, Inc.(a) | 47,082 | 1,303,700 | ||||||
| 2,721,778 | ||||||||
| Textiles, Apparel & Luxury Goods - 1.2% | ||||||||
| Columbia Sportswear Co.(a) | 17,556 | 1,328,814 | ||||||
| Lululemon Athletica, Inc.*(a) | 4,389 | 1,242,350 | ||||||
| NIKE, Inc., Class B(a) | 19,551 | 1,241,097 | ||||||
| VF Corp.(a) | 63,840 | 990,797 | ||||||
| 4,803,058 | ||||||||
| Tobacco - 0.8% | ||||||||
| Altria Group, Inc.(a) | 28,728 | 1,724,255 | ||||||
| Philip Morris International, Inc.(a) | 10,374 | 1,646,665 | ||||||
| 3,370,920 | ||||||||
| Trading Companies & Distributors - 0.3% | ||||||||
| FTAI Aviation Ltd. | 11,970 | 1,329,029 | ||||||
| Total Common Stocks (Cost $316,976,267) | 312,660,238 | |||||||
| Total Long Positions (Cost $316,976,267) | 312,660,238 | |||||||
AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
March 31, 2025 (Unaudited)
| Investments | Shares | Value ($) | ||||||
| Short Positions - (71.2)% | ||||||||
| Common Stocks - (71.2)% | ||||||||
| Aerospace & Defense - (0.8)% | ||||||||
| Axon Enterprise, Inc. | (3,192 | ) | (1,678,832 | ) | ||||
| General Electric Co. | (7,980 | ) | (1,597,197 | ) | ||||
| (3,276,029 | ) | |||||||
| Automobile Components - (0.3)% | ||||||||
| Mobileye Global, Inc., Class A | (100,947 | ) | (1,453,132 | ) | ||||
| Automobiles - (1.5)% | ||||||||
| Ford Motor Co. | (172,368 | ) | (1,728,851 | ) | ||||
| Lucid Group, Inc. | (621,642 | ) | (1,504,374 | ) | ||||
| Rivian Automotive, Inc., Class A | (141,645 | ) | (1,763,480 | ) | ||||
| Tesla, Inc. | (5,187 | ) | (1,344,263 | ) | ||||
| (6,340,968 | ) | |||||||
| Banks - (2.2)% | ||||||||
| Comerica, Inc. | (25,137 | ) | (1,484,591 | ) | ||||
| Pinnacle Financial Partners, Inc. | (14,364 | ) | (1,523,159 | ) | ||||
| Synovus Financial Corp. | (31,521 | ) | (1,473,291 | ) | ||||
| Webster Financial Corp. | (29,127 | ) | (1,501,497 | ) | ||||
| Western Alliance Bancorp | (19,152 | ) | (1,471,448 | ) | ||||
| Zions Bancorp NA | (30,723 | ) | (1,531,849 | ) | ||||
| (8,985,835 | ) | |||||||
| Beverages - (0.5)% | ||||||||
| Celsius Holdings, Inc. | (60,249 | ) | (2,146,069 | ) | ||||
| Biotechnology - (3.4)% | ||||||||
| Alkermes plc | (46,683 | ) | (1,541,473 | ) | ||||
| Arrowhead Pharmaceuticals, Inc. | (82,992 | ) | (1,057,318 | ) | ||||
| Blueprint Medicines Corp. | (17,955 | ) | (1,589,197 | ) | ||||
| CRISPR Therapeutics AG | (36,309 | ) | (1,235,595 | ) | ||||
| Denali Therapeutics, Inc. | (84,588 | ) | (1,149,974 | ) | ||||
| Halozyme Therapeutics, Inc. | (27,930 | ) | (1,782,213 | ) | ||||
| Insmed, Inc. | (21,147 | ) | (1,613,305 | ) | ||||
| Natera, Inc. | (10,374 | ) | (1,466,987 | ) | ||||
| Sarepta Therapeutics, Inc. | (15,162 | ) | (967,639 | ) | ||||
| Vertex Pharmaceuticals, Inc. | (3,192 | ) | (1,547,545 | ) | ||||
| (13,951,246 | ) | |||||||
| Building Products - (2.6)% | ||||||||
| Advanced Drainage Systems, Inc. | (13,965 | ) | (1,517,297 | ) | ||||
| Builders FirstSource, Inc. | (11,571 | ) | (1,445,681 | ) | ||||
| Carlisle Cos., Inc. | (4,788 | ) | (1,630,314 | ) | ||||
| Carrier Global Corp. | (24,339 | ) | (1,543,093 | ) | ||||
| Trane Technologies plc | (4,788 | ) | (1,613,173 | ) | ||||
| Trex Co., Inc. | (25,935 | ) | (1,506,823 | ) | ||||
| UFP Industries, Inc. | (14,763 | ) | (1,580,232 | ) | ||||
| (10,836,613 | ) | |||||||
| Capital Markets - (5.2)% | ||||||||
| Ameriprise Financial, Inc. | (3,192 | ) | (1,545,279 | ) | ||||
| Ares Management Corp., Class A | (9,576 | ) | (1,403,937 | ) | ||||
| Blackstone, Inc. | (10,374 | ) | (1,450,078 | ) | ||||
| Blue Owl Capital, Inc., Class A | (76,209 | ) | (1,527,228 | ) | ||||
| Investments | Shares | Value ($) | ||||||
| Capital Markets - (5.2)% | ||||||||
| Carlyle Group, Inc. (The) | (33,117 | ) | (1,443,570 | ) | ||||
| Coinbase Global, Inc., Class A | (7,581 | ) | (1,305,676 | ) | ||||
| Evercore, Inc., Class A | (6,783 | ) | (1,354,701 | ) | ||||
| Goldman Sachs Group, Inc. (The) | (2,793 | ) | (1,525,788 | ) | ||||
| Hamilton Lane, Inc., Class A | (10,374 | ) | (1,542,303 | ) | ||||
| KKR & Co., Inc. | (12,369 | ) | (1,429,980 | ) | ||||
| Lazard, Inc., Class A | (33,117 | ) | (1,433,966 | ) | ||||
| Morgan Stanley | (12,369 | ) | (1,443,091 | ) | ||||
| Robinhood Markets, Inc., Class A | (35,511 | ) | (1,477,968 | ) | ||||
| T. Rowe Price Group, Inc. | (15,162 | ) | (1,392,933 | ) | ||||
| TPG, Inc., Class A | (29,526 | ) | (1,400,418 | ) | ||||
| (21,676,916 | ) | |||||||
| Chemicals - (1.1)% | ||||||||
| Albemarle Corp. | (20,748 | ) | (1,494,271 | ) | ||||
| Chemours Co. (The) | (102,942 | ) | (1,392,805 | ) | ||||
| Olin Corp. | (61,047 | ) | (1,479,779 | ) | ||||
| (4,366,855 | ) | |||||||
| Communications Equipment - (0.7)% | ||||||||
| Arista Networks, Inc. | (17,556 | ) | (1,360,239 | ) | ||||
| Lumentum Holdings, Inc. | (23,142 | ) | (1,442,672 | ) | ||||
| (2,802,911 | ) | |||||||
| Construction & Engineering - (1.7)% | ||||||||
| Comfort Systems USA, Inc. | (4,389 | ) | (1,414,707 | ) | ||||
| EMCOR Group, Inc. | (3,990 | ) | (1,474,824 | ) | ||||
| MasTec, Inc. | (12,768 | ) | (1,490,153 | ) | ||||
| Quanta Services, Inc. | (5,985 | ) | (1,521,267 | ) | ||||
| WillScot Holdings Corp. | (47,880 | ) | (1,331,064 | ) | ||||
| (7,232,015 | ) | |||||||
| Construction Materials - (0.4)% | ||||||||
| Eagle Materials, Inc. | (7,182 | ) | (1,593,901 | ) | ||||
| Consumer Finance - (1.1)% | ||||||||
| Credit Acceptance Corp. | (3,192 | ) | (1,648,189 | ) | ||||
| OneMain Holdings, Inc. | (31,521 | ) | (1,540,747 | ) | ||||
| SoFi Technologies, Inc. | (116,508 | ) | (1,354,988 | ) | ||||
| (4,543,924 | ) | |||||||
| Consumer Staples Distribution & Retail - (2.2)% | ||||||||
| BJ’s Wholesale Club Holdings, Inc. | (15,561 | ) | (1,775,510 | ) | ||||
| Costco Wholesale Corp. | (1,596 | ) | (1,509,465 | ) | ||||
| Dollar Tree, Inc. | (21,147 | ) | (1,587,505 | ) | ||||
| Maplebear, Inc. | (33,117 | ) | (1,321,037 | ) | ||||
| Performance Food Group Co. | (19,950 | ) | (1,568,669 | ) | ||||
| US Foods Holding Corp. | (23,142 | ) | (1,514,875 | ) | ||||
| (9,277,061 | ) | |||||||
| Diversified Consumer Services - (0.3)% | ||||||||
| Duolingo, Inc., Class A | (4,389 | ) | (1,362,960 | ) | ||||
| Electric Utilities - (0.7)% | ||||||||
| Constellation Energy Corp. | (5,985 | ) | (1,206,755 | ) | ||||
| NRG Energy, Inc. | (15,960 | ) | (1,523,542 | ) | ||||
| (2,730,297 | ) | |||||||
| Electrical Equipment - (1.7)% | ||||||||
| Eaton Corp. plc | (5,586 | ) | (1,518,443 | ) | ||||
| Generac Holdings, Inc. | (11,571 | ) | (1,465,467 | ) | ||||
AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
March 31, 2025 (Unaudited)
| Investments | Shares | Value ($) | ||||||
| Electrical Equipment (continued) | ||||||||
| Hubbell, Inc., Class B | (4,389 | ) | (1,452,364 | ) | ||||
| nVent Electric plc | (26,733 | ) | (1,401,344 | ) | ||||
| Vertiv Holdings Co., Class A | (17,556 | ) | (1,267,543 | ) | ||||
| (7,105,161 | ) | |||||||
| Electronic Equipment, Instruments & Components - (0.7)% | ||||||||
| Coherent Corp. | (21,147 | ) | (1,373,286 | ) | ||||
| Fabrinet | (7,980 | ) | (1,576,130 | ) | ||||
| (2,949,416 | ) | |||||||
| Energy Equipment & Services - (0.7)% | ||||||||
| Noble Corp. plc | (60,648 | ) | (1,437,357 | ) | ||||
| Weatherford International plc | (25,536 | ) | (1,367,453 | ) | ||||
| (2,804,810 | ) | |||||||
| Entertainment - (1.0)% | ||||||||
| Liberty Media Corp-Liberty Live, Class C | (21,546 | ) | (1,468,145 | ) | ||||
| Netflix, Inc. | (1,596 | ) | (1,488,318 | ) | ||||
| Roku, Inc., Class A | (18,753 | ) | (1,320,961 | ) | ||||
| (4,277,424 | ) | |||||||
| Financial Services - (2.3)% | ||||||||
| Affirm Holdings, Inc., Class A | (25,536 | ) | (1,153,972 | ) | ||||
| Apollo Global Management, Inc. | (11,172 | ) | (1,529,894 | ) | ||||
| Block, Inc., Class A | (25,935 | ) | (1,409,048 | ) | ||||
| Rocket Cos., Inc., Class A | (99,098 | ) | (1,196,113 | ) | ||||
| Shift4 Payments, Inc., Class A | (16,758 | ) | (1,369,296 | ) | ||||
| Toast, Inc., Class A | (44,688 | ) | (1,482,301 | ) | ||||
| UWM Holdings Corp., Class A | (246,582 | ) | (1,346,338 | ) | ||||
| (9,486,962 | ) | |||||||
| Food Products - (0.7)% | ||||||||
| Darling Ingredients, Inc. | (42,294 | ) | (1,321,265 | ) | ||||
| Lamb Weston Holdings, Inc. | (31,521 | ) | (1,680,069 | ) | ||||
| (3,001,334 | ) | |||||||
| Gas Utilities - (0.8)% | ||||||||
| MDU Resources Group, Inc. | (96,558 | ) | (1,632,796 | ) | ||||
| Southwest Gas Holdings, Inc. | (21,147 | ) | (1,518,354 | ) | ||||
| (3,151,150 | ) | |||||||
| Ground Transportation - (1.1)% | ||||||||
| Avis Budget Group, Inc. | (19,551 | ) | (1,483,921 | ) | ||||
| Lyft, Inc., Class A | (127,281 | ) | (1,510,825 | ) | ||||
| XPO, Inc. | (13,167 | ) | (1,416,506 | ) | ||||
| (4,411,252 | ) | |||||||
| Health Care Equipment & Supplies - (1.1)% | ||||||||
| Align Technology, Inc. | (8,778 | ) | (1,394,473 | ) | ||||
| Haemonetics Corp. | (24,738 | ) | (1,572,100 | ) | ||||
| IDEXX Laboratories, Inc. | (3,591 | ) | (1,508,040 | ) | ||||
| (4,474,613 | ) | |||||||
| Health Care Providers & Services - (0.8)% | ||||||||
| Guardant Health, Inc. | (40,299 | ) | (1,716,737 | ) | ||||
| Tenet Healthcare Corp. | (11,970 | ) | (1,609,965 | ) | ||||
| (3,326,702 | ) | |||||||
| Health Care REITs - (0.4)% | ||||||||
| Alexandria Real Estate Equities, Inc., REIT | (15,960 | ) | (1,476,460 | ) | ||||
| Investments | Shares | Value ($) | ||||||
| Health Care Technology - (0.7)% | ||||||||
| Doximity, Inc., Class A | (22,743 | ) | (1,319,776 | ) | ||||
| Veeva Systems, Inc., Class A | (7,182 | ) | (1,663,567 | ) | ||||
| (2,983,343 | ) | |||||||
| Hotel & Resort REITs - (0.3)% | ||||||||
| Host Hotels & Resorts, Inc., REIT | (101,346 | ) | (1,440,127 | ) | ||||
| Hotels, Restaurants & Leisure - (2.6)% | ||||||||
| Caesars Entertainment, Inc. | (46,683 | ) | (1,167,075 | ) | ||||
| Carnival Corp. | (68,229 | ) | (1,332,512 | ) | ||||
| Cava Group, Inc. | (16,359 | ) | (1,413,581 | ) | ||||
| DraftKings, Inc., Class A | (38,304 | ) | (1,272,076 | ) | ||||
| Dutch Bros, Inc., Class A | (22,344 | ) | (1,379,518 | ) | ||||
| Light & Wonder, Inc. | (15,960 | ) | (1,382,296 | ) | ||||
| Norwegian Cruise Line Holdings Ltd. | (66,234 | ) | (1,255,797 | ) | ||||
| Wingstop, Inc. | (6,783 | ) | (1,530,109 | ) | ||||
| (10,732,964 | ) | |||||||
| Household Durables - (0.7)% | ||||||||
| Toll Brothers, Inc. | (14,364 | ) | (1,516,695 | ) | ||||
| TopBuild Corp. | (5,187 | ) | (1,581,775 | ) | ||||
| (3,098,470 | ) | |||||||
| Independent Power and Renewable Electricity Producers - (1.2)% | ||||||||
| AES Corp. (The) | (149,625 | ) | (1,858,342 | ) | ||||
| Clearway Energy, Inc., Class C | (59,451 | ) | (1,799,582 | ) | ||||
| Vistra Corp. | (11,970 | ) | (1,405,757 | ) | ||||
| (5,063,681 | ) | |||||||
| Industrial REITs - (0.4)% | ||||||||
| Prologis, Inc., REIT | (13,167 | ) | (1,471,939 | ) | ||||
| Insurance - (0.4)% | ||||||||
| Lincoln National Corp. | (43,491 | ) | (1,561,762 | ) | ||||
| Interactive Media & Services - (1.0)% | ||||||||
| IAC, Inc. | (35,511 | ) | (1,631,375 | ) | ||||
| Pinterest, Inc., Class A | (44,289 | ) | (1,372,959 | ) | ||||
| Snap, Inc., Class A | (156,009 | ) | (1,358,839 | ) | ||||
| (4,363,173 | ) | |||||||
| Life Sciences Tools & Services - (1.0)% | ||||||||
| Charles River Laboratories International, Inc. | (9,576 | ) | (1,441,380 | ) | ||||
| Illumina, Inc. | (17,157 | ) | (1,361,236 | ) | ||||
| Medpace Holdings, Inc. | (4,788 | ) | (1,458,856 | ) | ||||
| (4,261,472 | ) | |||||||
| Machinery - (1.1)% | ||||||||
| Chart Industries, Inc. | (9,177 | ) | (1,324,792 | ) | ||||
| Ingersoll Rand, Inc. | (19,551 | ) | (1,564,667 | ) | ||||
| ITT, Inc. | (11,571 | ) | (1,494,510 | ) | ||||
| (4,383,969 | ) | |||||||
| Media - (0.6)% | ||||||||
| Sirius XM Holdings, Inc. | (66,234 | ) | (1,493,246 | ) | ||||
| Trade Desk, Inc. (The), Class A | (21,546 | ) | (1,178,997 | ) | ||||
| (2,672,243 | ) | |||||||
| Metals & Mining - (2.2)% | ||||||||
| Alcoa Corp. | (47,082 | ) | (1,436,001 | ) | ||||
| ATI, Inc. | (28,728 | ) | (1,494,718 | ) | ||||
AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
March 31, 2025 (Unaudited)
| Investments | Shares | Value ($) | ||||||
| Metals & Mining (continued) | ||||||||
| Cleveland-Cliffs, Inc. | (150,423 | ) | (1,236,477 | ) | ||||
| Commercial Metals Co. | (32,319 | ) | (1,486,997 | ) | ||||
| Freeport-McMoRan, Inc. | (44,289 | ) | (1,676,782 | ) | ||||
| United States Steel Corp. | (42,693 | ) | (1,804,206 | ) | ||||
| (9,135,181 | ) | |||||||
| Multi-Utilities - (0.8)% | ||||||||
| CenterPoint Energy, Inc. | (47,481 | ) | (1,720,237 | ) | ||||
| Sempra | (23,142 | ) | (1,651,413 | ) | ||||
| (3,371,650 | ) | |||||||
| Office REITs - (1.1)% | ||||||||
| BXP, Inc., REIT | (23,142 | ) | (1,554,911 | ) | ||||
| Kilroy Realty Corp., REIT | (47,481 | ) | (1,555,478 | ) | ||||
| Vornado Realty Trust, REIT | (41,097 | ) | (1,520,178 | ) | ||||
| (4,630,567 | ) | |||||||
| Oil, Gas & Consumable Fuels - (2.4)% | ||||||||
| Antero Resources Corp. | (43,491 | ) | (1,758,776 | ) | ||||
| EQT Corp. | (33,117 | ) | (1,769,441 | ) | ||||
| Expand Energy Corp. | (15,960 | ) | (1,776,667 | ) | ||||
| New Fortress Energy, Inc. | (154,413 | ) | (1,283,172 | ) | ||||
| Range Resources Corp. | (43,491 | ) | (1,736,596 | ) | ||||
| Texas Pacific Land Corp. | (1,197 | ) | (1,586,013 | ) | ||||
| (9,910,665 | ) | |||||||
| Paper & Forest Products - (0.4)% | ||||||||
| Louisiana-Pacific Corp. | (15,960 | ) | (1,468,001 | ) | ||||
| Passenger Airlines - (0.4)% | ||||||||
| Joby Aviation, Inc. | (249,774 | ) | (1,503,639 | ) | ||||
| Personal Care Products - (0.7)% | ||||||||
| elf Beauty, Inc. | (22,344 | ) | (1,402,980 | ) | ||||
| Estee Lauder Cos., Inc. (The), Class A | (21,546 | ) | (1,422,036 | ) | ||||
| (2,825,016 | ) | |||||||
| Pharmaceuticals - (0.8)% | ||||||||
| Elanco Animal Health, Inc. | (151,620 | ) | (1,592,010 | ) | ||||
| Eli Lilly and Co. | (1,995 | ) | (1,647,690 | ) | ||||
| (3,239,700 | ) | |||||||
| Professional Services - (1.1)% | ||||||||
| Dayforce, Inc. | (25,935 | ) | (1,512,789 | ) | ||||
| Equifax, Inc. | (6,783 | ) | (1,652,067 | ) | ||||
| TransUnion | (17,157 | ) | (1,423,859 | ) | ||||
| (4,588,715 | ) | |||||||
| Real Estate Management & Development - (1.9)% | ||||||||
| CBRE Group, Inc., Class A | (11,571 | ) | (1,513,256 | ) | ||||
| CoStar Group, Inc. | (20,748 | ) | (1,643,864 | ) | ||||
| Howard Hughes Holdings, Inc. | (21,546 | ) | (1,596,128 | ) | ||||
| Jones Lang LaSalle, Inc. | (5,985 | ) | (1,483,741 | ) | ||||
| Zillow Group, Inc., Class C | (21,147 | ) | (1,449,838 | ) | ||||
| (7,686,827 | ) | |||||||
| Semiconductors & Semiconductor Equipment - (5.7)% | ||||||||
| Advanced Micro Devices, Inc. | (15,561 | ) | (1,598,737 | ) | ||||
| Amkor Technology, Inc. | (74,613 | ) | (1,347,511 | ) | ||||
| Applied Materials, Inc. | (9,975 | ) | (1,447,572 | ) | ||||
| Broadcom, Inc. | (7,980 | ) | (1,336,091 | ) | ||||
| GLOBALFOUNDRIES, Inc. | (39,900 | ) | (1,472,709 | ) | ||||
| Investments | Shares | Value ($) | ||||||
| Semiconductors & Semiconductor Equipment - (5.7)% | ||||||||
| Intel Corp. | (70,623 | ) | (1,603,848 | ) | ||||
| Lam Research Corp. | (20,349 | ) | (1,479,372 | ) | ||||
| Lattice Semiconductor Corp. | (24,738 | ) | (1,297,508 | ) | ||||
| Marvell Technology, Inc. | (17,556 | ) | (1,080,923 | ) | ||||
| Micron Technology, Inc. | (17,556 | ) | (1,525,441 | ) | ||||
| MKS Instruments, Inc. | (16,758 | ) | (1,343,154 | ) | ||||
| Monolithic Power Systems, Inc. | (2,394 | ) | (1,388,472 | ) | ||||
| NVIDIA Corp. | (12,768 | ) | (1,383,796 | ) | ||||
| Onto Innovation, Inc. | (10,773 | ) | (1,307,196 | ) | ||||
| Power Integrations, Inc. | (25,536 | ) | (1,289,568 | ) | ||||
| Rambus, Inc. | (28,329 | ) | (1,466,734 | ) | ||||
| Teradyne, Inc. | (14,763 | ) | (1,219,424 | ) | ||||
| (23,588,056 | ) | |||||||
| Software - (2.2)% | ||||||||
| AppLovin Corp., Class A | (4,389 | ) | (1,162,953 | ) | ||||
| Crowdstrike Holdings, Inc., Class A | (4,389 | ) | (1,547,474 | ) | ||||
| MicroStrategy, Inc., Class A | (6,384 | ) | (1,840,316 | ) | ||||
| Palantir Technologies, Inc., Class A | (18,354 | ) | (1,549,078 | ) | ||||
| Unity Software, Inc. | (63,441 | ) | (1,242,809 | ) | ||||
| Zscaler, Inc. | (8,379 | ) | (1,662,561 | ) | ||||
| (9,005,191 | ) | |||||||
| Specialized REITs - (0.4)% | ||||||||
| Extra Space Storage, Inc., REIT | (9,975 | ) | (1,481,188 | ) | ||||
| Specialty Retail - (2.0)% | ||||||||
| CarMax, Inc. | (19,551 | ) | (1,523,414 | ) | ||||
| Carvana Co., Class A | (7,182 | ) | (1,501,613 | ) | ||||
| Chewy, Inc., Class A | (47,082 | ) | (1,530,636 | ) | ||||
| Dick’s Sporting Goods, Inc. | (7,581 | ) | (1,528,026 | ) | ||||
| ESC GCI LIBERTY, Inc. SR‡ | (6,956 | ) | — | |||||
| RH | (4,788 | ) | (1,122,355 | ) | ||||
| Wayfair, Inc., Class A | (37,905 | ) | (1,214,097 | ) | ||||
| (8,420,141 | ) | |||||||
| Technology Hardware, Storage & Peripherals - (0.6)% | ||||||||
| Dell Technologies, Inc., Class C | (14,763 | ) | (1,345,647 | ) | ||||
| Super Micro Computer, Inc. | (35,511 | ) | (1,215,897 | ) | ||||
| (2,561,544 | ) | |||||||
| Textiles, Apparel & Luxury Goods - (0.7)% | ||||||||
| Crocs, Inc. | (15,960 | ) | (1,694,952 | ) | ||||
| Deckers Outdoor Corp. | (11,571 | ) | (1,293,754 | ) | ||||
| (2,988,706 | ) | |||||||
| Trading Companies & Distributors - (1.8)% | ||||||||
| Core & Main, Inc., Class A | (32,718 | ) | (1,580,606 | ) | ||||
| SiteOne Landscape Supply, Inc. | (12,369 | ) | (1,502,091 | ) | ||||
| United Rentals, Inc. | (2,394 | ) | (1,500,320 | ) | ||||
| Watsco, Inc. | (3,192 | ) | (1,622,494 | ) | ||||
| WESCO International, Inc. | (9,177 | ) | (1,425,188 | ) | ||||
| (7,630,699 | ) | |||||||
| Total Common Stocks (Proceeds $(337,281,492)) | (295,110,645 | ) | ||||||
AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
March 31, 2025 (Unaudited)
| Investments | Shares | Value ($) | ||||||
| EXCHANGE TRADED FUNDS - 0.0%(b) | ||||||||
| SPDR S&P 500 ETF Trust (Proceeds $(260,695)) | (470 | ) | (262,913 | ) | ||||
| Total Short Positions (Proceeds $(337,542,187)) | (295,373,558 | ) | ||||||
| Total Investments - 4.2% (Net Cost and Proceeds $(20,565,920)) | 17,286,680 | |||||||
| Other assets less liabilities - 95.8% | 397,392,642 | |||||||
| Net Assets - 100.0% | 414,679,322 | |||||||
| * | 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 $120,152,839. |
| (b) | Represents less than 0.05% of net assets. |
| ‡ | Security fair valued as of March 31, 2025 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at March 31, 2025 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)
March 31, 2025 (Unaudited)
| OTC Total return swap contracts outstanding as of March 31, 2025 | ||||||||||||||||||||
Notional Amount | Termination | Counterparty | Rate Paid | Payment Frequency | Underlying | Value and | ||||||||||||||
| USD | 58,393,982 | 10/1/2025 | Morgan Stanley | 4.68 | % | Monthly | Dow Jones U.S. Low Beta Total Return Index(4) | 7,848,571 | ||||||||||||
| USD | (64,282,688 | ) | 10/1/2025 | Morgan Stanley | 3.93 | % | Monthly | Dow Jones U.S. High Beta Total Return Index(5) | 2,466,772 | |||||||||||
| 10,315,343 | ||||||||||||||||||||
| (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, 2025, 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
Notes to Quarterly Schedules of Investments
March 31, 2025 (Unaudited)
Investment Valuation
The Fund discloses 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 Fund’s (observable inputs) and (2) the Fund’s 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 Fund has 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 the 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, 2025 for the Fund based upon the three levels defined above:
| Level 1 — Quoted Prices | Level 2 — Other Significant Observable Inputs | Level 3 —Significant Unobservable Inputs | Total | |||||||||||||
| AGF U.S. Market Neutral Anti-Beta Fund | ||||||||||||||||
| Investments | ||||||||||||||||
| Assets | ||||||||||||||||
| Common Stocks** | $ | 312,660,238 | $ | — | $ | — | * | $ | 312,660,238 | |||||||
| Liabilities | ||||||||||||||||
| Common Stocks** | (295,110,645 | ) | — | — | (295,110,645 | ) | ||||||||||
| Exchange Traded Funds | (262,913 | ) | — | — | (262,913 | ) | ||||||||||
| Total Investments | $ | 17,286,680 | $ | — | $ | — | * | $ | 17,286,680 | |||||||
| Other Financial Instruments | ||||||||||||||||
| Assets | ||||||||||||||||
| Swap Agreement*** | $ | — | $ | 10,315,343 | $ | — | $ | 10,315,343 | ||||||||
| Liabilities | ||||||||||||||||
| Swap Agreement*** | $ | — | $ | — | $ | — | $ | — | ||||||||
| Total Other Financial Instruments | $ | — | $ | 10,315,343 | $ | — | $ | 10,315,343 | ||||||||
| * | Security has zero value. |
| ** | See Schedule 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. |