AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments
March 31, 2023 (Unaudited)
Investments | Shares | Value ($) | ||||||
LONG POSITIONS - 82.2% | ||||||||
COMMON STOCKS - 82.2% | ||||||||
Aerospace & Defense - 3.3% | ||||||||
BWX Technologies, Inc.(a) | 27,432 | 1,729,313 | ||||||
Curtiss-Wright Corp. | 9,144 | 1,611,722 | ||||||
General Dynamics Corp. | 7,239 | 1,652,012 | ||||||
Huntington Ingalls Industries, Inc.(a) | 7,620 | 1,577,493 | ||||||
L3Harris Technologies, Inc. | 8,001 | 1,570,116 | ||||||
Lockheed Martin Corp. | 3,429 | 1,620,991 | ||||||
Northrop Grumman Corp.(a) | 3,429 | 1,583,238 | ||||||
Raytheon Technologies Corp. | 16,383 | 1,604,387 | ||||||
12,949,272 | ||||||||
Air Freight & Logistics - 0.4% | ||||||||
CH Robinson Worldwide, Inc.(a) | 16,383 | 1,627,979 | ||||||
Automobile Components - 0.4% | ||||||||
Gentex Corp.(a) | 57,531 | 1,612,594 | ||||||
Banks - 3.1% | ||||||||
Commerce Bancshares, Inc.(a) | 24,765 | 1,445,038 | ||||||
Cullen/Frost Bankers, Inc. | 12,573 | 1,324,440 | ||||||
First Financial Bankshares, Inc.(a) | 43,434 | 1,385,544 | ||||||
First Horizon Corp.(a) | 65,913 | 1,171,933 | ||||||
Glacier Bancorp, Inc.(a) | 34,671 | 1,456,529 | ||||||
Home BancShares, Inc.(a) | 68,199 | 1,480,600 | ||||||
Prosperity Bancshares, Inc.(a) | 22,098 | 1,359,469 | ||||||
UMB Financial Corp.(a) | 17,907 | 1,033,592 | ||||||
United Bankshares, Inc.(a) | 40,005 | 1,408,176 | ||||||
12,065,321 | ||||||||
Biotechnology - 4.7% | ||||||||
Alkermes plc*(a) | 59,817 | 1,686,241 | ||||||
Amgen, Inc. | 6,858 | 1,657,922 | ||||||
Biogen, Inc.* | 6,096 | 1,694,871 | ||||||
Gilead Sciences, Inc.(a) | 19,812 | 1,643,802 | ||||||
Horizon Therapeutics plc* | 14,859 | 1,621,711 | ||||||
Incyte Corp.*(a) | 20,955 | 1,514,418 | ||||||
Ionis Pharmaceuticals, Inc.* | 44,577 | 1,593,182 | ||||||
Neurocrine Biosciences, Inc.*(a) | 16,002 | 1,619,722 | ||||||
Seagen, Inc.*(a) | 9,906 | 2,005,668 | ||||||
United Therapeutics Corp.* | 6,477 | 1,450,589 | ||||||
Vertex Pharmaceuticals, Inc.* | 5,715 | 1,800,625 | ||||||
18,288,751 | ||||||||
Building Products - 0.4% | ||||||||
Carlisle Cos., Inc. | 6,477 | 1,464,255 | ||||||
Capital Markets - 0.9% | ||||||||
Cboe Global Markets, Inc.(a) | 12,573 | 1,687,799 | ||||||
CME Group, Inc.(a) | 8,763 | 1,678,290 | ||||||
3,366,089 | ||||||||
Chemicals - 2.4% | ||||||||
CF Industries Holdings, Inc. | 19,050 | 1,380,934 | ||||||
Corteva, Inc. | 26,289 | 1,585,490 | ||||||
FMC Corp. | 12,573 | 1,535,540 | ||||||
Huntsman Corp.(a) | 56,388 | 1,542,776 | ||||||
LyondellBasell Industries NV, Class A(a) | 17,145 | 1,609,744 | ||||||
NewMarket Corp.(a) | 4,953 | 1,807,746 | ||||||
9,462,230 | ||||||||
Commercial Services & Supplies - 2.1% | ||||||||
Clean Harbors, Inc.* | 12,192 | 1,738,092 | ||||||
Republic Services, Inc.(a) | 12,573 | 1,700,121 | ||||||
Ritchie Bros Auctioneers, Inc.(a) | 20,731 | 1,166,948 | ||||||
Rollins, Inc. | 46,482 | 1,744,469 | ||||||
Waste Management, Inc.(a) | 10,668 | 1,740,698 | ||||||
8,090,328 | ||||||||
Communications Equipment - 1.8% | ||||||||
Cisco Systems, Inc.(a) | 33,147 | 1,732,759 | ||||||
Juniper Networks, Inc. | 51,816 | 1,783,507 | ||||||
Lumentum Holdings, Inc.* | 28,194 | 1,522,758 | ||||||
Motorola Solutions, Inc. | 6,096 | 1,744,248 | ||||||
6,783,272 | ||||||||
Construction & Engineering - 0.4% | ||||||||
MDU Resources Group, Inc.(a) | 51,816 | 1,579,352 | ||||||
Consumer Staples Distribution & Retail - 0.8% | ||||||||
Albertsons Cos., Inc., Class A | 78,886 | 1,639,251 | ||||||
Dollar General Corp. | 7,620 | 1,603,705 | ||||||
3,242,956 | ||||||||
Containers & Packaging - 1.3% | ||||||||
Amcor plc(a) | 144,797 | 1,647,790 | ||||||
Crown Holdings, Inc.(a) | 19,050 | 1,575,625 | ||||||
Packaging Corp. of America(a) | 11,811 | 1,639,721 | ||||||
4,863,136 | ||||||||
Distributors - 0.4% | ||||||||
Genuine Parts Co. | 9,144 | 1,529,883 | ||||||
Diversified Consumer Services - 1.2% | ||||||||
Grand Canyon Education, Inc.*(a) | 14,097 | 1,605,648 | ||||||
H&R Block, Inc. | 43,434 | 1,531,049 | ||||||
Service Corp. International(a) | 23,622 | 1,624,721 | ||||||
4,761,418 | ||||||||
Diversified REITs - 0.4% | ||||||||
WP Carey, Inc., REIT(a) | 19,812 | 1,534,439 | ||||||
Diversified Telecommunication Services - 0.8% | ||||||||
AT&T, Inc.(a) | 84,599 | 1,628,531 | ||||||
Verizon Communications, Inc.(a) | 42,291 | 1,644,697 | ||||||
3,273,228 | ||||||||
Electric Utilities - 2.1% | ||||||||
American Electric Power Co., Inc. | 17,907 | 1,629,358 | ||||||
Duke Energy Corp.(a) | 16,764 | 1,617,223 | ||||||
PNM Resources, Inc.(a) | 33,147 | 1,613,596 | ||||||
Portland General Electric Co.(a) | 33,909 | 1,657,811 | ||||||
Southern Co. (The) | 25,146 | 1,749,659 | ||||||
8,267,647 | ||||||||
Electronic Equipment, Instruments & Components - 1.7% | ||||||||
Arrow Electronics, Inc.*(a) | 13,716 | 1,712,717 |
AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
March 31, 2023 (Unaudited)
Investments | Shares | Value ($) | ||||||
Avnet, Inc.(a) | 35,814 | 1,618,793 | ||||||
Corning, Inc. | 47,244 | 1,666,768 | ||||||
TD SYNNEX Corp. | 16,764 | 1,622,588 | ||||||
6,620,866 | ||||||||
Entertainment - 1.8% | ||||||||
Activision Blizzard, Inc.(a) | 21,336 | 1,826,148 | ||||||
Electronic Arts, Inc.(a) | 14,859 | 1,789,766 | ||||||
Madison Square Garden Sports Corp., Class A | 8,382 | 1,633,233 | ||||||
Take-Two Interactive Software, Inc.*(a) | 14,859 | 1,772,679 | ||||||
7,021,826 | ||||||||
Financial Services - 1.6% | ||||||||
Fiserv, Inc.* | 14,097 | 1,593,384 | ||||||
Jack Henry & Associates, Inc.(a) | 9,906 | 1,493,032 | ||||||
Radian Group, Inc.(a) | 74,684 | 1,650,517 | ||||||
Western Union Co. (The)(a) | 123,461 | 1,376,590 | ||||||
6,113,523 | ||||||||
Food Products - 3.8% | ||||||||
Campbell Soup Co.(a) | 30,861 | 1,696,738 | ||||||
Conagra Brands, Inc.(a) | 44,958 | 1,688,622 | ||||||
General Mills, Inc.(a) | 20,193 | 1,725,694 | ||||||
Hershey Co. (The) | 6,858 | 1,744,744 | ||||||
Hormel Foods Corp.(a) | 36,195 | 1,443,457 | ||||||
J M Smucker Co. (The)(a) | 11,049 | 1,738,781 | ||||||
Kellogg Co.(a) | 24,003 | 1,607,241 | ||||||
Kraft Heinz Co. (The)(a) | 41,148 | 1,591,193 | ||||||
Lancaster Colony Corp.(a) | 8,382 | 1,700,540 | ||||||
14,937,010 | ||||||||
Gas Utilities - 0.8% | ||||||||
ONE Gas, Inc. | 20,574 | 1,630,078 | ||||||
Southwest Gas Holdings, Inc.(a) | 25,146 | 1,570,368 | ||||||
3,200,446 | ||||||||
Ground Transportation - 1.3% | ||||||||
Landstar System, Inc.(a) | 9,144 | 1,639,154 | ||||||
Norfolk Southern Corp.(a) | 7,239 | 1,534,668 | ||||||
Union Pacific Corp.(a) | 8,382 | 1,686,961 | ||||||
4,860,783 | ||||||||
Health Care Equipment & Supplies - 0.4% | ||||||||
Hologic, Inc.* | 20,193 | 1,629,575 | ||||||
Health Care Providers & Services - 2.0% | ||||||||
Chemed Corp. | 3,048 | 1,639,062 | ||||||
DaVita, Inc.*(a) | 19,812 | 1,606,951 | ||||||
HealthEquity, Inc.*(a) | 25,146 | 1,476,322 | ||||||
Humana, Inc. | 3,048 | 1,479,682 | ||||||
Premier, Inc., Class A(a) | 49,911 | 1,615,619 | ||||||
7,817,636 | ||||||||
Health Care REITs - 1.6% | ||||||||
Healthcare Realty Trust, Inc., REIT(a) | 81,170 | 1,569,016 | ||||||
Omega Healthcare Investors, Inc., REIT(a) | 60,579 | 1,660,470 | ||||||
Physicians Realty Trust, REIT(a) | 108,602 | 1,621,428 | ||||||
Sabra Health Care REIT, Inc., REIT(a) | 131,843 | 1,516,195 | ||||||
6,367,109 | ||||||||
Hotels, Restaurants & Leisure - 3.4% | ||||||||
Choice Hotels International, Inc.(a) | 13,716 | 1,607,378 | ||||||
Darden Restaurants, Inc. | 11,049 | 1,714,363 | ||||||
Domino’s Pizza, Inc.(a) | 5,334 | 1,759,526 | ||||||
Las Vegas Sands Corp.* | 28,956 | 1,663,522 | ||||||
McDonald’s Corp.(a) | 6,096 | 1,704,502 | ||||||
Starbucks Corp.(a) | 15,621 | 1,626,615 | ||||||
Wyndham Hotels & Resorts, Inc. | 20,955 | 1,421,797 | ||||||
Yum! Brands, Inc. | 12,573 | 1,660,642 | ||||||
13,158,345 | ||||||||
Household Durables - 0.7% | ||||||||
Helen of Troy Ltd.*(a) | 14,478 | 1,377,871 | ||||||
Leggett & Platt, Inc.(a) | 47,244 | 1,506,139 | ||||||
2,884,010 | ||||||||
Insurance - 6.8% | ||||||||
Arch Capital Group Ltd.*(a) | 24,003 | 1,629,084 | ||||||
Assurant, Inc.(a) | 12,954 | 1,555,387 | ||||||
Axis Capital Holdings Ltd.(a) | 27,051 | 1,474,821 | ||||||
Enstar Group Ltd.* | 6,858 | 1,589,616 | ||||||
Erie Indemnity Co., Class A | 6,858 | 1,588,724 | ||||||
Everest Re Group Ltd.(a) | 4,191 | 1,500,462 | ||||||
Globe Life, Inc.(a) | 13,716 | 1,509,034 | ||||||
Hanover Insurance Group, Inc. (The)(a) | 11,811 | 1,517,713 | ||||||
Hartford Financial Services Group, Inc. (The) | 21,336 | 1,486,906 | ||||||
Reinsurance Group of America, Inc. | 11,049 | 1,466,865 | ||||||
RenaissanceRe Holdings Ltd.(a) | 8,001 | 1,602,920 | ||||||
RLI Corp. | 12,573 | 1,671,077 | ||||||
Ryan Specialty Holdings, Inc., Class A*(a) | 37,719 | 1,517,813 | ||||||
Selective Insurance Group, Inc.(a) | 16,383 | 1,561,791 | ||||||
Travelers Cos., Inc. (The)(a) | 8,763 | 1,502,066 | ||||||
W R Berkley Corp.(a) | 24,765 | 1,541,869 | ||||||
White Mountains Insurance Group Ltd.(a) | 1,143 | 1,574,471 | ||||||
26,290,619 | ||||||||
IT Services - 1.7% | ||||||||
Akamai Technologies, Inc.*(a) | 21,717 | 1,700,441 | ||||||
Amdocs Ltd.(a) | 17,526 | 1,683,022 | ||||||
Gartner, Inc.* | 4,953 | 1,613,539 | ||||||
International Business Machines Corp.(a) | 12,573 | 1,648,194 | ||||||
6,645,196 | ||||||||
Leisure Products - 0.4% | ||||||||
Hasbro, Inc.(a) | 28,575 | 1,534,192 | ||||||
Machinery - 1.6% | ||||||||
Allison Transmission Holdings, Inc.(a) | 34,290 | 1,551,280 | ||||||
Chart Industries, Inc.*(a) | 12,573 | 1,576,654 | ||||||
PACCAR, Inc. | 22,098 | 1,617,574 | ||||||
Snap-on, Inc. | 6,477 | 1,599,106 | ||||||
6,344,614 | ||||||||
Marine Transportation - 0.4% | ||||||||
Kirby Corp.* | 22,479 | 1,566,786 |
AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
March 31, 2023 (Unaudited)
Investments | Shares | Value ($) | ||||||
Media - 1.2% | ||||||||
Comcast Corp., Class A(a) | 43,434 | 1,646,583 | ||||||
Fox Corp., Class A(a) | 44,958 | 1,530,820 | ||||||
TEGNA, Inc.(a) | 75,443 | 1,275,741 | ||||||
4,453,144 | ||||||||
Metals & Mining - 0.9% | ||||||||
Newmont Corp.(a) | 36,957 | 1,811,632 | ||||||
Royal Gold, Inc.(a) | 14,097 | 1,828,522 | ||||||
3,640,154 | ||||||||
Multi-Utilities - 1.3% | ||||||||
Avista Corp.(a) | 39,243 | 1,665,865 | ||||||
Dominion Energy, Inc.(a) | 28,575 | 1,597,628 | ||||||
NorthWestern Corp.(a) | 28,194 | 1,631,305 | ||||||
4,894,798 | ||||||||
Office REITs - 0.8% | ||||||||
Corporate Office Properties Trust, REIT(a) | 63,246 | 1,499,563 | ||||||
Equity Commonwealth, REIT(a) | 76,212 | 1,578,350 | ||||||
3,077,913 | ||||||||
Oil, Gas & Consumable Fuels - 2.9% | ||||||||
Chevron Corp. | 10,287 | 1,678,427 | ||||||
DT Midstream, Inc.(a) | 32,004 | 1,580,038 | ||||||
Exxon Mobil Corp.(a) | 14,859 | 1,629,438 | ||||||
HF Sinclair Corp.(a) | 30,480 | 1,474,622 | ||||||
Marathon Petroleum Corp. | 12,954 | 1,746,588 | ||||||
Texas Pacific Land Corp. | 762 | 1,296,177 | ||||||
Valero Energy Corp.(a) | 12,192 | 1,702,003 | ||||||
11,107,293 | ||||||||
Pharmaceuticals - 2.9% | ||||||||
Bristol-Myers Squibb Co.(a) | 22,860 | 1,584,427 | ||||||
Jazz Pharmaceuticals plc*(a) | 11,049 | 1,616,800 | ||||||
Johnson & Johnson(a) | 10,287 | 1,594,485 | ||||||
Merck & Co., Inc.(a) | 14,859 | 1,580,849 | ||||||
Perrigo Co. plc(a) | 44,577 | 1,598,977 | ||||||
Pfizer, Inc.(a) | 38,862 | 1,585,569 | ||||||
Royalty Pharma plc, Class A(a) | 44,196 | 1,592,382 | ||||||
11,153,489 | ||||||||
Professional Services - 4.5% | ||||||||
Automatic Data Processing, Inc. | 7,239 | 1,611,619 | ||||||
Booz Allen Hamilton Holding Corp. | 17,145 | 1,589,170 | ||||||
Broadridge Financial Solutions, Inc.(a) | 11,430 | 1,675,295 | ||||||
CACI International, Inc., Class A*(a) | 5,334 | 1,580,358 | ||||||
Concentrix Corp.(a) | 11,811 | 1,435,627 | ||||||
FTI Consulting, Inc.*(a) | 9,144 | 1,804,568 | ||||||
Genpact Ltd.(a) | 33,909 | 1,567,274 | ||||||
KBR, Inc. | 29,718 | 1,635,976 | ||||||
Leidos Holdings, Inc.(a) | 16,383 | 1,508,219 | ||||||
Maximus, Inc.(a) | 19,812 | 1,559,204 | ||||||
Science Applications International Corp.(a) | 15,240 | 1,637,690 | ||||||
17,605,000 | ||||||||
Residential REITs - 0.4% | ||||||||
Equity LifeStyle Properties, Inc., REIT(a) | 23,622 | 1,585,745 | ||||||
Retail REITs - 1.2% | ||||||||
Agree Realty Corp., REIT(a) | 22,479 | 1,542,284 | ||||||
National Retail Properties, Inc., REIT | 35,814 | 1,581,188 | ||||||
Realty Income Corp., REIT(a) | 24,765 | 1,568,120 | ||||||
4,691,592 | ||||||||
Semiconductors & Semiconductor Equipment - 1.0% | ||||||||
Cirrus Logic, Inc.* | 16,002 | 1,750,299 | ||||||
First Solar, Inc.* | 9,906 | 2,154,555 | ||||||
3,904,854 | ||||||||
Software - 3.3% | ||||||||
Aspen Technology, Inc.* | 7,620 | 1,743,989 | ||||||
Black Knight, Inc.*(a) | 25,908 | 1,491,265 | ||||||
Dolby Laboratories, Inc., Class A(a) | 19,812 | 1,692,341 | ||||||
Gen Digital, Inc.(a) | 79,646 | 1,366,725 | ||||||
Nutanix, Inc., Class A*(a) | 57,150 | 1,485,329 | ||||||
Oracle Corp. | 18,288 | 1,699,321 | ||||||
PTC, Inc.* | 12,573 | 1,612,236 | ||||||
Verint Systems, Inc.*(a) | 43,434 | 1,617,482 | ||||||
12,708,688 | ||||||||
Specialized REITs - 0.8% | ||||||||
Gaming and Leisure Properties, Inc., REIT | 31,242 | 1,626,459 | ||||||
VICI Properties, Inc., REIT | 48,768 | 1,590,812 | ||||||
3,217,271 | ||||||||
Specialty Retail - 3.3% | ||||||||
AutoNation, Inc.*(a) | 11,430 | 1,535,735 | ||||||
AutoZone, Inc.* | 762 | 1,873,110 | ||||||
Foot Locker, Inc.(a) | 38,100 | 1,512,189 | ||||||
Murphy USA, Inc. | 6,096 | 1,573,073 | ||||||
O’Reilly Automotive, Inc.* | 1,905 | 1,617,307 | ||||||
Penske Automotive Group, Inc.(a) | 11,049 | 1,566,859 | ||||||
Tractor Supply Co. | 6,858 | 1,611,904 | ||||||
Ulta Beauty, Inc.* | 3,048 | 1,663,202 | ||||||
12,953,379 | ||||||||
Technology Hardware, Storage & Peripherals - 0.8% | ||||||||
Hewlett Packard Enterprise Co. | 104,030 | 1,657,198 | ||||||
Pure Storage, Inc., Class A* | 55,626 | 1,419,019 | ||||||
3,076,217 | ||||||||
TOTAL COMMON STOCKS (Cost $324,903,212) | 319,824,223 | |||||||
TOTAL LONG POSITIONS (Cost $324,903,212) | 319,824,223 | |||||||
SHORT POSITIONS - (84.4)% | ||||||||
COMMON STOCKS - (84.4)% | ||||||||
Aerospace & Defense - (0.5)% | ||||||||
Axon Enterprise, Inc. | (8,763 | ) | (1,970,361 | ) |
AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
March 31, 2023 (Unaudited)
Investments | Shares | Value ($) | ||||||
Air Freight & Logistics - (0.4)% | ||||||||
GXO Logistics, Inc. | (34,671 | ) | (1,749,499 | ) | ||||
Automobiles - (1.2)% | ||||||||
Harley-Davidson, Inc. | (36,195 | ) | (1,374,324 | ) | ||||
Rivian Automotive, Inc., Class A | (95,267 | ) | (1,474,733 | ) | ||||
Tesla, Inc. | (8,382 | ) | (1,738,930 | ) | ||||
(4,587,987 | ) | |||||||
Banks - (0.1)% | ||||||||
First Republic Bank | (14,097 | ) | (197,217 | ) | ||||
Beverages - (0.9)% | ||||||||
Boston Beer Co., Inc. (The), Class A | (5,334 | ) | (1,753,286 | ) | ||||
Celsius Holdings, Inc. | (18,669 | ) | (1,735,097 | ) | ||||
(3,488,383 | ) | |||||||
Biotechnology - (2.4)% | ||||||||
Blueprint Medicines Corp. | (41,529 | ) | (1,868,390 | ) | ||||
Exact Sciences Corp. | (28,194 | ) | (1,911,835 | ) | ||||
Intellia Therapeutics, Inc. | (44,196 | ) | (1,647,185 | ) | ||||
Moderna, Inc. | (12,573 | ) | (1,930,961 | ) | ||||
Natera, Inc. | (36,576 | ) | (2,030,700 | ) | ||||
(9,389,071 | ) | |||||||
Broadline Retail - (0.7)% | ||||||||
Etsy, Inc. | (13,335 | ) | (1,484,586 | ) | ||||
Kohl’s Corp. | (58,674 | ) | (1,381,186 | ) | ||||
(2,865,772 | ) | |||||||
Building Products - (1.3)% | ||||||||
Advanced Drainage Systems, Inc. | (19,050 | ) | (1,604,201 | ) | ||||
Builders FirstSource, Inc. | (21,717 | ) | (1,928,035 | ) | ||||
Trex Co., Inc. | (33,528 | ) | (1,631,808 | ) | ||||
(5,164,044 | ) | |||||||
Capital Markets - (7.4)% | ||||||||
Affiliated Managers Group, Inc. | (10,668 | ) | (1,519,337 | ) | ||||
Ameriprise Financial, Inc. | (4,953 | ) | (1,518,095 | ) | ||||
Ares Management Corp. | (20,955 | ) | (1,748,485 | ) | ||||
BlackRock, Inc. | (2,667 | ) | (1,784,543 | ) | ||||
Blackstone, Inc., Class A | (19,050 | ) | (1,673,352 | ) | ||||
Blue Owl Capital, Inc. | (136,796 | ) | (1,515,700 | ) | ||||
Carlyle Group, Inc. (The) | (49,530 | ) | (1,538,402 | ) | ||||
Charles Schwab Corp. (The) | (21,717 | ) | (1,137,536 | ) | ||||
Franklin Resources, Inc. | (58,293 | ) | (1,570,413 | ) | ||||
Invesco Ltd. | (97,553 | ) | (1,599,869 | ) | ||||
Janus Henderson Group plc | (62,484 | ) | (1,664,574 | ) | ||||
Jefferies Financial Group, Inc. | (45,720 | ) | (1,451,153 | ) | ||||
KKR & Co., Inc. | (30,861 | ) | (1,620,820 | ) | ||||
Lazard Ltd., Class A | (46,863 | ) | (1,551,634 | ) | ||||
Moody’s Corp. | (5,715 | ) | (1,748,904 | ) | ||||
MSCI, Inc. | (3,429 | ) | (1,919,177 | ) | ||||
State Street Corp. | (19,812 | ) | (1,499,570 | ) | ||||
T. Rowe Price Group, Inc. | (15,240 | ) | (1,720,596 | ) | ||||
(28,782,160 | ) | |||||||
Chemicals - (1.6)% | ||||||||
Albemarle Corp. | (6,858 | ) | (1,515,892 | ) | ||||
Chemours Co. (The) | (51,054 | ) | (1,528,557 | ) | ||||
Olin Corp. | (28,575 | ) | (1,585,912 | ) | ||||
Scotts Miracle-Gro Co. (The) | (20,955 | ) | (1,461,402 | ) | ||||
(6,091,763 | ) | |||||||
Commercial Services & Supplies - (0.5)% | ||||||||
Tetra Tech, Inc. | (12,573 | ) | (1,847,099 | ) | ||||
Consumer Finance - (1.6)% | ||||||||
Ally Financial, Inc. | (56,769 | ) | (1,447,042 | ) | ||||
American Express Co. | (9,906 | ) | (1,633,995 | ) | ||||
Credit Acceptance Corp. | (3,810 | ) | (1,661,312 | ) | ||||
OneMain Holdings, Inc. | (39,624 | ) | (1,469,258 | ) | ||||
(6,211,607 | ) | |||||||
Consumer Staples Distribution & Retail - (2.7)% | ||||||||
BJ’s Wholesale Club Holdings, Inc. | (23,622 | ) | (1,796,926 | ) | ||||
Costco Wholesale Corp. | (3,429 | ) | (1,703,767 | ) | ||||
Performance Food Group Co. | (29,718 | ) | (1,793,184 | ) | ||||
Sprouts Farmers Market, Inc. | (55,245 | ) | (1,935,232 | ) | ||||
Sysco Corp. | (22,479 | ) | (1,736,053 | ) | ||||
US Foods Holding Corp. | (45,339 | ) | (1,674,823 | ) | ||||
(10,639,985 | ) | |||||||
Diversified Telecommunication Services - (0.4)% | ||||||||
Frontier Communications Parent, Inc. | (74,303 | ) | (1,691,879 | ) | ||||
Electric Utilities - (2.3)% | ||||||||
Constellation Energy Corp. | (21,717 | ) | (1,704,784 | ) | ||||
Edison International | (26,289 | ) | (1,855,740 | ) | ||||
NextEra Energy, Inc. | (23,622 | ) | (1,820,784 | ) | ||||
NRG Energy, Inc. | (51,435 | ) | (1,763,706 | ) | ||||
PG&E Corp. | (113,174 | ) | (1,830,024 | ) | ||||
(8,975,038 | ) | |||||||
Electrical Equipment - (2.0)% | ||||||||
Generac Holdings, Inc. | (14,097 | ) | (1,522,617 | ) | ||||
Plug Power, Inc. | (118,127 | ) | (1,384,448 | ) | ||||
Rockwell Automation, Inc. | (6,096 | ) | (1,788,871 | ) | ||||
Sunrun, Inc. | (73,531 | ) | (1,481,650 | ) | ||||
Vertiv Holdings Co. | (105,173 | ) | (1,505,026 | ) | ||||
(7,682,612 | ) | |||||||
Energy Equipment & Services - (0.4)% | ||||||||
TechnipFMC plc | (123,080 | ) | (1,680,042 | ) | ||||
Entertainment - (1.4)% | ||||||||
Netflix, Inc. | (5,334 | ) | (1,842,790 | ) | ||||
ROBLOX Corp., Class A | (46,101 | ) | (2,073,623 | ) | ||||
Roku, Inc. | (25,908 | ) | (1,705,265 | ) | ||||
(5,621,678 | ) | |||||||
Financial Services - (1.6)% | ||||||||
Affirm Holdings, Inc. | (126,509 | ) | (1,425,756 | ) | ||||
Apollo Global Management, Inc. | (25,146 | ) | (1,588,221 | ) | ||||
Block, Inc., Class A | (23,241 | ) | (1,595,495 | ) | ||||
Toast, Inc., Class A | (84,218 | ) | (1,494,870 | ) | ||||
(6,104,342 | ) | |||||||
Gas Utilities - (0.4)% | ||||||||
UGI Corp. | (45,339 | ) | (1,575,984 | ) | ||||
Ground Transportation - (2.4)% | ||||||||
Avis Budget Group, Inc. | (8,001 | ) | (1,558,595 | ) |
AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
March 31, 2023 (Unaudited)
Investments | Shares | Value ($) | ||||||
Hertz Global Holdings, Inc. | (92,981 | ) | (1,514,660 | ) | ||||
Lyft, Inc., Class A | (163,466 | ) | (1,515,330 | ) | ||||
Old Dominion Freight Line, Inc. | (4,953 | ) | (1,688,180 | ) | ||||
Saia, Inc. | (6,096 | ) | (1,658,600 | ) | ||||
XPO, Inc. | (49,911 | ) | (1,592,161 | ) | ||||
(9,527,526 | ) | |||||||
Health Care Equipment & Supplies - (3.7)% | ||||||||
Align Technology, Inc. | (5,715 | ) | (1,909,610 | ) | ||||
Dexcom, Inc. | (15,621 | ) | (1,814,848 | ) | ||||
Insulet Corp. | (5,715 | ) | (1,822,857 | ) | ||||
Intuitive Surgical, Inc. | (7,239 | ) | (1,849,347 | ) | ||||
Novocure Ltd. | (22,098 | ) | (1,328,974 | ) | ||||
Penumbra, Inc. | (6,477 | ) | (1,805,075 | ) | ||||
Shockwave Medical, Inc. | (8,763 | ) | (1,900,081 | ) | ||||
STAAR Surgical Co. | (28,956 | ) | (1,851,736 | ) | ||||
(14,282,528 | ) | |||||||
Health Care Providers & Services - (0.9)% | ||||||||
Guardant Health, Inc. | (67,056 | ) | (1,571,793 | ) | ||||
Oak Street Health, Inc. | (48,768 | ) | (1,886,346 | ) | ||||
(3,458,139 | ) | |||||||
Health Care Technology - (1.3)% | ||||||||
Doximity, Inc., Class A | (51,435 | ) | (1,665,465 | ) | ||||
Teladoc Health, Inc. | (62,865 | ) | (1,628,204 | ) | ||||
Veeva Systems, Inc., Class A | (10,287 | ) | (1,890,648 | ) | ||||
(5,184,317 | ) | |||||||
Hotel & Resort REITs - (0.4)% | ||||||||
Host Hotels & Resorts, Inc., REIT | (99,839 | ) | (1,646,345 | ) | ||||
Hotels, Restaurants & Leisure - (3.0)% | ||||||||
Airbnb, Inc., Class A | (13,716 | ) | (1,706,270 | ) | ||||
Caesars Entertainment, Inc. | (32,766 | ) | (1,599,308 | ) | ||||
Carnival Corp. | (158,894 | ) | (1,612,774 | ) | ||||
DoorDash, Inc., Class A | (30,480 | ) | (1,937,309 | ) | ||||
DraftKings, Inc., Class A | (90,695 | ) | (1,755,855 | ) | ||||
Norwegian Cruise Line Holdings Ltd. | (103,268 | ) | (1,388,955 | ) | ||||
Royal Caribbean Cruises Ltd. | (24,003 | ) | (1,567,396 | ) | ||||
(11,567,867 | ) | |||||||
Independent Power and Renewable Electricity Producers - (0.9)% | ||||||||
AES Corp. (The) | (68,199 | ) | (1,642,232 | ) | ||||
Clearway Energy, Inc., Class C | (55,626 | ) | (1,742,762 | ) | ||||
(3,384,994 | ) | |||||||
Industrial REITs - (0.9)% | ||||||||
EastGroup Properties, Inc., REIT | (10,287 | ) | (1,700,647 | ) | ||||
Prologis, Inc., REIT | (14,097 | ) | (1,758,883 | ) | ||||
(3,459,530 | ) | |||||||
Insurance - (1.0)% | ||||||||
Brighthouse Financial, Inc. | (30,099 | ) | (1,327,667 | ) | ||||
Lincoln National Corp. | (54,102 | ) | (1,215,672 | ) | ||||
Principal Financial Group, Inc. | (19,812 | ) | (1,472,428 | ) | ||||
(4,015,767 | ) | |||||||
Interactive Media & Services - (1.3)% | ||||||||
Match Group, Inc. | (39,624 | ) | (1,521,165 | ) | ||||
Snap, Inc., Class A | (171,086 | ) | (1,917,874 | ) | ||||
ZoomInfo Technologies, Inc., Class A | (66,294 | ) | (1,638,125 | ) | ||||
(5,077,164 | ) | |||||||
IT Services - (2.8)% | ||||||||
Cloudflare, Inc., Class A | (28,194 | ) | (1,738,442 | ) | ||||
EPAM Systems, Inc. | (5,715 | ) | (1,708,785 | ) | ||||
MongoDB, Inc. | (8,001 | ) | (1,865,193 | ) | ||||
Okta, Inc. | (23,622 | ) | (2,037,161 | ) | ||||
Snowflake, Inc., Class A | (11,430 | ) | (1,763,535 | ) | ||||
Twilio, Inc., Class A | (26,670 | ) | (1,777,022 | ) | ||||
(10,890,138 | ) | |||||||
Leisure Products - (0.8)% | ||||||||
Peloton Interactive, Inc., Class A | (132,224 | ) | (1,499,420 | ) | ||||
YETI Holdings, Inc. | (43,815 | ) | (1,752,600 | ) | ||||
(3,252,020 | ) | |||||||
Life Sciences Tools & Services - (2.7)% | ||||||||
10X Genomics, Inc., Class A | (36,195 | ) | (2,019,319 | ) | ||||
Azenta, Inc. | (39,243 | ) | (1,751,023 | ) | ||||
Illumina, Inc. | (8,382 | ) | (1,949,234 | ) | ||||
Medpace Holdings, Inc. | (8,763 | ) | (1,647,882 | ) | ||||
Repligen Corp. | (9,525 | ) | (1,603,629 | ) | ||||
Syneos Health, Inc. | (45,339 | ) | (1,614,975 | ) | ||||
(10,586,062 | ) | |||||||
Machinery - (0.9)% | ||||||||
ITT, Inc. | (19,050 | ) | (1,644,015 | ) | ||||
RBC Bearings, Inc. | (7,239 | ) | (1,684,732 | ) | ||||
(3,328,747 | ) | |||||||
Media - (0.8)% | ||||||||
DISH Network Corp., Class A | (125,747 | ) | (1,173,220 | ) | ||||
Trade Desk, Inc. (The), Class A | (30,861 | ) | (1,879,743 | ) | ||||
(3,052,963 | ) | |||||||
Metals & Mining - (2.9)% | ||||||||
Alcoa Corp. | (36,195 | ) | (1,540,459 | ) | ||||
Cleveland-Cliffs, Inc. | (86,123 | ) | (1,578,635 | ) | ||||
Freeport-McMoRan, Inc. | (42,672 | ) | (1,745,711 | ) | ||||
MP Materials Corp. | (54,864 | ) | (1,546,616 | ) | ||||
Nucor Corp. | (10,668 | ) | (1,647,886 | ) | ||||
Steel Dynamics, Inc. | (14,478 | ) | (1,636,883 | ) | ||||
United States Steel Corp. | (60,960 | ) | (1,591,056 | ) | ||||
(11,287,246 | ) | |||||||
Office REITs - (0.4)% | ||||||||
Alexandria Real Estate Equities, Inc., REIT | (11,049 | ) | (1,387,644 | ) | ||||
Oil, Gas & Consumable Fuels - (2.5)% | ||||||||
Antero Resources Corp. | (67,818 | ) | (1,565,918 | ) | ||||
Diamondback Energy, Inc. | (12,192 | ) | (1,647,993 | ) | ||||
Matador Resources Co. | (32,004 | ) | (1,524,990 | ) | ||||
Ovintiv, Inc. | (38,862 | ) | (1,402,141 | ) | ||||
Range Resources Corp. | (68,580 | ) | (1,815,312 | ) | ||||
Southwestern Energy Co. | (336,457 | ) | (1,682,285 | ) | ||||
(9,638,639 | ) | |||||||
Passenger Airlines - (1.6)% | ||||||||
American Airlines Group, Inc. | (108,983 | ) | (1,607,499 | ) | ||||
Delta Air Lines, Inc. | (46,101 | ) | (1,609,847 | ) | ||||
JetBlue Airways Corp. | (209,186 | ) | (1,522,874 | ) | ||||
United Airlines Holdings, Inc. | (34,290 | ) | (1,517,333 | ) | ||||
(6,257,553 | ) |
AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
March 31, 2023 (Unaudited)
Investments | Shares | Value ($) | ||||||
Personal Care Products - (0.9)% | ||||||||
Coty, Inc., Class A | (152,036 | ) | (1,833,554 | ) | ||||
Estee Lauder Cos., Inc. (The), Class A | (6,858 | ) | (1,690,223 | ) | ||||
(3,523,777 | ) | |||||||
Professional Services - (1.3)% | ||||||||
CoStar Group, Inc. | (24,384 | ) | (1,678,838 | ) | ||||
Equifax, Inc. | (8,382 | ) | (1,700,205 | ) | ||||
TransUnion | (25,908 | ) | (1,609,923 | ) | ||||
(4,988,966 | ) | |||||||
Real Estate Management & Development - (1.7)% | ||||||||
Howard Hughes Corp. (The) | (20,193 | ) | (1,615,440 | ) | ||||
Jones Lang LaSalle, Inc. | (9,906 | ) | (1,441,224 | ) | ||||
Opendoor Technologies, Inc. | (952,708 | ) | (1,676,766 | ) | ||||
Zillow Group, Inc., Class C | (40,767 | ) | (1,812,909 | ) | ||||
(6,546,339 | ) | |||||||
Retail REITs - (0.4)% | ||||||||
Brixmor Property Group, Inc., REIT | (76,593 | ) | (1,648,281 | ) | ||||
Semiconductors & Semiconductor Equipment - (3.8)% | ||||||||
Advanced Micro Devices, Inc. | (21,717 | ) | (2,128,483 | ) | ||||
Applied Materials, Inc. | (15,240 | ) | (1,871,929 | ) | ||||
Enphase Energy, Inc. | (8,382 | ) | (1,762,567 | ) | ||||
Lam Research Corp. | (3,429 | ) | (1,817,782 | ) | ||||
Lattice Semiconductor Corp. | (20,574 | ) | (1,964,817 | ) | ||||
NVIDIA Corp. | (7,239 | ) | (2,010,777 | ) | ||||
SolarEdge Technologies, Inc. | (5,334 | ) | (1,621,269 | ) | ||||
Wolfspeed, Inc. | (23,241 | ) | (1,509,503 | ) | ||||
(14,687,127 | ) | |||||||
Software - (6.3)% | ||||||||
Asana, Inc., Class A | (113,555 | ) | (2,399,417 | ) | ||||
Atlassian Corp., Class A | (10,287 | ) | (1,760,826 | ) | ||||
BILL Holdings, Inc. | (19,431 | ) | (1,576,631 | ) | ||||
Confluent, Inc., Class A | (70,104 | ) | (1,687,403 | ) | ||||
Datadog, Inc., Class A | (22,098 | ) | (1,605,641 | ) | ||||
DocuSign, Inc. | (28,194 | ) | (1,643,710 | ) | ||||
Elastic NV | (28,575 | ) | (1,654,492 | ) | ||||
Five9, Inc. | (23,622 | ) | (1,707,634 | ) | ||||
HubSpot, Inc. | (4,572 | ) | (1,960,245 | ) | ||||
RingCentral, Inc., Class A | (48,768 | ) | (1,495,715 | ) | ||||
SentinelOne, Inc., Class A | (109,364 | ) | (1,789,195 | ) | ||||
Smartsheet, Inc., Class A | (39,624 | ) | (1,894,027 | ) | ||||
Unity Software, Inc. | (54,483 | ) | (1,767,429 | ) | ||||
Zscaler, Inc. | (12,954 | ) | (1,513,416 | ) | ||||
(24,455,781 | ) | |||||||
Specialized REITs - (1.8)% | ||||||||
CubeSmart, REIT | (39,243 | ) | (1,813,811 | ) | ||||
Iron Mountain, Inc., REIT | (32,766 | ) | (1,733,649 | ) | ||||
Lamar Advertising Co., Class A, REIT | (16,002 | ) | (1,598,440 | ) | ||||
National Storage Affiliates Trust, REIT | (42,291 | ) | (1,766,918 | ) | ||||
(6,912,818 | ) | |||||||
Specialty Retail - (2.9)% | ||||||||
Burlington Stores, Inc. | (7,620 | ) | (1,540,002 | ) | ||||
Chewy, Inc., Class A | (43,434 | ) | (1,623,563 | ) | ||||
Five Below, Inc. | (7,620 | ) | (1,569,491 | ) | ||||
Floor & Decor Holdings, Inc., Class A | (19,050 | ) | (1,871,091 | ) | ||||
RH | (5,715 | ) | (1,391,888 | ) | ||||
Wayfair, Inc., Class A | (44,958 | ) | (1,543,858 | ) | ||||
Williams-Sonoma, Inc. | (13,716 | ) | (1,668,689 | ) | ||||
(11,208,582 | ) | |||||||
Textiles, Apparel & Luxury Goods - (1.8)% | ||||||||
Capri Holdings Ltd. | (34,671 | ) | (1,629,537 | ) | ||||
Crocs, Inc. | (13,716 | ) | (1,734,251 | ) | ||||
PVH Corp. | (21,336 | ) | (1,902,318 | ) | ||||
Under Armour, Inc., Class A | (172,991 | ) | (1,641,684 | ) | ||||
(6,907,790 | ) | |||||||
Trading Companies & Distributors - (1.6)% | ||||||||
Air Lease Corp. | (40,005 | ) | (1,574,997 | ) | ||||
SiteOne Landscape Supply, Inc. | (11,430 | ) | (1,564,424 | ) | ||||
United Rentals, Inc. | (3,810 | ) | (1,507,845 | ) | ||||
WESCO International, Inc. | (10,668 | ) | (1,648,633 | ) | ||||
(6,295,899 | ) | |||||||
Water Utilities - (0.9)% | ||||||||
American Water Works Co., Inc. | (12,192 | ) | (1,786,006 | ) | ||||
Essential Utilities, Inc. | (38,481 | ) | (1,679,696 | ) | ||||
(3,465,702 | ) | |||||||
TOTAL COMMON STOCKS (Proceeds $(357,269,594)) | (328,242,774 | ) | ||||||
TOTAL SHORT POSITIONS (Proceeds $(357,269,594)) | (328,242,774 | ) | ||||||
Total Investments - (2.2)% (Cost $(32,366,382)) | (8,418,551 | ) | ||||||
Other assets less liabilities - 102.2% | 397,263,070 | |||||||
Net Assets - 100.0% | 388,844,519 |
* | 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 $154,796,516. |
AGF Investments Trust
AGF U.S. Market Neutral Anti-Beta Fund
Schedule of Investments (continued)
March 31, 2023 (Unaudited)
OTC Total return swap contracts outstanding as of March 31, 2023 | ||||||||||||||||||||
Notional Amount | Termination | Counterparty | Rate Paid | Payment Frequency | Underlying | Value and | ||||||||||||||
USD | 48,556,989 | 10/2/2023 | Morgan Stanley | 5.18 | % | Monthly | Dow Jones U.S. Low Beta Total Return Index(4) | 2,462,732 | ||||||||||||
USD | (32,470,120 | ) | 10/2/2023 | Morgan Stanley | 4.43 | % | Monthly | Dow Jones U.S. High Beta Total Return Index(5) | 2,992,776 | |||||||||||
5,455,508 | ||||||||||||||||||||
(1) | Agreements may be terminated at will by either party without penalty. Payment is due at termination/maturity. |
(2) | Reflects the floating financing rate, as of March 31, 2023, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Payments may be made at the conclusion of the agreement or periodically during its term. |
(3) | The 50 largest components of the referenced underlying Swap Index can be found at https://www.agf.com/us/resources |
(4) | The Dow Jones U.S. Low Beta Total Return Index (DJTLABT) is designed to measure the performance of 200 companies ranked as having the lowest beta. Beta is calculated using weekly returns for the previous 52 weeks. Dividends are reinvested. |
(5) | The Dow Jones U.S. High Beta Total Return Index (DJTSABT) is designed to measure the performance of 200 companies ranked as having the highest beta. Beta is calculated using weekly returns for the previous 52 weeks. Dividends are reinvested. |
Abbreviations
USD | US Dollar |
AGF Investments Trust
AGF Global Infrastructure ETF
Schedule of Investments
March 31, 2023 (Unaudited)
Investments | Shares | Value ($) | ||||||
COMMON STOCKS - 93.7% | ||||||||
Broadline Retail - 0.3% | ||||||||
Amazon.com, Inc.* | 118 | 12,188 | ||||||
Chemicals - 1.0% | ||||||||
Air Products and Chemicals, Inc. | 74 | 21,254 | ||||||
Umicore SA | 513 | 17,420 | ||||||
38,674 | ||||||||
Commercial Services & Supplies - 1.7% | ||||||||
Befesa SA | 213 | 9,638 | ||||||
Daiseki Co. Ltd. | 600 | 19,025 | ||||||
Republic Services, Inc. | 130 | 17,579 | ||||||
Waste Connections, Inc. | 144 | 20,042 | ||||||
66,284 | ||||||||
Construction & Engineering - 4.8% | ||||||||
ACS Actividades de Construccion y Servicios SA | 305 | 9,719 | ||||||
Quanta Services, Inc. | 210 | 34,994 | ||||||
Vinci SA | 1,219 | 139,880 | ||||||
184,593 | ||||||||
Diversified Telecommunication Services - 2.5% | ||||||||
Cellnex Telecom SA | 845 | 32,892 | ||||||
China Tower Corp. Ltd., Class H | 160,876 | 19,461 | ||||||
Deutsche Telekom AG (Registered) | 1,795 | 43,477 | ||||||
95,830 | ||||||||
Electric Utilities - 16.0% | ||||||||
American Electric Power Co., Inc. | 363 | 33,029 | ||||||
Contact Energy Ltd. | 2,886 | 13,983 | ||||||
Duke Energy Corp. | 342 | 32,993 | ||||||
Edison International | 740 | 52,237 | ||||||
EDP - Energias do Brasil SA | 4,400 | 19,394 | ||||||
Endesa SA | 1,033 | 22,431 | ||||||
Enel SpA | 4,230 | 25,834 | ||||||
Eversource Energy | 477 | 37,330 | ||||||
Exelon Corp. | 1,695 | 71,004 | ||||||
Fortis, Inc. | 774 | 32,902 | ||||||
Hydro One Ltd. | 581 | 16,542 | ||||||
NextEra Energy, Inc. | 1,328 | 102,362 | ||||||
OGE Energy Corp. | 438 | 16,495 | ||||||
Orsted A/S | 177 | 15,098 | ||||||
PG&E Corp.* | 1,101 | 17,803 | ||||||
Red Electrica Corp. SA | 1,080 | 18,998 | ||||||
SSE plc | 1,956 | 43,569 | ||||||
Terna - Rete Elettrica Nazionale | 3,506 | 28,775 | ||||||
Verbund AG | 207 | 17,997 | ||||||
618,776 | ||||||||
Electrical Equipment - 0.4% | ||||||||
Emerson Electric Co. | 166 | 14,465 | ||||||
Electronic Equipment, Instruments & Components - 0.6% | ||||||||
Landis+Gyr Group AG* | 279 | 21,433 | ||||||
Gas Utilities - 5.8% | ||||||||
Atmos Energy Corp. | 147 | 16,517 | ||||||
Beijing Enterprises Holdings Ltd. | 3,400 | 12,260 | ||||||
China Resources Gas Group Ltd. | 7,300 | 26,992 | ||||||
Enagas SA | 2,898 | 55,670 | ||||||
ENN Energy Holdings Ltd. | 1,376 | 18,796 | ||||||
ONE Gas, Inc. | 342 | 27,097 | ||||||
Snam SpA | 5,532 | 29,365 | ||||||
Spire, Inc. | 534 | 37,455 | ||||||
224,152 | ||||||||
Ground Transportation - 0.9% | ||||||||
Canadian Pacific Railway Ltd. | 241 | 18,558 | ||||||
Kyushu Railway Co. | 800 | 17,785 | ||||||
36,343 | ||||||||
Independent Power and Renewable Electricity Producers - 1.8% | ||||||||
AES Corp. (The) | 636 | 15,315 | ||||||
Atlantica Sustainable Infrastructure plc | 185 | 5,469 | ||||||
China Longyuan Power Group Corp. Ltd., Class H | 6,000 | 6,870 | ||||||
Clearway Energy, Inc. | 876 | 27,445 | ||||||
Northland Power, Inc. | 617 | 15,467 | ||||||
70,566 | ||||||||
Industrial REITs - 0.5% | ||||||||
STAG Industrial, Inc., REIT | 606 | 20,495 | ||||||
Interactive Media & Services - 1.1% | ||||||||
Alphabet, Inc., Class C* | 399 | 41,496 | ||||||
IT Services - 0.5% | ||||||||
NEXTDC Ltd.* | 2,718 | 19,166 | ||||||
Machinery - 0.6% | ||||||||
Alfa Laval AB | 701 | 25,048 | ||||||
Multi-Utilities - 10.9% | ||||||||
A2A SpA | 8,481 | 13,553 | ||||||
Algonquin Power & Utilities Corp. | 3,021 | 25,348 | ||||||
CenterPoint Energy, Inc. | 264 | 7,778 | ||||||
Consolidated Edison, Inc. | 181 | 17,316 | ||||||
E.ON SE | 3,081 | 38,432 | ||||||
Engie SA | 2,055 | 32,499 | ||||||
National Grid plc | 10,188 | 138,288 | ||||||
REN - Redes Energeticas Nacionais SGPS SA | 2,436 | 7,141 | ||||||
Sempra Energy | 940 | 142,090 | ||||||
422,445 | ||||||||
Oil, Gas & Consumable Fuels - 21.5% | ||||||||
Cheniere Energy, Inc. | 701 | 110,478 | ||||||
Enbridge, Inc. | 5,933 | 226,213 | ||||||
Keyera Corp. | 1,404 | 30,739 | ||||||
Kinder Morgan, Inc. | 11,143 | 195,114 | ||||||
ONEOK, Inc. | 2,838 | 180,327 | ||||||
Pembina Pipeline Corp. | 426 | 13,800 |
AGF Investments Trust
AGF Global Infrastructure ETF
Schedule of Investments (continued)
March 31, 2023 (Unaudited)
Investments | Shares | Value ($) | ||||||
TC Energy Corp. | 610 | 23,727 | ||||||
Williams Cos., Inc. (The) | 1,834 | 54,763 | ||||||
835,161 | ||||||||
Software - 1.2% | ||||||||
Microsoft Corp. | 157 | 45,263 | ||||||
Specialized REITs - 6.6% | ||||||||
American Tower Corp., REIT | 667 | 136,295 | ||||||
Crown Castle, Inc., REIT | 264 | 35,334 | ||||||
Equinix, Inc., REIT | 38 | 27,399 | ||||||
Iron Mountain, Inc., REIT | 359 | 18,995 | ||||||
SBA Communications Corp., REIT | 141 | 36,811 | ||||||
254,834 | ||||||||
Transportation Infrastructure - 12.4% | ||||||||
Aena SME SA* | 621 | 100,550 | ||||||
Auckland International Airport Ltd.* | 3,509 | 19,103 | ||||||
COSCO SHIPPING Ports Ltd. | 16,889 | 11,295 | ||||||
Flughafen Zurich AG (Registered)* | 234 | 42,944 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV, ADR | 348 | 31,150 | ||||||
Grupo Aeroportuario del Sureste SAB de CV, ADR | 221 | 67,730 | ||||||
Hainan Meilan International Airport Co. Ltd.* | 6,000 | 14,717 | ||||||
Hutchison Port Holdings Trust | 89,592 | 16,817 | ||||||
Kamigumi Co. Ltd. | 912 | 19,145 | ||||||
Qube Holdings Ltd. | 4,299 | 8,283 | ||||||
Salik Co. PJSC* | 26,481 | 20,877 | ||||||
Shenzhen Expressway Corp. Ltd., Class H | 14,000 | 12,462 | ||||||
Transurban Group | 9,414 | 89,590 | ||||||
Yuexiu Transport Infrastructure Ltd. | 20,000 | 10,615 | ||||||
Zhejiang Expressway Co. Ltd., Class H | 22,000 | 17,506 | ||||||
482,784 | ||||||||
Water Utilities - 2.6% | ||||||||
American Water Works Co., Inc. | 699 | 102,397 | ||||||
TOTAL COMMON STOCKS (Cost $3,489,512) | 3,632,393 | |||||||
MASTER LIMITED PARTNERSHIPS - 2.0% | ||||||||
Independent Power and Renewable Electricity Producers - 0.5% | ||||||||
Brookfield Renewable Partners LP (Cost $18,050) | 615 | 19,385 | ||||||
Multi-Utilities - 0.9% | ||||||||
Brookfield Infrastructure Partners LP (Cost $34,838) | 1,022 | 34,513 | ||||||
Oil, Gas & Consumable Fuels - 0.6% | ||||||||
Energy Transfer LP (Cost $19,868) | 2,014 | 25,115 | ||||||
TOTAL MASTER LIMITED PARTNERSHIPS (Cost $72,756) | 79,013 | |||||||
EXCHANGE TRADED FUNDS - 0.4% | ||||||||
SPDR S&P Global Infrastructure ETF (Cost $12,892) | 255 | 13,890 | ||||||
Total Investments - 96.1% (Cost $3,575,160) | 3,725,296 | |||||||
Other assets less liabilities - 3.9% | 152,187 | |||||||
Net Assets - 100.0% | 3,877,483 |
* | Non-income producing security. |
Abbreviations | |
ADR | American Depositary Receipt |
ETF | Exchange Traded Fund |
SPDR | Standard & Poor’s Depositary Receipt |
AGF Global Infrastructure ETF invested, as a percentage of net assets, in the following countries as of March 31, 2023: | ||||
Australia | 3.0 | % | ||
Austria | 0.5 | % | ||
Belgium | 0.5 | % | ||
Brazil | 0.5 | % | ||
Canada | 11.8 | % | ||
China | 3.9 | % | ||
Denmark | 0.4 | % | ||
France | 4.4 | % | ||
Germany | 2.1 | % | ||
Hong Kong | 0.4 | % | ||
Italy | 2.5 | % | ||
Japan | 1.4 | % | ||
Mexico | 2.6 | % | ||
New Zealand | 0.9 | % | ||
Portugal | 0.2 | % | ||
Spain | 6.6 | % | ||
Sweden | 0.6 | % | ||
Switzerland | 1.7 | % | ||
United Arab Emirates | 0.5 | % | ||
United Kingdom | 4.7 | % | ||
United States | 46.9 | % | ||
Other(1) | 3.9 | % | ||
100.0 | % | |||
(1) | Includes cash and net other assets (liabilities). |
AGF Investments Trust
Notes to Quarterly Schedules of Investments
March 31, 2023 (Unaudited)
Investment Valuation
The Funds disclose the fair value of their investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Funds (observable inputs) and (2) the Funds’ own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:
● | Level 1 — Quoted prices in active markets for identical assets. |
● | 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, 2023 for each Fund based upon the three levels defined above:
AGF U.S. Market Neutral Anti-Beta Fund | Level 1 — Quoted Prices | Level 2 — Other Significant Observable Inputs | Level 3 — Significant Unobservable Inputs | Total | ||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks* | $ | 319,824,223 | $ | — | $ | — | $ | 319,824,223 | ||||||||
Liabilities | ||||||||||||||||
Common Stocks* | (328,242,774 | ) | — | — | (328,242,774 | ) | ||||||||||
Total Investments | $ | (8,418,551 | ) | $ | — | $ | — | $ | (8,418,551 | ) | ||||||
Other Financial Instruments | ||||||||||||||||
Assets | ||||||||||||||||
Swap Agreements** | — | 5,455,508 | — | 5,455,508 | ||||||||||||
Total Other Financial Instruments | $ | — | $ | 5,455,508 | $ | — | $ | 5,455,508 | ||||||||
AGF Global Infrastructure ETF | ||||||||||||||||
Investments | ||||||||||||||||
Common Stocks | ||||||||||||||||
Chemicals | $ | 21,254 | $ | 17,420 | $ | — | $ | 38,674 | ||||||||
Commercial Services & Supplies | 37,620 | 28,663 | — | 66,284 | ||||||||||||
Construction & Engineering | 34,994 | 149,599 | — | 184,593 | ||||||||||||
Diversified Telecommunication Services | — | 95,830 | — | 95,830 | ||||||||||||
Electric Utilities | 432,091 | 186,685 | — | 618,776 | ||||||||||||
Electronic Equipment, Instruments & Components | — | 21,433 | — | 21,433 | ||||||||||||
Gas Utilities | 81,068 | 143,084 | — | 224,152 | ||||||||||||
Ground Transportation | 18,558 | 17,786 | — | 36,343 | ||||||||||||
Independent Power and Renewable Electricity Producers | 63,696 | 6,870 | — | 70,566 | ||||||||||||
IT Services | — | 19,166 | — | 19,166 | ||||||||||||
Machinery | — | 25,048 | — | 25,048 | ||||||||||||
Multi-Utilities | 192,532 | 229,913 | — | 422,445 | ||||||||||||
Transportation Infrastructure | 98,879 | 383,905 | — | 482,784 | ||||||||||||
Other* | 1,326,299 | — | — | 1,326,299 | ||||||||||||
Exchange Traded Funds | 13,890 | — | — | 13,890 | ||||||||||||
Master Limited Partnerships | 79,013 | — | — | 79,013 | ||||||||||||
Total Investments | $ | 2,399,894 | $ | 1,325,402 | $ | — | $ | 3,725,296 |
* | See Schedules of Investments for segregation by industry type. |
** | 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. |