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Annual Report
June 30, 2022

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Before investing you should carefully consider a Fund’s investment objectives, risks, charges and expenses. This and other information is in the prospectus, which can be obtained by visiting www.agf.com. Please read the prospectus carefully before you invest.
Risks:   There is no guarantee that a Fund will achieve its objective. Investing involves risk, including possible loss of principal. The value of an investment in a Fund may fall, sometimes sharply, and you could lose money by investing in a Fund. A Fund may utilize derivatives and, as a result, the Fund could lose more than the amount it invests. For further risk information on each Fund, please read the prospectus.
AGFiQ U.S. Market Netural Anti-Beta Fund (BTAL) specific risks: There is a risk that during a “bull” market, when most equity securities and long only Exchange Traded Funds (“ETFs”) are increasing in value, a Fund’s short positions will likely cause a Fund to underperform the overall U.S. equity market and such ETFs. These securities may be more volatile than a broad cross-section of securities, and momentum may be an indicator that a security’s price is peaking. When utilizing short selling, the amount a Fund could lose on a short sale is potentially unlimited because there is no limit on the price a shorted security might attain.
AGFiQ Global Infrastructure ETF (GLIF) specific risks: The Fund’s investments in infrastructure-related securities will expose the Fund to potential adverse economic, regulatory, political, legal and other changes affecting such investments. Rising interest rates could lead to higher financing costs and reduced earnings for infrastructure companies. Investments in foreign securities involve risks that differ from investments in securities of U.S. issuers because of unique political, economic and market conditions. Investments in securities of issuers located in emerging market economies (including frontier market economies) are generally riskier than investments in securities of issuers from more developed economies. Investing in securities that trade in and receive revenues in foreign currencies creates risk because foreign currencies may decline relative to the U.S. dollar, resulting in a potential loss to the Fund.
Shares of AGFiQ ETFs are bought and sold at market price (not net assets value (“NAV”), as defined below) and are not individually redeemed from a Fund. Brokerage commissions will reduce returns. Market Price (as defined below) returns are based upon the midpoint of the bid/ask spread at 4:00 PM Eastern time (when NAV is normally determined), and do not represent the returns you would receive if you traded shares at other times. Fund returns assume that dividends and capital gains distributions have been reinvested in a Fund at NAV. Some performance results reflect expense subsidies and waivers in effect during certain periods shown. Absent these waivers, results would have been less favorable.
Beta is a measure of an asset’s sensitivity to an underlying index. Long is purchasing a stock with the expectation that it is going to rise in value. Short is selling stock with the expectation of profiting by buying it back later at a lower price. Spread Return is the return earned between the long and short portfolios within each ETF. One cannot invest directly in an index.
Shares are not individually redeemable and can be redeemed only in Creation Units, and the purchase and sale price of individual Shares trading on an Exchange may be below, at, or above the most recently calculated NAV for such Shares.
Distributor:   Foreside Fund Services, LLC


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Table of Contents
i
Shareholder Letter
Management Discussion of Fund Performance
Schedule of Investments
1
8
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Financial Highlights
Notes to Financial Statements
Report of Independent Registered Public Accounting Firm
Expense Examples
Board Consideration of the Investment Advisory Agreement
Additional Information
Trustees and Officers of AGF Investments Trust
AGFIQ U.S. Market Neutral Anti-Beta Fund invests in certain securities long and certain securities short, and the performance of the Fund depends on the difference in the rates of return (i.e., the spread return) between the long positions and the short positions. If the long positions appreciate more or decline less than the short positions, then the Fund will generate a positive return. If the long positions appreciate less or decline more than the short positions, however, the Fund will generate a negative return.
The “U.S. Market Neutral IndicesSM” are a product of Dow Jones Indexes, the marketing name and a licensed trademark of CME Group Index Services LLC (“CME”), and have been licensed for use. “Dow Jones®”, “U.S. Market Neutral IndicesSM” and “Dow Jones Indexes” are service marks of Dow Jones Trademark Holdings, LLC (“Dow Jones”) and have been licensed for use for certain purposes by AGF Investments LLC (“Licensee”). The Funds based on the U.S. Market Neutral IndicesSM are not sponsored, endorsed, sold or promoted by Dow Jones, CME or their respective affiliates. Dow Jones, CME and their respective affiliates make no representation or warranty, express or implied, to the owners of the Funds or any member of the public regarding the advisability of trading in the Funds. Dow Jones’, CME’s and their respective affiliates’ only relationship to the Licensee is the licensing of certain trademarks and trade names of Dow Jones and of the “U.S. Market Neutral IndicesSM” which is determined, composed and calculated by CME without regard to the Licensee or the Funds. Dow Jones and CME have no obligation to take the needs of the Licensee or the owners of the Funds into consideration in determining, composing or calculating “U.S. Market Neutral IndicesSM”. Dow Jones, CME and their respective affiliates are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of the Funds to be sold or in the determination or calculation of the equation by which the Funds are to be converted into cash. Dow Jones, CME and their respective affiliates have no obligation or liability in connection with the administration, marketing or trading of the Funds. Notwithstanding the foregoing, CME Group Inc. and its affiliates may independently issue and/or sponsor financial products unrelated to the Funds currently being issued by the Licensee, but which may be similar to and competitive with the Funds. In addition, CME Group Inc. and its affiliates may trade financial products which are linked to the performance of the “U.S. Market Neutral IndicesSM”. It is possible that this trading activity will affect the value of the “U.S. Market Neutral IndicesSM” and the Funds.
DOW JONES, CME AND THEIR RESPECTIVE AFFILIATES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE U.S. MARKET NEUTRAL INDICESSM OR ANY DATA INCLUDED THEREIN AND DOW JONES, CME AND THEIR RESPECTIVE AFFILIATES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. DOW JONES, CME AND THEIR RESPECTIVE AFFILIATES MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE LICENSEE, OWNERS OF THE FUNDS, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE U.S. MARKET NEUTRAL INDICESSM OR ANY DATA INCLUDED THEREIN. DOW JONES, CME AND THEIR RESPECTIVE AFFILIATES MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY, NON-INFRINGEMENT OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE U.S. MARKET NEUTRAL INDICESSM OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL DOW JONES, CME OR THEIR RESPECTIVE AFFILIATES HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES OR LOSSES, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN CME AND THE LICENSEE, OTHER THAN THE LICENSORS OF CME.


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Dear Shareholder,
This Annual Report for the AGFiQ ETFs covers the period from July 1, 2021, through June 30, 2022 (the “Annual Period”). During the Annual Period, each Fund’s NAV1 return was as follows:
AGFiQ U.S. Market Neutral Anti-Beta Fund (“BTAL”) 28.66%
AGFiQ Global Infrastructure ETF (“GLIF”) 1.35%
The Annual Period included the tenth full calendar year of operations for the AGFiQ suite of ETFs. During the Annual Period, the AGFiQ family of ETFs product offering consisted of a single dollar neutral factor-based ETF, a long/short ETF, and an infrastructure ETF. The single dollar neutral factor-based ETF, DIVA, liquidated near the end of the Annual Period and is not included in this report.
During the Annual Period, the U.S. equity markets ended lower than the previous period, with the Standard & Poor’s (S&P) 500® Index2 finishing the Annual Period with a total return of -10.62%. The S&P 500® Index2 was up in the third and fourth quarters of 2021 a total of 11.67% but was down in the first and second quarters of 2022 a total of -19.96%.
The second half of 2021 was a continuation of accommodative monetary and fiscal policy, as the focus for central bankers continued to be on generating strong economic growth post pandemic. In the third quarter of 2021 inflation continued to be a secondary concern. By early November 2021 this had changed and the consensus primary risk to the economy was now inflation. The first half of 2022 led to rate hikes as the US Federal Reserve focused on subduing inflation. Higher rates led to a significant contraction of market multiples in the equity market. For the first time in over a decade both equity and fixed income markets experienced a prolonged period of negative performance. Balanced portfolios suffered significant underperformance in the first half of 2022 as investors adjusted to the new market regime.
The expectation for the second half of 2022 is for interest rates to continue to rise as inflation remains above acceptable levels. With rates expected to be higher the concern is that fixed income will continue to face headwinds. Additionally, higher rates increase the risk that the economy will slow too much and lead to a recession thus creating headwinds for equities too. These headwinds are offset by the significant repricing lower of both fixed income and equities in the first half of 2022. Consequently, the expectation is for a continuation in the elevated level of volatility3 that financial markets have been experiencing. In this environment Investors must consider the significant risks to both the upside and the downside presented by this elevated level of economic uncertainty.
The AGFiQ U.S. Market Neutral Anti-Beta Fund (BTAL) finished the Annual Period up 28.66%. BTAL is designed to be negatively correlated to the broad equity market. Unsurprisingly the fund significantly outperformed during the Annual Period as equity markets significantly underperformed in the first half of 2022. The fund not only performed well during down equity markets, but also when interest rates were rising. The short high beta basket consistently had exposure to equity securities more negatively impacted by higher rates during the Annual Period. BTAL is designed to be an effective equity hedging tool that should help reduce overall portfolio volatility. With the elevated risks of higher rates and recession an allocation to the Fund could hedge equity exposure, reduce interest rate risk, and reduce overall portfolio volatility.
The AGFiQ Global Infrastructure Fund (GLIF) finished the Annual Period up 1.35%. The performance was better than the broad US equity market. The Fund seeks to provide exposure to a diversified portfolio of global infrastructure equities. The international exposure in the fund provided diversification benefits. The infrastructure securities in the portfolio provided greater exposure to tangible versus intangible assets resulting in reduced portfolio volatility. Consequently, an allocation to the fund during the Annual Period provided a means to reduce overall equity portfolio volatility without allocating away from equities.

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As always, we thank you for your continued support.
Sincerely,
The AGFiQ Team
Short-term performance is not a good indication of the fund’s future performance, and an investment should not be made based solely on returns. Because of ongoing market volatility, fund performance may be subject to substantial short-term changes.
The views expressed in this letter were those of AGF Investments, LLC as of June 30, 2022, and may not necessarily reflect the view on the date this letter is first published or anytime thereafter. These views are intended to help shareholders in understanding the Funds’ present investment methodology and do not constitute investment advice.

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AGFiQ U.S. Market Neutral Anti-Beta Fund (BTAL) (Unaudited):
The AGFiQ U.S. Market Neutral Anti-Beta Fund normally seeks to provide a consistent negative beta exposure to the U.S. equity market. In seeking to achieve its investment objective, the Fund will invest primarily in long positions in low beta U.S. equities and short positions in high beta U.S. equities on a dollar neutral basis, within sectors. The Fund will construct a dollar neutral portfolio of long and short positions of U.S. equities by investing primarily in the constituent securities of the Dow Jones U.S. Thematic Market Neutral Low Beta Index (the “Index”) in approximately the same weight as they appear in the Index, subject to certain rules-based adjustments. The performance of the Fund will depend on the differences in the rates of return of these long positions and short positions. Effective February 14, 2022, the Fund changed from a passive, index tracking strategy to the foregoing rules-based, active strategy. Accordingly, the Fund’s returns prior to February 14, 2022 may not be indicative of the performance of the Fund as it is currently managed.
During the Annual Period from July 1, 2021, through June 30, 2022, the Fund’s market price return was 28.93% and its NAV return was 28.66%1. The Index returned 29.55% during the same period. The underperformance of the fund relative to the Index was due to fees and expenses. The Fund’s market price at the close on June 30, 2022, was $21.79.
The Fund is sector neutral, dollar neutral and equal weighted, and the primary driver of performance is the isolated factor, in this case beta.
The Fund had annualized volatility3 of 17.20% for the Annual Period.
Fund Sector Weights (Based on Net Assets)
As of 06/30/2022
% Long Weight
% Short Weight
Communication Services 3.45% -3.30%
Consumer Discretionary 10.62% -9.36%
Consumer Staples 4.13% -3.70%
Energy 2.34% -2.27%
Financials 12.75% -11.07%
Health Care 11.21% -11.33%
Industrials 13.01% -11.84%
Information Technology 14.18% -14.04%
Materials 4.48% -3.77%
Real Estate 6.44% -5.70%
Utilities 4.34% -4.07%
Characteristics of the Long and Short Portfolios
Characteristics (as of 6/30/2022)
Long Index
Short Index
Number of Companies 199 199
Book Yield (B/P) 39.61% 39.10%
Earnings Yield (E/P) 6.04% 2.90%
Beta 0.768 1.302
Average Market Cap (millions) $ 38,616 $ 26,179
Median Market Cap (millions) $ 11,960 $ 8,736

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Frequency of Distributions of Premiums and Discounts — Information concerning the number of days that the Fund trades at a premium or discount for the most recently completed five fiscal years can be found on the Funds’ website, www.agf.com/us.
Growth of a $10,000 Investment Since Inception at Net Asset Value*
BTAL — AGFiQ U.S. Market Neutral Anti-Beta Fund
S&P Dow Jones U.S. Thematic Market Neutral Low Beta Index
Russell 1000 — Russell 1000 Index
4
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*
The line graph represents historical performance of a hypothetical investment of $10,000 from June 30, 2012 to June 30, 2022, assuming the reinvestment of distributions.
Average Annual Total Return as of June 30, 2022
1 Year
5 Year
10 Year
BTAL NAV Return 28.66% 1.93% -0.77%
BTAL Market Price Return 28.93% 1.99% -0.75%
DJUS Anti-Beta Index 29.55% 2.30% 0.54%
Russell 1000 Index -13.04% 11.00% 12.82%
The Fund’s Average Annual Total Returns are based on net assets values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements. Effective February 14, 2022, the Fund changed from a passive, index tracking strategy to the foregoing rules-based, active strategy. Accordingly, the Fund’s returns prior to February 14, 2022 may not be indicative of the performance of the Fund as it is currently managed.
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized. As stated in the current prospectus, the Adviser has contractually undertaken until November 1, 2024 to waive fees and/or reimburse expenses of the Fund (the “Expense Cap”) so that the total annual operating expenses (excluding interest, taxes, brokerage commissions and other expenses that are capitalized in accordance with generally accepted accounting principles, dividend, interest and brokerage expenses for short positions, acquired fund fees and expenses, and extraordinary expenses) of the Fund are limited to 0.45% of the Fund’s average net assets. As stated in the current prospectus, the current gross and net expense ratios are 3.01% and 2.53% respectively. Refer to the financial highlights herein for the most recent expense ratios. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month-end performance please visit www.agf.com/us Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs, or other expenses that would be incurred by the Fund or brokerage commissions on transactions in Fund shares. Such fees and expenses reduce Fund returns. One cannot invest directly in an index.

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AGFiQ Global Infrastructure ETF (GLIF) (Unaudited):
The AGFiQ Global Infrastructure ETF seeks to provide exposure to a diversified portfolio of global infrastructure equities. The Fund will utilize a proprietary, multi-factor investment process to seek long-term capital appreciation by investing primarily in global equity securities in the infrastructure industry. The Fund seeks to provide potential diversification and risk reduction benefits as listed infrastructure has historically exhibited lower correlations with traditional asset classes and lower volatility than global equities. Listed infrastructure securities typically offer higher dividend yields than equities or bonds and can be used as a hedge against inflation or to mitigate rising interest rates. The Fund employs a systematic, factor-driven investment strategy that uses a proprietary sector model and an expanded universe of global infrastructure equities to broaden the opportunity set and seek attractive risk-adjusted returns.
During the Annual Period from July 1, 2021, through June 30, 2022, the Fund’s market price return was 1.31% and its NAV return was 1.35%1. The Dow Jones Brookfield Global Infrastructure TR Index, the Fund’s benchmark Index, returned 2.07% during the same period. The Fund’s market price on June 30, 2022, was $26.47.
The Fund had annualized volatility3 of 14.07% for the Annual Period.
Fund Sector Weights (Based on Net Assets)
As of 06/30/2022
Percentage %
Utilities 38.75%
Real Estate 18.34%
Energy 22.22%
Industrials 12.02%
Communication Services 5.69%
Information Technology 1.21%
Consumer Discretionary 0.64%
Materials 0.21%
Exchange Traded Funds 0.21%
Top 10 Country Allocations (Based on Net Assets)
As of 06/30/2022
Percentage %
United States 52.28%
Canada 17.83%
China 6.29%
Australia 4.54%
United Kingdom 3.95%
France 3.68%
Italy 3.18%
Spain 3.06%
Germany 1.44%
Luxembourg 0.73%
Characteristics of the Benchmark Index and Fund
Characteristics (as of 6/30/2022)
Index
Fund
(Based on
Net Assets)
Number of Companies 102 86
Book Yield (B/P) 41.94% 45.78%
Earnings Yield (E/P) 4.04% 5.14%
Beta 0.790 0.807
Average Market Cap (millions) $ 41,279 $ 92,406
Median Market Cap (millions) $ 6,557 $ 11,599

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Frequency of Distributions of Premiums and Discounts — Information concerning the number of days that the Fund trades at a premium or discount for the most recently completed five fiscal years can be found on the Funds’ website, www.agf.com/us.
Growth of a $10,000 Investment Since Inception at Net Asset Value*
GLIF — AGFiQ Global Infrastructure ETF
Dow Jones Brookfield Global Infrastructure TR Index
5
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*
The line graph represents historical performance of a hypothetical investment of $10,000 from May 23, 2019 (Commencement of Operations) to June 30, 2022, assuming the reinvestment of distributions.
Average Annual Total Return as of June 30, 2022
1 Year
3 Year
Since Inception
GLIF NAV Return 1.35% 3.70% 4.56%
GLIF Market Price Return 1.31% 3.71% 4.57%
Dow Jones Brookfield Global Infrastructure TR Index 2.07% 4.45% 5.38%
The Fund’s Average Annual Total Returns are based on net assets values calculated for shareholder transactions which are not reflective of adjustments required pursuant to GAAP. Accordingly, differences may exist between this data and similar information reported in the financial statements.
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Returns less than one year are not annualized. As stated in the current prospectus, the Adviser has contractually undertaken until November 1, 2024 to waive fees and/or reimburse expenses of the Fund (the “Expense Cap”) so that the total annual operating expenses (excluding interest, taxes, brokerage commissions and other expenses that are capitalized in accordance with generally accepted accounting principles, dividend, interest and brokerage expenses for short positions, acquired fund fees and expenses, and extraordinary expenses) of the Fund are limited to 0.45% of the Fund’s average net assets. As stated in the current prospectus, the current gross and net expense ratios are 9.01% and 0.45% respectively. Refer to the financial highlights herein for the most recent expense ratios. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. For the Fund’s most recent month-end performance please visit www.agf.com/us. Index returns reflect the reinvestment of dividends but do not reflect any management fees, transaction costs, or other expenses that would be incurred by the Fund or brokerage commissions on transactions in Fund shares. Such fees and expenses reduce Fund returns. One cannot invest directly in an index.

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Footnotes to Shareholder Letter and Management Discussion of Fund Performance:
1
A Fund’s per share net asset value (“NAV”) is the value of one share of the Fund. NAV is calculated by taking the Fund’s total assets (including the market value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the Fund, and the Market Price Return is based on the market price per share of the Fund. The price used to calculate market return (“Market Price”) is determined by using either the last traded price at the close or a time weighted mid-point between the highest bid and the lowest offer over the last five minutes of trading on the primary stock exchange on which the shares of the Fund are listed for trading. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at Market Price and NAV, respectively.
2
S&P 500 Index — The Standard & Poor’s 500 Stock Index consists of 500 large-cap common stocks actively traded on the NYSE and NASDAQ.
3
Volatility — A statistical measure of the dispersion of returns for a given security or market index. For this calculation, the standard deviation of daily returns is annualized by multiplying the result by the square root of the number of trading days in the Annual Period, in this instance 252 days.
4
Russell 1000 Index — The Russell 1000 Index measures the performance of approximately 1,000 of the largest companies in the U.S. equity universe. The Russell 1000 is a subset of the Russell 3000 Index comprising over 90% of the total market capitalization of all listed U.S. stocks.
5
Dow Jones Brookfield Global Infrastructure TR Index — Dow Jones Brookfield Global Infrastructure TR Index is a global index of companies with >70% of cash flows derived from infrastructure lines of business. Components must pass screens for country domicile, minimum float market cap and trading volume. The index is a float market cap weighted. It is calculated in USD with dividends reinvested.

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AGF Investments Trust
AGFiQ U.S. Market Neutral Anti-Beta Fund
Schedule of Investments
June 30, 2022
Investments
Shares
Value ($)
LONG POSITIONS – 77.6%
COMMON STOCKS – 77.6%
Aerospace & Defense – 2.9%
BWX Technologies, Inc.(a)
14,529 $ 800,403
General Dynamics Corp.
3,340 738,975
Huntington Ingalls Industries, Inc.
3,507 763,895
L3Harris Technologies, Inc.
3,173 766,914
Lockheed Martin Corp.
1,670 718,033
Mercury Systems, Inc.*
12,859 827,219
Northrop Grumman Corp.
1,503 719,291
5,334,730
Air Freight & Logistics – 0.4%
CH Robinson Worldwide, Inc.(a)
6,847 694,080
Airlines – 0.3%
Southwest Airlines Co.*
17,368 627,332
Automobiles – 0.4%
Thor Industries, Inc.
9,853 736,315
Banks – 3.1%
First Horizon Corp.
31,897 697,268
Glacier Bancorp, Inc.
15,698 744,399
Home BancShares, Inc.
33,734 700,655
Prosperity Bancshares, Inc.
10,354 706,868
Umpqua Holdings Corp.
43,253 725,353
United Bankshares, Inc.
20,040 702,803
Valley National Bancorp
60,120 625,849
Wintrust Financial Corp.
8,684 696,023
5,599,218
Biotechnology – 3.8%
Alkermes plc*(a)
25,384 756,189
Amgen, Inc.(a)
2,839 690,729
Biohaven Pharmaceutical Holding Co.
Ltd.*(a)
5,177 754,341
Exelixis, Inc.*
41,249 858,804
Gilead Sciences, Inc.
11,356 701,914
Incyte Corp.*
9,519 723,159
Neurocrine Biosciences, Inc.*
8,350 813,958
Vertex Pharmaceuticals, Inc.*
2,672 752,943
Vir Biotechnology, Inc.*
31,062 791,149
6,843,186
Building Products – 0.4%
Masco Corp.
13,193 667,566
Capital Markets – 1.2%
Cboe Global Markets, Inc.(a)
6,847 775,012
FactSet Research Systems, Inc.
2,004 770,678
Virtu Financial, Inc., Class A
28,390 664,610
2,210,300
Chemicals – 1.0%
Huntsman Corp.
20,708 587,072
LyondellBasell Industries NV, Class A
6,680 584,233
NewMarket Corp.
2,171 653,384
1,824,689
Investments
Shares
Value ($)
Commercial Services & Supplies – 2.0%
Clean Harbors, Inc.*(a)
8,350 $ 732,045
Republic Services, Inc.
5,511 721,225
Rollins, Inc.
20,708 723,123
Stericycle, Inc.*
15,197 666,388
Waste Management, Inc.
4,676 715,334
3,558,115
Communications Equipment – 0.4%
Cisco Systems, Inc.
16,700 712,088
Construction & Engineering – 0.4%
MDU Resources Group, Inc.
27,221 734,695
Consumer Finance – 0.4%
FirstCash Holdings, Inc.
10,354 719,706
Containers & Packaging – 2.3%
Amcor plc(a)
56,613 703,700
Crown Holdings, Inc.(a)
7,181 661,873
International Paper Co.
15,364 642,676
Packaging Corp. of America
4,843 665,913
Silgan Holdings, Inc.
17,201 711,261
Sonoco Products Co.
12,859 733,477
4,118,900
Diversified Consumer Services – 2.0%
Bright Horizons Family Solutions,
Inc.*(a)
8,517 719,857
Chegg, Inc.*(a)
40,414 758,975
Grand Canyon Education, Inc.*
8,183 770,757
H&R Block, Inc.
21,376 755,000
Terminix Global Holdings, Inc.*
17,368 706,009
3,710,598
Diversified Financial Services – 0.3%
Apollo Global Management, Inc.
(b) 17
Berkshire Hathaway, Inc., Class B*(a)
2,338 638,321
638,338
Diversified Telecommunication Services – 0.8%
AT&T, Inc.
34,402 721,066
Verizon Communications, Inc.
14,362 728,871
1,449,937
Electric Utilities – 1.9%
American Electric Power Co., Inc.(a)
7,181 688,945
Constellation Energy Corp.
1 38
Duke Energy Corp.
6,513 698,259
Exelon Corp.
15,030 681,160
PNM Resources, Inc.
15,531 742,071
Xcel Energy, Inc.
9,686 685,381
3,495,854
Electronic Equipment, Instruments & Components – 0.8%
Avnet, Inc.(a)
15,865 680,291
Coherent, Inc.*
2,839 755,799
1,436,090
Energy Equipment & Services – 0.7%
Baker Hughes Co.(a)
20,541 593,019
NOV, Inc.
38,243 646,689
1,239,708
See accompanying notes to the financial statements.
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AGF Investments Trust
AGFiQ U.S. Market Neutral Anti-Beta Fund
Schedule of Investments
June 30, 2022
Investments
Shares
Value ($)
Entertainment – 1.2%
Activision Blizzard, Inc.(a)
9,519 $ 741,149
Electronic Arts, Inc.
5,344 650,098
Take-Two Interactive Software, Inc.*
6,013 736,747
2,127,994
Equity Real Estate Investment Trusts (REITs) – 5.7%
American Campus Communities, Inc.(a)
11,356 732,121
Corporate Office Properties Trust
26,887 704,171
Crown Castle International Corp.(a)
3,841 646,748
Digital Realty Trust, Inc.
5,344 693,811
Equity Commonwealth*
26,887 740,199
Healthcare Trust of America, Inc.,
Class A
24,716 689,824
Healthpeak Properties, Inc.
24,883 644,719
Omega Healthcare Investors, Inc.
24,716 696,744
Physicians Realty Trust
39,412 687,739
PS Business Parks, Inc.
3,841 718,843
Public Storage
2,338 731,022
Rayonier, Inc.
18,203 680,428
SL Green Realty Corp.
(b) 12
Ventas, Inc.
12,692 652,750
Welltower, Inc.
8,183 673,870
WP Carey, Inc.
8,851 733,394
10,426,395
Food Products – 2.9%
Campbell Soup Co.
15,364 738,240
Conagra Brands, Inc.(a)
22,378 766,223
General Mills, Inc.
10,521 793,809
Hormel Foods Corp.
15,030 711,821
J M Smucker Co. (The)
5,845 748,219
Kellogg Co.
10,521 750,568
Kraft Heinz Co. (The)
18,370 700,632
5,209,512
Gas Utilities – 0.4%
Spire, Inc.
9,352 695,508
Health Care Equipment & Supplies – 1.1%
Baxter International, Inc.(a)
9,686 622,132
Becton Dickinson and Co.(a)
2,839 699,899
QuidelOrtho Corp.*
7,348 714,078
2,036,109
Health Care Providers & Services – 1.6%
HealthEquity, Inc.*
12,191 748,406
Laboratory Corp. of America Holdings
3,006 704,486
Premier, Inc., Class A
19,372 691,193
Quest Diagnostics, Inc.
5,177 688,437
2,832,522
Hotels, Restaurants & Leisure – 1.4%
Hilton Worldwide Holdings, Inc.
5,511 614,146
Marriott International, Inc., Class A
4,676 635,983
McDonald’s Corp.
3,006 742,121
Wyndham Hotels & Resorts, Inc.
9,686 636,564
2,628,814
Household Durables – 1.1%
Helen of Troy Ltd.*
4,175 678,062
Leggett & Platt, Inc.
19,539 675,658
Investments
Shares
Value ($)
Newell Brands, Inc.
36,072 $ 686,811
2,040,531
Household Products – 0.8%
Clorox Co. (The)
5,177 729,853
Kimberly-Clark Corp.
5,511 744,812
1,474,665
Insurance – 4.4%
Allstate Corp. (The)(a)
5,678 719,573
Axis Capital Holdings Ltd.(a)
12,859 734,120
Everest Re Group Ltd.
2,672 748,908
Hanover Insurance Group, Inc. (The)
5,010 732,713
Hartford Financial Services Group, Inc.
(The)
10,521 688,389
Mercury General Corp.
15,030 665,829
Progressive Corp. (The)
6,346 737,849
RenaissanceRe Holdings Ltd.
4,843 757,300
Travelers Cos., Inc. (The)
4,175 706,118
W R Berkley Corp.
10,688 729,563
White Mountains Insurance Group Ltd.
668 832,415
8,052,777
IT Services – 6.2%
Akamai Technologies, Inc.*(a)
7,348 671,093
Amdocs Ltd.
8,517 709,551
Automatic Data Processing, Inc.(a)
3,507 736,610
Broadridge Financial Solutions, Inc.(a)
5,177 737,981
Cognizant Technology Solutions Corp.,
Class A
10,187 687,521
Concentrix Corp.
5,010 679,556
Fidelity National Information Services,
Inc.
7,181 658,282
Fiserv, Inc.*
7,515 668,610
FleetCor Technologies, Inc.*
3,173 666,679
Global Payments, Inc.
5,845 646,691
International Business Machines Corp.
5,511 778,098
Jack Henry & Associates, Inc.
4,008 721,520
Mastercard, Inc., Class A
2,171 684,907
Maximus, Inc.
11,523 720,303
Western Union Co. (The)
41,917 690,373
WEX, Inc.*
4,676 727,399
11,185,174
Leisure Products – 0.8%
Hasbro, Inc.
8,851 724,720
Mattel, Inc.*
32,398 723,447
1,448,167
Machinery – 1.9%
Allison Transmission Holdings, Inc.(a)
19,038 732,011
Caterpillar, Inc.(a)
3,507 626,911
Chart Industries, Inc.*
4,175 698,812
Cummins, Inc.
3,674 711,029
Flowserve Corp.
24,215 693,276
3,462,039
Media – 1.1%
Comcast Corp., Class A
16,867 661,861
Omnicom Group, Inc.
10,187 647,995
TEGNA, Inc.
34,068 714,406
2,024,262
See accompanying notes to the financial statements.
2

TABLE OF CONTENTS
AGF Investments Trust
AGFiQ U.S. Market Neutral Anti-Beta Fund
Schedule of Investments
June 30, 2022
Investments
Shares
Value ($)
Metals & Mining – 0.7%
Newmont Corp.
10,521 $ 627,788
Royal Gold, Inc.
6,346 677,626
1,305,414
Mortgage Real Estate Investment Trusts (REITs) – 1.1%
AGNC Investment Corp.(a)
61,790 684,015
Annaly Capital Management, Inc.
115,063 680,023
Blackstone Mortgage Trust, Inc.,
Class A(a)
24,048 665,408
2,029,446
Multiline Retail – 1.4%
Dollar General Corp.
3,841 942,735
Dollar Tree, Inc.*
5,511 858,889
Target Corp.
4,676 660,392
2,462,016
Multi-Utilities – 1.6%
Avista Corp.(a)
16,700 726,617
DTE Energy Co.
5,511 698,519
NorthWestern Corp.
11,857 698,733
WEC Energy Group, Inc.
7,014 705,889
2,829,758
Oil, Gas & Consumable Fuels – 1.4%
Chevron Corp.
4,175 604,457
Exxon Mobil Corp.
7,682 657,886
HF Sinclair Corp.
14,863 671,213
Williams Cos., Inc. (The)
20,040 625,448
2,559,004
Pharmaceuticals – 3.5%
Bristol-Myers Squibb Co.(a)
9,519 732,963
Elanco Animal Health, Inc.*
31,396 616,304
Jazz Pharmaceuticals plc*
5,010 781,610
Johnson & Johnson
4,008 711,460
Merck & Co., Inc.
7,849 715,593
Organon & Co.
19,205 648,169
Perrigo Co. plc
18,704 758,821
Pfizer, Inc.
13,694 717,977
Royalty Pharma plc, Class A
18,203 765,254
6,448,151
Professional Services – 2.5%
Booz Allen Hamilton Holding Corp.(a)
8,684 784,686
CACI International, Inc., Class A*(a)
2,672 752,916
Dun & Bradstreet Holdings, Inc.*
43,921 660,133
FTI Consulting, Inc.*
4,509 815,453
Leidos Holdings, Inc.
7,181 723,199
Science Applications International Corp.
8,684 808,480
4,544,867
Road & Rail – 0.8%
Canadian Pacific Railway Ltd.
(b) 4
Norfolk Southern Corp.
3,173 721,191
Union Pacific Corp.
3,340 712,355
1,433,550
Semiconductors & Semiconductor Equipment – 0.4%
Intel Corp.
17,368 649,737
Investments
Shares
Value ($)
Software – 3.8%
Black Knight, Inc.*(a)
10,521 $ 687,968
CDK Global, Inc.(a)
13,527 740,874
Citrix Systems, Inc.
7,348 714,005
Dolby Laboratories, Inc., Class A
9,686 693,130
Fair Isaac Corp.*
1,837 736,453
Mandiant Corp.*
33,400 728,788
NortonLifeLock, Inc.
29,893 656,450
Verint Systems, Inc.*
14,696 622,376
VMware, Inc., Class A
6,012 685,248
Zendesk, Inc.*
8,016 593,745
6,859,037
Specialty Retail – 1.9%
AutoNation, Inc.*(a)
6,346 709,229
Burlington Stores, Inc.*(a)
4,676 637,012
Murphy USA, Inc.
3,006 700,007
O’Reilly Automotive, Inc.*
1,169 738,527
Penske Automotive Group, Inc.
6,513 681,846
3,466,621
Technology Hardware, Storage & Peripherals – 1.2%
Dell Technologies, Inc., Class C
16,867 779,424
Hewlett Packard Enterprise Co.
49,265 653,254
HP, Inc.
20,708 678,808
2,111,486
Textiles, Apparel & Luxury Goods – 0.4%
Carter’s, Inc.
9,853 694,439
Thrifts & Mortgage Finance – 0.8%
New York Community Bancorp, Inc.
75,818 692,218
Radian Group, Inc.
35,404 695,689
1,387,907
TOTAL COMMON STOCKS
(COST $144,049,783)
140,777,347
TOTAL LONG POSITIONS
(Cost $144,049,783)
140,777,347
SHORT POSITIONS – (73.6)%
COMMON STOCKS – (73.2)%
Aerospace & Defense – (0.8)%
Axon Enterprise, Inc.*
(7,515) (700,173)
Boeing Co. (The)*
(5,845) (799,128)
(1,499,301)
Airlines – (1.3)%
American Airlines Group, Inc.*
(44,923) (569,624)
Delta Air Lines, Inc.*
(18,704) (541,855)
JetBlue Airways Corp.*
(70,641) (591,265)
United Airlines Holdings, Inc.*
(16,867) (597,429)
(2,300,173)
Auto Components – (0.7)%
Fox Factory Holding Corp.*
(9,352) (753,210)
QuantumScape Corp.*
(62,856) (539,933)
(1,293,143)
Automobiles – (0.4)%
Tesla, Inc.*
(1,169) (787,228)
See accompanying notes to the financial statements.
3

TABLE OF CONTENTS
AGF Investments Trust
AGFiQ U.S. Market Neutral Anti-Beta Fund
Schedule of Investments
June 30, 2022
Investments
Shares
Value ($)
Banks – (1.1)%
First Republic Bank
(4,843) $ (698,361)
Signature Bank
(3,674) (658,417)
SVB Financial Group*
(1,670) (659,633)
(2,016,411)
Biotechnology – (2.9)%
Arrowhead Pharmaceuticals, Inc.*
(21,376) (752,649)
Blueprint Medicines Corp.*
(12,859) (649,508)
Intellia Therapeutics, Inc.*
(16,533) (855,748)
Moderna, Inc.*
(5,511) (787,246)
Natera, Inc.*
(19,205) (680,625)
Novavax, Inc.*
(15,698) (807,348)
Twist Bioscience Corp.*
(20,541) (718,114)
(5,251,238)
Building Products – (1.0)%
Advanced Drainage Systems, Inc.
(6,680) (601,667)
Builders FirstSource, Inc.*
(11,690) (627,753)
Trex Co., Inc.*
(11,523) (627,082)
(1,856,502)
Capital Markets – (6.9)%
Affiliated Managers Group, Inc.
(5,678) (662,055)
Ameriprise Financial, Inc.
(2,672) (635,081)
Ares Management Corp.
(10,688) (607,720)
BlackRock, Inc.
(1,169) (711,968)
Blackstone, Inc.
(6,513) (594,181)
Carlyle Group, Inc. (The)
(19,873) (629,179)
Charles Schwab Corp. (The)
(11,022) (696,370)
Franklin Resources, Inc.
(27,388) (638,414)
Goldman Sachs Group, Inc. (The)
(2,338) (694,433)
Invesco Ltd.
(38,911) (627,634)
Janus Henderson Group plc
(26,887) (632,113)
Jefferies Financial Group, Inc.
(23,046) (636,531)
KKR & Co., Inc.
(14,362) (664,817)
Morningstar, Inc.
(2,839) (686,555)
MSCI, Inc.
(1,670) (688,291)
Northern Trust Corp.
(6,680) (644,486)
Raymond James Financial, Inc.
(7,849) (701,779)
State Street Corp.
(10,521) (648,620)
T. Rowe Price Group, Inc.
(5,845) (664,050)
(12,464,277)
Chemicals – (1.3)%
Albemarle Corp.
(3,006) (628,194)
Chemours Co. (The)
(17,535) (561,471)
Olin Corp.
(11,523) (533,284)
Scotts Miracle-Gro Co. (The)
(8,016) (633,184)
(2,356,133)
Commercial Services & Supplies – (1.2)%
Cintas Corp.
(2,004) (748,554)
Copart, Inc.*
(6,513) (707,703)
Tetra Tech, Inc.
(5,678) (775,331)
(2,231,588)
Communications Equipment – (0.4)%
Arista Networks, Inc.*
(7,181) (673,147)
Consumer Finance – (1.4)%
American Express Co.
(4,509) (625,038)
Investments
Shares
Value ($)
Credit Acceptance Corp.*
(1,336) $ (632,476)
Discover Financial Services
(6,680) (631,794)
SLM Corp.
(39,412) (628,227)
(2,517,535)
Diversified Financial Services – 0.0%(c)
Apollo Global Management, Inc.
(b) (18)
Electric Utilities – (1.4)%
ALLETE, Inc.
(11,690) (687,138)
Constellation Energy Corp.
(1) (38)
NextEra Energy, Inc.
(9,686) (750,277)
NRG Energy, Inc.
(15,364) (586,444)
PG&E Corp.*
(59,619) (594,998)
(2,618,895)
Electrical Equipment – (1.5)%