TABLE OF CONTENTS
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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 Index4
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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 Index5
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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.
1
TABLE OF CONTENTS​
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)% ​