| | | Shareholder Letter | | |
| | | Management Discussion of Fund Performance | | |
| | | | Schedule of Investments | |
| | | | ||
| | | | ||
| | | 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 (“BTAL”) | | | | | 28.66% | | |
| AGFiQ Global Infrastructure ETF (“GLIF”) | | | | | 1.35% | | |
| | |
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 (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 | | |
| | |
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% | | |
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 (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 | | |
| | |
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% | | |
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 | | |
|
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 | | |
|
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 $144,049,783) |
| | | | | | | | | | 140,777,347 | | |
SHORT POSITIONS – (73.6)% | | ||||||||||||
COMMON STOCKS – (73.2)% | | ||||||||||||
Aerospace & Defense – (0.8)% | | ||||||||||||
Axon Enterprise, Inc.* |
| | | | (7,515) | | | | | | (700,173) | | |
Boeing Co. (The)* |
| | | | (5,845) | | | | | | (799,128) | | |
| | | | | | | | | | | (1,499,301) | | |
Airlines – (1.3)% | | ||||||||||||
American Airlines Group, Inc.*
|
| | | | (44,923) | | | | | | (569,624) | | |
Delta Air Lines, Inc.* |
| | | | (18,704) | | | | | | (541,855) | | |
JetBlue Airways Corp.* |
| | | | (70,641) | | | | | | (591,265) | | |
United Airlines Holdings, Inc.*
|
| | | | (16,867) | | | | | | (597,429) | | |
| | | | | | | | | | | (2,300,173) | | |
Auto Components – (0.7)% | | ||||||||||||
Fox
Factory Holding Corp.* |
| | | | (9,352) | | | | | | (753,210) | | |
QuantumScape Corp.* |
| | | | (62,856) | | | | | | (539,933) | | |
| | | | | | | | | | | (1,293,143) | | |
Automobiles – (0.4)% | | ||||||||||||
Tesla, Inc.* |
| | | | (1,169) | | | | | | (787,228) | | |
|
Investments |
| |
Shares |
| |
Value ($) |
| ||||||
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)% | | ||||||||||||
Generac Holdings, Inc.* |
| | | | (3,173) | | | | | | (668,170) | | |
Plug Power, Inc.* |
| | | | (45,925) | | | | | | (760,977) | | |
Sunrun, Inc.* |
| | | | (31,396) | | | | | | (733,411) | | |
Vertiv Holdings Co. |
| | | | (70,641) | | | | | | (580,669) | | |
| | | | | | | | | | | (2,743,227) | | |
Entertainment – (0.8)% | | ||||||||||||
Netflix, Inc.* |
| | | | (3,841) | | | | | | (671,676) | | |
Roku, Inc.* |
| | | | (8,517) | | | | | | (699,586) | | |
| | | | | | | | | | | (1,371,262) | | |
Equity Real Estate Investment Trusts (REITs) – (3.9)% | | ||||||||||||
Alexandria Real Estate Equities, Inc.
|
| | | | (4,509) | | | | | | (653,940) | | |
Brixmor Property Group, Inc.
|
| | | | (30,561) | | | | | | (617,638) | | |
EastGroup Properties, Inc.
|
| | | | (4,676) | | | | | | (721,647) | | |
Host Hotels & Resorts, Inc.
|
| | | | (37,408) | | | | | | (586,557) | | |
Lamar Advertising Co., Class A
|
| | | | (7,682) | | | | | | (675,786) | | |
National Storage Affiliates Trust
|
| | | | (14,362) | | | | | | (719,105) | | |
PotlatchDeltic Corp. |
| | | | (13,360) | | | | | | (590,378) | | |
Regency Centers Corp. |
| | | | (10,855) | | | | | | (643,810) | | |
Rexford Industrial Realty, Inc.
|
| | | | (11,690) | | | | | | (673,227) | | |
Simon Property Group, Inc.
|
| | | | (6,680) | | | | | | (634,066) | | |
SL
Green Realty Corp. |
| | | | (11,523) | | | | | | (531,787) | | |
| | | | | | | | | | | (7,047,941) | | |
Food & Staples Retailing – (1.7)% | | ||||||||||||
BJ’s Wholesale Club Holdings, Inc.*
|
| | | | (13,193) | | | | | | (822,188) | | |
Costco Wholesale Corp. |
| | | | (1,670) | | | | | | (800,398) | | |
Performance Food Group Co.*
|
| | | | (17,702) | | | | | | (813,938) | | |
US
Foods Holding Corp.* |
| | | | (23,380) | | | | | | (717,298) | | |
| | | | | | | | | | | (3,153,822) | | |
Food Products – (0.6)% | | ||||||||||||
Darling Ingredients, Inc.*
|
| | | | (9,185) | | | | | | (549,263) | | |
Freshpet, Inc.* |
| | | | (11,523) | | | | | | (597,928) | | |
| | | | | | | | | | | (1,147,191) | | |
Gas Utilities – (0.4)% | | ||||||||||||
UGI
Corp. |
| | | | (17,201) | | | | | | (664,131) | | |
Health Care Equipment & Supplies – (2.8)% | | ||||||||||||
Align Technology, Inc.* |
| | | | (2,672) | | | | | | (632,382) | | |
Dexcom, Inc.* |
| | | | (10,020) | | | | | | (746,791) | | |
Intuitive Surgical, Inc.* |
| | | | (3,173) | | | | | | (636,853) | | |
Novocure Ltd.* |
| | | | (9,519) | | | | | | (661,570) | | |
Penumbra, Inc.* |
| | | | (5,010) | | | | | | (623,845) | | |
Investments |
| |
Shares |
| |
Value ($) |
| ||||||
Shockwave Medical, Inc.* |
| | | | (4,342) | | | | | $ | (830,060) | | |
STAAR Surgical Co.* |
| | | | (12,191) | | | | | | (864,708) | | |
| | | | | | | | | | | (4,996,209) | | |
Health Care Providers & Services – (1.9)% | | ||||||||||||
1Life Healthcare, Inc.* |
| | | | (87,341) | | | | | | (684,753) | | |
Amedisys, Inc.* |
| | | | (6,346) | | | | | | (667,092) | | |
Guardant Health, Inc.* |
| | | | (19,873) | | | | | | (801,677) | | |
LHC
Group, Inc.* |
| | | | (4,342) | | | | | | (676,223) | | |
Oak
Street Health, Inc.* |
| | | | (41,750) | | | | | | (686,370) | | |
| | | | | | | | | | | (3,516,115) | | |
Health Care Technology – (0.9)% | | ||||||||||||
Teladoc Health, Inc.* |
| | | | (22,879) | | | | | | (759,812) | | |
Veeva Systems, Inc., Class A*
|
| | | | (4,509) | | | | | | (892,962) | | |
| | | | | | | | | | | (1,652,774) | | |
Hotels, Restaurants & Leisure – (1.3)% | | ||||||||||||
Caesars Entertainment, Inc.*
|
| | | | (15,248) | | | | | | (583,998) | | |
Carnival Corp.* |
| | | | (59,452) | | | | | | (514,260) | | |
DraftKings, Inc., Class A*
|
| | | | (51,269) | | | | | | (598,309) | | |
Norwegian Cruise Line Holdings Ltd.*
|
| | | | (52,772) | | | | | | (586,825) | | |
| | | | | | | | | | | (2,283,392) | | |
Household Durables – (0.4)% | | ||||||||||||
Toll Brothers, Inc. |
| | | | (15,030) | | | | | | (670,338) | | |
Independent Power and Renewable Electricity Producers – (0.7)% | | ||||||||||||
AES
Corp. (The) |
| | | | (33,734) | | | | | | (708,751) | | |
Vistra Corp. |
| | | | (27,722) | | | | | | (633,448) | | |
| | | | | | | | | | | (1,342,199) | | |
Insurance – (0.7)% | | ||||||||||||
Brighthouse Financial, Inc.*
|
| | | | (15,364) | | | | | | (630,231) | | |
Lincoln National Corp. |
| | | | (13,193) | | | | | | (617,037) | | |
| | | | | | | | | | | (1,247,268) | | |
Interactive Media & Services – (2.2)% | | ||||||||||||
Cargurus, Inc.* |
| | | | (30,227) | | | | | | (649,578) | | |
Meta Platforms, Inc., Class A*
|
| | | | (4,008) | | | | | | (646,290) | | |
Pinterest, Inc., Class A*
|
| | | | (38,243) | | | | | | (694,493) | | |
Snap, Inc., Class A* |
| | | | (51,102) | | | | | | (670,969) | | |
Twitter, Inc.* |
| | | | (19,539) | | | | | | (730,563) | | |
ZoomInfo Technologies, Inc.*
|
| | | | (19,873) | | | | | | (660,579) | | |
| | | | | | | | | | | (4,052,472) | | |
Internet & Direct Marketing Retail – (1.1)% | | ||||||||||||
DoorDash, Inc., Class A*
|
| | | | (10,521) | | | | | | (675,133) | | |
Etsy, Inc.* |
| | | | (10,187) | | | | | | (745,790) | | |
Wayfair, Inc., Class A*
|
| | | | (14,362) | | | | | | (625,609) | | |
| | | | | | | | | | | (2,046,532) | | |
IT Services – (2.9)% | | ||||||||||||
Affirm Holdings, Inc.* |
| | | | (31,396) | | | | | | (567,012) | | |
Block, Inc., Class A*
|
| | | | (18,357) | | | | | | (1,128,221) | | |
Cloudflare, Inc., Class A*
|
| | | | (13,861) | | | | | | (606,419) | | |
EPAM Systems, Inc.* |
| | | | (2,338) | | | | | | (689,196) | | |
MongoDB, Inc.* |
| | | | (3,173) | | | | | | (823,393) | | |
Snowflake, Inc., Class A*
|
| | | | (5,511) | | | | | | (766,360) | | |
Twilio, Inc., Class A*
|
| | | | (7,515) | | | | | | (629,832) | | |
| | | | | | | | | | | (5,210,433) | | |
|
Investments |
| |
Shares |
| |
Value ($) |
| ||||||
Leisure Products – (0.4)% | | ||||||||||||
YETI Holdings, Inc.* |
| | | | (17,368) | | | | | $ | (751,513) | | |
Life Sciences Tools & Services – (1.8)% | | ||||||||||||
10X
Genomics, Inc., Class A* |
| | | | (15,698) | | | | | | (710,335) | | |
Azenta, Inc. |
| | | | (10,354) | | | | | | (746,523) | | |
Bio-Techne Corp. |
| | | | (2,004) | | | | | | (694,667) | | |
Illumina, Inc.* |
| | | | (3,006) | | | | | | (554,186) | | |
Pacific Biosciences of California, Inc.*
|
| | | | (134,936) | | | | | | (596,417) | | |
| | | | | | | | | | | (3,302,128) | | |
Machinery – (0.4)% | | ||||||||||||
Crane Holdings Co. |
| | | | (8,016) | | | | | | (701,881) | | |
Metals & Mining – (1.8)% | | ||||||||||||
Alcoa Corp. |
| | | | (11,857) | | | | | | (540,442) | | |
Cleveland-Cliffs, Inc.* |
| | | | (31,897) | | | | | | (490,257) | | |
Freeport-McMoRan, Inc. |
| | | | (19,205) | | | | | | (561,938) | | |
Nucor Corp. |
| | | | (5,678) | | | | | | (592,840) | | |
Steel Dynamics, Inc. |
| | | | (9,018) | | | | | | (596,541) | | |
United States Steel Corp. |
| | | | (29,392) | | | | | | (526,411) | | |
| | | | | | | | | | | (3,308,429) | | |
Multiline Retail – (0.4)% | | ||||||||||||
Kohl’s Corp. |
| | | | (17,869) | | | | | | (637,745) | | |
Multi-Utilities – (0.4)% | | ||||||||||||
CenterPoint Energy, Inc. |
| | | | (22,712) | | | | | | (671,821) | | |
Oil, Gas & Consumable Fuels – (2.1)% | | ||||||||||||
APA
Corp. |
| | | | (15,865) | | | | | | (553,688) | | |
Continental Resources, Inc.
|
| | | | (11,356) | | | | | | (742,115) | | |
Devon Energy Corp. |
| | | | (10,020) | | | | | | (552,202) | | |
EQT
Corp. |
| | | | (15,364) | | | | | | (528,522) | | |
Ovintiv, Inc. |
| | | | (14,195) | | | | | | (627,277) | | |
Texas Pacific Land Corp. |
| | | | (501) | | | | | | (745,498) | | |
| | | | | | | | | | | (3,749,302) | | |
Paper & Forest Products – (0.3)% | | ||||||||||||
Louisiana-Pacific Corp. |
| | | | (10,855) | | | | | | (568,911) | | |
Personal Products – (1.0)% | | ||||||||||||
Coty, Inc., Class A* |
| | | | (115,564) | | | | | | (925,667) | | |
Estee Lauder Cos., Inc. (The),
Class A |
| | | | (3,173) | | | | | | (808,068) | | |
| | | | | | | | | | | (1,733,735) | | |
Professional Services – (2.3)% | | ||||||||||||
ASGN, Inc.* |
| | | | (7,682) | | | | | | (693,300) | | |
Clarivate plc* |
| | | | (51,770) | | | | | | (717,532) | | |
Equifax, Inc. |
| | | | (3,674) | | | | | | (671,534) | | |
Nielsen Holdings plc |
| | | | (28,056) | | | | | | (651,460) | | |
Robert Half International, Inc.
|
| | | | (8,350) | | | | | | (625,332) | | |
Upwork, Inc.* |
| | | | (43,420) | | | | | | (897,926) | | |
| | | | | | | | | | | (4,257,084) | | |
Real Estate Management & Development – (1.3)% | | ||||||||||||
Howard Hughes Corp. (The)*
|
| | | | (8,684) | | | | | | (590,946) | | |
Jones Lang LaSalle, Inc.* |
| | | | (3,841) | | | | | | (671,637) | | |
Opendoor Technologies, Inc.*
|
| | | | (112,725) | | | | | | (530,935) | | |
Redfin Corp.* |
| | | | (72,645) | | | | | | (598,595) | | |
| | | | | | | | | | | (2,392,113) | | |
|
Investments |
| |
Shares |
| |
Value ($) |
| ||||||
Road & Rail – (0.8)% | | ||||||||||||
Saia, Inc.* |
| | | | (3,841) | | | | | $ | (722,108) | | |
Uber Technologies, Inc.* |
| | | | (32,899) | | | | | | (673,113) | | |
| | | | | | | | | | | (1,395,221) | | |
Semiconductors & Semiconductor Equipment – (4.1)% | | ||||||||||||
Advanced Micro Devices, Inc.*
|
| | | | (1) | | | | | | (43) | | |
Applied Materials, Inc. |
| | | | (6,680) | | | | | | (607,746) | | |
Enphase Energy, Inc.* |
| | | | (4,342) | | | | | | (847,732) | | |
KLA
Corp. |
| | | | (2,171) | | | | | | (692,723) | | |
Lam
Research Corp. |
| | | | (1,503) | | | | | | (640,503) | | |
Lattice Semiconductor Corp.*
|
| | | | (15,030) | | | | | | (728,955) | | |
NVIDIA Corp. |
| | | | (4,175) | | | | | | (632,888) | | |
ON
Semiconductor Corp.* |
| | | | (12,859) | | | | | | (646,936) | | |
Silicon Laboratories, Inc.*
|
| | | | (5,177) | | | | | | (725,919) | | |
Teradyne, Inc. |
| | | | (7,181) | | | | | | (643,059) | | |
Universal Display Corp. |
| | | | (6,012) | | | | | | (608,054) | | |
Wolfspeed, Inc.* |
| | | | (11,022) | | | | | | (699,346) | | |
| | | | | | | | | | | (7,473,904) | | |
Software – (5.4)% | | ||||||||||||
Asana, Inc., Class A*
|
| | | | (35,905) | | | | | | (631,210) | | |
Bill.com Holdings, Inc.* |
| | | | (6,513) | | | | | | (716,039) | | |
Datadog, Inc., Class A*
|
| | | | (8,183) | | | | | | (779,349) | | |
Digital Turbine, Inc.* |
| | | | (30,561) | | | | | | (533,901) | | |
DocuSign, Inc.* |
| | | | (9,352) | | | | | | (536,618) | | |
Dynatrace, Inc.* |
| | | | (19,205) | | | | | | (757,445) | | |
Elastic NV* |
| | | | (12,191) | | | | | | (824,965) | | |
Fortinet, Inc.* |
| | | | (12,525) | | | | | | (708,665) | | |
MicroStrategy, Inc., Class A*
|
| | | | (622) | | | | | | (102,195) | | |
nCino, Inc.* |
| | | | (23,659) | | | | | | (731,536) | | |
Palantir Technologies, Inc., Class A*
|
| | | | (91,015) | | | | | | (825,506) | | |
Smartsheet, Inc., Class A*
|
| | | | (21,042) | | | | | | (661,350) | | |
Trade Desk, Inc. (The), Class A*
|
| | | | (15,698) | | | | | | (657,589) | | |
Unity Software, Inc.* |
| | | | (19,372) | | | | | | (713,277) | | |
Varonis Systems, Inc.* |
| | | | (22,545) | | | | | | (661,019) | | |
| | | | | | | | | | | (9,840,664) | | |
Specialty Retail – (2.4)% | | ||||||||||||
Bath & Body Works, Inc.
|
| | | | (18,370) | | | | | | (494,520) | | |
Carvana Co.* |
| | | | (23,380) | | | | | | (527,920) | | |
Dick’s Sporting Goods, Inc.
|
| | | | (9,185) | | | | | | (692,274) | | |
Five Below, Inc.* |
| | | | (6,012) | | | | | | (681,941) | | |
Floor & Decor Holdings, Inc.,
Class A* |
| | | | (10,187) | | | | | | (641,374) | | |
RH*
|
| | | | (2,839) | | | | | | (602,606) | | |
Williams-Sonoma, Inc. |
| | | | (6,346) | | | | | | (704,089) | | |
| | | | | | | | | | | (4,344,724) | | |
Textiles, Apparel & Luxury Goods – (1.5)% | | ||||||||||||
Capri Holdings Ltd.* |
| | | | (16,867) | | | | | | (691,716) | | |
Crocs, Inc.* |
| | | | (14,195) | | | | | | (690,870) | | |
PVH
Corp. |
| | | | (11,022) | | | | | | (627,152) | | |
Under Armour, Inc., Class A*
|
| | | | (74,315) | | | | | | (619,044) | | |
| | | | | | | | | | | (2,628,782) | | |
|
Investments |
| |
Shares |
| |
Value ($) |
| ||||||
Trading Companies & Distributors – (1.4)% | | ||||||||||||
Air
Lease Corp. |
| | | | (20,207) | | | | | $ | (675,520) | | |
SiteOne Landscape Supply, Inc.*
|
| | | | (5,678) | | | | | | (674,944) | | |
United Rentals, Inc.* |
| | | | (2,672) | | | | | | (649,055) | | |
Univar Solutions, Inc.* |
| | | | (24,549) | | | | | | (610,534) | | |
| | | | | | | | | | | (2,610,053) | | |
Water Utilities – (0.8)% | | ||||||||||||
American Water Works Co., Inc.
|
| | | | (4,843) | | | | | | (720,493) | | |
Essential Utilities, Inc. |
| | | | (15,698) | | | | | | (719,753) | | |
| | | | | | | | | | | (1,440,246) | | |
TOTAL COMMON STOCKS
(PROCEEDS $(169,784,127)) |
| | | | | | | | | | (132,819,151) | | |
EXCHANGE TRADED FUNDS – (0.4)% | | ||||||||||||
SPDR S&P 500 ETF Trust (Proceeds
$(848,492)) |
| | | | (2,050) | | | | | | (773,362) | | |
TOTAL SHORT POSITIONS (Proceeds $(170,632,619)) |
| | | | | | | | | | (133,592,513) | | |
Total Investments – 4.0% (Cost $(26,582,836)) |
| | | | | | | | | | 7,184,834 | | |
Other assets less liabilities – 96.0%
|
| | | | | | | | | | 174,279,549 | | |
Net
Assets – 100.0% |
| | | | | | | | | $ | 181,464,383 | | |
|
| Aggregate gross unrealized appreciation | | | | $ | 37,741,057 | | |
| Aggregate gross unrealized depreciation | | | | | (10,676,626) | | |
| Net unrealized appreciation | | | | $ | 27,064,431 | | |
|
Federal income tax cost of investments
(including derivative contracts, if any) |
| | | $ | (16,761,851) | | |
|
Notional Amount |
| |
Termination Date(1) |
| |
Counterparty |
| |
Rate
Paid (Received)(2) |
| |
Payment Frequency |
| |
Underlying Instrument(3) |
| |
Value and Unrealized Appreciation/ (Depreciation)(4) ($) |
| |
Cash
Collateral (Received) Pledged ($) |
| |
Net
Amount(5) ($) |
| |||||||||||||||
|
USD
17,952,098 |
| | | | 10/2/2023 | | | |
Morgan Stanley |
| | | | 1.93% | | | |
Monthly |
| |
Dow
Jones U.S. Low Beta Total Return Index(6) |
| | | | (775,398) | | | | | | 775,398(7) | | | | | | — | | |
|
USD
(16,441,752) |
| | | | 10/2/2023 | | | |
Morgan Stanley |
| | | | 1.18% | | | |
Monthly |
| |
Dow
Jones U.S. High Beta Total Return Index(8) |
| | | | 3,893,144 | | | | | | — | | | | | | 3,893,144 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | 3,117,746 | | | | | | | | | | | | 3,893,144 | | |
Investments |
| |
Shares |
| |
Value ($) |
| ||||||
COMMON STOCKS – 98.6% | | ||||||||||||
Commercial Services & Supplies – 0.3% | | ||||||||||||
Cleanaway Waste Management Ltd.
|
| | | | 5,880 | | | | | $ | 10,235 | | |
Construction & Engineering – 3.5% | | ||||||||||||
Quanta Services, Inc. |
| | | | 210 | | | | | | 26,322 | | |
Vinci SA |
| | | | 1,252 | | | | | | 112,480 | | |
| | | | | | | | | | | 138,802 | | |
Diversified Telecommunication Services – 3.3% | | ||||||||||||
Cellnex Telecom SA |
| | | | 663 | | | | | | 25,828 | | |
China Tower Corp. Ltd., Class H
|
| | | | 456,844 | | | | | | 58,865 | | |
Cogent Communications Holdings, Inc.
|
| | | | 180 | | | | | | 10,937 | | |
Deutsche Telekom AG (Registered)
|
| | | | 1,795 | | | | | | 35,639 | | |
| | | | | | | | | | | 131,269 | | |
Electric Utilities – 12.8% | | ||||||||||||
Contact Energy Ltd. |
| | | | 2,886 | | | | | | 13,109 | | |
Duke Energy Corp. |
| | | | 342 | | | | | | 36,666 | | |
Edison International |
| | | | 723 | | | | | | 45,723 | | |
Emera, Inc. |
| | | | 438 | | | | | | 20,519 | | |
Endesa SA |
| | | | 948 | | | | | | 17,889 | | |
Eversource Energy |
| | | | 881 | | | | | | 74,418 | | |
FirstEnergy Corp. |
| | | | 1,002 | | | | | | 38,467 | | |
Fortis, Inc. |
| | | | 285 | | | | | | 13,473 | | |
Iberdrola SA |
| | | | 2,539 | | | | | | 26,347 | | |
NextEra Energy, Inc. |
| | | | 553 | | | | | | 42,835 | | |
OGE
Energy Corp. |
| | | | 483 | | | | | | 18,624 | | |
PG&E Corp.* |
| | | | 1,101 | | | | | | 10,988 | | |
Pinnacle West Capital Corp.
|
| | | | 279 | | | | | | 20,400 | | |
Southern Co. (The) |
| | | | 636 | | | | | | 45,353 | | |
SSE
plc |
| | | | 1,956 | | | | | | 38,670 | | |
Xcel Energy, Inc. |
| | | | 609 | | | | | | 43,093 | | |
| | | | | | | | | | | 506,574 | | |
Electrical Equipment – 0.3% | | ||||||||||||
Stem, Inc.* |
| | | | 1,407 | | | | | | 10,074 | | |
Equity Real Estate Investment Trusts (REITs) – 18.3% | | ||||||||||||
American Tower Corp. |
| | | | 1,464 | | | | | | 374,184 | | |
Crown Castle International Corp.
|
| | | | 1,461 | | | | | | 246,003 | | |
Iron Mountain, Inc. |
| | | | 612 | | | | | | 29,798 | | |
SBA
Communications Corp. |
| | | | 243 | | | | | | 77,772 | | |
| | | | | | | | | | | 727,757 | | |
Gas Utilities – 8.7% | | ||||||||||||
APA
Group |
| | | | 4,176 | | | | | | 32,465 | | |
Atmos Energy Corp. |
| | | | 147 | | | | | | 16,479 | | |
Beijing Enterprises Holdings Ltd.
|
| | | | 4,500 | | | | | | 16,026 | | |
Brookfield Infrastructure Corp.,
Class A |
| | | | 288 | | | | | | 12,240 | | |
China Resources Gas Group Ltd.
|
| | | | 5,200 | | | | | | 24,464 | | |
Enagas SA |
| | | | 2,334 | | | | | | 51,555 | | |
ENN
Energy Holdings Ltd. |
| | | | 2,776 | | | | | | 45,665 | | |
Italgas SpA |
| | | | 8,382 | | | | | | 48,948 | | |
National Fuel Gas Co. |
| | | | 330 | | | | | | 21,796 | | |
Snam SpA |
| | | | 14,739 | | | | | | 77,359 | | |
| | | | | | | | | | | 346,997 | | |
Independent Power and Renewable Electricity Producers – 3.5% | | ||||||||||||
Capital Power Corp. |
| | | | 567 | | | | | | 19,827 | | |
Investments |
| |
Shares |
| |
Value ($) |
| ||||||
China Longyuan Power Group Corp. Ltd.,
Class H |
| | | | 6,000 | | | | | $ | 11,703 | | |
China Resources Power Holdings Co. Ltd.
|
| | | | 8,000 | | | | | | 16,568 | | |
Clearway Energy, Inc. |
| | | | 876 | | | | | | 30,520 | | |
Engie Brasil Energia SA |
| | | | 912 | | | | | | 7,197 | | |
Northland Power, Inc. |
| | | | 792 | | | | | | 23,578 | | |
RWE
AG |
| | | | 234 | | | | | | 8,624 | | |
TransAlta Renewables, Inc.
|
| | | | 1,611 | | | | | | 20,588 | | |
| | | | | | | | | | | 138,605 | | |
Interactive Media & Services – 1.7% | | ||||||||||||
Alphabet, Inc., Class C*
|
| | | | 30 | | | | | | 65,624 | | |
Internet & Direct Marketing Retail – 0.6% | | ||||||||||||
Amazon.com, Inc.* |
| | | | 240 | | | | | | 25,490 | | |
IT Services – 0.4% | | ||||||||||||
GDS
Holdings Ltd., Class A* |
| | | | 3,675 | | | | | | 15,542 | | |
Media – 0.7% | | ||||||||||||
SES
SA, ADR |
| | | | 3,297 | | | | | | 28,975 | | |
Metals & Mining – 0.2% | | ||||||||||||
Sims Ltd. |
| | | | 879 | | | | | | 8,476 | | |
Multi-Utilities – 11.4% | | ||||||||||||
Algonquin Power & Utilities Corp.
|
| | | | 3,021 | | | | | | 40,602 | | |
ATCO Ltd., Class I |
| | | | 714 | | | | | | 24,462 | | |
Canadian Utilities Ltd., Class A
|
| | | | 417 | | | | | | 12,437 | | |
CenterPoint Energy, Inc. |
| | | | 540 | | | | | | 15,973 | | |
Consolidated Edison, Inc. |
| | | | 852 | | | | | | 81,025 | | |
E.ON SE |
| | | | 1,536 | | | | | | 12,887 | | |
National Grid plc |
| | | | 9,224 | | | | | | 118,208 | | |
REN – Redes Energeticas Nacionais SGPS
SA |
| | | | 5,475 | | | | | | 16,507 | | |
Sempra Energy |
| | | | 681 | | | | | | 102,334 | | |
WEC
Energy Group, Inc. |
| | | | 270 | | | | | | 27,173 | | |
| | | | | | | | | | | 451,608 | | |
Oil, Gas & Consumable Fuels – 21.7% | | ||||||||||||
Cheniere Energy, Inc. |
| | | | 378 | | | | | | 50,285 | | |
Enbridge, Inc. |
| | | | 8,295 | | | | | | 350,308 | | |
Kinder Morgan, Inc. |
| | | | 7,709 | | | | | | 129,203 | | |
Neste OYJ |
| | | | 406 | | | | | | 17,990 | | |
ONEOK, Inc. |
| | | | 1,695 | | | | | | 94,072 | | |
Pembina Pipeline Corp. |
| | | | 1,344 | | | | | | 47,508 | | |
TC
Energy Corp. |
| | | | 2,019 | | | | | | 104,589 | | |
Williams Cos., Inc. (The) |
| | | | 2,178 | | | | | | 67,975 | | |
| | | | | | | | | | | 861,930 | | |
Road & Rail – 1.8% | | ||||||||||||
Aurizon Holdings Ltd. |
| | | | 14,721 | | | | | | 38,685 | | |
Norfolk Southern Corp. |
| | | | 30 | | | | | | 6,819 | | |
Union Pacific Corp. |
| | | | 118 | | | | | | 25,167 | | |
| | | | | | | | | | | 70,671 | | |
Software – 0.8% | | ||||||||||||
Microsoft Corp. |
| | | | 126 | | | | | | 32,361 | | |
Transportation Infrastructure – 6.2% | | ||||||||||||
Aeroports de Paris* |
| | | | 262 | | | | | | 33,378 | | |
Atlas Arteria Ltd. |
| | | | 6,960 | | | | | | 38,690 | | |
Investments |
| |
Shares |
| |
Value ($) |
| ||||||
China Merchants Port Holdings Co. Ltd.
|
| | | | 11,088 | | | | | $ | 19,017 | | |
COSCO SHIPPING Ports Ltd. |
| | | | 38,340 | | | | | | 27,082 | | |
Grupo Aeroportuario del Pacifico SAB de
CV, ADR |
| | | | 113 | | | | | | 15,772 | | |
Hutchison Port Holdings Trust
|
| | | | 89,592 | | | | | | 21,080 | | |
Shenzhen Expressway Corp. Ltd.,
Class H* |
| | | | 14,000 | | | | | | 14,548 | | |
Transurban Group |
| | | | 6,063 | | | | | | 60,211 | | |
Westshore Terminals Investment Corp.
|
| | | | 702 | | | | | | 17,424 | | |
| | | | | | | | | | | 247,202 | | |
Water Utilities – 2.4% | | ||||||||||||
American Water Works Co., Inc.
|
| | | | 633 | | | | | | 94,171 | | |
TOTAL COMMON STOCKS
(COST $3,865,047) |
| | | | | | | | | | 3,912,363 | | |
MASTER LIMITED PARTNERSHIPS – 0.5% | | | | | | | | | | | | | |
Oil, Gas & Consumable Fuels – 0.5% | | | | | | | | | | | | | |
Energy Transfer LP (Cost $19,868) |
| | | | 2,014 | | | | | | 20,100 | | |
EXCHANGE TRADED FUNDS – 0.2% | | ||||||||||||
SPDR S&P Global Infrastructure ETF
(Cost $7,423) |
| | | | 155 | | | | | | 8,283 | | |
Total Investments – 99.3% (Cost $3,892,338) |
| | | | | | | | | | 3,940,746 | | |
Other assets less
liabilities – 0.7% |
| | | | | | | | | | 28,019 | | |
Net
Assets – 100.0% |
| | | | | | | | | $ | 3,968,765 | | |
|
Abbreviations |
| | ||
ADR | | | American Depositary Receipt | |
ETF | | | Exchange Traded Fund | |
OYJ | | | Public Limited Company | |
SPDR | | | Standard & Poor’s Depositary Receipt | |
| Aggregate gross unrealized appreciation | | | | $ | 194,989 | | |
| Aggregate gross unrealized depreciation | | | | | (146,045) | | |
| Net unrealized appreciation | | | | $ | 48,944 | | |
|
Federal income tax cost of investments
(including derivative contracts, if any) |
| | | $ | 3,891,802 | | |
| Australia | | | | | 4.5% | | |
| Brazil | | | | | 0.2% | | |
| Canada | | | | | 17.8% | | |
| China | | | | | 6.3% | | |
| Finland | | | | | 0.5% | | |
| France | | | | | 3.7% | | |
| Germany | | | | | 1.4% | | |
| Hong Kong | | | | | 0.5% | | |
| Italy | | | | | 3.2% | | |
| Luxembourg | | | | | 0.7% | | |
| Mexico | | | | | 0.4% | | |
| New Zealand | | | | | 0.3% | | |
| Portugal | | | | | 0.4% | | |
| Spain | | | | | 3.1% | | |
| United Kingdom | | | | | 4.0% | | |
| United States | | | | | 52.3% | | |
| Other(1) | | | | | 0.7% | | |
| | | | | | 100.0% | | |
| | |
AGFiQ
U.S. Market Neutral Anti-Beta Fund |
| |
AGFiQ
Global Infrastructure ETF |
| ||||||
ASSETS: | | | | | | | | | | | | | |
Investments in securities, at value(1) | | | | $ | 140,777,347 | | | | | $ | 3,940,746 | | |
Cash | | | | | 3,830,920 | | | | | | 71,906 | | |
Segregated cash balance with custodian for swap agreements (Note 2) | | | | | 1,714,237 | | | | | | — | | |
Segregated cash balance with broker for securities sold short (Note 2) | | | | | 152,008,787 | | | | | | — | | |
Foreign cash(2) | | | | | — | | | | | | 887 | | |
Unrealized appreciation on swap agreements | | | | | 3,893,144 | | | | | | — | | |
Receivables: | | | | | — | | | | | | — | | |
Securities sold |
| | | | 10,447,603 | | | | | | — | | |
Dividends and interest |
| | | | 309,419 | | | | | | 14,575 | | |
Receivable for capital shares issued
|
| | | | 14,065,186 | | | | | | — | | |
Investment adviser (Note 4)
|
| | | | — | | | | | | 18,377 | | |
Foreign tax reclaims |
| | | | — | | | | | | 1,409 | | |
Prepaid expenses | | | | | 4,059 | | | | | | 5,319 | | |
Total Assets | | | | | 327,050,702 | | | | | | 4,053,219 | | |
LIABILITIES: | | | | | | | | | | | | | |
Securities sold short, at value(3) | | | | $ | 133,592,513 | | | | | $ | — | | |
Unrealized depreciation on swap agreements | | | | | 775,398 | | | | | | — | | |
Payables: | | | | | | | | | | | | | |
Securities purchased |
| | | | 10,972,563 | | | | | | — | | |
Income
distributions |
| | | | — | | | | | | 30,445 | | |
Investment management fees |
| | | | 11,375 | | | | | | — | | |
Trustees fees |
| | | | 22,408 | | | | | | 679 | | |
Dividends on securities sold short
|
| | | | 105,151 | | | | | | — | | |
Accrued expenses and other liabilities
|
| | | | 106,911 | | | | | | 53,330 | | |
Total Liabilities | | | | | 145,586,319 | | | | | | 84,454 | | |
Net Assets | | | | $ | 181,464,383 | | | | | $ | 3,968,765 | | |
NET ASSETS CONSIST OF: | | | | | | | | | | | | | |
Paid-in capital | | | | | 243,802,939 | | | | | | 3,973,885 | | |
Distributable earnings (loss) | | | | | (62,338,556) | | | | | | (5,120) | | |
Net Assets | | | | $ | 181,464,383 | | | | | $ | 3,968,765 | | |
The Funds have an unlimited number of
shares authorized with no par value. Net asset value is calculated by
dividing the net assets by the number of outstanding shares.
|
| | | | | | | | | | | | |
Shares Outstanding | | | | | 8,350,000 | | | | | | 150,001 | | |
Net Asset Value | | | | $ | 21.73 | | | | | $ | 26.46 | | |
(1) Investments in
securities, at cost |
| | | $ | 144,049,783 | | | | | $ | 3,892,338 | | |
(2) Cost of foreign cash
|
| | | $ | — | | | | | $ | 887 | | |
(3) Securities sold short,
proceeds |
| | | $ | 170,632,619 | | | | | $ | — | | |
| | |
AGFiQ
U.S. Market Neutral Anti-Beta Fund |
| |
AGFiQ
Global Infrastructure ETF |
| ||||||
INVESTMENT INCOME: | | | | | | | | | | | | | |
Dividend income | | | | $ | 1,846,486 | | | | | $ | 153,788 | | |
Foreign withholding tax on dividends | | | | | (165) | | | | | | (11,278) | | |
Total
Investment Income |
| | | | 1,846,321 | | | | | | 142,510 | | |
EXPENSES: | | | | | | | | | | | | | |
Dividends on securities sold short | | | | | 1,205,719 | | | | | | — | | |
Stock loan fees on securities sold short | | | | | 88,048 | | | | | | — | | |
Investment management fees (Note 4) | | | | | 533,061 | | | | | | 20,364 | | |
Professional fees | | | | | 245,257 | | | | | | 84,325 | | |
Custody fees | | | | | 13,509 | | | | | | 7,222 | | |
Index fees | | | | | 12,983 | | | | | | 5,480 | | |
Chief Compliance Officer fees | | | | | 63,369 | | | | | | 6,343 | | |
Treasurer fees | | | | | 29,676 | | | | | | 5,014 | | |
Listing fees | | | | | 7,311 | | | | | | 9,748 | | |
Accounting fees | | | | | 30,000 | | | | | | 30,000 | | |
Trustees fees | | | | | 87,780 | | | | | | 3,390 | | |
Administration fees (Note 5) | | | | | 76,400 | | | | | | 76,400 | | |
Other fees | | | | | 46,528 | | | | | | 11,369 | | |
Total
Expenses before Adjustments |
| | | | 2,439,641 | | | | | | 259,655 | | |
Less: waivers and/or reimbursements by Adviser (Note 4) | | | | | (612,540) | | | | | | (239,292) | | |
Total
Expenses after Adjustments |
| | | | 1,827,101 | | | | | | 20,363 | | |
Net
Investment Income (Loss) |
| | | | 19,220 | | | | | | 122,147 | | |
NET REALIZED GAIN (LOSS) FROM: | | | | | | | | | | | | | |
Transactions in Investment securities | | | | | 809,039 | | | | | | 43,488 | | |
Foreign currency transactions | | | | | — | | | | | | (4,310) | | |
In-kind redemptions of investments | | | | | 1,912,496 | | | | | | 219,059 | | |
Securities sold short | | | | | (10,939,094) | | | | | | — | | |
Expiration or closing of swap agreements | | | | | 1,302,369 | | | | | | — | | |
Net
Realized Gain (Loss) |
| | | | (6,915,190) | | | | | | 258,237 | | |
NET
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM: |
| | | | | | | | | | | | |
Investments in securities | | | | | (10,833,414) | | | | | | (278,888) | | |
Securities sold short | | | | | 45,039,406 | | | | | | — | | |
Swap agreements | | | | | 1,483,696 | | | | | | — | | |
Translation of assets and liabilities denominated in foreign currencies | | | | | — | | | | | | (264) | | |
Net Change in Unrealized Appreciation (Depreciation) | | | | | 35,689,688 | | | | | | (279,152) | | |
Net Realized and Unrealized Gain (Loss) | | | | | 28,774,498 | | | | | | (20,915) | | |
Net Increase (Decrease) in Net Assets Resulting from Operations | | | | $ | 28,793,718 | | | | | $ | 101,232 | | |
| | |
AGFiQ
U.S. Market Neutral Anti-Beta Fund |
| |
AGFiQ Global Infrastructure ETF
|
| ||||||||||||||||||
| | |
Year
Ended June 30, 2022 |
| |
Year
Ended June 30, 2021 |
| |
Year
Ended June 30, 2022 |
| |
Year
Ended June 30, 2021 |
| ||||||||||||
OPERATIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | | | $ | 19,220 | | | | | $ | (1,694,284) | | | | | $ | 122,147 | | | | | $ | 102,390 | | |
Net realized gain (loss) | | | | | (6,915,190) | | | | | | (49,688,938) | | | | | | 258,237 | | | | | | (89,477) | | |
Net change in unrealized appreciation
(depreciation) |
| | | | 35,689,688 | | | | | | (11,390,190) | | | | | | (279,152) | | | | | | 482,648 | | |
Net Increase (Decrease) in Net Assets
Resulting from Operations |
| | | | 28,793,718 | | | | | | (62,773,412) | | | | | | 101,232 | | | | | | 495,561 | | |
DISTRIBUTIONS (Note 2): | | | | | | | | | | | | | | | | | | | | | | | | | |
Distributable earnings | | | | | — | | | | | | — | | | | | | (129,114) | | | | | | (72,810) | | |
Total Distributions | | | | | — | | | | | | — | | | | | | (129,114) | | | | | | (72,810) | | |
CAPITAL TRANSACTIONS:(1) | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from shares issued | | | | | 145,726,474 | | | | | | 112,000,987 | | | | | | 1,350,959 | | | | | | 1,283,158 | | |
Cost of shares redeemed | | | | | (91,876,927) | | | | | | (143,161,140) | | | | | | (1,382,461) | | | | | | — | | |
Net Increase (Decrease) from Capital
Transactions |
| | | | 53,849,547 | | | | | | (31,160,153) | | | | | | (31,502) | | | | | | 1,283,158 | | |
Total Increase (Decrease) in Net Assets | | | | | 82,643,265 | | | | | | (93,933,565) | | | | | | (59,384) | | | | | | 1,705,909 | | |
NET ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of year | | | | $ | 98,821,118 | | | | | $ | 192,754,683 | | | | | $ | 4,028,149 | | | | | $ | 2,322,240 | | |
End of Year | | | | $ | 181,464,383 | | | | | $ | 98,821,118 | | | | | $ | 3,968,765 | | | | | $ | 4,028,149 | | |
SHARE TRANSACTIONS: | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of year | | | | | 5,850,000 | | | | | | 7,950,000 | | | | | | 150,001 | | | | | | 100,001 | | |
Shares issued | | | | | 550,000 | | | | | | 100,000 | | | | | | — | | | | | | — | | |
Shares issued in-kind | | | | | 6,900,000 | | | | | | 5,100,000 | | | | | | 50,000 | | | | | | 50,000 | | |
Shares redeemed | | | | | (3,850,000) | | | | | | (150,000) | | | | | | — | | | | | | — | | |
Shares redeemed in-kind | | | | | (1,100,000) | | | | | | (7,150,000) | | | | | | (50,000) | | | | | | — | | |
Shares Outstanding, End of Year | | | | | 8,350,000 | | | | | | 5,850,000 | | | | | | 150,001 | | | | | | 150,001 | | |
| | |
PER SHARE OPERATING PERFORMANCE
|
| | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Investment Operations |
| |
Distributions |
| | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||
| | |
Net
asset value, beginning of period |
| |
Net
investment income (loss)(1) |
| |
Net
realized and unrealized gain (loss) |
| |
Total investment operations |
| |
Net
investment income |
| |
Net
realized gains |
| |
Tax
return of capital |
| |
Total distributions |
| |
Transaction fees(9) |
| |
Net
asset value, end of period |
| ||||||||||||||||||||||||||||||
AGFiQ U.S. Market Neutral Anti-Beta Fund | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended June 30, 2022 | | | | $ | 16.89 | | | | | $ | —(8) | | | | | $ | 4.82 | | | | | $ | 4.82 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 0.02 | | | | | $ | 21.73 | | |
Year ended June 30, 2021 | | | | | 24.25 | | | | | | (0.22) | | | | | | (7.16) | | | | | | (7.38) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 0.02 | | | | | | 16.89 | | |
Year ended June 30, 2020 | | | | | 21.83 | | | | | | 0.06 | | | | | | 2.52 | | | | | | 2.58 | | | | | | (0.20) | | | | | | — | | | | | | — | | | | | | (0.20) | | | | | | 0.04 | | | | | | 24.25 | | |
Year ended June 30, 2019 | | | | | 20.05 | | | | | | 0.31 | | | | | | 1.52 | | | | | | 1.83(13) | | | | | | (0.09) | | | | | | — | | | | | | — | | | | | | (0.09) | | | | | | 0.04 | | | | | | 21.83 | | |
Year ended June 30, 2018 | | | | | 20.00 | | | | | | 0.18 | | | | | | (0.13) | | | | | | 0.05 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20.05 | | |
AGFiQ Global Infrastructure ETF | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year ended June 30, 2022 | | | | | 26.85 | | | | | | 0.75 | | | | | | (0.37) | | | | | | 0.38 | | | | | | (0.77) | | | | | | — | | | | | | — | | | | | | (0.77) | | | | | | — | | | | | | 26.46 | | |
Year ended June 30, 2021 | | | | | 23.22 | | | | | | 0.93 | | | | | | 3.34 | | | | | | 4.27 | | | | | | (0.64) | | | | | | — | | | | | | — | | | | | | (0.64) | | | | | | — | | | | | | 26.85 | | |
Year ended June 30, 2020 | | | | | 25.75 | | | | | | 0.71 | | | | | | (2.55) | | | | | | (1.84) | | | | | | (0.69) | | | | | | —(8) | | | | | | — | | | | | | (0.69) | | | | | | — | | | | | | 23.22 | | |
For the period 05/23/19* – 06/30/19 | | | | | 25.00 | | | | | | 0.14 | | | | | | 0.61 | | | | | | 0.75 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 25.75 | | |
|
RATIOS/SUPPLEMENTAL DATA |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Ratios to Average Net Assets
of(2)
|
| | | | | | | |
Total Return(3)(4)
|
| | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||
|
Expenses, after waivers and/or reimbursements and before securities sold short |
| |
Expenses, after waivers and/or reimbursements and securities sold short |
| |
Expenses, before waivers and/or reimbursements and after securities sold short |
| |
Net
investment income (loss) |
| |
Net
investment income (loss), before waivers |
| |
Net
investment income (loss) net of reimbursements excluding special dividends(10) |
| |
Net
investment income (loss) per share excluding special dividends(11) |
| |
Net
asset value(5) |
| |
Market value(6) |
| |
Portfolio turnover rate (excluding short sales)(3)(7) |
| |
Portfolio turnover rate (including short sales)(3)(7) |
| |
Ending net assets (thousands) |
| ||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | | 0.45% | | | | | | 1.54% | | | | | | 2.06% | | | | | | 0.02% | | | | | | (0.50)% | | | | | | 0.02% | | | | | $ | 0.00 | | | | | | 28.66% | | | | | | 28.93% | | | | | | 145% | | | | | | 321% | | | | | $ | 181,464 | | |
| | | 0.45 | | | | | | 2.53 | | | | | | 3.01 | | | | | | (1.09) | | | | | | (1.57) | | | | | | (1.09) | | | | | | (0.22) | | | | | | (30.35) | | | | | | (30.45) | | | | | | 35 | | | | | | 225 | | | | | | 98,821 | | |
| | | 0.45 | | | | | | 2.19 | | | | | | 2.57 | | | | | | 0.25 | | | | | | (0.13) | | | | | | 0.25 | | | | | | 0.06 | | | | | | 12.07 | | | | | | 11.99 | | | | | | 144 | | | | | | 483 | | | | | | 192,755 | | |
| | | 0.50 | | | | | | 2.16 | | | | | | 2.94 | | | | | | 1.45 | | | | | | 0.67 | | | | | | 1.42 | | | | | | 0.30 | | | | | | 9.30 | | | | | | 9.66 | | | | | | 116 | | | | | | 341 | | | | | | 65,492 | | |
| | | 0.75 | | | | | | 1.06 | | | | | | 3.39 | | | | | | 0.93 | | | | | | (1.41) | | | | | | 0.93 | | | | | | 0.18 | | | | | | 0.25 | | | | | | 0.20 | | | | | | 166 | | | | | | 347 | | | | | | 9,023 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| | | 0.45(12) | | | | | | 0.45(12) | | | | | | 5.74(12) | | | | | | 2.70 | | | | | | (2.59) | | | | | | 2.70 | | | | | $ | 0.75 | | | | | | 1.35 | | | | | | 1.31 | | | | | | 56 | | | | | | 56 | | | | | | 3,969 | | |
| | | 0.45(12) | | | | | | 0.45(12) | | | | | | 9.01(12) | | | | | | 3.73 | | | | | | (4.83) | | | | | | 3.73 | | | | | | 0.93 | | | | | | 18.72 | | | | | | 18.10 | | | | | | 44 | | | | | | 44 | | | | | | 4,028 | | |
| | | 0.45(12) | | | | | | 0.45(12) | | | | | | 6.81(12) | | | | | | 2.82 | | | | | | (3.54) | | | | | | 2.82 | | | | | | 0.71 | | | | | | (7.32) | | | | | | (6.76) | | | | | | 32 | | | | | | 32 | | | | | | 2,322 | | |
| | | 0.45(12) | | | | | | 0.45(12) | | | | | | 16.91(12) | | | | | | 5.28 | | | | | | (11.19) | | | | | | 5.28 | | | | | | 0.14 | | | | | | 3.00 | | | | | | 3.00 | | | | | | — | | | | | | — | | | | | | 2,575 | | |
| | |
Level 1 – Quoted Prices |
| |
Level 2 – Other Significant Observable Inputs |
| |
Level 3 – Significant Unobservable Inputs |
| |
Total |
| ||||||||||||
AGFiQ U.S. Market Neutral Anti-Beta Fund | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Common
Stocks* |
| | | $ | 140,777,347 | | | | | $ | — | | | | | $ | — | | | | | $ | 140,777,347 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Common
Stocks* |
| | | $ | (132,819,151) | | | | | $ | — | | | | | $ | — | | | | | $ | (132,819,151) | | |
Exchange Traded Funds |
| | | | (773,362) | | | | | | — | | | | | | — | | | | | | (773,362) | | |
Total Investments | | | | $ | 7,184,834 | | | | | $ | — | | | | | $ | — | | | | | $ | 7,184,834 | | |
Other Financial Instruments | | | | | | | | | | | | | | | | | | | | | | | | | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Swap Agreements** | | | | $ | — | | | | | $ | 3,893,144 | | | | | $ | — | | | | | $ | 3,893,144 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Swap Agreements** | | | | $ | — | | | | | $ | (775,398) | | | | | $ | — | | | | | $ | (775,398) | | |
Total Other Financial Instruments | | | | $ | — | | | | | $ | 3,117,746 | | | | | $ | — | | | | | $ | 3,117,746 | | |
| | |
Level 1 – Quoted Prices |
| |
Level 2 – Other Significant Observable Inputs |
| |
Level 3 – Significant Unobservable Inputs |
| |
Total |
| ||||||||||||
AGFiQ Global Infrastructure ETF | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | | | | | | | | | | | | | | | | | | | | | | | |
Common
Stocks |
| | | | | | | | | | | | | | | | | | | | | | | | |
Commercial Services & Supplies
|
| | | $ | — | | | | | $ | 10,235 | | | | | $ | — | | | | | $ | 10,235 | | |
Construction & Engineering
|
| | | | 26,322 | | | | | | 112,480 | | | | | | — | | | | | | 138,802 | | |
Diversified Telecommunication Services
|
| | | | 10,937 | | | | | | 120,332 | | | | | | — | | | | | | 131,269 | | |
Electric Utilities |
| | | | 410,559 | | | | | | 96,015 | | | | | | — | | | | | | 506,574 | | |
Gas
Utilities |
| | | | 50,515 | | | | | | 296,482 | | | | | | — | | | | | | 346,997 | | |
Independent Power and Renewable
Electricity Producers |
| | | | 101,710 | | | | | | 36,895 | | | | | | — | | | | | | 138,605 | | |
IT
Services |
| | | | — | | | | | | 15,542 | | | | | | — | | | | | | 15,542 | | |
Media
|
| | | | — | | | | | | 28,975 | | | | | | — | | | | | | 28,975 | | |
Metals & Mining |
| | | | — | | | | | | 8,476 | | | | | | — | | | | | | 8,476 | | |
Multi-Utilities |
| | | | 304,006 | | | | | | 147,602 | | | | | | — | | | | | | 451,608 | | |
Oil,
Gas & Consumable Fuels |
| | | | 843,940 | | | | | | 17,990 | | | | | | — | | | | | | 861,930 | | |
Road
& Rail |
| | | | 31,986 | | | | | | 38,685 | | | | | | — | | | | | | 70,671 | | |
Transportation Infrastructure
|
| | | | 33,196 | | | | | | 214,006 | | | | | | — | | | | | | 247,202 | | |
Other* |
| | | | 955,477 | | | | | | — | | | | | | — | | | | | | 955,477 | | |
Exchange Traded Funds |
| | | | 8,283 | | | | | | — | | | | | | — | | | | | | 8,283 | | |
Master
Limited Partnerships |
| | | | 20,100 | | | | | | — | | | | | | — | | | | | | 20,100 | | |
Total Investments | | | | $ | 2,797,031 | | | | | $ | 1,143,715 | | | | | $ | — | | | | | $ | 3,940,746 | | |
Fund |
| |
Average Contract Long |
| |
Average Contract Short |
| ||||||
AGFiQ U.S. Market Neutral Anti-Beta Fund | | | | $ | 13,928,613 | | | | | $ | (12,862,499) | | |
Fair Value of Derivative Instruments as of
June 30, 2022 |
| ||||||||||||||||||
Fund |
| |
Derivatives not accounted for as hedging instruments under ASC 815 |
| |
Location |
| |
Assets Value |
| |
Liabilities Value |
| ||||||
| | |
Swap agreements |
| |
Statements of Assets and Liabilities |
| | | | | | | | | | | | |
AGFiQ U.S. Market Neutral Anti-Beta Fund | | |
|
| | | | | | $ | 3,893,144 | | | | | $ | 775,398 | | |
The Effect of Derivative Instruments on
the Statements of Operations as of June 30, 2022 |
| |||||||||||||||
Fund |
| |
Derivatives not accounted for as hedging instruments under ASC 815 |
| |
Realized Gain or (Loss) on Derivatives |
| |
Change in Unrealized Appreciation or (Depreciation) on Derivatives |
| ||||||
| | |
Swap
agreements |
| | | | | | | | | | | | |
AGFiQ U.S. Market Neutral Anti-Beta Fund | | |
|
| | | $ | 1,302,369 | | | | | $ | 1,483,696 | | |
| | |
Year Ended June 30, 2022
|
| |
Year Ended June 30, 2021
|
| ||||||||||||||||||||||||||||||
Fund |
| |
Distributions Paid from Ordinary Income |
| |
Distributions Paid from Net Long Term Capital Gains |
| |
Total Distributions |
| |
Distributions Paid from Ordinary Income |
| |
Distributions Paid from Net Long Term Capital Gains |
| |
Total Distributions |
| ||||||||||||||||||
AGFiQ U.S. Market Neutral Anti-Beta Fund |
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
AGFiQ Global Infrastructure ETF | | | | | 129,114 | | | | | | — | | | | | | 129,114 | | | | | | 72,810 | | | | | | — | | | | | | 72,810 | | |
Fund |
| |
Undistributed Ordinary Income |
| |
Undistributed Long-Term Capital Gains |
| |
Accumulated Capital and Other Losses |
| |
Unrealized
Appreciation/ (Depreciation)* |
| ||||||||||||
AGFiQ U.S. Market Neutral Anti-Beta Fund | | | | $ | — | | | | | $ | — | | | | | $ | 89,402,987 | | | | | $ | (27,064,431) | | |
AGFiQ Global Infrastructure ETF | | | | | 590 | | | | | | — | | | | | | (54,434) | | | | | | 48,724 | | |
Fund |
| |
Accumulated undistributed net investment income (loss) |
| |
Accumulated net realized gain (loss) on investments |
| |
Paid in Capital |
| |||||||||
AGFiQ U.S. Market Neutral Anti-Beta Fund | | | | $ | 596,731 | | | | | $ | (1,638,769) | | | | | $ | 1,042,038 | | |
AGFiQ Global Infrastructure ETF | | | | | (22,226) | | | | | | (199,985) | | | | | | 222,211 | | |
Fund |
| |
Capital Loss Carryforwards |
| |
Utilized Capital Loss Carryforwards |
| ||||||
AGFiQ U.S. Market Neutral Anti-Beta Fund | | | | $ | 81,761,429 | | | | | $ | 984,469 | | |
AGFiQ Global Infrastructure ETF | | | | | 35,687 | | | | | | 70,732 | | |
Fund |
| |
Ordinary Late Year Loss Deferrals |
| |
Post-October Capital Losses |
| |
Total |
| |||||||||
AGFiQ U.S. Market Neutral Anti-Beta Fund | | | | $ | — | | | | | $ | 7,641,558 | | | | | $ | 7,641,558 | | |
AGFiQ Global Infrastructure ETF | | | | | — | | | | | | 18,747 | | | | | | 18,747 | | |
Fund |
| |
Management Fees Waived |
| |
Expense Reimbursements |
| ||||||
AGFiQ U.S. Market Neutral Anti-Beta Fund | | | | $ | 533,061 | | | | | $ | 79,479 | | |
AGFiQ Global Infrastructure ETF | | | | | 20,364 | | | | | | 218,928 | | |
| | |
Expires June 30, |
| |
Total Eligible for Recoupment |
| ||||||||||||||||||
Fund |
| |
2023 |
| |
2024 |
| |
2025 |
| |||||||||||||||
AGFiQ U.S. Market Neutral Anti-Beta Fund | | | | $ | 484,176 | | | | | $ | 750,711 | | | | | $ | 612,540 | | | | | $ | 1,847,427 | | |
AGFiQ Global Infrastructure ETF | | | | | 159,123 | | | | | | 234,788 | | | | | | 239,292 | | | | | | 633,203 | | |
Fund |
| |
Year
Ended June 30, 2022 |
| |||
AGFiQ U.S. Market Neutral Anti-Beta Fund | | | | $ | 109,247 | | |
| | |
Purchases |
| |
Sales |
| ||||||||||||||||||
Fund |
| |
Long |
| |
Short Covers |
| |
Long |
| |
Short |
| ||||||||||||
AGFiQ U.S. Market Neutral Anti-Beta Fund | | | | $ | 144,389,465 | | | | | $ | 176,220,349 | | | | | $ | 170,470,327 | | | | | $ | 259,537,367 | | |
AGFiQ Global Infrastructure ETF | | | | | 2,571,104 | | | | | | — | | | | | | 2,511,427 | | | | | | — | | |
Fund |
| |
Value |
| |
Realized Gain |
| ||||||
AGFiQ U.S. Market Neutral Anti-Beta Fund | | | | $ | 17,188,853 | | | | | $ | 1,912,496 | | |
AGFiQ Global Infrastructure ETF | | | | | 1,355,293 | | | | | | 219,059 | | |
Fund |
| |
Value |
| |||
AGFiQ U.S. Market Neutral Anti-Beta Fund | | | | $ | 106,205,581 | | |
AGFiQ Global Infrastructure ETF | | | | | 1,241,282 | | |
| | |
Beginning Account Value 01/01/22 |
| |
Ending Account Value 06/30/22 |
| |
Expenses Paid During the Period* |
| |
Annualized Expense Ratio During Period |
| ||||||||||||
AGFiQ U.S. Market Neutral Anti-Beta Fund | | ||||||||||||||||||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 1,227.00 | | | | | $ | 7.01 | | | | | | 1.27% | | |
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,018.50 | | | | | $ | 6.36 | | | | | | 1.27% | | |
AGFiQ Global Infrastructure ETF(a) | | ||||||||||||||||||||||||
Actual | | | | $ | 1,000.00 | | | | | $ | 947.00 | | | | | $ | 2.17 | | | | | | 0.45% | | |
Hypothetical | | | | $ | 1,000.00 | | | | | $ | 1,022.56 | | | | | $ | 2.26 | | | | | | 0.45% | | |
Fund |
| |
QDI |
| |
DRD |
| ||||||
AGFiQ Global Infrastructure ETF | | | | | 97.51% | | | | | | 38.65% | | |
Name, Address*, Year of Birth |
| |
Position(s) Held with Trust |
| |
Term
of Office and Length of Time Served |
| |
Principal Occupation(s) During Past 5 Years |
| |
Number of Funds in Fund Complex Overseen by Trustee |
| |
Other Directorships Held by Trustee |
|
Independent Trustees | | |||||||||||||||
Peter A. Ambrosini Year of Birth: 1943 |
| | Trustee | | | Indefinite/ Since 2011 |
| | Independent Consultant, Independent Directors of GMO Trust (2013 − Present); Independent Consultant, GMO Funds, (2011 to present); Principal, Dover Consulting LLC (2008 to 2015). |
| |
4
|
| |
None
|
|
Joseph A. Franco Year of Birth: 1957 |
| | Trustee | | | Indefinite/ Since 2011 |
| | Professor of Law, Suffolk University Law School (1996 to present). |
| |
4
|
| |
None
|
|
Richard S. Robie III Year of Birth: 1960 |
| | Trustee | | | Indefinite/ Since 2011 |
| | Chief Operating Officer, Eagle Capital Management (July 2017 to present); Consultant, Advent International (August 2010 to present). | | |
4
|
| |
None
|
|
Interested Trustee** | | | | | | | ||||||||||
William H. DeRoche Year of Birth: 1962 |
| |
Trustee;
President |
| |
Indefinite/
Since 2020 Since
2012 |
| | Chief Investment Officer, Adviser (April 2010 to present); Chief Compliance Officer, Adviser (June 2012 to March 2017). | | |
4
|
| |
None |
|
Name, Address, Year of Birth |
| |
Position(s) Held with Trust
|
| |
Term
of Office and Length of Time Served |
| |
Principal Occupation(s) During the Past 5 Years |
|
Joshua Hunter 211 Congress Street, 10th Floor, Suite 1010 Boston, MA 02110 Year of Birth: 1981 |
| | Principal Financial Officer and Treasurer | | | Indefinite/ Since 2015 |
| | Fund Principal Financial Officer, Foreside Management Services LLC (July 2015 to present). | |
Kenneth Kalina 3 Canal Plaza, Suite 100 Portland, ME 04101 Year of Birth: 1959 |
| | Chief Compliance Officer | | | Indefinite/ Since 2017 |
| | Fund Chief Compliance Officer, Foreside Fund Officer Services, LLC (June 2017 to present); Chief Compliance Officer, Henderson Global Funds (December 2005 to June 2017). | |
Kevin McCreadie 66 Wellington Street West 31st Floor Toronto, Ontario Canada M5K 1E9 Year of Birth: 1960 |
| | Vice President | | | Indefinite/ Since 2017 |
| | Director and Chief Investment Officer of AGF Investments America Inc, and Executive Vice President and Chief Investment Officer of AGF Management Limited (June 2014 to present); Senior Officer and/or Director of certain subsidiaries of AGF Management Limited (June 2014 to present); Managing Executive – Institutional Asset Management, PNC Financial Services Group Inc.’s (“PNC”) Asset Management Group (December 2008 to May 2014); President and Chief Investment Officer, PNC Capital Advisors, LLC, a division of PNC and President, PNC Funds Co. and President, PNC Alternative Investment Funds Co. (March 2007 to May 2014). | |
Damion Hendrickson 53 State Street, Suite 1308 Boston, MA 02109 Year of Birth: 1972 |
| | Vice President | | | Indefinite/ Since 2020 |
| | Managing Director/Head of U.S. Business of AGF Investments (March 2020 to present); Managing Director/Head of Sales U.S. and Latin America of HSBC Global Asset Management (December 2011 to February 2020) | |