AGF Investments Trust NPORT-P AGF Emerging Markets Equity Fund (Sep 2022 report)

AGF Investments Trust
AGF Emerging Markets Equity Fund
Schedule of Investments
September 30, 2022 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 92.7%
Banks - 12.3%
Axis Bank Ltd., GDR		534		23,778
Banco Bradesco SA (Preference)		3,405		12,523
Bank Mandiri Persero Tbk. PT		23,525		14,424
China Merchants Bank Co. Ltd., Class H		1,794		8,300
Komercni Banka A/S		218		5,455
Sberbank of Russia PJSC, ADR*‡(a)		259		3
Shinhan Financial Group Co. Ltd., ADR		378		8,694
				73,177
Beverages - 6.9%
Budweiser Brewing Co. APAC Ltd.		3,780		9,853
Coca-Cola HBC AG		500		10,522
Varun Beverages Ltd.		1,627		20,812
				41,187
Chemicals - 1.3%
Hansol Chemical Co. Ltd.		68		7,976
Construction & Engineering - 2.6%
Larsen & Toubro Ltd., GDR		692		15,617
Diversified Financial Services - 3.3%
Chailease Holding Co. Ltd.		1,526		8,682
FirstRand Ltd.		3,352		11,153
				19,835
Diversified Telecommunication Services - 2.7%
Hellenic Telecommunications Organization SA		405		5,883
HKT Trust & HKT Ltd.		2,653		3,103
Telkom Indonesia Persero Tbk. PT		23,852		6,948
				15,934
Electronic Equipment, Instruments & Components - 1.3%
Delta Electronics, Inc.		952		7,565
Energy Equipment & Services - 3.8%
China Oilfield Services Ltd., Class H		9,618		9,503
Tenaris SA, ADR		503		12,997
				22,500
Food & Staples Retailing - 2.3%
Atacadao SA		1,918		6,873
Pick n Pay Stores Ltd.		2,192		6,705
				13,578
Food Products - 1.6%
China Mengniu Dairy Co. Ltd.*		2,359		9,253
Health Care Providers & Services - 1.0%
Hapvida Participacoes e Investimentos S/A*		4,390		6,161
Hotels, Restaurants & Leisure - 2.6%
Melco Resorts & Entertainment Ltd., ADR*		656		4,349
Trip.com Group Ltd.*		407		11,118
				15,467
Household Durables - 2.4%
Haier Smart Home Co. Ltd., Class H		4,792		14,599
Insurance - 5.3%
AIA Group Ltd.		2,939		24,401
Ping An Insurance Group Co. of China Ltd., Class H		1,422		7,071
				31,472
Interactive Media & Services - 7.0%
Kakao Corp.		125		4,920
Tencent Holdings Ltd.		1,093		36,913
				41,833
Internet & Direct Marketing Retail - 6.8%
Alibaba Group Holding Ltd.*		3,099		31,086
Naspers Ltd., Class N		74		9,171
				40,257
IT Services - 2.7%
Globant SA*		39		7,296
HCL Technologies Ltd.		759		8,583
				15,879
Life Sciences Tools & Services - 1.2%
Wuxi Biologics Cayman, Inc.*		1,172		7,022
Machinery - 1.6%
Airtac International Group		425		9,723
Metals & Mining - 4.6%
Anglo American plc		263		7,945
Southern Copper Corp.		193		8,654
Vale SA		795		10,617
				27,216
Oil, Gas & Consumable Fuels - 1.3%
Reliance Industries Ltd.		264		7,636
Pharmaceuticals - 1.4%
Cipla Ltd.		305		4,163
Sino Biopharmaceutical Ltd.		8,495		3,952
				8,115
Real Estate Management & Development - 1.0%
Country Garden Services Holdings Co. Ltd.		2,832		4,138
KWG Living Group Holdings Ltd.		14,265		1,901
				6,039
Semiconductors & Semiconductor Equipment - 8.4%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR		728		49,912

AGF Investments Trust
AGF Emerging Markets Equity Fund
Schedule of Investments (continued)
September 30, 2022 (Unaudited)

Investments	Shares		Value ($)
Software - 1.8%
TOTVS SA*		1,962		10,675
Technology Hardware, Storage & Peripherals - 5.5%
Samsung Electronics Co. Ltd., GDR		36		32,635
TOTAL COMMON STOCKS (COST $703,894)				551,263

Investments	Shares		Maturity Date	Value ($)
PARTICIPATION NOTES - 8.1%
Kweichow Mountai Co. Ltd. (Issuer: UBS AG)*		61	9/29/2023		16,108
LONGi Green Energy Technology Co. Ltd. (Issuer: UBS AG)*		1,200	9/22/2023		8,107
NARI Technology Co. Ltd. (Issuer: Macquarie Bank Ltd.)*		4,503	3/13/2023		15,793
Wuliangye Yibin Co. Ltd. (Issuer: Macquarie Bank Ltd.)*		346	3/31/2023		8,257
TOTAL PARTICIPATION NOTES (COST $49,369)					48,265
Total Investments - 100.8% (Cost $753,263)					599,528
Liabilities in excess of other assets - (0.8%)					(4,716	)
Net Assets - 100.0%					594,812

*	Non-income producing security.
‡	Value determined using significant unobservable inputs
(a)	Security fair valued as of September 30, 2022 in accordance with procedures approved by the Board of Trustees. Total value of all such securities at September 30, 2022 amounted to $3, which represents approximately 0.00%(1) of net assets of the Fund.
(1)	Represents less than 0.05% of net assets.

Abbreviations
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
PJSC	Public Joint Stock Company
Participation Notes	A derivative instrument designed to replicate equity exposure in certain foreign markets where direct investment is impossible or difficult due to local investment restrictions. A Participation Note is usually issued by a financial institution, therefore investors are exposed to the issuer’s credit risk and the risks of the underlying financial instrument.
Preference	A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.

AGF Emerging Markets Equity Fund invested, as a percentage of net assets, in the following countries as of September 30, 2022:

Brazil	7.9	%
China	35.1	%
Czech Republic	0.9	%
Greece	1.0	%
Hong Kong	6.0	%
India	13.5	%
Indonesia	3.6	%
Italy	1.8	%
Peru	1.5	%
Russia	0.0	%(1)
South Africa	5.9	%
South Korea	9.1	%
Taiwan	11.1	%
United States	3.4	%
Other(2)	(0.8	)%
	100.0	%

(1)	Represents less than 0.05% of net assets.
(2)	Includes cash and net other assets (liabilities).

AGF Investments Trust
AGF Global Sustainable Equity Fund
Schedule of Investments
September 30, 2022 (Unaudited)

Investments	Shares		Value ($)
COMMON STOCKS - 94.3%
Auto Components - 3.3%
Aptiv plc*		264		20,647
Denso Corp.		554		25,287
				45,934
Automobiles - 0.8%
Mercedes-Benz Group AG		221		11,301
Building Products - 6.5%
Advanced Drainage Systems, Inc.		206		25,620
Kingspan Group plc		355		15,861
Nibe Industrier AB, Class B		3,525		31,298
Trex Co., Inc.*		405		17,796
				90,575
Chemicals - 8.6%
Albemarle Corp.		182		48,128
Croda International plc		374		26,716
Ecolab, Inc.		167		24,118
Koninklijke DSM NV		183		20,756
				119,718
Commercial Services & Supplies - 5.0%
Tetra Tech, Inc.		396		50,898
TOMRA Systems ASA		1,104		19,397
				70,295
Construction & Engineering - 7.5%
Quanta Services, Inc.		225		28,663
Valmont Industries, Inc.		131		35,189
WSP Global, Inc.		374		41,186
				105,038
Containers & Packaging - 0.8%
Ball Corp.		232		11,210
Electrical Equipment - 7.7%
Legrand SA		433		27,976
LG Energy Solution Ltd.*		46		13,599
Plug Power, Inc.*		959		20,148
Prysmian SpA		1,594		45,658
				107,381
Electronic Equipment, Instruments & Components - 12.2%
Amphenol Corp., Class A		642		42,988
Halma plc		1,083		24,386
Hexagon AB, Class B		1,466		13,592
Keyence Corp.		106		35,192
Samsung SDI Co. Ltd.		55		20,751
Trimble, Inc.*		605		32,834
				169,743
Food & Staples Retailing - 0.3%
HelloFresh SE*		206		4,349
Food Products - 2.4%
Kerry Group plc, Class A		321		28,517
Mowi ASA		426		5,398
				33,915
Household Durables - 1.3%
Garmin Ltd.		218		17,508
Independent Power and Renewable Electricity Producers - 0.8%
Brookfield Renewable Corp.		332		10,849
Insurance - 2.7%
Intact Financial Corp.		270		38,211
Leisure Products - 2.8%
Giant Manufacturing Co. Ltd.		2,006		12,873
Shimano, Inc.		162		25,531
				38,404
Life Sciences Tools & Services - 9.1%
Danaher Corp.		258		66,639
Thermo Fisher Scientific, Inc.		117		59,341
				125,980
Machinery - 7.7%
Chart Industries, Inc.*		96		17,698
Cummins, Inc.		150		30,526
Metso Outotec OYJ		4,413		29,244
Xylem, Inc.		337		29,440
				106,908
Mortgage Real Estate Investment Trusts (REITs) - 1.0%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		448		13,409
Professional Services - 2.2%
Stantec, Inc.		713		31,269
Semiconductors & Semiconductor Equipment - 6.7%
Analog Devices, Inc.		230		32,048
Enphase Energy, Inc.*		111		30,799
Infineon Technologies AG		621		13,762
Wolfspeed, Inc.*		161		16,641
				93,250
Software - 3.1%
ANSYS, Inc.*		68		15,076
Dassault Systemes SE		800		27,499
				42,575
Textiles, Apparel & Luxury Goods - 0.1%
Allbirds, Inc., Class A*		562		1,708
Water Utilities - 1.7%
American Water Works Co., Inc.		180		23,429
TOTAL COMMON STOCKS (COST $1,159,774)				1,312,959

AGF Investments Trust
AGF Global Sustainable Equity Fund
Schedule of Investments (continued)
September 30, 2022 (Unaudited)

Investments	Shares		Value ($)
MASTER LIMITED PARTNERSHIPS - 1.2%
Independent Power and Renewable Electricity Producers - 1.2%
Brookfield Renewable Partners LP (Cost $11,470)		524		16,368
Total Investments - 95.5% (Cost $1,171,244)				1,329,327
Other assets less liabilities - 4.5%				62,206
Net Assets - 100.0%				1,391,533

* Non-income producing security.

Abbreviations
OYJ	Public Limited Company

AGF Global Sustainable Equity Fund invested, as a percentage of net assets, in the following countries as of September 30, 2022:
Canada	9.1	%
Finland	2.1	%
France	4.0	%
Germany	2.1	%
Ireland	3.2	%
Italy	3.3	%
Japan	6.2	%
Netherlands	1.5	%
Norway	1.8	%
South Korea	2.4	%
Sweden	3.2	%
Taiwan	0.9	%
United Kingdom	3.7	%
United States	52.0	%
Other(1)	4.5	%
	100.0	%

(1) Includes cash and net other assets (liabilities).

AGF Investments Trust
Notes to Quarterly Schedules of Investments
September 30, 2022 (Unaudited)

Investment Valuation

The Funds disclose the fair value of its investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Funds (observable inputs) and (2) the Funds’ own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the hierarchy are as follows:

· Level 1 — Quoted prices in active markets for identical assets.

· Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

· Level 3 — Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the valuations as of September 30, 2022 for the Fund based upon the three levels defined above:

AGF Emerging Markets Equity Fund	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 —Significant Unobservable Inputs		Total
Investments
Common Stocks
Banks	$	21,217	$	51,957	$	3	$	73,177
Beverages		—		41,187		—		41,187
Chemicals		—		7,976		—		7,976
Construction & Engineering		—		15,617		—		15,617
Diversified Financial Services		—		19,835		—		19,835
Diversified Telecommunication Services		—		15,934		—		15,934
Electronic Equipment, Instruments & Components		—		7,565		—		7,565
Energy Equipment & Services		12,997		9,503		—		22,500
Food & Staples Retailing		6,873		6,705		—		13,578
Food Products		—		9,253		—		9,253
Hotels, Restaurants & Leisure		4,349		11,118		—		15,467
Household Durables		—		14,599		—		14,599
Insurance		—		31,472		—		31,472
Interactive Media & Services		—		41,833		—		41,833
Internet & Direct Marketing Retail		—		40,257		—		40,257
IT Services		7,296		8,583		—		15,879
Life Sciences Tools & Services		—		7,022		—		7,022
Machinery		—		9,723		—		9,723
Metals & Mining		19,271		7,945		—		27,216
Oil, Gas & Consumable Fuels		—		7,636		—		7,636
Pharmaceuticals		—		8,115		—		8,115
Real Estate Management & Development		—		6,039		—		6,039
Technology Hardware, Storage & Peripherals		—		32,635		—		32,635
Other*		66,748		—		—		66,748
Participation Notes		—		48,265		—		48,265
Total Investments	$	138,751	$	460,774	$	3	$	599,528

AGF Investments Trust
Notes to Quarterly Schedules of Investments (continued)
September 30, 2022 (Unaudited)

AGF Global Sustainable Equity Fund	Level 1 — Quoted Prices		Level 2 — Other Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Investments
Common Stocks
Auto Components		20,647		25,287		—		45,934
Automobiles		—		11,301		—		11,301
Building Products		43,416		47,159		—		90,575
Chemicals		72,246		47,472		—		119,718
Commercial Services & Supplies		50,898		19,397		—		70,295
Electrical Equipment		20,148		87,233		—		107,381
Electronic Equipment, Instruments & Components		75,822		93,921		—		169,743
Food & Staples Retailing		—		4,349		—		4,349
Food Products		—		33,915		—		33,915
Leisure Products		—		38,404		—		38,404
Machinery		77,664		29,244		—		106,908
Semiconductors & Semiconductor Equipment		79,488		13,762		—		93,250
Software		15,076		27,499		—		42,575
Other*		378,611		—		—		378,611
Master Limited Partnership		16,368		—		—		16,368
Total Investments	$	850,384	$	478,943	$	—	$	1,329,327

* See Schedules of Investments for presentation by industry type.