DBX ETF TRUST

The Xtrackers High Beta High Yield Bond ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market High Beta Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. It is not possible to invest directly into an index.

Quality* as of February 29, 2024


Description	% of Market Value
BBB		0.9%
BB		47.9%
B		38.9%
CCC		12.3%

Total		100.0%

The quality ratings represent the higher of Moody’s Investor Services, Inc. (“Moody’s”), S&P Global Ratings (S&P) or Fitch Ratings Inc. (Fitch) credit ratings. The ratings of Moody’s, S&P and Fitch represent their opinions as to the quality of the securities they rate. Credit quality measures a bond issuer’s ability to repay interest and principal in a timely manner and is measured on a scale that ranges from AAA (highest) to D (lowest). Ratings are relative and subjective and are not absolute standards of quality. Credit quality does not remove market risk and is subject to change.

Sector Diversification* as of February 29, 2024


Communications			25.9%
Consumer, Cyclical			18.0%
Energy			13.2%
Consumer, Non-cyclical			13.1%
Financial			11.6%
Industrial			7.1%
Basic Materials			4.7%
Technology			3.8%
Utilities			2.5%
Diversified			0.1%

Total			100.0%

Modified duration to worst as of February 29, 2024: 3.5 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond’s nearest call or maturity date.

* As a percent of total investments excluding securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 9.

The Xtrackers Low Beta High Yield Bond ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market Low Beta Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the segment of the U.S. dollar denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. It is not possible to invest directly into an index.

Quality* as of February 29, 2024



Description	% of Market Value
BBB		6.3%
BB		80.5%
B		12.6%
CCC		0.5%

Total		99.9%

Sector Diversification* as of February 29, 2024


Consumer, Cyclical			22.5%
Consumer, Non-cyclical			21.8%
Financial			12.5%
Industrial			12.0%
Energy			11.0%
Communications			6.4%
Technology			6.2%
Utilities			3.9%
Basic Materials			3.7%

Total			100.0%

Modified duration to worst as of February 29, 2024: 3.5 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond’s nearest call or maturity date.

* As a percent of total investments excluding securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 19.

The Xtrackers Risk Managed USD High Yield Strategy ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Adaptive Wealth Strategies Risk Managed High Yield Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the US dollar-denominated high yield corporate bond market during normal market conditions, and the performance of a USD cash position accruing interest at the Effective Federal Funds Rate (the interest rate depository institutions such as banks charge each other for overnight loans to meet their reserve requirements) during periods of adverse market conditions. It is not possible to invest directly into an index.

Quality* as of February 29, 2024


Description	% of Market Value
BBB		3.4%
BB		63.1%
B		26.7%
CCC		6.8%

Total		100.0%

Sector Diversification* as of February 29, 2024


Consumer, Cyclical			20.1%
Communications			17.1%
Consumer, Non-cyclical			17.0%
Energy			12.0%
Financial			12.0%
Industrial			9.5%
Technology			4.9%
Basic Materials			4.2%
Utilities			3.1%
Diversified			0.1%

Total			100.0%

Modified duration to worst as of February 29, 2024: 3.5 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond’s nearest call or maturity date.

* As a percentage of total investments excluding securities lending collateral and cash equivalents. Sector percentages include the sector allocations of the Underlying Funds in which the Fund invests.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 28.

The Xtrackers Short Duration High Yield Bond ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market 0-5 Year Index (the “Underlying Index”). The Underlying Index is designed to track the performance of short-term publicly issued US dollar-denominated below investment grade corporate debt. It is not possible to invest directly into an index.

Quality* as of February 29, 2024


Description	% of Market Value
BBB		3.7%
BB		58.8%
B		28.1%
CCC		7.8%
CC		0.3%

Total		98.7%

Sector Diversification* as of February 29, 2024


Consumer, Cyclical			21.0%
Communications			17.3%
Consumer, Non-cyclical			16.5%
Financial			13.3%
Energy			11.1%
Industrial			10.0%
Basic Materials			4.0%
Utilities			3.5%
Technology			3.2%
Diversified			0.1%

Total			100.0%

Modified duration to worst as of February 29, 2024: 2.6 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond’s nearest call or maturity date.

* As a percentage of total investments excluding securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 30.

The Xtrackers USD High Yield BB-B ex Financial ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index (the “Underlying Index”). The Underlying Index is a subset of the ICE BofA US High Yield Index which is designed to track the performance of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. It is not possible to invest directly into an index.

Quality* as of February 29, 2024


Description	% of Market Value
BBB		5.4%
BB		67.5%
B		27.1%

Total		100.0%

Sector Diversification* as of February 29, 2024


Consumer, Cyclical			22.6%
Consumer, Non-cyclical			16.0%
Communications			15.5%
Energy			14.8%
Industrial			12.2%
Basic Materials			5.5%
Financial			4.8%
Technology			4.5%
Utilities			3.9%
Diversified			0.2%

Total			100.0%

Modified duration to worst as of February 29, 2024: 3.7 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond’s nearest call or maturity date.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 42.

The Xtrackers USD High Yield Corporate Bond ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market Index (the “Underlying Index”). The Underlying Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. It is not possible to invest directly into an index.

Quality* as of February 29, 2024


Description	% of Market Value
BBB		3.5%
BB		63.5%
B		26.4%
CCC		6.6%

Total		100.0%

Sector Diversification* as of February 29, 2024


Consumer, Cyclical			20.1%
Consumer, Non-cyclical			17.1%
Communications			16.9%
Financial			12.0%
Energy			12.0%
Industrial			9.6%
Technology			4.9%
Basic Materials			4.2%
Utilities			3.1%
Diversified			0.1%

Total			100.0%

Modified duration to worst as of February 29, 2024: 3.5 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, computed using the bond’s nearest call or maturity date.

* As a percent of total investments excluding securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 65.

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other fund expenses. In the most recent six-month period the Funds limited these expenses; had they not done so, expenses would have been higher. In addition to the ongoing expenses which each Fund bears directly, the Xtrackers Risk Managed USD High Yield Strategy ETF shareholders indirectly bear the expenses of Xtrackers High Beta High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF (the “Underlying Funds”) in which the Xtrackers Risk Managed USD High Yield Strategy ETF invests. The Underlying Funds’ expenses are not included in Xtrackers Risk Managed USD High Yield Strategy ETF’s annualized expense ratios used to calculate the expense estimate in the tables. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (September 1, 2023 to February 29, 2024) except Xtrackers USD High Yield BB-B ex Financials ETF which is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (commencement of operations, as noted below, to February 29, 2024.

The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 182 (the number of days in the most recent six-month period), then divided by 366.

(2) The Fund invests in other ETFs and indirectly bears its proportionate share of fees and expenses incurred by the Underlying Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

(3) Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 126 (the number of days in the period October 27, 2023 (commencement of operations) to February 29, 2024), then divided by 366.

(4) Includes excise tax expense. Excluding this expense, the expense ratio would have been 0.20%.


	Principal Amount		Value
CORPORATE BONDS — 97.6%
Basic Materials — 4.6%
Chemicals — 2.1%
ASP Unifrax Holdings, Inc. 144A, 5.25%, 9/30/28	$	23,000	$	14,617
144A, 7.50%, 9/30/29		10,000		5,470
Chemours Co. 5.375%, 5/15/27		13,000		11,890
144A, 5.75%, 11/15/28		25,000		21,953
144A, 4.625%, 11/15/29		18,000		14,824
Consolidated Energy Finance SA 144A, 5.625%, 10/15/28		13,000		10,565
144A, 12.00%, 2/15/31		17,000		17,397
INEOS Finance PLC 144A, 6.75%, 5/15/28		15,000		14,684
144A, 7.50%, 4/15/29		14,000		13,914
INEOS Quattro Finance 2 PLC, 144A, 9.625%, 3/15/29		15,000		15,798
NOVA Chemicals Corp. 144A, 5.00%, 5/1/25		17,000		16,622
144A, 5.25%, 6/1/27		29,000		26,905
144A, 8.50%, 11/15/28		10,000		10,571
144A, 4.25%, 5/15/29		13,000		10,769
144A, 9.00%, 2/15/30		16,000		16,071
SCIH Salt Holdings, Inc., 144A, 6.625%, 5/1/29		19,000		17,298
Tronox, Inc., 144A, 4.625%, 3/15/29 (a)		27,000		23,935

(Cost $291,671)				263,283

Forest Products & Paper — 0.2%
Mercer International, Inc., 5.125%, 2/1/29
(Cost $22,688)		24,000		20,710

Iron/Steel — 0.8%
ATI, Inc., 7.25%, 8/15/30		10,000		10,289
Mineral Resources Ltd. 144A, 8.125%, 5/1/27		18,000		18,178
144A, 8.00%, 11/1/27		18,000		18,355
144A, 9.25%, 10/1/28		30,000		31,500
144A, 8.50%, 5/1/30		16,000		16,452

(Cost $93,118)				94,774

Mining — 1.5%
First Quantum Minerals Ltd. 144A, 7.50%, 4/1/25		20,000		20,000
144A, 6.875%, 3/1/26 (a)		28,000		28,000
144A, 6.875%, 10/15/27		49,000		46,647
144A, 8.625%, 6/1/31		36,000		34,426
Hudbay Minerals, Inc., 144A, 6.125%, 4/1/29		15,000		14,734
Kaiser Aluminum Corp. 144A, 4.625%, 3/1/28		15,000		13,853
144A, 4.50%, 6/1/31		20,000		17,113
Vedanta Resources Finance II PLC, 144A, 9.25%, 4/23/26		15,000		12,463

(Cost $192,588)				187,236


	Principal Amount		Value
Communications — 25.3%
Advertising — 1.4%
Clear Channel Outdoor Holdings, Inc. 144A, 5.125%, 8/15/27	$	32,000	$	29,957
144A, 7.75%, 4/15/28		25,000		21,640
144A, 9.00%, 9/15/28 (a)		25,000		26,093
144A, 7.50%, 6/1/29		32,000		26,514
Outfront Media Capital LLC / Outfront Media Capital Corp. 144A, 5.00%, 8/15/27		5,000		4,814
144A, 4.25%, 1/15/29		17,000		15,284
144A, 4.625%, 3/15/30		13,000		11,550
Stagwell Global LLC, 144A, 5.625%, 8/15/29		34,000		30,389

(Cost $174,666)				166,241

Internet — 0.8%
EquipmentShare.com, Inc., 144A, 9.00%, 5/15/28		30,000		30,779
Newfold Digital Holdings Group, Inc., 144A, 11.75%, 10/15/28		15,000		16,305
Rakuten Group, Inc., 144A, 11.25%, 2/15/27		45,000		47,922

(Cost $91,625)				95,006

Media — 14.7%
Altice Financing SA 144A, 5.00%, 1/15/28		32,000		28,344
144A, 5.75%, 8/15/29		59,000		50,878
AMC Networks, Inc. 4.75%, 8/1/25		27,000		25,774
4.25%, 2/15/29		26,000		16,854
Cable One, Inc., 144A, 4.00%, 11/15/30		15,000		11,348
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.00%, 2/1/28		80,000		73,899
144A, 5.375%, 6/1/29		30,000		27,161
144A, 6.375%, 9/1/29		20,000		18,805
144A, 4.75%, 3/1/30		50,000		42,581
144A, 4.50%, 8/15/30		55,000		45,673
144A, 4.25%, 2/1/31		56,000		45,093
144A, 7.375%, 3/1/31 (a)		32,000		31,026
144A, 4.75%, 2/1/32		35,000		28,276
4.50%, 5/1/32		60,000		47,458
144A, 4.50%, 6/1/33		45,000		34,663
144A, 4.25%, 1/15/34		35,000		26,202
CSC Holdings LLC 144A, 5.50%, 4/15/27		38,000		34,132
144A, 5.375%, 2/1/28		22,000		19,199
144A, 7.50%, 4/1/28		30,000		21,360
144A, 11.25%, 5/15/28		28,000		28,917
144A, 11.75%, 1/31/29		49,000		51,251
144A, 6.50%, 2/1/29		51,000		44,508
144A, 5.75%, 1/15/30		62,000		36,518
144A, 4.125%, 12/1/30		31,000		23,108
144A, 4.625%, 12/1/30		65,000		36,211
144A, 3.375%, 2/15/31		27,000		19,081
144A, 4.50%, 11/15/31		41,000		30,481
144A, 5.00%, 11/15/31		14,000		7,645
DISH DBS Corp. 7.75%, 7/1/26		54,000		34,480


	Principal Amount		Value
Media (Continued)
144A, 5.25%, 12/1/26	$	76,000	$	60,848
7.375%, 7/1/28		23,000		11,244
144A, 5.75%, 12/1/28		70,000		48,606
5.125%, 6/1/29		43,000		18,383
DISH Network Corp., 144A, 11.75%, 11/15/27		101,000		105,424
Gray Television, Inc. 144A, 5.875%, 7/15/26		27,000		25,650
144A, 7.00%, 5/15/27 (a)		17,000		15,383
144A, 4.75%, 10/15/30		20,000		12,908
iHeartCommunications, Inc. 6.375%, 5/1/26		22,000		18,755
8.375%, 5/1/27		27,000		16,232
144A, 5.25%, 8/15/27		19,000		14,106
144A, 4.75%, 1/15/28		11,000		7,931
McGraw-Hill Education, Inc. 144A, 5.75%, 8/1/28		23,000		21,389
144A, 8.00%, 8/1/29		16,000		14,615
Nexstar Media, Inc. 144A, 5.625%, 7/15/27		50,000		47,438
144A, 4.75%, 11/1/28 (a)		29,000		25,784
Radiate Holdco LLC / Radiate Finance, Inc. 144A, 4.50%, 9/15/26		25,000		19,714
144A, 6.50%, 9/15/28		29,000		13,989
Sinclair Television Group, Inc. 144A, 5.50%, 3/1/30		13,000		9,445
144A, 4.125%, 12/1/30		21,000		15,364
Sirius XM Radio, Inc. 144A, 5.50%, 7/1/29		40,000		37,865
144A, 4.125%, 7/1/30		40,000		34,453
144A, 3.875%, 9/1/31		40,000		33,103
TEGNA, Inc. 4.625%, 3/15/28		30,000		27,047
5.00%, 9/15/29		30,000		26,431
Univision Communications, Inc. 144A, 6.625%, 6/1/27		44,000		42,686
144A, 8.00%, 8/15/28		40,000		40,248
144A, 4.50%, 5/1/29		30,000		26,334
144A, 7.375%, 6/30/30		21,000		20,303
VTR Finance NV, 144A, 6.375%, 7/15/28		13,000		5,697
Ziggo Bond Co. BV 144A, 6.00%, 1/15/27		16,000		15,647
144A, 5.125%, 2/28/30		13,000		11,134
Ziggo BV, 144A, 4.875%, 1/15/30		30,000		26,754

(Cost $2,041,690)				1,811,836

Telecommunications — 8.4%
Altice France Holding SA 144A, 10.50%, 5/15/27		43,000		28,134
144A, 6.00%, 2/15/28		31,000		15,683
Altice France SA 144A, 8.125%, 2/1/27		51,000		46,918
144A, 5.50%, 1/15/28		26,000		21,243
144A, 5.125%, 1/15/29		15,000		11,354
144A, 5.125%, 7/15/29		68,000		51,433
144A, 5.50%, 10/15/29		52,000		39,437
C&W Senior Financing DAC, 144A, 6.875%, 9/15/27		33,000		31,137


	Principal Amount		Value
Telecommunications (Continued)
CommScope Technologies LLC 144A, 6.00%, 6/15/25 (a)	$	37,000	$	30,191
144A, 5.00%, 3/15/27		19,000		6,820
CommScope, Inc. 144A, 6.00%, 3/1/26 (a)		38,000		34,245
144A, 8.25%, 3/1/27		25,000		10,973
144A, 7.125%, 7/1/28		15,000		6,016
144A, 4.75%, 9/1/29		37,000		25,383
Consolidated Communications, Inc. 144A, 5.00%, 10/1/28		12,000		9,922
144A, 6.50%, 10/1/28		20,000		17,200
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27		30,000		29,019
144A, 5.00%, 5/1/28		45,000		41,693
144A, 6.75%, 5/1/29		25,000		22,475
5.875%, 11/1/29		20,000		17,151
144A, 6.00%, 1/15/30		30,000		25,684
144A, 8.75%, 5/15/30		30,000		30,630
144A, 8.625%, 3/15/31		20,000		20,282
Hughes Satellite Systems Corp. 5.25%, 8/1/26		25,000		21,384
6.625%, 8/1/26 (a)		19,000		12,540
Iliad Holding SASU, 144A, 7.00%, 10/15/28		23,000		22,775
Intelsat Jackson Holdings SA, 144A, 6.50%, 3/15/30		80,000		74,631
Level 3 Financing, Inc. 144A, 3.40%, 3/1/27		10,000		8,100
144A, 4.625%, 9/15/27		30,000		18,600
144A, 4.25%, 7/1/28		32,000		15,360
144A, 3.625%, 1/15/29		22,000		9,460
144A, 3.875%, 11/15/29 (a)		20,000		11,800
144A, 10.50%, 5/15/30 (a)		26,000		26,780
Lumen Technologies, Inc. 144A, 5.125%, 12/15/26		15,000		10,034
144A, 4.00%, 2/15/27		35,000		21,211
144A, 4.50%, 1/15/29		12,000		3,791
Millicom International Cellular SA 144A, 5.125%, 1/15/28		7,200		6,870
144A, 6.25%, 3/25/29		18,000		17,494
144A, 4.50%, 4/27/31		22,000		19,002
Sable International Finance Ltd., 144A, 5.75%, 9/7/27		12,000		11,517
Viasat, Inc. 144A, 5.625%, 9/15/25		18,000		17,488
144A, 5.625%, 4/15/27		24,000		22,555
144A, 6.50%, 7/15/28		10,000		7,419
144A, 7.50%, 5/30/31		20,000		14,075
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28		40,000		37,388
Zayo Group Holdings, Inc. 144A, 4.00%, 3/1/27 (a)		39,000		32,513
144A, 6.125%, 3/1/28		30,000		22,832

(Cost $1,234,582)				1,038,642

Consumer, Cyclical — 17.6%
Airlines — 1.4%
American Airlines Group, Inc., 144A, 3.75%, 3/1/25		16,000		15,645


	Principal Amount		Value
Airlines (Continued)
American Airlines, Inc. 144A, 7.25%, 2/15/28	$	25,000	$	25,231
144A, 8.50%, 5/15/29		20,000		21,037
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		33,000		31,185
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 144A, 8.00%, 9/20/25		15,000		10,862
144A, 8.00%, 9/20/25 (a)		14,000		10,138
United Airlines, Inc., 144A, 4.625%, 4/15/29		60,000		55,403

(Cost $178,172)				169,501

Apparel — 0.4%
Hanesbrands, Inc. 144A, 4.875%, 5/15/26		26,000		25,120
144A, 9.00%, 2/15/31 (a)		18,000		18,059

(Cost $42,901)				43,179

Auto Manufacturers — 0.2%
Aston Martin Capital Holdings Ltd., 144A, 10.50%, 11/30/25
(Cost $27,764)		28,000		28,415

Auto Parts & Equipment — 1.8%
American Axle & Manufacturing, Inc. 6.50%, 4/1/27		13,000		12,851
6.875%, 7/1/28		10,000		9,672
5.00%, 10/1/29		20,000		17,361
Clarios Global LP / Clarios US Finance Co., 144A, 8.50%, 5/15/27		45,000		45,318
Dana, Inc. 5.375%, 11/15/27		10,000		9,663
5.625%, 6/15/28		10,000		9,692
4.25%, 9/1/30		15,000		12,953
Goodyear Tire & Rubber Co. 5.00%, 7/15/29 (a)		22,000		20,274
5.25%, 4/30/31 (a)		14,000		12,694
5.25%, 7/15/31		16,000		14,455
5.625%, 4/30/33		13,000		11,638
Tenneco, Inc., 144A, 8.00%, 11/17/28		51,000		46,523

(Cost $228,524)				223,094

Entertainment — 2.3%
AMC Entertainment Holdings, Inc., 144A, 7.50%, 2/15/29 (a)		25,000		17,307
Banijay Entertainment SASU, 144A, 8.125%, 5/1/29		10,000		10,352
Caesars Entertainment, Inc., 144A, 4.625%, 10/15/29		35,000		31,977
Cinemark USA, Inc. 144A, 5.875%, 3/15/26		17,000		16,760
144A, 5.25%, 7/15/28		20,000		18,705
Light & Wonder International, Inc. 144A, 7.25%, 11/15/29		11,000		11,267
144A, 7.50%, 9/1/31		20,000		20,851


	Principal Amount		Value
Entertainment (Continued)
Merlin Entertainments Group US Holdings, Inc., 144A, 7.375%, 2/15/31	$	9,000	$	9,011
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26		29,000		27,369
Penn Entertainment, Inc. 144A, 5.625%, 1/15/27		15,000		14,353
144A, 4.125%, 7/1/29 (a)		10,000		8,408
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 144A, 5.625%, 9/1/29 (a)		19,000		13,700
144A, 5.875%, 9/1/31		21,000		14,901
Six Flags Entertainment Corp., 144A, 7.25%, 5/15/31 (a)		25,000		25,178
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 144A, 5.125%, 10/1/29		20,000		18,880
144A, 7.125%, 2/15/31		24,000		24,799

(Cost $304,597)				283,818

Food Service — 0.2%
TKC Holdings, Inc. 144A, 6.875%, 5/15/28		16,000		14,995
144A, 10.50%, 5/15/29		16,000		14,542

(Cost $31,116)				29,537

Home Builders — 0.5%
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, 4.625%, 4/1/30		10,000		9,002
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A, 6.25%, 9/15/27		18,000		17,456
144A, 4.875%, 2/15/30		15,000		13,339
Mattamy Group Corp., 144A, 4.625%, 3/1/30		18,000		16,176

(Cost $59,522)				55,973

Home Furnishings — 0.1%
Tempur Sealy International, Inc., 144A, 3.875%, 10/15/31
(Cost $21,042)		21,000		17,489

Housewares — 1.0%
Newell Brands, Inc. 4.875%, 6/1/25		10,000		9,799
5.20%, 4/1/26		55,000		53,466
6.375%, 9/15/27 (a)		15,000		14,578
6.625%, 9/15/29		15,000		14,386
Scotts Miracle-Gro Co. 4.50%, 10/15/29		10,000		8,885
4.00%, 4/1/31		15,000		12,738
4.375%, 2/1/32		10,000		8,372

(Cost $122,330)				122,224

Leisure Time — 3.2%
Carnival Corp. 144A, 7.625%, 3/1/26 (a)		32,000		32,440
144A, 5.75%, 3/1/27		78,000		77,087
144A, 6.00%, 5/1/29		59,000		57,693
144A, 10.50%, 6/1/30		29,000		31,663
Life Time, Inc., 144A, 8.00%, 4/15/26 (a)		10,000		10,100


	Principal Amount		Value
Leisure Time (Continued)
NCL Corp. Ltd. 144A, 5.875%, 3/15/26	$	40,000	$	39,100
144A, 8.375%, 2/1/28		20,000		21,010
144A, 8.125%, 1/15/29		18,000		18,952
144A, 7.75%, 2/15/29 (a)		17,000		17,439
Royal Caribbean Cruises Ltd., 144A, 9.25%, 1/15/29		29,000		31,216
Viking Cruises Ltd. 144A, 5.875%, 9/15/27		21,000		20,545
144A, 7.00%, 2/15/29		13,000		13,007
144A, 9.125%, 7/15/31		22,000		23,832

(Cost $377,666)				394,084

Lodging — 1.7%
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 144A, 6.625%, 1/15/32		25,000		25,017
Marriott Ownership Resorts, Inc., 144A, 4.50%, 6/15/29 (a)		13,000		11,804
Melco Resorts Finance Ltd. 144A, 4.875%, 6/6/25		26,000		25,439
144A, 5.25%, 4/26/26		10,000		9,608
144A, 5.625%, 7/17/27		16,000		15,181
144A, 5.75%, 7/21/28		23,000		21,618
144A, 5.375%, 12/4/29		34,000		30,622
Station Casinos LLC, 144A, 4.625%, 12/1/31		13,000		11,570
Studio City Finance Ltd. 144A, 6.50%, 1/15/28		15,000		14,238
144A, 5.00%, 1/15/29		32,000		27,935
Travel + Leisure Co., 144A, 4.50%, 12/1/29		19,000		17,415

(Cost $216,882)				210,447

Retail — 4.8%
Asbury Automotive Group, Inc., 144A, 5.00%, 2/15/32		16,000		14,222
Bath & Body Works, Inc. 7.50%, 6/15/29 (a)		19,000		19,634
144A, 6.625%, 10/1/30		25,000		25,164
eG Global Finance PLC, 144A, 12.00%, 11/30/28		30,000		31,710
Ferrellgas LP / Ferrellgas Finance Corp. 144A, 5.375%, 4/1/26		17,000		16,843
144A, 5.875%, 4/1/29		25,000		23,758
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 144A, 4.625%, 1/15/29		25,000		22,712
144A, 6.75%, 1/15/30		36,000		31,831
FirstCash, Inc., 144A, 6.875%, 3/1/32		10,000		9,914
Gap, Inc. 144A, 3.625%, 10/1/29		19,000		16,071
144A, 3.875%, 10/1/31		24,000		19,388
Kohl’s Corp., 4.625%, 5/1/31		15,000		11,830
LBM Acquisition LLC, 144A, 6.25%, 1/15/29		19,000		17,137


	Principal Amount		Value
Retail (Continued)
Macy’s Retail Holdings LLC 144A, 5.875%, 4/1/29	$	13,000	$	12,533
144A, 6.125%, 3/15/32		10,000		9,317
Michaels Cos., Inc. 144A, 5.25%, 5/1/28		20,000		15,553
144A, 7.875%, 5/1/29		32,000		20,704
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		32,000		31,416
Nordstrom, Inc. 4.375%, 4/1/30		15,000		13,271
4.25%, 8/1/31		11,000		9,269
PetSmart, Inc. / PetSmart Finance Corp., 144A, 7.75%, 2/15/29		31,000		30,658
QVC, Inc. 4.75%, 2/15/27		15,000		13,534
4.375%, 9/1/28		13,000		10,677
Sonic Automotive, Inc. 144A, 4.625%, 11/15/29		17,000		15,021
144A, 4.875%, 11/15/31		17,000		14,625
SRS Distribution, Inc. 144A, 6.125%, 7/1/29		12,000		11,200
144A, 6.00%, 12/1/29		25,000		23,297
Staples, Inc. 144A, 7.50%, 4/15/26		54,000		51,970
144A, 10.75%, 4/15/27		28,000		25,653
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31		17,000		15,288

(Cost $618,049)				584,200

Consumer, Non-cyclical — 12.8%
Agriculture — 0.2%
Vector Group Ltd., 144A, 5.75%, 2/1/29 (Cost $28,776)		29,000		26,598

Beverages — 0.1%
Primo Water Holdings, Inc., 144A, 4.375%, 4/30/29 (Cost $18,990)		19,000		17,253

Commercial Services — 3.6%
Albion Financing 2 SARL, 144A, 8.75%, 4/15/27		15,000		15,074
Allied Universal Holdco LLC, 144A, 7.875%, 2/15/31		24,000		23,864
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A, 6.625%, 7/15/26		14,000		13,969
144A, 9.75%, 7/15/27		33,000		32,921
144A, 6.00%, 6/1/29 (a)		25,000		20,726
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		36,000		32,053
APX Group, Inc., 144A, 5.75%, 7/15/29		23,000		21,896
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144A, 8.00%, 2/15/31		15,000		14,499
Garda World Security Corp. 144A, 4.625%, 2/15/27		14,000		13,387


	Principal Amount		Value
Commercial Services (Continued)
144A, 9.50%, 11/1/27	$	20,000	$	20,095
144A, 7.75%, 2/15/28		10,000		10,165
144A, 6.00%, 6/1/29		16,000		14,019
Hertz Corp. 144A, 4.625%, 12/1/26		20,000		17,725
144A, 5.00%, 12/1/29		24,000		18,413
MPH Acquisition Holdings LLC 144A, 5.50%, 9/1/28		28,000		24,461
144A, 5.75%, 11/1/28 (a)		28,000		22,367
Prime Security Services Borrower LLC / Prime Finance, Inc., 144A, 6.25%, 1/15/28		35,000		34,559
Sabre GLBL, Inc. 144A, 8.625%, 6/1/27		25,000		22,036
144A, 11.25%, 12/15/27		17,000		15,991
Sotheby’s, 144A, 7.375%, 10/15/27		20,000		19,237
Wand NewCo 3, Inc., 144A, 7.625%, 1/30/32		28,000		28,794

(Cost $457,618)				436,251

Cosmetics/Personal Care — 0.1%
Edgewell Personal Care Co., 144A, 4.125%, 4/1/29 (Cost $12,956)		13,000		11,859

Food — 1.1%
B&G Foods, Inc. 5.25%, 9/15/27 (a)		14,000		13,033
144A, 8.00%, 9/15/28		15,000		15,635
Post Holdings, Inc. 144A, 5.50%, 12/15/29		32,000		30,643
144A, 4.625%, 4/15/30		42,000		38,246
144A, 4.50%, 9/15/31		28,000		24,948
Sigma Holdco BV, 144A, 7.875%, 5/15/26		12,000		11,477

(Cost $140,590)				133,982

Healthcare-Products — 0.3%
Bausch + Lomb Escrow Corp., 144A, 8.375%, 10/1/28 (Cost $40,348)		40,000		41,850

Healthcare-Services — 4.3%
CHS/Community Health Systems, Inc. 144A, 8.00%, 3/15/26 (a)		47,000		46,576
144A, 5.625%, 3/15/27		50,000		45,805
144A, 8.00%, 12/15/27		24,000		22,982
144A, 6.875%, 4/1/28		19,000		12,289
144A, 6.00%, 1/15/29		23,000		19,804
144A, 6.875%, 4/15/29		38,000		24,294
144A, 6.125%, 4/1/30		34,000		21,307
144A, 5.25%, 5/15/30		41,000		32,753
144A, 4.75%, 2/15/31		28,000		21,332
144A, 10.875%, 1/15/32		15,000		15,293
DaVita, Inc. 144A, 4.625%, 6/1/30		81,000		71,327
144A, 3.75%, 2/15/31		38,000		31,228
Legacy LifePoint Health LLC, 144A, 4.375%, 2/15/27		22,000		20,432


	Principal Amount		Value
Healthcare-Services (Continued)
LifePoint Health, Inc. 144A, 5.375%, 1/15/29	$	13,000	$	10,381
144A, 9.875%, 8/15/30		23,000		23,891
144A, 11.00%, 10/15/30		30,000		31,772
ModivCare, Inc., 144A, 5.875%, 11/15/25		13,000		12,704
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		36,000		36,027
Star Parent, Inc., 144A, 9.00%, 10/1/30		26,000		27,472

(Cost $587,680)				527,669

Household Products/Wares — 0.1%
Central Garden & Pet Co., 144A, 4.125%, 4/30/31 (Cost $9,973)		10,000		8,758

Pharmaceuticals — 3.0%
AdaptHealth LLC 144A, 4.625%, 8/1/29		13,000		10,835
144A, 5.125%, 3/1/30 (a)		16,000		13,396
Bausch Health Americas, Inc. 144A, 9.25%, 4/1/26		17,000		16,001
144A, 8.50%, 1/31/27 (a)		20,000		11,404
Bausch Health Cos., Inc. 144A, 5.50%, 11/1/25		49,000		45,646
144A, 9.00%, 12/15/25		28,000		26,665
144A, 6.125%, 2/1/27		26,000		16,672
144A, 5.75%, 8/15/27		13,000		7,850
144A, 5.00%, 1/30/28		12,000		5,490
144A, 4.875%, 6/1/28		45,000		25,692
144A, 11.00%, 9/30/28		47,000		31,725
144A, 5.00%, 2/15/29		15,000		6,626
144A, 6.25%, 2/15/29		23,000		10,553
144A, 5.25%, 1/30/30		17,000		7,352
144A, 5.25%, 2/15/31		11,000		4,758
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		13,000		12,237
Grifols SA, 144A, 4.75%, 10/15/28		19,000		15,844
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25		20,000		19,422
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29		16,000		11,461
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A, 5.125%, 4/30/31		55,000		47,180
Owens & Minor, Inc. 144A, 4.50%, 3/31/29		11,000		9,842
144A, 6.625%, 4/1/30 (a)		16,000		15,476

(Cost $469,671)				372,127

Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Benteler International AG, 144A, 10.50%, 5/15/28 (Cost $15,241)		15,000		16,122


	Principal Amount		Value
Energy — 12.9%
Energy-Alternate Sources — 0.1%
Sunnova Energy Corp., 144A, 11.75%, 10/1/28 (a) (Cost $8,608)	$	10,000	$	8,426

Oil & Gas — 5.5%
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144A, 8.25%, 12/31/28		15,000		15,243
Baytex Energy Corp. 144A, 8.75%, 4/1/27		12,000		12,458
144A, 8.50%, 4/30/30		20,000		20,812
Civitas Resources, Inc. 144A, 8.375%, 7/1/28		35,000		36,669
144A, 8.625%, 11/1/30		30,000		32,127
144A, 8.75%, 7/1/31		40,000		42,589
CNX Resources Corp. 144A, 7.375%, 1/15/31		11,000		11,100
144A, 7.25%, 3/1/32		10,000		9,972
Comstock Resources, Inc. 144A, 6.75%, 3/1/29		32,000		29,560
144A, 5.875%, 1/15/30		28,000		24,518
Crescent Energy Finance LLC 144A, 7.25%, 5/1/26		20,000		19,944
144A, 9.25%, 2/15/28		22,000		23,044
CVR Energy, Inc. 144A, 5.75%, 2/15/28		11,000		10,219
144A, 8.50%, 1/15/29		10,000		10,071
Energean PLC, 144A, 6.50%, 4/30/27		16,000		14,631
Kosmos Energy Ltd. 144A, 7.125%, 4/4/26		22,000		21,306
144A, 7.75%, 5/1/27		14,000		13,321
144A, 7.50%, 3/1/28		10,000		9,305
Leviathan Bond Ltd. 144A, REGS, 6.125%, 6/30/25		16,000		15,699
144A, REGS, 6.50%, 6/30/27		17,000		16,318
144A, REGS, 6.75%, 6/30/30		14,000		12,837
Medco Maple Tree Pte Ltd., 144A, 8.96%, 4/27/29		10,000		10,476
Northern Oil & Gas, Inc. 144A, 8.125%, 3/1/28		19,000		19,256
144A, 8.75%, 6/15/31		15,000		15,694
Parkland Corp., 144A, 4.625%, 5/1/30		21,000		19,203
PBF Holding Co. LLC / PBF Finance Corp. 6.00%, 2/15/28		29,000		28,229
144A, 7.875%, 9/15/30		20,000		20,509
Sitio Royalties Operating Partnership LP / Sitio Finance Corp., 144A, 7.875%, 11/1/28		20,000		20,461
Talos Production, Inc. 144A, 9.00%, 2/1/29		15,000		15,343
144A, 9.375%, 2/1/31		16,000		16,543
Transocean, Inc. 144A, 7.50%, 1/15/26		15,000		14,841
144A, 11.50%, 1/30/27		23,000		23,937
144A, 8.00%, 2/1/27		19,000		18,563
Tullow Oil PLC, 144A, 7.00%, 3/1/25		16,000		15,039


	Principal Amount		Value
Oil & Gas (Continued)
Vital Energy, Inc. 10.125%, 1/15/28	$	25,000	$	26,185
9.75%, 10/15/30		13,000		13,936

(Cost $672,925)				679,958

Oil & Gas Services — 1.1%
Archrock Partners LP / Archrock Partners Finance Corp. 144A, 6.875%, 4/1/27		16,000		15,934
144A, 6.25%, 4/1/28		21,000		20,493
CGG SA, 144A, 8.75%, 4/1/27		16,000		14,291
USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 4/1/26		19,000		18,987
6.875%, 9/1/27		19,000		18,920
Weatherford International Ltd., 144A, 8.625%, 4/30/30		41,000		42,540

(Cost $132,243)				131,165

Pipelines — 6.2%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 5.75%, 3/1/27		18,000		17,625
144A, 5.75%, 1/15/28		17,000		16,681
144A, 6.625%, 2/1/32		20,000		19,931
Buckeye Partners LP 144A, 4.125%, 3/1/25		20,000		19,575
144A, 4.50%, 3/1/28		13,000		12,098
EQM Midstream Partners LP 144A, 7.50%, 6/1/27		13,000		13,310
144A, 7.50%, 6/1/30		13,000		13,831
Genesis Energy LP / Genesis Energy Finance Corp. 8.00%, 1/15/27		25,000		25,197
7.75%, 2/1/28		28,000		28,025
8.25%, 1/15/29		18,000		18,315
8.875%, 4/15/30		10,000		10,378
Global Partners LP / GLP Finance Corp. 7.00%, 8/1/27		10,000		10,011
144A, 8.25%, 1/15/32		10,000		10,263
ITT Holdings LLC, 144A, 6.50%, 8/1/29		36,000		31,988
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		32,000		31,864
144A, 6.50%, 9/30/26		43,000		41,564
NGL Energy Operating LLC / NGL Energy Finance Corp. 144A, 8.125%, 2/15/29		25,000		25,257
144A, 8.375%, 2/15/32		33,000		33,548
NuStar Logistics LP 6.00%, 6/1/26		15,000		14,841
6.375%, 10/1/30		15,000		15,056
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 6.00%, 3/1/27		11,000		10,866
144A, 5.50%, 1/15/28		22,000		20,926
144A, 7.375%, 2/15/29		20,000		19,971


	Principal Amount		Value
Pipelines (Continued)
144A, 6.00%, 12/31/30	$	19,000	$	17,687
144A, 6.00%, 9/1/31		14,000		12,836
Venture Global LNG, Inc. 144A, 8.125%, 6/1/28		63,000		64,053
144A, 9.50%, 2/1/29		78,000		83,213
144A, 8.375%, 6/1/31		63,000		63,770
144A, 9.875%, 2/1/32		57,000		60,050

(Cost $764,480)				762,730

Financial — 11.3%
Banks — 0.5%
Freedom Mortgage Corp. 144A, 7.625%, 5/1/26		15,000		14,900
144A, 6.625%, 1/15/27		14,000		13,358
144A, 12.00%, 10/1/28		22,000		23,863
144A, 12.25%, 10/1/30		13,000		14,320

(Cost $62,062)				66,441

Diversified Financial Services — 4.0%
Bread Financial Holdings, Inc., 144A, 9.75%, 3/15/29		25,000		25,603
Burford Capital Global Finance LLC, 144A, 9.25%, 7/1/31		11,000		11,564
Coinbase Global, Inc. 144A, 3.375%, 10/1/28		30,000		25,378
144A, 3.625%, 10/1/31		19,000		14,894
Credit Acceptance Corp., 144A, 9.25%, 12/15/28		15,000		15,886
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28*		20,000		5,475
Enova International, Inc., 144A, 11.25%, 12/15/28		10,000		10,482
goeasy Ltd., 144A, 9.25%, 12/1/28		10,000		10,620
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28		26,000		23,418
LD Holdings Group LLC 144A, 6.50%, 11/1/25		11,000		10,192
144A, 6.125%, 4/1/28		16,000		13,079
Nationstar Mortgage Holdings, Inc. 144A, 5.50%, 8/15/28		25,000		23,634
144A, 5.125%, 12/15/30		19,000		16,983
144A, 5.75%, 11/15/31		16,000		14,673
144A, 7.125%, 2/1/32		20,000		19,687
Navient Corp. 4.875%, 3/15/28		13,000		11,883
5.50%, 3/15/29		22,000		19,937
9.375%, 7/25/30		15,000		15,693
11.50%, 3/15/31		17,000		18,617
OneMain Finance Corp. 3.875%, 9/15/28		15,000		13,123
9.00%, 1/15/29		30,000		31,537
5.375%, 11/15/29		22,000		20,442
7.875%, 3/15/30		22,000		22,392
4.00%, 9/15/30		22,000		18,562
Osaic Holdings, Inc., 144A, 10.75%, 8/1/27		15,000		15,594


	Principal Amount		Value
Diversified Financial Services (Continued)
PennyMac Financial Services, Inc., 144A, 5.75%, 9/15/31	$	13,000	$	11,965
PRA Group, Inc., 144A, 8.375%, 2/1/28		10,000		9,781
Synchrony Financial, 7.25%, 2/2/33		20,000		19,457
United Wholesale Mortgage LLC, 144A, 5.50%, 4/15/29		22,000		20,564

(Cost $511,197)				491,115

Insurance — 0.9%
Acrisure LLC / Acrisure Finance, Inc. 144A, 10.125%, 8/1/26		12,000		12,488
144A, 6.00%, 8/1/29		13,000		11,715
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 144A, 6.75%, 10/15/27		38,000		36,952
144A, 5.875%, 11/1/29		12,000		10,994
AssuredPartners, Inc. 144A, 5.625%, 1/15/29		14,000		12,893
144A, 7.50%, 2/15/32		8,000		7,867
USI, Inc., 144A, 7.50%, 1/15/32		20,000		19,950

(Cost $113,371)				112,859

Investment Companies — 0.2%
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 144A, 9.75%, 1/15/29 (Cost $20,438)		20,000		20,925

Real Estate — 0.9%
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 144A, 7.00%, 4/15/30		18,200		16,516
Cushman & Wakefield US Borrower LLC 144A, 6.75%, 5/15/28		20,000		19,719
144A, 8.875%, 9/1/31		10,000		10,420
Kennedy-Wilson, Inc. 4.75%, 3/1/29		17,000		13,788
4.75%, 2/1/30		12,000		9,507
5.00%, 3/1/31		24,000		18,683
Realogy Group LLC / Realogy Co.-Issuer Corp. 144A, 5.75%, 1/15/29		20,000		14,900
144A, 5.25%, 4/15/30		7,000		4,911

(Cost $123,740)				108,444

Real Estate Investment Trusts — 3.6%
Brandywine Operating Partnership LP, 3.95%, 11/15/27		15,000		13,203
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 144A, 5.75%, 5/15/26		28,000		27,032
144A, 4.50%, 4/1/27		19,000		16,725
Diversified Healthcare Trust 9.75%, 6/15/25		15,000		14,948
4.75%, 2/15/28		13,000		10,361
4.375%, 3/1/31		15,000		11,416
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 144A, 3.75%, 12/15/27		15,000		12,683


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A, 4.75%, 6/15/29	$	17,000	$	15,278
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/1/26 (a)		10,000		8,917
5.00%, 10/15/27 (a)		41,000		33,597
4.625%, 8/1/29		25,000		18,653
3.50%, 3/15/31 (a)		34,000		22,795
Necessity Retail REIT Inc/The / American Finance Operating Partner LP, 144A, 4.50%, 9/30/28		11,000		9,276
Office Properties Income Trust, 3.45%, 10/15/31		12,000		5,295
Service Properties Trust 4.75%, 10/1/26		15,000		13,892
4.95%, 2/15/27		21,000		19,304
5.50%, 12/15/27		16,000		15,081
3.95%, 1/15/28		7,000		5,928
4.95%, 10/1/29		11,000		9,062
4.375%, 2/15/30		10,000		7,719
144A, 8.625%, 11/15/31		25,000		26,425
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, 6.00%, 1/15/30		20,000		14,623
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A, 10.50%, 2/15/28		68,000		70,457
144A, 4.75%, 4/15/28		15,000		13,051
144A, 6.50%, 2/15/29		30,000		23,129

(Cost $458,896)				438,850

REITS — 0.3%
Hudson Pacific Properties LP 3.95%, 11/1/27		8,000		6,917
4.65%, 4/1/29		15,000		12,512
3.25%, 1/15/30		10,000		7,520
Vornado Realty LP, 2.15%, 6/1/26		12,000		10,774

(Cost $39,471)				37,723

Venture Capital — 0.9%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 6.375%, 12/15/25		25,000		24,801
6.25%, 5/15/26		30,000		29,261
5.25%, 5/15/27		40,000		36,795
4.375%, 2/1/29		25,000		21,125

(Cost $105,175)				111,982

Industrial — 6.9%
Aerospace/Defense — 1.5%
Bombardier, Inc. 144A, 7.875%, 4/15/27		55,000		55,105
144A, 7.50%, 2/1/29		18,000		18,272
144A, 8.75%, 11/15/30		23,000		24,122
Spirit AeroSystems, Inc. 4.60%, 6/15/28		21,000		18,457
144A, 9.75%, 11/15/30		35,000		37,541


	Principal Amount		Value
Aerospace/Defense (Continued)
Triumph Group, Inc., 144A, 9.00%, 3/15/28	$	35,000	$	36,630

(Cost $189,540)				190,127

Building Materials — 0.5%
Smyrna Ready Mix Concrete LLC 144A, 6.00%, 11/1/28		36,000		34,957
144A, 8.875%, 11/15/31		30,000		31,823

(Cost $66,239)				66,780

Electrical Components & Equipment — 0.3%
Energizer Holdings, Inc. 144A, 4.75%, 6/15/28		15,000		13,730
144A, 4.375%, 3/31/29		21,000		18,628

(Cost $34,622)				32,358

Engineering & Construction — 0.5%
Brand Industrial Services, Inc., 144A, 10.375%, 8/1/30		40,000		42,587
IHS Holding Ltd. 144A, 5.625%, 11/29/26		7,000		6,152
144A, 6.25%, 11/29/28		16,000		13,098

(Cost $61,017)				61,837

Environmental Control — 0.2%
Covanta Holding Corp., 5.00%, 9/1/30		8,000		6,957
Madison IAQ LLC, 144A, 5.875%, 6/30/29		24,000		21,451

(Cost $29,732)				28,408

Machinery-Diversified — 0.7%
Maxim Crane Works Holdings Capital LLC, 144A, 11.50%, 9/1/28		14,000		14,572
SPX FLOW, Inc., 144A, 8.75%, 4/1/30		14,000		13,737
TK Elevator Holdco GmbH, 144A, 7.625%, 7/15/28		10,000		9,792
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27		46,000		44,252

(Cost $82,389)				82,353

Miscellaneous Manufacturing — 0.1%
Trinity Industries, Inc., 144A, 7.75%, 7/15/28 (Cost $10,168)		10,000		10,311

Packaging & Containers — 2.6%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 144A, 4.00%, 9/1/29		28,000		22,772
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 4/30/25		20,000		19,807
144A, 4.125%, 8/15/26		35,000		32,332
144A, 5.25%, 8/15/27		29,000		21,067
144A, 5.25%, 8/15/27		20,000		14,529


	Principal Amount		Value
Packaging & Containers (Continued)
LABL, Inc. 144A, 6.75%, 7/15/26	$	21,000	$	20,384
144A, 10.50%, 7/15/27		22,000		21,384
144A, 5.875%, 11/1/28		13,000		11,669
144A, 8.25%, 11/1/29		11,000		9,315
Mauser Packaging Solutions Holding Co. 144A, 7.875%, 8/15/26		70,000		70,976
144A, 9.25%, 4/15/27		38,000		36,997
Owens-Brockway Glass Container, Inc. 144A, 6.625%, 5/13/27		16,000		15,977
144A, 7.25%, 5/15/31		20,000		20,295

(Cost $334,699)				317,504

Transportation — 0.5%
Cargo Aircraft Management, Inc., 144A, 4.75%, 2/1/28		18,000		15,942
Seaspan Corp., 144A, 5.50%, 8/1/29		21,000		17,931
XPO, Inc. 144A, 7.125%, 6/1/31		12,000		12,269
144A, 7.125%, 2/1/32		15,000		15,262

(Cost $63,305)				61,404

Technology — 3.7%
Computers — 1.0%
CA Magnum Holdings, 144A, SR SECURED, 10/31/26		18,000		17,347
McAfee Corp., 144A, 7.375%, 2/15/30		55,000		48,606
NCR Atleos Corp., 144A, 9.50%, 4/1/29		35,000		37,056
Presidio Holdings, Inc., 144A, 8.25%, 2/1/28		15,000		14,803

(Cost $119,645)				117,812

Office/Business Equipment — 0.1%
Xerox Holdings Corp., 144A, 5.50%, 8/15/28 (Cost $17,544)		19,000		17,205

Semiconductors — 0.1%
ams-OSRAM AG, 144A, 12.25%, 3/30/29 (Cost $11,111)		10,000		10,156

Software — 2.5%
AthenaHealth Group, Inc., 144A, 6.50%, 2/15/30 (a)		69,000		61,842
Clarivate Science Holdings Corp., 144A, 4.875%, 7/1/29		23,000		20,887
Cloud Software Group, Inc. 144A, 6.50%, 3/31/29		112,000		104,371
144A, 9.00%, 9/30/29		103,000		96,253
MicroStrategy, Inc., 144A, 6.125%, 6/15/28		16,000		15,445
RingCentral, Inc., 144A, 8.50%, 8/15/30		13,000		13,451

(Cost $304,504)				312,249


	Principal Amount		Value
Utilities — 2.4%
Electric — 1.9%
Calpine Corp. 144A, 5.125%, 3/15/28	$	37,000	$	35,221
144A, 4.625%, 2/1/29		19,000		17,506
144A, 5.00%, 2/1/31		23,000		20,586
Drax Finco PLC, 144A, 6.625%, 11/1/25		15,000		14,826
NRG Energy, Inc. 5.75%, 1/15/28		21,000		20,707
144A, 3.375%, 2/15/29		15,000		13,106
144A, 5.25%, 6/15/29		20,000		18,975
144A, 3.625%, 2/15/31		30,000		25,258
PG&E Corp., 5.25%, 7/1/30		26,000		24,468
Talen Energy Supply LLC, 144A, 8.625%, 6/1/30		35,000		36,958
TransAlta Corp., 7.75%, 11/15/29		10,000		10,407

(Cost $247,751)				238,018

Gas — 0.5%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.50%, 5/20/25		20,000		19,651
5.875%, 8/20/26		18,000		17,460
5.75%, 5/20/27		18,000		17,034
144A, 9.375%, 6/1/28		10,000		10,158

(Cost $64,993)				64,303

TOTAL CORPORATE BONDS
(Cost $12,802,901)				12,013,601


	Number of Shares
SECURITIES LENDING COLLATERAL — 6.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) (Cost $737,865)		737,865		737,865

CASH EQUIVALENTS — 1.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) (Cost $116,884)		116,884		116,884


TOTAL INVESTMENTS — 104.6% (Cost $13,657,650)			$	12,868,350
Other assets and liabilities, net — (4.6%)				(569,850	)

NET ASSETS — 100.0%			$	12,298,500

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds and credit risk). Level 3 includes significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

The following is a summary of the inputs used as of February 29, 2024 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.


	Principal Amount		Value
CORPORATE BONDS — 97.1%
Basic Materials — 3.5%
Chemicals — 1.7%
Ashland, Inc., 144A, 3.375%, 9/1/31	$	241,000	$	202,150
Avient Corp. 144A, 5.75%, 5/15/25		334,000		332,368
144A, 7.125%, 8/1/30		372,000		380,608
Axalta Coating Systems Dutch Holding B BV, 144A, 7.25%, 2/15/31		257,000		266,946
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29		359,000		319,386
Methanex Corp. 5.125%, 10/15/27		359,000		345,445
5.25%, 12/15/29		379,000		360,715
Olin Corp. 5.125%, 9/15/27		277,000		268,950
5.625%, 8/1/29		344,000		336,891
5.00%, 2/1/30		265,000		247,939
SCIH Salt Holdings, Inc., 144A, 4.875%, 5/1/28		555,000		507,833

(Cost $3,670,830)				3,569,231

Iron/Steel — 0.6%
Cleveland-Cliffs, Inc. 144A, 6.75%, 3/15/26		426,000		429,674
5.875%, 6/1/27 (a)		285,000		282,294
144A, 6.75%, 4/15/30		385,000		382,664
United States Steel Corp., 6.875%, 3/1/29		254,000		257,211

(Cost $1,352,384)				1,351,843

Mining — 1.2%
FMG Resources August 2006 Pty Ltd. 144A, 4.50%, 9/15/27		308,000		295,190
144A, 5.875%, 4/15/30		415,000		406,625
144A, 4.375%, 4/1/31		765,000		686,327
144A, 6.125%, 4/15/32		411,000		406,561
Hudbay Minerals, Inc., 144A, 4.50%, 4/1/26		305,000		294,272
Nexa Resources SA 144A, 5.375%, 5/4/27		372,000		359,238
144A, 6.50%, 1/18/28		257,000		257,900

(Cost $2,775,729)				2,706,113

Communications — 6.2%
Advertising — 0.5%
Lamar Media Corp. 3.75%, 2/15/28		305,000		283,159
4.00%, 2/15/30		282,000		251,906
3.625%, 1/15/31		282,000		243,716
Outfront Media Capital LLC / Outfront Media Capital Corp., 144A, 7.375%, 2/15/31		231,000		241,241

(Cost $1,108,435)				1,020,022


	Principal Amount		Value
Internet — 2.8%
Gen Digital, Inc. 144A, 5.00%, 4/15/25	$	565,000	$	559,892
144A, 6.75%, 9/30/27		492,000		494,976
144A, 7.125%, 9/30/30		318,000		325,158
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A, 5.25%, 12/1/27		312,000		302,164
144A, 3.50%, 3/1/29		431,000		384,144
Match Group Holdings II LLC 144A, 5.00%, 12/15/27		241,000		230,071
144A, 4.625%, 6/1/28		272,000		255,961
144A, 4.125%, 8/1/30		266,000		235,201
144A, 3.625%, 10/1/31		257,000		216,744
MercadoLibre, Inc. 2.375%, 1/14/26		205,000		193,214
3.125%, 1/14/31		341,000		285,737
Uber Technologies, Inc. 144A, 8.00%, 11/1/26		770,000		784,161
144A, 7.50%, 9/15/27		626,000		640,901
144A, 6.25%, 1/15/28		272,000		272,596
144A, 4.50%, 8/15/29		770,000		722,417
Ziff Davis, Inc., 144A, 4.625%, 10/15/30		236,000		211,848

(Cost $6,233,015)				6,115,185

Media — 2.6%
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.50%, 5/1/26		411,000		404,173
144A, 5.125%, 5/1/27		1,691,000		1,600,312
News Corp. 144A, 3.875%, 5/15/29		503,000		455,038
144A, 5.125%, 2/15/32		263,000		245,257
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26		513,000		478,847
144A, 5.00%, 8/1/27		785,000		748,754
144A, 4.00%, 7/15/28		1,057,000		953,346
TEGNA, Inc., 144A, 4.75%, 3/15/26		282,000		272,776
Videotron Ltd. 144A, 5.125%, 4/15/27		308,000		302,067
144A, 3.625%, 6/15/29		272,000		244,566

(Cost $6,121,117)				5,705,136

Telecommunications — 0.3%
Iliad Holding SASU, 144A, 6.50%, 10/15/26 (Cost $620,803)		621,000		614,415

Consumer, Cyclical — 21.9%
Airlines — 1.1%
Air Canada, 144A, 3.875%, 8/15/26		626,000		593,592
Delta Air Lines, Inc. 7.375%, 1/15/26		414,000		427,382
4.375%, 4/19/28 (a)		230,000		220,759
3.75%, 10/28/29		234,000		212,957


	Principal Amount		Value
Airlines (Continued)
United Airlines, Inc., 144A, 4.375%, 4/15/26	$	1,057,000	$	1,018,467

(Cost $2,609,494)				2,473,157

Apparel — 0.1%
Levi Strauss & Co., 144A, 3.50%, 3/1/31 (a)
(Cost $220,945)		257,000		222,938

Auto Manufacturers — 0.4%
Allison Transmission, Inc. 144A, 4.75%, 10/1/27		205,000		196,762
144A, 5.875%, 6/1/29		257,000		253,375
144A, 3.75%, 1/30/31		528,000		456,686

(Cost $960,939)				906,823

Auto Parts & Equipment — 2.1%
Adient Global Holdings Ltd. 144A, 4.875%, 8/15/26		408,000		395,867
144A, 7.00%, 4/15/28		257,000		262,286
144A, 8.25%, 4/15/31		257,000		270,798
Clarios Global LP, 144A, 6.75%, 5/15/25		291,000		291,050
Clarios Global LP / Clarios US Finance Co. 144A, 6.25%, 5/15/26		461,000		460,144
144A, 6.75%, 5/15/28		385,000		389,990
Goodyear Tire & Rubber Co. 9.50%, 5/31/25		371,000		375,057
5.00%, 5/31/26		477,000		465,006
4.875%, 3/15/27		379,000		364,113
ZF North America Capital, Inc. 144A, 4.75%, 4/29/25		553,000		545,119
144A, 6.875%, 4/14/28		338,000		345,362
144A, 7.125%, 4/14/30		308,000		321,144

(Cost $4,501,401)				4,485,936

Distribution/Wholesale — 0.9%
American Builders & Contractors Supply Co., Inc. 144A, 4.00%, 1/15/28		365,000		341,333
144A, 3.875%, 11/15/29		214,000		191,312
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		672,000		607,026
Ritchie Bros Holdings, Inc. 144A, 6.75%, 3/15/28		302,000		309,459
144A, 7.75%, 3/15/31		411,000		432,578

(Cost $1,921,229)				1,881,708

Entertainment — 4.8%
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25		795,000		795,535
144A, 8.125%, 7/1/27		827,000		849,702
144A, 7.00%, 2/15/30		1,027,000		1,052,931
144A, 6.50%, 2/15/32		755,000		761,122
Cedar Fair LP,5.25%, 7/15/29		283,000		267,493
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25		556,000		554,603
5.375%, 4/15/27 (a)		228,000		225,740


	Principal Amount		Value
Entertainment (Continued)
Churchill Downs, Inc. 144A, 5.50%, 4/1/27	$	308,000	$	302,737
144A, 4.75%, 1/15/28		369,000		349,356
144A, 5.75%, 4/1/30		616,000		592,272
144A, 6.75%, 5/1/31		323,000		323,596
International Game Technology PLC 144A, 4.125%, 4/15/26		385,000		371,894
144A, 6.25%, 1/15/27		385,000		386,889
144A, 5.25%, 1/15/29		385,000		372,453
Light & Wonder International, Inc., 144A, 7.00%, 5/15/28		379,000		381,029
Live Nation Entertainment, Inc. 144A, 6.50%, 5/15/27		616,000		621,804
144A, 4.75%, 10/15/27		488,000		467,646
144A, 3.75%, 1/15/28		257,000		237,185
Six Flags Entertainment Corp., 144A, 5.50%, 4/15/27		310,000		303,659
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		308,000		309,304
WMG Acquisition Corp. 144A, 3.75%, 12/1/29		277,000		245,537
144A, 3.875%, 7/15/30		305,000		269,402
144A, 3.00%, 2/15/31		411,000		343,584

(Cost $10,619,509)				10,385,473

Food Service — 0.4%
Aramark Services, Inc. 144A, 5.00%, 4/1/25		283,000		281,435
144A, 5.00%, 2/1/28		640,000		613,986

(Cost $904,031)				895,421

Home Builders — 0.5%
Mattamy Group Corp., 144A, 5.25%, 12/15/27		263,000		253,859
Taylor Morrison Communities, Inc. 144A, 5.875%, 6/15/27		257,000		255,852
144A, 5.75%, 1/15/28		231,000		226,585
144A, 5.125%, 8/1/30		257,000		242,836

(Cost $995,649)				979,132

Home Furnishings — 0.2%
Tempur Sealy International, Inc., 144A, 4.00%, 4/15/29 (Cost $378,889)		422,000		378,660

Leisure Time — 2.9%
Carnival Corp. 144A, 4.00%, 8/1/28		1,235,000		1,140,145
144A, 7.00%, 8/15/29		260,000		269,887
Carnival Holdings Bermuda Ltd., 144A, 10.375%, 5/1/28		1,062,000		1,159,305
Life Time, Inc., 144A, 5.75%, 1/15/26		475,000		471,484
NCL Corp. Ltd., 144A, 5.875%, 2/15/27		513,000		507,381
Royal Caribbean Cruises Ltd. 144A, 4.25%, 7/1/26		338,000		325,845
144A, 5.50%, 8/31/26		519,000		513,563
144A, 5.375%, 7/15/27		519,000		509,569


	Principal Amount		Value
Leisure Time (Continued)
144A, 11.625%, 8/15/27	$	35,000	$	37,884
3.70%, 3/15/28		285,000		263,277
144A, 5.50%, 4/1/28		784,000		772,279
144A, 7.25%, 1/15/30		369,000		383,932

(Cost $6,297,140)				6,354,551

Lodging — 3.4%
Boyd Gaming Corp. 4.75%, 12/1/27		558,000		537,058
144A, 4.75%, 6/15/31		462,000		420,117
Hilton Domestic Operating Co., Inc. 144A, 5.375%, 5/1/25		257,000		256,404
144A, 5.75%, 5/1/28		257,000		256,505
144A, 3.75%, 5/1/29		411,000		373,633
4.875%, 1/15/30		553,000		526,196
144A, 4.00%, 5/1/31		585,000		520,306
144A, 3.625%, 2/15/32		770,000		658,454
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc 144A, 5.00%, 6/1/29		437,000		405,267
144A, 4.875%, 7/1/31		257,000		227,018
MGM Resorts International 6.75%, 5/1/25		316,000		316,642
5.75%, 6/15/25		457,000		456,646
4.625%, 9/1/26		214,000		207,655
5.50%, 4/15/27		376,000		368,608
4.75%, 10/15/28 (a)		385,000		361,704
Station Casinos LLC, 144A, 4.50%, 2/15/28		355,000		331,273
Travel + Leisure Co. 144A, 6.625%, 7/31/26		334,000		337,823
6.00%, 4/1/27		205,000		204,424
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A, 5.25%, 5/15/27 (a)		462,000		452,578

(Cost $7,453,568)				7,218,311

Retail — 5.1%
1011778 BC ULC / New Red Finance, Inc. 144A, 5.75%, 4/15/25		257,000		256,275
144A, 3.875%, 1/15/28		796,000		743,285
144A, 4.375%, 1/15/28		405,000		380,525
144A, 3.50%, 2/15/29 (a)		385,000		347,462
144A, 4.00%, 10/15/30		1,502,000		1,320,609
Advance Auto Parts, Inc., 3.90%, 4/15/30		250,000		223,441
Asbury Automotive Group, Inc. 4.50%, 3/1/28		204,000		190,431
144A, 4.625%, 11/15/29		439,000		400,262
4.75%, 3/1/30		228,000		207,732
Bath & Body Works, Inc., 5.25%, 2/1/28		247,000		240,048
Beacon Roofing Supply, Inc., 144A, 6.50%, 8/1/30		308,000		309,915
FirstCash, Inc. 144A, 4.625%, 9/1/28		257,000		238,031
144A, 5.625%, 1/1/30		302,000		286,451


	Principal Amount		Value
Retail (Continued)
Lithia Motors, Inc. 144A, 4.625%, 12/15/27	$	205,000	$	195,501
144A, 3.875%, 6/1/29 (a)		410,000		366,302
144A, 4.375%, 1/15/31		282,000		250,439
Macy’s Retail Holdings LLC, 144A, 5.875%, 3/15/30		218,000		204,603
Murphy Oil USA, Inc. 4.75%, 9/15/29		257,000		239,874
144A, 3.75%, 2/15/31		257,000		219,548
Penske Automotive Group, Inc. 3.50%, 9/1/25		282,000		273,849
3.75%, 6/15/29		277,000		245,608
PetSmart, Inc. / PetSmart Finance Corp., 144A, 4.75%, 2/15/28		616,000		578,144
SRS Distribution, Inc., 144A, 4.625%, 7/1/28		337,000		314,704
Walgreens Boots Alliance, Inc. 3.45%, 6/1/26		750,000		715,638
3.20%, 4/15/30		260,000		224,672
Yum! Brands, Inc. 144A, 4.75%, 1/15/30		411,000		390,275
3.625%, 3/15/31		543,000		477,978
4.625%, 1/31/32		565,000		519,181
5.375%, 4/1/32		563,000		541,122

(Cost $11,389,007)				10,901,905

Consumer, Non-cyclical — 21.2%
Agriculture — 0.4%
Darling Ingredients, Inc. 144A, 5.25%, 4/15/27		297,000		291,632
144A, 6.00%, 6/15/30		513,000		505,869

(Cost $817,205)				797,501

Commercial Services — 5.1%
ADT Security Corp., 144A, 4.125%, 8/1/29 (a)		528,000		477,695
Albion Financing 1 SARL / Aggreko Holdings, Inc., 144A, 6.125%, 10/15/26		300,000		296,985
APX Group, Inc., 144A, 6.75%, 2/15/27		308,000		308,711
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A, 5.75%, 7/15/27		180,000		171,692
144A, 4.75%, 4/1/28 (a)		307,000		278,478
144A, 5.375%, 3/1/29		301,000		274,378
Block, Inc. 2.75%, 6/1/26		613,000		572,502
3.50%, 6/1/31		513,000		438,109
Brink’s Co. 144A, 5.50%, 7/15/25		205,000		204,052
144A, 4.625%, 10/15/27		298,000		281,907
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		616,000		603,592
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.75%, 4/15/26		693,000		688,345
144A, 3.375%, 8/31/27		523,000		479,358


	Principal Amount		Value
Commercial Services (Continued)
Service Corp. International 4.625%, 12/15/27	$	282,000	$	270,788
5.125%, 6/1/29		395,000		386,429
3.375%, 8/15/30		436,000		374,637
4.00%, 5/15/31		441,000		387,907
United Rentals North America, Inc. 5.50%, 5/15/27		307,000		305,283
3.875%, 11/15/27		395,000		372,361
4.875%, 1/15/28		867,000		837,791
5.25%, 1/15/30		391,000		378,933
4.00%, 7/15/30		382,000		346,137
3.875%, 2/15/31		595,000		526,376
3.75%, 1/15/32		385,000		333,549
Valvoline, Inc. 144A, 4.25%, 2/15/30		308,000		306,342
144A, 3.625%, 6/15/31		275,000		232,678
Williams Scotsman, Inc. 144A, 6.125%, 6/15/25		270,000		269,756
144A, 4.625%, 8/15/28		257,000		241,594
144A, 7.375%, 10/1/31		287,000		297,899

(Cost $11,469,087)				10,944,264

Cosmetics/Personal Care — 0.5%
Coty, Inc., 144A, 5.00%, 4/15/26		377,000		369,817
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 144A, 6.625%, 7/15/30		380,000		386,458
Edgewell Personal Care Co., 144A, 5.50%, 6/1/28		385,000		376,218

(Cost $1,142,440)				1,132,493

Food — 4.2%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.25%, 3/15/26		385,000		366,166
144A, 7.50%, 3/15/26		308,000		313,781
144A, 4.625%, 1/15/27		693,000		668,791
144A, 5.875%, 2/15/28		435,000		429,011
144A, 6.50%, 2/15/28		385,000		387,673
144A, 3.50%, 3/15/29		713,000		635,951
144A, 4.875%, 2/15/30		513,000		482,034
Lamb Weston Holdings, Inc. 144A, 4.875%, 5/15/28		257,000		249,153
144A, 4.125%, 1/31/30		498,000		451,693
144A, 4.375%, 1/31/32		387,000		346,075
Performance Food Group, Inc. 144A, 5.50%, 10/15/27		574,000		562,783
144A, 4.25%, 8/1/29		513,000		466,073
Pilgrim’s Pride Corp. 3.50%, 3/1/32		464,000		388,069
6.25%, 7/1/33		513,000		519,132
6.875%, 5/15/34		270,000		284,681
Post Holdings, Inc. 144A, 5.75%, 3/1/27		236,000		238,261
144A, 5.625%, 1/15/28		483,000		474,596
144A, 6.25%, 2/15/32		490,000		493,146


	Principal Amount		Value
Food (Continued)
US Foods, Inc. 144A, 6.875%, 9/15/28	$	257,000	$	261,819
144A, 4.75%, 2/15/29		455,000		427,575
144A, 4.625%, 6/1/30		292,000		267,831
144A, 7.25%, 1/15/32		257,000		265,646

(Cost $9,159,795)				8,979,940

Healthcare-Products — 2.6%
Avantor Funding, Inc. 144A, 4.625%, 7/15/28		806,000		761,741
144A, 3.875%, 11/1/29		411,000		368,813
Hologic, Inc. 144A, 4.625%, 2/1/28		205,000		196,623
144A, 3.25%, 2/15/29		503,000		448,977
Medline Borrower LP 144A, 3.875%, 4/1/29		2,346,000		2,105,531
144A, 5.25%, 10/1/29		1,323,000		1,225,007
Teleflex, Inc. 4.625%, 11/15/27		257,000		245,676
144A, 4.25%, 6/1/28		257,000		240,206

(Cost $5,670,691)				5,592,574

Healthcare-Services — 5.8%
Catalent Pharma Solutions, Inc. 144A, 5.00%, 7/15/27		257,000		253,279
144A, 3.125%, 2/15/29		282,000		272,585
144A, 3.50%, 4/1/30		329,000		317,144
Charles River Laboratories International, Inc. 144A, 4.25%, 5/1/28		257,000		241,326
144A, 3.75%, 3/15/29		257,000		232,104
144A, 4.00%, 3/15/31		257,000		226,859
Encompass Health Corp. 4.50%, 2/1/28		411,000		389,288
4.75%, 2/1/30		411,000		381,572
4.625%, 4/1/31		224,000		202,896
IQVIA, Inc. 144A, 5.00%, 10/15/26		539,000		527,464
144A, 5.00%, 5/15/27		565,000		550,736
144A, 6.50%, 5/15/30		257,000		260,883
Molina Healthcare, Inc. 144A, 4.375%, 6/15/28		411,000		383,256
144A, 3.875%, 11/15/30		334,000		293,289
144A, 3.875%, 5/15/32		405,000		348,615
Select Medical Corp., 144A, 6.25%, 8/15/26		669,000		667,926
Tenet Healthcare Corp. 4.875%, 1/1/26		928,000		927,621
6.25%, 2/1/27		690,000		688,935
5.125%, 11/1/27		694,000		680,187
4.625%, 6/15/28		292,000		278,219
6.125%, 10/1/28 (a)		1,123,000		1,111,225
4.25%, 6/1/29		699,000		643,495
4.375%, 1/15/30		894,000		819,659
6.125%, 6/15/30		1,247,000		1,236,538
144A, 6.75%, 5/15/31		611,000		617,110

(Cost $12,905,747)				12,552,211


	Principal Amount		Value
Household Products/Wares — 0.2%
Central Garden & Pet Co., 4.125%, 10/15/30	$	257,000	$	228,547
Spectrum Brands, Inc., 144A, 3.875%, 3/15/31		243,000		231,002

(Cost $459,503)				459,549

Pharmaceuticals — 2.4%
Jazz Securities DAC, 144A, 4.375%, 1/15/29		770,000		710,132
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A, 4.125%, 4/30/28		1,078,000		987,551
Perrigo Finance Unlimited Co. 4.375%, 3/15/26		374,000		361,347
4.65%, 6/15/30		405,000		362,953
Prestige Brands, Inc. 144A, 5.125%, 1/15/28		205,000		198,337
144A, 3.75%, 4/1/31		308,000		266,358
Teva Pharmaceutical Finance Netherlands III BV 3.15%, 10/1/26		1,764,000		1,635,927
6.75%, 3/1/28		642,000		650,205

(Cost $5,362,583)				5,172,810

Energy — 10.7%
Oil & Gas — 5.4%
Antero Resources Corp. 144A, 7.625%, 2/1/29		209,000		215,438
144A, 5.375%, 3/1/30		308,000		293,818
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 144A, 7.00%, 11/1/26		306,000		306,033
144A, 5.875%, 6/30/29		225,000		209,359
Callon Petroleum Co. 144A, 8.00%, 8/1/28		332,000		346,994
144A, 7.50%, 6/15/30		315,000		332,095
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		225,000		226,877
Chesapeake Energy Corp. 144A, 5.50%, 2/1/26		277,000		274,818
144A, 5.875%, 2/1/29		257,000		254,444
144A, 6.75%, 4/15/29		488,000		490,318
Civitas Resources, Inc., 144A, 5.00%, 10/15/26		255,000		247,300
CNX Resources Corp., 144A, 6.00%, 1/15/29		258,000		248,200
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25		446,000		444,203
Matador Resources Co. 5.875%, 9/15/26		359,000		355,739
144A, 6.875%, 4/15/28		257,000		261,218
Murphy Oil Corp., 5.875%, 12/1/27		238,000		236,531
Parkland Corp. 144A, 5.875%, 7/15/27		287,000		281,927
144A, 4.50%, 10/1/29		421,000		385,091


	Principal Amount		Value
Oil & Gas (Continued)
Permian Resources Operating LLC 144A, 8.00%, 4/15/27	$	282,000	$	291,075
144A, 5.875%, 7/1/29		349,000		341,342
144A, 9.875%, 7/15/31		257,000		284,873
144A, 7.00%, 1/15/32		517,000		531,167
Range Resources Corp. 4.875%, 5/15/25		353,000		348,398
8.25%, 1/15/29		308,000		321,571
144A, 4.75%, 2/15/30		257,000		239,010
Rockcliff Energy II LLC, 144A, 5.50%, 10/15/29		359,000		331,060
SM Energy Co. 6.75%, 9/15/26		222,000		220,949
6.625%, 1/15/27		211,000		210,328
6.50%, 7/15/28		205,000		205,422
Southwestern Energy Co. 5.375%, 2/1/29		357,000		345,306
5.375%, 3/15/30		616,000		589,352
4.75%, 2/1/32		590,000		536,349
Sunoco LP / Sunoco Finance Corp. 6.00%, 4/15/27		338,000		337,064
144A, 7.00%, 9/15/28		257,000		263,483
4.50%, 5/15/29		411,000		380,036
4.50%, 4/30/30		410,000		373,437

(Cost $11,646,000)				11,560,625

Pipelines — 5.3%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 7.875%, 5/15/26		282,000		288,227
144A, 5.375%, 6/15/29		385,000		366,559
Buckeye Partners LP 3.95%, 12/1/26		315,000		298,179
4.125%, 12/1/27		205,000		190,978
CQP Holdco LP / BIP-V Chinook Holdco LLC 144A, 5.50%, 6/15/31		729,000		679,858
144A, 7.50%, 12/15/33		270,000		275,529
DT Midstream, Inc. 144A, 4.125%, 6/15/29		565,000		516,800
144A, 4.375%, 6/15/31		537,000		483,881
EnLink Midstream LLC 144A, 5.625%, 1/15/28		272,000		268,250
5.375%, 6/1/29		272,000		263,872
144A, 6.50%, 9/1/30		513,000		526,282
EnLink Midstream Partners LP 4.15%, 6/1/25		216,000		210,759
4.85%, 7/15/26		282,000		275,203
EQM Midstream Partners LP 144A, 6.00%, 7/1/25		205,000		204,881
4.125%, 12/1/26		257,000		246,587
144A, 6.50%, 7/1/27		524,000		529,652
5.50%, 7/15/28		436,000		428,020
144A, 4.50%, 1/15/29		401,000		376,240
144A, 4.75%, 1/15/31		582,000		541,734
Hess Midstream Operations LP 144A, 5.625%, 2/15/26		408,000		402,604
144A, 5.125%, 6/15/28		282,000		271,177


	Principal Amount		Value
Pipelines (Continued)
144A, 4.25%, 2/15/30	$	415,000	$	378,271
144A, 5.50%, 10/15/30		205,000		197,196
NuStar Logistics LP 5.75%, 10/1/25		308,000		305,455
5.625%, 4/28/27		282,000		279,356
Rockies Express Pipeline LLC 144A, 3.60%, 5/15/25		205,000		198,928
144A, 4.95%, 7/15/29		282,000		263,974
Venture Global Calcasieu Pass LLC 144A, 3.875%, 8/15/29		642,000		576,846
144A, 6.25%, 1/15/30		523,000		522,560
144A, 4.125%, 8/15/31		642,000		563,955
144A, 3.875%, 11/1/33		659,000		553,233

(Cost $12,003,102)				11,485,046

Financial — 12.1%
Diversified Financial Services — 4.6%
AG Issuer LLC, 144A, 6.25%, 3/1/28		257,000		248,917
AG TTMT Escrow Issuer LLC, 144A, 8.625%, 9/30/27		257,000		264,793
Macquarie Airfinance Holdings Ltd., 144A, 8.375%, 5/1/28		256,000		268,365
Nationstar Mortgage Holdings, Inc. 144A, 5.00%, 2/1/26		250,000		243,165
144A, 6.00%, 1/15/27		342,000		336,557
Navient Corp. 6.75%, 6/25/25		257,000		258,750
6.75%, 6/15/26		261,000		262,309
5.00%, 3/15/27		369,000		350,261
NFP Corp. 144A, 4.875%, 8/15/28		282,000		281,554
144A, 6.875%, 8/15/28		1,129,000		1,147,559
OneMain Finance Corp. 6.875%, 3/15/25		641,000		647,929
7.125%, 3/15/26		856,000		870,567
3.50%, 1/15/27		385,000		354,871
6.625%, 1/15/28		375,000		373,182
PennyMac Financial Services, Inc. 144A, 5.375%, 10/15/25		334,000		329,010
144A, 4.25%, 2/15/29		347,000		313,251
144A, 7.875%, 12/15/29		397,000		406,722
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. 144A, 2.875%, 10/15/26		590,000		543,464
144A, 3.625%, 3/1/29		405,000		359,635
144A, 3.875%, 3/1/31 (a)		642,000		551,703
144A, 4.00%, 10/15/33		443,000		368,153
SLM Corp. 4.20%, 10/29/25		257,000		249,460
3.125%, 11/2/26		287,000		263,961
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		441,000		433,869
144A, 5.75%, 6/15/27		271,000		263,178

(Cost $10,226,938)				9,991,185

Insurance — 2.4%
Acrisure LLC / Acrisure Finance, Inc., 144A, 4.25%, 2/15/29		359,000		318,805


	Principal Amount		Value
Insurance (Continued)
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 144A, 4.25%, 10/15/27	$	385,000	$	355,790
144A, 6.75%, 4/15/28		642,000		638,183
144A, 7.00%, 1/15/31		390,000		388,750
AmWINS Group, Inc., 144A, 6.375%, 2/15/29		380,000		380,486
HUB International Ltd. 144A, 5.625%, 12/1/29		298,000		276,930
144A, 7.25%, 6/15/30		1,697,000		1,732,243
144A, 7.375%, 1/31/32		1,000,000		1,003,793

(Cost $5,116,142)				5,094,980

Real Estate — 0.5%
Howard Hughes Corp. 144A, 5.375%, 8/1/28		385,000		363,642
144A, 4.125%, 2/1/29		352,000		312,934
144A, 4.375%, 2/1/31		340,000		290,111

(Cost $1,051,704)				966,687

Real Estate Investment Trusts — 4.1%
Iron Mountain, Inc. 144A, 4.875%, 9/15/27		513,000		492,566
144A, 5.25%, 3/15/28		444,000		428,398
144A, 5.00%, 7/15/28		257,000		243,547
144A, 7.00%, 2/15/29		513,000		521,242
144A, 4.875%, 9/15/29		513,000		477,543
144A, 5.25%, 7/15/30		672,000		629,456
144A, 4.50%, 2/15/31		565,000		500,500
144A, 5.625%, 7/15/32		348,000		323,828
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A, 4.25%, 2/1/27		343,000		316,027
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A, 7.50%, 6/1/25		334,000		335,338
144A, 5.875%, 10/1/28		372,000		361,922
144A, 4.875%, 5/15/29		385,000		354,084
RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27		359,000		343,166
144A, 7.25%, 7/15/28		205,000		210,140
144A, 4.50%, 2/15/29		308,000		286,563
RLJ Lodging Trust LP 144A, 3.75%, 7/1/26		257,000		242,518
144A, 4.00%, 9/15/29		257,000		224,564
SBA Communications Corp. 3.875%, 2/15/27		803,000		758,460
3.125%, 2/1/29		779,000		689,948
Service Properties Trust, 7.50%, 9/15/25		376,000		381,199
Starwood Property Trust, Inc. 4.75%, 3/15/25		257,000		253,830
144A, 3.625%, 7/15/26		205,000		191,409
144A, 4.375%, 1/15/27		293,000		275,063

(Cost $9,042,899)				8,841,311

Venture Capital — 0.5%
HAT Holdings I LLC / HAT Holdings II LLC 144A, 6.00%, 4/15/25		205,000		203,100


	Principal Amount		Value
Venture Capital (Continued)
144A, 3.375%, 6/15/26	$	513,000	$	480,398
144A, 8.00%, 6/15/27		420,000		436,617

(Cost $1,157,471)				1,120,115

Industrial — 11.7%
Aerospace/Defense — 3.2%
Bombardier, Inc. 144A, 7.125%, 6/15/26		516,000		520,672
144A, 6.00%, 2/15/28		380,000		369,269
Rolls-Royce PLC 144A, 3.625%, 10/14/25		513,000		495,876
144A, 5.75%, 10/15/27		564,000		561,787
Spirit AeroSystems, Inc., 144A, 9.375%, 11/30/29		465,000		503,411
TransDigm, Inc. 7.50%, 3/15/27		311,000		310,968
5.50%, 11/15/27		1,167,000		1,128,003
144A, 6.75%, 8/15/28		939,000		951,400
4.625%, 1/15/29		545,000		500,245
4.875%, 5/1/29		356,000		327,364
144A, 6.875%, 12/15/30		638,000		646,236
144A, 7.125%, 12/1/31		450,000		462,181

(Cost $6,764,717)				6,777,412

Building Materials — 1.9%
Builders FirstSource, Inc. 144A, 5.00%, 3/1/30		282,000		266,553
144A, 4.25%, 2/1/32		695,000		611,357
144A, 6.375%, 6/15/32		350,000		350,371
Standard Industries, Inc. 144A, 5.00%, 2/15/27		466,000		449,208
144A, 4.75%, 1/15/28		506,000		477,984
144A, 4.375%, 7/15/30		838,000		747,928
144A, 3.375%, 1/15/31		580,000		481,192
Summit Materials LLC / Summit Materials Finance Corp. 144A, 5.25%, 1/15/29		384,000		372,100
144A, 7.25%, 1/15/31		415,000		431,014

(Cost $4,223,259)				4,187,707

Electrical Components & Equipment — 0.7%
WESCO Distribution, Inc. 144A, 7.125%, 6/15/25		800,000		805,468
144A, 7.25%, 6/15/28		710,000		726,221

(Cost $1,533,825)				1,531,689

Electronics — 0.8%
Sensata Technologies BV 144A, 5.00%, 10/1/25		359,000		355,970
144A, 4.00%, 4/15/29		533,000		483,891
144A, 5.875%, 9/1/30		277,000		270,034
Sensata Technologies, Inc. 144A, 4.375%, 2/15/30		231,000		210,687
144A, 3.75%, 2/15/31		375,000		321,022

(Cost $1,800,343)				1,641,604

Engineering & Construction — 0.1%
Fluor Corp., 4.25%, 9/15/28 (Cost $298,855)		318,000		300,931


	Principal Amount		Value
Environmental Control — 1.6%
Clean Harbors, Inc., 144A, 6.375%, 2/1/31	$	257,000	$	255,676
GFL Environmental, Inc. 144A, 4.25%, 6/1/25		257,000		252,708
144A, 3.75%, 8/1/25		395,000		383,880
144A, 5.125%, 12/15/26		257,000		251,644
144A, 4.00%, 8/1/28		385,000		353,333
144A, 3.50%, 9/1/28		382,000		346,692
144A, 4.75%, 6/15/29		385,000		360,817
144A, 4.375%, 8/15/29		312,000		284,503
144A, 6.75%, 1/15/31		530,000		542,779
Madison IAQ LLC, 144A, 4.125%, 6/30/28		360,000		328,301

(Cost $3,438,269)				3,360,333

Miscellaneous Manufacturing — 0.2%
Hillenbrand, Inc. 5.75%, 6/15/25		205,000		203,668
6.25%, 2/15/29		250,000		250,347

(Cost $456,369)				454,015

Packaging & Containers — 2.6%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A, 6.00%, 6/15/27		308,000		302,749
144A, 3.25%, 9/1/28		312,000		270,807
Ball Corp. 6.875%, 3/15/28		385,000		394,687
6.00%, 6/15/29		533,000		536,250
2.875%, 8/15/30		667,000		565,325
3.125%, 9/15/31 (a)		466,000		393,044
Berry Global, Inc., 144A, 5.625%, 7/15/27		257,000		253,657
Crown Americas LLC, 5.25%, 4/1/30		257,000		247,794
Graphic Packaging International LLC 144A, 3.50%, 3/15/28		227,000		207,832
144A, 3.75%, 2/1/30		214,000		190,666
OI European Group BV, 144A, 4.75%, 2/15/30		205,000		188,918
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27		513,000		478,419
Sealed Air Corp. 144A, 5.50%, 9/15/25		205,000		204,805
144A, 4.00%, 12/1/27		218,000		202,992
144A, 6.125%, 2/1/28		398,000		397,108
144A, 5.00%, 4/15/29		198,000		187,747
144A, 7.25%, 2/15/31		236,000		243,937
Silgan Holdings, Inc., 4.125%, 2/1/28		293,000		273,849

(Cost $5,855,094)				5,540,586

Trucking & Leasing — 0.6%
Fortress Transportation and Infrastructure Investors LLC 144A, 6.50%, 10/1/25		334,000		334,487


	Principal Amount		Value
Trucking & Leasing (Continued)
144A, 9.75%, 8/1/27	$	205,000	$	212,685
144A, 5.50%, 5/1/28		513,000		491,896
144A, 7.875%, 12/1/30		257,000		269,684

(Cost $1,282,120)				1,308,752

Technology — 6.0%
Computers — 1.8%
NCR Voyix Corp. 144A, 5.00%, 10/1/28		334,000		310,805
144A, 5.125%, 4/15/29		616,000		571,919
144A, 5.25%, 10/1/30		230,000		208,029
Presidio Holdings, Inc., 144A, 4.875%, 2/1/27		270,000		259,733
Seagate HDD Cayman 4.875%, 6/1/27		259,000		251,069
4.091%, 6/1/29		284,000		259,430
144A, 8.25%, 12/15/29		257,000		275,593
144A, 8.50%, 7/15/31		257,000		278,087
9.625%, 12/1/32		385,600		436,114
Western Digital Corp., 4.75%, 2/15/26		1,211,000		1,184,703

(Cost $4,023,940)				4,035,482

Office/Business Equipment — 0.2%
Xerox Holdings Corp., 144A, 5.00%, 8/15/25 (Cost $380,998)		389,000		382,952

Semiconductors — 0.9%
Entegris, Inc. 144A, 4.375%, 4/15/28		205,000		191,755
144A, 4.75%, 4/15/29		850,000		802,318
144A, 3.625%, 5/1/29		199,000		176,297
144A, 5.95%, 6/15/30		459,000		450,409
ON Semiconductor Corp., 144A, 3.875%, 9/1/28		359,000		328,625

(Cost $1,966,282)				1,949,404

Software — 3.1%
Alteryx, Inc., 144A, 8.75%, 3/15/28		235,000		238,500
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		308,000		308,517
Clarivate Science Holdings Corp., 144A, 3.875%, 7/1/28		483,000		441,407
Fair Isaac Corp. 144A, 5.25%, 5/15/26		205,000		203,011
144A, 4.00%, 6/15/28		462,000		429,628
Open Text Corp. 144A, 3.875%, 2/15/28		462,000		424,996
144A, 3.875%, 12/1/29		436,000		385,750
Open Text Holdings, Inc. 144A, 4.125%, 2/15/30		477,000		421,653
144A, 4.125%, 12/1/31		349,000		299,028
PTC, Inc., 144A, 4.00%, 2/15/28		257,000		240,033
ROBLOX Corp., 144A, 3.875%, 5/1/30		533,000		467,209


	Principal Amount		Value
Software (Continued)
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27	$	1,047,000	$	1,020,558
Twilio, Inc. 3.625%, 3/15/29		257,000		229,046
3.875%, 3/15/31		257,000		223,848
UKG, Inc., 144A, 6.875%, 2/1/31		1,300,000		1,314,449

(Cost $6,890,341)				6,647,633

Utilities — 3.8%
Electric — 3.8%
Calpine Corp. 144A, 5.25%, 6/1/26		216,000		212,991
144A, 4.50%, 2/15/28		642,000		605,355
144A, 3.75%, 3/1/31		482,000		413,659
Clearway Energy Operating LLC 144A, 4.75%, 3/15/28		436,000		408,165
144A, 3.75%, 2/15/31		476,000		401,913
DPL, Inc., 4.125%, 7/1/25		212,000		206,379
FirstEnergy Corp.
Series B, 4.15%, 7/15/27		790,000		751,143
2.65%, 3/1/30		308,000		263,609
Series B, 2.25%, 9/1/30		261,000		215,083
NextEra Energy Operating Partners LP 144A, 3.875%, 10/15/26		297,000		277,666
144A, 4.50%, 9/15/27		282,000		263,408
144A, 7.25%, 1/15/29		390,000		396,759
PG&E Corp., 5.00%, 7/1/28		515,000		491,694
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26		523,000		515,519
144A, 5.625%, 2/15/27		667,000		650,678
144A, 5.00%, 7/31/27		687,000		659,266
144A, 4.375%, 5/1/29		642,000		586,311
144A, 7.75%, 10/15/31		740,000		766,090

(Cost $8,486,125)				8,085,688

TOTAL CORPORATE BONDS
(Cost $214,765,958)				209,061,439


	Number of Shares
SECURITIES LENDING COLLATERAL — 2.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) (Cost $4,254,324)		4,254,324		4,254,324

CASH EQUIVALENTS — 2.4%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) (Cost $5,226,220)		5,226,220		5,226,220


TOTAL INVESTMENTS — 101.5% (Cost $224,246,502)			$	218,541,983
Other assets and liabilities, net — (1.5%)				(3,212,050	)

NET ASSETS — 100.0%			$	215,329,933

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:


	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 99.4%
Xtrackers High Beta High Yield Bond ETF (a)		22,975	$	940,500
Xtrackers USD High Yield Corporate Bond ETF (a)(b)		1,169,869		41,530,350

(Cost $45,195,482)				42,470,850

SECURITIES LENDING COLLATERAL — 1.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) (Cost $420,500)		420,500		420,500

CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 5.28% (c) (Cost $239,157)		239,157		239,157


TOTAL INVESTMENTS — 101.0% (Cost $45,855,139)			$	43,130,507
Other assets and liabilities, net — (1.0%)				(436,414	)

NET ASSETS — 100.0%			$	42,694,093

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:


	Principal Amount		Value
CORPORATE BONDS — 97.4%
Basic Materials — 3.9%
Chemicals — 1.6%
ASP Unifrax Holdings, Inc., 144A, 5.25%, 9/30/28	$	161,000	$	102,318
Avient Corp., 144A, 5.75%, 5/15/25		130,000		129,365
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29		85,000		75,621
Chemours Co. 5.375%, 5/15/27		105,000		96,034
144A, 5.75%, 11/15/28		160,000		140,500
Consolidated Energy Finance SA, 144A, 5.625%, 10/15/28		103,000		83,708
INEOS Finance PLC, 144A, 6.75%, 5/15/28		94,000		92,018
Methanex Corp., 5.125%, 10/15/27		146,000		140,487
NOVA Chemicals Corp. 144A, 5.00%, 5/1/25		112,000		109,510
144A, 5.25%, 6/1/27		205,000		190,193
144A, 8.50%, 11/15/28		100,000		105,711
Olin Corp., 5.125%, 9/15/27		98,000		95,152
SCIH Salt Holdings, Inc., 144A, 4.875%, 5/1/28		236,000		215,944

(Cost $1,587,321)				1,576,561

Forest Products & Paper — 0.1%
Mercer International, Inc., 5.125%, 2/1/29 (Cost $132,110)		153,000		132,024

Iron/Steel — 0.8%
Cleveland-Cliffs, Inc. 144A, 6.75%, 3/15/26		200,000		201,725
5.875%, 6/1/27		130,000		128,766
Mineral Resources Ltd. 144A, 8.125%, 5/1/27		113,000		114,120
144A, 8.00%, 11/1/27		122,000		124,403
144A, 9.25%, 10/1/28		221,000		232,050

(Cost $792,397)				801,064

Mining — 1.4%
First Quantum Minerals Ltd. 144A, 7.50%, 4/1/25		214,000		214,000
144A, 6.875%, 3/1/26 (a)		195,000		195,000
144A, 6.875%, 10/15/27		323,000		307,488
FMG Resources August 2006 Pty Ltd., 144A, 4.50%, 9/15/27		115,000		110,217
Hudbay Minerals, Inc., 144A, 4.50%, 4/1/26		125,000		120,603
Kaiser Aluminum Corp., 144A, 4.625%, 3/1/28		98,000		90,508
Nexa Resources SA 144A, 5.375%, 5/4/27		137,000		132,300
144A, 6.50%, 1/18/28		94,000		94,329
Vedanta Resources Finance II PLC, 144A, 9.25%, 4/23/26		100,000		83,087

(Cost $1,327,539)				1,347,532


	Principal Amount		Value
Communications — 16.8%
Advertising — 0.9%
Clear Channel Outdoor Holdings, Inc. 144A, 5.125%, 8/15/27	$	252,000	$	235,907
144A, 7.75%, 4/15/28		195,000		168,795
144A, 9.00%, 9/15/28 (a)		150,000		156,554
Lamar Media Corp., 3.75%, 2/15/28		115,000		106,765
Outfront Media Capital LLC / Outfront Media Capital Corp. 144A, 5.00%, 8/15/27		124,000		119,386
144A, 4.25%, 1/15/29		100,000		89,908

(Cost $844,983)				877,315

Internet — 2.0%
EquipmentShare.com, Inc., 144A, 9.00%, 5/15/28		200,000		205,195
Gen Digital, Inc. 144A, 5.00%, 4/15/25		226,000		223,957
144A, 6.75%, 9/30/27		176,000		177,064
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 144A, 5.25%, 12/1/27		120,000		116,217
Match Group Holdings II LLC 144A, 5.00%, 12/15/27		88,000		84,009
144A, 4.625%, 6/1/28		88,000		82,811
MercadoLibre, Inc., 2.375%, 1/14/26		75,000		70,688
Newfold Digital Holdings Group, Inc., 144A, 11.75%, 10/15/28		105,000		114,137
Rakuten Group, Inc., 144A, 11.25%, 2/15/27		328,000		349,296
Uber Technologies, Inc. 144A, 8.00%, 11/1/26		274,000		279,039
144A, 7.50%, 9/15/27		234,000		239,570
144A, 6.25%, 1/15/28		98,000		98,215

(Cost $2,009,778)				2,040,198

Media — 8.9%
Altice Financing SA, 144A, 5.00%, 1/15/28		234,000		207,266
AMC Networks, Inc. 4.75%, 8/1/25		151,000		144,145
4.25%, 2/15/29		184,000		119,273
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.50%, 5/1/26		170,000		167,176
144A, 5.125%, 5/1/27		635,000		600,945
144A, 5.00%, 2/1/28		493,000		455,405
CSC Holdings LLC 144A, 5.50%, 4/15/27		256,000		229,939
144A, 5.375%, 2/1/28		181,000		157,952
144A, 7.50%, 4/1/28		216,000		153,792
144A, 11.25%, 5/15/28		195,000		201,388
144A, 11.75%, 1/31/29		420,000		439,298
144A, 6.50%, 2/1/29		293,000		255,704
DISH DBS Corp. 5.875%, 11/15/24 (a)		392,000		370,820
7.75%, 7/1/26		391,000		249,657


	Principal Amount		Value
Media (Continued)
144A, 5.25%, 12/1/26	$	539,000	$	431,537
7.375%, 7/1/28		195,000		95,333
144A, 5.75%, 12/1/28		478,000		331,911
DISH Network Corp., 144A, 11.75%, 11/15/27		684,000		713,962
Gray Television, Inc. 144A, 5.875%, 7/15/26		124,000		117,800
144A, 7.00%, 5/15/27 (a)		150,000		135,734
iHeartCommunications, Inc. 6.375%, 5/1/26 (a)		156,000		132,990
8.375%, 5/1/27		167,000		100,398
144A, 5.25%, 8/15/27		152,000		112,851
144A, 4.75%, 1/15/28		105,000		75,708
McGraw-Hill Education, Inc., 144A, 5.75%, 8/1/28		165,000		153,446
Nexstar Media, Inc. 144A, 5.625%, 7/15/27		335,000		317,834
144A, 4.75%, 11/1/28 (a)		192,000		170,710
Radiate Holdco LLC / Radiate Finance, Inc. 144A, 4.50%, 9/15/26		156,000		123,013
144A, 6.50%, 9/15/28		205,000		98,887
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26		220,000		205,354
144A, 5.00%, 8/1/27		293,000		279,471
144A, 4.00%, 7/15/28		367,000		331,010
TEGNA, Inc. 144A, 4.75%, 3/15/26		102,000		98,664
4.625%, 3/15/28		195,000		175,802
Univision Communications, Inc. 144A, 6.625%, 6/1/27		293,000		284,252
144A, 8.00%, 8/15/28		285,000		286,767
Videotron Ltd. 144A, 5.375%, 6/15/24		121,000		120,696
144A, 5.125%, 4/15/27		125,000		122,592
VTR Finance NV, 144A, 6.375%, 7/15/28		95,000		41,631
Ziggo Bond Co. BV, 144A, 6.00%, 1/15/27		106,000		103,660

(Cost $9,297,881)				8,914,773

Telecommunications — 5.0%
Altice France Holding SA 144A, 10.50%, 5/15/27		317,000		207,410
144A, 6.00%, 2/15/28		212,000		107,249
Altice France SA 144A, 8.125%, 2/1/27		312,000		287,029
144A, 5.50%, 1/15/28		214,000		174,845
144A, 5.125%, 1/15/29		100,000		75,692
C&W Senior Financing DAC, 144A, 6.875%, 9/15/27		218,000		205,695
CommScope Technologies LLC 144A, 6.00%, 6/15/25		263,000		214,603
144A, 5.00%, 3/15/27		138,000		49,538
CommScope, Inc. 144A, 6.00%, 3/1/26 (a)		280,000		252,334
144A, 8.25%, 3/1/27		174,000		76,375
144A, 7.125%, 7/1/28		125,000		50,129


	Principal Amount		Value
Telecommunications (Continued)
Consolidated Communications, Inc. 144A, 5.00%, 10/1/28	$	78,000	$	64,491
144A, 6.50%, 10/1/28		155,000		133,300
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27		225,000		217,643
144A, 5.00%, 5/1/28		302,000		279,806
Hughes Satellite Systems Corp. 5.25%, 8/1/26		154,000		131,725
6.625%, 8/1/26		133,000		87,780
Iliad Holding SASU 144A, 6.50%, 10/15/26		221,000		218,656
144A, 7.00%, 10/15/28		167,000		165,369
Level 3 Financing, Inc. 144A, 3.40%, 3/1/27 (a)		138,000		111,784
144A, 4.625%, 9/15/27		197,000		122,140
144A, 4.25%, 7/1/28		259,000		124,320
144A, 3.625%, 1/15/29		165,000		70,950
Lumen Technologies, Inc. 144A, 5.125%, 12/15/26		85,000		56,859
144A, 4.00%, 2/15/27		222,000		134,539
144A, 4.50%, 1/15/29		60,000		18,957
Millicom International Cellular SA, 144A, 5.125%, 1/15/28		88,200		84,152
Sable International Finance Ltd., 144A, 5.75%, 9/7/27		82,000		78,700
Telecom Italia SpA, 144A, 5.303%, 5/30/24		304,000		303,157
Viasat, Inc. 144A, 5.625%, 9/15/25		66,000		64,121
144A, 5.625%, 4/15/27		89,000		83,641
144A, 6.50%, 7/15/28		90,000		66,771
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28		273,000		255,173
Zayo Group Holdings, Inc. 144A, 4.00%, 3/1/27 (a)		299,000		249,267
144A, 6.125%, 3/1/28		211,000		160,588

(Cost $5,426,437)				4,984,788

Consumer, Cyclical — 20.5%
Airlines — 1.7%
Air Canada, 144A, 3.875%, 8/15/26		253,000		239,902
American Airlines Group, Inc., 144A, 3.75%, 3/1/25		95,000		92,894
American Airlines, Inc., 144A, 7.25%, 2/15/28		140,000		141,293
Delta Air Lines, Inc. 2.90%, 10/28/24		200,000		196,166
7.375%, 1/15/26		170,000		175,495
4.375%, 4/19/28		71,000		68,147
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		232,252		219,476
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 144A, 8.00%, 9/20/25 (a)		121,000		87,620
144A, 8.00%, 9/20/25		100,000		72,413


	Principal Amount		Value
Airlines (Continued)
United Airlines, Inc., 144A, 4.375%, 4/15/26	$	390,000	$	375,782

(Cost $1,755,971)				1,669,188

Apparel — 0.2%
Hanesbrands, Inc., 144A, 4.875%, 5/15/26 (Cost $169,071)		170,000		164,248

Auto Manufacturers — 0.3%
Allison Transmission, Inc., 144A, 4.75%, 10/1/27		81,000		77,745
Aston Martin Capital Holdings Ltd., 144A, 10.50%, 11/30/25		223,000		226,309

(Cost $297,582)				304,054

Auto Parts & Equipment — 2.3%
Adient Global Holdings Ltd. 144A, 4.875%, 8/15/26		155,000		150,390
144A, 7.00%, 4/15/28		104,000		106,139
American Axle & Manufacturing, Inc. 6.50%, 4/1/27		98,000		96,877
6.875%, 7/1/28		75,000		72,541
Clarios Global LP, 144A, 6.75%, 5/15/25		88,000		88,015
Clarios Global LP / Clarios US Finance Co. 144A, 6.25%, 5/15/26		150,000		149,721
144A, 8.50%, 5/15/27		315,000		317,223
144A, 6.75%, 5/15/28		150,000		151,944
Dana, Inc. 5.375%, 11/15/27		86,000		83,103
5.625%, 6/15/28		78,000		75,598
Goodyear Tire & Rubber Co. 9.50%, 5/31/25		156,000		157,706
5.00%, 5/31/26		176,000		171,575
4.875%, 3/15/27		133,000		127,776
Tenneco, Inc., 144A, 8.00%, 11/17/28		371,000		338,432
ZF North America Capital, Inc., 144A, 6.875%, 4/14/28		165,000		168,594

(Cost $2,223,192)				2,255,634

Distribution/Wholesale — 0.4%
American Builders & Contractors Supply Co., Inc., 144A, 4.00%, 1/15/28		130,000		121,571
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		244,000		220,408
Ritchie Bros Holdings, Inc., 144A, 6.75%, 3/15/28		99,000		101,445

(Cost $443,970)				443,424

Entertainment — 3.4%
AMC Entertainment Holdings, Inc., 144A, 7.50%, 2/15/29		178,000		123,226
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25		360,000		360,242
144A, 8.125%, 7/1/27		315,000		323,647


	Principal Amount		Value
Entertainment (Continued)
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25	$	202,000	$	201,492
5.375%, 4/15/27		97,000		96,039
Churchill Downs, Inc. 144A, 5.50%, 4/1/27		122,000		119,915
144A, 4.75%, 1/15/28		135,000		127,813
Cinemark USA, Inc. 144A, 5.875%, 3/15/26		78,000		76,899
144A, 5.25%, 7/15/28		144,000		134,678
International Game Technology PLC 144A, 6.50%, 2/15/25		128,000		128,273
144A, 4.125%, 4/15/26		207,000		199,953
144A, 6.25%, 1/15/27		150,000		150,736
144A, 5.25%, 1/15/29		100,000		96,741
Light & Wonder International, Inc., 144A, 7.00%, 5/15/28		130,000		130,696
Live Nation Entertainment, Inc. 144A, 4.875%, 11/1/24		137,000		135,967
144A, 6.50%, 5/15/27		263,000		265,478
144A, 4.75%, 10/15/27		198,000		189,741
144A, 3.75%, 1/15/28		80,000		73,832
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26		229,000		216,120
Penn Entertainment, Inc., 144A, 5.625%, 1/15/27		68,000		65,068
Six Flags Entertainment Corp., 144A, 5.50%, 4/15/27		86,000		84,241
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		119,000		119,504

(Cost $3,412,844)				3,420,301

Food Service — 0.4%
Aramark Services, Inc. 144A, 5.00%, 4/1/25		126,000		125,303
144A, 5.00%, 2/1/28		220,000		211,058
TKC Holdings, Inc., 144A, 6.875%, 5/15/28		85,000		79,658

(Cost $406,248)				416,019

Home Builders — 0.4%
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 144A, 6.25%, 9/15/27		120,000		116,373
Mattamy Group Corp., 144A, 5.25%, 12/15/27		102,000		98,455
Taylor Morrison Communities, Inc. 144A, 5.875%, 6/15/27		98,000		97,562
144A, 5.75%, 1/15/28		80,000		78,471

(Cost $374,825)				390,861

Housewares — 0.6%
Newell Brands, Inc. 4.875%, 6/1/25		87,000		85,254
5.20%, 4/1/26		388,000		377,175
6.375%, 9/15/27		98,000		95,240

(Cost $578,371)				557,669


	Principal Amount		Value
Leisure Time — 4.5%
Carnival Corp. 144A, 7.625%, 3/1/26	$	260,000	$	263,572
144A, 5.75%, 3/1/27		538,000		531,705
144A, 4.00%, 8/1/28		470,000		433,901
Carnival Holdings Bermuda Ltd., 144A, 10.375%, 5/1/28		400,000		436,649
Life Time, Inc. 144A, 5.75%, 1/15/26		203,000		201,497
144A, 8.00%, 4/15/26		100,000		101,003
NCL Corp. Ltd. 144A, 3.625%, 12/15/24		114,000		112,341
144A, 5.875%, 3/15/26		290,000		283,475
144A, 5.875%, 2/15/27		175,000		173,083
144A, 8.375%, 2/1/28		150,000		157,573
144A, 8.125%, 1/15/29		150,000		157,933
144A, 7.75%, 2/15/29		92,000		94,378
Royal Caribbean Cruises Ltd. 144A, 4.25%, 7/1/26		175,000		168,707
144A, 5.50%, 8/31/26		204,000		201,863
144A, 5.375%, 7/15/27		195,000		191,457
144A, 11.625%, 8/15/27		232,000		251,120
3.70%, 3/15/28		103,000		95,149
144A, 5.50%, 4/1/28		338,000		332,947
144A, 9.25%, 1/15/29		100,000		107,643
Viking Cruises Ltd. 144A, 5.875%, 9/15/27		155,000		151,640
144A, 7.00%, 2/15/29		50,000		50,025

(Cost $4,367,235)				4,497,661

Lodging — 2.3%
Boyd Gaming Corp., 4.75%, 12/1/27		196,000		188,644
Hilton Domestic Operating Co., Inc. 144A, 5.375%, 5/1/25		81,000		80,812
144A, 5.75%, 5/1/28		98,000		97,811
Melco Resorts Finance Ltd. 144A, 4.875%, 6/6/25		190,000		185,902
144A, 5.25%, 4/26/26		85,000		81,669
144A, 5.625%, 7/17/27		117,000		111,012
144A, 5.75%, 7/21/28		156,000		146,627
MGM Resorts International 6.75%, 5/1/25		151,000		151,307
5.75%, 6/15/25		161,000		160,875
4.625%, 9/1/26		78,000		75,687
5.50%, 4/15/27		132,000		129,405
4.75%, 10/15/28 (a)		140,000		131,529
Station Casinos LLC, 144A, 4.50%, 2/15/28		135,000		125,977
Studio City Finance Ltd. 144A, 6.50%, 1/15/28		104,000		98,719
144A, 5.00%, 1/15/29		220,000		192,052
Travel + Leisure Co. 144A, 6.625%, 7/31/26		127,000		128,454
6.00%, 4/1/27		73,000		72,795
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A, 5.25%, 5/15/27 (a)		157,000		153,798

(Cost $2,278,105)				2,313,075


	Principal Amount		Value
Retail — 4.0%
1011778 BC ULC / New Red Finance, Inc. 144A, 5.75%, 4/15/25	$	70,000	$	69,803
144A, 3.875%, 1/15/28		324,000		302,543
144A, 4.375%, 1/15/28		184,000		172,881
144A, 3.50%, 2/15/29		100,000		90,250
Asbury Automotive Group, Inc., 4.50%, 3/1/28		110,000		102,683
Bath & Body Works, Inc., 5.25%, 2/1/28		100,000		97,185
eG Global Finance PLC, 144A, 12.00%, 11/30/28		215,000		227,255
Ferrellgas LP / Ferrellgas Finance Corp., 144A, 5.375%, 4/1/26		113,000		111,956
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 144A, 4.625%, 1/15/29		200,000		181,698
FirstCash, Inc., 144A, 4.625%, 9/1/28		122,000		112,995
LBM Acquisition LLC, 144A, 6.25%, 1/15/29		130,000		117,256
Lithia Motors, Inc., 144A, 4.625%, 12/15/27		75,000		71,525
Michaels Cos., Inc., 144A, 5.25%, 5/1/28		166,000		129,091
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		215,000		211,076
Penske Automotive Group, Inc., 3.50%, 9/1/25		100,000		97,110
PetSmart, Inc. / PetSmart Finance Corp. 144A, 4.75%, 2/15/28		228,000		213,988
144A, 7.75%, 2/15/29		193,000		190,872
QVC, Inc. 4.85%, 4/1/24		60,000		59,904
4.45%, 2/15/25		114,000		110,788
4.75%, 2/15/27 (a)		118,000		106,467
4.375%, 9/1/28		106,000		87,057
SRS Distribution, Inc., 144A, 4.625%, 7/1/28		133,000		124,201
Staples, Inc. 144A, 7.50%, 4/15/26		360,000		346,469
144A, 10.75%, 4/15/27		193,000		176,825
Walgreens Boots Alliance, Inc. 3.80%, 11/18/24		240,000		236,649
3.45%, 6/1/26		290,000		276,713

(Cost $3,960,016)				4,025,240

Consumer, Non-cyclical — 16.1%
Agriculture — 0.3%
Darling Ingredients, Inc., 144A, 5.25%, 4/15/27		90,000		88,373
Vector Group Ltd. 144A, 10.50%, 11/1/26		94,000		94,671
144A, 5.75%, 2/1/29		151,000		138,494

(Cost $320,243)				321,538


	Principal Amount		Value
Commercial Services — 4.4%
Albion Financing 1 SARL / Aggreko Holdings, Inc., 144A, 6.125%, 10/15/26	$	59,000	$	58,407
Albion Financing 2 SARL, 144A, 8.75%, 4/15/27		137,000		137,673
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A, 6.625%, 7/15/26		268,000		267,407
144A, 9.75%, 7/15/27		210,000		209,498
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		226,000		201,222
APX Group, Inc., 144A, 6.75%, 2/15/27		98,000		98,226
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A, 5.75%, 7/15/27		39,000		37,200
144A, 4.75%, 4/1/28 (a)		94,000		85,267
Block, Inc., 2.75%, 6/1/26		229,000		213,871
Brink’s Co. 144A, 5.50%, 7/15/25		75,000		74,653
144A, 4.625%, 10/15/27		116,000		109,736
Garda World Security Corp. 144A, 4.625%, 2/15/27		96,000		91,794
144A, 9.50%, 11/1/27		133,000		133,632
144A, 7.75%, 2/15/28		88,000		89,456
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		239,000		234,186
Hertz Corp., 144A, 4.625%, 12/1/26		99,000		87,739
MPH Acquisition Holdings LLC 144A, 5.50%, 9/1/28		203,000		177,343
144A, 5.75%, 11/1/28 (a)		191,000		152,574
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.75%, 4/15/26		263,000		261,233
144A, 3.375%, 8/31/27		194,000		177,812
144A, 6.25%, 1/15/28 (a)		261,000		257,710
Sabre GLBL, Inc. 144A, 8.625%, 6/1/27		167,000		147,203
144A, 11.25%, 12/15/27		107,000		100,647
Service Corp. International, 4.625%, 12/15/27		113,000		108,507
Sotheby’s, 144A, 7.375%, 10/15/27		145,000		139,467
United Rentals North America, Inc. 5.50%, 5/15/27		72,000		71,597
3.875%, 11/15/27		146,000		137,632
4.875%, 1/15/28		326,000		315,017
Williams Scotsman, Inc. 144A, 6.125%, 6/15/25		110,000		109,900
144A, 4.625%, 8/15/28		106,000		99,646

(Cost $4,356,185)				4,386,255

Cosmetics/Personal Care — 0.3%
Coty, Inc., 144A, 5.00%, 4/15/26		129,000		126,542


	Principal Amount		Value
Cosmetics/Personal Care (Continued)
Edgewell Personal Care Co., 144A, 5.50%, 6/1/28	$	152,000	$	148,533

(Cost $273,905)				275,075

Food — 1.9%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.25%, 3/15/26		201,000		191,167
144A, 7.50%, 3/15/26		110,000		112,065
144A, 4.625%, 1/15/27		271,000		261,533
144A, 5.875%, 2/15/28		130,000		128,210
144A, 6.50%, 2/15/28		146,000		147,014
B&G Foods, Inc. 5.25%, 9/15/27		107,000		99,610
144A, 8.00%, 9/15/28		105,000		109,442
Lamb Weston Holdings, Inc., 144A, 4.875%, 5/15/28		107,000		103,733
Performance Food Group, Inc., 144A, 5.50%, 10/15/27		207,000		202,955
Post Holdings, Inc. 144A, 5.75%, 3/1/27		90,000		90,862
144A, 5.625%, 1/15/28		184,000		180,799
Sigma Holdco BV, 144A, 7.875%, 5/15/26		91,000		87,030
US Foods, Inc. 144A, 6.875%, 9/15/28		105,000		106,969
144A, 4.75%, 2/15/29		130,000		122,164

(Cost $1,929,502)				1,943,553

Healthcare-Products — 1.0%
Avantor Funding, Inc., 144A, 4.625%, 7/15/28		359,000		339,287
Bausch + Lomb Escrow Corp., 144A, 8.375%, 10/1/28		274,000		286,672
Hologic, Inc. 144A, 4.625%, 2/1/28		85,000		81,527
144A, 3.25%, 2/15/29		126,000		112,467
Teleflex, Inc. 4.625%, 11/15/27		100,000		95,594
144A, 4.25%, 6/1/28		98,000		91,596

(Cost $991,040)				1,007,143

Healthcare-Services — 4.3%
Catalent Pharma Solutions, Inc., 144A, 5.00%, 7/15/27		107,000		105,451
Charles River Laboratories International, Inc., 144A, 4.25%, 5/1/28		91,000		85,450
CHS/Community Health Systems, Inc. 144A, 8.00%, 3/15/26		226,000		223,960
144A, 5.625%, 3/15/27		371,000		339,875
144A, 8.00%, 12/15/27		130,000		124,484
144A, 6.875%, 4/1/28		141,000		91,199
144A, 6.00%, 1/15/29		128,000		110,213
Encompass Health Corp., 4.50%, 2/1/28		147,000		139,235
IQVIA, Inc. 144A, 5.00%, 10/15/26		195,000		190,826
144A, 5.00%, 5/15/27		237,000		231,017


	Principal Amount		Value
Healthcare-Services (Continued)
Legacy LifePoint Health LLC, 144A, 4.375%, 2/15/27	$	114,000	$	105,877
LifePoint Health, Inc., 144A, 5.375%, 1/15/29		95,000		75,859
ModivCare, Inc., 144A, 5.875%, 11/15/25 (a)		89,000		86,971
Molina Healthcare, Inc., 144A, 4.375%, 6/15/28		161,000		150,132
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		254,000		254,189
Select Medical Corp., 144A, 6.25%, 8/15/26		267,000		266,571
Team Health Holdings, Inc., 144A, 6.375%, 2/1/25		145,000		133,458
Tenet Healthcare Corp. 4.875%, 1/1/26		408,000		407,833
6.25%, 2/1/27		293,000		292,548
5.125%, 11/1/27		300,000		294,029
4.625%, 6/15/28		106,000		100,997
6.125%, 10/1/28 (a)		488,000		482,883

(Cost $4,262,836)				4,293,057

Pharmaceuticals — 3.9%
Bausch Health Americas, Inc. 144A, 9.25%, 4/1/26		176,000		165,660
144A, 8.50%, 1/31/27 (a)		125,000		71,274
Bausch Health Cos., Inc. 144A, 5.50%, 11/1/25		328,000		305,550
144A, 9.00%, 12/15/25		165,000		157,134
144A, 6.125%, 2/1/27		195,000		125,044
144A, 5.75%, 8/15/27		99,000		59,779
144A, 5.00%, 1/30/28		77,000		35,227
144A, 4.875%, 6/1/28		325,000		185,555
144A, 11.00%, 9/30/28		350,000		236,250
144A, 6.25%, 2/15/29		197,000		90,388
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		108,000		101,664
Grifols SA, 144A, 4.75%, 10/15/28 (a)		125,000		104,238
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25		120,000		116,529
Jazz Securities DAC, 144A, 4.375%, 1/15/29		293,000		270,219
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A, 4.125%, 4/30/28		410,000		375,599
Perrigo Finance Unlimited Co. 3.90%, 12/15/24		80,000		78,698
4.375%, 3/15/26		165,000		159,418
Prestige Brands, Inc., 144A, 5.125%, 1/15/28		72,000		69,660
Teva Pharmaceutical Finance Netherlands III BV 6.00%, 4/15/24		190,000		189,911
7.125%, 1/31/25		71,000		71,423


	Principal Amount		Value
Pharmaceuticals (Continued)
3.15%, 10/1/26	$	690,000	$	639,903
6.75%, 3/1/28		242,000		245,093

(Cost $3,971,137)				3,854,216

Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Benteler International AG, 144A, 10.50%, 5/15/28 (Cost $93,487)		92,000		98,885

Energy — 10.8%
Energy-Alternate Sources — 0.1%
Sunnova Energy Corp., 144A, 11.75%, 10/1/28 (a)
(Cost $73,240)		85,000		71,617

Oil & Gas — 5.1%
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 144A, 7.00%, 11/1/26		152,000		152,016
144A, 8.25%, 12/31/28		110,000		111,781
Baytex Energy Corp., 144A, 8.75%, 4/1/27		70,000		72,671
Callon Petroleum Co., 144A, 8.00%, 8/1/28		121,000		126,465
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		78,000		78,650
Chesapeake Energy Corp., 144A, 5.50%, 2/1/26		104,000		103,181
Civitas Resources, Inc. 144A, 5.00%, 10/15/26		71,000		68,856
144A, 8.375%, 7/1/28		273,000		286,015
CNX Resources Corp., 144A, 6.00%, 1/15/29		90,000		86,581
Crescent Energy Finance LLC 144A, 7.25%, 5/1/26		145,000		144,594
144A, 9.25%, 2/15/28		203,000		212,636
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25		167,000		166,327
CVR Energy, Inc. 144A, 5.75%, 2/15/28		75,000		69,678
144A, 8.50%, 1/15/29		100,000		100,705
Energean PLC, 144A, 6.50%, 4/30/27		98,000		89,616
Kosmos Energy Ltd. 144A, 7.125%, 4/4/26		200,000		193,694
144A, 7.75%, 5/1/27		111,000		105,614
144A, 7.50%, 3/1/28		30,000		27,914
Leviathan Bond Ltd. 144A, REGS, 6.125%, 6/30/25		142,000		139,330
144A, REGS, 6.50%, 6/30/27		123,000		118,062
Matador Resources Co. 5.875%, 9/15/26		167,000		165,483
144A, 6.875%, 4/15/28		138,000		140,265
Murphy Oil Corp., 5.875%, 12/1/27		73,000		72,550


	Principal Amount		Value
Oil & Gas (Continued)
Northern Oil & Gas, Inc., 144A, 8.125%, 3/1/28	$	124,000	$	125,670
Parkland Corp., 144A, 5.875%, 7/15/27		98,000		96,268
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28		161,000		156,720
Permian Resources Operating LLC, 144A, 8.00%, 4/15/27		96,000		99,089
Puma International Financing SA, 144A, 5.00%, 1/24/26		200,000		189,473
Range Resources Corp., 4.875%, 5/15/25		111,000		109,553
Sitio Royalties Operating Partnership LP / Sitio Finance Corp., 144A, 7.875%, 11/1/28		120,000		122,768
SM Energy Co. 6.75%, 9/15/26		75,000		74,645
6.625%, 1/15/27		97,000		96,691
6.50%, 7/15/28		69,000		69,142
Southwestern Energy Co., 5.375%, 2/1/29		200,000		193,448
Sunoco LP / Sunoco Finance Corp. 6.00%, 4/15/27		100,000		99,723
144A, 7.00%, 9/15/28		118,000		120,977
Talos Production, Inc., 144A, 9.00%, 2/1/29		95,000		97,171
Transocean, Inc. 144A, 7.50%, 1/15/26		95,000		93,992
144A, 11.50%, 1/30/27		135,000		140,502
144A, 8.00%, 2/1/27		120,000		117,240
Tullow Oil PLC, 144A, 7.00%, 3/1/25		103,000		96,815
Vital Energy, Inc., 10.125%, 1/15/28		151,000		158,158

(Cost $5,000,272)				5,090,729

Oil & Gas Services — 0.6%
Archrock Partners LP / Archrock Partners Finance Corp. 144A, 6.875%, 4/1/27		85,000		84,651
144A, 6.25%, 4/1/28		156,000		152,237
CGG SA, 144A, 8.75%, 4/1/27		103,000		91,996
USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 4/1/26		142,000		141,906
6.875%, 9/1/27		142,000		141,400

(Cost $613,432)				612,190

Pipelines — 5.0%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 7.875%, 5/15/26		121,000		123,672
144A, 5.75%, 3/1/27		144,000		140,999
144A, 5.75%, 1/15/28		120,000		117,747
Buckeye Partners LP 144A, 4.125%, 3/1/25		85,000		83,194
3.95%, 12/1/26		122,000		115,485


	Principal Amount		Value
Pipelines (Continued)
4.125%, 12/1/27	$	110,000	$	102,476
144A, 4.50%, 3/1/28		106,000		98,643
EnLink Midstream LLC, 144A, 5.625%, 1/15/28		107,000		105,525
EnLink Midstream Partners LP 4.15%, 6/1/25		80,000		78,059
4.85%, 7/15/26		91,000		88,807
EQM Midstream Partners LP 144A, 6.00%, 7/1/25		108,000		107,937
4.125%, 12/1/26		102,000		97,867
144A, 7.50%, 6/1/27		119,000		121,837
144A, 6.50%, 7/1/27		204,000		206,200
5.50%, 7/15/28		165,000		161,980
144A, 4.50%, 1/15/29		136,000		127,603
Genesis Energy LP / Genesis Energy Finance Corp. 8.00%, 1/15/27		196,000		197,545
7.75%, 2/1/28		133,000		133,119
8.25%, 1/15/29		117,000		119,046
Hess Midstream Operations LP 144A, 5.625%, 2/15/26		162,000		159,858
144A, 5.125%, 6/15/28		97,000		93,277
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		242,000		240,975
144A, 6.50%, 9/30/26		301,000		290,951
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 8.125%, 2/15/29		158,000		159,624
NuStar Logistics LP 5.75%, 10/1/25		110,000		109,091
6.00%, 6/1/26		106,000		104,876
5.625%, 4/28/27		107,000		105,997
Rockies Express Pipeline LLC, 144A, 3.60%, 5/15/25		78,000		75,690
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 6.00%, 3/1/27		79,000		78,039
144A, 5.50%, 1/15/28		152,000		144,576
144A, 7.375%, 2/15/29		120,000		119,824
Venture Global LNG, Inc. 144A, 8.125%, 6/1/28		439,000		446,336
144A, 9.50%, 2/1/29		560,000		597,430

(Cost $5,044,270)				5,054,285

Financial — 13.0%
Banks — 0.4%
Freedom Mortgage Corp. 144A, 7.625%, 5/1/26		98,000		97,348
144A, 6.625%, 1/15/27		99,000		94,460
144A, 12.00%, 10/1/28		156,000		169,211

(Cost $346,188)				361,019

Diversified Financial Services — 4.7%
AG Issuer LLC, 144A, 6.25%, 3/1/28		95,000		92,012
AG TTMT Escrow Issuer LLC, 144A, 8.625%, 9/30/27		100,000		103,032


	Principal Amount		Value
Diversified Financial Services (Continued)
Coinbase Global, Inc., 144A, 3.375%, 10/1/28	$	206,000	$	174,262
Credit Acceptance Corp., 144A, 9.25%, 12/15/28		110,000		116,501
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28 *		140,000		38,325
Enova International, Inc., 144A, 11.25%, 12/15/28		80,000		83,853
goeasy Ltd., 144A, 9.25%, 12/1/28		63,000		66,906
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28		189,000		170,235
LD Holdings Group LLC 144A, 6.50%, 11/1/25		98,000		90,798
144A, 6.125%, 4/1/28		121,000		98,907
Macquarie Airfinance Holdings Ltd., 144A, 8.375%, 5/1/28		98,000		102,733
Nationstar Mortgage Holdings, Inc. 144A, 5.00%, 2/1/26		98,000		95,321
144A, 6.00%, 1/15/27		104,000		102,345
144A, 5.50%, 8/15/28		183,000		173,002
Navient Corp. 5.875%, 10/25/24		110,000		109,817
6.75%, 6/25/25		92,000		92,626
6.75%, 6/15/26		91,000		91,457
5.00%, 3/15/27		137,000		130,043
4.875%, 3/15/28		98,000		89,580
NFP Corp. 144A, 4.875%, 8/15/28		99,000		98,844
144A, 6.875%, 8/15/28		410,000		416,740
OneMain Finance Corp. 6.875%, 3/15/25		286,000		289,092
7.125%, 3/15/26		313,000		318,326
3.50%, 1/15/27		145,000		133,653
6.625%, 1/15/28		154,000		153,253
3.875%, 9/15/28		110,000		96,239
9.00%, 1/15/29		150,000		157,683
Osaic Holdings, Inc., 144A, 10.75%, 8/1/27		81,000		84,209
PennyMac Financial Services, Inc. 144A, 5.375%, 10/15/25		149,000		146,774
144A, 4.25%, 2/15/29		87,000		78,538
PRA Group, Inc., 144A, 8.375%, 2/1/28		78,000		76,294
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 144A, 2.875%, 10/15/26		210,000		193,436
SLM Corp. 4.20%, 10/29/25		84,000		81,535
3.125%, 11/2/26		102,000		93,812
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		176,000		173,154
144A, 5.75%, 6/15/27		105,000		101,969

(Cost $4,632,226)				4,715,306


	Principal Amount		Value
Insurance — 1.1%
Acrisure LLC / Acrisure Finance, Inc. 144A, 10.125%, 8/1/26	$	89,000	$	92,619
144A, 4.25%, 2/15/29		135,000		119,885
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 144A, 4.25%, 10/15/27		146,000		134,923
144A, 6.75%, 10/15/27		248,000		241,163
144A, 6.75%, 4/15/28		264,000		262,431
AmWINS Group, Inc., 144A, 6.375%, 2/15/29		146,000		146,186
AssuredPartners, Inc., 144A, 5.625%, 1/15/29		110,000		101,301

(Cost $1,094,337)				1,098,508

Investment Companies — 0.1%
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 144A, 9.75%, 1/15/29 (Cost $154,190)		150,000		156,938

Real Estate — 0.5%
Cushman & Wakefield US Borrower LLC, 144A, 6.75%, 5/15/28		130,000		128,173
Howard Hughes Corp. 144A, 5.375%, 8/1/28		167,000		157,735
144A, 4.125%, 2/1/29		117,000		104,015
Realogy Group LLC / Realogy Co.-Issuer Corp., 144A, 5.75%, 1/15/29		110,000		81,950

(Cost $463,682)				471,873

Real Estate Investment Trusts — 4.8%
Brandywine Operating Partnership LP, 3.95%, 11/15/27		87,000		76,575
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 144A, 5.75%, 5/15/26		187,000		180,535
144A, 4.50%, 4/1/27		142,000		124,997
Diversified Healthcare Trust 9.75%, 6/15/25		98,000		97,663
4.75%, 2/15/28		95,000		75,714
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 144A, 3.75%, 12/15/27		95,000		80,328
Hudson Pacific Properties LP, 3.95%, 11/1/27		80,000		69,175
Iron Mountain, Inc. 144A, 4.875%, 9/15/27		189,000		181,472
144A, 5.25%, 3/15/28		161,000		155,342
144A, 5.00%, 7/15/28		98,000		92,870
144A, 7.00%, 2/15/29		122,000		123,960
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A, 4.25%, 2/1/27		117,000		107,799
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/1/26 (a)		99,000		88,281
5.00%, 10/15/27 (a)		273,000		223,708


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Necessity Retail REIT Inc/The / American Finance Operating Partner LP, 144A, 4.50%, 9/30/28	$	106,000	$	89,386
Office Properties Income Trust, 4.50%, 2/1/25		127,000		103,036
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A, 7.50%, 6/1/25		132,000		132,529
144A, 5.875%, 10/1/28		149,000		144,964
RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27		137,000		130,958
144A, 7.25%, 7/15/28		68,000		69,705
144A, 4.50%, 2/15/29		75,000		69,780
RLJ Lodging Trust LP, 144A, 3.75%, 7/1/26		92,000		86,816
SBA Communications Corp. 3.875%, 2/15/27		292,000		275,804
3.125%, 2/1/29		258,000		228,507
Service Properties Trust 7.50%, 9/15/25		136,000		137,881
4.75%, 10/1/26		93,000		86,130
4.95%, 2/15/27		80,000		73,539
5.50%, 12/15/27		88,000		82,946
3.95%, 1/15/28		80,000		67,744
Starwood Property Trust, Inc. 144A, 3.75%, 12/31/24		97,000		95,149
4.75%, 3/15/25		100,000		98,766
144A, 3.625%, 7/15/26		77,000		71,895
144A, 4.375%, 1/15/27		92,000		86,368
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A, 10.50%, 2/15/28		508,000		526,355
144A, 4.75%, 4/15/28		134,000		116,585
144A, 6.50%, 2/15/29		195,000		150,337
Vornado Realty LP 3.50%, 1/15/25		88,000		85,504
2.15%, 6/1/26		78,000		70,033

(Cost $4,760,291)				4,759,136

Venture Capital — 1.4%
HAT Holdings I LLC / HAT Holdings II LLC 144A, 6.00%, 4/15/25		71,000		70,342
144A, 3.375%, 6/15/26 (a)		253,000		236,921
144A, 8.00%, 6/15/27		110,000		114,352
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 4.75%, 9/15/24		211,000		209,866
6.375%, 12/15/25		146,000		144,834
6.25%, 5/15/26		258,000		251,647
5.25%, 5/15/27		262,000		241,009
4.375%, 2/1/29		132,000		111,539

(Cost $1,406,339)				1,380,510


	Principal Amount		Value
Industrial — 9.7%
Aerospace/Defense — 2.9%
Bombardier, Inc. 144A, 7.125%, 6/15/26	$	198,000	$	199,793
144A, 7.875%, 4/15/27		312,000		312,593
144A, 6.00%, 2/15/28		146,000		141,877
144A, 7.50%, 2/1/29		104,000		105,572
Rolls-Royce PLC 144A, 3.625%, 10/14/25		249,000		240,688
144A, 5.75%, 10/15/27		181,000		180,290
Spirit AeroSystems, Inc., 4.60%, 6/15/28		134,000		117,774
TransDigm, Inc. 7.50%, 3/15/27		80,000		79,992
5.50%, 11/15/27		555,000		536,454
144A, 6.75%, 8/15/28		375,000		379,952
4.625%, 1/15/29		234,000		214,784
Triumph Group, Inc. 7.75%, 8/15/25		85,000		84,875
144A, 9.00%, 3/15/28		259,000		271,065

(Cost $2,821,344)				2,865,709

Building Materials — 0.8%
InterCement Financial Operations BV, 144A, 5.75%, 7/17/24		158,000		137,062
Smyrna Ready Mix Concrete LLC, 144A, 6.00%, 11/1/28		215,000		208,769
Standard Industries, Inc. 144A, 5.00%, 2/15/27		150,000		144,595
144A, 4.75%, 1/15/28		220,000		207,819
Summit Materials LLC / Summit Materials Finance Corp., 144A, 5.25%, 1/15/29		140,000		135,662

(Cost $838,635)				833,907

Electrical Components & Equipment — 0.7%
Energizer Holdings, Inc., 144A, 4.75%, 6/15/28		123,000		112,592
WESCO Distribution, Inc. 144A, 7.125%, 6/15/25		264,000		265,804
144A, 7.25%, 6/15/28		333,000		340,608

(Cost $715,306)				719,004

Electronics — 0.2%
Sensata Technologies BV, 144A, 5.00%, 10/1/25
(Cost $141,383)		143,000		141,793

Engineering & Construction — 0.3%
Fluor Corp., 4.25%, 9/15/28		110,000		104,096
IHS Holding Ltd. 144A, 5.625%, 11/29/26		87,000		76,463
144A, 6.25%, 11/29/28		100,000		81,859

(Cost $259,418)				262,418


	Principal Amount		Value
Environmental Control — 0.7%
GFL Environmental, Inc. 144A, 4.25%, 6/1/25	$	114,000	$	112,096
144A, 3.75%, 8/1/25		150,000		145,777
144A, 5.125%, 12/15/26		98,000		95,958
144A, 4.00%, 8/1/28		143,000		131,238
144A, 3.50%, 9/1/28		135,000		122,522
Madison IAQ LLC, 144A, 4.125%, 6/30/28		133,000		121,289

(Cost $727,590)				728,880

Machinery-Diversified — 0.5%
Maxim Crane Works Holdings Capital LLC, 144A, 11.50%, 9/1/28		98,000		102,001
TK Elevator Holdco GmbH, 144A, 7.625%, 7/15/28		70,000		68,546
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27		305,000		293,410

(Cost $460,321)				463,957

Miscellaneous Manufacturing — 0.2%
Hillenbrand, Inc. 5.75%, 6/15/25		94,000		93,389
6.25%, 2/15/29		69,000		69,096
Trinity Industries, Inc., 144A, 7.75%, 7/15/28		70,000		72,175

(Cost $234,699)				234,660

Packaging & Containers — 2.9%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A, 6.00%, 6/15/27		100,000		98,295
144A, 3.25%, 9/1/28		111,000		96,345
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 4/30/25		137,000		135,676
144A, 4.125%, 8/15/26		203,000		187,525
144A, 5.25%, 8/15/27		206,000		149,648
144A, 5.25%, 8/15/27		156,000		113,326
Ball Corp., 6.875%, 3/15/28		159,000		163,001
Berry Global, Inc., 144A, 5.625%, 7/15/27		130,000		128,309
Graphic Packaging International LLC, 144A, 3.50%, 3/15/28		87,000		79,654
LABL, Inc. 144A, 6.75%, 7/15/26		137,000		132,981
144A, 10.50%, 7/15/27		120,000		116,640
144A, 5.875%, 11/1/28		109,000		97,838
Mauser Packaging Solutions Holding Co. 144A, 7.875%, 8/15/26		460,000		466,413
144A, 9.25%, 4/15/27		268,000		260,928
Owens-Brockway Glass Container, Inc., 144A, 6.625%, 5/13/27		120,000		119,826
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27		183,000		170,664
Sealed Air Corp. 144A, 5.50%, 9/15/25		60,000		59,943


	Principal Amount		Value
Packaging & Containers (Continued)
144A, 4.00%, 12/1/27	$	100,000	$	93,115
144A, 6.125%, 2/1/28		149,000		148,666
Silgan Holdings, Inc., 4.125%, 2/1/28		115,000		107,483

(Cost $2,930,706)				2,926,276

Transportation — 0.1%
Cargo Aircraft Management, Inc., 144A, 4.75%, 2/1/28 (Cost $106,640)		117,000		103,623

Trucking & Leasing — 0.4%
Fortress Transportation and Infrastructure Investors LLC 144A, 6.50%, 10/1/25		166,000		166,242
144A, 9.75%, 8/1/27		65,000		67,437
144A, 5.50%, 5/1/28		195,000		186,978

(Cost $411,595)				420,657

Technology — 3.1%
Computers — 1.1%
CA Magnum Holdings, 144A, , SR SECURED, 10/31/26		150,000		144,553
NCR Voyix Corp., 144A, 5.00%, 10/1/28		135,000		125,625
Presidio Holdings, Inc. 144A, 4.875%, 2/1/27		86,000		82,730
144A, 8.25%, 2/1/28		107,000		105,593
Seagate HDD Cayman 4.75%, 1/1/25		101,000		99,648
4.875%, 6/1/27		114,000		110,509
Western Digital Corp., 4.75%, 2/15/26		449,000		439,250

(Cost $1,097,162)				1,107,908

Office/Business Equipment — 0.3%
Xerox Holdings Corp. 144A, 5.00%, 8/15/25		180,000		177,201
144A, 5.50%, 8/15/28		139,000		125,867

(Cost $299,505)				303,068

Semiconductors — 0.2%
Entegris, Inc., 144A, 4.375%, 4/15/28		70,000		65,477
ON Semiconductor Corp., 144A, 3.875%, 9/1/28		136,000		124,493

(Cost $186,488)				189,970

Software — 1.5%
Alteryx, Inc., 144A, 8.75%, 3/15/28		92,000		93,370
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		120,000		120,202
Clarivate Science Holdings Corp., 144A, 3.875%, 7/1/28		180,000		164,500
Fair Isaac Corp. 144A, 5.25%, 5/15/26		68,000		67,340
144A, 4.00%, 6/15/28		174,000		161,808


	Principal Amount		Value
Software (Continued)
MicroStrategy, Inc., 144A, 6.125%, 6/15/28 (a)	$	98,000	$	94,602
Open Text Corp., 144A, 3.875%, 2/15/28		164,000		150,864
PTC, Inc. 144A, 3.625%, 2/15/25		112,000		109,424
144A, 4.00%, 2/15/28		98,000		91,530
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		441,000		429,862

(Cost $1,462,917)				1,483,502

Utilities — 3.4%
Electric — 2.9%
Calpine Corp. 144A, 5.25%, 6/1/26		73,000		71,983
144A, 4.50%, 2/15/28		244,000		230,073
144A, 5.125%, 3/15/28		280,000		266,537
144A, 4.625%, 2/1/29		80,000		73,709
Clearway Energy Operating LLC, 144A, 4.75%, 3/15/28		160,000		149,785
DPL, Inc., 4.125%, 7/1/25		126,000		122,659
Drax Finco PLC, 144A, 6.625%, 11/1/25		92,000		90,930
FirstEnergy Corp., Series B, 4.15%, 7/15/27		302,000		287,146
NextEra Energy Operating Partners LP 144A, 4.25%, 7/15/24		150,000		148,234
144A, 3.875%, 10/15/26		90,000		84,141
144A, 4.50%, 9/15/27		102,000		95,275
144A, 7.25%, 1/15/29		161,000		163,790
NRG Energy, Inc. 5.75%, 1/15/28		160,000		157,768
144A, 3.375%, 2/15/29		60,000		52,425
PG&E Corp., 5.00%, 7/1/28		204,000		194,768


	Principal Amount		Value
Electric (Continued)
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26	$	226,000	$	222,767
144A, 5.625%, 2/15/27		225,000		219,494
144A, 5.00%, 7/31/27		254,000		243,746

(Cost $2,879,129)				2,875,230

Gas — 0.5%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.50%, 5/20/25		160,000		157,208
5.875%, 8/20/26		150,000		145,497
5.75%, 5/20/27		103,000		97,474
144A, 9.375%, 6/1/28		88,000		89,389

(Cost $500,574)				489,568

TOTAL CORPORATE BONDS (Cost $97,546,090)				97,233,592


	Number of Shares
SECURITIES LENDING COLLATERAL — 3.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c) (Cost $3,673,787)		3,673,787		3,673,787

CASH EQUIVALENTS — 2.9%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) (Cost $2,886,494)		2,886,494		2,886,494


TOTAL INVESTMENTS —104.0% (Cost $104,106,371)			$	103,793,873
Other assets and liabilities, net — (4.0%)				(3,976,670	)

NET ASSETS — 100.0%			$	99,817,203

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:


	Principal Amount		Value
CORPORATE BONDS — 96.9%
Basic Materials — 5.3%
Chemicals — 2.7%
Ashland, Inc. 144A, 3.375%, 9/1/31	$	288,000	$	241,283
6.875%, 5/15/43		172,000		177,592
Avient Corp. 144A, 5.75%, 5/15/25		420,000		417,544
144A, 7.125%, 8/1/30		483,000		493,583
Axalta Coating Systems Dutch Holding B BV, 144A, 7.25%, 2/15/31		306,000		317,460
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29		439,000		390,135
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, 144A, 4.75%, 6/15/27		406,000		391,975
Cerdia Finanz GmbH, 144A, 10.50%, 2/15/27		326,000		335,357
Chemours Co. 5.375%, 5/15/27		303,000		276,787
144A, 5.75%, 11/15/28		549,000		481,499
144A, 4.625%, 11/15/29		380,000		312,465
Consolidated Energy Finance SA 144A, 5.625%, 10/15/28		329,000		266,901
144A, 12.00%, 2/15/31		379,000		387,368
CVR Partners LP / CVR Nitrogen Finance Corp., 144A, 6.125%, 6/15/28		337,000		318,660
Element Solutions, Inc., 144A, 3.875%, 9/1/28		490,000		444,100
HB Fuller Co. 4.00%, 2/15/27		184,000		174,939
4.25%, 10/15/28		184,000		170,418
Herens Holdco SARL, 144A, 4.75%, 5/15/28		214,000		186,899
INEOS Finance PLC 144A, 6.75%, 5/15/28		260,000		254,254
144A, 7.50%, 4/15/29		455,000		451,633
INEOS Quattro Finance 2 PLC, 144A, 9.625%, 3/15/29		245,000		257,727
Ingevity Corp., 144A, 3.875%, 11/1/28		337,000		297,402
Mativ Holdings, Inc., 144A, 6.875%, 10/1/26		214,000		207,312
Methanex Corp. 5.125%, 10/15/27		429,000		412,295
5.25%, 12/15/29		429,000		407,903
5.65%, 12/1/44		212,000		179,678
Minerals Technologies, Inc., 144A, 5.00%, 7/1/28		245,000		232,444
NOVA Chemicals Corp. 144A, 5.00%, 5/1/25		306,000		298,829
144A, 5.25%, 6/1/27		699,000		647,423
144A, 8.50%, 11/15/28		245,000		258,685
144A, 4.25%, 5/15/29		352,000		291,154
144A, 9.00%, 2/15/30		400,000		401,279
Nufarm Australia Ltd. / Nufarm Americas, Inc., 144A, 5.00%, 1/27/30		214,000		196,253


	Principal Amount		Value
Chemicals (Continued)
Olin Corp. 5.125%, 9/15/27	$	306,000	$	296,759
5.625%, 8/1/29		430,000		420,699
5.00%, 2/1/30		316,000		295,343
Olympus Water US Holding Corp. 144A, 7.125%, 10/1/27		197,000		196,032
144A, 4.25%, 10/1/28		499,000		446,854
144A, 9.75%, 11/15/28		1,132,000		1,202,803
Rain Carbon, Inc., 144A, 12.25%, 9/1/29		276,000		276,036
SCIH Salt Holdings, Inc., 144A, 4.875%, 5/1/28		724,000		661,555
SCIL IV LLC / SCIL USA Holdings LLC, 144A, 5.375%, 11/1/26		465,000		450,543
SK Invictus Intermediate II SARL, 144A, 5.00%, 10/30/29		413,000		350,636
SNF Group SACA 144A, 3.125%, 3/15/27		214,000		198,463
144A, 3.375%, 3/15/30		214,000		184,589
TPC Group, Inc., 144A, 13.00%, 12/16/27		214,000		218,119
Tronox, Inc., 144A, 4.625%, 3/15/29		715,000		632,869
WR Grace Holdings LLC 144A, 4.875%, 6/15/27		455,000		432,241
144A, 7.375%, 3/1/31		214,000		216,983

(Cost $16,879,735)				17,059,760

Forest Products & Paper — 0.2%
Ahlstrom Holding 3 Oy, 144A, 4.875%, 2/4/28		187,000		170,170
Domtar Corp., 144A, 6.75%, 10/1/28		393,000		363,052
Mercer International, Inc. 5.50%, 1/15/26		184,000		177,564
5.125%, 2/1/29		581,000		500,544

(Cost $1,169,940)				1,211,330

Iron/Steel — 1.1%
ATI, Inc. 5.875%, 12/1/27		214,000		209,656
4.875%, 10/1/29		199,000		182,726
7.25%, 8/15/30		260,000		267,246
5.125%, 10/1/31		219,000		200,466
Big River Steel LLC / BRS Finance Corp., 144A, 6.625%, 1/31/29		441,000		443,626
Carpenter Technology Corp. 6.375%, 7/15/28		245,000		243,934
7.625%, 3/15/30		184,000		190,033
Cleveland-Cliffs, Inc. 144A, 6.75%, 3/15/26		552,000		556,151
5.875%, 6/1/27		340,000		336,391
144A, 4.625%, 3/1/29		226,000		207,481
144A, 6.75%, 4/15/30		500,000		496,341
144A, 4.875%, 3/1/31		199,000		179,154


	Principal Amount		Value
Iron/Steel (Continued)
Commercial Metals Co. 4.125%, 1/15/30	$	184,000	$	168,320
3.875%, 2/15/31		184,000		160,639
4.375%, 3/15/32		184,000		164,243
Infrabuild Australia Pty Ltd., 144A, 14.50%, 11/15/28		234,000		236,745
Mineral Resources Ltd. 144A, 8.125%, 5/1/27		429,000		432,810
144A, 8.00%, 11/1/27		383,000		390,089
144A, 9.25%, 10/1/28		690,000		723,638
144A, 8.50%, 5/1/30		383,000		393,347
TMS International Corp., 144A, 6.25%, 4/15/29		214,000		186,180
United States Steel Corp. 6.875%, 3/1/29		291,000		294,342
6.65%, 6/1/37		168,000		173,696

(Cost $6,728,343)				6,837,254

Mining — 1.3%
Arsenal AIC Parent LLC 144A, 8.00%, 10/1/30		429,000		449,378
144A, 11.50%, 10/1/31		313,000		344,300
Century Aluminum Co., 144A, 7.50%, 4/1/28		153,000		146,880
Compass Minerals International, Inc., 144A, 6.75%, 12/1/27		306,000		298,500
Constellium SE 144A, 5.875%, 2/15/26		153,000		151,747
144A, 5.625%, 6/15/28		199,000		191,845
144A, 3.75%, 4/15/29		306,000		272,591
Eldorado Gold Corp., 144A, 6.25%, 9/1/29		306,000		286,591
FMG Resources August 2006 Pty Ltd. 144A, 4.50%, 9/15/27		367,000		351,297
144A, 5.875%, 4/15/30		429,000		419,855
144A, 4.375%, 4/1/31		949,000		850,446
144A, 6.125%, 4/15/32		533,000		526,878
Hecla Mining Co., 7.25%, 2/15/28		291,000		290,297
Hudbay Minerals, Inc. 144A, 4.50%, 4/1/26		367,000		353,657
144A, 6.125%, 4/1/29		367,000		360,110
Kaiser Aluminum Corp. 144A, 4.625%, 3/1/28		306,000		282,143
144A, 4.50%, 6/1/31		337,000		287,952
New Gold, Inc., 144A, 7.50%, 7/15/27		245,000		242,625
Novelis Corp. 144A, 3.25%, 11/15/26		459,000		425,654
144A, 4.75%, 1/30/30		1,061,000		968,914
144A, 3.875%, 8/15/31		459,000		388,432
Perenti Finance Pty Ltd., 144A, 6.50%, 10/7/25		265,000		261,356
Taseko Mines Ltd., 144A, 7.00%, 2/15/26		245,000		241,243

(Cost $8,304,649)				8,392,691


	Principal Amount		Value
Communications — 15.1%
Advertising — 0.8%
Advantage Sales & Marketing, Inc., 144A, 6.50%, 11/15/28	$	458,000	$	426,283
Clear Channel International BV, 144A, 6.625%, 8/1/25		230,000		230,060
Clear Channel Outdoor Holdings, Inc. 144A, 5.125%, 8/15/27		791,000		739,617
144A, 9.00%, 9/15/28		499,000		520,457
Lamar Media Corp. 3.75%, 2/15/28		364,000		337,610
4.875%, 1/15/29		245,000		232,137
4.00%, 2/15/30		337,000		300,772
3.625%, 1/15/31		362,000		312,580
Outfront Media Capital LLC / Outfront Media Capital Corp. 144A, 5.00%, 8/15/27		398,000		382,888
144A, 4.25%, 1/15/29		306,000		274,834
144A, 4.625%, 3/15/30		317,000		281,371
144A, 7.375%, 2/15/31		276,000		288,053
Stagwell Global LLC, 144A, 5.625%, 8/15/29		696,000		621,389
Summer BC Bidco B LLC, 144A, 5.50%, 10/31/26		260,000		251,007

(Cost $5,137,573)				5,199,058

Internet — 1.9%
ANGI Group LLC, 144A, 3.875%, 8/15/28		356,000		305,945
Arches Buyer, Inc., 144A, 4.25%, 6/1/28		582,000		497,207
Cablevision Lightpath LLC, 144A, 3.875%, 9/15/27		276,000		250,177
Cars.com, Inc., 144A, 6.375%, 11/1/28		245,000		235,902
Cogent Communications Group, Inc. 144A, 3.50%, 5/1/26		306,000		290,064
144A, 7.00%, 6/15/27		276,000		275,619
EquipmentShare.com, Inc., 144A, 9.00%, 5/15/28		658,000		674,269
Gen Digital, Inc. 144A, 5.00%, 4/15/25		674,000		667,260
144A, 6.75%, 9/30/27		564,000		566,898
144A, 7.125%, 9/30/30		376,000		384,131
Getty Images, Inc., 144A, 9.75%, 3/1/27		200,000		199,390
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A, 5.25%, 12/1/27		367,000		355,072
144A, 3.50%, 3/1/29		490,000		436,285
GrubHub Holdings, Inc., 144A, 5.50%, 7/1/27		306,000		266,768
ION Trading Technologies SARL, 144A, 5.75%, 5/15/28		276,000		247,710
Match Group Holdings II LLC 144A, 5.00%, 12/15/27		276,000		263,255
144A, 4.625%, 6/1/28		306,000		287,692
144A, 5.625%, 2/15/29		214,000		205,440


	Principal Amount		Value
Internet (Continued)
144A, 4.125%, 8/1/30	$	306,000	$	270,330
144A, 3.625%, 10/1/31		327,000		275,497
Newfold Digital Holdings Group, Inc., 144A, 11.75%, 10/15/28		315,000		342,027
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 144A, 4.75%, 4/30/27		214,000		205,440
Rakuten Group, Inc. 144A, 5.125%, Perpetual		481,000		408,864
144A, 6.25%, Perpetual		633,000		452,595
144A, 11.25%, 2/15/27		1,100,000		1,164,820
TripAdvisor, Inc., 144A, 7.00%, 7/15/25		306,000		306,364
Uber Technologies, Inc. 144A, 7.50%, 9/15/27		823,000		841,927
144A, 6.25%, 1/15/28		306,000		306,383
144A, 4.50%, 8/15/29		949,000		888,576
Ziff Davis, Inc., 144A, 4.625%, 10/15/30		282,000		252,897

(Cost $11,949,794)				12,124,804

Media — 8.0%
Altice Financing SA 144A, 5.00%, 1/15/28		759,000		671,519
144A, 5.75%, 8/15/29		1,297,000		1,117,068
AMC Networks, Inc. 4.75%, 8/1/25		490,000		467,305
4.25%, 2/15/29		612,000		396,086
Block Communications, Inc., 144A, 4.875%, 3/1/28		184,000		162,756
Cable One, Inc., 144A, 4.00%, 11/15/30		398,000		300,729
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.50%, 5/1/26		361,000		354,695
144A, 5.125%, 5/1/27		1,619,000		1,530,222
144A, 5.00%, 2/1/28		1,363,000		1,257,703
144A, 5.375%, 6/1/29		759,000		686,415
144A, 6.375%, 9/1/29		771,000		724,367
144A, 4.75%, 3/1/30		1,624,000		1,381,512
144A, 4.50%, 8/15/30		1,519,000		1,260,041
144A, 4.25%, 2/1/31		1,604,000		1,290,157
144A, 7.375%, 3/1/31		576,000		558,103
144A, 4.75%, 2/1/32		628,000		506,655
4.50%, 5/1/32		1,541,000		1,217,397
144A, 4.50%, 6/1/33		921,000		708,477
144A, 4.25%, 1/15/34		1,065,000		796,256
CSC Holdings LLC 144A, 5.50%, 4/15/27		829,000		743,674
144A, 5.375%, 2/1/28		616,000		536,924
144A, 11.25%, 5/15/28		633,000		653,110
144A, 11.75%, 1/31/29		1,257,000		1,313,970
144A, 6.50%, 2/1/29		1,107,000		964,939
144A, 4.125%, 12/1/30		696,000		518,228
144A, 3.375%, 2/15/31		633,000		446,854
144A, 4.50%, 11/15/31		921,000		683,843


	Principal Amount		Value
Media (Continued)
Directv Financing LLC, 144A, 8.875%, 2/1/30	$	460,000	$	463,066
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 144A, 5.875%, 8/15/27		2,339,000		2,207,711
DISH Network Corp., 144A, 11.75%, 11/15/27		2,214,000		2,308,268
Gannett Holdings LLC, 144A, 6.00%, 11/1/26		183,000		165,366
GCI LLC, 144A, 4.75%, 10/15/28		367,000		329,298
Gray Escrow II, Inc., 144A, 5.375%, 11/15/31		823,000		532,403
Gray Television, Inc. 144A, 5.875%, 7/15/26		429,000		407,112
144A, 7.00%, 5/15/27		459,000		414,798
144A, 4.75%, 10/15/30		502,000		323,461
LCPR Senior Secured Financing DAC 144A, 6.75%, 10/15/27		744,000		703,080
144A, 5.125%, 7/15/29		502,000		421,841
McGraw-Hill Education, Inc., 144A, 5.75%, 8/1/28		519,000		482,159
Midcontinent Communications / Midcontinent Finance Corp., 144A, 5.375%, 8/15/27		264,000		250,140
News Corp. 144A, 3.875%, 5/15/29		666,000		601,940
144A, 5.125%, 2/15/32		306,000		285,070
Nexstar Media, Inc. 144A, 5.625%, 7/15/27		1,084,000		1,027,285
144A, 4.75%, 11/1/28		626,000		555,857
Paramount Global 6.25%, 2/28/57		398,000		327,900
6.375%, 3/30/62		666,000		577,755
Scripps Escrow II, Inc. 144A, 3.875%, 1/15/29		321,000		253,906
144A, 5.375%, 1/15/31		240,000		136,868
Scripps Escrow, Inc., 144A, 5.875%, 7/15/27		267,000		216,732
Sinclair Television Group, Inc., 144A, 4.125%, 12/1/30		450,000		328,838
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26		633,000		590,228
144A, 5.00%, 8/1/27		949,000		904,043
144A, 4.00%, 7/15/28		1,265,000		1,139,658
144A, 5.50%, 7/1/29		791,000		748,013
144A, 4.125%, 7/1/30		949,000		816,480
144A, 3.875%, 9/1/31		919,000		759,623
Sunrise FinCo I BV, 144A, 4.875%, 7/15/31		790,000		699,150
Sunrise HoldCo IV BV, 144A, 5.50%, 1/15/28		287,000		277,622
TEGNA, Inc. 144A, 4.75%, 3/15/26		337,000		325,626
4.625%, 3/15/28		666,000		597,935
5.00%, 9/15/29		696,000		612,480
Townsquare Media, Inc., 144A, 6.875%, 2/1/26		308,000		297,130


	Principal Amount		Value
Media (Continued)
Univision Communications, Inc. 144A, 6.625%, 6/1/27	$	919,000	$	890,876
144A, 8.00%, 8/15/28		767,000		771,096
144A, 4.50%, 5/1/29		699,000		612,974
144A, 7.375%, 6/30/30		599,000		578,556
Urban One, Inc., 144A, 7.375%, 2/1/28		400,000		343,084
Videotron Ltd. 144A, 5.125%, 4/15/27		377,000		369,403
144A, 3.625%, 6/15/29		306,000		274,886
Virgin Media Finance PLC, 144A, 5.00%, 7/15/30		566,000		488,637
Virgin Media Secured Finance PLC 144A, 5.50%, 5/15/29		871,000		816,187
144A, 4.50%, 8/15/30		507,000		443,123
Virgin Media Vendor Financing Notes IV DAC, 144A, 5.00%, 7/15/28		313,000		288,739
VZ Secured Financing BV, 144A, 5.00%, 1/15/32		965,000		823,692
Ziggo Bond Co. BV 144A, 6.00%, 1/15/27		383,000		374,288
144A, 5.125%, 2/28/30		306,000		261,821
Ziggo BV, 144A, 4.875%, 1/15/30		661,000		588,826

(Cost $50,591,934)				50,264,035

Telecommunications — 4.4%
Altice France SA 144A, 8.125%, 2/1/27		1,107,000		1,017,250
144A, 5.50%, 1/15/28		696,000		567,884
144A, 5.125%, 1/15/29		291,000		219,976
144A, 5.125%, 7/15/29		1,551,000		1,171,230
144A, 5.50%, 10/15/29		1,265,000		957,819
British Telecommunications PLC 144A, 4.25%, 11/23/81		306,000		286,399
144A, 4.875%, 11/23/81		306,000		269,205
Ciena Corp., 144A, 4.00%, 1/31/30		245,000		219,275
CommScope, Inc. 144A, 6.00%, 3/1/26		949,000		854,100
144A, 4.75%, 9/1/29		784,000		537,040
Connect Finco SARL / Connect US Finco LLC, 144A, 6.75%, 10/1/26		1,313,000		1,288,286
Consolidated Communications, Inc. 144A, 5.00%, 10/1/28		245,000		202,372
144A, 6.50%, 10/1/28		475,000		407,312
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27		777,000		750,972
144A, 5.00%, 5/1/28		980,000		906,945
144A, 8.75%, 5/15/30		735,000		749,678
144A, 8.625%, 3/15/31		430,000		435,763
Frontier Florida LLC, Series E, 6.86%, 2/1/28		184,000		177,100
GoTo Group, Inc., 144A, 5.50%, 5/1/28		230,000		198,087
Hughes Satellite Systems Corp., 5.25%, 8/1/26		459,000		392,156


	Principal Amount		Value
Telecommunications (Continued)
Iliad Holding SASU 144A, 7.00%, 10/15/28	$	569,000	$	563,001
144A, 6.50%, 10/15/2026 10/15/2026 10/15/2026 10/15/2026 10/15/2026		759,000		750,355
Intelsat Jackson Holdings SA, 144A, 6.50%, 3/15/30		1,898,000		1,765,866
Level 3 Financing, Inc. 144A, 3.40%, 3/1/27		459,000		369,509
144A, 10.50%, 5/15/30		620,000		635,500
Millicom International Cellular SA 144A, 5.125%, 1/15/28		275,400		262,571
144A, 6.25%, 3/25/29		460,800		447,552
144A, 4.50%, 4/27/31		487,000		420,259
Qwest Corp., 7.25%, 9/15/25		83,000		80,300
Rogers Communications, Inc., 144A, 5.25%, 3/15/82		459,000		438,218
Telecom Italia Capital SA 6.375%, 11/15/33		627,000		601,774
6.00%, 9/30/34		665,000		616,975
7.20%, 7/18/36		602,000		598,367
7.721%, 6/4/38		617,000		631,950
United States Cellular Corp., 6.70%, 12/15/33		319,000		313,867
Viasat, Inc. 144A, 5.625%, 9/15/25		429,000		416,375
144A, 5.625%, 4/15/27		367,000		344,521
144A, 6.50%, 7/15/28		245,000		181,516
144A, 7.50%, 5/30/31		479,000		336,497
Viavi Solutions, Inc., 144A, 3.75%, 10/1/29		245,000		213,054
Vmed O2 UK Financing I PLC 144A, 4.25%, 1/31/31		877,000		743,743
144A, 4.75%, 7/15/31		906,000		783,441
Vodafone Group PLC 7.00%, 4/4/79		1,265,000		1,296,278
3.25%, 6/4/81		306,000		283,988
4.125%, 6/4/81		604,000		515,849
5.125%, 6/4/81		601,000		445,205
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28		886,000		827,190
Zayo Group Holdings, Inc., 144A, 4.00%, 3/1/27		935,000		778,388

(Cost $26,859,005)				27,270,958

Consumer, Cyclical — 21.9%
Airlines — 1.7%
Air Canada, 144A, 3.875%, 8/15/26		759,000		718,814
Allegiant Travel Co., 144A, 7.25%, 8/15/27		337,000		328,071
American Airlines Group, Inc., 144A, 3.75%, 3/1/25		295,000		288,207
American Airlines Inc/AAdvantage Loyalty IP Ltd. 144A, 5.50%, 4/20/26		1,735,500		1,719,591
144A, 5.75%, 4/20/29		1,897,000		1,855,169


	Principal Amount		Value
Airlines (Continued)
American Airlines, Inc. 144A, 7.25%, 2/15/28	$	500,000	$	504,161
144A, 8.50%, 5/15/29		633,000		665,446
Delta Air Lines, Inc. 7.375%, 1/15/26		537,000		553,781
4.375%, 4/19/28		251,000		240,646
3.75%, 10/28/29		290,000		263,590
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		759,000		716,306
United Airlines, Inc. 144A, 4.375%, 4/15/26		1,265,000		1,217,518
144A, 4.625%, 4/15/29		1,265,000		1,166,842
VistaJet Malta Finance PLC / Vista Management Holding, Inc. 144A, 7.875%, 5/1/27		313,000		264,968
144A, 6.375%, 2/1/30		644,000		470,120

(Cost $10,931,595)				10,973,230

Apparel — 0.4%
Crocs, Inc. 144A, 4.25%, 3/15/29		214,000		192,067
144A, 4.125%, 8/15/31		214,000		182,071
Hanesbrands, Inc. 144A, 4.875%, 5/15/26		599,000		578,049
144A, 9.00%, 2/15/31		367,000		367,813
Kontoor Brands, Inc., 144A, 4.125%, 11/15/29		245,000		219,098
Levi Strauss & Co., 144A, 3.50%, 3/1/31		316,000		273,836
Under Armour, Inc., 3.25%, 6/15/26		367,000		345,584
William Carter Co., 144A, 5.625%, 3/15/27		306,000		300,209

(Cost $2,427,081)				2,458,727

Auto Manufacturers — 0.5%
Allison Transmission, Inc. 144A, 4.75%, 10/1/27		245,000		234,916
144A, 5.875%, 6/1/29		306,000		301,417
144A, 3.75%, 1/30/31		666,000		575,481
Jaguar Land Rover Automotive PLC 144A, 7.75%, 10/15/25		428,000		431,800
144A, 4.50%, 10/1/27		306,000		287,964
144A, 5.875%, 1/15/28		339,000		333,802
144A, 5.50%, 7/15/29		260,000		249,976
JB Poindexter & Co., Inc., 144A, 8.75%, 12/15/31		380,000		389,288
Wabash National Corp., 144A, 4.50%, 10/15/28		245,000		224,175

(Cost $2,994,621)				3,028,819

Auto Parts & Equipment — 1.8%
Adient Global Holdings Ltd. 144A, 4.875%, 8/15/26		530,000		513,709
144A, 7.00%, 4/15/28		306,000		311,966
144A, 8.25%, 4/15/31		306,000		322,169


	Principal Amount		Value
Auto Parts & Equipment (Continued)
American Axle & Manufacturing, Inc. 6.50%, 4/1/27	$	306,000	$	302,244
6.875%, 7/1/28		245,000		236,746
5.00%, 10/1/29		376,000		326,023
Clarios Global LP / Clarios US Finance Co. 144A, 6.25%, 5/15/26		610,000		608,345
144A, 8.50%, 5/15/27		730,000		733,783
144A, 6.75%, 5/15/28		570,000		576,900
Dana, Inc. 5.375%, 11/15/27		245,000		236,493
5.625%, 6/15/28		245,000		237,167
4.25%, 9/1/30		245,000		211,291
4.50%, 2/15/32		247,000		207,458
Goodyear Tire & Rubber Co. 9.50%, 5/31/25		450,000		454,500
5.00%, 5/31/26		651,000		633,947
4.875%, 3/15/27		429,000		411,740
5.00%, 7/15/29		527,000		485,070
5.25%, 4/30/31		337,000		305,202
5.25%, 7/15/31		379,000		342,040
5.625%, 4/30/33		276,000		246,786
IHO Verwaltungs GmbH 144A, 4.75%, 9/15/26, 4.75% Cash or 5.50% PIK		306,000		294,220
144A, 6.00%, 5/15/27, 6.00% Cash or 6.75% PIK		275,000		269,892
144A, 6.3750%, 5/15/29, 6.3750% Cash or 7.125% PIK		245,000		241,478
Tenneco, Inc., 144A, 8.00%, 11/17/28		1,182,000		1,077,098
Titan International, Inc., 7.00%, 4/30/28		244,000		242,277
ZF North America Capital, Inc. 144A, 4.75%, 4/29/25		760,000		748,436
144A, 6.875%, 4/14/28		367,000		374,711
144A, 7.125%, 4/14/30		367,000		382,388

(Cost $11,181,402)				11,334,079

Distribution/Wholesale — 0.6%
American Builders & Contractors Supply Co., Inc. 144A, 4.00%, 1/15/28		429,000		400,735
144A, 3.875%, 11/15/29		245,000		218,807
G-III Apparel Group Ltd., 144A, 7.875%, 8/15/25		269,000		271,063
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		791,000		713,749
Resideo Funding, Inc., 144A, 4.00%, 9/1/29		184,000		162,873
Ritchie Bros Holdings, Inc. 144A, 6.75%, 3/15/28		337,000		344,903
144A, 7.75%, 3/15/31		533,000		560,316
Verde Purchaser LLC, 144A, 10.50%, 11/30/30		429,000		448,305


	Principal Amount		Value
Distribution/Wholesale (Continued)
Windsor Holdings III LLC, 144A, 8.50%, 6/15/30	$	533,000	$	551,480

(Cost $3,633,403)				3,672,231

Entertainment — 3.8%
Affinity Interactive, 144A, 6.875%, 12/15/27		334,000		308,085
Banijay Entertainment SASU, 144A, 8.125%, 5/1/29		245,000		253,385
Boyne USA, Inc., 144A, 4.75%, 5/15/29		423,000		388,895
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25		350,000		350,017
144A, 8.125%, 7/1/27		1,037,000		1,064,777
144A, 4.625%, 10/15/29		1,039,000		948,603
144A, 7.00%, 2/15/30		1,265,000		1,295,941
144A, 6.50%, 2/15/32		565,000		569,228
CCM Merger, Inc., 144A, 6.375%, 5/1/26		162,000		159,809
Cedar Fair LP, 5.25%, 7/15/29		356,000		336,271
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25		662,000		659,781
5.375%, 4/15/27		316,000		312,622
6.50%, 10/1/28		184,000		184,311
Churchill Downs, Inc. 144A, 5.50%, 4/1/27		367,000		360,439
144A, 4.75%, 1/15/28		429,000		405,805
144A, 5.75%, 4/1/30		755,000		725,446
144A, 6.75%, 5/1/31		376,000		376,224
Cinemark USA, Inc. 144A, 5.875%, 3/15/26		248,000		244,294
144A, 5.25%, 7/15/28		469,000		438,093
Empire Resorts, Inc., 144A, 7.75%, 11/1/26		184,000		169,216
Everi Holdings, Inc., 144A, 5.00%, 7/15/29		245,000		242,856
Golden Entertainment, Inc., 144A, 7.625%, 4/15/26		383,000		381,305
International Game Technology PLC 144A, 4.125%, 4/15/26		459,000		442,966
144A, 6.25%, 1/15/27		500,000		502,111
144A, 5.25%, 1/15/29		459,000		443,671
Jacobs Entertainment, Inc., 144A, 6.75%, 2/15/29		306,000		291,762
Light & Wonder International, Inc. 144A, 7.00%, 5/15/28		439,000		441,073
144A, 7.25%, 11/15/29		306,000		313,135
144A, 7.50%, 9/1/31		337,000		351,101
Lions Gate Capital Holdings LLC, 144A, 5.50%, 4/15/29		452,000		341,652
Live Nation Entertainment, Inc. 144A, 5.625%, 3/15/26		184,000		181,692
144A, 6.50%, 5/15/27		759,000		765,533


	Principal Amount		Value
Entertainment (Continued)
144A, 4.75%, 10/15/27	$	632,000	$	605,086
144A, 3.75%, 1/15/28		306,000		281,642
Merlin Entertainments Group US Holdings, Inc., 144A, 7.375%, 2/15/31		300,000		300,155
Merlin Entertainments Ltd., 144A, 5.75%, 6/15/26		245,000		242,165
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 144A, 4.875%, 5/1/29		459,000		420,902
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26		743,000		700,278
Odeon Finco PLC, 144A, 12.75%, 11/1/27		245,000		250,170
Ontario Gaming GTA LP, 144A, 8.00%, 8/1/30		245,000		249,878
Penn Entertainment, Inc. 144A, 5.625%, 1/15/27		265,000		253,317
144A, 4.125%, 7/1/29		245,000		205,800
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 144A, 5.625%, 9/1/29		449,000		323,343
144A, 5.875%, 9/1/31		492,000		348,513
Raptor Acquisition Corp. / Raptor Co.-Issuer LLC, 144A, 4.875%, 11/1/26		214,000		205,979
Resorts World Las Vegas LLC / RWLV Capital, Inc. 144A, 4.625%, 4/16/29		680,000		620,160
144A, 8.45%, 7/27/30		200,000		212,984
144A, 4.625%, 4/6/31		200,000		170,859
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 144A, 6.625%, 3/1/30		490,000		459,375
SeaWorld Parks & Entertainment, Inc., 144A, 5.25%, 8/15/29		444,000		414,032
Six Flags Entertainment Corp. 144A, 5.50%, 4/15/27		306,000		299,498
144A, 7.25%, 5/15/31		533,000		536,331
Six Flags Theme Parks, Inc., 144A, 7.00%, 7/1/25		224,000		224,520
Speedway Motorsports LLC / Speedway Funding II, Inc., 144A, 4.875%, 11/1/27		214,000		202,547
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		367,000		368,325
WMG Acquisition Corp. 144A, 3.75%, 12/1/29		331,000		293,141
144A, 3.875%, 7/15/30		338,000		298,285
144A, 3.00%, 2/15/31		485,000		405,080
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 144A, 5.125%, 10/1/29		459,000		432,977
144A, 7.125%, 2/15/31		627,000		647,492

(Cost $23,889,957)				24,222,933


	Principal Amount		Value
Food Service — 0.2%
Aramark Services, Inc. 144A, 5.00%, 4/1/25	$	338,000	$	335,844
144A, 5.00%, 2/1/28		727,000		696,701
TKC Holdings, Inc., 144A, 6.875%, 5/15/28		260,000		243,425

(Cost $1,263,145)				1,275,970

Home Builders — 1.3%
Adams Homes, Inc., 144A, 9.25%, 10/15/28		153,000		156,482
Ashton Woods USA LLC / Ashton Woods Finance Co. 144A, 6.625%, 1/15/28		153,000		152,063
144A, 4.625%, 8/1/29		214,000		194,311
144A, 4.625%, 4/1/30		245,000		220,246
Beazer Homes USA, Inc. 5.875%, 10/15/27		219,000		212,872
7.25%, 10/15/29		214,000		214,608
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A, 6.25%, 9/15/27		367,000		355,567
144A, 5.00%, 6/15/29		214,000		191,479
144A, 4.875%, 2/15/30		343,000		304,630
Century Communities, Inc. 6.75%, 6/1/27		303,000		303,470
144A, 3.875%, 8/15/29		356,000		314,151
Dream Finders Homes, Inc., 144A, 8.25%, 8/15/28		184,000		191,209
Empire Communities Corp., 144A, 7.00%, 12/15/25		291,000		287,694
Forestar Group, Inc. 144A, 3.85%, 5/15/26		245,000		232,730
144A, 5.00%, 3/1/28		184,000		173,920
Installed Building Products, Inc., 144A, 5.75%, 2/1/28		184,000		180,824
KB Home 6.875%, 6/15/27		184,000		189,062
4.80%, 11/15/29		184,000		172,500
7.25%, 7/15/30		214,000		219,871
4.00%, 6/15/31		237,000		205,773
LGI Homes, Inc. 144A, 8.75%, 12/15/28		245,000		256,791
144A, 4.00%, 7/15/29		184,000		157,785
M/I Homes, Inc. 4.95%, 2/1/28		244,000		232,278
3.95%, 2/15/30		184,000		164,191
Mattamy Group Corp. 144A, 5.25%, 12/15/27		316,000		304,659
144A, 4.625%, 3/1/30		367,000		329,341
Shea Homes LP / Shea Homes Funding Corp. 4.75%, 2/15/28		275,000		262,300
4.75%, 4/1/29		183,000		171,871
Taylor Morrison Communities, Inc. 144A, 5.875%, 6/15/27		306,000		304,290
144A, 5.75%, 1/15/28		276,000		270,429
144A, 5.125%, 8/1/30		364,000		343,562


	Principal Amount		Value
Home Builders (Continued)
Thor Industries, Inc., 144A, 4.00%, 10/15/29	$	306,000	$	270,810
Tri Pointe Homes, Inc. 5.25%, 6/1/27		184,000		179,400
5.70%, 6/15/28		214,000		210,428
Winnebago Industries, Inc., 144A, 6.25%, 7/15/28		184,000		181,096

(Cost $7,942,208)				8,112,693

Home Furnishings — 0.1%
Tempur Sealy International, Inc. 144A, 4.00%, 4/15/29		490,000		439,208
144A, 3.875%, 10/15/31		502,000		417,537

(Cost $848,250)				856,745

Housewares — 0.6%
CD&R Smokey Buyer, Inc., 144A, 6.75%, 7/15/25		429,000		427,306
Newell Brands, Inc. 4.875%, 6/1/25		306,000		299,524
5.20%, 4/1/26		1,336,000		1,297,338
6.375%, 9/15/27		306,000		296,424
6.625%, 9/15/29		306,000		292,908
6.375%, 4/1/36		257,000		225,725
6.50%, 4/1/46		428,000		341,466
Scotts Miracle-Gro Co. 5.25%, 12/15/26		153,000		148,410
4.50%, 10/15/29		252,000		223,650
4.00%, 4/1/31		338,000		286,698
4.375%, 2/1/32		245,000		204,873

(Cost $4,028,384)				4,044,322

Leisure Time — 3.0%
Acushnet Co., 144A, 7.375%, 10/15/28		214,000		220,687
Amer Sports Co., 144A, 6.75%, 2/16/31		502,000		499,595
Carnival Corp. 144A, 7.625%, 3/1/26		855,000		866,124
144A, 5.75%, 3/1/27		1,671,000		1,650,069
144A, 4.00%, 8/1/28		1,522,000		1,403,831
144A, 6.00%, 5/1/29		1,265,000		1,236,174
144A, 7.00%, 8/15/29		306,000		317,412
144A, 10.50%, 6/1/30		633,000		690,623
Carnival Holdings Bermuda Ltd., 144A, 10.375%, 5/1/28		1,284,000		1,400,798
Life Time, Inc. 144A, 5.75%, 1/15/26		616,000		610,830
144A, 8.00%, 4/15/26		291,000		293,663
Lindblad Expeditions Holdings, Inc., 144A, 9.00%, 5/15/28		168,000		177,240
Lindblad Expeditions LLC, 144A, 6.75%, 2/15/27		221,000		221,909
NCL Corp. Ltd. 144A, 5.875%, 2/15/27		633,000		625,607
144A, 8.375%, 2/1/28		367,000		385,263
144A, 8.125%, 1/15/29		526,000		553,395


	Principal Amount		Value
Leisure Time (Continued)
Royal Caribbean Cruises Ltd. 144A, 4.25%, 7/1/26	$	398,000	$	383,342
144A, 5.50%, 8/31/26		612,000		604,998
144A, 5.375%, 7/15/27		662,000		649,286
144A, 11.625%, 8/15/27		166,000		179,554
7.50%, 10/15/27		184,000		192,864
3.70%, 3/15/28		358,000		330,393
144A, 5.50%, 4/1/28		949,000		933,882
144A, 9.25%, 1/15/29		712,000		765,893
144A, 7.25%, 1/15/30		429,000		446,021
144A, 6.25%, 3/15/32		780,000		782,083
Viking Cruises Ltd. 144A, 5.875%, 9/15/27		517,000		505,367
144A, 7.00%, 2/15/29		313,000		312,863
144A, 9.125%, 7/15/31		440,000		476,335
Viking Ocean Cruises Ship VII Ltd., 144A, 5.625%, 2/15/29		214,000		206,510
Vista Outdoor, Inc., 144A, 4.50%, 3/15/29		306,000		302,175
VOC Escrow Ltd., 144A, 5.00%, 2/15/28		413,000		396,658

(Cost $18,326,674)				18,621,444

Lodging — 1.9%
Boyd Gaming Corp. 4.75%, 12/1/27		666,000		639,756
144A, 4.75%, 6/15/31		599,000		544,111
Genting New York LLC / GENNY Capital, Inc., 144A, 3.30%, 2/15/26		410,000		382,508
Hilton Domestic Operating Co., Inc. 144A, 5.75%, 5/1/28		306,000		305,156
144A, 3.75%, 5/1/29		490,000		445,080
4.875%, 1/15/30		732,000		695,979
144A, 4.00%, 5/1/31		674,000		598,837
144A, 3.625%, 2/15/32		914,000		780,794
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc 144A, 5.00%, 6/1/29		567,000		525,320
144A, 4.875%, 7/1/31		306,000		269,929
144A, 6.625%, 1/15/32		550,000		549,999
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.875%, 4/1/27		367,000		358,067
Marriott Ownership Resorts, Inc. 4.75%, 1/15/28		214,000		198,876
144A, 4.50%, 6/15/29		306,000		277,571
MGM Resorts International 6.75%, 5/1/25		519,000		519,722
5.75%, 6/15/25		463,000		462,347
4.625%, 9/1/26		245,000		237,527
5.50%, 4/15/27		413,000		404,490
4.75%, 10/15/28		519,000		487,152
Station Casinos LLC 144A, 4.50%, 2/15/28		423,000		394,412
144A, 4.625%, 12/1/31		295,000		262,279


	Principal Amount		Value
Lodging (Continued)
Sugarhouse HSP Gaming Prop Mezz LP / Sugarhouse HSP Gaming Finance Corp., 144A, 5.875%, 5/15/25	$	193,000	$	191,053
Travel + Leisure Co. 6.60%, 10/1/25		214,000		216,404
144A, 6.625%, 7/31/26		398,000		402,219
6.00%, 4/1/27		245,000		244,104
144A, 4.50%, 12/1/29		408,000		373,655
144A, 4.625%, 3/1/30		244,000		220,210
Wyndham Hotels & Resorts, Inc., 144A, 4.375%, 8/15/28		306,000		284,505
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A, 5.25%, 5/15/27		600,000		587,143

(Cost $11,712,814)				11,859,205

Office Furnishings — 0.1%
Interface, Inc., 144A, 5.50%, 12/1/28		184,000		172,567
Steelcase, Inc., 5.125%, 1/18/29		326,000		306,878

(Cost $465,003)				479,445

Retail — 5.9%
1011778 BC ULC / New Red Finance, Inc. 144A, 5.75%, 4/15/25		306,000		304,869
144A, 3.875%, 1/15/28		1,019,000		950,502
144A, 4.375%, 1/15/28		469,000		440,240
144A, 3.50%, 2/15/29		459,000		413,836
144A, 4.00%, 10/15/30		1,851,000		1,625,926
Academy Ltd., 144A, 6.00%, 11/15/27		245,000		242,528
Advance Auto Parts, Inc. 1.75%, 10/1/27		250,000		216,011
5.95%, 3/9/28		188,000		187,815
3.90%, 4/15/30		313,000		279,539
3.50%, 3/15/32		219,000		183,684
Arko Corp., 144A, 5.125%, 11/15/29		276,000		239,292
Asbury Automotive Group, Inc. 4.50%, 3/1/28		248,000		231,260
144A, 4.625%, 11/15/29		490,000		446,363
4.75%, 3/1/30		273,000		248,438
144A, 5.00%, 2/15/32		428,000		379,978
Bath & Body Works, Inc. 144A, 9.375%, 7/1/25		192,000		200,091
6.694%, 1/15/27		182,000		184,374
5.25%, 2/1/28		292,000		283,504
7.50%, 6/15/29		306,000		315,061
144A, 6.625%, 10/1/30		593,000		596,256
6.95%, 3/1/33		201,000		195,677
6.875%, 11/1/35		508,000		508,255
6.75%, 7/1/36		375,000		368,555
Beacon Roofing Supply, Inc. 144A, 4.50%, 11/15/26		184,000		177,428
144A, 4.125%, 5/15/29		214,000		192,463
144A, 6.50%, 8/1/30		367,000		368,987


	Principal Amount		Value
Retail (Continued)
Bloomin’ Brands, Inc. / OSI Restaurant Partners LLC, 144A, 5.125%, 4/15/29	$	184,000	$	169,642
BlueLinx Holdings, Inc., 144A, 6.00%, 11/15/29		184,000		175,582
Brinker International, Inc., 144A, 8.25%, 7/15/30		214,000		224,274
CEC Entertainment LLC, 144A, 6.75%, 5/1/26		398,000		394,071
Dave & Buster’s, Inc., 144A, 7.625%, 11/1/25		269,000		269,702
eG Global Finance PLC, 144A, 12.00%, 11/30/28		696,000		734,802
Evergreen Acqco 1 LP / TVI, Inc., 144A, 9.75%, 4/26/28		303,000		319,698
Ferrellgas LP / Ferrellgas Finance Corp. 144A, 5.375%, 4/1/26		398,000		394,032
144A, 5.875%, 4/1/29		549,000		521,140
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 144A, 4.625%, 1/15/29		666,000		604,368
Foot Locker, Inc., 144A, 4.00%, 10/1/29		245,000		207,329
Gap, Inc. 144A, 3.625%, 10/1/29		481,000		406,293
144A, 3.875%, 10/1/31		459,000		370,252
Global Auto Holdings Ltd. / AAG FH UK Ltd. 144A, 8.375%, 1/15/29		320,000		305,094
144A, 8.75%, 1/15/32		320,000		303,899
Group 1 Automotive, Inc., 144A, 4.00%, 8/15/28		459,000		418,976
GYP Holdings III Corp., 144A, 4.625%, 5/1/29		214,000		199,437
IRB Holding Corp., 144A, 7.00%, 6/15/25		203,000		203,254
Ken Garff Automotive LLC, 144A, 4.875%, 9/15/28		245,000		225,396
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A, 4.75%, 6/1/27		459,000		447,289
Kohl’s Corp. 4.25%, 7/17/25		146,000		141,858
4.625%, 5/1/31		306,000		240,975
5.55%, 7/17/45		291,000		196,486
LCM Investments Holdings II LLC 144A, 4.875%, 5/1/29		666,000		598,101
144A, 8.25%, 8/1/31		456,000		465,392
Lithia Motors, Inc. 144A, 4.625%, 12/15/27		245,000		233,418
144A, 3.875%, 6/1/29		521,000		464,992
144A, 4.375%, 1/15/31		337,000		299,014
LSF9 Atlantis Holdings LLC / Victra Finance Corp., 144A, 7.75%, 2/15/26		530,000		525,030
Macy’s Retail Holdings LLC 144A, 5.875%, 4/1/29		306,000		294,699


	Principal Amount		Value
Retail (Continued)
144A, 5.875%, 3/15/30	$	260,000	$	243,750
144A, 6.125%, 3/15/32		266,000		247,585
4.50%, 12/15/34		235,000		193,581
5.125%, 1/15/42		153,000		119,340
4.30%, 2/15/43		163,000		121,435
Marks & Spencer PLC, 144A, 7.125%, 12/1/37		184,000		187,970
Michaels Cos., Inc., 144A, 5.25%, 5/1/28		552,000		428,572
Murphy Oil USA, Inc. 5.625%, 5/1/27		184,000		181,241
4.75%, 9/15/29		306,000		285,310
144A, 3.75%, 2/15/31		306,000		261,109
Nordstrom, Inc. 4.00%, 3/15/27		214,000		200,625
6.95%, 3/15/28		184,000		185,840
4.375%, 4/1/30		310,000		273,885
4.25%, 8/1/31		260,000		218,795
5.00%, 1/15/44		626,000		447,277
Papa John’s International, Inc., 144A, 3.875%, 9/15/29		245,000		217,131
Patrick Industries, Inc. 144A, 7.50%, 10/15/27		184,000		184,690
144A, 4.75%, 5/1/29		214,000		195,840
Penske Automotive Group, Inc. 3.50%, 9/1/25		347,000		336,660
3.75%, 6/15/29		306,000		271,036
PetSmart, Inc. / PetSmart Finance Corp. 144A, 4.75%, 2/15/28		799,000		748,907
144A, 7.75%, 2/15/29		727,000		718,397
QVC, Inc. 4.75%, 2/15/27		402,000		362,283
4.375%, 9/1/28		316,000		259,193
5.45%, 8/15/34		225,000		160,533
5.95%, 3/15/43		184,000		126,642
Raising Cane’s Restaurants LLC, 144A, 9.375%, 5/1/29		306,000		325,955
Sally Holdings LLC / Sally Capital, Inc., 6.75%, 3/1/32		376,000		374,919
Sizzling Platter LLC / Sizzling Platter Finance Corp., 144A, 8.50%, 11/28/25		214,000		214,454
Sonic Automotive, Inc. 144A, 4.625%, 11/15/29		398,000		351,211
144A, 4.875%, 11/15/31		306,000		262,921
Specialty Building Products Holdings LLC / SBP Finance Corp., 144A, 6.375%, 9/30/26		444,000		434,250
SRS Distribution, Inc., 144A, 4.625%, 7/1/28		398,000		371,207
Staples, Inc., 144A, 7.50%, 4/15/26		1,265,000		1,216,189
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.875%, 3/1/27		214,000		210,790
144A, 5.00%, 6/1/31		398,000		357,540


	Principal Amount		Value
Retail (Continued)
Superior Plus LP / Superior General Partner, Inc., 144A, 4.50%, 3/15/29	$	367,000	$	332,135
Victoria’s Secret & Co., 144A, 4.625%, 7/15/29		367,000		309,573
Walgreen Co., 4.40%, 9/15/42		157,000		128,206
Walgreens Boots Alliance, Inc. 3.45%, 6/1/26		900,000		858,494
3.20%, 4/15/30		313,000		270,264
4.50%, 11/18/34		170,000		150,712
4.80%, 11/18/44		501,000		417,435
4.65%, 6/1/46		190,000		159,915
4.10%, 4/15/50		440,000		320,573
Yum! Brands, Inc. 144A, 4.75%, 1/15/30		533,000		505,636
3.625%, 3/15/31		624,000		548,748
4.625%, 1/31/32		696,000		638,935
5.375%, 4/1/32		633,000		607,813
6.875%, 11/15/37		199,000		216,098
5.35%, 11/1/43		174,000		166,801

(Cost $36,419,047)				37,063,828

Consumer, Non-cyclical — 15.5%
Agriculture — 0.3%
Darling Ingredients, Inc. 144A, 5.25%, 4/15/27		386,000		378,613
144A, 6.00%, 6/15/30		633,000		623,786
Turning Point Brands, Inc., 144A, 5.625%, 2/15/26		153,000		149,964
Vector Group Ltd., 144A, 5.75%, 2/1/29		583,000		534,099

(Cost $1,663,963)				1,686,462

Beverages — 0.1%
Primo Water Holdings, Inc., 144A, 4.375%, 4/30/29 (Cost $417,539)		459,000		416,428

Commercial Services — 4.6%
ADT Security Corp. 144A, 4.125%, 8/1/29		616,000		556,710
144A, 4.875%, 7/15/32		441,000		396,900
Adtalem Global Education, Inc., 144A, 5.50%, 3/1/28		248,000		236,054
Albion Financing 1 SARL / Aggreko Holdings, Inc., 144A, 6.125%, 10/15/26		346,000		342,159
Albion Financing 2 SARL, 144A, 8.75%, 4/15/27		276,000		275,977
Allied Universal Holdco LLC, 144A, 7.875%, 2/15/31		580,000		575,986
Allied Universal Holdco LLC / Allied Universal Finance Corp., 144A, 6.625%, 7/15/26		466,000		464,589
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		775,000		689,053


	Principal Amount		Value
Commercial Services (Continued)
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28	$	524,000	$	464,185
Alta Equipment Group, Inc., 144A, 5.625%, 4/15/26		193,000		186,637
AMN Healthcare, Inc. 144A, 4.625%, 10/1/27		306,000		287,931
144A, 4.00%, 4/15/29		214,000		187,785
APi Group DE, Inc. 144A, 4.125%, 7/15/29		206,000		185,400
144A, 4.75%, 10/15/29		184,000		170,660
APX Group, Inc. 144A, 6.75%, 2/15/27		367,000		367,503
144A, 5.75%, 7/15/29		533,000		506,846
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A, 5.75%, 7/15/27		245,000		233,448
144A, 5.75%, 7/15/27		214,000		203,297
144A, 4.75%, 4/1/28		306,000		277,196
144A, 5.375%, 3/1/29		386,000		351,422
144A, 8.00%, 2/15/31		306,000		295,420
Brink’s Co. 144A, 5.50%, 7/15/25		245,000		243,651
144A, 4.625%, 10/15/27		377,000		356,262
Carriage Services, Inc., 144A, 4.25%, 5/15/29		245,000		213,055
CoreCivic, Inc., 8.25%, 4/15/26		363,000		370,957
CoreLogic, Inc., 144A, 4.50%, 5/1/28		474,000		419,789
Garda World Security Corp. 144A, 4.625%, 2/15/27		399,000		381,106
144A, 7.75%, 2/15/28		245,000		248,813
GEO Group, Inc., 10.50%, 6/30/28		170,000		173,232
Graham Holdings Co., 144A, 5.75%, 6/1/26		245,000		242,492
Grand Canyon University, 5.125%, 10/1/28		249,000		223,988
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		759,000		742,831
Hertz Corp. 144A, 4.625%, 12/1/26		306,000		270,874
144A, 5.00%, 12/1/29		607,000		465,028
Korn Ferry, 144A, 4.625%, 12/15/27		245,000		231,533
Legends Hospitality Holding Co. LLC / Legends Hospitality Co.-Issuer, Inc., 144A, 5.00%, 2/1/26		245,000		243,541
Matthews International Corp., 144A, 5.25%, 12/1/25		184,000		180,912
MPH Acquisition Holdings LLC, 144A, 5.50%, 9/1/28		685,000		597,662
Neptune Bidco US, Inc., 144A, 9.29%, 4/15/29		1,651,000		1,553,553
NESCO Holdings II, Inc., 144A, 5.50%, 4/15/29		573,000		534,632


	Principal Amount		Value
Commercial Services (Continued)
Port of Newcastle Investments Financing Pty Ltd., 144A, 5.90%, 11/24/31	$	184,000	$	163,070
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.75%, 4/15/26		853,000		846,549
144A, 3.375%, 8/31/27		666,000		609,717
144A, 6.25%, 1/15/28		822,000		811,054
RR Donnelley & Sons Co., 144A, 9.75%, 7/31/28		175,000		178,788
Sabre GLBL, Inc. 144A, 8.625%, 6/1/27		560,000		492,893
144A, 11.25%, 12/15/27		346,000		325,240
Service Corp. International 4.625%, 12/15/27		337,000		323,292
5.125%, 6/1/29		459,000		447,892
3.375%, 8/15/30		521,000		447,289
4.00%, 5/15/31		531,000		466,570
Sotheby’s, 144A, 7.375%, 10/15/27		517,000		496,591
Sotheby’s/Bidfair Holdings, Inc., 144A, 5.875%, 6/1/29		184,000		161,567
TriNet Group, Inc. 144A, 3.50%, 3/1/29		306,000		270,945
144A, 7.125%, 8/15/31		245,000		249,566
United Rentals North America, Inc. 5.50%, 5/15/27		336,000		333,763
3.875%, 11/15/27		459,000		432,213
4.875%, 1/15/28		1,102,000		1,063,755
5.25%, 1/15/30		469,000		454,107
4.00%, 7/15/30		459,000		415,523
3.875%, 2/15/31		706,000		623,927
3.75%, 1/15/32		459,000		397,193
Upbound Group, Inc., 144A, 6.375%, 2/15/29		276,000		264,165
Valvoline, Inc. 144A, 4.25%, 2/15/30		367,000		364,679
144A, 3.625%, 6/15/31		328,000		277,162
VT Topco, Inc., 144A, 8.50%, 8/15/30		306,000		319,143
Wand NewCo 3, Inc., 144A, 7.625%, 1/30/32		784,000		805,560
WASH Multifamily Acquisition, Inc., 144A, 5.75%, 4/15/26		567,000		549,990
Williams Scotsman, Inc. 144A, 6.125%, 6/15/25		322,000		321,391
144A, 4.625%, 8/15/28		306,000		287,340
144A, 7.375%, 10/1/31		356,000		369,297
ZipRecruiter, Inc., 144A, 5.00%, 1/15/30		337,000		296,654

(Cost $28,646,528)				28,815,954

Cosmetics/Personal Care — 0.3%
Coty, Inc. 144A, 5.00%, 4/15/26		398,000		390,040
144A, 6.50%, 4/15/26		198,000		197,717


	Principal Amount		Value
Cosmetics/Personal Care (Continued)
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC 144A, 4.75%, 1/15/29	$	306,000	$	286,493
144A, 6.625%, 7/15/30		499,000		507,109
Edgewell Personal Care Co. 144A, 5.50%, 6/1/28		459,000		448,103
144A, 4.125%, 4/1/29		306,000		278,824

(Cost $2,091,195)				2,108,286

Food — 2.4%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.25%, 3/15/26		459,000		436,140
144A, 7.50%, 3/15/26		367,000		373,578
144A, 4.625%, 1/15/27		846,000		815,579
144A, 5.875%, 2/15/28		470,000		463,188
144A, 6.50%, 2/15/28		500,000		503,104
144A, 3.50%, 3/15/29		854,000		760,878
144A, 4.875%, 2/15/30		633,000		594,199
B&G Foods, Inc., 144A, 8.00%, 9/15/28		337,000		350,837
C&S Group Enterprises LLC, 144A, 5.00%, 12/15/28		261,000		206,771
Chobani LLC / Chobani Finance Corp., Inc., 144A, 4.625%, 11/15/28		260,000		240,496
Fiesta Purchaser, Inc., 144A, 7.875%, 3/1/31		300,000		309,349
Ingles Markets, Inc., 144A, 4.00%, 6/15/31		214,000		185,464
KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 144A, 9.00%, 2/15/29		474,000		475,391
Lamb Weston Holdings, Inc. 144A, 4.875%, 5/15/28		306,000		296,370
144A, 4.125%, 1/31/30		646,000		585,324
144A, 4.375%, 1/31/32		429,000		383,284
Performance Food Group, Inc. 144A, 6.875%, 5/1/25		168,000		168,433
144A, 5.50%, 10/15/27		699,000		684,553
144A, 4.25%, 8/1/29		616,000		559,053
Pilgrim’s Pride Corp. 4.25%, 4/15/31		601,000		537,154
3.50%, 3/1/32		545,000		455,369
6.25%, 7/1/33		633,000		639,776
6.875%, 5/15/34		316,000		332,787
Post Holdings, Inc. 144A, 5.625%, 1/15/28		595,000		584,082
144A, 5.50%, 12/15/29		781,000		747,276
144A, 4.625%, 4/15/30		876,000		797,051
144A, 4.50%, 9/15/31		648,000		576,915
Safeway, Inc., 7.25%, 2/1/31		160,000		169,765
SEG Holding LLC / SEG Finance Corp., 144A, 5.625%, 10/15/28		199,000		203,732
Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed, 144A, 4.625%, 3/1/29		521,000		456,529


	Principal Amount		Value
Food (Continued)
US Foods, Inc. 144A, 6.875%, 9/15/28	$	306,000	$	311,355
144A, 4.75%, 2/15/29		599,000		562,323
144A, 4.625%, 6/1/30		306,000		280,393
144A, 7.25%, 1/15/32		306,000		315,912

(Cost $15,268,027)				15,362,410

Healthcare-Products — 1.3%
Avantor Funding, Inc. 144A, 4.625%, 7/15/28		999,000		942,940
144A, 3.875%, 11/1/29		490,000		439,187
Bausch + Lomb Escrow Corp., 144A, 8.375%, 10/1/28		886,000		925,870
Embecta Corp., 144A, 5.00%, 2/15/30		306,000		243,882
Garden Spinco Corp., 144A, 8.625%, 7/20/30		214,000		226,862
Hologic, Inc. 144A, 4.625%, 2/1/28		245,000		234,736
144A, 3.25%, 2/15/29		632,000		563,496
Medline Borrower LP 144A, 3.875%, 4/1/29		2,846,000		2,551,818
144A, 5.25%, 10/1/29		1,581,000		1,462,403
Teleflex, Inc. 4.625%, 11/15/27		306,000		292,192
144A, 4.25%, 6/1/28		306,000		285,678

(Cost $8,165,799)				8,169,064

Healthcare-Services — 4.6%
Acadia Healthcare Co., Inc. 144A, 5.50%, 7/1/28		276,000		266,807
144A, 5.00%, 4/15/29		291,000		274,995
Catalent Pharma Solutions, Inc. 144A, 5.00%, 7/15/27		306,000		301,276
144A, 3.125%, 2/15/29		337,000		325,451
144A, 3.50%, 4/1/30		426,000		410,315
Charles River Laboratories International, Inc. 144A, 4.25%, 5/1/28		306,000		286,997
144A, 3.75%, 3/15/29		306,000		276,051
144A, 4.00%, 3/15/31		328,000		289,299
CHS/Community Health Systems, Inc. 144A, 8.00%, 3/15/26		700,000		693,042
144A, 5.625%, 3/15/27		1,191,000		1,089,677
144A, 8.00%, 12/15/27		429,000		410,274
144A, 6.00%, 1/15/29		436,000		374,960
144A, 5.25%, 5/15/30		971,000		774,691
144A, 4.75%, 2/15/31		648,000		493,102
144A, 10.875%, 1/15/32		592,000		602,834
DaVita, Inc. 144A, 4.625%, 6/1/30		1,739,000		1,529,706
144A, 3.75%, 2/15/31		949,000		778,728
Encompass Health Corp. 5.75%, 9/15/25		214,000		213,242
4.50%, 2/1/28		533,000		504,359
4.75%, 2/1/30		483,000		448,069
4.625%, 4/1/31		245,000		221,765


	Principal Amount		Value
Healthcare-Services (Continued)
Fortrea Holdings, Inc., 144A, 7.50%, 7/1/30	$	349,000	$	356,852
HealthEquity, Inc., 144A, 4.50%, 10/1/29		367,000		337,315
Heartland Dental LLC / Heartland Dental Finance Corp., 144A, 10.50%, 4/30/28		429,000		450,450
IQVIA, Inc. 144A, 5.00%, 10/15/26		643,000		628,495
144A, 5.00%, 5/15/27		674,000		656,165
144A, 6.50%, 5/15/30		313,000		317,338
Kedrion SpA, 144A, 6.50%, 9/1/29		527,000		472,224
Legacy LifePoint Health LLC, 144A, 4.375%, 2/15/27		367,000		340,435
LifePoint Health, Inc. 144A, 9.875%, 8/15/30		533,000		552,981
144A, 11.00%, 10/15/30		696,000		736,231
ModivCare Escrow Issuer, Inc., 144A, 5.00%, 10/1/29		306,000		225,675
ModivCare, Inc., 144A, 5.875%, 11/15/25		306,000		298,780
Molina Healthcare, Inc. 144A, 4.375%, 6/15/28		490,000		456,416
144A, 3.875%, 11/15/30		398,000		349,136
144A, 3.875%, 5/15/32		518,000		445,554
Pediatrix Medical Group, Inc., 144A, 5.375%, 2/15/30		245,000		220,200
Prime Healthcare Services, Inc., 144A, 7.25%, 11/1/25		582,000		580,545
Select Medical Corp., 144A, 6.25%, 8/15/26		750,000		748,109
Star Parent, Inc., 144A, 9.00%, 10/1/30		633,000		668,049
Tenet Healthcare Corp. 4.875%, 1/1/26		916,000		915,053
6.25%, 2/1/27		819,000		817,056
5.125%, 11/1/27		919,000		899,578
4.625%, 6/15/28		368,000		350,251
6.125%, 10/1/28		1,581,000		1,563,214
4.25%, 6/1/29		886,000		814,843
4.375%, 1/15/30		917,000		839,875
6.125%, 6/15/30		1,265,000		1,252,805
144A, 6.75%, 5/15/31		833,000		840,289
6.875%, 11/15/31		227,000		232,391
Toledo Hospital Series B, 5.325%, 11/15/28		260,000		242,775
4.982%, 11/15/45		171,000		117,722
6.015%, 11/15/48		245,000		197,837
US Acute Care Solutions LLC, 144A, 6.375%, 3/1/26		455,000		411,807

(Cost $28,426,946)				28,902,086

Household Products/Wares — 0.3%
ACCO Brands Corp., 144A, 4.25%, 3/15/29		352,000		312,058
Central Garden & Pet Co. 5.125%, 2/1/28		184,000		177,335
4.125%, 10/15/30		306,000		271,841
144A, 4.125%, 4/30/31		245,000		214,367


	Principal Amount		Value
Household Products/Wares (Continued)
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 144A, 5.00%, 12/31/26	$	291,000	$	279,724
Spectrum Brands, Inc. 144A, 5.00%, 10/1/29		183,000		177,510
144A, 3.875%, 3/15/31		262,000		248,838

(Cost $1,643,178)				1,681,673

Pharmaceuticals — 1.6%
180 Medical, Inc., 144A, 3.875%, 10/15/29		306,000		273,870
AdaptHealth LLC 144A, 6.125%, 8/1/28		219,000		200,245
144A, 4.625%, 8/1/29		306,000		254,745
144A, 5.125%, 3/1/30		367,000		306,904
Bausch Health Cos., Inc., 144A, 5.50%, 11/1/25		1,063,000		989,238
BellRing Brands, Inc., 144A, 7.00%, 3/15/30		559,000		570,415
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		306,000		287,640
Elanco Animal Health, Inc., 6.65%, 8/28/28		447,000		450,332
Grifols SA, 144A, 4.75%, 10/15/28		432,000		359,770
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25		367,000		355,990
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29		390,000		278,951
Jazz Securities DAC, 144A, 4.375%, 1/15/29		949,000		874,298
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 144A, 14.75%, 11/14/28		492,000		533,900
Option Care Health, Inc., 144A, 4.375%, 10/31/29		306,000		279,439
Organon & Co. / Organon Foreign Debt Co.-Issuer BV 144A, 4.125%, 4/30/28		1,328,000		1,214,935
144A, 5.125%, 4/30/31		1,255,000		1,075,685
Owens & Minor, Inc. 144A, 4.50%, 3/31/29		293,000		261,785
144A, 6.625%, 4/1/30		338,000		326,604
Perrigo Finance Unlimited Co. 4.375%, 3/15/26		429,000		414,060
4.65%, 6/15/30		459,000		410,854
4.90%, 12/15/44		206,000		160,805
Prestige Brands, Inc. 144A, 5.125%, 1/15/28		251,000		242,607
144A, 3.75%, 4/1/31		367,000		317,055

(Cost $10,343,157)				10,440,127


	Principal Amount		Value
Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Benteler International AG, 144A, 10.50%, 5/15/28	$	306,000	$	328,567
Stena International SA 144A, 7.25%, 1/15/31		480,000		477,257
144A, 7.625%, 2/15/31		160,000		160,883

(Cost $957,336)				966,707

Energy — 14.4%
Coal — 0.1%
Alliance Resource Operating Partners LP / Alliance Resource Finance Corp., 144A, 7.50%, 5/1/25		224,000		224,499
SunCoke Energy, Inc., 144A, 4.875%, 6/30/29		306,000		274,635

(Cost $491,129)				499,134

Energy-Alternate Sources — 0.2%
Sunnova Energy Corp., 144A, 5.875%, 9/1/26		254,000		206,464
TerraForm Power Operating LLC 144A, 5.00%, 1/31/28		429,000		405,370
144A, 4.75%, 1/15/30		459,000		414,977
Topaz Solar Farms LLC, 144A, 5.75%, 9/30/39		331,000		328,567

(Cost $1,354,387)				1,355,378

Oil & Gas — 7.0%
Aethon United BR LP / Aethon United Finance Corp., 144A, 8.25%, 2/15/26		500,000		502,069
Antero Resources Corp. 144A, 7.625%, 2/1/29		249,000		256,454
144A, 5.375%, 3/1/30		367,000		349,752
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 144A, 7.00%, 11/1/26		366,000		365,752
144A, 9.00%, 11/1/27		213,000		269,725
144A, 8.25%, 12/31/28		314,000		318,828
144A, 5.875%, 6/30/29		245,000		227,780
Baytex Energy Corp. 144A, 8.75%, 4/1/27		251,000		260,375
144A, 8.50%, 4/30/30		533,000		554,218
Berry Petroleum Co. LLC, 144A, 7.00%, 2/15/26		245,000		240,018
Borr IHC Ltd / Borr Finance LLC 144A, 10.00%, 11/15/28		668,000		688,875
144A, 10.375%, 11/15/30		315,000		325,941
California Resources Corp., 144A, 7.125%, 2/1/26		336,000		337,771
Callon Petroleum Co. 6.375%, 7/1/26		196,000		196,329
144A, 8.00%, 8/1/28		398,000		415,718
144A, 7.50%, 6/15/30		367,000		386,630
Chesapeake Energy Corp. 144A, 5.50%, 2/1/26		316,000		313,234
144A, 5.875%, 2/1/29		306,000		302,695
144A, 6.75%, 4/15/29		632,000		634,363


	Principal Amount		Value
Oil & Gas (Continued)
Chord Energy Corp., 144A, 6.375%, 6/1/26	$	245,000	$	245,306
CITGO Petroleum Corp. 144A, 7.00%, 6/15/25		739,000		737,257
144A, 6.375%, 6/15/26		398,000		400,481
144A, 8.375%, 1/15/29		696,000		730,918
Civitas Resources, Inc. 144A, 5.00%, 10/15/26		245,000		237,392
144A, 8.375%, 7/1/28		854,000		893,646
144A, 8.625%, 11/1/30		633,000		677,361
144A, 8.75%, 7/1/31		854,000		908,204
CNX Resources Corp. 144A, 6.00%, 1/15/29		316,000		303,721
144A, 7.375%, 1/15/31		328,000		330,668
144A, 7.25%, 3/1/32		251,000		250,128
Comstock Resources, Inc. 144A, 6.75%, 3/1/29		773,000		713,045
144A, 5.875%, 1/15/30		623,000		544,758
Crescent Energy Finance LLC 144A, 7.25%, 5/1/26		429,000		427,434
144A, 9.25%, 2/15/28		632,000		661,383
CrownRock LP / CrownRock Finance, Inc. 144A, 5.625%, 10/15/25		592,000		589,070
144A, 5.00%, 5/1/29		230,000		226,263
CVR Energy, Inc. 144A, 5.75%, 2/15/28		245,000		227,411
144A, 8.50%, 1/15/29		380,000		382,375
Diamond Foreign Asset Co. / Diamond Finance LLC, 144A, 8.50%, 10/1/30		337,000		345,095
Encino Acquisition Partners Holdings LLC, 144A, 8.50%, 5/1/28		429,000		428,311
Endeavor Energy Resources LP / EER Finance, Inc., 144A, 5.75%, 1/30/28		603,000		607,884
Energean PLC, 144A, 6.50%, 4/30/27		276,000		251,022
EnQuest PLC, 144A, 11.625%, 11/1/27		187,000		182,621
Greenfire Resources Ltd., 144A, 12.00%, 10/1/28		210,000		220,038
Gulfport Energy Corp., 144A, 8.00%, 5/17/26		271,000		275,787
Harbour Energy PLC, 144A, 5.50%, 10/15/26		306,000		298,243
Hilcorp Energy I LP / Hilcorp Finance Co. 144A, 6.25%, 11/1/28		367,000		364,313
144A, 5.75%, 2/1/29		367,000		354,918
144A, 6.00%, 4/15/30		306,000		297,077
144A, 6.00%, 2/1/31		394,000		379,944
144A, 6.25%, 4/15/32		306,000		296,055
144A, 8.375%, 11/1/33		376,000		403,918
Ithaca Energy North Sea PLC, 144A, 9.00%, 7/15/26		383,000		385,796
Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 144A, 6.00%, 8/1/26		245,000		240,170


	Principal Amount		Value
Oil & Gas (Continued)
Matador Resources Co. 5.875%, 9/15/26	$	428,000	$	423,822
144A, 6.875%, 4/15/28		306,000		310,725
MEG Energy Corp., 144A, 5.875%, 2/1/29		367,000		357,810
Moss Creek Resources Holdings, Inc. 144A, 7.50%, 1/15/26		416,000		413,585
144A, 10.50%, 5/15/27		316,000		323,816
Murphy Oil Corp. 5.875%, 12/1/27		271,000		269,101
6.375%, 7/15/28		228,000		228,311
5.875%, 12/1/42		230,000		202,572
Nabors Industries, Inc. 144A, 7.375%, 5/15/27		429,000		427,421
144A, 9.125%, 1/31/30		433,000		443,825
Noble Finance II LLC, 144A, 8.00%, 4/15/30		367,000		377,329
Northern Oil & Gas, Inc. 144A, 8.125%, 3/1/28		432,000		437,456
144A, 8.75%, 6/15/31		306,000		319,770
Parkland Corp. 144A, 5.875%, 7/15/27		306,000		300,303
144A, 4.50%, 10/1/29		490,000		447,738
144A, 4.625%, 5/1/30		502,000		458,557
PBF Holding Co. LLC / PBF Finance Corp. 6.00%, 2/15/28		550,000		534,875
144A, 7.875%, 9/15/30		306,000		313,552
Permian Resources Operating LLC 144A, 5.375%, 1/15/26		177,000		174,114
144A, 7.75%, 2/15/26		184,000		186,199
144A, 6.875%, 4/1/27		218,000		217,401
144A, 8.00%, 4/15/27		337,000		347,535
144A, 5.875%, 7/1/29		429,000		419,201
144A, 9.875%, 7/15/31		306,000		338,895
144A, 7.00%, 1/15/32		666,000		683,834
Precision Drilling Corp. 144A, 7.125%, 1/15/26		167,000		166,785
144A, 6.875%, 1/15/29		245,000		242,002
Range Resources Corp. 4.875%, 5/15/25		422,000		416,167
8.25%, 1/15/29		367,000		382,879
144A, 4.75%, 2/15/30		316,000		293,566
Rockcliff Energy II LLC, 144A, 5.50%, 10/15/29		429,000		395,087
Seadrill Finance Ltd., 144A, 8.375%, 8/1/30		352,000		361,739
Sitio Royalties Operating Partnership LP / Sitio Finance Corp., 144A, 7.875%, 11/1/28		367,000		375,111
SM Energy Co. 5.625%, 6/1/25		214,000		212,395
6.75%, 9/15/26		257,000		255,564
6.625%, 1/15/27		255,000		253,970
6.50%, 7/15/28		245,000		245,306
Southwestern Energy Co. 8.375%, 9/15/28		186,000		193,441
5.375%, 2/1/29		426,000		411,690


	Principal Amount		Value
Oil & Gas (Continued)
5.375%, 3/15/30	$	779,000	$	744,553
4.75%, 2/1/32		727,000		660,360
Strathcona Resources Ltd/Alberta, 144A, 6.875%, 8/1/26		306,000		304,088
Sunoco LP / Sunoco Finance Corp. 6.00%, 4/15/27		367,000		365,648
5.875%, 3/15/28		264,000		261,164
144A, 7.00%, 9/15/28		336,000		344,128
4.50%, 5/15/29		490,000		452,636
4.50%, 4/30/30		501,000		455,851
Talos Production, Inc. 144A, 9.00%, 2/1/29		426,000		435,399
144A, 9.375%, 2/1/31		378,000		390,442
Teine Energy Ltd., 144A, 6.875%, 4/15/29		245,000		232,510
Transocean Aquila Ltd., 144A, 8.00%, 9/30/28		199,000		202,731
Transocean Poseidon Ltd., 144A, 6.875%, 2/1/27		294,975		293,974
Transocean Titan Financing Ltd., 144A, 8.375%, 2/1/28		322,000		330,453
Transocean, Inc., 144A, 8.75%, 2/15/30		727,200		746,706
Valaris Ltd., 144A, 8.375%, 4/30/30		696,000		713,670
Vermilion Energy, Inc. 144A, 5.625%, 3/15/25		184,000		183,152
144A, 6.875%, 5/1/30		245,000		236,119
Viper Energy, Inc. 144A, 5.375%, 11/1/27		264,000		256,105
144A, 7.375%, 11/1/31		245,000		252,267
Vital Energy, Inc. 10.125%, 1/15/28		429,000		449,002
144A, 7.75%, 7/31/29		183,000		182,022
9.75%, 10/15/30		342,000		366,323
W&T Offshore, Inc., 144A, 11.75%, 2/1/26		168,000		172,820

(Cost $43,315,048)				43,960,112

Oil & Gas Services — 0.8%
Archrock Partners LP / Archrock Partners Finance Corp. 144A, 6.875%, 4/1/27		306,000		304,460
144A, 6.25%, 4/1/28		533,000		519,712
Bristow Group, Inc., 144A, 6.875%, 3/1/28		245,000		239,855
CGG SA, 144A, 8.75%, 4/1/27		306,000		272,946
CSI Compressco LP / CSI Compressco Finance, Inc., 144A, 7.50%, 4/1/25		214,000		214,214
Enerflex Ltd., 144A, 9.00%, 10/15/27		383,000		385,554
Helix Energy Solutions Group, Inc., 144A, 9.75%, 3/1/29		188,000		198,677
Kodiak Gas Services LLC, 144A, 7.25%, 2/15/29		400,000		407,230


	Principal Amount		Value
Oil & Gas Services (Continued)
Oceaneering International, Inc., 6.00%, 2/1/28	$	184,000	$	180,934
USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 4/1/26		444,000		443,395
6.875%, 9/1/27		500,000		497,431
Weatherford International Ltd., 144A, 8.625%, 4/30/30		1,012,000		1,049,191
Welltec International ApS, 144A, 8.25%, 10/15/26		179,000		181,835

(Cost $4,841,886)				4,895,434

Pipelines — 6.3%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 7.875%, 5/15/26		448,000		457,612
144A, 5.75%, 3/1/27		398,000		389,418
144A, 5.75%, 1/15/28		398,000		390,173
144A, 5.375%, 6/15/29		459,000		436,558
144A, 6.625%, 2/1/32		380,000		378,446
Blue Racer Midstream LLC / Blue Racer Finance Corp. 144A, 7.625%, 12/15/25		367,000		370,217
144A, 6.625%, 7/15/26		184,000		182,613
Buckeye Partners LP 144A, 4.125%, 3/1/25		306,000		299,236
3.95%, 12/1/26		367,000		347,072
4.125%, 12/1/27		245,000		228,022
144A, 4.50%, 3/1/28		313,000		290,999
5.85%, 11/15/43		245,000		201,843
5.60%, 10/15/44		184,000		143,060
Cheniere Energy Partners LP, 5.95%, 6/30/33		878,000		883,766
CNX Midstream Partners LP, 144A, 4.75%, 4/15/30		245,000		214,339
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A, 5.50%, 6/15/31		886,000		825,442
Delek Logistics Partners LP / Delek Logistics Finance Corp., 144A, 7.125%, 6/1/28		245,000		234,588
DT Midstream, Inc. 144A, 4.125%, 6/15/29		716,000		654,242
144A, 4.375%, 6/15/31		584,000		525,767
Energy Transfer LP, 8.00%, 5/15/54		502,000		521,578
EnLink Midstream LLC 144A, 5.625%, 1/15/28		306,000		301,505
5.375%, 6/1/29		305,000		295,593
144A, 6.50%, 9/1/30		627,000		642,716
EnLink Midstream Partners LP 4.15%, 6/1/25		258,000		251,530
4.85%, 7/15/26		301,000		293,479
5.60%, 4/1/44		214,000		193,948
5.05%, 4/1/45		276,000		234,746
5.45%, 6/1/47		319,000		280,720
EQM Midstream Partners LP 144A, 6.00%, 7/1/25		245,000		244,664
4.125%, 12/1/26		306,000		293,334


	Principal Amount		Value
Pipelines (Continued)
144A, 7.50%, 6/1/27	$	300,000	$	306,931
144A, 6.50%, 7/1/27		599,000		604,991
5.50%, 7/15/28		567,000		556,093
144A, 4.50%, 1/15/29		533,000		499,645
144A, 6.375%, 4/1/29		200,000		200,574
144A, 7.50%, 6/1/30		316,000		335,863
144A, 4.75%, 1/15/31		696,000		647,220
6.50%, 7/15/48		358,000		363,383
Genesis Energy LP / Genesis Energy Finance Corp. 6.25%, 5/15/26		229,000		226,936
8.00%, 1/15/27		641,000		645,435
7.75%, 2/1/28		416,000		416,003
8.25%, 1/15/29		380,000		386,338
8.875%, 4/15/30		306,000		317,260
Global Partners LP / GLP Finance Corp. 7.00%, 8/1/27		245,000		245,078
6.875%, 1/15/29		214,000		210,921
144A, 8.25%, 1/15/32		285,000		292,325
Harvest Midstream I LP, 144A, 7.50%, 9/1/28		533,000		537,306
Hess Midstream Operations LP 144A, 5.625%, 2/15/26		529,000		521,515
144A, 5.125%, 6/15/28		337,000		323,769
144A, 4.25%, 2/15/30		459,000		417,961
144A, 5.50%, 10/15/30		245,000		235,446
Howard Midstream Energy Partners LLC 144A, 6.75%, 1/15/27		245,000		244,068
144A, 8.875%, 7/15/28		337,000		355,114
ITT Holdings LLC, 144A, 6.50%, 8/1/29		772,000		685,211
Kinetik Holdings LP 144A, 6.625%, 12/15/28		506,000		512,226
144A, 5.875%, 6/15/30		653,000		636,292
Martin Midstream Partners LP / Martin Midstream Finance Corp., 144A, 11.50%, 2/15/28		245,000		257,250
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		811,000		806,815
144A, 6.50%, 9/30/26		949,000		916,296
NGL Energy Operating LLC / NGL Energy Finance Corp. 144A, 8.125%, 2/15/29		564,000		569,317
144A, 8.375%, 2/15/32		813,000		825,831
Northriver Midstream Finance LP, 144A, 5.625%, 2/15/26		322,000		315,668
NuStar Logistics LP 5.75%, 10/1/25		367,000		363,672
6.00%, 6/1/26		306,000		302,496
5.625%, 4/28/27		337,000		333,532
6.375%, 10/1/30		424,000		425,200
Prairie Acquiror LP, 144A, 9.00%, 8/1/29		280,000		282,131
Rockies Express Pipeline LLC 144A, 3.60%, 5/15/25		245,000		237,545
144A, 4.95%, 7/15/29		345,000		322,621
144A, 4.80%, 5/15/30		214,000		198,218
144A, 7.50%, 7/15/38		153,000		155,302
144A, 6.875%, 4/15/40		306,000		301,314


	Principal Amount		Value
Pipelines (Continued)
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, 9.00%, 10/15/26	$	523,000	$	517,415
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 6.00%, 3/1/27		263,000		259,581
144A, 5.50%, 1/15/28		573,000		544,350
144A, 7.375%, 2/15/29		450,000		448,992
144A, 6.00%, 12/31/30		444,000		412,887
144A, 6.00%, 9/1/31		286,000		261,986
Venture Global Calcasieu Pass LLC 144A, 3.875%, 8/15/29		791,000		709,929
144A, 6.25%, 1/15/30		633,000		631,998
144A, 4.125%, 8/15/31		791,000		694,229
144A, 3.875%, 11/1/33		791,000		663,423
Venture Global LNG, Inc. 144A, 8.125%, 6/1/28		1,423,000		1,445,635
144A, 9.50%, 2/1/29		1,888,000		2,013,011
144A, 8.375%, 6/1/31		1,423,000		1,439,309
144A, 9.875%, 2/1/32		1,224,000		1,288,726

(Cost $39,135,259)				39,675,809

Financial — 4.6%
Real Estate — 0.7%
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 144A, 7.00%, 4/15/30		392,000		355,230
Cushman & Wakefield US Borrower LLC 144A, 6.75%, 5/15/28		398,000		392,058
144A, 8.875%, 9/1/31		245,000		255,106
Five Point Operating Co. LP / Five Point Capital Corp., 144A, 10.50%, 1/15/28		321,561		328,844
Greystar Real Estate Partners LLC, 144A, 7.75%, 9/1/30		245,000		254,174
Howard Hughes Corp. 144A, 5.375%, 8/1/28		478,000		450,807
144A, 4.125%, 2/1/29		418,000		371,054
144A, 4.375%, 2/1/31		415,000		353,536
Hunt Cos., Inc., 144A, 5.25%, 4/15/29		389,000		355,905
Kennedy-Wilson, Inc. 4.75%, 3/1/29		367,000		297,270
4.75%, 2/1/30		367,000		290,389
5.00%, 3/1/31		422,000		328,105
Newmark Group, Inc., 144A, 7.50%, 1/12/29		380,000		386,391

(Cost $4,357,750)				4,418,869

Real Estate Investment Trusts — 3.7%
Apollo Commercial Real Estate Finance, Inc., 144A, 4.625%, 6/15/29		306,000		253,117
Blackstone Mortgage Trust, Inc., 144A, 3.75%, 1/15/27		224,000		196,135
Brandywine Operating Partnership LP 3.95%, 11/15/27		276,000		242,561
7.80%, 3/15/28		214,000		211,983
4.55%, 10/1/29		244,000		203,556


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 144A, 5.75%, 5/15/26	$	593,000	$	571,942
144A, 4.50%, 4/1/27		446,000		392,077
CTR Partnership LP / CareTrust Capital Corp., 144A, 3.875%, 6/30/28		245,000		221,575
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 144A, 3.75%, 12/15/27		306,000		258,568
Hudson Pacific Properties LP 3.95%, 11/1/27		252,000		217,602
5.95%, 2/15/28		222,000		199,226
4.65%, 4/1/29		317,000		264,013
3.25%, 1/15/30		254,000		190,690
Iron Mountain Information Management Services, Inc., 144A, 5.00%, 7/15/32		467,000		417,514
Iron Mountain, Inc. 144A, 4.875%, 9/15/27		612,000		586,965
144A, 5.25%, 3/15/28		517,000		498,282
144A, 5.00%, 7/15/28		306,000		289,702
144A, 7.00%, 2/15/29		612,000		621,229
144A, 4.875%, 9/15/29		633,000		588,660
144A, 5.25%, 7/15/30		815,000		762,661
144A, 4.50%, 2/15/31		696,000		615,915
144A, 5.625%, 7/15/32		367,000		341,091
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 144A, 5.25%, 10/1/25		201,000		198,008
144A, 4.25%, 2/1/27		375,000		345,063
144A, 4.75%, 6/15/29		390,000		350,003
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/1/26		306,000		272,469
5.00%, 10/15/27		872,000		713,351
4.625%, 8/1/29		551,000		410,429
3.50%, 3/15/31		837,000		560,538
Necessity Retail REIT Inc/The / American Finance Operating Partner LP, 144A, 4.50%, 9/30/28		306,000		257,649
Office Properties Income Trust, 144A, 9.00%, 3/31/29		188,000		175,310
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A, 7.50%, 6/1/25		398,000		399,278
144A, 5.875%, 10/1/28		444,000		431,581
144A, 4.875%, 5/15/29		459,000		421,706
RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27		458,000		437,390
144A, 7.25%, 7/15/28		245,000		250,923
144A, 4.50%, 2/15/29		367,000		341,137
Rithm Capital Corp., 144A, 6.25%, 10/15/25		337,000		332,646
RLJ Lodging Trust LP 144A, 3.75%, 7/1/26		306,000		288,481
144A, 4.00%, 9/15/29		356,000		310,738


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
SBA Communications Corp. 3.875%, 2/15/27	$	946,000	$	892,634
3.125%, 2/1/29		949,000		839,860
Service Properties Trust 4.50%, 3/15/25		214,000		209,080
7.50%, 9/15/25		490,000		496,428
5.25%, 2/15/26		214,000		207,832
4.75%, 10/1/26		276,000		255,322
4.95%, 2/15/27		245,000		224,949
5.50%, 12/15/27		276,000		259,825
3.95%, 1/15/28		245,000		207,225
4.95%, 10/1/29		260,000		213,927
4.375%, 2/15/30		245,000		188,855
144A, 8.625%, 11/15/31		706,000		745,615
Starwood Property Trust, Inc. 4.75%, 3/15/25		306,000		301,936
144A, 3.625%, 7/15/26		245,000		228,462
144A, 4.375%, 1/15/27		306,000		286,875
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A, 10.50%, 2/15/28		1,645,000		1,702,736
144A, 4.75%, 4/15/28		349,000		303,287
Vornado Realty LP 3.50%, 1/15/25		135,000		131,140
2.15%, 6/1/26		253,000		227,038
3.40%, 6/1/31		215,000		166,879
XHR LP 144A, 6.375%, 8/15/25		285,000		285,342
144A, 4.875%, 6/1/29		306,000		282,593

(Cost $23,053,212)				23,299,604

Venture Capital — 0.2%
HAT Holdings I LLC / HAT Holdings II LLC 144A, 6.00%, 4/15/25		245,000		242,510
144A, 3.375%, 6/15/26		666,000		622,766
144A, 8.00%, 6/15/27		378,000		392,483
144A, 3.75%, 9/15/30		290,000		238,589

(Cost $1,492,224)				1,496,348

Industrial — 11.8%
Aerospace/Defense — 2.6%
AAR Escrow Issuer LLC, 144A, 6.75%, 3/15/29		300,000		302,836
Bombardier, Inc. 144A, 7.125%, 6/15/26		612,000		617,125
144A, 7.875%, 4/15/27		1,092,000		1,093,393
144A, 6.00%, 2/15/28		459,000		445,586
144A, 7.50%, 2/1/29		499,000		506,133
144A, 8.75%, 11/15/30		459,000		480,807
144A, 7.45%, 5/1/34		323,000		357,293
Moog, Inc., 144A, 4.25%, 12/15/27		306,000		286,371
Rolls-Royce PLC 144A, 3.625%, 10/14/25		633,000		609,497
144A, 5.75%, 10/15/27		684,000		680,645
Spirit AeroSystems, Inc. 3.85%, 6/15/26		184,000		174,890


	Principal Amount		Value
Aerospace/Defense (Continued)
144A, 9.375%, 11/30/29	$	599,000	$	647,731
144A, 9.75%, 11/15/30		759,000		813,160
TransDigm, Inc. 5.50%, 11/15/27		1,723,000		1,663,675
144A, 6.75%, 8/15/28		1,286,000		1,301,375
4.625%, 1/15/29		785,000		719,853
144A, 6.375%, 3/1/29		1,350,000		1,356,102
4.875%, 5/1/29		459,000		421,606
144A, 6.875%, 12/15/30		898,000		908,695
144A, 7.125%, 12/1/31		652,000		668,835
144A, 6.625%, 3/1/32		1,400,000		1,408,747
Triumph Group, Inc., 144A, 9.00%, 3/15/28		759,000		793,408

(Cost $16,213,348)				16,257,763

Building Materials — 2.0%
AmeriTex HoldCo Intermediate LLC, 144A, 10.25%, 10/15/28		325,000		340,438
Boise Cascade Co., 144A, 4.875%, 7/1/30		245,000		226,069
Builders FirstSource, Inc. 144A, 5.00%, 3/1/30		337,000		318,221
144A, 4.25%, 2/1/32		815,000		716,079
144A, 6.375%, 6/15/32		429,000		428,932
Camelot Return Merger Sub, Inc., 144A, 8.75%, 8/1/28		473,000		485,416
Eco Material Technologies, Inc., 144A, 7.875%, 1/31/27		408,000		407,088
Emerald Debt Merger Sub LLC, 144A, 6.625%, 12/15/30		1,740,000		1,746,090
Griffon Corp., 5.75%, 3/1/28		618,000		597,915
James Hardie International Finance DAC, 144A, 5.00%, 1/15/28		245,000		236,263
JELD-WEN, Inc., 144A, 4.875%, 12/15/27		245,000		233,056
Knife River Corp., 144A, 7.75%, 5/1/31		260,000		269,264
Louisiana-Pacific Corp., 144A, 3.625%, 3/15/29		214,000		191,982
Masonite International Corp. 144A, 5.375%, 2/1/28		306,000		304,853
144A, 3.50%, 2/15/30		230,000		203,000
MIWD Holdco II LLC / MIWD Finance Corp., 144A, 5.50%, 2/1/30		306,000		279,208
New Enterprise Stone & Lime Co., Inc., 144A, 5.25%, 7/15/28		358,000		341,135
PGT Innovations, Inc., 144A, 4.375%, 10/1/29		352,000		354,364
Smyrna Ready Mix Concrete LLC 144A, 6.00%, 11/1/28		696,000		675,008
144A, 8.875%, 11/15/31		696,000		737,610
Standard Industries, Inc. 144A, 5.00%, 2/15/27		533,000		513,170
144A, 4.75%, 1/15/28		612,000		577,384
144A, 4.375%, 7/15/30		1,012,000		902,284
144A, 3.375%, 1/15/31		690,000		571,732


	Principal Amount		Value
Building Materials (Continued)
Summit Materials LLC / Summit Materials Finance Corp. 144A, 6.50%, 3/15/27	$	184,000	$	184,000
144A, 5.25%, 1/15/29		429,000		415,281
144A, 7.25%, 1/15/31		506,000		525,078

(Cost $12,616,267)				12,780,920

Electrical Components & Equipment — 0.5%
Energizer Holdings, Inc. 144A, 6.50%, 12/31/27		184,000		182,456
144A, 4.75%, 6/15/28		358,000		327,337
144A, 4.375%, 3/31/29		485,000		429,700
EnerSys 144A, 4.375%, 12/15/27		184,000		173,190
144A, 6.625%, 1/15/32		200,000		200,827
WESCO Distribution, Inc. 144A, 7.125%, 6/15/25		969,000		974,790
144A, 7.25%, 6/15/28		851,000		869,668

(Cost $3,145,290)				3,157,968

Electronics — 0.7%
Atkore, Inc., 144A, 4.25%, 6/1/31		251,000		220,493
Coherent Corp., 144A, 5.00%, 12/15/29		560,000		522,200
Imola Merger Corp., 144A, 4.75%, 5/15/29		1,265,000		1,172,149
Sensata Technologies BV 144A, 5.00%, 10/1/25		428,000		424,009
144A, 4.00%, 4/15/29		666,000		604,014
144A, 5.875%, 9/1/30		306,000		298,026
Sensata Technologies, Inc. 144A, 4.375%, 2/15/30		276,000		251,488
144A, 3.75%, 2/15/31		459,000		392,514
TTM Technologies, Inc., 144A, 4.00%, 3/1/29		306,000		272,370

(Cost $4,134,919)				4,157,263

Engineering & Construction — 0.9%
AECOM, 5.125%, 3/15/27		690,000		675,894
Arcosa, Inc., 144A, 4.375%, 4/15/29		245,000		226,134
Artera Services LLC, 144A, 8.50%, 2/15/31		350,000		357,544
ATP Tower Holdings LLC / Andean Tower Partners Colombia SAS / Andean Telecom Par, 144A, 4.05%, 4/27/26		230,000		213,325
Brand Industrial Services, Inc., 144A, 10.375%, 8/1/30		868,000		923,054
Brundage-Bone Concrete Pumping Holdings, Inc., 144A, 6.00%, 2/1/26		230,000		226,951
Cellnex Finance Co. SA, 144A, 3.875%, 7/7/41		380,000		295,709
Dycom Industries, Inc., 144A, 4.50%, 4/15/29		306,000		281,591


	Principal Amount		Value
Engineering & Construction (Continued)
Fluor Corp., 4.25%, 9/15/28	$	367,000	$	346,925
Global Infrastructure Solutions, Inc. 144A, 5.625%, 6/1/29		245,000		221,595
144A, 7.50%, 4/15/32		184,000		176,640
HTA Group Ltd/Mauritius, 144A, 7.00%, 12/18/25		398,000		393,345
Railworks Holdings LP / Railworks Rally, Inc., 144A, 8.25%, 11/15/28		199,000		197,658
TopBuild Corp. 144A, 3.625%, 3/15/29		245,000		219,437
144A, 4.125%, 2/15/32		306,000		268,004
VM Consolidated, Inc., 144A, 5.50%, 4/15/29		231,000		217,707
Weekley Homes LLC / Weekley Finance Corp., 144A, 4.875%, 9/15/28		245,000		227,382

(Cost $5,361,391)				5,468,895

Environmental Control — 0.9%
Clean Harbors, Inc. 144A, 4.875%, 7/15/27		334,000		322,260
144A, 5.125%, 7/15/29		184,000		177,371
144A, 6.375%, 2/1/31		306,000		304,204
Covanta Holding Corp. 144A, 4.875%, 12/1/29		515,000		450,056
5.00%, 9/1/30		245,000		212,537
Enviri Corp., 144A, 5.75%, 7/31/27		291,000		271,922
GFL Environmental, Inc. 144A, 4.25%, 6/1/25		306,000		300,593
144A, 3.75%, 8/1/25		459,000		445,642
144A, 5.125%, 12/15/26		313,000		306,162
144A, 4.00%, 8/1/28		505,000		463,020
144A, 3.50%, 9/1/28		459,000		416,109
144A, 4.75%, 6/15/29		459,000		429,778
144A, 4.375%, 8/15/29		337,000		307,031
144A, 6.75%, 1/15/31		627,000		641,334
Madison IAQ LLC, 144A, 4.125%, 6/30/28		429,000		390,801
Stericycle, Inc., 144A, 3.875%, 1/15/29		306,000		275,375

(Cost $5,656,688)				5,714,195

Machinery-Construction & Mining — 0.2%
BWX Technologies, Inc. 144A, 4.125%, 6/30/28		245,000		227,877
144A, 4.125%, 4/15/29		245,000		227,363
Manitowoc Co., Inc., 144A, 9.00%, 4/1/26		184,000		183,770
Terex Corp., 144A, 5.00%, 5/15/29		367,000		342,705
Vertiv Group Corp., 144A, 4.125%, 11/15/28		567,000		523,136

(Cost $1,485,578)				1,504,851

Machinery-Diversified — 0.4%
ATS Corp., 144A, 4.125%, 12/15/28		214,000		195,307


	Principal Amount		Value
Machinery-Diversified (Continued)
Chart Industries, Inc. 144A, 7.50%, 1/1/30	$	923,000	$	952,085
144A, 9.50%, 1/1/31		312,000		335,203
Mueller Water Products, Inc., 144A, 4.00%, 6/15/29		276,000		250,993
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27		987,000		948,059

(Cost $2,665,244)				2,681,647

Metal Fabricate/Hardware — 0.1%
Advanced Drainage Systems, Inc. 144A, 5.00%, 9/30/27		214,000		206,743
144A, 6.375%, 6/15/30		306,000		305,990
Roller Bearing Co. of America, Inc., 144A, 4.375%, 10/15/29		306,000		278,777

(Cost $783,142)				791,510

Miscellaneous Manufacturing — 0.5%
Amsted Industries, Inc. 144A, 5.625%, 7/1/27		245,000		240,178
144A, 4.625%, 5/15/30		245,000		223,066
Calderys Financing LLC, 144A, 11.25%, 6/1/28		337,000		360,793
Enpro Industries, Inc., 5.75%, 10/15/26		212,000		208,747
Gates Global LLC / Gates Corp., 144A, 6.25%, 1/15/26		250,000		249,148
Hillenbrand, Inc. 5.75%, 6/15/25		245,000		243,177
5.00%, 9/15/26		230,000		225,007
6.25%, 2/15/29		313,000		313,043
3.75%, 3/1/31		214,000		182,435
LSB Industries, Inc., 144A, 6.25%, 10/15/28		352,000		333,791
Trinity Industries, Inc., 144A, 7.75%, 7/15/28		245,000		252,461

(Cost $2,791,785)				2,831,846

Packaging & Containers — 2.6%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A, 6.00%, 6/15/27		367,000		360,358
144A, 3.25%, 9/1/28		367,000		318,061
144A, 4.00%, 9/1/29		669,000		543,336
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 4/30/25		429,000		424,504
144A, 4.125%, 8/15/26		769,000		709,433
Ball Corp. 6.875%, 3/15/28		499,000		511,124
6.00%, 6/15/29		612,000		614,966
2.875%, 8/15/30		822,000		695,953
3.125%, 9/15/31		551,000		464,194
Berry Global, Inc. 144A, 4.50%, 2/15/26		178,000		172,529
144A, 5.625%, 7/15/27		366,000		360,842


	Principal Amount		Value
Packaging & Containers (Continued)
Cascades, Inc./Cascades USA, Inc., 144A, 5.375%, 1/15/28	$	273,000	$	263,899
Clearwater Paper Corp., 144A, 4.75%, 8/15/28		168,000		155,400
Clydesdale Acquisition Holdings, Inc., 144A, 6.625%, 4/15/29		306,000		304,232
Crown Americas LLC, 5.25%, 4/1/30		306,000		294,739
Crown Americas LLC / Crown Americas Capital Corp. V, 4.25%, 9/30/26		245,000		235,141
Crown Americas LLC / Crown Americas Capital Corp. VI, 4.75%, 2/1/26		536,000		524,396
Crown Cork & Seal Co., Inc., 7.375%, 12/15/26		314,000		330,586
Graphic Packaging International LLC 144A, 4.75%, 7/15/27		184,000		177,974
144A, 3.50%, 3/15/28		276,000		252,391
144A, 3.50%, 3/1/29		214,000		190,783
144A, 3.75%, 2/1/30		251,000		223,347
Intelligent Packaging Ltd Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC, 144A, 6.00%, 9/15/28		420,000		390,503
LABL, Inc. 144A, 6.75%, 7/15/26		429,000		416,064
144A, 5.875%, 11/1/28		306,000		274,091
144A, 9.50%, 11/1/28		224,000		224,053
Mauser Packaging Solutions Holding Co., 144A, 7.875%, 8/15/26		1,739,000		1,762,158
OI European Group BV, 144A, 4.75%, 2/15/30		245,000		225,547
Owens-Brockway Glass Container, Inc. 144A, 6.375%, 8/15/25		184,000		185,995
144A, 6.625%, 5/13/27		375,000		374,170
144A, 7.25%, 5/15/31		452,000		458,097
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc., 144A, 4.375%, 10/15/28		306,000		283,603
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27		666,000		620,379
Sealed Air Corp. 144A, 5.50%, 9/15/25		245,000		244,535
144A, 4.00%, 12/1/27		260,000		241,834
144A, 6.125%, 2/1/28		555,000		553,301
144A, 5.00%, 4/15/29		260,000		246,295
144A, 7.25%, 2/15/31		260,000		268,420
144A, 6.875%, 7/15/33		266,000		275,284
Silgan Holdings, Inc., 4.125%, 2/1/28		349,000		325,822
TriMas Corp., 144A, 4.125%, 4/15/29		245,000		223,327
Trivium Packaging Finance BV, 144A, 5.50%, 8/15/26		664,000		647,531

(Cost $16,234,495)				16,369,197


	Principal Amount		Value
Transportation — 0.4%
Danaos Corp., 144A, 8.50%, 3/1/28	$	161,000	$	165,221
First Student Bidco, Inc. / First Transit Parent, Inc., 144A, 4.00%, 7/31/29		383,000		333,210
GN Bondco LLC, 144A, 9.50%, 10/15/31		473,000		468,270
Rand Parent LLC, 144A, 8.50%, 2/15/30		566,000		549,681
RXO, Inc., 144A, 7.50%, 11/15/27		217,000		224,052
XPO CNW, Inc., 6.70%, 5/1/34		183,000		189,345
XPO, Inc. 144A, 7.125%, 6/1/31		276,000		281,877
144A, 7.125%, 2/1/32		370,000		376,162

(Cost $2,562,003)				2,587,818

Technology — 4.4%
Computers — 1.3%
ASGN, Inc., 144A, 4.625%, 5/15/28		337,000		314,287
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 144A, 6.00%, 11/1/29		318,000		291,786
Crane NXT Co., 4.20%, 3/15/48		221,000		159,797
Crowdstrike Holdings, Inc., 3.00%, 2/15/29		459,000		405,043
KBR, Inc., 144A, 4.75%, 9/30/28		153,000		140,373
NCR Atleos Corp., 144A, 9.50%, 4/1/29		874,000		924,513
NCR Voyix Corp. 144A, 5.00%, 10/1/28		398,000		369,893
144A, 5.125%, 4/15/29		785,000		727,832
144A, 5.25%, 10/1/30		276,000		249,314
Presidio Holdings, Inc., 144A, 4.875%, 2/1/27		322,000		309,482
Science Applications International Corp., 144A, 4.875%, 4/1/28		245,000		232,003
Seagate HDD Cayman 4.875%, 6/1/27		309,000		299,231
4.091%, 6/1/29		226,000		206,230
144A, 8.25%, 12/15/29		349,000		373,956
4.125%, 1/15/31		169,000		148,442
144A, 8.50%, 7/15/31		349,000		377,345
9.625%, 12/1/32		547,000		618,165
5.75%, 12/1/34		300,000		288,360
Tempo Acquisition LLC / Tempo Acquisition Finance Corp., 144A, 5.75%, 6/1/25		184,000		182,188
Unisys Corp., 144A, 6.875%, 11/1/27		297,000		266,863
Western Digital Corp., 4.75%, 2/15/26		1,455,000		1,421,992

(Cost $8,200,301)				8,307,095


	Principal Amount		Value
Office/Business Equipment — 0.3%
Pitney Bowes, Inc. 144A, 6.875%, 3/15/27	$	233,000	$	209,117
144A, 7.25%, 3/15/29		244,000		211,280
Xerox Corp. 4.80%, 3/1/35		153,000		116,075
6.75%, 12/15/39		214,000		183,049
Xerox Holdings Corp. 144A, 5.00%, 8/15/25		459,000		451,435
144A, 5.50%, 8/15/28		518,000		468,428

(Cost $1,572,146)				1,639,384

Semiconductors — 0.5%
Amkor Technology, Inc., 144A, 6.625%, 9/15/27		322,000		323,711
ams-OSRAM AG, 144A, 12.25%, 3/30/29		244,000		247,508
Entegris, Inc. 144A, 4.375%, 4/15/28		245,000		228,934
144A, 4.75%, 4/15/29		1,012,000		954,243
144A, 3.625%, 5/1/29		245,000		216,825
144A, 5.95%, 6/15/30		596,000		584,410
ON Semiconductor Corp., 144A, 3.875%, 9/1/28		429,000		392,333
Synaptics, Inc., 144A, 4.00%, 6/15/29		245,000		219,423

(Cost $3,184,047)				3,167,387

Software — 2.3%
Alteryx, Inc., 144A, 8.75%, 3/15/28		276,000		279,900
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		379,000		379,375
Camelot Finance SA, 144A, 4.50%, 11/1/26		429,000		409,837
Capstone Borrower, Inc., 144A, 8.00%, 6/15/30		245,000		253,220
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 144A, 8.00%, 6/15/29		503,000		515,545
Central Parent, Inc. / CDK Global, Inc., 144A, 7.25%, 6/15/29		500,000		503,313
Clarivate Science Holdings Corp. 144A, 3.875%, 7/1/28		578,000		527,619
144A, 4.875%, 7/1/29		578,000		524,195
Cloud Software Group, Inc., 144A, 6.50%, 3/31/29		2,530,000		2,356,083
Consensus Cloud Solutions, Inc. 144A, 6.00%, 10/15/26		187,000		177,589
144A, 6.50%, 10/15/28		291,000		258,879
Dun & Bradstreet Corp., 144A, 5.00%, 12/15/29		282,000		259,440
Elastic NV, 144A, 4.125%, 7/15/29		352,000		316,178
Fair Isaac Corp. 144A, 5.25%, 5/15/26		245,000		242,402
144A, 4.00%, 6/15/28		564,000		523,908


	Principal Amount		Value
Software (Continued)
Helios Software Holdings, Inc. / ION Corporate Solutions Finance SARL, 144A, 4.625%, 5/1/28	$	214,000	$	190,846
MicroStrategy, Inc., 144A, 6.125%, 6/15/28		306,000		295,045
Open Text Corp. 144A, 3.875%, 2/15/28		564,000		518,248
144A, 3.875%, 12/1/29		521,000		460,492
Open Text Holdings, Inc. 144A, 4.125%, 2/15/30		564,000		497,940
144A, 4.125%, 12/1/31		398,000		340,656
PTC, Inc., 144A, 4.00%, 2/15/28		306,000		285,495
RingCentral, Inc., 144A, 8.50%, 8/15/30		268,000		277,083
ROBLOX Corp., 144A, 3.875%, 5/1/30		666,000		583,303
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		1,315,000		1,280,547
Twilio, Inc. 3.625%, 3/15/29		336,000		299,129
3.875%, 3/15/31		306,000		266,240
UKG, Inc., 144A, 6.875%, 2/1/31		1,500,000		1,515,600
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 144A, 3.875%, 2/1/29		398,000		356,580

(Cost $14,640,209)				14,694,687

Utilities — 3.8%
Electric — 3.5%
Algonquin Power & Utilities Corp., 4.75%, 1/18/82		459,000		397,174
Atlantica Sustainable Infrastructure PLC, 144A, 4.125%, 6/15/28		245,000		223,880
Calpine Corp. 144A, 5.25%, 6/1/26		257,000		253,195
144A, 4.50%, 2/15/28		784,000		738,486
144A, 5.125%, 3/15/28		886,000		842,269
144A, 4.625%, 2/1/29		398,000		366,271
144A, 5.00%, 2/1/31		567,000		506,752
144A, 3.75%, 3/1/31		514,000		440,603
Clearway Energy Operating LLC 144A, 4.75%, 3/15/28		567,000		530,056
144A, 3.75%, 2/15/31		616,000		519,451
144A, 3.75%, 1/15/32		214,000		179,002
DPL, Inc. 4.125%, 7/1/25		254,000		246,319
4.35%, 4/15/29		262,000		237,411
Drax Finco PLC, 144A, 6.625%, 11/1/25		306,000		302,175
Edison International 8.125%, 6/15/53		306,000		314,045
7.875%, 6/15/54		285,000		290,541
Electricite de France SA, 144A, 9.125%, Perpetual		948,000		1,051,863
Emera, Inc., Series 16-A, 6.75%, 6/15/76		759,000		743,736


	Principal Amount		Value
Electric (Continued)
FirstEnergy Corp. 2.05%, 3/1/25	$	184,000	$	177,214
Series A, 1.60%, 1/15/26		188,000		173,909
Series B, 4.15%, 7/15/27		1,012,000		961,146
2.65%, 3/1/30		367,000		313,724
Series B, 2.25%, 9/1/30		348,000		286,406
Series C, 7.375%, 11/15/31		284,000		329,639
Series C, 5.10%, 7/15/47		384,000		330,868
Series C, 3.40%, 3/1/50		480,000		320,703
Leeward Renewable Energy Operations LLC, 144A, 4.25%, 7/1/29		230,000		198,003
NextEra Energy Operating Partners LP 144A, 3.875%, 10/15/26		306,000		285,727
144A, 4.50%, 9/15/27		337,000		314,401
144A, 7.25%, 1/15/29		474,000		481,817
NRG Energy, Inc. 6.625%, 1/15/27		230,000		229,964
5.75%, 1/15/28		547,000		538,797
144A, 3.375%, 2/15/29		306,000		267,087
144A, 5.25%, 6/15/29		449,000		425,509
144A, 3.625%, 2/15/31		687,000		577,652
144A, 3.875%, 2/15/32		294,000		245,595
Pattern Energy Operations LP / Pattern Energy Operations, Inc., 144A, 4.50%, 8/15/28		391,000		358,647
PG&E Corp. 5.00%, 7/1/28		633,000		603,743
5.25%, 7/1/30		633,000		595,057
Pike Corp. 144A, 5.50%, 9/1/28		400,000		379,426
144A, 8.625%, 1/31/31		310,000		327,376
Talen Energy Supply LLC, 144A, 8.625%, 6/1/30		759,000		800,776
TransAlta Corp. 7.75%, 11/15/29		245,000		254,739
6.50%, 3/15/40		184,000		181,389


	Principal Amount		Value
Electric (Continued)
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26	$	612,000	$	602,622
144A, 5.625%, 2/15/27		822,000		800,997
144A, 5.00%, 7/31/27		822,000		787,899
144A, 4.375%, 5/1/29		791,000		721,516
144A, 7.75%, 10/15/31		917,000		948,542

(Cost $21,928,684)				22,004,119

Gas — 0.2%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.50%, 5/20/25		429,000		421,063
5.875%, 8/20/26		413,000		400,253
5.75%, 5/20/27		322,000		304,417
144A, 9.375%, 6/1/28		306,000		310,590

(Cost $1,441,309)				1,436,323

Water — 0.1%
Solaris Midstream Holdings LLC, 144A, 7.625%, 4/1/26
(Cost $242,059)		245,000		244,814

TOTAL CORPORATE BONDS (Cost $604,208,025)				610,311,128


	Number of Shares
CASH EQUIVALENTS — 2.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a) (Cost $12,640,713)		12,640,713		12,640,713


TOTAL INVESTMENTS — 98.9% (Cost $616,848,738)			$	622,951,841
Other assets and liabilities, net — 1.1%				6,708,359

NET ASSETS — 100.0%			$	629,660,200

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:


	Principal Amount		Value
CORPORATE BONDS — 97.6%
Basic Materials — 4.1%
Chemicals — 1.9%
Ashland, Inc., 144A, 3.375%, 9/1/31	$	1,859,000	$	1,559,325
ASP Unifrax Holdings, Inc. 144A, 5.25%, 9/30/28		3,217,000		2,044,455
144A, 7.50%, 9/30/29		1,609,000		880,143
Avient Corp. 144A, 5.75%, 5/15/25		2,728,000		2,714,666
144A, 7.125%, 8/1/30		2,986,000		3,055,096
Axalta Coating Systems Dutch Holding B BV, 144A, 7.25%, 2/15/31		2,068,000		2,148,030
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29		2,846,000		2,531,958
Chemours Co. 5.375%, 5/15/27		2,015,000		1,842,939
144A, 5.75%, 11/15/28 (a)		3,147,000		2,763,466
144A, 4.625%, 11/15/29		2,619,000		2,156,857
Consolidated Energy Finance SA 144A, 5.625%, 10/15/28		2,125,000		1,726,977
144A, 12.00%, 2/15/31		2,400,000		2,455,992
INEOS Finance PLC 144A, 6.75%, 5/15/28		1,856,000		1,816,874
144A, 7.50%, 4/15/29		2,750,000		2,733,088
INEOS Quattro Finance 2 PLC, 144A, 9.625%, 3/15/29 (a)		1,566,000		1,649,304
Methanex Corp. 5.125%, 10/15/27		3,038,000		2,923,287
5.25%, 12/15/29 (a)		2,712,000		2,581,156
NOVA Chemicals Corp. 144A, 5.00%, 5/1/25		2,011,000		1,966,296
144A, 5.25%, 6/1/27		4,369,000		4,053,440
144A, 8.50%, 11/15/28		1,499,000		1,584,602
144A, 4.25%, 5/15/29		2,370,000		1,963,349
144A, 9.00%, 2/15/30		2,500,000		2,511,120
Olin Corp. 5.125%, 9/15/27		2,016,000		1,957,415
5.625%, 8/1/29		2,760,000		2,702,965
5.00%, 2/1/30		2,166,000		2,026,550
SCIH Salt Holdings, Inc. 144A, 4.875%, 5/1/28		4,155,000		3,801,887
144A, 6.625%, 5/1/29		2,815,000		2,562,844
Tronox, Inc., 144A, 4.625%, 3/15/29 (a)		4,323,000		3,832,236

(Cost $72,269,064)				66,546,317

Forest Products & Paper — 0.1%
Mercer International, Inc., 5.125%, 2/1/29
(Cost $3,449,542)		3,507,000		3,026,192

Iron/Steel — 0.7%
ATI, Inc., 7.25%, 8/15/30		1,772,000		1,823,299
Cleveland-Cliffs, Inc. 144A, 6.75%, 3/15/26		3,334,000		3,362,753
5.875%, 6/1/27 (a)		2,232,000		2,210,808
144A, 6.75%, 4/15/30		3,016,000		2,997,699
Metinvest BV, 144A, 7.75%, 10/17/29		600,000		426,648


	Principal Amount		Value
Iron/Steel (Continued)
Mineral Resources Ltd. 144A, 8.125%, 5/1/27	$	2,798,000	$	2,825,742
144A, 8.00%, 11/1/27		2,514,000		2,563,526
144A, 9.25%, 10/1/28		4,424,000		4,645,200
144A, 8.50%, 5/1/30		2,578,000		2,650,776
United States Steel Corp., 6.875%, 3/1/29		1,908,000		1,932,127

(Cost $25,327,246)				25,438,578

Mining — 1.4%
First Quantum Minerals Ltd. 144A, 7.50%, 4/1/25		4,546,000		4,546,000
144A, 6.875%, 3/1/26 (a)		4,127,000		4,127,000
144A, 6.875%, 10/15/27		6,088,000		5,795,628
144A, 8.625%, 6/1/31 (a)		5,227,000		4,998,403
FMG Resources August 2006 Pty Ltd. 144A, 4.50%, 9/15/27		2,688,000		2,576,199
144A, 5.875%, 4/15/30		2,679,000		2,624,935
144A, 4.375%, 4/1/31		6,033,000		5,412,565
144A, 6.125%, 4/15/32		3,150,000		3,115,977
Hudbay Minerals, Inc. 144A, 4.50%, 4/1/26		2,398,000		2,313,656
144A, 6.125%, 4/1/29		2,685,000		2,637,465
Kaiser Aluminum Corp. 144A, 4.625%, 3/1/28		2,016,000		1,861,878
144A, 4.50%, 6/1/31		2,212,000		1,892,710
Nexa Resources SA 144A, 5.375%, 5/4/27		3,037,000		2,932,812
144A, 6.50%, 1/18/28		2,012,000		2,019,044
Vedanta Resources Finance II PLC, 144A, 9.25%, 4/23/26		1,835,000		1,524,647

(Cost $49,691,063)				48,378,919

Communications — 16.5%
Advertising — 0.9%
Clear Channel Outdoor Holdings, Inc. 144A, 5.125%, 8/15/27 (a)		5,027,000		4,705,979
144A, 7.75%, 4/15/28 (a)		4,022,000		3,481,499
144A, 9.00%, 9/15/28 (a)		3,022,000		3,154,046
144A, 7.50%, 6/1/29 (a)		4,192,000		3,473,323
Lamar Media Corp. 3.75%, 2/15/28		2,468,000		2,291,267
4.00%, 2/15/30		2,265,000		2,023,291
3.625%, 1/15/31 (a)		2,069,000		1,788,113
Outfront Media Capital LLC / Outfront Media Capital Corp. 144A, 5.00%, 8/15/27		2,681,000		2,581,240
144A, 4.25%, 1/15/29		2,038,000		1,832,315
144A, 4.625%, 3/15/30 (a)		2,009,000		1,784,935
144A, 7.375%, 2/15/31		1,613,000		1,684,512
Stagwell Global LLC, 144A, 5.625%, 8/15/29		4,501,000		4,022,994

(Cost $35,595,315)				32,823,514

Internet — 1.8%
EquipmentShare.com, Inc., 144A, 9.00%, 5/15/28		4,182,000		4,290,627


	Principal Amount		Value
Internet (Continued)
Gen Digital, Inc. 144A, 5.00%, 4/15/25	$	4,453,000	$	4,412,745
144A, 6.75%, 9/30/27		3,620,000		3,641,896
144A, 7.125%, 9/30/30		2,475,000		2,530,711
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A, 5.25%, 12/1/27		2,518,000		2,438,620
144A, 3.50%, 3/1/29		3,357,000		2,992,049
Match Group Holdings II LLC 144A, 5.00%, 12/15/27		1,848,000		1,764,197
144A, 4.625%, 6/1/28		2,053,000		1,931,945
144A, 4.125%, 8/1/30		2,048,000		1,810,872
144A, 3.625%, 10/1/31		1,842,000		1,553,469
MercadoLibre, Inc. 2.375%, 1/14/26		1,370,000		1,291,233
3.125%, 1/14/31		2,534,000		2,123,337
Newfold Digital Holdings Group, Inc., 144A, 11.75%, 10/15/28		2,071,000		2,251,208
Rakuten Group, Inc., 144A, 11.25%, 2/15/27		7,100,000		7,560,986
Uber Technologies, Inc. 144A, 8.00%, 11/1/26		5,974,000		6,083,868
144A, 7.50%, 9/15/27		4,906,000		5,022,778
144A, 6.25%, 1/15/28		2,018,000		2,022,419
144A, 4.50%, 8/15/29		5,883,000		5,519,452
Ziff Davis, Inc., 144A, 4.625%, 10/15/30		1,852,000		1,662,465

(Cost $62,044,372)				60,904,877

Media — 9.3%
Altice Financing SA 144A, 5.00%, 1/15/28		4,881,000		4,323,351
144A, 5.75%, 8/15/29		8,245,000		7,110,039
AMC Networks, Inc. 4.75%, 8/1/25		3,098,000		2,957,364
4.25%, 2/15/29 (a)		4,022,000		2,607,161
Cable One, Inc., 144A, 4.00%, 11/15/30 (a)		2,643,000		1,999,430
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.50%, 5/1/26		3,016,000		2,965,905
144A, 5.125%, 5/1/27		13,071,000		12,370,001
144A, 5.00%, 2/1/28		10,130,000		9,357,501
144A, 5.375%, 6/1/29		5,911,000		5,351,599
144A, 6.375%, 9/1/29		6,033,000		5,672,388
144A, 4.75%, 3/1/30		12,265,000		10,445,119
144A, 4.50%, 8/15/30		11,056,000		9,181,013
144A, 4.25%, 2/1/31		12,065,000		9,715,190
144A, 7.375%, 3/1/31 (a)		4,424,000		4,289,305
144A, 4.75%, 2/1/32		4,826,000		3,898,925
4.50%, 5/1/32		11,638,000		9,205,362
144A, 4.50%, 6/1/33		7,036,000		5,419,775
144A, 4.25%, 1/15/34		8,044,000		6,022,083
CSC Holdings LLC 144A, 5.50%, 4/15/27		5,371,000		4,824,222
144A, 5.375%, 2/1/28		3,996,000		3,487,169
144A, 7.50%, 4/1/28		4,206,000		2,994,672
144A, 11.25%, 5/15/28		3,991,000		4,121,745


	Principal Amount		Value
Media (Continued)
144A, 11.75%, 1/31/29	$	8,245,000	$	8,623,833
144A, 6.50%, 2/1/29		7,038,000		6,142,133
144A, 5.75%, 1/15/30		9,049,000		5,329,861
144A, 4.125%, 12/1/30		4,424,000		3,297,716
144A, 4.625%, 12/1/30 (a)		9,351,000		5,209,442
144A, 3.375%, 2/15/31		4,022,000		2,842,408
144A, 4.50%, 11/15/31		6,033,000		4,485,143
144A, 5.00%, 11/15/31		2,011,000		1,098,107
DISH DBS Corp. 7.75%, 7/1/26		8,043,000		5,135,536
144A, 5.25%, 12/1/26		11,060,000		8,854,913
7.375%, 7/1/28		4,018,000		1,964,340
144A, 5.75%, 12/1/28		10,054,000		6,981,246
5.125%, 6/1/29		6,032,000		2,578,680
DISH Network Corp., 144A, 11.75%, 11/15/27		14,076,000		14,692,575
Gray Television, Inc. 144A, 5.875%, 7/15/26		2,713,000		2,577,350
144A, 7.00%, 5/15/27 (a)		3,004,000		2,718,290
144A, 4.75%, 10/15/30		3,217,000		2,076,235
iHeartCommunications, Inc. 6.375%, 5/1/26 (a)		3,227,587		2,751,518
8.375%, 5/1/27		3,686,151		2,216,059
144A, 5.25%, 8/15/27 (a)		3,016,000		2,239,199
144A, 4.75%, 1/15/28		1,998,000		1,440,618
McGraw-Hill Education, Inc. 144A, 5.75%, 8/1/28		3,332,000		3,098,677
144A, 8.00%, 8/1/29		2,570,000		2,347,489
News Corp. 144A, 3.875%, 5/15/29		3,997,000		3,615,881
144A, 5.125%, 2/15/32		2,148,000		2,003,085
Nexstar Media, Inc. 144A, 5.625%, 7/15/27		6,925,000		6,570,159
144A, 4.75%, 11/1/28 (a)		4,022,000		3,576,023
Radiate Holdco LLC / Radiate Finance, Inc. 144A, 4.50%, 9/15/26 (a)		3,574,000		2,818,252
144A, 6.50%, 9/15/28		4,022,000		1,940,112
Sinclair Television Group, Inc. 144A, 5.50%, 3/1/30 (a)		1,952,000		1,418,187
144A, 4.125%, 12/1/30		3,018,000		2,208,044
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26		4,022,000		3,754,235
144A, 5.00%, 8/1/27		6,180,000		5,894,653
144A, 4.00%, 7/15/28		8,044,000		7,255,171
144A, 5.50%, 7/1/29		5,067,000		4,796,574
144A, 4.125%, 7/1/30		5,888,000		5,071,469
144A, 3.875%, 9/1/31		6,033,000		4,992,826
TEGNA, Inc. 144A, 4.75%, 3/15/26		2,154,000		2,083,543
4.625%, 3/15/28		3,903,000		3,518,750
5.00%, 9/15/29		4,424,000		3,897,632
Univision Communications, Inc. 144A, 6.625%, 6/1/27		6,033,000		5,852,870
144A, 8.00%, 8/15/28		5,793,000		5,828,917
144A, 4.50%, 5/1/29		4,223,000		3,706,927
144A, 7.375%, 6/30/30 (a)		3,684,000		3,561,675


	Principal Amount		Value
Media (Continued)
Videotron Ltd. 144A, 5.125%, 4/15/27	$	2,413,500	$	2,367,010
144A, 3.625%, 6/15/29 (a)		1,952,000		1,755,121
VTR Finance NV, 144A, 6.375%, 7/15/28		1,943,000		851,466
Ziggo Bond Co. BV 144A, 6.00%, 1/15/27		2,514,000		2,458,496
144A, 5.125%, 2/28/30		2,072,000		1,774,522
Ziggo BV, 144A, 4.875%, 1/15/30		3,986,000		3,554,700

(Cost $378,896,437)				324,146,987

Telecommunications — 4.5%
Altice France Holding SA 144A, 10.50%, 5/15/27		6,282,000		4,110,246
144A, 6.00%, 2/15/28		4,422,000		2,237,052
Altice France SA 144A, 8.125%, 2/1/27		7,038,000		6,474,711
144A, 5.50%, 1/15/28		4,424,000		3,614,545
144A, 5.125%, 1/15/29		1,922,000		1,454,794
144A, 5.125%, 7/15/29		10,054,000		7,604,493
144A, 5.50%, 10/15/29		8,044,000		6,100,603
C&W Senior Financing DAC, 144A, 6.875%, 9/15/27		4,907,000		4,630,024
CommScope Technologies LLC 144A, 6.00%, 6/15/25 (a)		5,126,000		4,182,713
144A, 5.00%, 3/15/27 (a)		3,016,000		1,082,654
CommScope, Inc. 144A, 6.00%, 3/1/26 (a)		6,033,000		5,436,909
144A, 8.25%, 3/1/27 (a)		3,487,000		1,530,584
144A, 7.125%, 7/1/28 (a)		2,580,000		1,034,670
144A, 4.75%, 9/1/29 (a)		5,027,000		3,448,648
Consolidated Communications, Inc. 144A, 5.00%, 10/1/28		1,609,000		1,330,345
144A, 6.50%, 10/1/28		3,016,000		2,593,760
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27		4,754,000		4,598,550
144A, 5.00%, 5/1/28		6,195,000		5,739,724
144A, 6.75%, 5/1/29		4,022,000		3,615,709
5.875%, 11/1/29		3,055,189		2,619,992
144A, 6.00%, 1/15/30 (a)		3,970,000		3,398,853
144A, 8.75%, 5/15/30		4,826,000		4,927,324
144A, 8.625%, 3/15/31		3,016,000		3,058,504
Hughes Satellite Systems Corp. 5.25%, 8/1/26		3,016,000		2,579,751
6.625%, 8/1/26 (a)		3,015,500		1,990,230
Iliad Holding SASU 144A, 6.50%, 10/15/26		4,826,000		4,774,823
144A, 7.00%, 10/15/28		3,436,000		3,402,434
Intelsat Jackson Holdings SA, 144A, 6.50%, 3/15/30		12,065,000		11,255,225
Level 3 Financing, Inc. 144A, 3.40%, 3/1/27 (a)		2,983,000		2,416,319
144A, 4.625%, 9/15/27		4,022,000		2,493,640
144A, 4.25%, 7/1/28		4,826,000		2,316,480
144A, 3.625%, 1/15/29		3,378,000		1,452,540
144A, 3.875%, 11/15/29 (a)		3,016,000		1,779,440
144A, 10.50%, 5/15/30 (a)		3,767,000		3,880,010


	Principal Amount		Value
Telecommunications (Continued)
Lumen Technologies, Inc. 144A, 5.125%, 12/15/26	$	1,612,000	$	1,078,313
144A, 4.00%, 2/15/27 (a)		4,996,000		3,027,726
144A, 4.50%, 1/15/29		1,695,000		535,535
Millicom International Cellular SA 144A, 5.125%, 1/15/28		1,751,400		1,671,020
144A, 6.25%, 3/25/29		2,428,200		2,359,907
144A, 4.50%, 4/27/31		3,194,000		2,758,818
Sable International Finance Ltd., 144A, 5.75%, 9/7/27		2,039,000		1,956,951
Viasat, Inc. 144A, 5.625%, 9/15/25		2,828,000		2,747,501
144A, 5.625%, 4/15/27		2,440,000		2,293,075
144A, 6.50%, 7/15/28		1,609,000		1,193,717
144A, 7.50%, 5/30/31		2,950,000		2,076,063
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28		5,630,000		5,262,351
Zayo Group Holdings, Inc. 144A, 4.00%, 3/1/27 (a)		5,942,000		4,953,667
144A, 6.125%, 3/1/28		4,344,000		3,306,138

(Cost $188,923,452)				158,387,081

Consumer, Cyclical — 19.6%
Airlines — 1.2%
Air Canada, 144A, 3.875%, 8/15/26		4,826,000		4,576,155
American Airlines Group, Inc., 144A, 3.75%, 3/1/25		1,959,000		1,915,571
American Airlines, Inc. 144A, 7.25%, 2/15/28 (a)		3,114,000		3,142,751
144A, 8.50%, 5/15/29		3,972,000		4,178,079
Delta Air Lines, Inc. 7.375%, 1/15/26		3,389,000		3,498,549
4.375%, 4/19/28 (a)		1,688,000		1,620,176
3.75%, 10/28/29 (a)		1,699,000		1,546,217
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		4,836,858		4,570,783
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.
144A, 8.00%, 9/20/25 (a)		2,414,868		1,748,678
144A, 8.00%, 9/20/25		2,050,366		1,484,732
United Airlines, Inc. 144A, 4.375%, 4/15/26		8,044,000		7,750,753
144A, 4.625%, 4/15/29		7,769,000		7,173,777

(Cost $45,977,057)				43,206,221

Apparel — 0.2%
Hanesbrands, Inc. 144A, 4.875%, 5/15/26		3,620,000		3,497,511
144A, 9.00%, 2/15/31 (a)		2,490,000		2,498,105
Levi Strauss & Co., 144A, 3.50%, 3/1/31 (a)		1,998,000		1,733,195

(Cost $7,871,571)				7,728,811

Auto Manufacturers — 0.4%
Allison Transmission, Inc. 144A, 4.75%, 10/1/27		1,622,000		1,556,821
144A, 5.875%, 6/1/29		2,067,000		2,037,843


	Principal Amount		Value
Auto Manufacturers (Continued)
144A, 3.75%, 1/30/31	$	3,878,000	$	3,354,219
Aston Martin Capital Holdings Ltd., 144A, 10.50%, 11/30/25		4,986,000		5,059,987

(Cost $12,505,961)				12,008,870

Auto Parts & Equipment — 1.9%
Adient Global Holdings Ltd. 144A, 4.875%, 8/15/26		3,195,000		3,099,985
144A, 7.00%, 4/15/28 (a)		2,023,000		2,064,609
144A, 8.25%, 4/15/31 (a)		2,067,000		2,177,977
American Axle & Manufacturing, Inc. 6.50%, 4/1/27		2,011,000		1,987,957
6.875%, 7/1/28		1,545,000		1,494,339
5.00%, 10/1/29 (a)		2,485,000		2,157,097
Clarios Global LP, 144A, 6.75%, 5/15/25		1,798,000		1,798,307
Clarios Global LP / Clarios US Finance Co. 144A, 6.25%, 5/15/26		3,591,000		3,584,330
144A, 8.50%, 5/15/27		6,582,000		6,628,449
144A, 6.75%, 5/15/28		3,152,000		3,192,850
Dana, Inc. 5.375%, 11/15/27		1,620,000		1,565,428
5.625%, 6/15/28		1,624,000		1,573,993
4.25%, 9/1/30		1,679,000		1,449,804
Goodyear Tire & Rubber Co. 9.50%, 5/31/25		3,220,000		3,255,211
5.00%, 5/31/26		3,620,000		3,528,977
4.875%, 3/15/27 (a)		2,918,000		2,803,385
5.00%, 7/15/29 (a)		3,149,000		2,901,996
5.25%, 4/30/31 (a)		2,248,000		2,038,314
5.25%, 7/15/31 (a)		2,465,000		2,227,017
5.625%, 4/30/33		1,810,000		1,620,355
Tenneco, Inc., 144A, 8.00%, 11/17/28		7,642,000		6,971,147
ZF North America Capital, Inc. 144A, 4.75%, 4/29/25		4,333,000		4,271,252
144A, 6.875%, 4/14/28		2,413,000		2,465,560
144A, 7.125%, 4/14/30		2,470,000		2,575,405

(Cost $68,941,088)				67,433,744

Distribution/Wholesale — 0.4%
American Builders & Contractors Supply Co., Inc. 144A, 4.00%, 1/15/28		2,887,000		2,699,805
144A, 3.875%, 11/15/29		1,627,000		1,454,506
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		5,027,000		4,540,954
Ritchie Bros Holdings, Inc. 144A, 6.75%, 3/15/28		2,212,000		2,266,636
144A, 7.75%, 3/15/31		3,301,000		3,474,303

(Cost $15,145,241)				14,436,204

Entertainment — 3.4%
AMC Entertainment Holdings, Inc., 144A, 7.50%, 2/15/29 (a)		3,861,000		2,672,897
Banijay Entertainment SASU, 144A, 8.125%, 5/1/29		1,624,000		1,681,101


	Principal Amount		Value
Entertainment (Continued)
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25	$	2,471,000	$	2,472,663
144A, 8.125%, 7/1/27		6,723,000		6,907,553
144A, 4.625%, 10/15/29 (a)		4,876,000		4,454,815
144A, 7.00%, 2/15/30		8,420,000		8,632,597
144A, 6.50%, 2/15/32		5,700,000		5,746,215
Cedar Fair LP, 5.25%, 7/15/29		2,085,000		1,970,754
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25		4,216,000		4,205,407
5.375%, 4/15/27 (a)		2,011,000		1,991,069
Churchill Downs, Inc. 144A, 5.50%, 4/1/27		2,413,000		2,371,769
144A, 4.75%, 1/15/28		2,847,000		2,695,435
144A, 5.75%, 4/1/30		4,971,000		4,779,521
144A, 6.75%, 5/1/31		2,315,000		2,319,273
Cinemark USA, Inc. 144A, 5.875%, 3/15/26		1,628,000		1,605,012
144A, 5.25%, 7/15/28 (a)		2,958,000		2,766,514
International Game Technology PLC 144A, 4.125%, 4/15/26		3,016,000		2,913,330
144A, 6.25%, 1/15/27		3,092,000		3,107,170
144A, 5.25%, 1/15/29 (a)		3,097,000		2,996,066
Light & Wonder International, Inc. 144A, 7.00%, 5/15/28		2,815,000		2,830,069
144A, 7.25%, 11/15/29		2,011,000		2,059,709
144A, 7.50%, 9/1/31		2,264,000		2,360,342
Live Nation Entertainment, Inc. 144A, 6.50%, 5/15/27		4,826,000		4,871,471
144A, 4.75%, 10/15/27		3,847,000		3,686,542
144A, 3.75%, 1/15/28		2,107,000		1,944,550
Merlin Entertainments Group US Holdings, Inc., 144A, 7.375%, 2/15/31		2,000,000		2,002,484
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26		4,726,000		4,460,186
Penn Entertainment, Inc. 144A, 5.625%, 1/15/27		1,602,000		1,532,914
144A, 4.125%, 7/1/29 (a)		1,660,000		1,395,778
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 144A, 5.625%, 9/1/29 (a)		3,016,000		2,174,642
144A, 5.875%, 9/1/31 (a)		2,956,000		2,097,415
Six Flags Entertainment Corp. 144A, 5.50%, 4/15/27 (a)		2,008,000		1,966,926
144A, 7.25%, 5/15/31 (a)		3,217,000		3,239,905
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		2,397,000		2,407,151
WMG Acquisition Corp. 144A, 3.75%, 12/1/29		2,218,000		1,966,072
144A, 3.875%, 7/15/30		2,208,000		1,950,293
144A, 3.00%, 2/15/31 (a)		3,032,000		2,534,665
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 144A, 5.125%, 10/1/29		3,087,000		2,914,188
144A, 7.125%, 2/15/31		3,923,000		4,053,668

(Cost $124,019,732)				118,738,131


	Principal Amount		Value
Food Service — 0.3%
Aramark Services, Inc. 144A, 5.00%, 4/1/25	$	2,189,000	$	2,176,895
144A, 5.00%, 2/1/28		4,846,000		4,649,029
TKC Holdings, Inc. 144A, 6.875%, 5/15/28		1,832,000		1,716,859
144A, 10.50%, 5/15/29		2,715,000		2,467,655

(Cost $11,618,712)				11,010,438

Home Builders — 0.5%
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, 4.625%, 4/1/30		1,672,000		1,505,204
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A, 6.25%, 9/15/27		2,423,000		2,349,770
144A, 4.875%, 2/15/30		1,954,000		1,737,634
Mattamy Group Corp. 144A, 5.25%, 12/15/27		2,088,000		2,015,430
144A, 4.625%, 3/1/30		2,443,000		2,195,433
Taylor Morrison Communities, Inc. 144A, 5.875%, 6/15/27		2,053,000		2,043,827
144A, 5.75%, 1/15/28		1,858,000		1,822,487
144A, 5.125%, 8/1/30		1,894,000		1,789,617

(Cost $16,572,166)				15,459,402

Home Furnishings — 0.2%
Tempur Sealy International, Inc. 144A, 4.00%, 4/15/29		3,321,000		2,979,928
144A, 3.875%, 10/15/31		3,071,000		2,557,504

(Cost $6,229,045)				5,537,432

Housewares — 0.5%
Newell Brands, Inc. 4.875%, 6/1/25		2,011,000		1,970,635
5.20%, 4/1/26		7,983,000		7,760,284
6.375%, 9/15/27 (a)		2,163,000		2,102,071
6.625%, 9/15/29 (a)		2,011,000		1,928,734
Scotts Miracle-Gro Co. 4.50%, 10/15/29		1,670,000		1,483,828
4.00%, 4/1/31		1,910,000		1,621,991
4.375%, 2/1/32		1,655,000		1,385,566

(Cost $19,556,874)				18,253,109

Leisure Time — 3.2%
Carnival Corp. 144A, 7.625%, 3/1/26 (a)		5,582,000		5,658,698
144A, 5.75%, 3/1/27		11,153,000		11,022,500
144A, 4.00%, 8/1/28		9,353,000		8,634,636
144A, 6.00%, 5/1/29 (a)		8,044,000		7,865,729
144A, 7.00%, 8/15/29		2,044,000		2,121,729
144A, 10.50%, 6/1/30		4,022,000		4,391,369
Carnival Holdings Bermuda Ltd., 144A, 10.375%, 5/1/28		8,164,000		8,912,018
Life Time, Inc. 144A, 5.75%, 1/15/26		3,817,000		3,788,744
144A, 8.00%, 4/15/26 (a)		1,855,000		1,873,606
NCL Corp. Ltd. 144A, 5.875%, 3/15/26		5,731,000		5,602,053
144A, 5.875%, 2/15/27		4,022,000		3,977,945


	Principal Amount		Value
Leisure Time (Continued)
144A, 8.375%, 2/1/28	$	2,418,000	$	2,540,070
144A, 8.125%, 1/15/29		3,205,000		3,374,503
144A, 7.75%, 2/15/29 (a)		2,413,000		2,475,366
Royal Caribbean Cruises Ltd. 144A, 4.25%, 7/1/26		2,623,000		2,528,676
144A, 5.50%, 8/31/26		4,022,000		3,979,864
144A, 5.375%, 7/15/27		4,101,000		4,026,481
144A, 11.625%, 8/15/27		5,596,000		6,057,187
3.70%, 3/15/28		2,056,000		1,899,292
144A, 5.50%, 4/1/28		5,771,000		5,684,724
144A, 9.25%, 1/15/29		4,197,000		4,517,764
144A, 7.25%, 1/15/30		2,918,000		3,036,077
Viking Cruises Ltd. 144A, 5.875%, 9/15/27		3,339,000		3,266,611
144A, 7.00%, 2/15/29		2,068,000		2,069,037
144A, 9.125%, 7/15/31		2,896,000		3,137,146

(Cost $113,037,790)				112,441,825

Lodging — 2.5%
Boyd Gaming Corp. 4.75%, 12/1/27		4,126,000		3,971,148
144A, 4.75%, 6/15/31		3,662,000		3,330,021
Hilton Domestic Operating Co., Inc. 144A, 5.375%, 5/1/25		2,184,000		2,178,937
144A, 5.75%, 5/1/28		2,011,000		2,007,123
144A, 3.75%, 5/1/29		3,272,000		2,974,516
4.875%, 1/15/30		4,187,000		3,984,058
144A, 4.00%, 5/1/31		4,471,000		3,976,564
144A, 3.625%, 2/15/32		5,750,000		4,917,027
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc 144A, 5.00%, 6/1/29		3,524,000		3,268,106
144A, 4.875%, 7/1/31		1,845,000		1,629,756
144A, 6.625%, 1/15/32		3,747,000		3,749,556
Marriott Ownership Resorts, Inc., 144A, 4.50%, 6/15/29 (a)		2,001,000		1,816,828
Melco Resorts Finance Ltd. 144A, 4.875%, 6/6/25		4,022,000		3,935,245
144A, 5.25%, 4/26/26		2,011,000		1,932,183
144A, 5.625%, 7/17/27		2,413,000		2,289,502
144A, 5.75%, 7/21/28		3,527,000		3,315,077
144A, 5.375%, 12/4/29		4,584,000		4,128,612
MGM Resorts International 6.75%, 5/1/25		3,189,000		3,195,480
5.75%, 6/15/25		2,715,000		2,712,897
4.625%, 9/1/26		1,624,000		1,575,846
5.50%, 4/15/27		2,782,000		2,727,308
4.75%, 10/15/28 (a)		3,084,000		2,897,390
Station Casinos LLC 144A, 4.50%, 2/15/28		2,841,000		2,651,113
144A, 4.625%, 12/1/31		1,908,000		1,698,053
Studio City Finance Ltd. 144A, 6.50%, 1/15/28		2,074,000		1,968,693
144A, 5.00%, 1/15/29		4,352,000		3,799,146
Travel + Leisure Co. 144A, 6.625%, 7/31/26		2,582,000		2,611,551
6.00%, 4/1/27		1,907,000		1,901,644
144A, 4.50%, 12/1/29		2,456,000		2,251,108


	Principal Amount		Value
Lodging (Continued)
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 144A, 5.50%, 3/1/25	$	25,000	$	25,009
144A, 5.25%, 5/15/27 (a)		3,715,000		3,639,238

(Cost $91,642,095)				87,058,735

Retail — 4.9%
1011778 BC ULC / New Red Finance, Inc. 144A, 5.75%, 4/15/25		2,003,000		1,997,350
144A, 3.875%, 1/15/28		6,234,000		5,821,152
144A, 4.375%, 1/15/28		2,997,000		2,815,889
144A, 3.50%, 2/15/29 (a)		3,094,000		2,792,331
144A, 4.00%, 10/15/30		11,663,000		10,254,505
Advance Auto Parts, Inc., 3.90%, 4/15/30		2,000,000		1,787,530
Asbury Automotive Group, Inc. 4.50%, 3/1/28		1,535,000		1,432,899
144A, 4.625%, 11/15/29 (a)		3,252,000		2,965,041
4.75%, 3/1/30		1,927,000		1,755,699
144A, 5.00%, 2/15/32		2,319,000		2,061,309
Bath & Body Works, Inc. 5.25%, 2/1/28		1,939,000		1,884,424
7.50%, 6/15/29 (a)		2,131,000		2,202,090
144A, 6.625%, 10/1/30		3,802,000		3,826,964
Beacon Roofing Supply, Inc., 144A, 6.50%, 8/1/30		2,473,000		2,488,380
eG Global Finance PLC, 144A, 12.00%, 11/30/28		4,424,000		4,676,168
Ferrellgas LP / Ferrellgas Finance Corp. 144A, 5.375%, 4/1/26		2,614,000		2,589,860
144A, 5.875%, 4/1/29		3,438,000		3,267,145
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 144A, 4.625%, 1/15/29		4,114,000		3,737,528
144A, 6.75%, 1/15/30		5,027,000		4,444,844
FirstCash, Inc. 144A, 4.625%, 9/1/28		2,148,000		1,989,459
144A, 5.625%, 1/1/30		2,269,000		2,152,173
144A, 6.875%, 3/1/32		1,800,000		1,784,463
Gap, Inc. 144A, 3.625%, 10/1/29		3,016,000		2,551,110
144A, 3.875%, 10/1/31		3,009,000		2,430,741
Kohl’s Corp., 4.625%, 5/1/31		2,057,000		1,622,335
LBM Acquisition LLC, 144A, 6.25%, 1/15/29		2,920,000		2,633,749
Lithia Motors, Inc. 144A, 4.625%, 12/15/27		1,649,000		1,572,588
144A, 3.875%, 6/1/29 (a)		3,198,000		2,857,157
144A, 4.375%, 1/15/31		2,100,000		1,864,970
Macy’s Retail Holdings LLC 144A, 5.875%, 4/1/29 (a)		2,074,000		1,999,409
144A, 5.875%, 3/15/30		1,709,000		1,603,973
144A, 6.125%, 3/15/32		1,707,000		1,590,455
Michaels Cos., Inc. 144A, 5.25%, 5/1/28		3,419,000		2,658,813
144A, 7.875%, 5/1/29		4,612,000		2,983,934


	Principal Amount		Value
Retail (Continued)
Murphy Oil USA, Inc. 4.75%, 9/15/29	$	2,058,000	$	1,920,855
144A, 3.75%, 2/15/31		1,904,000		1,626,532
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		4,396,000		4,315,766
Nordstrom, Inc. 4.375%, 4/1/30 (a)		2,011,000		1,779,132
4.25%, 8/1/31		1,770,000		1,491,464
Penske Automotive Group, Inc. 3.50%, 9/1/25		2,212,000		2,148,067
3.75%, 6/15/29		2,018,000		1,789,305
PetSmart, Inc. / PetSmart Finance Corp. 144A, 4.75%, 2/15/28		4,826,000		4,529,418
144A, 7.75%, 2/15/29		4,734,000		4,681,792
QVC, Inc. 4.75%, 2/15/27 (a)		2,298,000		2,073,408
4.375%, 9/1/28		1,982,000		1,627,799
Sonic Automotive, Inc. 144A, 4.625%, 11/15/29 (a)		2,693,000		2,379,426
144A, 4.875%, 11/15/31 (a)		1,943,000		1,671,602
SRS Distribution, Inc. 144A, 4.625%, 7/1/28		2,683,000		2,505,493
144A, 6.125%, 7/1/29		1,792,000		1,672,581
144A, 6.00%, 12/1/29		3,396,000		3,164,648
Staples, Inc. 144A, 7.50%, 4/15/26		8,044,000		7,741,663
144A, 10.75%, 4/15/27		3,819,000		3,498,930
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31		2,691,000		2,419,979
Walgreens Boots Alliance, Inc. 3.45%, 6/1/26		5,821,000		5,554,305
3.20%, 4/15/30 (a)		2,098,000		1,812,926
Yum! Brands, Inc. 144A, 4.75%, 1/15/30		3,191,000		3,030,094
3.625%, 3/15/31		4,033,000		3,550,064
4.625%, 1/31/32		4,511,000		4,145,180
5.375%, 4/1/32		4,112,000		3,952,208

(Cost $181,486,731)				170,179,074

Consumer, Non-cyclical — 16.7%
Agriculture — 0.3%
Darling Ingredients, Inc. 144A, 5.25%, 4/15/27		2,011,000		1,974,655
144A, 6.00%, 6/15/30		4,139,000		4,081,463
Vector Group Ltd. 144A, 10.50%, 11/1/26		2,801,000		2,820,999
144A, 5.75%, 2/1/29		3,519,000		3,227,547

(Cost $12,485,903)				12,104,664

Beverages — 0.1%
Primo Water Holdings, Inc., 144A, 4.375%, 4/30/29
(Cost $3,008,553)		3,067,000		2,785,005

Commercial Services — 4.3%
ADT Security Corp., 144A, 4.125%, 8/1/29 (a)		3,850,000		3,483,191


	Principal Amount		Value
Commercial Services (Continued)
Albion Financing 1 SARL / Aggreko Holdings, Inc., 144A, 6.125%, 10/15/26	$	2,272,000	$	2,249,166
Albion Financing 2 SARL, 144A, 8.75%, 4/15/27		1,810,000		1,818,897
Allied Universal Holdco LLC, 144A, 7.875%, 2/15/31		3,800,000		3,778,452
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A, 6.625%, 7/15/26 (a)		4,652,000		4,641,702
144A, 9.75%, 7/15/27		4,223,000		4,212,915
144A, 6.00%, 6/1/29 (a)		3,861,000		3,201,000
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		4,929,000		4,388,587
APX Group, Inc. 144A, 6.75%, 2/15/27		2,398,000		2,403,539
144A, 5.75%, 7/15/29		3,347,000		3,186,414
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A, 5.75%, 7/15/27		1,250,000		1,192,306
144A, 4.75%, 4/1/28 (a)		2,106,000		1,910,344
144A, 5.375%, 3/1/29		2,415,000		2,201,404
144A, 8.00%, 2/15/31		2,011,000		1,943,784
Block, Inc. 2.75%, 6/1/26		4,022,000		3,756,287
3.50%, 6/1/31 (a)		4,142,000		3,537,324
Brink’s Co. 144A, 5.50%, 7/15/25		1,609,000		1,601,562
144A, 4.625%, 10/15/27		2,291,000		2,167,280
Garda World Security Corp. 144A, 4.625%, 2/15/27		2,303,000		2,202,092
144A, 9.50%, 11/1/27		2,431,000		2,442,545
144A, 7.75%, 2/15/28		1,607,000		1,633,593
144A, 6.00%, 6/1/29		2,073,000		1,816,386
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		4,826,000		4,728,788
Hertz Corp. 144A, 4.625%, 12/1/26		2,011,000		1,782,249
144A, 5.00%, 12/1/29 (a)		4,022,000		3,085,756
MPH Acquisition Holdings LLC 144A, 5.50%, 9/1/28		4,223,000		3,689,255
144A, 5.75%, 11/1/28 (a)		3,941,000		3,148,130
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.75%, 4/15/26		5,425,000		5,388,557
144A, 3.375%, 8/31/27		4,131,000		3,786,290
144A, 6.25%, 1/15/28 (a)		5,228,500		5,162,586
Sabre GLBL, Inc. 144A, 8.625%, 6/1/27		3,431,000		3,024,273
144A, 11.25%, 12/15/27		2,263,000		2,128,634
Service Corp. International 4.625%, 12/15/27		2,219,000		2,130,771
5.125%, 6/1/29		3,240,000		3,169,692
3.375%, 8/15/30		3,468,000		2,979,914
4.00%, 5/15/31		3,003,000		2,641,461
Sotheby’s, 144A, 7.375%, 10/15/27 (a)		3,077,000		2,959,580


	Principal Amount		Value
Commercial Services (Continued)
United Rentals North America, Inc. 5.50%, 5/15/27	$	1,919,000	$	1,908,265
3.875%, 11/15/27		3,006,000		2,833,716
4.875%, 1/15/28 (a)		6,452,000		6,234,634
5.25%, 1/15/30		3,094,000		2,998,517
4.00%, 7/15/30		3,109,000		2,817,123
3.875%, 2/15/31		4,400,000		3,892,526
3.75%, 1/15/32		3,099,000		2,684,851
Valvoline, Inc. 144A, 4.25%, 2/15/30 (a)		2,262,000		2,249,821
144A, 3.625%, 6/15/31		2,226,000		1,883,424
Wand NewCo 3, Inc., 144A, 7.625%, 1/30/32		5,000,000		5,141,725
Williams Scotsman, Inc. 144A, 6.125%, 6/15/25		2,285,000		2,282,932
144A, 4.625%, 8/15/28		2,079,000		1,954,374
144A, 7.375%, 10/1/31		2,062,000		2,140,305

(Cost $157,535,371)				148,596,919

Cosmetics/Personal Care — 0.3%
Coty, Inc., 144A, 5.00%, 4/15/26		2,212,000		2,169,850
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 144A, 6.625%, 7/15/30		3,194,000		3,248,282
Edgewell Personal Care Co. 144A, 5.50%, 6/1/28		3,022,000		2,953,068
144A, 4.125%, 4/1/29		2,048,000		1,868,186

(Cost $10,477,796)				10,239,386

Food — 2.5%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.25%, 3/15/26		3,029,000		2,880,823
144A, 7.50%, 3/15/26		2,690,000		2,740,486
144A, 4.625%, 1/15/27		5,429,000		5,239,349
144A, 5.875%, 2/15/28		3,016,000		2,974,477
144A, 6.50%, 2/15/28 (a)		3,019,000		3,039,964
144A, 3.50%, 3/15/29		5,503,000		4,908,331
144A, 4.875%, 2/15/30		3,895,000		3,659,891
B&G Foods, Inc. 5.25%, 9/15/27 (a)		2,248,000		2,092,745
144A, 8.00%, 9/15/28 (a)		2,361,000		2,460,889
Lamb Weston Holdings, Inc. 144A, 4.875%, 5/15/28		2,048,000		1,985,470
144A, 4.125%, 1/31/30		3,977,000		3,607,193
144A, 4.375%, 1/31/32		2,608,000		2,332,205
Performance Food Group, Inc. 144A, 5.50%, 10/15/27		4,263,000		4,179,690
144A, 4.25%, 8/1/29		4,107,000		3,731,308
Pilgrim’s Pride Corp. 3.50%, 3/1/32		3,606,000		3,015,896
6.25%, 7/1/33		4,082,000		4,130,796
6.875%, 5/15/34		1,828,000		1,927,397
Post Holdings, Inc. 144A, 5.75%, 3/1/27		1,844,000		1,861,666
144A, 5.625%, 1/15/28		3,887,000		3,819,370
144A, 5.50%, 12/15/29		4,964,000		4,753,522


	Principal Amount		Value
Food (Continued)
144A, 4.625%, 4/15/30	$	5,691,000	$	5,182,397
144A, 4.50%, 9/15/31		4,262,000		3,797,402
144A, 6.25%, 2/15/32		3,300,000		3,321,184
Sigma Holdco BV, 144A, 7.875%, 5/15/26		1,960,000		1,874,497
US Foods, Inc. 144A, 6.875%, 9/15/28		2,043,000		2,081,306
144A, 4.75%, 2/15/29		3,722,000		3,497,656
144A, 4.625%, 6/1/30		1,686,000		1,546,451
144A, 7.25%, 1/15/32		2,048,000		2,116,897

(Cost $92,430,127)				88,759,258

Healthcare-Products — 1.4%
Avantor Funding, Inc. 144A, 4.625%, 7/15/28		6,420,000		6,067,468
144A, 3.875%, 11/1/29		3,038,000		2,726,168
Bausch + Lomb Escrow Corp., 144A, 8.375%, 10/1/28		5,682,000		5,944,792
Hologic, Inc. 144A, 4.625%, 2/1/28		1,810,000		1,736,037
144A, 3.25%, 2/15/29		3,561,000		3,178,540
Medline Borrower LP 144A, 3.875%, 4/1/29		18,098,000		16,242,921
144A, 5.25%, 10/1/29		10,054,000		9,309,310
Teleflex, Inc. 4.625%, 11/15/27		2,067,000		1,975,928
144A, 4.25%, 6/1/28		2,073,000		1,937,536

(Cost $49,506,106)				49,118,700

Healthcare-Services — 5.0%
Catalent Pharma Solutions, Inc. 144A, 5.00%, 7/15/27		2,011,000		1,981,885
144A, 3.125%, 2/15/29		2,198,000		2,124,620
144A, 3.50%, 4/1/30		2,698,000		2,600,777
Charles River Laboratories International, Inc. 144A, 4.25%, 5/1/28		2,073,000		1,946,568
144A, 3.75%, 3/15/29		2,002,000		1,808,064
144A, 4.00%, 3/15/31		2,031,000		1,792,804
CHS/Community Health Systems, Inc. 144A, 8.00%, 3/15/26 (a)		4,488,000		4,447,495
144A, 5.625%, 3/15/27		7,641,000		6,999,964
144A, 8.00%, 12/15/27		2,751,000		2,634,275
144A, 6.875%, 4/1/28		3,040,000		1,966,285
144A, 6.00%, 1/15/29 (a)		2,590,000		2,230,081
144A, 6.875%, 4/15/29		5,005,000		3,199,742
144A, 6.125%, 4/1/30		4,936,000		3,093,342
144A, 5.25%, 5/15/30		6,172,000		4,930,523
144A, 4.75%, 2/15/31		4,247,000		3,235,683
144A, 10.875%, 1/15/32		4,022,000		4,100,634
DaVita, Inc. 144A, 4.625%, 6/1/30		11,060,000		9,739,292
144A, 3.75%, 2/15/31		6,033,000		4,957,784
Encompass Health Corp. 4.50%, 2/1/28		3,302,000		3,127,568
4.75%, 2/1/30		3,296,000		3,060,005
4.625%, 4/1/31		1,428,000		1,293,465


	Principal Amount		Value
Healthcare-Services (Continued)
IQVIA, Inc. 144A, 5.00%, 10/15/26	$	4,223,000	$	4,132,615
144A, 5.00%, 5/15/27		4,424,000		4,312,308
144A, 6.50%, 5/15/30		1,842,000		1,869,833
Legacy LifePoint Health LLC, 144A, 4.375%, 2/15/27		2,498,000		2,320,005
LifePoint Health, Inc. 144A, 5.375%, 1/15/29		2,011,000		1,605,823
144A, 9.875%, 8/15/30		3,229,000		3,354,085
144A, 11.00%, 10/15/30		4,424,000		4,685,250
ModivCare, Inc., 144A, 5.875%, 11/15/25 (a)		2,011,000		1,965,149
Molina Healthcare, Inc. 144A, 4.375%, 6/15/28		3,372,000		3,144,375
144A, 3.875%, 11/15/30		2,663,000		2,338,410
144A, 3.875%, 5/15/32		2,895,000		2,491,955
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		5,101,000		5,104,795
Select Medical Corp., 144A, 6.25%, 8/15/26		4,927,000		4,919,087
Star Parent, Inc., 144A, 9.00%, 10/1/30		4,022,000		4,249,722
Tenet Healthcare Corp. 4.875%, 1/1/26		7,836,000		7,832,797
6.25%, 2/1/27		6,243,000		6,233,365
5.125%, 11/1/27		6,033,000		5,912,919
4.625%, 6/15/28		2,453,000		2,337,230
6.125%, 10/1/28 (a)		10,054,000		9,948,584
4.25%, 6/1/29		5,414,000		4,984,090
4.375%, 1/15/30		5,715,000		5,239,764
6.125%, 6/15/30		8,276,000		8,206,564
144A, 6.75%, 5/15/31		5,678,000		5,734,780

(Cost $186,166,714)				174,194,361

Household Products/Wares — 0.1%
Central Garden & Pet Co. 4.125%, 10/15/30		2,052,000		1,824,820
144A, 4.125%, 4/30/31		1,437,000		1,258,605
Spectrum Brands, Inc., 144A, 3.875%, 3/15/31 (a)		1,683,000		1,599,902

(Cost $5,095,431)				4,683,327

Pharmaceuticals — 2.7%
AdaptHealth LLC 144A, 4.625%, 8/1/29		2,084,000		1,736,941
144A, 5.125%, 3/1/30 (a)		2,468,000		2,066,321
Bausch Health Americas, Inc. 144A, 9.25%, 4/1/26		2,421,000		2,278,760
144A, 8.50%, 1/31/27 (a)		2,584,000		1,473,366
Bausch Health Cos., Inc. 144A, 5.50%, 11/1/25		6,653,000		6,197,636
144A, 9.00%, 12/15/25		3,380,000		3,218,875
144A, 6.125%, 2/1/27 (a)		4,051,000		2,597,704
144A, 5.75%, 8/15/27		1,981,000		1,196,191
144A, 5.00%, 1/30/28		1,757,000		803,817
144A, 4.875%, 6/1/28		6,435,000		3,673,993
144A, 11.00%, 9/30/28		7,135,000		4,816,125


	Principal Amount		Value
Pharmaceuticals (Continued)
144A, 5.00%, 2/15/29	$	1,818,000	$	803,069
144A, 6.25%, 2/15/29 (a)		3,301,000		1,514,565
144A, 5.25%, 1/30/30		3,132,000		1,354,517
144A, 5.25%, 2/15/31		1,861,000		804,886
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		2,006,000		1,888,318
Grifols SA, 144A, 4.75%, 10/15/28 (a)		2,843,000		2,370,778
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25		2,620,000		2,544,217
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29		2,413,000		1,728,504
Jazz Securities DAC, 144A, 4.375%, 1/15/29		6,219,000		5,735,465
Organon & Co. / Organon Foreign Debt Co.-Issuer BV 144A, 4.125%, 4/30/28		8,429,000		7,721,768
144A, 5.125%, 4/30/31		8,044,000		6,900,223
Owens & Minor, Inc. 144A, 4.50%, 3/31/29 (a)		1,948,000		1,742,851
144A, 6.625%, 4/1/30 (a)		2,312,000		2,236,351
Perrigo Finance Unlimited Co. 4.375%, 3/15/26		2,815,000		2,719,766
4.65%, 6/15/30		2,937,000		2,632,083
Prestige Brands, Inc. 144A, 5.125%, 1/15/28		1,643,000		1,589,603
144A, 3.75%, 4/1/31		2,453,000		2,121,354
Teva Pharmaceutical Finance Netherlands III BV 3.15%, 10/1/26		13,531,000		12,548,598
6.75%, 3/1/28		5,026,000		5,090,232

(Cost $113,944,996)				94,106,877

Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Benteler International AG, 144A, 10.50%, 5/15/28
(Cost $2,068,331)		2,011,000		2,161,493

Energy — 11.7%
Energy-Alternate Sources — 0.0%
Sunnova Energy Corp., 144A, 11.75%, 10/1/28 (a)
(Cost $1,432,948)		1,648,000		1,388,530

Oil & Gas — 5.4%
Antero Resources Corp. 144A, 7.625%, 2/1/29		1,637,000		1,687,429
144A, 5.375%, 3/1/30		2,453,000		2,340,046
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 144A, 7.00%, 11/1/26		2,401,000		2,401,258
144A, 8.25%, 12/31/28		2,062,000		2,095,384
144A, 5.875%, 6/30/29		1,548,000		1,440,390
Baytex Energy Corp. 144A, 8.75%, 4/1/27		1,648,000		1,710,873
144A, 8.50%, 4/30/30		3,217,000		3,347,687
Callon Petroleum Co. 144A, 8.00%, 8/1/28		2,614,000		2,732,056
144A, 7.50%, 6/15/30		2,485,000		2,619,858


	Principal Amount		Value
Oil & Gas (Continued)
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25	$	1,585,000	$	1,598,219
Chesapeake Energy Corp. 144A, 5.50%, 2/1/26		2,010,000		1,994,167
144A, 5.875%, 2/1/29		2,059,000		2,038,523
144A, 6.75%, 4/15/29		3,871,000		3,889,386
Civitas Resources, Inc. 144A, 5.00%, 10/15/26		1,609,000		1,560,417
144A, 8.375%, 7/1/28		5,445,000		5,704,585
144A, 8.625%, 11/1/30		4,092,000		4,382,086
144A, 8.75%, 7/1/31		5,429,000		5,780,370
CNX Resources Corp. 144A, 6.00%, 1/15/29		2,083,000		2,003,881
144A, 7.375%, 1/15/31		2,067,000		2,085,890
144A, 7.25%, 3/1/32		1,520,000		1,515,699
Comstock Resources, Inc. 144A, 6.75%, 3/1/29		4,922,000		4,546,766
144A, 5.875%, 1/15/30 (a)		3,934,000		3,444,729
Crescent Energy Finance LLC 144A, 7.25%, 5/1/26		2,583,000		2,575,768
144A, 9.25%, 2/15/28		4,019,000		4,209,772
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25		3,402,000		3,388,290
CVR Energy, Inc. 144A, 5.75%, 2/15/28		1,627,000		1,511,540
144A, 8.50%, 1/15/29		2,366,000		2,382,692
Energean PLC, 144A, 6.50%, 4/30/27		1,798,000		1,644,181
Kosmos Energy Ltd. 144A, 7.125%, 4/4/26		2,587,000		2,505,432
144A, 7.75%, 5/1/27		1,609,000		1,530,923
144A, 7.50%, 3/1/28		1,798,000		1,672,985
Leviathan Bond Ltd.144A, REGS, 6.125%, 6/30/25		2,415,429		2,370,012
144A, REGS, 6.50%, 6/30/27		2,527,289		2,425,831
144A, REGS, 6.75%, 6/30/30		2,240,059		2,053,986
Matador Resources Co. 5.875%, 9/15/26		2,812,000		2,786,461
144A, 6.875%, 4/15/28		2,048,000		2,081,612
Medco Maple Tree Pte Ltd., 144A, 8.96%, 4/27/29		2,000,000		2,095,158
Murphy Oil Corp., 5.875%, 12/1/27		1,783,000		1,771,997
Northern Oil & Gas, Inc. 144A, 8.125%, 3/1/28		2,835,000		2,873,187
144A, 8.75%, 6/15/31		1,899,000		1,986,829
Parkland Corp. 144A, 5.875%, 7/15/27		2,011,000		1,975,452
144A, 4.50%, 10/1/29		3,263,000		2,984,682
144A, 4.625%, 5/1/30		3,127,000		2,859,376
PBF Holding Co. LLC / PBF Finance Corp. 6.00%, 2/15/28		3,324,000		3,235,631
144A, 7.875%, 9/15/30		2,073,000		2,125,810
Permian Resources Operating LLC 144A, 8.00%, 4/15/27		2,212,000		2,283,187
144A, 5.875%, 7/1/29		2,867,000		2,804,091
144A, 9.875%, 7/15/31		2,063,000		2,286,743
144A, 7.00%, 1/15/32		3,738,000		3,840,432


	Principal Amount		Value
Oil & Gas (Continued)
Puma International Financing SA, 144A, 5.00%, 1/24/26	$	3,016,000	$	2,857,246
Range Resources Corp. 4.875%, 5/15/25		2,733,000		2,697,368
8.25%, 1/15/29		2,533,000		2,644,610
144A, 4.75%, 2/15/30		2,059,000		1,914,870
Rockcliff Energy II LLC, 144A, 5.50%, 10/15/29		2,815,000		2,595,918
Sitio Royalties Operating Partnership LP / Sitio Finance Corp., 144A, 7.875%, 11/1/28		2,428,000		2,484,003
SM Energy Co. 6.75%, 9/15/26		1,686,000		1,678,014
6.625%, 1/15/27		1,689,000		1,683,621
6.50%, 7/15/28		1,652,000		1,655,403
Southwestern Energy Co. 5.375%, 2/1/29		2,880,000		2,785,658
5.375%, 3/15/30		4,962,000		4,747,345
4.75%, 2/1/32		4,336,000		3,941,709
Sunoco LP / Sunoco Finance Corp. 6.00%, 4/15/27		2,413,000		2,406,316
144A, 7.00%, 9/15/28		2,129,000		2,182,706
4.50%, 5/15/29		3,319,000		3,068,955
4.50%, 4/30/30		2,933,000		2,671,439
Talos Production, Inc. 144A, 9.00%, 2/1/29		2,500,000		2,557,133
144A, 9.375%, 2/1/31		2,500,000		2,584,910
Transocean, Inc. 144A, 7.50%, 1/15/26		2,289,000		2,264,713
144A, 11.50%, 1/30/27		2,922,000		3,041,086
144A, 8.00%, 2/1/27		2,462,000		2,405,374
Tullow Oil PLC, 144A, 7.00%, 3/1/25		2,029,000		1,907,164
Vital Energy, Inc. 10.125%, 1/15/28 (a)		2,816,000		2,949,493
9.75%, 10/15/30		2,142,000		2,296,222

(Cost $191,524,564)				189,203,035

Oil & Gas Services — 0.6%
Archrock Partners LP / Archrock Partners Finance Corp. 144A, 6.875%, 4/1/27		2,011,000		2,002,749
144A, 6.25%, 4/1/28		3,247,000		3,168,678
CGG SA, 144A, 8.75%, 4/1/27 (a)		2,034,000		1,816,697
USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 4/1/26		2,956,000		2,954,044
6.875%, 9/1/27		3,016,000		3,003,248
Weatherford International Ltd., 144A, 8.625%, 4/30/30		6,322,000		6,559,423

(Cost $19,838,950)				19,504,839

Pipelines — 5.7%
Antero Midstream Partners LP / Antero Midstream Finance Corp.
144A, 7.875%, 5/15/26		2,985,000		3,050,909
144A, 5.75%, 3/1/27		2,614,000		2,559,531
144A, 5.75%, 1/15/28		2,656,000		2,606,130


	Principal Amount		Value
Pipelines (Continued)
144A, 5.375%, 6/15/29	$	2,668,000	$	2,540,209
144A, 6.625%, 2/1/32		2,473,000		2,464,431
Buckeye Partners LP 144A, 4.125%, 3/1/25		2,024,000		1,980,991
3.95%, 12/1/26		2,553,000		2,416,670
4.125%, 12/1/27		1,654,000		1,540,866
144A, 4.50%, 3/1/28		2,052,000		1,909,588
CQP Holdco LP / BIP-V Chinook Holdco LLC 144A, 5.50%, 6/15/31		5,630,000		5,250,484
144A, 7.50%, 12/15/33 (a)		2,097,000		2,139,945
DT Midstream, Inc. 144A, 4.125%, 6/15/29		4,424,000		4,046,592
144A, 4.375%, 6/15/31		4,070,000		3,667,400
EnLink Midstream LLC 144A, 5.625%, 1/15/28		2,058,000		2,029,623
5.375%, 6/1/29		2,022,000		1,961,580
144A, 6.50%, 9/1/30		3,861,000		3,960,965
EnLink Midstream Partners LP 4.15%, 6/1/25		1,697,000		1,655,826
4.85%, 7/15/26		1,975,000		1,927,399
EQM Midstream Partners LP 144A, 6.00%, 7/1/25		1,609,000		1,608,066
4.125%, 12/1/26		2,062,000		1,978,456
144A, 7.50%, 6/1/27		1,998,000		2,045,636
144A, 6.50%, 7/1/27		3,722,000		3,762,146
5.50%, 7/15/28		3,440,000		3,377,041
144A, 4.50%, 1/15/29		3,239,000		3,039,007
144A, 7.50%, 6/1/30		2,049,000		2,179,984
144A, 4.75%, 1/15/31		4,190,000		3,900,111
Genesis Energy LP / Genesis Energy Finance Corp. 8.00%, 1/15/27		3,946,000		3,977,107
7.75%, 2/1/28		2,732,000		2,734,451
8.25%, 1/15/29		2,408,000		2,450,102
8.875%, 4/15/30		2,006,000		2,081,782
Global Partners LP / GLP Finance Corp. 7.00%, 8/1/27		1,600,000		1,601,760
144A, 8.25%, 1/15/32		1,810,000		1,857,652
Hess Midstream Operations LP 144A, 5.625%, 2/15/26		3,197,000		3,154,720
144A, 5.125%, 6/15/28		2,278,000		2,190,570
144A, 4.25%, 2/15/30		2,796,000		2,548,540
144A, 5.50%, 10/15/30		1,649,000		1,586,223
ITT Holdings LLC, 144A, 6.50%, 8/1/29		4,907,000		4,360,184
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		5,027,000		5,005,708
144A, 6.50%, 9/30/26 (a)		6,032,000		5,830,611
NGL Energy Operating LLC / NGL Energy Finance Corp. 144A, 8.125%, 2/15/29		3,600,000		3,636,997
144A, 8.375%, 2/15/32		5,200,000		5,286,278
NuStar Logistics LP 5.75%, 10/1/25		2,111,000		2,093,557
6.00%, 6/1/26		1,748,000		1,729,463
5.625%, 4/28/27		2,533,000		2,509,253
6.375%, 10/1/30		2,501,000		2,510,379


	Principal Amount		Value
Pipelines (Continued)
Rockies Express Pipeline LLC 144A, 3.60%, 5/15/25	$	1,610,000	$	1,562,313
144A, 4.95%, 7/15/29		2,284,000		2,138,003
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 6.00%, 3/1/27		1,729,000		1,707,975
144A, 5.50%, 1/15/28		3,194,000		3,038,005
144A, 7.375%, 2/15/29		3,064,000		3,059,499
144A, 6.00%, 12/31/30		2,958,000		2,753,577
144A, 6.00%, 9/1/31		1,829,000		1,676,907
Venture Global Calcasieu Pass LLC 144A, 3.875%, 8/15/29		5,152,000		4,629,143
144A, 6.25%, 1/15/30		4,101,000		4,097,545
144A, 4.125%, 8/15/31		5,086,000		4,467,717
144A, 3.875%, 11/1/33		4,923,000		4,132,880
Venture Global LNG, Inc. 144A, 8.125%, 6/1/28		9,001,000		9,151,421
144A, 9.50%, 2/1/29		12,065,000		12,871,406
144A, 8.375%, 6/1/31		9,049,000		9,159,633
144A, 9.875%, 2/1/32		8,044,000		8,474,402

(Cost $205,998,391)				199,665,349

Financial — 11.7%
Banks — 0.3%
Freedom Mortgage Corp. 144A, 7.625%, 5/1/26		2,016,000		2,002,593
144A, 6.625%, 1/15/27		2,152,000		2,053,302
144A, 12.00%, 10/1/28		3,217,000		3,489,435
144A, 12.25%, 10/1/30		2,079,000		2,290,037

(Cost $9,393,389)				9,835,367

Diversified Financial Services — 4.3%
AG Issuer LLC, 144A, 6.25%, 3/1/28		2,029,000		1,965,183
AG TTMT Escrow Issuer LLC, 144A, 8.625%, 9/30/27		2,011,000		2,071,978
Bread Financial Holdings, Inc., 144A, 9.75%, 3/15/29		3,615,000		3,702,266
Burford Capital Global Finance LLC, 144A, 9.25%, 7/1/31		2,690,000		2,827,863
Coinbase Global, Inc. 144A, 3.375%, 10/1/28		4,120,000		3,485,236
144A, 3.625%, 10/1/31		2,937,000		2,302,260
Credit Acceptance Corp., 144A, 9.25%, 12/15/28		2,516,000		2,664,696
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28*		2,744,000		751,170
Enova International, Inc., 144A, 11.25%, 12/15/28		1,627,000		1,705,353
goeasy Ltd., 144A, 9.25%, 12/1/28		2,200,000		2,336,400
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28		3,994,000		3,597,443
LD Holdings Group LLC 144A, 6.50%, 11/1/25		2,009,000		1,861,368
144A, 6.125%, 4/1/28		2,413,000		1,972,422
Macquarie Airfinance Holdings Ltd., 144A, 8.375%, 5/1/28		2,011,000		2,108,131


	Principal Amount		Value
Diversified Financial Services (Continued)
Nationstar Mortgage Holdings, Inc. 144A, 5.00%, 2/1/26	$	2,011,000	$	1,956,023
144A, 6.00%, 1/15/27		2,378,000		2,340,154
144A, 5.50%, 8/15/28		3,397,000		3,211,416
144A, 5.125%, 12/15/30		2,692,000		2,406,260
144A, 5.75%, 11/15/31		2,413,000		2,212,815
144A, 7.125%, 2/1/32		3,900,000		3,838,922
Navient Corp. 6.75%, 6/25/25		2,023,000		2,036,775
6.75%, 6/15/26		1,956,000		1,965,811
5.00%, 3/15/27		2,648,000		2,513,530
4.875%, 3/15/28		1,966,000		1,797,091
5.50%, 3/15/29		3,049,000		2,763,150
9.375%, 7/25/30		2,033,000		2,126,910
11.50%, 3/15/31		2,093,000		2,292,080
NFP Corp. 144A, 4.875%, 8/15/28		2,355,000		2,351,279
144A, 6.875%, 8/15/28		8,587,000		8,728,160
OneMain Finance Corp. 6.875%, 3/15/25		5,210,000		5,266,320
7.125%, 3/15/26		6,435,000		6,544,504
3.50%, 1/15/27		3,034,000		2,796,570
6.625%, 1/15/28		3,186,000		3,170,554
3.875%, 9/15/28		2,318,000		2,028,015
9.00%, 1/15/29		3,620,000		3,805,417
5.375%, 11/15/29		3,024,000		2,809,804
7.875%, 3/15/30		2,815,000		2,865,231
4.00%, 9/15/30		3,276,000		2,764,064
Osaic Holdings, Inc., 144A, 10.75%, 8/1/27 (a)		1,646,000		1,711,210
PennyMac Financial Services, Inc. 144A, 5.375%, 10/15/25		2,614,000		2,574,943
144A, 4.25%, 2/15/29		2,497,000		2,254,143
144A, 7.875%, 12/15/29		3,076,000		3,151,328
144A, 5.75%, 9/15/31		1,998,000		1,838,893
PRA Group, Inc., 144A, 8.375%, 2/1/28		1,623,000		1,587,497
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. 144A, 2.875%, 10/15/26		4,625,000		4,260,203
144A, 3.625%, 3/1/29		3,038,000		2,697,705
144A, 3.875%, 3/1/31		5,096,000		4,379,248
144A, 4.00%, 10/15/33		3,357,000		2,789,818
SLM Corp. 4.20%, 10/29/25		2,011,000		1,951,997
3.125%, 11/2/26		2,077,000		1,910,270
Synchrony Financial, 7.25%, 2/2/33		3,016,000		2,934,065
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		3,217,000		3,164,984
144A, 5.75%, 6/15/27		2,100,000		2,039,383
144A, 5.50%, 4/15/29		2,820,000		2,635,885

(Cost $156,743,193)				149,824,196

Insurance — 1.7%
Acrisure LLC / Acrisure Finance, Inc. 144A, 10.125%, 8/1/26		1,752,000		1,823,251
144A, 4.25%, 2/15/29		2,887,000		2,563,757
144A, 6.00%, 8/1/29		2,091,000		1,884,222


	Principal Amount		Value
Insurance (Continued)
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 144A, 4.25%, 10/15/27	$	3,131,000	$	2,893,453
144A, 6.75%, 10/15/27		5,272,000		5,126,651
144A, 6.75%, 4/15/28		5,166,000		5,135,288
144A, 5.875%, 11/1/29		1,765,000		1,617,084
144A, 7.00%, 1/15/31		3,027,000		3,017,298
AmWINS Group, Inc., 144A, 6.375%, 2/15/29		2,900,000		2,903,704
AssuredPartners, Inc. 144A, 5.625%, 1/15/29		2,275,000		2,095,080
144A, 7.50%, 2/15/32		1,900,000		1,868,375
Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC, 144A, 7.25%, 2/15/31		3,900,000		3,908,522
HUB International Ltd. 144A, 5.625%, 12/1/29		2,273,000		2,112,290
144A, 7.25%, 6/15/30		13,110,000		13,382,268
144A, 7.375%, 1/31/32		7,500,000		7,528,448
USI, Inc., 144A, 7.50%, 1/15/32		2,637,000		2,630,408

(Cost $61,302,992)				60,490,099

Investment Companies — 0.1%
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 144A, 9.75%, 1/15/29
(Cost $2,885,259)		2,815,000		2,945,194

Real Estate — 0.7%
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 144A, 7.00%, 4/15/30		2,601,197		2,360,534
Cushman & Wakefield US Borrower LLC 144A, 6.75%, 5/15/28		2,687,000		2,649,234
144A, 8.875%, 9/1/31		1,507,000		1,570,256
Howard Hughes Corp. 144A, 5.375%, 8/1/28		2,982,000		2,816,574
144A, 4.125%, 2/1/29		2,587,000		2,299,882
144A, 4.375%, 2/1/31		2,648,000		2,259,453
Kennedy-Wilson, Inc. 4.75%, 3/1/29		2,460,000		1,995,146
4.75%, 2/1/30		2,482,000		1,966,427
5.00%, 3/1/31		2,413,000		1,878,460
Realogy Group LLC / Realogy Co.-Issuer Corp. 144A, 5.75%, 1/15/29		2,317,000		1,726,165
144A, 5.25%, 4/15/30		1,839,000		1,290,247

(Cost $25,637,401)				22,812,378

Real Estate Investment Trusts — 3.9%
Brandywine Operating Partnership LP, 3.95%, 11/15/27		1,813,000		1,595,756
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 144A, 5.75%, 5/15/26		3,802,000		3,670,561
144A, 4.50%, 4/1/27		2,922,000		2,572,123
Diversified Healthcare Trust 9.75%, 6/15/25		2,011,000		2,004,080
4.75%, 2/15/28		1,936,000		1,542,970
4.375%, 3/1/31		2,042,000		1,554,085


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 144A, 3.75%, 12/15/27	$	2,086,000	$	1,763,839
Hudson Pacific Properties LP 3.95%, 11/1/27		1,602,000		1,385,239
4.65%, 4/1/29		2,011,000		1,677,400
3.25%, 1/15/30		1,627,000		1,223,461
Iron Mountain, Inc. 144A, 4.875%, 9/15/27		3,812,000		3,660,162
144A, 5.25%, 3/15/28		3,417,000		3,296,928
144A, 5.00%, 7/15/28		2,078,000		1,969,222
144A, 7.00%, 2/15/29		4,131,000		4,197,366
144A, 4.875%, 9/15/29		4,101,000		3,817,551
144A, 5.25%, 7/15/30		5,191,000		4,862,359
144A, 4.50%, 2/15/31		4,292,000		3,802,026
144A, 5.625%, 7/15/32		2,480,000		2,307,737
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 144A, 4.25%, 2/1/27		2,458,000		2,264,708
144A, 4.75%, 6/15/29		2,521,000		2,265,632
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/1/26 (a)		2,011,000		1,793,260
5.00%, 10/15/27 (a)		5,630,000		4,613,462
4.625%, 8/1/29 (a)		3,620,000		2,700,954
3.50%, 3/15/31 (a)		5,228,000		3,505,026
Necessity Retail REIT Inc/The / American Finance Operating Partner LP, 144A, 4.50%, 9/30/28		2,027,000		1,709,298
Office Properties Income Trust, 3.45%, 10/15/31		1,609,000		710,028
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A, 7.50%, 6/1/25		2,711,000		2,721,858
144A, 5.875%, 10/1/28		2,992,000		2,910,947
144A, 4.875%, 5/15/29		2,875,000		2,644,138
RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27		2,940,500		2,810,809
144A, 7.25%, 7/15/28		1,659,000		1,700,595
144A, 4.50%, 2/15/29		2,161,000		2,010,594
RLJ Lodging Trust LP 144A, 3.75%, 7/1/26		2,011,000		1,897,680
144A, 4.00%, 9/15/29		2,133,000		1,863,794
SBA Communications Corp. 3.875%, 2/15/27		6,200,000		5,856,103
3.125%, 2/1/29		5,725,000		5,070,544
Service Properties Trust 7.50%, 9/15/25		3,217,000		3,261,485
4.75%, 10/1/26		1,749,000		1,619,799
4.95%, 2/15/27		1,602,000		1,472,621
5.50%, 12/15/27		1,851,000		1,744,687
3.95%, 1/15/28		1,615,000		1,367,585
4.95%, 10/1/29		1,686,000		1,388,979
4.375%, 2/15/30		1,609,000		1,241,943
144A, 8.625%, 11/15/31		4,124,000		4,359,097


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Starwood Property Trust, Inc. 4.75%, 3/15/25	$	1,962,000	$	1,937,799
144A, 3.625%, 7/15/26		1,609,000		1,502,331
144A, 4.375%, 1/15/27 (a)		1,989,000		1,867,233
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, 6.00%, 1/15/30		2,815,000		2,058,215
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A, 10.50%, 2/15/28		10,457,000		10,834,839
144A, 4.75%, 4/15/28		2,278,000		1,981,955
144A, 6.50%, 2/15/29		4,464,000		3,441,560
Vornado Realty LP, 2.15%, 6/1/26		1,609,000		1,444,650

(Cost $148,157,542)				137,477,073

Venture Capital — 0.7%
HAT Holdings I LLC / HAT Holdings II LLC 144A, 6.00%, 4/15/25		1,425,000		1,411,795
144A, 3.375%, 6/15/26 (a)		4,034,000		3,777,633
144A, 8.00%, 6/15/27 (a)		2,994,000		3,112,455
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 6.375%, 12/15/25		3,006,000		2,981,996
6.25%, 5/15/26		5,019,000		4,895,413
5.25%, 5/15/27		5,738,000		5,278,271
4.375%, 2/1/29		2,944,000		2,487,665

(Cost $25,125,196)				23,945,228

Industrial — 9.3%
Aerospace/Defense — 2.4%
Bombardier, Inc. 144A, 7.125%, 6/15/26		3,836,000		3,870,731
144A, 7.875%, 4/15/27		7,278,000		7,291,835
144A, 6.00%, 2/15/28		3,054,000		2,967,754
144A, 7.50%, 2/1/29 (a)		3,073,000		3,119,447
144A, 8.75%, 11/15/30		3,004,000		3,150,475
Rolls-Royce PLC 144A, 3.625%, 10/14/25		4,127,000		3,989,241
144A, 5.75%, 10/15/27		3,800,000		3,785,088
Spirit AeroSystems, Inc. 4.60%, 6/15/28		2,828,000		2,485,557
144A, 9.375%, 11/30/29		3,620,000		3,919,026
144A, 9.75%, 11/15/30		4,977,000		5,338,365
TransDigm, Inc. 7.50%, 3/15/27		2,668,000		2,667,728
5.50%, 11/15/27		10,921,000		10,556,060
144A, 6.75%, 8/15/28		8,657,000		8,771,324
4.625%, 1/15/29		4,976,000		4,567,371
4.875%, 5/1/29		3,107,000		2,857,076
144A, 6.875%, 12/15/30		5,950,000		6,026,815
144A, 7.125%, 12/1/31		4,167,000		4,279,801
Triumph Group, Inc. 7.75%, 8/15/25		1,150,000		1,148,304
144A, 9.00%, 3/15/28		4,806,000		5,029,883

(Cost $87,131,720)				85,821,881


	Principal Amount		Value
Building Materials — 1.2%
Builders FirstSource, Inc. 144A, 5.00%, 3/1/30	$	2,255,000	$	2,131,476
144A, 4.25%, 2/1/32		5,301,000		4,663,025
144A, 6.375%, 6/15/32		2,591,000		2,593,751
Smyrna Ready Mix Concrete LLC 144A, 6.00%, 11/1/28		4,503,000		4,372,499
144A, 8.875%, 11/15/31		4,296,000		4,557,064
Standard Industries, Inc. 144A, 5.00%, 2/15/27		3,419,000		3,295,801
144A, 4.75%, 1/15/28		4,055,000		3,830,484
144A, 4.375%, 7/15/30		6,435,000		5,743,337
144A, 3.375%, 1/15/31		4,336,000		3,597,328
Summit Materials LLC / Summit Materials Finance Corp. 144A, 5.25%, 1/15/29		2,868,000		2,779,121
144A, 7.25%, 1/15/31		3,307,000		3,434,610

(Cost $42,918,201)				40,998,496

Electrical Components & Equipment — 0.5%
Energizer Holdings, Inc. 144A, 4.75%, 6/15/28		2,481,000		2,271,052
144A, 4.375%, 3/31/29		2,998,000		2,659,346
WESCO Distribution, Inc. 144A, 7.125%, 6/15/25		6,299,000		6,342,054
144A, 7.25%, 6/15/28		5,602,000		5,729,985

(Cost $17,494,787)				17,002,437

Electronics — 0.4%
Sensata Technologies BV 144A, 5.00%, 10/1/25		2,810,000		2,786,285
144A, 4.00%, 4/15/29		4,043,000		3,670,489
144A, 5.875%, 9/1/30		2,042,000		1,990,646
Sensata Technologies, Inc. 144A, 4.375%, 2/15/30		1,669,000		1,522,235
144A, 3.75%, 2/15/31		3,038,000		2,600,710

(Cost $13,555,817)				12,570,365

Engineering & Construction — 0.3%
Brand Industrial Services, Inc., 144A, 10.375%, 8/1/30		5,471,000		5,824,846
Fluor Corp., 4.25%, 9/15/28		2,453,000		2,321,335
IHS Holding Ltd. 144A, 5.625%, 11/29/26		2,011,000		1,767,448
144A, 6.25%, 11/29/28		1,980,000		1,620,804

(Cost $11,412,318)				11,534,433

Environmental Control — 0.9%
Clean Harbors, Inc., 144A, 6.375%, 2/1/31		2,063,000		2,052,374
Covanta Holding Corp., 5.00%, 9/1/30		1,654,000		1,438,443
GFL Environmental, Inc. 144A, 4.25%, 6/1/25		1,998,000		1,964,633
144A, 3.75%, 8/1/25		3,027,000		2,941,782
144A, 5.125%, 12/15/26		2,002,000		1,960,275
144A, 4.00%, 8/1/28		2,701,000		2,478,835
144A, 3.50%, 9/1/28		3,016,000		2,737,230
144A, 4.75%, 6/15/29		3,087,000		2,893,095
144A, 4.375%, 8/15/29		2,223,000		2,027,087
144A, 6.75%, 1/15/31		4,117,000		4,216,265


	Principal Amount		Value
Environmental Control (Continued)
Madison IAQ LLC 144A, 4.125%, 6/30/28	$	2,800,000	$	2,553,456
144A, 5.875%, 6/30/29		4,100,000		3,664,464

(Cost $32,137,230)				30,927,939

Machinery-Diversified — 0.4%
Maxim Crane Works Holdings Capital LLC, 144A, 11.50%, 9/1/28		2,009,000		2,091,019
SPX FLOW, Inc., 144A, 8.75%, 4/1/30		2,035,000		1,996,764
Titan Acquisition Ltd. / Titan Co-Borrower LLC, 144A, 7.75%, 4/15/26		2,000,000		2,001,600
TK Elevator Holdco GmbH, 144A, 7.625%, 7/15/28		1,560,000		1,527,599
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27		6,436,000		6,191,439

(Cost $13,928,666)				13,808,421

Miscellaneous Manufacturing — 0.1%
Hillenbrand, Inc. 5.75%, 6/15/25		1,725,000		1,713,791
6.25%, 2/15/29		1,700,000		1,702,358
Trinity Industries, Inc., 144A, 7.75%, 7/15/28		1,602,000		1,651,789

(Cost $5,066,565)				5,067,938

Packaging & Containers — 2.6%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A, 6.00%, 6/15/27		2,418,000		2,376,776
144A, 3.25%, 9/1/28		2,482,000		2,154,301
144A, 4.00%, 9/1/29 (a)		4,126,000		3,355,702
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 4/30/25		2,977,000		2,948,223
144A, 4.125%, 8/15/26 (a)		4,886,000		4,513,540
144A, 5.25%, 8/15/27		4,022,000		2,921,768
144A, 5.25%, 8/15/27		3,217,000		2,336,978
Ball Corp. 6.875%, 3/15/28		3,016,000		3,091,886
6.00%, 6/15/29		4,022,000		4,046,522
2.875%, 8/15/30		5,334,000		4,520,905
3.125%, 9/15/31 (a)		3,257,000		2,747,089
Berry Global, Inc., 144A, 5.625%, 7/15/27		2,214,000		2,185,199
Crown Americas LLC, 5.25%, 4/1/30		2,049,000		1,975,605
Graphic Packaging International LLC 144A, 3.50%, 3/15/28		1,832,000		1,677,304
144A, 3.75%, 2/1/30		1,415,000		1,260,715
LABL, Inc. 144A, 6.75%, 7/15/26		2,815,000		2,732,413
144A, 10.50%, 7/15/27 (a)		2,710,000		2,634,111
144A, 5.875%, 11/1/28		1,981,000		1,778,143
144A, 8.25%, 11/1/29		1,888,000		1,598,900
Mauser Packaging Solutions Holding Co. 144A, 7.875%, 8/15/26		11,060,000		11,214,199
144A, 9.25%, 4/15/27 (a)		5,403,000		5,260,432


	Principal Amount		Value
Packaging & Containers (Continued)
OI European Group BV, 144A, 4.75%, 2/15/30	$	1,309,000	$	1,206,309
Owens-Brockway Glass Container, Inc. 144A, 6.625%, 5/13/27		2,426,000		2,422,489
144A, 7.25%, 5/15/31		2,923,000		2,966,085
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27		4,218,000		3,933,665
Sealed Air Corp. 144A, 5.50%, 9/15/25		1,809,000		1,807,281
144A, 4.00%, 12/1/27		1,757,000		1,636,038
144A, 6.125%, 2/1/28		3,117,000		3,110,017
144A, 5.00%, 4/15/29		1,757,000		1,666,019
144A, 7.25%, 2/15/31		1,471,000		1,520,475
Silgan Holdings, Inc., 4.125%, 2/1/28		2,304,000		2,153,406

(Cost $94,878,303)				89,752,495

Transportation — 0.2%
Cargo Aircraft Management, Inc., 144A, 4.75%, 2/1/28 (a)		2,368,000		2,097,267
Seaspan Corp., 144A, 5.50%, 8/1/29		3,019,000		2,577,803
XPO, Inc. 144A, 7.125%, 6/1/31		1,857,000		1,898,595
144A, 7.125%, 2/1/32		2,450,000		2,492,846

(Cost $9,505,208)				9,066,511

Trucking & Leasing — 0.3%
Fortress Transportation and Infrastructure Investors LLC 144A, 6.50%, 10/1/25		2,631,000		2,634,838
144A, 9.75%, 8/1/27		1,665,000		1,727,421
144A, 5.50%, 5/1/28		4,122,000		3,952,426
144A, 7.875%, 12/1/30		1,806,000		1,895,130

(Cost $10,362,679)				10,209,815

Technology — 4.8%
Computers — 1.4%
CA Magnum Holdings, 144A, 5.375%, 10/31/26		3,900,000		3,758,391
McAfee Corp., 144A, 7.375%, 2/15/30		8,124,000		7,179,568
NCR Atleos Corp., 144A, 9.50%, 4/1/29		5,429,000		5,747,954
NCR Voyix Corp. 144A, 5.00%, 10/1/28		2,642,000		2,458,524
144A, 5.125%, 4/15/29		4,668,000		4,333,959
144A, 5.25%, 10/1/30		1,810,000		1,637,100
Presidio Holdings, Inc. 144A, 4.875%, 2/1/27		2,111,000		2,030,727
144A, 8.25%, 2/1/28		2,212,000		2,182,911
Seagate HDD Cayman 4.875%, 6/1/27		2,079,000		2,015,339
4.091%, 6/1/29		2,031,000		1,855,287
144A, 8.25%, 12/15/29		2,068,000		2,217,614
144A, 8.50%, 7/15/31 (a)		2,038,000		2,205,223
9.625%, 12/1/32		2,868,495		3,244,268
Western Digital Corp., 4.75%, 2/15/26		9,267,000		9,065,762

(Cost $51,379,605)				49,932,627


	Principal Amount		Value
Office/Business Equipment — 0.2%
Xerox Holdings Corp. 144A, 5.00%, 8/15/25	$	3,016,000	$	2,969,109
144A, 5.50%, 8/15/28		3,138,000		2,841,510

(Cost $6,187,215)				5,810,619

Semiconductors — 0.5%
ams-OSRAM AG, 144A, 12.25%, 3/30/29		1,607,000		1,632,109
Entegris, Inc. 144A, 4.375%, 4/15/28		1,865,000		1,744,499
144A, 4.75%, 4/15/29		6,218,000		5,869,188
144A, 3.625%, 5/1/29		1,590,000		1,408,605
144A, 5.95%, 6/15/30		3,690,000		3,620,939
ON Semiconductor Corp., 144A, 3.875%, 9/1/28		2,837,000		2,596,962

(Cost $17,221,623)				16,872,302

Software — 2.7%
Alteryx, Inc., 144A, 8.75%, 3/15/28		1,802,000		1,828,835
AthenaHealth Group, Inc., 144A, 6.50%, 2/15/30 (a)		9,451,000		8,470,569
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		2,388,000		2,392,012
Clarivate Science Holdings Corp. 144A, 3.875%, 7/1/28		3,434,000		3,138,284
144A, 4.875%, 7/1/29 (a)		3,815,000		3,464,484
Cloud Software Group, Inc. 144A, 6.50%, 3/31/29		16,087,000		14,991,202
144A, 9.00%, 9/30/29		15,434,000		14,423,055
Fair Isaac Corp. 144A, 5.25%, 5/15/26		1,607,000		1,591,412
144A, 4.00%, 6/15/28		3,494,000		3,249,174
MicroStrategy, Inc., 144A, 6.125%, 6/15/28 (a)		2,002,000		1,932,582
Open Text Corp. 144A, 3.875%, 2/15/28		3,515,000		3,233,466
144A, 3.875%, 12/1/29		3,503,000		3,099,270
Open Text Holdings, Inc. 144A, 4.125%, 2/15/30		3,687,000		3,259,189
144A, 4.125%, 12/1/31		2,554,000		2,188,303
PTC, Inc., 144A, 4.00%, 2/15/28		2,202,000		2,056,624
RingCentral, Inc., 144A, 8.50%, 8/15/30		1,635,000		1,691,694
ROBLOX Corp., 144A, 3.875%, 5/1/30		4,097,000		3,591,287
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		8,044,000		7,840,847
Twilio, Inc. 3.625%, 3/15/29 (a)		2,043,000		1,820,783
3.875%, 3/15/31		2,036,000		1,773,363
UKG, Inc., 144A, 6.875%, 2/1/31		9,900,000		10,010,039

(Cost $98,704,447)				96,046,474

Utilities — 3.1%
Electric — 2.8%
Calpine Corp. 144A, 5.25%, 6/1/26		1,689,000		1,665,469
144A, 4.50%, 2/15/28		5,156,000		4,861,703


	Principal Amount		Value
Electric (Continued)
144A, 5.125%, 3/15/28	$	5,630,000	$	5,359,292
144A, 4.625%, 2/1/29		2,667,000		2,457,280
144A, 5.00%, 2/1/31		3,411,000		3,053,039
144A, 3.75%, 3/1/31		3,430,000		2,943,673
Clearway Energy Operating LLC 144A, 4.75%, 3/15/28		3,507,000		3,283,107
144A, 3.75%, 2/15/31		3,630,000		3,065,009
DPL, Inc., 4.125%, 7/1/25		1,631,000		1,587,753
Drax Finco PLC, 144A, 6.625%, 11/1/25		1,963,000		1,940,160
FirstEnergy Corp. Series B, 4.15%, 7/15/27		6,216,000		5,910,257
2.65%, 3/1/30		2,468,000		2,112,296
Series B, 2.25%, 9/1/30		1,649,000		1,358,895
NextEra Energy Operating Partners LP 144A, 3.875%, 10/15/26		2,081,000		1,945,533
144A, 4.50%, 9/15/27		2,264,000		2,114,738
144A, 7.25%, 1/15/29		3,089,000		3,142,535
NRG Energy, Inc. 5.75%, 1/15/28		3,302,000		3,255,930
144A, 3.375%, 2/15/29		2,063,000		1,802,552
144A, 5.25%, 6/15/29		2,984,000		2,831,027
144A, 3.625%, 2/15/31		4,005,000		3,371,961
PG&E Corp. 5.00%, 7/1/28		4,022,000		3,839,984
5.25%, 7/1/30		4,072,000		3,832,131
Talen Energy Supply LLC, 144A, 8.625%, 6/1/30		4,942,000		5,218,463
TransAlta Corp., 7.75%, 11/15/29		1,664,000		1,731,708
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26		4,022,000		3,964,468
144A, 5.625%, 2/15/27		5,228,000		5,100,067
144A, 5.00%, 7/31/27		5,391,000		5,173,365
144A, 4.375%, 5/1/29		5,027,000		4,590,945
144A, 7.75%, 10/15/31		5,680,000		5,880,260

(Cost $103,019,780)				97,393,600

Gas — 0.3%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.50%, 5/20/25		2,815,000		2,765,877
5.875%, 8/20/26		2,717,000		2,635,434
5.75%, 5/20/27		2,109,000		1,995,843
144A, 9.375%, 6/1/28		2,013,000		2,044,786

(Cost $9,932,503)				9,441,940

TOTAL CORPORATE BONDS (Cost $3,636,396,374)				3,409,244,032


	Number of Shares
SECURITIES LENDING COLLATERAL — 6.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b) (c) (Cost $230,680,677)		230,680,677		230,680,677

A summary of the Fund’s transactions with affiliated investments during the period ended February 29, 2024 is as follows:

DBX ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end registered management investment company organized as a Delaware statutory trust.

As of February 29, 2024, the Trust consists of forty-six investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below, each a diversified series of the Trust:

DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).

Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, Xtrackers Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Xtrackers USD High Yield BB-B ex Financials ETF offers shares that are listed and traded on the Cboe Bats BZX Exchange. Inc. (“Cboe”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, except for Xtrackers Risk Managed USD High Yield Strategy ETF which lots consist of 25,000 shares and Xtrackers USD High Yield Corporate Bond ETF which lots consist of 100,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

The investment objective of each Fund is to seek investment results that correspond generally to the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:

The Solactive USD High Yield Corporates Total Market High Beta Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. The Solactive USD High Yield Corporates Total Market Low Beta Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. The Adaptive Wealth Strategies Risk Managed High Yield Index is designed to track the performance of the US dollar-denominated high yield corporate bond market during normal market conditions, and the performance of a USD cash position accruing interest at the Effective Federal Funds Rate (the interest rate depository institutions such as banks charge each other for overnight loans to meet their reserve requirements) during periods of adverse market conditions. The Solactive USD High Yield Corporates Total Market 0-5 Year Index is designed to track the performance of short-term publicly issued US dollar-denominated below investment grade corporate debt. The ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index is a subset of the ICE BofA US High Yield Index which is designed to track the performance of US dollar denominated below investment grade

corporate debt publicly issued in the US domestic market. The Solactive USD High Yield Corporates Total Market Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. Under normal circumstances, the Solactive Indexes are reconstituted monthly on the last day of each month. The Funds reconstitute and rebalance their portfolios in accordance with their respective underlying indexes, and therefore any changes to the underlying indexes reconstitution and rebalance schedules will result in corresponding changes to a Fund’s reconstitution and rebalance schedule.

Each Fund is entitled to use its respective Underlying Index pursuant to a licensing agreement between the Index Provider and DBX. There is no direct charge to the Funds in connection with these licensing agreements.

Xtrackers Risk Managed USD High Yield Strategy ETF and Xtrackers USD High Yield BB-B ex Financials ETF are non-diversified and is not limited by the 1940 Act with regard to the percentage of its assets that may be invested in the securities of a single issuer. This means the securities of a particular issuer (or securities of issuers in particular industries) may dominate the Underlying Index of the Fund and, consequently, the Fund’s investment portfolio. This may adversely affect the Fund’s performance or subject the Fund’s shares to greater price volatility than that experienced by more diversified investment companies.

Pursuant to the Trust’s organizational documents, the Trust’s officers and trustees are indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business the Trust enters into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Trust expects the risk of loss to be remote.

The financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), which require management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund qualifies as an investment company under Topic 946 of the Accounting Standards Codification of U.S. GAAP. The following is a summary of significant accounting policies followed by the Funds.

Security Valuation The NAV of each Fund’s shares is calculated each business day as of the close of regular trading on the New York Stock Exchange, generally 4:00 p.m. Eastern Time. NAV per share is calculated by dividing a Fund’s net assets by the number of Fund shares outstanding.

The Funds’ Board has designated the Advisor as the valuation designee for the Funds pursuant to Rule 2a-5 under the 1940 Act. The Advisor’s Pricing Committee (the “Pricing Committee”) typically values securities using readily available market quotations or prices supplied by independent pricing services (which are considered fair values under Rule 2a-5). The Advisor has adopted fair valuation procedures that provide methodologies for fair valuing securities.

Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in three broad levels. Level 1 includes quoted prices in active markets for identical securities. Level 2 includes other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, and credit risk). Level 3 includes significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities.

Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Pricing Committee. Such services may use various pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data, as well as broker quotes. If the pricing services are unable to provide valuations, securities are valued at the mean between the bid and ask quotations or evaluated prices, as applicable, obtained from broker-dealers. These securities are generally categorized as Level 2.

ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. ETFs for which no sales are reported are valued at the calculated

mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. ETFs are generally categorized as Level 1.

Investments in open-end investment companies are valued at their NAV each business day and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; length of time of a halt in trading of the security; movement in the security’s proxy index; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

Fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Fund’s Underlying Index, which in turn could result in a difference between the Fund’s performance and the performance of the Fund’s Underlying Index.

Disclosure about the classification of the fair value measurements is included in a table following the Fund’s Schedule of Investments.

Cash Cash consists of cash held at banks and is on deposit with major financial institutions.

Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes. Distributions of income and capital gains from investments in affiliated funds are recorded on the ex-dividend date.

Tax Information and Dividends and Distributions to Shareholders It is each Fund’s policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (“the Code”). Each Fund intends to qualify for and to elect treatment as a separate Regulated Investment Company (“RIC”) under Subchapter M of the Code. It is the policy of each Fund to pay out dividends from its net investment income, if any, to investors monthly. Taxable net realized gains from investment transactions, reduced by capital loss carryforwards, if any, are declared and distributed to shareholders at least annually. The capital loss carryforward amount, if any, is available to offset future net capital gains. The Funds may occasionally be required to make supplemental distributions at some other time during the year. The Funds reserve the right to declare special distributions if, in their reasonable discretion, such action is necessary or advisable to preserve the status of each Fund as a RIC or to avoid imposition of income or excise taxes on undistributed income. Dividends and distributions to shareholders, if any, are recorded on the ex-dividend date. The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations which may differ from U.S. GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified at the end of the year within the components of net assets based on their federal tax treatment; temporary differences do not require reclassification. Dividends and distributions, which exceed earnings and profits for the full year for tax purposes, are reported as a tax return of capital.

In accordance with U.S. GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Funds’ tax positions taken or expected to be taken on foreign, federal and state income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements.

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended February 29, 2024, the Funds did not incur any interest or penalties.

At August 31, 2023, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

As of August 31, 2023, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or (depreciation) and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:

The tax character of current year distributions will be determined at the end of the current fiscal year.

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Receivables and payables related to foreign taxes as of February 29, 2024, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Securities Lending National Financial Services LLC (Fidelity Agency Lending) serves as securities lending agent for Xtrackers Risk Managed USD High Yield Strategy ETF and lends securities to certain financial institutions under the terms of its securities lending agreements. Prior to September 27, 2023, the Bank of New York Mellon served as securities lending agent for the Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF.

Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF and lends securities of the Funds to certain financial institutions under the terms of its securities lending agreement. During the term of the loans, the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 29, 2024, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.11% annualized effective rate as of February 29, 2024) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Funds or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of February 29, 2024, the Fund listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

As of February 29, 2024, Xtrackers USD High Yield BB-B ex Financials ETF had no securities on loan.

Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the

1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.

The Advisor has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees. Under an investment advisory agreement between the Trust, on behalf of the Funds, and the Advisor (the “Investment Advisory Agreement”), the Advisor is responsible for arranging sub-advisory, transfer agency, custody, fund administration, and all other non-distribution related services for the Funds to operate.

For its investment advisory services to the Funds below, the Advisor was entitled to receive a unitary advisory fee based on each Fund’s average daily net assets, computed and accrued daily and payable monthly, at an annual rate equal to:

The Advisor for Xtrackers High Beta High Yield Bond ETF has contractually agreed, until December 20, 2024, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the period ended February 29, 2024, the Advisor waived $8,911 of expenses to the Fund.

The Advisor for Xtrackers Low Beta High Yield Bond ETF has contractually agreed, until December 20, 2024, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the period ended February 29, 2024, the Advisor waived $54,041 of expenses to the Fund.

The Advisor for Xtrackers Risk Managed USD High Yield Strategy ETF has contractually agreed, until December 22, 2026, to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. For the period ended February 29, 2024, the Advisor waived $20,247 of the expenses of the Fund which were attributable to the Fund’s investments in affiliated funds.

For the period from September 1, 2023 through November 16, 2023 the Advisor for Xtrackers USD High Yield Corporate Bond ETF had contractually agreed, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.15% of the fund’s average daily net assets. Effective November 17, 2023 until December 20, 2024, the Advisor has contractually agreed to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.05% of the fund’s average daily net assets. For the period ended February 29, 2024, the Advisor waived $1,763,788 of expenses to the Fund.

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period ended February 29, 2024, the Advisor waived expenses of the Funds as follows:

Out of the unitary advisory fee, the Advisor pays substantially all expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, and expenses of the Independent Trustees. Each Fund is responsible for the payment of interest expense, acquired fund fees and expenses, taxes, brokerage expenses, distribution fees or expenses, if any, litigation expenses and extraordinary expenses.

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent and Transfer Agent for each Fund.

ALPS Distributors, Inc. (the “Distributor”) serves as the distributor of Creation Units for each Fund on an agency basis. The Distributor does not maintain a secondary market in shares of the Funds.

The Board of Trustees is currently comprised of three Independent Trustees. The Advisor paid retainer fees and attendance fees to each Independent Trustee; retainer fees to the Chairman of the Board of Trustees and the Chairman of the Audit Committee; and attendance fees to each member of the Audit Committee (which is comprised of all of the Funds’ Independent Trustees).

Affiliated Securities Lending Agent Fees. Effective September 27, 2023, Deutsche Bank AG serves as securities lending agent for the funds listed below. For the period ended February 29, 2024, the Funds incurred securities lending agent fees to Deutsche Bank AG as follows:

For the period ended February 29, 2024, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

For the period ended February 29, 2024, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

Transactions with Affiliates. The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment advisor, common officers, or common trustees During the period ended February 29, 2024, the Funds engaged in securities purchases and securities sales with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act as follows:

As of February 29, 2024, there were unlimited Fund shares, no par value, authorized by the Trust. Fund shares are issued and redeemed by each Fund only in Creation Units or multiples thereof. Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets. The consideration for the purchase of Creation Units of a Fund generally consists of the in-kind contribution of a designated portfolio of securities constituting a portfolio sampling representation of the securities included in the respective Fund’s Underlying Index and an amount of cash, which under certain circumstances may include cash in lieu of portfolio securities. Investors purchasing and redeeming Creation Units pay a purchase transaction fee and a redemption transaction fee to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units.

During the period ended February 29, 2024, the Advisor and the securities lending agent, Deutsche Bank AG, agreed to reimburse the Funds and amounts below for securities lending income in connection to an operational delay with the lending agent transition (see Securities Lending note 2.)

The amounts reimbursed were less than 0.01% of the Funds’ average net assets, thus having no impact on the Funds’ total return.

High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. A Fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely

payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in NAV of a Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a Fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers USD High Yield Corporate Bond ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at February 29, 2024.

Effective January 24, 2023, the SEC amended the rules for mutual fund and exchange-traded fund (“ETF”) annual and semi-annual shareholder reports. The amended rules apply to mutual funds and ETFs that are registered on Form N-1A (i.e., open-end funds) and implement a new streamlined disclosure framework requiring “concise and visually engaging” shareholder reports highlighting key information, including a simplified expense presentation, performance information, portfolio holdings and certain fund statistics. The amended rules seek to simplify shareholder reporting by consolidating investor friendly data in one report and moving other data to Form N-CSR, creating a layered disclosure framework. Certain information from the Funds’ current shareholder reports, including the Funds’ investment portfolio, financial statements and financial highlights, will move to Form N-CSR. This information must be available online, delivered free of charge upon request and filed on a semiannual basis on Form N-CSR. Notably, the amended rules will require mutual funds and ETFs to prepare separate individual shareholder reports for each fund share class. The amendments also include a revised definition of “appropriate broad-based securities market index” that will affect performance presentations in the new streamlined reports and mutual fund and ETF prospectuses. The amended rules and related form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of the amended rules and form amendments on the content of the Funds’ current shareholder reports.

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (“Advisors”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). Advisors has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of Advisors that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.

In February 2024, as required by the Program and the Liquidity Rule, Advisors provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2022 through November 30, 2023 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within 3 business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, Advisors stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. Advisors also reported that there were no material changes made to the Program during the Reporting Period.

Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, and Xtrackers USD High Yield Corporate Bond ETF

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 14–15, 2024 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, Xtrackers Short Duration High Yield Bond ETF, and Xtrackers USD High Yield Corporate Bond ETF (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on February 14, 2024 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held on February 14 and February 15, 2024.

The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.

In reaching its decision to continue in effect the Investment Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Advisor from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Advisor.

The Board reached a determination, with the assistance of Independent Trustee Counsel and Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of each Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided and the risks incurred by the Advisor under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Advisor continuously during the prior year, in addition to the information the Advisor had provided in response to the Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio

management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.

The Board considered that the Advisor provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Advisor pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operations. The Board also considered that in addition to managing the Funds’ portfolios directly, the Advisor provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds.

The Board considered the information regarding each Fund’s tracking error compared to its underlying index that had been provided by the Advisor and by Broadridge. The Board took note of the detailed information provided by the Advisor throughout the year with respect to each Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for each Fund during the year was in an expected range.

Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Advisor under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Advisor, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Advisor, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Advisor in supervising third party service providers to the Funds, such as the administrator and the custodian, noting the Advisor’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Advisor, which supports the Funds’ compliance program.

Adviser’s Financial Resources. In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.

Reasonableness of Advisory Fee. The Board compared each Fund’s advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board also noted that the advisory fees and total expenses (after waivers/reimbursements) for many of the Funds were below or equal to the average and/or median of the ETFs in each Fund’s respective Peer Group compiled by Broadridge, but the following Fund had advisory fees and/or total expenses (after waivers/reimbursements) that were above the average and/or median of its respective Peer Group:

The Board considered, however, the following additional factors in connection with this Fund:

The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.

The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds’ costs (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Advisor and that the Advisor also provides oversight of day-to-day operations, including

monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.

Costs of Services and Profitability. The Board considered the expenses of the Advisor in developing and rendering services provided to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

Economies of Scale. The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on August 15, 2023, the Trustees, all of who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the Investment Advisory Agreement between DBX Advisors LLC (“DBX” or the “Advisor”) and the Trust, with respect to Xtrackers USD High Yield BB-B ex Financials ETF (the “Fund”). The Independent Trustees were advised throughout the review and meeting by K&L Gates LLP (“Independent Trustee Counsel”).

In reaching this decision, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services to be provided to the Fund and the Fund’s shareholders; (2) the financial resources of the “Advisor and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the Fund’s advisory fee; (4) the total cost of the services to be provided by, and the anticipated profits to be realized, by the Advisor from its relationship with the Fund; and (5) the extent to which economies of scale would be realized, and if the Fund’s shareholders would benefit from those economies.

The Board reached a determination, with the assistance of Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of the Fund and the Fund’s shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services to be provided by the Advisor under the Investment Advisory Agreement. The Board considered that these services include, among other things, furnishing a continuous investment program for the Fund, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate

services, such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things, the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.

The Board considered that the Advisor will provide, at its own expense, office facilities and equipment for use by the Fund and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Advisor will pay or arrange for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Fund’s operations. The Board also considered that in addition to managing the Fund’s portfolio directly, the Advisor will provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Fund.

Based on its review, the Board concluded that the nature, extent, and quality of services to be provided by the Advisor under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees to be paid to the Advisor, taking special consideration of the fact that the Fund’s advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Fund’s service providers. The Board considered the staffing of the Advisor, including the training, qualifications and experience of investment personnel in managing the Fund. The Board also considered the expertise of the Advisor in supervising third party service providers to its currently managed funds, such as the administrator and the custodian (which would also provide those services to the Fund), noting the Advisor’s extensive work with these service providers (including onsite and virtual due diligence sessions) to conduct such supervision (which would cover the Fund as well). The Board further considered the compliance program of the Advisor, which supports the compliance program of the Advisor’s currently managed funds (which would also cover the Fund).

Advisor’s Financial Resources. In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.

Reasonableness of Advisory Fee. The Board compared the Fund’s advisory fee to those of other pertinent exchange-traded funds (“ETFs”) and noted that the Fund’s fee is below the average and median fee of the ETFs in the Fund’s respective peer group. The Board accordingly noted that the Fund’s fee is competitive with the fees of its respective peer group. The Board agreed that it was familiar with the Advisor’s methodology for selecting the Fund’s peer group and believed that the Fund’s peer group was appropriate. The Board considered that the proposed fee for the Fund is a unitary fee pursuant to which the Advisor pays all of the Fund’s costs (subject to certain specified exceptions). The Board also considered that the Fund’s portfolio will be managed on a day-to-day basis by the Advisor and that the Advisor will also provide oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Fund. Based on its review, the Board concluded that the advisory fee for the Fund is reasonable in light of the services to be provided.

Costs of Services and Profitability. The Board considered the anticipated expenses of the Advisor in developing and rendering services to be provided to the Fund and the likelihood and level of profits in the early years of the Fund’s operations. The Board noted that because the Fund is new, it is difficult to estimate the profitability of the Fund to the Advisor at this time. The Board considered whether the Advisor would benefit in other ways from its relationship with the Fund and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Fund. The Board also considered the greater entrepreneurial risk in offering new fund products, which require substantial investment to launch, may not succeed, and generally must be priced to compete with larger, more established funds resulting in lack of profitability to the Advisor until a new fund achieves scale.

Economies of Scale. The Board noted that the Fund’s advisory fee was set at a competitive level that was designed to reflect scale in assets from the Fund’s commencement of operations. The Board noted that because the Fund is new, it is difficult to estimate whether the Fund would experience economies of scale beyond those already reflected in the Fund’s advisory fee. The Board determined to evaluate economies of scale on an ongoing basis as a result of asset growth of the Fund. The Board also acknowledged that the concept of economies of scale is a complex subject as to determining with a fair degree of certainty whether economies of scale exist, to what extent they exist, whether scale can result in additional expenses, and alternative ways advisors can share benefits of economies of scale.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.

The Funds’ policies and procedures for voting proxies for portfolio securities and information about how each Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 are available on our Web site — www.Xtrackers.com (click on “Resources” and “Proxy Voting” at the top of the page) — or on the SEC’s Web site — www.sec.gov. To obtain a written copy of the Funds’ policies and procedures without charge, upon request, call us toll free at 855-329-3837.

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-PORT. Copies of the filings are available without charge, upon request on the SEC’s website at www.sec.gov and are available by calling the Trust at 855-329-3837.

Information about each Fund’s portfolio holdings is available daily at www.Xtrackers.com.

Information regarding how often shares of each Fund traded on NYSE Arca or Cboe, as applicable, at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.Xtrackers.com.

Investing involves risk, including the possible loss of principal. Bond investments are subject to interest rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Funds investing in a single industry (or group of industries), country or in a limited geographic region generally are more volatile than more diversified funds. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Distressed securities are speculative and involve substantial risks beyond the risks of investing in junk bonds, such as no interest payments or repayment of principal, or the loss of the entire investment in the distressed security. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. HYRM and BHYB are currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.

War, terrorism, sanctions, economic uncertainty, trade disputes, public health crises, natural disasters, climate change and related geopolitical events have led and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Funds and their investments.

Shares of the Funds are bought and sold at market price (not NAV) throughout the day on the NYSE Arca, Inc. or Cboe BZX Exchange, Inc., as applicable. Transactions in Fund shares may result in brokerage commissions and may generate tax consequences. There can be no assurance that an active trading market for shares of a Fund will develop or be maintained.

DBX ETF Trust Funds are distributed by ALPS Distributors, Inc. (“ALPS”) The Funds are managed by DBX Advisors LLC which is not affiliated with ALPS.

The brand DWS represents DWS Group GmbH & Co. KGaA and any of its subsidiaries such as DWS Distributors, Inc. which offers investment products or DWS Investment Management Americas, Inc. and RREEF America L.L.C. which offer advisory services.

The Index Marks, trademarks and trade names, the Index and the Intellectual Property are licensed under an Agreement for use by DBX Advisors LLC (“Licensee”) and the Xtrackers Risk Managed USD High Yield Strategy ETF (the “Fund”). Such Index Marks, trademarks, trade names, Index and Intellectual Property have been created and developed by NorthCrest Asset Management LLC without regard to Licensee or the Fund, their business, and/ or any prospective investor in the Fund.

ICE Data Indices, LLC, is used with permission. “ICE^®” is a trade mark of ICE Data Indices, LLC or its affiliates and BofA^® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates (“BofA”) and may not be used without BofA’s prior written approval. These trademarks have been licensed, along with the ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index (“Index”) for use by DBX Advisors LLC in connection with Xtrackers USD High Yield BB-B ex Financials ETF (the “Product”). Neither Advisor, DBX ETF Trust (the “Trust”) nor the Product, as applicable, is sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Product particularly, the Trust or the ability of the Index to track general market performance. Past performance of an Index is not an indicator of or a guarantee of future results. ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK.

Copyright © 2024 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.


	Beginning Account Value September 1, 2023		Ending Account Value February 29, 2024		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers High Beta High Yield Bond ETF
Actual	$	1,000.00	$	1,067.30		0.20	%	$	1.03
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.87		0.20	%	$	1.01
Xtrackers Low Beta High Yield Bond ETF
Actual	$	1,000.00	$	1,049.10		0.20	%	$	1.02
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.87		0.20	%	$	1.01
Xtrackers Risk Managed USD High Yield Strategy ETF ⁽²⁾
Actual	$	1,000.00	$	1,057.30		0.21	%	$	1.07
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.82		0.21	%	$	1.06
Xtrackers Short Duration High Yield Bond ETF
Actual	$	1,000.00	$	1,056.30		0.20	%	$	1.02
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.87		0.20	%	$	1.01
Xtrackers USD High Yield BB-B ex Financials ETF
Actual ⁽³⁾⁽⁴⁾	$	1,000.00	$	1,086.40		0.21	%	$	0.75
Hypothetical (5% return before expenses) ⁽⁴⁾	$	1,000.00	$	1,023.82		0.21	%	$	1.06
Xtrackers USD High Yield Corporate Bond ETF
Actual	$	1,000.00	$	1,058.20		0.09	%	$	0.46
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.42		0.09	%	$	0.45


	Page
Portfolio Summary
Xtrackers High Beta High Yield Bond ETF		1
Xtrackers Low Beta High Yield Bond ETF		2
Xtrackers Risk Managed USD High Yield Strategy ETF		3
Xtrackers Short Duration High Yield Bond ETF		4
Xtrackers USD High Yield BB-B ex Financials ETF		5
Xtrackers USD High Yield Corporate Bond ETF		6
Fees and Expenses		7
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF		9
Xtrackers Low Beta High Yield Bond ETF		19
Xtrackers Risk Managed USD High Yield Strategy ETF		28
Xtrackers Short Duration High Yield Bond ETF		30
Xtrackers USD High Yield BB-B ex Financials ETF		42
Xtrackers USD High Yield Corporate Bond ETF		65
Statements of Assets and Liabilities		82
Statements of Operations		84
Statements of Changes in Net Assets		86
Financial Highlights		89
Notes to Financial Statements		92
Other Information		101
Liquidity Risk Management		102
Board Consideration in Approval of Investment Advisory Contracts		103
Additional Information		108


United States			82.4%
Canada			6.3%
Luxembourg			2.6%
Other			8.7%

Total			100.0%


United States			85.0%
Canada			5.0%
United Kingdom			2.3%
Luxembourg			2.2%
Other			5.5%

Total			100.0%


	Value ($) at 8/31/2023		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
SECURITIES LENDING COLLATERAL — 6.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
		—		737,865	(d)		—			—		—		1,329		—		737,865		737,865

CASH EQUIVALENTS — 1.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
		203,368		683,609			(770,093	)		—		—		3,010		—		116,884		116,884

		203,368		1,421,474			(770,093	)		—		—		4,339		—		854,749		854,749


Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (a)	$	—	$	12,013,601	$	—	$	12,013,601
Short-Term Investments (a)		854,749		—		—		854,749

TOTAL	$	854,749	$	12,013,601	$	—	$	12,868,350


	Value ($) at 10/27/2023 (Commencement of Operations)		Purchases Cost ($)		Sales Proceeds($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
CASH EQUIVALENTS — 2.0%
DWS Government Money Market Series “Institutional Shares”, 5.28% (a)
		—		24,463,327		(11,822,614	)		—		—		49,885		—		12,640,713		12,640,713


	Number of Shares		Value
CASH EQUIVALENTS — 1.7%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) (Cost $57,656,658)		57,656,658	$	57,656,658


TOTAL INVESTMENTS —105.9% (Cost $3,924,733,709)			$	3,697,581,367
Other assets and liabilities, net — (5.9%)				(206,122,074	)

NET ASSETS — 100.0%			$	3,491,459,293


	Value ($) at 8/31/2023		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/29/2024		Value ($) at 2/29/2024
SECURITIES LENDING COLLATERAL — 6.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (b)(c)
		—		230,680,677	(d)		—			—		—		504,162		—		230,680,677		230,680,677

CASH EQUIVALENTS — 1.7%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
		49,189,697		242,248,661			(233,781,700	)		—		—		648,266		—		57,656,658		57,656,658

		49,189,697		472,929,338			(233,781,700	)		—		—		1,152,428		—		288,337,335		288,337,335


	Xtrackers High Beta High Yield Bond ETF			Xtrackers Low Beta High Yield Bond ETF			Xtrackers Risk Managed USD High Yield Strategy ETF			Xtrackers Short Duration High Yield Bond ETF
Assets
Investment in non-affiliated securities at value	$	12,013,601		$	209,061,439		$	—		$	97,233,592
Investment in affiliated securities at value		—			—			42,470,850			—
Investment in DWS Government Money Market Series		116,884			5,226,220			239,157			2,886,494
Investment in DWS Government & Agency Securities Portfolio*		737,865			4,254,324			420,500			3,673,787
Cash		—			389,846			—			34,244
Foreign currency at value		3			471			—			86
Receivables:
Investment securities sold		411,612			6,574,024			—			3,033,802
Capital shares		—			2,290,031			—			—
Dividends		—			—			82			—
Interest		232,854			2,845,080			994			1,576,593
Affiliated securities lending income		380			1,372			2			1,562

Total assets	$	13,513,199		$	230,642,807		$	43,131,585		$	108,440,160


Liabilities
Due to custodian	$	2,512		$	—		$	—		$	—
Payable upon return of securities loaned		737,865			4,254,324			420,500			3,673,787
Payables:
Investment securities purchased		472,395			11,024,957			—			4,933,704
Investment advisory fees		1,927			33,593			16,992			15,466

Total liabilities		1,214,699			15,312,874			437,492			8,622,957

Net Assets, at value	$	12,298,500		$	215,329,933		$	42,694,093		$	99,817,203


Net Assets Consist of
Paid-in capital	$	24,958,877		$	288,093,086		$	45,494,656		$	103,414,059
Distributable earnings (loss)		(12,660,377	)		(72,763,153	)		(2,800,563	)		(3,596,856	)

Net Assets, at value	$	12,298,500		$	215,329,933		$	42,694,093		$	99,817,203


Number of Common Shares outstanding		300,001			4,700,001			1,850,001			2,250,001

Net Asset Value	$	40.99		$	45.81		$	23.08		$	44.36


Investment in non-affiliated securities at cost	$	12,802,901		$	214,765,958		$	—		$	97,546,090

Investment in affiliated securities at cost	$	—		$	—		$	45,195,482		$	—

Value of securities loaned	$	721,132		$	4,162,522		$	411,800		$	3,596,146

Investment in DWS Government Money Market Series at cost	$	116,884		$	5,226,220		$	239,157		$	2,886,494

Investment in DWS Government & Agency Securities Portfolio at cost*	$	737,865		$	4,254,324		$	420,500		$	3,673,787

Foreign currency at cost	$	3		$	442		$	—		$	84


	Xtrackers USD High Yield BB-B ex Financials ETF		Xtrackers USD High Yield Corporate Bond ETF
Assets
Investment in non-affiliated securities at value	$	610,311,128	$	3,409,244,032
Investment in DWS Government Money Market Series		12,640,713		57,656,658
Investment in DWS Government & Agency Securities Portfolio*		—		230,680,677
Cash		506,294		3,031,789
Foreign currency at value		—		7,405
Receivables:
Investment securities sold		14,895,312		136,691,498
Capital shares		—		10,641,123
Interest		9,508,733		56,638,077
Affiliated securities lending income		—		101,661

Total assets	$	647,862,180	$	3,904,692,920

Liabilities
Payable upon return of securities loaned	$	—	$	230,680,677
Payables:
Investment securities purchased		18,103,335		111,477,811
Capital shares		—		70,940,125
Investment advisory fees		98,645		135,014

Total liabilities		18,201,980		413,233,627


Net Assets, at value	$	629,660,200	$	3,491,459,293


Net Assets Consist of
Paid-in capital	$	619,301,201	$	4,079,296,049
Distributable earnings (loss)		10,358,999		(587,836,756	)


Net Assets, at value	$	629,660,200	$	3,491,459,293


Number of Common Shares outstanding		11,750,001		98,387,501

Net Asset Value	$	53.59	$	35.49


Investment in non-affiliated securities at cost	$	604,208,025	$	3,636,396,374

Value of securities loaned	$	—	$	225,651,638

Investment in DWS Government Money Market Series at cost	$	12,640,713	$	57,656,658

Investment in DWS Government & Agency Securities Portfolio at cost*	$	—	$	230,680,677

Foreign currency at cost	$	—	$	7,178


	Xtrackers USD High Yield BB-B ex Financials ETF⁽¹⁾			Xtrackers USD High Yield Corporate Bond ETF
Investment Income
Unaffiliated interest income	$	10,584,708		$	98,571,811
Income distributions from affiliated funds		49,885			648,266
Affiliated securities lending income		—			504,162
Affiliated other income (see note 6)		—			43,823

Total investment income		10,634,593			99,768,062


Expenses
Investment advisory fees		291,779			3,269,028
Excise tax expense		42,337			—
Other expenses		—			4,150

Total expenses		334,116			3,273,178

Less fees waived (see note 3):
Waiver		(950	)		(1,776,790	)

Net expenses		333,166			1,496,388

Net investment income (loss)		10,301,427			98,271,674

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(264,918	)		(28,236,195	)
In-kind redemptions		—			(70,721,319	)
Foreign currency transactions		—			(1	)

Net realized gain (loss)		(264,918	)		(98,957,515	)

Net change in unrealized appreciation (depreciation) on:
Investments		6,103,103			159,532,394
Foreign currency translations		—			5

Net change in unrealized appreciation (depreciation)		6,103,103			159,532,399

Net realized and unrealized gain (loss) on investments and foreign currency transactions		5,838,185			60,574,884


Net Increase (Decrease) in Net Assets Resulting from Operations	$	16,139,612		$	158,846,558


	Xtrackers High Beta High Yield Bond ETF						Xtrackers Low Beta High Yield Bond ETF
	For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	460,046		$	955,857		$	5,574,569		$	40,419,959
Net realized gain (loss)		(96,486	)		(871,494	)		(2,255,543	)		(89,042,061	)
Net change in net unrealized appreciation (depreciation)		418,902			981,672			7,333,809			90,607,924

Net increase (decrease) in net assets resulting from operations		782,462			1,066,035			10,652,835			41,985,822

Distributions to Shareholders		(463,019	)		(974,644	)		(6,780,799	)		(44,403,017	)


Fund Shares Transactions
Proceeds from shares sold		—			1,901,084			11,353,752			223,270,378
Value of shares redeemed		—			(1,965,874	)		(22,903,959	)		(1,438,511,784	)

Net increase (decrease) in net assets resulting from fund share transactions		—			(64,790	)		(11,550,207	)		(1,215,241,406	)

Total net increase (decrease) in Net Assets		319,443			26,601			(7,678,171	)		(1,217,658,601	)

Net Assets
Beginning of period		11,979,057			11,952,456			223,008,104			1,440,666,705

End of period	$	12,298,500		$	11,979,057		$	215,329,933		$	223,008,104


Changes in Shares Outstanding
Shares outstanding, beginning of period		300,001			300,001			4,950,001			31,950,001
Shares sold		—			50,000			250,000			4,950,000
Shares redeemed		—			(50,000	)		(500,000	)		(31,950,000	)

Shares outstanding, end of period		300,001			300,001			4,700,001			4,950,001


	Xtrackers Risk Managed USD High Yield Strategy ETF						Xtrackers Short Duration High Yield Bond ETF
	For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023			For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,300,973		$	2,659,209		$	3,301,452		$	4,766,172
Net realized gain (loss)		(65,600	)		(288,554	)		(227,910	)		(4,050,667	)
Net change in net unrealized appreciation (depreciation)		1,168,134			868,253			2,000,137			4,643,666

Net increase (decrease) in net assets resulting from operations		2,403,507			3,238,908			5,073,679			5,359,171

Distributions to Shareholders		(1,356,056	)		(2,798,892	)		(3,246,555	)		(4,721,603	)


Fund Shares Transactions
Proceeds from shares sold		—			1,679,445			19,705,523			25,919,023
Value of shares redeemed		(2,279,395	)		(7,782,030	)		(4,416,723	)		(29,934,486	)

Net increase (decrease) in net assets resulting from fund share transactions		(2,279,395	)		(6,102,585	)		15,288,800			(4,015,463	)

Total net increase (decrease) in Net Assets		(1,231,944	)		(5,662,569	)		17,115,924			(3,377,895	)

Net Assets
Beginning of period		43,926,037			49,588,606			82,701,279			86,079,174

End of period	$	42,694,093		$	43,926,037		$	99,817,203		$	82,701,279


Changes in Shares Outstanding
Shares outstanding, beginning of period		1,950,001			2,225,001			1,900,001			2,000,001
Shares sold		—			75,000			450,000			600,000
Shares redeemed		(100,000	)		(350,000	)		(100,000	)		(700,000	)

Shares outstanding, end of period		1,850,001			1,950,001			2,250,001			1,900,001


	Xtrackers USD High Yield BB-B ex Financials ETF			Xtrackers USD High Yield Corporate Bond ETF
	For the Period October 27, 2023⁽¹⁾ to February 29, 2024 (Unaudited)			For the Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	10,301,427		$	98,271,674		$	216,469,674
Net realized gain (loss)		(264,918	)		(98,957,515	)		(151,014,625	)
Net change in net unrealized appreciation (depreciation)		6,103,103			159,532,399			187,819,556

Net increase (decrease) in net assets resulting from operations		16,139,612			158,846,558			253,274,605

Distributions to Shareholders		(5,780,613	)		(102,296,774	)		(218,918,420	)


Fund Shares Transactions
Proceeds from shares sold		619,301,151			1,604,693,654			6,278,010,067
Value of shares redeemed		—			(2,028,947,121	)		(6,068,454,467	)

Net increase (decrease) in net assets resulting from fund share transactions		619,301,151			(424,253,467	)		209,555,600

Total net increase (decrease) in Net Assets		629,660,150			(367,703,683	)		243,911,785

Net Assets
Beginning of period		50			3,859,162,976			3,615,251,191

End of period	$	629,660,200		$	3,491,459,293		$	3,859,162,976


Changes in Shares Outstanding
Shares outstanding, beginning of period		1			111,587,501			105,187,501
Shares sold		11,750,000			46,400,000			183,900,000
Shares redeemed		—			(59,600,000	)		(177,500,000	)

Shares outstanding, end of period		11,750,001			98,387,501			111,587,501


Xtrackers High Beta High Yield Bond ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Years Ended August 31,
	For the Six Months Ended 2/29/2024 (Unaudited)			2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	39.93		$	39.84		$	48.35		$	46.55		$	48.61		$	49.17

Income (loss) from investment operations:
Net investment income (loss)(a)		1.53			2.90			2.51			2.60			3.01	(b)		3.32
Net realized and unrealized gain (loss)		1.07			0.15			(8.37	)		2.65			(1.95	)(b)		(0.58	)

Total from investment operations		2.60			3.05			(5.86	)		5.25			1.06			2.74

Less distributions from:
Net investment income		(1.54	)		(2.96	)		(2.65	)		(3.45	)		(3.12	)		(3.30	)

Total distributions		(1.54	)		(2.96	)		(2.65	)		(3.45	)		(3.12	)		(3.30	)

Net Asset Value, end of period	$	40.99		$	39.93		$	39.84		$	48.35		$	46.55		$	48.61

Total Return (%)(c)		6.73	**		8.11			(12.56	)		11.67			2.46			5.90

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		12			12			12			19			7			151
Ratio of expenses before fee waiver (%)		0.35	*		0.35			0.35			0.35			0.35			0.35
Ratio of expenses after fee waiver (%)		0.20	*		0.20			0.20			0.20			0.20			0.31
Ratio of net investment income (loss) (%)		7.74	*		7.40			5.61			5.45			6.50	(b)		6.91
Portfolio turnover rate (%)(d)		24	**		58			55			98			98			51

Xtrackers Low Beta High Yield Bond ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Years Ended August 31,
	For the Six Months Ended 2/29/2024 (Unaudited)			2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	45.05		$	45.09		$	51.05		$	50.50		$	50.62		$	49.16

Income (loss) from investment operations:
Net investment income (loss)(a)		1.16			2.24			1.69			1.45			2.02	(b)		2.29
Net realized and unrealized gain (loss)		1.01			0.14			(5.87	)		1.07			0.12	(b)		1.44

Total from investment operations		2.17			2.38			(4.18	)		2.52			2.14			3.73

Less distributions from:
Net investment income		(1.41	)		(2.42	)		(1.78	)		(1.97	)		(2.26	)		(2.27	)

Total distributions		(1.41	)		(2.42	)		(1.78	)		(1.97	)		(2.26	)		(2.27	)

Net Asset Value, end of period	$	45.81		$	45.05		$	45.09		$	51.05		$	50.50		$	50.62

Total Return (%)(c)		4.91	**		5.44			(8.36	)		5.12			4.42			7.84

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		215			223			1,441			750			38			144
Ratio of expenses before fee waiver (%)		0.25	*		0.25			0.25			0.25			0.25			0.25
Ratio of expenses after fee waiver (%)		0.20	*		0.20			0.20			0.20			0.20			0.24
Ratio of net investment income (loss) (%)		5.17	*		4.97			3.53			2.89			4.09	(b)		4.66
Portfolio turnover rate (%)(d)		25	**		52			68			88			111			55


Xtrackers Risk Managed USD High Yield Strategy ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Year Ended 8/31/2023			Period Ended 8/31/2022(a)
Net Asset Value, beginning of period	$	22.53		$	22.29		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.68			1.28			0.58
Net realized and unrealized gain (loss)		0.57			0.29			(2.84	)

Total from investment operations		1.25			1.57			(2.26	)

Less distributions from:
Net investment income		(0.70	)		(1.33	)		(0.45	)

Total distributions		(0.70	)		(1.33	)		(0.45	)

Net Asset Value, end of period	$	23.08		$	22.53		$	22.29

Total Return (%)(c)		5.73	**		7.27			(9.12	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		43			44			50
Ratio of expenses before fee waiver (%)(d)		0.30	*		0.30			0.30	*
Ratio of expenses after fee waiver (%)(d)		0.21	*		0.15			0.15	*
Ratio of net investment income (loss) (%)		6.07	*		5.74			4.54	*
Portfolio turnover rate (%)(e)		0	(f)**		0	(f)		0	(f)**

Xtrackers Short Duration High Yield Bond ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Years Ended August 31,
	For the Six Months Ended 2/29/2024 (Unaudited)			2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	43.53		$	43.04		$	47.89		$	46.57		$	49.13		$	49.69

Income (loss) from investment operations:
Net investment income (loss)(b)		1.56			2.71			2.04			2.34			2.69	(g)		2.83
Net realized and unrealized gain (loss)		0.82			0.45			(4.76	)		1.67			(2.47	)(g)		(0.54	)

Total from investment operations		2.38			3.16			(2.72	)		4.01			0.22			2.29

Less distributions from:
Net investment income		(1.55	)		(2.67	)		(2.13	)		(2.69	)		(2.78	)		(2.85	)

Total distributions		(1.55	)		(2.67	)		(2.13	)		(2.69	)		(2.78	)		(2.85	)

Net Asset Value, end of period	$	44.36		$	43.53		$	43.04		$	47.89		$	46.57		$	49.13

Total Return (%)(c)		5.63	**		7.65			(5.84	)		8.86			0.61			4.79

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		100			83			86			77			37			22
Ratio of expenses before fee waiver (%)		0.20	*		0.20			0.20			0.20			0.20			0.20
Ratio of expenses after fee waiver (%)		0.20	*		0.20			0.20			0.20			0.20			0.20
Ratio of net investment income (loss) (%)		7.21	*		6.30			4.48			4.95			6.13	(g)		5.78
Portfolio turnover rate (%)(e)		24	**		49			46			52			150			45


Xtrackers USD High Yield BB-B ex Financials ETF Selected Per Share Data	Period Ended 2/29/2024(a) (Unaudited)
Net Asset Value, beginning of period	$	50.00

Income (loss) from investment operations:
Net investment income (loss)(b)		1.26
Net realized and unrealized gain (loss)		3.05

Total from investment operations		4.31

Less distributions from:
Net investment income		(0.72	)

Total distributions		(0.72	)

Net Asset Value, end of period	$	53.59

Total Return (%)(c)		8.64	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		630
Ratio of expenses before fee waiver (%)(d)		0.21	*
Ratio of expenses after fee waiver (%)(d)		0.21	*
Ratio of net investment income (loss) (%)		7.03	*
Portfolio turnover rate (%)(e)		14	**

Xtrackers USD High Yield Corporate Bond ETF Selected Per Share Data	For the Six Months Ended 2/29/2024 (Unaudited)			Years Ended August 31,
	For the Six Months Ended 2/29/2024 (Unaudited)			2023			2022			2021			2020(f)			2019(f)
Net Asset Value, beginning of period	$	34.58		$	34.37		$	40.31		$	39.06	(e)	$	40.19		$	39.90

Income (loss) from investment operations:
Net investment income (loss)(b)		1.04			1.94			1.61			1.70			2.03	(g)		2.39
Net realized and unrealized gain (loss)		0.94			0.25			(5.80	)		1.79			(0.95	)(g)		0.24

Total from investment operations		1.98			2.19			(4.19	)		3.49			1.08			2.63

Less distributions from:
Net investment income		(1.07	)		(1.98	)		(1.75	)		(2.24	)		(2.21	)		(2.34	)

Total distributions		(1.07	)		(1.98	)		(1.75	)		(2.24	)		(2.21	)		(2.34	)

Net Asset Value, end of period	$	35.49		$	34.58		$	34.37		$	40.31		$	39.06		$	40.19

Total Return (%)(c)		5.82	**		6.63			(10.67	)		8.31			2.91			6.87

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		3,491			3,859			3,615			6,666			6,209			3,062
Ratio of expenses before fee waiver (%)		0.20	*		0.20			0.20			0.20			0.20			0.20
Ratio of expenses after fee waiver (%)		0.09	*		0.15			0.15			0.15			0.15			0.17
Ratio of net investment income (loss) (%)		6.03	*		5.69			4.24			4.27			5.27	(g)		6.06
Portfolio turnover rate (%)(e)		14	**		26			24			37			54			29


Fund		Underlying Index
Xtrackers High Beta High Yield Bond ETF		Solactive USD High Yield Corporates Total Market High Beta Index
Xtrackers Low Beta High Yield Bond ETF Xtrackers Risk Managed USD High Yield Strategy ETF		Solactive USD High Yield Corporates Total Market Low Beta Index Adaptive Wealth Strategies Risk Managed High Yield Index
Xtrackers Short Duration High Yield Bond ETF		Solactive USD High Yield Corporates Total Market 0-5 Year Index
Xtrackers USD High Yield BB-B ex Financials ETF		ICE BofA BB-B Non-FNCL Non-Distressed US HY Constrained Index
Xtrackers USD High Yield Corporate Bond ETF		Solactive USD High Yield Corporates Total Market Index


	Short-Term		Long-Term		Total Amount
Xtrackers High Beta High Yield Bond ETF	$	2,996,574	$	8,798,776	$	11,795,350
Xtrackers Low Beta High Yield Bond ETF		35,194,222		29,211,972		64,406,194
Xtrackers Short Duration High Yield Bond ETF		1,232,714		1,965,125		3,197,839
Xtrackers USD High Yield Corporate Bond ETF		38,381,756		204,480,505		242,862,261


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers High Beta High Yield Bond ETF	$	13,110,287	$	(1,257,311	)	$	72,690	$	(1,330,001)
Xtrackers Low Beta High Yield Bond ETF		236,606,089		(14,135,013	)		205,631		(14,340,644	)
Xtrackers Risk Managed USD High Yield Strategy ETF		54,357,396		(3,892,766	)		—		(3,892,766	)
Xtrackers Short Duration High Yield Bond ETF		84,833,666		(2,735,437	)		475,301		(3,210,738	)
Xtrackers USD High Yield Corporate Bond ETF		4,246,916,206		(421,103,737	)		4,824,790		(425,928,527	)


Remaining Contractual Maturity of the Agreements, as of February 29, 2024

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers High Beta High Yield Bond ETF
Corporate Bonds	$	737,865	$	—	$	—	$	—	$	737,865

Gross amount of recognized liabilities for securities lending transactions									$	737,865

Xtrackers Low Beta High Yield Bond ETF
Corporate Bonds	$	4,254,324	$	—	$	—	$	—	$	4,254,324

Gross amount of recognized liabilities for securities lending transactions									$	4,254,324

Xtrackers Risk Managed USD HighYield Strategy ETF
Exchange-Traded Funds	$	420,500	$	—	$	—	$	—	$	420,500

Gross amount of recognized liabilities for securities lending transactions									$	420,500

Xtrackers Short Duration High Yield Bond ETF
Corporate Bonds	$	3,673,787	$	—	$	—	$	—	$	3,673,787

Gross amount of recognized liabilities for securities lending transactions									$	3,673,787

Xtrackers USD High Yield Corporate Bond ETF
Corporate Bonds	$	230,680,677	$	—	$	—	$	—	$	230,680,677

Gross amount of recognized liabilities for securities lending transactions									$	230,680,677


	Unitary Advisory Fee
Xtrackers High Beta High Yield Bond ETF		0.35	%
Xtrackers Low Beta High Yield Bond ETF		0.25	%
Xtrackers Risk Managed USD High Yield Strategy ETF		0.30	%
Xtrackers Short Duration High Yield Bond ETF		0.20	%
Xtrackers USD High Yield BB-B ex Financials ETF		0.20	%
Xtrackers USD High Yield Corporate Bond ETF		0.20	%


	Expenses Waived
Xtrackers High Beta High Yield Bond ETF	$	61
Xtrackers Low Beta High Yield Bond ETF		782
Xtrackers Risk Managed USD High Yield Strategy ETF		151
Xtrackers Short Duration High Yield Bond ETF		415
Xtrackers USD High Yield BB-B ex Financials ETF		950
Xtrackers USD High Yield Corporate Bond ETF		13,002


	Securities Lending Agent Fees
Xtrackers High Beta High Yield Bond ETF	$	111
Xtrackers Low Beta High Yield Bond ETF		899
Xtrackers Short Duration High Yield Bond ETF		542
Xtrackers USD High Yield Corporate Bond ETF		40,881


	Purchases		Sales
Xtrackers High Beta High Yield Bond ETF	$	2,814,086	$	2,807,247
Xtrackers Low Beta High Yield Bond ETF		53,317,303		57,131,425
Xtrackers Risk Managed USD High Yield Strategy ETF		—		—
Xtrackers Short Duration High Yield Bond ETF		24,360,258		21,468,962
Xtrackers USD High Yield BB-B ex Financials ETF		48,579,465		53,760,332
Xtrackers USD High Yield Corporate Bond ETF		475,815,722		465,387,214


	Securities Purchased		Securities Sold		Net Realized Gain (Loss) on Securities Sold
Xtrackers High Beta High Yield Bond ETF	$	709,672	$	1,249,476	$	(9,600	)
Xtrackers Low Beta High Yield Bond ETF		1,249,476		709,672		(35,928	)


DBX Advisors LLC	Amounts
Xtrackers Low Beta High Yield Bond ETF	$	1,820
Xtrackers Short Duration High Yield Bond ETF		366
Xtrackers USD High Yield Corporate Bond ETF		29,215


Deutsche Bank AG	Amounts
Xtrackers Low Beta High Yield Bond ETF	$	910
Xtrackers Short Duration High Yield Bond ETF		183
Xtrackers USD High Yield Corporate Bond ETF		14,608


Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022	Administrator, custodian, fund accounting agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286	Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203

Independent registered public accounting firm Ernst & Young LLP One Manhattan West New York, NY, 10001	Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019