DBX ETF Trust

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this semi-annual report for six of our ETFs tracking the fixed income and equity dividend markets for the period ended November 30, 2021.

The global reopening continued during the reporting period, with trade restrictions being lifted in developed and emerging markets, accelerating the pace of economic recovery compared to expectations, and moving inflation above central bank targets. This led financial markets to price in a faster pace of monetary tightening by most central banks. The U.S. GDP¹ growth moderated during the period, mainly due to supply chain disruptions and a decline in spending. The Eurozone witnessed higher-than-expected GDP growth in Q3 2021, led by expansion in France and Italy. However, inflation resulted in a drag in consumer confidence, and the fourth wave of COVID-19 infections depressed market sentiment. China’s economy witnessed a drop in GDP growth as retail sales remained below pre-pandemic levels.

After experiencing high growth in Q2 2021, the U.S. economy moderated in Q3 2021 due to a sharp decline in household spending and as supply bottlenecks caused material shortages. The unemployment rate, however, dropped to its lowest since March 2020 as sectors such as leisure and hospitality, transportation and warehousing saw increased employment. At the November meeting, along with the reappointment of Jerome Powell as Federal Reserve Board (FRB) chair, FRB officials for the first time indicated the withdrawal of monetary stimulus through a gradual reduction in bond purchases. They also indicated the reduction in bond purchases would continue until the liquidation of the program by late spring or early summer of 2022. Expectations of a sooner than expected interest rate increase have pushed the short-term government bond yield higher, leading to a flattening of the yield curve. The U.S. high-yield spreads widened during the period, led by fear of higher inflation, even though corporate default rates were at their lowest since May 2019.

The Eurozone GDP advanced during the period, helped by a gradual reopening of the economy. However, this resulted in inflation rising to its highest level since 2008; it was at its highest in nearly 30 years in Germany. The European Central Bank (ECB) reiterated that the current spike in inflation is transitory and that the very generous monetary policy will be reassessed at some point in the future. The ECB’s green bond issuance to finance climate change-related projects saw good demand. A significant event in emerging markets was the collapse of Chinese real estate giant Evergrande, leading to rising investor concern about cross-defaults. However, the Chinese authorities managed to contain the threat with a hefty stimulus and a trading ban on the company’s bond. The People’s Bank of China, seeking to limit risk taking in the property sector, kept interest rates steady for 19 months in a row. The Bank of Japan, citing lower GDP projections for the year, kept short-term interest rates unchanged. Policymakers in several other countries continued their dovish policies to cushion their respective economies from a further drop owing to the pandemic.

At the start of the reporting period, improving vaccine coverage in many countries diverted investor focus away from the pandemic toward the post-pandemic process of normalization. However, by the end of November, regions such as Europe and Africa were experiencing rising COVID-19 cases along with the threat of new strains or variants. Despite this, economic growth is expected to continue as the markets now focus on central bank action toward a possible tapering. Interest rates, however, are expected to remain low as governments, firms and individuals try to adjust to new issues such as disrupted integrated-circuit supply and high shipping rates.

Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ The gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.

Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.

The Xtrackers Bloomberg US Investment Grade Corporate ESG 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 Bloomberg MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index (the “Underlying Index”). The Underlying Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the Bloomberg US Corporate Index (an investment grade corporate bond universe), resulting in a broad investment grade fixed income market exposure with ESG aspects. On August 24, 2021 the Xtrackers Bloomberg Barclays US Investment Grade Corporate ESG ETF name changed to Xtrackers Bloomberg US Investment Grade Corporate ESG ETF. At that time, the Underlying Index was renamed from the Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index. The name changes had no impact on the Fund’s investment objective, policies, or investment strategy. It is not possible to invest directly into an index.

Quality* as of November 30, 2021


Description	% of Market Value
AAA		2.0%
AA		16.0%
A		43.8%
BBB		38.2%

Total		100.0%

The quality ratings represents the average 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 November 30, 2021


Financial			32.6%
Consumer, Non-cyclical			17.7%
Technology			11.1%
Communications			8.6%
Utilities			8.3%
Industrial			7.8%
Consumer, Cyclical			6.4%
Energy			5.0%
Basic Materials			2.5%

Total			100.0%

Modified duration to worst as of November 30, 2021: 8.7 years Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

* 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 J.P. Morgan ESG Emerging Markets Sovereign 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 J.P. Morgan ESG EMBI Global Diversified Sovereign Index (the “Underlying Index”). The Underlying Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan EMBI Global Diversified Sovereign Index, resulting in a broad emerging markets sovereign debt market exposure with ESG aspects. It is not possible to invest directly into an index.

Quality* as of November 30, 2021


Description	% of Market Value
AA		8.1%
A		10.0%
BBB		37.6%
BB		22.3%
B		18.5%
CCC		3.0%
CC		0.5%

Total		100.0%

Country Diversification* as of November 30, 2021


Indonesia			4.9%
Saudi Arabia			4.8%
Uruguay			4.7%
Qatar			4.2%
Panama			4.1%
Russia			4.0%
Philippines			3.7%
Dominican Republic			3.5%
Ukraine			3.4%
Peru			3.2%
Brazil			3.2%
Mexico			3.1%
United Arab Emirates			3.1%
Turkey			3.1%
Colombia			3.0%
Oman			2.8%
Ghana			2.5%
Chile			2.5%
Bahrain			2.1%
Egypt			2.0%
Hungary			2.0%
Other			30.1%

Total			100.0%

Modified duration to worst as of November 30, 2021: 8.2 years Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

*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 21.

The Xtrackers J.P. Morgan ESG 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 J.P. Morgan ESG DM Corporate High Yield USD Index (the “Underlying Index”). The Underlying Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan DM High Yield USD Index (a USD denominated high yield corporate bond index of developed market issuers), resulting in a broad high yield fixed income market expo-sure with ESG aspects. It is not possible to invest directly into an index.

Quality* as of November 30, 2021


Description	% of Market Value
BBB		9.1%
BB		55.0%
B		26.5%
CCC		9.3%
CC		0.1%

		100.0%

Sector Diversification* as of November 30, 2021


Consumer, Cyclical			19.8%
Communications			17.0%
Consumer, Non-cyclical			15.8%
Energy			13.6%
Financial			12.7%
Industrial			10.0%
Basic Materials			5.7%
Technology			3.8%
Utilities			1.5%
Diversified			0.1%

Total			100.0%

Modified duration to worst as of November 30, 2021: 4.0 years Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

* 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 26.

The Xtrackers Municipal Infrastructure Revenue 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 Municipal Infrastructure Revenue Bond Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the U.S. long-term tax exempt bond market, consisting of infrastructure revenue bonds. It is not possible to invest directly into an index.

Quality* as of November 30, 2021


Description	% of Market Value
AAA		4.9%
AA		47.6%
A		43.7%
BBB		3.8%

Total		100.0%

The quality ratings represents the higher of Moody’s Investor Services, Inc. (“Moody’s”) or S&P Global Ratings (S&P) credit ratings. The ratings of Moody’s and S&P 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.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 41.

The Xtrackers MSCI All World ex US High Dividend Yield Equity 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 MSCI ACWI ex USA High Dividend Yield Index (the “Underlying Index”). The Underlying Index is designed to reflect the performance of equities (excluding real estate investment trusts (“REITs”)) in developed and emerging stock markets (excluding the United States) in its parent index, the MSCI ACWI ex US Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. It is not possible to invest directly into an index.

Country Diversification* as of November 30, 2021


United Kingdom			14.4%
Switzerland			13.5%
Japan			11.4%
Australia			6.7%
Taiwan			6.6%
China			5.6%
France			4.9%
Canada			4.6%
Germany			3.9%
Hong Kong			3.9%
Italy			2.5%
Russia			2.4%
Brazil			2.1%
Other			17.5%

Total			100.0%

* As a percent of total investments excluding exchange-traded funds and securities lending collateral.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 49.

The Xtrackers MSCI EAFE High Dividend Yield Equity 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 MSCI EAFE High Dividend Yield Index (the “Underlying Index”). The Underlying Index is designed to reflect the performance of equities (excluding real estate investment trusts (“REITs”)) in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. It is not possible to invest directly into an index.

Sector Diversification* as of November 30, 2021



Financials			18.9%
Health Care			18.3%
Materials			15.6%
Consumer Staples			14.5%
Utilities			9.9%
Communication Services			8.2%
Industrials			5.9%
Consumer Discretionary			5.7%
Real Estate			2.1%
Energy			0.7%
Information Technology			0.2%

Total			100.0%

* 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 56.

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, except for Xtrackers Municipal Infrastructure Revenue Bond ETF, limited these expenses; had they not done so, expenses would have been higher. 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 (June 1, 2021 to November 30, 2021).

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 183 (the number of days in the most recent six-month period), then divided by 365.


	Principal Amount		Value
CORPORATE BONDS — 99.0%
Basic Materials — 2.5%
Chemicals — 1.9%
Air Products and Chemicals, Inc., 2.80%, 5/15/50	$	4,000	$	4,144
Dow Chemical Co. 7.375%, 11/1/29		10,000		13,492
2.10%, 11/15/30		10,000		9,854
3.60%, 11/15/50		5,000		5,490
DuPont de Nemours, Inc. 4.205%, 11/15/23		10,000		10,576
5.419%, 11/15/48		8,000		11,268
Ecolab, Inc., 2.70%, 11/1/26		15,000		15,757
Linde, Inc., 2.00%, 8/10/50		5,000		4,496
LYB International Finance III LLC 3.375%, 5/1/30		8,000		8,714
2.25%, 10/1/30		10,000		10,016
LyondellBasell Industries NV, 4.625%, 2/26/55		8,000		9,973
Nutrien Ltd. 2.95%, 5/13/30		10,000		10,537
5.00%, 4/1/49		6,000		8,097
PPG Industries, Inc., 1.20%, 3/15/26		6,000		5,879
Sherwin-Williams Co., 4.50%, 6/1/47		13,000		16,311

(Cost $136,351)				144,604

Forest Products & Paper — 0.1%
International Paper Co., 4.80%, 6/15/44
(Cost $8,658)		8,000		10,245

Iron/Steel — 0.2%
Steel Dynamics, Inc. 2.80%, 12/15/24		2,000		2,079
3.25%, 1/15/31		12,000		12,657

(Cost $14,794)				14,736

Mining — 0.3%
Newmont Corp. 2.25%, 10/1/30		10,000		9,785
4.875%, 3/15/42		5,000		6,287
Rio Tinto Finance USA Ltd., 2.75%, 11/2/51		5,000		4,996

(Cost $19,802)				21,068

Communications — 8.5%
Advertising — 0.1%
Interpublic Group of Cos., Inc., 2.40%, 3/1/31
(Cost $5,113)		5,000		5,027

Internet — 1.9%
Alphabet, Inc. 1.998%, 8/15/26		22,000		22,664
2.05%, 8/15/50		5,000		4,541
2.25%, 8/15/60		5,000		4,567


	Principal Amount		Value
Internet (Continued)
Amazon.com, Inc. 5.20%, 12/3/25	$	13,000	$	14,861
1.00%, 5/12/26		10,000		9,889
1.65%, 5/12/28		5,000		4,974
1.50%, 6/3/30		12,000		11,599
2.10%, 5/12/31		10,000		10,072
3.10%, 5/12/51		10,000		10,839
4.25%, 8/22/57		13,000		16,933
3.25%, 5/12/61		10,000		11,041
Booking Holdings, Inc., 3.60%, 6/1/26		8,000		8,647
eBay, Inc. 1.90%, 3/11/25		5,000		5,070
4.00%, 7/15/42		7,000		7,995

(Cost $144,289)				143,692

Media — 1.8%
Discovery Communications LLC 3.45%, 3/15/25		10,000		10,576
5.20%, 9/20/47		5,000		6,308
4.65%, 5/15/50		5,000		5,933
4.00%, 9/15/55		6,000		6,428
TWDC Enterprises 18 Corp.,MTN, 2.95%, 6/15/27 (a)		13,000		13,920
ViacomCBS, Inc. 4.95%, 1/15/31		16,000		18,993
4.95%, 5/19/50 (a)		7,000		8,862
Walt Disney Co. 1.75%, 8/30/24		4,000		4,060
3.70%, 3/23/27		11,000		12,076
2.65%, 1/13/31		20,000		20,811
2.75%, 9/1/49		8,000		7,857
4.70%, 3/23/50		10,000		13,421
3.60%, 1/13/51		5,000		5,740
3.80%, 5/13/60		7,000		8,324

(Cost $137,157)				143,309

Telecommunications — 4.7%
Bell Telephone Co. of Canada or Bell Canada,Series US-4, 3.65%, 3/17/51		3,000		3,368
British Telecommunications PLC, 5.125%, 12/4/28		10,000		11,359
Cisco Systems, Inc. 2.60%, 2/28/23		10,000		10,257
2.20%, 9/20/23		5,000		5,130
5.50%, 1/15/40		7,000		9,865
Corning, Inc. 5.35%, 11/15/48		4,000		5,581
4.375%, 11/15/57		3,000		3,702
Deutsche Telekom International Finance BV, 8.75%, 6/15/30		10,000		14,647
Motorola Solutions, Inc., 2.30%, 11/15/30		10,000		9,773
Orange SA, 5.50%, 2/6/44		6,000		8,274


	Principal Amount		Value
Telecommunications (Continued)
Rogers Communications, Inc. 4.50%, 3/15/43	$	8,000	$	9,265
4.30%, 2/15/48		2,000		2,293
3.70%, 11/15/49		5,000		5,274
Telefonica Europe BV, 8.25%, 9/15/30		25,000		35,667
TELUS Corp., 3.70%, 9/15/27		10,000		10,934
Verizon Communications, Inc. 3.376%, 2/15/25		5,000		5,312
4.016%, 12/3/29		8,000		8,968
2.55%, 3/21/31		11,000		11,122
144A, 2.355%, 3/15/32		20,000		19,788
4.40%, 11/1/34		25,000		29,326
4.272%, 1/15/36		17,000		20,069
4.812%, 3/15/39		20,000		25,131
2.875%, 11/20/50		15,000		14,578
3.55%, 3/22/51		5,000		5,485
2.987%, 10/30/56		9,000		8,724
3.00%, 11/20/60		10,000		9,670
3.70%, 3/22/61		12,000		13,282
Vodafone Group PLC 4.125%, 5/30/25		15,000		16,332
4.375%, 2/19/43		16,000		18,772
5.25%, 5/30/48		6,000		7,824
4.25%, 9/17/50		5,000		5,787

(Cost $338,159)				365,559

Consumer, Cyclical — 6.4%
Apparel — 0.3%
NIKE, Inc. 2.75%, 3/27/27		8,000		8,478
3.625%, 5/1/43		11,000		12,736
VF Corp., 2.40%, 4/23/25		5,000		5,157

(Cost $25,565)				26,371

Auto Manufacturers — 1.2%
American Honda Finance Corp., MTN, 2.15%, 9/10/24		35,000		35,960
Cummins, Inc., 1.50%, 9/1/30		11,000		10,476
PACCAR Financial Corp., MTN, 1.90%, 2/7/23		5,000		5,077
Toyota Motor Credit Corp. GMTN, 3.45%, 9/20/23		10,000		10,485
3.65%, 1/8/29		20,000		22,399
1.90%, 9/12/31		7,000		6,898

(Cost $89,923)				91,295

Auto Parts & Equipment — 0.1%
Lear Corp., 3.50%, 5/30/30
(Cost $10,679)		10,000		10,677

Home Builders — 0.2%
D.R. Horton, Inc., 5.75%, 8/15/23		8,000		8,554


	Principal Amount		Value
Home Builders (Continued)
MDC Holdings, Inc., 3.966%, 8/6/61	$	2,000	$	1,966
NVR, Inc., 3.00%, 5/15/30		5,000		5,212

(Cost $15,945)				15,732

Home Furnishings — 0.1%
Whirlpool Corp., 2.40%, 5/15/31
(Cost $6,018)		6,000		6,023

Leisure Time — 0.1%
Harley-Davidson, Inc., 3.50%, 7/28/25
(Cost $5,291)		5,000		5,300

Office Furnishings — 0.1%
Steelcase, Inc., 5.125%, 1/18/29
(Cost $5,327)		5,000		5,686

Retail — 4.2%
AutoNation, Inc., 3.50%, 11/15/24		5,000		5,269
Costco Wholesale Corp., 1.75%, 4/20/32		10,000		9,762
Darden Restaurants, Inc., 3.85%, 5/1/27		3,000		3,249
Dollar General Corp., 3.875%, 4/15/27		8,000		8,819
Dollar Tree, Inc., 4.00%, 5/15/25		5,000		5,393
Home Depot, Inc. 3.75%, 2/15/24		10,000		10,563
3.00%, 4/1/26		8,000		8,521
2.70%, 4/15/30		28,000		29,380
3.90%, 6/15/47		2,000		2,404
4.50%, 12/6/48		5,000		6,558
2.375%, 3/15/51		5,000		4,666
2.75%, 9/15/51		5,000		5,051
3.50%, 9/15/56		10,000		11,459
Lowe’s Cos., Inc. 3.65%, 4/5/29		14,000		15,437
2.625%, 4/1/31		15,000		15,348
4.375%, 9/15/45		6,000		7,340
4.55%, 4/5/49		4,000		5,121
3.00%, 10/15/50		5,000		5,044
McDonald’s Corp. MTN, 1.45%, 9/1/25		10,000		10,046
MTN, 2.125%, 3/1/30		21,000		21,012
MTN, 4.45%, 9/1/48		5,000		6,226
MTN, 3.625%, 9/1/49		10,000		11,179
Starbucks Corp. 3.85%, 10/1/23		10,000		10,478
4.00%, 11/15/28		2,000		2,252
2.55%, 11/15/30		2,000		2,040
4.50%, 11/15/48		5,000		6,274
3.50%, 11/15/50 (a)		5,000		5,439
Target Corp. 2.50%, 4/15/26		7,000		7,349


	Principal Amount		Value
Retail (Continued)
4.00%, 7/1/42	$	6,000	$	7,444
TJX Cos., Inc., 2.25%, 9/15/26		8,000		8,268
Walgreens Boots Alliance, Inc. 3.80%, 11/18/24		5,000		5,311
4.10%, 4/15/50 (a)		5,000		5,677
Walmart, Inc. 2.85%, 7/8/24		10,000		10,492
1.05%, 9/17/26		15,000		14,836
1.50%, 9/22/28		5,000		4,957
1.80%, 9/22/31		16,000		15,825
2.65%, 9/22/51		10,000		10,348

(Cost $314,320)				324,837

Toys/Games/Hobbies — 0.1%
Hasbro, Inc., 3.90%, 11/19/29
(Cost $6,071)		6,000		6,608

Consumer, Non-cyclical — 17.5%
Agriculture — 0.2%
Archer-Daniels-Midland Co., 4.50%, 3/15/49		8,000		10,736
Bunge Ltd. Finance Corp., 2.75%, 5/14/31		4,000		4,042

(Cost $14,132)				14,778

Beverages — 1.9%
Coca-Cola Co. 3.45%, 3/25/30		25,000		27,686
4.20%, 3/25/50		10,000		12,954
Fomento Economico Mexicano SAB de CV, 3.50%, 1/16/50		10,000		10,738
Keurig Dr Pepper, Inc. 2.55%, 9/15/26		30,000		31,109
4.597%, 5/25/28		5,000		5,718
PepsiCo, Inc. 0.40%, 10/7/23		12,000		11,947
2.75%, 3/19/30		21,000		22,220
1.95%, 10/21/31		10,000		9,947
2.75%, 10/21/51		10,000		10,381

(Cost $140,873)				142,700

Biotechnology — 1.8%
Amgen, Inc. 3.625%, 5/22/24		10,000		10,559
4.40%, 5/1/45		25,000		30,041
3.375%, 2/21/50		5,000		5,236
4.663%, 6/15/51		4,000		5,142
3.00%, 1/15/52		3,000		2,937
2.77%, 9/1/53		5,000		4,734
Baxalta, Inc., 5.25%, 6/23/45		10,000		13,492
Biogen, Inc. 4.05%, 9/15/25		10,000		10,882
144A, 3.25%, 2/15/51		5,000		4,993
Gilead Sciences, Inc. 2.95%, 3/1/27		15,000		15,815


	Principal Amount		Value
Biotechnology (Continued)
1.65%, 10/1/30 (a)	$	2,000	$	1,911
4.00%, 9/1/36		9,000		10,340
4.75%, 3/1/46		5,000		6,351
4.15%, 3/1/47		6,000		7,116
2.80%, 10/1/50		8,000		7,788

(Cost $131,202)				137,337

Commercial Services — 0.6%
Equifax, Inc., 2.60%, 12/15/25		8,000		8,297
Moody’s Corp., 5.25%, 7/15/44		6,000		8,214
PayPal Holdings, Inc. 2.85%, 10/1/29		5,000		5,272
3.25%, 6/1/50		5,000		5,419
Quanta Services, Inc., 2.90%, 10/1/30		5,000		5,145
RELX Capital, Inc., 4.00%, 3/18/29		5,000		5,558
S&P Global, Inc., 2.30%, 8/15/60		5,000		4,442
Verisk Analytics, Inc., 3.625%, 5/15/50		5,000		5,523

(Cost $47,339)				47,870

Cosmetics/Personal Care — 0.7%
Colgate-Palmolive Co., MTN, 4.00%, 8/15/45		3,000		3,852
Estee Lauder Cos., Inc., 2.00%, 12/1/24		20,000		20,533
Procter & Gamble Co. 2.85%, 8/11/27		11,000		11,734
3.60%, 3/25/50		5,000		6,332
Unilever Capital Corp. 1.75%, 8/12/31		10,000		9,764
Series 30Y, 2.625%, 8/12/51		5,000		5,060

(Cost $55,613)				57,275

Food — 1.8%
Campbell Soup Co., 4.15%, 3/15/28		5,000		5,569
Conagra Brands, Inc. 4.30%, 5/1/24		7,000		7,486
5.40%, 11/1/48 (a)		5,000		6,817
General Mills, Inc. 3.20%, 2/10/27		6,000		6,401
144A, 3.00%, 2/1/51		10,000		10,272
Hershey Co., 2.65%, 6/1/50		4,000		4,102
J M Smucker Co., 2.125%, 3/15/32		10,000		9,685
Kellogg Co., 2.10%, 6/1/30		5,000		4,927
Kroger Co. 4.50%, 1/15/29 (a)		12,000		13,894
4.45%, 2/1/47		3,000		3,662
3.95%, 1/15/50		3,000		3,480


	Principal Amount		Value
Food (Continued)
McCormick & Co., Inc., 3.40%, 8/15/27	$	5,000	$	5,375
Mondelez International, Inc., 2.75%, 4/13/30		10,000		10,394
Sysco Corp. 3.75%, 10/1/25		5,000		5,379
3.25%, 7/15/27		17,000		18,074
6.60%, 4/1/50		5,000		7,899
Tyson Foods, Inc., 4.55%, 6/2/47		10,000		12,595

(Cost $127,882)				136,011

Healthcare-Products — 0.7%
Baxter International, Inc., 2.60%, 8/15/26		7,000		7,265
Danaher Corp., 2.60%, 10/1/50		5,000		4,896
DH Europe Finance II SARL, 2.60%, 11/15/29		5,000		5,190
PerkinElmer, Inc., 3.625%, 3/15/51		5,000		5,518
Thermo Fisher Scientific, Inc. 0.797%, 10/18/23		15,000		14,970
4.497%, 3/25/30		3,000		3,580
2.00%, 10/15/31		4,000		3,920
4.10%, 8/15/47		5,000		6,305

(Cost $51,762)				51,644

Healthcare-Services — 1.4%
Aetna, Inc., 3.875%, 8/15/47		5,000		5,688
Anthem, Inc. 1.50%, 3/15/26		20,000		19,880
2.25%, 5/15/30		10,000		9,984
3.125%, 5/15/50		12,000		12,392
HCA, Inc. 4.75%, 5/1/23		15,000		15,784
4.125%, 6/15/29		2,000		2,203
5.50%, 6/15/47		7,000		9,222
5.25%, 6/15/49		3,000		3,871
Humana, Inc., 3.125%, 8/15/29		13,000		13,675
Laboratory Corp. of America Holdings, 3.60%, 2/1/25		10,000		10,608
Quest Diagnostics, Inc. 2.95%, 6/30/30		5,000		5,220
2.80%, 6/30/31		3,000		3,099

(Cost $107,041)				111,626

Household Products/Wares — 0.3%
Clorox Co., 3.50%, 12/15/24		13,000		13,845
Kimberly-Clark Corp. 2.75%, 2/15/26		5,000		5,303
2.875%, 2/7/50		7,000		7,337

(Cost $26,223)				26,485


	Principal Amount		Value
Pharmaceuticals — 8.1%
AbbVie, Inc. 3.80%, 3/15/25	$	20,000	$	21,397
3.60%, 5/14/25		25,000		26,646
4.25%, 11/14/28		12,000		13,523
4.70%, 5/14/45		17,000		21,219
4.45%, 5/14/46		11,000		13,387
4.875%, 11/14/48		3,000		3,908
4.25%, 11/21/49		12,000		14,473
AmerisourceBergen Corp., 4.30%, 12/15/47		6,000		7,098
Astrazeneca Finance LLC, 0.70%, 5/28/24		12,000		11,889
AstraZeneca PLC 1.375%, 8/6/30		5,000		4,714
6.45%, 9/15/37		10,000		14,845
4.375%, 11/16/45		4,000		5,162
3.00%, 5/28/51		3,000		3,188
Becton Dickinson and Co., 4.669%, 6/6/47		10,000		12,720
Bristol-Myers Squibb Co. 0.75%, 11/13/25		5,000		4,880
3.40%, 7/26/29		22,000		24,103
1.45%, 11/13/30		20,000		19,054
4.25%, 10/26/49		18,000		22,524
Cardinal Health, Inc., 3.41%, 6/15/27		13,000		13,960
Cigna Corp. 3.75%, 7/15/23		6,000		6,263
4.375%, 10/15/28		26,000		29,518
4.80%, 7/15/46		10,000		12,696
4.90%, 12/15/48		4,000		5,196
3.40%, 3/15/51		8,000		8,486
CVS Health Corp. 3.875%, 7/20/25		27,000		29,114
4.30%, 3/25/28		3,000		3,378
3.25%, 8/15/29		19,000		20,227
4.78%, 3/25/38		10,000		12,230
5.125%, 7/20/45		13,000		17,097
5.05%, 3/25/48		8,000		10,594
4.25%, 4/1/50		10,000		12,198
Eli Lilly & Co. 2.75%, 6/1/25		5,000		5,252
3.95%, 3/15/49		5,000		6,273
2.25%, 5/15/50		5,000		4,665
GlaxoSmithKline Capital PLC, 3.375%, 6/1/29		12,000		13,137
GlaxoSmithKline Capital, Inc. 2.80%, 3/18/23		10,000		10,267
3.875%, 5/15/28		5,000		5,623
Johnson & Johnson 2.05%, 3/1/23		15,000		15,236
5.95%, 8/15/37		10,000		14,519
3.70%, 3/1/46		11,000		13,180
3.50%, 1/15/48		3,000		3,519
2.45%, 9/1/60		5,000		4,814
McKesson Corp., 1.30%, 8/15/26		5,000		4,895


	Principal Amount		Value
Pharmaceuticals (Continued)
Merck & Co., Inc. 2.80%, 5/18/23	$	20,000	$	20,636
4.15%, 5/18/43		5,000		6,089
3.70%, 2/10/45		8,000		9,299
4.00%, 3/7/49		3,000		3,710
Novartis Capital Corp. 2.00%, 2/14/27		15,000		15,251
2.75%, 8/14/50		10,000		10,270
Sanofi, 3.625%, 6/19/28		3,000		3,395
Shire Acquisitions Investments Ireland DAC, 2.875%, 9/23/23		20,000		20,639
Zoetis, Inc. 2.00%, 5/15/30		3,000		2,948
4.70%, 2/1/43		2,000		2,565
4.45%, 8/20/48		3,000		3,900

(Cost $597,335)				625,769

Energy — 4.9%
Oil & Gas — 0.8%
Marathon Petroleum Corp. 3.80%, 4/1/28		10,000		10,759
4.50%, 4/1/48		6,000		6,900
Phillips 66 2.15%, 12/15/30		5,000		4,803
5.875%, 5/1/42		5,000		6,803
4.875%, 11/15/44		3,000		3,739
Valero Energy Corp. 2.85%, 4/15/25		5,000		5,206
3.40%, 9/15/26		15,000		15,910
2.15%, 9/15/27		4,000		3,991
3.65%, 12/1/51		5,000		4,917

(Cost $60,975)				63,028

Oil & Gas Services — 0.5%
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 4.08%, 12/15/47		6,000		6,746
Halliburton Co. 3.80%, 11/15/25		1,000		1,082
2.92%, 3/1/30 (a)		28,000		28,669
NOV, Inc., 3.95%, 12/1/42		2,000		1,973

(Cost $32,872)				38,470

Pipelines — 3.6%
Boardwalk Pipelines LP, 3.40%, 2/15/31		5,000		5,180
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27		10,000		11,337
Enbridge, Inc. 3.70%, 7/15/27		25,000		26,987
3.40%, 8/1/51		5,000		5,131
Enterprise Products Operating LLC 3.95%, 2/15/27		12,000		13,107
2.80%, 1/31/30		20,000		20,693
3.30%, 2/15/53		25,000		25,033


	Principal Amount		Value
Pipelines (Continued)
MPLX LP 1.75%, 3/1/26	$	15,000	$	14,849
2.65%, 8/15/30		15,000		14,848
4.90%, 4/15/58		8,000		9,362
ONEOK, Inc. 2.75%, 9/1/24		20,000		20,691
4.35%, 3/15/29		10,000		10,996
5.20%, 7/15/48		5,000		6,053
Sabine Pass Liquefaction LLC 5.00%, 3/15/27		10,000		11,264
4.50%, 5/15/30		5,000		5,672
TransCanada PipeLines Ltd.
4.10%, 4/15/30		2,000		2,225
2.50%, 10/12/31		10,000		9,861
7.625%, 1/15/39		13,000		20,225
4.875%, 5/15/48		3,000		3,828
Transcontinental Gas Pipe Line Co. LLC, 4.60%, 3/15/48		10,000		12,227
Williams Cos., Inc. 4.00%, 9/15/25		1,000		1,080
3.50%, 11/15/30		5,000		5,323
2.60%, 3/15/31		22,000		21,820

(Cost $266,952)				277,792

Financial — 32.3%
Banks — 21.7%
Banco Santander SA, 2.958%, 3/25/31		20,000		20,353
Bank of America Corp. 3.004%, 12/20/23		120,000		122,742
MTN, 1.898%, 7/23/31		15,000		14,359
Series N, 2.651%, 3/11/32		10,000		10,116
2.687%, 4/22/32		30,000		30,436
2.299%, 7/21/32		10,000		9,824
MTN, 4.33%, 3/15/50		8,000		10,050
MTN, 4.083%, 3/20/51		10,000		12,228
MTN, 2.831%, 10/24/51		10,000		9,961
Series N, 3.483%, 3/13/52		18,000		20,109
2.972%, 7/21/52		10,000		10,203
Bank of Montreal, MTN, 1.25%, 9/15/26		15,000		14,708
Bank of New York Mellon Corp. MTN, 2.20%, 8/16/23		5,000		5,119
MTN, 3.95%, 11/18/25		30,000		32,937
Bank of Nova Scotia 3.40%, 2/11/24		25,000		26,297
4.50%, 12/16/25		5,000		5,543
Barclays PLC, 2.667%, 3/10/32		40,000		39,663
Citigroup, Inc. 3.875%, 3/26/25		5,000		5,354
3.30%, 4/27/25		5,000		5,317
4.40%, 6/10/25		10,000		10,879
4.45%, 9/29/27		35,000		39,048
4.125%, 7/25/28		20,000		21,991
2.976%, 11/5/30		5,000		5,213
2.666%, 1/29/31		20,000		20,366


	Principal Amount		Value
Banks (Continued)
2.572%, 6/3/31	$	20,000	$	20,145
2.561%, 5/1/32		5,000		5,039
4.75%, 5/18/46		5,000		6,320
4.65%, 7/23/48		5,000		6,604
Citizens Bank NA/Providence RI, 3.70%, 3/29/23		10,000		10,367
Cooperatieve Rabobank UA, 5.25%, 5/24/41		10,000		13,951
Credit Suisse Group AG, 4.55%, 4/17/26		15,000		16,590
Deutsche Bank AG, 3.70%, 5/30/24 (b)		10,000		10,533
Deutsche Bank AG/New York NY, 3.035%, 5/28/32 (b)		15,000		15,091
Discover Bank, 2.70%, 2/6/30		10,000		10,225
Goldman Sachs Group, Inc. 3.625%, 1/22/23		15,000		15,489
4.00%, 3/3/24		15,000		15,935
MTN, 3.85%, 7/8/24		10,000		10,609
3.50%, 1/23/25		10,000		10,579
3.50%, 11/16/26		20,000		21,307
3.80%, 3/15/30		10,000		10,973
2.615%, 4/22/32		7,000		7,016
2.65%, 10/21/32		20,000		20,103
6.25%, 2/1/41		10,000		14,551
MTN, 4.80%, 7/8/44		5,000		6,417
5.15%, 5/22/45		5,000		6,551
4.75%, 10/21/45		10,000		13,055
HSBC Holdings PLC, 6.10%, 1/14/42		20,000		28,685
HSBC USA, Inc., 3.50%, 6/23/24		60,000		63,502
ING Groep NV, 3.95%, 3/29/27		10,000		10,946
JPMorgan Chase & Co. 3.20%, 1/25/23		15,000		15,449
2.70%, 5/18/23		15,000		15,379
4.023%, 12/5/24		10,000		10,574
2.083%, 4/22/26		40,000		40,690
3.20%, 6/15/26		10,000		10,619
2.739%, 10/15/30		10,000		10,277
2.522%, 4/22/31		30,000		30,301
2.956%, 5/13/31		30,000		31,008
3.964%, 11/15/48		20,000		23,808
3.109%, 4/22/51		10,000		10,514
3.328%, 4/22/52		12,000		13,095
KeyCorp, MTN, 4.10%, 4/30/28		5,000		5,675
Lloyds Banking Group PLC, 1.627%, 5/11/27		35,000		34,495
Mitsubishi UFJ Financial Group, Inc. 3.287%, 7/25/27		20,000		21,444
4.05%, 9/11/28		12,000		13,538
3.741%, 3/7/29		5,000		5,514
Mizuho Financial Group, Inc., 2.564%, 9/13/31		15,000		14,775


	Principal Amount		Value
Banks (Continued)
Morgan Stanley GMTN, 3.125%, 1/23/23	$	20,000	$	20,548
Series F, 3.875%, 4/29/24		15,000		15,924
GMTN, 3.70%, 10/23/24		5,000		5,331
0.79%, 5/30/25		30,000		29,558
MTN, 2.72%, 7/22/25		5,000		5,163
2.188%, 4/28/26		10,000		10,214
MTN, 3.125%, 7/27/26		5,000		5,293
GMTN, 4.35%, 9/8/26		5,000		5,526
GMTN, 2.699%, 1/22/31		30,000		30,861
GMTN, 2.239%, 7/21/32		10,000		9,808
4.30%, 1/27/45		5,000		6,199
4.375%, 1/22/47		15,000		19,060
GMTN, 5.597%, 3/24/51		5,000		7,627
NatWest Group PLC, 1.642%, 6/14/27		30,000		29,532
PNC Financial Services Group, Inc. 3.90%, 4/29/24		20,000		21,288
2.20%, 11/1/24		10,000		10,317
3.45%, 4/23/29		5,000		5,470
Royal Bank of Canada, GMTN, 2.25%, 11/1/24		30,000		30,937
Santander Holdings USA, Inc., 4.40%, 7/13/27		10,000		11,070
Santander UK PLC, 4.00%, 3/13/24		10,000		10,643
State Street Corp. 3.10%, 5/15/23		10,000		10,353
3.152%, 3/30/31		8,000		8,714
Sumitomo Mitsui Financial Group, Inc. 3.784%, 3/9/26		5,000		5,421
2.632%, 7/14/26		5,000		5,189
3.364%, 7/12/27		30,000		32,407
Toronto-Dominion Bank MTN, 1.90%, 12/1/22		25,000		25,358
GMTN, 3.50%, 7/19/23		10,000		10,468
Truist Bank 3.00%, 2/2/23		15,000		15,385
3.20%, 4/1/24		5,000		5,245
Truist Financial Corp. MTN, 3.70%, 6/5/25		15,000		16,215
MTN, 1.95%, 6/5/30 (a)		10,000		9,915
US Bancorp 2.40%, 7/30/24		20,000		20,718
Series DMTN, 3.00%, 7/30/29		5,000		5,296
MTN, 1.375%, 7/22/30		6,000		5,677
Westpac Banking Corp. 3.35%, 3/8/27		15,000		16,181
2.15%, 6/3/31		10,000		10,026

(Cost $1,632,534)				1,673,491

Diversified Financial Services — 4.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 2.875%, 8/14/24		20,000		20,677
2.45%, 10/29/26		10,000		10,036
3.30%, 1/30/32		12,000		12,090


	Principal Amount		Value
Diversified Financial Services (Continued)
Air Lease Corp. 0.80%, 8/18/24	$	15,000	$	14,730
1.875%, 8/15/26		15,000		14,779
Ally Financial, Inc., 4.625%, 3/30/25		30,000		32,813
American Express Co. 3.40%, 2/27/23		25,000		25,809
4.05%, 12/3/42		3,000		3,620
BlackRock, Inc., 3.20%, 3/15/27		15,000		16,291
Charles Schwab Corp. 2.65%, 1/25/23		10,000		10,222
4.625%, 3/22/30		10,000		11,957
CME Group, Inc. 3.75%, 6/15/28		8,000		8,942
5.30%, 9/15/43		5,000		7,037
Intercontinental Exchange, Inc., 3.00%, 9/15/60		10,000		9,753
Mastercard, Inc. 2.00%, 3/3/25		14,000		14,395
3.80%, 11/21/46		8,000		9,602
Nasdaq, Inc., 1.65%, 1/15/31		8,000		7,484
Nomura Holdings, Inc., 2.679%, 7/16/30		10,000		10,047
ORIX Corp., 3.25%, 12/4/24		5,000		5,283
Raymond James Financial, Inc., 4.65%, 4/1/30		15,000		17,486
Synchrony Financial, 4.375%, 3/19/24		10,000		10,628
Visa, Inc. 2.80%, 12/14/22		7,000		7,143
3.15%, 12/14/25		5,000		5,348
2.75%, 9/15/27		5,000		5,309
4.15%, 12/14/35		13,000		15,539
3.65%, 9/15/47		4,000		4,719
2.00%, 8/15/50		5,000		4,443

(Cost $312,271)				316,182

Insurance — 2.9%
Aflac, Inc., 3.60%, 4/1/30		5,000		5,548
Allstate Corp., 4.20%, 12/15/46		5,000		6,259
American International Group, Inc. 2.50%, 6/30/25		20,000		20,702
3.40%, 6/30/30		5,000		5,421
4.375%, 1/15/55		7,000		8,819
Arch Capital Group Ltd., 3.635%, 6/30/50		5,000		5,508
Chubb INA Holdings, Inc. 3.35%, 5/3/26		10,000		10,786
4.35%, 11/3/45		5,000		6,394
Equitable Holdings, Inc., 4.35%, 4/20/28		10,000		11,265
Hartford Financial Services Group, Inc., 2.90%, 9/15/51		5,000		4,994


	Principal Amount		Value
Insurance (Continued)
Lincoln National Corp., 3.35%, 3/9/25	$	13,000	$	13,840
Manulife Financial Corp., 4.15%, 3/4/26		5,000		5,521
Marsh & McLennan Cos., Inc. 4.375%, 3/15/29		10,000		11,412
2.25%, 11/15/30		5,000		4,973
MetLife, Inc., 4.60%, 5/13/46		5,000		6,496
Principal Financial Group, Inc., 2.125%, 6/15/30		10,000		9,920
Progressive Corp. 2.45%, 1/15/27		15,000		15,702
4.125%, 4/15/47		3,000		3,702
Prudential Financial, Inc. MTN, 2.10%, 3/10/30 (a)		8,000		8,098
MTN, 4.60%, 5/15/44		10,000		12,682
3.905%, 12/7/47		12,000		14,138
Travelers Cos., Inc., 3.75%, 5/15/46		9,000		10,675
Voya Financial, Inc., 3.65%, 6/15/26		5,000		5,439
Willis North America, Inc. 2.95%, 9/15/29		5,000		5,164
5.05%, 9/15/48		5,000		6,493

(Cost $209,576)				219,951

Real Estate Investment Trusts — 3.6%
Alexandria Real Estate Equities, Inc., 3.375%, 8/15/31		20,000		21,757
American Tower Corp. 3.50%, 1/31/23		15,000		15,443
3.80%, 8/15/29 (a)		2,000		2,172
2.90%, 1/15/30		20,000		20,459
Boston Properties LP 3.125%, 9/1/23		5,000		5,168
3.40%, 6/21/29		10,000		10,650
Brixmor Operating Partnership LP, 3.65%, 6/15/24		10,000		10,550
Crown Castle International Corp. 3.65%, 9/1/27		2,000		2,154
3.80%, 2/15/28		6,000		6,542
2.25%, 1/15/31		16,000		15,516
2.10%, 4/1/31		4,000		3,829
Digital Realty Trust LP, 3.60%, 7/1/29		6,000		6,551
Duke Realty LP, 3.75%, 12/1/24		5,000		5,337
Equinix, Inc. 2.625%, 11/18/24		25,000		25,787
2.95%, 9/15/51		5,000		4,781
ERP Operating LP, 4.50%, 7/1/44		8,000		10,147
Healthpeak Properties, Inc., 3.00%, 1/15/30		5,000		5,266
Host Hotels & Resorts LP,Series J, 2.90%, 12/15/31		6,000		5,842


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Kilroy Realty LP, 2.65%, 11/15/33	$	8,000	$	7,829
Kimco Realty Corp., 4.25%, 4/1/45		7,000		8,277
Prologis LP, 4.375%, 2/1/29		20,000		23,287
Realty Income Corp., 3.25%, 1/15/31		5,000		5,377
Regency Centers LP, 3.60%, 2/1/27		10,000		10,815
Ventas Realty LP, 4.40%, 1/15/29		12,000		13,606
Welltower, Inc.
3.625%, 3/15/24		10,000		10,533
4.25%, 4/15/28		10,000		11,242
Weyerhaeuser Co., 4.00%, 4/15/30		9,000		10,093

(Cost $270,625)				279,010

Industrial — 7.7%
Aerospace/Defense — 0.1%
Teledyne Technologies, Inc., 1.60%, 4/1/26
(Cost $5,039)		5,000		4,968

Building Materials — 0.8%
Carrier Global Corp. 2.493%, 2/15/27		10,000		10,234
3.577%, 4/5/50		6,000		6,423
Johnson Controls International PLC, 4.50%, 2/15/47		8,000		10,023
Martin Marietta Materials, Inc. 3.45%, 6/1/27		3,000		3,226
2.40%, 7/15/31		8,000		7,970
Masco Corp., 2.00%, 10/1/30		5,000		4,819
Owens Corning, 4.30%, 7/15/47		7,000		8,250
Vulcan Materials Co., 3.50%, 6/1/30		10,000		10,878

(Cost $58,210)				61,823

Electrical Components & Equipment — 0.1%
Emerson Electric Co., 2.75%, 10/15/50
(Cost $5,134)		5,000		5,000

Electronics — 0.5%
Agilent Technologies, Inc., 2.30%, 3/12/31		5,000		4,956
Amphenol Corp., 2.20%, 9/15/31		6,000		5,911
Flex Ltd., 4.875%, 5/12/30		3,000		3,418
Fortive Corp., 3.15%, 6/15/26		5,000		5,334
TD SYNNEX Corp., 144A, 1.25%, 8/9/24		10,000		9,894


	Principal Amount		Value
Electronics (Continued)
Vontier Corp., 144A, 2.95%, 4/1/31	$	10,000	$	9,954

(Cost $39,114)				39,467

Environmental Control — 0.4%
Republic Services, Inc. 2.30%, 3/1/30		5,000		5,023
3.05%, 3/1/50		5,000		5,214
Waste Connections, Inc. 2.60%, 2/1/30		5,000		5,127
2.20%, 1/15/32		5,000		4,904
Waste Management, Inc. 3.15%, 11/15/27		3,000		3,202
1.50%, 3/15/31		10,000		9,391

(Cost $33,630)				32,861

Hand/Machine Tools — 0.1%
Stanley Black & Decker, Inc., 2.30%, 3/15/30
(Cost $10,679)		10,000		10,257

Machinery-Construction & Mining — 0.6%
Caterpillar Financial Services Corp. 0.65%, 7/7/23		7,000		7,001
MTN, 0.45%, 5/17/24		20,000		19,754
MTN, 0.80%, 11/13/25		5,000		4,892
Caterpillar, Inc. 3.803%, 8/15/42		5,000		5,890
3.25%, 9/19/49		7,000		7,779

(Cost $44,116)				45,316

Machinery-Diversified — 0.9%
CNH Industrial Capital LLC, 1.875%, 1/15/26		7,000		7,030
Deere & Co., 3.90%, 6/9/42		8,000		9,676
John Deere Capital Corp. MTN, 2.05%, 1/9/25		10,000		10,301
MTN, 3.45%, 3/13/25		10,000		10,728
MTN, 2.00%, 6/17/31		7,000		6,989
Otis Worldwide Corp., 3.362%, 2/15/50		11,000		11,899
Rockwell Automation, Inc., 1.75%, 8/15/31		8,000		7,826
Xylem, Inc., 2.25%, 1/30/31		7,000		7,036

(Cost $69,486)				71,485

Miscellaneous Manufacturing — 0.9%
3M Co. MTN, 2.25%, 3/15/23		5,000		5,096
MTN, 3.25%, 2/14/24		5,000		5,245
MTN, 4.00%, 9/14/48		10,000		12,301
Carlisle Cos., Inc., 2.20%, 3/1/32		10,000		9,679
Eaton Corp., 4.15%, 11/2/42		8,000		9,554
Illinois Tool Works, Inc., 3.50%, 3/1/24		10,000		10,522


	Principal Amount		Value
Miscellaneous Manufacturing (Continued)
Parker-Hannifin Corp., 3.25%, 6/14/29	$	10,000	$	10,652
Trane Technologies Global Holding Co. Ltd., 4.25%, 6/15/23		10,000		10,488

(Cost $72,000)				73,537

Packaging & Containers — 0.2%
Sonoco Products Co., 3.125%, 5/1/30		2,000		2,118
WRKCo, Inc. 3.00%, 9/15/24		10,000		10,452
3.75%, 3/15/25		5,000		5,362

(Cost $18,031)				17,932

Transportation — 3.0%
Canadian National Railway Co. 2.75%, 3/1/26		5,000		5,258
2.45%, 5/1/50		5,000		4,719
Canadian Pacific Railway Co. 2.90%, 2/1/25		10,000		10,481
2.05%, 3/5/30		9,000		8,914
3.10%, 12/2/51		3,000		3,091
CSX Corp. 2.40%, 2/15/30		15,000		15,277
3.80%, 11/1/46		15,000		17,291
FedEx Corp. 3.25%, 4/1/26		5,000		5,368
4.25%, 5/15/30		5,000		5,700
2.40%, 5/15/31		5,000		5,018
5.25%, 5/15/50 (a)		15,000		20,318
Kansas City Southern, 3.50%, 5/1/50		5,000		5,505
Norfolk Southern Corp. 2.90%, 8/25/51		5,000		5,041
4.05%, 8/15/52		16,000		19,468
Ryder System, Inc., MTN, 2.90%, 12/1/26		5,000		5,232
Union Pacific Corp. 2.40%, 2/5/30		11,000		11,263
2.375%, 5/20/31		10,000		10,215
2.891%, 4/6/36		5,000		5,239
3.839%, 3/20/60		19,000		22,569
3.55%, 5/20/61		5,000		5,653
United Parcel Service, Inc. 2.50%, 9/1/29		10,000		10,455
4.45%, 4/1/30		15,000		17,701
3.75%, 11/15/47		7,000		8,466

(Cost $219,156)				228,242

Trucking & Leasing — 0.1%
GATX Corp., 4.00%, 6/30/30
(Cost $6,968)		6,000		6,685

Technology — 11.0%
Computers — 3.9%
Apple, Inc. 2.40%, 5/3/23		7,000		7,174


	Principal Amount		Value
Computers (Continued)
3.00%, 2/9/24	$	20,000	$	20,849
2.75%, 1/13/25		10,000		10,475
3.20%, 5/13/25		12,000		12,782
2.45%, 8/4/26		9,000		9,381
3.20%, 5/11/27		10,000		10,775
1.65%, 2/8/31		6,000		5,826
1.70%, 8/5/31		10,000		9,735
4.45%, 5/6/44		12,000		15,482
3.85%, 8/4/46		15,000		17,943
3.75%, 11/13/47		15,000		17,784
2.95%, 9/11/49		2,000		2,091
2.65%, 5/11/50		4,000		3,987
2.65%, 2/8/51		10,000		9,951
2.80%, 2/8/61		8,000		8,016
Dell International LLC / EMC Corp. 6.02%, 6/15/26		15,000		17,517
5.30%, 10/1/29		20,000		23,804
Hewlett Packard Enterprise Co. 4.90%, 10/15/25		10,000		11,127
1.75%, 4/1/26		7,000		7,013
6.35%, 10/15/45		3,000		4,073
HP, Inc., 3.40%, 6/17/30		10,000		10,518
International Business Machines Corp. 3.625%, 2/12/24		15,000		15,849
3.50%, 5/15/29		15,000		16,333
1.95%, 5/15/30		10,000		9,769
4.00%, 6/20/42		12,000		13,898
4.25%, 5/15/49		5,000		6,176
NetApp, Inc., 1.875%, 6/22/25		5,000		5,062

(Cost $287,878)				303,390

Office/Business Equipment — 0.1%
CDW LLC / CDW Finance Corp., 4.125%, 5/1/25
(Cost $10,279)		10,000		10,290

Semiconductors — 2.1%
Analog Devices, Inc., 2.95%, 10/1/51		5,000		5,239
Applied Materials, Inc. 4.35%, 4/1/47		3,000		3,892
2.75%, 6/1/50		3,000		3,076
Intel Corp. 3.70%, 7/29/25		15,000		16,219
2.60%, 5/19/26		10,000		10,496
3.15%, 5/11/27		6,000		6,452
4.10%, 5/11/47		12,000		14,479
3.05%, 8/12/51		6,000		6,224
3.10%, 2/15/60		7,000		7,162
4.95%, 3/25/60		7,000		9,959
Lam Research Corp. 4.875%, 3/15/49		2,000		2,774
2.875%, 6/15/50		5,000		5,128
Marvell Technology, Inc., 1.65%, 4/15/26		6,000		5,968
Micron Technology, Inc., 2.703%, 4/15/32		10,000		10,060


	Principal Amount		Value
Semiconductors (Continued)
NVIDIA Corp. 2.85%, 4/1/30	$	12,000	$	12,737
3.70%, 4/1/60		4,000		4,806
NXP BV / NXP Funding LLC / NXP USA, Inc., 144A, 2.50%, 5/11/31		12,000		12,018
Texas Instruments, Inc. 2.25%, 5/1/23		5,000		5,097
4.15%, 5/15/48		5,000		6,404
TSMC Arizona Corp., 2.50%, 10/25/31		12,000		12,274

(Cost $155,442)				160,464

Software — 4.9%
Activision Blizzard, Inc. 3.40%, 9/15/26		7,000		7,502
2.50%, 9/15/50		2,000		1,744
Adobe, Inc., 2.15%, 2/1/27		7,000		7,217
Autodesk, Inc., 2.40%, 12/15/31		5,000		4,950
Broadridge Financial Solutions, Inc., 2.60%, 5/1/31		5,000		5,048
Electronic Arts, Inc., 1.85%, 2/15/31		5,000		4,793
Fidelity National Information Services, Inc. 0.375%, 3/1/23		17,000		16,923
2.25%, 3/1/31		7,000		6,853
Fiserv, Inc. 4.20%, 10/1/28		15,000		16,795
3.50%, 7/1/29		10,000		10,677
Microsoft Corp. 2.00%, 8/8/23		10,000		10,214
2.40%, 8/8/26		10,000		10,438
3.30%, 2/6/27		15,000		16,272
3.50%, 2/12/35		10,000		11,489
3.70%, 8/8/46		8,000		9,721
2.525%, 6/1/50		11,000		10,934
2.921%, 3/17/52		20,000		21,282
3.95%, 8/8/56		2,000		2,558
2.675%, 6/1/60		5,000		5,036
3.041%, 3/17/62		3,000		3,278
Oracle Corp. 3.40%, 7/8/24		10,000		10,518
2.50%, 4/1/25		15,000		15,469
2.95%, 5/15/25		5,000		5,224
2.80%, 4/1/27		5,000		5,185
2.95%, 4/1/30		9,000		9,298
2.875%, 3/25/31		17,000		17,410
4.30%, 7/8/34		20,000		22,628
4.00%, 7/15/46		10,000		10,811
4.00%, 11/15/47		10,000		10,776
3.60%, 4/1/50		7,000		7,093
3.95%, 3/25/51		10,000		10,775
3.85%, 4/1/60		10,000		10,439
4.10%, 3/25/61		8,000		8,758
Roper Technologies, Inc., 3.80%, 12/15/26		13,000		14,173


	Principal Amount		Value
Software (Continued)
salesforce.com, Inc. 0.625%, 7/15/24	$	10,000	$	9,920
3.70%, 4/11/28		5,000		5,580
3.05%, 7/15/61		8,000		8,442
VMware, Inc. 4.70%, 5/15/30		6,000		6,961
2.20%, 8/15/31		5,000		4,865

(Cost $367,982)				378,049

Utilities — 8.2%
Electric — 5.6%
Avangrid, Inc., 3.20%, 4/15/25		15,000		15,832
Baltimore Gas and Electric Co., 2.90%, 6/15/50		11,000		11,246
CenterPoint Energy Houston Electric LLC Series Z, 2.40%, 9/1/26		5,000		5,199
Series AC, 4.25%, 2/1/49		7,000		8,988
Series AF, 3.35%, 4/1/51		5,000		5,622
CenterPoint Energy, Inc. 1.45%, 6/1/26		5,000		4,931
2.95%, 3/1/30		5,000		5,205
2.65%, 6/1/31		5,000		5,087
Commonwealth Edison Co. 2.55%, 6/15/26		15,000		15,693
2.20%, 3/1/30		20,000		20,220
4.00%, 3/1/48		5,000		6,001
3.00%, 3/1/50		6,000		6,222
Series 130, 3.125%, 3/15/51		15,000		15,842
Connecticut Light and Power Co., Series A, 2.05%, 7/1/31		10,000		9,995
Consolidated Edison Co. of New York, Inc. Series 20A, 3.35%, 4/1/30		10,000		10,804
2.40%, 6/15/31		12,000		12,104
Series 20B, 3.95%, 4/1/50		19,000		22,216
4.625%, 12/1/54		5,000		6,365
Series C, 3.00%, 12/1/60		5,000		4,823
3.60%, 6/15/61		10,000		10,868
Entergy Mississippi LLC, 3.50%, 6/1/51		5,000		5,692
Entergy Texas, Inc., 1.75%, 3/15/31		10,000		9,465
Eversource Energy Series N, 3.80%, 12/1/23		15,000		15,790
Series L, 2.90%, 10/1/24		15,000		15,617
3.45%, 1/15/50		13,000		13,969
ITC Holdings Corp., 3.35%, 11/15/27		10,000		10,722
NSTAR Electric Co., 3.10%, 6/1/51		2,000		2,187
Ohio Power Co., Series Q, 1.625%, 1/15/31 (a)		15,000		14,376
Oncor Electric Delivery Co. LLC 0.55%, 10/1/25		12,000		11,622
2.75%, 5/15/30		12,000		12,629
3.10%, 9/15/49		14,000		15,077


	Principal Amount		Value
Electric (Continued)
PECO Energy Co., 3.05%, 3/15/51	$	7,000	$	7,472
PPL Electric Utilities Corp., 3.00%, 10/1/49		10,000		10,521
Public Service Electric and Gas Co. MTN, 2.25%, 9/15/26		5,000		5,160
MTN, 1.90%, 8/15/31		15,000		14,794
MTN, 3.80%, 3/1/46		13,000		15,404
MTN, 2.05%, 8/1/50		5,000		4,442
San Diego Gas & Electric Co. Series VVV, 1.70%, 10/1/30		10,000		9,592
Series RRR, 3.75%, 6/1/47		10,000		11,595
Sempra Energy 4.05%, 12/1/23		10,000		10,590
3.40%, 2/1/28		8,000		8,627

(Cost $424,135)				428,606

Gas — 1.7%
Atmos Energy Corp. 3.00%, 6/15/27		7,000		7,444
1.50%, 1/15/31		6,000		5,654
3.375%, 9/15/49		8,000		8,738
2.85%, 2/15/52		4,000		4,021
CenterPoint Energy Resources Corp., 3.55%, 4/1/23		15,000		15,512
ONE Gas, Inc., 2.00%, 5/15/30		16,000		15,728
Piedmont Natural Gas Co., Inc., 2.50%, 3/15/31		20,000		20,092
Southern California Gas Co. 3.20%, 6/15/25		10,000		10,570
Series XX, 2.55%, 2/1/30		10,000		10,311
Series VV, 4.30%, 1/15/49		20,000		25,458
Southwest Gas Corp., 3.18%, 8/15/51		8,000		7,985

(Cost $129,505)				131,513


	Principal Amount		Value
Water — 0.9%
American Water Capital Corp. 3.40%, 3/1/25	$	10,000	$	10,607
2.95%, 9/1/27		10,000		10,590
2.80%, 5/1/30		2,000		2,079
2.30%, 6/1/31		10,000		10,045
3.45%, 5/1/50		11,000		12,062
3.25%, 6/1/51		13,000		13,878
Essential Utilities, Inc. 2.40%, 5/1/31		8,000		8,024
3.351%, 4/15/50		5,000		5,319

(Cost $75,070)				72,604

TOTAL CORPORATE BONDS
(Cost $7,400,523)				7,642,677


	Number of Shares
SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $36,822)		36,822		36,822

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) (Cost $26,753)		26,753		26,753


TOTAL INVESTMENTS — 99.8% (Cost $7,464,098)			$	7,706,252
Other assets and liabilities, net — 0.2%				17,872

NET ASSETS — 100.0%			$	7,724,124

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2021 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 November 30, 2021 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
SOVEREIGN BONDS — 98.1%
Argentina — 1.8%
Argentine Republic Government International Bond 1.00%, 7/9/29	$	67,589	$	22,372
Step Up Coupon, 0.50% to 7/9/23, 0.75% to 7/9/27, 1.75% to 7/9/30		434,076		135,215
Step Up Coupon, 1.125% to 7/9/22, 1.50% to 7/9/23, 3.625% to 7/9/24, 4.125% to 7/9/27, 4.75% to 7/9/28, 5.00% to 7/9/35		558,008		156,800
Step Up Coupon, 2.00% to 7/9/22, 3.85% to 7/9/23, 4.25% to 7/9/24, 5.00% to 7/9/38		293,407		97,411
Step Up Coupon, 2.50% to 7/9/22, 3.50% to 7/9/29, 4.875% to 7/9/41		269,501		83,545
Step Up Coupon, 1.125% to 7/9/22, 1.50% to 7/9/23, 3.625% to 7/9/24, 4.125% to 7/9/27, 4.375% to 7/9/28, 5.00% to 7/9/46		54,000		15,309

(Cost $806,507)				510,652

Armenia — 0.8%
Republic of Armenia International Bond, REGS, 7.15%, 3/26/25 (Cost $216,663)		200,000		224,745

Azerbaijan — 0.7%
Republic of Azerbaijan International Bond, REGS, 4.75%, 3/18/24 (Cost $213,503)		200,000		211,607

Bahrain — 2.1%
Bahrain Government International Bond REGS, 6.125%, 7/5/22		200,000		205,006
REGS, 7.00%, 1/26/26		200,000		220,089
REGS, 6.00%, 9/19/44		200,000		177,208

(Cost $627,999)				602,303

Barbados — 0.2%
Barbados Government International Bond, REGS, 6.50%, 10/1/29 (Cost $48,692)		50,000		50,570

Belarus — 0.6%
Republic of Belarus International Bond, REGS, 5.875%, 2/24/26 (Cost $189,352)		200,000		180,500

Belize — 0.0%
Belize Government International Bond, REGS, 4.938%, 2/20/34, PIK (Cost $11,931)		26,254		13,502

Bolivia — 0.4%
Bolivian Government International Bond, REGS, 5.95%, 8/22/23 (Cost $98,344)		100,000		104,311


	Principal Amount		Value
Brazil — 3.1%
Brazilian Government International Bond 4.625%, 1/13/28	$	200,000	$	203,759
4.50%, 5/30/29		100,000		99,798
3.875%, 6/12/30		175,000		164,906
8.25%, 1/20/34		45,000		58,290
7.125%, 1/20/37		125,000		146,283
5.625%, 1/7/41		100,000		98,449
5.00%, 1/27/45		100,000		90,171
5.625%, 2/21/47		50,000		48,366

(Cost $961,598)				910,022

Cayman Islands — 0.7%
Sharjah Sukuk Program Ltd., 3.20%, 7/13/31 (Cost $199,639)		200,000		201,250

Chile — 2.5%
Chile Government International Bond 3.24%, 2/6/28		100,000		105,417
2.55%, 7/27/33		200,000		196,550
3.10%, 5/7/41		200,000		197,200
3.86%, 6/21/47		200,000		220,110

(Cost $740,946)				719,277

China — 0.8%
China Government International Bond, 3.50%, 10/19/28 (Cost $231,919)		200,000		226,384

Colombia — 2.9%
Colombia Government International Bond 3.875%, 4/25/27		200,000		201,935
3.25%, 4/22/32		100,000		89,350
6.125%, 1/18/41		150,000		156,321
5.625%, 2/26/44		175,000		171,680
5.00%, 6/15/45		250,000		228,558

(Cost $942,425)				847,844

Costa Rica — 1.5%
Costa Rica Government International Bond REGS, 4.25%, 1/26/23		200,000		202,570
REGS, 6.125%, 2/19/31		100,000		100,502
REGS, 7.158%, 3/12/45		150,000		144,204

(Cost $412,648)				447,276

Croatia — 0.8%
Croatia Government International Bond, REGS, 6.00%, 1/26/24
(Cost $222,593)		200,000		220,327

Dominican Republic — 3.4%
Dominican Republic International Bond REGS, 6.875%, 1/29/26		200,000		228,000
REGS, 6.00%, 7/19/28		100,000		110,500
REGS, 4.50%, 1/30/30		100,000		99,521
REGS, 5.30%, 1/21/41		150,000		144,188
REGS, 7.45%, 4/30/44		200,000		232,000
REGS, 6.85%, 1/27/45		175,000		188,787

(Cost $952,256)				1,002,996


	Principal Amount		Value
Ecuador — 1.8%
Ecuador Government International Bond REGS, 7/31/30, Zero Coupon	$	50,000	$	27,375
Step Up Coupon, 144A, 5.00% to 7/31/22, 5.50% to 7/31/23, 6.00% to 7/31/24, 6.90% to 7/31/30		185,000		151,238
Step Up Coupon, 144A, 1.00% to 7/31/22, 2.50% to 7/31/23, 3.50% to 7/31/24, 5.50% to 7/31/25, 6.90% to 7/31/35		345,000		223,819
Step up Coupon, REGS, 1.00% to 7/31/22, 2.50% to 7/31/23, 3.50% to 7/31/24, 5.50% to 7/31/25, 6.90% to 7/31/35		55,000		35,681
Step Up Coupon, 144A, 0.50% to 7/31/22, 1.50% to 7/31/23, 2.50% to 7/31/24, 5.00% to 7/31/26, 5.50% to 7/31/27, 6.00% to 7/31/28, 6.50% to 7/31/29, 6.90% to 7/31/40		161,000		91,971
Step up Coupon, REGS, 0.50% to 7/31/22, 1.50% to 7/31/23, 2.50% to 7/31/24, 5.00% to 7/31/26, 5.50% to 7/31/27, 6.00% to 7/31/28, 6.50% to 7/31/29, 6.90% to 7/31/40		5,000		2,856

(Cost $513,669)				532,940

Egypt — 1.9%
Egypt Government International Bond REGS, 7.50%, 1/31/27		200,000		201,500
REGS, 7.600%, 3/1/29		200,000		191,750
REGS, 8.700%, 3/1/49		200,000		171,750

(Cost $637,886)				565,000

El Salvador — 0.7%
El Salvador Government International Bond REGS, 6.375%, 1/18/27		40,000		26,253
REGS, 8.625%, 2/28/29		60,000		41,104
144A, 7.65%, 6/15/35		110,000		68,931
REGS, 7.65%, 6/15/35		130,000		81,463

(Cost $306,204)				217,751

Ghana — 2.5%
Ghana Government International Bond REGS, 7.625%, 5/16/29		200,000		163,250
REGS, 10.75%, 10/14/30		200,000		220,250
REGS, 8.125%, 3/26/32		250,000		196,750
REGS, 7.875%, 2/11/35		200,000		152,000

(Cost $856,493)				732,250

Guatemala — 0.6%
Guatemala Government Bond REGS, 4.90%, 6/1/30		100,000		107,318
REGS, 6.125%, 6/1/50		50,000		55,908

(Cost $170,059)				163,226

Hungary — 1.9%
Hungary Government International Bond 5.375%, 2/21/23		100,000		105,517
5.75%, 11/22/23		96,000		104,723


	Principal Amount		Value
Hungary (Continued)
7.625%, 3/29/41	$	100,000	$	163,088
REGS, 3.125%, 9/21/51		200,000		190,485

(Cost $555,840)				563,813

Indonesia — 4.8%
Indonesia Government International Bond 4.75%, 2/11/29		200,000		231,500
3.85%, 10/15/30 (a)		250,000		278,202
REGS, 8.50%, 10/12/35		200,000		314,335
REGS, 6.625%, 2/17/37		200,000		273,230
REGS, 7.75%, 1/17/38		200,000		299,104

(Cost $1,398,132)				1,396,371

Ivory Coast — 0.5%
Ivory Coast Government International Bond, REGS, 5.75%, 12/31/32 (a)
(Cost $134,886)		136,389		134,001

Jamaica — 1.4%
Jamaica Government International Bond 6.75%, 4/28/28		181,000		208,128
7.875%, 7/28/45		150,000		207,015

(Cost $375,432)				415,143

Jordan — 0.7%
Jordan Government International Bond, REGS, 5.75%, 1/31/27
(Cost $205,875)		200,000		207,401

Kazakhstan — 1.0%
Kazakhstan Government International Bond, REGS, 6.50%, 7/21/45
(Cost $294,835)		200,000		287,500

Kenya — 1.4%
Republic of Kenya Government International Bond REGS, 6.875%, 6/24/24		200,000		212,415
REGS, 7.25%, 2/28/28		200,000		210,500

(Cost $415,167)				422,915

Kuwait — 0.7%
Kuwait International Government Bond, REGS, 3.50%, 3/20/27
(Cost $215,854)		200,000		218,187

Lebanon — 0.0%
Lebanon Government International Bond, MTN, 6.85%, 5/25/29 (b)
(Cost $22,895)		25,000		2,875

Malaysia — 0.5%
Malaysia Wakala Sukuk Bhd, REGS, 2.07%, 4/28/31 (a)
(Cost $153,089)		150,000		150,756

Mexico — 3.1%
Mexico Government International Bond 3.60%, 1/30/25		200,000		213,313
MTN, 8.30%, 8/15/31		50,000		72,375


	Principal Amount		Value
Mexico (Continued)
Series A, MTN, 7.50%, 4/8/33	$	50,000	$	69,174
6.05%, 1/11/40		76,000		93,421
MTN, 4.75%, 3/8/44		106,000		114,064
5.55%, 1/21/45		40,000		47,285
4.60%, 1/23/46		100,000		105,257
4.60%, 2/10/48		75,000		78,696
4.50%, 1/31/50		50,000		51,720
GMTN, 5.75%, 10/12/10		40,000		45,425

(Cost $878,617)				890,730

Mongolia — 0.7%
Mongolia Government International Bond, REGS, 5.125%, 12/5/22
(Cost $190,873)		200,000		205,500

Morocco — 0.7%
Morocco Government International Bond, REGS, 5.50%, 12/11/42
(Cost $246,334)		200,000		216,058

Namibia — 0.7%
Namibia International Bonds, REGS, 5.25%, 10/29/25
(Cost $208,930)		200,000		210,754

Oman — 2.8%
Oman Government International Bond REGS, 5.375%, 3/8/27		200,000		206,125
REGS, 5.625%, 1/17/28		200,000		206,500
REGS, 6.00%, 8/1/29		200,000		209,000
REGS, 6.75%, 1/17/48		200,000		193,250

(Cost $712,342)				814,875

Panama — 4.0%
Panama Government International Bond 3.75%, 3/16/25		100,000		105,825
7.125%, 1/29/26		100,000		119,999
3.875%, 3/17/28		150,000		160,931
6.70%, 1/26/36		200,000		263,598
4.30%, 4/29/53		50,000		52,158
4.50%, 4/1/56		250,000		267,071
3.87%, 7/23/60		200,000		193,346

(Cost $1,224,841)				1,162,928

Papua New Guinea — 0.2%
Papua New Guinea Government International Bond, REGS, 8.375%, 10/4/28
(Cost $50,410)		50,000		50,384

Paraguay — 0.8%
Paraguay Government International Bond, REGS, 6.10%, 8/11/44
(Cost $258,160)		200,000		236,329

Peru — 3.2%
Peruvian Government International Bond 7.35%, 7/21/25		50,000		59,885
4.125%, 8/25/27		75,000		82,408
2.783%, 1/23/31		100,000		99,325


	Principal Amount		Value
Peru (Continued)
8.75%, 11/21/33	$	100,000	$	154,496
3.00%, 1/15/34		100,000		98,500
6.55%, 3/14/37		40,000		53,769
3.30%, 3/11/41		75,000		72,994
5.625%, 11/18/50		150,000		204,364
2.78%, 12/1/60		125,000		106,317

(Cost $981,176)				932,058

Philippines — 3.7%
Philippine Government International Bond 3.00%, 2/1/28		100,000		106,416
3.75%, 1/14/29		200,000		222,766
9.50%, 2/2/30		200,000		308,957
3.95%, 1/20/40		100,000		109,862
3.70%, 3/1/41		100,000		107,217
3.70%, 2/2/42		200,000		213,883

(Cost $1,090,110)				1,069,101

Poland — 1.4%
Republic of Poland Government International Bond 3.00%, 3/17/23		100,000		102,589
3.25%, 4/6/26		300,000		320,357

(Cost $425,286)				422,946

Qatar — 4.2%
Qatar Government International Bond REGS, 4.00%, 3/14/29		200,000		224,900
144A, 9.75%, 6/15/30		184,000		289,340
144A, 6.40%, 1/20/40		200,000		292,750
REGS, 6.40%, 1/20/40		100,000		146,375
REGS, 5.103%, 4/23/48		200,000		266,875

(Cost $1,207,028)				1,220,240

Romania — 1.7%
Romanian Government International Bond REGS, 4.875%, 1/22/24		100,000		106,813
REGS, 3.00%, 2/14/31 (a)		100,000		99,000
144A, 6.125%, 1/22/44		70,000		89,162
REGS, 5.125%, 6/15/48		100,000		114,625
REGS, 4.00%, 2/14/51 (a)		90,000		88,065

(Cost $518,209)				497,665

Russia — 4.0%
Russian Foreign Bond — Eurobond REGS, 4.75%, 5/27/26		200,000		220,500
144A, 4.375%, 3/21/29		200,000		222,100
REGS, 4.375%, 3/21/29		200,000		222,100
REGS, 5.10%, 3/28/35		200,000		235,750
REGS, 5.25%, 6/23/47		200,000		253,750

(Cost $1,154,114)				1,154,200

Saudi Arabia — 4.7%
Saudi Government International Bond REGS, 3.25%, 10/26/26		250,000		266,750
REGS, 4.375%, 4/16/29		200,000		228,900
REGS, 2.75%, 2/3/32		200,000		205,125
REGS, 2.25%, 2/2/33		200,000		193,750


	Principal Amount		Value
Saudi Arabia (Continued)
REGS, 4.50%, 10/26/46	$	200,000	$	234,100
REGS, 5.00%, 4/17/49		200,000		251,400

(Cost $1,357,731)				1,380,025

Senegal — 0.7%
Senegal Government International Bond, REGS, 6.25%, 5/23/33
(Cost $199,518)		200,000		202,875

South Africa — 1.8%
Republic of South Africa Government International Bond 4.30%, 10/12/28		200,000		199,480
5.65%, 9/27/47		200,000		184,888
6.30%, 6/22/48		150,000		150,582

(Cost $516,703)				534,950

Sri Lanka — 1.2%
Sri Lanka Government International Bond REGS, 5.75%, 4/18/23		100,000		61,629
REGS, 6.85%, 3/14/24		100,000		58,873
144A, 7.85%, 3/14/29		200,000		111,435
REGS, 7.55%, 3/28/30		200,000		111,385

(Cost $471,155)				343,322

Trinidad and Tobago — 0.7%
Trinidad & Tobago Government International Bond, REGS, 4.375%, 1/16/24 (a)
(Cost $205,641)		200,000		205,398

Turkey — 3.0%
Turkey Government International Bond 5.75%, 3/22/24		71,000		71,012
7.375%, 2/5/25		55,000		56,553
4.25%, 4/14/26		100,000		91,149
4.875%, 10/9/26		200,000		185,223
5.125%, 2/17/28		85,000		77,724
11.875%, 1/15/30		140,000		179,987
8.00%, 2/14/34		75,000		78,225
6.875%, 3/17/36		100,000		93,567
7.25%, 3/5/38		50,000		48,791

(Cost $915,188)				882,231

Ukraine — 3.3%
Ukraine Government International Bond REGS, 7.75%, 9/1/24		100,000		100,500
144A, 7.75%, 9/1/25		100,000		100,500
REGS, 7.75%, 9/1/25		300,000		301,500
REGS, 7.75%, 9/1/27		250,000		250,625
REGS, 9.75%, 11/1/28		200,000		216,700

(Cost $1,010,919)				969,825

United Arab Emirates — 3.0%
Abu Dhabi Government International Bond REGS, 0.75%, 9/2/23		200,000		199,700
REGS, 3.125%, 10/11/27		200,000		214,500
REGS, 4.125%, 10/11/47		200,000		239,000
REGS, 3.875%, 4/16/50		200,000		232,250

(Cost $904,079)				885,450


	Principal Amount		Value
Uruguay — 4.6%
Uruguay Government International Bond 4.375%, 1/23/31	$	400,000	$	460,455
7.875%, 1/15/33		70,000		103,034
7.625%, 3/21/36		30,000		45,006
5.10%, 6/18/50		360,000		466,918
4.975%, 4/20/55		215,000		274,860

(Cost $1,313,133)				1,350,273

Uzbekistan — 0.7%
Republic of Uzbekistan International Bond, REGS, 4.75%, 2/20/24
(Cost $211,338)		200,000		207,750

Zambia — 0.5%
Zambia Government International Bond, REGS, 8.97%, 7/30/27 (b)
(Cost $99,316)		200,000		152,500

TOTAL SOVEREIGN BONDS (Cost $29,484,482)				28,682,062


	Number of Shares
SECURITIES LENDING COLLATERAL — 1.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $489,078)		489,078		489,078

CASH EQUIVALENTS — 0.5%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) (Cost $147,950)		147,950		147,950


TOTAL INVESTMENTS — 100.3% (Cost $30,121,510)			$	29,319,090
Other assets and liabilities, net — (0.3%)				(101,385	)

NET ASSETS — 100.0%			$	29,217,705

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2021 is as follows:


	Principal Amount		Value
CORPORATE BONDS — 98.7%
Basic Materials — 5.6%
Chemicals — 2.5%
Ashland LLC, 6.875%, 5/15/43	$	10,000	$	12,800
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29		10,000		9,566
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, 144A, 4.75%, 6/15/27		10,000		10,384
Chemours Co., 144A, 5.75%, 11/15/28		25,000		25,812
Cornerstone Chemical Co., 144A, 6.75%, 8/15/24		10,000		8,900
CVR Partners LP / CVR Nitrogen Finance Corp., 144A, 6.125%, 6/15/28 (a)		12,000		12,450
Element Solutions, Inc., 144A, 3.875%, 9/1/28		10,000		9,925
HB Fuller Co., 4.25%, 10/15/28		21,000		21,578
Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 144A, 9.00%, 7/1/28		25,000		26,656
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		15,000		14,831
Ingevity Corp., 144A, 4.50%, 2/1/26		45,000		45,396
Methanex Corp. 5.25%, 12/15/29		30,000		31,725
5.65%, 12/1/44		10,000		10,289
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24		50,000		51,938
144A, 5.25%, 6/1/27		20,000		21,150
Olympus Water US Holding Corp. 144A, 4.25%, 10/1/28		20,000		19,300
144A, 6.25%, 10/1/29		20,000		19,200
Rain CII Carbon LLC / CII Carbon Corp., 144A, 7.25%, 4/1/25		10,000		10,200
Rayonier AM Products, Inc., 144A, 5.50%, 6/1/24 (a)		20,000		19,825
SCIH Salt Holdings, Inc., 144A, 6.625%, 5/1/29 (a)		30,000		27,753
TPC Group, Inc., 144A, 10.50%, 8/1/24		10,000		7,100
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. 144A, 5.375%, 9/1/25		15,000		15,225
144A, 5.125%, 4/1/29		10,000		10,038
Tronox, Inc., 144A, 4.625%, 3/15/29		35,000		33,941
Valvoline, Inc., 144A, 4.25%, 2/15/30		52,000		51,805
Venator Finance Sarl / Venator Materials LLC, 144A, 5.75%, 7/15/25 (a)		10,000		9,324
WR Grace Holdings LLC 144A, 5.625%, 10/1/24		20,000		21,375
144A, 4.875%, 6/15/27		15,000		15,075


	Principal Amount		Value
Chemicals (Continued)
144A, 5.625%, 8/15/29	$	30,000	$	30,241

(Cost $599,611)				603,802

Forest Products & Paper — 0.2%
Clearwater Paper Corp., 144A, 4.75%, 8/15/28		10,000		10,125
Domtar Corp., 6.75%, 2/15/44 (a)		10,000		10,575
Mercer International, Inc., 5.125%, 2/1/29		25,000		24,750
Sylvamo Corp., 144A, 7.00%, 9/1/29		10,000		10,262

(Cost $56,177)				55,712

Iron/Steel — 0.8%
Allegheny Technologies, Inc., 5.125%, 10/1/31		20,000		19,802
Big River Steel LLC / BRS Finance Corp., 144A, 6.625%, 1/31/29		37,000		39,682
Carpenter Technology Corp., 6.375%, 7/15/28		20,000		21,000
Cleveland-Cliffs, Inc. 5.875%, 6/1/27		25,000		25,875
6.25%, 10/1/40		29,000		31,247
Infrabuild Australia Pty Ltd., 144A, 12.00%, 10/1/24		7,000		7,368
Mineral Resources Ltd., 144A, 8.125%, 5/1/27		21,000		22,660
United States Steel Corp. 6.875%, 3/1/29 (a)		10,000		10,500
6.65%, 6/1/37		10,000		10,763

(Cost $178,067)				188,897

Mining — 2.1%
Alcoa Nederland Holding BV 144A, 5.50%, 12/15/27		35,000		37,292
144A, 4.125%, 3/31/29		35,000		35,831
Arconic Corp. 144A, 6.00%, 5/15/25		23,000		24,193
144A, 6.125%, 2/15/28 (a)		18,000		18,739
Compass Minerals International, Inc., 144A, 6.75%, 12/1/27		25,000		25,713
Constellium SE, 144A, 3.75%, 4/15/29		30,000		28,531
Eldorado Gold Corp., 144A, 6.25%, 9/1/29		10,000		10,114
FMG Resources August 2006 Pty Ltd. 144A, 5.125%, 5/15/24		98,000		103,207
144A, 4.375%, 4/1/31		25,000		25,281
Freeport-McMoRan, Inc. 5.40%, 11/14/34		75,000		89,344
5.45%, 3/15/43		20,000		24,727
Hudbay Minerals, Inc., 144A, 6.125%, 4/1/29		6,000		6,232
JW Aluminum Continuous Cast Co., 144A, 10.25%, 6/1/26		15,000		15,788
Kaiser Aluminum Corp., 144A, 4.50%, 6/1/31		15,000		14,644


	Principal Amount		Value
Mining (Continued)
Novelis Corp., 144A, 4.75%, 1/30/30	$	40,000	$	40,500

(Cost $481,422)				500,136

Communications — 16.8%
Advertising — 0.8%
Clear Channel Outdoor Holdings, Inc. 144A, 7.75%, 4/15/28 (a)		35,000		36,608
144A, 7.50%, 6/1/29		35,000		36,050
Lamar Media Corp., 3.75%, 2/15/28		50,000		50,063
National CineMedia LLC, 144A, 5.875%, 4/15/28 (a)		10,000		9,042
Outfront Media Capital LLC / Outfront Media Capital Corp., 144A, 5.00%, 8/15/27		40,000		40,421
Terrier Media Buyer, Inc., 144A, 8.875%, 12/15/27		20,000		21,269

(Cost $192,400)				193,453

Internet — 0.7%
ANGI Group LLC, 144A, 3.875%, 8/15/28 (a)		10,000		9,512
Arches Buyer, Inc., 144A, 6.125%, 12/1/28 (a)		15,000		15,112
Endure Digital, Inc., 144A, 6.00%, 2/15/29 (a)		10,000		9,228
Go Daddy Operating Co. LLC / GD Finance Co., Inc.
144A, 5.25%, 12/1/27		10,000		10,400
144A, 3.50%, 3/1/29		40,000		38,100
Match Group Holdings II LLC, 144A, 4.625%, 6/1/28		20,000		20,325
Photo Holdings Merger Sub, Inc., 144A, 8.50%, 10/1/26		25,000		25,195
Rakuten Group, Inc., 144A, 5.125%, Perpetual (b)		30,000		30,138

(Cost $162,261)				158,010

Media — 7.8%
Cable One, Inc., 144A, 4.00%, 11/15/30		10,000		9,650
CCO Holdings LLC / CCO Holdings Capital Corp.
144A, 5.125%, 5/1/27		175,000		180,469
144A, 4.75%, 3/1/30		100,000		102,375
4.50%, 5/1/32		50,000		49,812
CSC Holdings LLC
144A, 5.50%, 4/15/27		25,000		25,679
144A, 5.375%, 2/1/28		20,000		20,575
144A, 6.50%, 2/1/29		30,000		31,762
144A, 5.75%, 1/15/30		100,000		97,990
144A, 4.625%, 12/1/30		35,000		32,506
144A, 4.50%, 11/15/31		30,000		29,100
Cumulus Media New Holdings, Inc., 144A, 6.75%, 7/1/26 (a)		10,000		10,400


	Principal Amount		Value
Media (Continued)
Diamond Sports Group LLC / Diamond Sports Finance Co.
144A, 5.375%, 8/15/26	$	25,000	$	11,187
144A, 6.625%, 8/15/27		25,000		5,375
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 144A, 5.875%, 8/15/27		60,000		61,162
DISH DBS Corp.
5.875%, 11/15/24		60,000		60,825
7.75%, 7/1/26		70,000		72,188
Gray Escrow II, Inc., 144A, 5.375%, 11/15/31		50,000		50,320
Gray Television, Inc., 144A, 7.00%, 5/15/27		50,000		53,000
Houghton Mifflin Harcourt Publishers, Inc., 144A, 9.00%, 2/15/25		25,000		26,563
iHeartCommunications, Inc., 144A, 4.75%, 1/15/28		50,000		50,000
LCPR Senior Secured Financing DAC, 144A, 5.125%, 7/15/29		40,000		39,847
Liberty Interactive LLC, 8.25%, 2/1/30		15,000		16,081
McGraw-Hill Education, Inc.
144A, 5.75%, 8/1/28		10,000		9,675
144A, 8.00%, 8/1/29		10,000		9,775
News Corp., 144A, 3.875%, 5/15/29		50,000		49,204
Nexstar Media, Inc., 144A, 5.625%, 7/15/27		100,000		104,125
Quebecor Media, Inc., 5.75%, 1/15/23		100,000		104,250
Radiate Holdco LLC / Radiate Finance, Inc., 144A, 6.50%, 9/15/28		25,000		24,305
Scripps Escrow II, Inc., 144A, 5.375%, 1/15/31		20,000		20,200
Sinclair Television Group, Inc., 144A, 5.50%, 3/1/30		20,000		18,175
Sirius XM Radio, Inc.
144A, 5.00%, 8/1/27		80,000		82,500
144A, 4.00%, 7/15/28		30,000		29,589
144A, 5.50%, 7/1/29		54,000		57,375
144A, 4.125%, 7/1/30		10,000		9,788
144A, 3.875%, 9/1/31		20,000		18,981
TEGNA, Inc.
4.625%, 3/15/28		20,000		20,025
5.00%, 9/15/29		25,000		25,156
Univision Communications, Inc.
144A, 6.625%, 6/1/27		50,000		53,500
144A, 4.50%, 5/1/29		20,000		20,000
UPC Broadband Finco BV, 144A, 4.875%, 7/15/31		10,000		10,125
UPC Holding BV, 144A, 5.50%, 1/15/28		100,000		103,375
Virgin Media Vendor Financing Notes IV DAC, 144A, 5.00%, 7/15/28		25,000		24,676


	Principal Amount		Value
Media (Continued)
Ziggo BV, 144A, 4.875%, 1/15/30	$	40,000	$	40,475

(Cost $1,910,883)				1,872,140

Telecommunications — 7.5%
Altice France Holding SA, 144A, 6.00%, 2/15/28 (a)		35,000		32,944
Altice France SA
144A, 8.125%, 2/1/27		30,000		32,026
144A, 5.50%, 1/15/28		62,000		61,457
Avaya, Inc., 144A, 6.125%, 9/15/28		15,000		15,544
Cincinnati Bell, Inc., 144A, 8.00%, 10/15/25		25,000		26,099
CommScope Technologies LLC, 144A, 5.00%, 3/15/27		50,000		45,062
CommScope, Inc.
144A, 6.00%, 3/1/26		50,000		51,187
144A, 8.25%, 3/1/27		50,000		49,125
144A, 4.75%, 9/1/29		25,000		24,317
Connect Finco SARL / Connect US Finco LLC, 144A, 6.75%, 10/1/26		50,000		52,312
Consolidated Communications, Inc., 144A, 6.50%, 10/1/28		45,000		46,856
Embarq Corp., 7.995%, 6/1/36		60,000		66,300
Frontier Communications Holdings LLC
144A, 5.875%, 10/15/27		15,000		15,486
144A, 5.00%, 5/1/28		25,000		25,100
144A, 6.75%, 5/1/29		25,000		25,719
144A, 6.00%, 1/15/30		25,000		24,654
Hughes Satellite Systems Corp., 5.25%, 8/1/26		20,000		21,925
Iliad Holding SASU
144A, 6.50%, 10/15/26		20,000		20,525
144A, 7.00%, 10/15/28		20,000		20,512
Intrado Corp., 144A, 8.50%, 10/15/25 (a)		10,000		9,438
Level 3 Financing, Inc., 144A, 4.25%, 7/1/28		25,000		24,500
Ligado Networks LLC
144A, 15.50%, 11/1/23 PIK		64,700		54,995
144A, 17.50%, 5/1/24 PIK		16,312		10,725
Lumen Technologies, Inc.
Series W, 6.75%, 12/1/23		100,000		108,000
Series P, 7.60%, 9/15/39		10,000		10,726
Nokia OYJ, 6.625%, 5/15/39		25,000		33,568
Plantronics, Inc., 144A, 4.75%, 3/1/29 (a)		26,000		23,498
SoftBank Group Corp., REGS, 3.125%, 1/6/25		200,000		196,112
Sprint Capital Corp.
6.875%, 11/15/28		35,000		43,287
8.75%, 3/15/32		70,000		103,600


	Principal Amount		Value
Telecommunications (Continued)
Sprint Corp., 7.125%, 6/15/24	$	20,000	$	22,400
Switch Ltd., 144A, 3.75%, 9/15/28		25,000		24,750
Telecom Italia Capital SA, 7.721%, 6/4/38		50,000		57,188
Telesat Canada / Telesat LLC, 144A, 6.50%, 10/15/27		25,000		19,743
T-Mobile USA, Inc.
2.625%, 4/15/26		10,000		10,006
5.375%, 4/15/27		75,000		77,805
3.50%, 4/15/31		50,000		50,875
United States Cellular Corp., 6.70%, 12/15/33		10,000		12,190
Viasat, Inc., 144A, 5.625%, 9/15/25		50,000		50,719
Vmed O2 UK Financing I PLC
144A, 4.25%, 1/31/31		25,000		24,020
144A, 4.75%, 7/15/31		20,000		19,825
Vodafone Group PLC
7.00%, 4/4/79		60,000		72,168
5.125%, 6/4/81		25,000		25,438
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28		30,000		31,305
Zayo Group Holdings, Inc., 144A, 6.125%, 3/1/28		25,000		23,469

(Cost $1,817,522)				1,797,500

Consumer, Cyclical — 19.5%
Airlines — 1.3%
American Airlines Inc/AAdvantage Loyalty IP Ltd.
144A, 5.50%, 4/20/26		60,000		61,575
144A, 5.75%, 4/20/29		50,000		52,187
American Airlines, Inc., 144A, 11.75%, 7/15/25		40,000		48,612
Delta Air Lines, Inc., 7.375%, 1/15/26		60,000		69,536
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		20,000		20,550
United Airlines Holdings, Inc., 4.875%, 1/15/25 (a)		50,000		51,254

(Cost $284,495)				303,714

Apparel — 0.7%
Hanesbrands, Inc., 144A, 4.625%, 5/15/24		42,000		43,811
William Carter Co., 144A, 5.50%, 5/15/25		115,000		119,742

(Cost $161,846)				163,553

Auto Manufacturers — 2.5%
Allison Transmission, Inc., 144A, 3.75%, 1/30/31		20,000		19,180
Aston Martin Capital Holdings Ltd., 144A, 10.50%, 11/30/25		40,000		43,400


	Principal Amount		Value
Auto Manufacturers (Continued)
Ford Motor Co.
4.346%, 12/8/26	$	100,000	$	106,250
9.625%, 4/22/30		25,000		36,406
7.45%, 7/16/31		100,000		135,000
Ford Motor Credit Co. LLC, 5.125%, 6/16/25		200,000		216,000
Mclaren Finance PLC, 144A, 7.50%, 8/1/26		25,000		25,381
PM General Purchaser LLC, 144A, 9.50%, 10/1/28		10,000		10,343

(Cost $552,330)				591,960

Auto Parts & Equipment — 1.4%
American Axle & Manufacturing, Inc., 6.50%, 4/1/27 (a)		30,000		31,200
Clarios Global LP / Clarios US Finance Co., 144A, 8.50%, 5/15/27		70,000		74,288
Cooper-Standard Automotive, Inc., 144A, 5.625%, 11/15/26		35,000		28,808
Dana, Inc., 5.375%, 11/15/27		25,000		26,187
Goodyear Tire & Rubber Co.
5.25%, 4/30/31 (a)		25,000		25,781
5.625%, 4/30/33		25,000		26,592
Real Hero Merger Sub 2, Inc., 144A, 6.25%, 2/1/29		50,000		50,313
Tenneco, Inc.
5.00%, 7/15/26 (a)		13,000		12,456
144A, 5.125%, 4/15/29		28,000		27,090
ZF North America Capital, Inc., 144A, 4.75%, 4/29/25		30,000		32,063

(Cost $326,113)				334,778

Distribution/Wholesale — 1.0%
American Builders & Contractors Supply Co., Inc., 144A, 4.00%, 1/15/28		50,000		50,687
Avient Corp., 144A, 5.75%, 5/15/25		50,000		52,015
BCPE Empire Holdings, Inc., 144A, 7.625%, 5/1/27		14,000		14,018
G-III Apparel Group Ltd., 144A, 7.875%, 8/15/25		10,000		10,663
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		46,000		45,241
Univar Solutions USA Inc., 144A, 5.125%, 12/1/27		20,000		21,000
Wolverine Escrow LLC, 144A, 9.00%, 11/15/26 (a)		48,000		45,720

(Cost $228,744)				239,344

Entertainment — 2.6%
Affinity Gaming, 144A, 6.875%, 12/15/27		25,000		25,687
Caesars Entertainment, Inc.
144A, 6.25%, 7/1/25		50,000		52,037
144A, 8.125%, 7/1/27 (a)		50,000		55,022


	Principal Amount		Value
Entertainment (Continued)
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, 5.75%, 7/1/25	$	50,000	$	52,059
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.375%, 4/15/27 (a)		50,000		51,125
Churchill Downs, Inc., 144A, 4.75%, 1/15/28		10,000		10,211
International Game Technology PLC, 144A, 6.50%, 2/15/25		65,000		70,769
Live Nation Entertainment, Inc., 144A, 6.50%, 5/15/27		25,000		27,063
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 144A, 4.875%, 5/1/29		20,000		19,869
Mohegan Gaming & Entertainment, 144A, 8.00%, 2/1/26		15,000		15,375
Peninsula Pacific Entertainment LLC / Peninsula Pacific Entertainment Finance In, 144A, 8.50%, 11/15/27		10,000		10,840
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
144A, 5.625%, 9/1/29		10,000		10,113
144A, 5.875%, 9/1/31		10,000		10,063
Resorts World Las Vegas LLC / RWLV Capital, Inc., 144A, 4.625%, 4/16/29		20,000		20,376
Scientific Games International, Inc., 144A, 8.25%, 3/15/26		75,000		79,031
Six Flags Entertainment Corp., 144A, 4.875%, 7/31/24		50,000		50,500
Speedway Motorsports LLC / Speedway Funding II, Inc., 144A, 4.875%, 11/1/27		15,000		15,356
WMG Acquisition Corp., 144A, 3.00%, 2/15/31		25,000		23,563
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 144A, 5.125%, 10/1/29		27,000		26,494

(Cost $610,629)				625,553

Food Service — 0.3%
Aramark Services, Inc., 144A, 5.00%, 4/1/25		54,000		54,877
TKC Holdings, Inc., 144A, 10.50%, 5/15/29		25,000		26,188

(Cost $81,592)				81,065

Home Builders — 1.3%
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 144A, 4.875%, 2/15/30		25,000		25,086
Empire Communities Corp., 144A, 7.00%, 12/15/25		20,000		20,555
K Hovnanian Enterprises, Inc., 144A, 10.50%, 2/15/26 (a)		25,000		26,750


	Principal Amount		Value
Home Builders (Continued)
KB Home
7.625%, 5/15/23	$	20,000	$	21,227
4.00%, 6/15/31		25,000		25,254
M/I Homes, Inc., 4.95%, 2/1/28		25,000		25,938
Mattamy Group Corp., 144A, 5.25%, 12/15/27		10,000		10,434
Meritage Homes Corp., 6.00%, 6/1/25		20,000		22,300
Picasso Finance Sub, Inc., 144A, 6.125%, 6/15/25		17,000		17,680
Shea Homes LP / Shea Homes Funding Corp., 144A, 4.75%, 2/15/28		10,000		10,037
Taylor Morrison Communities, Inc., 144A, 5.75%, 1/15/28		51,000		56,045
Toll Brothers Finance Corp., 4.875%, 3/15/27		30,000		33,638
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 5.875%, 6/15/24		20,000		21,800

(Cost $308,220)				316,744

Home Furnishings — 0.1%
Tempur Sealy International, Inc., 144A, 3.875%, 10/15/31 (Cost $30,073)		30,000		28,950

Housewares — 0.5%
Newell Brands, Inc., 4.70%, 4/1/26		80,000		85,775
Scotts Miracle-Gro Co., 144A, 4.00%, 4/1/31		20,000		19,497
SWF Escrow Issuer Corp., 144A, 6.50%, 10/1/29		10,000		9,565

(Cost $114,761)				114,837

Leisure Time — 1.6%
Carnival Corp.
144A, 5.75%, 3/1/27		66,000		64,515
144A, 9.875%, 8/1/27		15,000		16,912
144A, 4.00%, 8/1/28		30,000		29,400
Life Time, Inc., 144A, 5.75%, 1/15/26		40,000		40,500
NCL Corp. Ltd.
144A, 3.625%, 12/15/24		35,000		32,288
144A, 5.875%, 3/15/26		40,000		39,100
Royal Caribbean Cruises Ltd.
144A, 9.125%, 6/15/23		80,000		85,114
144A, 5.50%, 4/1/28		45,000		43,931
Viking Cruises Ltd., 144A, 5.875%, 9/15/27		25,000		23,438

(Cost $369,869)				375,198

Lodging — 1.6%
Boyd Gaming Corp., 144A, 4.75%, 6/15/31		10,000		9,950


	Principal Amount		Value
Lodging (Continued)
Genting New York LLC / GENNY Capital, Inc., 144A, 3.30%, 2/15/26	$	11,000	$	10,909
Hilton Domestic Operating Co., Inc.
144A, 5.75%, 5/1/28		147,000		156,462
144A, 4.00%, 5/1/31		50,000		50,141
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 144A, 5.00%, 6/1/29		20,000		19,881
Marriott Ownership Resorts, Inc., 4.75%, 1/15/28		30,000		30,150
Station Casinos LLC, 144A, 4.50%, 2/15/28		15,000		15,019
Travel + Leisure Co., 6.00%, 4/1/27		50,000		52,887
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A, 5.50%, 3/1/25		45,000		45,169

(Cost $373,767)				390,568

Retail — 4.5%
1011778 BC ULC / New Red Finance, Inc., 144A, 4.00%, 10/15/30		50,000		47,720
99 Escrow Issuer, Inc., 144A, 7.50%, 1/15/26		10,000		8,551
Asbury Automotive Group, Inc., 144A, 4.625%, 11/15/29		50,000		50,645
Bath & Body Works, Inc., 6.875%, 11/1/35		50,000		60,250
Bed Bath & Beyond, Inc., 5.165%, 8/1/44		7,000		6,177
Carvana Co., 144A, 5.875%, 10/1/28		25,000		25,187
Ferrellgas LP / Ferrellgas Finance Corp., 144A, 5.875%, 4/1/29		25,000		23,442
Golden Nugget, Inc., 144A, 6.75%, 10/15/24		50,000		50,000
GPS Hospitality Holding Co. LLC / GPS Finco, Inc., 144A, 7.00%, 8/15/28		10,000		9,000
IRB Holding Corp., 144A, 7.00%, 6/15/25		50,000		52,857
LBM Acquisition LLC, 144A, 6.25%, 1/15/29		50,000		47,875
Lithia Motors, Inc.
144A, 4.625%, 12/15/27		15,000		15,731
144A, 4.375%, 1/15/31		50,000		52,312
Macy’s Retail Holdings LLC
3.625%, 6/1/24		14,000		14,550
5.125%, 1/15/42		15,000		14,545
Michaels Cos., Inc., 144A, 7.875%, 5/1/29		45,000		44,888
Murphy Oil USA, Inc., 144A, 3.75%, 2/15/31		25,000		24,094
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		60,000		62,874


	Principal Amount		Value
Retail (Continued)
Nordstrom, Inc., 4.375%, 4/1/30	$	75,000	$	73,875
Park River Holdings, Inc.
144A, 5.625%, 2/1/29		10,000		9,475
144A, 6.75%, 8/1/29		10,000		9,950
Party City Holdings, Inc., 144A, 8.75%, 2/15/26		25,000		25,250
Penske Automotive Group, Inc., 3.50%, 9/1/25		10,000		10,194
PetSmart, Inc. / PetSmart Finance Corp., 144A, 4.75%, 2/15/28		25,000		25,288
QVC, Inc.
4.45%, 2/15/25		50,000		52,909
5.95%, 3/15/43		5,000		5,024
Sizzling Platter LLC / Sizzling Platter Finance Corp., 144A, 8.50%, 11/28/25		10,000		10,188
Specialty Building Products Holdings LLC / SBP Finance Corp., 144A, 6.375%, 9/30/26		72,000		74,160
SRS Distribution, Inc., 144A, 6.00%, 12/1/29		25,000		24,836
Staples, Inc., 144A, 7.50%, 4/15/26		70,000		69,694
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31		20,000		19,841
Yum! Brands, Inc., 144A, 4.75%, 1/15/30		50,000		52,852

(Cost $1,043,707)				1,074,234

Toys/Games/Hobbies — 0.1%
Mattel, Inc.
144A, 3.375%, 4/1/26		25,000		25,377
144A, 5.875%, 12/15/27		5,000		5,375

(Cost $31,123)				30,752

Consumer, Non-cyclical — 15.6%
Agriculture — 0.0%
Darling Ingredients, Inc., 144A, 5.25%, 4/15/27
(Cost $9,160)		9,000		9,322

Beverages — 0.1%
Triton Water Holdings, Inc., 144A, 6.25%, 4/1/29
(Cost $30,361)		30,000		29,325

Biotechnology — 0.1%
Emergent BioSolutions, Inc., 144A, 3.875%, 8/15/28 (a)
(Cost $23,636)		25,000		23,805

Commercial Services — 4.5%
Adtalem Global Education, Inc., 144A, 5.50%, 3/1/28		10,000		9,637


	Principal Amount		Value
Commercial Services (Continued)
Allied Universal Holdco LLC / Allied Universal Finance Corp.
144A, 6.625%, 7/15/26	$	50,000	$	51,750
144A, 9.75%, 7/15/27		38,000		39,947
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		20,000		19,437
AMN Healthcare, Inc., 144A, 4.625%, 10/1/27		20,000		20,650
Aptim Corp., 144A, 7.75%, 6/15/25		10,000		9,075
APX Group, Inc., 144A, 5.75%, 7/15/29		20,000		19,701
ASGN, Inc., 144A, 4.625%, 5/15/28		50,000		51,530
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144A, 5.375%, 3/1/29 (a)		49,000		50,164
Brink’s Co., 144A, 4.625%, 10/15/27		10,000		10,223
Garda World Security Corp., 144A, 4.625%, 2/15/27		10,000		9,825
Gartner, Inc., 144A, 4.50%, 7/1/28		35,000		36,507
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		30,000		31,126
IHS Markit Ltd., 4.75%, 8/1/28		50,000		58,237
Metis Merger Sub LLC, 144A, 6.50%, 5/15/29		20,000		19,600
MPH Acquisition Holdings LLC, 144A, 5.75%, 11/1/28 (a)		25,000		22,269
NESCO Holdings II, Inc., 144A, 5.50%, 4/15/29		35,000		35,602
Nielsen Finance LLC / Nielsen Finance Co.
144A, 5.625%, 10/1/28		50,000		51,125
144A, 4.75%, 7/15/31		20,000		19,400
Prime Security Services Borrower LLC / Prime Finance, Inc.
144A, 5.25%, 4/15/24		100,000		105,000
144A, 5.75%, 4/15/26		30,000		31,875
144A, 3.375%, 8/31/27		20,000		18,975
144A, 6.25%, 1/15/28		25,000		25,469
RR Donnelley & Sons Co., 144A, 8.50%, 4/15/29		25,000		37,374
Sabre GLBL, Inc., 144A, 7.375%, 9/1/25		50,000		52,000
Service Corp. International, 5.125%, 6/1/29		50,000		53,437
Square, Inc., 144A, 3.50%, 6/1/31		30,000		30,488
United Rentals North America, Inc.
4.875%, 1/15/28		100,000		104,609
5.25%, 1/15/30		15,000		16,234
WASH Multifamily Acquisition, Inc., 144A, 5.75%, 4/15/26		27,000		27,810

(Cost $1,056,697)				1,069,076


	Principal Amount		Value
Cosmetics/Personal Care — 0.4%
Coty, Inc., 144A, 6.50%, 4/15/26	$	25,000	$	25,670
Edgewell Personal Care Co.
144A, 5.50%, 6/1/28		60,000		62,550
144A, 4.125%, 4/1/29		10,000		9,863

(Cost $96,059)				98,083

Food — 2.5%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC
144A, 5.875%, 2/15/28		73,000		76,932
144A, 3.50%, 3/15/29		20,000		19,864
B&G Foods, Inc., 5.25%, 4/1/25 (a)		34,000		34,552
Kraft Heinz Foods Co.
3.00%, 6/1/26		15,000		15,562
4.25%, 3/1/31		15,000		17,250
5.00%, 7/15/35		10,000		12,322
5.20%, 7/15/45		45,000		57,324
4.375%, 6/1/46		55,000		63,816
4.875%, 10/1/49		50,000		62,500
5.50%, 6/1/50		25,000		33,969
Lamb Weston Holdings, Inc., 144A, 4.125%, 1/31/30		40,000		39,813
Performance Food Group, Inc., 144A, 5.50%, 10/15/27		30,000		30,994
Post Holdings, Inc.
144A, 4.625%, 4/15/30		50,000		49,609
144A, 4.50%, 9/15/31		20,000		19,325
Safeway, Inc., 7.25%, 2/1/31		10,000		11,825
TreeHouse Foods, Inc., 4.00%, 9/1/28 (a)		10,000		9,495
United Natural Foods, Inc., 144A, 6.75%, 10/15/28		10,000		10,763
US Foods, Inc., 144A, 4.75%, 2/15/29		39,000		39,679

(Cost $594,550)				605,594

Healthcare-Products — 1.2%
Avantor Funding, Inc., 144A, 4.625%, 7/15/28		81,000		84,033
Hill-Rom Holdings, Inc., 144A, 4.375%, 9/15/27		25,000		25,961
Hologic, Inc., 144A, 3.25%, 2/15/29		30,000		29,625
Mozart Debt Merger Sub, Inc.
144A, 3.875%, 4/1/29		70,000		69,300
144A, 5.25%, 10/1/29 (a)		40,000		40,100
Teleflex, Inc., 4.625%, 11/15/27		25,000		25,969

(Cost $276,164)				274,988

Healthcare-Services — 4.5%
Akumin, Inc., 144A, 7.00%, 11/1/25		16,000		15,080
Catalent Pharma Solutions, Inc., 144A, 5.00%, 7/15/27		35,000		36,181


	Principal Amount		Value
Healthcare-Services (Continued)
Centene Corp.
4.625%, 12/15/29	$	100,000	$	106,785
3.00%, 10/15/30		21,000		20,974
2.50%, 3/1/31		35,000		33,512
Charles River Laboratories International, Inc., 144A, 4.00%, 3/15/31		25,000		25,219
CHS/Community Health Systems, Inc.
144A, 6.875%, 4/1/28		15,000		14,250
144A, 6.875%, 4/15/29		40,000		39,400
144A, 4.75%, 2/15/31		25,000		24,633
DaVita, Inc.
144A, 4.625%, 6/1/30		50,000		49,437
144A, 3.75%, 2/15/31		25,000		23,375
Encompass Health Corp., 4.75%, 2/1/30		35,000		35,481
Envision Healthcare Corp., 144A, 8.75%, 10/15/26		20,000		12,437
Global Medical Response, Inc., 144A, 6.50%, 10/1/25		10,000		10,056
HCA, Inc.
7.69%, 6/15/25		100,000		117,350
7.50%, 11/6/33		50,000		71,500
Molina Healthcare, Inc.
144A, 4.375%, 6/15/28		20,000		20,338
144A, 3.875%, 11/15/30		10,000		10,075
Prime Healthcare Services, Inc., 144A, 7.25%, 11/1/25		25,000		26,380
Radiology Partners, Inc., 144A, 9.25%, 2/1/28		10,000		10,238
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		50,000		52,312
Select Medical Corp., 144A, 6.25%, 8/15/26		30,000		31,538
Surgery Center Holdings, Inc., 144A, 6.75%, 7/1/25 (a)		20,000		20,250
Tenet Healthcare Corp.
144A, 4.875%, 1/1/26		100,000		102,625
144A, 6.25%, 2/1/27		110,000		114,400
144A, 6.125%, 10/1/28		30,000		30,825
US Renal Care, Inc., 144A, 10.625%, 7/15/27		25,000		25,745

(Cost $1,079,076)				1,080,396

Household Products/Wares — 0.2%
ACCO Brands Corp., 144A, 4.25%, 3/15/29 (a)		10,000		9,838
Central Garden & Pet Co., 4.125%, 10/15/30 (a)		10,000		10,000
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 144A, 7.00%, 12/31/27		15,000		14,538

(Cost $35,832)				34,376

Pharmaceuticals — 2.1%
AdaptHealth LLC, 144A, 5.125%, 3/1/30		20,000		19,800


	Principal Amount		Value
Pharmaceuticals (Continued)
Bausch Health Americas, Inc., 144A, 9.25%, 4/1/26	$	30,000	$	31,463
Bausch Health Cos., Inc.
144A, 6.125%, 4/15/25		27,000		27,473
144A, 7.00%, 1/15/28		72,000		69,750
144A, 5.00%, 1/30/28		20,000		17,825
144A, 5.25%, 2/15/31		25,000		21,547
Elanco Animal Health, Inc.
5.272%, 8/28/23		18,000		19,102
5.90%, 8/28/28		20,000		22,875
Endo Dac / Endo Finance LLC / Endo Finco, Inc., 144A, 9.50%, 7/31/27 (a)		20,000		20,221
Endo Luxembourg Finance Co I Sarl / Endo US, Inc., 144A, 6.125%, 4/1/29		24,000		23,460
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25		60,000		63,376
Lannett Co., Inc., 144A, 7.75%, 4/15/26 (a)		20,000		15,300
Organon & Co. / Organon Foreign Debt Co.-Issuer BV
144A, 4.125%, 4/30/28		15,000		14,981
144A, 5.125%, 4/30/31 (a)		30,000		30,675
P&L Development LLC / PLD Finance Corp., 144A, 7.75%, 11/15/25		30,000		30,450
Par Pharmaceutical, Inc., 144A, 7.50%, 4/1/27		15,000		15,206
Prestige Brands, Inc.
144A, 5.125%, 1/15/28		30,000		31,200
144A, 3.75%, 4/1/31		30,000		28,706

(Cost $523,274)				503,410

Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Stena International SA, 144A, 6.125%, 2/1/25
(Cost $14,994)		15,000		15,450

Energy — 13.4%
Energy-Alternate Sources — 0.2%
Atlantica Sustainable Infrastructure PLC, 144A, 4.125%, 6/15/28		10,000		10,056
TerraForm Power Operating LLC, 144A, 5.00%, 1/31/28		43,000		45,096

(Cost $56,592)				55,152

Oil & Gas — 6.1%
Antero Resources Corp., 144A, 7.625%, 2/1/29		40,000		44,044
Apache Corp., 5.10%, 9/1/40		75,000		81,649
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144A, 7.00%, 11/1/26		25,000		25,500


	Principal Amount		Value
Oil & Gas (Continued)
Callon Petroleum Co.
6.125%, 10/1/24	$	25,000	$	24,250
144A, 8.00%, 8/1/28 (a)		10,000		9,850
CNX Resources Corp., 144A, 7.25%, 3/14/27		20,000		21,200
Colgate Energy Partners III LLC, 144A, 5.875%, 7/1/29		10,000		9,950
Comstock Resources, Inc., 144A, 6.75%, 3/1/29		45,000		46,969
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25		35,000		35,437
CVR Energy, Inc., 144A, 5.25%, 2/15/25		60,000		57,756
Encino Acquisition Partners Holdings LLC, 144A, 8.50%, 5/1/28		20,000		20,325
Endeavor Energy Resources LP / EER Finance, Inc., 144A, 5.75%, 1/30/28		20,000		20,850
Ensign Drilling, Inc., 144A, 9.25%, 4/15/24		10,000		9,900
EQT Corp., 6.625%, 2/1/25		150,000		167,250
Gulfport Energy Operating Corp., 8.00%, 5/17/26		20,000		22,138
Hilcorp Energy I LP / Hilcorp Finance Co., 144A, 5.75%, 2/1/29		50,000		49,862
Laredo Petroleum, Inc., 9.50%, 1/15/25		40,000		40,100
Matador Resources Co., 5.875%, 9/15/26		30,000		30,630
Moss Creek Resources Holdings, Inc., 144A, 7.50%, 1/15/26		30,000		26,568
Murphy Oil Corp.
5.75%, 8/15/25		50,000		51,234
6.375%, 12/1/42		15,000		14,944
Nabors Industries Ltd., 144A, 7.25%, 1/15/26		35,000		30,450
Nabors Industries, Inc., 144A, 7.375%, 5/15/27		20,000		19,627
Parkland Corp.
144A, 5.875%, 7/15/27		10,000		10,525
144A, 4.625%, 5/1/30		25,000		24,537
Patterson-UTI Energy, Inc.
3.95%, 2/1/28		10,000		9,891
5.15%, 11/15/29		10,000		10,390
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28		40,000		24,100
Precision Drilling Corp., 144A, 7.125%, 1/15/26 (a)		20,000		20,200
Range Resources Corp.
4.875%, 5/15/25		50,000		51,437
9.25%, 2/1/26		50,000		53,725
SM Energy Co.
144A, 10.00%, 1/15/25		100,000		109,750
6.50%, 7/15/28		20,000		20,500


	Principal Amount		Value
Oil & Gas (Continued)
Southwestern Energy Co.
6.45%, 1/23/25	$	60,000	$	65,550
5.375%, 3/15/30		30,000		31,238
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/27		30,000		31,200
Transocean Guardian Ltd., 144A, 5.875%, 1/15/24		67,000		63,650
Transocean, Inc.
144A, 7.50%, 1/15/26		25,000		18,193
144A, 11.50%, 1/30/27		15,000		14,175
144A, 8.00%, 2/1/27		10,000		6,925
6.80%, 3/15/38		15,000		7,816
Viper Energy Partners LP, 144A, 5.375%, 11/1/27		25,000		25,813

(Cost $1,367,765)				1,460,098

Oil & Gas Services — 1.3%
Archrock Partners LP / Archrock Partners Finance Corp., 144A, 6.25%, 4/1/28		30,000		30,823
CGG SA, 144A, 8.75%, 4/1/27 (a)		13,000		12,935
CSI Compressco LP / CSI Compressco Finance, Inc., 144A, 7.50%, 4/1/25		10,000		10,150
Exterran Energy Solutions LP / EES Finance Corp., 8.125%, 5/1/25		10,000		9,288
Oceaneering International, Inc., 4.65%, 11/15/24		74,000		75,110
Transocean Proteus Ltd., 144A, 6.25%, 12/1/24		13,750		13,836
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 4/1/26		50,000		51,363
Weatherford International Ltd.
144A, 11.00%, 12/1/24		28,000		29,120
144A, 8.625%, 4/30/30		40,000		39,500
Welltec A/S, 144A, 9.50%, 12/1/22		30,000		30,318

(Cost $289,197)				302,443

Pipelines — 5.8%
Antero Midstream Partners LP / Antero Midstream Finance Corp., 144A, 5.75%, 1/15/28		50,000		51,630
Buckeye Partners LP, 144A, 4.50%, 3/1/28		50,000		49,062
Cheniere Energy Partners LP, 4.50%, 10/1/29		50,000		52,687
Cheniere Energy, Inc., 4.625%, 10/15/28		50,000		51,750
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A, 5.50%, 6/15/31		30,000		30,456
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25		100,000		101,030


	Principal Amount		Value
Pipelines (Continued)
DCP Midstream Operating LP
5.375%, 7/15/25	$	50,000	$	53,637
5.125%, 5/15/29		15,000		16,687
144A, 6.75%, 9/15/37		25,000		33,656
DT Midstream, Inc., 144A, 4.375%, 6/15/31		50,000		49,935
EnLink Midstream LLC, 5.375%, 6/1/29		25,000		25,250
EnLink Midstream Partners LP
4.15%, 6/1/25		30,000		31,050
5.60%, 4/1/44		25,000		24,008
EQM Midstream Partners LP
4.75%, 7/15/23		34,000		35,445
5.50%, 7/15/28		25,000		26,625
144A, 4.75%, 1/15/31		25,000		25,312
6.50%, 7/15/48		10,000		11,706
Genesis Energy LP / Genesis Energy Finance Corp.
8.00%, 1/15/27		30,000		30,000
7.75%, 2/1/28		25,000		24,563
Global Partners LP / GLP Finance Corp., 7.00%, 8/1/27		15,000		15,525
Hess Midstream Operations LP, 144A, 5.625%, 2/15/26		50,000		51,675
Holly Energy Partners LP / Holly Energy Finance Corp., 144A, 5.00%, 2/1/28		25,000		25,003
ITT Holdings LLC, 144A, 6.50%, 8/1/29		20,000		19,453
New Fortress Energy, Inc.
144A, 6.75%, 9/15/25		25,000		24,094
144A, 6.50%, 9/30/26		25,000		23,563
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 7.50%, 2/1/26		40,000		40,072
NGL Energy Partners LP / NGL Energy Finance Corp., 7.50%, 11/1/23 (a)		20,000		19,275
NuStar Logistics LP, 5.625%, 4/28/27		50,000		51,500
Rockies Express Pipeline LLC, 144A, 4.95%, 7/15/29		35,000		36,552
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, 8.50%, 10/15/26		25,000		25,156
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 144A, 6.00%, 12/31/30		20,000		19,769
Targa Resources Partners LP / Targa Resources Partners Finance Corp.
6.50%, 7/15/27		100,000		106,650
144A, 4.00%, 1/15/32		25,000		25,922
Venture Global Calcasieu Pass LLC
144A, 3.875%, 8/15/29		30,000		30,143
144A, 4.125%, 8/15/31		30,000		30,713
Western Midstream Operating LP
5.30%, 2/1/30		50,000		54,125
5.45%, 4/1/44		25,000		29,281


	Principal Amount		Value
Pipelines (Continued)
5.30%, 3/1/48	$	25,000	$	29,188
6.50%, 2/1/50		15,000		17,193

(Cost $1,318,112)				1,399,341

Financial — 12.6%
Banks — 1.9%
CIT Group, Inc. 5.00%, 8/1/23		50,000		53,000
6.125%, 3/9/28		25,000		29,532
Deutsche Bank AG, 4.50%, 4/1/25 (c)		125,000		133,998
Freedom Mortgage Corp. 144A, 8.25%, 4/15/25 (a)		44,000		43,945
144A, 7.625%, 5/1/26		15,000		14,424
Intesa Sanpaolo SpA 144A, 5.71%, 1/15/26		40,000		44,484
144A, 4.198%, 6/1/32		25,000		25,158
Popular, Inc., 6.125%, 9/14/23		50,000		53,407
UniCredit SpA, 144A, 5.459%, 6/30/35		37,000		40,322

(Cost $427,976)				438,270

Diversified Financial Services — 3.6%
AerCap Holdings NV, 5.875%, 10/10/79 (a)		10,000		10,286
Ally Financial, Inc., 5.75%, 11/20/25		50,000		56,711
Asteroid Private Merger Sub, Inc., 144A, 8.50%, 11/15/29		25,000		25,781
Cobra AcquisitionCo LLC, 144A, 6.375%, 11/1/29		25,000		24,781
Coinbase Global, Inc. 144A, 3.375%, 10/1/28		25,000		23,469
144A, 3.625%, 10/1/31		25,000		23,172
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28		20,000		20,050
Enact Holdings, Inc., 144A, 6.50%, 8/15/25		20,000		21,825
Global Aircraft Leasing Co. Ltd., 144A, 6.50%, 9/15/24, 6.50% Cash or 7.25% PIK, PIK		71,965		69,806
Home Point Capital, Inc., 144A, 5.00%, 2/1/26 (a)		20,000		18,606
LD Holdings Group LLC 144A, 6.50%, 11/1/25		5,000		4,805
144A, 6.125%, 4/1/28 (a)		5,000		4,602
LPL Holdings, Inc., 144A, 4.00%, 3/15/29		25,000		25,250
Midcap Financial Issuer Trust, 144A, 6.50%, 5/1/28		20,000		20,577
Nationstar Mortgage Holdings, Inc., 144A, 5.50%, 8/15/28		56,000		56,114
Navient Corp. 5.50%, 1/25/23		50,000		51,906
MTN, 5.625%, 8/1/33		25,000		23,353


	Principal Amount		Value
Diversified Financial Services (Continued)
NFP Corp. 144A, 4.875%, 8/15/28	$	20,000	$	19,700
144A, 6.875%, 8/15/28		30,000		29,737
OneMain Finance Corp. 6.875%, 3/15/25		120,000		132,150
7.125%, 3/15/26		45,000		50,667
PennyMac Financial Services, Inc., 144A, 4.25%, 2/15/29		30,000		27,788
PHH Mortgage Corp., 144A, 7.875%, 3/15/26 (a)		20,000		20,700
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 144A, 3.875%, 3/1/31		40,000		39,512
StoneX Group, Inc., 144A, 8.625%, 6/15/25		10,000		10,600
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		10,000		9,925
144A, 5.75%, 6/15/27		10,000		9,864
144A, 5.50%, 4/15/29		15,000		14,306
VistaJet Malta Finance PLC / XO Management Holding, Inc., 144A, 10.50%, 6/1/24		15,000		16,125

(Cost $836,361)				862,168

Insurance — 1.6%
Acrisure LLC / Acrisure Finance, Inc. 144A, 7.00%, 11/15/25		35,000		34,912
144A, 4.25%, 2/15/29		36,000		33,860
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A, 6.75%, 10/15/27		41,000		41,615
AmWINS Group, Inc., 144A, 4.875%, 6/30/29		15,000		14,812
AssuredPartners, Inc., 144A, 5.625%, 1/15/29		20,000		19,350
Genworth Holdings, Inc., 4.80%, 2/15/24 (a)		50,000		52,100
Global Atlantic Fin Co., 144A, 4.70%, 10/15/51		15,000		15,207
HUB International Ltd., 144A, 7.00%, 5/1/26		80,000		82,000
Liberty Mutual Group, Inc. 144A, 7.80%, 3/15/37		10,000		14,027
144A, 4.125%, 12/15/51		30,000		29,978
144A, 4.30%, 2/1/61		10,000		9,350
MBIA, Inc., 5.70%, 12/1/34		10,000		9,938
Radian Group, Inc., 6.625%, 3/15/25		25,000		27,406

(Cost $378,471)				384,555

Real Estate — 0.9%
Cushman & Wakefield US Borrower LLC, 144A, 6.75%, 5/15/28		20,000		21,600
Howard Hughes Corp. 144A, 5.375%, 8/1/28		35,000		36,601
144A, 4.375%, 2/1/31		10,000		9,913


	Principal Amount		Value
Real Estate (Continued)
Hunt Cos., Inc., 144A, 5.25%, 4/15/29	$	25,000	$	24,312
Kennedy-Wilson, Inc. 4.75%, 3/1/29		15,000		15,195
5.00%, 3/1/31		10,000		10,225
Newmark Group, Inc., 6.125%, 11/15/23		10,000		10,663
Realogy Group LLC / Realogy Co.-Issuer Corp. 144A, 9.375%, 4/1/27		75,000		81,196
144A, 5.75%, 1/15/29		15,000		15,206

(Cost $223,837)				224,911

Real Estate Investment Trusts — 3.9%
American Finance Trust, Inc. / American Finance Operating Partner LP, 144A, 4.50%, 9/30/28		20,000		19,794
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144A, 5.75%, 5/15/26 (a)		45,000		46,462
Diversified Healthcare Trust, 4.375%, 3/1/31		15,000		14,194
HAT Holdings I LLC / HAT Holdings II LLC, 144A, 3.75%, 9/15/30		25,000		24,570
Iron Mountain, Inc. 144A, 4.875%, 9/15/27		75,000		76,125
144A, 4.50%, 2/15/31		50,000		49,125
iStar, Inc., 4.75%, 10/1/24		25,000		25,934
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A, 4.25%, 2/1/27		45,000		44,959
MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer, Inc. 144A, 4.625%, 6/15/25		72,000		77,220
5.75%, 2/1/27		100,000		113,000
MPT Operating Partnership LP / MPT Finance Corp. 5.00%, 10/15/27		50,000		52,462
3.50%, 3/15/31		25,000		24,781
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 144A, 4.875%, 5/15/29		10,000		10,013
RHP Hotel Properties LP / RHP Finance Corp., 144A, 4.50%, 2/15/29		20,000		19,550
SBA Communications Corp. 3.875%, 2/15/27		50,000		51,234
144A, 3.125%, 2/1/29		40,000		38,100
Service Properties Trust 7.50%, 9/15/25		40,000		42,550
4.95%, 2/15/27		25,000		23,975
4.95%, 10/1/29		25,000		23,384
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, 7.875%, 2/15/25		50,000		52,413


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 144A, 6.50%, 2/15/29	$	36,000	$	34,560
VICI Properties LP / VICI Note Co., Inc. 144A, 3.50%, 2/15/25		15,000		15,225
144A, 4.25%, 12/1/26		50,000		51,688

(Cost $904,199)				931,318

Venture Capital — 0.7%
Compass Group Diversified Holdings LLC, 144A, 5.25%, 4/15/29		58,000		59,885
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 6.25%, 5/15/26		50,000		51,625
5.25%, 5/15/27		45,000		45,813

(Cost $159,017)				157,323

Industrial — 9.9%
Aerospace/Defense — 2.3%
Bombardier, Inc. 144A, 7.50%, 12/1/24		71,000		73,840
144A, 7.125%, 6/15/26		25,000		25,875
144A, 7.875%, 4/15/27 (a)		65,000		67,112
Howmet Aerospace, Inc. 5.125%, 10/1/24		86,000		92,496
6.875%, 5/1/25		20,000		22,900
5.95%, 2/1/37		25,000		29,281
Spirit AeroSystems, Inc. 144A, 7.50%, 4/15/25		50,000		52,563
4.60%, 6/15/28		25,000		23,750
TransDigm, Inc. 144A, 6.25%, 3/15/26		27,000		28,148
7.50%, 3/15/27		50,000		52,250
4.875%, 5/1/29		35,000		34,133
Triumph Group, Inc., 144A, 6.25%, 9/15/24		50,000		50,375

(Cost $529,556)				552,723

Building Materials — 0.7%
Builders FirstSource, Inc., 144A, 5.00%, 3/1/30		25,000		26,624
Standard Industries, Inc. 144A, 4.75%, 1/15/28		70,000		70,700
144A, 4.375%, 7/15/30		17,000		16,809
144A, 3.375%, 1/15/31		17,000		15,750
Summit Materials LLC / Summit Materials Finance Corp., 144A, 5.25%, 1/15/29		27,000		28,276
Victors Merger Corp., 144A, 6.375%, 5/15/29		10,000		9,375

(Cost $167,019)				167,534

Electrical Components & Equipment — 0.6%
EnerSys, 144A, 5.00%, 4/30/23		50,000		51,750


	Principal Amount		Value
Electrical Components & Equipment (Continued)
WESCO Distribution, Inc. 144A, 7.125%, 6/15/25	$	50,000	$	52,875
144A, 7.25%, 6/15/28		40,000		43,500

(Cost $145,578)				148,125

Electronics — 0.8%
Imola Merger Corp., 144A, 4.75%, 5/15/29		49,000		49,297
Sensata Technologies BV, 144A, 5.625%, 11/1/24		100,000		109,875
Sensata Technologies, Inc., 144A, 3.75%, 2/15/31		20,000		19,813

(Cost $175,963)				178,985

Engineering & Construction — 0.7%
AECOM, 5.125%, 3/15/27		35,000		37,627
Artera Services LLC, 144A, 9.033%, 12/4/25		15,000		15,131
Brand Industrial Services, Inc., 144A, 8.50%, 7/15/25		55,000		54,450
Cellnex Finance Co. SA, 144A, 3.875%, 7/7/41		20,000		19,547
MasTec, Inc., 144A, 4.50%, 8/15/28		10,000		10,287
Tutor Perini Corp., 144A, 6.875%, 5/1/25 (a)		30,000		30,155

(Cost $162,553)				167,197

Environmental Control — 0.9%
Clean Harbors, Inc., 144A, 5.125%, 7/15/29		5,000		5,328
Covanta Holding Corp., 6.00%, 1/1/27		50,000		51,795
GFL Environmental, Inc. 144A, 3.75%, 8/1/25		50,000		50,875
144A, 4.00%, 8/1/28 (a)		20,000		19,400
144A, 3.50%, 9/1/28		10,000		9,737
144A, 4.75%, 6/15/29		25,000		25,000
Madison IAQ LLC, 144A, 5.875%, 6/30/29		50,000		48,152

(Cost $211,460)				210,287

Machinery-Construction & Mining — 0.1%
Terex Corp., 144A, 5.00%, 5/15/29
(Cost $20,432)		20,000		20,405

Machinery-Diversified — 0.2%
Titan Acquisition Ltd. / Titan Co-Borrower LLC, 144A, 7.75%, 4/15/26
(Cost $47,670)		50,000		50,187

Miscellaneous Manufacturing — 0.2%
FXI Holdings, Inc., 144A, 12.25%, 11/15/26		25,000		28,094
Hillenbrand, Inc., 5.75%, 6/15/25		15,000		15,698

(Cost $37,744)				43,792


	Principal Amount		Value
Packaging & Containers — 2.9%
ARD Finance SA, 144A, 6.50%, 6/30/27, 6.50% Cash or 7.25% PIK, PIK	$	80,000	$	82,800
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 144A, 4.00%, 9/1/29		10,000		9,728
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144A, 4.125%, 8/15/26		25,000		25,312
Ball Corp. 5.25%, 7/1/25		20,000		21,975
4.875%, 3/15/26		76,000		82,792
2.875%, 8/15/30		30,000		28,524
Berry Global, Inc., 144A, 5.625%, 7/15/27		39,000		40,463
Crown Americas LLC / Crown Americas Capital Corp. V, 4.25%, 9/30/26		30,000		31,650
Graham Packaging Co., Inc., 144A, 7.125%, 8/15/28		25,000		25,500
Graphic Packaging International LLC 4.125%, 8/15/24		46,000		48,415
144A, 3.50%, 3/1/29		10,000		9,887
Intelligent Packaging Ltd Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC, 144A, 6.00%, 9/15/28		10,000		10,150
Intertape Polymer Group, Inc., 144A, 4.375%, 6/15/29		20,000		19,975
LABL, Inc. 144A, 10.50%, 7/15/27		50,000		52,063
144A, 5.875%, 11/1/28		25,000		24,926
Mauser Packaging Solutions Holding Co., 144A, 7.25%, 4/15/25 (a)		35,000		34,475
Owens-Brockway Glass Container, Inc., 144A, 5.875%, 8/15/23		36,000		37,620
Sealed Air Corp., 144A, 5.50%, 9/15/25		57,000		62,629
Trivium Packaging Finance BV, 144A, 5.50%, 8/15/26		50,000		52,000

(Cost $695,740)				700,884

Transportation — 0.4%
Altera Infrastructure LP/Teekay Offshore Finance Corp., 144A, 8.50%, 7/15/23		10,000		5,550
First Student Bidco, Inc. / First Transit Parent, Inc., 144A, 4.00%, 7/31/29		25,000		23,809
Navios South American Logistics, Inc. / Navios Logistics Finance US, Inc., 144A, 10.75%, 7/1/25		10,000		10,606
Watco Cos. LLC / Watco Finance Corp., 144A, 6.50%, 6/15/27		35,000		36,925
XPO Logistics, Inc., 144A, 6.25%, 5/1/25		25,000		26,130

(Cost $108,397)				103,020


	Principal Amount		Value
Trucking & Leasing — 0.1%
Fortress Transportation and Infrastructure Investors LLC, 144A, 5.50%, 5/1/28
(Cost $18,578)	$	18,000	$	17,685

Technology — 3.7%
Computers — 1.1%
Booz Allen Hamilton, Inc., 144A, 3.875%, 9/1/28		40,000		40,301
Diebold Nixdorf, Inc., 144A, 9.375%, 7/15/25		10,000		10,600
Exela Intermediate LLC / Exela Finance, Inc., 144A, 10.00%, 7/15/23		10,000		8,250
NCR Corp., 144A, 6.125%, 9/1/29		25,000		26,578
Presidio Holdings, Inc., 144A, 8.25%, 2/1/28		25,000		26,125
Seagate HDD Cayman 4.875%, 6/1/27		10,000		10,912
4.091%, 6/1/29		60,000		61,698
144A, 3.375%, 7/15/31		5,000		4,738
Vericast Corp., 144A, 11.00%, 9/15/26		20,000		21,000
Western Digital Corp., 4.75%, 2/15/26		50,000		54,083

(Cost $256,412)				264,285

Office/Business Equipment — 0.4%
Pitney Bowes, Inc. 4.625%, 3/15/24		10,000		10,275
144A, 6.875%, 3/15/27		12,000		12,375
Xerox Corp. 4.375%, 3/15/23		25,000		25,687
6.75%, 12/15/39		27,000		29,464
Xerox Holdings Corp., 144A, 5.50%, 8/15/28 (a)		25,000		25,188

(Cost $102,004)				102,989

Semiconductors — 0.2%
Amkor Technology, Inc., 144A, 6.625%, 9/15/27		15,000		15,844
Entegris, Inc., 144A, 4.375%, 4/15/28		10,000		10,237
ON Semiconductor Corp., 144A, 3.875%, 9/1/28		15,000		15,356

(Cost $41,619)				41,437

Software — 2.0%
Black Knight InfoServ LLC, 144A, 3.625%, 9/1/28		12,000		11,700
Camelot Finance SA, 144A, 4.50%, 11/1/26		15,000		15,544
CDK Global, Inc., 144A, 5.25%, 5/15/29		25,000		26,531
Clarivate Science Holdings Corp., 144A, 4.875%, 7/1/29		38,000		37,335
Fair Isaac Corp., 144A, 4.00%, 6/15/28		20,000		20,075


	Principal Amount		Value
Software (Continued)
MSCI, Inc. 144A, 4.00%, 11/15/29	$	50,000	$	51,890
144A, 3.625%, 11/1/31		25,000		25,489
Open Text Corp., 144A, 3.875%, 12/1/29		25,000		24,883
Open Text Holdings, Inc., 144A, 4.125%, 2/15/30		30,000		29,813
PTC, Inc., 144A, 3.625%, 2/15/25		25,000		25,281
Rackspace Technology Global, Inc., 144A, 5.375%, 12/1/28 (a)		50,000		48,250
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		50,000		52,125
Twilio, Inc., 3.875%, 3/15/31		33,000		32,835
Veritas US, Inc. / Veritas Bermuda Ltd., 144A, 7.50%, 9/1/25		70,000		72,692
Ziff Davis, Inc., 144A, 4.625%, 10/15/30		14,000		14,140

(Cost $497,623)				488,583

Utilities — 1.5%
Electric — 1.3%
Calpine Corp.
144A, 5.25%, 6/1/26		45,000		46,055
144A, 5.00%, 2/1/31		25,000		24,129
144A, 3.75%, 3/1/31		20,000		19,150
Clearway Energy Operating LLC, 144A, 4.75%, 3/15/28		50,000		52,687
Edison International, Series A, 5.375%, Perpetual (b)		43,000		44,320
NextEra Energy Operating Partners LP, 144A, 4.50%, 9/15/27		50,000		53,063
Pattern Energy Operations LP / Pattern Energy Operations, Inc., 144A, 4.50%, 8/15/28		20,000		20,400
PG&E Corp. 5.00%, 7/1/28 (a)		20,000		20,700
5.25%, 7/1/30		20,000		20,650
Pike Corp., 144A, 5.50%, 9/1/28		10,000		10,075

(Cost $308,749)				311,229

Gas — 0.2%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.625%, 5/20/24
(Cost $53,356)		50,000		53,563

TOTAL CORPORATE BONDS
(Cost $23,197,395)				23,623,214


	Number of Shares
SECURITIES LENDING COLLATERAL — 1.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (d)(e) (Cost $268,412)		268,412		268,412

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2021 is as follows:


	Principal Amount		Value
MUNICIPAL BONDS — 98.2%
Alabama — 0.3%
Alabama Federal Aid Highway Finance Authority, Government FD/ Grant Revenue, Series A, 5.00%, 6/1/37	$	200,000	$	248,320
Lower Alabama Gas District, Natural Gas Revenue, Series A, 5.00%, 9/1/31		160,000		205,325

(Cost $416,972)				453,645

Arizona — 1.6%
City of Mesa AZ Utility System Revenue, Multiple Utility Revenue, Series A, 5.00%, 7/1/43		500,000		626,717
Salt River Project Agricultural Improvement & Power District, Electric, Power & Light Revenue, Series A, 5.00%, 1/1/33		35,000		43,413
Series A, 5.00%, 1/1/38		450,000		538,528
Series A, 5.00%, 1/1/39		500,000		615,909
Series A, 5.00%, 1/1/47		500,000		634,813

(Cost $2,313,636)				2,459,380

California — 19.7%
Alameda Corridor Transportation Authority,Transit Revenue, Series B, 5.00%, 10/1/35		165,000		194,260
Bay Area Toll Authority, Highway Revenue Tolls, 3.25%, 4/1/36		260,000		280,282
Series S-7, 4.00%, 4/1/37		65,000		75,307
4.00%, 4/1/38		25,000		28,944
Series 7, 4.00%, 4/1/42		250,000		288,536
Sub-Series S-H, 5.00%, 4/1/44		490,000		611,504
4.00%, 4/1/47		255,000		292,589
4.00%, 4/1/49		25,000		28,650
Sub-Series S-8, 3.00%, 4/1/54		300,000		316,885
Series F-1, 4.00%, 4/1/56		200,000		229,466
Series F-1, 5.00%, 4/1/56		100,000		122,755
Sub-Series S-8, 5.00%, 4/1/56		900,000		1,124,880
City of Long Beach CA Harbor Revenue, Private Airport & Marina Revenue, Series C, 5.00%, 5/15/47		30,000		36,095
City of Los Angeles Department of Airports, Private Airport & Marina Revenue, Series A, 5.00%, 5/15/34		40,000		51,886
Series A, 5.00%, 5/15/36		35,000		45,298
5.00%, 5/15/37		30,000		38,773
Series A, 5.00%, 5/15/38		235,000		303,428
5.00%, 5/15/39		40,000		51,623
5.00%, 5/15/40		55,000		70,871
Series D, AMT, 5.00%, 5/15/43		125,000		154,188
Series A, AMT, 4.00%, 5/15/44		1,225,000		1,409,838
Series C, AMT, 5.00%, 5/15/44		200,000		242,828
Series A, AMT, 5.00%, 5/15/46		250,000		317,099
Series A, AMT, 5.00%, 5/15/47		100,000		119,639
Series B, 5.00%, 5/15/48		250,000		321,937


	Principal Amount		Value
California (Continued)
Series F, AMT, 3.00%, 5/15/49	$	330,000	$	346,272
Series F, AMT, 4.00%, 5/15/49		500,000		572,013
Series D, AMT, 5.00%, 5/15/49		100,000		122,458
Series C, AMT, 4.00%, 5/15/50		500,000		578,253
City of Sacramento CA Transient Occupancy Tax Revenue, Hotel Occupancy Tax, Series A, 5.00%, 6/1/48		25,000		29,627
City of San Francisco CA Public Utilities Commission Water Revenue, Water Revenue, Series D, 5.00%, 11/1/32		150,000		185,297
Series D, 3.00%, 11/1/50		340,000		365,615
Series C, 4.00%, 11/1/50		1,000,000		1,194,048
East Bay Municipal Utility District Water System Revenue, Water Revenue, Series A, 5.00%, 6/1/45		100,000		122,055
Los Angeles County Metropolitan Transportation Authority, Sales Tax Revenue, Series A, 5.00%, 6/1/33		100,000		122,416
Series A, 5.00%, 6/1/33		25,000		33,044
Series A, 5.00%, 6/1/34		155,000		204,494
Series A, 5.00%, 6/1/35		25,000		32,904
Series A, 5.00%, 6/1/37		375,000		491,464
Series A, 5.00%, 7/1/42		225,000		273,567
Series A, 5.00%, 7/1/44		175,000		218,269
Los Angeles County Sanitation Districts Financing Authority, Sewer Revenue, Series A, 4.00%, 10/1/42		100,000		109,495
Los Angeles Department of Water & Power Power System Revenue, Electric, Power & Light Revenue, Series D, 5.00%, 7/1/32		50,000		64,640
Series D, 5.00%, 7/1/34		30,000		37,640
Series D, 5.00%, 7/1/35		130,000		162,896
Series B, 5.00%, 7/1/39		100,000		130,289
Series B, 5.00%, 7/1/40		260,000		338,188
Series A, 5.00%, 7/1/42		500,000		599,436
Series C, 5.00%, 7/1/42		120,000		146,194
Series D, 5.00%, 7/1/43		125,000		155,088
Series D, 5.00%, 7/1/44		105,000		133,086
Series A, 5.00%, 7/1/45		60,000		74,883
Series A, 5.00%, 7/1/46		750,000		870,196
Series C, 5.00%, 7/1/47		175,000		212,563
Los Angeles Department of Water & Power Water System Revenue, Water Revenue, Series A, 5.00%, 7/1/41		300,000		350,308
Series A, 5.00%, 7/1/41		200,000		240,545
Series A, 5.00%, 7/1/41		165,000		214,762
Series B, 5.00%, 7/1/43		315,000		391,951
Series A, 5.00%, 7/1/44		50,000		60,081
Series A, 5.00%, 7/1/48		60,000		73,201
Series A, 5.00%, 7/1/50		210,000		269,748
Los Angeles Department of Water & Power, Electric, Power & Light Revenue, Series B, 5.00%, 7/1/48		500,000		645,930


	Principal Amount		Value
California (Continued)
Metropolitan Water District of Southern California, Water Revenue, Series C, 5.00%, 7/1/39	$	25,000	$	32,691
Series C, 5.00%, 7/1/40		100,000		130,261
Series A, 5.00%, 10/1/45		210,000		268,407
Norman Y Mineta San Jose International Airport SJC, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 3/1/41		990,000		1,170,908
Riverside County Transportation Commission, Highway Revenue Tolls, Series B-1, 3.00%, 6/1/49		1,000,000		1,059,695
Sacramento Municipal Utility District, Electric, Power & Light Revenue, Series H, 4.00%, 8/15/45		400,000		477,735
San Diego County Regional Airport Authority, Private Airport & Marina Revenue, Series A, 5.00%, 7/1/49		200,000		246,804
San Francisco City & County Airport Commission-San Francisco International Airport, Private Airport & Marina Revenue, Series 2020A, AMT, 5.00%, 5/1/37		1,100,000		1,394,039
Series A, AMT, 5.00%, 5/1/37		1,000,000		1,241,322
Series A, AMT, 5.00%, 5/1/39		50,000		61,864
AMT, 5.00%, 5/1/43		320,000		388,535
Series A, AMT, 5.00%, 5/1/44		150,000		184,514
Series E, AMT, 5.00%, 5/1/45		1,225,000		1,502,693
Series C, 5.00%, 5/1/46		600,000		706,313
Series A, AMT, 5.00%, 5/1/47		200,000		239,007
Series D, AMT, 5.25%, 5/1/48		870,000		1,065,623
Series A, AMT, 4.00%, 5/1/49		1,300,000		1,482,459
Series A, AMT, 5.00%, 5/1/49		200,000		245,057
Series F, 5.00%, 5/1/50		900,000		1,110,281
Series E, AMT, 5.00%, 5/1/50		370,000		453,265
San Francisco City & County Airport Comm-San Francisco International Airport, Private Airport & Marina Revenue, Series D, AMT, 5.00%, 5/1/48		75,000		90,724
San Francisco City & County Public Utilities Commission Wastewater Revenue, Sewer Revenue, Series A, 4.00%, 10/1/43		85,000		99,260
Southern California Public Power Authority, Natural Gas Revenue, Series A, 5.00%, 11/1/33		305,000		413,370
State of California Department of Water Resources, Water Revenue, Series BB, 5.00%, 12/1/32		70,000		94,080
Series BB, 5.00%, 12/1/33		45,000		60,379
Series BB, 5.00%, 12/1/34		25,000		33,470
Series BB, 5.00%, 12/1/35		25,000		33,401

(Cost $29,888,335)				31,216,634


	Principal Amount		Value
Colorado — 3.0%
City & Co.unty of Denver Co., Hotel Occupancy Tax, Series A, 4.00%, 8/1/51	$	700,000	$	831,044
City & County of Denver Co. Airport System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 12/1/32		285,000		351,587
Series A, AMT, 5.00%, 12/1/34		330,000		405,838
Sub-Series A, AMT, 5.00%, 12/1/36		300,000		418,377
Series A, AMT, 5.00%, 12/1/38		320,000		391,588
Series A, AMT, 4.00%, 12/1/43		650,000		740,571
Series A, AMT, 5.00%, 12/1/43		325,000		395,316
Series A, AMT, 5.00%, 12/1/48		700,000		845,988
Sub-Series B, 5.00%, 12/1/48		40,000		49,228
City of Colorado Springs CO Utilities System Revenue, Multiple Utility Revenue, Series B, 4.00%, 11/15/51		100,000		119,632
Colorado Bridge Enterprise, Miscellaneous Revenue, AMT, 4.00%, 6/30/51		250,000		279,204

(Cost $4,529,056)				4,828,373

Connecticut — 0.4%
State of Connecticut Special Tax Revenue, Fuel Sales Tax Revenue, 5.00%, 5/1/37		300,000		385,640
5.00%, 5/1/38		250,000		320,811

(Cost $692,131)				706,451

District of Columbia — 4.2%
District of Columbia Water & Sewer Authority, Water Revenue, Series A, 5.00%, 10/1/39		245,000		287,320
Series B, 5.00%, 10/1/49		250,000		305,578
District of Columbia, Income Tax Revenue, Series A, 4.00%, 3/1/39		80,000		95,259
Series A, 5.00%, 3/1/44		500,000		634,426
Series C, 5.00%, 5/1/45		125,000		159,700
Metropolitan Washington Airports Authority Aviation Revenue, Private Airport & Marina Revenue, AMT, 5.00%, 10/1/42		130,000		157,644
Series A, AMT, 5.00%, 10/1/46		400,000		508,380
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Highway Revenue Tolls, Series B, 4.00%, 10/1/44		1,000,000		1,139,977
Series B, 5.00%, 10/1/47		500,000		612,614
Series B, 3.00%, 10/1/50		700,000		733,892
Series B, 4.00%, 10/1/53		1,350,000		1,519,443
Washington Metropolitan Area Transit Authority, Transit Revenue, Series B, 5.00%, 7/1/42		365,000		438,964

(Cost $6,419,507)				6,593,197


	Principal Amount		Value
Florida — 8.3%
Central Florida Expressway Authority, Highway Revenue Tolls, 5.00%, 7/1/38	$	105,000	$	127,125
City of Cape Coral FL Water & Sewer Revenue, Water Revenue, 5.00%, 10/1/39		150,000		182,911
City of Gainesville FL Utilities System Revenue, Multiple Utility Revenue, Series A, 5.00%, 10/1/47		100,000		124,832
City of Tampa FL Water & Wastewater System Revenue, Water Revenue, Series A, 5.00%, 10/1/54		1,000,000		1,272,047
County of Broward FL Airport System Revenue, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 10/1/44		100,000		115,248
Series A, AMT, 4.00%, 10/1/49		150,000		171,796
County of Broward FL Port Facilities Revenue, Private Airport & Marina Revenue, Series B, AMT, 4.00%, 9/1/44		500,000		570,838
County of Miami-Dade FL Aviation Revenue, Private Airport & Marina Revenue, Series B, AMT, 5.00%, 10/1/40		520,000		620,693
Series A, AMT, 4.00%, 10/1/44		400,000		456,924
Series A, AMT, 5.00%, 10/1/44		1,000,000		1,226,557
Series A, AMT, 5.00%, 10/1/49		380,000		462,337
County of Miami-Dade FL Transit System, Sales Tax Revenue, 4.00%, 7/1/38		90,000		100,699
Series A, 4.00%, 7/1/49		500,000		581,614
County of Miami-Dade FL Water & Sewer System Revenue, Water Revenue, 5.00%, 10/1/43		50,000		62,066
Series A, 4.00%, 10/1/44		165,000		187,596
Series B, 4.00%, 10/1/44		150,000		175,488
Series A, 3.375%, 10/1/47		105,000		114,713
4.00%, 10/1/48		400,000		462,634
Series B, 3.00%, 10/1/49		355,000		383,099
Series B, 4.00%, 10/1/49		1,000,000		1,157,081
4.00%, 10/1/51		275,000		324,340
Greater Orlando Aviation Authority, Private Airport & Marina Revenue, Sub-Series A, AMT, 5.00%, 10/1/42		250,000		300,663
Series A, AMT, 5.00%, 10/1/44		165,000		203,871
Sub-Series A, AMT, 4.00%, 10/1/47		40,000		45,177
Sub-Series A, AMT, 5.00%, 10/1/47		100,000		120,202
Series A, AMT, 4.00%, 10/1/49		500,000		572,652
Sub-Series A, AMT, 5.00%, 10/1/52		500,000		599,722
Series A, AMT, 3.25%, 10/1/54		250,000		266,316
Hillsborough County Aviation Authority, Private Airport & Marina Revenue, Series F, 5.00%, 10/1/48		195,000		241,247
JEA Electric System Revenue, Electric, Power & Light Revenue, Series 3A, 3.00%, 10/1/40		500,000		541,506


	Principal Amount		Value
Florida (Continued)
Putnam County Development Authority, Electric, Power & Light Revenue, Series A, 5.00%, 3/15/42	$	250,000	$	299,570
Tampa-Hillsborough County Expressway Authority, Highway Revenue Tolls, Series B, 4.00%, 7/1/42		1,000,000		1,143,866

(Cost $12,689,735)				13,215,430

Georgia — 0.9%
City of Atlanta GA Department of Aviation, Private Airport & Marina Revenue, Series B, AMT, 4.00%, 7/1/49		200,000		228,203
City of Atlanta GA Water & Wastewater, Water Revenue, Series B, 5.00%, 11/1/47		250,000		306,936
Development Authority of Burke County, Electric, Power & Light Revenue, Series C, 4.125%, 11/1/45		25,000		28,394
Series D, 4.125%, 11/1/45		290,000		329,367
George L Smith II Congress Center Authority, Industrial Revenue, Series A, 4.00%, 1/1/54		350,000		397,492
Main Street Natural Gas, Inc., Natural Gas Revenue, Series A, 5.00%, 5/15/43		30,000		36,164
Metropolitan Atlanta Rapid Transit Authority, Sales Tax Revenue, Series C, 3.25%, 7/1/39		120,000		130,570

(Cost $1,374,048)				1,457,126

Hawaii — 0.3%
State of Hawaii Airports System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/43
(Cost $444,088)		400,000		483,328

Illinois — 6.4%
Chicago O’Hare International Airport, Private Airport & Marina Revenue, Series A, 5.00%, 1/1/35		50,000		63,286
Series A, 4.00%, 1/1/36		250,000		296,302
Series B, 5.00%, 1/1/37		25,000		29,869
Series B, 5.00%, 1/1/38		145,000		173,129
Series B, 5.00%, 1/1/39		50,000		59,653
Series D, AMT, 5.00%, 1/1/42		825,000		971,426
Series A, AMT, 4.00%, 1/1/43		40,000		45,635
Series B, 4.00%, 1/1/44		75,000		86,001
Series D, 5.00%, 1/1/47		930,000		1,103,592
Series B, 5.00%, 1/1/48		1,285,000		1,565,501
Series D, 5.00%, 1/1/52		460,000		545,078
Series D, AMT, 5.00%, 1/1/52		1,150,000		1,355,242
Series B, 4.00%, 1/1/53		100,000		113,829
Series A, AMT, 4.375%, 1/1/53		25,000		28,665
Series B, 5.00%, 1/1/53		500,000		607,656
Illinois State Toll Highway Authority, Highway Revenue Tolls, Series A, 5.00%, 1/1/41		30,000		38,508
Series A, 5.00%, 1/1/42		550,000		662,840


	Principal Amount		Value
Illinois (Continued)
Series A, 4.00%, 1/1/44	$	340,000	$	395,520
Series A, 5.00%, 1/1/44		800,000		992,456
Series A, 5.00%, 1/1/45		775,000		981,233

(Cost $9,747,569)				10,115,421

Indiana — 0.2%
Indiana Finance Authority, Sewer Revenue, Series A, 5.00%, 10/1/41		100,000		118,984
Indiana Municipal Power Agency, Electric, Power & Light Revenue, 5.00%, 1/1/42		200,000		236,504

(Cost $331,463)				355,488

Kentucky — 0.2%
Kentucky Economic Development Finance Authority, Lease Revenue, Series A, 4.00%, 12/1/41		255,000		296,234
Kentucky Municipal Power Agency, Electric, Power & Light Revenue, Series A, 4.00%, 9/1/39		45,000		49,370
Louisville & Jefferson County Metropolitan Sewer District, Sewer Revenue, Series A, 3.00%, 5/15/46		10,000		10,579

(Cost $328,776)				356,183

Louisiana — 0.8%
East Baton Rouge Sewerage Commission, Sewer Revenue, Series A, 4.00%, 2/1/45		245,000		285,207
Jefferson Sales Tax District, Sales Tax Revenue, Series B, 4.00%, 12/1/42		100,000		118,929
Louisiana Local Government Environmental Facilities & Community Development Authority, Industrial Revenue, 3.50%, 11/1/32		535,000		587,371
New Orleans Aviation Board, Private Airport & Marina Revenue, Series B, AMT, 5.00%, 1/1/48		250,000		295,022

(Cost $1,220,562)				1,286,529

Maryland — 0.7%
Maryland State Transportation Authority, Highway Revenue Tolls, 4.00%, 7/1/50		750,000		881,941
State of Maryland Department of Transportation, Fuel Sales Tax Revenue, 3.50%, 10/1/33		190,000		211,468

(Cost $1,076,518)				1,093,409

Massachusetts — 1.0%
Commonwealth of Massachusetts, Hotel Occupancy Tax, 5.50%, 1/1/34		185,000		252,606
Massachusetts Bay Transportation Authority Sales Tax Revenue, Sales Tax Revenue, Series B-1, 5.00%, 7/1/50		35,000		43,191
Series A-1, 4.00%, 7/1/51		180,000		215,351


	Principal Amount		Value
Massachusetts (Continued)
Massachusetts Port Authority, Private Airport & Marina Revenue, Series C, AMT, 5.00%, 7/1/44	$	400,000	$	490,468
Series E, AMT, 5.00%, 7/1/51		505,000		637,842

(Cost $1,607,620)				1,639,458

Michigan — 0.9%
Great Lakes Water Authority Sewage Disposal System Revenue, Water Revenue, Series C, 5.00%, 7/1/36		430,000		508,300
Great Lakes Water Authority Water Supply System Revenue, Water Revenue, Series A, 5.00%, 7/1/46		125,000		145,561
Lansing Board of Water & Light, Electric, Power & Light Revenue, Series A, 5.00%, 7/1/44		575,000		720,315
Series A, 5.00%, 7/1/48		90,000		112,177

(Cost $1,427,338)				1,486,353

Minnesota — 0.1%
Minneapolis-St Paul Metropolitan Airports Commission, Private Airport & Marina Revenue, Series C, 5.00%, 1/1/46
(Cost $120,354)		100,000		118,747

Missouri — 0.2%
Metropolitan St Louis Sewer District, Sewer Revenue, Series A, 5.00%, 5/1/47
(Cost $275,371)		245,000		292,925

Nevada — 0.9%
County of Clark Department of Aviation, Private Airport & Marina Revenue, Sub-Series A-2, 5.00%, 7/1/40		50,000		61,204
Las Vegas Convention & Visitors Authority, Hotel Occupancy Tax, Series B, 5.00%, 7/1/43		840,000		1,014,406
Series B, 4.00%, 7/1/49		250,000		281,063

(Cost $1,245,277)				1,356,673

New Jersey — 2.0%
New Jersey Transportation Trust Fund Authority, Appropriations, Series A, 4.00%, 6/15/36		100,000		117,472
New Jersey Turnpike Authority, Highway Revenue Tolls, Series A, 5.00%, 1/1/31		10,000		12,056
Series B, 5.00%, 1/1/31		20,000		24,726
Series B, 5.00%, 1/1/32		30,000		37,084
Series G, 4.00%, 1/1/33		130,000		151,652
Series A, 5.00%, 1/1/33		45,000		54,203
Series B, 5.00%, 1/1/33		135,000		166,819
Series A, 5.00%, 1/1/34		25,000		30,081
Series B, 5.00%, 1/1/34		130,000		160,704
Series G, 5.00%, 1/1/35		295,000		364,319
Series G, 5.00%, 1/1/37		40,000		49,250


	Principal Amount		Value
New Jersey (Continued)
Series G, 3.25%, 1/1/38	$	595,000	$	649,248
Series E, 5.00%, 1/1/45		500,000		564,120
Series A, 5.00%, 1/1/48		685,000		842,221

(Cost $3,028,339)				3,223,955

New York — 22.9%
Long Island Power Authority, Electric, Power & Light Revenue, 5.00%, 9/1/33		95,000		119,943
5.00%, 9/1/35		40,000		50,569
5.00%, 9/1/42		185,000		225,519
Series B, 5.00%, 9/1/46		100,000		117,691
5.00%, 9/1/47		60,000		73,028
Metropolitan Transportation Authority, Fuel Sales Tax Revenue, Series A, 5.25%, 11/15/32		350,000		423,467
Metropolitan Transportation Authority, Transit Revenue, Series D, 5.00%, 11/15/32		25,000		30,204
Series C-1, 5.00%, 11/15/33		30,000		36,212
Series D, 5.00%, 11/15/33		50,000		60,354
Series C-1, 5.00%, 11/15/34		50,000		60,245
Series C-1, 4.00%, 11/15/35		30,000		33,984
Series C-1, 3.25%, 11/15/36		430,000		462,052
Series C-1, 4.00%, 11/15/37		155,000		174,728
Series B, 5.00%, 11/15/37		900,000		1,048,814
Series C-1, 4.00%, 11/15/38		50,000		56,279
Series A-2, 4.00%, 11/15/41		500,000		578,069
Series D, 4.00%, 11/15/42		325,000		362,912
Series A, Sub-Series A-2, 5.00%, 11/15/44		100,000		122,146
Series E, 4.00%, 11/15/45		1,000,000		1,139,526
Series C-1, 4.75%, 11/15/45		1,000,000		1,196,641
Sub-Series A, 5.00%, 11/15/45		75,000		90,015
Series D, 4.00%, 11/15/46		790,000		877,122
Series D-2, 4.00%, 11/15/48		630,000		715,577
Series A-1-GROUP 1, 5.00%, 11/15/48		600,000		728,418
Series D-3, 4.00%, 11/15/49		140,000		158,914
Series D-3, 4.00%, 11/15/50		250,000		283,559
Series C-1, 5.00%, 11/15/50		1,110,000		1,345,667
Series A-1, 4.00%, 11/15/52		775,000		872,507
Series B, 5.00%, 11/15/52		115,000		137,377
Series A-1-GROUP 2, 4.00%, 11/15/54		845,000		979,008
Series C-1, 5.25%, 11/15/55		250,000		308,085
New York City Transitional Finance Authority Future Tax Secured Revenue, Income Tax Revenue, Series A, Sub-Series E-1, 5.00%, 2/1/36		200,000		240,808
Sub-Series A-1, 5.00%, 5/1/40		500,000		586,826
Sub-Series A-1, 4.00%, 5/1/42		15,000		16,534
New York City Water & Sewer System, Water Revenue, Series EE, 5.00%, 6/15/33		500,000		609,692
Series CC-1, 4.00%, 6/15/37		95,000		109,522
Sub-Series CC-1, 5.00%, 6/15/38		500,000		599,830
Series AA, 4.00%, 6/15/40		1,490,000		1,772,639
Series FF, 5.00%, 6/15/40		100,000		123,770


	Principal Amount		Value
New York (Continued)
Sub-Series EE-2, 5.00%, 6/15/40	$	135,000	$	170,670
4.00%, 6/15/42		400,000		474,163
Series AA-2, 4.00%, 6/15/42		500,000		597,739
Series BB-1, 3.00%, 6/15/44		150,000		162,225
Sub-Series CC-1, 5.00%, 6/15/46		300,000		352,864
Series DD, 5.00%, 6/15/47		1,000,000		1,192,592
Series CC-1, 5.00%, 6/15/48		965,000		1,162,968
Series DD-1, 5.00%, 6/15/48		300,000		366,911
Series BB-1, 4.00%, 6/15/49		200,000		234,631
Series CC-1, 4.00%, 6/15/49		200,000		234,631
Series DD-1, 5.00%, 6/15/49		400,000		496,503
Series AA-1, 3.00%, 6/15/50		245,000		261,603
Series BB-1, 3.00%, 6/15/50		1,000,000		1,067,769
Series DD-1, 3.00%, 6/15/50		500,000		532,177
Series BB-1, 4.00%, 6/15/50		285,000		336,291
Series GG-1, 4.00%, 6/15/50		605,000		708,313
Sub-Series DD-1, 4.00%, 6/15/50		600,000		702,460
Series AA-1, 5.00%, 6/15/50		140,000		179,221
Series AA-1, 3.00%, 6/15/51		300,000		320,197
Series CC-1, 5.00%, 6/15/51		250,000		322,013
New York Convention Center Development Corp., Hotel Occupancy Tax, Series A, 5.00%, 11/15/46		25,000		29,354
New York Liberty Development Corp., Industrial Revenue, 2.625%, 9/15/69		505,000		523,098
New York Power Authority, Electric, Power & Light Revenue, Series A, 3.25%, 11/15/60		2,000,000		2,178,412
Series A, 4.00%, 11/15/60		525,000		611,028
New York State Dormitory Authority, Income Tax Revenue, Series A, 4.00%, 3/15/37		25,000		29,939
New York State Environmental Facilities Corp., Water Revenue, 5.00%, 6/15/42		50,000		61,103
Sub-Series E, 5.00%, 6/15/42		100,000		122,206
5.00%, 6/15/47		50,000		61,012
New York Transportation Development Corp., Industrial Revenue, AMT, 5.00%, 1/1/30		485,000		587,382
AMT, 5.00%, 1/1/31		175,000		211,076
AMT, 5.00%, 1/1/32		40,000		48,129
AMT, 5.00%, 1/1/34		500,000		599,786
AMT, 4.00%, 1/1/36		270,000		303,764
Port Authority of New York & New Jersey, Private Airport & Marina Revenue, 5.00%, 11/1/31		700,000		906,190
Triborough Bridge & Tunnel Authority, Highway Revenue Tolls, Series A, 4.00%, 11/15/54		450,000		526,935
Triborough Bridge & Tunnel Authority, Miscellaneous Taxes, Series A-1, 5.00%, 5/15/51		2,000,000		2,565,428

(Cost $34,330,081)				36,169,036


	Principal Amount		Value
North Carolina — 0.4%
City of Charlotte NC Airport Special Facilities Revenue, Private Airport & Marina Revenue, Series A, 5.00%, 7/1/47	$	25,000	$	30,503
County of Union NC Enterprise System Revenue, Water Revenue, 3.00%, 6/1/51		505,000		549,718

(Cost $565,719)				580,221

Ohio — 1.0%
Franklin County Convention Facilities Authority, Industrial Revenue, 5.00%, 12/1/51		100,000		114,640
Northeast Ohio Regional Sewer District, Sewer Revenue, 3.00%, 11/15/40		100,000		111,071
Ohio Turnpike & Infrastructure Commission, Highway Revenue Tolls, Series A, 5.00%, 2/15/46		275,000		355,348
Ohio Water Development Authority Water Pollution Control Loan Fund, Water Revenue, Series A, 5.00%, 12/1/29		10,000		12,298
Series A, 5.00%, 6/1/30		10,000		12,306
Series A, 5.00%, 12/1/50		750,000		955,945

(Cost $1,535,452)				1,561,608

Oklahoma — 0.5%
Oklahoma Turnpike Authority, Highway Revenue Tolls, Series C, 4.00%, 1/1/42		350,000		400,553
Series A, 5.00%, 1/1/43		280,000		335,859

(Cost $679,559)				736,412

Oregon — 0.9%
Port of Portland OR Airport Revenue, Private Airport & Marina Revenue, Series 24B, AMT, 5.00%, 7/1/47		1,000,000		1,178,010
State of Oregon Department of Transportation, Fuel Sales Tax Revenue, Series A, 5.00%, 11/15/40		75,000		97,887
Sub-Series A, 5.00%, 11/15/42		65,000		82,658

(Cost $1,250,533)				1,358,555

Pennsylvania — 5.6%
Allegheny County Airport Authority, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 1/1/51		450,000		558,926
City of Philadelphia PA Airport Revenue, Private Airport & Marina Revenue, Series B, AMT, 5.00%, 7/1/42		50,000		59,685
Series B, AMT, 5.00%, 7/1/47		300,000		356,155
City of Philadelphia PA Water & Wastewater, Water Revenue, Series A, 5.00%, 11/1/45		500,000		638,365
Series A, 5.00%, 10/1/48		35,000		43,121
Series A, 5.00%, 11/1/50		500,000		630,749


	Principal Amount		Value
Pennsylvania (Continued)
Delaware River Joint Toll Bridge Commission, Highway Revenue Tolls, 5.00%, 7/1/42	$	365,000	$	438,091
Pennsylvania Turnpike Commission, Fran. Tax & Bus. LIC Fees, Series A, 5.25%, 12/1/44		565,000		720,955
Series A, 5.00%, 12/1/48		480,000		592,889
Pennsylvania Turnpike Commission, Highway Revenue Tolls, Series B-2, 5.00%, 6/1/34		500,000		606,410
Sub-Series B-1, 5.00%, 6/1/42		100,000		119,327
Series A, 3.00%, 12/1/42		160,000		170,110
Series A-1, 5.00%, 12/1/42		25,000		30,174
Series A-2, 5.00%, 12/1/43		250,000		309,667
Sub-Series A, 5.00%, 12/1/44		500,000		625,211
Series A-1, 5.00%, 12/1/46		900,000		1,053,750
Series A-1, 5.00%, 12/1/47		500,000		609,254
Sub-Series A, 4.00%, 12/1/49		100,000		117,075
Series B, 5.00%, 12/1/50		960,000		1,225,111

(Cost $8,521,023)				8,905,025

South Carolina — 0.7%
South Carolina Ports Authority, Private Airport & Marina Revenue, Series A, 3.00%, 7/1/49		100,000		106,082
South Carolina Public Service Authority, Electric, Power & Light Revenue, Series A, 4.00%, 12/1/42		465,000		546,196
South Carolina Public Service Authority, Nuclear Revenue, Series A, 5.00%, 12/1/55		365,000		416,096

(Cost $1,012,154)				1,068,374

Tennessee — 1.3%
Metropolitan Nashville Airport Authority, Private Airport & Marina Revenue, Series B, 5.00%, 7/1/49		125,000		154,688
Series B, AMT, 4.00%, 7/1/54		550,000		625,960
Series A, 5.00%, 7/1/54		525,000		653,622
Series B, AMT, 5.00%, 7/1/54		500,000		615,377

(Cost $2,004,481)				2,049,647

Texas — 7.4%
Central Texas Regional Mobility Authority, Highway Revenue Tolls, Series E, 5.00%, 1/1/45		100,000		124,314
Series B, 5.00%, 1/1/46		100,000		125,775
Series B, 4.00%, 1/1/51		50,000		58,027
City of Austin TX Electric Utility Revenue, Electric, Power & Light Revenue, Series B, 5.00%, 11/15/49		625,000		789,650
City of Austin TX Water & Wastewater System Revenue, Water Revenue, Series C, 5.00%, 11/15/50		305,000		392,349
City of Dallas TX Waterworks & Sewer System Revenue, Water Revenue, Series C, 4.00%, 10/1/49		100,000		119,264


	Principal Amount		Value
Texas (Continued)
City of Houston TX Airport System Revenue, Private Airport & Marina Revenue, Sub-Series A, AMT, 4.00%, 7/1/46	$	500,000	$	585,051
City of Houston TX Combined Utility System, Water Revenue, Series B, 5.00%, 11/15/36		500,000		599,017
Series B, 5.00%, 11/15/42		30,000		36,818
Series D, 5.00%, 11/15/43		30,000		37,591
Series C, 3.00%, 11/15/47		600,000		646,833
Series C, 4.00%, 11/15/49		55,000		65,530
Series B, 5.00%, 11/15/49		200,000		251,322
City of San Antonio TX Electric & Gas Systems, Electric, Power & Light Revenue, 5.00%, 2/1/34		220,000		283,430
5.00%, 2/1/47		150,000		180,103
County of Harris TX, Highway Revenue Tolls, Series A, 5.00%, 8/15/47		200,000		234,307
Dallas Fort Worth International Airport, Private Airport & Marina Revenue, 4.00%, 11/1/34		35,000		42,429
4.00%, 11/1/35		85,000		102,820
Series B, 4.00%, 11/1/45		500,000		588,461
Harris County Toll Road Authority, Highway Revenue Tolls, Series A, 4.00%, 8/15/48		555,000		635,358
4.00%, 8/15/50		670,000		788,823
Harris County-Houston Sports Authority, Hotel Occupancy Tax, Series A, 3.125%, 11/15/56		100,000		105,372
North Texas Tollway Authority, Highway Revenue Tolls, Series A, 4.00%, 1/1/36		225,000		265,095
Series A, 4.00%, 1/1/37		25,000		29,399
Series A, 3.00%, 1/1/38		500,000		538,442
Series A, 5.00%, 1/1/43		125,000		152,637
Series A, 5.00%, 1/1/48		1,500,000		1,824,142
Series B, 5.00%, 1/1/48		390,000		461,710
4.25%, 1/1/49		30,000		34,407
Series B, 3.00%, 1/1/51		250,000		261,692
San Antonio Water System, Water Revenue, Series A, 4.00%, 5/15/51		250,000		298,738
Texas Water Development Board, Water Revenue, 4.00%, 10/15/45		30,000		35,879
Series A, 5.00%, 10/15/45		600,000		694,626
5.00%, 10/15/46		50,000		59,527
4.00%, 4/15/51		150,000		177,708
West Harris County Regional Water Authority, Water Revenue, 3.00%, 12/15/58		50,000		52,882

(Cost $11,284,772)				11,679,528


	Principal Amount		Value
Utah — 0.9%
City of Salt Lake City UT Airport Revenue, Private Airport & Marina Revenue, Series B, 5.00%, 7/1/42	$	70,000	$	84,269
Series A, AMT, 5.00%, 7/1/43		400,000		483,050
Series A, AMT, 5.00%, 7/1/47		500,000		597,141
Series B, 5.00%, 7/1/47		30,000		36,025
Series A, AMT, 5.25%, 7/1/48		225,000		274,011

(Cost $1,354,912)				1,474,496

Virginia — 2.1%
Chesapeake Bay Bridge & Tunnel District, Highway Revenue Tolls, 5.00%, 7/1/41		190,000		222,084
Hampton Roads Transportation Accountability Commission, Sales Tax Revenue, Series A, 4.00%, 7/1/45		100,000		118,739
Series A, 4.00%, 7/1/55		700,000		822,963
Series A, 5.00%, 7/1/60		500,000		627,900
Virginia Small Business Financing Authority, Highway Revenue Tolls, AMT, 5.00%, 12/31/52		550,000		654,282
AMT, 5.00%, 12/31/56		750,000		891,599

(Cost $3,157,516)				3,337,567

Washington — 0.8%
Energy Northwest, Nuclear Revenue, Series A, 5.00%, 7/1/38		300,000		379,463
Port of Seattle WA, Private Airport & Marina Revenue, Series C, AMT, 5.25%, 5/1/42		190,000		226,573
AMT, 5.00%, 4/1/44		500,000		611,897

(Cost $1,123,826)				1,217,933

West Virginia — 0.2%
West Virginia Parkways Authority, Highway Revenue Tolls, 5.00%, 6/1/47
(Cost $325,947)		250,000		321,275

Wisconsin — 0.2%
Wisconsin Department of Transportation, Miscellaneous Revenue, Series 2, 5.00%, 7/1/30		45,000		55,235
Wisconsin Health & Educational Facilities Authority, Electric, Power & Light Revenue, 5.00%, 4/1/44		245,000		299,841

(Cost $323,758)				355,076

Guam — 0.1%
Guam Government Waterworks Authority, Water Revenue, 5.00%, 1/1/46
(Cost $129,870)		125,000		140,887


	Principal Amount		Value
Puerto Rico — 1.1%
Puerto Rico Highway & Transportation Authority, Fuel Sales Tax Revenue, Series CC, 5.25%, 7/1/36	$	540,000	$	582,965
Series N, 5.25%, 7/1/36		365,000		394,008
Puerto Rico Highway & Transportation Authority, Highway Revenue Tolls, Series L, 5.25%, 7/1/35		655,000		711,701
Series L, 5.25%, 7/1/41		25,000		27,260

(Cost $1,751,699)				1,715,934

TOTAL MUNICIPAL BONDS
(Cost $148,527,997)				155,410,279


TOTAL INVESTMENTS — 98.2% (Cost $148,527,997)			$	155,410,279
Other assets and liabilities, net — 1.8%				2,824,545

NET ASSETS — 100.0%			$	158,234,824


	Number of Shares		Value
COMMON STOCKS — 97.6%
Australia — 6.5%
ASX Ltd.		1,080	$	69,249
Aurizon Holdings Ltd.		10,793		25,790
BHP Group Ltd.		16,557		462,194
BHP Group PLC		11,804		322,719
Coles Group Ltd.		7,382		94,320
Evolution Mining Ltd.		10,017		28,623
Fortescue Metals Group Ltd.		9,461		114,109
Magellan Financial Group Ltd.		773		18,175
Medibank Pvt Ltd.		15,284		37,388
Rio Tinto Ltd.		2,069		137,167
Wesfarmers Ltd.		6,321		254,841

(Cost $1,510,662)				1,564,575

Austria — 0.2%
OMV AG
(Cost $44,939)		850		44,939

Belgium — 0.2%
Etablissements Franz Colruyt NV		294		13,680
Solvay SA		411		45,763

(Cost $59,443)				59,443

Brazil — 1.8%
Atacadao SA		2,922		7,930
B3 SA — Brasil Bolsa Balcao		34,016		66,904
BB Seguridade Participacoes SA		4,017		14,849
Engie Brasil Energia SA		977		6,664
Equatorial Energia SA		5,066		20,242
Hypera SA		2,332		11,196
TIM SA		4,882		11,927
Vale SA		22,245		275,471
Vibra Energia SA		6,600		25,425

(Cost $552,592)				440,608

Canada — 4.5%
Algonquin Power & Utilities Corp.		3,847		51,851
BCE, Inc.		423		21,200
Canadian Tire Corp. Ltd., Class A		337		44,355
Great-West Lifeco, Inc.		1,668		48,214
Hydro One Ltd., 144A		1,924		46,840
iA Financial Corp., Inc.		642		33,972
IGM Financial, Inc.		464		16,700
Manulife Financial Corp.		10,767		191,704
Nutrien Ltd.		3,185		210,248
Power Corp. of Canada		3,089		99,234
Shaw Communications, Inc., Class B		2,521		72,714
Sun Life Financial, Inc. (a)		3,244		171,532
TELUS Corp.		2,607		59,342

(Cost $964,888)				1,067,906

Chile — 0.3%
Antofagasta PLC		2,157		39,381
Cia Cervecerias Unidas SA		887		7,027
Enel Americas SA		135,071		17,286

(Cost $69,669)				63,694


	Number of Shares		Value
China — 5.5%
A-Living Smart City Services Co. Ltd., 144A		3,110	$	7,332
Anhui Conch Cement Co. Ltd., Class A		1,300		7,384
Anhui Conch Cement Co. Ltd., Class H		7,411		33,700
Baoshan Iron & Steel Co. Ltd., Class A		7,500		7,668
China Coal Energy Co. Ltd., Class H		11,296		5,680
China Communications Services Corp. Ltd., Class H		13,781		6,576
China Construction Bank Corp., Class A		3,300		2,981
China Construction Bank Corp., Class H		538,751		351,066
China Feihe Ltd., 144A		19,867		26,453
China Hongqiao Group Ltd.		12,877		12,487
China Lesso Group Holdings Ltd.		5,922		8,645
China Medical System Holdings Ltd.		7,793		12,835
China Pacific Insurance Group Co. Ltd., Class A		2,800		11,895
China Pacific Insurance Group Co. Ltd., Class H		14,279		41,395
China Railway Group Ltd., Class A		6,600		5,485
China Railway Group Ltd., Class H		21,132		10,057
China Railway Signal & Communication Corp. Ltd., Class A		5,000		3,811
China Shenhua Energy Co. Ltd., Class A		2,700		8,273
China Shenhua Energy Co. Ltd., Class H		18,177		37,679
China State Construction Engineering Corp. Ltd., Class A		15,000		10,915
China Vanke Co. Ltd., Class A		4,000		11,454
China Vanke Co. Ltd., Class H		8,967		20,313
China Yangtze Power Co. Ltd., Class A (b)		9,100		27,870
China Yuhua Education Corp. Ltd., 144A		9,683		4,633
CIFI Holdings Group Co. Ltd.		17,045		9,292
Country Garden Holdings Co. Ltd.		46,092		40,677
Gemdale Corp., Class A		1,900		2,980
Haitian International Holdings Ltd.		3,475		9,539
Hello Group, Inc., ADR (a)		966		11,177
Hengan International Group Co. Ltd.		4,040		19,511
Hengli Petrochemical Co. Ltd., Class A		2,000		6,621
Huaxin Cement Co. Ltd., Class A		600		1,667
Industrial & Commercial Bank of China Ltd., Class A		20,800		14,939
Industrial & Commercial Bank of China Ltd., Class H		314,851		166,394
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		3,200		2,660
Jiangsu Expressway Co. Ltd., Class H		6,017		5,850
Lenovo Group Ltd.		40,309		41,209
Logan Group Co. Ltd.		7,392		7,140
Longfor Group Holdings Ltd., 144A		10,174		48,287
New China Life Insurance Co. Ltd., Class A		900		5,350
New China Life Insurance Co. Ltd., Class H		4,363		11,669
Ningxia Baofeng Energy Group Co. Ltd., Class A		1,800		4,584
People’s Insurance Co. Group of China Ltd., Class H		48,404		14,156


	Number of Shares		Value
China (Continued)
PICC Property & Casualty Co. Ltd., Class H		40,506	$	34,656
Postal Savings Bank of China Co. Ltd., Class A		8,400		6,692
Postal Savings Bank of China Co. Ltd., Class H, 144A		47,359		32,136
Powerlong Real Estate Holdings Ltd.		9,363		5,645
Seazen Group Ltd. (b)		11,775		8,504
Seazen Holdings Co. Ltd., Class A		600		2,926
Shaanxi Coal Industry Co. Ltd., Class A		3,000		5,589
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		6,040		5,472
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		4,658		8,496
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		600		897
Shenergy Co. Ltd., Class A		3,400		3,284
Shenzhen Overseas Chinese Town Co. Ltd., Class A		3,000		2,790
Sichuan Chuantou Energy Co. Ltd., Class A		2,000		3,582
Sinopharm Group Co. Ltd., Class H		7,591		16,495
Sinotruk Hong Kong Ltd.		3,750		5,561
Tingyi Cayman Islands Holding Corp.		10,981		21,269
Uni-President China Holdings Ltd.		6,780		6,653
Want Want China Holdings Ltd.		29,765		25,161
Yunnan Baiyao Group Co. Ltd., Class A		400		5,541
Zhejiang Expressway Co. Ltd., Class H		6,275		5,916
Zhejiang Weixing New Building Materials Co. Ltd., Class A		300		872
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		2,600		2,846
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H		7,002		4,599

(Cost $1,592,268)				1,315,871

Denmark — 0.2%
Tryg A/S
(Cost $45,688)		1,984		47,730

Egypt — 0.0%
Eastern Co. SAE
(Cost $5,481)		5,836		4,147

Finland — 1.1%
Elisa OYJ		788		46,974
Fortum OYJ		2,480		70,932
Orion OYJ, Class B		590		24,100
UPM-Kymmene OYJ		2,984		107,649

(Cost $234,202)				249,655

France — 4.8%
AXA SA		10,810		296,284
Bouygues SA		1,260		42,477
Danone SA		3,639		212,954
Sanofi		6,357		600,055

(Cost $1,126,911)				1,151,770


	Number of Shares		Value
Germany — 3.8%
Allianz SE		2,302	$	498,637
BASF SE		5,175		337,150
Evonik Industries AG		1,217		36,452
GEA Group AG		861		43,350

(Cost $954,513)				915,589

Greece — 0.1%
Hellenic Telecommunications Organization SA		1,265		21,721
JUMBO SA		603		8,410

(Cost $31,845)				30,131

Hong Kong — 3.8%
Beijing Enterprises Holdings Ltd.		2,992		10,113
BOC Hong Kong Holdings Ltd.		20,596		62,217
China Everbright Environment Group Ltd.		22,219		14,763
China Gas Holdings Ltd.		17,021		30,610
China Overseas Land & Investment Ltd.		21,287		49,041
China Resources Cement Holdings Ltd.		14,088		10,301
China Resources Land Ltd.		17,929		74,629
China State Construction International Holdings Ltd.		11,618		11,773
China Taiping Insurance Holdings Co. Ltd.		8,843		12,319
CK Infrastructure Holdings Ltd.		3,715		21,516
CLP Holdings Ltd.		9,129		89,465
Guangdong Investment Ltd.		16,026		21,338
Hang Lung Properties Ltd.		11,550		22,905
Hang Seng Bank Ltd.		4,266		75,516
Henderson Land Development Co. Ltd.		8,202		33,562
HKT Trust & HKT Ltd. (c)		22,243		30,187
Hopson Development Holdings Ltd.		3,602		8,779
Kingboard Holdings Ltd.		3,805		19,084
Kingboard Laminates Holdings Ltd.		4,679		8,295
Kunlun Energy Co. Ltd.		22,061		20,771
Lee & Man Paper Manufacturing Ltd.		6,478		4,470
Nine Dragons Paper Holdings Ltd.		8,838		9,931
Power Assets Holdings Ltd.		7,670		46,192
Sino Land Co. Ltd.		18,394		21,990
SITC International Holdings Co. Ltd.		7,483		29,996
Sun Hung Kai Properties Ltd.		7,248		88,138
Wharf Real Estate Investment Co. Ltd.		9,302		47,131
Xinyi Glass Holdings Ltd.		10,386		25,339
Yuexiu Property Co. Ltd.		9,791		9,143

(Cost $1,036,637)				909,514

India — 1.1%
Bajaj Auto Ltd.		392		16,902
Bharat Petroleum Corp. Ltd.		4,853		23,893
GAIL India Ltd.		8,720		15,061
Hero MotoCorp Ltd.		714		23,270
Hindustan Petroleum Corp. Ltd.		3,635		14,273
Indian Oil Corp. Ltd.		11,225		17,767
ITC Ltd.		16,255		47,833
NTPC Ltd.		26,796		45,372
Petronet LNG Ltd.		3,887		11,371
Power Grid Corp. of India Ltd.		17,277		47,530

(Cost $247,456)				263,272


	Number of Shares		Value
Indonesia — 1.2%
PT Adaro Energy Tbk		88,894	$	10,551
PT Bank Mandiri Persero Tbk		103,705		50,685
PT Bank Rakyat Indonesia Persero Tbk		381,732		109,009
PT Indofood Sukses Makmur Tbk		29,362		12,916
PT Telkom Indonesia Persero Tbk		274,169		76,379
PT Unilever Indonesia Tbk		40,718		12,736
PT United Tractors Tbk		9,021		13,447

(Cost $246,576)				285,723

Italy — 2.5%
Assicurazioni Generali SpA		6,181		123,353
Enel SpA		45,429		342,962
Snam SpA		11,229		62,868
Terna—Rete Elettrica Nazionale		7,837		58,009

(Cost $654,314)				587,192

Japan — 11.2%
Asahi Kasei Corp.		7,000		66,057
Bridgestone Corp.		3,200		129,781
Daiwa House Industry Co. Ltd.		3,200		93,454
Honda Motor Co. Ltd.		9,100		248,528
Iida Group Holdings Co. Ltd.		800		16,543
ITOCHU Corp.		6,700		192,364
Kajima Corp.		2,600		28,646
KDDI Corp.		9,000		261,570
Kirin Holdings Co. Ltd.		4,700		75,212
Mitsubishi Gas Chemical Co., Inc.		900		14,973
Mitsui & Co. Ltd.		8,700		195,921
Mitsui Chemicals, Inc.		1,000		26,818
MS&AD Insurance Group Holdings, Inc.		2,478		72,368
Nintendo Co. Ltd.		630		277,978
Nippon Telegraph & Telephone Corp.		7,200		198,159
Nippon Yusen KK		900		58,655
Nomura Real Estate Holdings, Inc.		700		15,197
Obayashi Corp.		3,500		25,770
Osaka Gas Co. Ltd.		2,100		33,790
Sekisui House Ltd.		3,375		65,690
SoftBank Corp.		16,100		221,553
Sompo Holdings, Inc.		1,800		74,096
T&D Holdings, Inc.		3,000		35,457
Taisei Corp.		1,100		32,067
Tokio Marine Holdings, Inc.		3,500		175,948
Tosoh Corp.		1,600		22,983
USS Co. Ltd.		1,300		19,074

(Cost $2,680,698)				2,678,652

Kuwait — 0.1%
Mobile Telecommunications Co. KSCP
(Cost $21,978)		11,461		21,558

Malaysia — 0.7%
Malayan Banking Bhd		24,909		47,198
MISC Bhd		6,900		10,895
Petronas Gas Bhd		4,300		17,174
Public Bank Bhd		81,900		76,620
RHB Bank Bhd		9,409		11,796
Sime Darby Bhd		17,400		9,048

(Cost $157,851)				172,731


	Number of Shares		Value
Mexico — 0.9%
Arca Continental SAB de CV		2,408	$	14,653
Coca-Cola Femsa SAB de CV		2,890		14,163
Grupo Mexico SAB de CV, Series B		17,445		72,834
Kimberly-Clark de Mexico SAB de CV, Class A		7,972		12,491
Megacable Holdings SAB de CV, Series CPO		1,343		3,715
Orbia Advance Corp. SAB de CV		5,706		13,260
Wal-Mart de Mexico SAB de CV		29,412		92,221

(Cost $196,277)				223,337

Netherlands — 1.3%
Koninklijke Ahold Delhaize NV		5,819		194,203
NN Group NV		1,491		73,743
Randstad NV		694		43,527

(Cost $274,431)				311,473

New Zealand — 0.1%
Spark New Zealand Ltd.
(Cost $29,103)		10,577		33,022

Norway — 0.6%
Aker BP ASA		673		21,155
Gjensidige Forsikring ASA		1,183		26,669
Orkla ASA		4,126		37,504
Yara International ASA		920		44,993

(Cost $137,703)				130,321

Peru — 0.1%
Southern Copper Corp.
(Cost $27,554)		471		27,554

Philippines — 0.1%
Globe Telecom, Inc.		157		10,227
PLDT, Inc.		400		13,337

(Cost $17,510)				23,564

Poland — 0.2%
Cyfrowy Polsat SA		1,662		14,095
Polskie Gornictwo Naftowe i Gazownictwo SA		9,254		12,386
Powszechny Zaklad Ubezpieczen SA		3,311		28,769

(Cost $55,121)				55,250

Russia — 2.3%
Alrosa PJSC		14,479		25,033
Inter RAO UES PJSC		188,952		10,873
LUKOIL PJSC		2,350		208,236
MMC Norilsk Nickel PJSC		353		103,013
Mobile TeleSystems PJSC, ADR		2,615		20,946
Novolipetsk Steel PJSC		8,593		24,991
PhosAgro PJSC, GDR		781		17,229
Polymetal International PLC		1,987		37,105
Polyus PJSC		192		37,429
Severstal PAO		1,174		24,884
Tatneft PJSC		7,791		49,952

(Cost $550,888)				559,691


	Number of Shares		Value
Saudi Arabia — 0.6%
Abdullah Al Othaim Markets Co.		313	$	8,927
Advanced Petrochemical Co.		552		10,079
Jarir Marketing Co.		337		16,654
Saudi Telecom Co.		3,322		98,289

(Cost $124,506)				133,949

Singapore — 1.5%
Oversea-Chinese Banking Corp. Ltd.		18,908		151,413
Singapore Exchange Ltd.		4,341		28,272
Singapore Technologies Engineering Ltd.		9,500		26,398
United Overseas Bank Ltd.		6,600		122,599
Venture Corp. Ltd.		1,500		20,249

(Cost $343,574)				348,931

South Africa — 1.0%
African Rainbow Minerals Ltd.		717		9,218
Anglo American Platinum Ltd.		296		31,421
Exxaro Resources Ltd.		1,338		12,676
Gold Fields Ltd.		4,951		58,181
Impala Platinum Holdings Ltd.		4,557		57,546
Kumba Iron Ore Ltd.		354		10,019
Sanlam Ltd.		10,475		36,216
SPAR Group Ltd.		1,027		10,422

(Cost $256,521)				225,699

South Korea — 1.1%
Cheil Worldwide, Inc.		367		6,704
DB Insurance Co. Ltd.		266		12,047
Korea Zinc Co. Ltd.		50		20,772
KT&G Corp.		643		44,332
LG Uplus Corp.		1,074		12,251
POSCO		413		90,743
S-1 Corp.		100		6,187
Samsung Fire & Marine Insurance Co. Ltd.		178		30,269
Samsung Life Insurance Co. Ltd.		391		19,683
SK Square Co. Ltd. *		96		5,495
SK Telecom Co. Ltd.		148		6,790

(Cost $278,652)				255,273

Spain — 1.8%
Enagas SA		1,462		33,061
Iberdrola SA		32,019		356,946
Red Electrica Corp. SA		2,393		50,464

(Cost $358,890)				440,471

Sweden — 0.7%
Electrolux AB, Class B (a)		1,335		29,790
ICA Gruppen AB		560		32,953
Lundin Energy AB		1,182		41,616
Securitas AB, Class B		1,711		24,624
Tele2 AB, Class B		2,736		38,923

(Cost $161,645)				167,906

Switzerland — 13.2%
Adecco Group AG		909		42,042
Baloise Holding AG		272		40,444
Holcim Ltd.		2,909		139,729


	Number of Shares		Value
Switzerland (Continued)
Novartis AG		12,263	$	973,195
Roche Holding AG		3,036		1,179,919
SGS SA		33		99,029
Swiss Life Holding AG		181		103,624
Swiss Re AG		1,678		156,739
Swisscom AG		151		83,283
Zurich Insurance Group AG		840		344,115

(Cost $3,138,701)				3,162,119

Taiwan — 6.5%
ASE Technology Holding Co. Ltd.		18,323		67,217
Asia Cement Corp.		11,638		17,580
Asustek Computer, Inc.		3,922		49,722
Cathay Financial Holding Co. Ltd.		44,036		95,026
Compal Electronics, Inc.		24,239		20,181
CTBC Financial Holding Co. Ltd.		103,040		90,423
Fubon Financial Holding Co. Ltd.		42,262		111,110
Hon Hai Precision Industry Co. Ltd.		69,724		259,542
Largan Precision Co. Ltd.		559		40,008
Lite-On Technology Corp.		12,223		26,508
MediaTek, Inc.		8,446		306,802
Micro-Star International Co. Ltd.		3,923		22,998
Nien Made Enterprise Co. Ltd.		981		13,407
Novatek Microelectronics Corp.		3,242		54,277
President Chain Store Corp.		3,144		30,417
Quanta Computer, Inc.		15,006		46,360
Shanghai Commercial & Savings Bank Ltd.		20,909		34,855
Shin Kong Financial Holding Co. Ltd.		60,589		22,990
SinoPac Financial Holdings Co. Ltd.		57,656		31,727
Synnex Technology International Corp.		7,966		16,732
Taishin Financial Holding Co. Ltd.		57,305		38,335
Taiwan Cement Corp.		28,761		47,583
Wistron Corp.		15,316		15,754
Wiwynn Corp.		410		15,483
WPG Holdings Ltd.		8,868		16,043
Yuanta Financial Holding Co. Ltd.		52,200		44,494
Zhen Ding Technology Holding Ltd.		3,967		13,982

(Cost $1,329,033)				1,549,556

Thailand — 0.2%
Bangkok Commercial Asset Management PCL		3,800		2,210
Bangkok Commercial Asset Management PCL, NVDR		7,800		4,537
Osotspa PCL, NVDR		7,300		6,932
PTT Exploration & Production PCL, NVDR		8,100		27,282
Ratch Group PCL, NVDR		3,600		4,621
Sri Trang Gloves Thailand PCL, NVDR		6,000		5,342

(Cost $61,318)				50,924

Turkey — 0.1%
BIM Birlesik Magazalar AS		2,575		13,459
Eregli Demir ve Celik Fabrikalari TAS		7,664		13,010
Ford Otomotiv Sanayi AS		415		7,689

(Cost $36,553)				34,158


	Number of Shares		Value
United Arab Emirates — 1.6%
Abu Dhabi National Oil Co. for Distribution PJSC		12,892	$	14,531
Aldar Properties PJSC		21,131		23,127
Emirates NBD Bank PJSC		14,222		51,109
Emirates Telecommunications Group Co. PJSC		19,390		168,609
First Abu Dhabi Bank PJSC		24,524		128,058

(Cost $292,289)				385,434

United Kingdom — 14.1%
3i Group PLC		5,421		99,475
Admiral Group PLC		1,126		44,050
Anglo American PLC		7,224		264,930
BAE Systems PLC		17,826		129,286
British American Tobacco PLC		12,249		409,998
GlaxoSmithKline PLC		28,122		567,383
Hargreaves Lansdown PLC		2,078		36,757
Imperial Brands PLC		5,337		108,878
National Grid PLC		20,274		269,995
Persimmon PLC		1,753		63,477
Rio Tinto PLC		6,305		384,711
Schroders PLC		678		30,821
St James’s Place PLC		3,131		64,144
Tesco PLC		43,001		157,444
Unilever PLC		14,535		742,079

(Cost $3,466,253)				3,373,428

TOTAL COMMON STOCKS (Cost $23,375,133)				23,366,760

PREFERRED STOCKS — 0.3%
Brazil — 0.3%
Bradespar SA		1,395	$	12,287
Cia Energetica de Minas Gerais		6,018		13,999
Gerdau SA		6,341		28,962

(Cost $56,804)				55,248

TOTAL PREFERRED STOCKS (Cost $56,804)				55,248


	Number of Shares		Value
RIGHTS — 0.0%
China — 0.0%
CIFI Holdings Group Co. Ltd.*, expires 12/27/21 (Cost $0)		852	$	27

EXCHANGE-TRADED FUNDS — 0.5%
WisdomTree Emerging Markets High Dividend Fund		650		27,274
Xtrackers MSCI EAFE High Dividend Yield Equity ETF(a)(d)		4,000		89,840

TOTAL EXCHANGE-TRADED FUNDS (Cost $122,306)				117,114

SECURITIES LENDING COLLATERAL — 1.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (e)(f) (Cost $321,432)		321,432		321,432


TOTAL INVESTMENTS — 99.7% (Cost $23,875,675)			$	23,860,581
Other assets and liabilities, net — 0.3%				73,773

NET ASSETS — 100.0%			$	23,934,354

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2021 is as follows:

For information on the Fund’s policy and additional disclosures regarding open futures contracts, please refer to the Derivatives section of Note 2 in the accompanying Notes to Financial Statements.

During the period ended November 30, 2021, the amount of transfers from Level 1 to Level 3 was $34,251. The investments were transferred from Level 1 to Level 3 due to the lack of observable market data due to a decrease in market activity.


	Number of Shares		Value
COMMON STOCKS — 99.3%
Australia — 7.9%
ASX Ltd.		5	$	321
Aurizon Holdings Ltd.		574,715		1,373,281
BHP Group Ltd.		920,926		25,707,929
Coles Group Ltd.		409,714		5,234,950
Computershare Ltd.		15		203
Evolution Mining Ltd.		573,163		1,637,797
Fortescue Metals Group Ltd.		528,519		6,374,437
Magellan Financial Group Ltd.		916		21,537
Medibank Pvt Ltd.		859,706		2,103,033
Rio Tinto Ltd.		115,656		7,667,552
Wesfarmers Ltd.		353,973		14,270,985

(Cost $67,748,840)				64,392,025

Austria — 0.3%
OMV AG
(Cost $2,369,872)		44,825		2,369,872

Belgium — 0.4%
Etablissements Franz Colruyt NV		16,522		768,807
Solvay SA		22,482		2,503,244

(Cost $3,272,051)				3,272,051

Chile — 0.3%
Antofagasta PLC
(Cost $2,247,240)		122,474		2,236,058

Denmark — 0.3%
Tryg A/S
(Cost $2,594,854)		112,374		2,703,412

Finland — 1.7%
Elisa OYJ		44,420		2,647,955
Fortum OYJ		138,931		3,973,635
Orion OYJ, Class B		33,172		1,355,011
UPM-Kymmene OYJ		167,072		6,027,203

(Cost $12,472,239)				14,003,804

France — 7.9%
AXA SA		599,332		16,426,708
Bouygues SA		71,729		2,418,108
Danone SA		204,127		11,945,502
Sanofi		355,061		33,515,210

(Cost $64,378,287)				64,305,528

Germany — 6.2%
Allianz SE		128,780		27,895,098
BASF SE		284,758		18,551,908
Evonik Industries AG		66,821		2,001,437
GEA Group AG		48,213		2,427,432

(Cost $50,655,115)				50,875,875

Hong Kong — 4.1%
BOC Hong Kong Holdings Ltd.		1,153,461		3,484,419
CK Asset Holdings Ltd.		1,313		7,512
CK Infrastructure Holdings Ltd.		205,534		1,190,359
CLP Holdings Ltd.		510,872		5,006,589
Hang Lung Properties Ltd.		633,579		1,256,455
Hang Seng Bank Ltd.		238,255		4,217,525
Henderson Land Development Co. Ltd.		455,640		1,864,443


	Number of Shares		Value
Hong Kong (Continued)
HKT Trust & HKT Ltd. (a)		1,175,707	$	1,595,590
Power Assets Holdings Ltd.		431,181		2,596,759
Sino Land Co. Ltd.		1,047,577		1,252,386
SITC International Holdings Co. Ltd.		415,048		1,663,738
Sun Hung Kai Properties Ltd.		407,657		4,957,238
Wharf Real Estate Investment Co. Ltd.		522,602		2,647,919
Xinyi Glass Holdings Ltd.		565,746		1,380,284

(Cost $34,564,847)				33,121,216

Italy — 4.0%
Assicurazioni Generali SpA (b)		346,414		6,913,346
Enel SpA		2,538,840		19,166,718
Snam SpA		631,103		3,533,378
Terna—Rete Elettrica Nazionale		438,598		3,246,479

(Cost $36,127,070)				32,859,921

Japan — 17.7%
Asahi Kasei Corp.		394,574		3,723,511
Bridgestone Corp.		178,600		7,243,410
Concordia Financial Group Ltd.		341,500		1,242,146
Daiwa House Industry Co. Ltd.		177,371		5,179,992
Honda Motor Co. Ltd.		506,400		13,830,168
Iida Group Holdings Co. Ltd.		44,200		914,013
ITOCHU Corp.		372,200		10,686,265
Japan Tobacco, Inc.		1,000		20,023
Kajima Corp.		141,500		1,558,999
KDDI Corp.		503,300		14,627,593
Kirin Holdings Co. Ltd.		256,400		4,103,032
Mitsubishi Gas Chemical Co., Inc.		49,797		828,451
Mitsui & Co. Ltd.		484,200		10,904,042
Mitsui Chemicals, Inc.		55,700		1,493,738
MS&AD Insurance Group Holdings, Inc.		139,200		4,065,236
Nintendo Co. Ltd.		34,900		15,399,093
Nippon Telegraph & Telephone Corp.		401,300		11,044,630
Obayashi Corp.		203,700		1,499,786
Sekisui House Ltd.		192,824		3,753,059
SoftBank Corp.		895,500		12,323,033
Sompo Holdings, Inc.		99,500		4,095,847
T&D Holdings, Inc.		168,724		1,994,166
Taisei Corp.		59,800		1,743,256
Tokio Marine Holdings, Inc.		196,176		9,861,928
Tosoh Corp.		82,320		1,182,473
USS Co. Ltd.		67,800		994,802

(Cost $144,466,756)				144,312,692

Netherlands — 1.9%
Koninklijke Ahold Delhaize NV		326,724		10,904,101
NN Group NV		84,893		4,198,711

(Cost $12,730,928)				15,102,812

New Zealand — 0.2%
Spark New Zealand Ltd. (Cost $1,726,653)		604,327		1,886,721

Norway — 0.9%
Aker BP ASA		38,886		1,222,316
Gjensidige Forsikring ASA		62,361		1,405,823
Orkla ASA		234,150		2,128,368


	Number of Shares		Value
Norway (Continued)
Yara International ASA		52,003	$	2,543,261

(Cost $7,721,615)				7,299,768

Singapore — 2.6%
Oversea-Chinese Banking Corp. Ltd.		1,059,307		8,482,800
Singapore Exchange Ltd.		250,850		1,633,731
Singapore Technologies Engineering Ltd.		496,300		1,379,064
United Overseas Bank Ltd.		369,600		6,865,560
Venture Corp. Ltd.		87,400		1,179,866
Wilmar International Ltd.		584,100		1,750,830

(Cost $20,710,822)				21,291,851

Spain — 3.3%
Enagas SA		78,124		1,766,642
Endesa SA		99,040		2,211,195
Iberdrola SA		1,788,689		19,940,203
Red Electrica Corp. SA		134,674		2,840,021

(Cost $26,137,181)				26,758,061

Sweden — 1.1%
Electrolux AB, Class B		70,446		1,571,988
ICA Gruppen AB		31,299		1,841,787
Lundin Energy AB		63,155		2,223,547
Securitas AB, Class B		97,895		1,408,872
Tele2 AB, Class B (b)		155,909		2,218,018

(Cost $8,908,456)				9,264,212

Switzerland — 16.2%
Adecco Group AG		48,444		2,240,548
Baloise Holding AG		14,556		2,164,368
Holcim Ltd.		163,781		7,866,939
Novartis AG		510,663		40,526,357
Roche Holding AG		104,983		40,800,882
Swiss Life Holding AG		9,865		5,647,803
Swiss Re AG		93,505		8,734,139
Swisscom AG		8,084		4,458,692
Zurich Insurance Group AG		47,000		19,254,052

(Cost $130,253,293)				131,693,780


	Number of Shares		Value
United Kingdom — 22.3%
Admiral Group PLC		60,163	$	2,353,645
Anglo American PLC		402,106		14,746,666
BAE Systems PLC		1,003,744		7,279,844
British American Tobacco PLC		680,171		22,766,628
GlaxoSmithKline PLC		1,569,719		31,670,275
Hargreaves Lansdown PLC		110,964		1,962,789
Imperial Brands PLC		295,515		6,028,704
National Grid PLC		1,127,329		15,013,007
Persimmon PLC		99,603		3,606,677
Rio Tinto PLC		350,888		21,410,060
Schroders PLC		38,815		1,764,464
St James’s Place PLC		169,087		3,464,029
Tesco PLC		2,412,950		8,834,786
Unilever PLC		808,975		41,301,892

(Cost $186,422,010)				182,203,466

TOTAL COMMON STOCKS (Cost $815,508,129)				809,953,125

SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d) (Cost $65,732)		65,732		65,732

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c) (Cost $215,160)		215,160		215,160


TOTAL INVESTMENTS — 99.3% (Cost $815,789,021)			$	810,234,017
Other assets and liabilities, net — 0.7%				5,658,803

NET ASSETS — 100.0%			$	815,892,820

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2021 is as follows:

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

As of November 30, 2021, the Trust consists of thirty-five 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:

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 Bloomberg US Investment Grade Corporate ESG ETF , Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF and Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF offer shares that are listed and traded on the Cboe Bats BZX Exchange. Inc. (“Cboe”). Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF offer shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). 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, 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 track the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:

The Bloomberg MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the Bloomberg Barclays US Corporate Index (an investment grade corporate bond universe), resulting in a broad investment grade fixed income market exposure with ESG aspects. Under normal circumstances, the Bloomberg Barclays MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index is reconstituted and rebalanced on a monthly basis.

The J.P. Morgan ESG EMBI Global Diversified Sovereign Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan EMBI Global Diversified Sovereign Index, resulting in a broad emerging markets sovereign debt market exposure with ESG aspects. The J.P. Morgan ESG DM Corporate High Yield USD Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan DM High Yield USD Index (a USD denominated high yield corporate bond index of developed market issuers), resulting in a broad high yield fixed income market exposure with ESG aspects. Under normal circumstances, the J.P. Morgan Indices are reconstituted and rebalanced on a monthly basis.

The Solactive Municipal Infrastructure Revenue Bond Index is designed to track the returns of the segment of the U.S. long term tax-exempt bond market, consisting of infrastructure revenue bonds. It is comprised of tax-exempt municipal securities issued by states, cities, counties, districts, their respective agencies and other tax-exempt issuers. The Underlying Index is intended to track bonds that have been issued with the intention of funding federal, state and local infrastructure projects such as water and sewer systems, public power systems, toll roads, bridges, tunnels and many other public use projects. It is designed to only hold bonds issued by state and local municipalities where the interest and principal repayments are generated from dedicated revenue streams or a double-barreled revenue stream (pledged revenue stream and a general obligation pledge). Under normal circumstances, the Solactive Municipal Infrastructure Revenue Bond Index is rebalanced monthly on the last business day of each month.

The MSCI ACWI ex USA High Dividend Yield Index is designed to track the performance of equity securities (excluding real estate investment trusts (“REITs”)) in developed and emerging stock markets (excluding the United States) in its parent index, the MSCI ACWI ex US Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. The MSCI EAFE High Dividend Yield Index is designed to reflect the performance of equities (excluding REITs) in developed markets in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. Under normal circumstances, the MSCI High Dividend Yield Indices are rebalanced semi-annually in May and November.

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

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF and Xtrackers MSCI All World ex US High Dividend Yield Equity ETF are diversified series of the Trust. Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF are non-diversified and are not limited by the 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. In addition, each Fund, with the exception of Xtrackers Bloomberg US Investment Grade Corporate ESG ETF , Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF and Xtrackers Municipal Infrastructure Revenue Bond ETF, may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

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.

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.

Municipal debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. 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.

Corporate and sovereign debt securities are valued at prices supplied by independent pricing services approved by the Funds’ Board. 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.

Equity securities and 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. Securities or 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. Equity securities and 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.

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded 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 Board 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; 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. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.

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 Xtrackers Bloomberg US Investment Grade Corporate ESG ETF , Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF and Xtrackers Municipal Infrastructure Revenue Bond ETF to pay out dividends from its net investment income monthly and Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF to pay out dividends from net investment income quarterly. 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 November 30, 2021, the Funds did not incur any interest or penalties.

At May 31, 2021, 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 May 31, 2021, 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, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of November 30, 2021, 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 The Funds, except the Xtrackers Municipal Infrastructure Revenue Bond ETF, may lend securities to certain financial institutions under the terms of their 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 and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the 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 November 30, 2021, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/administration fee (0.03% annualized effective rate as of November 30, 2021) 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 lending agent. Either the Fund 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 November 30, 2021, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end with the exception of Xtrackers J.P. Morgan ESG Emerging Markets Sovereign Bond ETF. Due to the increase in market values of securities on loan on November 30, 2021, the value of the related collateral was less than the value of securities on loan at period end for Xtrackers J.P. Morgan ESG Emerging Markets Sovereign Bond ETF. On the next business day, additional collateral was received, and the value of the collateral exceeded the value of the securities on loan.

Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2021, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF utilized futures in order to simulate investment in the Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in

the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).

Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

A summary of the open futures contracts as of November 30, 2021 is included in a table following the Funds’ Schedule of Investments.

The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2021 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2021 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

For the period ended November 30, 2021 the average monthly volume of derivatives was as follows:

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 is 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 MSCI All World ex US High Dividend Yield Equity ETF 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 Fund’s investments in affiliated funds. For the period ended November 30, 2021, the Advisor waived $74 of the expenses of 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 November 30, 2021, 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 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, Lending 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).

For the period ended November 30, 2021, 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 November 30, 2021, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

As of November 30, 2021, 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.

From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At November 30, 2021, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:

The securities of issuers located in emerging markets tend to be more volatile and less liquid than securities of issuers located in more mature economies, and emerging markets generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. The securities of issuers located or doing substantial business in emerging markets are often subject to rapid and large changes in price.

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 Bloomberg US Investment Grade Corporate ESG ETF , Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity 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 one-month LIBOR Rate. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2021.

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to low vaccination rates and/or the lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Funds’ and their investments may be adversely affected by the effects of the COVID-19 pandemic, and the pandemic may result in the Funds and their service providers experiencing operational difficulties in coordinating a remote workforce and implementing their business continuity plans, among others. Management will continue to monitor the impact COVID-19 has on the Funds and reflect the consequences as appropriate in the Funds’ accounting and financial reporting.

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.

DBX Advisors LLC (“Advisors”) collects non-public information about you from the following sources: (i) information received from you on applications or other forms; and (ii) information about your transactions with the Advisors, Advisors’ affiliates and third-party service providers and vendors. Advisors does not disclose any non-public personal information about you to anyone, other than as set forth below, as permitted by applicable law and regulation. Advisors may disclose non-public personal information about you to the funds in which you invest, to Advisors’ affiliates, and to non-affiliated companies that work with Advisors to service your account(s), or to provide services or process transactions that you have requested. Advisors may disclose non-public personal information in situations that may include, but are not limited to, in response to legal and/or regulatory inquiries and the proposed or actual sale, assignment merger or other transfer of all or a portion of Advisors’ business to another business entity. Advisors may also disclose non-public personal information about you to parties representing you, such as your investment representative, your accountant, your tax advisor, or to other third parties at your direction/consent. Advisors will not sell, rent, license or trade your personal and financial information to or with third parties for their own direct marketing use unless you give us general or specific consent to do so. If you decide to close your account(s) or become an inactive customer, Advisors will adhere to the privacy policies and practices as described in this notice. Advisors restricts access to your personal and account information to those employees who need to know that information to provide products and services to you. Advisors maintains reasonable and customary physical, electronic and procedural safeguards to guard your non-public personal information.

California residents may go to https://fundsus.dws.com/us/en-us/legal-resources/privacy-policy.html to obtain additional information relating to their rights under California state law.

Advisors reserves the right, at their discretion, to change, modify, add, or remove portions of this Privacy Policy Notice, and any of the policies described herein, at any time. Advisors will indicate any such changes to the Privacy Policy Notice at the privacy link which can be found at www.Xtrackers.com. At all times, you are bound by the then-current version of the Privacy Policy and all applicable laws. Advisors highly recommends that you review this Privacy Policy Notice from time to time to ensure that you are familiar with the most recent version. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.

Investing involves risk, including 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. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. In certain situations, it may be difficult or impossible to sell an investment at an acceptable price. 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. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. Incorporation of ESG criteria in a fund’s investment strategy does not guarantee a return or protect against a loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. The Funds’ use of forward currency contracts may not be successful in hedging currency exchange rates changes and could eliminate some or all of the benefit of an increase in the value of a foreign currency versus the U.S. dollar. ESEB and HDEF are currently non-diversified and can take larger positions in fewer issues, increasing its potential risk. Stocks may decline in value. Dividends are not guaranteed. If the dividend-paying stocks held by the Fund reduce or stop paying dividends, the Fund’s ability to generate income may be adversely affected. 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.

Environmental, social and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments: Environmental (how a company performs as a steward of nature); Social (how a company manages relationships with employee, suppliers, customers and communities); Governance (company’s leadership, executive pay, shareholder rights, etc).

War, terrorism, economic uncertainty, trade disputes, public health crises (including the ongoing pandemic spread of the novel coronavirus) and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets 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.

ESHY and ESEB are not sponsored, endorsed, or promoted by JP Morgan Chase & Co. (“JP Morgan”) and JP Morgan bears no liability with respect to any index on which such fund is based. The accuracy, completeness or relevance of the information which has been obtained from external sources cannot be guaranteed, although it has been obtained from sources reasonably believed to be reliable. Subject to any applicable law, JP Morgan shall not assume any liability in this respect. The index described herein is a proprietary J.P. Morgan index. The prospectus contains a detailed description of the limited relationship that JP Morgan has with DBX Advisors, LLC. Index provider website: www.jpmorgan.com/country/US/en/jpmorgan/investbk/solutioins/research/indices/composition.

“Bloomberg^®” and Bloomberg MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by DBX Advisors LLC (the “Adviser”). Bloomberg is not affiliated with the Adviser, and Bloomberg does not approve, endorse, review, or recommend the Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (the “Fund”). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Fund.

RVNU (the “Fund”) is not sponsored, endorsed, sold or promoted by Solactive. Neither Solactive nor any other party makes any representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding advisability of investing in funds generally or in this Fund particularly or the ability of the Underlying Index to track general stock market performance. Neither Solactive nor any other party makes any express or implied warranties, and Solactive hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the Underlying Index or any data included therein. The prospectus contains a more detailed description of the limited relationship Solactive has with DBX Advisors LLC and any related funds.

The Funds or securities referred to herein are not sponsored, endorsed, issued, sold or promoted by MSCI, and MSCI bears no liability with respect to any such Funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with DBX Advisors LLC and any related funds.

Copyright © 2022 DWS Group. All rights reserved. Xtrackers^TM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.


Description	% of Net Assets
Unilever PLC (United Kingdom)		5.1%
Roche Holding AG (Switzerland)		5.0%
Novartis AG (Switzerland)		5.0%
Sanofi (France)		4.1%
GlaxoSmithKline PLC (United Kingdom)		3.9%
Allianz SE (Germany)		3.4%
BHP Group Ltd. (Australia)		3.2%
British American Tobacco PLC (United Kingdom)		2.8%
Rio Tinto PLC (United Kingdom)		2.6%
Iberdrola SA (Spain)		2.4%


	Beginning Account Value June 1, 2021		Ending Account Value November 30, 2021		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF
Actual	$	1,000.00	$	1,018.70		0.15	%	$	0.76
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.32		0.15	%	$	0.76
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF
Actual	$	1,000.00	$	977.70		0.35	%	$	1.74
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31		0.35	%	$	1.78
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF
Actual	$	1,000.00	$	1,007.80		0.20	%	$	1.01
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.07		0.20	%	$	1.01
Xtrackers Municipal Infrastructure Revenue Bond ETF
Actual	$	1,000.00	$	1,009.20		0.15	%	$	0.76
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.32		0.15	%	$	0.76
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
Actual	$	1,000.00	$	926.20		0.20	%	$	0.97
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.07		0.20	%	$	1.01
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Actual	$	1,000.00	$	922.30		0.20	%	$	0.96
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.07		0.20	%	$	1.01


	Page
Shareholder Letter		1
Portfolio Summary
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF		2
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		3
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		4
Xtrackers Municipal Infrastructure Revenue Bond ETF		5
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		6
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		7
Fees and Expenses		8
Schedule of Investments
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF		9
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		21
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		26
Xtrackers Municipal Infrastructure Revenue Bond ETF		41
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		49
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		56
Statements of Assets and Liabilities		60
Statements of Operations		62
Statements of Changes in Net Assets		64
Financial Highlights		67
Notes to Financial Statements		70
Additional Information		80
Privacy Policy Notice		81


United States			88.4%
Canada			3.5%
United Kingdom			3.3%
Other			4.8%

Total			100.0%


Transportation			34.1%
Airport			27.2%
Water			19.8%
Power			8.2%
General			6.6%
Development			2.4%
Utilities			1.7%

Total			100.0%


Financials			22.8%
Materials			17.0%
Health Care			14.5%
Consumer Staples			10.8%
Utilities			7.8%
Communication Services			7.9%
Industrials			5.1%
Information Technology			4.6%
Consumer Discretionary			4.3%
Real Estate			2.8%
Energy			2.4%

Total			100.0%


United Kingdom			22.5%
Japan			17.8%
Switzerland			16.3%
Australia			8.0%
France			7.9%
Germany			6.3%
Hong Kong			4.1%
Italy			4.1%
Spain			3.3%
Singapore			2.6%
Other			7.1%

Total			100.0%


	Value ($) at 5/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2021		Value ($) at 11/30/2021
CORPORATE BONDS — 0.3%
Financial — 0.3%
Deutsche Bank AG , 3.70%, 5/28/32 (b)
		10,805		17		—			—		(289	)		184		—		10,000		10,533
Deutsche Bank AG/New York NY , 3.035%, 5/30/24 (b)
		—		15,098		—			—		(7	)		15		—		15,000		15,091

SECURITIES LENDING COLLATERAL — 0.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 0.01% (c)(d)
		41,760		—		(4,938	) (e)		—		—			1		—		36,822		36,822

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 0.04% (c)
		108,903		249,417		(331,567)			—		—			5		—		26,753		26,753

		161,468		264,532		(336,505	)		—		(296	)		205		—		88,575		89,199


Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (f)	$	—	$	7,642,677	$	—	$	7,642,677
Short-Term Investments (f)		63,575		—		—		63,575

TOTAL	$	63,575	$	7,642,677	$	—	$	7,706,252


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Depreciation
EURO STOXX 50 Futures	EUR	2	$	92,362	$	91,781	12/17/2021	$	(581	)
MSCI EAFE Futures	USD	2		230,330		223,550	12/17/2021		(6,780	)
MSCI Emerging Markets Index Future	USD	1		64,640		60,615	12/17/2021		(4,025	)

Total unrealized depreciation								$	(11,386	)


	Xtrackers Bloomberg US Investment Grade Corporate ESG ETF			Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF			Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF			Xtrackers Municipal Infrastructure Revenue Bond ETF
Assets
Investment in non-affiliated securities at value	$	7,617,053		$	28,682,062		$	23,489,216		$	155,410,279
Investment in affiliated securities at value		25,624			—			133,998			—
Investment in DWS Government Money Market Series		26,753			147,950			122,390			—
Investment in DWS Government & Agency Securities Portfolio*		36,822			489,078			268,412			—
Cash		—			—			—			603,396
Receivables:
Investment securities sold		97,282			96,837			925,132			1,792,928
Interest		56,610			398,415			356,182			1,691,932
Securities lending income		22			121			602			—

Total assets	$	7,860,166		$	29,814,463		$	25,295,932		$	159,498,535


Liabilities
Payable upon return of securities loaned	$	36,822		$	489,078		$	268,412		$	—
Payables:
Investment securities purchased		98,367			99,150			1,073,144			1,244,393
Investment advisory fees		853			8,530			3,975			19,318

Total liabilities		136,042			596,758			1,345,531			1,263,711

Net Assets, at value	$	7,724,124		$	29,217,705		$	23,950,401		$	158,234,824


Net Assets Consist of
Paid-in capital	$	8,567,872		$	30,814,995		$	24,812,777		$	151,347,062
Distributable earnings (loss)		(843,748	)		(1,597,290	)		(862,376	)		6,887,762

Net Assets, at value	$	7,724,124		$	29,217,705		$	23,950,401		$	158,234,824


Number of Common Shares outstanding		350,001			1,400,001			1,150,001			5,400,001

Net Asset Value	$	22.07		$	20.87		$	20.83		$	29.30


Investment in non-affiliated securities at cost	$	7,375,516		$	29,484,482		$	23,064,175		$	148,527,997

Investment in affiliated securities at cost	$	25,007		$	—		$	133,220		$	—

Value of securities loaned	$	80,969		$	507,026		$	803,172		$	—

Investment in DWS Government Money Market Series at cost	$	26,753		$	147,950		$	122,390		$	—

Investment in DWS Government & Agency Securities Portfolio at cost*	$	36,822		$	489,078		$	268,412		$	—

Non-cash collateral for securities on loan	$	45,834		$	—		$	563,714		$	—


	Xtrackers MSCI All World ex US High Dividend Yield Equity ETF			Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Assets
Investment in non-affiliated securities at value	$	23,449,309		$	809,953,125
Investment in affiliated securities at value		89,840			—
Investment in DWS Government Money Market Series		—			215,160
Investment in DWS Government & Agency Securities Portfolio*		321,432			65,732
Foreign currency at value		87,033			1,966,401
Deposit with broker for futures contracts		22,425			417,604
Receivables:
Investment securities sold		4,129,740			172,481,178
Capital shares		1,212,054			85,309,775
Variation margin on futures contracts		—			40,414
Dividends		66,905			3,185,567
Interest		2			14
Securities lending income		225			7,887
Foreign tax reclaim		36,942			1,226,603

Total assets	$	29,415,907		$	1,074,869,460


Liabilities
Due to custodian	$	74,541		$	—
Payable upon return of securities loaned		321,432			65,732
Payables:
Investment securities purchased		3,881,810			188,266,036
Capital shares		1,196,726			70,509,278
Investment advisory fees		4,065			135,594
Variation margin on futures contracts		2,386			—
Deferred foreign tax payable		593			—

Total liabilities		5,481,553			258,976,640

Net Assets, at value	$	23,934,354		$	815,892,820


Net Assets Consist of
Paid-in capital	$	28,110,215		$	885,455,456
Distributable earnings (loss)		(4,175,861	)		(69,562,636	)

Net Assets, at value	$	23,934,354		$	815,892,820


Number of Common Shares outstanding		1,000,001			36,450,001

Net Asset Value	$	23.93		$	22.38


Investment in non-affiliated securities at cost	$	23,460,137		$	815,508,129

Investment in affiliated securities at cost	$	94,106		$	—

Value of securities loaned	$	312,324		$	2,574,854

Investment in DWS Government Money Market Series at cost	$	—		$	215,160

Investment in DWS Government & Agency Securities Portfolio at cost*	$	321,432		$	65,732

Non-cash collateral for securities on loan	$	11,156		$	2,902,550

Foreign currency at cost	$	90,986		$	1,979,800


	Xtrackers MSCI All World ex US High Dividend Yield Equity ETF			Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Investment Income
Unaffiliated dividend income*	$	590,210		$	15,358,767
Income distributions from affiliated funds		1,864			189
Affiliated securities lending income		11			285
Unaffiliated securities lending income, net of borrower rebates		1,986			42,585

Total investment income		594,071			15,401,826


Expenses
Investment advisory fees		24,779			790,040
Other expenses		57			1,147

Total expenses		24,836			791,187

Less fees waived (see note 3):
Waiver		(80	)		(104	)

Net expenses		24,756			791,083

Net investment income (loss)		569,315			14,610,743


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments**		(212,548	)		(12,996,325	)
Investments in affiliates		(4,036	)		—
In-kind redemptions		380,428			13,779,011
Futures contracts		823			395,336
Foreign currency transactions		(8,169	)		(293,284	)

Net realized gain (loss)		156,498			884,738

Net change in unrealized appreciation (depreciation) on:
Investments***		(2,573,775	)		(80,895,683	)
Investments in affiliates		(4,483	)		—
Futures contracts		(12,476	)		(624,616	)
Foreign currency translations		(5,762	)		(100,218	)

Net change in unrealized appreciation (depreciation)		(2,596,496	)		(81,620,517	)

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(2,439,998	)		(80,735,779	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	(1,870,683	)	$	(66,125,036	)

* Unaffiliated foreign tax withheld	$	47,700		$	534,364
** Including foreign taxes	$	2		$	—
*** Net of change in deferred foreign taxes	$	(2,054	)	$	—


	Xtrackers Bloomberg US Investment Grade Corporate ESG ETF						Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF
	For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	85,719		$	215,759		$	588,835		$	1,041,498
Net realized gain (loss)		99,557			251,449			12,788			484,854
Net change in net unrealized appreciation (depreciation)		(24,446	)		(229,678	)		(1,260,226	)		348,646

Net increase (decrease) in net assets resulting from operations		160,830			237,530			(658,603	)		1,874,998

Distributions to Shareholders		(90,000	)		(218,315	)		(609,000	)		(1,002,086	)


Fund Shares Transactions
Proceeds from shares sold		1,097,308			—			—			20,615,556
Value of shares redeemed		(1,119,611	)		(2,252,359	)		—			(5,440,721	)

Net increase (decrease) in net assets resulting from fund share transactions		(22,303	)		(2,252,359	)		—			15,174,835

Total net increase (decrease) in Net Assets		48,527			(2,233,144	)		(1,267,603	)		16,047,747

Net Assets
Beginning of period		7,675,597			9,908,741			30,485,308			14,437,561

End of period	$	7,724,124		$	7,675,597		$	29,217,705		$	30,485,308


Changes in Shares Outstanding
Shares outstanding, beginning of period		350,001			450,001			1,400,001			700,001
Shares sold		50,000			—			—			950,000
Shares redeemed		(50,000	)		(100,000	)		—			(250,000	)

Shares outstanding, end of period		350,001			350,001			1,400,001			1,400,001


	Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF						Xtrackers Municipal Infrastructure Revenue Bond ETF
	For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	568,915		$	1,052,055		$	1,622,672		$	2,810,931
Net realized gain (loss)		157,242			1,012,134			(60,023	)		742,159
Net change in net unrealized appreciation (depreciation)		(600,168	)		479,819			(275,923	)		5,541,055

Net increase (decrease) in net assets resulting from operations		125,989			2,544,008			1,286,726			9,094,145

Distributions to Shareholders		(572,990	)		(1,059,815	)		(1,611,032	)		(2,889,288	)


Fund Shares Transactions
Proceeds from shares sold		7,440,810			2,107,141			20,627,785			46,362,718
Value of shares redeemed		—			(5,206,838	)		—			(11,773,539	)

Net increase (decrease) in net assets resulting from fund share transactions		7,440,810			(3,099,697	)		20,627,785			34,589,179

Total net increase (decrease) in Net Assets		6,993,809			(1,615,504	)		20,303,479			40,794,036

Net Assets
Beginning of period		16,956,592			18,572,096			137,931,345			97,137,309

End of period	$	23,950,401		$	16,956,592		$	158,234,824		$	137,931,345


Changes in Shares Outstanding
Shares outstanding, beginning of period		800,001			950,001			4,700,001			3,500,001
Shares sold		350,000			100,000			700,000			1,600,000
Shares redeemed		—			(250,000	)		—			(400,000	)

Shares outstanding, end of period		1,150,001			800,001			5,400,001			4,700,001


	Xtrackers MSCI All World ex US High Dividend Yield Equity ETF						Xtrackers MSCI EAFE High Dividend Yield Equity ETF
	For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021			For the Six Months Ended November 30, 2021 (Unaudited)			Year Ended May 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	569,315		$	1,040,851		$	14,610,743		$	29,157,054
Net realized gain (loss)		156,498			138,229			884,738			20,670,571
Net change in net unrealized appreciation (depreciation)		(2,596,496	)		5,024,661			(81,620,517	)		94,017,999

Net increase (decrease) in net assets resulting from operations		(1,870,683	)		6,203,741			(66,125,036	)		143,845,624

Distributions to Shareholders		(745,885	)		(1,043,240	)		(23,034,304	)		(24,511,986	)


Fund Shares Transactions
Proceeds from shares sold		7,563,405			2,655,173			248,465,898			394,847,467
Value of shares redeemed		(3,641,840	)		(5,014,288	)		(82,054,321	)		(184,212,039	)

Net increase (decrease) in net assets resulting from fund share transactions		3,921,565			(2,359,115	)		166,411,577			210,635,428

Total net increase (decrease) in Net Assets		1,304,997			2,801,386			77,252,237			329,969,066

Net Assets
Beginning of period		22,629,357			19,827,971			738,640,583			408,671,517

End of period	$	23,934,354		$	22,629,357		$	815,892,820		$	738,640,583


Changes in Shares Outstanding
Shares outstanding, beginning of period		850,001			950,001			29,550,001			20,550,001
Shares sold		300,000			100,000			10,550,000			16,750,000
Shares redeemed		(150,000	)		(200,000	)		(3,650,000	)		(7,750,000	)

Shares outstanding, end of period		1,000,001			850,001			36,450,001			29,550,001


Xtrackers Bloomberg US Investment Grade Corporate ESG ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2021 (Unaudited)			2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	21.93		$	22.02		$	23.04		$	23.84		$	24.09		$	23.79

Income (loss) from investment operations:
Net investment income (loss)(a)		0.26			0.53			0.73			0.83			0.78			0.73
Net realized and unrealized gain (loss)		0.15			(0.10	)(b)		(0.98	)		(0.32	)		(0.28	)		0.39

Total from investment operations		0.41			0.43			(0.25	)		0.51			0.50			1.12

Less distributions from:
Net investment income		(0.27	)		(0.52	)		(0.77	)		(0.83	)		(0.75	)		(0.82	)
Net realized gains		—			—			—			(0.48	)		—			—

Total distributions		(0.27	)		(0.52	)		(0.77	)		(1.31	)		(0.75	)		(0.82	)

Net Asset Value, end of period	$	22.07		$	21.93		$	22.02		$	23.04		$	23.84		$	24.09

Total Return (%)		1.87	**(c)		1.95	(c)		(1.16	)(c)		2.28	(c)		2.05			4.79

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		8			8			10			7			10			6
Ratio of expenses before fee waiver (%)		0.15	*		0.15			0.24			0.25			0.25			0.25
Ratio of expenses after fee waiver (%)		0.15	*		0.15			0.24			0.25			0.25			0.25
Ratio of net investment income (loss) (%)		2.32	*		2.34			3.18			3.53			3.22			3.04
Portfolio turnover rate (%)(d)		19	**		29			57			25			33			26

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF Selected Per Share Data	For the Six Months Ended 11/30/2021 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2021 (Unaudited)			2021			2020			2019			2018			2017
Net Asset Value, beginning of period	$	21.78		$	20.63		$	23.10		$	24.36		$	24.91		$	23.96

Income (loss) from investment operations:
Net investment income (loss)(a)		0.42			0.84			0.89			1.05			0.99			1.07
Net realized and unrealized gain (loss)		(0.89	)		1.12			(2.37	)		(0.29	)		(0.48	)		1.18

Total from investment operations		(0.47	)		1.96			(1.48	)		0.76			0.51			2.25

Less distributions from:
Net investment income		(0.44	)		(0.81	)		(0.99	)		(1.04	)		(1.02	)		(1.30	)
Net realized gains		—			—			—			(0.98	)		(0.04	)		—

Total distributions		(0.44	)		(0.81	)		(0.99	)		(2.02	)		(1.06	)		(1.30	)

Net Asset Value, end of period	$	20.87		$	21.78		$	20.63		$	23.10		$	24.36		$	24.91

Total Return (%)		(2.23	)**(c)		9.57	(c)		(6.79	)(c)		3.31	(c)		2.03			9.61

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		29			30			14			7			9			6
Ratio of expenses before fee waiver (%)		0.35	*		0.35			0.44			0.45			0.45			0.47
Ratio of expenses after fee waiver (%)		0.35	*		0.35			0.44			0.45			0.45			0.47
Ratio of net investment income (loss) (%)		3.88	*		3.87			3.85			4.37			3.94			4.35
Portfolio turnover rate (%)(d)		9	**		35			26			31			48			35


Fund		Underlying Index
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF*		Bloomberg MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index*
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		J.P. Morgan ESG EMBI Global Diversified Sovereign Index
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		J.P. Morgan ESG DM Corporate High Yield USD Index
Xtrackers Municipal Infrastructure Revenue Bond ETF		Solactive Municipal Infrastructure Revenue Bond Index
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		MSCI ACWI ex USA High Dividend Yield Index
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		MSCI EAFE High Dividend Yield Index


	Short-Term		Long-Term		Total Amount
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	458,820	$	735,360	$	1,194,180
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		59,556		804,847		864,403
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		37,555		1,468,929		1,506,484
Xtrackers Municipal Infrastructure Revenue Bond ETF		182,839		18,457		201,296
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		817,005		3,452,192		4,269,197
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		19,350,281		36,584,957		55,935,238


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)		Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	7,473,934	$	263,424	$	327,012	$	(63,588	)
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		29,946,402		419,403		1,128,984		(709,581	)
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		15,999,164		1,011,869		1,068,573		(56,704	)
Xtrackers Municipal Infrastructure Revenue Bond ETF		126,816,514		7,157,777		7,260,884		(103,107	)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		21,063,292		2,381,055		2,927,049		(545,994	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		706,080,778		62,447,293		69,050,218		(6,602,925	)


Remaining Contractual Maturity of the Agreements, as of November 30, 2021

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF
Corporate Bonds	$	36,822	$	—	$	4,584	$	41,250	$	82,656

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	82,656

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF
Corporate Bonds	$	489,078	$	—	$	—	$	—	$	489,078

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	489,078

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF
Corporate Bonds	$	268,412	$	—	$	47,764	$	515,950	$	832,126

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	832,126

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
Common Stocks	$	235,592		—	$	484	$	10,672	$	246,748
Exchange-Traded Funds		85,840		—		—		—	$	85,840

Total Borrowings	$	321,432	$	—	$	484	$	10,672	$	332,588

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	332,588

Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Common Stocks	$	65,732	$	—	$	—	$	2,902,550	$	2,968,282

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	2,968,282


		Asset Derivatives			Liability Derivatives
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	11,386
Xtrackers MSCI EAFE High Dividend Yield Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	—	Unrealized depreciation on futures contracts*	$	305,738


Net Realized Gain (Loss) from:

	Futures Contracts—Equity Contracts
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	823
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		395,336


Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts—Equity Contracts
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	(12,476	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		(624,616	)


	Futures Contracts (Contract Value)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	236,326
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		6,189,425


	Unitary Advisory Fee
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF		0.15	%
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		0.35	%
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		0.20	%
Xtrackers Municipal Infrastructure Revenue Bond ETF		0.15	%
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		0.20	%
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		0.20	%


	Expenses Waived
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	3
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		20
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		15
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		6
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		104


	Purchases		Sales
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	1,397,234	$	1,384,305
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		3,275,590		2,713,912
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		3,949,109		3,990,354
Xtrackers Municipal Infrastructure Revenue Bond ETF		16,272,849		8,240,311
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		6,279,171		4,170,790
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		194,953,723		122,026,519


	Approximate Percent of Outstanding Shares Held
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF		58	%
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		32	%
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		33	%


Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022	Administrator, custodian, fund accounting agent, lending 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