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


Description	% of Net Assets
Roche Holding AG (Switzerland)		4.9%
Novartis AG (Switzerland)		4.1%
Unilever PLC (United Kingdom)		3.1%
Sanofi (France)		2.5%
GlaxoSmithKline PLC (United Kingdom)		2.4%
Allianz SE (Germany)		2.1%
BHP Group Ltd. (Australia)		1.9%
British American Tobacco PLC (United Kingdom)		1.7%
Rio Tinto PLC (United Kingdom)		1.6%
Iberdrola SA (Spain)		1.5%


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