DBX ETF Trust

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this annual report for five of our ETFs tracking the fixed income market for the period ended August 31, 2022

The global economic recovery in 2021, after the pandemic-induced uncertainty, was followed by geopolitical developments in 2022 that have led to soaring energy prices, high interest rates and supply chain disruptions. Markets across the world, especially those in developed parts, such as the U.S. and the Eurozone, continued to suffer from the effects of the Russia-Ukraine war, which saw various central banks taking hawkish measures to curb rising inflation. The second quarter of 2022 also witnessed global output contracting due to a worse-than-forecasted slowdown in China caused by the country’s strict zero-COVID policy.

Policymakers across the globe continued to face the twin challenges of handling the post-pandemic recovery while fighting multi-year-high inflation rates. The Federal Reserve, in the wake of impending recession, has taken the most rigorous interest rate hikes (75 basis points¹ (bps) each in June and July 2022) since the monetary policy tool was introduced in the 1990s. The European Central Bank on its part tightened its stance with a 50bps increase in rates and announced that it would stop its asset purchase program in the third quarter of 2022, forecasting a further hike in September. In the far east, the Bank of Japan has refrained from taking a hawkish view and continues to hold rates at around 0%.

Bond markets were volatile during the reporting period, driven by various macroeconomic and geopolitical events. Yields fell initially in Q4 2021, as economic recovery moderated, followed by heightened inflation worries and the ensuing hawkish central bank policies. Spreads widened the most in the U.S. market, followed by the European and UK markets, during the last quarter of 2021 following fears of the Omicron variant impacting global growth. However, yield spreads tightened again in December 2021 on evidence of the lower-than-expected impact of the virus and diminished supply of new bond issues. The Federal Reserve continued to tread on its hawkish path as its chairman, Jerome Powell, in his address at the Jackson Hole symposium, signaled at further rate hikes until inflation cools down. Overall, 1H22 caused record-breaking losses, as bond markets were adjusting to the central bank’s policy of higher interest rates.

The Eurozone’s economy remained most vulnerable to the changing dynamics of the Russian war, with energy and food commodity prices staying elevated as inflation climbed higher. Although the labor market remained a bright spot during the final quarter of 2021, consumer confidence dropped significantly amid prevalent uncertainties. The Eurozone’s third and fourth largest economies, Italy and Spain, were the major contributors to growth in 2022, sustaining their path to recovery from COVID-19, while the bloc’s largest economy, Germany stalled. France, Eurozone’s second-largest economy posted positive growth, backed by a positive contribution from net trade as exports grew.

All macroeconomic indicators point towards a significant slowdown in 2022, as central banks across the globe are at a crossroads of high inflation and economic recovery. Consumer confidence has remained weak owing to a less favorable long-term economic outlook, as a fragmented recovery is anticipated. Investors would need to keep an eye on potential sanctions on Russian energy by the European Union, as any further supply crunch on oil and gas could sustain the record-high inflation 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 Basis points are a unit of measurement equal to 1/100^th of 1 percent and a standard measure for interest rates.

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 High Beta High Yield Bond ETF (HYUP) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market High Beta Index (the HYUP Index). The HYUP Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. For the 12-month period ended August 31, 2022, HYUP shares returned -12.56%, compared to the HYUP Index return of -12.55%.

All sectors contributed negatively to performance during the period with the Communications, Consumer Non-Cyclical and Consumer Cyclical sectors detracting the most from performance.

The Xtrackers Low Beta High Yield Bond ETF (HYDW) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market Low Beta Index (the HYDW Index). The HYDW Index is designed to track the performance of the segment of the U.S. dollar denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. For the 12-month period ended August 31, 2022, HYDW shares returned -8.36%, compared to the HYDW Index return of -8.37%.

All sectors contributed negatively to performance during the period with the Communications, Consumer Cyclical and Financial Institutions sectors detracting the most from performance.

Xtrackers Risk Managed USD High Yield Strategy ETF (HYRM) seeks investment results that correspond generally to the performance, before fees and expenses, of the Adaptive Wealth Strategies Risk Managed High Yield Index (the HYRM Index). The HYRM Index is designed to track the performance of the US dollar-denominated high yield corporate bond market during normal market conditions, and the performance of a USD cash position accruing interest at the Effective Federal Funds Rate (the interest rate depository institutions such as banks charge each other for overnight loans to meet their reserve requirements) during periods of adverse market conditions. For the period from February 10, 2022, to August 31, 2022, HYRM shares returned -9.12%, compared to the HYRM Index return of -8.48%.

All sectors contributed negatively to performance during the period with the Communications, Consumer Non-Cyclical and Consumer Cyclical sectors detracting the most from performance.

The Xtrackers Short Duration High Yield Bond ETF (SHYL) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market 0-5 Year Index (the SHYL Index). The SHYL Index is designed to track the performance of short-term publicly issued US dollar denominated below investment grade corporate debt. For the 12-month period ended August 31, 2022, SHYL shares returned -5.84%, compared to the SHYL Index return of -5.76%.

All sectors contributed negatively to performance during the period with the Communications, Consumer Non-Cyclical and Consumer Cyclical sectors detracting the most from performance.

The Xtrackers USD High Yield Corporate Bond ETF (HYLB) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive USD High Yield Corporates Total Market Index (the HYLB Index). The HYLB Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. For the 12-month period ended August 31, 2022, HYLB shares returned -10.67%, compared to the HYLB Index return of -10.54%.

All sectors contributed negatively to performance during the period with the Communications, Consumer Non-Cyclical and Consumer Cyclical sectors detracting the most from performance.

Performance data quoted represents past performance and does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance data visit www.Xtrackers.com. Returns assume that dividends and capital gains distributions have been reinvested. See pages 6-15 of this report for additional performance information, including performance data based on market value.

The views expressed in this report reflect those of the portfolio management team only through the end of the period of the report as stated on the cover. The management team’s views are subject to change at any time based on market and other conditions and should not be construed as a recommendation. Current and future portfolio holdings are subject to risk.

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

¹Total returns are calculated based on the commencement of operations, January 11, 2018 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 17, 2021, was 0.35%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

The Fund’s net asset value or “NAV” is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. The price used to calculate market return (“Market Price”) is determined by using the midpoint between the highest bid and the lowest offer on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not have traded in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary trading, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes only, and as such, the total return based on the unadjusted net asset value per share may differ from the total return reported in the financial highlights.

Sector Diversification* as of August 31, 2022


Communications			20.1%
Consumer, Cyclical			20.0%
Consumer, Non-cyclical			16.5%
Energy			12.8%
Industrial			10.6%
Financial			9.1%
Technology			4.6%
Basic Materials			4.0%
Utilities			2.3%

Total			100.0%

Modified duration to worst as of August 31, 2022: 4.3 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.

Quality* as of August 31, 2022


Description	% of Market Value
BBB		1.7%
BB		45.1%
B		37.5%
CCC		15.4%
NR		0.3%

Total		100.0%

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

* 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 17.

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

¹ Total returns are calculated based on the commencement of operations, January 11, 2018 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 17, 2021, was 0.25%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

Sector Diversification* as of August 31, 2022


Consumer, Cyclical			23.2%
Consumer, Non-cyclical			18.9%
Communications			17.4%
Financial			11.3%
Energy			11.3%
Industrial			7.8%
Technology			3.7%
Basic Materials			3.4%
Utilities			3.0%

Total			100.0%

Modified duration to worst as of August 31, 2022: 4.4 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

Quality* as of August 31, 2022


Description	% of Market Value
BBB		14.4%
BB		74.0%
B		11.5%
CCC		0.1%

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 29.

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

¹ Total returns are calculated based on the commencement of operations, February 10, 2022 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 21, 2021, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

Sector Diversification* as of August 31, 2022


Consumer, Cyclical			22.1%
Communications			19.4%
Consumer, Non-cyclical			17.6%
Energy			11.7%
Financial			10.0%
Industrial			9.0%
Technology			4.1%
Basic Materials			3.6%
Utilities			2.5%

Total			100.0%

Modified duration to worst as of August 31, 2022: 4.3 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

Quality* as of August 31, 2022


Description	% of Market Value
BBB		7.6%
BB		59.9%
B		24.4%
CCC		8.0%
NR		0.1%

		100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 39.

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

¹ Total returns are calculated based on the commencement of operations, January 10, 2018 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 17, 2021, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

Sector Diversification* as of August 31, 2022


Consumer, Cyclical			26.1%
Communications			18.9%
Consumer, Non-cyclical			13.3%
Energy			12.0%
Financial			11.4%
Industrial			10.6%
Technology			2.8%
Basic Materials			2.7%
Utilities			2.2%

Total			100.0%

Modified duration to worst as of August 31, 2022: 2.7 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.

Quality* as of August 31, 2022


Description	% of Market Value
BBB		9.7%
BB		52.1%
B		30.1%
CCC		7.8%
NR		0.3%

		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 40.

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

¹ Total returns are calculated based on the commencement of operations, December 7, 2016 (“Inception”).

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at www.Xtrackers.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the sale of fund shares or redemption of fund creation units. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are sold in the market or redeemed. Performance for certain funds may reflect a waiver of a portion of the unitary advisory fee. Without such waiver, performance would have been lower. The gross expense ratio of the Fund, as stated in the fee table of the prospectus dated December 17, 2021, was 0.20%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report.

Sector Diversification* as of August 31, 2022


Consumer, Cyclical			22.1%
Communications			19.4%
Consumer, Non-cyclical			17.6%
Energy			11.7%
Financial			10.0%
Industrial			9.0%
Technology			4.1%
Basic Materials			3.6%
Utilities			2.5%

Total			100.0%

Modified duration to worst as of August 31, 2022: 4.4 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.

Quality* as of August 31, 2022


Description	% of Market Value
BBB		7.7%
BB		60.3%
B		24.1%
CCC		7.8%
NR		0.1%

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 50.

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

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (March 1, 2022 to August 31, 2022).

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

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


	Principal Amount		Value
CORPORATE BONDS — 98.1%
Basic Materials — 3.9%
Chemicals — 2.2%
ASP Unifrax Holdings, Inc. 144A, 5.25%, 9/30/28	$	21,000	$	16,877
144A, 7.50%, 9/30/29 (a)		10,000		7,330
Chemours Co. 5.375%, 5/15/27		13,000		12,072
144A, 5.75%, 11/15/28		25,000		22,415
144A, 4.625%, 11/15/29		15,000		12,396
Consolidated Energy Finance SA 144A, 6.50%, 5/15/26		10,000		9,147
144A, 5.625%, 10/15/28		13,000		10,726
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		13,000		11,268
Methanex Corp., 5.25%, 12/15/29		18,000		15,142
NOVA Chemicals Corp. 144A, 5.25%, 6/1/27		28,000		24,763
144A, 4.25%, 5/15/29 (a)		13,000		10,710
Olympus Water US Holding Corp. 144A, 4.25%, 10/1/28		22,000		17,918
144A, 6.25%, 10/1/29		10,000		7,563
SCIH Salt Holdings, Inc. 144A, 4.875%, 5/1/28		28,000		24,029
144A, 6.625%, 5/1/29		19,000		15,671
Tronox, Inc., 144A, 4.625%, 3/15/29		27,000		22,493
WR Grace Holdings LLC, 144A, 5.625%, 8/15/29		29,000		22,982

(Cost $314,445)				263,502

Forest Products & Paper — 0.1%
Mercer International, Inc., 5.125%, 2/1/29
(Cost $22,515)		22,000		19,240

Iron/Steel — 0.6%
Mineral Resources Ltd. 144A, 8.125%, 5/1/27		18,000		18,065
144A, 8.00%, 11/1/27		17,000		16,985
144A, 8.50%, 5/1/30		16,000		16,145
United States Steel Corp., 6.875%, 3/1/29		19,000		18,644

(Cost $71,363)				69,839

Mining — 1.0%
Arconic Corp., 144A, 6.125%, 2/15/28		24,000		22,570
Constellium SE, 144A, 3.75%, 4/15/29		13,000		10,777
FMG Resources August 2006 Pty Ltd. 144A, 5.875%, 4/15/30		19,000		17,556
144A, 6.125%, 4/15/32		18,000		16,662
Hudbay Minerals, Inc. 144A, 4.50%, 4/1/26		15,000		13,635
144A, 6.125%, 4/1/29		15,000		13,227


	Principal Amount		Value
Mining (Continued)
Kaiser Aluminum Corp. 144A, 4.625%, 3/1/28	$	15,000	$	12,940
144A, 4.50%, 6/1/31		15,000		11,830

(Cost $134,731)				119,197

Communications — 19.7%
Advertising — 1.3%
Clear Channel Outdoor Holdings, Inc. 144A, 5.125%, 8/15/27		32,000		28,701
144A, 7.75%, 4/15/28		25,000		20,380
144A, 7.50%, 6/1/29		27,000		21,836
CMG Media Corp., 144A, 8.875%, 12/15/27		26,000		22,402
Outfront Media Capital LLC / Outfront Media Capital Corp. 144A, 5.00%, 8/15/27		17,000		15,584
144A, 4.25%, 1/15/29		11,000		9,258
144A, 4.625%, 3/15/30		13,000		10,863
Stagwell Global LLC, 144A, 5.625%, 8/15/29		29,000		24,640

(Cost $179,038)				153,664

Internet — 0.7%
Arches Buyer, Inc. 144A, 4.25%, 6/1/28		30,000		24,160
144A, 6.125%, 12/1/28		13,000		10,209
Photo Holdings Merger Sub, Inc., 144A, 8.50%, 10/1/26		20,000		14,965
Uber Technologies, Inc., 144A, 4.50%, 8/15/29		38,000		32,846

(Cost $96,172)				82,180

Media — 8.6%
Altice Financing SA 144A, 5.00%, 1/15/28		32,000		25,874
144A, 5.75%, 8/15/29		54,000		43,624
AMC Networks, Inc., 4.25%, 2/15/29		26,000		21,258
Audacy Capital Corp. 144A, 6.50%, 5/1/27		11,000		3,618
144A, 6.75%, 3/31/29		14,000		4,232
CSC Holdings LLC 144A, 5.375%, 2/1/28		25,000		22,709
144A, 7.50%, 4/1/28		27,000		24,047
144A, 6.50%, 2/1/29		46,000		42,716
144A, 5.75%, 1/15/30		62,000		48,091
144A, 4.125%, 12/1/30		29,000		23,228
144A, 4.625%, 12/1/30		59,000		43,026
144A, 4.50%, 11/15/31		40,000		31,404
144A, 5.00%, 11/15/31		8,000		5,713
Diamond Sports Group LLC / Diamond Sports Finance Co. 144A, 5.375%, 8/15/26		78,000		14,918
144A, 6.625%, 8/15/27		44,000		4,126
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 144A, 5.875%, 8/15/27		94,000		86,845


	Principal Amount		Value
Media (Continued)
DISH DBS Corp. 5.875%, 11/15/24	$	51,000	$	46,217
7.75%, 7/1/26		51,000		40,209
144A, 5.25%, 12/1/26		70,000		57,925
7.375%, 7/1/28		30,000		19,700
144A, 5.75%, 12/1/28		64,000		49,265
5.125%, 6/1/29		38,000		22,572
Gray Escrow II, Inc., 144A, 5.375%, 11/15/31		33,000		27,931
Gray Television, Inc., 144A, 4.75%, 10/15/30		20,000		16,480
iHeartCommunications, Inc. 6.375%, 5/1/26		22,000		20,816
8.375%, 5/1/27		38,000		33,394
144A, 5.25%, 8/15/27		19,000		17,078
144A, 4.75%, 1/15/28		11,000		9,459
LCPR Senior Secured Financing DAC 144A, 6.75%, 10/15/27		30,000		28,365
144A, 5.125%, 7/15/29		22,000		18,953
McGraw-Hill Education, Inc. 144A, 5.75%, 8/1/28		23,000		20,274
144A, 8.00%, 8/1/29		18,000		15,643
Radiate Holdco LLC / Radiate Finance, Inc. 144A, 4.50%, 9/15/26		23,000		19,866
144A, 6.50%, 9/15/28		26,000		19,409
Scripps Escrow II, Inc., 144A, 5.375%, 1/15/31 (a)		13,000		10,656
Sinclair Television Group, Inc., 144A, 5.50%, 3/1/30		13,000		10,213
Univision Communications, Inc., 144A, 7.375%, 6/30/30		23,000		22,856
UPC Holding BV, 144A, 5.50%, 1/15/28		12,000		10,292
Virgin Media Finance PLC, 144A, 5.00%, 7/15/30		25,000		19,792
Ziggo Bond Co. BV 144A, 6.00%, 1/15/27		16,000		14,435
144A, 5.125%, 2/28/30		13,000		10,425

(Cost $1,326,710)				1,027,654

Telecommunications — 9.1%
Altice France Holding SA 144A, 10.50%, 5/15/27		40,000		34,587
144A, 6.00%, 2/15/28		31,000		21,226
Altice France SA 144A, 8.125%, 2/1/27		46,000		43,585
144A, 5.50%, 1/15/28		29,000		23,646
144A, 5.125%, 1/15/29		15,000		11,670
144A, 5.125%, 7/15/29		64,000		48,698
144A, 5.50%, 10/15/29		52,000		41,129
Avaya, Inc., 144A, 6.125%, 9/15/28		26,000		14,258
C&W Senior Financing DAC, 144A, 6.875%, 9/15/27		32,000		28,449
CommScope Technologies LLC 144A, 6.00%, 6/15/25		33,000		29,990
144A, 5.00%, 3/15/27		19,000		15,024


	Principal Amount		Value
Telecommunications (Continued)
CommScope, Inc. 144A, 6.00%, 3/1/26	$	38,000	$	35,959
144A, 8.25%, 3/1/27		25,000		21,469
144A, 7.125%, 7/1/28		18,000		14,723
144A, 4.75%, 9/1/29		33,000		28,140
Connect Finco SARL / Connect US Finco LLC, 144A, 6.75%, 10/1/26		53,000		48,600
Consolidated Communications, Inc. 144A, 5.00%, 10/1/28		12,000		9,260
144A, 6.50%, 10/1/28		20,000		16,144
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27		30,000		28,039
144A, 5.00%, 5/1/28		40,000		35,109
144A, 6.75%, 5/1/29		25,000		21,594
5.875%, 11/1/29		20,000		16,354
144A, 6.00%, 1/15/30		25,000		20,644
144A, 8.75%, 5/15/30		31,000		32,008
Hughes Satellite Systems Corp., 6.625%, 8/1/26		19,000		18,010
Iliad Holding SASU 144A, 6.50%, 10/15/26		31,000		28,368
144A, 7.00%, 10/15/28		23,000		21,140
Intelsat Jackson Holdings SA, 144A, 6.50%, 3/15/30		76,000		69,082
Level 3 Financing, Inc. 144A, 4.625%, 9/15/27		25,000		22,123
144A, 4.25%, 7/1/28		32,000		26,639
144A, 3.625%, 1/15/29		22,000		17,690
144A, 3.75%, 7/15/29		23,000		18,508
Lumen Technologies, Inc. 144A, 5.125%, 12/15/26		32,000		27,692
144A, 4.50%, 1/15/29		25,000		18,687
144A, 5.375%, 6/15/29		25,000		19,522
Telesat Canada / Telesat LLC 144A, 5.625%, 12/6/26		13,000		7,612
144A, 4.875%, 6/1/27		10,000		5,438
VEON Holdings BV 144A, 4.95%, 6/16/24		17,000		12,539
144A, 4.00%, 4/9/25		31,000		19,453
Viasat, Inc. 144A, 5.625%, 9/15/25		18,000		15,916
144A, 5.625%, 4/15/27		16,000		14,743
144A, 6.50%, 7/15/28		10,000		7,734
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28		35,000		30,514
Zayo Group Holdings, Inc. 144A, 4.00%, 3/1/27		38,000		32,445
144A, 6.125%, 3/1/28		28,000		21,821

(Cost $1,300,065)				1,095,981

Consumer, Cyclical — 19.6%
Airlines — 0.9%
American Airlines Group, Inc., 144A, 3.75%, 3/1/25 (a)		16,000		13,467


	Principal Amount		Value
Airlines (Continued)
American Airlines, Inc., 144A, 11.75%, 7/15/25	$	64,000	$	70,802
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		31,000		28,339

(Cost $119,526)				112,608

Auto Manufacturers — 0.4%
Jaguar Land Rover Automotive PLC 144A, 7.75%, 10/15/25		17,000		15,598
144A, 4.50%, 10/1/27 (a)		13,000		9,567
144A, 5.875%, 1/15/28		13,000		9,908
144A, 5.50%, 7/15/29		16,000		11,276

(Cost $59,149)				46,349

Auto Parts & Equipment — 1.7%
Adient Global Holdings Ltd., 144A, 4.875%, 8/15/26		20,000		18,534
American Axle & Manufacturing, Inc. 6.50%, 4/1/27 (a)		13,000		12,176
6.875%, 7/1/28		10,000		9,510
5.00%, 10/1/29 (a)		14,000		11,895
Clarios Global LP / Clarios US Finance Co., 144A, 8.50%, 5/15/27		52,000		50,801
Dana, Inc. 5.375%, 11/15/27		10,000		8,929
5.625%, 6/15/28		10,000		8,989
4.25%, 9/1/30		10,000		8,088
Goodyear Tire & Rubber Co. 5.00%, 7/15/29 (a)		23,000		20,647
5.25%, 4/30/31 (a)		14,000		12,227
5.25%, 7/15/31 (a)		16,000		13,815
5.625%, 4/30/33		11,000		9,531
Tenneco, Inc., 144A, 7.875%, 1/15/29		19,000		18,934

(Cost $225,832)				204,076

Distribution/Wholesale — 0.0%
Wesco Aircraft Holdings, Inc., 144A, 13.125%, 11/15/27
(Cost $13,319)		15,000		4,988

Entertainment — 2.9%
AMC Entertainment Holdings, Inc. 144A,, 6/15/26		36,000		28,939
144A, 7.50%, 2/15/29		25,000		21,531
Banijay Entertainment SASU, 144A, 5.375%, 3/1/25		25,000		23,604
Caesars Entertainment, Inc. 144A, 8.125%, 7/1/27		46,000		45,319
144A, 4.625%, 10/15/29		31,000		25,071
Cinemark USA, Inc. 144A, 5.875%, 3/15/26		10,000		8,887
144A, 5.25%, 7/15/28		20,000		16,189
Mohegan Gaming & Entertainment, 144A, 8.00%, 2/1/26		31,000		27,130


	Principal Amount		Value
Entertainment (Continued)
Penn Entertainment, Inc. 144A, 5.625%, 1/15/27	$	10,000	$	9,161
144A, 4.125%, 7/1/29		10,000		8,091
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 144A, 5.625%, 9/1/29		19,000		14,109
144A, 5.875%, 9/1/31		18,000		12,606
Resorts World Las Vegas LLC / RWLV Capital, Inc., 144A, 4.625%, 4/16/29		32,000		26,267
Scientific Games International, Inc. 144A, 7.00%, 5/15/28		19,000		18,622
144A, 7.25%, 11/15/29		11,000		10,835
Six Flags Entertainment Corp., 144A, 5.50%, 4/15/27		13,000		11,935
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 144A, 7.75%, 4/15/25		16,000		15,974
144A, 5.125%, 10/1/29		19,000		15,972

(Cost $396,636)				340,242

Food Service — 0.2%
TKC Holdings, Inc. 144A, 6.875%, 5/15/28		11,000		9,284
144A, 10.50%, 5/15/29		16,000		12,844

(Cost $28,140)				22,128

Home Builders — 0.7%
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, 4.625%, 4/1/30		10,000		7,902
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A, 6.25%, 9/15/27		15,000		13,352
144A, 4.875%, 2/15/30		15,000		11,569
Century Communities, Inc., 144A, 3.875%, 8/15/29		13,000		10,515
Mattamy Group Corp. 144A, 5.25%, 12/15/27		13,000		11,466
144A, 4.625%, 3/1/30		16,000		12,979
Taylor Morrison Communities, Inc., 144A, 5.125%, 8/1/30		13,000		11,173

(Cost $94,017)				78,956

Home Furnishings — 0.1%
Tempur Sealy International, Inc., 144A, 3.875%, 10/15/31
(Cost $21,048)		21,000		16,195

Housewares — 0.2%
Scotts Miracle-Gro Co. 4.50%, 10/15/29		10,000		8,025
4.00%, 4/1/31		12,000		9,030
4.375%, 2/1/32		10,000		7,563

(Cost $30,085)				24,618

Leisure Time — 4.4%
Carnival Corp. 144A, 10.50%, 2/1/26		20,000		20,626


	Principal Amount		Value
Leisure Time (Continued)
144A, 7.625%, 3/1/26 (a)	$	37,000	$	31,500
144A, 5.75%, 3/1/27		95,000		74,176
144A, 9.875%, 8/1/27		23,000		23,117
144A, 6.00%, 5/1/29		51,000		38,585
144A, 10.50%, 6/1/30		25,000		22,906
Life Time, Inc. 144A, 5.75%, 1/15/26		24,000		21,659
144A, 8.00%, 4/15/26		10,000		8,844
NCL Corp. Ltd. 144A, 3.625%, 12/15/24		14,000		12,153
144A, 5.875%, 3/15/26		36,000		29,160
144A, 5.875%, 2/15/27		26,000		23,600
144A, 7.75%, 2/15/29		15,000		12,211
Royal Caribbean Cruises Ltd. 144A, 11.50%, 6/1/25		35,000		37,146
144A, 4.25%, 7/1/26		18,000		13,856
144A, 5.50%, 8/31/26 (a)		26,000		21,160
144A, 5.375%, 7/15/27		25,000		19,436
144A, 11.625%, 8/15/27		35,000		34,441
3.70%, 3/15/28		22,000		14,989
144A, 5.50%, 4/1/28		28,000		21,570
Viking Cruises Ltd. 144A, 13.00%, 5/15/25		17,000		17,866
144A, 5.875%, 9/15/27		22,000		17,743
144A, 7.00%, 2/15/29		13,000		10,445

(Cost $620,883)				527,189

Lodging — 2.1%
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc 144A, 5.00%, 6/1/29		22,000		19,499
144A, 4.875%, 7/1/31		12,000		9,922
Marriott Ownership Resorts, Inc., 144A, 4.50%, 6/15/29		13,000		10,980
Melco Resorts Finance Ltd. 144A, 4.875%, 6/6/25 (a)		26,000		19,865
144A, 5.25%, 4/26/26		10,000		7,371
144A, 5.625%, 7/17/27		16,000		11,374
144A, 5.75%, 7/21/28		23,000		15,651
144A, 5.375%, 12/4/29		29,000		18,932
MGM Resorts International 5.50%, 4/15/27		18,000		16,689
4.75%, 10/15/28		19,000		16,724
Station Casinos LLC 144A, 4.50%, 2/15/28		19,000		16,395
144A, 4.625%, 12/1/31		13,000		10,779
Travel + Leisure Co., 144A, 4.50%, 12/1/29		17,000		13,846
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 144A, 5.50%, 3/1/25		47,000		45,067
144A, 5.25%, 5/15/27		23,000		20,785

(Cost $312,208)				253,879

Retail — 6.0%
Asbury Automotive Group, Inc. 144A, 4.625%, 11/15/29		21,000		18,033


	Principal Amount		Value
Retail (Continued)
4.75%, 3/1/30	$	8,000	$	6,831
144A, 5.00%, 2/15/32		16,000		13,389
Bath & Body Works, Inc. 5.25%, 2/1/28		13,000		11,667
7.50%, 6/15/29 (a)		14,000		13,479
144A, 6.625%, 10/1/30		26,000		23,652
Carvana Co. 144A, 5.625%, 10/1/25		13,000		9,759
144A, 5.50%, 4/15/27		15,000		9,746
144A, 5.875%, 10/1/28 (a)		15,000		9,021
144A, 4.875%, 9/1/29		19,000		10,830
144A, 10.25%, 5/1/30		84,000		66,886
eG Global Finance PLC 144A, 6.75%, 2/7/25		18,000		17,034
144A, 8.50%, 10/30/25		16,000		14,964
Ferrellgas LP / Ferrellgas Finance Corp. 144A, 5.375%, 4/1/26		17,000		14,816
144A, 5.875%, 4/1/29		22,000		17,963
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 144A, 6.75%, 1/15/30		33,000		26,968
Gap, Inc. 144A, 3.625%, 10/1/29		19,000		13,233
144A, 3.875%, 10/1/31		19,000		13,205
Guitar Center, Inc., 144A, 8.50%, 1/15/26		14,000		12,971
LBM Acquisition LLC, 144A, 6.25%, 1/15/29		20,000		14,975
LCM Investments Holdings II LLC, 144A, 4.875%, 5/1/29		26,000		21,744
Macy’s Retail Holdings LLC 144A, 5.875%, 4/1/29		13,000		11,266
144A, 5.875%, 3/15/30		11,000		9,420
144A, 6.125%, 3/15/32		11,000		9,287
Michaels Cos., Inc. 144A, 5.25%, 5/1/28		22,000		16,959
144A, 7.875%, 5/1/29		33,000		21,995
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		29,000		27,182
Nordstrom, Inc. 4.375%, 4/1/30 (a)		13,000		10,038
4.25%, 8/1/31		11,000		8,081
Party City Holdings, Inc., 144A, 8.75%, 2/15/26		19,000		12,475
PetSmart, Inc. / PetSmart Finance Corp., 144A, 7.75%, 2/15/29		29,000		27,296
QVC, Inc. 4.45%, 2/15/25		15,000		13,798
4.75%, 2/15/27		15,000		12,412
4.375%, 9/1/28		13,000		9,943
Rite Aid Corp. 144A, 7.50%, 7/1/25		12,000		10,236
144A, 8.00%, 11/15/26		23,000		18,785
Sonic Automotive, Inc. 144A, 4.625%, 11/15/29		17,000		14,529
144A, 4.875%, 11/15/31		17,000		14,198


	Principal Amount		Value
Retail (Continued)
SRS Distribution, Inc. 144A, 6.125%, 7/1/29	$	12,000	$	9,971
144A, 6.00%, 12/1/29		21,000		17,129
Staples, Inc. 144A, 7.50%, 4/15/26		51,000		43,160
144A, 10.75%, 4/15/27 (a)		26,000		19,149
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31		17,000		15,040

(Cost $873,929)				713,515

Consumer, Non-cyclical — 16.2%
Agriculture — 0.3%
Vector Group Ltd. 144A, 10.50%, 11/1/26		14,000		13,573
144A, 5.75%, 2/1/29		22,000		19,106

(Cost $37,115)				32,679

Beverages — 0.1%
Primo Water Holdings, Inc., 144A, 4.375%, 4/30/29
(Cost $18,988)		19,000		16,274

Biotechnology — 0.1%
Grifols Escrow Issuer SA, 144A, 4.75%, 10/15/28
(Cost $18,005)		19,000		15,863

Commercial Services — 3.6%
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A, 6.625%, 7/15/26		49,000		45,938
144A, 9.75%, 7/15/27		28,000		25,297
144A, 6.00%, 6/1/29		25,000		18,653
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		31,000		26,278
APX Group, Inc. 144A, 6.75%, 2/15/27		15,000		14,712
144A, 5.75%, 7/15/29		20,000		16,381
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A, 5.75%, 7/15/27		10,000		9,489
144A, 4.75%, 4/1/28		13,000		11,370
144A, 5.375%, 3/1/29 (a)		14,000		12,343
CoreCivic, Inc., 8.25%, 4/15/26		18,000		17,968
Garda World Security Corp. 144A, 4.625%, 2/15/27		14,000		12,325
144A, 9.50%, 11/1/27		16,000		14,606
144A, 6.00%, 6/1/29		11,000		8,543
Hertz Corp. 144A, 4.625%, 12/1/26		13,000		11,084
144A, 5.00%, 12/1/29		26,000		20,960
MPH Acquisition Holdings LLC 144A, 5.50%, 9/1/28		27,000		23,061
144A, 5.75%, 11/1/28 (a)		33,000		26,299


	Principal Amount		Value
Commercial Services (Continued)
Prime Security Services Borrower LLC / Prime Finance, Inc., 144A, 6.25%, 1/15/28	$	33,000	$	29,281
Sabre GLBL, Inc. 144A, 9.25%, 4/15/25		20,000		19,783
144A, 7.375%, 9/1/25		23,000		21,821
Sotheby’s, 144A, 7.375%, 10/15/27		20,000		18,886
Verscend Escrow Corp., 144A, 9.75%, 8/15/26		29,000		29,328

(Cost $496,566)				434,406

Cosmetics/Personal Care — 0.4%
Coty, Inc. 144A, 5.00%, 4/15/26		24,000		22,773
144A, 6.50%, 4/15/26 (a)		14,000		13,375
Edgewell Personal Care Co., 144A, 4.125%, 4/1/29		13,000		11,191

(Cost $51,418)				47,339

Food — 2.0%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 144A, 5.875%, 2/15/28		19,000		18,127
B&G Foods, Inc. 5.25%, 4/1/25		24,000		21,386
5.25%, 9/15/27		14,000		11,690
Performance Food Group, Inc., 144A, 4.25%, 8/1/29		26,000		22,360
Post Holdings, Inc. 144A, 5.625%, 1/15/28		25,000		23,777
144A, 5.50%, 12/15/29		32,000		29,360
144A, 4.625%, 4/15/30		42,000		36,527
144A, 4.50%, 9/15/31		35,000		29,804
Sigma Holdco BV, 144A, 7.875%, 5/15/26		12,000		8,581
US Foods, Inc. 144A, 4.75%, 2/15/29		24,000		21,420
144A, 4.625%, 6/1/30		11,000		9,502

(Cost $263,676)				232,534

Healthcare-Products — 0.5%
Medline Borrower LP, 144A, 5.25%, 10/1/29
(Cost $64,941)		64,000		53,865

Healthcare-Services — 4.6%
CHS/Community Health Systems, Inc. 144A, 8.00%, 3/15/26		56,000		52,430
144A, 5.625%, 3/15/27		50,000		42,494
144A, 8.00%, 12/15/27		16,000		14,089
144A, 6.875%, 4/1/28		20,000		10,450
144A, 6.00%, 1/15/29		23,000		18,915
144A, 6.875%, 4/15/29		45,000		28,195
144A, 6.125%, 4/1/30		37,000		22,996
144A, 5.25%, 5/15/30		41,000		31,109
144A, 4.75%, 2/15/31		28,000		20,712


	Principal Amount		Value
Healthcare-Services (Continued)
DaVita, Inc. 144A, 4.625%, 6/1/30	$	70,000	$	56,439
144A, 3.75%, 2/15/31		38,000		28,027
Encompass Health Corp. 4.75%, 2/1/30		21,000		17,995
4.625%, 4/1/31		10,000		8,273
Legacy LifePoint Health LLC 144A, 6.75%, 4/15/25		25,000		24,582
144A, 4.375%, 2/15/27		16,000		13,931
LifePoint Health, Inc., 144A, 5.375%, 1/15/29		13,000		9,872
ModivCare, Inc., 144A, 5.875%, 11/15/25		13,000		12,261
Radiology Partners, Inc., 144A, 9.25%, 2/1/28		19,000		14,586
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		36,000		34,414
Select Medical Corp., 144A, 6.25%, 8/15/26		32,000		30,651
Tenet Healthcare Corp., 144A, 6.125%, 10/1/28		64,000		58,801

(Cost $682,341)				551,222

Household Products/Wares — 0.3%
Central Garden & Pet Co., 144A, 4.125%, 4/30/31		10,000		8,204
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 144A, 5.00%, 12/31/26		13,000		11,795
144A, 7.00%, 12/31/27		13,000		10,745
Spectrum Brands, Inc., 144A, 3.875%, 3/15/31		13,000		10,102

(Cost $48,749)				40,846

Pharmaceuticals — 4.3%
AdaptHealth LLC 144A, 4.625%, 8/1/29		11,000		9,175
144A, 5.125%, 3/1/30		16,000		13,682
Bausch Health Americas, Inc. 144A, 9.25%, 4/1/26		38,000		22,388
144A, 8.50%, 1/31/27		45,000		21,228
Bausch Health Cos., Inc. 144A, 5.50%, 11/1/25		46,000		38,236
144A, 9.00%, 12/15/25		38,000		24,106
144A, 6.125%, 2/1/27		26,000		19,449
144A, 5.75%, 8/15/27 (a)		13,000		9,501
144A, 7.00%, 1/15/28		19,000		7,191
144A, 5.00%, 1/30/28		32,000		12,132
144A, 4.875%, 6/1/28		42,000		29,033
144A, 5.00%, 2/15/29		25,000		9,787
144A, 6.25%, 2/15/29		37,000		14,027
144A, 7.25%, 5/30/29		23,000		9,005
144A, 5.25%, 1/30/30		32,000		12,208
144A, 5.25%, 2/15/31		26,000		10,310
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		13,000		11,174


	Principal Amount		Value
Pharmaceuticals (Continued)
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29	$	15,000	$	11,851
Mallinckrodt International Finance SA / Mallinckrodt CB LLC 144A, 10.00%, 4/15/25		11,000		9,913
144A, 11.50%, 12/15/28		17,000		15,321
Owens & Minor, Inc. 144A, 4.50%, 3/31/29		11,000		9,390
144A, 6.625%, 4/1/30		16,000		14,745
Teva Pharmaceutical Finance Netherlands III BV 7.125%, 1/31/25		26,000		25,775
3.15%, 10/1/26		89,000		74,875
4.75%, 5/9/27		26,000		22,775
6.75%, 3/1/28		32,000		30,637
5.125%, 5/9/29 (a)		25,000		21,894

(Cost $739,896)				509,808

Energy — 12.6%
Energy-Alternate Sources — 0.3%
TerraForm Power Operating LLC 144A, 5.00%, 1/31/28		19,000		17,412
144A, 4.75%, 1/15/30		19,000		16,804

(Cost $39,906)				34,216

Oil & Gas — 6.5%
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 144A, 7.00%, 11/1/26		16,000		15,583
144A, 5.875%, 6/30/29		10,000		9,021
Callon Petroleum Co. 144A, 8.00%, 8/1/28		17,000		16,334
144A, 7.50%, 6/15/30		15,000		13,892
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		14,000		14,684
Citgo Holding, Inc., 144A, 9.25%, 8/1/24		36,000		36,041
CITGO Petroleum Corp. 144A, 7.00%, 6/15/25		29,000		28,238
144A, 6.375%, 6/15/26		17,000		16,204
CNX Resources Corp. 144A, 7.25%, 3/14/27		20,000		19,869
144A, 6.00%, 1/15/29		13,000		12,240
Colgate Energy Partners III LLC, 144A, 5.875%, 7/1/29		19,000		17,636
Comstock Resources, Inc. 144A, 6.75%, 3/1/29		32,000		30,600
144A, 5.875%, 1/15/30		25,000		22,916
CVR Energy, Inc. 144A, 5.25%, 2/15/25		15,000		14,172
144A, 5.75%, 2/15/28		11,000		10,025
Hilcorp Energy I LP / Hilcorp Finance Co. 144A, 6.25%, 11/1/28		15,000		14,195
144A, 5.75%, 2/1/29		15,000		13,643
144A, 6.00%, 4/15/30		13,000		11,986
144A, 6.00%, 2/1/31		15,000		13,618
144A, 6.25%, 4/15/32		12,000		10,782


	Principal Amount		Value
Oil & Gas (Continued)
Laredo Petroleum, Inc. 9.50%, 1/15/25	$	15,000	$	15,072
144A, 7.75%, 7/31/29 (a)		10,000		9,592
Leviathan Bond Ltd. 144A, REGS, 6.125%, 6/30/25		16,000		15,760
144A, REGS, 6.50%, 6/30/27		15,000		14,625
144A, REGS, 6.75%, 6/30/30		14,000		13,370
MEG Energy Corp., 144A, 5.875%, 2/1/29		16,000		14,902
Moss Creek Resources Holdings, Inc. 144A, 7.50%, 1/15/26		18,000		16,398
144A, 10.50%, 5/15/27		10,000		9,674
Murphy Oil Corp. 5.875%, 12/1/27		14,000		13,636
6.375%, 7/15/28		14,000		13,790
Nabors Industries Ltd., 144A, 7.25%, 1/15/26		14,000		12,750
Nabors Industries, Inc. 5.75%, 2/1/25		15,000		13,852
144A, 7.375%, 5/15/27		19,000		18,367
Parkland Corp. 144A, 5.875%, 7/15/27		11,000		10,642
144A, 4.50%, 10/1/29		21,000		17,819
144A, 4.625%, 5/1/30		21,000		18,063
PBF Holding Co. LLC / PBF Finance Corp. 7.25%, 6/15/25		18,000		17,505
6.00%, 2/15/28		19,000		17,118
Puma International Financing SA, 144A, 5.125%, 10/6/24		50,000		46,725
Range Resources Corp., 8.25%, 1/15/29		16,000		16,815
SM Energy Co. 6.75%, 9/15/26		12,000		11,818
6.625%, 1/15/27 (a)		11,000		10,740
6.50%, 7/15/28		11,000		10,610
Sunoco LP / Sunoco Finance Corp. 4.50%, 5/15/29		20,000		17,036
4.50%, 4/30/30		20,000		17,093
Transocean, Inc. 144A, 7.25%, 11/1/25		10,000		7,986
144A, 7.50%, 1/15/26		15,000		11,581
144A, 11.50%, 1/30/27		18,000		17,374
144A, 8.00%, 2/1/27		14,000		10,416

(Cost $829,932)				782,808

Oil & Gas Services — 1.1%
Archrock Partners LP / Archrock Partners Finance Corp. 144A, 6.875%, 4/1/27		16,000		15,022
144A, 6.25%, 4/1/28		21,000		19,143
CGG SA, 144A, 8.75%, 4/1/27 (a)		13,000		11,604
USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 4/1/26		19,000		17,852
6.875%, 9/1/27		19,000		17,594


	Principal Amount		Value
Oil & Gas Services (Continued)
Weatherford International Ltd. 144A, 6.50%, 9/15/28	$	13,000	$	12,272
144A, 8.625%, 4/30/30		41,000		37,127

(Cost $145,462)				130,614

Pipelines — 4.7%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 5.75%, 3/1/27		18,000		17,084
144A, 5.75%, 1/15/28		17,000		16,186
Buckeye Partners LP, 144A, 4.50%, 3/1/28		13,000		11,527
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A, 5.50%, 6/15/31		37,000		32,785
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 144A, 5.625%, 5/1/27		15,000		14,009
144A, 6.00%, 2/1/29		19,000		17,583
144A, 8.00%, 4/1/29		11,000		10,921
EnLink Midstream LLC, 5.375%, 6/1/29		13,000		12,168
EQM Midstream Partners LP 144A, 7.50%, 6/1/27		13,000		12,850
144A, 6.50%, 7/1/27		24,000		23,210
5.50%, 7/15/28		18,000		16,487
144A, 4.50%, 1/15/29		21,000		18,116
144A, 7.50%, 6/1/30		13,000		12,856
144A, 4.75%, 1/15/31		29,000		25,133
Genesis Energy LP / Genesis Energy Finance Corp. 6.50%, 10/1/25		14,000		13,139
8.00%, 1/15/27		25,000		23,542
7.75%, 2/1/28 (a)		18,000		16,713
ITT Holdings LLC, 144A, 6.50%, 8/1/29		31,000		26,229
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		32,000		30,889
144A, 6.50%, 9/30/26		38,000		35,849
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 7.50%, 2/1/26		52,000		47,077
NGL Energy Partners LP / NGL Energy Finance Corp., 7.50%, 11/1/23 (a)		12,000		11,372
NuStar Logistics LP 5.625%, 4/28/27		15,000		13,680
6.375%, 10/1/30		15,000		13,672
Rockies Express Pipeline LLC, 144A, 4.95%, 7/15/29		14,000		12,641
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 7.50%, 10/1/25		15,000		15,041
144A, 6.00%, 3/1/27		11,000		10,055
144A, 5.50%, 1/15/28		22,000		19,075
144A, 6.00%, 12/31/30		19,000		16,681
144A, 6.00%, 9/1/31		13,000		11,392

(Cost $617,864)				557,962


	Principal Amount		Value
Financial — 9.0%
Banks — 0.5%
Freedom Mortgage Corp. 144A, 8.125%, 11/15/24	$	11,000	$	9,888
144A, 8.25%, 4/15/25		14,000		12,133
144A, 7.625%, 5/1/26		15,000		12,304
144A, 6.625%, 1/15/27		14,000		10,828
Intesa Sanpaolo SpA, 144A, 4.198%, 6/1/32		21,000		15,272

(Cost $74,383)				60,425

Diversified Financial Services — 4.2%
Coinbase Global, Inc. 144A, 3.375%, 10/1/28		25,000		16,246
144A, 3.625%, 10/1/31		25,000		15,259
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28		25,000		15,192
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28		26,000		22,258
LD Holdings Group LLC 144A, 6.50%, 11/1/25		11,000		6,330
144A, 6.125%, 4/1/28		14,000		7,457
Midcap Financial Issuer Trust 144A, 6.50%, 5/1/28		26,000		22,337
144A, 5.625%, 1/15/30		10,000		7,643
Nationstar Mortgage Holdings, Inc. 144A, 6.00%, 1/15/27		15,000		13,381
144A, 5.50%, 8/15/28		22,000		18,386
144A, 5.125%, 12/15/30		15,000		11,852
144A, 5.75%, 11/15/31		16,000		12,718
Navient Corp. 6.75%, 6/25/25		13,000		12,564
6.75%, 6/15/26		13,000		12,350
5.00%, 3/15/27		19,000		16,302
4.875%, 3/15/28		13,000		10,637
5.50%, 3/15/29		19,000		15,419
NFP Corp., 144A, 6.875%, 8/15/28		53,000		43,664
OneMain Finance Corp. 7.125%, 3/15/26		45,000		42,387
6.625%, 1/15/28		20,000		18,308
3.875%, 9/15/28		15,000		11,720
5.375%, 11/15/29		19,000		15,767
4.00%, 9/15/30 (a)		22,000		16,432
PennyMac Financial Services, Inc. 144A, 5.375%, 10/15/25		17,000		15,296
144A, 4.25%, 2/15/29		17,000		13,318
144A, 5.75%, 9/15/31		13,000		10,558
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		21,000		18,372
144A, 5.75%, 6/15/27		11,000		9,076
144A, 5.50%, 4/15/29		19,000		14,814
VistaJet Malta Finance PLC / XO Management Holding, Inc. 144A, 7.875%, 5/1/27		13,000		11,931
144A, 6.375%, 2/1/30		26,000		22,406

(Cost $618,768)				500,380


	Principal Amount		Value
Insurance — 1.4%
Acrisure LLC / Acrisure Finance, Inc. 144A, 7.00%, 11/15/25	$	24,000	$	22,651
144A, 10.125%, 8/1/26		10,000		10,022
144A, 6.00%, 8/1/29		13,000		10,562
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 144A, 5.875%, 11/1/29		11,000		9,476
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A, 6.75%, 10/15/27		34,000		30,941
AssuredPartners, Inc. 144A, 7.00%, 8/15/25		13,000		12,610
144A, 5.625%, 1/15/29		14,000		11,656
HUB International Ltd. 144A, 7.00%, 5/1/26		44,000		43,162
144A, 5.625%, 12/1/29		14,000		12,264

(Cost $178,621)				163,344

Real Estate — 0.6%
Kennedy-Wilson, Inc. 4.75%, 2/1/30		15,000		12,115
5.00%, 3/1/31		15,000		12,357
Realogy Group LLC / Realogy Co.-Issuer Corp. 144A, 5.75%, 1/15/29		24,000		18,840
144A, 5.25%, 4/15/30		25,000		18,875
WeWork Cos., Inc., 144A, 7.875%, 5/1/25		18,000		13,456

(Cost $97,059)				75,643

Real Estate Investment Trusts — 2.1%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144A, 4.50%, 4/1/27		19,000		16,307
Diversified Healthcare Trust 9.75%, 6/15/25		13,000		12,795
4.75%, 2/15/28		13,000		9,630
4.375%, 3/1/31		12,000		8,252
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A, 4.75%, 6/15/29		16,000		13,584
Service Properties Trust 7.50%, 9/15/25		26,000		24,961
4.75%, 10/1/26		15,000		12,222
5.50%, 12/15/27		16,000		13,862
3.95%, 1/15/28		7,000		5,221
4.95%, 10/1/29		22,000		16,627
4.375%, 2/15/30		10,000		7,341
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC 144A, 7.875%, 2/15/25		62,000		61,330
144A, 6.00%, 1/15/30		19,000		13,427
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A, 4.75%, 4/15/28		15,000		12,556
144A, 6.50%, 2/15/29		28,000		21,376

(Cost $290,374)				249,491


	Principal Amount		Value
Venture Capital — 0.2%
Compass Group Diversified Holdings LLC, 144A, 5.25%, 4/15/29
(Cost $26,984)	$	26,000	$	22,166

Industrial — 10.4%
Aerospace/Defense — 3.3%
Bombardier, Inc. 144A, 7.50%, 12/1/24		18,000		17,863
144A, 7.50%, 3/15/25		33,000		32,336
144A, 7.125%, 6/15/26		31,000		29,581
144A, 7.875%, 4/15/27		49,000		46,980
144A, 6.00%, 2/15/28		20,000		17,715
Rolls-Royce PLC, 144A, 5.75%, 10/15/27		25,000		22,655
Spirit AeroSystems, Inc. 144A, 7.50%, 4/15/25		31,000		30,371
4.60%, 6/15/28		19,000		15,132
TransDigm, Inc. 6.375%, 6/15/26		22,000		21,146
7.50%, 3/15/27		16,000		15,622
5.50%, 11/15/27		74,000		66,690
4.625%, 1/15/29		25,000		21,332
4.875%, 5/1/29		19,000		16,147
Triumph Group, Inc. 144A, 8.875%, 6/1/24		15,000		15,210
144A, 6.25%, 9/15/24		13,000		11,928
7.75%, 8/15/25		11,000		9,279

(Cost $420,855)				389,987

Building Materials — 1.6%
Builders FirstSource, Inc., 144A, 6.375%, 6/15/32		18,000		16,717
Cornerstone Building Brands, Inc., 144A, 6.125%, 1/15/29		14,000		9,563
Griffon Corp., 5.75%, 3/1/28		26,000		24,094
JELD-WEN, Inc. 144A, 4.625%, 12/15/25		10,000		8,614
144A, 4.875%, 12/15/27		10,000		7,759
SRM Escrow Issuer LLC, 144A, 6.00%, 11/1/28		28,000		25,441
Standard Industries, Inc. 144A, 4.75%, 1/15/28		26,000		22,775
144A, 4.375%, 7/15/30		41,000		32,877
144A, 3.375%, 1/15/31		29,000		21,592
Summit Materials LLC / Summit Materials Finance Corp., 144A, 5.25%, 1/15/29		19,000		17,124

(Cost $216,930)				186,556

Electrical Components & Equipment — 0.2%
Energizer Holdings, Inc. 144A, 4.75%, 6/15/28		15,000		12,499
144A, 4.375%, 3/31/29		21,000		17,082

(Cost $36,437)				29,581


	Principal Amount		Value
Electronics — 0.6%
II-VI, Inc., 144A, 5.00%, 12/15/29	$	26,000	$	23,181
Imola Merger Corp., 144A, 4.75%, 5/15/29		51,000		43,362

(Cost $78,874)				66,543

Engineering & Construction — 0.2%
Brand Industrial Services, Inc., 144A, 8.50%, 7/15/25
(Cost $25,464)		25,000		20,281

Environmental Control — 0.9%
Covanta Holding Corp. 144A, 4.875%, 12/1/29		20,000		16,910
5.00%, 9/1/30		10,000		8,450
GFL Environmental, Inc. 144A, 4.00%, 8/1/28		19,000		16,089
144A, 4.75%, 6/15/29		19,000		16,515
144A, 4.375%, 8/15/29		15,000		12,735
Madison IAQ LLC 144A, 4.125%, 6/30/28		18,000		15,461
144A, 5.875%, 6/30/29		26,000		21,434

(Cost $128,331)				107,594

Machinery-Diversified — 0.4%
TK Elevator Holdco GmbH, 144A, 7.625%, 7/15/28		10,000		8,966
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27		41,000		37,462

(Cost $53,086)				46,428

Miscellaneous Manufacturing — 0.2%
FXI Holdings, Inc. 144A, 7.875%, 11/1/24		13,000		10,799
144A, 12.25%, 11/15/26		19,000		15,884

(Cost $33,322)				26,683

Packaging & Containers — 2.5%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 144A, 4.00%, 9/1/29		28,000		22,731
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 4/30/25		18,000		17,064
144A, 4.125%, 8/15/26		31,000		26,781
144A, 5.25%, 8/15/27 (a)		25,000		18,118
144A, 5.25%, 8/15/27		21,000		15,220
Clydesdale Acquisition Holdings, Inc. 144A, 6.625%, 4/15/29		13,000		12,492
144A, 8.75%, 4/15/30		28,000		24,378
LABL, Inc. 144A, 6.75%, 7/15/26		18,000		17,127
144A, 10.50%, 7/15/27		18,000		17,037
144A, 5.875%, 11/1/28		13,000		11,334
144A, 8.25%, 11/1/29		11,000		8,917
Mauser Packaging Solutions Holding Co. 144A, 5.50%, 4/15/24		30,000		29,080
144A, 7.25%, 4/15/25		39,000		35,558


	Principal Amount		Value
Packaging & Containers (Continued)
OI European Group BV, 144A, 4.75%, 2/15/30	$	12,000	$	9,732
Owens-Brockway Glass Container, Inc., 144A, 6.625%, 5/13/27 (a)		16,000		14,884
Trivium Packaging Finance BV, 144A, 8.50%, 8/15/27		19,000		18,074

(Cost $334,527)				298,527

Transportation — 0.1%
Seaspan Corp., 144A, 5.50%, 8/1/29
(Cost $19,098)		19,000		15,675

Trucking & Leasing — 0.4%
Fortress Transportation and Infrastructure Investors LLC 144A, 6.50%, 10/1/25		17,000		15,867
144A, 9.75%, 8/1/27		12,000		12,060
144A, 5.50%, 5/1/28		25,000		21,422

(Cost $54,966)				49,349

Technology — 4.5%
Computers — 1.8%
Condor Merger Sub, Inc., 144A, 7.375%, 2/15/30		52,000		43,480
Diebold Nixdorf, Inc. 8.50%, 4/15/24		8,000		4,876
144A, 9.375%, 7/15/25		19,000		15,623
Exela Intermediate LLC / Exela Finance, Inc., 144A, 11.50%, 7/15/26		30,000		9,775
NCR Corp. 144A, 5.75%, 9/1/27		13,000		12,565
144A, 5.00%, 10/1/28		17,000		16,028
144A, 5.125%, 4/15/29		32,000		29,926
144A, 6.125%, 9/1/29		13,000		12,432
144A, 5.25%, 10/1/30		11,000		10,175
Presidio Holdings, Inc. 144A, 4.875%, 2/1/27		11,000		10,308
144A, 8.25%, 2/1/28		15,000		13,564
Seagate HDD Cayman, 4.125%, 1/15/31		12,000		9,944
Vericast Corp., 144A, 11.00%, 9/15/26		31,894		31,979

(Cost $261,507)				220,675

Office/Business Equipment — 0.4%
Pitney Bowes, Inc., 144A, 6.875%, 3/15/27		10,000		7,580
Xerox Holdings Corp. 144A, 5.00%, 8/15/25		19,000		17,641
144A, 5.50%, 8/15/28		19,000		16,647

(Cost $48,322)				41,868

Semiconductors — 0.3%
ams-OSRAM AG, 144A, 7.00%, 7/31/25		11,000		10,511


	Principal Amount		Value
Semiconductors (Continued)
Entegris Escrow Corp., 144A, 5.95%, 6/15/30	$	22,000	$	20,904

(Cost $32,430)				31,415

Software — 2.0%
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		16,000		15,842
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A, 5.75%, 3/1/25		32,000		31,620
Clarivate Science Holdings Corp. 144A, 3.875%, 7/1/28		23,000		19,717
144A, 4.875%, 7/1/29		23,000		19,052
MicroStrategy, Inc., 144A, 6.125%, 6/15/28 (a)		16,000		13,381
Minerva Merger Sub, Inc., 144A, 6.50%, 2/15/30		60,000		51,016
Rackspace Technology Global, Inc. 144A, 3.50%, 2/15/28		14,000		10,000
144A, 5.375%, 12/1/28		15,000		8,331
ROBLOX Corp., 144A, 3.875%, 5/1/30		26,000		21,734
Veritas US, Inc. / Veritas Bermuda Ltd., 144A, 7.50%, 9/1/25		46,000		35,454
Ziff Davis, Inc., 144A, 4.625%, 10/15/30		15,000		12,821

(Cost $284,640)				238,968

Utilities — 2.2%
Electric — 1.8%
Calpine Corp. 144A, 5.125%, 3/15/28		37,000		32,973
144A, 4.625%, 2/1/29		13,000		11,081
144A, 5.00%, 2/1/31		23,000		19,285
NRG Energy, Inc. 5.75%, 1/15/28		21,000		19,819
144A, 5.25%, 6/15/29		20,000		18,057
144A, 3.625%, 2/15/31		26,000		20,684
144A, 3.875%, 2/15/32		28,000		22,239
PG&E Corp. 5.00%, 7/1/28		25,000		22,220
5.25%, 7/1/30		25,000		21,655
Vistra Operations Co. LLC, 144A, 4.375%, 5/1/29		33,000		28,828

(Cost $252,522)				216,841

Gas — 0.4%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.50%, 5/20/25		18,000		17,106
5.875%, 8/20/26		18,000		17,160
5.75%, 5/20/27		13,000		12,270

(Cost $49,096)				46,536

TOTAL CORPORATE BONDS (Cost $13,911,266)				11,721,392


	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 2.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.00% (b)(c) (Cost $263,774)		263,774	$	263,774

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 2.24% (b) (Cost $35,828)		35,828		35,828


TOTAL INVESTMENTS — 100.6% (Cost $14,210,868)			$	12,020,994
Other assets and liabilities, net — (0.6%)				(68,538	)

NET ASSETS — 100.0%			$	11,952,456

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2022 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 August 31, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.


	Principal Amount		Value
CORPORATE BONDS — 98.2%
Basic Materials — 3.4%
Chemicals — 1.8%
Ashland LLC, 144A, 3.375%, 9/1/31	$	1,521,000	$	1,247,581
Avient Corp. 144A, 5.75%, 5/15/25		1,922,000		1,897,946
144A, 7.125%, 8/1/30		2,500,000		2,473,369
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29		2,192,000		1,821,142
Methanex Corp., 5.125%, 10/15/27		2,211,000		2,016,565
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24		3,566,000		3,418,820
144A, 5.00%, 5/1/25		1,628,000		1,533,422
Olin Corp. 5.125%, 9/15/27		1,603,000		1,523,459
5.625%, 8/1/29		2,520,000		2,403,790
5.00%, 2/1/30 (a)		1,395,000		1,267,696
Valvoline, Inc. 144A, 4.25%, 2/15/30		1,977,000		1,929,947
144A, 3.625%, 6/15/31		1,747,000		1,409,646
WR Grace Holdings LLC, 144A, 4.875%, 6/15/27		2,419,000		2,240,308

(Cost $26,283,995)				25,183,691

Iron/Steel — 0.3%
Cleveland-Cliffs, Inc. 144A, 6.75%, 3/15/26		2,728,000		2,762,346
5.875%, 6/1/27		1,785,000		1,710,565

(Cost $4,641,755)				4,472,911

Mining — 1.3%
Arconic Corp., 144A, 6.00%, 5/15/25		2,284,000		2,247,175
FMG Resources August 2006 Pty Ltd. 144A, 5.125%, 5/15/24		2,185,000		2,165,859
144A, 4.50%, 9/15/27		2,019,000		1,847,385
144A, 4.375%, 4/1/31		4,900,000		4,003,055
Novelis Corp. 144A, 3.25%, 11/15/26		2,291,000		2,043,332
144A, 4.75%, 1/30/30		5,311,000		4,626,943
144A, 3.875%, 8/15/31		2,427,000		1,963,176

(Cost $20,224,523)				18,896,925

Communications — 17.1%
Advertising — 0.4%
Lamar Media Corp. 3.75%, 2/15/28		1,917,000		1,722,300
4.00%, 2/15/30		1,739,000		1,530,311
3.625%, 1/15/31		1,868,000		1,567,962
Outfront Media Capital LLC / Outfront Media Capital Corp., 144A, 6.25%, 6/15/25		1,325,000		1,314,894

(Cost $6,678,580)				6,135,467


	Principal Amount		Value
Internet — 2.2%
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A, 5.25%, 12/1/27	$	1,965,000	$	1,849,733
144A, 3.50%, 3/1/29		2,519,000		2,136,163
Match Group Holdings II LLC 144A, 5.00%, 12/15/27		1,360,000		1,249,738
144A, 4.625%, 6/1/28		1,760,000		1,569,251
144A, 4.125%, 8/1/30		1,518,000		1,258,189
144A, 3.625%, 10/1/31		1,721,000		1,353,206
NortonLifeLock, Inc., 144A, 5.00%, 4/15/25		3,581,000		3,534,447
Twitter, Inc. 144A, 3.875%, 12/15/27 (a)		2,703,000		2,518,350
144A, 5.00%, 3/1/30		2,934,000		2,758,403
Uber Technologies, Inc. 144A, 7.50%, 5/15/25		3,254,000		3,281,340
144A, 8.00%, 11/1/26		4,826,000		4,881,314
144A, 7.50%, 9/15/27		3,981,000		3,990,913
144A, 6.25%, 1/15/28 (a)		1,609,000		1,538,791

(Cost $33,957,532)				31,919,838

Media — 10.1%
AMC Networks, Inc. 5.00%, 4/1/24		1,876,000		1,831,745
4.75%, 8/1/25 (a)		2,397,000		2,223,316
Cable One, Inc., 144A, 4.00%, 11/15/30		2,102,000		1,753,730
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.50%, 5/1/26		1,226,000		1,215,297
144A, 5.125%, 5/1/27		6,063,000		5,762,881
144A, 5.00%, 2/1/28		4,884,000		4,481,497
144A, 5.375%, 6/1/29		2,652,000		2,425,784
144A, 6.375%, 9/1/29		1,300,000		1,260,025
144A, 4.75%, 3/1/30		5,959,000		5,128,852
144A, 4.50%, 8/15/30		5,373,000		4,525,141
144A, 4.25%, 2/1/31		5,861,000		4,789,609
144A, 4.75%, 2/1/32		2,312,000		1,916,579
4.50%, 5/1/32		5,653,000		4,587,268
144A, 4.50%, 6/1/33		3,419,000		2,688,343
144A, 4.25%, 1/15/34		3,769,000		2,874,277
CSC Holdings LLC 5.25%, 6/1/24		2,655,000		2,591,758
144A, 5.50%, 4/15/27		4,190,000		3,978,468
144A, 3.375%, 2/15/31		3,225,000		2,421,104
Gray Television, Inc. 144A, 5.875%, 7/15/26		2,405,000		2,324,649
144A, 7.00%, 5/15/27 (a)		2,240,000		2,212,246
News Corp. 144A, 3.875%, 5/15/29		3,284,000		2,863,467
144A, 5.125%, 2/15/32		1,617,000		1,490,090
Nexstar Media, Inc. 144A, 5.625%, 7/15/27		5,428,000		5,174,947
144A, 4.75%, 11/1/28		3,420,000		3,099,324
Scripps Escrow II, Inc., 144A, 3.875%, 1/15/29		1,836,000		1,559,168
Sinclair Television Group, Inc., 144A, 4.125%, 12/1/30		2,440,000		1,995,334


	Principal Amount		Value
Media (Continued)
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26	$	3,234,000	$	2,884,340
144A, 5.00%, 8/1/27		5,251,000		4,949,960
144A, 4.00%, 7/15/28		6,241,000		5,445,272
144A, 5.50%, 7/1/29		4,022,000		3,765,296
144A, 4.125%, 7/1/30		4,699,000		3,987,008
144A, 3.875%, 9/1/31		5,108,000		4,130,942
TEGNA, Inc. 144A, 4.75%, 3/15/26		2,231,000		2,189,519
4.625%, 3/15/28		3,040,000		2,918,628
5.00%, 9/15/29		3,429,000		3,288,051
Univision Communications, Inc. 144A, 5.125%, 2/15/25		4,560,000		4,410,432
144A, 6.625%, 6/1/27		5,130,000		4,957,043
144A, 4.50%, 5/1/29		3,401,000		2,980,977
UPC Broadband Finco BV, 144A, 4.875%, 7/15/31		4,053,000		3,510,850
Videotron Ltd. 144A, 5.375%, 6/15/24		2,230,000		2,217,824
144A, 5.125%, 4/15/27		1,820,000		1,709,353
144A, 3.625%, 6/15/29		1,646,000		1,368,416
Virgin Media Secured Finance PLC 144A, 5.50%, 5/15/29		4,544,000		4,083,329
144A, 4.50%, 8/15/30		3,009,000		2,510,860
VZ Secured Financing BV, 144A, 5.00%, 1/15/32		5,006,000		4,087,825
Ziggo BV, 144A, 4.875%, 1/15/30		3,208,000		2,712,824

(Cost $155,043,859)				145,283,648

Telecommunications — 4.4%
Hughes Satellite Systems Corp., 5.25%, 8/1/26		2,493,000		2,378,297
Lumen Technologies, Inc. Series W, 6.75%, 12/1/23		2,463,000		2,494,255
Series Y, 7.50%, 4/1/24		3,245,000		3,275,178
5.625%, 4/1/25		1,388,000		1,348,327
144A, 4.00%, 2/15/27		4,153,000		3,617,637
Nokia OYJ, 4.375%, 6/12/27		1,610,000		1,537,172
Sprint Corp. 7.875%, 9/15/23		13,134,000		13,561,446
7.125%, 6/15/24		8,375,000		8,657,489
7.625%, 2/15/25		4,922,000		5,155,844
7.625%, 3/1/26		4,989,000		5,283,850
Switch Ltd. 144A, 3.75%, 9/15/28		1,690,000		1,677,796
144A, 4.125%, 6/15/29		1,753,000		1,751,245
Telecom Italia SpA, 144A, 5.303%, 5/30/24		4,897,000		4,719,778
Vmed O2 UK Financing I PLC 144A, 4.25%, 1/31/31		4,393,000		3,550,510
144A, 4.75%, 7/15/31		4,559,000		3,766,874

(Cost $65,764,800)				62,775,698


	Principal Amount		Value
Consumer, Cyclical — 22.8%
Airlines — 1.6%
Air Canada, 144A, 3.875%, 8/15/26	$	3,864,000	$	3,453,180
Delta Air Lines, Inc. 2.90%, 10/28/24		2,596,000		2,437,644
7.375%, 1/15/26 (a)		2,876,000		2,933,261
4.375%, 4/19/28		1,337,000		1,177,095
3.75%, 10/28/29		1,589,000		1,292,890
United Airlines, Inc. 144A, 4.375%, 4/15/26		6,505,000		5,939,650
144A, 4.625%, 4/15/29		6,545,000		5,751,419

(Cost $24,477,580)				22,985,139

Apparel — 0.4%
Hanesbrands, Inc. 144A, 4.625%, 5/15/24		2,770,000		2,671,665
144A, 4.875%, 5/15/26		3,042,000		2,802,564

(Cost $5,929,349)				5,474,229

Auto Manufacturers — 4.8%
Allison Transmission, Inc. 144A, 4.75%, 10/1/27		1,454,000		1,354,663
144A, 5.875%, 6/1/29		1,617,000		1,522,595
144A, 3.75%, 1/30/31		3,201,000		2,593,850
Ford Motor Co. 9.00%, 4/22/25		3,331,000		3,729,781
4.346%, 12/8/26		4,759,000		4,570,491
9.625%, 4/22/30		1,488,000		1,742,555
3.25%, 2/12/32		8,031,000		6,298,954
6.10%, 8/19/32		5,900,000		5,753,503
Ford Motor Credit Co. LLC 3.37%, 11/17/23		1,787,000		1,743,772
3.81%, 1/9/24		1,341,000		1,312,430
5.584%, 3/18/24		2,836,000		2,824,434
3.664%, 9/8/24		1,313,000		1,260,086
4.063%, 11/1/24		2,625,000		2,551,539
2.30%, 2/10/25		2,069,000		1,888,997
4.687%, 6/9/25		828,000		796,126
5.125%, 6/16/25		2,863,000		2,796,679
4.134%, 8/4/25		2,716,000		2,569,309
3.375%, 11/13/25		3,677,000		3,362,028
GMTN, 4.389%, 1/8/26		2,128,000		1,998,958
4.542%, 8/1/26		1,051,000		981,829
2.70%, 8/10/26		2,502,000		2,180,117
4.271%, 1/9/27		1,576,000		1,446,174
4.95%, 5/28/27		2,902,000		2,728,518
4.125%, 8/17/27		2,299,000		2,074,848
3.815%, 11/2/27		1,566,000		1,380,586
2.90%, 2/16/28		1,313,000		1,100,557
2.90%, 2/10/29		1,429,000		1,159,112
5.113%, 5/3/29		2,627,000		2,447,037
4.00%, 11/13/30		2,889,000		2,417,024
3.625%, 6/17/31		1,677,000		1,360,005

(Cost $76,081,955)				69,946,557


	Principal Amount		Value
Auto Parts & Equipment — 1.4%
Clarios Global LP, 144A, 6.75%, 5/15/25	$	1,635,000	$	1,628,661
Clarios Global LP / Clarios US Finance Co., 144A, 6.25%, 5/15/26		2,748,000		2,720,712
Dana Financing Luxembourg SARL, 144A, 5.75%, 4/15/25		1,465,000		1,444,183
Goodyear Tire & Rubber Co. 9.50%, 5/31/25		2,198,000		2,299,636
5.00%, 5/31/26 (a)		3,068,000		2,964,348
4.875%, 3/15/27		2,295,000		2,158,046
Tenneco, Inc. 5.00%, 7/15/26		1,610,000		1,539,854
144A, 5.125%, 4/15/29		2,107,000		2,056,215
ZF North America Capital, Inc., 144A, 4.75%, 4/29/25		3,462,000		3,211,002

(Cost $20,684,465)				20,022,657

Distribution/Wholesale — 0.5%
American Builders & Contractors Supply Co., Inc. 144A, 4.00%, 1/15/28		2,512,000		2,276,199
144A, 3.875%, 11/15/29		1,166,000		956,948
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		4,058,000		3,433,636

(Cost $7,103,406)				6,666,783

Entertainment — 4.3%
Caesars Entertainment, Inc., 144A, 6.25%, 7/1/25		10,973,000		10,728,302
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, 5.75%, 7/1/25		3,384,000		3,320,584
CDI Escrow Issuer, Inc., 144A, 5.75%, 4/1/30		3,909,000		3,626,340
Cedar Fair LP, 5.25%, 7/15/29		1,765,000		1,616,630
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25		2,658,000		2,610,714
5.375%, 4/15/27		1,673,000		1,580,801
Churchill Downs, Inc. 144A, 5.50%, 4/1/27		1,993,000		1,913,356
144A, 4.75%, 1/15/28		2,274,000		2,072,126
International Game Technology PLC 144A, 6.50%, 2/15/25		3,397,000		3,375,786
144A, 4.125%, 4/15/26		2,485,000		2,281,230
144A, 6.25%, 1/15/27		2,465,000		2,416,982
144A, 5.25%, 1/15/29		2,495,000		2,333,087
Live Nation Entertainment, Inc. 144A, 4.875%, 11/1/24		2,207,000		2,139,157
144A, 6.50%, 5/15/27		3,911,000		3,909,787
144A, 4.75%, 10/15/27		2,946,000		2,685,765
144A, 3.75%, 1/15/28		1,667,000		1,463,159


	Principal Amount		Value
Entertainment (Continued)
Mohegan Gaming & Entertainment, 144A, 7.875%, 10/15/24	$	1,110,000	$	1,134,492
Scientific Games International, Inc., 144A, 8.625%, 7/1/25		1,948,000		2,005,164
Six Flags Entertainment Corp., 144A, 4.875%, 7/31/24		3,172,000		3,048,094
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		2,073,000		2,078,638
WMG Acquisition Corp. 144A, 3.75%, 12/1/29		1,741,000		1,490,731
144A,3.875%, 7/15/30		1,493,000		1,276,049
144A,3.00%, 2/15/31		2,877,000		2,288,812

(Cost $64,983,176)				61,395,786

Food Service — 0.7%
Aramark Services, Inc. 144A, 5.00%, 4/1/25		1,980,000		1,936,242
144A, 6.375%, 5/1/25		4,630,000		4,595,321
144A, 5.00%, 2/1/28		3,959,000		3,648,041

(Cost $10,363,785)				10,179,604

Home Builders — 0.5%
Century Communities, Inc., 6.75%, 6/1/27		1,637,000		1,607,993
Meritage Homes Corp. 6.00%, 6/1/25		1,254,000		1,254,859
144A, 3.875%, 4/15/29		1,487,000		1,265,578
Taylor Morrison Communities, Inc. 144A, 5.875%, 6/15/27		1,737,000		1,680,599
144A, 5.75%, 1/15/28		1,401,000		1,285,058

(Cost $7,781,298)				7,094,087

Home Furnishings — 0.1%
Tempur Sealy International, Inc., 144A, 4.00%, 4/15/29
(Cost $2,479,664)		2,551,000		2,099,743

Housewares — 0.5%
Newell Brands, Inc. 4.875%, 6/1/25		2,452,000		2,407,386
4.45%, 4/1/26		5,870,000		5,528,190

(Cost $8,660,479)				7,935,576

Leisure Time — 0.4%
Carnival Corp., 144A, 4.00%, 8/1/28
(Cost $7,013,931)		7,797,000		6,500,671

Lodging — 3.1%
Boyd Gaming Corp. 4.75%, 12/1/27		3,620,000		3,384,266
144A, 4.75%, 6/15/31		2,728,000		2,378,134
Hilton Domestic Operating Co., Inc. 144A, 5.375%, 5/1/25		2,017,000		2,004,353
144A, 5.75%, 5/1/28		1,397,000		1,367,572
144A, 3.75%, 5/1/29		2,627,000		2,271,541
4.875%, 1/15/30		3,194,000		2,922,861


	Principal Amount		Value
Lodging (Continued)
144A, 4.00%, 5/1/31	$	3,697,000	$	3,129,834
144A, 3.625%, 2/15/32		4,813,000		3,892,514
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.875%, 4/1/27		1,930,000		1,845,572
Las Vegas Sands Corp. 3.20%, 8/8/24		5,730,000		5,427,111
2.90%, 6/25/25		1,500,000		1,384,356
3.50%, 8/18/26		3,394,000		3,052,612
3.90%, 8/8/29		2,407,000		2,055,651
MGM Resorts International 6.75%, 5/1/25		2,375,000		2,376,627
5.75%, 6/15/25		2,156,000		2,094,877
4.625%, 9/1/26		1,254,000		1,142,613
Travel + Leisure Co. 144A, 6.625%, 7/31/26		2,090,000		2,029,077
6.00%, 4/1/27		1,334,000		1,268,554

(Cost $46,369,586)				44,028,125

Retail — 4.1%
1011778 BC ULC / New Red Finance, Inc. 144A, 5.75%, 4/15/25		1,733,000		1,744,715
144A, 3.875%, 1/15/28		5,234,000		4,660,040
144A, 4.375%, 1/15/28		2,335,000		2,091,257
144A, 3.50%, 2/15/29		2,375,000		2,046,336
144A, 4.00%, 10/15/30		9,450,000		7,739,597
Asbury Automotive Group, Inc., 4.50%, 3/1/28		1,317,000		1,177,971
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc., 144A, 4.625%, 1/15/29		3,264,000		2,876,914
FirstCash, Inc. 144A, 4.625%, 9/1/28		1,573,000		1,364,127
144A, 5.625%, 1/1/30		1,780,000		1,595,467
IRB Holding Corp., 144A, 7.00%, 6/15/25		2,335,000		2,348,531
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A, 4.75%, 6/1/27		2,175,000		2,091,241
Lithia Motors, Inc. 144A, 4.625%, 12/15/27		1,118,000		1,036,923
144A, 3.875%, 6/1/29		2,770,000		2,360,317
144A, 4.375%, 1/15/31		1,770,000		1,560,051
Murphy Oil USA, Inc. 4.75%, 9/15/29		1,529,000		1,404,106
144A, 3.75%, 2/15/31		1,694,000		1,426,670
Penske Automotive Group, Inc. 3.50%, 9/1/25		1,449,000		1,362,607
3.75%, 6/15/29		1,728,000		1,463,962
PetSmart, Inc. / PetSmart Finance Corp., 144A, 4.75%, 2/15/28		3,898,000		3,480,672
QVC, Inc., 4.85%, 4/1/24		2,068,000		1,992,601
SRS Distribution, Inc., 144A, 4.625%, 7/1/28		2,157,000		1,912,820
Yum! Brands, Inc. 144A, 4.75%, 1/15/30		2,757,000		2,515,997


	Principal Amount		Value
Retail (Continued)
3.625%, 3/15/31	$	3,557,000	$	3,000,721
4.625%, 1/31/32		3,617,000		3,200,683
5.375%, 4/1/32		3,064,000		2,834,522

(Cost $63,915,434)				59,288,848

Toys/Games/Hobbies — 0.4%
Mattel, Inc. 144A, 3.375%, 4/1/26		1,930,000		1,756,918
144A, 5.875%, 12/15/27		1,880,000		1,875,300
144A, 3.75%, 4/1/29 (a)		1,915,000		1,709,865

(Cost $5,801,884)				5,342,083

Consumer, Non-cyclical — 18.5%
Agriculture — 0.3%
Darling Ingredients, Inc. 144A, 5.25%, 4/15/27		1,473,000		1,447,237
144A, 6.00%, 6/15/30		3,413,000		3,422,079

(Cost $4,927,191)				4,869,316

Commercial Services — 4.1%
ADT Security Corp., 144A, 4.125%, 8/1/29		3,226,000		2,774,296
Block, Inc. 2.75%, 6/1/26		3,236,000		2,878,147
3.50%, 6/1/31		3,314,000		2,731,183
Brink’s Co. 144A, 5.50%, 7/15/25		1,404,000		1,375,204
144A, 4.625%, 10/15/27		1,940,000		1,748,629
Gartner, Inc. 144A, 4.50%, 7/1/28		2,596,000		2,400,846
144A, 3.625%, 6/15/29		1,995,000		1,718,363
144A, 3.75%, 10/1/30		2,608,000		2,239,985
Grand Canyon University, 4.125%, 10/1/24		1,582,000		1,504,102
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		3,902,000		3,693,574
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.25%, 4/15/24		2,405,000		2,386,211
144A, 5.75%, 4/15/26		4,535,000		4,370,332
144A, 3.375%, 8/31/27		3,262,000		2,811,387
Service Corp. International 4.625%, 12/15/27		1,549,000		1,456,370
5.125%, 6/1/29		2,205,000		2,091,895
3.375%, 8/15/30		2,889,000		2,385,808
4.00%, 5/15/31		2,758,000		2,362,422
United Rentals North America, Inc. 5.50%, 5/15/27		1,617,000		1,607,694
4.875%, 1/15/28		5,437,000		5,090,269
5.25%, 1/15/30		2,668,000		2,528,730
4.00%, 7/15/30		2,275,000		1,982,519
3.875%, 2/15/31		3,600,000		3,117,870
3.75%, 1/15/32		2,413,000		2,010,150
Williams Scotsman International, Inc., 144A, 4.625%, 8/15/28		1,627,000		1,464,837

(Cost $63,497,310)				58,730,823


	Principal Amount		Value
Cosmetics/Personal Care — 0.1%
Edgewell Personal Care Co., 144A, 5.50%, 6/1/28
(Cost $2,555,379)	$	2,515,000	$	2,325,583

Food — 2.6%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.25%, 3/15/26		2,425,000		2,189,654
144A, 7.50%, 3/15/26		1,588,000		1,620,419
144A, 4.625%, 1/15/27		4,986,000		4,556,104
144A, 3.50%, 3/15/29		4,576,000		3,766,277
144A, 4.875%, 2/15/30		2,864,000		2,513,160
Lamb Weston Holdings, Inc. 144A, 4.875%, 5/15/28		1,667,000		1,591,452
144A, 4.125%, 1/31/30		3,396,000		3,067,199
144A, 4.375%, 1/31/32		2,079,000		1,843,561
Performance Food Group, Inc., 144A, 5.50%, 10/15/27		3,317,000		3,121,401
Pilgrim’s Pride Corp. 144A, 5.875%, 9/30/27		2,891,000		2,851,639
144A, 4.25%, 4/15/31		3,222,000		2,779,716
144A, 3.50%, 3/1/32		2,893,000		2,352,125
Post Holdings, Inc., 144A, 5.75%, 3/1/27		1,258,000		1,231,028
US Foods, Inc., 144A, 6.25%, 4/15/25		3,474,000		3,495,487

(Cost $40,208,650)				36,979,222

Healthcare-Products — 1.8%
Avantor Funding, Inc. 144A, 4.625%, 7/15/28		5,022,000		4,576,549
144A, 3.875%, 11/1/29		2,636,000		2,285,390
Hologic, Inc. 144A, 4.625%, 2/1/28		1,287,000		1,201,788
144A, 3.25%, 2/15/29		2,976,000		2,542,635
Medline Borrower LP, 144A, 3.875%, 4/1/29		14,623,000		12,411,271
Teleflex, Inc. 4.625%, 11/15/27		1,741,000		1,632,274
144A, 4.25%, 6/1/28		1,623,000		1,477,046

(Cost $28,473,967)				26,126,953

Healthcare-Services — 7.2%
Catalent Pharma Solutions, Inc. 144A, 5.00%, 7/15/27		1,741,000		1,645,349
144A, 3.125%, 2/15/29		1,783,000		1,481,870
144A, 3.50%, 4/1/30		2,091,000		1,725,075
Centene Corp. 4.25%, 12/15/27		7,856,000		7,471,685
2.45%, 7/15/28		6,628,000		5,599,467
4.625%, 12/15/29		10,343,000		9,758,103
3.375%, 2/15/30		6,224,000		5,350,711
3.00%, 10/15/30		6,863,000		5,736,095
2.50%, 3/1/31		6,779,000		5,418,997
2.625%, 8/1/31		3,996,000		3,202,754
Charles River Laboratories International, Inc. 144A, 4.25%, 5/1/28		1,587,000		1,457,239


	Principal Amount		Value
Healthcare-Services (Continued)
144A, 3.75%, 3/15/29	$	1,696,000	$	1,464,386
144A, 4.00%, 3/15/31		1,626,000		1,382,696
Encompass Health Corp., 4.50%, 2/1/28		2,662,000		2,332,721
IQVIA, Inc. 144A, 5.00%, 10/15/26		3,440,000		3,336,972
144A, 5.00%, 5/15/27		3,617,000		3,501,961
Molina Healthcare, Inc. 144A, 4.375%, 6/15/28		2,687,000		2,483,151
144A, 3.875%, 11/15/30		2,102,000		1,822,739
144A, 3.875%, 5/15/32		2,416,000		2,083,039
Tenet Healthcare Corp. 4.625%, 7/15/24		2,672,000		2,619,896
144A, 4.625%, 9/1/24		1,751,000		1,704,762
144A, 4.875%, 1/1/26		6,895,000		6,580,071
144A, 6.25%, 2/1/27		4,885,000		4,716,468
144A, 5.125%, 11/1/27		4,830,000		4,480,429
144A, 4.625%, 6/15/28		1,930,000		1,757,033
144A, 4.25%, 6/1/29		4,518,000		3,921,127
144A, 4.375%, 1/15/30		4,794,000		4,194,750
144A, 6.125%, 6/15/30		6,435,000		6,210,097

(Cost $112,847,625)				103,439,643

Household Products/Wares — 0.2%
Central Garden & Pet Co., 4.125%, 10/15/30		1,669,000		1,392,021
Spectrum Brands, Inc., 5.75%, 7/15/25		1,337,000		1,306,050

(Cost $2,842,341)				2,698,071

Pharmaceuticals — 2.2%
Elanco Animal Health, Inc., 6.40%, 8/28/28		2,417,000		2,262,771
Jazz Securities DAC, 144A, 4.375%, 1/15/29		4,878,000		4,405,761
Organon & Co. / Organon Foreign Debt Co.-Issuer BV 144A, 4.125%, 4/30/28		6,729,000		6,046,646
144A, 5.125%, 4/30/31		6,591,000		5,775,430
Perrigo Finance Unlimited Co. 3.90%, 12/15/24		2,166,000		2,067,981
4.375%, 3/15/26		2,535,000		2,414,575
4.40%, 6/15/30		2,283,000		1,981,142
Prestige Brands, Inc. 144A, 5.125%, 1/15/28		1,348,000		1,245,235
144A, 3.75%, 4/1/31		1,960,000		1,571,263
Teva Pharmaceutical Finance Netherlands III BV, 6.00%, 4/15/24		4,188,000		4,074,296

(Cost $34,059,239)				31,845,100

Energy — 11.1%
Oil & Gas — 5.7%
Antero Resources Corp. 144A, 7.625%, 2/1/29		917,000		933,873
144A, 5.375%, 3/1/30		2,292,000		2,160,325
Apache Corp., 4.25%, 1/15/30		1,940,000		1,753,159


	Principal Amount		Value
Oil & Gas (Continued)
Chesapeake Energy Corp. 144A, 5.50%, 2/1/26	$	1,317,000	$	1,270,958
144A, 5.875%, 2/1/29		1,704,000		1,628,981
144A, 6.75%, 4/15/29		3,013,000		2,947,005
CrownRock LP / CrownRock Finance, Inc. 144A, 5.625%, 10/15/25		3,851,000		3,798,819
144A, 5.00%, 5/1/29		1,324,000		1,217,802
Endeavor Energy Resources LP / EER Finance, Inc., 144A, 5.75%, 1/30/28		3,104,000		3,075,133
Matador Resources Co., 5.875%, 9/15/26		3,440,000		3,371,338
MEG Energy Corp., 144A, 7.125%, 2/1/27		4,050,000		4,097,587
Murphy Oil Corp., 5.75%, 8/15/25		1,521,000		1,509,136
Occidental Petroleum Corp. 6.95%, 7/1/24		1,834,000		1,916,530
2.90%, 8/15/24		2,130,000		2,077,911
8.00%, 7/15/25		1,643,000		1,786,795
5.875%, 9/1/25		2,739,000		2,811,255
5.50%, 12/1/25		2,157,000		2,217,892
5.55%, 3/15/26		3,677,000		3,770,763
8.50%, 7/15/27		1,567,000		1,756,960
6.375%, 9/1/28		1,880,000		1,966,082
8.875%, 7/15/30		3,342,000		3,913,031
6.625%, 9/1/30		4,887,000		5,227,624
6.125%, 1/1/31		4,182,000		4,351,378
7.50%, 5/1/31		2,840,000		3,202,640
7.875%, 9/15/31		1,457,000		1,681,480
Range Resources Corp. 4.875%, 5/15/25		2,055,000		1,997,080
144A, 4.75%, 2/15/30 (a)		1,813,000		1,682,065
Southwestern Energy Co. 7.75%, 10/1/27		2,205,000		2,288,636
5.375%, 2/1/29		2,764,000		2,617,549
5.375%, 3/15/30		3,619,000		3,397,010
4.75%, 2/1/32		3,415,000		3,048,782
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/27		1,816,000		1,759,993

(Cost $85,510,550)				81,235,572

Pipelines — 5.4%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 7.875%, 5/15/26		1,449,000		1,476,915
144A, 5.375%, 6/15/29		2,600,000		2,387,047
Buckeye Partners LP 144A, 4.125%, 3/1/25		1,202,000		1,125,642
3.95%, 12/1/26		2,210,000		1,965,569
4.125%, 12/1/27		1,252,000		1,109,175
Cheniere Energy Partners LP 4.50%, 10/1/29		4,687,000		4,306,767
4.00%, 3/1/31		5,127,000		4,499,276
3.25%, 1/31/32		3,845,000		3,082,767
Cheniere Energy, Inc., 4.625%, 10/15/28		6,266,000		6,037,667


	Principal Amount		Value
Pipelines (Continued)
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25	$	1,647,000	$	1,589,668
DT Midstream, Inc. 144A, 4.125%, 6/15/29		3,719,000		3,272,348
144A, 4.375%, 6/15/31		3,146,000		2,695,351
EnLink Midstream LLC 144A, 5.625%, 1/15/28		1,600,000		1,540,480
144A, 6.50%, 9/1/30		2,280,000		2,271,062
EnLink Midstream Partners LP 4.15%, 6/1/25		1,170,000		1,142,038
4.85%, 7/15/26		1,542,000		1,519,109
EQM Midstream Partners LP 144A, 6.00%, 7/1/25		1,648,000		1,593,525
4.125%, 12/1/26		1,397,000		1,261,163
Hess Midstream Operations LP 144A, 5.625%, 2/15/26		2,174,000		2,123,791
144A, 5.125%, 6/15/28		2,089,000		1,943,344
144A, 4.25%, 2/15/30		2,672,000		2,296,612
144A, 5.50%, 10/15/30		1,054,000		961,728
Kinetik Holdings LP, 144A, 5.875%, 6/15/30		3,310,000		3,148,820
NuStar Logistics LP 5.75%, 10/1/25		2,006,000		1,917,445
6.00%, 6/1/26		1,554,000		1,468,981
Rockies Express Pipeline LLC, 144A, 3.60%, 5/15/25		1,193,000		1,097,894
Venture Global Calcasieu Pass LLC 144A, 3.875%, 8/15/29		4,022,000		3,514,826
144A, 4.125%, 8/15/31		4,172,000		3,628,443
144A, 3.875%, 11/1/33		4,022,000		3,361,728
Western Midstream Operating LP 3.35%, 2/1/25		2,125,000		2,008,890
4.65%, 7/1/26		1,799,000		1,715,068
4.50%, 3/1/28		1,289,000		1,198,461
4.75%, 8/15/28		1,301,000		1,226,687
4.30%, 2/1/30		3,907,000		3,517,042

(Cost $84,933,087)				78,005,329

Financial — 11.1%
Banks — 1.5%
Commerzbank AG, 144A, 8.125%, 9/19/23		3,034,000		3,100,828
Deutsche Bank AG 5.882%, 7/8/31 (b)		1,777,000		1,552,065
3.729%, 1/14/32 (b)		4,118,000		3,038,749
3.742%, 1/7/33 (b)		3,920,000		2,794,732
Intesa Sanpaolo SpA 144A, 5.017%, 6/26/24		6,498,000		6,220,602
144A, 5.71%, 1/15/26		4,852,000		4,559,811

(Cost $24,255,399)				21,266,787

Diversified Financial Services — 2.6%
Ally Financial, Inc., 5.75%, 11/20/25		3,446,000		3,487,258
LPL Holdings, Inc. 144A, 4.625%, 11/15/27		1,384,000		1,304,382


	Principal Amount		Value
Diversified Financial Services (Continued)
144A, 4.00%, 3/15/29	$	3,052,000	$	2,732,105
144A, 4.375%, 5/15/31		1,142,000		1,006,742
Navient Corp.
MTN, 6.125%, 3/25/24		2,639,000		2,577,986
5.875%, 10/25/24		1,737,000		1,670,373
NFP Corp., 144A, 4.875%, 8/15/28		1,751,000		1,556,087
OneMain Finance Corp. 6.125%, 3/15/24		4,203,000		4,108,811
6.875%, 3/15/25		4,031,000		3,924,014
3.50%, 1/15/27		2,506,000		2,073,065
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. 144A, 2.875%, 10/15/26		3,678,000		3,096,361
144A, 3.625%, 3/1/29		2,427,000		1,957,315
144A, 3.875%, 3/1/31		4,182,000		3,281,072
144A, 4.00%, 10/15/33		2,744,000		2,048,691
SLM Corp. 4.20%, 10/29/25		1,597,000		1,464,349
3.125%, 11/2/26		1,637,000		1,376,951

(Cost $41,657,451)				37,665,562

Insurance — 0.3%
Acrisure LLC / Acrisure Finance, Inc., 144A, 4.25%, 2/15/29		2,250,000		1,911,937
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A, 4.25%, 10/15/27		2,535,000		2,287,583

(Cost $4,425,094)				4,199,520

Real Estate — 0.5%
Howard Hughes Corp. 144A, 5.375%, 8/1/28		2,145,000		1,912,182
144A, 4.125%, 2/1/29		2,316,000		1,914,710
144A, 4.375%, 2/1/31		2,172,000		1,739,989
Kennedy-Wilson, Inc., 4.75%, 3/1/29		1,990,000		1,663,212

(Cost $8,160,161)				7,230,093

Real Estate Investment Trusts — 5.1%
Blackstone Mortgage Trust, Inc., 144A, 3.75%, 1/15/27		1,225,000		1,067,685
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144A, 5.75%, 5/15/26		3,074,000		2,871,520
HAT Holdings I LLC / HAT Holdings II LLC 144A, 6.00%, 4/15/25		1,304,000		1,265,725
144A, 3.375%, 6/15/26		3,267,000		2,840,264
Iron Mountain, Inc. 144A, 4.875%, 9/15/27		3,084,000		2,836,077
144A, 5.25%, 3/15/28		2,613,000		2,401,465
144A, 5.00%, 7/15/28		2,107,000		1,925,577
144A, 4.875%, 9/15/29		3,180,000		2,763,102
144A, 5.25%, 7/15/30		3,883,000		3,441,018


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
144A, 4.50%, 2/15/31	$	3,753,000	$	3,122,440
144A, 5.625%, 7/15/32		1,991,000		1,752,856
iStar, Inc. 4.75%, 10/1/24		2,493,000		2,497,213
4.25%, 8/1/25		1,799,000		1,797,723
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A, 4.25%, 2/1/27		2,187,000		1,909,909
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/1/26		1,663,000		1,596,983
5.00%, 10/15/27		4,238,000		3,812,511
4.625%, 8/1/29		3,055,000		2,606,333
3.50%, 3/15/31		4,318,000		3,244,891
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A, 7.50%, 6/1/25		2,232,000		2,255,659
144A, 5.875%, 10/1/28		2,489,000		2,290,676
144A, 4.875%, 5/15/29		2,337,000		2,058,834
RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27		2,262,000		2,059,890
144A, 4.50%, 2/15/29		1,969,000		1,703,976
RLJ Lodging Trust LP 144A, 3.75%, 7/1/26		1,337,000		1,201,388
144A, 4.00%, 9/15/29		1,787,000		1,511,143
SBA Communications Corp. 3.875%, 2/15/27		4,890,000		4,465,151
3.125%, 2/1/29		4,847,000		4,000,326
Starwood Property Trust, Inc. 144A, 3.75%, 12/31/24		1,092,000		1,019,688
4.75%, 3/15/25		1,388,000		1,323,611
144A, 3.625%, 7/15/26		1,309,000		1,160,330
144A, 4.375%, 1/15/27		1,821,000		1,622,939
XHR LP 144A, 6.375%, 8/15/25		1,612,000		1,566,875
144A, 4.875%, 6/1/29		1,641,000		1,450,056

(Cost $78,500,571)				73,443,834

Venture Capital — 1.1%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 4.75%, 9/15/24		3,912,000		3,726,571
6.375%, 12/15/25		2,636,000		2,576,690
6.25%, 5/15/26		3,450,000		3,313,311
5.25%, 5/15/27		4,581,000		4,172,728
4.375%, 2/1/29		2,712,000		2,310,543

(Cost $16,386,526)				16,099,843

Industrial — 7.7%
Aerospace/Defense — 2.1%
Howmet Aerospace, Inc. 5.125%, 10/1/24		4,009,000		3,989,757
6.875%, 5/1/25		2,220,000		2,282,582
3.00%, 1/15/29		2,104,000		1,779,858
Rolls-Royce PLC, 144A, 3.625%, 10/14/25		3,284,000		2,975,140


	Principal Amount		Value
Aerospace/Defense (Continued)
Spirit AeroSystems, Inc., 144A, 5.50%, 1/15/25	$	1,467,000	$	1,438,481
TransDigm, Inc. 144A, 8.00%, 12/15/25		3,821,000		3,918,282
144A, 6.25%, 3/15/26		14,052,000		13,823,304

(Cost $31,527,355)				30,207,404

Building Materials — 0.5%
Builders FirstSource, Inc. 144A, 5.00%, 3/1/30		1,769,000		1,570,208
144A, 4.25%, 2/1/32		4,231,000		3,382,600
Standard Industries, Inc., 144A, 5.00%, 2/15/27		2,759,000		2,530,544

(Cost $8,422,710)				7,483,352

Electrical Components & Equipment — 0.7%
WESCO Distribution, Inc. 144A, 7.125%, 6/15/25		4,981,000		4,987,894
144A, 7.25%, 6/15/28		4,280,000		4,330,333

(Cost $9,642,110)				9,318,227

Electronics — 0.9%
Sensata Technologies BV 144A, 4.875%, 10/15/23		1,937,000		1,956,516
144A, 5.625%, 11/1/24		1,424,000		1,433,324
144A, 5.00%, 10/1/25		2,314,000		2,269,859
144A, 4.00%, 4/15/29		3,423,000		2,963,942
144A, 5.875%, 9/1/30		1,000,000		978,740
Sensata Technologies, Inc. 144A, 4.375%, 2/15/30		1,717,000		1,532,423
144A, 3.75%, 2/15/31		2,475,000		2,048,675

(Cost $14,255,791)				13,183,479

Engineering & Construction — 0.1%
Fluor Corp., 4.25%, 9/15/28 (a)
(Cost $1,930,692)		1,941,000		1,757,515

Environmental Control — 0.7%
GFL Environmental, Inc. 144A, 4.25%, 6/1/25		1,460,000		1,395,893
144A, 3.75%, 8/1/25		2,440,000		2,308,521
144A, 5.125%, 12/15/26		1,460,000		1,414,074
144A, 3.50%, 9/1/28		2,593,000		2,257,362
Stericycle, Inc. 144A, 5.375%, 7/15/24		1,630,000		1,597,351
144A, 3.875%, 1/15/29		1,727,000		1,498,656

(Cost $11,125,664)				10,471,857

Miscellaneous Manufacturing — 0.1%
Hillenbrand, Inc., 5.75%, 6/15/25
(Cost $1,265,121)		1,234,000		1,237,492

Packaging & Containers — 2.6%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A, 6.00%, 6/15/27		2,202,000		2,160,949
144A, 3.25%, 9/1/28		1,745,000		1,507,820


	Principal Amount		Value
Packaging & Containers (Continued)
Ball Corp. 4.00%, 11/15/23	$	3,084,000	$	3,055,503
5.25%, 7/1/25		3,217,000		3,212,995
4.875%, 3/15/26		2,725,000		2,641,888
2.875%, 8/15/30		4,182,000		3,397,833
3.125%, 9/15/31		2,724,000		2,210,142
Berry Global, Inc., 144A, 5.625%, 7/15/27		1,717,000		1,678,711
Crown Americas LLC, 144A, 5.25%, 4/1/30		1,681,000		1,616,298
Graphic Packaging International LLC 144A, 3.50%, 3/15/28		1,515,000		1,350,636
144A, 3.75%, 2/1/30		1,284,000		1,105,517
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27		3,326,000		2,907,772
Sealed Air Corp. 144A, 5.125%, 12/1/24		1,119,000		1,109,455
144A, 5.50%, 9/15/25		1,204,000		1,199,756
144A, 4.00%, 12/1/27		1,438,000		1,311,046
144A, 5.00%, 4/15/29		1,367,000		1,301,097
Silgan Holdings, Inc., 4.125%, 2/1/28		1,921,000		1,761,096
Trivium Packaging Finance BV, 144A, 5.50%, 8/15/26		3,276,000		3,150,496

(Cost $39,238,613)				36,679,010

Technology — 3.6%
Computers — 0.8%
Booz Allen Hamilton, Inc. 144A, 3.875%, 9/1/28		2,360,000		2,103,114
144A, 4.00%, 7/1/29		1,618,000		1,429,177
Seagate HDD Cayman 4.875%, 3/1/24		1,410,000		1,384,210
4.75%, 1/1/25		1,282,000		1,254,325
4.875%, 6/1/27		1,820,000		1,719,563
4.091%, 6/1/29		1,317,000		1,127,793
3.125%, 7/15/29		1,747,000		1,399,478
3.375%, 7/15/31		1,797,000		1,407,743

(Cost $13,115,551)				11,825,403

Semiconductors — 0.3%
Entegris, Inc. 144A, 4.375%, 4/15/28		1,252,000		1,107,043
144A, 3.625%, 5/1/29		1,317,000		1,111,291
ON Semiconductor Corp., 144A, 3.875%, 9/1/28		2,286,000		2,043,010

(Cost $4,595,717)				4,261,344

Software — 2.5%
Fair Isaac Corp. 144A, 5.25%, 5/15/26		1,305,000		1,264,343
144A, 4.00%, 6/15/28		2,918,000		2,581,708
MSCI, Inc. 144A, 4.00%, 11/15/29		3,329,000		2,969,351
144A, 3.625%, 9/1/30		2,961,000		2,516,789
144A, 3.875%, 2/15/31		3,083,000		2,666,810


	Principal Amount		Value
Software (Continued)
144A, 3.625%, 11/1/31	$	1,986,000	$	1,657,699
144A, 3.25%, 8/15/33		2,337,000		1,875,408
Open Text Corp. 144A, 3.875%, 2/15/28		3,018,000		2,578,172
144A, 3.875%, 12/1/29		2,399,000		1,939,405
Open Text Holdings, Inc. 144A, 4.125%, 2/15/30		2,908,000		2,359,951
144A, 4.125%, 12/1/31		2,352,000		1,861,996
PTC, Inc. 144A, 3.625%, 2/15/25		1,503,000		1,414,266
144A, 4.00%, 2/15/28		1,660,000		1,520,510
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		6,529,000		6,179,430
Twilio, Inc. 3.625%, 3/15/29		1,637,000		1,369,146
3.875%, 3/15/31		1,599,000		1,292,919

(Cost $40,273,394)				36,047,903

Utilities — 2.9%
Electric — 2.7%
Calpine Corp. 144A, 5.25%, 6/1/26		1,836,000		1,784,684
144A, 4.50%, 2/15/28		4,285,000		3,925,553
144A, 3.75%, 3/1/31		2,573,000		2,138,047
Clearway Energy Operating LLC 144A, 4.75%, 3/15/28		3,034,000		2,846,271
144A, 3.75%, 2/15/31		2,785,000		2,333,069
DPL, Inc., 4.125%, 7/1/25		1,380,000		1,304,100
FirstEnergy Corp.
Series B, 4.40%, 7/15/27		4,894,000		4,643,476
2.65%, 3/1/30		1,958,000		1,673,503
Series B, 2.25%, 9/1/30		1,465,000		1,202,423
NextEra Energy Operating Partners LP 144A, 4.25%, 7/15/24		2,114,000		2,041,329
144A, 3.875%, 10/15/26		1,552,000		1,449,145
144A, 4.50%, 9/15/27		1,936,000		1,793,685
NRG Energy, Inc., 144A, 3.375%, 2/15/29		1,641,000		1,350,952
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26		3,385,000		3,272,686
144A, 5.625%, 2/15/27		4,212,000		4,064,959
144A, 5.00%, 7/31/27		4,198,000		3,912,116

(Cost $42,654,476)				39,735,998

Gas — 0.2%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.625%, 5/20/24
(Cost $2,570,629)		2,489,000		2,454,876

TOTAL CORPORATE BONDS (Cost $1,518,099,400)				1,414,453,177


	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 0.6%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.00% (c)(d) (Cost $9,125,075)		9,125,075	$	9,125,075

CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares”, 2.24% (c)
(Cost $10,573,885)		10,573,885		10,573,885


TOTAL INVESTMENTS — 99.5% (Cost $1,537,798,360)			$	1,434,152,137
Other assets and liabilities, net — 0.5%				6,514,568

NET ASSETS — 100.0%			$	1,440,666,705

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2022 is as follows:

A summary of the Fund’s transactions with affiliated investments during the period ended August 31, 2022 is as follows:


	Principal Amount		Value
CORPORATE BONDS — 98.1%
Basic Materials — 2.7%
Chemicals — 1.5%
Avient Corp. 5.25%, 3/15/23	$	67,000	$	67,087
144A, 5.75%, 5/15/25		161,000		158,985
Chemours Co., 5.375%, 5/15/27		75,000		69,646
Consolidated Energy Finance SA, 144A, 6.50%, 5/15/26		150,000		137,205
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		115,000		99,677
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24		244,000		233,929
144A, 5.00%, 5/1/25		150,000		141,286
144A, 5.25%, 6/1/27		250,000		221,095
WR Grace Holdings LLC, 144A, 4.875%, 6/15/27		150,000		138,920

(Cost $1,328,255)				1,267,830

Iron/Steel — 0.5%
Cleveland-Cliffs, Inc. 144A, 6.75%, 3/15/26		174,000		176,190
5.875%, 6/1/27		100,000		95,830
Mineral Resources Ltd., 144A, 8.125%, 5/1/27		150,000		150,544

(Cost $430,922)				422,564

Mining — 0.7%
Arconic Corp., 144A, 6.00%, 5/15/25		200,000		196,775
FMG Resources August 2006 Pty Ltd., 144A, 5.125%, 5/15/24 (a)		170,000		168,511
Hudbay Minerals, Inc., 144A, 4.50%, 4/1/26		85,000		77,265
Novelis Corp., 144A, 3.25%, 11/15/26		200,000		178,379

(Cost $667,575)				620,930

Communications — 18.6%
Advertising — 0.5%
Clear Channel Outdoor Holdings, Inc., 144A, 5.125%, 8/15/27		400,000		358,756
Outfront Media Capital LLC / Outfront Media Capital Corp., 144A, 6.25%, 6/15/25		65,000		64,504

(Cost $425,664)				423,260

Internet — 1.0%
NortonLifeLock, Inc., 144A, 5.00%, 4/15/25		130,000		128,310
Photo Holdings Merger Sub, Inc., 144A, 8.50%, 10/1/26		150,000		112,241
Uber Technologies, Inc. 144A, 7.50%, 5/15/25		175,000		176,470
144A, 8.00%, 11/1/26		450,000		455,158

(Cost $934,782)				872,179


	Principal Amount		Value
Media — 8.1%
AMC Networks, Inc. 5.00%, 4/1/24	$	111,000	$	108,382
4.75%, 8/1/25		155,000		143,769
Audacy Capital Corp., 144A, 6.50%, 5/1/27		101,000		33,220
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 4.00%, 3/1/23		133,000		132,628
144A, 5.50%, 5/1/26		100,000		99,127
144A, 5.125%, 5/1/27		740,000		703,370
CSC Holdings LLC 5.875%, 9/15/22		219,000		218,781
5.25%, 6/1/24		154,000		150,332
144A, 5.50%, 4/15/27		300,000		284,854
Diamond Sports Group LLC / Diamond Sports Finance Co., 144A, 5.375%, 8/15/26		626,000		119,722
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 144A, 5.875%, 8/15/27		775,000		716,007
DISH DBS Corp. 5.00%, 3/15/23		278,000		272,409
5.875%, 11/15/24		427,000		386,952
7.75%, 7/1/26		507,000		399,729
144A, 5.25%, 12/1/26		590,000		488,225
Gray Television, Inc. 144A, 5.875%, 7/15/26		160,000		154,654
144A, 7.00%, 5/15/27		161,000		159,005
iHeartCommunications, Inc. 6.375%, 5/1/26		230,000		217,626
8.375%, 5/1/27		312,000		274,179
Nexstar Media, Inc., 144A, 5.625%, 7/15/27		400,000		381,352
Radiate Holdco LLC / Radiate Finance, Inc., 144A, 4.50%, 9/15/26		174,000		150,292
Sirius XM Radio, Inc., 144A, 3.125%, 9/1/26		270,000		240,808
TEGNA, Inc., 144A, 4.75%, 3/15/26		102,000		100,104
Univision Communications, Inc. 144A, 5.125%, 2/15/25		337,000		325,946
144A, 6.625%, 6/1/27		300,000		289,886
Videotron Ltd., 144A, 5.375%, 6/15/24		261,000		259,575
Ziggo Bond Co. BV, 144A, 6.00%, 1/15/27		135,000		121,797

(Cost $7,764,742)				6,932,731

Telecommunications — 9.0%
Altice France Holding SA, 144A, 10.50%, 5/15/27		325,000		281,017
Altice France SA, 144A, 8.125%, 2/1/27		400,000		379,000
CommScope Technologies LLC 144A, 6.00%, 6/15/25		266,000		241,735
144A, 5.00%, 3/15/27		150,000		118,609


	Principal Amount		Value
Telecommunications (Continued)
CommScope, Inc. 144A, 6.00%, 3/1/26	$	355,000	$	335,937
144A, 8.25%, 3/1/27		212,000		182,055
Connect Finco SARL / Connect US Finco LLC, 144A, 6.75%, 10/1/26		400,000		366,793
DKT Finance ApS, 144A, 9.375%, 6/17/23		88,000		85,052
Hughes Satellite Systems Corp. 5.25%, 8/1/26		125,000		119,249
6.625%, 8/1/26		160,000		151,662
Iliad Holding SASU, 144A, 6.50%, 10/15/26		250,000		228,778
Lumen Technologies, Inc. Series W, 6.75%, 12/1/23		245,000		248,109
Series Y, 7.50%, 4/1/24		194,000		195,804
5.625%, 4/1/25		97,000		94,227
144A, 5.125%, 12/15/26		318,000		275,194
144A, 4.00%, 2/15/27		250,000		217,772
Nokia OYJ, 4.375%, 6/12/27		100,000		95,477
Quebecor Media, Inc., 5.75%, 1/15/23		157,000		157,198
Sprint Communications LLC, 6.00%, 11/15/22		457,000		458,526
Sprint Corp. 7.875%, 9/15/23		993,000		1,025,317
7.125%, 6/15/24		595,000		615,069
7.625%, 2/15/25		478,000		500,710
7.625%, 3/1/26		265,000		280,662
Telecom Italia SpA, 144A, 5.303%, 5/30/24		259,000		249,627
Telesat Canada / Telesat LLC 144A, 5.625%, 12/6/26		130,000		76,120
144A, 4.875%, 6/1/27		100,000		54,375
VEON Holdings BV 144A, 4.95%, 6/16/24		113,000		83,344
144A, 4.00%, 4/9/25		239,000		149,980
Viasat, Inc., 144A, 5.625%, 9/15/25		236,000		208,680
Zayo Group Holdings, Inc., 144A, 4.00%, 3/1/27		318,000		271,513

(Cost $8,420,258)				7,747,591

Consumer, Cyclical — 25.6%
Airlines — 2.3%
Air Canada, 144A, 3.875%, 8/15/26		282,000		252,018
American Airlines Group, Inc., 144A, 3.75%, 3/1/25 (a)		117,000		98,478
American Airlines, Inc., 144A, 11.75%, 7/15/25		484,000		535,444
Delta Air Lines, Inc. 2.90%, 10/28/24		245,000		230,055
7.375%, 1/15/26		284,000		289,655


	Principal Amount		Value
Airlines (Continued)
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26	$	237,252	$	216,884
United Airlines, Inc., 144A, 4.375%, 4/15/26		370,000		337,843

(Cost $2,132,827)				1,960,377

Apparel — 0.3%
Hanesbrands, Inc. 144A, 4.625%, 5/15/24		137,000		132,136
144A, 4.875%, 5/15/26		172,000		158,462

(Cost $322,103)				290,598

Auto Manufacturers — 3.2%
Ford Motor Co. 9.00%, 4/22/25		260,000		291,127
4.346%, 12/8/26 (a)		300,000		288,117
Ford Motor Credit Co. LLC 5.584%, 3/18/24		115,000		114,531
3.664%, 9/8/24		122,000		117,083
4.063%, 11/1/24		200,000		194,403
4.687%, 6/9/25		200,000		192,301
5.125%, 6/16/25		200,000		195,367
4.134%, 8/4/25		125,000		118,249
3.375%, 11/13/25		330,000		301,732
GMTN, 4.389%, 1/8/26		200,000		187,872
4.542%, 8/1/26		82,000		76,603
2.70%, 8/10/26		200,000		174,270
4.271%, 1/9/27		98,000		89,927
4.95%, 5/28/27		200,000		188,044
Jaguar Land Rover Automotive PLC 144A, 5.625%, 2/1/23 (a)		108,000		105,501
144A, 7.75%, 10/15/25		156,000		143,139

(Cost $2,958,047)				2,778,266

Auto Parts & Equipment — 2.0%
Adient Global Holdings Ltd., 144A, 4.875%, 8/15/26		250,000		231,671
American Axle & Manufacturing, Inc., 6.50%, 4/1/27		75,000		70,247
Clarios Global LP, 144A, 6.75%, 5/15/25		134,000		133,480
Clarios Global LP / Clarios US Finance Co. 144A, 6.25%, 5/15/26		265,000		262,369
144A,8.50%, 5/15/27		365,000		356,587
Goodyear Tire & Rubber Co. 5.00%, 5/31/26 (a)		196,000		189,378
4.875%, 3/15/27		150,000		141,049
Tenneco, Inc., 5.00%, 7/15/26		97,000		92,774
ZF North America Capital, Inc., 144A, 4.75%, 4/29/25		266,000		246,715

(Cost $1,815,352)				1,724,270

Entertainment — 4.4%
AMC Entertainment Holdings, Inc., 144A,, 6/15/26		330,000		265,279


	Principal Amount		Value
Entertainment (Continued)
Banijay Entertainment SASU, 144A, 5.375%, 3/1/25	$	125,000	$	118,022
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25		709,000		693,189
144A,8.125%, 7/1/27		400,000		394,076
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, 5.75%, 7/1/25		218,000		213,915
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25		192,000		188,584
5.375%, 4/15/27		200,000		188,978
Cinemark USA, Inc., 144A, 5.875%, 3/15/26		78,000		69,316
International Game Technology PLC 144A, 6.50%, 2/15/25		175,000		173,907
144A, 4.125%, 4/15/26		220,000		201,960
144A, 6.25%, 1/15/27		200,000		196,104
Live Nation Entertainment, Inc. 144A, 4.875%, 11/1/24		126,000		122,127
144A, 6.50%, 5/15/27		258,000		257,920
Mohegan Gaming & Entertainment, 144A, 8.00%, 2/1/26		261,000		228,421
Penn Entertainment, Inc., 144A, 5.625%, 1/15/27		100,000		91,609
Scientific Games International, Inc., 144A, 8.625%, 7/1/25		52,000		53,526
Six Flags Entertainment Corp., 144A, 4.875%, 7/31/24		315,000		302,695
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		50,000		50,136

(Cost $4,064,751)				3,809,764

Food Service — 0.5%
Aramark Services, Inc., 144A, 6.375%, 5/1/25
(Cost $420,920)		410,000		406,929

Home Builders — 0.4%
Century Communities, Inc., 6.75%, 6/1/27		100,000		98,228
Meritage Homes Corp., 6.00%, 6/1/25		164,000		164,112
Taylor Morrison Communities, Inc., 144A, 5.875%, 6/15/27		100,000		96,753

(Cost $362,554)				359,093

Housewares — 0.9%
Newell Brands, Inc. 4.10%, 4/1/23		189,000		188,537
4.875%, 6/1/25		68,000		66,763
4.45%, 4/1/26		505,000		475,594

(Cost $803,896)				730,894

Leisure Time — 4.3%
Carnival Corp. 144A, 10.50%, 2/1/26		150,000		154,695


	Principal Amount		Value
Leisure Time (Continued)
144A, 7.625%, 3/1/26 (a)	$	329,000	$	280,094
144A, 5.75%, 3/1/27		740,000		577,788
Life Time, Inc. 144A, 5.75%, 1/15/26		179,000		161,544
144A,8.00%, 4/15/26		100,000		88,436
NCL Corp. Ltd. 144A, 3.625%, 12/15/24		300,000		260,421
144A, 5.875%, 3/15/26		200,000		162,000
144A, 5.875%, 2/15/27		200,000		181,538
Royal Caribbean Cruises Ltd. 5.25%, 11/15/22		155,000		155,153
144A, 10.875%, 6/1/23		194,000		197,766
144A, 9.125%, 6/15/23		185,000		187,078
144A, 11.50%, 6/1/25		358,000		379,949
144A, 4.25%, 7/1/26		110,000		84,674
144A, 5.50%, 8/31/26		250,000		203,463
144A, 5.375%, 7/15/27		200,000		155,487
144A, 11.625%, 8/15/27		300,000		295,212
Viking Cruises Ltd., 144A, 13.00%, 5/15/25		152,000		159,741

(Cost $4,094,040)				3,685,039

Lodging — 3.9%
Hilton Domestic Operating Co., Inc., 144A, 5.375%, 5/1/25		81,000		80,492
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.875%, 4/1/27		129,000		123,357
Las Vegas Sands Corp. 3.20%, 8/8/24		400,000		378,856
2.90%, 6/25/25		100,000		92,290
3.50%, 8/18/26		200,000		179,883
Melco Resorts Finance Ltd. 144A, 4.875%, 6/6/25 (a)		200,000		152,804
144A, 5.25%, 4/26/26		185,000		136,366
144A, 5.625%, 7/17/27		100,000		71,086
MGM Resorts International 6.00%, 3/15/23		252,000		252,343
6.75%, 5/1/25		91,000		91,062
5.75%, 6/15/25 (a)		192,000		186,557
4.625%, 9/1/26		120,000		109,341
5.50%, 4/15/27		175,000		162,256
Travel + Leisure Co. 3.90%, 3/1/23		177,000		175,548
144A, 6.625%, 7/31/26		126,000		122,327
6.00%, 4/1/27		86,000		81,781
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 144A, 4.25%, 5/30/23		423,000		416,329
144A, 5.50%, 3/1/25		394,000		377,797
144A, 5.25%, 5/15/27		194,000		175,316

(Cost $3,555,176)				3,365,791

Retail — 3.2%
1011778 BC ULC / New Red Finance, Inc., 144A, 5.75%, 4/15/25		147,000		147,994


	Principal Amount		Value
Retail (Continued)
Carvana Co. 144A, 5.625%, 10/1/25	$	165,000	$	123,863
144A, 5.50%, 4/15/27		100,000		64,971
eG Global Finance PLC 144A, 6.75%, 2/7/25		200,000		189,263
144A,8.50%, 10/30/25		90,000		84,171
Ferrellgas LP / Ferrellgas Finance Corp., 144A, 5.375%, 4/1/26		126,000		109,809
Guitar Center, Inc., 144A, 8.50%, 1/15/26		120,000		111,176
IRB Holding Corp., 144A, 7.00%, 6/15/25		161,000		161,933
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A, 4.75%, 6/1/27		150,000		144,223
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		204,000		191,209
Party City Holdings, Inc., 144A, 8.75%, 2/15/26		130,000		85,358
Penske Automotive Group, Inc., 3.50%, 9/1/25		150,000		141,057
QVC, Inc. 4.85%, 4/1/24		116,000		111,771
4.45%, 2/15/25		166,000		152,696
4.75%, 2/15/27		50,000		41,372
Rite Aid Corp. 144A, 7.50%, 7/1/25		165,000		140,747
144A,8.00%, 11/15/26		185,000		151,097
Staples, Inc. 144A, 7.50%, 4/15/26		500,000		423,140
144A, 10.75%, 4/15/27 (a)		200,000		147,301

(Cost $3,114,744)				2,723,151

Toys/Games/Hobbies — 0.2%
Mattel, Inc., 144A, 3.375%, 4/1/26
(Cost $217,241)		218,000		198,450

Consumer, Non-cyclical — 13.0%
Agriculture — 0.1%
Vector Group Ltd., 144A, 10.50%, 11/1/26
(Cost $113,090)		110,000		106,641

Commercial Services — 3.5%
ADT Security Corp., 4.125%, 6/15/23		218,000		215,556
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A, 6.625%, 7/15/26		359,000		336,562
144A, 9.75%, 7/15/27		200,000		180,694
APX Group, Inc., 144A, 6.75%, 2/15/27		214,000		209,892
Block, Inc., 2.75%, 6/1/26		230,000		204,565
CoreCivic, Inc., 8.25%, 4/15/26		140,000		139,749


	Principal Amount		Value
Commercial Services (Continued)
Garda World Security Corp., 144A, 4.625%, 2/15/27	$	125,000	$	110,048
Grand Canyon University, 4.125%, 10/1/24		108,000		102,682
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		300,000		283,975
Hertz Corp., 144A, 4.625%, 12/1/26		100,000		85,260
Nielsen Co. Luxembourg SARL, 144A, 5.00%, 2/1/25 (a)		132,000		132,762
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.25%, 4/15/24		112,000		111,125
144A, 5.75%, 4/15/26		243,000		234,177
Sabre GLBL, Inc. 144A, 9.25%, 4/15/25		209,000		206,733
144A, 7.375%, 9/1/25		167,000		158,441
United Rentals North America, Inc., 5.50%, 5/15/27		100,000		99,425
Verscend Escrow Corp., 144A, 9.75%, 8/15/26		200,000		202,260

(Cost $3,210,215)				3,013,906

Cosmetics/Personal Care — 0.3%
Coty, Inc. 144A, 5.00%, 4/15/26		174,000		165,105
144A, 6.50%, 4/15/26		127,000		121,333

(Cost $304,436)				286,438

Food — 1.5%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.50%, 2/15/23		137,000		135,812
144A, 3.25%, 3/15/26		145,000		130,928
144A, 7.50%, 3/15/26		150,000		153,062
144A, 4.625%, 1/15/27		280,000		255,858
B&G Foods, Inc., 5.25%, 4/1/25		220,000		196,036
Post Holdings, Inc., 144A, 5.75%, 3/1/27		100,000		97,856
Sigma Holdco BV, 144A, 7.875%, 5/15/26		105,000		75,085
US Foods, Inc., 144A, 6.25%, 4/15/25		269,000		270,664

(Cost $1,418,125)				1,315,301

Healthcare-Services — 3.7%
CHS/Community Health Systems, Inc. 144A, 8.00%, 3/15/26		457,000		427,866
144A, 5.625%, 3/15/27		400,000		339,956
IQVIA, Inc. 144A, 5.00%, 10/15/26		225,000		218,261
144A, 5.00%, 5/15/27		237,000		229,462
Legacy LifePoint Health LLC 144A, 6.75%, 4/15/25		136,000		133,728
144A, 4.375%, 2/15/27		170,000		148,018
ModivCare, Inc., 144A, 5.875%, 11/15/25		120,000		113,177


	Principal Amount		Value
Healthcare-Services (Continued)
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26	$	260,000	$	248,547
Select Medical Corp., 144A, 6.25%, 8/15/26		277,000		265,325
Tenet Healthcare Corp. 4.625%, 7/15/24		90,000		88,245
144A, 4.625%, 9/1/24		131,000		127,541
144A, 4.875%, 1/1/26		539,000		514,381
144A, 6.25%, 2/1/27		300,000		289,650

(Cost $3,392,504)				3,144,157

Household Products/Wares — 0.1%
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 144A, 5.00%, 12/31/26 (Cost $99,112)		101,000		91,637

Pharmaceuticals — 3.8%
Bausch Health Americas, Inc. 144A, 9.25%, 4/1/26		300,000		176,745
144A, 8.50%, 1/31/27		400,000		188,692
Bausch Health Cos., Inc. 144A, 5.50%, 11/1/25		328,000		272,637
144A, 9.00%, 12/15/25		291,000		184,603
144A, 6.125%, 2/1/27		297,000		222,168
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 144A, 10.00%, 4/15/25		100,000		90,117
Perrigo Finance Unlimited Co. 3.90%, 12/15/24		120,000		114,570
4.375%, 3/15/26		200,000		190,499
Teva Pharmaceutical Finance Co. BV, 2.95%, 12/18/22		209,000		207,815
Teva Pharmaceutical Finance Netherlands III BV 2.80%, 7/21/23		297,000		285,254
6.00%, 4/15/24		190,000		184,841
7.125%, 1/31/25		386,000		382,655
3.15%, 10/1/26		779,000		655,365
4.75%, 5/9/27		115,000		100,738

(Cost $4,019,095)				3,256,699

Energy — 11.7%
Oil & Gas — 6.8%
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144A, 7.00%, 11/1/26		120,000		116,870
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		118,000		123,769
Chesapeake Energy Corp., 144A, 5.50%, 2/1/26		130,000		125,455
Citgo Holding, Inc., 144A, 9.25%, 8/1/24		251,000		251,283
CITGO Petroleum Corp., 144A, 7.00%, 6/15/25		418,000		407,021


	Principal Amount		Value
Oil & Gas (Continued)
CNX Resources Corp., 144A, 7.25%, 3/14/27	$	100,000	$	99,345
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25		230,000		226,883
CVR Energy, Inc., 144A, 5.25%, 2/15/25		27,000		25,510
Laredo Petroleum, Inc., 9.50%, 1/15/25		169,000		169,810
Leviathan Bond Ltd. 144A, REGS, 5.75%, 6/30/23		107,000		106,961
144A, REGS, 6.125%, 6/30/25		208,000		204,880
144A, REGS, 6.50%, 6/30/27		150,000		146,250
Matador Resources Co., 5.875%, 9/15/26		226,000		221,489
MEG Energy Corp., 144A, 7.125%, 2/1/27		250,000		252,937
Moss Creek Resources Holdings, Inc., 144A, 7.50%, 1/15/26		256,000		233,215
Murphy Oil Corp., 5.75%, 8/15/25		100,000		99,220
Nabors Industries Ltd., 144A, 7.25%, 1/15/26		110,000		100,176
Nabors Industries, Inc. 5.75%, 2/1/25		119,000		109,894
144A, 7.375%, 5/15/27		150,000		145,004
Occidental Petroleum Corp. 6.95%, 7/1/24		150,000		156,750
2.90%, 8/15/24		276,000		269,250
8.00%, 7/15/25		50,000		54,376
5.875%, 9/1/25		264,000		270,964
5.50%, 12/1/25		100,000		102,823
5.55%, 3/15/26		194,000		198,947
Parkland Corp., 144A, 5.875%, 7/15/27		100,000		96,741
PBF Holding Co. LLC / PBF Finance Corp., 7.25%, 6/15/25		130,000		126,425
Puma International Financing SA 144A, 5.125%, 10/6/24		200,000		186,901
144A, 5.00%, 1/24/26		200,000		176,761
Range Resources Corp. 5.00%, 3/15/23		217,000		217,008
4.875%, 5/15/25		151,000		146,744
SM Energy Co., 6.625%, 1/15/27 (a)		100,000		97,639
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/27		129,000		125,022
Transocean, Inc. 144A, 7.25%, 11/1/25		162,000		129,372
144A, 7.50%, 1/15/26		111,000		85,698
144A, 11.50%, 1/30/27		140,000		135,132
144A, 8.00%, 2/1/27		100,000		74,399

(Cost $5,880,036)				5,816,924


	Principal Amount		Value
Oil & Gas Services — 0.4%
Archrock Partners LP / Archrock Partners Finance Corp., 144A, 6.875%, 4/1/27	$	100,000	$	93,889
CGG SA, 144A, 8.75%, 4/1/27 (a)		100,000		89,261
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 4/1/26		212,000		199,189

(Cost $416,190)				382,339

Pipelines — 4.5%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 7.875%, 5/15/26		75,000		76,445
144A, 5.75%, 3/1/27		140,000		132,874
Buckeye Partners LP 4.15%, 7/1/23		68,000		66,896
144A, 4.125%, 3/1/25		98,000		91,774
3.95%, 12/1/26		203,000		180,548
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 5.75%, 4/1/25		50,000		48,259
144A, 5.625%, 5/1/27		129,000		120,478
DCP Midstream Operating LP, 3.875%, 3/15/23		73,000		72,908
EnLink Midstream Partners LP 4.15%, 6/1/25		20,000		19,522
4.85%, 7/15/26		166,000		163,536
EQM Midstream Partners LP 144A, 6.00%, 7/1/25		63,000		60,917
4.125%, 12/1/26		120,000		108,332
144A, 7.50%, 6/1/27		100,000		98,844
144A, 6.50%, 7/1/27		200,000		193,414
Genesis Energy LP / Genesis Energy Finance Corp. 6.50%, 10/1/25		110,000		103,233
8.00%, 1/15/27		210,000		197,749
Hess Midstream Operations LP, 144A, 5.625%, 2/15/26		147,000		143,605
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		282,000		272,206
144A, 6.50%, 9/30/26		310,000		292,451
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 7.50%, 2/1/26		420,000		380,241
NGL Energy Partners LP / NGL Energy Finance Corp., 7.50%, 11/1/23 (a)		116,000		109,932
NuStar Logistics LP 5.75%, 10/1/25		131,000		125,217
6.00%, 6/1/26		150,000		141,794
5.625%, 4/28/27		200,000		182,399
Rockies Express Pipeline LLC, 144A, 3.60%, 5/15/25		54,000		49,695
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 7.50%, 10/1/25		113,000		113,308
144A, 6.00%, 3/1/27		90,000		82,266


	Principal Amount		Value
Pipelines (Continued)
Western Midstream Operating LP 3.35%, 2/1/25	$	200,000	$	189,072
4.65%, 7/1/26		83,000		79,128

(Cost $4,131,054)				3,897,043

Financial — 11.2%
Banks — 1.6%
Commerzbank AG, 144A, 8.125%, 9/19/23		286,000		292,300
Freedom Mortgage Corp. 144A, 8.125%, 11/15/24		112,000		100,678
144A, 8.25%, 4/15/25		61,000		52,863
144A, 7.625%, 5/1/26		142,000		116,479
144A, 6.625%, 1/15/27		142,000		109,832
Intesa Sanpaolo SpA 144A, 5.017%, 6/26/24		400,000		382,924
144A, 5.71%, 1/15/26		340,000		319,525

(Cost $1,526,367)				1,374,601

Diversified Financial Services — 3.7%
Ally Financial, Inc., 5.75%, 11/20/25		180,000		182,155
LD Holdings Group LLC, 144A, 6.50%, 11/1/25		95,000		54,669
Nationstar Mortgage Holdings, Inc., 144A, 6.00%, 1/15/27		120,000		107,048
Navient Corp. 5.50%, 1/25/23		181,000		180,307
MTN, 6.125%, 3/25/24		165,000		161,185
5.875%, 10/25/24		91,000		87,510
6.75%, 6/25/25		110,000		106,306
6.75%, 6/15/26		140,000		133,000
5.00%, 3/15/27		150,000		128,703
OneMain Finance Corp. 5.625%, 3/15/23		217,000		215,357
6.125%, 3/15/24		241,000		235,599
6.875%, 3/15/25		265,000		257,967
7.125%, 3/15/26		296,000		278,810
3.50%, 1/15/27		150,000		124,086
PennyMac Financial Services, Inc., 144A, 5.375%, 10/15/25		146,000		131,368
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 144A, 2.875%, 10/15/26		248,000		208,781
SLM Corp. 4.20%, 10/29/25		200,000		183,388
3.125%, 11/2/26		100,000		84,114
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		165,000		144,354
144A, 5.75%, 6/15/27		100,000		82,509
VistaJet Malta Finance PLC / XO Management Holding, Inc., 144A, 7.875%, 5/1/27		100,000		91,780

(Cost $3,523,473)				3,178,996


	Principal Amount		Value
Insurance — 0.9%
Acrisure LLC / Acrisure Finance, Inc. 144A, 7.00%, 11/15/25	$	209,000	$	197,253
144A, 10.125%, 8/1/26		50,000		50,109
AssuredPartners, Inc., 144A, 7.00%, 8/15/25		226,000		219,220
HUB International Ltd., 144A, 7.00%, 5/1/26		350,000		343,333

(Cost $836,648)				809,915

Real Estate — 0.1%
WeWork Cos., Inc., 144A, 7.875%, 5/1/25 (Cost $141,338)		150,000		112,133

Real Estate Investment Trusts — 3.8%
Blackstone Mortgage Trust, Inc., 144A, 3.75%, 1/15/27		129,000		112,434
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 144A, 5.75%, 5/15/26		218,000		203,641
144A, 4.50%, 4/1/27		150,000		128,742
Diversified Healthcare Trust, 9.75%, 6/15/25		131,000		128,936
HAT Holdings I LLC / HAT Holdings II LLC, 144A, 3.375%, 6/15/26		270,000		234,733
iStar, Inc. 4.75%, 10/1/24		179,000		179,302
4.25%, 8/1/25		107,000		106,924
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A, 4.25%, 2/1/27		125,000		109,163
MPT Operating Partnership LP / MPT Finance Corp., 5.25%, 8/1/26		50,000		48,015
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 144A, 7.50%, 6/1/25		100,000		101,060
RLJ Lodging Trust LP, 144A, 3.75%, 7/1/26		115,000		103,336
SBA Communications Corp., 3.875%, 2/15/27		250,000		228,280
Service Properties Trust 4.35%, 10/1/24		295,000		264,847
7.50%, 9/15/25		211,000		202,564
4.75%, 10/1/26		100,000		81,480
Starwood Property Trust, Inc. 144A, 3.75%, 12/31/24		90,000		84,040
4.75%, 3/15/25		70,000		66,753
144A, 3.625%, 7/15/26		150,000		132,964
144A, 4.375%, 1/15/27		100,000		89,123
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, 7.875%, 2/15/25		522,000		516,357
XHR LP, 144A, 6.375%, 8/15/25		117,000		113,725

(Cost $3,491,088)				3,236,419


	Principal Amount		Value
Venture Capital — 1.1%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 4.75%, 9/15/24	$	313,000	$	298,164
6.375%, 12/15/25		195,000		190,612
6.25%, 5/15/26		255,000		244,897
5.25%, 5/15/27		250,000		227,719

(Cost $1,013,710)				961,392

Industrial — 10.4%
Aerospace/Defense — 4.2%
Bombardier, Inc. 144A, 7.50%, 12/1/24		85,000		84,351
144A, 7.50%, 3/15/25		249,000		243,993
144A, 7.125%, 6/15/26		282,000		269,087
144A, 7.875%, 4/15/27		400,000		383,514
Howmet Aerospace, Inc. 5.125%, 10/1/24		248,000		246,810
6.875%, 5/1/25		129,000		132,636
Rolls-Royce PLC, 144A, 3.625%, 10/14/25		186,000		168,507
Spirit AeroSystems, Inc. 144A, 5.50%, 1/15/25		130,000		127,473
144A, 7.50%, 4/15/25		145,000		142,056
TransDigm, Inc. 144A, 8.00%, 12/15/25		195,000		199,965
144A, 6.25%, 3/15/26		1,015,000		998,481
6.375%, 6/15/26		205,000		197,045
7.50%, 3/15/27		125,000		122,049
Triumph Group, Inc. 144A, 8.875%, 6/1/24		138,000		139,930
144A, 6.25%, 9/15/24		71,000		65,142
7.75%, 8/15/25		118,000		99,544

(Cost $3,721,401)				3,620,583

Building Materials — 0.2%
JELD-WEN, Inc., 144A, 4.625%, 12/15/25		95,000		81,835
Standard Industries, Inc., 144A, 5.00%, 2/15/27		100,000		91,720

(Cost $192,762)				173,555

Electrical Components & Equipment — 0.4%
WESCO Distribution, Inc., 144A, 7.125%, 6/15/25 (Cost $335,370)		325,000		325,450

Electronics — 0.3%
Sensata Technologies BV 144A, 4.875%, 10/15/23		76,000		76,766
144A, 5.625%, 11/1/24		66,000		66,432
144A, 5.00%, 10/1/25		156,000		153,024

(Cost $312,245)				296,222

Engineering & Construction — 0.2%
Brand Industrial Services, Inc., 144A, 8.50%, 7/15/25 (Cost $200,896)		203,000		164,678


	Principal Amount		Value
Environmental Control — 0.7%
GFL Environmental, Inc. 144A, 4.25%, 6/1/25	$	282,000	$	269,618
144A, 3.75%, 8/1/25		130,000		122,995
Stericycle, Inc., 144A, 5.375%, 7/15/24		199,000		195,014

(Cost $618,209)				587,627

Machinery-Diversified — 0.4%
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27 (Cost $337,092)		350,000		319,793

Miscellaneous Manufacturing — 0.4%
FXI Holdings, Inc. 144A, 7.875%, 11/1/24		140,000		116,298
144A, 12.25%, 11/15/26		185,000		154,656
Hillenbrand, Inc., 5.75%, 6/15/25		94,000		94,266

(Cost $434,290)				365,220

Packaging & Containers — 3.4%
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 4/30/25		215,000		203,816
144A, 4.125%, 8/15/26		265,000		228,936
144A, 5.25%, 8/15/27		210,000		152,195
144A, 5.25%, 8/15/27		200,000		144,948
Ball Corp. 4.00%, 11/15/23		185,000		183,291
5.25%, 7/1/25		250,000		249,689
4.875%, 3/15/26		139,000		134,760
LABL, Inc. 144A, 6.75%, 7/15/26		185,000		176,025
144A, 10.50%, 7/15/27		150,000		141,976
Mauser Packaging Solutions Holding Co. 144A, 5.50%, 4/15/24		425,000		411,964
144A, 7.25%, 4/15/25		250,000		227,935
Owens-Brockway Glass Container, Inc. 144A, 5.875%, 8/15/23		136,000		135,347
144A, 6.625%, 5/13/27 (a)		100,000		93,027
Sealed Air Corp. 144A, 5.125%, 12/1/24		50,000		49,573
144A, 5.50%, 9/15/25		100,000		99,648
Trivium Packaging Finance BV 144A, 5.50%, 8/15/26		200,000		192,338
144A, 8.50%, 8/15/27		150,000		142,693

(Cost $3,128,133)				2,968,161

Trucking & Leasing — 0.2%
Fortress Transportation and Infrastructure Investors LLC, 144A, 6.50%, 10/1/25 (Cost $142,240)		141,000		131,599

Technology — 2.7%
Computers — 1.2%
Diebold Nixdorf, Inc. 8.50%, 4/15/24		89,000		54,250
144A, 9.375%, 7/15/25		165,000		135,672


	Principal Amount		Value
Computers (Continued)
Exela Intermediate LLC / Exela Finance, Inc., 144A, 11.50%, 7/15/26	$	236,000	$	76,896
Presidio Holdings, Inc., 144A, 4.875%, 2/1/27		100,000		93,712
Seagate HDD Cayman 4.75%, 6/1/23		110,000		109,301
4.875%, 3/1/24		97,000		95,226
4.75%, 1/1/25		133,000		130,129
4.875%, 6/1/27		100,000		94,482
Vericast Corp., 144A, 11.00%, 9/15/26		277,000		277,734

(Cost $1,235,853)				1,067,402

Office/Business Equipment — 0.3%
Pitney Bowes, Inc., 144A, 6.875%, 3/15/27		80,000		60,637
Xerox Corp., 4.625%, 3/15/23		36,000		35,835
Xerox Holdings Corp., 144A, 5.00%, 8/15/25		161,000		149,485

(Cost $270,894)				245,957

Semiconductors — 0.1%
ams-OSRAM AG, 144A, 7.00%, 7/31/25 (Cost $130,857)		125,000		119,443

Software — 1.1%
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		137,000		135,643
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A, 5.75%, 3/1/25		232,000		229,246
Fair Isaac Corp., 144A, 5.25%, 5/15/26		80,000		77,508
PTC, Inc., 144A, 3.625%, 2/15/25		162,000		152,436
Veritas US, Inc. / Veritas Bermuda Ltd., 144A, 7.50%, 9/1/25		403,000		310,612

(Cost $1,024,654)				905,445

Utilities — 2.2%
Electric — 1.6%
Calpine Corp., 144A, 5.25%, 6/1/26		134,000		130,255
DPL, Inc., 4.125%, 7/1/25		80,000		75,600
FirstEnergy Corp., Series B, 4.40%, 7/15/27		350,000		332,083
NextEra Energy Operating Partners LP, 144A, 4.25%, 7/15/24		350,000		337,968
TransAlta Corp., 4.50%, 11/15/22		89,000		88,897


	Principal Amount		Value
Electric (Continued)
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26	$	230,000	$	222,369
144A, 5.625%, 2/15/27		200,000		193,018

(Cost $1,448,909)				1,380,190

Gas — 0.6%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.625%, 5/20/24		121,000		119,341
5.50%, 5/20/25		107,000		101,685
5.875%, 8/20/26		175,000		166,828
5.75%, 5/20/27		113,000		106,659

(Cost $542,250)				494,513

TOTAL CORPORATE BONDS (Cost $91,426,385)				84,470,086


	Number of Shares		Value
SECURITIES LENDING COLLATERAL — 1.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.00% (b)(c) (Cost $821,382)		821,382	$	821,382

CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares”, 2.24% (b) (Cost $589,978)		589,978		589,978


TOTAL INVESTMENTS — 99.8% (Cost $92,837,745)			$	85,881,446
Other assets and liabilities, net — 0.2%				197,728

NET ASSETS — 100.0%			$	86,079,174

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2022 is as follows:


	Principal Amount		Value
CORPORATE BONDS — 98.5%
Basic Materials — 3.6%
Chemicals — 1.9%
Ashland LLC, 144A, 3.375%, 9/1/31	$	1,763,000	$	1,446,079
ASP Unifrax Holdings, Inc. 144A, 5.25%, 9/30/28		3,117,000		2,505,085
144A, 7.50%, 9/30/29 (a)		1,567,000		1,148,545
Avient Corp. 144A, 5.75%, 5/15/25		2,532,000		2,500,312
144A, 7.125%, 8/1/30		2,824,000		2,793,917
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29 (a)		2,727,000		2,265,626
Chemours Co. 5.375%, 5/15/27		1,948,000		1,808,932
144A, 5.75%, 11/15/28		3,117,000		2,794,718
144A, 4.625%, 11/15/29		2,532,000		2,092,407
Consolidated Energy Finance SA 144A, 6.50%, 5/15/26		1,567,000		1,433,335
144A, 5.625%, 10/15/28		2,045,000		1,687,278
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		1,959,000		1,697,983
Methanex Corp. 5.125%, 10/15/27		2,727,000		2,487,188
5.25%, 12/15/29		2,727,000		2,293,952
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24		4,091,000		3,922,151
144A, 5.00%, 5/1/25		1,948,000		1,834,832
144A, 5.25%, 6/1/27		4,091,000		3,617,999
144A, 4.25%, 5/15/29 (a)		2,240,000		1,845,491
Olin Corp. 5.125%, 9/15/27		1,948,000		1,851,340
5.625%, 8/1/29		2,607,000		2,486,778
5.00%, 2/1/30 (a)		2,008,000		1,824,755
Olympus Water US Holding Corp. 144A, 4.25%, 10/1/28		3,175,000		2,585,879
144A, 6.25%, 10/1/29		1,569,000		1,186,705
SCIH Salt Holdings, Inc. 144A, 4.875%, 5/1/28		4,285,000		3,677,239
144A, 6.625%, 5/1/29		2,727,000		2,249,161
Tronox, Inc., 144A, 4.625%, 3/15/29		4,188,000		3,488,981
Valvoline, Inc. 144A, 4.25%, 2/15/30		2,331,000		2,275,522
144A, 3.625%, 6/15/31		2,086,000		1,683,183
WR Grace Holdings LLC 144A, 4.875%, 6/15/27		2,893,000		2,679,294
144A, 5.625%, 8/15/29		4,500,000		3,566,250

(Cost $81,242,391)				69,730,917

Forest Products & Paper — 0.1%
Mercer International, Inc., 5.125%, 2/1/29 (Cost $3,476,524)		3,397,000		2,970,761

Iron/Steel — 0.5%
Cleveland-Cliffs, Inc. 144A, 6.75%, 3/15/26		3,229,000		3,269,653
5.875%, 6/1/27		2,162,000		2,071,845


	Principal Amount		Value
Iron/Steel (Continued)
Mineral Resources Ltd. 144A, 8.125%, 5/1/27	$	2,727,000	$	2,736,884
144A, 8.00%, 11/1/27		2,435,000		2,432,820
144A, 8.50%, 5/1/30		2,435,000		2,457,121
United States Steel Corp., 6.875%, 3/1/29 (a)		2,727,000		2,675,910

(Cost $16,253,398)				15,644,233

Mining — 1.1%
Arconic Corp. 144A, 6.00%, 5/15/25		2,727,000		2,683,032
144A, 6.125%, 2/15/28		3,506,000		3,297,091
Constellium SE, 144A, 3.75%, 4/15/29		1,959,000		1,623,962
FMG Resources August 2006 Pty Ltd. 144A, 5.125%, 5/15/24 (a)		2,922,000		2,896,403
144A, 4.50%, 9/15/27		2,337,000		2,138,355
144A, 5.875%, 4/15/30		2,727,000		2,519,721
144A, 4.375%, 4/1/31		5,844,000		4,774,256
144A, 6.125%, 4/15/32		3,117,000		2,885,376
Hudbay Minerals, Inc. 144A, 4.50%, 4/1/26		2,337,000		2,124,333
144A, 6.125%, 4/1/29		2,337,000		2,060,699
Kaiser Aluminum Corp. 144A, 4.625%, 3/1/28		1,959,000		1,690,030
144A, 4.50%, 6/1/31		2,155,000		1,699,573
Novelis Corp. 144A, 3.25%, 11/15/26		2,922,000		2,606,117
144A, 4.75%, 1/30/30		6,233,000		5,430,190
144A, 3.875%, 8/15/31		2,922,000		2,363,577

(Cost $47,055,110)				40,792,715

Communications — 19.1%
Advertising — 0.9%
Clear Channel Outdoor Holdings, Inc. 144A, 5.125%, 8/15/27		4,870,000		4,367,854
144A, 7.75%, 4/15/28		3,896,000		3,176,019
144A, 7.50%, 6/1/29		4,091,000		3,308,494
CMG Media Corp., 144A, 8.875%, 12/15/27		3,954,000		3,406,886
Lamar Media Corp. 3.75%, 2/15/28		2,318,000		2,082,572
4.00%, 2/15/30		2,143,000		1,885,829
3.625%, 1/15/31		2,143,000		1,798,791
Outfront Media Capital LLC / Outfront Media Capital Corp. 144A, 6.25%, 6/15/25		1,567,000		1,555,049
144A, 5.00%, 8/15/27		2,532,000		2,321,072
144A, 4.25%, 1/15/29		1,959,000		1,648,775
144A, 4.625%, 3/15/30		1,959,000		1,636,999
Stagwell Global LLC, 144A, 5.625%, 8/15/29		4,285,000		3,640,793

(Cost $36,325,497)				30,829,133

Internet — 1.4%
Arches Buyer, Inc. 144A, 4.25%, 6/1/28		3,692,000		2,973,241
144A, 6.125%, 12/1/28		1,959,000		1,538,403


	Principal Amount		Value
Internet (Continued)
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A, 5.25%, 12/1/27	$	2,337,000	$	2,199,912
144A, 3.50%, 3/1/29		3,117,000		2,643,278
Match Group Holdings II LLC 144A, 5.00%, 12/15/27		1,755,000		1,612,713
144A, 4.625%, 6/1/28		1,934,000		1,724,393
144A, 4.125%, 8/1/30		1,948,000		1,614,593
144A, 3.625%, 10/1/31		1,959,000		1,540,343
NortonLifeLock, Inc., 144A, 5.00%, 4/15/25		4,285,000		4,229,295
Photo Holdings Merger Sub, Inc., 144A, 8.50%, 10/1/26		3,058,000		2,288,212
Twitter, Inc. 144A, 3.875%, 12/15/27 (a)		2,727,000		2,540,711
144A, 5.00%, 3/1/30		3,896,000		3,662,828
Uber Technologies, Inc. 144A, 7.50%, 5/15/25		3,896,000		3,928,734
144A, 8.00%, 11/1/26		5,844,000		5,910,982
144A, 7.50%, 9/15/27		4,675,000		4,686,641
144A, 6.25%, 1/15/28 (a)		1,948,000		1,862,999
144A, 4.50%, 8/15/29		5,844,000		5,051,408

(Cost $55,906,823)				50,008,686

Media — 10.2%
Altice Financing SA 144A, 5.00%, 1/15/28		4,675,000		3,780,010
144A, 5.75%, 8/15/29		7,986,000		6,451,450
AMC Networks, Inc. 5.00%, 4/1/24		1,567,000		1,530,034
4.75%, 8/1/25		3,117,000		2,891,146
4.25%, 2/15/29		3,896,000		3,185,370
Audacy Capital Corp. 144A, 6.50%, 5/1/27		1,803,000		593,025
144A, 6.75%, 3/31/29		2,116,000		639,685
Cable One, Inc., 144A, 4.00%, 11/15/30 (a)		2,532,000		2,112,486
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.50%, 5/1/26		2,922,000		2,896,491
144A, 5.125%, 5/1/27		12,661,000		12,034,280
144A, 5.00%, 2/1/28		9,739,000		8,936,385
144A, 5.375%, 6/1/29		5,844,000		5,345,507
144A, 6.375%, 9/1/29		5,844,000		5,664,297
144A, 4.75%, 3/1/30		11,882,000		10,226,719
144A, 4.50%, 8/15/30		10,713,000		9,022,489
144A, 4.25%, 2/1/31		11,687,000		9,550,616
144A, 4.75%, 2/1/32		4,675,000		3,875,435
4.50%, 5/1/32		11,273,000		9,147,758
144A, 4.50%, 6/1/33		6,818,000		5,360,959
144A, 4.25%, 1/15/34		7,791,000		5,941,494
CSC Holdings LLC 5.25%, 6/1/24		2,922,000		2,852,398
144A, 5.50%, 4/15/27		5,103,000		4,845,375
144A, 5.375%, 2/1/28		3,896,000		3,538,951
144A, 7.50%, 4/1/28		4,074,000		3,628,406
144A, 6.50%, 2/1/29		6,818,000		6,331,297


	Principal Amount		Value
Media (Continued)
144A, 5.75%, 1/15/30	$	8,765,000	$	6,798,704
144A, 4.125%, 12/1/30		4,285,000		3,432,178
144A, 4.625%, 12/1/30		9,058,000		6,605,592
144A, 3.375%, 2/15/31		3,896,000		2,924,844
144A, 4.50%, 11/15/31		5,844,000		4,588,066
144A, 5.00%, 11/15/31		1,959,000		1,399,063
Diamond Sports Group LLC / Diamond Sports Finance Co. 144A, 5.375%, 8/15/26		11,842,000		2,264,782
144A, 6.625%, 8/15/27		6,833,000		640,662
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 144A, 5.875%, 8/15/27		14,414,000		13,316,806
DISH DBS Corp. 5.875%, 11/15/24		7,790,000		7,059,376
7.75%, 7/1/26		7,774,000		6,129,177
144A, 5.25%, 12/1/26		10,713,000		8,865,007
7.375%, 7/1/28		3,892,000		2,555,799
144A, 5.75%, 12/1/28		9,739,000		7,496,723
5.125%, 6/1/29		5,843,000		3,470,800
Gray Escrow II, Inc., 144A, 5.375%, 11/15/31		5,064,000		4,286,119
Gray Television, Inc. 144A, 5.875%, 7/15/26		2,727,000		2,635,891
144A, 7.00%, 5/15/27 (a)		2,922,000		2,885,796
144A, 4.75%, 10/15/30		3,117,000		2,568,408
iHeartCommunications, Inc. 6.375%, 5/1/26		3,115,157		2,947,562
8.375%, 5/1/27		5,206,113		4,575,028
144A, 5.25%, 8/15/27		2,922,000		2,626,464
144A, 4.75%, 1/15/28		1,959,000		1,684,538
LCPR Senior Secured Financing DAC 144A, 6.75%, 10/15/27		4,523,000		4,276,496
144A, 5.125%, 7/15/29		3,194,000		2,751,615
McGraw-Hill Education, Inc. 144A, 5.75%, 8/1/28		3,506,000		3,090,471
144A, 8.00%, 8/1/29		2,824,000		2,454,141
News Corp. 144A, 3.875%, 5/15/29		3,896,000		3,397,098
144A, 5.125%, 2/15/32		1,948,000		1,795,111
Nexstar Media, Inc. 144A, 5.625%, 7/15/27		6,954,000		6,629,805
144A, 4.75%, 11/1/28		3,896,000		3,530,692
Radiate Holdco LLC / Radiate Finance, Inc. 144A, 4.50%, 9/15/26		3,506,000		3,028,307
144A, 6.50%, 9/15/28		3,896,000		2,908,403
Scripps Escrow II, Inc. 144A, 3.875%, 1/15/29		2,039,000		1,731,560
144A, 5.375%, 1/15/31 (a)		1,659,000		1,359,882
Sinclair Television Group, Inc. 144A, 5.50%, 3/1/30		1,959,000		1,538,995
144A, 4.125%, 12/1/30		2,922,000		2,389,495
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26		3,896,000		3,474,764
144A, 5.00%, 8/1/27		5,844,000		5,508,963
144A, 4.00%, 7/15/28		7,791,000		6,797,647


	Principal Amount		Value
Media (Continued)
144A, 5.50%, 7/1/29	$	4,870,000	$	4,559,172
144A, 4.125%, 7/1/30		5,844,000		4,958,517
144A, 3.875%, 9/1/31		5,844,000		4,726,160
TEGNA, Inc. 144A, 4.75%, 3/15/26		2,143,000		2,103,155
4.625%, 3/15/28		3,896,000		3,740,452
5.00%, 9/15/29		4,285,000		4,108,865
Telenet Finance Luxembourg Notes SARL, 144A, 5.50%, 3/1/28		3,800,000		3,488,400
Univision Communications, Inc. 144A, 5.125%, 2/15/25		5,763,000		5,573,974
144A, 6.625%, 6/1/27		5,844,000		5,646,971
144A, 4.50%, 5/1/29		4,091,000		3,585,761
144A, 7.375%, 6/30/30		3,506,000		3,484,087
UPC Broadband Finco BV, 144A, 4.875%, 7/15/31		4,870,000		4,218,564
UPC Holding BV, 144A, 5.50%, 1/15/28		1,772,000		1,519,827
Videotron Ltd. 144A, 5.375%, 6/15/24		2,344,000		2,331,202
144A, 5.125%, 4/15/27		2,337,500		2,195,392
144A, 3.625%, 6/15/29		1,959,000		1,628,631
Virgin Media Finance PLC, 144A, 5.00%, 7/15/30		3,604,000		2,853,251
Virgin Media Secured Finance PLC 144A, 5.50%, 5/15/29		5,551,000		4,988,240
144A, 4.50%, 8/15/30		3,565,000		2,974,814
VZ Secured Financing BV, 144A, 5.00%, 1/15/32		5,945,000		4,854,598
Ziggo Bond Co. BV 144A, 6.00%, 1/15/27		2,435,000		2,196,857
144A, 5.125%, 2/28/30		1,948,000		1,562,082
Ziggo BV, 144A, 4.875%, 1/15/30		3,861,000		3,265,029

(Cost $453,206,061)				369,366,894

Telecommunications — 6.6%
Altice France Holding SA 144A, 10.50%, 5/15/27		6,085,000		5,261,498
144A, 6.00%, 2/15/28		4,772,000		3,267,388
Altice France SA 144A, 8.125%, 2/1/27		6,818,000		6,460,055
144A, 5.50%, 1/15/28		4,285,000		3,493,946
144A, 5.125%, 1/15/29		1,861,000		1,447,836
144A, 5.125%, 7/15/29		9,739,000		7,410,503
144A, 5.50%, 10/15/29		7,791,000		6,162,175
Avaya, Inc., 144A, 6.125%, 9/15/28		3,896,000		2,136,527
C&W Senior Financing DAC, 144A, 6.875%, 9/15/27		4,753,000		4,225,536
CommScope Technologies LLC 144A, 6.00%, 6/15/25		5,064,000		4,602,062
144A, 5.00%, 3/15/27		2,922,000		2,310,513
CommScope, Inc. 144A, 6.00%, 3/1/26		5,844,000		5,530,177
144A, 8.25%, 3/1/27		3,896,000		3,345,690


	Principal Amount		Value
Telecommunications (Continued)
144A, 7.125%, 7/1/28 (a)	$	2,727,000	$	2,230,536
144A, 4.75%, 9/1/29		4,870,000		4,152,771
Connect Finco SARL / Connect US Finco LLC, 144A, 6.75%, 10/1/26		8,084,000		7,412,882
Consolidated Communications, Inc. 144A, 5.00%, 10/1/28		1,567,000		1,209,235
144A, 6.50%, 10/1/28		2,922,000		2,358,638
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27		4,480,000		4,187,098
144A, 5.00%, 5/1/28		6,038,000		5,299,734
144A, 6.75%, 5/1/29		3,896,000		3,365,151
5.875%, 11/1/29		2,922,685		2,389,938
144A, 6.00%, 1/15/30		3,896,000		3,217,161
144A, 8.75%, 5/15/30		4,675,000		4,826,938
Hughes Satellite Systems Corp. 5.25%, 8/1/26		2,914,000		2,779,927
6.625%, 8/1/26		2,917,500		2,765,469
Iliad Holding SASU 144A, 6.50%, 10/15/26		4,675,000		4,278,139
144A, 7.00%, 10/15/28		3,506,000		3,222,406
Intelsat Jackson Holdings SA, 144A, 6.50%, 3/15/30		11,687,000		10,623,249
Level 3 Financing, Inc. 144A, 4.625%, 9/15/27		3,896,000		3,447,707
144A, 4.25%, 7/1/28		4,675,000		3,891,821
144A, 3.625%, 1/15/29		3,272,000		2,630,950
144A, 3.75%, 7/15/29		3,506,000		2,821,278
Lumen Technologies, Inc. Series W, 6.75%, 12/1/23		2,922,000		2,959,080
Series Y, 7.50%, 4/1/24		3,896,000		3,932,233
5.625%, 4/1/25		1,948,000		1,892,320
144A, 5.125%, 12/15/26 (a)		4,825,000		4,175,507
144A, 4.00%, 2/15/27		4,870,000		4,242,208
144A, 4.50%, 1/15/29		3,896,000		2,912,260
144A, 5.375%, 6/15/29		3,896,000		3,042,308
Nokia OYJ, 4.375%, 6/12/27		1,948,000		1,859,882
Sprint Corp. 7.875%, 9/15/23		16,557,000		17,095,848
7.125%, 6/15/24		9,739,000		10,067,496
7.625%, 2/15/25		5,844,000		6,121,648
7.625%, 3/1/26		5,844,000		6,189,380
Switch Ltd. 144A, 3.75%, 9/15/28		2,337,000		2,320,124
144A, 4.125%, 6/15/29		1,948,000		1,946,049
Telecom Italia SpA, 144A, 5.303%, 5/30/24		5,844,000		5,632,506
Telesat Canada / Telesat LLC 144A, 5.625%, 12/6/26		1,959,000		1,147,065
144A, 4.875%, 6/1/27		1,558,000		847,163
VEON Holdings BV 144A, 4.95%, 6/16/24		2,120,000		1,563,627
144A, 4.00%, 4/9/25		2,226,000		1,396,882
Viasat, Inc. 144A, 5.625%, 9/15/25		2,727,000		2,411,318
144A, 5.625%, 4/15/27		2,337,000		2,153,405
144A, 6.50%, 7/15/28		1,567,000		1,211,918


	Principal Amount		Value
Telecommunications (Continued)
Vmed O2 UK Financing I PLC 144A, 4.25%, 1/31/31	$	5,261,000	$	4,252,045
144A, 4.75%, 7/15/31		5,454,000		4,506,368
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28 (a)		5,454,000		4,755,015
Zayo Group Holdings, Inc. 144A, 4.00%, 3/1/27		5,756,000		4,914,559
144A, 6.125%, 3/1/28		4,207,000		3,278,557

(Cost $279,381,150)				239,591,705

Consumer, Cyclical — 21.8%
Airlines — 1.2%
Air Canada, 144A, 3.875%, 8/15/26		4,675,000		4,177,954
American Airlines Group, Inc., 144A, 3.75%, 3/1/25 (a)		1,959,000		1,648,871
American Airlines, Inc., 144A, 11.75%, 7/15/25		9,739,000		10,774,158
Delta Air Lines, Inc. 2.90%, 10/28/24		3,506,000		3,292,134
7.375%, 1/15/26 (a)		3,339,000		3,405,480
4.375%, 4/19/28		1,608,000		1,415,683
3.75%, 10/28/29 (a)		1,857,000		1,510,948
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		4,675,542		4,274,147
United Airlines, Inc. 144A, 4.375%, 4/15/26		7,791,000		7,113,884
144A, 4.625%, 4/15/29		7,791,000		6,846,341

(Cost $49,748,618)				44,459,600

Apparel — 0.2%
Hanesbrands, Inc. 144A, 4.625%, 5/15/24		3,506,000		3,381,537
144A, 4.875%, 5/15/26		3,506,000		3,230,043

(Cost $7,300,981)				6,611,580

Auto Manufacturers — 3.7%
Allison Transmission, Inc. 144A, 4.75%, 10/1/27		1,567,000		1,459,943
144A, 5.875%, 6/1/29		1,948,000		1,834,270
144A, 3.75%, 1/30/31		3,896,000		3,157,026
Ford Motor Co. 9.00%, 4/22/25		4,239,000		4,746,486
4.346%, 12/8/26		5,844,000		5,612,513
9.625%, 4/22/30		1,683,000		1,970,914
3.25%, 2/12/32		9,796,000		7,683,297
6.10%, 8/19/32		6,600,000		6,436,122
Ford Motor Credit Co. LLC 3.37%, 11/17/23		3,896,000		3,801,756
3.81%, 1/9/24		2,922,000		2,859,747
5.584%, 3/18/24		5,844,000		5,820,167
3.664%, 9/8/24		2,922,000		2,804,243
4.063%, 11/1/24		5,844,000		5,680,456
2.30%, 2/10/25		4,870,000		4,446,310
4.687%, 6/9/25		2,337,000		2,247,037


	Principal Amount		Value
Auto Manufacturers (Continued)
5.125%, 6/16/25	$	6,818,000	$	6,660,061
4.134%, 8/4/25		5,454,000		5,159,429
3.375%, 11/13/25		8,181,000		7,480,215
GMTN, 4.389%, 1/8/26		4,675,000		4,391,508
4.542%, 8/1/26		2,922,000		2,729,691
2.70%, 8/10/26		5,844,000		5,092,168
4.271%, 1/9/27		3,506,000		3,217,186
4.95%, 5/28/27		5,844,000		5,494,646
4.125%, 8/17/27		4,870,000		4,395,175
3.815%, 11/2/27		2,922,000		2,576,035
2.90%, 2/16/28		2,922,000		2,449,220
2.90%, 2/10/29		3,130,000		2,538,852
5.113%, 5/3/29		5,793,000		5,396,150
4.00%, 11/13/30		6,465,000		5,408,813
3.625%, 6/17/31		3,903,000		3,165,235
Jaguar Land Rover Automotive PLC 144A, 7.75%, 10/15/25		2,727,000		2,502,175
144A, 4.50%, 10/1/27 (a)		1,959,000		1,441,689
144A, 5.875%, 1/15/28		2,522,000		1,922,054
144A, 5.50%, 7/15/29		1,944,000		1,370,084

(Cost $151,327,025)				133,950,673

Auto Parts & Equipment — 1.5%
Adient Global Holdings Ltd., 144A, 4.875%, 8/15/26		3,095,000		2,868,090
American Axle & Manufacturing, Inc. 6.50%, 4/1/27		1,932,000		1,809,569
6.875%, 7/1/28 (a)		1,567,000		1,490,131
5.00%, 10/1/29 (a)		2,337,000		1,985,632
Clarios Global LP, 144A, 6.75%, 5/15/25		1,753,000		1,746,204
Clarios Global LP / Clarios US Finance Co. 144A, 6.25%, 5/15/26		3,506,000		3,471,185
144A, 8.50%, 5/15/27		7,597,000		7,421,889
Dana Financing Luxembourg SARL, 144A, 5.75%, 4/15/25		1,517,000		1,495,444
Dana, Inc. 5.375%, 11/15/27		1,567,000		1,399,159
5.625%, 6/15/28		1,567,000		1,408,559
4.25%, 9/1/30		1,567,000		1,267,332
Goodyear Tire & Rubber Co. 9.50%, 5/31/25		3,117,000		3,261,130
5.00%, 5/31/26 (a)		3,506,000		3,387,550
4.875%, 3/15/27 (a)		2,727,000		2,564,266
5.00%, 7/15/29 (a)		3,290,000		2,953,433
5.25%, 4/30/31 (a)		2,143,000		1,871,617
5.25%, 7/15/31 (a)		2,337,000		2,017,813
5.625%, 4/30/33		1,763,000		1,527,613
Tenneco, Inc. 5.00%, 7/15/26		1,909,000		1,825,827
144A, 7.875%, 1/15/29		2,010,000		2,003,061
144A, 5.125%, 4/15/29		2,948,000		2,876,945
ZF North America Capital, Inc., 144A, 4.75%, 4/29/25		4,197,000		3,892,714

(Cost $59,739,407)				54,545,163


	Principal Amount		Value
Distribution/Wholesale — 0.2%
American Builders & Contractors Supply Co., Inc. 144A, 4.00%, 1/15/28	$	2,718,000	$	2,462,862
144A, 3.875%, 11/15/29		1,567,000		1,286,053
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		4,870,000		4,120,702
Wesco Aircraft Holdings, Inc., 144A, 13.125%, 11/15/27		2,057,000		683,952

(Cost $11,103,770)				8,553,569

Entertainment — 3.4%
AMC Entertainment Holdings, Inc. 144A,, 6/15/26		5,592,730		4,495,856
144A, 7.50%, 2/15/29		3,701,000		3,187,523
Banijay Entertainment SASU, 144A, 5.375%, 3/1/25		1,579,000		1,490,856
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25		13,245,000		12,949,637
144A, 8.125%, 7/1/27		7,012,000		6,908,152
144A, 4.625%, 10/15/29		4,675,000		3,780,883
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, 5.75%, 7/1/25		3,896,000		3,822,989
CDI Escrow Issuer, Inc., 144A, 5.75%, 4/1/30		4,675,000		4,336,951
Cedar Fair LP, 5.25%, 7/15/29 (a)		1,948,000		1,784,246
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25		3,896,000		3,826,690
5.375%, 4/15/27		1,948,000		1,840,646
Churchill Downs, Inc. 144A, 5.50%, 4/1/27		2,337,000		2,243,609
144A, 4.75%, 1/15/28		2,727,000		2,484,911
Cinemark USA, Inc. 144A, 5.875%, 3/15/26		1,587,000		1,410,311
144A, 5.25%, 7/15/28		2,980,000		2,412,105
International Game Technology PLC 144A, 6.50%, 2/15/25		4,285,000		4,258,240
144A, 4.125%, 4/15/26		2,922,000		2,682,396
144A, 6.25%, 1/15/27		2,922,000		2,865,079
144A, 5.25%, 1/15/29		2,906,000		2,717,415
Live Nation Entertainment, Inc. 144A, 4.875%, 11/1/24		2,240,000		2,171,142
144A, 6.50%, 5/15/27		4,675,000		4,673,551
144A, 4.75%, 10/15/27 (a)		3,701,000		3,374,072
144A, 3.75%, 1/15/28		1,959,000		1,719,453
Mohegan Gaming & Entertainment 144A, 7.875%, 10/15/24		1,504,000		1,537,186
144A, 8.00%, 2/1/26		4,577,000		4,005,676
Penn Entertainment, Inc. 144A, 5.625%, 1/15/27		1,558,000		1,427,268
144A, 4.125%, 7/1/29		1,564,000		1,265,393
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 144A, 5.625%, 9/1/29		2,922,000		2,169,877
144A, 5.875%, 9/1/31		2,922,000		2,046,335


	Principal Amount		Value
Entertainment (Continued)
Resorts World Las Vegas LLC / RWLV Capital, Inc., 144A, 4.625%, 4/16/29	$	3,895,000	$	3,197,136
Scientific Games International, Inc. 144A, 8.625%, 7/1/25		2,143,000		2,205,886
144A, 7.00%, 5/15/28		2,727,000		2,672,705
144A, 7.25%, 11/15/29		1,948,000		1,918,780
Six Flags Entertainment Corp. 144A, 4.875%, 7/31/24		3,896,000		3,743,813
144A, 5.50%, 4/15/27 (a)		1,948,000		1,788,459
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		2,337,000		2,343,357
WMG Acquisition Corp. 144A, 3.75%, 12/1/29		2,104,000		1,801,550
144A, 3.875%, 7/15/30		2,084,000		1,781,169
144A, 3.00%, 2/15/31		3,117,000		2,479,745
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 144A, 7.75%, 4/15/25		2,337,000		2,333,191
144A, 5.125%, 10/1/29		2,922,000		2,456,350

(Cost $137,037,958)				122,610,589

Food Service — 0.4%
Aramark Services, Inc. 144A, 5.00%, 4/1/25		2,337,000		2,285,352
144A, 6.375%, 5/1/25		5,844,000		5,800,229
144A, 5.00%, 2/1/28		4,480,000		4,128,118
TKC Holdings, Inc. 144A, 6.875%, 5/15/28		1,665,000		1,405,243
144A, 10.50%, 5/15/29		2,630,000		2,111,166

(Cost $17,384,503)				15,730,108

Home Builders — 0.6%
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, 4.625%, 4/1/30		1,547,000		1,222,471
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A, 6.25%, 9/15/27		2,326,000		2,070,349
144A, 4.875%, 2/15/30		1,959,000		1,510,927
Century Communities, Inc. 6.75%, 6/1/27		1,948,000		1,913,482
144A, 3.875%, 8/15/29		1,959,000		1,584,508
Mattamy Group Corp. 144A, 5.25%, 12/15/27		1,959,000		1,727,813
144A, 4.625%, 3/1/30		2,326,000		1,886,841
Meritage Homes Corp. 6.00%, 6/1/25		1,547,000		1,548,060
144A, 3.875%, 4/15/29		1,763,000		1,500,480
Taylor Morrison Communities, Inc. 144A, 5.875%, 6/15/27		1,924,000		1,861,528
144A, 5.75%, 1/15/28		1,763,000		1,617,100
144A, 5.125%, 8/1/30		1,959,000		1,683,702

(Cost $23,853,418)				20,127,261


	Principal Amount		Value
Home Furnishings — 0.1%
Tempur Sealy International, Inc. 144A, 4.00%, 4/15/29	$	3,117,000	$	2,565,621
144A, 3.875%, 10/15/31		3,117,000		2,403,869

(Cost $6,245,403)				4,969,490

Housewares — 0.4%
Newell Brands, Inc. 4.875%, 6/1/25		1,948,000		1,912,556
4.45%, 4/1/26		7,791,000		7,337,330
Scotts Miracle-Gro Co. 4.50%, 10/15/29 (a)		1,611,000		1,292,827
4.00%, 4/1/31		1,861,000		1,400,403
4.375%, 2/1/32		1,537,000		1,162,495

(Cost $15,549,941)				13,105,611

Leisure Time — 2.4%
Carnival Corp. 144A, 10.50%, 2/1/26		3,019,000		3,113,495
144A, 7.625%, 3/1/26 (a)		5,649,000		4,809,276
144A, 5.75%, 3/1/27		13,635,000		10,646,140
144A, 9.875%, 8/1/27		3,506,000		3,523,837
144A, 4.00%, 8/1/28		9,371,000		7,812,978
144A, 6.00%, 5/1/29		7,791,000		5,894,482
144A, 10.50%, 6/1/30		3,896,000		3,569,613
Life Time, Inc. 144A, 5.75%, 1/15/26		3,604,000		3,252,538
144A, 8.00%, 4/15/26		1,850,000		1,636,057
NCL Corp. Ltd. 144A, 3.625%, 12/15/24		2,201,000		1,910,623
144A, 5.875%, 3/15/26		5,551,000		4,496,310
144A, 5.875%, 2/15/27		3,896,000		3,536,360
144A, 7.75%, 2/15/29		2,337,000		1,902,550
Royal Caribbean Cruises Ltd. 144A, 11.50%, 6/1/25		5,423,000		5,755,484
144A, 4.25%, 7/1/26		2,532,000		1,949,042
144A, 5.50%, 8/31/26		3,896,000		3,170,760
144A, 5.375%, 7/15/27		3,896,000		3,028,890
144A, 11.625%, 8/15/27		4,870,000		4,792,275
3.70%, 3/15/28 (a)		1,948,000		1,327,250
144A, 5.50%, 4/1/28 (a)		5,844,000		4,501,867
Viking Cruises Ltd. 144A, 13.00%, 5/15/25		2,630,000		2,763,943
144A, 5.875%, 9/15/27		3,214,000		2,592,139
144A, 7.00%, 2/15/29		1,959,000		1,573,951

(Cost $103,833,563)				87,559,860

Lodging — 2.5%
Boyd Gaming Corp. 4.75%, 12/1/27		3,895,000		3,641,358
144A, 4.75%, 6/15/31		3,506,000		3,056,355
Hilton Domestic Operating Co., Inc. 144A, 5.375%, 5/1/25		1,948,000		1,935,785
144A, 5.75%, 5/1/28		1,948,000		1,906,965
144A, 3.75%, 5/1/29		3,117,000		2,695,239
4.875%, 1/15/30		3,896,000		3,565,269
144A, 4.00%, 5/1/31		4,285,000		3,627,628
144A, 3.625%, 2/15/32		5,844,000		4,726,335


	Principal Amount		Value
Lodging (Continued)
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc 144A, 5.00%, 6/1/29	$	3,311,000	$	2,934,539
144A, 4.875%, 7/1/31		1,959,000		1,619,780
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.875%, 4/1/27		2,337,000		2,234,768
Las Vegas Sands Corp. 3.20%, 8/8/24		6,818,000		6,457,599
2.90%, 6/25/25		1,948,000		1,797,817
3.50%, 8/18/26		3,896,000		3,504,117
3.90%, 8/8/29		2,922,000		2,495,477
Marriott Ownership Resorts, Inc., 144A, 4.50%, 6/15/29		1,959,000		1,654,542
Melco Resorts Finance Ltd. 144A, 4.875%, 6/6/25		3,896,000		2,976,622
144A, 5.25%, 4/26/26 (a)		1,959,000		1,444,008
144A, 5.625%, 7/17/27		2,337,000		1,661,273
144A, 5.75%, 7/21/28		3,311,000		2,253,135
144A, 5.375%, 12/4/29		4,480,000		2,924,745
MGM Resorts International 6.75%, 5/1/25		2,922,000		2,924,002
5.75%, 6/15/25 (a)		2,630,000		2,555,439
4.625%, 9/1/26		1,567,000		1,427,811
5.50%, 4/15/27		2,630,000		2,438,477
4.75%, 10/15/28		2,922,000		2,572,054
Station Casinos LLC 144A, 4.50%, 2/15/28		2,682,000		2,314,264
144A, 4.625%, 12/1/31		1,959,000		1,624,246
Travel + Leisure Co. 144A, 6.625%, 7/31/26		2,532,000		2,458,192
6.00%, 4/1/27		1,567,000		1,490,123
144A, 4.50%, 12/1/29		2,532,000		2,062,211
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 144A, 5.50%, 3/1/25		7,012,000		6,723,632
144A, 5.25%, 5/15/27		3,506,000		3,168,337

(Cost $104,736,089)				90,872,144

Retail — 5.0%
1011778 BC ULC / New Red Finance, Inc. 144A, 5.75%, 4/15/25		1,948,000		1,961,168
144A, 3.875%, 1/15/28		6,038,000		5,375,873
144A, 4.375%, 1/15/28		2,922,000		2,616,983
144A, 3.50%, 2/15/29		2,922,000		2,517,639
144A, 4.00%, 10/15/30		11,298,000		9,253,119
Asbury Automotive Group, Inc. 4.50%, 3/1/28		1,587,000		1,419,468
144A, 4.625%, 11/15/29		3,110,000		2,670,619
4.75%, 3/1/30		1,744,000		1,489,158
144A, 5.00%, 2/15/32		2,331,000		1,950,604
Bath & Body Works, Inc. 5.25%, 2/1/28		1,959,000		1,758,095
7.50%, 6/15/29 (a)		1,948,000		1,875,544
144A, 6.625%, 10/1/30		3,883,000		3,532,365


	Principal Amount		Value
Retail (Continued)
Carvana Co. 144A,5.625%, 10/1/25 (a)	$	1,934,000	$	1,451,822
144A, 5.50%, 4/15/27		2,351,000		1,527,462
144A, 5.875%, 10/1/28 (a)		2,331,000		1,401,898
144A, 4.875%, 9/1/29		2,922,000		1,665,540
144A, 10.25%, 5/1/30		12,759,000		10,159,545
eG Global Finance PLC 144A, 6.75%, 2/7/25		2,922,000		2,765,132
144A, 8.50%, 10/30/25		2,474,000		2,313,784
Ferrellgas LP / Ferrellgas Finance Corp. 144A, 5.375%, 4/1/26		2,532,000		2,206,638
144A, 5.875%, 4/1/29		3,214,000		2,624,215
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 144A, 4.625%, 1/15/29		3,896,000		3,433,964
144A, 6.75%, 1/15/30		4,870,000		3,979,764
FirstCash, Inc. 144A, 4.625%, 9/1/28		1,959,000		1,698,871
144A, 5.625%, 1/1/30		2,143,000		1,920,835
Gap, Inc. 144A, 3.625%, 10/1/29		2,922,000		2,035,129
144A, 3.875%, 10/1/31 (a)		2,922,000		2,030,790
Guitar Center, Inc., 144A, 8.50%, 1/15/26		2,143,000		1,985,425
IRB Holding Corp., 144A, 7.00%, 6/15/25		2,922,000		2,938,933
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A, 4.75%, 6/1/27		2,922,000		2,809,474
LBM Acquisition LLC, 144A, 6.25%, 1/15/29		3,194,000		2,391,510
LCM Investments Holdings II LLC, 144A, 4.875%, 5/1/29		3,896,000		3,258,183
Lithia Motors, Inc. 144A, 4.625%, 12/15/27		1,567,000		1,453,361
144A, 3.875%, 6/1/29		3,117,000		2,655,996
144A, 4.375%, 1/15/31		2,143,000		1,888,808
Macy’s Retail Holdings LLC 144A, 5.875%, 4/1/29 (a)		1,959,000		1,697,699
144A, 5.875%, 3/15/30		1,665,000		1,425,839
144A, 6.125%, 3/15/32		1,642,000		1,386,324
Michaels Cos., Inc. 144A, 5.25%, 5/1/28		3,311,000		2,552,351
144A, 7.875%, 5/1/29		5,064,000		3,375,283
Murphy Oil USA, Inc. 4.75%, 9/15/29		1,934,000		1,776,025
144A, 3.75%, 2/15/31 (a)		1,959,000		1,649,850
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		4,285,000		4,016,326
Nordstrom, Inc. 4.375%, 4/1/30		1,959,000		1,512,632
4.25%, 8/1/31		1,644,000		1,207,761
Party City Holdings, Inc., 144A, 8.75%, 2/15/26 (a)		2,922,000		1,918,585


	Principal Amount		Value
Retail (Continued)
Penske Automotive Group, Inc. 3.50%, 9/1/25	$	2,135,000	$	2,007,706
3.75%, 6/15/29		1,959,000		1,659,665
PetSmart, Inc. / PetSmart Finance Corp. 144A, 4.75%, 2/15/28		4,675,000		4,174,485
144A, 7.75%, 2/15/29		4,480,000		4,216,800
QVC, Inc. 4.85%, 4/1/24		2,321,000		2,236,376
4.45%, 2/15/25		2,337,000		2,149,701
4.75%, 2/15/27		2,240,000		1,853,466
4.375%, 9/1/28		1,959,000		1,498,371
Rite Aid Corp. 144A, 7.50%, 7/1/25		1,901,000		1,621,582
144A, 8.00%, 11/15/26		3,300,000		2,695,242
Sonic Automotive, Inc. 144A, 4.625%, 11/15/29		2,522,000		2,155,465
144A, 4.875%, 11/15/31		1,959,000		1,636,157
SRS Distribution, Inc. 144A, 4.625%, 7/1/28		2,532,000		2,245,369
144A, 6.125%, 7/1/29		1,763,000		1,464,930
144A, 6.00%, 12/1/29		3,301,000		2,692,551
Staples, Inc. 144A, 7.50%, 4/15/26		7,791,000		6,593,367
144A, 10.75%, 4/15/27 (a)		3,896,000		2,869,423
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31		2,532,000		2,240,049
Yum! Brands, Inc. 144A, 4.75%, 1/15/30		3,117,000		2,844,527
3.625%, 3/15/31		4,091,000		3,451,209
4.625%, 1/31/32		4,285,000		3,791,797
5.375%, 4/1/32		3,896,000		3,604,209

(Cost $214,436,860)				179,238,836

Toys/Games/Hobbies — 0.2%
Mattel, Inc. 144A, 3.375%, 4/1/26		2,337,000		2,127,418
144A, 5.875%, 12/15/27		2,337,000		2,331,157
144A, 3.75%, 4/1/29		2,337,000		2,086,661

(Cost $7,226,920)				6,545,236

Consumer, Non-cyclical — 17.4%
Agriculture — 0.3%
Darling Ingredients, Inc. 144A, 5.25%, 4/15/27		1,948,000		1,913,930
144A, 6.00%, 6/15/30		3,896,000		3,906,363
Vector Group Ltd. 144A, 10.50%, 11/1/26		2,162,000		2,095,979
144A, 5.75%, 2/1/29		3,409,000		2,960,631

(Cost $11,607,062)				10,876,903

Beverages — 0.1%
Primo Water Holdings, Inc., 144A, 4.375%, 4/30/29 (Cost $2,894,417)		2,922,000		2,502,754


	Principal Amount		Value
Biotechnology — 0.1%
Grifols Escrow Issuer SA, 144A, 4.75%, 10/15/28 (Cost $2,591,897)	$	2,746,000	$	2,292,568

Commercial Services — 4.1%
ADT Security Corp., 144A, 4.125%, 8/1/29		3,896,000		3,350,482
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A, 6.625%, 7/15/26		7,558,000		7,085,625
144A, 9.75%, 7/15/27		4,091,000		3,696,104
144A, 6.00%, 6/1/29		3,740,000		2,790,553
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		4,772,000		4,045,170
APX Group, Inc. 144A, 6.75%, 2/15/27		2,337,000		2,292,135
144A, 5.75%, 7/15/29 (a)		3,117,000		2,553,016
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A, 5.75%, 7/15/27 (a)		1,567,000		1,486,911
144A, 4.75%, 4/1/28 (a)		1,959,000		1,713,312
144A, 5.375%, 3/1/29 (a)		2,337,000		2,060,451
Block, Inc. 2.75%, 6/1/26		3,896,000		3,465,161
3.50%, 6/1/31 (a)		3,896,000		3,210,830
Brink’s Co. 144A, 5.50%, 7/15/25		1,567,000		1,534,861
144A, 4.625%, 10/15/27		2,337,000		2,106,467
CoreCivic, Inc., 8.25%, 4/15/26		2,630,000		2,625,281
Garda World Security Corp. 144A, 4.625%, 2/15/27		2,221,000		1,955,324
144A, 9.50%, 11/1/27		2,354,000		2,148,919
144A, 6.00%, 6/1/29		1,944,000		1,509,691
Gartner, Inc. 144A, 4.50%, 7/1/28		3,117,000		2,882,680
144A, 3.625%, 6/15/29		2,337,000		2,012,940
144A, 3.75%, 10/1/30		3,117,000		2,677,160
Grand Canyon University, 4.125%, 10/1/24		1,948,000		1,852,080
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		4,675,000		4,425,284
Hertz Corp.
144A, 4.625%, 12/1/26		1,959,000		1,670,234
144A, 5.00%, 12/1/29		3,896,000		3,140,840
MPH Acquisition Holdings LLC 144A, 5.50%, 9/1/28		4,091,000		3,494,225
144A, 5.75%, 11/1/28 (a)		5,064,000		4,035,641
Nielsen Co. Luxembourg SARL, 144A, 5.00%, 2/1/25 (a)		1,874,000		1,884,813
Nielsen Finance LLC / Nielsen Finance Co. 144A, 5.625%, 10/1/28		4,030,000		4,044,669
144A, 4.50%, 7/15/29		2,519,000		2,526,355
144A, 5.875%, 10/1/30		3,102,000		3,106,734
144A, 4.75%, 7/15/31		2,530,000		2,517,375


	Principal Amount		Value
Commercial Services (Continued)
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.25%, 4/15/24	$	2,922,000	$	2,899,172
144A, 5.75%, 4/15/26		5,259,000		5,068,043
144A, 3.375%, 8/31/27		3,896,000		3,357,807
144A, 6.25%, 1/15/28 (a)		5,064,000		4,493,338
Sabre GLBL, Inc. 144A, 9.25%, 4/15/25		3,019,000		2,986,259
144A, 7.375%, 9/1/25		3,311,000		3,141,311
Service Corp. International 4.625%, 12/15/27		2,143,000		2,014,849
5.125%, 6/1/29		2,922,000		2,772,116
3.375%, 8/15/30		3,311,000		2,734,307
4.00%, 5/15/31		3,117,000		2,669,930
Sotheby’s, 144A, 7.375%, 10/15/27		2,980,000		2,813,939
United Rentals North America, Inc. 5.50%, 5/15/27		1,948,000		1,936,789
4.875%, 1/15/28		6,503,000		6,088,288
5.25%, 1/15/30		2,922,000		2,769,472
4.00%, 7/15/30		2,922,000		2,546,339
3.875%, 2/15/31		4,285,000		3,711,131
3.75%, 1/15/32		2,922,000		2,434,173
Verscend Escrow Corp., 144A, 9.75%, 8/15/26		4,285,000		4,333,420
Williams Scotsman International, Inc., 144A, 4.625%, 8/15/28		1,959,000		1,763,746

(Cost $169,837,624)				150,435,752

Cosmetics/Personal Care — 0.3%
Coty, Inc. 144A, 5.00%, 4/15/26		3,506,000		3,326,773
144A, 6.50%, 4/15/26 (a)		2,143,000		2,047,379
Edgewell Personal Care Co. 144A, 5.50%, 6/1/28		2,909,000		2,689,909
144A, 4.125%, 4/1/29		1,959,000		1,686,396

(Cost $10,719,129)				9,750,457

Food — 2.2%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.25%, 3/15/26		2,922,000		2,638,420
144A, 7.50%, 3/15/26		2,337,000		2,384,710
144A, 4.625%, 1/15/27		5,259,000		4,805,566
144A, 5.875%, 2/15/28		2,922,000		2,787,771
144A, 3.50%, 3/15/29		5,259,000		4,328,420
144A, 4.875%, 2/15/30		3,896,000		3,418,740
B&G Foods, Inc. 5.25%, 4/1/25		3,506,000		3,124,109
5.25%, 9/15/27		2,143,000		1,789,405
Lamb Weston Holdings, Inc. 144A, 4.875%, 5/15/28		1,948,000		1,859,717
144A, 4.125%, 1/31/30		3,779,000		3,413,117
144A, 4.375%, 1/31/32		2,727,000		2,418,177
Performance Food Group, Inc. 144A, 5.50%, 10/15/27		4,129,000		3,885,519
144A, 4.25%, 8/1/29		3,896,000		3,350,501


	Principal Amount		Value
Food (Continued)
Pilgrim’s Pride Corp. 144A, 5.875%, 9/30/27	$	3,311,000	$	3,265,921
144A, 4.25%, 4/15/31		3,896,000		3,361,196
144A, 3.50%, 3/1/32		3,506,000		2,850,518
Post Holdings, Inc. 144A, 5.75%, 3/1/27		1,789,000		1,750,644
144A, 5.625%, 1/15/28		3,666,000		3,486,714
144A, 5.50%, 12/15/29		4,870,000		4,468,274
144A, 4.625%, 4/15/30		5,883,000		5,116,386
144A, 4.50%, 9/15/31		5,295,000		4,508,904
Sigma Holdco BV, 144A, 7.875%, 5/15/26		1,910,000		1,365,834
US Foods, Inc. 144A, 6.25%, 4/15/25		3,896,000		3,920,097
144A, 4.75%, 2/15/29		3,506,000		3,129,070
144A, 4.625%, 6/1/30		1,959,000		1,692,272

(Cost $90,127,981)				79,120,002

Healthcare-Products — 1.1%
Avantor Funding, Inc. 144A, 4.625%, 7/15/28		6,038,000		5,502,429
144A, 3.875%, 11/1/29		3,117,000		2,702,413
Hologic, Inc. 144A, 4.625%, 2/1/28		1,558,000		1,454,845
144A, 3.25%, 2/15/29		3,701,000		3,162,060
Medline Borrower LP 144A, 3.875%, 4/1/29		17,531,000		14,879,436
144A, 5.25%, 10/1/29 (a)		9,739,000		8,196,732
Teleflex, Inc. 4.625%, 11/15/27		1,948,000		1,826,347
144A, 4.25%, 6/1/28		1,948,000		1,772,820

(Cost $45,861,595)				39,497,082

Healthcare-Services — 5.8%
Catalent Pharma Solutions, Inc. 144A, 5.00%, 7/15/27		1,948,000		1,840,977
144A, 3.125%, 2/15/29		2,155,000		1,791,044
144A, 3.50%, 4/1/30		2,532,000		2,088,900
Centene Corp. 4.25%, 12/15/27		9,730,000		9,254,008
2.45%, 7/15/28		8,960,000		7,569,587
4.625%, 12/15/29		13,635,000		12,863,941
3.375%, 2/15/30		7,781,000		6,689,248
3.00%, 10/15/30		8,571,000		7,163,642
2.50%, 3/1/31		8,571,000		6,851,486
2.625%, 8/1/31		5,064,000		4,058,745
Charles River Laboratories International, Inc. 144A, 4.25%, 5/1/28		1,948,000		1,788,722
144A, 3.75%, 3/15/29		1,959,000		1,691,469
144A, 4.00%, 3/15/31		1,959,000		1,665,868
CHS/Community Health Systems, Inc. 144A, 8.00%, 3/15/26		8,184,000		7,662,270
144A, 5.625%, 3/15/27		7,402,000		6,290,886
144A, 8.00%, 12/15/27		2,727,000		2,401,261
144A, 6.875%, 4/1/28		2,988,000		1,561,277
144A, 6.00%, 1/15/29		3,506,000		2,883,343


	Principal Amount		Value
Healthcare-Services (Continued)
144A, 6.875%, 4/15/29 (a)	$	6,915,000	$	4,332,559
144A, 6.125%, 4/1/30		5,610,000		3,486,671
144A, 5.25%, 5/15/30		5,980,000		4,537,415
144A, 4.75%, 2/15/31 (a)		4,266,000		3,155,560
DaVita, Inc. 144A, 4.625%, 6/1/30		10,713,000		8,637,570
144A, 3.75%, 2/15/31		5,844,000		4,310,242
Encompass Health Corp. 4.50%, 2/1/28		3,117,000		2,731,439
4.75%, 2/1/30		3,117,000		2,670,947
4.625%, 4/1/31		1,567,000		1,296,373
IQVIA, Inc. 144A, 5.00%, 10/15/26		4,091,000		3,968,475
144A, 5.00%, 5/15/27		4,285,000		4,148,716
Legacy LifePoint Health LLC 144A, 6.75%, 4/15/25		2,284,000		2,245,846
144A, 4.375%, 2/15/27		2,337,000		2,034,802
LifePoint Health, Inc., 144A, 5.375%, 1/15/29		1,948,000		1,479,272
ModivCare, Inc., 144A, 5.875%, 11/15/25		1,948,000		1,837,238
Molina Healthcare, Inc. 144A, 4.375%, 6/15/28		3,117,000		2,880,529
144A, 3.875%, 11/15/30		2,532,000		2,195,611
144A, 3.875%, 5/15/32		2,922,000		2,519,305
Radiology Partners, Inc., 144A, 9.25%, 2/1/28		2,766,000		2,123,377
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		5,551,000		5,306,481
Select Medical Corp., 144A, 6.25%, 8/15/26		4,772,000		4,570,860
Tenet Healthcare Corp. 4.625%, 7/15/24		3,000,000		2,941,500
144A, 4.625%, 9/1/24		2,337,000		2,275,288
144A, 4.875%, 1/1/26		8,181,000		7,807,333
144A, 6.25%, 2/1/27		5,844,000		5,642,382
144A, 5.125%, 11/1/27		5,844,000		5,421,040
144A, 4.625%, 6/15/28		2,337,000		2,127,558
144A, 6.125%, 10/1/28		9,739,000		8,947,852
144A, 4.25%, 6/1/29		5,454,000		4,733,472
144A, 4.375%, 1/15/30		5,649,000		4,942,875
144A, 6.125%, 6/15/30		7,791,000		7,518,705

(Cost $245,123,719)				208,943,967

Household Products/Wares — 0.2%
Central Garden & Pet Co. 4.125%, 10/15/30		1,939,000		1,617,213
144A, 4.125%, 4/30/31		1,567,000		1,285,578
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc. 144A, 5.00%, 12/31/26		1,850,000		1,678,505
144A, 7.00%, 12/31/27		2,045,000		1,690,162
Spectrum Brands, Inc. 5.75%, 7/15/25		1,743,000		1,702,652
144A, 3.875%, 3/15/31		1,959,000		1,522,319

(Cost $11,198,046)				9,496,429


	Principal Amount		Value
Pharmaceuticals — 3.2%
AdaptHealth LLC 144A, 4.625%, 8/1/29	$	1,959,000	$	1,634,002
144A, 5.125%, 3/1/30		2,337,000		1,998,462
Bausch Health Americas, Inc.
144A, 9.25%, 4/1/26		5,844,000		3,442,993
144A, 8.50%, 1/31/27		6,818,000		3,216,255
Bausch Health Cos., Inc. 144A, 5.50%, 11/1/25		6,818,000		5,667,190
144A, 9.00%, 12/15/25		5,844,000		3,707,288
144A, 6.125%, 2/1/27		3,896,000		2,914,364
144A, 5.75%, 8/15/27 (a)		1,959,000		1,431,745
144A, 7.00%, 1/15/28		2,919,000		1,104,769
144A, 5.00%, 1/30/28		4,870,000		1,846,266
144A, 4.875%, 6/1/28		6,233,000		4,308,624
144A, 5.00%, 2/15/29		3,893,000		1,524,109
144A, 6.25%, 2/15/29		5,844,000		2,215,460
144A, 7.25%, 5/30/29		2,919,000		1,142,905
144A, 5.25%, 1/30/30		4,870,000		1,857,978
144A, 5.25%, 2/15/31		3,893,000		1,543,672
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		1,959,000		1,683,806
Elanco Animal Health, Inc., 6.40%, 8/28/28		2,850,000		2,668,141
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29		2,337,000		1,846,419
Jazz Securities DAC, 144A, 4.375%, 1/15/29		5,844,000		5,278,242
Mallinckrodt International Finance SA / Mallinckrodt CB LLC 144A, 10.00%, 4/15/25		1,940,000		1,748,270
144A, 11.50%, 12/15/28		2,522,000		2,272,952
Organon & Co. / Organon Foreign Debt Co.-Issuer BV 144A, 4.125%, 4/30/28		8,181,000		7,351,406
144A, 5.125%, 4/30/31		7,791,000		6,826,942
Owens & Minor, Inc. 144A, 4.50%, 3/31/29 (a)		1,959,000		1,672,281
144A, 6.625%, 4/1/30		2,337,000		2,153,697
Perrigo Finance Unlimited Co. 3.90%, 12/15/24		2,727,000		2,603,594
4.375%, 3/15/26 (a)		2,727,000		2,597,454
4.40%, 6/15/30		2,922,000		2,535,653
Prestige Brands, Inc. 144A, 5.125%, 1/15/28		1,567,000		1,447,540
144A, 3.75%, 4/1/31		2,337,000		1,873,491
Teva Pharmaceutical Finance Netherlands III BV 6.00%, 4/15/24		4,863,000		4,730,970
7.125%, 1/31/25		3,889,000		3,855,302
3.15%, 10/1/26		13,635,000		11,470,989
4.75%, 5/9/27		3,896,000		3,412,818
6.75%, 3/1/28 (a)		4,869,000		4,661,629
5.125%, 5/9/29 (a)		3,896,000		3,411,898

(Cost $158,029,818)				115,659,576


	Principal Amount		Value
Energy — 11.5%
Energy-Alternate Sources — 0.2%
TerraForm Power Operating LLC
144A, 5.00%, 1/31/28	$	2,727,000	$	2,499,153
144A, 4.75%, 1/15/30		2,727,000		2,411,796

(Cost $5,799,208)				4,910,949

Oil & Gas — 5.9%
Antero Resources Corp. 144A, 7.625%, 2/1/29		1,481,000		1,508,250
144A, 5.375%, 3/1/30 (a)		2,417,000		2,278,143
Apache Corp., 4.25%, 1/15/30 (a)		2,258,000		2,040,532
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 144A, 7.00%, 11/1/26		2,337,000		2,276,051
144A, 5.875%, 6/30/29		1,567,000		1,413,583
Callon Petroleum Co. 144A, 8.00%, 8/1/28		2,532,000		2,432,860
144A, 7.50%, 6/15/30		2,337,000		2,164,354
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		2,143,000		2,247,771
Chesapeake Energy Corp. 144A, 5.50%, 2/1/26		1,948,000		1,879,898
144A, 5.875%, 2/1/29		1,948,000		1,862,239
144A, 6.75%, 4/15/29		3,701,000		3,619,935
Citgo Holding, Inc., 144A, 9.25%, 8/1/24		5,337,000		5,343,024
CITGO Petroleum Corp. 144A, 7.00%, 6/15/25		4,383,000		4,267,881
144A, 6.375%, 6/15/26		2,532,000		2,413,482
CNX Resources Corp. 144A, 7.25%, 3/14/27		2,727,000		2,709,138
144A, 6.00%, 1/15/29		1,948,000		1,834,164
Colgate Energy Partners III LLC, 144A, 5.875%, 7/1/29		2,727,000		2,531,229
Comstock Resources, Inc. 144A, 6.75%, 3/1/29		4,768,000		4,559,400
144A, 5.875%, 1/15/30		3,759,000		3,445,642
CrownRock LP / CrownRock Finance, Inc. 144A, 5.625%, 10/15/25		4,616,000		4,553,453
144A, 5.00%, 5/1/29		1,567,000		1,441,311
CVR Energy, Inc. 144A, 5.25%, 2/15/25		2,337,000		2,208,047
144A, 5.75%, 2/15/28		1,567,000		1,428,078
Endeavor Energy Resources LP / EER Finance, Inc., 144A, 5.75%, 1/30/28		3,896,000		3,859,767
Hilcorp Energy I LP / Hilcorp Finance Co. 144A, 6.25%, 11/1/28		2,337,000		2,211,503
144A, 5.75%, 2/1/29		2,337,000		2,125,653
144A, 6.00%, 4/15/30		1,948,000		1,796,037
144A, 6.00%, 2/1/31		2,337,000		2,121,707
144A, 6.25%, 4/15/32		1,948,000		1,750,231
Laredo Petroleum, Inc. 9.50%, 1/15/25		2,251,000		2,261,782
144A, 7.75%, 7/31/29 (a)		1,567,000		1,503,035


	Principal Amount		Value
Oil & Gas (Continued)
Leviathan Bond Ltd. 144A, REGS, 6.125%, 6/30/25	$	2,337,509	$	2,302,446
144A, REGS, 6.50%, 6/30/27		2,337,379		2,278,945
144A, REGS, 6.75%, 6/30/30		2,152,668		2,055,798
Matador Resources Co., 5.875%, 9/15/26		4,090,000		4,008,364
MEG Energy Corp. 144A, 7.125%, 2/1/27		4,675,000		4,729,931
144A, 5.875%, 2/1/29		2,337,000		2,176,670
Moss Creek Resources Holdings, Inc. 144A, 7.50%, 1/15/26		2,727,000		2,484,283
144A, 10.50%, 5/15/27		1,948,000		1,884,511
Murphy Oil Corp. 5.75%, 8/15/25		1,758,000		1,744,288
5.875%, 12/1/27		2,116,000		2,060,963
6.375%, 7/15/28		1,771,000		1,744,435
Nabors Industries Ltd., 144A, 7.25%, 1/15/26		2,173,000		1,978,929
Nabors Industries, Inc. 5.75%, 2/1/25		2,018,000		1,863,573
144A, 7.375%, 5/15/27		2,727,000		2,636,177
Occidental Petroleum Corp. 6.95%, 7/1/24		2,269,000		2,371,105
2.90%, 8/15/24		2,540,000		2,477,884
8.00%, 7/15/25		1,948,000		2,118,489
5.875%, 9/1/25		3,246,000		3,331,629
5.50%, 12/1/25		2,643,000		2,717,612
5.55%, 3/15/26		4,212,000		4,319,406
8.50%, 7/15/27		1,954,000		2,190,874
6.375%, 9/1/28		2,337,000		2,444,008
8.875%, 7/15/30		3,896,000		4,561,690
6.625%, 9/1/30		5,844,000		6,251,327
6.125%, 1/1/31		4,870,000		5,067,243
7.50%, 5/1/31		3,388,000		3,820,614
7.875%, 9/15/31		1,888,000		2,178,884
Parkland Corp. 144A, 5.875%, 7/15/27		1,948,000		1,884,515
144A, 4.50%, 10/1/29		3,117,000		2,644,817
144A, 4.625%, 5/1/30		3,117,000		2,681,080
PBF Holding Co. LLC / PBF Finance Corp. 7.25%, 6/15/25		2,584,000		2,512,940
6.00%, 2/15/28		3,123,000		2,813,698
Puma International Financing SA 144A, 5.125%, 10/6/24		2,514,000		2,349,346
144A, 5.00%, 1/24/26 (a)		2,880,000		2,545,358
Range Resources Corp. 4.875%, 5/15/25		2,922,000		2,839,643
8.25%, 1/15/29		2,337,000		2,456,058
144A, 4.75%, 2/15/30 (a)		1,948,000		1,807,315
SM Energy Co. 6.75%, 9/15/26		1,633,000		1,608,227
6.625%, 1/15/27 (a)		1,633,000		1,594,445
6.50%, 7/15/28 (a)		1,567,000		1,511,505
Southwestern Energy Co. 7.75%, 10/1/27		1,640,000		1,702,205
5.375%, 2/1/29		2,710,000		2,566,411


	Principal Amount		Value
Oil & Gas (Continued)
5.375%, 3/15/30	$	4,675,000	$	4,388,236
4.75%, 2/1/32		4,480,000		3,999,574
Sunoco LP / Sunoco Finance Corp. 6.00%, 4/15/27		2,337,000		2,264,925
4.50%, 5/15/29		3,117,000		2,655,067
4.50%, 4/30/30		3,115,000		2,662,157
Transocean, Inc. 144A, 7.25%, 11/1/25		1,612,000		1,287,327
144A, 7.50%, 1/15/26		2,217,000		1,711,652
144A, 11.50%, 1/30/27		2,678,000		2,584,886
144A, 8.00%, 2/1/27		2,385,000		1,774,404

(Cost $229,009,348)				212,734,049

Oil & Gas Services — 0.5%
Archrock Partners LP / Archrock Partners Finance Corp. 144A, 6.875%, 4/1/27		1,948,000		1,828,958
144A, 6.25%, 4/1/28		3,117,000		2,841,410
CGG SA, 144A, 8.75%, 4/1/27		1,948,000		1,738,801
USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 4/1/26		2,824,000		2,653,346
6.875%, 9/1/27		2,922,000		2,705,772
Weatherford International Ltd. 144A, 6.50%, 9/15/28		1,948,000		1,838,863
144A, 8.625%, 4/30/30		6,233,000		5,644,187

(Cost $21,514,090)				19,251,337

Pipelines — 4.9%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 7.875%, 5/15/26		2,143,000		2,184,285
144A, 5.75%, 3/1/27		2,532,000		2,403,121
144A, 5.75%, 1/15/28		2,532,000		2,410,793
144A, 5.375%, 6/15/29		2,922,000		2,682,674
Buckeye Partners LP 144A, 4.125%, 3/1/25		1,948,000		1,824,251
3.95%, 12/1/26		2,337,000		2,078,522
4.125%, 12/1/27		1,567,000		1,388,241
144A, 4.50%, 3/1/28		1,948,000		1,727,340
Cheniere Energy Partners LP 4.50%, 10/1/29		5,843,000		5,368,987
4.00%, 3/1/31		5,839,000		5,124,102
3.25%, 1/31/32		4,656,000		3,732,995
Cheniere Energy, Inc., 4.625%, 10/15/28		7,790,000		7,506,132
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A, 5.50%, 6/15/31		5,454,000		4,832,735
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 5.75%, 4/1/25		1,948,000		1,880,190
144A, 5.625%, 5/1/27		2,337,000		2,182,618
144A, 6.00%, 2/1/29		2,727,000		2,523,579
144A, 8.00%, 4/1/29		1,753,000		1,740,416


	Principal Amount		Value
Pipelines (Continued)
DT Midstream, Inc. 144A, 4.125%, 6/15/29	$	4,285,000	$	3,770,372
144A, 4.375%, 6/15/31		3,896,000		3,337,918
EnLink Midstream LLC 144A, 5.625%, 1/15/28		1,948,000		1,875,534
5.375%, 6/1/29		1,943,000		1,818,667
144A,6.50%, 9/1/30		2,727,000		2,716,310
EnLink Midstream Partners LP 4.15%, 6/1/25		1,160,000		1,132,277
4.85%, 7/15/26		2,088,000		2,057,004
EQM Midstream Partners LP 144A, 6.00%, 7/1/25		1,567,000		1,515,203
4.125%, 12/1/26		1,948,000		1,758,586
144A, 7.50%, 6/1/27		1,948,000		1,925,481
144A, 6.50%, 7/1/27		3,506,000		3,390,542
5.50%, 7/15/28		3,311,000		3,032,595
144A, 4.50%, 1/15/29		3,117,000		2,688,943
144A, 7.50%, 6/1/30		1,948,000		1,926,445
144A, 4.75%, 1/15/31		4,285,000		3,713,638
Genesis Energy LP / Genesis Energy Finance Corp. 6.50%, 10/1/25		2,084,000		1,955,804
8.00%, 1/15/27		3,823,000		3,599,966
7.75%, 2/1/28		2,647,000		2,457,790
Hess Midstream Operations LP 144A, 5.625%, 2/15/26		3,097,000		3,025,475
144A, 5.125%, 6/15/28		2,143,000		1,993,579
144A, 4.25%, 2/15/30		2,922,000		2,511,490
144A, 5.50%, 10/15/30		1,567,000		1,429,817
ITT Holdings LLC, 144A, 6.50%, 8/1/29		4,753,000		4,021,513
Kinetik Holdings LP, 144A, 5.875%, 6/15/30		3,896,000		3,706,284
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		4,870,000		4,700,867
144A, 6.50%, 9/30/26		5,844,000		5,513,171
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 7.50%, 2/1/26		7,986,000		7,230,005
NGL Energy Partners LP / NGL Energy Finance Corp., 7.50%, 11/1/23 (a)		1,717,000		1,627,184
NuStar Logistics LP 5.75%, 10/1/25		2,337,000		2,233,833
6.00%, 6/1/26		1,948,000		1,841,426
5.625%, 4/28/27		2,143,000		1,954,402
6.375%, 10/1/30		2,337,000		2,130,024
Rockies Express Pipeline LLC 144A, 3.60%, 5/15/25		1,567,000		1,442,079
144A, 4.95%, 7/15/29		2,143,000		1,934,974
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 7.50%, 10/1/25		2,337,000		2,343,380
144A, 6.00%, 3/1/27		1,685,000		1,540,208
144A, 5.50%, 1/15/28		2,922,000		2,533,520
144A, 6.00%, 12/31/30		2,922,000		2,565,372
144A, 6.00%, 9/1/31		1,959,000		1,716,730


	Principal Amount		Value
Pipelines (Continued)
Venture Global Calcasieu Pass LLC 144A, 3.875%, 8/15/29	$	4,870,000	$	4,255,893
144A, 4.125%, 8/15/31		4,870,000		4,235,503
144A, 3.875%, 11/1/33		4,870,000		4,070,516
Western Midstream Operating LP 3.35%, 2/1/25		2,847,000		2,691,440
4.65%, 7/1/26		1,858,000		1,771,315
4.50%, 3/1/28		1,567,000		1,456,934
4.75%, 8/15/28		1,558,000		1,469,007
4.30%, 2/1/30		4,675,000		4,208,388

(Cost $199,723,691)				178,418,385

Financial — 9.8%
Banks — 0.9%
Commerzbank AG, 144A, 8.125%, 9/19/23		3,896,000		3,981,815
Deutsche Bank AG 5.882%, 7/8/31 (b)		1,959,000		1,711,027
3.729%, 1/14/32 (b)		4,870,000		3,593,664
3.742%, 1/7/33 (b)		4,870,000		3,472,027
Freedom Mortgage Corp. 144A, 8.125%, 11/15/24		1,634,000		1,468,819
144A, 8.25%, 4/15/25		2,101,000		1,820,748
144A, 7.625%, 5/1/26		2,337,000		1,916,981
144A, 6.625%, 1/15/27		2,268,000		1,754,213
Intesa Sanpaolo SpA 144A, 5.017%, 6/26/24		7,791,000		7,458,404
144A, 5.71%, 1/15/26		5,844,000		5,492,072
144A, 4.198%, 6/1/32		2,922,000		2,125,021

(Cost $41,521,528)				34,794,791

Diversified Financial Services — 3.4%
Ally Financial, Inc., 5.75%, 11/20/25		4,091,000		4,139,981
Coinbase Global, Inc. 144A, 3.375%, 10/1/28 (a)		3,896,000		2,531,836
144A, 3.625%, 10/1/31		3,896,000		2,377,924
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28		3,896,000		2,367,560
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28		3,896,000		3,335,229
LD Holdings Group LLC 144A, 6.50%, 11/1/25		1,959,000		1,127,331
144A, 6.125%, 4/1/28		1,969,000		1,048,751
LPL Holdings, Inc. 144A, 4.625%, 11/15/27		1,558,000		1,468,372
144A, 4.00%, 3/15/29		3,506,000		3,138,519
144A, 4.375%, 5/15/31		1,567,000		1,381,405
Midcap Financial Issuer Trust 144A, 6.50%, 5/1/28		3,896,000		3,347,170
144A, 5.625%, 1/15/30		1,567,000		1,197,697
Nationstar Mortgage Holdings, Inc. 144A, 6.00%, 1/15/27		2,337,000		2,084,755
144A, 5.50%, 8/15/28		3,311,000		2,767,135
144A, 5.125%, 12/15/30		2,532,000		2,000,640
144A, 5.75%, 11/15/31		2,337,000		1,857,576


	Principal Amount		Value
Diversified Financial Services (Continued)
Navient Corp.
MTN, 6.125%, 3/25/24	$	3,311,000	$	3,234,450
5.875%, 10/25/24		1,948,000		1,873,280
6.75%, 6/25/25		1,948,000		1,882,576
6.75%, 6/15/26		1,948,000		1,850,600
5.00%, 3/15/27		2,727,000		2,339,820
4.875%, 3/15/28		1,959,000		1,602,902
5.50%, 3/15/29		2,922,000		2,371,225
NFP Corp. 144A, 4.875%, 8/15/28		2,143,000		1,904,452
144A, 6.875%, 8/15/28		8,084,000		6,659,923
OneMain Finance Corp. 6.125%, 3/15/24		5,064,000		4,950,516
6.875%, 3/15/25		4,870,000		4,740,747
7.125%, 3/15/26		6,233,000		5,871,019
3.50%, 1/15/27		2,922,000		2,417,197
6.625%, 1/15/28		3,117,000		2,853,271
3.875%, 9/15/28		2,337,000		1,826,038
5.375%, 11/15/29		2,922,000		2,424,836
4.00%, 9/15/30		3,311,000		2,472,944
PennyMac Financial Services, Inc. 144A, 5.375%, 10/15/25		2,532,000		2,278,252
144A, 4.25%, 2/15/29		2,532,000		1,983,581
144A, 5.75%, 9/15/31		1,959,000		1,591,021
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. 144A, 2.875%, 10/15/26		4,480,000		3,771,533
144A, 3.625%, 3/1/29		2,922,000		2,356,520
144A, 3.875%, 3/1/31		4,870,000		3,820,856
144A, 4.00%, 10/15/33		3,311,000		2,472,017
SLM Corp. 4.20%, 10/29/25		1,948,000		1,786,195
3.125%, 11/2/26		1,959,000		1,647,799
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		3,117,000		2,726,973
144A, 5.75%, 6/15/27		1,959,000		1,616,361
144A, 5.50%, 4/15/29		2,727,000		2,126,214
VistaJet Malta Finance PLC / XO Management Holding, Inc. 144A, 7.875%, 5/1/27		1,948,000		1,787,874
144A, 6.375%, 2/1/30		3,896,000		3,357,378

(Cost $146,757,032)				120,770,251

Insurance — 0.8%
Acrisure LLC / Acrisure Finance, Inc. 144A, 7.00%, 11/15/25		3,604,000		3,401,437
144A, 10.125%, 8/1/26		1,567,000		1,570,415
144A, 4.25%, 2/15/29		2,727,000		2,317,267
144A, 6.00%, 8/1/29		1,959,000		1,591,575
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 144A, 5.875%, 11/1/29		1,763,000		1,518,797
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 144A, 4.25%, 10/15/27		2,922,000		2,636,812
144A, 6.75%, 10/15/27		5,220,000		4,750,409


	Principal Amount		Value
Insurance (Continued)
AssuredPartners, Inc. 144A, 7.00%, 8/15/25	$	1,948,000	$	1,889,560
144A, 5.625%, 1/15/29		2,143,000		1,784,200
HUB International Ltd. 144A, 7.00%, 5/1/26		6,506,000		6,382,061
144A, 5.625%, 12/1/29		2,143,000		1,877,239

(Cost $32,795,560)				29,719,772

Real Estate — 0.6%
Howard Hughes Corp. 144A, 5.375%, 8/1/28		2,922,000		2,604,846
144A, 4.125%, 2/1/29		2,532,000		2,093,284
144A, 4.375%, 2/1/31		2,532,000		2,028,385
Kennedy-Wilson, Inc. 4.75%, 3/1/29		2,337,000		1,953,230
4.75%, 2/1/30		2,337,000		1,887,572
5.00%, 3/1/31		2,337,000		1,925,162
Realogy Group LLC / Realogy Co.-Issuer Corp. 144A, 5.75%, 1/15/29		3,506,000		2,752,210
144A, 5.25%, 4/15/30		3,896,000		2,941,480
WeWork Cos., Inc., 144A, 7.875%, 5/1/25		2,606,000		1,948,128

(Cost $24,969,396)				20,134,297

Real Estate Investment Trusts — 3.5%
Blackstone Mortgage Trust, Inc., 144A, 3.75%, 1/15/27		1,567,000		1,365,766
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 144A, 5.75%, 5/15/26		3,683,000		3,440,406
144A, 4.50%, 4/1/27		2,922,000		2,507,891
Diversified Healthcare Trust 9.75%, 6/15/25		1,948,000		1,917,309
4.75%, 2/15/28		1,959,000		1,451,106
4.375%, 3/1/31		1,939,000		1,333,334
HAT Holdings I LLC / HAT Holdings II LLC 144A, 6.00%, 4/15/25		1,567,000		1,521,005
144A, 3.375%, 6/15/26		3,896,000		3,387,104
Iron Mountain, Inc. 144A, 4.875%, 9/15/27		3,896,000		3,582,801
144A, 5.25%, 3/15/28		3,214,000		2,953,811
144A, 5.00%, 7/15/28		1,948,000		1,780,267
144A, 4.875%, 9/15/29		3,896,000		3,385,234
144A, 5.25%, 7/15/30		5,064,000		4,487,590
144A, 4.50%, 2/15/31		4,285,000		3,565,056
144A, 5.625%, 7/15/32		2,337,000		2,057,471
iStar, Inc. 4.75%, 10/1/24		2,992,000		2,997,056
4.25%, 8/1/25		2,143,000		2,141,478
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 144A, 4.25%, 2/1/27		2,539,000		2,217,311
144A, 4.75%, 6/15/29		2,532,000		2,149,661


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/1/26	$	1,948,000	$	1,870,670
5.00%, 10/15/27		5,454,000		4,906,426
4.625%, 8/1/29		3,506,000		2,991,098
3.50%, 3/15/31		5,064,000		3,805,495
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A, 7.50%, 6/1/25		2,532,000		2,558,839
144A, 5.875%, 10/1/28		2,824,000		2,598,984
144A, 4.875%, 5/15/29		2,922,000		2,574,203
RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27		2,725,500		2,481,977
144A, 4.50%, 2/15/29		2,337,000		2,022,444
RLJ Lodging Trust LP 144A, 3.75%, 7/1/26		1,959,000		1,760,299
144A, 4.00%, 9/15/29		1,939,000		1,639,679
SBA Communications Corp. 3.875%, 2/15/27		5,827,000		5,320,744
3.125%, 2/1/29		5,838,000		4,818,218
Service Properties Trust 4.35%, 10/1/24		3,203,000		2,875,613
7.50%, 9/15/25		3,117,000		2,992,382
4.75%, 10/1/26		1,763,000		1,436,501
4.95%, 2/15/27		1,567,000		1,271,587
5.50%, 12/15/27		1,763,000		1,527,446
3.95%, 1/15/28		1,558,000		1,162,143
4.95%, 10/1/29		1,645,000		1,243,244
4.375%, 2/15/30		1,547,000		1,135,668
Starwood Property Trust, Inc. 144A, 3.75%, 12/31/24		1,567,000		1,463,233
4.75%, 3/15/25		1,948,000		1,857,632
144A, 3.625%, 7/15/26		1,567,000		1,389,028
144A, 4.375%, 1/15/27		1,948,000		1,736,126
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC 144A, 7.875%, 2/15/25		8,765,000		8,670,250
144A, 6.00%, 1/15/30		2,727,000		1,927,178
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A, 4.75%, 4/15/28		2,221,000		1,859,060
144A, 6.50%, 2/15/29		4,324,000		3,301,115
XHR LP 144A, 6.375%, 8/15/25		1,948,000		1,893,469
144A, 4.875%, 6/1/29		1,959,000		1,731,054

(Cost $146,392,892)				127,063,462

Venture Capital — 0.6%
Compass Group Diversified Holdings LLC, 144A, 5.25%, 4/15/29		3,896,000		3,321,496
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 4.75%, 9/15/24		4,278,000		4,075,223
6.375%, 12/15/25		2,908,000		2,842,570


	Principal Amount		Value
Venture Capital (Continued)
6.25%, 5/15/26	$	4,862,000	$	4,669,368
5.25%, 5/15/27		5,654,000		5,150,099
4.375%, 2/1/29		2,921,000		2,488,604

(Cost $25,069,916)				22,547,360

Industrial — 8.8%
Aerospace/Defense — 2.6%
Bombardier, Inc. 144A, 7.50%, 12/1/24		1,987,000		1,971,840
144A, 7.50%, 3/15/25		5,043,000		4,941,585
144A, 7.125%, 6/15/26		4,675,000		4,460,932
144A, 7.875%, 4/15/27		7,489,000		7,180,341
144A, 6.00%, 2/15/28		2,922,000		2,588,099
Howmet Aerospace, Inc. 5.125%, 10/1/24		4,246,000		4,225,619
6.875%, 5/1/25		2,337,000		2,402,880
3.00%, 1/15/29		2,727,000		2,306,878
Rolls-Royce PLC 144A, 3.625%, 10/14/25		3,896,000		3,529,581
144A, 5.75%, 10/15/27		3,896,000		3,530,516
Spirit AeroSystems, Inc. 144A, 5.50%, 1/15/25		1,948,000		1,910,131
144A, 7.50%, 4/15/25		4,675,000		4,580,097
4.60%, 6/15/28 (a)		2,727,000		2,171,892
TransDigm, Inc. 144A, 8.00%, 12/15/25		4,285,000		4,394,096
144A, 6.25%, 3/15/26		17,141,000		16,862,030
6.375%, 6/15/26		3,701,000		3,557,383
7.50%, 3/15/27		2,143,000		2,092,404
5.50%, 11/15/27		10,319,000		9,299,638
4.625%, 1/15/29		4,675,000		3,989,178
4.875%, 5/1/29		2,920,000		2,481,538
Triumph Group, Inc. 144A, 8.875%, 6/1/24		2,194,000		2,224,683
144A, 6.25%, 9/15/24		2,045,000		1,876,288
7.75%, 8/15/25		1,959,000		1,652,593

(Cost $102,227,860)				94,230,222

Building Materials — 1.0%
Builders FirstSource, Inc. 144A, 5.00%, 3/1/30		2,143,000		1,902,180
144A, 4.25%, 2/1/32		5,064,000		4,048,567
144A, 6.375%, 6/15/32		2,727,000		2,532,579
Cornerstone Building Brands, Inc., 144A, 6.125%, 1/15/29		1,949,000		1,331,266
Griffon Corp., 5.75%, 3/1/28		3,893,000		3,607,643
JELD-WEN, Inc. 144A, 4.625%, 12/15/25		1,547,000		1,332,624
144A, 4.875%, 12/15/27		1,567,000		1,215,827
SRM Escrow Issuer LLC, 144A, 6.00%, 11/1/28		4,285,000		3,893,458
Standard Industries, Inc. 144A, 5.00%, 2/15/27		3,311,000		3,036,836
144A, 4.75%, 1/15/28		3,896,000		3,412,774
144A, 4.375%, 7/15/30		6,233,000		4,998,087
144A, 3.375%, 1/15/31		4,285,000		3,190,371


	Principal Amount		Value
Building Materials (Continued)
Summit Materials LLC / Summit Materials Finance Corp., 144A, 5.25%, 1/15/29	$	2,727,000	$	2,457,752

(Cost $43,678,681)				36,959,964

Electrical Components & Equipment — 0.4%
Energizer Holdings, Inc. 144A, 4.75%, 6/15/28		2,337,000		1,947,399
144A, 4.375%, 3/31/29		3,117,000		2,535,415
WESCO Distribution, Inc. 144A, 7.125%, 6/15/25		5,844,000		5,852,088
144A, 7.25%, 6/15/28		5,162,000		5,222,705

(Cost $17,027,239)				15,557,607

Electronics — 0.7%
II-VI, Inc., 144A, 5.00%, 12/15/29		3,857,000		3,438,843
Imola Merger Corp., 144A, 4.75%, 5/15/29		7,791,000		6,624,176
Sensata Technologies BV 144A, 4.875%, 10/15/23		1,948,000		1,967,627
144A, 5.625%, 11/1/24		1,558,000		1,568,202
144A, 5.00%, 10/1/25		2,727,000		2,674,981
144A, 4.00%, 4/15/29		3,896,000		3,373,507
144A, 5.875%, 9/1/30		1,948,000		1,906,586
Sensata Technologies, Inc. 144A, 4.375%, 2/15/30		1,763,000		1,573,477
144A, 3.75%, 2/15/31		2,914,000		2,412,057

(Cost $29,193,565)				25,539,456

Engineering & Construction — 0.1%
Brand Industrial Services, Inc., 144A, 8.50%, 7/15/25		3,896,000		3,160,513
Fluor Corp., 4.25%, 9/15/28 (a)		2,337,000		2,116,081

(Cost $6,312,268)				5,276,594

Environmental Control — 0.8%
Covanta Holding Corp. 144A, 4.875%, 12/1/29		2,980,000		2,519,590
5.00%, 9/1/30		1,567,000		1,324,115
GFL Environmental, Inc. 144A, 4.25%, 6/1/25		1,948,000		1,862,465
144A, 3.75%, 8/1/25		2,922,000		2,764,548
144A, 5.125%, 12/15/26		1,948,000		1,886,724
144A, 4.00%, 8/1/28		2,922,000		2,474,262
144A, 3.50%, 9/1/28		2,922,000		2,543,776
144A, 4.75%, 6/15/29		2,922,000		2,539,919
144A, 4.375%, 8/15/29		2,143,000		1,819,418
Madison IAQ LLC 144A, 4.125%, 6/30/28		2,727,000		2,342,343
144A, 5.875%, 6/30/29		4,032,000		3,323,900
Stericycle, Inc. 144A, 5.375%, 7/15/24		2,337,000		2,290,190
144A, 3.875%, 1/15/29		1,959,000		1,699,981

(Cost $33,603,826)				29,391,231


	Principal Amount		Value
Machinery-Diversified — 0.2%
TK Elevator Holdco GmbH, 144A, 7.625%, 7/15/28	$	1,569,000	$	1,406,820
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27		6,077,000		5,552,525

(Cost $7,921,647)				6,959,345

Miscellaneous Manufacturing — 0.2%
FXI Holdings, Inc. 144A, 7.875%, 11/1/24 (a)		1,966,000		1,633,156
144A, 12.25%, 11/15/26		2,968,000		2,481,189
Hillenbrand, Inc., 5.75%, 6/15/25		1,567,000		1,571,434

(Cost $6,712,442)				5,685,779

Packaging & Containers — 2.5%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A, 6.00%, 6/15/27		2,337,000		2,293,432
144A, 3.25%, 9/1/28		2,337,000		2,019,355
144A, 4.00%, 9/1/29		4,091,000		3,321,094
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 4/30/25		2,727,000		2,585,143
144A, 4.125%, 8/15/26		4,733,000		4,088,886
144A, 5.25%, 8/15/27		3,896,000		2,823,585
144A, 5.25%, 8/15/27		3,117,000		2,259,013
Ball Corp. 4.00%, 11/15/23		3,896,000		3,860,000
5.25%, 7/1/25		3,896,000		3,891,150
4.875%, 3/15/26		2,922,000		2,832,879
2.875%, 8/15/30		5,064,000		4,114,449
3.125%, 9/15/31 (a)		3,311,000		2,686,410
Berry Global, Inc., 144A, 5.625%, 7/15/27		1,948,000		1,904,560
Clydesdale Acquisition Holdings, Inc. 144A, 6.625%, 4/15/29		1,948,000		1,871,854
144A, 8.75%, 4/15/30		4,324,000		3,764,604
Crown Americas LLC, 144A, 5.25%, 4/1/30		1,948,000		1,873,021
Graphic Packaging International LLC 144A, 3.50%, 3/15/28		1,763,000		1,571,730
144A, 3.75%, 2/1/30		1,558,000		1,341,430
LABL, Inc. 144A, 6.75%, 7/15/26		2,718,000		2,586,136
144A, 10.50%, 7/15/27		2,688,000		2,544,205
144A, 5.875%, 11/1/28		1,948,000		1,698,413
144A, 8.25%, 11/1/29		1,802,000		1,460,746
Mauser Packaging Solutions Holding Co. 144A, 5.50%, 4/15/24		5,766,000		5,589,144
144A, 7.25%, 4/15/25		5,259,000		4,794,841
OI European Group BV, 144A, 4.75%, 2/15/30		1,567,000		1,270,900
Owens-Brockway Glass Container, Inc., 144A, 6.625%, 5/13/27 (a)		2,383,000		2,216,840


	Principal Amount		Value
Packaging & Containers (Continued)
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27	$	3,896,000	$	3,406,097
Sealed Air Corp. 144A, 5.125%, 12/1/24		1,665,000		1,650,798
144A, 5.50%, 9/15/25		1,547,000		1,541,547
144A, 4.00%, 12/1/27		1,650,000		1,504,330
144A, 5.00%, 4/15/29		1,665,000		1,584,730
Silgan Holdings, Inc., 4.125%, 2/1/28		2,221,000		2,036,124
Trivium Packaging Finance BV 144A, 5.50%, 8/15/26		4,091,000		3,934,274
144A, 8.50%, 8/15/27		2,727,000		2,594,154

(Cost $100,507,891)				89,515,874

Transportation — 0.1%
Seaspan Corp., 144A, 5.50%, 8/1/29 (Cost $2,914,236)		2,922,000		2,410,650

Trucking & Leasing — 0.2%
Fortress Transportation and Infrastructure Investors LLC 144A, 6.50%, 10/1/25		2,466,000		2,301,592
144A, 9.75%, 8/1/27		1,558,000		1,565,801
144A, 5.50%, 5/1/28		3,896,000		3,338,404

(Cost $8,179,073)				7,205,797

Technology — 4.0%
Computers — 1.3%
Booz Allen Hamilton, Inc. 144A, 3.875%, 9/1/28		2,727,000		2,430,166
144A, 4.00%, 7/1/29		1,959,000		1,730,382
Condor Merger Sub, Inc., 144A, 7.375%, 2/15/30		7,869,000		6,579,664
Diebold Nixdorf, Inc. 8.50%, 4/15/24		1,567,000		955,159
144A, 9.375%, 7/15/25		2,727,000		2,242,284
Exela Intermediate LLC / Exela Finance, Inc., 144A, 11.50%, 7/15/26		4,628,000		1,507,950
NCR Corp. 144A, 5.75%, 9/1/27		1,948,000		1,882,860
144A, 5.00%, 10/1/28		2,532,000		2,387,207
144A, 5.125%, 4/15/29		4,675,000		4,372,060
144A, 6.125%, 9/1/29		1,948,000		1,862,915
144A, 5.25%, 10/1/30		1,763,000		1,630,772
Presidio Holdings, Inc. 144A, 4.875%, 2/1/27		2,045,000		1,916,421
144A, 8.25%, 2/1/28		2,143,000		1,937,862
Seagate HDD Cayman 4.875%, 3/1/24		1,948,000		1,912,369
4.75%, 1/1/25		1,867,000		1,826,696
4.875%, 6/1/27		1,967,000		1,858,451
4.091%, 6/1/29		1,919,000		1,643,307
3.125%, 7/15/29		1,959,000		1,569,306
4.125%, 1/15/31		1,959,000		1,623,296
3.375%, 7/15/31		1,959,000		1,534,651


	Principal Amount		Value
Computers (Continued)
Vericast Corp., 144A, 11.00%, 9/15/26	$	4,817,578	$	4,830,345

(Cost $56,478,616)				48,234,123

Office/Business Equipment — 0.2%
Pitney Bowes, Inc., 144A, 6.875%, 3/15/27		1,567,000		1,187,719
Xerox Holdings Corp. 144A, 5.00%, 8/15/25		2,922,000		2,713,017
144A, 5.50%, 8/15/28		2,922,000		2,560,125

(Cost $7,690,726)				6,460,861

Semiconductors — 0.3%
ams-OSRAM AG, 144A, 7.00%, 7/31/25		1,763,000		1,684,626
Entegris Escrow Corp., 144A, 5.95%, 6/15/30		3,487,000		3,313,278
Entegris, Inc. 144A, 4.375%, 4/15/28		1,547,000		1,367,888
144A, 3.625%, 5/1/29		1,567,000		1,322,242
ON Semiconductor Corp., 144A, 3.875%, 9/1/28		2,727,000		2,437,134

(Cost $10,825,974)				10,125,168

Software — 2.2%
Black Knight InfoServ LLC, 144A, 3.625%, 9/1/28		3,896,000		3,418,117
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		2,337,000		2,313,858
Change Healthcare Holdings LLC / Change Healthcare Finance, Inc., 144A, 5.75%, 3/1/25		4,577,000		4,522,671
Clarivate Science Holdings Corp. 144A, 3.875%, 7/1/28		3,589,000		3,076,666
144A, 4.875%, 7/1/29		3,590,000		2,973,830
Fair Isaac Corp. 144A, 5.25%, 5/15/26		1,567,000		1,518,180
144A, 4.00%, 6/15/28		3,506,000		3,101,943
MicroStrategy, Inc., 144A, 6.125%, 6/15/28 (a)		1,944,000		1,625,808
Minerva Merger Sub, Inc., 144A, 6.50%, 2/15/30		9,155,000		7,784,130
MSCI, Inc. 144A, 4.00%, 11/15/29 (a)		3,896,000		3,475,096
144A, 3.625%, 9/1/30		3,506,000		2,980,027
144A, 3.875%, 2/15/31		3,896,000		3,370,059
144A, 3.625%, 11/1/31		2,337,000		1,950,676
144A, 3.25%, 8/15/33		2,727,000		2,188,377
Open Text Corp.
144A, 3.875%, 2/15/28		3,506,000		2,995,053
144A, 3.875%, 12/1/29		3,311,000		2,676,686
Open Text Holdings, Inc. 144A, 4.125%, 2/15/30		3,506,000		2,845,250
144A, 4.125%, 12/1/31		2,532,000		2,004,496
PTC, Inc. 144A, 3.625%, 2/15/25		1,948,000		1,832,994
144A, 4.00%, 2/15/28		1,948,000		1,784,310


	Principal Amount		Value
Software (Continued)
Rackspace Technology Global, Inc. 144A, 3.50%, 2/15/28	$	2,130,000	$	1,521,421
144A, 5.375%, 12/1/28		2,155,000		1,196,880
ROBLOX Corp., 144A, 3.875%, 5/1/30		3,896,000		3,256,708
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		7,791,000		7,373,861
Twilio, Inc. 3.625%, 3/15/29		1,959,000		1,638,459
3.875%, 3/15/31 (a)		1,939,000		1,567,837
Veritas US, Inc. / Veritas Bermuda Ltd., 144A, 7.50%, 9/1/25		6,818,000		5,254,973
Ziff Davis, Inc., 144A, 4.625%, 10/15/30		1,885,000		1,611,241

(Cost $96,691,953)				81,859,607

Utilities — 2.5%
Electric — 2.2%
Calpine Corp. 144A, 5.25%, 6/1/26		1,646,000		1,599,994
144A, 4.50%, 2/15/28		4,870,000		4,461,480
144A, 5.125%, 3/15/28 (a)		5,454,000		4,860,433
144A, 4.625%, 2/1/29		2,532,000		2,158,269
144A, 5.00%, 2/1/31		3,311,000		2,776,191
144A, 3.75%, 3/1/31		3,506,000		2,913,328
Clearway Energy Operating LLC
144A, 4.75%, 3/15/28		3,311,000		3,106,132
144A, 3.75%, 2/15/31		3,604,000		3,019,167
DPL, Inc., 4.125%, 7/1/25		1,622,000		1,532,790
FirstEnergy Corp.
Series B, 4.40%, 7/15/27		5,844,000		5,544,846
2.65%, 3/1/30		2,337,000		1,997,434
Series B, 2.25%, 9/1/30		1,763,000		1,447,011
NextEra Energy Operating Partners LP 144A, 4.25%, 7/15/24		2,727,000		2,633,257
144A, 3.875%, 10/15/26		1,948,000		1,818,902
144A, 4.50%, 9/15/27		2,143,000		1,985,468
NRG Energy, Inc. 5.75%, 1/15/28		3,199,000		3,019,072
144A, 3.375%, 2/15/29		1,959,000		1,612,745
144A, 5.25%, 6/15/29		2,856,000		2,578,539
144A, 3.625%, 2/15/31		4,013,000		3,192,542
144A, 3.875%, 2/15/32		4,285,000		3,403,404
PG&E Corp. 5.00%, 7/1/28 (a)		3,896,000		3,462,784
5.25%, 7/1/30		3,896,000		3,374,696
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26		3,896,000		3,766,731
144A, 5.625%, 2/15/27		5,064,000		4,887,216
144A, 5.00%, 7/31/27		5,064,000		4,719,142
144A, 4.375%, 5/1/29		4,870,000		4,254,213

(Cost $91,756,179)				80,125,786


	Principal Amount		Value
Gas — 0.3%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.625%, 5/20/24	$	2,630,000	$	2,593,943
5.50%, 5/20/25		2,727,000		2,591,536
5.875%, 8/20/26		2,630,000		2,507,192
5.75%, 5/20/27		2,045,000		1,930,235

(Cost $10,762,414)				9,622,906

TOTAL CORPORATE BONDS (Cost $4,136,399,949)				3,561,895,877


	Number of Shares
SECURITIES LENDING COLLATERAL — 2.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.00% (c)(d) (Cost $78,245,816)		78,245,816		78,245,816

CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 2.24% (c) (Cost $21,909,142)		21,909,142		21,909,142


TOTAL INVESTMENTS — 101.3% (Cost $4,236,554,907)			$	3,662,050,835
Other assets and liabilities, net — (1.3%)				(46,799,644	)

NET ASSETS — 100.0%			$	3,615,251,191

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2022 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 August 31, 2022, 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”).

Each Fund offers 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, except for Xtrackers Risk Managed USD High Yield Strategy ETF which lots consist of 25,000 shares and Xtrackers USD High Yield Corporate Bond ETF which lots consist of 100,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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

The Solactive USD High Yield Corporates Total Market High Beta Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits higher overall beta to the broader high yield corporate fixed income market. The Solactive USD High Yield Corporates Total Market Low Beta Index is designed to track the performance of the segment of the US dollar-denominated high yield corporate bond market that exhibits lower overall beta to the broader high yield corporate fixed income market. The Adaptive Wealth Strategies Risk Managed High Yield Index is designed to track the performance of the US dollar-denominated high yield corporate bond market during normal market conditions, and the performance of a USD cash position accruing interest at the Effective Federal Funds Rate (the interest rate depository institutions such as banks charge each other for overnight loans to meet their reserve requirements) during periods of adverse market conditions. The Solactive USD High Yield Corporates Total Market 0-5 Year Index is designed to track the performance of short-term publicly issued US dollar-denominated below investment grade corporate debt. The Solactive USD High Yield Corporates Total Market Index is designed to track the performance of a basket of U.S. dollar-denominated high yield liquid corporate bonds. Under normal circumstances, the Solactive Indexes are reconstituted monthly on the last day of each month. The Funds reconstitute and rebalance their portfolios in accordance with their respective underlying indexes, and therefore any changes to the underlying indexes reconstitution and rebalance schedules will result in corresponding changes to a Fund’s reconstitution and rebalance schedule.

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

Xtrackers Risk Managed USD High Yield Strategy ETF is non-diversified and is 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.

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

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

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

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

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

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

ETFs are valued at the most recent sale price or official closing price reported on the exchange (U.S. or foreign) or over-the-counter market on which they trade. ETFs for which no sales are reported are valued at the calculated mean between the most recent bid and asked quotations on the relevant market or, if a mean cannot be determined, at the most recent bid quotation. ETFs are generally categorized as Level 1.

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

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or

pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; length of time of a halt in trading of the security; movement in the security’s proxy index; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

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

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

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

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

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

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended August 31, 2022, the Funds did not incur any interest or penalties.

As of August 31, 2022, the components of accumulated earnings (losses) on a tax basis were as follows:

The tax character of dividends and distributions declared for the years ended August 31, 2022 and August 31, 2021 were as follows:

At August 31, 2022, 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.

For the fiscal year ended August 31, 2022, the effect of permanent “book/tax” reclassifications to the components of net assets are included below. These differences are primarily due to redemptions-in-kind.

As of August 31, 2022, 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:

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Receivables and payables related to foreign taxes as of August 31, 2022, 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 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 year ended August 31, 2022, 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 (0.06% annualized effective rate as of August 31, 2022) 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 August 31, 2022, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

As of August 31, 2022, Xtrackers Risk Managed USD High Yield Strategy ETF had no securities on loan.

Affiliated Cash Management Vehicles The Funds may invest uninvested cash balances in DWS Government Money Market Series and DWS ESG Liquidity Fund, affiliated money market funds which are managed by DWS Investment Management Americas, Inc. (“DIMA”), also an indirect, wholly owned subsidiary of DWS Group GmbH & Co. KGaA. Each affiliated money market fund is managed in accordance with Rule 2a-7 under the 1940 Act, which governs the quality, maturity, diversity and liquidity of instruments in which a money market fund may invest. DWS Government Money Market Series seeks to maintain a stable NAV, and DWS ESG Liquidity Fund maintains a floating NAV. The Funds indirectly bear their proportionate share of the expenses of each affiliated money market fund in which they invest. The Advisor will waive an amount of the unitary advisory fee payable to the Advisor by the Funds equal to such acquired fund’s fees and expenses on the Funds’ assets invested in the affiliated money market funds.

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

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

The Advisor for Xtrackers High Beta High Yield Bond ETF has contractually agreed, until December 16, 2022, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other

extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the year ended August 31, 2022, the Advisor waived $28,897 of expenses to the Fund.

The Advisor for Xtrackers Low Beta High Yield Bond ETF has contractually agreed, until December 16, 2022, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the year ended August 31, 2022, the Advisor waived $580,745 of expenses to the Fund.

The Advisor for Xtrackers Risk Managed USD High Yield Strategy ETF has contractually agreed, until November 14, 2024, to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. For the year ended August 31, 2022, the Advisor waived $34,054 of the expenses of the Fund which were attributable to the Fund’s investments in affiliated funds.

The Advisor for Xtrackers USD High Yield Corporate Bond ETF has contractually agreed, until December 16, 2022, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.15% of the fund’s average daily net assets. For the year ended August 31, 2022, the Advisor waived $2,626,086 of expenses to the Fund.

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the year ended August 31, 2022, the Advisor waived expenses of the Funds as follows:

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

The Bank of New York Mellon, a wholly-owned subsidiary of The Bank of New York Mellon Corporation, serves as Administrator, Custodian, Accounting Agent, 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 year ended August 31, 2022, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

For the year ended August 31, 2022, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

Transactions with Affiliates. The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment advisor, common officers, or common trustees. During the year ended August 31, 2022, the Funds engaged in securities purchases and securities sales with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act as follows:

As of August 31, 2022, 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.

High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. A Fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in NAV of a Fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a Fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers USD High Yield Corporate Bond ETF and certain other funds managed by the Advisor to borrow up to $105 million. The 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 the Fund’s 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. The 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 Fund had no outstanding loans at August 31, 2022.

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 significant portions of the population remaining unvaccinated 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.

On April 13, 2021, the Xtrackers USD High Yield Corporate Bond ETF implemented a 5 for 4 stock split of its outstanding shares. The net effect of the stock split was to increase the number of outstanding shares and decrease the net asset value per share by a proportionate amount for the shares of the Fund. The stock split had no impact on the overall value of a shareholder’s investment in the Fund. Capital share activity referenced in the Statement of Changes in Net Assets, and per share and net asset value data in the Financial Highlights tables have been restated to reflect the stock split.

Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, Xtrackers Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF and the Board of Trustees of DBX ETF Trust

We have audited the accompanying statements of assets and liabilities of Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, Xtrackers Short Duration High Yield Bond ETF, and Xtrackers USD High Yield Corporate Bond ETF (collectively referred to as the “Funds”), (five of the funds constituting DBX ETF Trust (the “Trust”)), including the schedules of investments, as of August 31, 2022, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (five of the funds constituting DBX ETF Trust) at August 31, 2022, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2022, by correspondence with the custodian, brokers and others; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies in the DWS family of funds since at least 1979, but we are unable to determine the specific year.

The Board has responsibility for the overall management and operations of the funds, including general supervision of the duties performed by the Advisor and other service providers. Each Board Member serves until his or her successor is duly elected or appointed and qualified. Each officer serves until he or she resigns, is removed, dies, retires or becomes disqualified.

The Trust currently has three Board Members. The three Independent Board Members have no affiliation or business connection with the Advisor or any of its affiliated persons and do not own any stock or other securities issued by the Advisor.

The Independent Board Members of the Trust, their term of office and length of time served, their principal business occupations during the past five years, the number of portfolios in the fund complex (defined below) overseen by each Independent Board Member, and other directorships, if any, held by the Board Members are shown below. The fund complex includes all registered open- and closed-end funds (including all of their portfolios) advised by the Advisor and any registered funds that have an investment advisor that is an affiliated person of the Advisor. As of the date of this shareholder report, the fund complex consists of the funds in the Trust, as well as the registered funds advised by affiliates of the Advisor.

Shareholder Communications to the Board. Shareholders may send communications to the Trust’s Board by addressing the communications directly to the Board (or individual Board Members) and/or otherwise clearly indicating in the salutation that the communication is for the Board (or individual Board Members). The shareholder may send the communication to either the Trust’s office or directly to such Board members c/o 875 Third Avenue, New York, NY 10022. Other shareholder communications received by the Trust not directly addressed and sent to the Board will be reviewed and generally responded to by management. Such communications will be forwarded to the Board at management’s discretion based on the matters contained therein.

The Funds’ Statement of Additional Information (“SAI”) includes additional information about the Funds’ Board Members. The SAI is available by calling 855-329-3837, or on the Company’s website at www.Xtrackers.com.

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

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

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

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

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

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

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

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

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

HYUP, HYDW, SHYL and HYLB (the “Funds”) are 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 Funds or any member of the public regarding advisability of investing in funds generally or in these Funds particularly or the ability of the Underlying Indexes 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 Indexes 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 Index Marks, trademarks and trade names, the Index and the Intellectual Property are licensed under an Agreement for use by DBX Advisors LLC (“Licensee”) and the Xtrackers Risk Managed USD High Yield Strategy ETF (the “Fund”). Such Index Marks, trademarks, trade names, Index and Intellectual Property have been created and developed by NorthCrest Asset Management LLC without regard to Licensee or the Fund, their business, and/or any prospective investor in the Fund.

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.



Average Annual Total Returns

	Net Asset Value	Market Value	Solactive USD High Yield Corporates Total Market High Beta Index	Solactive USD High Yield Corporates Total Market Index
One Year	-12.56%	-13.30%	-12.55%	-10.54%
Since Inception¹	1.69%	1.52%	1.68%	1.88%

Cumulative Total Returns

	Net Asset Value	Market Value	Solactive USD High Yield Corporates Total Market High Beta Index	Solactive USD High Yield Corporates Total Market Index
One Year	-12.56%	-13.30%	-12.55%	-10.54%
Since Inception¹	8.07%	7.26%	8.02%	9.04%



Average Annual Total Returns

	Net Asset Value	Market Value	Solactive USD High Yield Corporates Total Market Low Beta Index	Solactive USD High Yield Corporates Total Market Index
One Year	-8.36%	-8.85%	-8.37%	-10.54%
Since Inception¹	1.92%	1.81%	1.92%	1.88%

Cumulative Total Returns

	Net Asset Value	Market Value	Solactive USD High Yield Corporates Total Market Low Beta Index	Solactive USD High Yield Corporates Total Market Index
One Year	-8.36%	-8.85%	-8.37%	-10.54%
Since Inception¹	9.22%	8.66%	9.22%	9.04%



Average Annual Total Returns

	Net Asset Value	Market Value	Solactive USD High Yield Corporates Total Market 0-5 Year Index	Solactive USD High Yield Corporates Total Market Index
One Year	-5.84%	-6.34%	-5.76%	-10.54%
Since Inception¹	2.21%	2.11%	2.36%	1.82%

Cumulative Total Returns

	Net Asset Value	Market Value	Solactive USD High Yield Corporates Total Market 0-5 Year Index	Solactive USD High Yield Corporates Total Market Index
One Year	-5.84%	-6.34%	-5.76%	-10.54%
Since Inception¹	10.67%	10.16%	11.43%	8.71%



Average Annual Total Returns

	Net Asset Value	Market Value	Solactive USD High Yield Corporates Total Market Index	iBoxx USD Liquid High Yield Index
One Year	-10.67%	-11.39%	-10.54%	-10.62%
Five Year	1.80%	1.65%	2.02%	2.06%
Since Inception¹	2.68%	2.56%	2.94%	2.89%

Cumulative Total Returns

	Net Asset Value	Market Value	Solactive USD High Yield Corporates Total Market Index	iBoxx USD Liquid High Yield Index
One Year	-10.67%	-11.39%	-10.54%	-10.62%
Five Year	9.34%	8.55%	10.52%	10.75%
Since Inception¹	16.37%	15.63%	18.08%	17.72%


	Beginning Account Value March 1, 2022		Ending Account Value August 31, 2022		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers High Beta High Yield Bond ETF
Actual	$	1,000.00	$	904.50		0.20	%	$	0.96
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20		0.20	%	$	1.02
Xtrackers Low Beta High Yield Bond ETF
Actual	$	1,000.00	$	944.10		0.20	%	$	0.98
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20		0.20	%	$	1.02
Xtrackers Risk Managed USD High Yield Strategy ETF⁽²⁾
Actual	$	1,000.00	$	913.60		0.15	%	$	0.72
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.45		0.15	%	$	0.77
Xtrackers Short Duration High Yield Bond ETF
Actual	$	1,000.00	$	955.20		0.20	%	$	0.99
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20		0.20	%	$	1.02
Xtrackers USD High Yield Corporate Bond ETF
Actual	$	1,000.00	$	921.80		0.15	%	$	0.73
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.45		0.15	%	$	0.77


	Page
Shareholder Letter		1
Management’s Discussion of Fund Performance		3
Performance Summary
Xtrackers High Beta High Yield Bond ETF		6
Xtrackers Low Beta High Yield Bond ETF		8
Xtrackers Risk Managed USD High Yield Strategy ETF		10
Xtrackers Short Duration High Yield Bond ETF		12
Xtrackers USD High Yield Corporate Bond ETF		14
Fees and Expenses		16
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF		17
Xtrackers Low Beta High Yield Bond ETF		29
Xtrackers Risk Managed USD High Yield Strategy ETF		39
Xtrackers Short Duration High Yield Bond ETF		40
Xtrackers USD High Yield Corporate Bond ETF		50
Statements of Assets and Liabilities		68
Statements of Operations		70
Statements of Changes in Net Assets		72
Financial Highlights		75
Notes to Financial Statements		78
Report of Independent Registered Public Accounting Firm		87
Board Members and Officers		89
Additional Information		92


United States			83.1%
Canada			4.0%
Luxembourg			3.1%
Netherlands			2.4%
France			2.2%
Other			5.2%

Total			100.0%


United States			84.1%
Canada			4.3%
Netherlands			2.8%
Other			8.8%

Total			100.0%


	Value ($) at 8/31/2021		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2022		Value ($) at 8/31/2022
SECURITIES LENDING COLLATERAL — 2.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.00% (b)(c)
		1,444,823		—		(1,181,049	)(d)		—		—		2,166		—		263,774		263,774

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 2.24% (b)
		171,850		1,764,389		(1,900,411	)		—		—		375		—		35,828		35,828

		1,616,673		1,764,389		(3,081,460	)		—		—		2,541		—		299,602		299,602


Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (a)	$	—	$	11,721,392	$	—	$	11,721,392
Short-Term Investments (a)		299,602		—		—		299,602

TOTAL	$	299,602	$	11,721,392	$	—	$	12,020,994


	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 99.2%
Xtrackers High Beta High Yield Bond ETF (a)		27,598	$	1,090,918
Xtrackers USD High Yield Corporate Bond ETF (a)		1,409,763		48,129,309

TOTAL EXCHANGE-TRADED FUNDS (Cost $53,981,246)				49,220,227


	Number of Shares		Value
CASH EQUIVALENTS — 0.8%
DWS Government Money Market Series “Institutional Shares”, 2.24% (b) (Cost $374,305)		374,305	$	374,305


TOTAL INVESTMENTS — 100.0% (Cost $54,355,551)			$	49,594,532
Other assets and liabilities, net — (0.0)%				(5,926	)

NET ASSETS — 100.0%			$	49,588,606


	Value ($) at 2/10/2022 (Commencement of Operations)		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2022		Value ($) at 8/31/2022
EXCHANGE-TRADED FUNDS — 99.2%
Xtrackers High Beta High Yield Bond ETF (a)
		—		1,306,956			(85,490	)		1,195		(131,743	)		30,137		—		27,598		1,090,918
Xtrackers USD High Yield Corporate Bond ETF (a)
		—		55,436,916			(2,805,684	)		127,353		(4,629,276	)		1,017,341		—		1,409,763		48,129,309
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 2.00% (b)(c)
		—		0	(d)		—			—		—			6,861		—		—		—
CASH EQUIVALENTS — 0.8%
DWS Government Money Market Series “Institutional Shares”, 2.24% (b)
		—		747,530			(373,225	)		—		—			1,388		—		374,305		374,305

		—		57,491,402			(3,264,399	)		128,548		(4,761,019	)		1,055,727		—		1,811,666		49,594,532


	Xtrackers High Beta High Yield Bond ETF			Xtrackers Low Beta High Yield Bond ETF			Xtrackers Risk Managed USD High Yield Strategy ETF			Xtrackers Short Duration High Yield Bond ETF
Assets
Investment in non-affiliated securities at value	$	11,721,392		$	1,407,067,631		$	—		$	84,470,086
Investment in affiliated securities at value		—			7,385,546			49,220,227			—
Investment in DWS Government Money Market Series		35,828			10,573,885			374,305			589,978
Investment in DWS Government & Agency Securities Portfolio*		263,774			9,125,075			—			821,382
Foreign currency at value		—			358			—			25
Receivables:
Investment securities sold		295,431			50,176,485			—			1,368,959
Interest		220,491			19,596,072			545			1,485,727
Securities lending income		680			13,987			3			2,313

Total assets	$	12,537,596		$	1,503,939,039		$	49,595,080		$	88,738,470


Liabilities
Payable upon return of securities loaned	$	263,774		$	9,125,075		$	—		$	821,382
Payables:
Investment securities purchased		318,924			53,923,231			—			1,822,996
Investment advisory fees		2,442			224,028			6,474			14,918

Total liabilities		585,140			63,272,334			6,474			2,659,296

Net Assets, at value	$	11,952,456		$	1,440,666,705		$	49,588,606		$	86,079,174


Net Assets Consist of
Paid-in capital	$	25,048,069		$	1,576,982,155		$	54,167,825		$	93,959,442
Distributable earnings (loss)		(13,095,613	)		(136,315,450	)		(4,579,219	)		(7,880,268	)

Net Assets, at value	$	11,952,456		$	1,440,666,705		$	49,588,606		$	86,079,174


Number of Common Shares outstanding		300,001			31,950,001			2,225,001			2,000,001

Net Asset Value	$	39.84		$	45.09		$	22.29		$	43.04


Investment in non-affiliated securities at cost	$	13,911,266		$	1,508,815,620		$	—		$	91,426,385

Investment in affiliated securities at cost	$	—		$	9,283,780		$	53,981,246		$	—

Value of securities loaned	$	395,224		$	11,651,353		$	—		$	1,743,621

Investment in DWS Government Money Market Series at cost	$	35,828		$	10,573,885		$	374,305		$	589,978

Investment in DWS Government & Agency Securities Portfolio at cost*	$	263,774		$	9,125,075		$	—		$	821,382

Non-cash collateral for securities on loan	$	151,718		$	2,986,781		$	—		$	1,002,868

Foreign currency at cost	$	—		$	358		$	—		$	25


	Xtrackers USD High Yield Corporate Bond ETF
Assets
Investment in non-affiliated securities at value	$	3,553,119,159
Investment in affiliated securities at value		8,776,718
Investment in DWS Government Money Market Series		21,909,142
Investment in DWS Government & Agency Securities Portfolio*		78,245,816
Foreign currency at value		625
Receivables:
Investment securities sold		199,779,224
Capital shares		13,814,597
Interest		57,709,326
Securities lending income		156,125

Total assets	$	3,933,510,732


Liabilities
Payable upon return of securities loaned	$	78,245,816
Payables:
Investment securities purchased		56,870,445
Capital shares		182,614,827
Investment advisory fees		528,453

Total liabilities		318,259,541

Net Assets, at value	$	3,615,251,191


Net Assets Consist of
Paid-in capital	$	4,323,444,166
Distributable earnings (loss)		(708,192,975	)

Net Assets, at value	$	3,615,251,191


Number of Common Shares outstanding		105,187,501

Net Asset Value	$	34.37


Investment in non-affiliated securities at cost	$	4,124,732,350

Investment in affiliated securities at cost	$	11,667,599

Value of securities loaned	$	105,290,151

Investment in DWS Government Money Market Series at cost	$	21,909,142

Investment in DWS Government & Agency Securities Portfolio at cost*	$	78,245,816

Non-cash collateral for securities on loan	$	32,090,970

Foreign currency at cost	$	623


	Xtrackers USD High Yield Corporate Bond ETF
Investment Income
Unaffiliated interest income	$	228,221,896
Affiliated interest income		406,966
Income distributions from affiliated funds		94,910
Affiliated securities lending income		407,279
Unaffiliated securities lending income, net of borrower rebates		1,261,182

Total investment income		230,392,233


Expenses
Investment advisory fees		10,504,345
Other expenses		4,147

Total expenses		10,508,492

Less fees waived (see note 3):
Waiver		(2,638,477	)

Net expenses		7,870,015

Net investment income (loss)		222,522,218


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(31,975,873	)
Investments in affiliates		(20,008	)
In-kind redemptions		(150,215,836	)
In-kind redemptions in affiliates		(465,558	)
Foreign currency transactions		—

Net realized gain (loss)		(182,677,275	)

Net change in unrealized appreciation (depreciation) on:
Investments		(599,849,890	)
Investments in affiliates		(3,102,759	)
Foreign currency translations		2

Net change in unrealized appreciation (depreciation)		(602,952,647	)

Net realized and unrealized gain (loss) on investments and foreign currency transactions		(785,629,922	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	(563,107,704	)


	Xtrackers High Beta High Yield Bond ETF						Xtrackers Low Beta High Yield Bond ETF
	Year Ended August 31, 2022			Year Ended August 31, 2021			Year Ended August 31, 2022			Year Ended August 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,081,103		$	680,195		$	41,041,591		$	8,011,095
Net realized gain (loss)		(1,209,094	)		331,044			(42,727,027	)		2,106,618
Net change in net unrealized appreciation (depreciation)		(2,372,970	)		178,690			(114,546,857	)		10,048,247

Net increase (decrease) in net assets resulting from operations		(2,500,961	)		1,189,929			(116,232,293	)		20,165,960

Distributions to Shareholders		(1,152,992	)		(825,490	)		(42,567,833	)		(8,258,522	)


Fund Shares Transactions
Proceeds from shares sold		6,992,436			11,992,336			1,268,329,518			715,759,317
Value of shares redeemed		(10,724,660	)		—			(419,246,955	)		(15,156,196	)

Net increase (decrease) in net assets resulting from fund share transactions		(3,732,224	)		11,992,336			849,082,563			700,603,121

Total net increase (decrease) in Net Assets		(7,386,177	)		12,356,775			690,282,437			712,510,559

Net Assets
Beginning of year		19,338,633			6,981,858			750,384,268			37,873,709

End of year	$	11,952,456		$	19,338,633		$	1,440,666,705		$	750,384,268


Changes in Shares Outstanding
Shares outstanding, beginning of year		400,001			150,001			14,700,001			750,001
Shares sold		150,000			250,000			26,250,000			14,250,000
Shares redeemed		(250,000	)		—			(9,000,000	)		(300,000	)

Shares outstanding, end of year		300,001			400,001			31,950,001			14,700,001


	Xtrackers Risk Managed USD High Yield Strategy ETF			Xtrackers Short Duration High Yield Bond ETF
	For the Period February 10, 2022⁽¹⁾ to August 31, 2022			Year Ended August 31, 2022			Year Ended August 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,028,437		$	3,795,682		$	2,489,447
Net realized gain (loss)		128,548			(396,537	)		1,271,532
Net change in net unrealized appreciation (depreciation)		(4,761,019	)		(8,681,574	)		185,876

Net increase (decrease) in net assets resulting from operations		(3,604,034	)		(5,282,429	)		3,946,855

Distributions to Shareholders		(844,002	)		(3,956,845	)		(2,657,928	)

Fund Shares Transactions
Proceeds from shares sold		56,938,197			23,388,169			45,259,188
Value of shares redeemed		(2,901,580	)		(4,697,674	)		(7,179,887	)

Net increase (decrease) in net assets resulting from fund share transactions		54,036,617			18,690,495			38,079,301

Total net increase (decrease) in Net Assets		49,588,581			9,451,221			39,368,228
Net Assets
Beginning of period		25			76,627,953			37,259,725

End of period	$	49,588,606		$	86,079,174		$	76,627,953

Changes in Shares Outstanding
Shares outstanding, beginning of period		1			1,600,001			800,001
Shares sold		2,350,000			500,000			950,000
Shares redeemed		(125,000	)		(100,000	)		(150,000	)

Shares outstanding, end of period		2,225,001			2,000,001			1,600,001


	Xtrackers USD High Yield Corporate Bond ETF
	Year Ended August 31, 2022			Year Ended August 31, 2021
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	222,522,218		$	294,840,227
Net realized gain (loss)		(182,677,275	)		261,534,954
Net change in net unrealized appreciation (depreciation)		(602,952,647	)		(13,795,630	)

Net increase (decrease) in net assets resulting from operations		(563,107,704	)		542,579,551

Distributions to Shareholders		(242,753,834	)		(328,072,536	)

Fund Shares Transactions
Proceeds from shares sold		4,826,710,036			8,910,076,826
Value of shares redeemed		(7,072,094,189	)		(8,666,637,450	)

Net increase (decrease) in net assets resulting from fund share transactions		(2,245,384,153	)		243,439,376

Total net increase (decrease) in Net Assets		(3,051,245,691	)		457,946,391
Net Assets
Beginning of period		6,666,496,882			6,208,550,491

End of period	$	3,615,251,191		$	6,666,496,882

Changes in Shares Outstanding
Shares outstanding, beginning of period		165,387,501			158,937,501	^*
Shares sold		129,000,000			224,750,000	^*
Shares redeemed		(189,200,000	)		(218,300,000	)^*

Shares outstanding, end of period		105,187,501			165,387,501	^*


Xtrackers High Beta High Yield Bond ETF Selected Per Share Data	Years Ended August 31,												Period Ended 8/31/2018(a)
	2022			2021			2020			2019			Period Ended 8/31/2018(a)
Net Asset Value, beginning of period	$	48.35		$	46.55		$	48.61		$	49.17		$	50.00

Income (loss) from investment operations:
Net investment income (loss)(b)		2.51			2.60			3.01	(c)		3.32			2.07
Net realized and unrealized gain (loss)		(8.37	)		2.65			(1.95	)(c)		(0.58	)		(1.11	)

Total from investment operations		(5.86	)		5.25			1.06			2.74			0.96

Less distributions from:
Net investment income		(2.65	)		(3.45	)		(3.12	)		(3.30	)		(1.79	)

Total distributions		(2.65	)		(3.45	)		(3.12	)		(3.30	)		(1.79	)

Net Asset Value, end of period	$	39.84		$	48.35		$	46.55		$	48.61		$	49.17

Total Return (%)		(12.56	)(d)		11.67	(d)		2.46	(d)		5.90	(d)		2.01	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		12			19			7			151			148
Ratio of expenses before fee waiver (%)		0.35			0.35			0.35			0.35			0.35	*
Ratio of expenses after fee waiver (%)		0.20			0.20			0.20			0.31			0.35	*
Ratio of net investment income (loss) (%)		5.61			5.45			6.50	(c)		6.91			6.71	*
Portfolio turnover rate (%)(e)		55			98			98			51			34	**


Xtrackers Low Beta High Yield Bond ETF Selected Per Share Data	Years Ended August 31,												Period Ended 8/31/2018(a)
	2022			2021			2020			2019			Period Ended 8/31/2018(a)
Net Asset Value, beginning of period	$	51.05		$	50.50		$	50.62		$	49.16		$	50.00

Income (loss) from investment operations:
Net investment income (loss)(b)		1.69			1.45			2.02	(c)		2.29			1.37
Net realized and unrealized gain (loss)		(5.87	)		1.07			0.12	(c)		1.44			(1.05	)

Total from investment operations		(4.18	)		2.52			2.14			3.73			0.32

Less distributions from:
Net investment income		(1.78	)		(1.97	)		(2.26	)		(2.27	)		(1.16	)

Total distributions		(1.78	)		(1.97	)		(2.26	)		(2.27	)		(1.16	)

Net Asset Value, end of period	$	45.09		$	51.05		$	50.50		$	50.62		$	49.16

Total Return (%)		(8.36	)(d)		5.12	(d)		4.42	(d)		7.84	(d)		0.68	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		1,441			750			38			144			138
Ratio of expenses before fee waiver (%)		0.25			0.25			0.25			0.25			0.25	*
Ratio of expenses after fee waiver (%)		0.20			0.20			0.20			0.24			0.25	*
Ratio of net investment income (loss) (%)		3.53			2.89			4.09	(c)		4.66			4.44	*
Portfolio turnover rate (%)(e)		68			88			111			55			52	**


Xtrackers Risk Managed USD High Yield Strategy ETF Selected Per Share Data	Period Ended 8/31/2022(a)
Net Asset Value, beginning of period	$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.58
Net realized and unrealized gain (loss)		(2.84	)

Total from investment operations		(2.26	)

Less distributions from:
Net investment income		(0.45	)

Total distributions		(0.45	)

Net Asset Value, end of period	$	22.29

Total Return (%)(c)		(9.12	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		50
Ratio of expenses before fee waiver (%)(d)		0.30	*
Ratio of expenses after fee waiver (%)(d)		0.15	*
Ratio of net investment income (loss) (%)		4.54	*
Portfolio turnover rate (%)(e)		0	**


Xtrackers Short Duration High Yield Bond ETF Selected Per Share Data	Years Ended August 31,												Period Ended 8/31/2018(f)
	2022			2021			2020			2019			Period Ended 8/31/2018(f)
Net Asset Value, beginning of period	$	47.89		$	46.57		$	49.13		$	49.69		$	50.00

Income (loss) from investment operations:
Net investment income (loss)(b)		2.04			2.34			2.69	(g)		2.83			1.76
Net realized and unrealized gain (loss)		(4.76	)		1.67			(2.47	)(g)		(0.54	)		(0.59	)

Total from investment operations		(2.72	)		4.01			0.22			2.29			1.17

Less distributions from:
Net investment income		(2.13	)		(2.69	)		(2.78	)		(2.85	)		(1.48	)

Total distributions		(2.13	)		(2.69	)		(2.78	)		(2.85	)		(1.48	)

Net Asset Value, end of period	$	43.04		$	47.89		$	46.57		$	49.13		$	49.69

Total Return (%)		(5.84	)(c)		8.86	(c)		0.61	(c)		4.79	(c)		2.41	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		86			77			37			22			40
Ratio of expenses before fee waiver (%)		0.20			0.20			0.20			0.20			0.20	*
Ratio of expenses after fee waiver (%)		0.20			0.20			0.20			0.20			0.20	*
Ratio of net investment income (loss) (%)		4.48			4.95			6.13	(g)		5.78			5.56	*
Portfolio turnover rate (%)(e)		46			52			150			45			37	**


Fund		Underlying Index
Xtrackers High Beta High Yield Bond ETF		Solactive USD High Yield Corporates Total Market High Beta Index
Xtrackers Low Beta High Yield Bond ETF Xtrackers Risk Managed USD High Yield Strategy ETF		Solactive USD High Yield Corporates Total Market Low Beta Index Adaptive Wealth Strategies Risk Managed High Yield Index
Xtrackers Short Duration High Yield Bond ETF		Solactive USD High Yield Corporates Total Market 0-5 Year Index
Xtrackers USD High Yield Corporate Bond ETF		Solactive USD High Yield Corporates Total Market Index


	Undistributed Ordinary Income		Capital and Other Gains (Losses)			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Losses)
Xtrackers High Beta High Yield Bond ETF	$	73,969	$	(10,948,893	)	$	(2,220,689	)	$	(13,095,613	)
Xtrackers Low Beta High Yield Bond ETF		4,944,933		(31,980,876	)		(109,279,507	)		(136,315,450	)
Xtrackers Risk Managed USD High Yield Strategy ETF		184,435		—			(4,763,654	)		(4,579,219	)
Xtrackers Short Duration High Yield Bond ETF		389,542		(996,238	)		(7,273,572	)		(7,880,268	)
Xtrackers USD High Yield Corporate Bond ETF		15,829,564		(120,650,633	)		(603,371,906	)		(708,192,975	)


	Year Ended August 31, 2022
	Ordinary Income*
Xtrackers High Beta High Yield Bond ETF	$	1,152,992
Xtrackers Low Beta High Yield Bond ETF		42,567,833
Xtrackers Risk Managed USD High Yield Strategy ETF		844,002
Xtrackers Short Duration High Yield Bond ETF		3,956,845
Xtrackers USD High Yield Corporate Bond ETF		242,753,834

	Year Ended August 31, 2021
	Ordinary Income*
Xtrackers High Beta High Yield Bond ETF	$	825,490
Xtrackers Low Beta High Yield Bond ETF		8,258,522
Xtrackers Short Duration High Yield Bond ETF		2,657,928
Xtrackers USD High Yield Corporate Bond ETF		328,072,536


	Short-Term		Long-Term		Total Amount
Xtrackers High Beta High Yield Bond ETF	$	2,899,789	$	8,049,104	$	10,948,893
Xtrackers Low Beta High Yield Bond ETF		24,251,180		7,729,696		31,980,876
Xtrackers Short Duration High Yield Bond ETF		618,223		378,015		996,238
Xtrackers USD High Yield Corporate Bond ETF		27,135,091		93,515,542		120,650,633


	Distributable earnings (loss)			Paid-In Capital
Xtrackers High Beta High Yield Bond ETF	$	783,491		$	(783,491	)
Xtrackers Low Beta High Yield Bond ETF		14,394,103			(14,394,103	)
Xtrackers Risk Managed USD High Yield Strategy ETF		(131,183	)		131,183
Xtrackers Short Duration High Yield Bond ETF		(58,782	)		58,782
Xtrackers USD High Yield Corporate Bond ETF		158,252,797			(158,252,797	)


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers High Beta High Yield Bond ETF	$	14,241,683	$	(2,220,689	)	$	12,415	$	(2,233,104	)
Xtrackers Low Beta High Yield Bond ETF		1,543,431,644		(109,279,507	)		889,790		(110,169,297	)
Xtrackers Risk Managed USD High Yield Strategy ETF		54,358,186		(4,763,654	)		—		(4,763,654	)
Xtrackers Short Duration High Yield Bond ETF		93,155,018		(7,273,572	)		176,333		(7,449,905	)
Xtrackers USD High Yield Corporate Bond ETF		4,265,422,743		(603,371,908	)		153,306		(603,525,214	)


Remaining Contractual Maturity of the Agreements, as of August 31, 2022

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers High Beta High Yield Bond ETF
Corporate Bonds	$	263,774	$	—	$	120	$	151,598	$	415,492

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	415,492

Xtrackers Low Beta High Yield Bond ETF
Corporate Bonds	$	9,125,075	$	—	$	2,555	$	2,984,226	$	12,111,856

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	12,111,856

Xtrackers Short Duration High Yield Bond ETF
Corporate Bonds	$	821,382	$	—	$	778	$	1,002,090	$	1,824,250

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	1,824,250

Xtrackers USD High Yield Corporate Bond ETF
Corporate Bonds	$	78,245,816	$	—	$	26,617	$	32,064,353	$	110,336,786

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	110,336,786


	Unitary Advisory Fee
Xtrackers High Beta High Yield Bond ETF		0.35	%
Xtrackers Low Beta High Yield Bond ETF		0.25	%
Xtrackers Risk Managed USD High Yield Strategy ETF		0.30	%
Xtrackers Short Duration High Yield Bond ETF		0.20	%
Xtrackers USD High Yield Corporate Bond ETF		0.20	%


	Expenses Waived
Xtrackers High Beta High Yield Bond ETF	$	171
Xtrackers Low Beta High Yield Bond ETF		4,694
Xtrackers Risk Managed USD High Yield Strategy ETF		67
Xtrackers Short Duration High Yield Bond ETF		521
Xtrackers USD High Yield Corporate Bond ETF		12,391


	Purchases		Sales
Xtrackers High Beta High Yield Bond ETF	$	10,272,911	$	10,336,663
Xtrackers Low Beta High Yield Bond ETF		775,867,311		768,549,219
Xtrackers Risk Managed USD High Yield Strategy ETF		626,404		20,322
Xtrackers Short Duration High Yield Bond ETF		41,113,262		36,839,443
Xtrackers USD High Yield Corporate Bond ETF		1,233,346,510		1,272,538,276


	Securities Purchased		Securities Sold		Net Realized Gain (Loss) on Securities Sold
Xtrackers High Beta High Yield Bond ETF	$	3,504,209	$	7,043,810	$	(324,570	)
Xtrackers Low Beta High Yield Bond ETF		8,396,996		6,048,995		(563,215	)
Xtrackers USD High Yield Corporate Bond ETF		2,544,786		1,353,186		4,134


Individual fund constituting the DBX ETF Trust	Statement of operations	Statements of changes in net assets	Financial highlights
Xtrackers High Beta High Yield Bond ETF Xtrackers Low Beta High Yield Bond ETF	For the year ended August 31, 2022	For each of the two years in the period ended August 31, 2022	For each of the four years in the period ended August 31, 2022 and the period from January 11, 2018 (commencement of operations) through August 31, 2018
Xtrackers Short Duration High Yield Bond ETF	For the year ended August 31, 2022	For each of the two years in the period ended August 31, 2022	For each of the four years in the period ended August 31, 2022 and the period from January 10, 2018 (commencement of operations) through August 31, 2018
Xtrackers USD High Yield Corporate Bond ETF	For the year ended August 31, 2022	For each of the two years in the period ended August 31, 2022	For each of the five years in the period ended August 31, 2022
Xtrackers Risk Managed USD High Yield Strategy	For the period from February 10, 2022 (commencement of operations) through August 31, 2022


Independent Board Members
Name, Year of Birth, Position with the Trust and Length of Time Served⁽¹⁾	Business Experience and Directorships During the Past 5 Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Board Member
Stephen R. Byers (1953) Chairperson since 2016, and Board Member since 2011 (formerly, Lead Independent Board Member, 2015-2016)	Independent Director (2011-present); Independent Consultant (2014-present); Director of Investment Management, the Dreyfus Corporation (2000-2006) and Vice Chairman and Chief Investment Officer, the Dreyfus Corporation (2002-2006).	35	The Arbitrage Funds, Sierra Income Corporation, Mutual Fund Directors Forum
George O. Elston (1964) Board Member since 2011, Chairperson of the Audit Committee since 2015	Chief Financial Officer, EyePoint Pharmaceuticals, Inc. (2019-present); Chief Financial Officer, Enzyvant (2018-2019); Chief Executive Officer, 2X Oncology, Inc. (2017-2018); Senior Vice President and Chief Financial Officer, Juniper Pharmaceuticals, Inc. (2014-2016); Senior Vice President and Chief Financial Officer, KBI BioPharma Inc. (2013-2014); Managing Partner, Chatham Street Partners (2010-2013).	35	—
J. David Officer (1948) Board Member since 2011, Chairperson of the Nominating Committee since 2015	Independent Director (2010-present); Vice Chairman, the Dreyfus Corporation (2006-2009); President, The Dreyfus Family of Funds, Inc. (2006-2009).	35	(Chairman of) Ilex Management Ltd; Old Westbury Funds