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



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