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, 2023.

The global economy remained resilient throughout the reporting period, buoyed by a steady job market and cooling inflation. Nonetheless, inflation remained above most central banks’ targeted range, prompting them to maintain their hawkish stance as they emphasized on the potential need to hike rates further to effectively manage inflation. In the U.S., the debt ceiling impasse ended after President Biden signed the debt limit bill, avoiding a potential default.

Global bond markets wobbled throughout the reporting period, with yields moving up toward the end of the period, driven by the hawkish stance of major central banks. The banking turmoil, earlier this year, had sparked a rally in government bonds. Financial turbulence rattled the global markets after Silicon Valley Bank was shut down by the California Department of Financial Protection and Innovation. However, the timely intervention by the U.S. Federal Reserve Board (Fed) averted a major global banking crisis. This was followed by the Swiss government’s brokering the rescue of Credit Suisse by UBS. The central banks, however, continued with their rate-hike spree, albeit at a slower pace. The Fed, the European Central Bank, and the Bank of England (BoE) hiked rates twice in the period. Notably, U.S. and European investment-grade bonds outperformed their high-yield counterparts.

Global high-yield bonds outperformed investment-grade bonds in Q2 2023 on abating recessionary fears. Meanwhile, government bonds from the U.K. and Australia underperformed, due to higher-than-expected inflation and subsequent rate hikes. All the major central banks continued raising rates, with the exception of the Bank of Japan (BoJ). The U.S. 10-year yield continued its rally, edging up 3.95% by the end of Q2 2023.

Toward the end of the reporting period, global bond yields started rising to record levels on encouraging macroeconomic data and expectations of continued monetary tightening by the central banks. In the U.S., the benchmark 10-year Treasury yield soared to the highest level since 2007 as investors expected rates to remain high for longer periods. Meanwhile, the BoJ altered its yield curve control policy, introducing a 1% cap on the 10-year Japanese government bond yield while keeping the target range unchanged. This led to a sell-off of Japanese government bonds. Elsewhere, the BoE raised its policy rate by 25bps¹ to 5.25% in August 2023. Meanwhile, high-yield credit markets outperformed government bonds in the month of August 2023.

Our analysts believe that successive rate hikes by the central banks to curb rising prices will likely weigh on the global economy in 2023 and 2024, considerably slowing its growth, compared with 2022. Meanwhile, growth in the U.S. has remained resilient, compared with other major global economies’, giving rise to hopes of a soft landing by the economy, thereby skirting a recession. On the other hand, we believe Europe is likely to enter into a recession in 2024, with growth dynamics remaining weak and manufacturing activity expected to contract further. By contrast, growth in the emerging and the developing markets will likely remain strong over the next year.

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 (Bps) are a unit of measurement equal to 1/100th 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, 2023, HYUP shares returned 8.11%, compared to the HYUP Index return of 8.20%.

The majority of sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Cyclical, Consumer Non-Cyclical and Energy. The Communications sector was the only negative contributor to 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, 2023, HYDW shares returned 5.44%, compared to the HYDW Index return of 5.57%.

All sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Cyclical, Consumer Non-Cyclical and Capital Goods.

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 “Underlying 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 12-month period ended August 31, 2023, HYRM shares returned 7.27%, compared to the HYRM Index return of 6.92%.

All sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Cyclical, Consumer Non-Cyclical and Energy.

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, 2023, SHYL shares returned 7.65%, compared to the SHYL Index return of 7.46%.

All sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Cyclical, Consumer Non-Cyclical and Energy.

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, 2023, HYLB shares returned 6.63%, compared to the HYLB Index return of 6.92%

All sectors contributed positively to performance during the period with the greatest contribution coming from Consumer Cyclical, Consumer Non-Cyclical and Energy.

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 22, 2022, 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, 2023


Communications			23.6%
Consumer, Cyclical			20.3%
Consumer, Non-cyclical			13.4%
Energy			13.2%
Financial			11.6%
Industrial			6.7%
Basic Materials			4.4%
Technology			4.2%
Utilities			2.5%
Diversified			0.1%

Total			100.0%

Modified duration to worst as of August 31, 2023: 3.7 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, 2023


Description	% of Market Value
BBB		0.7%
BB		46.8%
B		39.8%
CCC		11.7%
CC		0.9%
NR		0.1%

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.

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 22, 2022, 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, 2023**


Consumer, Cyclical			27.9%
Consumer, Non-cyclical			20.0%
Industrial			12.0%
Communications			11.0%
Financial			9.2%
Energy			8.4%
Technology			4.8%
Basic Materials			3.6%
Utilities			3.1%

Total			100.0%

Modified duration to worst as of August 31, 2023: 3.8 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, 2023**


Description	% of Market Value
BBB		7.7%
BB		76.8%
B		15.4%
CCC		0.1%

Total		100.0%

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 27.

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 22, 2022, was 0.45%, and may differ from the expense ratio disclosed in the Financial Highlights table in this report. The expense ratio includes net expenses of the underlying funds in which the Fund invests.


*Sector Diversification as of August 31, 2023**


Consumer, Cyclical			24.8%
Communications			17.4%
Consumer, Non-cyclical			16.4%
Energy			10.8%
Financial			10.2%
Industrial			9.2%
Technology			4.5%
Basic Materials			3.8%
Utilities			2.8%
Diversified			0.1%

Total			100.0%


*Quality as of August 31, 2023**


Description	% of Market Value
BBB		3.9%
BB		61.8%
B		27.8%
CCC		6.0%
CC		0.5%

		100.0%

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 37.

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 22, 2022, 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, 2023**


Consumer, Cyclical			25.0%
Communications			16.4%
Consumer, Non-cyclical			15.4%
Financial			11.6%
Industrial			10.9%
Energy			10.4%
Basic Materials			4.0%
Utilities			3.3%
Technology			2.9%
Diversified			0.1%

Total			100.0%

Modified duration to worst as of August 31, 2023: 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, 2023**


Description	% of Market Value
BBB		4.3%
BB		59.4%
B		29.2%
CCC		6.8%
CC		0.2%
NR		0.1%

		100.0%

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

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 22, 2022, 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, 2023**


Consumer, Cyclical			24.8%
Communications			17.3%
Consumer, Non-cyclical			16.5%
Energy			10.7%
Financial			10.2%
Industrial			9.3%
Technology			4.5%
Basic Materials			3.8%
Utilities			2.8%
Diversified			0.1%

Total			100.0%


*Quality as of August 31, 2023**


Description	% of Market Value
BBB		4.0%
BB		62.2%
B		27.5%
CCC		5.9%
CC		0.4%

Total		100.0%

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, 2023 to August 31, 2023).

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 — 97.2%
Basic Materials — 4.2%
Chemicals — 1.8%
ASP Unifrax Holdings, Inc. 144A, 5.25%, 9/30/28	$	23,000	$	15,684
144A, 7.50%, 9/30/29		10,000		5,211
Chemours Co. 5.375%, 5/15/27		13,000		12,232
144A, 5.75%, 11/15/28		25,000		22,481
144A, 4.625%, 11/15/29		18,000		14,971
Consolidated Energy Finance SA, 144A, 5.625%, 10/15/28		13,000		10,870
INEOS Finance PLC, 144A, 6.75%, 5/15/28		15,000		14,376
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		13,000		11,896
NOVA Chemicals Corp. 144A, 5.00%, 5/1/25		17,000		16,165
144A, 5.25%, 6/1/27		35,000		31,159
144A, 4.25%, 5/15/29		13,000		10,553
SCIH Salt Holdings, Inc., 144A, 6.625%, 5/1/29		19,000		16,785
Tronox, Inc., 144A, 4.625%, 3/15/29		37,000		30,407

(Cost $246,272)				212,790

Forest Products & Paper — 0.1%
Mercer International, Inc., 5.125%, 2/1/29
(Cost $22,583)		24,000		19,655

Iron/Steel — 0.5%
ATI, Inc., 7.25%, 8/15/30		10,000		10,114
Mineral Resources Ltd. 144A, 8.125%, 5/1/27		18,000		17,988
144A, 8.00%, 11/1/27		18,000		17,959
144A, 8.50%, 5/1/30		16,000		16,077

(Cost $63,287)				62,138

Mining — 1.8%
First Quantum Minerals Ltd. 144A, 6.875%, 3/1/26		50,000		49,340
144A, 6.875%, 10/15/27		54,000		52,641
144A, 8.625%, 6/1/31		36,000		36,704
Hudbay Minerals, Inc., 144A, 6.125%, 4/1/29		15,000		14,117
Kaiser Aluminum Corp. 144A, 4.625%, 3/1/28		15,000		13,287
144A, 4.50%, 6/1/31		20,000		16,179
Vedanta Resources Finance II PLC 144A, 8.95%, 3/11/25		15,000		9,823
144A, 9.25%, 4/23/26		35,000		20,064

(Cost $223,294)				212,155

Communications — 23.0%
Advertising — 1.3%
Clear Channel Outdoor Holdings, Inc. 144A, 5.125%, 8/15/27		32,000		28,683


	Principal Amount		Value
Advertising (Continued)
144A, 7.75%, 4/15/28	$	20,000	$	15,751
144A, 9.00%, 9/15/28		25,000		25,147
144A, 7.50%, 6/1/29		37,000		27,645
Outfront Media Capital LLC / Outfront Media Capital Corp. 144A, 5.00%, 8/15/27		5,000		4,508
144A, 4.25%, 1/15/29		17,000		13,961
144A, 4.625%, 3/15/30		20,000		16,278
Stagwell Global LLC,144A, 5.625%, 8/15/29		34,000		28,425

(Cost $180,692)				160,398

Internet — 0.2%
Rakuten Group, Inc., 144A, 10.25%, 11/30/24
(Cost $16,509)		17,000		17,170

Media — 12.7%
Altice Financing SA 144A, 5.00%, 1/15/28		32,000		26,046
144A, 5.75%, 8/15/29		59,000		46,791
AMC Networks, Inc. 4.75%, 8/1/25		27,000		25,336
4.25%, 2/15/29		26,000		16,608
Cable One, Inc., 144A, 4.00%, 11/15/30		15,000		11,714
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 7.375%, 3/1/31		32,000		31,807
144A, 4.75%, 2/1/32		35,000		28,995
4.50%, 5/1/32		80,000		64,931
144A, 4.50%, 6/1/33		45,000		35,555
144A, 4.25%, 1/15/34		55,000		42,169
CSC Holdings LLC 144A, 5.50%, 4/15/27		38,000		32,808
144A, 5.375%, 2/1/28		22,000		18,018
144A, 7.50%, 4/1/28		30,000		19,108
144A, 11.25%, 5/15/28		20,000		19,745
144A, 6.50%, 2/1/29		56,000		46,319
144A, 5.75%, 1/15/30		62,000		34,218
144A, 4.125%, 12/1/30		31,000		22,126
144A, 4.625%, 12/1/30		65,000		34,072
144A, 3.375%, 2/15/31		27,000		18,563
144A, 4.50%, 11/15/31		41,000		29,185
144A, 5.00%, 11/15/31		18,000		9,637
DISH DBS Corp. 5.875%, 11/15/24		56,000		52,141
7.75%, 7/1/26		54,000		40,400
144A, 5.25%, 12/1/26		81,000		68,409
7.375%, 7/1/28		25,000		15,724
144A, 5.75%, 12/1/28		70,000		54,300
5.125%, 6/1/29		43,000		23,245
DISH Network Corp., 144A, 11.75%, 11/15/27		91,000		92,405
Gray Television, Inc. 144A, 5.875%, 7/15/26		27,000		24,730
144A, 7.00%, 5/15/27		17,000		15,276
144A, 4.75%, 10/15/30		20,000		13,985


	Principal Amount		Value
Media (Continued)
iHeartCommunications, Inc. 6.375%, 5/1/26	$	12,000	$	10,487
8.375%, 5/1/27		38,000		26,353
144A, 5.25%, 8/15/27		19,000		15,072
144A, 4.75%, 1/15/28		11,000		8,489
McGraw-Hill Education, Inc. 144A, 5.75%, 8/1/28		23,000		20,433
144A, 8.00%, 8/1/29		16,000		14,038
Nexstar Media, Inc., 144A, 4.75%, 11/1/28		22,000		19,330
Sinclair Television Group, Inc. 144A, 5.50%, 3/1/30		13,000		6,950
144A, 4.125%, 12/1/30		21,000		13,434
Sirius XM Radio, Inc. 144A, 5.50%, 7/1/29		40,000		36,144
144A, 4.125%, 7/1/30		50,000		40,816
144A, 3.875%, 9/1/31		35,000		27,273
TEGNA, Inc. 4.625%, 3/15/28		30,000		26,911
5.00%, 9/15/29		30,000		26,443
Univision Communications, Inc. 144A, 6.625%, 6/1/27		44,000		42,641
144A, 8.00%, 8/15/28		10,000		9,984
144A, 4.50%, 5/1/29		35,000		30,161
144A, 7.375%, 6/30/30		21,000		20,340
UPC Broadband Finco BV, 144A, 4.875%, 7/15/31		32,000		26,440
UPC Holding BV, 144A, 5.50%, 1/15/28		10,000		8,910
Virgin Media Finance PLC, 144A, 5.00%, 7/15/30		25,000		20,307
VTR Finance NV, 144A, 6.375%, 7/15/28		13,000		5,991
Ziggo Bond Co. BV 144A, 6.00%, 1/15/27		16,000		14,901
144A, 5.125%, 2/28/30		13,000		10,102
Ziggo BV, 144A, 4.875%, 1/15/30		30,000		25,248

(Cost $1,764,402)				1,521,564

Telecommunications — 8.8%
Altice France Holding SA 144A, 10.50%, 5/15/27		38,000		20,554
144A, 6.00%, 2/15/28		31,000		13,719
Altice France SA 144A, 8.125%, 2/1/27		51,000		43,148
144A, 5.50%, 1/15/28		26,000		19,508
144A, 5.125%, 1/15/29		15,000		10,703
144A, 5.125%, 7/15/29		73,000		51,668
144A, 5.50%, 10/15/29		52,000		37,462
C&W Senior Financing DAC, 144A, 6.875%, 9/15/27		33,000		30,658
CommScope Technologies LLC 144A, 6.00%, 6/15/25		37,000		33,841
144A, 5.00%, 3/15/27		19,000		10,584
CommScope, Inc. 144A, 6.00%, 3/1/26		38,000		34,571


	Principal Amount		Value
Telecommunications (Continued)
144A, 8.25%, 3/1/27	$	25,000	$	16,589
144A, 7.125%, 7/1/28		20,000		11,162
144A, 4.75%, 9/1/29		43,000		31,994
Consolidated Communications, Inc. 144A, 5.00%, 10/1/28		12,000		8,790
144A, 6.50%, 10/1/28		20,000		15,404
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27		38,000		34,642
144A, 5.00%, 5/1/28		45,000		38,600
144A, 6.75%, 5/1/29		26,000		20,207
5.875%, 11/1/29		20,000		14,830
144A, 6.00%, 1/15/30		30,000		22,192
144A, 8.75%, 5/15/30		30,000		29,187
144A, 8.625%, 3/15/31		20,000		19,242
Hughes Satellite Systems Corp. 5.25%, 8/1/26		30,000		27,619
6.625%, 8/1/26		19,000		16,501
Iliad Holding SASU 144A, 6.50%, 10/15/26		31,000		29,604
144A, 7.00%, 10/15/28		23,000		21,418
Intelsat Jackson Holdings SA, 144A, 6.50%, 3/15/30		86,000		79,053
Level 3 Financing, Inc. 144A, 4.625%, 9/15/27		25,000		18,806
144A, 4.25%, 7/1/28		32,000		20,982
144A, 3.625%, 1/15/29		22,000		13,114
144A, 10.50%, 5/15/30		26,000		26,405
Lumen Technologies, Inc. 144A, 5.125%, 12/15/26		15,000		7,784
144A, 4.00%, 2/15/27		35,000		22,028
144A, 4.50%, 1/15/29		12,000		3,973
Millicom International Cellular SA 144A, 5.125%, 1/15/28		13,500		12,255
144A, 6.25%, 3/25/29		18,000		16,483
144A, 4.50%, 4/27/31		25,000		19,771
Sable International Finance Ltd., 144A, 5.75%, 9/7/27		12,000		11,143
VEON Holdings BV, 144A, 4.95%, 6/16/24		17,000		16,024
Viasat, Inc. 144A, 5.625%, 9/15/25		18,000		17,027
144A, 5.625%, 4/15/27		16,000		14,329
144A, 6.50%, 7/15/28		10,000		7,822
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28		40,000		32,460
Zayo Group Holdings, Inc. 144A, 4.00%, 3/1/27		38,000		28,506
144A, 6.125%, 3/1/28		30,000		19,529

(Cost $1,277,367)				1,051,891

Consumer, Cyclical — 19.8%
Airlines — 0.8%
American Airlines Group, Inc., 144A, 3.75%, 3/1/25		16,000		15,326
American Airlines, Inc., 144A, 7.25%, 2/15/28		25,000		24,583


	Principal Amount		Value
Airlines (Continued)
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26	$	33,000	$	30,570
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 144A, 8.00%, 9/20/25		15,000		15,032
144A, 8.00%, 9/20/25		14,000		14,029

(Cost $102,816)				99,540

Apparel — 0.4%
Hanesbrands, Inc. 144A, 4.875%, 5/15/26		26,000		24,310
144A, 9.00%, 2/15/31		18,000		18,100

(Cost $42,645)				42,410

Auto Manufacturers — 1.2%
Aston Martin Capital Holdings Ltd., 144A, 10.50%, 11/30/25		20,000		20,339
Ford Motor Co., 9.625%, 4/22/30		16,000		18,593
Ford Motor Credit Co. LLC 6.95%, 6/10/26		15,000		15,034
6.80%, 5/12/28		40,000		40,024
7.35%, 3/6/30		34,000		34,641
7.20%, 6/10/30		20,000		20,322

(Cost $149,445)				148,953

Auto Parts & Equipment — 1.8%
American Axle & Manufacturing, Inc. 6.50%, 4/1/27		13,000		12,335
6.875%, 7/1/28		10,000		9,181
5.00%, 10/1/29		20,000		16,484
Clarios Global LP / Clarios US Finance Co., 144A, 8.50%, 5/15/27		45,000		45,537
Dana, Inc. 5.375%, 11/15/27		10,000		9,469
5.625%, 6/15/28		10,000		9,423
4.25%, 9/1/30		10,000		8,232
Goodyear Tire & Rubber Co. 5.00%, 7/15/29		28,000		24,933
5.25%, 4/30/31		14,000		12,294
5.25%, 7/15/31		16,000		13,795
5.625%, 4/30/33		13,000		11,168
Tenneco, Inc., 144A, 8.00%, 11/17/28		55,000		45,377

(Cost $233,724)				218,228

Entertainment — 2.2%
AMC Entertainment Holdings, Inc. 144A, 10.00%, 6/15/26		36,000		24,998
144A, 7.50%, 2/15/29		28,000		19,140
Caesars Entertainment, Inc., 144A, 4.625%, 10/15/29		35,000		30,667
Cinemark USA, Inc. 144A, 5.875%, 3/15/26		17,000		16,336
144A, 5.25%, 7/15/28		20,000		17,783


	Principal Amount		Value
Entertainment (Continued)
Light & Wonder International, Inc. 144A, 7.00%, 5/15/28	$	19,000	$	18,947
144A, 7.25%, 11/15/29		11,000		11,037
144A, 7.50%, 9/1/31		20,000		20,298
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26		29,000		27,032
Penn Entertainment, Inc. 144A, 5.625%, 1/15/27		10,000		9,464
144A, 4.125%, 7/1/29		10,000		8,154
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 144A, 5.625%, 9/1/29		19,000		15,183
144A, 5.875%, 9/1/31		26,000		20,127
Six Flags Entertainment Corp., 144A, 7.25%, 5/15/31		25,000		23,994

(Cost $297,165)				263,160

Food Service — 0.2%
TKC Holdings, Inc. 144A, 6.875%, 5/15/28		11,000		9,955
144A, 10.50%, 5/15/29		21,000		17,449

(Cost $31,595)				27,404

Home Builders — 0.6%
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, 4.625%, 4/1/30		10,000		8,623
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A, 6.25%, 9/15/27		18,000		16,540
144A, 4.875%, 2/15/30		15,000		12,406
Mattamy Group Corp. 144A, 5.25%, 12/15/27		13,000		12,276
144A, 4.625%, 3/1/30		18,000		15,900

(Cost $71,642)				65,745

Home Furnishings — 0.1%
Tempur Sealy International, Inc., 144A, 3.875%, 10/15/31
(Cost $21,044)		21,000		16,898

Housewares — 1.1%
Newell Brands, Inc. 4.875%, 6/1/25		10,000		9,669
4.70%, 4/1/26		55,000		52,629
6.375%, 9/15/27		15,000		14,684
6.625%, 9/15/29		15,000		14,874
Scotts Miracle-Gro Co. 4.50%, 10/15/29		10,000		8,374
4.00%, 4/1/31		22,000		17,311
4.375%, 2/1/32		10,000		7,927

(Cost $128,343)				125,468

Leisure Time — 4.4%
Carnival Corp. 144A, 7.625%, 3/1/26		42,000		41,906
144A, 5.75%, 3/1/27		88,000		82,754
144A, 6.00%, 5/1/29		59,000		53,455
144A, 10.50%, 6/1/30		29,000		30,917


	Principal Amount		Value
Leisure Time (Continued)
Life Time, Inc., 144A, 8.00%, 4/15/26	$	10,000	$	9,934
NCL Corp. Ltd. 144A, 5.875%, 3/15/26		45,000		42,390
144A, 8.375%, 2/1/28		5,000		5,158
144A, 7.75%, 2/15/29		17,000		16,165
Royal Caribbean Cruises Ltd. 144A, 4.25%, 7/1/26		18,000		16,798
144A, 5.50%, 8/31/26		29,000		27,805
144A, 5.375%, 7/15/27		29,000		27,295
144A, 11.625%, 8/15/27		35,000		38,151
3.70%, 3/15/28		15,000		13,078
144A, 5.50%, 4/1/28		34,000		31,850
144A, 9.25%, 1/15/29		29,000		30,915
Viking Cruises Ltd. 144A, 5.875%, 9/15/27		26,000		24,335
144A, 7.00%, 2/15/29		13,000		12,338
144A, 9.125%, 7/15/31		22,000		22,749

(Cost $525,906)				527,993

Lodging — 1.6%
Marriott Ownership Resorts, Inc., 144A, 4.50%, 6/15/29		13,000		10,997
Melco Resorts Finance Ltd. 144A, 4.875%, 6/6/25		26,000		24,724
144A, 5.25%, 4/26/26		10,000		9,271
144A, 5.625%, 7/17/27		16,000		14,316
144A, 5.75%, 7/21/28		23,000		20,370
144A, 5.375%, 12/4/29		29,000		24,351
Station Casinos LLC, 144A, 4.625%, 12/1/31		13,000		10,729
Studio City Finance Ltd. 144A, 6.00%, 7/15/25		25,000		23,663
144A, 6.50%, 1/15/28		15,000		12,716
144A, 5.00%, 1/15/29		32,000		24,013
Travel + Leisure Co., 144A, 4.50%, 12/1/29		19,000		16,316

(Cost $210,981)				191,466

Retail — 5.4%
Asbury Automotive Group, Inc., 144A, 5.00%, 2/15/32		16,000		13,739
Bath & Body Works, Inc. 7.50%, 6/15/29		14,000		14,126
144A, 6.625%, 10/1/30		30,000		29,283
Carvana Co. 144A, 5.50%, 4/15/27		15,000		11,037
144A, 5.875%, 10/1/28		15,000		9,242
144A, 4.875%, 9/1/29		20,000		11,956
144A, 10.25%, 5/1/30		95,000		73,741
eG Global Finance PLC 144A, 6.75%, 2/7/25		20,000		19,728
144A, 8.50%, 10/30/25		15,000		14,865
Ferrellgas LP / Ferrellgas Finance Corp. 144A, 5.375%, 4/1/26		17,000		15,995
144A, 5.875%, 4/1/29		25,000		22,091
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 144A, 4.625%, 1/15/29		20,000		17,291


	Principal Amount		Value
Retail (Continued)
144A, 6.75%, 1/15/30	$	36,000	$	29,777
Gap, Inc. 144A, 3.625%, 10/1/29		19,000		14,481
144A, 3.875%, 10/1/31		24,000		17,420
Kohl’s Corp., 4.625%, 5/1/31		15,000		11,057
LBM Acquisition LLC, 144A, COMPANY GUARNT, 1/15/29		19,000		16,601
Macy’s Retail Holdings LLC, 144A, 5.875%, 4/1/29		13,000		11,764
Michaels Cos., Inc. 144A, 5.25%, 5/1/28		15,000		12,516
144A, 7.875%, 5/1/29		37,000		25,682
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		32,000		30,440
Nordstrom, Inc. 4.375%, 4/1/30		15,000		12,013
4.25%, 8/1/31		11,000		8,285
PetSmart, Inc. / PetSmart Finance Corp., 144A, 7.75%, 2/15/29		24,000		22,948
QVC, Inc. 4.45%, 2/15/25		15,000		13,498
4.75%, 2/15/27		15,000		9,917
4.375%, 9/1/28		13,000		7,369
Rite Aid Corp., 144A, 8.00%, 11/15/26		25,000		15,900
Sonic Automotive, Inc. 144A, 4.625%, 11/15/29		17,000		14,523
144A, 4.875%, 11/15/31		17,000		14,148
SRS Distribution, Inc. 144A, 6.125%, 7/1/29		12,000		10,445
144A, 6.00%, 12/1/29		25,000		21,402
Staples, Inc. 144A, 7.50%, 4/15/26		49,000		40,590
144A, 10.75%, 4/15/27		28,000		15,223
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31		16,000		13,694

(Cost $747,465)				642,787

Consumer, Non-cyclical — 13.0%
Agriculture — 0.3%
Vector Group Ltd. 144A, 10.50%, 11/1/26		12,000		12,050
144A, 5.75%, 2/1/29		29,000		25,259

(Cost $40,792)				37,309

Beverages — 0.1%
Primo Water Holdings, Inc., 144A, 4.375%, 4/30/29
(Cost $18,989)		19,000		16,690

Commercial Services — 3.1%
Albion Financing 1 SARL / Aggreko Holdings, Inc., 144A, 6.125%, 10/15/26		10,000		9,473
Albion Financing 2SARL, 144A, 8.75%, 4/15/27		15,000		13,984


	Principal Amount		Value
Commercial Services (Continued)
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A, 6.625%, 7/15/26	$	47,000	$	44,752
144A, 9.75%, 7/15/27		33,000		30,338
144A, 6.00%, 6/1/29		25,000		19,143
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		36,000		30,632
APX Group, Inc., 144A, 5.75%, 7/15/29		23,000		19,845
Garda World Security Corp. 144A, 4.625%, 2/15/27		14,000		12,963
144A, 9.50%, 11/1/27		20,000		19,365
144A, 7.75%, 2/15/28		10,000		9,936
144A, 6.00%, 6/1/29		11,000		8,974
Hertz Corp., 144A, 5.00%, 12/1/29		24,000		19,756
MPH Acquisition Holdings LLC 144A, 5.50%, 9/1/28		28,000		23,809
144A, 5.75%, 11/1/28		28,000		21,005
Prime Security Services Borrower LLC / Prime Finance, Inc., 144A, 6.25%, 1/15/28		30,000		28,540
Sabre GLBL, Inc. 144A, 7.375%, 9/1/25		25,000		24,594
144A, 11.25%, 12/15/27		17,000		16,217
Sotheby’s, 144A, 7.375%, 10/15/27		20,000		18,230

(Cost $411,550)				371,556

Cosmetics/Personal Care — 0.2%
Coty, Inc., 144A, 6.50%, 4/15/26		14,000		13,890
Edgewell Personal Care Co., 144A, 4.125%, 4/1/29		13,000		11,278

(Cost $27,118)				25,168

Food — 1.2%
B&G Foods, Inc. 5.25%, 4/1/25		24,000		23,448
5.25%, 9/15/27		14,000		12,417
Post Holdings, Inc. 144A, 5.50%, 12/15/29		32,000		29,654
144A, 4.625%, 4/15/30		42,000		37,250
144A, 4.50%, 9/15/31		33,000		28,336
Sigma Holdco BV, 144A, 7.875%, 5/15/26		19,000		16,180

(Cost $161,169)				147,285

Healthcare-Services — 4.4%
CHS/Community Health Systems, Inc. 144A, 8.00%, 3/15/26		57,000		55,696
144A, 5.625%, 3/15/27		50,000		44,047
144A, 8.00%, 12/15/27		24,000		23,097
144A, 6.875%, 4/1/28		28,000		16,840
144A, 6.00%, 1/15/29		16,000		13,418
144A, 6.875%, 4/15/29		38,000		23,030
144A, 6.125%, 4/1/30		34,000		19,412


	Principal Amount		Value
Healthcare-Services (Continued)
144A, 5.25%, 5/15/30	$	41,000	$	32,374
144A, 4.75%, 2/15/31		28,000		20,885
DaVita, Inc. 144A, 4.625%, 6/1/30		81,000		69,552
144A, 3.75%, 2/15/31		38,000		30,292
Legacy LifePoint Health LLC, 144A, 4.375%, 2/15/27		22,000		18,972
LifePoint Health, Inc. 144A, 5.375%, 1/15/29		13,000		9,003
144A, 9.875%, 8/15/30		23,000		22,759
ModivCare, Inc., 144A, 5.875%, 11/15/25		13,000		12,348
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		36,000		33,703
Team Health Holdings, Inc., 144A, 6.375%, 2/1/25		20,000		15,424
Tenet Healthcare Corp., 6.125%, 10/1/28		73,000		70,270

(Cost $619,191)				531,122

Household Products/Wares — 0.2%
Central Garden & Pet Co., 144A, 4.125%, 4/30/31		10,000		8,499
Spectrum Brands, Inc., 144A, 3.875%, 3/15/31		13,000		10,904

(Cost $22,777)				19,403

Pharmaceuticals — 3.5%
AdaptHealth LLC 144A, 4.625%, 8/1/29		11,000		8,979
144A, 5.125%, 3/1/30		16,000		13,139
Bausch Health Americas, Inc. 144A, 9.25%, 4/1/26		22,000		20,073
144A, 8.50%, 1/31/27		20,000		11,149
Bausch Health Cos., Inc. 144A, 5.50%, 11/1/25		49,000		44,179
144A, 9.00%, 12/15/25		28,000		25,654
144A, 6.125%, 2/1/27		26,000		17,122
144A, 5.75%, 8/15/27		13,000		8,154
144A, 5.00%, 1/30/28		7,000		3,050
144A, 4.875%, 6/1/28		37,000		21,990
144A, 11.00%, 9/30/28		52,000		37,255
144A, 5.00%, 2/15/29		15,000		6,293
144A, 6.25%, 2/15/29		23,000		10,088
144A, 5.25%, 1/30/30		24,000		10,157
144A, 5.25%, 2/15/31		11,000		4,639
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		13,000		11,784
Grifols SA, 144A, 4.75%, 10/15/28		19,000		16,687
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25		20,000		19,264
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29		16,000		11,980
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 144A, 10.00%, 4/15/25 (a)		10,000		7,916


	Principal Amount		Value
Pharmaceuticals (Continued)
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A, 5.125%, 4/30/31	$	55,000	$	46,885
Owens & Minor, Inc. 144A, 4.50%, 3/31/29		11,000		9,333
144A, 6.625%, 4/1/30		16,000		14,571
Teva Pharmaceutical Finance Netherlands III BV, 6.75%, 3/1/28		34,000		33,994

(Cost $530,549)				414,335

Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Benteler International AG, 144A, 10.50%, 5/15/28
(Cost $15,264)		15,000		15,069

Energy — 12.8%
Oil & Gas — 5.5%
Baytex Energy Corp. 144A, 8.75%, 4/1/27		12,000		12,293
144A, 8.50%, 4/30/30		20,000		20,293
Callon Petroleum Co. 144A, 8.00%, 8/1/28		17,000		17,254
144A, 7.50%, 6/15/30		15,000		14,843
Civitas Resources, Inc. 144A, 8.375%, 7/1/28		35,000		36,181
144A, 8.75%, 7/1/31		40,000		41,362
CNX Resources Corp. 144A, 6.00%, 1/15/29		13,000		12,392
144A, 7.375%, 1/15/31		11,000		10,991
Comstock Resources, Inc. 144A, 6.75%, 3/1/29		32,000		29,967
144A, 5.875%, 1/15/30		28,000		24,742
Crescent Energy Finance LLC 144A, 7.25%, 5/1/26		20,000		19,720
144A, 9.25%, 2/15/28		22,000		22,525
CVR Energy, Inc.
144A, 5.25%, 2/15/25		15,000		14,564
144A, 5.75%, 2/15/28		11,000		10,026
Earthstone Energy Holdings LLC 144A, 8.00%, 4/15/27		15,000		15,314
144A, 9.875%, 7/15/31		14,000		15,362
Energean PLC,144A, 6.50%, 4/30/27		16,000		14,709
Kosmos Energy Ltd. 144A, 7.125%, 4/4/26		22,000		20,209
144A, 7.75%, 5/1/27		14,000		12,624
144A, 7.50%, 3/1/28		10,000		8,845
Leviathan Bond Ltd. 144A, REGS, 6.125%, 6/30/25		16,000		15,700
144A, REGS, 6.50%, 6/30/27		25,000		24,250
144A, REGS, 6.75%, 6/30/30		14,000		13,162
Northern Oil and Gas, Inc. 144A, 8.125%, 3/1/28		19,000		19,063
144A, 8.75%, 6/15/31		20,000		20,455
Parkland Corp. 144A, 4.50%, 10/1/29		33,000		29,108
144A, 4.625%, 5/1/30		21,000		18,536


	Principal Amount		Value
Oil & Gas (Continued)
PBF Holding Co. LLC / PBF Finance Corp. 6.00%, 2/15/28	$	19,000	$	17,976
144A, 7.875%, 9/15/30		20,000		19,921
SM Energy Co. 6.75%, 9/15/26		12,000		11,960
6.625%, 1/15/27		11,000		10,872
6.50%, 7/15/28		11,000		10,762
Transocean, Inc. 144A, 7.50%, 1/15/26		15,000		14,774
144A, 11.50%, 1/30/27		18,000		18,975
144A, 8.00%, 2/1/27		14,000		13,664
Tullow Oil PLC, 144A, 7.00%, 3/1/25		16,000		11,057
Vital Energy, Inc., 9.50%, 1/15/25		15,000		15,090

(Cost $646,427)				659,541

Oil & Gas Services — 1.1%
Archrock Partners LP / Archrock Partners Finance Corp. 144A, 6.875%, 4/1/27		16,000		15,745
144A, 6.25%, 4/1/28		21,000		20,066
CGG SA, 144A, 8.75%, 4/1/27		16,000		13,784
USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 4/1/26		19,000		18,803
6.875%, 9/1/27		19,000		18,539
Weatherford International Ltd., 144A, 8.625%, 4/30/30		41,000		41,982

(Cost $132,910)				128,919

Pipelines — 6.2%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 5.75%, 3/1/27		18,000		17,462
144A, 5.75%, 1/15/28		17,000		16,295
Buckeye Partners LP 3.95%, 12/1/26		15,000		13,849
144A, 4.50%, 3/1/28		13,000		11,809
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 144A, 5.625%, 5/1/27		15,000		14,489
144A, 6.00%, 2/1/29		29,000		28,500
144A, 8.00%, 4/1/29		13,000		13,445
144A, 7.375%, 2/1/31		10,000		10,261
EQM Midstream Partners LP 144A, 7.50%, 6/1/27		13,000		13,131
144A, 6.50%, 7/1/27		24,000		23,868
5.50%, 7/15/28		25,000		23,909
144A, 4.50%, 1/15/29		21,000		19,054
144A, 7.50%, 6/1/30		13,000		13,345
144A, 4.75%, 1/15/31		32,000		28,312
Genesis Energy LP / Genesis Energy Finance Corp. 6.50%, 10/1/25		14,000		13,804


	Principal Amount		Value
Pipelines (Continued)
8.00%, 1/15/27	$	25,000	$	24,669
7.75%, 2/1/28		28,000		27,263
8.875%, 4/15/30		10,000		9,969
ITT Holdings LLC, 144A, 6.50%, 8/1/29		31,000		28,007
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		32,000		30,960
144A, 6.50%, 9/30/26		43,000		39,971
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 7.50%, 2/1/26		60,000		59,681
NuStar Logistics LP 6.00%, 6/1/26		15,000		14,717
5.625%, 4/28/27		15,000		14,564
6.375%, 10/1/30		10,000		9,635
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, 9.00%, 10/15/26		22,000		21,250
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 7.50%, 10/1/25		15,000		15,018
144A, 6.00%, 3/1/27		11,000		10,542
144A, 5.50%, 1/15/28		22,000		20,417
144A, 6.00%, 12/31/30		19,000		17,015
144A, 6.00%, 9/1/31		14,000		12,447
Venture Global LNG, Inc. 144A, 8.125%, 6/1/28		63,000		63,606
144A, 8.375%, 6/1/31		63,000		63,603

(Cost $770,213)				744,867

Financial — 11.2%
Banks — 0.3%
Freedom Mortgage Corp. 144A, 8.25%, 4/15/25		14,000		13,809
144A, 7.625%, 5/1/26		15,000		13,813
144A, 6.625%, 1/15/27		14,000		12,269

(Cost $40,805)				39,891

Diversified Financial Services — 4.3%
Burford Capital Global Finance LLC, 144A, 9.25%, 7/1/31		11,000		11,137
Coinbase Global, Inc. 144A, 3.375%, 10/1/28		30,000		22,100
144A, 3.625%, 10/1/31		24,000		16,183
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28		20,000		7,970
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28		26,000		22,227
LD Holdings Group LLC 144A, 6.50%, 11/1/25		11,000		9,259
144A, 6.125%, 4/1/28		16,000		10,431
Macquarie Airfinance Holdings Ltd., 144A, 8.375%, 5/1/28		15,000		15,311
Nationstar Mortgage Holdings, Inc. 144A, 5.50%, 8/15/28		25,000		22,685
144A, 5.125%, 12/15/30		19,000		16,122
144A, 5.75%, 11/15/31		16,000		13,728


	Principal Amount		Value
Diversified Financial Services (Continued)
Navient Corp. 5.00%, 3/15/27	$	19,000	$	17,306
4.875%, 3/15/28		13,000		11,335
5.50%, 3/15/29		22,000		18,828
9.375%, 7/25/30		15,000		15,083
NFP Corp., 144A, 6.875%, 8/15/28		59,000		52,063
OneMain Finance Corp. 7.125%, 3/15/26		45,000		44,318
6.625%, 1/15/28		25,000		23,403
3.875%, 9/15/28		15,000		12,316
9.00%, 1/15/29		10,000		10,147
5.375%, 11/15/29		22,000		19,056
4.00%, 9/15/30		22,000		17,157
Osaic Holdings, Inc., 144A, 10.75%, 8/1/27		15,000		15,089
PennyMac Financial Services, Inc. 144A, 4.25%, 2/15/29		17,000		14,087
144A, 5.75%, 9/15/31		13,000		10,942
PRA Group, Inc., 144A, 8.375%, 2/1/28		10,000		9,136
Synchrony Financial, 7.25%, 2/2/33		20,000		18,415
United Wholesale Mortgage LLC 144A, 5.75%, 6/15/27		11,000		10,145
144A, 5.50%, 4/15/29		29,000		25,186

(Cost $566,744)				511,165

Insurance — 0.9%
Acrisure LLC / Acrisure Finance, Inc. 144A, 7.00%, 11/15/25		32,000		30,958
144A, 10.125%, 8/1/26		5,000		5,164
144A, 6.00%, 8/1/29		13,000		11,305
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 144A, 6.75%, 10/15/27		38,000		35,959
144A, 5.875%, 11/1/29		12,000		10,520
AssuredPartners, Inc., 144A, 5.625%, 1/15/29		14,000		12,178

(Cost $109,461)				106,084

Real Estate — 0.9%
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 144A, 7.00%, 4/15/30		23,200		20,827
Cushman & Wakefield US Borrower LLC 144A, 6.75%, 5/15/28		20,000		19,061
144A, 8.875%, 9/1/31		10,000		10,094
Kennedy-Wilson, Inc. 4.75%, 3/1/29		17,000		13,676
4.75%, 2/1/30		12,000		9,252
5.00%, 3/1/31		24,000		18,185
Realogy Group LLC / Realogy Co.-Issuer Corp. 144A, 5.75%, 1/15/29		24,000		17,304
144A, 5.25%, 4/15/30		2,000		1,390

(Cost $130,848)				109,789


	Principal Amount		Value
Real Estate Investment Trusts — 3.7%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 144A, 5.75%, 5/15/26	$	28,000	$	25,726
144A, 4.50%, 4/1/27		19,000		15,892
Diversified Healthcare Trust 9.75%, 6/15/25		25,000		24,610
4.75%, 2/15/28		13,000		9,944
4.375%, 3/1/31		10,000		7,555
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 144A, 4.25%, 2/1/27		15,000		13,575
144A, 4.75%, 6/15/29		17,000		14,310
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/1/26		10,000		8,509
5.00%, 10/15/27		41,000		32,439
4.625%, 8/1/29		29,000		20,991
3.50%, 3/15/31		34,000		22,113
Office Properties Income Trust 4.50%, 2/1/25		20,000		17,864
3.45%, 10/15/31		12,000		6,103
Service Properties Trust 7.50%, 9/15/25		26,000		25,715
4.75%, 10/1/26		15,000		13,039
4.95%, 2/15/27		21,000		18,201
5.50%, 12/15/27		16,000		14,177
3.95%, 1/15/28		7,000		5,578
4.95%, 10/1/29		3,000		2,369
4.375%, 2/15/30		10,000		7,612
Starwood Property Trust, Inc. 144A, 3.625%, 7/15/26		15,000		13,437
144A, 4.375%, 1/15/27		10,000		8,941
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, 6.00%, 1/15/30		20,000		13,231
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A, 10.50%, 2/15/28		73,000		72,903
144A, 4.75%, 4/15/28		15,000		12,653
144A, 6.50%, 2/15/29		28,000		19,137

(Cost $483,199)				446,624

Venture Capital — 1.1%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 4.75%, 9/15/24		31,000		29,997
6.375%, 12/15/25		25,000		23,864
6.25%, 5/15/26		30,000		27,856
5.25%, 5/15/27		35,000		30,750
4.375%, 2/1/29		25,000		19,759

(Cost $128,544)				132,226

Industrial — 6.5%
Aerospace/Defense — 2.1%
Bombardier, Inc. 144A, 7.125%, 6/15/26		31,000		30,507
144A, 7.875%, 4/15/27		55,000		54,956
144A, 6.00%, 2/15/28		20,000		18,713


	Principal Amount		Value
Aerospace/Defense (Continued)
144A, 7.50%, 2/1/29	$	26,000	$	25,496
Spirit AeroSystems, Inc. 144A, 7.50%, 4/15/25		31,000		30,714
4.60%, 6/15/28		21,000		17,037
144A, 9.375%, 11/30/29		25,000		25,979
Triumph Group, Inc. 7.75%, 8/15/25		11,000		10,367
144A, 9.00%, 3/15/28		35,000		35,141

(Cost $256,927)				248,910

Building Materials — 0.3%
Smyrna Ready Mix Concrete LLC, 144A, 6.00%, 11/1/28
(Cost $36,052)		36,000		34,604

Electrical Components & Equipment — 0.3%
Energizer Holdings, Inc. 144A, 4.75%, 6/15/28		15,000		13,274
144A, 4.375%, 3/31/29		21,000		18,010

(Cost $34,520)				31,284

Engineering & Construction — 0.5%
Brand Industrial Services, Inc., 144A, 10.375%, 8/1/30		40,000		41,301
IHS Holding Ltd. 144A, 5.625%, 11/29/26		7,000		6,046
144A, 6.25%, 11/29/28		20,000		16,163

(Cost $64,114)				63,510

Environmental Control — 0.0%
Covanta Holding Corp., 5.00%, 9/1/30
(Cost $8,299)		8,000		6,792

Machinery-Diversified — 0.5%
SPX FLOW, Inc., 144A, 8.75%, 4/1/30		14,000		13,273
TK Elevator Holdco GmbH, 144A, 7.625%, 7/15/28		10,000		9,278
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27		46,000		43,159

(Cost $69,010)				65,710

Miscellaneous Manufacturing — 0.1%
Trinity Industries, Inc., 144A, 7.75%, 7/15/28
(Cost $10,183)		10,000		10,181

Packaging & Containers — 2.3%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 144A, 4.00%, 9/1/29		28,000		22,788
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 8/15/27		34,000		28,958
144A, 5.25%, 8/15/27		20,000		17,034
LABL, Inc. 144A, 6.75%, 7/15/26		21,000		20,549
144A, 10.50%, 7/15/27		22,000		21,083


	Principal Amount		Value
Packaging & Containers (Continued)
144A, 5.875%, 11/1/28	$	13,000	$	11,779
144A, 8.25%, 11/1/29		11,000		9,207
Mauser Packaging Solutions Holding Co. 144A, 7.875%, 8/15/26		70,000		68,997
144A, 9.25%, 4/15/27		38,000		34,488
Owens-Brockway Glass Container, Inc. 144A, 6.625%, 5/13/27		16,000		15,830
144A, 7.25%, 5/15/31		20,000		20,077

(Cost $290,243)				270,790

Transportation — 0.4%
Cargo Aircraft Management, Inc., 144A, 4.75%, 2/1/28		18,000		16,277
Seaspan Corp., 144A, 5.50%, 8/1/29		21,000		16,352
XPO, Inc., 144A, 7.125%, 6/1/31		12,000		12,074

(Cost $47,437)				44,703

Technology — 4.1%
Computers — 1.1%
McAfee Corp., 144A, 7.375%, 2/15/30		55,000		48,142
NCR Corp. 144A, 5.125%, 4/15/29		30,000		27,317
144A, 5.25%, 10/1/30		11,000		9,879
Presidio Holdings, Inc., 144A, 8.25%, 2/1/28		15,000		14,548
Seagate HDD Cayman 144A, 8.50%, 7/15/31		15,000		15,732
144A, 9.625%, 12/1/32		15,600		17,297

(Cost $142,428)				132,915

Office/Business Equipment — 0.3%
Xerox Holdings Corp. 144A, 5.00%, 8/15/25		19,000		18,145
144A, 5.50%, 8/15/28		19,000		16,541

(Cost $35,964)				34,686

Semiconductors — 0.1%
ams-OSRAM AG, 144A, 7.00%, 7/31/25
(Cost $11,279)		11,000		10,096

Software — 2.6%
Alteryx, Inc., 144A, 8.75%, 3/15/28		15,000		14,488
AthenaHealth Group, Inc., 144A, 6.50%, 2/15/30		69,000		59,993
Clarivate Science Holdings Corp., 144A, 4.875%, 7/1/29		23,000		20,070
Cloud Software Group, Inc. 144A, 6.50%, 3/31/29		112,000		100,279
144A, 9.00%, 9/30/29		104,000		92,965
MicroStrategy, Inc., 144A, 6.125%, 6/15/28		16,000		14,339
RingCentral, Inc., 144A, 8.50%, 8/15/30		13,000		12,802

(Cost $318,344)				314,936


	Principal Amount		Value
Utilities — 2.5%
Electric — 2.1%
Calpine Corp. 144A, 5.125%, 3/15/28	$	37,000	$	33,732
144A, 4.625%, 2/1/29		19,000		16,552
144A, 5.00%, 2/1/31		23,000		19,460
Drax Finco PLC, 144A, 6.625%, 11/1/25		15,000		14,764
NRG Energy, Inc. 5.75%, 1/15/28		21,000		19,869
144A, 3.375%, 2/15/29		15,000		12,379
144A, 5.25%, 6/15/29		20,000		17,987
144A, 3.625%, 2/15/31		30,000		23,431
PG&E Corp. 5.00%, 7/1/28		35,000		32,232
5.25%, 7/1/30		22,000		19,606
Talen Energy Supply LLC, 144A, 8.625%, 6/1/30		30,000		31,269
TransAlta Corp., 7.75%, 11/15/29		10,000		10,337

(Cost $274,198)				251,618

Gas — 0.4%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.875%, 8/20/26		18,000		17,091
5.75%, 5/20/27		18,000		16,667
144A, 9.375%, 6/1/28		10,000		10,259

(Cost $45,085)				44,017

TOTAL CORPORATE BONDS (Cost $12,857,810)				11,649,608


	Number of Shares
CASH EQUIVALENTS — 1.7%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) (Cost $203,368)		203,368		203,368


TOTAL INVESTMENTS — 98.9% (Cost $13,061,178)			$	11,852,976
Other assets and liabilities, net — 1.1%				126,081

NET ASSETS — 100.0%			$	11,979,057

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 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, 2023 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 — 98.3%
Basic Materials — 3.5%
Chemicals — 1.7%
Ashland, Inc., 144A, 3.375%, 9/1/31	$	241,000	$	192,901
Avient Corp. 144A, 5.75%, 5/15/25		348,000		343,705
144A, 7.125%, 8/1/30		388,000		387,899
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29		375,000		318,386
Methanex Corp. 5.125%, 10/15/27		375,000		352,108
5.25%, 12/15/29		360,000		328,271
Olin Corp. 5.125%, 9/15/27		268,000		256,848
5.625%, 8/1/29		359,000		343,941
5.00%, 2/1/30		276,000		252,641
SCIH Salt Holdings, Inc., 144A, 4.875%, 5/1/28		589,000		530,062
Valvoline, Inc. 144A, 4.25%, 2/15/30		322,000		316,813
144A, 3.625%, 6/15/31		287,000		228,416

(Cost $4,067,473)				3,851,991

Iron/Steel — 0.6%
Cleveland-Cliffs, Inc. 144A, 6.75%, 3/15/26		444,000		444,637
5.875%, 6/1/27		297,000		286,366
144A, 6.75%, 4/15/30		402,000		383,714
United States Steel Corp., 6.875%, 3/1/29		255,000		254,248

(Cost $1,404,965)				1,368,965

Mining — 1.2%
FMG Resources August 2006 Pty Ltd. 144A, 4.50%, 9/15/27		322,000		297,454
144A, 5.875%, 4/15/30		375,000		348,497
144A, 4.375%, 4/1/31		804,000		674,532
144A, 6.125%, 4/15/32		409,000		380,951
Hudbay Minerals, Inc., 144A, 4.50%, 4/1/26		305,000		288,122
Nexa Resources SA 144A, 5.375%, 5/4/27		375,000		352,943
144A, 6.50%, 1/18/28		268,000		259,925

(Cost $2,794,456)				2,602,424

Communications — 10.8%
Advertising — 0.4%
Lamar Media Corp. 3.75%, 2/15/28		319,000		290,832
4.00%, 2/15/30		295,000		258,390
3.625%, 1/15/31		295,000		246,591
Outfront Media Capital LLC / Outfront Media Capital Corp., 144A, 6.25%, 6/15/25		214,000		210,501

(Cost $1,128,004)				1,006,314


	Principal Amount		Value
Internet — 3.0%
Gen Digital, Inc. 144A, 5.00%, 4/15/25	$	589,000	$	577,956
144A, 6.75%, 9/30/27		482,000		483,074
144A, 7.125%, 9/30/30		322,000		324,322
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A, 5.25%, 12/1/27		322,000		308,629
144A, 3.50%, 3/1/29		429,000		369,108
Match Group Holdings II LLC 144A, 5.00%, 12/15/27		226,000		212,368
144A, 4.625%, 6/1/28		268,000		247,503
144A, 4.125%, 8/1/30		268,000		230,086
144A, 3.625%, 10/1/31		268,000		218,718
MercadoLibre, Inc. 2.375%, 1/14/26		214,000		196,293
3.125%, 1/14/31		351,000		281,105
Uber Technologies, Inc. 144A, 7.50%, 5/15/25		472,000		476,921
144A, 8.00%, 11/1/26		804,000		819,345
144A, 7.50%, 9/15/27		643,000		656,062
144A, 6.25%, 1/15/28		268,000		265,616
144A, 4.50%, 8/15/29		804,000		737,685
Ziff Davis, Inc., 144A, 4.625%, 10/15/30		247,000		212,675

(Cost $6,854,548)				6,617,466

Media — 6.5%
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.50%, 5/1/26		301,000		294,231
144A, 5.125%, 5/1/27		1,521,000		1,434,341
144A, 5.00%, 2/1/28		1,340,000		1,236,042
144A, 5.375%, 6/1/29		702,000		640,282
144A, 6.375%, 9/1/29		702,000		665,253
144A, 4.75%, 3/1/30		1,427,000		1,231,009
144A, 4.50%, 8/15/30		1,286,000		1,083,233
144A, 4.25%, 2/1/31		1,404,000		1,152,830
News Corp. 144A, 3.875%, 5/15/29		536,000		471,198
144A, 5.125%, 2/15/32		268,000		242,781
Nexstar Media, Inc., 144A, 5.625%, 7/15/27		918,000		863,716
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26		536,000		484,115
144A, 5.00%, 8/1/27		804,000		742,574
144A, 4.00%, 7/15/28		1,052,000		910,981
TEGNA, Inc., 144A, 4.75%, 3/15/26		295,000		281,354
Telenet Finance Luxembourg Notes SARL, 144A, 5.50%, 3/1/28		600,000		551,400
Univision Communications, Inc., 144A, 5.125%, 2/15/25		588,000		580,444
Videotron Ltd. 144A, 5.125%, 4/15/27		322,000		308,605
144A, 3.625%, 6/15/29		268,000		230,389
Virgin Media Secured Finance PLC 144A, 5.50%, 5/15/29		764,000		698,926


	Principal Amount		Value
Media (Continued)
144A, 4.50%, 8/15/30	$	490,000	$	414,177

(Cost $15,804,043)				14,517,881

Telecommunications — 0.9%
Level 3 Financing, Inc. 144A, 3.40%, 3/1/27		405,000		374,037
144A, 3.875%, 11/15/29		400,000		353,671
Vmed O2 UK Financing I PLC 144A, 4.25%, 1/31/31		723,000		592,295
144A, 4.75%, 7/15/31		730,000		610,268

(Cost $2,037,881)				1,930,271

Consumer, Cyclical — 27.4%
Airlines — 2.3%
Air Canada, 144A, 3.875%, 8/15/26		643,000		594,452
American Airlines, Inc., 144A, 11.75%, 7/15/25		1,030,000		1,128,257
Delta Air Lines, Inc. 2.90%, 10/28/24		482,000		467,365
7.375%, 1/15/26		432,000		444,770
4.375%, 4/19/28		220,000		206,604
3.75%, 10/28/29		254,000		225,590
United Airlines, Inc. 144A, 4.375%, 4/15/26		1,072,000		1,010,658
144A, 4.625%, 4/15/29		1,047,000		932,285

(Cost $5,270,521)				5,009,981

Apparel — 0.1%
Levi Strauss & Co., 144A, 3.50%, 3/1/31
(Cost $228,264)		268,000		217,999

Auto Manufacturers — 4.5%
Allison Transmission, Inc. 144A, 4.75%, 10/1/27		214,000		201,085
144A, 5.875%, 6/1/29		268,000		259,141
144A, 3.75%, 1/30/31		536,000		448,252
Ford Motor Co. 4.346%, 12/8/26		804,000		776,837
3.25%, 2/12/32		1,340,000		1,047,137
6.10%, 8/19/32		938,000		897,261
Ford Motor Credit Co. LLC 4.063%, 11/1/24		413,000		400,487
2.30%, 2/10/25		344,000		323,515
4.687%, 6/9/25		165,000		158,978
5.125%, 6/16/25		482,000		469,665
4.134%, 8/4/25		385,000		367,037
3.375%, 11/13/25		578,000		538,798
GMTN, 4.389%, 1/8/26		330,000		311,810
6.95%, 3/6/26		358,000		359,260
4.542%, 8/1/26		207,000		195,334
2.70%, 8/10/26		413,000		369,787
4.271%, 1/9/27		248,000		229,516
4.95%, 5/28/27		413,000		387,847
4.125%, 8/17/27		344,000		312,716
3.815%, 11/2/27		207,000		184,323


	Principal Amount		Value
Auto Manufacturers (Continued)
7.35%, 11/4/27	$	413,000	$	421,644
2.90%, 2/16/28		207,000		176,835
2.90%, 2/10/29		219,000		180,951
5.113%, 5/3/29		409,000		376,614
4.00%, 11/13/30		450,000		381,163
3.625%, 6/17/31		275,000		223,057

(Cost $11,154,660)				9,999,050

Auto Parts & Equipment — 2.0%
Adient Global Holdings Ltd. 144A, 4.875%, 8/15/26		426,000		410,042
144A, 7.00%, 4/15/28		268,000		271,016
144A, 8.25%, 4/15/31		268,000		274,999
Clarios Global LP, 144A, 6.75%, 5/15/25		250,000		250,127
Clarios Global LP / Clarios US Finance Co. 144A, 6.25%, 5/15/26		481,000		476,780
144A, 6.75%, 5/15/28		402,000		401,321
Goodyear Tire & Rubber Co. 9.50%, 5/31/25		376,000		384,328
5.00%, 5/31/26		482,000		465,645
4.875%, 3/15/27		375,000		353,094
ZF North America Capital, Inc. 144A, 4.75%, 4/29/25		577,000		561,127
144A, 6.875%, 4/14/28		322,000		320,683
144A, 7.125%, 4/14/30		322,000		326,555

(Cost $4,593,046)				4,495,717

Distribution/Wholesale — 0.8%
American Builders & Contractors Supply Co., Inc. 144A, 4.00%, 1/15/28		375,000		339,823
144A, 3.875%, 11/15/29		214,000		184,684
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		670,000		585,602
Ritchie Bros Holdings, Inc. 144A, 6.75%, 3/15/28		295,000		296,872
144A, 7.75%, 3/15/31		429,000		441,409

(Cost $1,939,584)				1,848,390

Entertainment — 5.4%
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25		1,772,000		1,759,832
144A, 8.125%, 7/1/27		863,000		877,050
144A, 7.00%, 2/15/30		1,072,000		1,077,266
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, 5.75%, 7/1/25		530,000		530,857
CDI Escrow Issuer, Inc., 144A, 5.75%, 4/1/30		643,000		598,740
Cedar Fair LP, 5.25%, 7/15/29		268,000		241,586
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25		536,000		532,235
5.375%, 4/15/27		268,000		253,614
Churchill Downs, Inc. 144A, 5.50%, 4/1/27		322,000		310,526


	Principal Amount		Value
Entertainment (Continued)
144A, 4.75%, 1/15/28	$	375,000	$	346,250
144A, 6.75%, 5/1/31		322,000		314,687
International Game Technology PLC 144A, 6.50%, 2/15/25		268,000		268,472
144A, 4.125%, 4/15/26		402,000		381,982
144A, 6.25%, 1/15/27		402,000		398,424
144A, 5.25%, 1/15/29		402,000		378,399
Live Nation Entertainment, Inc. 144A, 4.875%, 11/1/24		308,000		302,791
144A, 6.50%, 5/15/27		643,000		644,077
144A, 4.75%, 10/15/27		509,000		474,643
144A, 3.75%, 1/15/28		268,000		239,262
Six Flags Entertainment Corp., 144A, 5.50%, 4/15/27		268,000		252,496
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		322,000		321,160
WMG Acquisition Corp. 144A, 3.75%, 12/1/29		289,000		250,792
144A, 3.875%, 7/15/30		287,000		249,306
144A, 3.00%, 2/15/31		409,000		333,703
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 144A, 5.125%, 10/1/29		402,000		360,224
144A, 7.125%, 2/15/31		311,000		305,609

(Cost $12,577,937)				12,003,983

Food Service — 0.7%
Aramark Services, Inc. 144A, 5.00%, 4/1/25		296,000		292,641
144A, 6.375%, 5/1/25		787,000		789,150
144A, 5.00%, 2/1/28		616,000		575,249

(Cost $1,687,023)				1,657,040

Home Builders — 0.5%
Meritage Homes Corp. 6.00%, 6/1/25		245,000		244,095
144A, 3.875%, 4/15/29		236,000		206,194
Taylor Morrison Communities, Inc. 144A, 5.875%, 6/15/27		268,000		263,592
144A, 5.75%, 1/15/28		250,000		241,397
144A, 5.125%, 8/1/30		248,000		227,692

(Cost $1,270,506)				1,182,970

Home Furnishings — 0.2%
Tempur Sealy International, Inc., 144A, 4.00%, 4/15/29
(Cost $438,962)		429,000		368,857

Leisure Time — 2.5%
Carnival Corp. 144A, 9.875%, 8/1/27		446,000		471,335
144A, 4.00%, 8/1/28		1,289,000		1,154,476
144A, 7.00%, 8/15/29		250,000		253,885
Carnival Holdings Bermuda Ltd., 144A, 10.375%, 5/1/28		1,088,000		1,184,282
Life Time, Inc., 144A, 5.75%, 1/15/26		496,000		484,341


	Principal Amount		Value
Leisure Time (Continued)
NCL Corp. Ltd. 144A, 3.625%, 12/15/24	$	303,000	$	290,495
144A, 5.875%, 2/15/27		536,000		519,699
Royal Caribbean Cruises Ltd. 144A, 11.50%, 6/1/25		330,000		349,012
144A, 8.25%, 1/15/29		496,000		518,825
144A, 7.25%, 1/15/30		375,000		380,543

(Cost $5,608,244)				5,606,893

Lodging — 4.0%
Boyd Gaming Corp. 4.75%, 12/1/27		536,000		502,933
144A, 4.75%, 6/15/31		482,000		425,028
Hilton Domestic Operating Co., Inc. 144A, 5.375%, 5/1/25		268,000		265,732
144A, 5.75%, 5/1/28		268,000		263,169
144A, 3.75%, 5/1/29		429,000		378,290
4.875%, 1/15/30		536,000		500,516
144A, 4.00%, 5/1/31		589,000		511,953
144A, 3.625%, 2/15/32		784,000		652,025
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc 144A, 5.00%, 6/1/29		455,000		403,802
144A, 4.875%, 7/1/31		268,000		226,219
Las Vegas Sands Corp. 2.90%, 6/25/25		268,000		253,019
3.50%, 8/18/26		536,000		497,823
3.90%, 8/8/29		402,000		353,765
MGM Resorts International 6.75%, 5/1/25		386,000		386,980
5.75%, 6/15/25		362,000		357,358
4.625%, 9/1/26		214,000		201,753
5.50%, 4/15/27		362,000		346,203
4.75%, 10/15/28		402,000		365,186
Station Casinos LLC, 144A, 4.50%, 2/15/28		370,000		331,483
Travel + Leisure Co. 144A, 6.625%, 7/31/26		348,000		343,550
6.00%, 4/1/27		214,000		207,839
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 144A, 5.50%, 3/1/25		705,000		697,102
144A, 5.25%, 5/15/27		483,000		457,561

(Cost $9,378,263)				8,929,289

Retail — 4.4%
1011778 BC ULC / New Red Finance, Inc. 144A, 5.75%, 4/15/25		268,000		266,227
144A, 3.875%, 1/15/28		831,000		756,542
144A, 4.375%, 1/15/28		402,000		369,411
144A, 3.50%, 2/15/29		402,000		352,340
144A, 4.00%, 10/15/30		1,534,000		1,300,457
Asbury Automotive Group, Inc. 4.50%, 3/1/28		217,000		198,128
144A, 4.625%, 11/15/29		409,000		361,246
4.75%, 3/1/30		238,000		209,225


	Principal Amount		Value
Retail (Continued)
Bath & Body Works, Inc., 5.25%, 2/1/28	$	268,000	$	257,359
Beacon Roofing Supply, Inc., 144A, 6.50%, 8/1/30		300,000		296,700
FirstCash, Inc. 144A, 4.625%, 9/1/28		268,000		238,631
144A, 5.625%, 1/1/30		295,000		268,122
Lithia Motors, Inc. 144A, 4.625%, 12/15/27		214,000		197,843
144A, 3.875%, 6/1/29		409,000		351,549
144A, 4.375%, 1/15/31		295,000		251,252
Macy’s Retail Holdings LLC 144A, 5.875%, 3/15/30		228,000		199,705
144A, 6.125%, 3/15/32		228,000		195,715
Murphy Oil USA, Inc. 4.75%, 9/15/29		268,000		246,155
144A, 3.75%, 2/15/31		268,000		225,683
Penske Automotive Group, Inc. 3.50%, 9/1/25		295,000		281,470
3.75%, 6/15/29		268,000		229,955
PetSmart, Inc. / PetSmart Finance Corp., 144A, 4.75%, 2/15/28		643,000		577,382
SRS Distribution, Inc., 144A, 4.625%, 7/1/28		348,000		310,137
Yum! Brands, Inc. 144A, 4.75%, 1/15/30		429,000		395,451
3.625%, 3/15/31		543,000		460,966
4.625%, 1/31/32		589,000		527,542
5.375%, 4/1/32		536,000		503,285

(Cost $10,635,180)				9,828,478

Consumer, Non-cyclical — 19.6%
Agriculture — 0.3%
Darling Ingredients, Inc. 144A, 5.25%, 4/15/27		268,000		260,743
144A, 6.00%, 6/15/30		536,000		524,143

(Cost $814,283)				784,886

Commercial Services — 4.8%
ADT Security Corp., 144A, 4.125%, 8/1/29		536,000		468,552
APX Group, Inc., 144A, 6.75%, 2/15/27		322,000		311,913
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A, 4.75%, 4/1/28		268,000		243,935
144A, 5.375%, 3/1/29		322,000		295,897
Block, Inc. 2.75%, 6/1/26		536,000		487,933
3.50%, 6/1/31		536,000		439,991
Brink’s Co. 144A, 5.50%, 7/15/25		214,000		210,619
144A, 4.625%, 10/15/27		322,000		299,754
Gartner, Inc. 144A, 4.50%, 7/1/28		409,000		381,726
144A, 3.625%, 6/15/29		322,000		283,130
144A, 3.75%, 10/1/30		429,000		370,843


	Principal Amount		Value
Commercial Services (Continued)
Herc Holdings, Inc., 144A, 5.50%, 7/15/27	$	643,000	$	617,785
Hertz Corp., 144A, 4.625%, 12/1/26		268,000		242,886
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.75%, 4/15/26		703,000		690,523
144A, 3.375%, 8/31/27		536,000		477,194
Service Corp. International 4.625%, 12/15/27		275,000		258,747
5.125%, 6/1/29		402,000		379,388
3.375%, 8/15/30		455,000		377,785
4.00%, 5/15/31		429,000		364,114
United Rentals North America, Inc. 5.50%, 5/15/27		268,000		262,864
3.875%, 11/15/27		402,000		372,675
4.875%, 1/15/28		894,000		851,478
5.25%, 1/15/30		402,000		382,459
4.00%, 7/15/30		367,000		322,103
3.875%, 2/15/31		589,000		504,303
3.75%, 1/15/32		402,000		338,412
Williams Scotsman International, Inc. 144A, 6.125%, 6/15/25		282,000		279,751
144A, 4.625%, 8/15/28		268,000		244,791

(Cost $11,683,339)				10,761,551

Cosmetics/Personal Care — 0.6%
Coty, Inc., 144A, 5.00%, 4/15/26		482,000		463,771
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 144A, 6.625%, 7/15/30		400,000		399,654
Edgewell Personal Care Co., 144A, 5.50%, 6/1/28		402,000		379,251

(Cost $1,283,749)				1,242,676

Food — 3.8%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.25%, 3/15/26		402,000		373,889
144A, 7.50%, 3/15/26		322,000		327,012
144A, 4.625%, 1/15/27		723,000		684,679
144A, 5.875%, 2/15/28		402,000		390,518
144A, 6.50%, 2/15/28		402,000		400,560
144A, 3.50%, 3/15/29		723,000		625,994
144A, 4.875%, 2/15/30		516,000		473,938
Lamb Weston Holdings, Inc. 144A, 4.875%, 5/15/28		268,000		253,360
144A, 4.125%, 1/31/30		520,000		457,775
144A, 4.375%, 1/31/32		360,000		312,790
Performance Food Group, Inc. 144A, 5.50%, 10/15/27		568,000		547,511
144A, 4.25%, 8/1/29		536,000		472,192
Pilgrim’s Pride Corp. 144A, 5.875%, 9/30/27		455,000		450,315
3.50%, 3/1/32		462,000		372,469
6.25%, 7/1/33		536,000		532,644


	Principal Amount		Value
Food (Continued)
Post Holdings, Inc. 144A, 5.75%, 3/1/27	$	246,000	$	240,655
144A, 5.625%, 1/15/28		504,000		483,873
US Foods, Inc. 144A, 6.25%, 4/15/25		497,000		498,742
144A, 4.75%, 2/15/29		482,000		439,930
144A, 4.625%, 6/1/30		268,000		238,445

(Cost $9,010,582)				8,577,291

Healthcare-Products — 2.5%
Avantor Funding, Inc. 144A, 4.625%, 7/15/28		816,000		758,257
144A, 3.875%, 11/1/29		429,000		376,653
Hologic, Inc. 144A, 4.625%, 2/1/28		214,000		201,343
144A, 3.25%, 2/15/29		509,000		442,533
Medline Borrower LP 144A, 3.875%, 4/1/29		2,391,000		2,083,066
144A, 5.25%, 10/1/29		1,325,000		1,177,994
Teleflex, Inc. 4.625%, 11/15/27		268,000		252,994
144A, 4.25%, 6/1/28		268,000		246,804

(Cost $5,742,478)				5,539,644

Healthcare-Services — 5.2%
Catalent Pharma Solutions, Inc. 144A, 5.00%, 7/15/27		268,000		250,504
144A, 3.125%, 2/15/29		295,000		248,532
144A, 3.50%, 4/1/30		348,000		292,968
Charles River Laboratories International, Inc. 144A, 4.25%, 5/1/28		268,000		246,285
144A, 3.75%, 3/15/29		268,000		236,793
144A, 4.00%, 3/15/31		268,000		231,678
Encompass Health Corp. 4.50%, 2/1/28		429,000		398,864
4.75%, 2/1/30		429,000		391,688
4.625%, 4/1/31		214,000		187,782
IQVIA, Inc. 144A, 5.00%, 10/15/26		563,000		544,375
144A, 5.00%, 5/15/27		589,000		567,567
144A, 6.50%, 5/15/30		268,000		269,773
Molina Healthcare, Inc. 144A, 4.375%, 6/15/28		429,000		394,121
144A, 3.875%, 11/15/30		328,000		280,391
144A, 3.875%, 5/15/32		402,000		333,799
Select Medical Corp., 144A, 6.25%, 8/15/26		630,000		624,634
Tenet Healthcare Corp. 4.875%, 1/1/26		1,125,000		1,089,678
6.25%, 2/1/27		804,000		792,450
5.125%, 11/1/27		804,000		761,413
4.625%, 6/15/28		322,000		296,799
4.25%, 6/1/29		750,000		669,771
4.375%, 1/15/30		777,000		691,031
6.125%, 6/15/30		1,032,000		1,001,287
144A, 6.75%, 5/15/31		723,000		720,208

(Cost $12,262,475)				11,522,391


	Principal Amount		Value
Household Products/Wares — 0.1%
Central Garden & Pet Co., 4.125%, 10/15/30
(Cost $245,766)	$	268,000	$	230,900

Pharmaceuticals — 2.3%
Jazz Securities DAC, 144A, 4.375%, 1/15/29		804,000		721,098
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A, 4.125%, 4/30/28		1,105,000		1,001,042
Perrigo Finance Unlimited Co. 3.90%, 12/15/24		375,000		362,464
4.375%, 3/15/26		375,000		356,316
4.65%, 6/15/30		402,000		356,126
Prestige Brands, Inc. 144A, 5.125%, 1/15/28		214,000		203,033
144A, 3.75%, 4/1/31		322,000		266,745
Teva Pharmaceutical Finance Netherlands III BV 7.125%, 1/31/25		228,000		229,563
3.15%, 10/1/26		1,780,000		1,611,299

(Cost $5,433,799)				5,107,686

Energy — 8.2%
Oil & Gas — 4.1%
Antero Resources Corp. 144A, 7.625%, 2/1/29		218,000		223,362
144A, 5.375%, 3/1/30		322,000		301,507
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 144A, 7.00%, 11/1/26		320,000		318,439
144A, 5.875%, 6/30/29		214,000		195,146
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		185,000		189,858
Chesapeake Energy Corp. 144A, 5.50%, 2/1/26		268,000		261,821
144A, 5.875%, 2/1/29		268,000		256,700
144A, 6.75%, 4/15/29		509,000		505,810
Civitas Resources, Inc., 144A, 5.00%, 10/15/26		214,000		202,362
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25		483,000		474,982
Matador Resources Co. 5.875%, 9/15/26		375,000		366,094
144A, 6.875%, 4/15/28		268,000		267,820
MEG Energy Corp. 144A, 7.125%, 2/1/27		203,000		205,424
144A, 5.875%, 2/1/29		322,000		307,961
Murphy Oil Corp. 5.875%, 12/1/27		291,000		286,370
6.375%, 7/15/28		242,000		242,070
Parkland Corp., 144A, 5.875%, 7/15/27		268,000		259,143
PBF Holding Co. LLC / PBF Finance Corp., 7.25%, 6/15/25		358,000		358,346
Permian Resources Operating LLC, 144A, 5.875%, 7/1/29		375,000		362,014


	Principal Amount		Value
Oil & Gas (Continued)
Range Resources Corp. 4.875%, 5/15/25	$	369,000	$	361,044
8.25%, 1/15/29		322,000		334,579
144A, 4.75%, 2/15/30		268,000		242,268
Southwestern Energy Co. 5.375%, 2/1/29		373,000		354,367
5.375%, 3/15/30		643,000		601,683
4.75%, 2/1/32		596,000		528,588
Sunoco LP / Sunoco Finance Corp. 6.00%, 4/15/27		322,000		318,951
4.50%, 5/15/29		429,000		388,387
4.50%, 4/30/30		428,000		381,920

(Cost $9,353,139)				9,097,016

Pipelines — 4.1%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 7.875%, 5/15/26		295,000		300,047
144A, 5.375%, 6/15/29		402,000		376,761
Buckeye Partners LP 144A, 4.125%, 3/1/25		268,000		258,333
4.125%, 12/1/27		214,000		194,781
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A, 5.50%, 6/15/31		750,000		684,803
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25		268,000		265,638
DT Midstream, Inc. 144A, 4.125%, 6/15/29		589,000		522,467
144A, 4.375%, 6/15/31		536,000		464,551
EnLink Midstream LLC 144A, 5.625%, 1/15/28		268,000		259,483
5.375%, 6/1/29		242,000		231,004
144A, 6.50%, 9/1/30		536,000		537,982
EnLink Midstream Partners LP 4.15%, 6/1/25		226,000		218,937
4.85%, 7/15/26		263,000		252,725
EQM Midstream Partners LP 144A, 6.00%, 7/1/25		214,000		211,953
4.125%, 12/1/26		268,000		251,858
Hess Midstream Operations LP 144A, 5.625%, 2/15/26		426,000		415,503
144A, 5.125%, 6/15/28		295,000		276,994
144A, 4.25%, 2/15/30		382,000		336,227
144A, 5.50%, 10/15/30		214,000		200,555
NuStar Logistics LP, 5.75%, 10/1/25		322,000		316,038
Rockies Express Pipeline LLC 144A, 3.60%, 5/15/25		214,000		202,053
144A, 4.95%, 7/15/29		295,000		270,425
Venture Global Calcasieu Pass LLC 144A, 3.875%, 8/15/29		670,000		580,257
144A, 6.25%, 1/15/30		536,000		522,617
144A, 4.125%, 8/15/31		645,000		547,774
144A, 3.875%, 11/1/33		670,000		544,844

(Cost $10,036,936)				9,244,610


	Principal Amount		Value
Financial — 9.1%
Diversified Financial Services — 2.7%
AG Issuer LLC, 144A, 6.25%, 3/1/28	$	268,000	$	257,021
AG TTMT Escrow Issuer LLC, 144A, 8.625%, 9/30/27		268,000		276,477
Nationstar Mortgage Holdings, Inc., 144A, 6.00%, 1/15/27		315,000		301,505
Navient Corp. 5.875%, 10/25/24		268,000		264,243
6.75%, 6/25/25		268,000		266,434
6.75%, 6/15/26		260,000		255,726
NFP Corp., 144A, 4.875%, 8/15/28		295,000		263,526
OneMain Finance Corp. 6.875%, 3/15/25		669,000		666,254
3.50%, 1/15/27		402,000		350,202
PennyMac Financial Services, Inc., 144A, 5.375%, 10/15/25		337,000		326,486
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. 144A, 2.875%, 10/15/26		616,000		548,086
144A, 3.625%, 3/1/29		402,000		342,670
144A, 3.875%, 3/1/31		650,000		530,923
144A, 4.00%, 10/15/33		455,000		360,498
SLM Corp. 4.20%, 10/29/25		268,000		252,295
3.125%, 11/2/26		268,000		238,793
United Wholesale Mortgage LLC, 144A, 5.50%, 11/15/25		429,000		412,908

(Cost $6,406,352)				5,914,047

Insurance — 1.8%
Acrisure LLC / Acrisure Finance, Inc., 144A, 4.25%, 2/15/29		375,000		324,680
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 144A, 4.25%, 10/15/27		402,000		365,395
144A, 6.75%, 4/15/28		670,000		660,718
AssuredPartners, Inc., 144A, 7.00%, 8/15/25		268,000		265,611
HUB International Ltd. 144A, 7.00%, 5/1/26		895,000		894,128
144A, 5.625%, 12/1/29		295,000		260,551
144A, 7.25%, 6/15/30		1,145,000		1,160,422

(Cost $3,956,953)				3,931,505

Real Estate — 0.4%
Howard Hughes Corp. 144A, 5.375%, 8/1/28		402,000		362,488
144A, 4.125%, 2/1/29		348,000		287,441
144A, 4.375%, 2/1/31		348,000		277,383

(Cost $1,080,736)				927,312

Real Estate Investment Trusts — 4.2%
HAT Holdings I LLC / HAT Holdings II LLC 144A, 6.00%, 4/15/25		214,000		210,228
144A, 3.375%, 6/15/26		536,000		481,710


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Iron Mountain, Inc. 144A, 4.875%, 9/15/27	$	536,000	$	503,828
144A, 5.25%, 3/15/28		442,000		414,821
144A, 5.00%, 7/15/28		268,000		248,478
144A, 7.00%, 2/15/29		536,000		535,093
144A, 4.875%, 9/15/29		536,000		484,821
144A, 5.25%, 7/15/30		667,000		601,691
144A, 4.50%, 2/15/31		589,000		506,558
144A, 5.625%, 7/15/32		322,000		289,255
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A, 7.50%, 6/1/25		348,000		348,709
144A, 5.875%, 10/1/28		368,000		340,771
144A, 4.875%, 5/15/29		402,000		349,097
RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27		355,000		330,376
144A, 7.25%, 7/15/28		214,000		215,262
144A, 4.50%, 2/15/29		322,000		282,941
RLJ Lodging Trust LP 144A, 3.75%, 7/1/26		268,000		245,796
144A, 4.00%, 9/15/29		268,000		224,370
SBA Communications Corp. 3.875%, 2/15/27		802,000		742,226
3.125%, 2/1/29		804,000		688,453
Service Properties Trust, 4.35%, 10/1/24		442,000		425,745
Starwood Property Trust, Inc. 144A, 3.75%, 12/31/24		214,000		205,981
4.75%, 3/15/25		268,000		259,297
XHR LP 144A, 6.375%, 8/15/25		268,000		265,023
144A, 4.875%, 6/1/29		268,000		232,100

(Cost $9,972,700)				9,432,630

Industrial — 11.8%
Aerospace/Defense — 3.6%
Howmet Aerospace, Inc., 5.125%, 10/1/24		554,000		548,726
Rolls-Royce PLC 144A, 3.625%, 10/14/25		536,000		505,180
144A, 5.75%, 10/15/27		536,000		520,823
TransDigm, Inc. 144A, 6.25%, 3/15/26		2,053,000		2,035,617
6.375%, 6/15/26		410,000		410,388
7.50%, 3/15/27		244,000		244,736
5.50%, 11/15/27		1,267,000		1,203,352
144A, 6.75%, 8/15/28		998,000		1,002,516
4.625%, 1/15/29		572,000		512,958
4.875%, 5/1/29		351,000		316,137
144A, 6.875%, 12/15/30		700,000		705,411

(Cost $8,088,157)				8,005,844

Building Materials — 1.5%
Builders FirstSource, Inc. 144A, 5.00%, 3/1/30		295,000		271,283


	Principal Amount		Value
Building Materials (Continued)
144A, 4.25%, 2/1/32	$	697,000	$	593,171
144A, 6.375%, 6/15/32		360,000		351,252
Standard Industries, Inc. 144A, 5.00%, 2/15/27		455,000		431,849
144A, 4.75%, 1/15/28		536,000		494,204
144A, 4.375%, 7/15/30		857,000		734,946
Summit Materials LLC / Summit Materials Finance Corp., 144A, 5.25%, 1/15/29		375,000		351,664

(Cost $3,365,187)				3,228,369

Electrical Components & Equipment — 0.7%
WESCO Distribution, Inc. 144A, 7.125%, 6/15/25		804,000		808,333
144A, 7.25%, 6/15/28		710,000		720,846

(Cost $1,549,281)				1,529,179

Electronics — 0.8%
Sensata Technologies BV 144A, 5.625%, 11/1/24		214,000		212,278
144A, 5.00%, 10/1/25		374,000		364,856
144A, 4.00%, 4/15/29		536,000		471,200
144A, 5.875%, 9/1/30		268,000		253,565
Sensata Technologies, Inc. 144A, 4.375%, 2/15/30		241,000		213,385
144A, 3.75%, 2/15/31		382,000		320,452

(Cost $2,062,240)				1,835,736

Engineering & Construction — 0.1%
Fluor Corp., 4.25%, 9/15/28
(Cost $298,775)		320,000		298,704

Environmental Control — 1.2%
Clean Harbors, Inc., 144A, 6.375%, 2/1/31		268,000		266,809
GFL Environmental, Inc. 144A, 4.25%, 6/1/25		268,000		259,482
144A, 3.75%, 8/1/25		402,000		383,136
144A, 5.125%, 12/15/26		268,000		259,580
144A, 4.00%, 8/1/28		402,000		359,182
144A, 3.50%, 9/1/28		382,000		338,020
144A, 4.75%, 6/15/29		402,000		364,543
144A, 4.375%, 8/15/29		295,000		261,123
Stericycle, Inc., 144A, 3.875%, 1/15/29		268,000		233,695

(Cost $2,872,422)				2,725,570

Miscellaneous Manufacturing — 0.1%
Hillenbrand, Inc., 5.75%, 6/15/25
(Cost $216,432)		214,000		212,860

Packaging & Containers — 3.3%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A, 6.00%, 6/15/27		302,000		294,785
144A, 3.25%, 9/1/28		322,000		273,744


	Principal Amount		Value
Packaging & Containers (Continued)
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 4/30/25	$	375,000	$	365,755
144A, 4.125%, 8/15/26		651,000		608,722
Ball Corp. 5.25%, 7/1/25		536,000		529,016
4.875%, 3/15/26		402,000		390,503
6.875%, 3/15/28		402,000		408,173
6.00%, 6/15/29		536,000		528,688
2.875%, 8/15/30		697,000		569,100
3.125%, 9/15/31		435,000		352,592
Berry Global, Inc., 144A, 5.625%, 7/15/27		268,000		262,965
Crown Americas LLC, 5.25%, 4/1/30		268,000		252,804
Graphic Packaging International LLC 144A, 3.50%, 3/15/28		241,000		214,944
144A, 3.75%, 2/1/30		214,000		182,614
OI European Group BV, 144A, 4.75%, 2/15/30		214,000		192,842
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27		536,000		482,122
Sealed Air Corp. 144A, 5.125%, 12/1/24		225,000		222,114
144A, 5.50%, 9/15/25		214,000		210,994
144A, 4.00%, 12/1/27		228,000		208,161
144A, 5.00%, 4/15/29		228,000		211,405
Sealed Air Corp./Sealed Air Corp., 144A, 6.125%, 2/1/28		415,000		408,083
Silgan Holdings, Inc., 4.125%, 2/1/28		305,000		279,722

(Cost $7,999,177)				7,449,848

Trucking & Leasing — 0.5%
Fortress Transportation and Infrastructure Investors LLC 144A, 6.50%, 10/1/25		348,000		343,962
144A, 9.75%, 8/1/27		214,000		222,282
144A, 5.50%, 5/1/28		536,000		498,408

(Cost $1,061,245)				1,064,652

Technology — 4.8%
Computers — 1.5%
NCR Corp. 144A, 5.75%, 9/1/27		271,000		273,904
144A, 5.00%, 10/1/28		329,000		302,209
144A, 6.125%, 9/1/29		268,000		276,203
Presidio Holdings, Inc., 144A, 4.875%, 2/1/27		281,000		263,005
Seagate HDD Cayman 4.75%, 1/1/25		257,000		251,316
4.875%, 6/1/27		271,000		259,751
4.091%, 6/1/29		265,000		232,220
144A, 8.25%, 12/15/29		268,000		281,418
Western Digital Corp., 4.75%, 2/15/26		1,232,000		1,174,614

(Cost $3,402,060)				3,314,640


	Principal Amount		Value
Semiconductors — 0.9%
Entegris Escrow Corp. 144A, 4.75%, 4/15/29	$	857,000	$	795,662
144A, 5.95%, 6/15/30		480,000		460,143
Entegris, Inc. 144A, 4.375%, 4/15/28		194,000		177,049
144A, 3.625%, 5/1/29		214,000		184,124
ON Semiconductor Corp., 144A, 3.875%, 9/1/28		375,000		334,161

(Cost $2,002,461)				1,951,139

Software — 2.4%
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		322,000		322,692
Clarivate Science Holdings Corp., 144A, 3.875%, 7/1/28		494,000		436,349
Fair Isaac Corp. 144A, 5.25%, 5/15/26		214,000		207,914
144A, 4.00%, 6/15/28		482,000		441,275
Open Text Corp. 144A, 3.875%, 2/15/28		482,000		429,398
144A, 3.875%, 12/1/29		455,000		386,395
Open Text Holdings, Inc. 144A, 4.125%, 2/15/30		482,000		415,797
144A, 4.125%, 12/1/31		333,000		276,761
PTC, Inc. 144A, 3.625%, 2/15/25		268,000		258,934
144A, 4.00%, 2/15/28		268,000		246,472
ROBLOX Corp., 144A, 3.875%, 5/1/30		536,000		442,686
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		1,072,000		1,033,034
Twilio, Inc. 3.625%, 3/15/29		268,000		230,171
3.875%, 3/15/31		268,000		224,691

(Cost $5,737,645)				5,352,569

Utilities — 3.1%
Electric — 2.9%
Calpine Corp. 144A, 5.25%, 6/1/26		225,000		220,951
144A, 4.50%, 2/15/28		670,000		621,524
144A, 3.75%, 3/1/31		482,000		402,882
Clearway Energy Operating LLC 144A, 4.75%, 3/15/28		430,000		397,881
144A, 3.75%, 2/15/31		496,000		408,335
DPL, Inc., 4.125%, 7/1/25		222,000		211,387
FirstEnergy Corp. Series B, 4.15%, 7/15/27		804,000		759,302
2.65%, 3/1/30		322,000		269,035
Series B, 2.25%, 9/1/30		241,000		193,634
NextEra Energy Operating Partners LP 144A, 3.875%, 10/15/26		268,000		247,848
144A, 4.50%, 9/15/27		295,000		274,110
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26		536,000		517,483
144A, 5.625%, 2/15/27		697,000		671,611

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:


	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 99.3%
Xtrackers High Beta High Yield Bond ETF (a)(b)		24,207	$	967,365
Xtrackers USD High Yield Corporate Bond ETF (a)(b)		1,232,679		42,650,693

(Cost $47,510,824)				43,618,058

SECURITIES LENDING COLLATERAL — 14.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) (Cost $6,535,150)		6,535,150		6,535,150

CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares”, 5.28% (c) (Cost $311,422)		311,422		311,422


TOTAL INVESTMENTS — 114.9% (Cost $54,357,396)			$	50,464,630
Other assets and liabilities, net — (14.9%)				(6,538,593	)

NET ASSETS — 100.0%			$	43,926,037

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:


	Principal Amount		Value
CORPORATE BONDS — 97.9%
Basic Materials — 3.9%
Chemicals — 1.5%
Avient Corp., 144A, 5.75%, 5/15/25	$	170,000	$	167,902
Chemours Co., 5.375%, 5/15/27		91,000		85,625
INEOS Finance PLC, 144A, 6.75%, 5/15/28		74,000		70,921
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		83,000		75,954
Methanex Corp., 5.125%, 10/15/27		115,000		107,980
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24		200,000		196,927
144A, 5.00%, 5/1/25		97,000		92,236
144A, 5.25%, 6/1/27		179,000		159,354
Olin Corp., 5.125%, 9/15/27		83,000		79,546
SCIH Salt Holdings, Inc., 144A, 4.875%, 5/1/28		191,000		171,888

(Cost $1,226,367)				1,208,333

Iron/Steel — 0.6%
Cleveland-Cliffs, Inc. 144A, 6.75%, 3/15/26		170,000		170,244
5.875%, 6/1/27		100,000		96,419
Mineral Resources Ltd. 144A, 8.125%, 5/1/27		113,000		112,921
144A, 8.00%, 11/1/27		126,000		125,716

(Cost $513,976)				505,300

Mining — 1.8%
First Quantum Minerals Ltd. 144A, 7.50%, 4/1/25		146,000		146,109
144A, 6.875%, 3/1/26		174,000		171,702
144A, 6.875%, 10/15/27		250,000		243,710
FMG Resources August 2006 Pty Ltd., 144A, 4.50%, 9/15/27		100,000		92,377
Hudbay Minerals, Inc., 144A, 4.50%, 4/1/26		125,000		118,083
Kaiser Aluminum Corp., 144A, 4.625%, 3/1/28		85,000		75,294
Nexa Resources SA 144A, 5.375%, 5/4/27		119,000		112,000
144A, 6.50%, 1/18/28		87,000		84,379
Vedanta Resources Finance II PLC 144A, 13.875%, 1/21/24		200,000		170,853
144A, 8.95%, 3/11/25		250,000		163,718
144A, 9.25%, 4/23/26		100,000		57,324
Vedanta Resources Ltd., 144A, 6.125%, 8/9/24		100,000		59,679

(Cost $1,538,720)				1,495,228

Communications — 16.1%
Advertising — 0.7%
Clear Channel Outdoor Holdings, Inc. 144A, 5.125%, 8/15/27		202,000		181,060
144A, 7.75%, 4/15/28		174,000		137,030


	Principal Amount		Value
Advertising (Continued)
Lamar Media Corp., 3.75%, 2/15/28	$	115,000	$	104,845
Outfront Media Capital LLC / Outfront Media Capital Corp. 144A, 6.25%, 6/15/25		65,000		63,937
144A, 5.00%, 8/15/27		104,000		93,765

(Cost $582,216)				580,637

Internet — 2.0%
Gen Digital, Inc. 144A, 5.00%, 4/15/25		160,000		157,000
144A, 6.75%, 9/30/27		156,000		156,348
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 144A, 5.25%, 12/1/27		100,000		95,848
Match Group Holdings II LLC 144A, 5.00%, 12/15/27		78,000		73,295
144A, 4.625%, 6/1/28		88,000		81,270
MercadoLibre, Inc., 2.375%, 1/14/26		50,000		45,863
Rakuten Group, Inc., 144A, 10.25%, 11/30/24		185,000		186,850
Uber Technologies, Inc. 144A, 7.50%, 5/15/25		225,000		227,346
144A, 8.00%, 11/1/26		244,000		248,657
144A, 7.50%, 9/15/27		236,000		240,794
144A, 6.25%, 1/15/28		80,000		79,288

(Cost $1,586,919)				1,592,559

Media — 8.4%
Altice Financing SA, 144A, 5.00%, 1/15/28		208,000		169,297
AMC Networks, Inc. 5.00%, 4/1/24		126,000		124,748
4.75%, 8/1/25		132,000		123,867
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.50%, 5/1/26		100,000		97,751
144A, 5.125%, 5/1/27		565,000		532,809
144A, 5.00%, 2/1/28		420,000		387,416
CSC Holdings LLC 5.25%, 6/1/24		130,000		123,425
144A, 5.50%, 4/15/27		225,000		194,260
144A, 5.375%, 2/1/28		164,000		134,318
144A, 7.50%, 4/1/28		181,000		115,286
144A, 11.25%, 5/15/28		175,000		172,764
DISH DBS Corp. 5.875%, 11/15/24		327,000		304,465
7.75%, 7/1/26		372,000		278,312
144A, 5.25%, 12/1/26		485,000		409,612
7.375%, 7/1/28		130,000		81,766
DISH Network Corp., 144A, 11.75%, 11/15/27		622,000		631,603
Gray Television, Inc. 144A, 5.875%, 7/15/26		124,000		113,575
144A, 7.00%, 5/15/27		130,000		116,814
iHeartCommunications, Inc. 6.375%, 5/1/26		137,000		119,723


	Principal Amount		Value
Media (Continued)
8.375%, 5/1/27	$	172,000	$	119,284
144A, 5.25%, 8/15/27		133,000		105,503
144A, 4.75%, 1/15/28		80,000		61,735
McGraw-Hill Education, Inc., 144A, 5.75%, 8/1/28		140,000		124,376
Nexstar Media, Inc., 144A, 5.625%, 7/15/27		295,000		277,556
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26		220,000		198,704
144A, 5.00%, 8/1/27		228,000		210,581
144A, 4.00%, 7/15/28		340,000		294,424
TEGNA, Inc. 144A, 4.75%, 3/15/26		102,000		97,281
4.625%, 3/15/28		161,000		144,422
Telenet Finance Luxembourg Notes SARL, 144A, 5.50%, 3/1/28		200,000		183,800
Univision Communications, Inc. 144A, 5.125%, 2/15/25		178,000		175,713
144A, 6.625%, 6/1/27		268,000		259,724
144A, 8.00%, 8/15/28		80,000		79,874
UPC Holding BV, 144A, 5.50%, 1/15/28		70,000		62,370
Videotron Ltd. 144A, 5.375%, 6/15/24		121,000		120,192
144A, 5.125%, 4/15/27		80,000		76,672
VTR Finance NV, 144A, 6.375%, 7/15/28		85,000		39,168
Ziggo Bond Co. BV, 144A, 6.00%, 1/15/27		106,000		98,720

(Cost $7,333,526)				6,961,910

Telecommunications — 5.0%
Altice France Holding SA 144A, 10.50%, 5/15/27		270,000		146,044
144A, 6.00%, 2/15/28		188,000		83,196
Altice France SA 144A, 8.125%, 2/1/27		291,000		246,197
144A, 5.50%, 1/15/28		179,000		134,303
C&W Senior Financing DAC, 144A, 6.875%, 9/15/27		212,000		196,956
CommScope Technologies LLC 144A, 6.00%, 6/15/25		215,000		196,646
144A, 5.00%, 3/15/27		139,000		77,432
CommScope, Inc. 144A, 6.00%, 3/1/26		245,000		222,892
144A, 8.25%, 3/1/27		176,000		116,783
144A, 7.125%, 7/1/28		104,000		58,044
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27		200,000		182,326
144A, 5.00%, 5/1/28		257,000		220,450
Hughes Satellite Systems Corp. 5.25%, 8/1/26		124,000		114,158
6.625%, 8/1/26		137,000		118,984
Iliad Holding SASU, 144A, 6.50%, 10/15/26		201,000		191,947
Level 3 Financing, Inc. 144A, 3.40%, 3/1/27		108,000		99,743
144A, 4.625%, 9/15/27		197,000		148,195


	Principal Amount		Value
Telecommunications (Continued)
144A, 4.25%, 7/1/28	$	170,000	$	111,467
Lumen Technologies, Inc. 144A, 5.125%, 12/15/26		85,000		44,109
144A, 4.00%, 2/15/27		214,000		134,686
Millicom International Cellular SA, 144A, 5.125%, 1/15/28		70,200		63,726
Sable International Finance Ltd., 144A, 5.75%, 9/7/27		82,000		76,146
Telecom Italia SpA, 144A, 5.303%, 5/30/24		259,000		255,870
VEON Holdings BV, 144A, 4.95%, 6/16/24		113,000		106,514
Viasat, Inc. 144A, 5.625%, 9/15/25		201,000		190,134
144A, 5.625%, 4/15/27		79,000		70,750
144A, 6.50%, 7/15/28		50,000		39,108
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28		240,000		194,763
Zayo Group Holdings, Inc. 144A, 4.00%, 3/1/27		244,000		183,042
144A, 6.125%, 3/1/28		190,000		123,685

(Cost $4,679,520)				4,148,296

Consumer, Cyclical — 24.5%
Airlines — 2.2%
Air Canada, 144A, 3.875%, 8/15/26		203,000		187,673
American Airlines Group, Inc., 144A, 3.75%, 3/1/25		85,000		81,420
American Airlines, Inc. 144A, 11.75%, 7/15/25		299,000		327,523
144A, 7.25%, 2/15/28		140,000		137,662
Delta Air Lines, Inc. 2.90%, 10/28/24		170,000		164,838
7.375%, 1/15/26		140,000		144,138
4.375%, 4/19/28		71,000		66,677
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		209,252		193,845
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 144A, 8.00%, 9/20/25		106,000		106,216
144A, 8.00%, 9/20/25		70,000		70,150
United Airlines, Inc., 144A, 4.375%, 4/15/26		365,000		344,114

(Cost $1,889,110)				1,824,256

Apparel — 0.2%
Hanesbrands, Inc., 144A, 4.875%, 5/15/26
(Cost $162,085)		159,000		148,664

Auto Manufacturers — 3.6%
Allison Transmission, Inc., 144A, 4.75%, 10/1/27		61,000		57,318
Aston Martin Capital Holdings Ltd., 144A, 10.50%, 11/30/25		210,000		213,553


	Principal Amount		Value
Auto Manufacturers (Continued)
Ford Motor Co., 4.346%, 12/8/26	$	310,000	$	299,527
Ford Motor Credit Co. LLC 3.81%, 1/9/24		50,000		49,565
5.584%, 3/18/24		170,000		169,237
3.664%, 9/8/24		93,000		90,310
4.063%, 11/1/24		150,000		145,455
2.30%, 2/10/25		67,000		63,010
4.687%, 6/9/25		97,000		93,460
5.125%, 6/16/25		186,000		181,240
4.134%, 8/4/25		125,000		119,168
3.375%, 11/13/25		331,000		308,551
GMTN, 4.389%, 1/8/26		158,000		149,291
6.95%, 3/6/26		85,000		85,299
6.95%, 6/10/26		20,000		20,046
4.542%, 8/1/26		82,000		77,379
2.70%, 8/10/26		151,000		135,200
4.271%, 1/9/27		113,000		104,578
4.95%, 5/28/27		159,000		149,316
4.125%, 8/17/27		107,000		97,269
3.815%, 11/2/27		35,000		31,166
7.35%, 11/4/27		128,000		130,679
2.90%, 2/16/28		80,000		68,342
6.80%, 5/12/28		100,000		100,060

(Cost $3,032,903)				2,939,019

Auto Parts & Equipment — 1.8%
Adient Global Holdings Ltd. 144A, 4.875%, 8/15/26		140,000		134,756
144A, 7.00%, 4/15/28		84,000		84,945
American Axle & Manufacturing, Inc. 6.50%, 4/1/27		108,000		102,475
6.875%, 7/1/28		55,000		50,498
Clarios Global LP / Clarios US Finance Co. 144A, 8.50%, 5/15/27		165,000		166,970
144A, 6.75%, 5/15/28		150,000		149,747
Dana, Inc. 5.375%, 11/15/27		86,000		81,436
5.625%, 6/15/28		67,000		63,131
Goodyear Tire & Rubber Co. 9.50%, 5/31/25		113,000		115,503
5.00%, 5/31/26		152,000		146,842
4.875%, 3/15/27		133,000		125,231
ZF North America Capital, Inc. 144A, 4.75%, 4/29/25		182,000		176,993
144A, 6.875%, 4/14/28		115,000		114,530

(Cost $1,544,427)				1,513,057

Distribution/Wholesale — 0.2%
American Builders & Contractors Supply Co., Inc., 144A, 4.00%, 1/15/28		130,000		117,806
Ritchie Bros Holdings, Inc., 144A, 6.75%, 3/15/28		65,000		65,412

(Cost $185,749)				183,218


	Principal Amount		Value
Entertainment — 4.0%
AMC Entertainment Holdings, Inc., 144A, 10.00%, 6/15/26	$	243,000	$	168,738
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25		537,000		533,313
144A, 8.125%, 7/1/27		315,000		320,128
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, 5.75%, 7/1/25		169,000		169,273
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25		192,000		190,651
5.375%, 4/15/27		97,000		91,793
Churchill Downs, Inc. 144A, 5.50%, 4/1/27		102,000		98,365
144A, 4.75%, 1/15/28		120,000		110,800
Cinemark USA, Inc. 144A, 5.875%, 3/15/26		78,000		74,953
144A, 5.25%, 7/15/28		120,000		106,697
International Game Technology PLC 144A, 6.50%, 2/15/25		58,000		58,102
144A, 4.125%, 4/15/26		127,000		120,676
144A, 6.25%, 1/15/27		130,000		128,844
Light & Wonder International, Inc., 144A, 7.00%, 5/15/28		90,000		89,749
Live Nation Entertainment, Inc. 144A, 4.875%, 11/1/24		137,000		134,683
144A, 6.50%, 5/15/27		213,000		213,357
144A, 4.75%, 10/15/27		168,000		156,660
144A, 3.75%, 1/15/28		80,000		71,422
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26		204,000		190,159
Penn Entertainment, Inc., 144A, 5.625%, 1/15/27		68,000		64,353
Six Flags Entertainment Corp., 144A, 5.50%, 4/15/27		86,000		81,025
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		100,000		99,739

(Cost $3,365,273)				3,273,480

Food Service — 0.7%
Aramark Services, Inc. 144A, 5.00%, 4/1/25		96,000		94,910
144A, 6.375%, 5/1/25		210,000		210,574
144A, 5.00%, 2/1/28		200,000		186,769
TKC Holdings, Inc., 144A, 6.875%, 5/15/28		70,000		63,352

(Cost $552,713)				555,605

Home Builders — 0.6%
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 144A, 6.25%, 9/15/27		110,000		101,077
Mattamy Group Corp., 144A, 5.25%, 12/15/27		97,000		91,598
Meritage Homes Corp., 6.00%, 6/1/25		128,000		127,527


	Principal Amount		Value
Home Builders (Continued)
Taylor Morrison Communities, Inc. 144A, 5.875%, 6/15/27	$	85,000	$	83,602
144A, 5.75%, 1/15/28		80,000		77,247

(Cost $475,548)				481,051

Housewares — 0.6%
Newell Brands, Inc. 4.875%, 6/1/25		87,000		84,115
4.70%, 4/1/26		345,000		330,129
6.375%, 9/15/27		91,000		89,085

(Cost $531,507)				503,329

Leisure Time — 4.4%
Carnival Corp. 144A, 7.625%, 3/1/26		316,000		315,295
144A, 5.75%, 3/1/27		603,000		567,051
144A, 9.875%, 8/1/27		150,000		158,521
144A, 4.00%, 8/1/28		350,000		313,473
Carnival Holdings Bermuda Ltd., 144A, 10.375%, 5/1/28		300,000		326,548
Life Time, Inc. 144A, 5.75%, 1/15/26		173,000		168,933
144A, 8.00%, 4/15/26		80,000		79,472
NCL Corp. Ltd. 144A, 3.625%, 12/15/24		94,000		90,121
144A, 5.875%, 3/15/26		257,000		242,094
144A, 5.875%, 2/15/27		175,000		169,678
144A, 8.375%, 2/1/28		60,000		61,898
Royal Caribbean Cruises Ltd. 144A, 11.50%, 6/1/25		77,000		81,436
144A, 4.25%, 7/1/26		115,000		107,323
144A, 5.50%, 8/31/26		169,000		162,034
144A, 5.375%, 7/15/27		165,000		155,301
144A, 11.625%, 8/15/27		192,000		209,287
3.70%, 3/15/28		103,000		89,802
144A, 5.50%, 4/1/28		260,000		243,555
Viking Cruises Ltd., 144A, 5.875%, 9/15/27		140,000		131,035

(Cost $3,616,939)				3,672,857

Lodging — 3.3%
Boyd Gaming Corp., 4.75%, 12/1/27		186,000		174,525
Hilton Domestic Operating Co., Inc. 144A, 5.375%, 5/1/25		81,000		80,314
144A, 5.75%, 5/1/28		100,000		98,198
Las Vegas Sands Corp. 3.20%, 8/8/24		353,000		340,857
2.90%, 6/25/25		62,000		58,534
3.50%, 8/18/26		180,000		167,179
Melco Resorts Finance Ltd. 144A, 4.875%, 6/6/25		236,000		224,413
144A, 5.25%, 4/26/26		85,000		78,806
144A, 5.625%, 7/17/27		100,000		89,476
144A, 5.75%, 7/21/28		120,000		106,277
MGM Resorts International 6.75%, 5/1/25		211,000		211,536
5.75%, 6/15/25		101,000		99,705


	Principal Amount		Value
Lodging (Continued)
4.625%, 9/1/26	$	78,000	$	73,536
5.50%, 4/15/27		101,000		96,593
Station Casinos LLC, 144A, 4.50%, 2/15/28		118,000		105,716
Studio City Finance Ltd. 144A, 6.00%, 7/15/25		80,000		75,722
144A, 6.50%, 1/15/28		94,000		79,690
Travel + Leisure Co. 144A, 6.625%, 7/31/26		110,000		108,594
6.00%, 4/1/27		73,000		70,898
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 144A, 5.50%, 3/1/25		285,000		281,807
144A, 5.25%, 5/15/27		157,000		148,731

(Cost $2,798,611)				2,771,107

Retail — 2.9%
1011778 BC ULC / New Red Finance, Inc. 144A, 5.75%, 4/15/25		90,000		89,405
144A, 3.875%, 1/15/28		269,000		244,897
144A, 4.375%, 1/15/28		130,000		119,461
Asbury Automotive Group, Inc., 4.50%, 3/1/28		75,000		68,477
Bath & Body Works, Inc., 5.25%, 2/1/28		80,000		76,824
Carvana Co., 144A, 5.50%, 4/15/27		101,000		74,313
eG Global Finance PLC 144A, 6.75%, 2/7/25		62,000		61,157
144A, 8.50%, 10/30/25		120,000		118,922
Ferrellgas LP / Ferrellgas Finance Corp., 144A, 5.375%, 4/1/26		113,000		106,318
Lithia Motors, Inc., 144A, 4.625%, 12/15/27		75,000		69,337
Michaels Cos., Inc., 144A, 5.25%, 5/1/28		148,000		123,488
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		194,000		184,544
Penske Automotive Group, Inc., 3.50%, 9/1/25		70,000		66,790
PetSmart, Inc. / PetSmart Finance Corp., 144A, 4.75%, 2/15/28		210,000		188,569
QVC, Inc. 4.85%, 4/1/24		50,000		48,622
4.45%, 2/15/25		100,000		89,984
4.75%, 2/15/27		103,000		68,100
Rite Aid Corp., 144A, 8.00%, 11/15/26		148,000		94,131
SRS Distribution, Inc., 144A, 4.625%, 7/1/28		113,000		100,706
Staples, Inc. 144A, 7.50%, 4/15/26		348,000		288,273
144A, 10.75%, 4/15/27		165,000		89,710

(Cost $2,553,581)				2,372,028


	Principal Amount		Value
Consumer, Non-cyclical — 15.0%
Agriculture — 0.2%
Darling Ingredients, Inc., 144A, 5.25%, 4/15/27	$	60,000	$	58,375
Vector Group Ltd., 144A, 10.50%, 11/1/26		94,000		94,391

(Cost $152,790)				152,766

Commercial Services — 4.5%
Albion Financing 2SARL, 144A, 8.75%, 4/15/27		123,000		114,666
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A, 6.625%, 7/15/26		337,000		320,881
144A, 9.75%, 7/15/27		190,000		174,675
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		203,000		172,733
APX Group, Inc., 144A, 6.75%, 2/15/27		98,000		94,930
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 144A, 4.75%, 4/1/28		84,000		76,457
Block, Inc., 2.75%, 6/1/26		174,000		158,396
Brink’s Co. 144A, 5.50%, 7/15/25		60,000		59,052
144A, 4.625%, 10/15/27		100,000		93,091
Garda World Security Corp. 144A, 4.625%, 2/15/27		96,000		88,887
144A, 9.50%, 11/1/27		103,000		99,731
144A, 7.75%, 2/15/28		68,000		67,563
Gartner, Inc., 144A, 4.50%, 7/1/28		139,000		129,731
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		209,000		200,804
Hertz Corp., 144A, 4.625%, 12/1/26		85,000		77,035
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.25%, 4/15/24		90,000		89,283
144A, 5.75%, 4/15/26		235,000		230,829
144A, 3.375%, 8/31/27		174,000		154,910
144A, 6.25%, 1/15/28		226,000		215,005
Sabre GLBL, Inc. 144A, 7.375%, 9/1/25		155,000		152,482
144A, 11.25%, 12/15/27		93,000		88,718
Service Corp. International, 4.625%, 12/15/27		100,000		94,090
Sotheby’s, 144A, 7.375%, 10/15/27		133,000		121,232
United Rentals North America, Inc. 5.50%, 5/15/27		122,000		119,662
3.875%, 11/15/27		70,000		64,894
4.875%, 1/15/28		342,000		325,733
Williams Scotsman International, Inc. 144A, 6.125%, 6/15/25		70,000		69,442
144A, 4.625%, 8/15/28		85,000		77,639

(Cost $3,806,451)				3,732,551


	Principal Amount		Value
Cosmetics/Personal Care — 0.4%
Coty, Inc. 144A, 5.00%, 4/15/26	$	149,000	$	143,365
144A, 6.50%, 4/15/26		93,000		92,270
Edgewell Personal Care Co., 144A, 5.50%, 6/1/28		132,000		124,530

(Cost $369,057)				360,165

Food — 2.2%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.25%, 3/15/26		137,000		127,420
144A, 7.50%, 3/15/26		75,000		76,167
144A, 4.625%, 1/15/27		211,000		199,816
144A, 5.875%, 2/15/28		130,000		126,287
144A, 6.50%, 2/15/28		130,000		129,534
B&G Foods, Inc. 5.25%, 4/1/25		159,000		155,344
5.25%, 9/15/27		95,000		84,255
Lamb Weston Holdings, Inc., 144A, 4.875%, 5/15/28		87,000		82,248
Performance Food Group, Inc., 144A, 5.50%, 10/15/27		161,000		155,192
Pilgrim’s Pride Corp., 144A, 5.875%, 9/30/27		195,000		192,992
Post Holdings, Inc. 144A, 5.75%, 3/1/27		80,000		78,262
144A, 5.625%, 1/15/28		164,000		157,451
Sigma Holdco BV, 144A, 7.875%, 5/15/26		81,000		68,977
US Foods, Inc., 144A, 6.25%, 4/15/25		182,000		182,638

(Cost $1,842,869)				1,816,583

Healthcare-Products — 0.6%
Avantor Funding, Inc., 144A, 4.625%, 7/15/28		269,000		249,964
Hologic, Inc., 144A, 4.625%, 2/1/28		85,000		79,973
Teleflex, Inc. 4.625%, 11/15/27		80,000		75,521
144A, 4.25%, 6/1/28		88,000		81,040

(Cost $488,148)				486,498

Healthcare-Services — 3.8%
Catalent Pharma Solutions, Inc., 144A, 5.00%, 7/15/27		77,000		71,973
Charles River Laboratories International, Inc., 144A, 4.25%, 5/1/28		76,000		69,842
CHS/Community Health Systems, Inc. 144A, 8.00%, 3/15/26		370,000		361,534
144A, 5.625%, 3/15/27		320,000		281,900
144A, 8.00%, 12/15/27		110,000		105,859
144A, 6.875%, 4/1/28		130,000		78,188
Encompass Health Corp., 4.50%, 2/1/28		130,000		120,868
IQVIA, Inc. 144A, 5.00%, 10/15/26		155,000		149,872
144A, 5.00%, 5/15/27		217,000		209,104


	Principal Amount		Value
Healthcare-Services (Continued)
Legacy LifePoint Health LLC, 144A, 4.375%, 2/15/27	$	84,000	$	72,439
ModivCare, Inc., 144A, 5.875%, 11/15/25		79,000		75,039
Molina Healthcare, Inc., 144A, 4.375%, 6/15/28		141,000		129,536
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		234,000		219,071
Select Medical Corp., 144A, 6.25%, 8/15/26		207,000		205,237
Team Health Holdings, Inc., 144A, 6.375%, 2/1/25		125,000		96,399
Tenet Healthcare Corp. 4.875%, 1/1/26		318,000		308,016
6.25%, 2/1/27		260,000		256,265
5.125%, 11/1/27		250,000		236,758
4.625%, 6/15/28		106,000		97,704

(Cost $3,240,807)				3,145,604

Pharmaceuticals — 3.3%
Bausch Health Americas, Inc. 144A, 9.25%, 4/1/26		126,000		114,962
144A, 8.50%, 1/31/27		111,000		61,876
Bausch Health Cos., Inc. 144A, 5.50%, 11/1/25		294,000		265,073
144A, 9.00%, 12/15/25		160,000		146,594
144A, 6.125%, 2/1/27		173,000		113,926
144A, 5.75%, 8/15/27		89,000		55,825
144A, 5.00%, 1/30/28		75,000		32,677
144A, 4.875%, 6/1/28		265,000		157,496
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		88,000		79,771
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25		100,000		96,321
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 144A, 10.00%, 4/15/25 (a)		88,000		69,662
Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 144A, 4.125%, 4/30/28		346,000		313,448
Perrigo Finance Unlimited Co. 3.90%, 12/15/24		150,000		144,986
4.375%, 3/15/26		125,000		118,772
Prestige Brands, Inc., 144A, 5.125%, 1/15/28		42,000		39,848
Teva Pharmaceutical Finance Netherlands III BV 6.00%, 4/15/24		190,000		189,014
7.125%, 1/31/25		31,000		31,212
3.15%, 10/1/26		565,000		511,452
6.75%, 3/1/28		217,000		216,963

(Cost $2,940,142)				2,759,878

Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Benteler International AG, 144A, 10.50%, 5/15/28
(Cost $91,582)		90,000		90,411


	Principal Amount		Value
Energy — 10.2%
Oil & Gas — 4.4%
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144A, 7.00%, 11/1/26	$	102,000	$	101,503
Baytex Energy Corp., 144A, 8.75%, 4/1/27		69,000		70,683
Callon Petroleum Co., 144A, 8.00%, 8/1/28		60,000		60,897
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		78,000		80,048
Chesapeake Energy Corp., 144A, 5.50%, 2/1/26		134,000		130,911
Civitas Resources, Inc. 144A, 5.00%, 10/15/26		71,000		67,139
144A, 8.375%, 7/1/28		235,000		242,931
Crescent Energy Finance LLC 144A, 7.25%, 5/1/26		145,000		142,973
144A, 9.25%, 2/15/28		113,000		115,697
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25		167,000		164,228
CVR Energy, Inc. 144A, 5.25%, 2/15/25		108,000		104,862
144A, 5.75%, 2/15/28		55,000		50,128
Earthstone Energy Holdings LLC, 144A, 8.00%, 4/15/27		96,000		98,007
Energean PLC, 144A, 6.50%, 4/30/27		78,000		71,707
Kosmos Energy Ltd. 144A, 7.125%, 4/4/26		200,000		183,718
144A, 7.75%, 5/1/27		75,000		67,630
144A, 7.50%, 3/1/28		30,000		26,534
Leviathan Bond Ltd. 144A, REGS, 6.125%, 6/30/25		102,000		100,088
144A, REGS, 6.50%, 6/30/27		108,000		104,760
Matador Resources Co. 5.875%, 9/15/26		117,000		114,221
144A, 6.875%, 4/15/28		88,000		87,941
MEG Energy Corp., 144A, 7.125%, 2/1/27		100,000		101,194
Murphy Oil Corp. 5.875%, 12/1/27		68,000		66,918
6.375%, 7/15/28		25,000		25,007
Northern Oil and Gas, Inc., 144A, 8.125%, 3/1/28		124,000		124,410
Parkland Corp., 144A, 5.875%, 7/15/27		85,000		82,191
PBF Holding Co. LLC / PBF Finance Corp. 7.25%, 6/15/25		55,000		55,053
6.00%, 2/15/28		145,000		137,183
Range Resources Corp., 4.875%, 5/15/25		111,000		108,607
SM Energy Co. 6.75%, 9/15/26		75,000		74,752
6.625%, 1/15/27		46,000		45,466
6.50%, 7/15/28		50,000		48,920
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/27		100,000		99,053


	Principal Amount		Value
Oil & Gas (Continued)
Transocean, Inc. 144A, 7.50%, 1/15/26	$	95,000	$	93,571
144A, 11.50%, 1/30/27		159,000		167,612
144A, 8.00%, 2/1/27		105,000		102,479
Tullow Oil PLC, 144A, 7.00%, 3/1/25		112,000		77,399
Vital Energy, Inc., 9.50%, 1/15/25		88,000		88,531

(Cost $3,662,132)				3,684,952

Oil & Gas Services — 0.7%
Archrock Partners LP / Archrock Partners Finance Corp. 144A, 6.875%, 4/1/27		85,000		83,644
144A, 6.25%, 4/1/28		134,000		128,043
CGG SA, 144A, 8.75%, 4/1/27		88,000		75,811
USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 4/1/26		153,000		151,415
6.875%, 9/1/27		124,000		120,993

(Cost $570,277)				559,906

Pipelines — 5.1%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 7.875%, 5/15/26		160,000		162,738
144A, 5.75%, 3/1/27		119,000		115,441
144A, 5.75%, 1/15/28		90,000		86,269
Buckeye Partners LP 144A, 4.125%, 3/1/25		85,000		81,934
3.95%, 12/1/26		100,000		92,326
4.125%, 12/1/27		75,000		68,264
144A, 4.50%, 3/1/28		86,000		78,122
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 5.75%, 4/1/25		80,000		79,295
144A, 5.625%, 5/1/27		110,000		106,256
EnLink Midstream LLC, 144A, 5.625%, 1/15/28		70,000		67,775
EnLink Midstream Partners LP 4.15%, 6/1/25		80,000		77,500
4.85%, 7/15/26		91,000		87,445
EQM Midstream Partners LP 144A, 6.00%, 7/1/25		108,000		106,967
4.125%, 12/1/26		102,000		95,857
144A, 7.50%, 6/1/27		70,000		70,706
144A, 6.50%, 7/1/27		159,000		158,126
5.50%, 7/15/28		120,000		114,765
Genesis Energy LP / Genesis Energy Finance Corp. 6.50%, 10/1/25		93,000		91,700
8.00%, 1/15/27		176,000		173,668
7.75%, 2/1/28		113,000		110,025
Hess Midstream Operations LP 144A, 5.625%, 2/15/26		162,000		158,008
144A, 5.125%, 6/15/28		97,000		91,079
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		232,000		224,463
144A, 6.50%, 9/30/26		251,000		233,320


	Principal Amount		Value
Pipelines (Continued)
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 7.50%, 2/1/26	$	361,000	$	359,078
NuStar Logistics LP 5.75%, 10/1/25		110,000		107,963
6.00%, 6/1/26		106,000		104,000
5.625%, 4/28/27		69,000		66,996
Rockies Express Pipeline LLC, 144A, 3.60%, 5/15/25		54,000		50,985
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, 9.00%, 10/15/26		136,000		131,362
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 7.50%, 10/1/25		63,000		63,074
144A, 6.00%, 3/1/27		79,000		75,709
144A, 5.50%, 1/15/28		132,000		122,505
Venture Global LNG, Inc., 144A, 8.125%, 6/1/28		397,000		400,818

(Cost $4,268,361)				4,214,539

Financial — 11.4%
Banks — 0.3%
Freedom Mortgage Corp. 144A, 8.25%, 4/15/25		61,000		60,169
144A, 7.625%, 5/1/26		81,000		74,590
144A, 6.625%, 1/15/27		99,000		86,757

(Cost $227,657)				221,516

Diversified Financial Services — 4.4%
AG Issuer LLC, 144A, 6.25%, 3/1/28		95,000		91,108
AG TTMT Escrow Issuer LLC, 144A, 8.625%, 9/30/27		100,000		103,163
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28		115,000		45,825
Home Point Capital, Inc., 144A, 5.00%, 2/1/26		40,000		37,680
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28		200,000		170,974
LD Holdings Group LLC 144A, 6.50%, 11/1/25		83,000		69,864
144A, 6.125%, 4/1/28		106,000		69,103
Macquarie Airfinance Holdings Ltd., 144A, 8.375%, 5/1/28		100,000		102,072
Nationstar Mortgage Holdings, Inc. 144A, 6.00%, 1/15/27		104,000		99,545
144A, 5.50%, 8/15/28		160,000		145,188
Navient Corp. MTN, 6.125%, 3/25/24		150,000		149,498
5.875%, 10/25/24		101,000		99,584
6.75%, 6/25/25		92,000		91,463
6.75%, 6/15/26		91,000		89,504
5.00%, 3/15/27		118,000		107,477
4.875%, 3/15/28		88,000		76,727
NFP Corp. 144A, 4.875%, 8/15/28		60,000		53,598
144A, 6.875%, 8/15/28		360,000		317,672


	Principal Amount		Value
Diversified Financial Services (Continued)
OneMain Finance Corp. 6.125%, 3/15/24	$	205,000	$	204,870
6.875%, 3/15/25		225,000		224,077
7.125%, 3/15/26		262,000		258,031
3.50%, 1/15/27		118,000		102,796
6.625%, 1/15/28		137,000		128,248
Osaic Holdings, Inc., 144A, 10.75%, 8/1/27		70,000		70,418
PennyMac Financial Services, Inc., 144A, 5.375%, 10/15/25		119,000		115,287
PRA Group, Inc., 144A, 8.375%, 2/1/28		70,000		63,955
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 144A, 2.875%, 10/15/26		210,000		186,848
SLM Corp. 4.20%, 10/29/25		84,000		79,078
3.125%, 11/2/26		81,000		72,173
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		146,000		140,523
144A, 5.75%, 6/15/27		85,000		78,394

(Cost $3,744,245)				3,644,743

Insurance — 1.4%
Acrisure LLC / Acrisure Finance, Inc. 144A, 7.00%, 11/15/25		163,000		157,692
144A, 10.125%, 8/1/26		70,000		72,297
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 144A, 4.25%, 10/15/27		132,000		119,980
144A, 6.75%, 10/15/27		233,000		220,487
144A, 6.75%, 4/15/28		220,000		216,952
AssuredPartners, Inc., 144A, 7.00%, 8/15/25		97,000		96,135
HUB International Ltd., 144A, 7.00%, 5/1/26		304,000		303,704

(Cost $1,190,173)				1,187,247

Real Estate — 0.2%
Cushman & Wakefield US Borrower LLC, 144A, 6.75%, 5/15/28		100,000		95,303
Howard Hughes Corp., 144A, 5.375%, 8/1/28		108,000		97,385

(Cost $192,734)				192,688

Real Estate Investment Trusts — 4.2%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 144A, 5.75%, 5/15/26		167,000		153,435
144A, 4.50%, 4/1/27		122,000		102,043
Diversified Healthcare Trust 9.75%, 6/15/25		83,000		81,705
4.75%, 2/15/28		87,000		66,551
HAT Holdings I LLC / HAT Holdings II LLC, 144A, 3.375%, 6/15/26		193,000		173,452
Iron Mountain, Inc. 144A, 4.875%, 9/15/27		189,000		177,656


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
144A, 5.25%, 3/15/28	$	149,000	$	139,838
144A, 5.00%, 7/15/28		60,000		55,629
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A, 4.25%, 2/1/27		107,000		96,833
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/1/26		79,000		67,222
5.00%, 10/15/27		243,000		192,260
Office Properties Income Trust, 4.50%, 2/1/25		120,000		107,182
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 144A, 7.50%, 6/1/25		92,000		92,187
RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27		119,000		110,746
144A, 7.25%, 7/15/28		68,000		68,401
RLJ Lodging Trust LP, 144A, 3.75%, 7/1/26		92,000		84,378
SBA Communications Corp., 3.875%, 2/15/27		264,000		244,324
Service Properties Trust 4.35%, 10/1/24		145,000		139,667
7.50%, 9/15/25		136,000		134,510
4.75%, 10/1/26		83,000		72,147
4.95%, 2/15/27		58,000		50,270
5.50%, 12/15/27		73,000		64,683
3.95%, 1/15/28		80,000		63,754
Starwood Property Trust, Inc. 144A, 3.75%, 12/31/24		73,000		70,265
4.75%, 3/15/25		70,000		67,727
144A, 3.625%, 7/15/26		70,000		62,708
144A, 4.375%, 1/15/27		88,000		78,679
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A, 10.50%, 2/15/28		452,000		451,401
144A, 4.75%, 4/15/28		84,000		70,858
XHR LP, 144A, 6.375%, 8/15/25		92,000		90,978

(Cost $3,553,955)				3,431,489

Venture Capital — 0.9%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 4.75%, 9/15/24		191,000		184,818
6.375%, 12/15/25		130,000		124,094
6.25%, 5/15/26		217,000		201,487
5.25%, 5/15/27		256,000		224,916

(Cost $778,114)				735,315

Industrial — 10.7%
Aerospace/Defense — 3.9%
Bombardier, Inc. 144A, 7.125%, 6/15/26		209,000		205,674
144A, 7.875%, 4/15/27		362,000		361,711
144A, 6.00%, 2/15/28		120,000		112,278


	Principal Amount		Value
Aerospace/Defense (Continued)
Howmet Aerospace, Inc., 5.125%, 10/1/24	$	132,000	$	130,743
Rolls-Royce PLC 144A, 3.625%, 10/14/25		241,000		227,142
144A, 5.75%, 10/15/27		145,000		140,894
Spirit AeroSystems, Inc. 144A, 7.50%, 4/15/25		160,000		158,524
4.60%, 6/15/28		122,000		98,979
TransDigm, Inc. 144A, 6.25%, 3/15/26		720,000		713,904
7.50%, 3/15/27		108,000		108,326
5.50%, 11/15/27		520,000		493,878
144A, 6.75%, 8/15/28		150,000		150,679
Triumph Group, Inc. 7.75%, 8/15/25		93,000		87,648
144A, 9.00%, 3/15/28		209,000		209,842

(Cost $3,206,162)				3,200,222

Building Materials — 0.4%
InterCement Financial Operations BV, 144A, 5.75%, 7/17/24		130,000		87,311
Standard Industries, Inc. 144A, 5.00%, 2/15/27		100,000		94,912
144A, 4.75%, 1/15/28		200,000		184,404

(Cost $395,504)				366,627

Electrical Components & Equipment — 0.7%
Energizer Holdings, Inc., 144A, 4.75%, 6/15/28		103,000		91,146
WESCO Distribution, Inc. 144A, 7.125%, 6/15/25		264,000		265,423
144A, 7.25%, 6/15/28		200,000		203,055

(Cost $563,838)				559,624

Electronics — 0.2%
Sensata Technologies BV 144A, 5.625%, 11/1/24		66,000		65,469
144A, 5.00%, 10/1/25		100,000		97,555

(Cost $170,215)				163,024

Engineering & Construction — 0.1%
IHS Holding Ltd., 144A, 5.625%, 11/29/26 (Cost $75,655)		87,000		75,143

Environmental Control — 0.6%
GFL Environmental, Inc. 144A, 4.25%, 6/1/25		54,000		52,284
144A, 3.75%, 8/1/25		130,000		123,900
144A, 5.125%, 12/15/26		130,000		125,915
144A, 4.00%, 8/1/28		80,000		71,479
Stericycle, Inc., 144A, 5.375%, 7/15/24		87,000		86,680

(Cost $470,225)				460,258

Machinery-Diversified — 0.4%
TK Elevator Holdco GmbH, 144A, 7.625%, 7/15/28		70,000		64,948
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27		271,000		254,261

(Cost $327,246)				319,209


	Principal Amount		Value
Miscellaneous Manufacturing — 0.2%
Hillenbrand, Inc., 5.75%, 6/15/25	$	94,000	$	93,500
Trinity Industries, Inc., 144A, 7.75%, 7/15/28		70,000		71,264

(Cost $166,341)				164,764

Packaging & Containers — 3.7%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 144A, 6.00%, 6/15/27		100,000		97,611
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 4/30/25		95,000		92,658
144A, 4.125%, 8/15/26		205,000		191,687
144A, 5.25%, 8/15/27		174,000		148,199
144A, 5.25%, 8/15/27		139,000		118,389
Ball Corp. 4.00%, 11/15/23		185,000		184,143
5.25%, 7/1/25		214,000		211,212
4.875%, 3/15/26		139,000		135,024
6.875%, 3/15/28		119,000		120,827
Berry Global, Inc., 144A, 5.625%, 7/15/27		90,000		88,309
Graphic Packaging International LLC, 144A, 3.50%, 3/15/28		74,000		65,999
LABL, Inc. 144A, 6.75%, 7/15/26		180,000		176,133
144A, 10.50%, 7/15/27		105,000		100,623
Mauser Packaging Solutions Holding Co. 144A, 7.875%, 8/15/26		478,000		471,155
144A, 9.25%, 4/15/27		225,000		204,206
Owens-Brockway Glass Container, Inc., 144A, 6.625%, 5/13/27		120,000		118,726
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27		183,000		164,605
Sealed Air Corp. 144A, 5.125%, 12/1/24		100,000		98,717
144A, 5.50%, 9/15/25		60,000		59,157
144A, 4.00%, 12/1/27		110,000		100,429
Sealed Air Corp./Sealed Air Corp., 144A, 6.125%, 2/1/28		45,000		44,250
Silgan Holdings, Inc., 4.125%, 2/1/28		115,000		105,469

(Cost $3,134,708)				3,097,528

Transportation — 0.1%
Cargo Aircraft Management, Inc., 144A, 4.75%, 2/1/28
(Cost $72,362)		80,000		72,344

Trucking & Leasing — 0.4%
Fortress Transportation and Infrastructure Investors LLC 144A, 6.50%, 10/1/25		141,000		139,364
144A, 9.75%, 8/1/27		42,000		43,626
144A, 5.50%, 5/1/28		174,000		161,796

(Cost $340,622)				344,786


	Principal Amount		Value
Technology — 2.8%
Computers — 1.0%
NCR Corp., 144A, 5.75%, 9/1/27	$	85,000	$	85,911
Presidio Holdings, Inc. 144A, 4.875%, 2/1/27		86,000		80,492
144A, 8.25%, 2/1/28		90,000		87,291
Seagate HDD Cayman 4.75%, 1/1/25		81,000		79,208
4.875%, 6/1/27		81,000		77,638
Western Digital Corp., 4.75%, 2/15/26		406,000		387,089

(Cost $801,095)				797,629

Office/Business Equipment — 0.3%
Xerox Holdings Corp. 144A, 5.00%, 8/15/25		130,000		124,147
144A, 5.50%, 8/15/28		128,000		111,436

(Cost $240,774)				235,583

Semiconductors — 0.1%
ams-OSRAM AG, 144A, 7.00%, 7/31/25		77,000		70,672
Entegris, Inc., 144A, 4.375%, 4/15/28		50,000		45,631

(Cost $122,663)				116,303

Software — 1.4%
Alteryx, Inc., 144A, 8.75%, 3/15/28		82,000		79,203
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		60,000		60,129
Clarivate Science Holdings Corp., 144A, 3.875%, 7/1/28		160,000		141,327
Fair Isaac Corp. 144A, 5.25%, 5/15/26		68,000		66,066
144A, 4.00%, 6/15/28		159,000		145,566
MicroStrategy, Inc., 144A, 6.125%, 6/15/28		88,000		78,862
Open Text Corp., 144A, 3.875%, 2/15/28		164,000		146,102
PTC, Inc. 144A, 3.625%, 2/15/25		92,000		88,888
144A, 4.00%, 2/15/28		80,000		73,574
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		327,000		315,114

(Cost $1,197,730)				1,194,831

Utilities — 3.2%
Electric — 2.7%
Calpine Corp. 144A, 5.25%, 6/1/26		73,000		71,686
144A, 4.50%, 2/15/28		205,000		190,168
144A, 5.125%, 3/15/28		250,000		227,920
Clearway Energy Operating LLC, 144A, 4.75%, 3/15/28		155,000		143,422
DPL, Inc., 4.125%, 7/1/25		76,000		72,367
Drax Finco PLC, 144A, 6.625%, 11/1/25		50,000		49,214


	Principal Amount		Value
Electric (Continued)
FirstEnergy Corp., Series B, 4.15%, 7/15/27	$	254,000	$	239,879
NextEra Energy Operating Partners LP 144A, 4.25%, 7/15/24		130,000		127,663
144A, 3.875%, 10/15/26		80,000		73,984
144A, 4.50%, 9/15/27		102,000		94,777
NRG Energy, Inc., 5.75%, 1/15/28		150,000		141,922
PG&E Corp., 5.00%, 7/1/28		174,000		160,242
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26		176,000		169,920
144A, 5.625%, 2/15/27		200,000		192,715
144A, 5.00%, 7/31/27		259,000		243,825

(Cost $2,236,910)				2,199,704

Gas — 0.5%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.50%, 5/20/25		175,000		171,917
5.875%, 8/20/26		161,000		152,873
5.75%, 5/20/27		46,000		42,592
144A, 9.375%, 6/1/28		88,000		90,282

(Cost $473,429)				457,664

TOTAL CORPORATE BONDS (Cost $83,284,663)				80,972,028


	Number of Shares
CASH EQUIVALENTS — 1.4%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) (Cost $1,126,201)		1,126,201		1,126,201


TOTAL INVESTMENTS — 99.3% (Cost $84,410,864)			$	82,098,229
Other assets and liabilities, net — 0.7%				603,050

NET ASSETS — 100.0%			$	82,701,279

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:


	Principal Amount		Value
CORPORATE BONDS — 97.8%
Basic Materials — 3.7%
Chemicals — 1.6%
Ashland, Inc., 144A, 3.375%, 9/1/31	$	2,021,000	$	1,617,646
ASP Unifrax Holdings, Inc. 144A, 5.25%, 9/30/28		3,579,000		2,440,557
144A, 7.50%, 9/30/29		1,797,000		936,416
Avient Corp. 144A, 5.75%, 5/15/25		2,952,000		2,915,567
144A, 7.125%, 8/1/30		3,345,000		3,344,132
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29		3,096,000		2,628,598
Chemours Co. 5.375%, 5/15/27		2,188,000		2,058,767
144A, 5.75%, 11/15/28		3,689,000		3,317,368
144A, 4.625%, 11/15/29		2,757,000		2,293,100
Consolidated Energy Finance SA, 144A, 5.625%, 10/15/28		2,424,000		2,026,764
INEOS Finance PLC, 144A, 6.75%, 5/15/28		1,914,000		1,834,350
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		2,212,000		2,024,223
Methanex Corp. 5.125%, 10/15/27		3,146,000		2,953,950
5.25%, 12/15/29		3,111,000		2,836,807
NOVA Chemicals Corp. 144A, 5.00%, 5/1/25		2,212,000		2,103,366
144A, 5.25%, 6/1/27		4,669,000		4,156,558
144A, 4.25%, 5/15/29		2,555,000		2,074,162
Olin Corp. 5.125%, 9/15/27		2,257,000		2,163,086
5.625%, 8/1/29		3,012,000		2,885,651
5.00%, 2/1/30		2,340,000		2,141,954
SCIH Salt Holdings, Inc. 144A, 4.875%, 5/1/28		4,950,000		4,454,677
144A, 6.625%, 5/1/29		3,121,000		2,757,123
Tronox, Inc., 144A, 4.625%, 3/15/29		4,915,000		4,039,168
Valvoline, Inc. 144A, 4.25%, 2/15/30		2,585,000		2,543,359
144A, 3.625%, 6/15/31		2,377,000		1,891,795

(Cost $72,990,289)				64,439,144

Forest Products & Paper — 0.1%
Mercer International, Inc., 5.125%, 2/1/29
(Cost $3,871,202)		3,907,000		3,199,626

Iron/Steel — 0.6%
ATI, Inc., 7.25%, 8/15/30		1,850,000		1,871,053
Cleveland-Cliffs, Inc. 144A, 6.75%, 3/15/26		3,800,000		3,805,449
5.875%, 6/1/27		2,478,000		2,389,281
144A, 6.75%, 4/15/30		3,342,000		3,189,983
Mineral Resources Ltd. 144A, 8.125%, 5/1/27		3,096,000		3,093,847


	Principal Amount		Value
Iron/Steel (Continued)
144A, 8.00%, 11/1/27	$	2,771,000	$	2,764,753
144A, 8.50%, 5/1/30		2,833,000		2,846,673
United States Steel Corp., 6.875%, 3/1/29		2,096,000		2,089,817

(Cost $22,636,085)				22,050,856

Mining — 1.4%
First Quantum Minerals Ltd. 144A, 7.50%, 4/1/25		4,910,000		4,913,678
144A, 6.875%, 3/1/26		4,423,000		4,364,582
144A, 6.875%, 10/15/27		6,696,000		6,527,523
144A, 8.625%, 6/1/31		5,801,000		5,914,514
FMG Resources August 2006 Pty Ltd. 144A, 4.50%, 9/15/27		2,686,000		2,481,246
144A, 5.875%, 4/15/30		3,270,000		3,038,890
144A, 4.375%, 4/1/31		6,660,000		5,587,538
144A, 6.125%, 4/15/32		3,539,000		3,296,301
Hudbay Minerals, Inc. 144A, 4.50%, 4/1/26		2,654,000		2,507,136
144A, 6.125%, 4/1/29		2,654,000		2,497,676
Kaiser Aluminum Corp. 144A, 4.625%, 3/1/28		2,212,000		1,959,421
144A, 4.50%, 6/1/31		2,508,000		2,028,831
Nexa Resources SA 144A, 5.375%, 5/4/27		3,096,000		2,913,895
144A, 6.50%, 1/18/28		2,212,000		2,145,353
Vedanta Resources Finance II PLC 144A, 8.95%, 3/11/25		5,130,000		3,359,483
144A, 9.25%, 4/23/26		1,865,000		1,069,100

(Cost $58,215,527)				54,605,167

Communications — 16.9%
Advertising — 0.9%
Clear Channel Outdoor Holdings, Inc. 144A, 5.125%, 8/15/27		5,879,000		5,269,563
144A, 7.75%, 4/15/28		4,463,000		3,514,728
144A, 9.00%, 9/15/28		3,300,000		3,319,470
144A, 7.50%, 6/1/29		4,674,000		3,492,186
Lamar Media Corp. 3.75%, 2/15/28		2,669,000		2,433,327
4.00%, 2/15/30		2,433,000		2,131,065
3.625%, 1/15/31		2,433,000		2,033,745
Outfront Media Capital LLC / Outfront Media Capital Corp. 144A, 6.25%, 6/15/25		1,964,000		1,931,884
144A, 5.00%, 8/15/27		2,899,000		2,613,705
144A, 4.25%, 1/15/29		2,313,000		1,899,513
144A, 4.625%, 3/15/30		2,157,000		1,755,590
Stagwell Global LLC, 144A, 5.625%, 8/15/29		4,940,000		4,130,026

(Cost $39,792,944)				34,524,802

Internet — 1.6%
Gen Digital, Inc. 144A, 5.00%, 4/15/25		4,890,000		4,798,312
144A, 6.75%, 9/30/27		4,011,000		4,019,937
144A, 7.125%, 9/30/30		2,681,000		2,700,335


	Principal Amount		Value
Internet (Continued)
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A, 5.25%, 12/1/27	$	2,674,000	$	2,562,962
144A, 3.50%, 3/1/29		3,539,000		3,044,923
Match Group Holdings II LLC 144A, 5.00%, 12/15/27		2,020,000		1,898,159
144A, 4.625%, 6/1/28		2,247,000		2,075,149
144A, 4.125%, 8/1/30		2,268,000		1,947,147
144A, 3.625%, 10/1/31		2,223,000		1,814,213
MercadoLibre, Inc. 2.375%, 1/14/26		1,785,000		1,637,301
3.125%, 1/14/31		2,902,000		2,324,119
Rakuten Group, Inc., 144A, 10.25%, 11/30/24		4,202,000		4,244,020
Uber Technologies, Inc. 144A, 7.50%, 5/15/25		4,456,000		4,502,461
144A, 8.00%, 11/1/26		7,044,000		7,178,442
144A, 7.50%, 9/15/27		5,353,000		5,461,741
144A, 6.25%, 1/15/28		2,262,000		2,241,881
144A, 4.50%, 8/15/29		6,700,000		6,147,371
Ziff Davis, Inc., 144A, 4.625%, 10/15/30		2,035,000		1,752,203

(Cost $62,777,972)				60,350,676

Media — 9.7%
Altice Financing SA 144A, 5.00%, 1/15/28		5,338,000		4,344,737
144A, 5.75%, 8/15/29		9,218,000		7,310,487
AMC Networks, Inc. 4.75%, 8/1/25		3,539,000		3,320,942
4.25%, 2/15/29		4,443,000		2,838,097
Cable One, Inc., 144A, 4.00%, 11/15/30		2,875,000		2,245,138
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.50%, 5/1/26		3,317,000		3,242,405
144A, 5.125%, 5/1/27		14,436,000		13,613,507
144A, 5.00%, 2/1/28		11,083,000		10,223,176
144A, 5.375%, 6/1/29		6,755,000		6,161,117
144A, 6.375%, 9/1/29		6,695,000		6,344,542
144A, 4.75%, 3/1/30		13,789,000		11,895,158
144A, 4.50%, 8/15/30		12,221,000		10,294,081
144A, 4.25%, 2/1/31		13,430,000		11,027,423
144A, 7.375%, 3/1/31		4,866,000		4,836,620
144A, 4.75%, 2/1/32		5,308,000		4,397,227
4.50%, 5/1/32		12,824,000		10,408,496
144A, 4.50%, 6/1/33		7,969,000		6,296,335
144A, 4.25%, 1/15/34		8,972,000		6,878,976
CSC Holdings LLC 144A, 5.50%, 4/15/27		5,824,000		5,028,302
144A, 5.375%, 2/1/28		4,553,000		3,728,975
144A, 7.50%, 4/1/28		4,656,000		2,965,586
144A, 11.25%, 5/15/28		4,623,000		4,563,936
144A, 6.50%, 2/1/29		7,891,000		6,526,879
144A, 5.75%, 1/15/30		10,006,000		5,522,411
144A, 4.125%, 12/1/30		4,866,000		3,473,061
144A, 4.625%, 12/1/30		10,329,000		5,414,232


	Principal Amount		Value
Media (Continued)
144A, 3.375%, 2/15/31	$	4,453,000	$	3,061,568
144A, 4.50%, 11/15/31		6,680,000		4,755,096
144A, 5.00%, 11/15/31		2,222,000		1,189,646
DISH DBS Corp. 5.875%, 11/15/24		8,892,000		8,279,207
7.75%, 7/1/26		8,906,000		6,663,024
144A, 5.25%, 12/1/26		12,414,000		10,484,376
7.375%, 7/1/28		4,469,000		2,810,867
144A, 5.75%, 12/1/28		11,188,000		8,678,652
5.125%, 6/1/29		6,690,000		3,616,456
DISH Network Corp., 144A, 11.75%, 11/15/27		15,571,000		15,811,401
Gray Television, Inc. 144A, 5.875%, 7/15/26		3,078,000		2,819,216
144A, 7.00%, 5/15/27		3,317,000		2,980,558
144A, 4.75%, 10/15/30		3,619,000		2,530,546
iHeartCommunications, Inc. 6.375%, 5/1/26		3,564,587		3,115,074
8.375%, 5/1/27		4,515,151		3,131,304
144A, 5.25%, 8/15/27		3,317,000		2,631,226
144A, 4.75%, 1/15/28		2,292,000		1,768,718
McGraw-Hill Education, Inc. 144A, 5.75%, 8/1/28		3,690,000		3,278,196
144A, 8.00%, 8/1/29		3,048,000		2,674,185
News Corp. 144A, 3.875%, 5/15/29		4,423,000		3,888,259
144A, 5.125%, 2/15/32		2,222,000		2,012,910
Nexstar Media, Inc. 144A, 5.625%, 7/15/27		7,743,000		7,285,131
144A, 4.75%, 11/1/28		4,448,000		3,908,252
Sinclair Television Group, Inc. 144A, 5.50%, 3/1/30		2,212,000		1,182,638
144A, 4.125%, 12/1/30		3,319,000		2,123,238
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26		4,423,000		3,994,854
144A, 5.00%, 8/1/27		6,821,000		6,299,876
144A, 4.00%, 7/15/28		8,872,000		7,682,724
144A, 5.50%, 7/1/29		5,770,000		5,213,754
144A, 4.125%, 7/1/30		6,660,000		5,436,625
144A, 3.875%, 9/1/31		6,660,000		5,189,660
TEGNA, Inc. 144A, 4.75%, 3/15/26		2,433,000		2,320,452
4.625%, 3/15/28		4,500,000		4,036,636
5.00%, 9/15/29		4,980,000		4,389,571
Telenet Finance Luxembourg Notes SARL, 144A, 5.50%, 3/1/28		4,400,000		4,043,600
Univision Communications, Inc. 144A, 5.125%, 2/15/25		4,900,000		4,837,035
144A, 6.625%, 6/1/27		6,941,000		6,726,659
144A, 8.00%, 8/15/28		2,015,000		2,011,836
144A, 4.50%, 5/1/29		4,737,000		4,082,072
144A, 7.375%, 6/30/30		4,125,000		3,995,403
UPC Broadband Finco BV, 144A, 4.875%, 7/15/31		5,637,000		4,657,571
UPC Holding BV, 144A, 5.50%, 1/15/28		2,001,000		1,782,901


	Principal Amount		Value
Media (Continued)
Videotron Ltd. 144A, 5.125%, 4/15/27	$	2,653,500	$	2,543,114
144A, 3.625%, 6/15/29		2,222,000		1,910,164
Virgin Media Finance PLC, 144A, 5.00%, 7/15/30		4,191,000		3,404,279
Virgin Media Secured Finance PLC 144A, 5.50%, 5/15/29		6,311,000		5,773,461
144A, 4.50%, 8/15/30		4,047,000		3,420,765
VTR Finance NV, 144A, 6.375%, 7/15/28		2,174,000		1,001,792
Ziggo Bond Co. BV 144A, 6.00%, 1/15/27		2,777,000		2,586,287
144A, 5.125%, 2/28/30		2,222,000		1,726,677
Ziggo BV, 144A, 4.875%, 1/15/30		4,451,000		3,745,897

(Cost $446,623,448)				376,395,255

Telecommunications — 4.7%
Altice France Holding SA 144A, 10.50%, 5/15/27		6,946,000		3,757,126
144A, 6.00%, 2/15/28		4,916,000		2,175,498
Altice France SA 144A, 8.125%, 2/1/27		7,781,000		6,583,022
144A, 5.50%, 1/15/28		5,016,000		3,763,480
144A, 5.125%, 1/15/29		2,201,000		1,570,526
144A, 5.125%, 7/15/29		11,208,000		7,932,806
144A, 5.50%, 10/15/29		8,897,000		6,409,553
C&W Senior Financing DAC, 144A, 6.875%, 9/15/27		5,566,000		5,171,037
CommScope Technologies LLC 144A, 6.00%, 6/15/25		5,638,000		5,156,704
144A, 5.00%, 3/15/27		3,316,000		1,847,235
CommScope, Inc. 144A, 6.00%, 3/1/26		6,635,000		6,036,275
144A, 8.25%, 3/1/27		4,350,000		2,886,399
144A, 7.125%, 7/1/28		3,094,000		1,726,803
144A, 4.75%, 9/1/29		5,574,000		4,147,316
Consolidated Communications, Inc. 144A, 5.00%, 10/1/28		1,778,000		1,302,334
144A, 6.50%, 10/1/28		3,377,000		2,600,965
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27		5,274,000		4,807,935
144A, 5.00%, 5/1/28		6,956,000		5,966,726
144A, 6.75%, 5/1/29		4,457,000		3,463,865
5.875%, 11/1/29		3,318,189		2,460,416
144A, 6.00%, 1/15/30		4,477,000		3,311,799
144A, 8.75%, 5/15/30		5,308,000		5,164,065
144A, 8.625%, 3/15/31		3,317,000		3,191,211
Hughes Satellite Systems Corp. 5.25%, 8/1/26		3,317,000		3,053,713
6.625%, 8/1/26		3,360,500		2,918,577
Iliad Holding SASU 144A, 6.50%, 10/15/26		5,328,000		5,088,025
144A, 7.00%, 10/15/28		3,981,000		3,707,145
Intelsat Jackson Holdings SA, 144A, 6.50%, 3/15/30		13,549,000		12,454,474
Level 3 Financing, Inc. 144A, 3.40%, 3/1/27		3,317,000		3,063,407


	Principal Amount		Value
Telecommunications (Continued)
144A, 4.625%, 9/15/27	$	4,474,000	$	3,365,602
144A, 4.25%, 7/1/28		5,386,000		3,531,549
144A, 3.625%, 1/15/29		3,806,000		2,268,755
144A, 3.875%, 11/15/29		3,317,000		2,932,816
144A, 10.50%, 5/15/30		4,109,000		4,173,059
Lumen Technologies, Inc. 144A, 5.125%, 12/15/26		1,839,000		954,322
144A, 4.00%, 2/15/27		5,595,000		3,521,353
144A, 4.50%, 1/15/29		1,827,000		604,883
Millicom International Cellular SA 144A, 5.125%, 1/15/28		1,791,000		1,625,834
144A, 6.25%, 3/25/29		2,687,400		2,460,903
144A, 4.50%, 4/27/31		3,641,000		2,879,408
Sable International Finance Ltd., 144A, 5.75%, 9/7/27		2,200,000		2,042,931
Viasat, Inc. 144A, 5.625%, 9/15/25		3,085,000		2,918,225
144A, 5.625%, 4/15/27		2,654,000		2,376,851
144A, 6.50%, 7/15/28		1,849,000		1,446,195
Vmed O2 UK Financing I PLC 144A, 4.25%, 1/31/31		6,021,000		4,932,512
144A, 4.75%, 7/15/31		6,282,000		5,251,653
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28		6,322,000		5,130,372
Zayo Group Holdings, Inc. 144A, 4.00%, 3/1/27		6,560,000		4,921,120
144A, 6.125%, 3/1/28		4,813,000		3,133,138

(Cost $224,991,984)				182,189,918

Consumer, Cyclical — 24.4%
Airlines — 1.5%
Air Canada, 144A, 3.875%, 8/15/26		5,308,000		4,907,234
American Airlines Group, Inc., 144A, 3.75%, 3/1/25		1,037,000		993,325
American Airlines, Inc. 144A, 11.75%, 7/15/25		10,264,000		11,243,134
144A, 7.25%, 2/15/28		3,317,000		3,261,612
Delta Air Lines, Inc. 2.90%, 10/28/24		4,000,000		3,878,544
7.375%, 1/15/26		3,566,000		3,671,407
4.375%, 4/19/28		1,885,000		1,770,224
3.75%, 10/28/29		2,166,000		1,923,733
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		5,407,858		5,009,666
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 144A, 8.00%, 9/20/25		2,653,195		2,658,608
144A, 8.00%, 9/20/25		2,335,366		2,340,375
United Airlines, Inc. 144A, 4.375%, 4/15/26		8,846,000		8,339,814
144A, 4.625%, 4/15/29		8,846,000		7,876,785

(Cost $61,341,880)				57,874,461


	Principal Amount		Value
Apparel — 0.2%
Hanesbrands, Inc. 144A, 4.875%, 5/15/26	$	3,981,000	$	3,722,203
144A, 9.00%, 2/15/31		2,781,000		2,796,490
Levi Strauss & Co., 144A, 3.50%, 3/1/31		2,222,000		1,807,442

(Cost $8,799,078)				8,326,135

Auto Manufacturers — 3.9%
Allison Transmission, Inc. 144A, 4.75%, 10/1/27		1,782,000		1,674,452
144A, 5.875%, 6/1/29		2,222,000		2,148,548
144A, 3.75%, 1/30/31		4,453,000		3,724,002
Aston Martin Capital Holdings Ltd., 144A, 10.50%, 11/30/25		5,378,000		5,468,996
Ford Motor Co. 4.346%, 12/8/26		6,649,000		6,424,362
9.625%, 4/22/30		1,959,000		2,276,430
3.25%, 2/12/32		11,170,000		8,728,747
6.10%, 8/19/32		7,821,000		7,481,318
Ford Motor Credit Co. LLC 3.664%, 9/8/24		3,114,000		3,023,932
4.063%, 11/1/24		5,977,000		5,795,912
2.30%, 2/10/25		4,931,000		4,637,364
4.687%, 6/9/25		2,407,000		2,319,153
5.125%, 6/16/25		6,936,000		6,758,506
4.134%, 8/4/25		5,593,000		5,332,041
3.375%, 11/13/25		8,394,000		7,824,695
GMTN, 4.389%, 1/8/26		4,796,000		4,531,644
6.95%, 3/6/26		5,196,000		5,214,290
6.95%, 6/10/26		4,150,000		4,159,462
4.542%, 8/1/26		3,059,000		2,886,601
2.70%, 8/10/26		6,007,000		5,378,470
4.271%, 1/9/27		3,598,000		3,329,831
4.95%, 5/28/27		6,001,000		5,635,521
4.125%, 8/17/27		4,984,000		4,530,748
3.815%, 11/2/27		2,992,000		2,664,231
7.35%, 11/4/27		6,009,000		6,134,768
2.90%, 2/16/28		3,004,000		2,566,248
6.80%, 5/12/28		6,009,000		6,012,600
2.90%, 2/10/29		3,035,000		2,507,702
5.113%, 5/3/29		6,007,000		5,531,349
7.35%, 3/6/30		4,537,000		4,622,550
7.20%, 6/10/30		3,393,000		3,447,695
4.00%, 11/13/30		6,607,000		5,596,314
3.625%, 6/17/31		3,995,000		3,240,407

(Cost $164,717,135)				151,608,889

Auto Parts & Equipment — 1.9%
Adient Global Holdings Ltd. 144A, 4.875%, 8/15/26		3,544,000		3,411,239
144A, 7.00%, 4/15/28		2,278,000		2,303,637
144A, 8.25%, 4/15/31		2,222,000		2,280,030
American Axle & Manufacturing, Inc. 6.50%, 4/1/27		2,222,000		2,108,335
6.875%, 7/1/28		1,818,000		1,669,169
5.00%, 10/1/29		2,695,000		2,221,239
Clarios Global LP, 144A, 6.75%, 5/15/25		2,005,000		2,006,015


	Principal Amount		Value
Auto Parts & Equipment (Continued)
Clarios Global LP / Clarios US Finance Co. 144A, 6.25%, 5/15/26	$	3,994,000	$	3,958,961
144A, 8.50%, 5/15/27		7,397,000		7,485,335
144A, 6.75%, 5/15/28		3,317,000		3,311,402
Dana, Inc. 5.375%, 11/15/27		1,785,000		1,690,279
5.625%, 6/15/28		1,748,000		1,647,070
4.25%, 9/1/30		1,815,000		1,494,053
Goodyear Tire & Rubber Co. 9.50%, 5/31/25		3,611,000		3,690,980
5.00%, 5/31/26		4,000,000		3,864,271
4.875%, 3/15/27		3,019,000		2,842,640
5.00%, 7/15/29		3,736,000		3,326,796
5.25%, 4/30/31		2,433,000		2,136,478
5.25%, 7/15/31		2,771,000		2,389,018
5.625%, 4/30/33		2,005,000		1,722,476
Tenneco, Inc., 144A, 8.00%, 11/17/28		8,500,000		7,012,755
ZF North America Capital, Inc. 144A, 4.75%, 4/29/25		4,766,000		4,634,887
144A, 6.875%, 4/14/28		2,694,000		2,682,983
144A, 7.125%, 4/14/30		2,674,000		2,711,829

(Cost $76,333,715)				72,601,877

Distribution/Wholesale — 0.4%
American Builders & Contractors Supply Co., Inc. 144A, 4.00%, 1/15/28		3,126,000		2,832,767
144A, 3.875%, 11/15/29		1,772,000		1,529,251
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		5,669,000		4,954,894
Ritchie Bros Holdings, Inc. 144A, 6.75%, 3/15/28		2,433,000		2,448,436
144A, 7.75%, 3/15/31		3,526,000		3,627,994

(Cost $16,639,510)				15,393,342

Entertainment — 3.7%
AMC Entertainment Holdings, Inc. 144A, 10.00%, 6/15/26		6,432,466		4,466,679
144A, 7.50%, 2/15/29		4,211,000		2,878,565
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25		15,500,000		15,393,567
144A, 8.125%, 7/1/27		7,216,000		7,333,476
144A, 4.625%, 10/15/29		5,354,000		4,691,131
144A, 7.00%, 2/15/30		8,933,000		8,976,879
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, 5.75%, 7/1/25		4,404,000		4,411,120
CDI Escrow Issuer, Inc., 144A, 5.75%, 4/1/30		5,452,000		5,076,723
Cedar Fair LP, 5.25%, 7/15/29		2,228,000		2,008,411
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25		4,463,000		4,431,652
5.375%, 4/15/27		2,228,000		2,108,402


	Principal Amount		Value
Entertainment (Continued)
Churchill Downs, Inc. 144A, 5.50%, 4/1/27	$	2,654,000	$	2,559,426
144A, 4.75%, 1/15/28		3,096,000		2,858,643
144A, 6.75%, 5/1/31		2,654,000		2,593,728
Cinemark USA, Inc. 144A, 5.875%, 3/15/26		1,791,000		1,721,024
144A, 5.25%, 7/15/28		3,400,000		3,023,076
International Game Technology PLC 144A, 6.50%, 2/15/25		2,228,000		2,231,921
144A, 4.125%, 4/15/26		3,342,000		3,175,585
144A, 6.25%, 1/15/27		3,333,000		3,303,353
144A, 5.25%, 1/15/29		3,317,000		3,122,266
Light & Wonder International, Inc. 144A, 7.00%, 5/15/28		3,121,000		3,112,311
144A, 7.25%, 11/15/29		2,237,000		2,244,606
144A, 7.50%, 9/1/31		2,450,000		2,486,567
Live Nation Entertainment, Inc. 144A, 4.875%, 11/1/24		2,555,000		2,511,786
144A, 6.50%, 5/15/27		5,308,000		5,316,891
144A, 4.75%, 10/15/27		4,227,000		3,941,678
144A, 3.75%, 1/15/28		2,222,000		1,983,732
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26		5,222,000		4,867,687
Penn Entertainment, Inc. 144A, 5.625%, 1/15/27		1,785,000		1,689,267
144A, 4.125%, 7/1/29		1,785,000		1,455,411
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 144A, 5.625%, 9/1/29		3,362,000		2,686,574
144A, 5.875%, 9/1/31		3,301,000		2,555,304
Six Flags Entertainment Corp. 144A, 5.50%, 4/15/27		2,222,000		2,093,457
144A, 7.25%, 5/15/31		3,689,000		3,540,589
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		2,666,000		2,659,047
WMG Acquisition Corp. 144A, 3.75%, 12/1/29		2,389,000		2,073,153
144A, 3.875%, 7/15/30		2,366,000		2,055,256
144A, 3.00%, 2/15/31		3,539,000		2,887,470
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 144A, 5.125%, 10/1/29		3,367,000		3,017,097
144A, 7.125%, 2/15/31		2,632,000		2,586,374

(Cost $152,866,132)				142,129,884

Food Service — 0.5%
Aramark Services, Inc. 144A, 5.00%, 4/1/25		2,451,000		2,423,183
144A, 6.375%, 5/1/25		6,765,000		6,783,482
144A, 5.00%, 2/1/28		5,087,000		4,750,472
TKC Holdings, Inc. 144A, 6.875%, 5/15/28		2,101,000		1,901,468
144A, 10.50%, 5/15/29		2,975,000		2,471,927

(Cost $19,404,794)				18,330,532

Home Builders — 0.5%
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, 4.625%, 4/1/30		1,803,000		1,554,673


	Principal Amount		Value
Home Builders (Continued)
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A, 6.25%, 9/15/27	$	2,654,000	$	2,438,705
144A, 4.875%, 2/15/30		2,212,000		1,829,516
Mattamy Group Corp. 144A, 5.25%, 12/15/27		2,212,000		2,088,815
144A, 4.625%, 3/1/30		2,666,000		2,355,006
Meritage Homes Corp. 6.00%, 6/1/25		1,996,000		1,988,625
144A, 3.875%, 4/15/29		2,053,000		1,793,716
Taylor Morrison Communities, Inc. 144A, 5.875%, 6/15/27		2,222,000		2,185,448
144A, 5.75%, 1/15/28		2,025,000		1,955,316
144A, 5.125%, 8/1/30		2,253,000		2,068,510

(Cost $22,443,137)				20,258,330

Home Furnishings — 0.2%
Tempur Sealy International, Inc. 144A, 4.00%, 4/15/29		3,569,000		3,068,653
144A, 3.875%, 10/15/31		3,598,000		2,895,245

(Cost $7,043,977)				5,963,898

Housewares — 0.5%
Newell Brands, Inc. 4.875%, 6/1/25		2,232,000		2,157,990
4.70%, 4/1/26		8,780,000		8,401,541
6.375%, 9/15/27		2,293,000		2,244,737
6.625%, 9/15/29		2,328,000		2,308,489
Scotts Miracle-Gro Co. 4.50%, 10/15/29		1,821,000		1,524,832
4.00%, 4/1/31		2,128,000		1,674,481
4.375%, 2/1/32		1,829,000		1,449,848

(Cost $21,740,965)				19,761,918

Leisure Time — 3.4%
Carnival Corp. 144A, 7.625%, 3/1/26		6,444,000		6,429,634
144A, 5.75%, 3/1/27		15,481,000		14,558,085
144A, 9.875%, 8/1/27		4,017,000		4,245,190
144A, 4.00%, 8/1/28		10,796,000		9,669,293
144A, 6.00%, 5/1/29		8,847,000		8,015,502
144A, 7.00%, 8/15/29		2,050,000		2,081,855
144A, 10.50%, 6/1/30		4,423,000		4,715,338
Carnival Holdings Bermuda Ltd., 144A, 10.375%, 5/1/28		8,979,000		9,773,590
Life Time, Inc. 144A, 5.75%, 1/15/26		4,092,000		3,995,816
144A, 8.00%, 4/15/26		2,117,000		2,103,028
NCL Corp. Ltd. 144A, 3.625%, 12/15/24		2,509,000		2,405,454
144A, 5.875%, 3/15/26		6,303,000		5,937,430
144A, 5.875%, 2/15/27		4,423,000		4,288,486
144A, 8.375%, 2/1/28		2,684,000		2,768,895
144A, 7.75%, 2/15/29		2,736,000		2,601,668
Royal Caribbean Cruises Ltd. 144A, 11.50%, 6/1/25		1,915,000		2,025,325
144A, 4.25%, 7/1/26		2,935,000		2,739,060
144A, 5.50%, 8/31/26		4,423,000		4,240,683


	Principal Amount		Value
Leisure Time (Continued)
144A, 5.375%, 7/15/27	$	4,423,000	$	4,163,001
144A, 11.625%, 8/15/27		5,529,000		6,026,805
3.70%, 3/15/28		2,222,000		1,937,281
144A, 5.50%, 4/1/28		6,751,000		6,323,997
144A, 8.25%, 1/15/29		4,448,000		4,652,688
144A, 9.25%, 1/15/29		4,567,000		4,868,509
144A, 7.25%, 1/15/30		3,126,000		3,172,205
Viking Cruises Ltd. 144A, 5.875%, 9/15/27		3,649,000		3,415,336
144A, 7.00%, 2/15/29		2,362,000		2,241,774
144A, 9.125%, 7/15/31		3,190,000		3,298,580

(Cost $136,343,210)				132,694,508

Lodging — 2.8%
Boyd Gaming Corp. 4.75%, 12/1/27		4,422,000		4,149,194
144A, 4.75%, 6/15/31		4,011,000		3,536,899
Hilton Domestic Operating Co., Inc. 144A, 5.375%, 5/1/25		2,228,000		2,209,142
144A, 5.75%, 5/1/28		2,212,000		2,172,130
144A, 3.75%, 5/1/29		3,564,000		3,142,718
4.875%, 1/15/30		4,423,000		4,130,189
144A, 4.00%, 5/1/31		4,886,000		4,246,867
144A, 3.625%, 2/15/32		6,793,000		5,649,499
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc 144A, 5.00%, 6/1/29		3,816,000		3,386,611
144A, 4.875%, 7/1/31		2,212,000		1,867,154
Las Vegas Sands Corp. 3.20%, 8/8/24		1,052,000		1,015,812
2.90%, 6/25/25		2,222,000		2,097,796
3.50%, 8/18/26		4,448,000		4,131,185
3.90%, 8/8/29		3,317,000		2,919,004
Marriott Ownership Resorts, Inc., 144A, 4.50%, 6/15/29		2,222,000		1,879,635
Melco Resorts Finance Ltd. 144A, 4.875%, 6/6/25		4,406,000		4,189,681
144A, 5.25%, 4/26/26		2,222,000		2,060,081
144A, 5.625%, 7/17/27		2,814,000		2,517,855
144A, 5.75%, 7/21/28		3,810,000		3,374,292
144A, 5.375%, 12/4/29		5,087,000		4,271,412
MGM Resorts International 6.75%, 5/1/25		3,471,000		3,479,813
5.75%, 6/15/25		2,986,000		2,947,712
4.625%, 9/1/26		1,769,000		1,667,762
5.50%, 4/15/27		2,986,000		2,855,695
4.75%, 10/15/28		3,324,000		3,019,594
Station Casinos LLC 144A, 4.50%, 2/15/28		3,070,000		2,750,413
144A, 4.625%, 12/1/31		2,200,000		1,815,594
Studio City Finance Ltd. 144A, 6.00%, 7/15/25		2,252,000		2,131,563
144A, 6.50%, 1/15/28		2,242,000		1,900,689
144A, 5.00%, 1/15/29		4,886,000		3,666,479
Travel + Leisure Co. 144A, 6.625%, 7/31/26		2,875,000		2,838,238
6.00%, 4/1/27		1,787,000		1,735,552


	Principal Amount		Value
Lodging (Continued)
144A, 4.50%, 12/1/29	$	2,889,000	$	2,480,958
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 144A, 5.50%, 3/1/25		6,287,000		6,216,567
144A, 5.25%, 5/15/27		4,247,000		4,023,313

(Cost $115,805,571)				106,477,098

Retail — 4.9%
1011778 BC ULC / New Red Finance, Inc. 144A, 5.75%, 4/15/25		2,228,000		2,213,257
144A, 3.875%, 1/15/28		6,881,000		6,264,458
144A, 4.375%, 1/15/28		3,317,000		3,048,097
144A, 3.50%, 2/15/29		3,357,000		2,942,298
144A, 4.00%, 10/15/30		12,883,000		10,921,637
Asbury Automotive Group, Inc. 4.50%, 3/1/28		1,769,000		1,615,153
144A, 4.625%, 11/15/29		3,559,000		3,143,462
4.75%, 3/1/30		2,038,000		1,791,602
144A, 5.00%, 2/15/32		2,666,000		2,289,333
Bath & Body Works, Inc. 5.25%, 2/1/28		2,222,000		2,133,772
7.50%, 6/15/29		2,146,000		2,165,256
144A, 6.625%, 10/1/30		4,423,000		4,317,307
Beacon Roofing Supply, Inc., 144A, 6.50%, 8/1/30		2,670,000		2,640,630
Carvana Co. 144A, 5.50%, 4/15/27		2,654,000		1,952,747
144A, 5.875%, 10/1/28		2,674,000		1,647,572
144A, 4.875%, 9/1/29		3,317,000		1,982,850
144A, 10.25%, 5/1/30		14,501,000		11,256,044
eG Global Finance PLC 144A, 6.75%, 2/7/25		3,088,000		3,046,034
144A, 8.50%, 10/30/25		2,597,000		2,573,680
Ferrellgas LP / Ferrellgas Finance Corp. 144A, 5.375%, 4/1/26		2,905,000		2,733,217
144A, 5.875%, 4/1/29		3,749,000		3,312,768
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 144A, 4.625%, 1/15/29		4,613,000		3,988,056
144A, 6.75%, 1/15/30		5,529,000		4,573,294
FirstCash, Inc. 144A, 4.625%, 9/1/28		2,247,000		2,000,762
144A, 5.625%, 1/1/30		2,433,000		2,211,326
Gap, Inc. 144A, 3.625%, 10/1/29		3,467,000		2,642,421
144A, 3.875%, 10/1/31		3,317,000		2,407,589
Kohl’s Corp., 4.625%, 5/1/31		2,316,000		1,707,239
LBM Acquisition LLC, 144A, 6.25%, 1/15/29		3,742,000		3,269,446
Lithia Motors, Inc. 144A, 4.625%, 12/15/27		1,785,000		1,650,230
144A, 3.875%, 6/1/29		3,517,000		3,022,980
144A, 4.375%, 1/15/31		2,444,000		2,081,559
Macy’s Retail Holdings LLC 144A, 5.875%, 4/1/29		2,327,000		2,105,674
144A, 5.875%, 3/15/30		1,922,000		1,683,480
144A, 6.125%, 3/15/32		1,889,000		1,621,518


	Principal Amount		Value
Retail (Continued)
Michaels Cos., Inc. 144A, 5.25%, 5/1/28	$	3,821,000	$	3,188,166
144A, 7.875%, 5/1/29		5,636,000		3,911,948
Murphy Oil USA, Inc. 4.75%, 9/15/29		2,222,000		2,040,885
144A, 3.75%, 2/15/31		2,212,000		1,862,725
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		4,886,000		4,647,839
Nordstrom, Inc. 4.375%, 4/1/30		2,291,000		1,834,805
4.25%, 8/1/31		1,880,000		1,415,978
Penske Automotive Group, Inc. 3.50%, 9/1/25		2,444,000		2,331,907
3.75%, 6/15/29		2,216,000		1,901,421
PetSmart, Inc. / PetSmart Finance Corp. 144A, 4.75%, 2/15/28		5,333,000		4,788,766
144A, 7.75%, 2/15/29		5,247,000		5,017,013
QVC, Inc. 4.45%, 2/15/25		2,602,000		2,341,382
4.75%, 2/15/27		2,555,000		1,689,268
4.375%, 9/1/28		2,291,000		1,298,571
Rite Aid Corp., 144A, 8.00%, 11/15/26		3,759,000		2,390,799
Sonic Automotive, Inc. 144A, 4.625%, 11/15/29		2,875,000		2,456,032
144A, 4.875%, 11/15/31		2,232,000		1,857,534
SRS Distribution, Inc. 144A, 4.625%, 7/1/28		2,905,000		2,588,933
144A, 6.125%, 7/1/29		2,069,000		1,800,960
144A, 6.00%, 12/1/29		3,840,000		3,287,309
Staples, Inc. 144A, 7.50%, 4/15/26		8,887,000		7,361,735
144A, 10.75%, 4/15/27		4,300,000		2,337,890
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31		2,891,000		2,474,424
Yum! Brands, Inc. 144A, 4.75%, 1/15/30		3,539,000		3,262,241
3.625%, 3/15/31		4,775,000		4,053,617
4.625%, 1/31/32		4,906,000		4,394,089
5.375%, 4/1/32		4,553,000		4,275,109

(Cost $217,615,544)				189,768,094

Consumer, Non-cyclical — 16.1%
Agriculture — 0.3%
Darling Ingredients, Inc. 144A, 5.25%, 4/15/27		2,212,000		2,152,104
144A, 6.00%, 6/15/30		4,463,000		4,364,273
Vector Group Ltd. 144A, 10.50%, 11/1/26		3,005,000		3,017,486
144A, 5.75%, 2/1/29		3,890,000		3,388,259

(Cost $13,608,258)				12,922,122

Beverages — 0.1%
Primo Water Holdings, Inc., 144A, 4.375%, 4/30/29
(Cost $3,249,997)		3,317,000		2,913,653


	Principal Amount		Value
Commercial Services — 3.9%
ADT Security Corp., 144A, 4.125%, 8/1/29	$	4,423,000	$	3,866,432
Albion Financing 1 SARL / Aggreko Holdings, Inc., 144A, 6.125%, 10/15/26		2,511,000		2,378,570
Albion Financing 2SARL, 144A, 8.75%, 4/15/27		1,990,000		1,855,158
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A, 6.625%, 7/15/26		8,581,000		8,170,560
144A, 9.75%, 7/15/27		4,644,000		4,269,433
144A, 6.00%, 6/1/29		4,296,000		3,289,441
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		5,694,000		4,845,025
APX Group, Inc. 144A, 6.75%, 2/15/27		2,654,000		2,570,860
144A, 5.75%, 7/15/29		3,539,000		3,053,553
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A, 4.75%, 4/1/28		2,212,000		2,013,375
144A, 5.375%, 3/1/29		2,722,000		2,501,343
Block, Inc. 2.75%, 6/1/26		4,423,000		4,026,356
3.50%, 6/1/31		4,574,000		3,754,696
Brink’s Co. 144A, 5.50%, 7/15/25		1,769,000		1,741,054
144A, 4.625%, 10/15/27		2,655,000		2,471,575
Garda World Security Corp. 144A, 4.625%, 2/15/27		2,540,000		2,351,806
144A, 9.50%, 11/1/27		2,686,000		2,600,748
144A, 7.75%, 2/15/28		1,761,000		1,749,695
144A, 6.00%, 6/1/29		2,282,000		1,861,625
Gartner, Inc. 144A, 4.50%, 7/1/28		3,539,000		3,303,003
144A, 3.625%, 6/15/29		2,653,000		2,332,742
144A, 3.75%, 10/1/30		3,521,000		3,043,677
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		5,338,000		5,128,676
Hertz Corp. 144A, 4.625%, 12/1/26		2,374,000		2,151,532
144A, 5.00%, 12/1/29		4,423,000		3,640,878
MPH Acquisition Holdings LLC 144A, 5.50%, 9/1/28		4,705,000		4,000,814
144A, 5.75%, 11/1/28		4,578,000		3,434,301
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.75%, 4/15/26		5,967,000		5,861,097
144A, 3.375%, 8/31/27		4,423,000		3,937,740
144A, 6.25%, 1/15/28		5,750,500		5,470,732
Sabre GLBL, Inc. 144A, 7.375%, 9/1/25		3,856,000		3,793,353
144A, 11.25%, 12/15/27		2,455,000		2,341,976
Service Corp. International 4.625%, 12/15/27		2,451,000		2,306,146
5.125%, 6/1/29		3,486,000		3,289,912


	Principal Amount		Value
Commercial Services (Continued)
3.375%, 8/15/30	$	3,760,000	$	3,121,915
4.00%, 5/15/31		3,561,000		3,022,399
Sotheby’s, 144A, 7.375%, 10/15/27		3,384,000		3,084,585
United Rentals North America, Inc. 5.50%, 5/15/27		2,212,000		2,169,607
3.875%, 11/15/27		3,317,000		3,075,036
4.875%, 1/15/28		7,448,000		7,093,741
5.25%, 1/15/30		3,347,000		3,184,308
4.00%, 7/15/30		3,337,000		2,928,770
3.875%, 2/15/31		4,991,000		4,273,301
3.75%, 1/15/32		3,342,000		2,813,364
Williams Scotsman International, Inc. 144A, 6.125%, 6/15/25		2,369,000		2,350,106
144A, 4.625%, 8/15/28		2,262,000		2,066,111

(Cost $167,772,814)				152,591,127

Cosmetics/Personal Care — 0.4%
Coty, Inc. 144A, 5.00%, 4/15/26		3,981,000		3,830,438
144A, 6.50%, 4/15/26		2,092,000		2,075,578
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC, 144A, 6.625%, 7/15/30		3,350,000		3,347,102
Edgewell Personal Care Co. 144A, 5.50%, 6/1/28		3,317,000		3,129,291
144A, 4.125%, 4/1/29		2,281,000		1,978,859

(Cost $15,053,112)				14,361,268

Food — 2.5%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.25%, 3/15/26		3,342,000		3,108,303
144A, 7.50%, 3/15/26		2,647,000		2,688,201
144A, 4.625%, 1/15/27		6,071,000		5,749,218
144A, 5.875%, 2/15/28		3,317,000		3,222,263
144A, 6.50%, 2/15/28		3,387,000		3,374,867
144A, 3.50%, 3/15/29		5,969,000		5,168,127
144A, 4.875%, 2/15/30		4,448,000		4,085,420
B&G Foods, Inc. 5.25%, 4/1/25		3,923,000		3,832,781
5.25%, 9/15/27		2,433,000		2,157,807
Lamb Weston Holdings, Inc. 144A, 4.875%, 5/15/28		2,237,000		2,114,800
144A, 4.125%, 1/31/30		4,291,000		3,777,525
144A, 4.375%, 1/31/32		3,219,000		2,796,860
Performance Food Group, Inc. 144A, 5.50%, 10/15/27		4,689,000		4,519,856
144A, 4.25%, 8/1/29		4,453,000		3,922,890
Pilgrim’s Pride Corp. 144A, 5.875%, 9/30/27		3,909,000		3,868,754
3.50%, 3/1/32		3,950,000		3,184,529
6.25%, 7/1/33		4,448,000		4,420,148
Post Holdings, Inc. 144A, 5.75%, 3/1/27		2,031,000		1,986,875
144A, 5.625%, 1/15/28		4,162,000		3,995,796
144A, 5.50%, 12/15/29		5,480,000		5,078,174
144A, 4.625%, 4/15/30		6,466,000		5,734,793


	Principal Amount		Value
Food (Continued)
144A, 4.50%, 9/15/31	$	4,916,000	$	4,221,273
Sigma Holdco BV, 144A, 7.875%, 5/15/26		2,156,000		1,835,970
US Foods, Inc. 144A, 6.25%, 4/15/25		4,707,000		4,723,498
144A, 4.75%, 2/15/29		4,006,000		3,656,348
144A, 4.625%, 6/1/30		2,189,000		1,947,598

(Cost $102,392,732)				95,172,674

Healthcare-Products — 1.2%
Avantor Funding, Inc. 144A, 4.625%, 7/15/28		6,856,000		6,370,845
144A, 3.875%, 11/1/29		3,539,000		3,107,169
Hologic, Inc. 144A, 4.625%, 2/1/28		1,794,000		1,687,896
144A, 3.25%, 2/15/29		4,216,000		3,665,460
Medline Borrower LP 144A, 3.875%, 4/1/29		20,101,000		17,512,214
144A, 5.25%, 10/1/29		11,156,000		9,918,263
Teleflex, Inc. 4.625%, 11/15/27		2,212,000		2,088,150
144A, 4.25%, 6/1/28		2,212,000		2,037,052

(Cost $47,901,978)				46,387,049

Healthcare-Services — 4.7%
Catalent Pharma Solutions, Inc. 144A, 5.00%, 7/15/27		2,292,000		2,142,367
144A, 3.125%, 2/15/29		2,463,000		2,075,028
144A, 3.50%, 4/1/30		2,881,000		2,425,403
Charles River Laboratories International, Inc. 144A, 4.25%, 5/1/28		2,212,000		2,032,773
144A, 3.75%, 3/15/29		2,262,000		1,998,601
144A, 4.00%, 3/15/31		2,206,000		1,907,018
CHS/Community Health Systems, Inc. 144A, 8.00%, 3/15/26		9,332,000		9,118,474
144A, 5.625%, 3/15/27		8,480,000		7,470,359
144A, 8.00%, 12/15/27		3,096,000		2,979,451
144A, 6.875%, 4/1/28		3,453,000		2,076,781
144A, 6.00%, 1/15/29		3,981,000		3,338,586
144A, 6.875%, 4/15/29		6,202,000		3,758,713
144A, 6.125%, 4/1/30		5,559,000		3,173,800
144A, 5.25%, 5/15/30		6,859,000		5,415,946
144A, 4.75%, 2/15/31		4,679,000		3,490,066
DaVita, Inc. 144A, 4.625%, 6/1/30		12,318,000		10,577,024
144A, 3.75%, 2/15/31		6,635,000		5,289,141
Encompass Health Corp. 4.50%, 2/1/28		3,539,000		3,290,396
4.75%, 2/1/30		3,539,000		3,231,198
4.625%, 4/1/31		1,854,000		1,626,859
IQVIA, Inc. 144A, 5.00%, 10/15/26		4,644,000		4,490,370
144A, 5.00%, 5/15/27		4,891,000		4,713,020
144A, 6.50%, 5/15/30		2,212,000		2,226,636
Legacy LifePoint Health LLC, 144A, 4.375%, 2/15/27		2,654,000		2,288,743


	Principal Amount		Value
Healthcare-Services (Continued)
LifePoint Health, Inc. 144A, 5.375%, 1/15/29	$	2,298,000	$	1,591,421
144A, 9.875%, 8/15/30		3,550,000		3,512,796
ModivCare, Inc., 144A, 5.875%, 11/15/25		2,328,000		2,211,274
Molina Healthcare, Inc. 144A, 4.375%, 6/15/28		3,555,000		3,265,964
144A, 3.875%, 11/15/30		2,889,000		2,469,667
144A, 3.875%, 5/15/32		3,353,000		2,784,153
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		5,728,000		5,362,560
Select Medical Corp., 144A, 6.25%, 8/15/26		5,419,000		5,372,841
Team Health Holdings, Inc., 144A, 6.375%, 2/1/25		3,160,000		2,436,961
Tenet Healthcare Corp. 4.875%, 1/1/26		9,583,000		9,282,119
6.25%, 2/1/27		6,695,000		6,598,825
5.125%, 11/1/27		6,660,000		6,307,231
4.625%, 6/15/28		2,654,000		2,446,287
6.125%, 10/1/28		11,223,000		10,803,316
4.25%, 6/1/29		6,253,000		5,584,105
4.375%, 1/15/30		6,472,000		5,755,926
6.125%, 6/15/30		8,927,000		8,661,329
144A, 6.75%, 5/15/31		6,106,000		6,082,420

(Cost $202,632,002)				181,665,948

Household Products/Wares — 0.1%
Central Garden & Pet Co. 4.125%, 10/15/30		2,222,000		1,914,404
144A, 4.125%, 4/30/31		1,769,000		1,503,539
Spectrum Brands, Inc., 144A, 3.875%, 3/15/31		2,272,000		1,905,617

(Cost $6,097,011)				5,323,560

Pharmaceuticals — 2.9%
AdaptHealth LLC 144A, 4.625%, 8/1/29		2,222,000		1,813,785
144A, 5.125%, 3/1/30		2,666,000		2,189,283
Bausch Health Americas, Inc. 144A, 9.25%, 4/1/26		3,297,000		3,008,173
144A, 8.50%, 1/31/27		2,856,000		1,592,063
Bausch Health Cos., Inc. 144A, 5.50%, 11/1/25		7,569,000		6,824,286
144A, 9.00%, 12/15/25		4,291,000		3,931,479
144A, 6.125%, 2/1/27		4,447,000		2,928,483
144A, 5.75%, 8/15/27		2,262,000		1,418,825
144A, 5.00%, 1/30/28		1,934,000		842,637
144A, 4.875%, 6/1/28		7,137,000		4,241,683
144A, 11.00%, 9/30/28		7,847,000		5,621,883
144A, 5.00%, 2/15/29		2,088,000		875,989
144A, 6.25%, 2/15/29		3,648,000		1,599,995
144A, 5.25%, 1/30/30		3,549,000		1,502,030
144A, 5.25%, 2/15/31		2,035,000		858,176
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		2,222,000		2,014,221


	Principal Amount		Value
Pharmaceuticals (Continued)
Grifols SA, 144A, 4.75%, 10/15/28	$	3,126,000	$	2,745,472
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25		2,654,000		2,556,359
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29		2,736,000		2,048,553
Jazz Securities DAC, 144A, 4.375%, 1/15/29		6,780,000		6,080,903
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 144A, 10.00%, 4/15/25 (a)		1,894,000		1,499,316
Organon & Co. / Organon Foreign Debt Co.-Issuer BV 144A, 4.125%, 4/30/28		9,379,000		8,496,630
144A, 5.125%, 4/30/31		8,977,000		7,652,578
Owens & Minor, Inc. 144A, 4.50%, 3/31/29		2,213,000		1,877,599
144A, 6.625%, 4/1/30		2,533,000		2,306,760
Perrigo Finance Unlimited Co. 3.90%, 12/15/24		3,066,000		2,963,505
4.375%, 3/15/26		3,096,000		2,941,744
4.65%, 6/15/30		3,444,000		3,050,988
Prestige Brands, Inc. 144A, 5.125%, 1/15/28		1,778,000		1,686,884
144A, 3.75%, 4/1/31		2,654,000		2,198,574
Teva Pharmaceutical Finance Netherlands III BV 7.125%, 1/31/25		1,890,000		1,902,954
3.15%, 10/1/26		15,223,000		13,780,225
6.75%, 3/1/28		5,528,000		5,527,059

(Cost $135,408,032)				110,579,094

Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Benteler International AG, 144A, 10.50%, 5/15/28
(Cost $2,250,950)		2,212,000		2,222,101

Energy — 10.4%
Oil & Gas — 4.7%
Antero Resources Corp. 144A, 7.625%, 2/1/29		1,842,000		1,887,311
144A, 5.375%, 3/1/30		2,796,000		2,618,059
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 144A, 7.00%, 11/1/26		2,661,000		2,648,023
144A, 5.875%, 6/30/29		1,782,000		1,625,000
Baytex Energy Corp. 144A, 8.75%, 4/1/27		1,846,000		1,891,029
144A, 8.50%, 4/30/30		3,580,000		3,632,465
Callon Petroleum Co. 144A, 8.00%, 8/1/28		2,875,000		2,917,958
144A, 7.50%, 6/15/30		2,660,000		2,632,086
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		1,829,000		1,877,026


	Principal Amount		Value
Oil & Gas (Continued)
Chesapeake Energy Corp. 144A, 5.50%, 2/1/26	$	2,222,000	$	2,170,771
144A, 5.875%, 2/1/29		2,372,000		2,271,988
144A, 6.75%, 4/15/29		4,410,000		4,382,362
Civitas Resources, Inc. 144A, 5.00%, 10/15/26		1,778,000		1,681,309
144A, 8.375%, 7/1/28		6,026,000		6,229,377
144A, 8.75%, 7/1/31		6,094,000		6,301,489
CNX Resources Corp. 144A, 6.00%, 1/15/29		2,222,000		2,118,046
144A, 7.375%, 1/15/31		2,222,000		2,220,161
Comstock Resources, Inc. 144A, 6.75%, 3/1/29		5,414,000		5,070,092
144A, 5.875%, 1/15/30		4,318,000		3,815,604
Crescent Energy Finance LLC 144A, 7.25%, 5/1/26		3,090,000		3,046,801
144A, 9.25%, 2/15/28		3,092,000		3,165,806
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25		3,990,000		3,923,766
CVR Energy, Inc. 144A, 5.25%, 2/15/25		2,666,000		2,588,542
144A, 5.75%, 2/15/28		1,782,000		1,624,142
Earthstone Energy Holdings LLC 144A, 8.00%, 4/15/27		2,469,000		2,520,614
144A, 9.875%, 7/15/31		2,222,000		2,438,167
Energean PLC, 144A, 6.50%, 4/30/27		1,990,000		1,829,443
Kosmos Energy Ltd. 144A, 7.125%, 4/4/26		2,875,000		2,640,946
144A, 7.75%, 5/1/27		1,769,000		1,595,157
144A, 7.50%, 3/1/28		2,065,000		1,826,400
Leviathan Bond Ltd. 144A, REGS, 6.125%, 6/30/25		2,648,429		2,598,771
144A, REGS, 6.50%, 6/30/27		2,762,289		2,679,420
144A, REGS, 6.75%, 6/30/30		2,421,059		2,276,093
Matador Resources Co. 5.875%, 9/15/26		3,118,000		3,043,952
144A, 6.875%, 4/15/28		2,222,000		2,220,509
MEG Energy Corp. 144A, 7.125%, 2/1/27		2,261,000		2,287,994
144A, 5.875%, 2/1/29		2,654,000		2,538,285
Murphy Oil Corp. 5.875%, 12/1/27		2,403,000		2,364,770
6.375%, 7/15/28		2,058,000		2,058,594
Northern Oil and Gas, Inc. 144A, 8.125%, 3/1/28		3,133,000		3,143,370
144A, 8.75%, 6/15/31		2,222,000		2,272,592
Parkland Corp. 144A, 5.875%, 7/15/27		2,212,000		2,138,896
144A, 4.50%, 10/1/29		3,539,000		3,121,561
144A, 4.625%, 5/1/30		3,569,000		3,150,214
PBF Holding Co. LLC / PBF Finance Corp. 7.25%, 6/15/25		2,978,000		2,980,879
6.00%, 2/15/28		3,656,000		3,458,893
144A, 7.875%, 9/15/30		2,240,000		2,231,118


	Principal Amount		Value
Oil & Gas (Continued)
Permian Resources Operating LLC, 144A, 5.875%, 7/1/29	$	3,111,000	$	3,003,265
Puma International Financing SA, 144A, 5.00%, 1/24/26		3,569,000		3,324,524
Range Resources Corp. 4.875%, 5/15/25		3,045,000		2,979,350
8.25%, 1/15/29		2,654,000		2,757,679
144A, 4.75%, 2/15/30		2,222,000		2,008,655
SM Energy Co. 6.75%, 9/15/26		1,879,000		1,872,799
6.625%, 1/15/27		1,855,000		1,833,482
6.50%, 7/15/28		1,774,000		1,735,682
Southwestern Energy Co. 5.375%, 2/1/29		3,102,000		2,947,040
5.375%, 3/15/30		5,308,000		4,966,923
4.75%, 2/1/32		5,175,000		4,589,666
Sunoco LP / Sunoco Finance Corp. 6.00%, 4/15/27		2,654,000		2,628,870
4.50%, 5/15/29		3,555,000		3,218,449
4.50%, 4/30/30		3,536,000		3,155,302
Transocean, Inc. 144A, 7.50%, 1/15/26		2,518,000		2,480,130
144A, 11.50%, 1/30/27		3,040,000		3,204,662
144A, 8.00%, 2/1/27		2,708,000		2,642,994
Tullow Oil PLC, 144A, 7.00%, 3/1/25		2,817,000		1,946,730
Vital Energy, Inc., 9.50%, 1/15/25		2,015,000		2,027,150

(Cost $188,909,094)				183,079,203

Oil & Gas Services — 0.6%
Archrock Partners LP / Archrock Partners Finance Corp. 144A, 6.875%, 4/1/27		2,222,000		2,186,559
144A, 6.25%, 4/1/28		3,555,000		3,396,971
CGG SA, 144A, 8.75%, 4/1/27		2,228,000		1,919,406
USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 4/1/26		3,232,000		3,198,508
6.875%, 9/1/27		3,342,000		3,260,941
Weatherford International Ltd., 144A, 8.625%, 4/30/30		7,147,000		7,318,175

(Cost $22,039,715)				21,280,560

Pipelines — 5.1%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 7.875%, 5/15/26		2,433,000		2,474,629
144A, 5.75%, 3/1/27		2,950,000		2,861,783
144A, 5.75%, 1/15/28		2,875,000		2,755,806
144A, 5.375%, 6/15/29		3,366,000		3,154,671
Buckeye Partners LP 144A, 4.125%, 3/1/25		2,362,000		2,276,803
3.95%, 12/1/26		2,654,000		2,450,332
4.125%, 12/1/27		1,763,000		1,604,665
144A, 4.50%, 3/1/28		2,225,000		2,021,190


	Principal Amount		Value
Pipelines (Continued)
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A, 5.50%, 6/15/31	$	6,282,000	$	5,735,909
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 5.75%, 4/1/25		2,246,000		2,226,206
144A, 5.625%, 5/1/27		2,654,000		2,563,658
144A, 6.00%, 2/1/29		3,126,000		3,072,076
144A, 8.00%, 4/1/29		1,990,000		2,058,170
144A, 7.375%, 2/1/31		2,654,000		2,723,150
DT Midstream, Inc. 144A, 4.125%, 6/15/29		4,906,000		4,351,822
144A, 4.375%, 6/15/31		4,423,000		3,833,415
EnLink Midstream LLC 144A, 5.625%, 1/15/28		2,212,000		2,141,700
5.375%, 6/1/29		2,226,000		2,124,852
144A, 6.50%, 9/1/30		4,534,000		4,550,762
EnLink Midstream Partners LP 4.15%, 6/1/25		1,865,000		1,806,719
4.85%, 7/15/26		2,188,000		2,102,515
EQM Midstream Partners LP 144A, 6.00%, 7/1/25		1,782,000		1,764,954
4.125%, 12/1/26		2,232,000		2,097,568
144A, 7.50%, 6/1/27		2,228,000		2,250,483
144A, 6.50%, 7/1/27		3,981,000		3,959,108
5.50%, 7/15/28		3,777,000		3,612,222
144A, 4.50%, 1/15/29		3,564,000		3,233,672
144A, 7.50%, 6/1/30		2,270,000		2,330,278
144A, 4.75%, 1/15/31		4,951,000		4,380,316
Genesis Energy LP / Genesis Energy Finance Corp. 6.50%, 10/1/25		2,366,000		2,332,935
8.00%, 1/15/27		4,360,000		4,302,231
7.75%, 2/1/28		3,005,000		2,925,880
8.875%, 4/15/30		2,239,000		2,232,107
Hess Midstream Operations LP 144A, 5.625%, 2/15/26		3,516,000		3,429,366
144A, 5.125%, 6/15/28		2,433,000		2,284,493
144A, 4.25%, 2/15/30		3,369,000		2,965,310
144A, 5.50%, 10/15/30		1,785,000		1,672,857
ITT Holdings LLC, 144A, 6.50%, 8/1/29		5,446,000		4,920,134
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		5,529,000		5,349,374
144A, 6.50%, 9/30/26		6,787,000		6,308,928
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 7.50%, 2/1/26		9,108,000		9,059,504
NuStar Logistics LP 5.75%, 10/1/25		2,654,000		2,604,859
6.00%, 6/1/26		2,430,000		2,384,146
5.625%, 4/28/27		2,433,000		2,362,321
6.375%, 10/1/30		2,610,000		2,514,618
Rockies Express Pipeline LLC 144A, 3.60%, 5/15/25		1,803,000		1,702,344
144A, 4.95%, 7/15/29		2,442,000		2,238,572
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, 9.00%, 10/15/26		3,488,000		3,369,059


	Principal Amount		Value
Pipelines (Continued)
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 7.50%, 10/1/25	$	2,654,000	$	2,657,120
144A, 6.00%, 3/1/27		1,961,000		1,879,315
144A, 5.50%, 1/15/28		3,317,000		3,078,392
144A, 6.00%, 12/31/30		3,243,000		2,904,220
144A, 6.00%, 9/1/31		2,073,000		1,843,115
Venture Global Calcasieu Pass LLC 144A, 3.875%, 8/15/29		5,881,000		5,093,267
144A, 6.25%, 1/15/30		4,391,000		4,281,362
144A, 4.125%, 8/15/31		5,590,000		4,747,373
144A, 3.875%, 11/1/33		5,570,000		4,529,522
Venture Global LNG, Inc. 144A, 8.125%, 6/1/28		9,952,000		10,047,718
144A, 8.375%, 6/1/31		10,066,000		10,162,322

(Cost $210,739,997)				198,702,198

Financial — 10.0%
Banks — 0.2%
Freedom Mortgage Corp. 144A, 8.25%, 4/15/25		2,423,000		2,390,002
144A, 7.625%, 5/1/26		2,175,000		2,002,885
144A, 6.625%, 1/15/27		2,250,000		1,971,749
144A, 6.625%, 1/15/27		122,000		106,913

(Cost $6,573,535)				6,471,549

Diversified Financial Services — 3.4%
AG Issuer LLC, 144A, 6.25%, 3/1/28		2,222,000		2,130,974
AG TTMT Escrow Issuer LLC, 144A, 8.625%, 9/30/27		2,212,000		2,281,966
Burford Capital Global Finance LLC, 144A, 9.25%, 7/1/31		1,840,000		1,863,000
Coinbase Global, Inc. 144A, 3.375%, 10/1/28		4,444,000		3,273,724
144A, 3.625%, 10/1/31		4,350,000		2,933,248
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28		3,038,000		1,210,582
Home Point Capital, Inc., 144A, 5.00%, 2/1/26		2,511,000		2,365,364
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28		4,497,000		3,844,355
LD Holdings Group LLC 144A, 6.50%, 11/1/25		2,212,000		1,861,923
144A, 6.125%, 4/1/28		2,670,000		1,740,619
Macquarie Airfinance Holdings Ltd., 144A, 8.375%, 5/1/28		2,212,000		2,257,833
Nationstar Mortgage Holdings, Inc. 144A, 6.00%, 1/15/27		2,666,000		2,551,789
144A, 5.50%, 8/15/28		3,777,000		3,427,339
144A, 5.125%, 12/15/30		2,964,000		2,515,035
144A, 5.75%, 11/15/31		2,654,000		2,277,133
Navient Corp. 5.875%, 10/25/24		2,212,000		2,180,988
6.75%, 6/25/25		2,216,000		2,203,054
6.75%, 6/15/26		2,212,000		2,175,635
5.00%, 3/15/27		3,096,000		2,819,914


	Principal Amount		Value
Diversified Financial Services (Continued)
4.875%, 3/15/28	$	2,212,000	$	1,928,643
5.50%, 3/15/29		3,430,000		2,935,413
9.375%, 7/25/30		2,292,000		2,304,709
NFP Corp. 144A, 4.875%, 8/15/28		2,444,000		2,183,243
144A, 6.875%, 8/15/28		9,177,000		8,097,999
OneMain Finance Corp. 6.875%, 3/15/25		5,548,000		5,525,231
7.125%, 3/15/26		7,077,000		6,969,803
3.50%, 1/15/27		3,342,000		2,911,383
6.625%, 1/15/28		3,454,000		3,233,341
3.875%, 9/15/28		2,912,000		2,390,883
9.00%, 1/15/29		1,930,000		1,958,361
5.375%, 11/15/29		3,305,000		2,862,791
4.00%, 9/15/30		3,758,000		2,930,695
Osaic Holdings, Inc., 144A, 10.75%, 8/1/27		1,831,000		1,841,927
PennyMac Financial Services, Inc. 144A, 5.375%, 10/15/25		2,875,000		2,785,300
144A, 4.25%, 2/15/29		2,900,000		2,403,019
144A, 5.75%, 9/15/31		2,262,000		1,903,883
PRA Group, Inc., 144A, 8.375%, 2/1/28		1,838,000		1,679,273
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. 144A, 2.875%, 10/15/26		5,087,000		4,526,158
144A, 3.625%, 3/1/29		3,337,000		2,844,506
144A, 3.875%, 3/1/31		5,662,000		4,624,750
144A, 4.00%, 10/15/33		3,764,000		2,982,226
SLM Corp. 4.20%, 10/29/25		2,247,000		2,115,326
3.125%, 11/2/26		2,222,000		1,979,847
Synchrony Financial, 7.25%, 2/2/33		3,334,000		3,069,738
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		3,606,000		3,470,735
144A, 5.75%, 6/15/27		2,222,000		2,049,319
144A, 5.50%, 4/15/29		3,111,000		2,701,904

(Cost $147,761,941)				133,124,881

Insurance — 1.3%
Acrisure LLC / Acrisure Finance, Inc. 144A, 7.00%, 11/15/25		4,091,000		3,957,779
144A, 10.125%, 8/1/26		1,799,000		1,858,029
144A, 4.25%, 2/15/29		3,181,000		2,754,154
144A, 6.00%, 8/1/29		2,222,000		1,932,232
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 144A, 4.25%, 10/15/27		3,317,000		3,014,963
144A, 6.75%, 10/15/27		5,987,000		5,665,468
144A, 6.75%, 4/15/28		5,569,000		5,491,849
144A, 5.875%, 11/1/29		2,057,000		1,803,316
AssuredPartners, Inc. 144A, 7.00%, 8/15/25		2,232,000		2,212,100
144A, 5.625%, 1/15/29		2,458,000		2,138,069
HUB International Ltd. 144A, 7.00%, 5/1/26		7,421,000		7,413,774


	Principal Amount		Value
Insurance (Continued)
144A, 5.625%, 12/1/29	$	2,457,000	$	2,170,079
144A, 7.25%, 6/15/30		9,621,000		9,750,586

(Cost $51,461,391)				50,162,398

Real Estate — 0.6%
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 144A, 7.00%, 4/15/30		1,772,800		1,591,443
Cushman & Wakefield US Borrower LLC 144A, 6.75%, 5/15/28		2,900,000		2,763,787
144A, 8.875%, 9/1/31		1,850,000		1,867,408
Howard Hughes Corp. 144A, 5.375%, 8/1/28		3,387,000		3,054,094
144A, 4.125%, 2/1/29		2,875,000		2,374,692
144A, 4.375%, 2/1/31		2,875,000		2,291,597
Kennedy-Wilson, Inc. 4.75%, 3/1/29		2,666,000		2,144,797
4.75%, 2/1/30		2,686,000		2,070,893
5.00%, 3/1/31		2,664,000		2,018,491
Realogy Group LLC / Realogy Co.-Issuer Corp. 144A, 5.75%, 1/15/29		2,483,000		1,790,265
144A, 5.25%, 4/15/30		2,245,000		1,560,663

(Cost $27,825,075)				23,528,130

Real Estate Investment Trusts — 3.9%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 144A, 5.75%, 5/15/26		4,295,000		3,946,130
144A, 4.50%, 4/1/27		3,342,000		2,795,299
Diversified Healthcare Trust 9.75%, 6/15/25		2,212,000		2,177,490
4.75%, 2/15/28		2,332,000		1,783,884
4.375%, 3/1/31		2,229,000		1,684,032
HAT Holdings I LLC / HAT Holdings II LLC 144A, 6.00%, 4/15/25		1,778,000		1,746,658
144A, 3.375%, 6/15/26		4,423,000		3,975,009
Iron Mountain, Inc. 144A, 4.875%, 9/15/27		4,448,000		4,181,020
144A, 5.25%, 3/15/28		3,816,000		3,581,351
144A, 5.00%, 7/15/28		2,212,000		2,050,869
144A, 7.00%, 2/15/29		4,423,000		4,415,513
144A, 4.875%, 9/15/29		4,448,000		4,023,290
144A, 5.25%, 7/15/30		5,750,000		5,186,991
144A, 4.50%, 2/15/31		4,866,000		4,184,913
144A, 5.625%, 7/15/32		2,693,000		2,419,141
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 144A, 4.25%, 2/1/27		2,908,000		2,631,681
144A, 4.75%, 6/15/29		2,889,000		2,431,786
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/1/26		2,212,000		1,882,222
5.00%, 10/15/27		6,267,000		4,958,402
4.625%, 8/1/29		4,001,000		2,896,005
3.50%, 3/15/31		5,812,000		3,780,084


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Office Properties Income Trust 4.50%, 2/1/25	$	2,914,000	$	2,602,724
3.45%, 10/15/31		1,767,000		898,660
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A, 7.50%, 6/1/25		2,902,000		2,907,911
144A, 5.875%, 10/1/28		3,468,000		3,211,393
144A, 4.875%, 5/15/29		3,317,000		2,880,486
RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27		3,094,500		2,879,852
144A, 7.25%, 7/15/28		1,785,000		1,795,526
144A, 4.50%, 2/15/29		2,650,000		2,328,555
RLJ Lodging Trust LP 144A, 3.75%, 7/1/26		2,212,000		2,028,736
144A, 4.00%, 9/15/29		2,232,000		1,868,638
SBA Communications Corp. 3.875%, 2/15/27		6,616,000		6,122,898
3.125%, 2/1/29		6,634,000		5,680,594
Service Properties Trust 4.35%, 10/1/24		3,649,000		3,514,802
7.50%, 9/15/25		3,555,000		3,516,057
4.75%, 10/1/26		1,990,000		1,729,789
4.95%, 2/15/27		1,778,000		1,541,043
5.50%, 12/15/27		2,009,000		1,780,117
3.95%, 1/15/28		1,817,000		1,448,020
4.95%, 10/1/29		1,915,000		1,512,077
4.375%, 2/15/30		1,777,000		1,352,607
Starwood Property Trust, Inc. 144A, 3.75%, 12/31/24		1,945,000		1,872,121
4.75%, 3/15/25		2,211,000		2,139,199
144A, 3.625%, 7/15/26		1,785,000		1,599,057
144A, 4.375%, 1/15/27		2,222,000		1,986,657
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, 6.00%, 1/15/30		3,143,000		2,079,189
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A, 10.50%, 2/15/28		11,603,000		11,587,611
144A, 4.75%, 4/15/28		2,521,000		2,126,586
144A, 6.50%, 2/15/29		4,958,000		3,388,713
XHR LP 144A, 6.375%, 8/15/25		2,212,000		2,187,432
144A, 4.875%, 6/1/29		2,312,000		2,002,292

(Cost $167,784,440)				149,301,112

Venture Capital — 0.6%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 4.75%, 9/15/24		4,797,000		4,641,733
6.375%, 12/15/25		3,346,000		3,193,988
6.25%, 5/15/26		5,771,000		5,358,434
5.25%, 5/15/27		6,425,000		5,644,876
4.375%, 2/1/29		3,416,000		2,699,905

(Cost $23,799,565)				21,538,936


	Principal Amount		Value
Industrial — 9.1%
Aerospace/Defense — 2.9%
Bombardier, Inc. 144A, 7.125%, 6/15/26	$	5,488,000	$	5,400,675
144A, 7.875%, 4/15/27		8,459,000		8,452,240
144A, 6.00%, 2/15/28		3,317,000		3,103,549
144A, 7.50%, 2/1/29		3,353,000		3,288,007
Howmet Aerospace, Inc., 5.125%, 10/1/24		4,084,000		4,045,119
Rolls-Royce PLC 144A, 3.625%, 10/14/25		4,423,000		4,168,678
144A, 5.75%, 10/15/27		4,423,000		4,297,760
Spirit AeroSystems, Inc. 144A, 7.50%, 4/15/25		5,296,000		5,247,143
4.60%, 6/15/28		3,121,000		2,532,074
144A, 9.375%, 11/30/29		4,027,000		4,184,685
TransDigm, Inc. 144A, 6.25%, 3/15/26		19,461,000		19,296,224
6.375%, 6/15/26		4,529,000		4,533,290
7.50%, 3/15/27		2,444,000		2,451,371
5.50%, 11/15/27		11,718,000		11,129,342
144A, 6.75%, 8/15/28		9,238,000		9,279,802
4.625%, 1/15/29		5,308,000		4,760,108
4.875%, 5/1/29		3,352,000		3,019,061
144A, 6.875%, 12/15/30		6,681,000		6,732,644
Triumph Group, Inc. 7.75%, 8/15/25		2,148,000		2,024,393
144A, 9.00%, 3/15/28		5,486,000		5,508,114

(Cost $117,422,082)				113,454,279

Building Materials — 0.8%
Builders FirstSource, Inc. 144A, 5.00%, 3/1/30		2,433,000		2,237,396
144A, 4.25%, 2/1/32		5,800,000		4,935,997
144A, 6.375%, 6/15/32		3,105,000		3,029,552
Smyrna Ready Mix Concrete LLC, 144A, 6.00%, 11/1/28		4,886,000		4,696,455
Standard Industries, Inc. 144A, 5.00%, 2/15/27		3,777,000		3,584,823
144A, 4.75%, 1/15/28		4,423,000		4,078,101
144A, 4.375%, 7/15/30		7,102,000		6,090,537
Summit Materials LLC / Summit Materials Finance Corp., 144A, 5.25%, 1/15/29		3,096,000		2,903,336

(Cost $34,731,133)				31,556,197

Electrical Components & Equipment — 0.5%
Energizer Holdings, Inc. 144A, 4.75%, 6/15/28		2,619,000		2,317,594
144A, 4.375%, 3/31/29		3,500,000		3,001,670
WESCO Distribution, Inc. 144A, 7.125%, 6/15/25		6,696,000		6,732,085
144A, 7.25%, 6/15/28		5,886,000		5,975,920

(Cost $18,940,604)				18,027,269

Electronics — 0.4%
Sensata Technologies BV 144A, 5.625%, 11/1/24		1,778,000		1,763,696


	Principal Amount		Value
Electronics (Continued)
144A, 5.00%, 10/1/25	$	3,090,000	$	3,014,452
144A, 4.00%, 4/15/29		4,473,000		3,932,232
144A, 5.875%, 9/1/30		2,252,000		2,130,702
Sensata Technologies, Inc. 144A, 4.375%, 2/15/30		2,016,000		1,784,996
144A, 3.75%, 2/15/31		3,442,000		2,887,421

(Cost $17,182,273)				15,513,499

Engineering & Construction — 0.3%
Brand Industrial Services, Inc., 144A, 10.375%, 8/1/30		5,972,000		6,166,269
Fluor Corp., 4.25%, 9/15/28		2,651,000		2,474,576
IHS Holding Ltd. 144A, 5.625%, 11/29/26		2,226,000		1,922,619
144A, 6.25%, 11/29/28		2,212,000		1,787,650

(Cost $12,423,810)				12,351,114

Environmental Control — 0.6%
Clean Harbors, Inc., 144A, 6.375%, 2/1/31		2,312,000		2,301,726
Covanta Holding Corp., 5.00%, 9/1/30		1,785,000		1,515,525
GFL Environmental, Inc. 144A, 4.25%, 6/1/25		2,212,000		2,141,694
144A, 3.75%, 8/1/25		3,317,000		3,161,350
144A, 5.125%, 12/15/26		2,212,000		2,142,500
144A, 4.00%, 8/1/28		3,367,000		3,008,375
144A, 3.50%, 9/1/28		3,334,000		2,950,153
144A, 4.75%, 6/15/29		3,337,000		3,026,069
144A, 4.375%, 8/15/29		2,433,000		2,153,596
Stericycle, Inc., 144A, 3.875%, 1/15/29		2,222,000		1,937,579

(Cost $26,469,259)				24,338,567

Machinery-Diversified — 0.3%
SPX FLOW, Inc., 144A, 8.75%, 4/1/30		2,222,000		2,106,609
TK Elevator Holdco GmbH, 144A, 7.625%, 7/15/28		1,780,000		1,651,531
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27		6,899,000		6,472,873

(Cost $10,702,865)				10,231,013

Miscellaneous Manufacturing — 0.1%
Hillenbrand, Inc., 5.75%, 6/15/25		1,797,000		1,787,431
Trinity Industries, Inc., 144A, 7.75%, 7/15/28		1,785,000		1,817,234

(Cost $3,631,845)				3,604,665

Packaging & Containers — 2.8%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A, 6.00%, 6/15/27		2,666,000		2,602,310
144A, 3.25%, 9/1/28		2,780,000		2,363,376
144A, 4.00%, 9/1/29		4,644,000		3,779,506


	Principal Amount		Value
Packaging & Containers (Continued)
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 4/30/25	$	3,096,000	$	3,019,673
144A, 4.125%, 8/15/26		5,374,000		5,024,998
144A, 5.25%, 8/15/27		4,518,000		3,848,056
144A, 5.25%, 8/15/27		3,579,000		3,048,294
Ball Corp. 5.25%, 7/1/25		4,668,000		4,607,179
4.875%, 3/15/26		3,501,000		3,400,868
6.875%, 3/15/28		3,348,000		3,399,409
6.00%, 6/15/29		4,448,000		4,387,316
2.875%, 8/15/30		5,800,000		4,735,699
3.125%, 9/15/31		3,764,000		3,050,935
Berry Global, Inc., 144A, 5.625%, 7/15/27		2,242,000		2,199,876
Crown Americas LLC, 5.25%, 4/1/30		2,212,000		2,086,580
Graphic Packaging International LLC 144A, 3.50%, 3/15/28		2,009,000		1,791,794
144A, 3.75%, 2/1/30		1,822,000		1,554,777
LABL, Inc. 144A, 6.75%, 7/15/26		3,075,000		3,008,941
144A, 10.50%, 7/15/27		3,110,000		2,980,369
144A, 5.875%, 11/1/28		2,204,000		1,996,950
144A, 8.25%, 11/1/29		2,044,000		1,710,793
Mauser Packaging Solutions Holding Co. 144A, 7.875%, 8/15/26		12,346,000		12,169,197
144A, 9.25%, 4/15/27		6,019,000		5,462,728
OI European Group BV, 144A, 4.75%, 2/15/30		1,785,000		1,608,517
Owens-Brockway Glass Container, Inc. 144A, 6.625%, 5/13/27		2,719,000		2,690,124
144A, 7.25%, 5/15/31		3,066,000		3,077,791
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27		4,423,000		3,978,402
Sealed Air Corp. 144A, 5.125%, 12/1/24		1,880,000		1,855,889
144A, 5.50%, 9/15/25		1,769,000		1,744,154
144A, 4.00%, 12/1/27		1,897,000		1,731,939
144A, 5.00%, 4/15/29		1,906,000		1,767,272
Sealed Air Corp./Sealed Air Corp., 144A, 6.125%, 2/1/28		3,435,000		3,377,750
Silgan Holdings, Inc., 4.125%, 2/1/28		2,546,000		2,334,988

(Cost $114,145,512)				106,396,450

Transportation — 0.2%
Cargo Aircraft Management, Inc., 144A, 4.75%, 2/1/28		2,580,000		2,333,094
Seaspan Corp., 144A, 5.50%, 8/1/29		3,333,000		2,595,205
XPO, Inc., 144A, 7.125%, 6/1/31		1,990,000		2,002,318

(Cost $7,549,607)				6,930,617


	Principal Amount		Value
Trucking & Leasing — 0.2%
Fortress Transportation and Infrastructure Investors LLC 144A, 6.50%, 10/1/25	$	2,875,000	$	2,841,639
144A, 9.75%, 8/1/27		1,799,000		1,868,627
144A, 5.50%, 5/1/28		4,419,000		4,109,073

(Cost $9,189,404)				8,819,339

Technology — 4.4%
Computers — 1.3%
McAfee Corp., 144A, 7.375%, 2/15/30		9,032,000		7,905,805
NCR Corp. 144A, 5.75%, 9/1/27		2,197,000		2,220,539
144A, 5.00%, 10/1/28		2,875,000		2,640,888
144A, 5.125%, 4/15/29		5,308,000		4,833,222
144A, 6.125%, 9/1/29		2,213,000		2,280,733
144A, 5.25%, 10/1/30		2,110,000		1,895,073
Presidio Holdings, Inc. 144A, 4.875%, 2/1/27		2,322,000		2,173,302
144A, 8.25%, 2/1/28		2,432,000		2,358,790
Seagate HDD Cayman 4.75%, 1/1/25		2,139,000		2,091,692
4.875%, 6/1/27		2,537,000		2,431,694
4.091%, 6/1/29		2,213,000		1,939,252
144A, 8.25%, 12/15/29		2,232,000		2,343,750
144A, 8.50%, 7/15/31		2,222,000		2,330,403
144A, 9.625%, 12/1/32		3,332,495		3,694,937
Western Digital Corp., 4.75%, 2/15/26		10,223,000		9,746,820

(Cost $53,745,146)				50,886,900

Office/Business Equipment — 0.2%
Xerox Holdings Corp. 144A, 5.00%, 8/15/25		3,427,000		3,272,706
144A, 5.50%, 8/15/28		3,447,000		3,000,937

(Cost $6,910,793)				6,273,643

Semiconductors — 0.5%
ams-OSRAM AG, 144A, 7.00%, 7/31/25		2,000,000		1,835,620
Entegris Escrow Corp. 144A, 4.75%, 4/15/29		7,076,000		6,569,548
144A, 5.95%, 6/15/30		3,979,000		3,814,397
Entegris, Inc. 144A, 4.375%, 4/15/28		1,778,000		1,622,646
144A, 3.625%, 5/1/29		1,774,000		1,526,341
ON Semiconductor Corp., 144A, 3.875%, 9/1/28		3,096,000		2,758,830

(Cost $18,772,275)				18,127,382

Software — 2.4%
Alteryx, Inc., 144A, 8.75%, 3/15/28		2,000,000		1,931,781
AthenaHealth Group, Inc., 144A, 6.50%, 2/15/30		10,505,000		9,133,743
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		2,678,000		2,683,758


	Principal Amount		Value
Software (Continued)
Clarivate Science Holdings Corp. 144A, 3.875%, 7/1/28	$	4,094,000	$	3,616,218
144A, 4.875%, 7/1/29		4,177,000		3,644,831
Cloud Software Group, Inc. 144A, 6.50%, 3/31/29		17,718,000		15,863,859
144A, 9.00%, 9/30/29		17,279,000		15,445,556
Fair Isaac Corp. 144A, 5.25%, 5/15/26		1,786,000		1,735,206
144A, 4.00%, 6/15/28		4,006,000		3,667,530
MicroStrategy, Inc., 144A, 6.125%, 6/15/28		2,222,000		1,991,267
Open Text Corp. 144A, 3.875%, 2/15/28		4,000,000		3,563,465
144A, 3.875%, 12/1/29		3,777,000		3,207,503
Open Text Holdings, Inc. 144A, 4.125%, 2/15/30		4,000,000		3,450,599
144A, 4.125%, 12/1/31		2,969,000		2,467,582
PTC, Inc. 144A, 3.625%, 2/15/25		2,207,000		2,132,343
144A, 4.00%, 2/15/28		2,212,000		2,034,310
RingCentral, Inc., 144A, 8.50%, 8/15/30		1,770,000		1,743,070
ROBLOX Corp., 144A, 3.875%, 5/1/30		4,483,000		3,702,536
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		8,926,000		8,601,552
Twilio, Inc. 3.625%, 3/15/29		2,312,000		1,985,650
3.875%, 3/15/31		2,248,000		1,884,723

(Cost $99,836,666)				94,487,082

Utilities — 2.7%
Electric — 2.4%
Calpine Corp. 144A, 5.25%, 6/1/26		1,858,000		1,824,561
144A, 4.50%, 2/15/28		5,529,000		5,128,965
144A, 5.125%, 3/15/28		6,418,000		5,851,170
144A, 4.625%, 2/1/29		2,889,000		2,516,745
144A, 5.00%, 2/1/31		3,760,000		3,181,265
144A, 3.75%, 3/1/31		3,981,000		3,327,538
Clearway Energy Operating LLC 144A, 4.75%, 3/15/28		3,777,000		3,494,879
144A, 3.75%, 2/15/31		4,111,000		3,384,409
DPL, Inc., 4.125%, 7/1/25		1,835,000		1,747,278
Drax Finco PLC, 144A, 6.625%, 11/1/25		2,212,000		2,177,202
FirstEnergy Corp.
Series B, 4.15%, 7/15/27		6,665,000		6,294,465
2.65%, 3/1/30		2,840,000		2,372,854
Series B, 2.25%, 9/1/30		2,000,000		1,606,922
NextEra Energy Operating Partners LP 144A, 3.875%, 10/15/26		2,208,000		2,041,967
144A, 4.50%, 9/15/27		2,433,000		2,260,710
NRG Energy, Inc. 5.75%, 1/15/28		3,649,000		3,452,486
144A, 3.375%, 2/15/29		2,322,000		1,916,256


	Principal Amount		Value
Electric (Continued)
144A, 5.25%, 6/15/29	$	3,242,000	$	2,915,774
144A, 3.625%, 2/15/31		4,577,000		3,574,803
PG&E Corp. 5.00%, 7/1/28		4,443,000		4,091,701
5.25%, 7/1/30		4,536,000		4,042,324
Talen Energy Supply LLC, 144A, 8.625%, 6/1/30		5,308,000		5,532,465
TransAlta Corp., 7.75%, 11/15/29		1,785,000		1,845,155
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26		4,423,000		4,270,204
144A, 5.625%, 2/15/27		5,815,000		5,603,182
144A, 5.00%, 7/31/27		5,775,000		5,436,635
144A, 4.375%, 5/1/29		5,672,000		5,005,978

(Cost $104,302,760)				94,897,893

Gas — 0.3%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.50%, 5/20/25		3,096,000		3,041,463
5.875%, 8/20/26		3,011,000		2,859,002


	Principal Amount		Value
Gas (Continued)
5.75%, 5/20/27	$	2,479,000	$	2,295,327
144A, 9.375%, 6/1/28		2,202,000		2,259,098

(Cost $11,095,736)				10,454,890

TOTAL CORPORATE BONDS (Cost $4,163,307,508)				3,776,622,772


	Number of Shares
CASH EQUIVALENTS — 1.3%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b) (Cost $49,189,697)		49,189,697		49,189,697


TOTAL INVESTMENTS — 99.1% (Cost $4,212,497,205)			$	3,825,812,469
Other assets and liabilities, net — 0.9%				33,350,507

NET ASSETS — 100.0%			$	3,859,162,976

A summary of the Fund’s transactions with affiliated investments during the year ended August 31, 2023 is as follows:

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

As of August 31, 2023, the Trust consists of forty-two 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 seek investment results that correspond generally to the performance, before fees and expenses, of a particular index (the “Underlying Index”). The underlying indices for the Funds are:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the year ended August 31, 2023, the Funds did not incur any interest or penalties.

As of August 31, 2023, 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, 2023 and August 31, 2022 were as follows:

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

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

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, 2023, 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 Bank of New York Mellon, as securities lending agent, lends securities of the Funds to certain financial institutions under the terms of its securities lending agreement. Effective August 1, 2023, National Financial Services LLC (Fidelity Agency Lending), serves as securities lending agent for Xtrackers Risk Managed USD High Yield Strategy ETF. 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 securities lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the year ended August 31, 2023, the Funds invested the cash collateral, if any, into a joint trading account in affiliated money market funds, including DWS Government & Agency Securities Portfolio, managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.08% annualized effective rate as of August 31, 2023) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a securities lending agent. Either the Funds or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and

purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of August 31, 2023, the Fund listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

As of August 31, 2023, Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF, and Xtrackers USD High Yield Corporate Bond ETF 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 21, 2023, 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, 2023, the Advisor waived $19,380 of expenses to the Fund.

The Advisor for Xtrackers Low Beta High Yield Bond ETF has contractually agreed, until December 21, 2023, 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, 2023, the Advisor waived $406,480 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, 2023, the Advisor waived $69,404 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 21, 2023, 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, 2023, the Advisor waived $1,901,312 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, 2023, the Advisor waived expenses of the Funds as follows:

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

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

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

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

For the year ended August 31, 2023, 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, 2023, 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, 2023, 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, 2023, 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. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at August 31, 2023.

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, 2023, 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, 2023, 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, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, 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.

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

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. Funds investing in a single industry (or group of industries), country or in a limited geographic region generally are more volatile than more diversified funds. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Distressed securities are speculative and involve substantial risks beyond the risks of investing in junk bonds, such as no interest payments or repayment of principal, or the loss of the entire investment in the distressed security. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Investing in derivatives entails special risks relating to liquidity, leverage and credit that may reduce returns and/or increase volatility. HYRM 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, natural disasters, climate change and related geopolitical events have led and, in the future, may lead to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant adverse effects on the Funds and their investments.

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

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

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

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 © 2023 DWS Group. All rights reserved. XtrackersTM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.



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	8.11%	8.94%	8.20%	6.92%
Five Year	2.73%	2.75%	2.73%	2.80%
Since Inception¹	2.79%	2.80%	2.80%	2.76%

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	8.11%	8.94%	8.20%	6.92%
Five Year	14.44%	14.54%	14.43%	14.79%
Since Inception¹	16.81%	16.85%	16.87%	16.59%



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	5.44%	6.06%	5.57%	6.92%
Five Year	2.72%	2.71%	2.72%	2.80%
Since Inception¹	2.54%	2.55%	2.56%	2.76%

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	5.44%	6.06%	5.57%	6.92%
Five Year	14.33%	14.33%	14.36%	14.79%
Since Inception¹	15.16%	15.25%	15.31%	16.59%



Average Annual Total Returns

	Net Asset Value	Market Value	Adaptive Wealth Strategies Risk Managed High Yield Index	Solactive USD High Yield Corporates Total Market Index
One Year	7.27%	7.31%	6.92%	6.92%
Since Inception¹	-1.62%	-1.62%	-1.38%	-1.38%

Cumulative Total Returns

	Net Asset Value	Market Value	Adaptive Wealth Strategies Risk Managed High Yield Index	Solactive USD High Yield Corporates Total Market Index
One Year	7.27%	7.31%	6.92%	6.92%
Since Inception¹	-2.51%	-2.52%	-2.15%	-2.15%



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	7.65%	8.31%	7.46%	6.92%
Five Year	3.05%	3.10%	3.16%	2.80%
Since Inception¹	3.15%	3.18%	3.24%	2.70%

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	7.65%	8.31%	7.46%	6.92%
Five Year	16.24%	16.46%	16.84%	14.79%
Since Inception¹	19.10%	19.31%	19.75%	16.24%



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	6.63%	7.42%	6.92%	7.05%
Five Year	2.55%	2.61%	2.80%	2.81%
Since Inception¹	3.26%	3.27%	3.52%	3.49%

Cumulative Total Returns

	Net Asset Value	Market Value	Solactive USD High Yield Corporates Total Market Index	iBoxx USD Liquid High Yield Index
One Year	6.63%	7.42%	6.92%	7.05%
Five Year	13.40%	13.75%	14.79%	14.89%
Since Inception¹	24.08%	24.21%	26.26%	26.02%


	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		27
Xtrackers Risk Managed USD High Yield Strategy ETF		37
Xtrackers Short Duration High Yield Bond ETF		39
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		86
Other Information		88
Board Members and Officers		89
Additional Information		92


United States			81.5%
Canada			6.4%
Luxembourg			2.6%
France			2.0%
Other			7.5%

Total			100.0%


	Beginning Account Value March 1, 2023		Ending Account Value August 31, 2023		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers High Beta High Yield Bond ETF
Actual	$	1,000.00	$	1,049.60		0.21	%	$	1.08
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.15		0.21	%	$	1.07
Xtrackers Low Beta High Yield Bond ETF
Actual	$	1,000.00	$	1,047.20		0.20	%	$	1.03
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	$	1,042.90		0.15	%	$	0.77
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	$	1,040.60		0.20	%	$	1.03
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	$	1,042.40		0.15	%	$	0.77
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.45		0.15	%	$	0.76


	Value ($) at 8/31/2022		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 8/31/2023		Value ($) at 8/31/2023
SECURITIES LENDING COLLATERAL — 0.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares, 5.27% (b)(c)
		263,774		—		(263,774	)(d)		—		—		8,240		—		—		—

CASH EQUIVALENTS —1.7%
DWS Government Money Market Series “Institutional Shares”, 5.28% (b)
		35,828		1,832,392		(1,664,852	)		—		—		6,318		—		203,368		203,368

		299,602		1,832,392		(1,928,626	)		—		—		14,558		—		203,368		203,368


Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (a)	$	—	$	11,649,608	$	—	$	11,649,608
Short-Term Investments (a)		203,368		—		—		203,368

TOTAL	$	203,368	$	11,649,608	$	—	$	11,852,976


	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	$	11,649,608		$	219,110,839		$	—		$	80,972,028
Investment in affiliated securities at value		—			—			43,618,058			—
Investment in DWS Government Money Market Series		203,368			3,360,237			311,422			1,126,201
Investment in DWS Government & Agency Securities Portfolio*		—			—			6,535,150			—
Foreign currency at value		3			472			—			28
Receivables:
Investment securities sold		321,691			3,990,335			—			1,626,528
Dividends		—			—			472			—
Interest		232,751			3,039,906			1,414			1,394,641
Securities lending income		—			—			232			—

Total assets	$	12,407,421		$	229,501,789		$	50,466,748		$	85,119,426


Liabilities
Payable upon return of securities loaned	$	—		$	—		$	6,535,150		$	—
Payables:
Investment securities purchased		426,360			6,451,105			—			2,404,254
Investment advisory fees		2,004			42,580			5,561			13,893

Total liabilities		428,364			6,493,685			6,540,711			2,418,147

Net Assets, at value	$	11,979,057		$	223,008,104		$	43,926,037		$	82,701,279


Net Assets Consist of
Paid-in capital	$	24,958,877		$	299,643,293		$	47,774,051		$	88,125,259
Distributable earnings (loss)		(12,979,820	)		(76,635,189	)		(3,848,014	)		(5,423,980	)

Net Assets, at value	$	11,979,057		$	223,008,104		$	43,926,037		$	82,701,279


Number of Common Shares outstanding		300,001			4,950,001			1,950,001			1,900,001

Net Asset Value	$	39.93		$	45.05		$	22.53		$	43.53


Investment in non-affiliated securities at cost	$	12,857,810		$	232,149,169		$	—		$	83,284,663

Investment in affiliated securities at cost	$	—		$	—		$	47,510,824		$	—

Value of securities loaned	$	—		$	—		$	6,369,617		$	—

Investment in DWS Government Money Market Series at cost	$	203,368		$	3,360,237		$	311,422		$	1,126,201

Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	—		$	6,535,150		$	—

Foreign currency at cost	$	3		$	441		$	—		$	26


	Xtrackers USD High Yield Corporate Bond ETF
Assets
Investment in non-affiliated securities at value	$	3,776,622,772
Investment in DWS Government Money Market Series		49,189,697
Foreign currency at value		5,724
Receivables:
Investment securities sold		24,621,044
Capital shares		20,743,875
Interest		63,806,293

Total assets	$	3,934,989,405


Liabilities
Payables:
Investment securities purchased	$	75,335,751
Investment advisory fees		490,678

Total liabilities		75,826,429


Net Assets, at value	$	3,859,162,976


Net Assets Consist of
Paid-in capital	$	4,503,549,516
Distributable earnings (loss)		(644,386,540	)


Net Assets, at value	$	3,859,162,976


Number of Common Shares outstanding		111,587,501

Net Asset Value	$	34.58


Investment in non-affiliated securities at cost	$	4,163,307,508

Investment in DWS Government Money Market Series at cost	$	49,189,697

Foreign currency at cost	$	5,502


	Xtrackers USD High Yield Corporate Bond ETF
Investment Income
Unaffiliated interest income	$	219,419,772
Affiliated interest income		78,645
Income distributions from affiliated funds		1,177,512
Affiliated securities lending income		1,482,026

Total investment income		222,157,955


Expenses
Investment advisory fees		7,605,249
Other expenses		4,150

Total expenses		7,609,399

Less fees waived (see note 3):
Waiver		(1,921,118	)

Net expenses		5,688,281

Net investment income (loss)		216,469,674

Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(129,780,406	)
Investments in affiliates		(1,921,217	)
In-kind redemptions		(17,953,283	)
In-kind redemptions in affiliates		(1,359,709	)
Foreign currency transactions		(10	)

Net realized gain (loss)		(151,014,625	)

Net change in unrealized appreciation (depreciation) on:
Investments		184,928,455
Investments in affiliates		2,890,881
Foreign currency translations		220

Net change in unrealized appreciation (depreciation)		187,819,556

Net realized and unrealized gain (loss) on investments and foreign currency transactions		36,804,931


Net Increase (Decrease) in Net Assets Resulting from Operations	$	253,274,605


	Xtrackers High Beta High Yield Bond ETF						Xtrackers Low Beta High Yield Bond ETF
	Year Ended August 31, 2023			Year Ended August 31, 2022			Year Ended August 31, 2023			Year Ended August 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	955,857		$	1,081,103		$	40,419,959		$	41,041,591
Net realized gain (loss)		(871,494	)		(1,209,094	)		(89,042,061	)		(42,727,027	)
Net change in net unrealized appreciation (depreciation)		981,672			(2,372,970	)		90,607,924			(114,546,857	)

Net increase (decrease) in net assets resulting from operations		1,066,035			(2,500,961	)		41,985,822			(116,232,293	)

Distributions to Shareholders		(974,644	)		(1,152,992	)		(44,403,017	)		(42,567,833	)


Fund Shares Transactions
Proceeds from shares sold		1,901,084			6,992,436			223,270,378			1,268,329,518
Value of shares redeemed		(1,965,874	)		(10,724,660	)		(1,438,511,784	)		(419,246,955	)

Net increase (decrease) in net assets resulting from fund share transactions		(64,790	)		(3,732,224	)		(1,215,241,406	)		849,082,563

Total net increase (decrease) in Net Assets		26,601			(7,386,177	)		(1,217,658,601	)		690,282,437

Net Assets
Beginning of year		11,952,456			19,338,633			1,440,666,705			750,384,268

End of year	$	11,979,057		$	11,952,456		$	223,008,104		$	1,440,666,705


Changes in Shares Outstanding
Shares outstanding, beginning of year		300,001			400,001			31,950,001			14,700,001
Shares sold		50,000			150,000			4,950,000			26,250,000
Shares redeemed		(50,000	)		(250,000	)		(31,950,000	)		(9,000,000	)

Shares outstanding, end of year		300,001			300,001			4,950,001			31,950,001


	Xtrackers Risk Managed USD High Yield Strategy ETF						Xtrackers Short Duration High Yield Bond ETF
	Year Ended August 31, 2023			For the Period February 10, 2022⁽¹⁾ to August 31, 2022			Year Ended August 31, 2023			Year Ended August 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	2,659,209		$	1,028,437		$	4,766,172		$	3,795,682
Net realized gain (loss)		(288,554	)		128,548			(4,050,667	)		(396,537	)
Net change in net unrealized appreciation (depreciation)		868,253			(4,761,019	)		4,643,666			(8,681,574	)

Net increase (decrease) in net assets resulting from operations		3,238,908			(3,604,034	)		5,359,171			(5,282,429	)

Distributions to Shareholders		(2,798,892	)		(844,002	)		(4,721,603	)		(3,956,845	)


Fund Shares Transactions
Proceeds from shares sold		1,679,445			56,938,197			25,919,023			23,388,169
Value of shares redeemed		(7,782,030	)		(2,901,580	)		(29,934,486	)		(4,697,674	)

Net increase (decrease) in net assets resulting from fund share transactions		(6,102,585	)		54,036,617			(4,015,463	)		18,690,495

Total net increase (decrease) in Net Assets		(5,662,569	)		49,588,581			(3,377,895	)		9,451,221

Net Assets
Beginning of period		49,588,606			25			86,079,174			76,627,953

End of period	$	43,926,037		$	49,588,606		$	82,701,279		$	86,079,174


Changes in Shares Outstanding
Shares outstanding, beginning of period		2,225,001			1			2,000,001			1,600,001
Shares sold		75,000			2,350,000			600,000			500,000
Shares redeemed		(350,000	)		(125,000	)		(700,000	)		(100,000	)

Shares outstanding, end of period		1,950,001			2,225,001			1,900,001			2,000,001


	Xtrackers USD High Yield Corporate Bond ETF
	Year Ended August 31, 2023			Year Ended August 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	216,469,674		$	222,522,218
Net realized gain (loss)		(151,014,625	)		(182,677,275	)
Net change in net unrealized appreciation (depreciation)		187,819,556			(602,952,647	)

Net increase (decrease) in net assets resulting from operations		253,274,605			(563,107,704	)

Distributions to Shareholders		(218,918,420	)		(242,753,834	)


Fund Shares Transactions
Proceeds from shares sold		6,278,010,067			4,826,710,036
Value of shares redeemed		(6,068,454,467	)		(7,072,094,189	)

Net increase (decrease) in net assets resulting from fund share transactions		209,555,600			(2,245,384,153	)

Total net increase (decrease) in Net Assets		243,911,785			(3,051,245,691	)

Net Assets
Beginning of year		3,615,251,191			6,666,496,882

End of year	$	3,859,162,976		$	3,615,251,191


Changes in Shares Outstanding
Shares outstanding, beginning of year		105,187,501			165,387,501
Shares sold		183,900,000			129,000,000
Shares redeemed		(177,500,000	)		(189,200,000	)

Shares outstanding, end of year		111,587,501			105,187,501


Xtrackers High Beta High Yield Bond ETF Selected Per Share Data	Years Ended August 31,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	39.84		$	48.35		$	46.55		$	48.61		$	49.17

Income (loss) from investment operations:
Net investment income (loss)(a)		2.90			2.51			2.60			3.01	(b)		3.32
Net realized and unrealized gain (loss)		0.15			(8.37	)		2.65			(1.95	)(b)		(0.58	)

Total from investment operations		3.05			(5.86	)		5.25			1.06			2.74

Less distributions from:
Net investment income		(2.96	)		(2.65	)		(3.45	)		(3.12	)		(3.30	)

Total distributions		(2.96	)		(2.65	)		(3.45	)		(3.12	)		(3.30	)

Net Asset Value, end of year	$	39.93		$	39.84		$	48.35		$	46.55		$	48.61

Total Return (%)(c)		8.11			(12.56	)		11.67			2.46			5.90

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		12			12			19			7			151
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			0.20			0.31
Ratio of net investment income (loss) (%)		7.40			5.61			5.45			6.50	(b)		6.91
Portfolio turnover rate (%)(d)		58			55			98			98			51


Xtrackers Low Beta High Yield Bond ETF Selected Per Share Data	Years Ended August 31,
	2023			2022			2021			2020			2019
Net Asset Value, beginning of year	$	45.09		$	51.05		$	50.50		$	50.62		$	49.16

Income (loss) from investment operations:
Net investment income (loss)(a)		2.24			1.69			1.45			2.02	(b)		2.29
Net realized and unrealized gain (loss)		0.14			(5.87	)		1.07			0.12	(b)		1.44

Total from investment operations		2.38			(4.18	)		2.52			2.14			3.73

Less distributions from:
Net investment income		(2.42	)		(1.78	)		(1.97	)		(2.26	)		(2.27	)

Total distributions		(2.42	)		(1.78	)		(1.97	)		(2.26	)		(2.27	)

Net Asset Value, end of year	$	45.05		$	45.09		$	51.05		$	50.50		$	50.62

Total Return (%)(c)		5.44			(8.36	)		5.12			4.42			7.84

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of year ($ millions)		223			1,441			750			38			144
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			0.20			0.24
Ratio of net investment income (loss) (%)		4.97			3.53			2.89			4.09	(b)		4.66
Portfolio turnover rate (%)(d)		52			68			88			111			55


Xtrackers Risk Managed USD High Yield Strategy ETF Selected Per Share Data	Year Ended 8/31/2023			Period Ended 8/31/2022(a)
Net Asset Value, beginning of period	$	22.29		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		1.28			0.58
Net realized and unrealized gain (loss)		0.29			(2.84	)

Total from investment operations		1.57			(2.26	)

Less distributions from:
Net investment income		(1.33	)		(0.45	)

Total distributions		(1.33	)		(0.45	)

Net Asset Value, end of period	$	22.53		$	22.29

Total Return (%)(c)		7.27			(9.12	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		44			50
Ratio of expenses before fee waiver (%)(d)		0.30			0.30	*
Ratio of expenses after fee waiver (%)(d)		0.15			0.15	*
Ratio of net investment income (loss) (%)		5.74			4.54	*
Portfolio turnover rate (%)(e)		0			0	**


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	$	72,841	$	(11,795,350	)	$	(1,257,311	)	$	(12,979,820	)
Xtrackers Low Beta High Yield Bond ETF		1,905,987		(64,406,194	)		(14,134,982	)		(76,635,189	)
Xtrackers Risk Managed USD High Yield Strategy ETF		44,752		—			(3,892,766	)		(3,848,014	)
Xtrackers Short Duration High Yield Bond ETF		509,294		(3,197,839	)		(2,735,435	)		(5,423,980	)
Xtrackers USD High Yield Corporate Bond ETF		19,579,236		(242,862,261	)		(421,103,515	)		(644,386,540	)


	Year Ended August 31, 2023
	Ordinary Income*
Xtrackers High Beta High Yield Bond ETF	$	974,644
Xtrackers Low Beta High Yield Bond ETF		44,403,017
Xtrackers Risk Managed USD High Yield Strategy ETF		2,798,892
Xtrackers Short Duration High Yield Bond ETF		4,721,603
Xtrackers USD High Yield Corporate Bond ETF		218,918,420

	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


	Short-Term		Long-Term		Total Amount
Xtrackers High Beta High Yield Bond ETF	$	2,996,574	$	8,798,776	$	11,795,350
Xtrackers Low Beta High Yield Bond ETF		35,194,222		29,211,972		64,406,194
Xtrackers Short Duration High Yield Bond ETF		1,232,714		1,965,125		3,197,839
Xtrackers USD High Yield Corporate Bond ETF		38,381,756		204,480,505		242,862,261


	Distributable earnings (loss)		Paid-In Capital
Xtrackers High Beta High Yield Bond ETF	$	24,402	$	(24,402	)
Xtrackers Low Beta High Yield Bond ETF		62,097,456		(62,097,456	)
Xtrackers Risk Managed USD High Yield Strategy ETF		291,189		(291,189	)
Xtrackers Short Duration High Yield Bond ETF		1,818,720		(1,818,720	)
Xtrackers USD High Yield Corporate Bond ETF		29,450,250		(29,450,250	)


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers High Beta High Yield Bond ETF	$	13,110,287	$	(1,257,311	)	$	72,690	$	(1,330,001	)
Xtrackers Low Beta High Yield Bond ETF		236,606,089		(14,135,013	)		205,631		(14,340,644	)
Xtrackers Risk Managed USD High Yield Strategy ETF		54,357,396		(3,892,766	)		—		(3,892,766	)
Xtrackers Short Duration High Yield Bond ETF		84,833,666		(2,735,437	)		475,301		(3,210,738	)
Xtrackers USD High Yield Corporate Bond ETF		4,246,916,206		(421,103,737	)		4,824,790		(425,928,527	)


Remaining Contractual Maturity of the Agreements, as of August 31, 2023

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers Risk Managed USD HighYield Strategy ETF
Exchange-Traded Funds	$	6,535,150	$	—	$	—	$	—	$	6,535,150

Gross amount of recognized liabilities for securities lending transactions									$	6,535,150


	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	$	106
Xtrackers Low Beta High Yield Bond ETF		3,697
Xtrackers Risk Managed USD High Yield Strategy ETF		277
Xtrackers Short Duration High Yield Bond ETF		439
Xtrackers USD High Yield Corporate Bond ETF		19,806


	Purchases		Sales
Xtrackers High Beta High Yield Bond ETF	$	7,190,506	$	7,231,680
Xtrackers Low Beta High Yield Bond ETF		409,213,296		413,831,267
Xtrackers Risk Managed USD High Yield Strategy ETF		171,550		302,231
Xtrackers Short Duration High Yield Bond ETF		35,942,166		37,085,784
Xtrackers USD High Yield Corporate Bond ETF		954,929,407		971,400,974


	Securities Purchased		Securities Sold		Net Realized Gain (Loss) on Securities Sold
Xtrackers High Beta High Yield Bond ETF	$	1,587,750	$	2,445,439	$	(102,985	)
Xtrackers Low Beta High Yield Bond ETF		2,445,439		1,587,750		(149,808	)


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 Xtrackers Short Duration High Yield Bond ETF Xtrackers USD High Yield Corporate Bond ETF	For the year ended August 31, 2023	For each of the two years in the period ended August 31, 2023	For each of the five years in the period ended August 31, 2023
Xtrackers Risk Managed USD High Yield Strategy ETF	For the year ended August 31, 2023	For the year ended August 31, 2023 and 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).	42	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).	42	—
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).	42	(Chairman of) Ilex Management Ltd; Old Westbury Funds


Officers⁽²⁾
Name, Year of Birth, Position with the Trust and Length of Time Served⁽³⁾		Business Experience and Directorships During the Past 5 Years
Freddi Klassen⁽⁴⁾(1975) President and Chief Executive Officer, 2016-present		Chief Administrative Officer Investment Division Americas, of DWS Investment Management Americas, Inc. and Manager (since 2023) and Chief Operating Officer of the Advisor (2016-present). Formerly: Programmes (Head 2021-2023), of DWS Investment Management Americas, Inc.; Chief Operating Officer in the Americas for the Traditional Asset Classes Department (2014- 2020); Global Chief Operating Officer for Equities Technology in the Investment Bank Division at Deutsche Bank AG (2013-2014); Chief Operating Officer for Exchange Traded Funds and Systematic Funds in Europe (2008-2013).
Diane Kenneally⁽⁴⁾(1966) Treasurer, Chief Financial Officer and Controller, 2019-present		Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; Chief Financial Officer and Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2018- present); Treasurer and Chief Financial Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018-present); formerly: Assistant Treasurer for the DWS funds (2007-2018).
Frank Gecsedi⁽⁴⁾(1967) Chief Compliance Officer, 2010-present		AFC Compliance US (Senior Team Lead), of DWS Investment Management Americas, Inc.; Compliance Department (2016- present), Vice President in the Deutsche Asset Management Compliance Department at Deutsche Bank AG (2013-2016) and Chief Compliance Officer of the Advisor (2010-present); Chief Compliance Officer of DWS Distributors, Inc. (2019-2022); Vice President in Deutsche Bank’s Global Markets Legal, Risk and Capital Division (2010-2012).
Bryan Richards⁽⁴⁾(1978) Vice President, 2016-present		Portfolio Engineering, Systematic Investments Solutions (Head), of DWS Investment Management Americas, Inc. (2018-present); Portfolio Manager in the Passive Asset Management Department at DWS (2011-present); Primary Portfolio Manager for the PowerShares DB Commodity ETFs (2011-2015).
John Millette⁽⁵⁾(1962) Secretary, 2020-present		Legal (Associate General Counsel), DWS US Retail Legal (2003- present), of DWS Investment Management Americas, Inc.; Vice President and Secretary of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (1999-present); Chief Legal Officer, DWS Investment Management Americas, Inc. (2015- present); Director and Vice President of DWS Trust Company (2016-present); Vice President, DBX Advisors LLC (2021-present); Secretary, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2011- present); formerly: Secretary of Deutsche Investment Management Americas Inc. (2015-2017); and Assistant Secretary of DBX ETF Trust (2019-2020).


Name, Year of Birth, Position with the Trust and Length of Time Served⁽³⁾		Business Experience and Directorships During the Past 5 Years
Caroline Pearson⁽⁵⁾(1962) Assistant Secretary, 2020-present		Legal (Senior Team Lead), DWS US Retail Legal, of DWS Investment Management Americas, Inc.; Chief Legal Officer of DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2010-present); Chief Legal Officer, DBX Advisors LLC and DBX Strategic Advisors LLC (2020- present); Chief Legal Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2012-present); formerly: Secretary, Deutsche AM Distributors, Inc. (2002-2017); Secretary, Deutsche AM Service Company (2010-2017); and Chief Legal Officer, DBXStrategic Advisors LLC (2020-2021).
Jeffrey Berry⁽⁵⁾(1959) Assistant Treasurer, 2019-present		Fund Administration (Senior Specialist), of DWS Investment Management Americas, Inc.
Sheila Cadogan⁽⁵⁾(1966) Assistant Treasurer, 2019-present		Fund Administration Treasurer’s Office (Co-Head since 2018), of DWS Investment Management Americas, Inc.; Assistant Treasurer for DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (2017-present); Director and Vice President, DWS Trust Company (2018- present); Assistant Treasurer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (2018- present).
Christina A. Morse⁽⁶⁾(1964) Assistant Secretary, 2017-present		Senior Vice President, Director Regulatory Administration at BNY Mellon Asset Servicing (2023-present); Vice President at BNY Mellon Asset Servicing (2014-2023); Vice President and Counsel at Lord Abbett & Co. LLC (2013-2014).
Christian Rijs⁽⁴⁾(1980) Anti-Money Laundering Compliance Officer, since October 21, 2021		Senior Team Lead Anti-Financial Crime and Compliance, DWS Investment Management Americas, Inc.; AML Officer, DWS Trust Company (since November 2, 2021); AML Officer, DWS US registered investment companies advised by DWS Investment Management Americas, Inc. (since October 6, 2021); AML Officer, The European Equity Fund, Inc., The New Germany Fund, Inc. and The Central and Eastern Europe Fund, Inc. (since November 12, 2021); formerly: DWS UK & Ireland Head of Anti-Financial Crime and MLRO.


Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022	Administrator, custodian, fund accounting agent & transfer agent The Bank of New York Mellon 240 Greenwich Street New York, NY 10286	Distributor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver, CO 80203

Independent registered public accounting firm Ernst & Young LLP One Manhattan West New York, NY, 10001	Legal counsel Vedder Price P.C. 1633 Broadway New York, NY 10019