DBX ETF Trust

The Xtrackers Bloomberg US Investment Grade Corporate ESG ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Bloomberg MSCI US Corporate Sustainability SRI Sector/Credit/Maturity Neutral Index (the “Underlying Index”). The Underlying Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the Bloomberg US Corporate Index (an investment grade corporate bond universe), resulting in a broad investment grade fixed income market exposure with ESG aspects. It is not possible to invest directly into an index.


*Quality as of November 30, 2023**


Description	% of Market Value
AAA		3.0%
AA		13.2%
A		45.1%
BBB		38.7%

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.


*Sector Diversification as of November 30, 2023**


Financial			32.3%
Consumer, Non-cyclical			18.2%
Technology			10.7%
Communications			10.4%
Utilities			8.7%
Consumer, Cyclical			7.5%
Industrial			6.6%
Energy			3.6%
Basic Materials			2.0%

Total			100.0%

Modified duration to worst as of November 30, 2023: 7.0 years

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 8.

The Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the J.P. Morgan ESG EMBI Global Diversified Sovereign Index (the “Underlying Index”). The Underlying Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan EMBI Global Diversified Sovereign Index, resulting in a broad emerging markets sovereign debt market exposure with ESG aspects. It is not possible to invest directly into an index.

Quality* as of November 30, 2023


Description	% of Market Value
AA		9.7%
A		14.5%
BBB		32.6%
BB		24.0%
B		14.8%
CCC		2.9%
CC		1.5%

Total		100.0%


*Country Diversification as of November 30, 2023**


Saudi Arabia			5.5%
Qatar			4.2%
Turkey			4.2%
Brazil			4.1%
Indonesia			4.0%
Romania			4.0%
Colombia			4.0%
Uruguay			3.7%
Dominican Republic			3.7%
South Africa			3.5%
Panama			3.5%
Mexico			3.5%
Philippines			3.3%
Peru			3.2%
Poland			3.1%
Oman			3.1%
China			3.0%
Jordan			3.0%
Hungary			3.0%
Kuwait			3.0%
Gabon			2.9%
Chile			2.8%
United Arab Emirates			2.5%
Bahrain			2.5%
Egypt			2.2%
Argentina			2.0%
Other			12.5%

Total			100.0%

Modified duration to worst as of November 30, 2023: 6.9 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.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 17.

The Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the J.P. Morgan ESG DM Corporate High Yield USD Index (the “Underlying Index”). The Underlying Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan DM High Yield USD Index (a USD denominated high yield corporate bond index of developed market issuers), resulting in a broad high yield fixed income market exposure with ESG aspects. It is not possible to invest directly into an index.


*Quality as of November 30, 2023**


Description	% of Market Value
BBB		5.3%
BB		58.9%
B		26.2%
CCC		9.3%
CC		0.1%
D		0.1%
NR		0.1%

Total		100.0%

Modified duration to worst is the measure of sensitivity of the price of a bond to a change in interest rates, assuming worst case scenario.

* As a percent of total investments excluding securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 21.

The Xtrackers Municipal Infrastructure Revenue Bond ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Municipal Infrastructure Revenue Bond Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the U.S. long-term tax exempt bond market, consisting of infrastructure revenue bonds. It is not possible to invest directly into an index.


*Quality as of November 30, 2023**


Description	% of Market Value
AAA		7.7%
AA		54.5%
A		36.2%
BBB		1.6%

Total		100.0%

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 38.

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


*Country Diversification as of November 30, 2023**


Switzerland			12.5%
France			9.9%
United Kingdom			9.6%
Australia			8.6%
Germany			6.2%
China			5.7%
Taiwan			5.6%
Japan			5.0%
Canada			3.9%
Hong Kong			2.9%
Singapore			2.8%
Netherlands			2.8%
Spain			2.7%
Brazil			2.5%
Other			19.3%

Total			100.0%

* As a percent of total investments excluding exchange-traded funds and cash equilvants.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 45.

The Xtrackers MSCI EAFE High Dividend Yield Equity ETF (the “Fund”), using a “passive” or indexing investment approach, seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI EAFE High Dividend Yield Index (the “Underlying Index”). The Underlying Index is designed to reflect the performance of equities (excluding real estate investment trusts (“REITs”)) in developed markets in its parent index, the MSCI EAFE Index, with higher dividend income and quality characteristics than average dividend yields of equities in the parent index, where such higher dividend income and quality characteristics are both sustainable and persistent. It is not possible to invest directly into an index.

* As a percent of total investments excluding securities lending collateral and cash equivalents.

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 52.

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions paid on purchases and sales of fund shares, and (2) ongoing costs, including unitary advisory fees and other Fund expenses. In the most recent six-month period the Funds, except for Xtrackers Municipal Infrastructure Revenue Bond ETF, limited these expenses; had they not done so, expenses would have been higher. The expense examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds.

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six month period and held for the entire period (June 1, 2023 to November 30, 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 183 (the number of days in the most recent six-month period), then divided by 366.


	Principal Amount		Value
CORPORATE BONDS — 98.8%
Basic Materials — 2.0%
Chemicals — 1.6%
Dow Chemical Co., 2.10%, 11/15/30	$	10,000	$	8,252
DuPont de Nemours, Inc., 5.419%, 11/15/48		5,000		4,881
Ecolab, Inc., 2.70%, 12/15/51		5,000		3,137
LyondellBasell Industries NV, 4.625%, 2/26/55		8,000		6,255
Nutrien Ltd., 2.95%, 5/13/30		10,000		8,673
PPG Industries, Inc., 1.20%, 3/15/26		6,000		5,476
Sherwin-Williams Co., 4.50%, 6/1/47		7,000		5,929

(Cost $53,259)				42,603

Iron/Steel — 0.1%
Steel Dynamics, Inc., 2.80%, 12/15/24 (Cost $1,996)		2,000		1,939

Mining — 0.3%
Freeport-McMoRan, Inc., 4.25%, 3/1/30		5,000		4,563
Newmont Corp., 4.875%, 3/15/42		5,000		4,557

(Cost $9,827)				9,120

Communications — 10.3%
Internet — 2.1%
Alibaba Group Holding Ltd., 3.25%, 2/9/61		5,000		2,888
Alphabet, Inc. 1.998%, 8/15/26		5,000		4,666
2.05%, 8/15/50		5,000		2,931
Amazon.com, Inc. 1.00%, 5/12/26		5,000		4,566
1.65%, 5/12/28		5,000		4,420
1.50%, 6/3/30		5,000		4,109
2.10%, 5/12/31		10,000		8,348
3.10%, 5/12/51		10,000		7,017
4.10%, 4/13/62		5,000		4,091
Booking Holdings, Inc., 3.60%, 6/1/26		8,000		7,737
eBay, Inc., 1.90%, 3/11/25		5,000		4,774

(Cost $68,141)				55,547

Media — 3.6%
Charter Communications Operating LLC / Charter Communications Operating Capital 4.40%, 4/1/33		5,000		4,435
6.384%, 10/23/35		5,000		4,907
6.484%, 10/23/45		5,000		4,646
5.375%, 5/1/47		5,000		4,045
4.80%, 3/1/50		5,000		3,710


	Principal Amount		Value
Media (Continued)
Comcast Corp. 3.95%, 10/15/25	$	10,000	$	9,796
4.15%, 10/15/28		10,000		9,673
2.937%, 11/1/56		10,000		6,117
2.987%, 11/1/63		20,000		11,901
Discovery Communications LLC 5.20%, 9/20/47		5,000		4,051
4.65%, 5/15/50		5,000		3,775
Fox Corp., 3.05%, 4/7/25		5,000		4,840
Paramount Global 4.95%, 1/15/31		4,000		3,626
5.85%, 9/1/43		6,000		4,914
TWDC Enterprises 18 Corp., MTN, 2.95%, 6/15/27		5,000		4,736
Walt Disney Co. 1.75%, 8/30/24		4,000		3,889
2.75%, 9/1/49		8,000		5,147
3.60%, 1/13/51		5,000		3,784

(Cost $109,302)				97,992

Telecommunications — 4.6%
America Movil SAB de CV, 2.875%, 5/7/30		5,000		4,325
AT&T, Inc. 4.10%, 2/15/28		10,000		9,595
3.50%, 6/1/41		30,000		22,315
3.65%, 9/15/59		10,000		6,605
Bell Telephone Co. of Canada or Bell Canada, Series US-4, 3.65%, 3/17/51		3,000		2,139
Corning, Inc., 5.35%, 11/15/48		4,000		3,717
Deutsche Telekom International Finance BV, 8.75%, 6/15/30		5,000		5,907
Rogers Communications, Inc. 4.50%, 3/15/43		8,000		6,500
4.30%, 2/15/48		2,000		1,516
Telefonica Europe BV, 8.25%, 9/15/30		10,000		11,495
Verizon Communications, Inc. 3.376%, 2/15/25		5,000		4,884
4.016%, 12/3/29		8,000		7,513
2.355%, 3/15/32		10,000		7,981
4.40%, 11/1/34		10,000		9,200
2.875%, 11/20/50		15,000		9,495
3.55%, 3/22/51		5,000		3,589
Vodafone Group PLC 4.125%, 5/30/25		5,000		4,913
4.25%, 9/17/50		5,000		3,870

(Cost $144,935)				125,559

Consumer, Cyclical — 7.4%
Apparel — 0.5%
NIKE, Inc., 2.75%, 3/27/27		8,000		7,523
VF Corp., 2.40%, 4/23/25		5,000		4,730

(Cost $13,402)				12,253


	Principal Amount		Value
Auto Manufacturers — 1.3%
General Motors Co., 6.60%, 4/1/36	$	10,000	$	10,265
General Motors Financial Co., Inc. 1.25%, 1/8/26		12,000		10,939
3.85%, 1/5/28		5,000		4,651
Toyota Motor Credit Corp. 3.65%, 1/8/29		5,000		4,734
1.90%, 9/12/31		7,000		5,592

(Cost $38,008)				36,181

Auto Parts & Equipment — 0.1%
Aptiv PLC / Aptiv Corp., 4.15%, 5/1/52 (Cost $2,975)		4,000		2,935

Entertainment — 0.4%
Warnermedia Holdings, Inc. 4.279%, 3/15/32		10,000		8,833
5.141%, 3/15/52		4,000		3,201

(Cost $12,996)				12,034

Home Builders — 0.2%
NVR, Inc., 3.00%, 5/15/30 (Cost $5,293)		5,000		4,317

Home Furnishings — 0.2%
Whirlpool Corp., 2.40%, 5/15/31 (Cost $6,014)		6,000		4,837

Leisure Time — 0.2%
Harley-Davidson, Inc., 3.50%, 7/28/25 (Cost $5,122)		5,000		4,808

Retail — 4.3%
AutoNation, Inc., 3.50%, 11/15/24		5,000		4,883
Dollar General Corp., 3.875%, 4/15/27		8,000		7,643
Dollar Tree, Inc., 2.65%, 12/1/31		7,000		5,711
Home Depot, Inc. 3.00%, 4/1/26		8,000		7,683
3.90%, 6/15/47		2,000		1,602
4.50%, 12/6/48		5,000		4,415
2.375%, 3/15/51		5,000		2,922
2.75%, 9/15/51		5,000		3,162
Lowe’s Cos., Inc. 3.65%, 4/5/29		10,000		9,351
2.625%, 4/1/31		10,000		8,409
2.80%, 9/15/41		5,000		3,397
McDonald’s Corp. MTN, 2.125%, 3/1/30		10,000		8,504
MTN, 4.45%, 9/1/48		5,000		4,299
Starbucks Corp. 4.00%, 11/15/28		2,000		1,918
2.55%, 11/15/30		2,000		1,711
3.50%, 11/15/50		5,000		3,611


	Principal Amount		Value
Retail (Continued)
Target Corp. 2.50%, 4/15/26	$	7,000	$	6,670
2.95%, 1/15/52		3,000		1,968
TJX Cos., Inc., 2.25%, 9/15/26		8,000		7,468
Walgreens Boots Alliance, Inc., 4.10%, 4/15/50		5,000		3,259
Walmart, Inc. 1.05%, 9/17/26		10,000		9,094
4.50%, 9/9/52		10,000		9,120

(Cost $139,384)				116,800

Toys/Games/Hobbies — 0.2%
Hasbro, Inc., 3.90%, 11/19/29 (Cost $6,055)		6,000		5,401

Consumer, Non-cyclical — 17.9%
Agriculture — 0.1%
Bunge Ltd. Finance Corp., 2.75%, 5/14/31 (Cost $4,050)		4,000		3,385

Beverages — 0.8%
Coca-Cola Co., 4.20%, 3/25/50		6,000		5,279
Keurig Dr Pepper, Inc., 2.55%, 9/15/26		7,000		6,525
PepsiCo, Inc. 1.95%, 10/21/31		10,000		8,162
2.75%, 10/21/51		5,000		3,281

(Cost $29,265)				23,247

Biotechnology — 1.8%
Amgen, Inc. 5.15%, 3/2/28		10,000		10,031
5.60%, 3/2/43		10,000		9,798
4.663%, 6/15/51		4,000		3,422
3.00%, 1/15/52		3,000		1,944
5.65%, 3/2/53		5,000		4,936
Baxalta, Inc., 5.25%, 6/23/45		5,000		4,690
Biogen, Inc., 3.25%, 2/15/51		5,000		3,287
Gilead Sciences, Inc. 1.65%, 10/1/30		2,000		1,619
4.00%, 9/1/36		9,000		7,908
2.80%, 10/1/50		1,000		640

(Cost $56,731)				48,275

Commercial Services — 1.0%
Equifax, Inc., 2.60%, 12/15/25		8,000		7,565
Global Payments, Inc., 5.95%, 8/15/52		5,000		4,782
PayPal Holdings, Inc., 2.85%, 10/1/29		5,000		4,445
Quanta Services, Inc., 2.90%, 10/1/30		5,000		4,216


	Principal Amount		Value
Commercial Services (Continued)
RELX Capital, Inc., 4.00%, 3/18/29	$	5,000	$	4,774
S&P Global, Inc., 2.30%, 8/15/60		5,000		2,691

(Cost $32,905)				28,473

Cosmetics/Personal Care — 0.8%
Colgate-Palmolive Co., MTN, 4.00%, 8/15/45		3,000		2,582
Estee Lauder Cos., Inc., 2.00%, 12/1/24		5,000		4,831
Procter & Gamble Co., 2.85%, 8/11/27		11,000		10,376
Unilever Capital Corp., Series 30Y, 2.625%, 8/12/51		5,000		3,204

(Cost $24,747)				20,993

Food — 2.0%
Campbell Soup Co., 4.15%, 3/15/28		5,000		4,810
Conagra Brands, Inc., 5.40%, 11/1/48		5,000		4,480
General Mills, Inc., 3.20%, 2/10/27		6,000		5,669
Hershey Co., 2.65%, 6/1/50		4,000		2,531
Kellanova, 2.10%, 6/1/30		5,000		4,099
Kraft Heinz Foods Co. 4.25%, 3/1/31		5,000		4,673
4.875%, 10/1/49		5,000		4,396
Kroger Co. 4.45%, 2/1/47		3,000		2,467
3.95%, 1/15/50		3,000		2,275
McCormick & Co., Inc., 3.40%, 8/15/27		5,000		4,716
Mondelez International, Inc., 2.75%, 4/13/30		5,000		4,357
Sysco Corp., 6.60%, 4/1/50		5,000		5,485
Tyson Foods, Inc., 4.55%, 6/2/47		5,000		3,916

(Cost $63,390)				53,874

Healthcare-Products — 1.1%
Abbott Laboratories, 5.30%, 5/27/40		7,000		7,106
Agilent Technologies, Inc., 2.30%, 3/12/31		5,000		4,132
Baxter International, Inc., 2.60%, 8/15/26		7,000		6,510
DH Europe Finance II SARL, 2.60%, 11/15/29		5,000		4,382
Revvity, Inc., 3.625%, 3/15/51		5,000		3,354
Thermo Fisher Scientific, Inc., 2.00%, 10/15/31		4,000		3,242

(Cost $33,981)				28,726


	Principal Amount		Value
Healthcare-Services — 3.0%
Aetna, Inc., 3.875%, 8/15/47	$	5,000	$	3,657
Centene Corp., 2.45%, 7/15/28		10,000		8,674
Elevance Health, Inc. 2.25%, 5/15/30		10,000		8,389
3.125%, 5/15/50		5,000		3,330
HCA, Inc. 5.375%, 2/1/25		8,000		7,954
4.125%, 6/15/29		2,000		1,857
3.50%, 9/1/30		5,000		4,402
5.25%, 6/15/49		3,000		2,607
Humana, Inc., 3.125%, 8/15/29		8,000		7,223
Quest Diagnostics, Inc. 2.95%, 6/30/30		5,000		4,302
2.80%, 6/30/31		3,000		2,523
UnitedHealth Group, Inc. 5.30%, 2/15/30		15,000		15,324
4.75%, 5/15/52		6,000		5,407
5.875%, 2/15/53		5,000		5,321

(Cost $90,541)				80,970

Household Products/Wares — 0.2%
Kimberly-Clark Corp., 2.75%, 2/15/26 (Cost $5,166)		5,000		4,783

Pharmaceuticals — 7.1%
AbbVie, Inc. 3.80%, 3/15/25		5,000		4,905
3.60%, 5/14/25		10,000		9,764
4.70%, 5/14/45		5,000		4,519
4.25%, 11/21/49		12,000		10,112
AstraZeneca PLC 0.70%, 4/8/26		4,000		3,642
3.00%, 5/28/51		3,000		2,093
Becton Dickinson and Co., 4.669%, 6/6/47		5,000		4,374
Bristol-Myers Squibb Co. 0.75%, 11/13/25		5,000		4,629
3.40%, 7/26/29		6,000		5,575
4.25%, 10/26/49		8,000		6,625
Cigna Group 4.375%, 10/15/28		15,000		14,487
4.90%, 12/15/48		4,000		3,552
CVS Health Corp. 3.875%, 7/20/25		7,000		6,829
4.30%, 3/25/28		3,000		2,905
3.25%, 8/15/29		9,000		8,108
4.78%, 3/25/38		5,000		4,497
5.05%, 3/25/48		8,000		7,025
Eli Lilly & Co. 2.75%, 6/1/25		5,000		4,845
3.95%, 3/15/49		5,000		4,184
GlaxoSmithKline Capital, Inc., 3.875%, 5/15/28		5,000		4,812


	Principal Amount		Value
Pharmaceuticals (Continued)
Johnson & Johnson 5.95%, 8/15/37	$	10,000	$	11,084
3.50%, 1/15/48		3,000		2,373
McKesson Corp., 1.30%, 8/15/26		5,000		4,522
Merck & Co., Inc. 0.75%, 2/24/26		5,000		4,579
2.15%, 12/10/31		10,000		8,229
4.00%, 3/7/49		3,000		2,481
Novartis Capital Corp., 2.00%, 2/14/27		10,000		9,217
Pfizer Investment Enterprises Pte Ltd., 5.34%, 5/19/63		10,000		9,642
Pfizer, Inc. 3.45%, 3/15/29		5,000		4,715
7.20%, 3/15/39		10,000		11,923
Sanofi SA, 3.625%, 6/19/28		3,000		2,877
Zoetis, Inc. 2.00%, 5/15/30		3,000		2,488
4.70%, 2/1/43		2,000		1,792

(Cost $220,700)				193,404

Energy — 3.6%
Oil & Gas — 0.5%
Marathon Petroleum Corp. 3.80%, 4/1/28		2,000		1,875
4.50%, 4/1/48		3,000		2,388
Phillips 66, 5.875%, 5/1/42		5,000		5,156
Valero Energy Corp., 3.65%, 12/1/51		5,000		3,431

(Cost $16,405)				12,850

Oil & Gas Services — 0.4%
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 4.08%, 12/15/47		6,000		4,794
Halliburton Co., 2.92%, 3/1/30		8,000		7,017

(Cost $12,673)				11,811

Pipelines — 2.7%
Enbridge, Inc. 3.70%, 7/15/27		5,000		4,757
3.40%, 8/1/51		5,000		3,380
Enterprise Products Operating LLC 2.80%, 1/31/30		5,000		4,395
4.20%, 1/31/50		3,000		2,459
3.30%, 2/15/53		5,000		3,497
Series E, 5.25%, 8/16/77		5,000		4,593
MPLX LP, 1.75%, 3/1/26		15,000		13,836
ONEOK, Inc. 2.75%, 9/1/24		5,000		4,886
5.20%, 7/15/48		5,000		4,397


	Principal Amount		Value
Pipelines (Continued)
Sabine Pass Liquefaction LLC 5.00%, 3/15/27	$	10,000	$	9,915
4.50%, 5/15/30		5,000		4,723
TransCanada PipeLines Ltd. 4.10%, 4/15/30		2,000		1,844
7.625%, 1/15/39		5,000		5,698
4.875%, 5/15/48		3,000		2,552
Williams Cos., Inc., 4.00%, 9/15/25		1,000		974

(Cost $81,550)				71,906

Financial — 31.9%
Banks — 22.9%
Banco Santander SA, 2.958%, 3/25/31		10,000		8,213
Bank of America Corp. MTN, 2.015%, 2/13/26		15,000		14,291
MTN, 1.197%, 10/24/26		20,000		18,341
5.08%, 1/20/27		10,000		9,893
3.419%, 12/20/28		20,000		18,388
MTN, 2.676%, 6/19/41		4,000		2,717
MTN, 4.083%, 3/20/51		10,000		7,934
MTN, 2.831%, 10/24/51		10,000		6,311
2.972%, 7/21/52		10,000		6,576
Bank of Montreal, MTN, 1.25%, 9/15/26		10,000		8,946
Bank of New York Mellon Corp., MTN, 3.95%, 11/18/25		15,000		14,647
Bank of Nova Scotia, 4.50%, 12/16/25		5,000		4,877
Barclays PLC, 2.667%, 3/10/32		25,000		19,749
Canadian Imperial Bank of Commerce, 0.95%, 10/23/25		10,000		9,219
Citigroup, Inc. 3.875%, 3/26/25		5,000		4,873
3.30%, 4/27/25		5,000		4,855
4.45%, 9/29/27		15,000		14,372
2.976%, 11/5/30		5,000		4,327
2.572%, 6/3/31		10,000		8,267
2.561%, 5/1/32		5,000		4,025
4.75%, 5/18/46		5,000		4,181
Cooperatieve Rabobank UA, 5.25%, 5/24/41		5,000		4,970
Credit Suisse AG/New York NY, MTN, 3.625%, 9/9/24		5,000		4,904
Deutsche Bank AG, 3.70%, 5/30/24 (a)		5,000		4,943
Deutsche Bank AG/New York NY, 3.035%, 5/28/32 (a)		15,000		11,980
Fifth Third Bancorp, 4.337%, 4/25/33		5,000		4,391
Goldman Sachs Group, Inc. MTN, 3.85%, 7/8/24		10,000		9,885
3.50%, 1/23/25		10,000		9,755
1.542%, 9/10/27		5,000		4,458
2.615%, 4/22/32		7,000		5,643


	Principal Amount		Value
Banks (Continued)
2.65%, 10/21/32	$	8,000	$	6,385
6.25%, 2/1/41		10,000		10,504
HSBC Holdings PLC 1.589%, 5/24/27		10,000		9,013
6.50%, 9/15/37		10,000		10,246
6.10%, 1/14/42		5,000		5,322
HSBC USA, Inc., 3.50%, 6/23/24		15,000		14,811
ING Groep NV, 3.95%, 3/29/27		10,000		9,506
JPMorgan Chase & Co. 2.083%, 4/22/26		15,000		14,257
1.578%, 4/22/27		15,000		13,658
2.522%, 4/22/31		15,000		12,593
2.956%, 5/13/31		10,000		8,508
4.912%, 7/25/33		15,000		14,262
3.964%, 11/15/48		10,000		7,930
KeyCorp MTN, 4.10%, 4/30/28		5,000		4,570
MTN, 2.55%, 10/1/29		5,000		4,025
Lloyds Banking Group PLC 1.627%, 5/11/27		10,000		9,029
4.344%, 1/9/48		4,000		2,922
Mitsubishi UFJ Financial Group, Inc. 3.287%, 7/25/27		10,000		9,354
4.05%, 9/11/28		6,000		5,699
3.741%, 3/7/29		5,000		4,660
Mizuho Financial Group, Inc., 2.564%, 9/13/31		10,000		7,828
Morgan Stanley GMTN, 3.70%, 10/23/24		5,000		4,914
0.79%, 5/30/25		15,000		14,579
GMTN, 4.35%, 9/8/26		5,000		4,853
GMTN, 2.699%, 1/22/31		15,000		12,681
2.484%, 9/16/36		5,000		3,777
4.30%, 1/27/45		5,000		4,211
4.375%, 1/22/47		5,000		4,205
MTN, 2.802%, 1/25/52		6,000		3,753
NatWest Group PLC 4.269%, 3/22/25		5,000		4,969
1.642%, 6/14/27		7,000		6,291
PNC Financial Services Group, Inc. 3.90%, 4/29/24		5,000		4,960
6.875%, 10/20/34		6,000		6,383
Royal Bank of Canada, GMTN, 2.25%, 11/1/24		14,000		13,578
Santander Holdings USA, Inc., 4.40%, 7/13/27		10,000		9,533
State Street Corp., 2.20%, 3/3/31		5,000		3,995
Sumitomo Mitsui Financial Group, Inc. 2.632%, 7/14/26		5,000		4,665
3.364%, 7/12/27		15,000		14,022
3.05%, 1/14/42		5,000		3,591
Toronto-Dominion Bank, MTN, 1.20%, 6/3/26		10,000		9,037
Truist Financial Corp., MTN, 3.70%, 6/5/25		15,000		14,577


	Principal Amount		Value
Banks (Continued)
UBS AG, 4.50%, 6/26/48	$	4,000	$	3,615
UBS Group AG, 4.55%, 4/17/26		5,000		4,875
US Bancorp 2.40%, 7/30/24		5,000		4,891
MTN, 1.375%, 7/22/30		6,000		4,603
Westpac Banking Corp., 4.11%, 7/24/34		15,000		13,285

(Cost $689,630)				620,856

Diversified Financial Services — 4.1%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 2.45%, 10/29/26		10,000		9,112
3.85%, 10/29/41		5,000		3,738
Air Lease Corp., 1.875%, 8/15/26		10,000		9,051
Ally Financial, Inc., 8.00%, 11/1/31		5,000		5,285
American Express Co. 1.65%, 11/4/26		15,000		13,605
4.05%, 12/3/42		3,000		2,541
Capital One Financial Corp., 5.817%, 2/1/34		10,000		9,388
Charles Schwab Corp., 4.625%, 3/22/30		10,000		9,573
CME Group, Inc., 3.75%, 6/15/28		8,000		7,680
Intercontinental Exchange, Inc. 3.75%, 12/1/25		5,000		4,870
3.00%, 9/15/60		5,000		3,089
Mastercard, Inc., 3.80%, 11/21/46		6,000		4,916
Nasdaq, Inc., 3.95%, 3/7/52		5,000		3,732
Nomura Holdings, Inc., 2.679%, 7/16/30		10,000		8,211
Visa, Inc. 3.15%, 12/14/25		5,000		4,832
2.75%, 9/15/27		5,000		4,676
3.65%, 9/15/47		4,000		3,171
Voya Financial, Inc., 4.70%, 1/23/48		5,000		4,044

(Cost $128,460)				111,514

Insurance — 1.9%
Aflac, Inc., 3.60%, 4/1/30		5,000		4,601
Allstate Corp., 4.20%, 12/15/46		5,000		3,968
American International Group, Inc. 3.40%, 6/30/30		5,000		4,447
4.375%, 6/30/50		3,000		2,431
AXIS Specialty Finance LLC, 4.90%, 1/15/40		5,000		4,095
Chubb INA Holdings, Inc., 4.35%, 11/3/45		5,000		4,354


	Principal Amount		Value
Insurance (Continued)
Manulife Financial Corp., 4.15%, 3/4/26	$	5,000	$	4,894
Marsh & McLennan Cos., Inc., 2.25%, 11/15/30		5,000		4,167
MetLife, Inc., 4.60%, 5/13/46		5,000		4,385
Progressive Corp., 4.125%, 4/15/47		3,000		2,455
Prudential Financial, Inc., MTN, 2.10%, 3/10/30		8,000		6,748
Willis North America, Inc., 5.05%, 9/15/48		5,000		4,307

(Cost $62,848)				50,852

Real Estate Investment Trusts — 3.0%
Alexandria Real Estate Equities, Inc., 3.375%, 8/15/31		8,000		6,910
American Tower Corp. 3.80%, 8/15/29		2,000		1,837
2.90%, 1/15/30		10,000		8,603
AvalonBay Communities, Inc., 2.05%, 1/15/32		5,000		4,014
Boston Properties LP, 3.40%, 6/21/29		5,000		4,271
Crown Castle, Inc. 3.65%, 9/1/27		2,000		1,870
3.80%, 2/15/28		6,000		5,589
Digital Realty Trust LP, 3.60%, 7/1/29		6,000		5,426
Healthpeak OP LLC, 3.00%, 1/15/30		5,000		4,297
Host Hotels & Resorts LP, Series J, 2.90%, 12/15/31		6,000		4,794
Kilroy Realty LP, 2.65%, 11/15/33		8,000		5,561
Omega Healthcare Investors, Inc., 4.50%, 1/15/25		10,000		9,791
Prologis LP, 4.375%, 2/1/29		5,000		4,798
Simon Property Group LP, 4.25%, 11/30/46		5,000		3,818
Ventas Realty LP, 4.40%, 1/15/29		6,000		5,639
Welltower OP LLC, 4.25%, 4/15/28		5,000		4,777

(Cost $94,096)				81,995

Industrial — 6.5%
Building Materials — 0.6%
Carrier Global Corp. 2.493%, 2/15/27		3,000		2,754
3.577%, 4/5/50		6,000		4,282
Martin Marietta Materials, Inc., 2.40%, 7/15/31		8,000		6,507
Masco Corp., 2.00%, 10/1/30		5,000		3,954

(Cost $21,258)				17,497


	Principal Amount		Value
Electrical Components & Equipment — 0.1%
Emerson Electric Co., 2.75%, 10/15/50 (Cost $5,127)	$	5,000	$	3,127

Electronics — 0.6%
Amphenol Corp., 2.20%, 9/15/31		6,000		4,856
Flex Ltd., 4.875%, 5/12/30		3,000		2,848
Fortive Corp., 3.15%, 6/15/26		5,000		4,739
Vontier Corp., 2.95%, 4/1/31		5,000		3,994

(Cost $19,256)				16,437

Environmental Control — 0.4%
Republic Services, Inc., 2.30%, 3/1/30		5,000		4,252
Waste Connections, Inc., 2.60%, 2/1/30		5,000		4,328
Waste Management, Inc., 3.15%, 11/15/27		3,000		2,816

(Cost $13,694)				11,396

Hand/Machine Tools — 0.2%
Stanley Black & Decker, Inc., 4.00%, 3/15/60 (Cost $5,254)		6,000		4,867

Machinery-Construction & Mining — 0.4%
Caterpillar Financial Services Corp., 0.90%, 3/2/26		5,000		4,577
Caterpillar, Inc., 3.25%, 9/19/49		7,000		5,099

(Cost $11,716)				9,676

Machinery-Diversified — 0.8%
CNH Industrial Capital LLC, 1.875%, 1/15/26		7,000		6,499
Deere & Co., 3.90%, 6/9/42		8,000		6,800
John Deere Capital Corp., MTN, 2.05%, 1/9/25		10,000		9,676

(Cost $26,355)				22,975

Miscellaneous Manufacturing — 0.9%
3M Co., MTN, 4.00%, 9/14/48		5,000		4,060
Eaton Corp., 4.15%, 11/2/42		4,000		3,421
General Electric Co., MTN, 6.75%, 3/15/32		4,000		4,439
Parker-Hannifin Corp., 3.25%, 6/14/29		10,000		9,144
Teledyne Technologies, Inc., 1.60%, 4/1/26		5,000		4,585

(Cost $28,826)				25,649


	Principal Amount		Value
Packaging & Containers — 0.2%
WRKCo, Inc., 3.75%, 3/15/25 (Cost $5,142)	$	5,000	$	4,870

Transportation — 2.3%
Canadian National Railway Co. 2.75%, 3/1/26		5,000		4,769
2.45%, 5/1/50		5,000		3,011
Canadian Pacific Railway Co. 3.50%, 5/1/50		5,000		3,537
3.10%, 12/2/51		3,000		2,008
CSX Corp., 2.40%, 2/15/30		10,000		8,557
FedEx Corp. 4.25%, 5/15/30		5,000		4,749
5.25%, 5/15/50		5,000		4,657
Norfolk Southern Corp., 4.05%, 8/15/52		6,000		4,654
Ryder System, Inc., MTN, 2.90%, 12/1/26		5,000		4,645
Union Pacific Corp. 2.375%, 5/20/31		10,000		8,363
3.839%, 3/20/60		9,000		6,712
United Parcel Service, Inc., 3.75%, 11/15/47		7,000		5,540

(Cost $77,186)				61,202

Technology — 10.6%
Computers — 3.5%
Apple, Inc. 2.75%, 1/13/25		6,000		5,855
3.20%, 5/13/25		12,000		11,702
3.85%, 8/4/46		15,000		12,579
3.75%, 11/13/47		15,000		12,241
2.95%, 9/11/49		2,000		1,399
Dell International LLC / EMC Corp., 6.02%, 6/15/26		5,000		5,058
Hewlett Packard Enterprise Co. 1.75%, 4/1/26		7,000		6,446
6.35%, 10/15/45		3,000		3,062
HP, Inc., 3.40%, 6/17/30		10,000		8,846
International Business Machines Corp. 3.50%, 5/15/29		15,000		13,986
4.25%, 5/15/49		5,000		4,136
NetApp, Inc., 1.875%, 6/22/25		5,000		4,715
Western Digital Corp., 2.85%, 2/1/29		5,000		4,094

(Cost $108,849)				94,119

Semiconductors — 3.3%
Analog Devices, Inc., 2.95%, 10/1/51		5,000		3,311
Applied Materials, Inc., 2.75%, 6/1/50		3,000		1,992
Broadcom, Inc. 144A,3.137%, 11/15/35		12,000		9,351
144A,3.187%, 11/15/36		10,000		7,654


	Principal Amount		Value
Semiconductors (Continued)
Intel Corp. 3.70%, 7/29/25	$	10,000	$	9,776
4.10%, 5/11/47		5,000		4,072
3.05%, 8/12/51		6,000		3,972
3.10%, 2/15/60		7,000		4,485
Lam Research Corp., 4.875%, 3/15/49		2,000		1,850
Marvell Technology, Inc., 1.65%, 4/15/26		6,000		5,517
Micron Technology, Inc., 2.703%, 4/15/32		10,000		8,025
NVIDIA Corp., 3.70%, 4/1/60		4,000		3,079
NXP BV / NXP Funding LLC / NXP USA, Inc., 3.15%, 5/1/27		5,000		4,649
QUALCOMM, Inc. 3.45%, 5/20/25		5,000		4,883
1.65%, 5/20/32		10,000		7,825
Texas Instruments, Inc., 4.15%, 5/15/48		5,000		4,245
TSMC Arizona Corp., 2.50%, 10/25/31		5,000		4,139

(Cost $106,358)				88,825

Software — 3.8%
Adobe, Inc., 2.15%, 2/1/27		7,000		6,477
Autodesk, Inc., 2.40%, 12/15/31		5,000		4,107
Broadridge Financial Solutions, Inc., 2.60%, 5/1/31		5,000		4,124
Electronic Arts, Inc., 1.85%, 2/15/31		5,000		4,005
Fidelity National Information Services, Inc., 2.25%, 3/1/31		7,000		5,682
Fiserv, Inc., 4.20%, 10/1/28		10,000		9,565
Microsoft Corp. 2.40%, 8/8/26		10,000		9,460
2.525%, 6/1/50		6,000		3,867
144A,2.50%, 9/15/50		2,000		1,271
2.921%, 3/17/52		10,000		6,923
3.95%, 8/8/56		2,000		1,657
Oracle Corp. 2.50%, 4/1/25		5,000		4,804
2.95%, 5/15/25		5,000		4,824
2.80%, 4/1/27		5,000		4,643
2.95%, 4/1/30		6,000		5,262
4.30%, 7/8/34		15,000		13,543
3.60%, 4/1/50		7,000		4,904
3.95%, 3/25/51		5,000		3,701
VMware, Inc., 4.70%, 5/15/30		6,000		5,721

(Cost $123,295)				104,540

Utilities — 8.6%
Electric — 6.8%
AEP Texas, Inc., 5.25%, 5/15/52		4,000		3,604


	Principal Amount		Value
Electric (Continued)
Avangrid, Inc., 3.20%, 4/15/25	$	7,000	$	6,762
Baltimore Gas and Electric Co., 3.50%, 8/15/46		5,000		3,560
CenterPoint Energy Houston Electric LLC Series Z, 2.40%, 9/1/26		5,000		4,657
Series AF, 3.35%, 4/1/51		5,000		3,488
CMS Energy Corp., 3.00%, 5/15/26		6,000		5,674
Commonwealth Edison Co. 2.55%, 6/15/26		10,000		9,433
4.00%, 3/1/48		5,000		3,943
3.00%, 3/1/50		6,000		3,873
Series 130, 3.125%, 3/15/51		15,000		9,882
Consolidated Edison Co. of New York, Inc. Series 06-A, 5.85%, 3/15/36		10,000		10,155
3.20%, 12/1/51		5,000		3,282
3.60%, 6/15/61		5,000		3,437
Consumers Energy Co., 3.95%, 5/15/43		6,000		4,810
Eversource Energy Series L, 2.90%, 10/1/24		15,000		14,629
3.45%, 1/15/50		13,000		8,820
Exelon Corp., 3.40%, 4/15/26		10,000		9,590
ITC Holdings Corp., 3.35%, 11/15/27		10,000		9,324
National Rural Utilities Cooperative Finance Corp., 4.40%, 11/1/48		10,000		8,149
NSTAR Electric Co., 3.10%, 6/1/51		2,000		1,298
Ohio Power Co., Series Q, 1.625%, 1/15/31		5,000		3,924
Oncor Electric Delivery Co. LLC, 2.75%, 5/15/30		5,000		4,341
PPL Electric Utilities Corp., 3.00%, 10/1/49		10,000		6,639
Public Service Electric and Gas Co.
MTN, 1.90%, 8/15/31		10,000		7,928
MTN, 2.05%, 8/1/50		5,000		2,713
San Diego Gas & Electric Co.
Series VVV, 1.70%, 10/1/30		10,000		8,016
Series RRR, 3.75%, 6/1/47		10,000		7,401
Sempra 3.40%, 2/1/28		8,000		7,432
4.00%, 2/1/48		4,000		3,057
4.125%, 4/1/52		5,000		4,089

(Cost $225,825)				183,910


	Principal Amount		Value
Gas — 1.1%
Atmos Energy Corp. 1.50%, 1/15/31	$	6,000	$	4,687
2.85%, 2/15/52		4,000		2,510
Piedmont Natural Gas Co., Inc., 2.50%, 3/15/31		5,000		4,088
Southern California Gas Co.
Series XX, 2.55%, 2/1/30		10,000		8,540
Series VV, 4.30%, 1/15/49		5,000		4,001
Southwest Gas Corp., 3.18%, 8/15/51		8,000		4,846

(Cost $38,358)				28,672

Water — 0.7%
American Water Capital Corp. 3.40%, 3/1/25		6,000		5,847
3.45%, 5/1/50		11,000		7,836
Essential Utilities, Inc., 2.40%, 5/1/31		8,000		6,444

(Cost $27,756)				20,127

TOTAL CORPORATE BONDS (Cost $3,108,102)				2,678,129


	Number of Shares
CASH EQUIVALENTS — 0.4%
DWS Government Money Market Series “Institutional Shares”, 5.31% (b) (Cost $11,961)		11,961		11,961


TOTAL INVESTMENTS — 99.2% (Cost $3,120,063)			$	2,690,090
Other assets and liabilities, net — 0.8%				21,376

NET ASSETS — 100.0%			$	2,711,466

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 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 November 30, 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
SOVEREIGN BONDS — 97.9%
Argentina — 1.9%
Argentine Republic Government International Bond 1.00%, 7/9/29	$	20,000	$	7,280
0.75% - 1.75%, 7/9/30 (a)		65,000		24,212
3.625% - 5.00%, 7/9/35 (a)		115,000		37,375
4.25% - 5.00%, 1/9/38 (a)		78,000		28,743
3.50% - 4.875%, 7/9/41 (a)		71,000		23,359
3.625% - 5.00%, 7/9/46 (a)		16,000		5,232

(Cost $195,526)				126,201

Bahrain — 2.4%
Bahrain Government International Bond, REGS, 6.00%, 9/19/44 (Cost $198,133)		200,000		158,500

Barbados — 0.2%
Barbados Government International Bond, REGS, 6.50%, 10/1/29 (Cost $11,409)		12,000		11,320

Bolivia — 0.2%
Bolivian Government International Bond, REGS, 4.50%, 3/20/28 (Cost $24,843)		28,000		13,300

Brazil — 4.0%
Brazilian Government International Bond 2.875%, 6/6/25		30,000		28,805
4.625%, 1/13/28		38,000		37,259
4.50%, 5/30/29		38,000		36,069
3.875%, 6/12/30		38,000		33,989
3.75%, 9/12/31		23,000		20,066
8.25%, 1/20/34		28,000		31,552
7.125%, 1/20/37		19,000		19,803
5.625%, 1/7/41		19,000		16,573
5.00%, 1/27/45		27,000		20,824
5.625%, 2/21/47		19,000		15,718
4.75%, 1/14/50		7,000		5,066

(Cost $297,978)				265,724

Chile — 2.7%
Chile Government International Bond 3.125%, 1/21/26		10,000		9,605
2.55%, 7/27/33		38,000		30,353
3.10%, 5/7/41		38,000		27,274
4.34%, 3/7/42		57,000		48,208
3.86%, 6/21/47		57,000		43,933
3.10%, 1/22/61		30,000		18,442

(Cost $225,576)				177,815

China — 2.9%
China Government International Bond, REGS, 3.50%, 10/19/28
(Cost $222,890)		200,000		193,295

Colombia — 3.9%
Colombia Government International Bond 8.125%, 5/21/24		25,000		25,337
3.875%, 4/25/27		30,000		27,947


	Principal Amount		Value
Colombia (Continued)
3.00%, 1/30/30	$	30,000	$	24,120
3.25%, 4/22/32		44,000		33,187
7.375%, 9/18/37		15,000		14,535
6.125%, 1/18/41		30,000		25,027
4.125%, 2/22/42		9,000		5,883
5.625%, 2/26/44		30,000		23,032
5.00%, 6/15/45		38,000		26,933
5.20%, 5/15/49		34,000		24,098
4.125%, 5/15/51		20,000		12,055
8.75%, 11/14/53		5,000		5,319
3.875%, 2/15/61		16,000		8,956

(Cost $292,247)				256,429

Costa Rica — 1.7%
Costa Rica Government International Bond REGS, 6.125%, 2/19/31		34,000		34,051
REGS, 5.625%, 4/30/43		25,000		21,666
REGS, 7.158%, 3/12/45		55,000		55,963

(Cost $97,613)				111,680

Dominican Republic — 3.6%
Dominican Republic International Bond REGS, 6.875%, 1/29/26		35,000		35,230
REGS, 6.00%, 7/19/28		40,000		39,066
REGS, 4.50%, 1/30/30		50,000		44,175
REGS, 5.30%, 1/21/41		57,000		45,970
REGS, 7.45%, 4/30/44		57,000		56,430
REGS, 6.40%, 6/5/49		6,000		5,310
REGS, 5.875%, 1/30/60		16,000		12,873

(Cost $259,480)				239,054

Ecuador — 1.0%
Ecuador Government International Bond 144A, 6.00% - 6.90%, 7/31/30 (a)		20,000		9,300
144A, 3.50% - 6.90%, 7/31/35 (a)		56,000		19,869
REGS, 3.50% - 6.90%, 7/31/35 (a)		45,000		15,965
144A, 2.50% - 6.90%, 7/31/40 (a)		44,000		13,816
REGS, 2.50% - 6.90%, 7/31/40 (a)		28,000		8,792

(Cost $120,519)				67,742

Egypt — 2.2%
Egypt Government International Bond, REGS, 7.600%, 3/1/29 (Cost $200,672)		200,000		141,250

El Salvador — 1.1%
El Salvador Government International Bond REGS, 6.375%, 1/18/27		19,000		16,132
REGS, 8.625%, 2/28/29		25,000		21,396
REGS, 7.65%, 6/15/35		27,000		20,143
REGS, 7.625%, 2/1/41		12,000		8,539
REGS, 7.125%, 1/20/50		5,000		3,369

(Cost $74,106)				69,579

Gabon — 2.8%
Gabon Government International Bond, REGS, 6.95%, 6/16/25 (Cost $184,017)		200,000		185,000


	Principal Amount		Value
Ghana — 0.7%
Ghana Government International Bond, REGS, 6.375%, 2/11/27 * (Cost $39,323)	$	100,000	$	44,375

Guatemala — 1.1%
Guatemala Government Bond, REGS, 4.90%, 6/1/30 (Cost $77,602)		75,000		69,004

Honduras — 0.1%
Honduras Government International Bond REGS, 6.25%, 1/19/27		5,000		4,718
REGS, 5.625%, 6/24/30		5,000		4,280

(Cost $8,709)				8,998

Hungary — 2.9%
Hungary Government International Bond, 7.625%, 3/29/41 (Cost $205,909)		174,000		192,922

Indonesia — 3.9%
Indonesia Government International Bond REGS, 4.75%, 1/8/26		60,000		59,622
REGS, 7.75%, 1/17/38		100,000		122,437
REGS, 6.75%, 1/15/44		40,000		45,600
3.05%, 3/12/51		25,000		17,343
4.45%, 4/15/70		15,000		12,303

(Cost $283,345)				257,305

Ivory Coast (Cote D’Ivoire) — 0.8%
Ivory Coast Government International Bond, REGS, 5.75%, 12/31/32 (Cost $56,196)		56,695		52,552

Jamaica — 1.4%
Jamaica Government International Bond 6.75%, 4/28/28		45,000		47,767
7.875%, 7/28/45		40,000		47,200

(Cost $93,970)				94,967

Jordan — 2.9%
Jordan Government International Bond, REGS, 5.75%, 1/31/27 (Cost $203,780)		200,000		193,000

Kuwait — 2.9%
Kuwait International Government Bond, REGS, 3.50%, 3/20/27 (Cost $210,064)		200,000		192,875

Malaysia — 0.2%
Malaysia Wakala Sukuk Bhd, REGS, 3.075%, 4/28/51 (Cost $12,919)		17,000		11,911

Mexico — 3.4%
Mexico Government International Bond 3.25%, 4/16/30		21,000		18,480
MTN, 8.30%, 8/15/31		30,000		35,820
Series A, MTN, 7.50%, 4/8/33		19,000		21,118
Series A, MTN, 6.75%, 9/27/34		15,000		15,690
6.05%, 1/11/40		30,000		28,867


	Principal Amount		Value
Mexico (Continued)
MTN, 4.75%, 3/8/44	$	34,000	$	27,506
5.55%, 1/21/45		15,000		13,564
4.60%, 1/23/46		25,000		19,606
4.60%, 2/10/48		30,000		23,243
3.771%, 5/24/61		16,000		10,140
GMTN, 5.75%, 10/12/10		10,000		8,358

(Cost $274,488)				222,392

Mongolia — 0.3%
Mongolia Government International Bond, REGS, 5.125%, 4/7/26 (Cost $17,941)		19,000		18,369

Oman — 3.1%
Oman Government International Bond, REGS, 5.625%, 1/17/28 (Cost $176,416)		200,000		200,410

Panama — 3.4%
Panama Government International Bond 3.875%, 3/17/28		57,000		51,542
9.375%, 4/1/29		10,000		11,167
3.16%, 1/23/30		19,000		15,614
6.40%, 2/14/35		23,000		21,583
6.70%, 1/26/36		38,000		36,223
4.50%, 4/16/50		8,000		5,226
4.30%, 4/29/53		19,000		11,856
4.50%, 4/1/56		47,000		29,857
3.87%, 7/23/60		55,000		31,068
4.50%, 1/19/63		19,000		11,794

(Cost $328,132)				225,930

Papua New Guinea — 0.2%
Papua New Guinea Government International Bond, REGS, 8.375%, 10/4/28 (Cost $10,209)		11,000		10,323

Paraguay — 1.2%
Paraguay Government International Bond REGS, 4.70%, 3/27/27		30,000		29,230
REGS, 5.60%, 3/13/48		20,000		16,867
REGS, 5.40%, 3/30/50		37,000		30,415

(Cost $78,860)				76,512

Peru — 3.1%
Peruvian Government International Bond 4.125%, 8/25/27		10,000		9,620
2.783%, 1/23/31		41,000		34,624
8.75%, 11/21/33		38,000		46,360
3.00%, 1/15/34		38,000		30,657
6.55%, 3/14/37		25,000		26,781
3.30%, 3/11/41		28,000		20,494
5.625%, 11/18/50		25,000		24,269
2.78%, 12/1/60		20,000		11,595

(Cost $266,403)				204,400

Philippines — 3.2%
Philippine Government International Bond 9.50%, 2/2/30		61,000		75,030
1.648%, 6/10/31		30,000		23,775


	Principal Amount		Value
Philippines (Continued)
3.95%, 1/20/40	$	19,000	$	16,055
3.70%, 3/1/41		38,000		30,400
3.70%, 2/2/42		57,000		45,172
4.20%, 3/29/47		28,000		23,065

(Cost $262,076)				213,497

Poland — 3.1%
Republic of Poland Government International Bond 3.25%, 4/6/26		54,000		51,841
5.75%, 11/16/32		67,000		69,680
4.875%, 10/4/33		27,000		26,225
5.50%, 4/4/53		55,000		53,056

(Cost $208,506)				200,802

Qatar — 4.1%
Qatar Government International Bond 144A, 9.75%, 6/15/30		160,000		204,800
144A, 6.40%, 1/20/40		60,000		66,083

(Cost $298,777)				270,883

Romania — 3.9%
Romanian Government International Bond REGS, 4.875%, 1/22/24		44,000		44,014
REGS, 3.00%, 2/14/31		20,000		16,337
REGS, 3.625%, 3/27/32		20,000		16,663
REGS, 7.125%, 1/17/33		36,000		37,463
REGS, 6.00%, 5/25/34		20,000		19,287
144A, 6.125%, 1/22/44		60,000		55,275
REGS, 6.125%, 1/22/44		20,000		18,425
REGS, 5.125%, 6/15/48		20,000		15,981
REGS, 4.00%, 2/14/51		34,000		22,695
REGS, 7.625%, 1/17/53		10,000		10,498

(Cost $303,471)				256,638

Saudi Arabia — 5.4%
Saudi Government International Bond REGS, 2.25%, 2/2/33		200,000		158,625
REGS, 4.875%, 7/18/33		200,000		196,000

(Cost $395,966)				354,625

South Africa — 3.5%
Republic of South Africa Government International Bond 5.875%, 9/16/25		50,000		49,969
4.85%, 9/27/27		65,000		62,156
4.30%, 10/12/28		35,000		31,631
5.875%, 4/20/32		5,000		4,498
5.65%, 9/27/47		10,000		7,262
6.30%, 6/22/48		35,000		27,475
5.75%, 9/30/49		60,000		43,725

(Cost $235,647)				226,716

Sri Lanka — 0.9%
Sri Lanka Government International Bond
REGS, 6.85%, 3/14/24 *(b)		15,000		7,725
REGS, 7.55%, 3/28/30 *(b)		100,000		50,467

(Cost $89,006)				58,192


	Principal Amount		Value
Trinidad and Tobago — 0.4%
Trinidad & Tobago Government International Bond, REGS, 4.50%, 8/4/26 (Cost $28,632)	$	28,000	$	27,272

Turkey — 4.1%
Turkiye Government International Bond 7.375%, 2/5/25		30,000		30,412
4.75%, 1/26/26		26,000		24,830
4.25%, 4/14/26		42,000		39,467
4.875%, 10/9/26		38,000		35,811
9.875%, 1/15/28		10,000		10,775
5.125%, 2/17/28		10,000		9,200
6.125%, 10/24/28		38,000		35,910
5.25%, 3/13/30		10,000		8,694
6.875%, 3/17/36		20,000		17,763
6.00%, 1/14/41		10,000		7,713
4.875%, 4/16/43		20,000		13,200
6.625%, 2/17/45		24,000		19,200
5.75%, 5/11/47		23,000		16,316

(Cost $267,567)				269,291

Ukraine — 0.9%
Ukraine Government International Bond REGS, 7.75%, 9/1/29 *		150,000		42,323
144A, 9.75%, 11/1/30 *		60,000		17,460

(Cost $162,141)				59,783

United Arab Emirates — 2.5%
Abu Dhabi Government International Bond, REGS, 4.125%, 10/11/47 (Cost $244,084)		200,000		162,000

Uruguay — 3.7%
Uruguay Government International Bond 4.375%, 10/27/27		20,000		20,032
4.375%, 1/23/31		46,000		44,676
7.875%, 1/15/33		27,000		31,927
7.625%, 3/21/36		20,000		23,890
4.125%, 11/20/45		17,000		14,588
5.10%, 6/18/50		63,000		59,299
4.975%, 4/20/55		50,000		45,633

(Cost $302,611)				240,045

TOTAL SOVEREIGN BONDS (Cost $7,547,759)				6,432,878


	Number of Shares
CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 5.31% (c) (Cost $40,915)		40,915		40,915


TOTAL INVESTMENTS — 98.5%
(Cost $7,588,674)			$	6,473,793
Other assets and liabilities, net — 1.5%				98,698

NET ASSETS — 100.0%			$	6,572,491

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:


	Principal Amount		Value
CORPORATE BONDS — 97.4%
Basic Materials — 5.9%
Chemicals — 3.3%
Ashland, Inc., 6.875%, 5/15/43	$	3,000	$	2,865
ASP Unifrax Holdings, Inc., 144A,5.25%, 9/30/28		5,000		3,450
Avient Corp., 144A,5.75%, 5/15/25		14,000		13,983
Axalta Coating Systems LLC, 144A,3.375%, 2/15/29		5,000		4,355
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, 144A,4.75%, 6/15/27		5,000		4,745
Cerdia Finanz GmbH, 144A,10.50%, 2/15/27		5,000		5,081
Chemours Co., 144A,5.75%, 11/15/28		8,000		7,282
Consolidated Energy Finance SA, 144A,5.625%, 10/15/28		3,000		2,509
CVR Partners LP / CVR Nitrogen Finance Corp., 144A,6.125%, 6/15/28		4,000		3,678
Element Solutions, Inc., 144A,3.875%, 9/1/28		6,000		5,344
HB Fuller Co., 4.25%, 10/15/28		5,000		4,525
Illuminate Buyer LLC / Illuminate Holdings IV, Inc.,144A,9.00%, 7/1/28		5,000		4,737
INEOS Quattro Finance 2 PLC, 144A,3.375%, 1/15/26		7,000		6,677
Ingevity Corp.,144A, 3.875%, 11/1/28		5,000		4,286
Iris Holding, Inc., 144A,10.00%, 12/15/28		2,000		1,597
Methanex Corp., 5.65%, 12/1/44		5,000		4,074
NOVA Chemicals Corp. 144A,4.875%, 6/1/24		10,000		9,887
144A,5.25%, 6/1/27		9,000		8,122
REGS, 4.25%, 5/15/29		3,000		2,378
Nufarm Australia Ltd. / Nufarm Americas, Inc., 144A,5.00%, 1/27/30		5,000		4,437
Olympus Water US Holding Corp. 144A,9.75%, 11/15/28		12,000		12,360
144A,6.25%, 10/1/29		5,000		4,138
SCIH Salt Holdings, Inc. 144A,4.875%, 5/1/28		5,000		4,553
144A,6.625%, 5/1/29		3,000		2,663
SCIL IV LLC / SCIL USA Holdings LLC, 144A,5.375%, 11/1/26		7,000		6,580
SK Invictus Intermediate II SARL, 144A,5.00%, 10/30/29		5,000		4,067
SNF Group SACA, 144A,3.125%, 3/15/27		5,000		4,512
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 144A,5.125%, 4/1/29		3,000		1,185
Tronox, Inc., 144A,4.625%, 3/15/29		9,000		7,695


	Principal Amount		Value
Chemicals (Continued)
Valvoline, Inc., 144A,4.25%, 2/15/30	$	9,000	$	8,903
Vibrantz Technologies, Inc., 144A,9.00%, 2/15/30		5,000		3,862
WR Grace Holdings LLC 144A,4.875%, 6/15/27		7,000		6,709
144A,5.625%, 8/15/29		5,000		4,238
144A,7.375%, 3/1/31		3,000		2,923

(Cost $193,212)				178,400

Forest Products & Paper — 0.2%
Ahlstrom Holding 3 Oy, 144A,4.875%, 2/4/28		2,000		1,697
Domtar Corp., 144A,6.75%, 10/1/28		5,000		4,376
Glatfelter Corp., 144A,4.75%, 11/15/29		3,000		1,860
Mercer International, Inc., 5.125%, 2/1/29		5,000		4,181

(Cost $13,977)				12,114

Iron/Steel — 1.2%
ATI, Inc., 5.125%, 10/1/31		5,000		4,400
Big River Steel LLC / BRS Finance Corp., 144A,6.625%, 1/31/29		7,000		7,035
Carpenter Technology Corp., 6.375%, 7/15/28		5,000		4,956
Cleveland-Cliffs, Inc. 5.875%, 6/1/27		6,000		5,910
144A,6.75%, 4/15/30		6,000		5,835
Commercial Metals Co., 4.375%, 3/15/32		5,000		4,290
Mineral Resources Ltd. 144A,8.125%, 5/1/27		9,000		9,045
144A,8.00%, 11/1/27		9,000		9,014
144A,8.50%, 5/1/30		7,000		7,091
United States Steel Corp., 6.875%, 3/1/29		5,000		5,000

(Cost $63,491)				62,576

Mining — 1.2%
Arsenal AIC Parent LLC, 144A,8.00%, 10/1/30		9,000		9,225
Coeur Mining, Inc., 144A,5.125%, 2/15/29		2,000		1,720
Compass Minerals International, Inc., 144A,6.75%, 12/1/27		5,000		4,900
Constellium SE, 144A,3.75%, 4/15/29		3,000		2,627
Eldorado Gold Corp., 144A,6.25%, 9/1/29		5,000		4,517
FMG Resources August 2006 Pty Ltd. 144A,4.375%, 4/1/31		11,000		9,660
144A,6.125%, 4/15/32		12,000		11,625
Hudbay Minerals, Inc., 144A,6.125%, 4/1/29		5,000		4,756


	Principal Amount		Value
Mining (Continued)
JW Aluminum Continuous Cast Co., 144A,10.25%, 6/1/26	$	3,000	$	2,996
Kaiser Aluminum Corp., 144A, 4.50%, 6/1/31		7,000		5,696
Novelis Corp. 144A,4.75%, 1/30/30		5,000		4,569
144A,3.875%, 8/15/31		6,000		5,077

(Cost $73,100)				67,368

Communications — 14.5%
Advertising — 0.8%
Advantage Sales & Marketing, Inc., 144A,6.50%, 11/15/28		5,000		4,488
Clear Channel International BV, 144A,6.625%, 8/1/25		5,000		4,938
Clear Channel Outdoor Holdings, Inc. 144A,7.75%, 4/15/28		6,000		4,935
144A,7.50%, 6/1/29		10,000		7,927
CMG Media Corp., 144A,8.875%, 12/15/27		5,000		4,125
Lamar Media Corp., 3.75%, 2/15/28		5,000		4,621
Outfront Media Capital LLC / Outfront Media Capital Corp.,144A,5.00%, 8/15/27		12,000		11,339
Stagwell Global LLC, 144A,5.625%, 8/15/29		5,000		4,394

(Cost $53,442)				46,767

Internet — 1.8%
ANGI Group LLC, 144A,3.875%, 8/15/28		5,000		4,125
Arches Buyer, Inc., 144A,6.125%, 12/1/28		7,000		6,029
Cablevision Lightpath LLC, 144A,5.625%, 9/15/28		3,000		2,265
Cogent Communications Group, Inc., 144A,3.50%, 5/1/26		7,000		6,580
EquipmentShare.com, Inc., 144A,9.00%, 5/15/28		5,000		4,950
Gen Digital, Inc. 144A,5.00%, 4/15/25		8,000		7,942
144A,6.75%, 9/30/27		7,000		7,064
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A,5.25%, 12/1/27		5,000		4,869
144A,3.50%, 3/1/29		5,000		4,406
ION Trading Technologies SARL, 144A,5.75%, 5/15/28		5,000		4,256
Match Group Holdings II LLC, 144A,4.625%, 6/1/28		9,000		8,435
Millennium Escrow Corp., 144A,6.625%, 8/1/26		5,000		3,881
Newfold Digital Holdings Group, Inc. 144A,11.75%, 10/15/28		3,000		3,082
144A,6.00%, 2/15/29		3,000		2,074
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc.,144A,4.75%, 4/30/27		5,000		4,588
Photo Holdings Merger Sub, Inc., 144A,8.50%, 10/1/26		4,000		1,700


	Principal Amount		Value
Internet (Continued)
Rakuten Group, Inc. 144A,6.25%, Perpetual (b)	$	7,000	$	4,655
144A,10.25%, 11/30/24		5,000		5,113
Uber Technologies, Inc., 144A,4.50%, 8/15/29		8,000		7,399
Ziff Davis, Inc., 144A,4.625%, 10/15/30		3,000		2,659

(Cost $104,101)				96,072

Media — 7.0%
AMC Networks, Inc. 4.75%, 8/1/25		6,000		5,709
4.25%, 2/15/29		5,000		3,500
Cable One, Inc., 144A,4.00%, 11/15/30		5,000		3,925
CCO Holdings LLC / CCO Holdings Capital Corp. 144A,5.125%, 5/1/27		10,000		9,565
144A,5.00%, 2/1/28		10,000		9,374
144A,6.375%, 9/1/29		5,000		4,837
144A,4.75%, 3/1/30		12,000		10,562
144A,4.50%, 8/15/30		5,000		4,304
144A,4.25%, 2/1/31		10,000		8,371
144A,4.75%, 2/1/32		5,000		4,206
4.50%, 5/1/32		12,000		9,900
144A,4.50%, 6/1/33		6,000		4,809
144A,4.25%, 1/15/34		4,000		3,140
CSC Holdings LLC 5.25%, 6/1/24		4,000		3,820
144A,5.50%, 4/15/27		7,000		6,197
144A,5.375%, 2/1/28		8,000		6,800
144A,6.50%, 2/1/29		9,000		7,627
144A,5.75%, 1/15/30		9,000		5,145
144A,4.625%, 12/1/30		10,000		5,500
144A,4.50%, 11/15/31		9,000		6,412
144A,5.00%, 11/15/31		9,000		5,093
Directv Financing LLC / Directv Financing Co.-Obligor, Inc.,144A,5.875%, 8/15/27		15,000		13,500
DISH DBS Corp. 5.875%, 11/15/24		10,000		8,801
7.75%, 7/1/26		16,000		9,566
144A,5.25%, 12/1/26		20,000		16,156
144A,5.75%, 12/1/28		14,000		10,500
DISH Network Corp., 144A,11.75%, 11/15/27		5,000		4,969
GCI LLC, 144A,4.75%, 10/15/28		3,000		2,695
Gray Escrow II, Inc., 144A,5.375%, 11/15/31		5,000		3,587
Gray Television, Inc. 144A,5.875%, 7/15/26		10,000		9,425
144A,4.75%, 10/15/30		5,000		3,594
iHeartCommunications, Inc. 6.375%, 5/1/26		4,000		3,425
8.375%, 5/1/27		7,000		4,917
144A,4.75%, 1/15/28		2,000		1,530


	Principal Amount		Value
Media (Continued)
LCPR Senior Secured Financing DAC, 144A,5.125%, 7/15/29	$	5,000	$	4,237
Liberty Interactive LLC, 8.25%, 2/1/30		2,000		830
McGraw-Hill Education, Inc., 144A,5.75%, 8/1/28		5,000		4,587
News Corp., 144A,3.875%, 5/15/29		6,000		5,325
Nexstar Media, Inc., 144A,5.625%, 7/15/27		10,000		9,520
Paramount Global, 6.375%, 3/30/62		5,000		4,044
Radiate Holdco LLC / Radiate Finance, Inc., 144A,6.50%, 9/15/28		6,000		2,855
Scripps Escrow II, Inc., 144A,5.375%, 1/15/31		5,000		3,475
Sinclair Television Group, Inc., 144A,5.50%, 3/1/30		4,000		2,970
Sirius XM Radio, Inc. 144A,5.00%, 8/1/27		8,000		7,650
144A,4.00%, 7/15/28		12,000		10,774
144A,5.50%, 7/1/29		8,000		7,450
144A,4.125%, 7/1/30		5,000		4,227
144A,3.875%, 9/1/31		3,000		2,432
TEGNA, Inc. 4.625%, 3/15/28		8,000		7,305
5.00%, 9/15/29		6,000		5,340
Univision Communications, Inc. 144A,6.625%, 6/1/27		12,000		11,887
144A,4.50%, 5/1/29		8,000		7,030
UPC Broadband Finco BV, 144A,4.875%, 7/15/31		5,000		4,269
UPC Holding BV, 144A,5.50%, 1/15/28		9,000		8,191
Urban One, Inc., 144A,7.375%, 2/1/28		3,000		2,561
Videotron Ltd., 144A,5.125%, 4/15/27		5,000		4,863
Virgin Media Finance PLC, 144A,5.00%, 7/15/30		8,000		6,720
Virgin Media Secured Finance PLC, 144A,5.50%, 5/15/29		9,000		8,483
Virgin Media Vendor Financing Notes IV DAC, 144A,5.00%, 7/15/28		5,000		4,513
VZ Secured Financing BV, 144A,5.00%, 1/15/32		13,000		10,790
Ziggo Bond Co. BV, 144A,6.00%, 1/15/27		5,000		4,763
Ziggo BV,144A,4.875%, 1/15/30		5,000		4,305

(Cost $445,560)				382,857

Telecommunications — 4.9%
Altice France Holding SA 144A,10.50%, 5/15/27		7,000		3,832
144A,6.00%, 2/15/28		8,000		3,311
Altice France SA 144A,8.125%, 2/1/27		14,000		12,154


	Principal Amount		Value
Telecommunications (Continued)
144A,5.50%, 1/15/28	$	10,000	$	7,702
144A,5.125%, 7/15/29		5,000		3,581
British Telecommunications PLC, 144A,4.875%, 11/23/81		5,000		4,125
CommScope Technologies LLC 144A,6.00%, 6/15/25		8,000		6,300
144A,5.00%, 3/15/27		5,000		2,175
CommScope, Inc. 144A,6.00%, 3/1/26		12,000		10,440
144A,8.25%, 3/1/27		5,000		2,512
144A,7.125%, 7/1/28		6,000		2,820
144A,4.75%, 9/1/29		9,000		5,726
Connect Finco SARL / Connect US Finco LLC, 144A,6.75%, 10/1/26		9,000		8,676
Consolidated Communications, Inc., 144A,6.50%, 10/1/28		7,000		5,810
Embarq Corp., 7.995%, 6/1/36		8,000		4,617
Frontier Communications Holdings LLC 144A,5.875%, 10/15/27		7,000		6,597
144A,6.75%, 5/1/29		6,000		5,099
144A,6.00%, 1/15/30		5,000		4,007
GoTo Group, Inc., 144A,5.50%, 9/1/27		5,000		2,978
Hughes Satellite Systems Corp., 5.25%, 8/1/26		8,000		6,860
Iliad Holding SASU, 144A,6.50%, 10/15/26		8,000		7,817
Intelsat Jackson Holdings SA, 144A,6.50%, 3/15/30		15,000		13,924
Level 3 Financing, Inc. 144A,4.625%, 9/15/27		12,000		6,480
144A,4.25%, 7/1/28		5,000		2,038
144A,3.625%, 1/15/29		7,000		2,590
144A,3.75%, 7/15/29		7,000		2,590
144A,3.875%, 11/15/29		2,000		1,538
144A,10.50%, 5/15/30		4,000		3,730
Ligado Networks LLC 144A, 15.50%, 11/1/23 PIK *(a)		4,952		1,046
144A, 17.50%, 5/1/24 PIK		5,437		122
Lumen Technologies, Inc., 144A,4.00%, 2/15/27		5,000		2,666
SoftBank Group Corp., REGS, 4.00%, 7/6/26		30,000		27,931
Telecom Italia Capital SA 6.375%, 11/15/33		8,000		7,524
6.00%, 9/30/34		5,000		4,563
7.20%, 7/18/36		5,000		4,880
7.721%, 6/4/38		5,000		5,012
Viasat, Inc. 144A,5.625%, 9/15/25		7,000		6,720
144A,6.50%, 7/15/28		4,000		3,060
144A,7.50%, 5/30/31		2,000		1,440
Viavi Solutions, Inc., 144A,3.75%, 10/1/29		4,000		3,280
Vmed O2 UK Financing I PLC 144A,4.25%, 1/31/31		8,000		6,740
144A,4.75%, 7/15/31		10,000		8,589


	Principal Amount		Value
Telecommunications (Continued)
Vodafone Group PLC 7.00%, 4/4/79	$	12,000	$	12,140
4.125%, 6/4/81		4,000		3,221
5.125%, 6/4/81		7,000		4,909
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A,7.75%, 8/15/28		10,000		8,293
Zayo Group Holdings, Inc., 144A,6.125%, 3/1/28		9,000		6,075

(Cost $339,064)				268,240

Consumer, Cyclical — 19.8%
Airlines — 1.3%
Air Canada, 144A,3.875%, 8/15/26		7,000		6,571
Allegiant Travel Co., 144A,7.25%, 8/15/27		4,000		3,810
American Airlines Inc/AAdvantage Loyalty IP Ltd. 144A,5.50%, 4/20/26		13,333		13,217
144A,5.75%, 4/20/29		10,000		9,638
American Airlines, Inc., 144A,11.75%, 7/15/25		5,000		5,481
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A,5.75%, 1/20/26		8,000		6,400
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.,144A,8.00%, 9/20/25		3,000		2,178
United Airlines Holdings, Inc., 4.875%, 1/15/25		18,000		17,687
VistaJet Malta Finance PLC / Vista Management Holding, Inc. 144A,9.50%, 6/1/28		5,000		4,146
144A,6.375%, 2/1/30		5,000		3,563

(Cost $77,368)				72,691

Apparel — 0.1%
Hanesbrands, Inc., 144A,4.875%, 5/15/26		5,000		4,706
Wolverine World Wide, Inc., 144A,4.00%, 8/15/29		5,000		3,850

(Cost $9,172)				8,556

Auto Manufacturers — 0.6%
Allison Transmission, Inc., 144A,5.875%, 6/1/29		7,000		6,789
Aston Martin Capital Holdings Ltd., 144A,10.50%, 11/30/25		7,000		7,026
Jaguar Land Rover Automotive PLC, 144A,4.50%, 10/1/27		6,000		5,555
Mclaren Finance PLC, 144A,7.50%, 8/1/26		6,000		5,160
PM General Purchaser LLC, 144A,9.50%, 10/1/28		5,000		4,938
Wabash National Corp., 144A,4.50%, 10/15/28		2,000		1,715

(Cost $32,317)				31,183


	Principal Amount		Value
Auto Parts & Equipment — 2.1%
Adient Global Holdings Ltd. 144A,4.875%, 8/15/26	$	9,000	$	8,710
144A,8.25%, 4/15/31		4,000		4,073
American Axle & Manufacturing, Inc., 6.50%, 4/1/27		14,000		13,370
Clarios Global LP / Clarios US Finance Co., 144A,8.50%, 5/15/27		18,000		18,180
Cooper-Standard Automotive, Inc., 144A 5.625%, 5/15/27, 5.625% Cash or 10.625% PIK, PIK		5,203		4,006
Dana, Inc., 5.375%, 11/15/27		12,000		11,475
Dornoch Debt Merger Sub, Inc., 144A,6.625%, 10/15/29		5,000		4,300
Goodyear Tire & Rubber Co. 5.00%, 5/31/26		5,000		4,856
5.25%, 4/30/31		5,000		4,401
5.625%, 4/30/33		5,000		4,304
Real Hero Merger Sub 2, Inc., 144A,6.25%, 2/1/29		3,000		2,449
Tenneco, Inc., 144A,8.00%, 11/17/28		12,000		9,915
Titan International, Inc., 7.00%, 4/30/28		5,000		4,838
ZF North America Capital, Inc. 144A,4.75%, 4/29/25		14,000		13,773
144A,7.125%, 4/14/30		7,000		7,166

(Cost $118,755)				115,816

Distribution/Wholesale — 0.8%
American Builders & Contractors Supply Co., Inc.,144A,4.00%, 1/15/28		5,000		4,625
BCPE Empire Holdings, Inc., 144A,7.625%, 5/1/27		6,000		5,760
G-III Apparel Group Ltd., 144A,7.875%, 8/15/25		5,000		5,000
H&E Equipment Services, Inc., 144A,3.875%, 12/15/28		5,000		4,437
OPENLANE, Inc., 144A,5.125%, 6/1/25		5,000		4,875
Ritchie Bros Holdings, Inc., 144A,6.75%, 3/15/28		12,000		12,252
Wesco Aircraft Holdings, Inc., 144A,9.00%, 11/15/26 (a)		2		0
Windsor Holdings III LLC, 144A,8.50%, 6/15/30		5,000		5,150

(Cost $43,321)				42,099

Entertainment — 2.6%
Allen Media LLC / Allen Media Co.-Issuer, Inc., 144A,10.50%, 2/15/28		4,000		2,080
AMC Entertainment Holdings, Inc., 144A,7.50%, 2/15/29		4,000		2,740
Caesars Entertainment, Inc. 144A,6.25%, 7/1/25		10,000		9,962
144A,8.125%, 7/1/27		10,000		10,213
144A,4.625%, 10/15/29		4,000		3,535


	Principal Amount		Value
Entertainment (Continued)
CDI Escrow Issuer, Inc., 144A,5.75%, 4/1/30	$	6,000	$	5,640
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.375%, 4/15/27		5,000		4,850
Churchill Downs, Inc., 144A,4.75%, 1/15/28		5,000		4,675
Cinemark USA, Inc., 144A,5.25%, 7/15/28		5,000		4,550
International Game Technology PLC 144A,6.50%, 2/15/25		9,000		9,034
144A,4.125%, 4/15/26		5,000		4,794
144A,6.25%, 1/15/27		9,000		9,001
Jacobs Entertainment, Inc., 144A,6.75%, 2/15/29		3,000		2,700
Light & Wonder International, Inc., 144A,7.25%, 11/15/29		10,000		10,075
Lions Gate Capital Holdings LLC, 144A,5.50%, 4/15/29		2,000		1,280
Merlin Entertainments Ltd., 144A,5.75%, 6/15/26		9,000		8,820
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 144A,4.875%, 5/1/29		4,000		3,590
Mohegan Tribal Gaming Authority, 144A,8.00%, 2/1/26		4,000		3,765
Penn Entertainment, Inc., 144A,5.625%, 1/15/27		6,000		5,721
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp., 144A,5.625%, 9/1/29		5,000		3,628
Resorts World Las Vegas LLC / RWLV Capital, Inc., 144A,4.625%, 4/16/29		10,000		8,400
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 144A,6.625%, 3/1/30		5,000		4,500
Six Flags Entertainment Corp., 144A,7.25%, 5/15/31		4,000		3,857
Speedway Motorsports LLC / Speedway Funding II, Inc., 144A,4.875%, 11/1/27		7,000		6,419
WMG Acquisition Corp., 144A,3.00%, 2/15/31		5,000		4,157
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 144A,5.125%, 10/1/29		6,000		5,430

(Cost $153,759)				143,416

Food Service — 0.3%
Aramark Services, Inc. 144A,5.00%, 4/1/25		5,000		4,981
144A,5.00%, 2/1/28		7,000		6,641
TKC Holdings, Inc., 144A,10.50%, 5/15/29		4,000		3,500

(Cost $16,114)				15,122

Home Builders — 1.3%
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A,4.625%, 4/1/30		5,000		4,200
Beazer Homes USA, Inc., 5.875%, 10/15/27		5,000		4,706


	Principal Amount		Value
Home Builders (Continued)
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 144A,4.875%, 2/15/30	$	6,000	$	5,127
Century Communities, Inc. 6.75%, 6/1/27		5,000		5,012
144A,3.875%, 8/15/29		5,000		4,350
Forestar Group, Inc., 144A,3.85%, 5/15/26		5,000		4,687
KB Home, 4.00%, 6/15/31		6,000		5,107
M/I Homes, Inc., 4.95%, 2/1/28		5,000		4,763
Mattamy Group Corp., 144A,5.25%, 12/15/27		5,000		4,700
Meritage Homes Corp., 6.00%, 6/1/25		3,000		2,985
Taylor Morrison Communities, Inc., 144A,5.75%, 1/15/28		12,000		11,700
Thor Industries, Inc., 144A,4.00%, 10/15/29		5,000		4,319
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 5.875%, 6/15/24		9,000		8,989

(Cost $73,154)				70,645

Home Furnishings — 0.1%
Tempur Sealy International, Inc., 144A,3.875%, 10/15/31
(Cost $7,014)		7,000		5,635

Housewares — 0.7%
CD&R Smokey Buyer, Inc., 144A,6.75%, 7/15/25		5,000		4,869
Newell Brands, Inc. 5.20%, 4/1/26		16,000		15,472
6.375%, 4/1/36		2,000		1,770
6.50%, 4/1/46		5,000		4,012
Scotts Miracle-Gro Co. 5.25%, 12/15/26		4,000		3,850
4.00%, 4/1/31		5,000		4,038
SWF Escrow Issuer Corp., 144A,6.50%, 10/1/29		3,000		1,897

(Cost $40,619)				35,908

Leisure Time — 2.3%
Carnival Corp. 144A,5.75%, 3/1/27		14,000		13,405
144A,9.875%, 8/1/27		14,000		14,654
144A,7.00%, 8/15/29		8,000		8,154
144A,10.50%, 6/1/30		6,000		6,412
ClubCorp Holdings, Inc., 144A,8.50%, 9/15/25		3,000		2,647
Life Time, Inc., 144A,5.75%, 1/15/26		6,000		5,910
MajorDrive Holdings IV LLC, 144A,6.375%, 6/1/29		5,000		4,261
NCL Corp. Ltd. 144A,3.625%, 12/15/24		11,000		10,684
144A,5.875%, 3/15/26		12,000		11,430


	Principal Amount		Value
Leisure Time (Continued)
144A,8.125%, 1/15/29	$	5,000	$	5,081
144A,7.75%, 2/15/29		4,000		3,820
Royal Caribbean Cruises Ltd. 144A,5.50%, 8/31/26		7,000		6,824
144A,5.375%, 7/15/27		12,000		11,580
3.70%, 3/15/28		7,000		6,268
144A,5.50%, 4/1/28		6,000		5,745
Viking Cruises Ltd., 144A,5.875%, 9/15/27		7,000		6,633

(Cost $119,085)				123,508

Lodging — 1.8%
Boyd Gaming Corp., 144A,4.75%, 6/15/31		5,000		4,456
Hilton Domestic Operating Co., Inc. 144A,5.75%, 5/1/28		9,000		8,876
4.875%, 1/15/30		9,000		8,483
144A,4.00%, 5/1/31		7,000		6,181
144A,3.625%, 2/15/32		5,000		4,225
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 144A,5.00%, 6/1/29		12,000		10,620
Las Vegas Sands Corp. 3.20%, 8/8/24		7,000		6,844
3.90%, 8/8/29		9,000		8,040
MGM Resorts International 5.50%, 4/15/27		5,000		4,857
4.75%, 10/15/28		5,000		4,650
Station Casinos LLC, 144A,4.50%, 2/15/28		7,000		6,370
Travel + Leisure Co., 6.00%, 4/1/27		18,000		17,550
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A,5.50%, 3/1/25		9,000		8,905

(Cost $102,572)				100,057

Office Furnishings — 0.1%
Steelcase, Inc., 5.125%, 1/18/29
(Cost $4,842)		5,000		4,569

Retail — 5.7%
1011778 BC ULC / New Red Finance, Inc. 144A,3.875%, 1/15/28		20,000		18,510
144A,4.00%, 10/15/30		20,000		17,300
Advance Auto Parts, Inc., 3.90%, 4/15/30		8,000		6,696
Asbury Automotive Group, Inc., 144A,4.625%, 11/15/29		14,000		12,629
At Home Group, Inc. 144A, 7.125%, 5/12/28, 7.125% Cash or 10.625% PIK PIK		3,000		1,080
144A,4.875%, 7/15/28		2,000		620
Bath & Body Works, Inc. 144A,6.625%, 10/1/30		16,000		15,920
6.875%, 11/1/35		7,000		6,634
Beacon Roofing Supply, Inc., 144A,4.125%, 5/15/29		7,000		6,142


	Principal Amount		Value
Retail (Continued)
Brinker International, Inc., 144A,5.00%, 10/1/24	$	12,000	$	11,835
eG Global Finance PLC, 144A,12.00%, 11/30/28		5,000		5,200
Evergreen Acqco 1 LP / TVI, Inc., 144A,9.75%, 4/26/28		4,000		4,170
Ferrellgas LP / Ferrellgas Finance Corp., 144A,5.875%, 4/1/29		5,000		4,628
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 144A,4.625%, 1/15/29		7,000		6,230
144A,6.75%, 1/15/30		5,000		4,244
FirstCash, Inc., 144A,5.625%, 1/1/30		5,000		4,686
Foot Locker, Inc., 144A,4.00%, 10/1/29		5,000		4,044
Gap, Inc., 144A,3.625%, 10/1/29		5,000		4,125
GPS Hospitality Holding Co. LLC / GPS Finco, Inc., 144A,7.00%, 8/15/28		4,000		2,840
Group 1 Automotive, Inc., 144A,4.00%, 8/15/28		5,000		4,520
IRB Holding Corp.,144A,7.00%, 6/15/25		5,000		5,025
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 144A,4.75%, 6/1/27		7,000		6,851
Kohl’s Corp., 5.55%, 7/17/45		5,000		3,119
LBM Acquisition LLC, 144A,6.25%, 1/15/29		5,000		4,226
LCM Investments Holdings II LLC, 144A,4.875%, 5/1/29		10,000		8,750
Lithia Motors, Inc., 144A,4.375%, 1/15/31		6,000		5,200
LSF9 Atlantis Holdings LLC / Victra Finance Corp., 144A,7.75%, 2/15/26		8,000		7,500
Macy’s Retail Holdings LLC 144A,5.875%, 3/15/30		5,000		4,537
4.50%, 12/15/34		5,000		3,781
Michaels Cos., Inc., 144A,7.875%, 5/1/29		11,000		6,270
Murphy Oil USA, Inc., 144A,3.75%, 2/15/31		5,000		4,263
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A,7.125%, 4/1/26		7,000		6,580
Nordstrom, Inc., 4.375%, 4/1/30		8,000		6,682
Park River Holdings, Inc., 144A,6.75%, 8/1/29		5,000		3,863
Penske Automotive Group, Inc., 3.50%, 9/1/25		5,000		4,825
PetSmart, Inc. / PetSmart Finance Corp. 144A,4.75%, 2/15/28		4,000		3,660
144A,7.75%, 2/15/29		6,000		5,685
QVC, Inc. 4.45%, 2/15/25		13,000		12,155
4.75%, 2/15/27		4,000		3,100


	Principal Amount		Value
Retail (Continued)
Rite Aid Corp., 144A,8.00%, 11/15/26 (a)	$	4,000	$	3,040
Sally Holdings LLC / Sally Capital, Inc., 5.625%, 12/1/25		5,000		4,933
Sonic Automotive, Inc. 144A,4.625%, 11/15/29		5,000		4,388
144A,4.875%, 11/15/31		4,000		3,381
Specialty Building Products Holdings LLC / SBP Finance Corp., 144A,6.375%, 9/30/26		4,000		3,886
SRS Distribution, Inc. 144A,6.125%, 7/1/29		2,000		1,780
144A,6.00%, 12/1/29		5,000		4,400
Staples, Inc., 144A,7.50%, 4/15/26		12,000		10,680
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A,5.00%, 6/1/31		5,000		4,450
Superior Plus LP / Superior General Partner, Inc., 144A,4.50%, 3/15/29		5,000		4,431
White Cap Buyer LLC, 144A,6.875%, 10/15/28		6,000		5,505
Yum! Brands, Inc. 144A,4.75%, 1/15/30		5,000		4,657
3.625%, 3/15/31		5,000		4,294
5.35%, 11/1/43		5,000		4,606

(Cost $332,305)				312,556

Consumer, Non-cyclical — 13.6%
Agriculture — 0.1%
Darling Ingredients, Inc. 144A,5.25%, 4/15/27		4,000		3,910
144A,6.00%, 6/15/30		4,000		3,880

(Cost $8,165)				7,790

Beverages — 0.1%
Primo Water Holdings, Inc., 144A,4.375%, 4/30/29		4,000		3,580
Triton Water Holdings, Inc., 144A,6.25%, 4/1/29		5,000		4,306

(Cost $8,878)				7,886

Commercial Services — 5.3%
ADT Security Corp., 144A,4.125%, 8/1/29		5,000		4,451
Adtalem Global Education, Inc., 144A,5.50%, 3/1/28		5,000		4,722
Albion Financing 2 SARL, 144A,8.75%, 4/15/27		5,000		4,775
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A,6.625%, 7/15/26		6,000		5,844
144A,9.75%, 7/15/27		7,000		6,457
144A,6.00%, 6/1/29		7,000		5,320
AMN Healthcare, Inc., 144A,4.625%, 10/1/27		9,000		8,415
APi Group DE, Inc., 144A,4.125%, 7/15/29		5,000		4,406


	Principal Amount		Value
Commercial Services (Continued)
APX Group, Inc., 144A,5.75%, 7/15/29	$	5,000	$	4,508
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A,4.75%, 4/1/28		5,000		4,564
144A,5.375%, 3/1/29		3,000		2,715
Block, Inc., 3.50%, 6/1/31		5,000		4,209
Brink’s Co., 144A,4.625%, 10/15/27		5,000		4,687
Cimpress PLC, 7.00%, 6/15/26		5,000		4,900
CoreLogic, Inc., 144A,4.50%, 5/1/28		6,000		5,048
Deluxe Corp., 144A,8.00%, 6/1/29		4,000		3,370
Garda World Security Corp. 144A,4.625%, 2/15/27		5,000		4,770
144A,6.00%, 6/1/29		4,000		3,360
Gartner, Inc. 144A,4.50%, 7/1/28		5,000		4,691
144A,3.75%, 10/1/30		7,000		6,117
GTCR W-2 Merger Sub LLC, 144A,7.50%, 1/15/31		12,000		12,255
Herc Holdings, Inc., 144A,5.50%, 7/15/27		9,000		8,782
Hertz Corp., 144A,5.00%, 12/1/29		3,000		2,310
Metis Merger Sub LLC, 144A,6.50%, 5/15/29		5,000		4,272
Mobius Merger Sub, Inc., 144A,9.00%, 6/1/30		2,000		1,905
MPH Acquisition Holdings LLC, 144A,5.75%, 11/1/28		6,000		4,674
Neptune Bidco US, Inc., 144A,9.29%, 4/15/29		15,000		14,063
NESCO Holdings II, Inc., 144A,5.50%, 4/15/29		5,000		4,520
Paysafe Finance PLC / Paysafe Holdings US Corp., 144A,4.00%, 6/15/29		5,000		4,146
PECF USS Intermediate Holding III Corp., 144A,8.00%, 11/15/29		4,000		1,890
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A,5.75%, 4/15/26		14,000		13,870
144A,3.375%, 8/31/27		9,000		8,156
144A,6.25%, 1/15/28		6,000		5,790
PROG Holdings, Inc., 144A,6.00%, 11/15/29		3,000		2,636
RR Donnelley & Sons Co., 144A,8.50%, 4/15/29		15,000		15,054
Sabre GLBL, Inc., 144A,8.625%, 6/1/27		4,000		3,375
Service Corp. International 4.625%, 12/15/27		5,000		4,756
4.00%, 5/15/31		10,000		8,588


	Principal Amount		Value
Commercial Services (Continued)
TriNet Group, Inc., 144A,3.50%, 3/1/29	$	5,000	$	4,375
United Rentals North America, Inc. 4.875%, 1/15/28		12,000		11,565
5.25%, 1/15/30		7,000		6,703
3.875%, 2/15/31		5,000		4,362
3.75%, 1/15/32		9,000		7,718
Verscend Escrow Corp., 144A,9.75%, 8/15/26		12,000		12,120
VT Topco, Inc., 144A,8.50%, 8/15/30		3,000		3,079
WASH Multifamily Acquisition, Inc., 144A,5.75%, 4/15/26		5,000		4,725
Williams Scotsman, Inc. 144A,6.125%, 6/15/25		8,000		7,983
144A,7.375%, 10/1/31		4,000		4,105
ZipRecruiter, Inc., 144A,5.00%, 1/15/30		5,000		4,250

(Cost $305,042)				289,356

Cosmetics/Personal Care — 0.3%
Coty, Inc., 144A,6.50%, 4/15/26		5,000		5,000
Edgewell Personal Care Co. 144A,5.50%, 6/1/28		5,000		4,787
144A,4.125%, 4/1/29		5,000		4,419

(Cost $14,817)				14,206

Food — 1.4%
B&G Foods, Inc., 5.25%, 4/1/25		3,000		2,950
C&S Group Enterprises LLC, 144A,5.00%, 12/15/28		2,000		1,612
Chobani LLC / Chobani Finance Corp., Inc., 144A,4.625%, 11/15/28		5,000		4,550
Ingles Markets, Inc., 144A,4.00%, 6/15/31		5,000		4,212
Lamb Weston Holdings, Inc., 144A,4.125%, 1/31/30		9,000		8,080
Performance Food Group, Inc. 144A,5.50%, 10/15/27		7,000		6,790
144A,4.25%, 8/1/29		7,000		6,282
Post Holdings, Inc. 144A,5.625%, 1/15/28		5,000		4,888
144A,5.50%, 12/15/29		6,000		5,668
144A,4.625%, 4/15/30		7,000		6,265
144A,4.50%, 9/15/31		4,000		3,496
Sigma Holdco BV, 144A,7.875%, 5/15/26		3,000		2,603
TreeHouse Foods, Inc., 4.00%, 9/1/28		2,000		1,718
United Natural Foods, Inc., 144A,6.75%, 10/15/28		3,000		2,303
US Foods, Inc. 144A,4.75%, 2/15/29		9,000		8,356
144A,7.25%, 1/15/32		6,000		6,130

(Cost $79,986)				75,903


	Principal Amount		Value
Healthcare-Products — 1.2%
Avantor Funding, Inc., 144A,4.625%, 7/15/28	$	12,000	$	11,286
Bausch & Lomb Escrow Corp., 144A,8.375%, 10/1/28		4,000		4,100
Embecta Corp., 144A,5.00%, 2/15/30		3,000		2,537
Hologic, Inc., 144A,3.25%, 2/15/29		7,000		6,184
Medline Borrower LP 144A,3.875%, 4/1/29		23,000		20,441
144A,5.25%, 10/1/29		14,000		12,691
Teleflex, Inc., 4.625%, 11/15/27		7,000		6,685

(Cost $70,359)				63,924

Healthcare-Services — 3.3%
Acadia Healthcare Co., Inc., 144A,5.00%, 4/15/29		5,000		4,675
AHP Health Partners, Inc., 144A,5.75%, 7/15/29		2,000		1,685
Air Methods Corp., 144A,8.00%, 5/15/25 *(a)		10,000		150
Akumin, Inc., 144A,7.00%, 11/1/25 *(a)		4,000		3,210
Catalent Pharma Solutions, Inc. 144A,5.00%, 7/15/27		5,000		4,734
144A,3.50%, 4/1/30		2,000		1,682
Charles River Laboratories International, Inc., 144A,4.00%, 3/15/31		5,000		4,369
CHS/Community Health Systems, Inc. 144A,8.00%, 3/15/26		1,000		967
144A,5.625%, 3/15/27		9,000		8,044
144A,6.875%, 4/1/28		2,000		1,030
144A,6.875%, 4/15/29		3,000		1,785
144A,6.125%, 4/1/30		5,000		2,825
144A,5.25%, 5/15/30		5,000		3,982
144A,4.75%, 2/15/31		5,000		3,694
DaVita, Inc. 144A,4.625%, 6/1/30		13,000		11,050
144A,3.75%, 2/15/31		5,000		3,925
Encompass Health Corp. 4.50%, 2/1/28		4,000		3,745
4.75%, 2/1/30		5,000		4,553
Global Medical Response, Inc., 144A,6.50%, 10/1/25		5,000		3,737
Heartland Dental LLC / Heartland Dental Finance Corp., 144A,8.50%, 5/1/26		5,000		4,694
IQVIA, Inc., 144A,5.00%, 5/15/27		18,000		17,448
LifePoint Health, Inc. 144A,9.875%, 8/15/30		5,000		4,888
144A,11.00%, 10/15/30		4,000		4,020
ModivCare Escrow Issuer, Inc., 144A,5.00%, 10/1/29		2,000		1,535
Molina Healthcare, Inc. 144A,4.375%, 6/15/28		5,000		4,643
144A,3.875%, 11/15/30		3,000		2,610
144A,3.875%, 5/15/32		2,000		1,680


	Principal Amount		Value
Healthcare-Services (Continued)
Radiology Partners, Inc., 144A,9.25%, 2/1/28	$	3,000	$	1,425
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A,9.75%, 12/1/26		10,000		9,719
Select Medical Corp., 144A,6.25%, 8/15/26		7,000		6,967
Star Parent, Inc., 144A,9.00%, 10/1/30		3,000		3,123
Team Health Holdings, Inc., 144A,6.375%, 2/1/25		5,000		4,225
Tenet Healthcare Corp. 4.875%, 1/1/26		9,000		8,854
5.125%, 11/1/27		5,000		4,807
6.125%, 10/1/28		7,000		6,797
4.25%, 6/1/29		7,000		6,283
4.375%, 1/15/30		7,000		6,271
6.125%, 6/15/30		7,000		6,855
Toledo Hospital, 6.015%, 11/15/48		4,000		3,024
US Acute Care Solutions LLC, 144A,6.375%, 3/1/26		2,000		1,570

(Cost $202,343)				181,280

Household Products/Wares — 0.3%
ACCO Brands Corp., 144A,4.25%, 3/15/29		5,000		4,331
Central Garden & Pet Co., 4.125%, 10/15/30		5,000		4,281
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 144A,5.00%, 12/31/26		5,000		4,775
Spectrum Brands, Inc., 144A,3.875%, 3/15/31		5,000		4,300

(Cost $19,090)				17,687

Pharmaceuticals — 1.6%
AdaptHealth LLC, 144A,5.125%, 3/1/30		4,000		3,190
Bausch Health Cos., Inc. 144A,6.125%, 2/1/27		9,000		5,062
144A,4.875%, 6/1/28		6,000		3,086
144A,11.00%, 9/30/28		12,000		7,560
BellRing Brands, Inc., 144A,7.00%, 3/15/30		5,000		5,105
Elanco Animal Health, Inc., 6.65%, 8/28/28		5,000		5,019
Grifols SA, 144A,4.75%, 10/15/28		5,000		4,442
HLF Financing Sarl LLC / Herbalife International, Inc., 144A,4.875%, 6/1/29		6,000		4,297
Jazz Securities DAC, 144A,4.375%, 1/15/29		7,000		6,312
Option Care Health, Inc., 144A,4.375%, 10/31/29		3,000		2,651
Organon & Co. / Organon Foreign Debt Co.-Issuer BV 144A,4.125%, 4/30/28		5,000		4,463
144A,5.125%, 4/30/31		14,000		11,095


	Principal Amount		Value
Pharmaceuticals (Continued)
Owens & Minor, Inc., 144A,4.50%, 3/31/29	$	5,000	$	4,306
Perrigo Finance Unlimited Co. 4.375%, 3/15/26		10,000		9,625
4.65%, 6/15/30		5,000		4,488
Prestige Brands, Inc., 144A,5.125%, 1/15/28		5,000		4,800

(Cost $106,298)				85,501

Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Stena International SA, 144A,6.125%, 2/1/25
(Cost $6,999)		7,000		6,965

Energy — 12.8%
Coal — 0.1%
Conuma Resources Ltd., 144A,13.125%, 5/1/28		2,000		1,915
SunCoke Energy, Inc., 144A,4.875%, 6/30/29		3,000		2,615

(Cost $4,482)				4,530

Energy-Alternate Sources — 0.2%
Enviva Partners LP / Enviva Partners Finance Corp., 144A,6.50%, 1/15/26		3,000		1,537
Sunnova Energy Corp., 144A,5.875%, 9/1/26		5,000		4,063
TerraForm Power Operating LLC, 144A,4.75%, 1/15/30		8,000		7,220

(Cost $14,190)				12,820

Oil & Gas — 6.4%
Aethon United BR LP / Aethon United Finance Corp., 144A,8.25%, 2/15/26		5,000		5,058
Antero Resources Corp., 144A,7.625%, 2/1/29		11,000		11,330
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144A,7.00%, 11/1/26		10,000		9,887
Callon Petroleum Co. 144A,8.00%, 8/1/28		5,000		5,100
144A,7.50%, 6/15/30		5,000		4,956
Calumet Specialty Products Partners LP / Calumet Finance Corp. 144A,11.00%, 4/15/25		3,000		3,045
144A,9.75%, 7/15/28		5,000		4,845
Chesapeake Energy Corp., 144A,6.75%, 4/15/29		14,000		14,025
CITGO Petroleum Corp., 144A,8.375%, 1/15/29		6,000		6,045
Civitas Resources, Inc. 144A,8.375%, 7/1/28		12,000		12,321
144A,8.75%, 7/1/31		7,000		7,251
CNX Resources Corp. 144A,7.25%, 3/14/27		2,000		1,998
144A,6.00%, 1/15/29		7,000		6,702
Comstock Resources, Inc., 144A,6.75%, 3/1/29		6,000		5,537


	Principal Amount		Value
Oil & Gas (Continued)
Crescent Energy Finance LLC, 144A,7.25%, 5/1/26	$	7,000	$	6,983
CrownRock LP / CrownRock Finance, Inc., 144A,5.625%, 10/15/25		6,000		5,970
CVR Energy, Inc., 144A,5.25%, 2/15/25		5,000		4,962
Encino Acquisition Partners Holdings LLC, 144A,8.50%, 5/1/28		5,000		4,883
Endeavor Energy Resources LP / EER Finance, Inc., 144A,5.75%, 1/30/28		5,000		4,900
Ensign Drilling, Inc., 144A,9.25%, 4/15/24		5,000		5,005
Gulfport Energy Corp., 8.00%, 5/17/26		7,000		7,097
Hilcorp Energy I LP / Hilcorp Finance Co., 144A,5.75%, 2/1/29		9,000		8,477
Ithaca Energy North Sea PLC, 144A,9.00%, 7/15/26		5,000		4,859
Matador Resources Co., 5.875%, 9/15/26		5,000		4,948
Moss Creek Resources Holdings, Inc., 144A,7.50%, 1/15/26		5,000		4,906
Murphy Oil Corp., 5.875%, 12/1/42		4,000		3,426
Nabors Industries Ltd. 144A,7.25%, 1/15/26		5,000		4,788
144A,7.50%, 1/15/28		6,000		5,355
Nabors Industries, Inc., 144A,7.375%, 5/15/27		5,000		4,859
Noble Finance II LLC, 144A,8.00%, 4/15/30		4,000		4,112
Northern Oil and Gas, Inc., 144A,8.125%, 3/1/28		5,000		5,105
Occidental Petroleum Corp., 5.875%, 9/1/25		5,000		5,017
Parkland Corp. 144A,5.875%, 7/15/27		5,000		4,915
144A,4.625%, 5/1/30		12,000		10,730
Patterson-UTI Energy, Inc., 3.95%, 2/1/28		5,000		4,577
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28		5,000		4,828
Permian Resources Operating LLC, 144A,8.00%, 4/15/27		5,000		5,112
Precision Drilling Corp., 144A,7.125%, 1/15/26		10,000		9,999
Range Resources Corp., 4.875%, 5/15/25		12,000		11,834
Rockcliff Energy II LLC, 144A,5.50%, 10/15/29		5,000		4,669
Seadrill Finance Ltd., 144A,8.375%, 8/1/30		4,000		4,105
SM Energy Co., 6.50%, 7/15/28		9,000		8,775
Southwestern Energy Co. 5.70%, 1/23/25		7,000		7,018
4.75%, 2/1/32		13,000		11,623


	Principal Amount		Value
Oil & Gas (Continued)
Sunoco LP / Sunoco Finance Corp. 6.00%, 4/15/27	$	5,000	$	4,996
4.50%, 5/15/29		5,000		4,575
Transocean Poseidon Ltd., 144A,6.875%, 2/1/27		5,250		5,211
Transocean, Inc. 144A,7.50%, 1/15/26		12,000		11,760
144A,8.75%, 2/15/30		4,750		4,853
6.80%, 3/15/38		7,000		5,408
Valaris Ltd., 144A,8.375%, 4/30/30		10,000		10,076
Vermilion Energy, Inc., 144A,6.875%, 5/1/30		5,000		4,775
Viper Energy, Inc., 144A,5.375%, 11/1/27		5,000		4,800
Vital Energy, Inc. 9.50%, 1/15/25		10,000		10,075
9.75%, 10/15/30		3,000		3,015

(Cost $349,049)				351,481

Oil & Gas Services — 0.6%
Archrock Partners LP / Archrock Partners Finance Corp., 144A,6.25%, 4/1/28		9,000		8,831
CGG SA, 144A,8.75%, 4/1/27		4,000		3,640
Enerflex Ltd., 144A,9.00%, 10/15/27		6,000		5,662
Nine Energy Service, Inc., 13.00%, 2/1/28		2,000		1,800
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 4/1/26		5,000		4,980
Weatherford International Ltd., 144A,8.625%, 4/30/30		7,000		7,276

(Cost $33,009)				32,189

Pipelines — 5.5%
Antero Midstream Partners LP / Antero Midstream Finance Corp., 144A,5.75%, 1/15/28		22,000		21,429
Blue Racer Midstream LLC / Blue Racer Finance Corp., 144A,7.625%, 12/15/25		7,000		7,105
Buckeye Partners LP 4.125%, 12/1/27		12,000		11,108
144A,4.50%, 3/1/28		10,000		9,175
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A,5.50%, 6/15/31		5,000		4,639
DT Midstream, Inc., 144A,4.375%, 6/15/31		10,000		8,825
Energy Transfer LP 5.75%, 4/1/25		7,000		7,004
144A,6.00%, 2/1/29		7,000		6,908
144A,7.375%, 2/1/31		5,000		5,165
EnLink Midstream LLC, 144A,6.50%, 9/1/30		7,000		7,079
EnLink Midstream Partners LP 4.15%, 6/1/25		6,000		5,891
5.60%, 4/1/44		9,000		7,812
5.45%, 6/1/47		5,000		4,200


	Principal Amount		Value
Pipelines (Continued)
EQM Midstream Partners LP 4.00%, 8/1/24	$	7,000	$	6,860
144A,6.50%, 7/1/27		7,000		7,011
144A,4.50%, 1/15/29		7,000		6,400
144A,4.75%, 1/15/31		7,000		6,247
6.50%, 7/15/48		5,000		4,650
Genesis Energy LP / Genesis Energy Finance Corp., 7.75%, 2/1/28		12,000		11,895
Global Partners LP / GLP Finance Corp., 7.00%, 8/1/27		7,000		6,764
Harvest Midstream I LP, 144A,7.50%, 9/1/28		7,000		6,912
Hess Midstream Operations LP, 144A,4.25%, 2/15/30		14,000		12,547
Holly Energy Partners LP / Holly Energy Finance Corp., 144A,5.00%, 2/1/28		7,000		6,540
Howard Midstream Energy Partners LLC, 144A,6.75%, 1/15/27		5,000		4,899
ITT Holdings LLC, 144A,6.50%, 8/1/29		9,000		7,898
Kinetik Holdings LP, 144A,5.875%, 6/15/30		5,000		4,796
New Fortress Energy, Inc. 144A,6.75%, 9/15/25		5,000		4,850
144A,6.50%, 9/30/26		5,000		4,757
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A,7.50%, 2/1/26		13,000		13,059
NuStar Logistics LP, 5.625%, 4/28/27		7,000		6,905
Rockies Express Pipeline LLC, 144A,4.95%, 7/15/29		9,000		8,319
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A,9.00%, 10/15/26		5,000		4,975
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A,7.50%, 10/1/25		5,000		5,041
144A,6.00%, 12/31/30		9,000		8,168
Venture Global Calcasieu Pass LLC 144A,4.125%, 8/15/31		5,000		4,338
144A,3.875%, 11/1/33		10,000		8,200
Venture Global LNG, Inc. 144A,8.125%, 6/1/28		14,000		13,847
144A,9.50%, 2/1/29		8,000		8,260
144A,8.375%, 6/1/31		10,000		9,850

(Cost $302,473)				300,328

Financial — 10.6%
Banks — 0.3%
First Republic Bank, 4.625%, 2/13/47 *		10,000		45
Freedom Mortgage Corp. 144A,7.625%, 5/1/26		7,000		6,737
144A,12.25%, 10/1/30		3,000		3,163


	Principal Amount		Value
Banks (Continued)
Intesa Sanpaolo SpA 144A,4.198%, 6/1/32	$	6,000	$	4,680
144A,4.95%, 6/1/42		5,000		3,313

(Cost $25,538)				17,938

Diversified Financial Services — 4.2%
AerCap Holdings NV, 5.875%, 10/10/79		5,000		4,847
AG Issuer LLC, 144A,6.25%, 3/1/28		5,000		4,862
AG TTMT Escrow Issuer LLC, 144A,8.625%, 9/30/27		5,000		5,181
Ally Financial, Inc., 6.70%, 2/14/33		5,000		4,652
Aretec Escrow Issuer, Inc., 144A,7.50%, 4/1/29		5,000		4,246
Armor Holdco, Inc., 144A,8.50%, 11/15/29		2,000		1,810
Burford Capital Global Finance LLC 144A,6.25%, 4/15/28		5,000		4,775
144A,6.875%, 4/15/30		2,000		1,890
Castlelake Aviation Finance DAC, 144A,5.00%, 4/15/27		3,000		2,782
Cobra AcquisitionCo LLC, 144A,6.375%, 11/1/29		4,000		3,000
Curo Group Holdings Corp., 144A,7.50%, 8/1/28		4,000		1,420
GGAM Finance Ltd., 144A,8.00%, 6/15/28		4,000		4,040
Global Aircraft Leasing Co. Ltd., 144A,6.50%, 9/15/24, 6.50% Cash or 7.25% PIK, PIK		7,000		6,562
GN Bondco LLC, 144A,9.50%, 10/15/31		3,000		2,865
goeasy Ltd. 144A,5.375%, 12/1/24		12,000		12,045
144A,9.25%, 12/1/28		4,000		4,119
Jane Street Group / JSG Finance, Inc., 144A,4.50%, 11/15/29		2,000		1,800
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A,5.00%, 8/15/28		5,000		4,287
LD Holdings Group LLC, 144A,6.125%, 4/1/28		5,000		3,559
Macquarie Airfinance Holdings Ltd., 144A,8.375%, 5/1/28		5,000		5,151
Midcap Financial Issuer Trust 144A,6.50%, 5/1/28		5,000		4,363
144A,5.625%, 1/15/30		3,000		2,430
Nationstar Mortgage Holdings, Inc. 144A,5.00%, 2/1/26		5,000		4,775
144A,6.00%, 1/15/27		9,000		8,798
144A,5.50%, 8/15/28		9,000		8,403
Navient Corp., MTN, , MTN, 8/1/33		7,000		5,459
NFP Corp. 144A,4.875%, 8/15/28		6,000		5,505
144A,6.875%, 8/15/28		11,000		9,818


	Principal Amount		Value
Diversified Financial Services (Continued)
OneMain Finance Corp. 6.875%, 3/15/25	$	15,000	$	15,149
7.125%, 3/15/26		5,000		5,050
3.875%, 9/15/28		8,000		6,890
5.375%, 11/15/29		7,000		6,336
4.00%, 9/15/30		6,000		4,898
Osaic Holdings, Inc., 144A,10.75%, 8/1/27		5,000		5,087
PennyMac Financial Services, Inc. 144A,4.25%, 2/15/29		5,000		4,350
144A,5.75%, 9/15/31		3,000		2,656
PRA Group, Inc., 144A,5.00%, 10/1/29		2,000		1,525
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. 144A,2.875%, 10/15/26		8,000		7,270
144A,3.625%, 3/1/29		5,000		4,416
144A,3.875%, 3/1/31		6,000		5,077
144A,4.00%, 10/15/33		5,000		4,063
SLM Corp., 4.20%, 10/29/25		6,000		5,760
StoneX Group, Inc., 144A,8.625%, 6/15/25		5,000		5,037
Synchrony Financial, 7.25%, 2/2/33		4,000		3,731
United Wholesale Mortgage LLC 144A,5.75%, 6/15/27		5,000		4,738
144A,5.50%, 4/15/29		4,000		3,587

(Cost $236,160)				229,064

Insurance — 1.9%
Acrisure LLC / Acrisure Finance, Inc. 144A,7.00%, 11/15/25		15,000		14,812
144A,4.25%, 2/15/29		6,000		5,280
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer 144A,4.25%, 10/15/27		6,000		5,590
144A,6.75%, 10/15/27		9,000		8,651
144A,5.875%, 11/1/29		5,000		4,532
AmWINS Group, Inc., 144A,4.875%, 6/30/29		4,000		3,620
AssuredPartners, Inc., 144A,5.625%, 1/15/29		5,000		4,462
BroadStreet Partners, Inc., 144A,5.875%, 4/15/29		4,000		3,640
Constellation Insurance, Inc., 144A,6.80%, 1/24/30		5,000		4,484
Genworth Holdings, Inc., 7.644%, 11/15/36		3,000		2,206
Global Atlantic Fin Co., 144A,4.70%, 10/15/51		4,000		3,325
HUB International Ltd. 144A,7.00%, 5/1/26		8,000		8,004
144A,7.25%, 6/15/30		15,000		15,300
Jones Deslauriers Insurance Management, Inc., 144A,10.50%, 12/15/30		4,000		4,160


	Principal Amount		Value
Insurance (Continued)
Liberty Mutual Group, Inc. 144A,7.80%, 3/15/37	$	3,000	$	2,940
144A,4.30%, 2/1/61		5,000		2,884
MBIA, Inc., 5.70%, 12/1/34		2,000		1,785
MGIC Investment Corp., 5.25%, 8/15/28		4,000		3,800
Ryan Specialty LLC, 144A,4.375%, 2/1/30		2,000		1,810
USI, Inc., 144A,6.875%, 5/1/25		2,000		1,995

(Cost $108,887)				103,280

Real Estate — 0.7%
Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp., 144A,7.00%, 4/15/30		5,600		4,865
Cushman & Wakefield US Borrower LLC, 144A,6.75%, 5/15/28		5,000		4,738
Five Point Operating Co. LP / Five Point Capital Corp., 144A,7.875%, 11/15/25		5,000		4,813
Howard Hughes Corp. 144A,5.375%, 8/1/28		3,000		2,816
144A,4.375%, 2/1/31		5,000		4,200
Hunt Cos., Inc., 144A,5.25%, 4/15/29		4,000		3,470
Kennedy-Wilson, Inc. 4.75%, 3/1/29		7,000		5,647
5.00%, 3/1/31		5,000		3,738
Realogy Group LLC / Realogy Co.-Issuer Corp., 144A,5.75%, 1/15/29		4,000		2,880

(Cost $43,013)				37,167

Real Estate Investment Trusts — 2.9%
Apollo Commercial Real Estate Finance, Inc., 144A,4.625%, 6/15/29		2,000		1,635
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144A,5.75%, 5/15/26		10,000		9,533
Diversified Healthcare Trust, 4.375%, 3/1/31		4,000		2,805
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 144A,3.75%, 12/15/27		2,000		1,635
HAT Holdings I LLC / HAT Holdings II LLC, 144A,3.75%, 9/15/30		5,000		3,969
Iron Mountain, Inc. 144A,4.875%, 9/15/27		5,000		4,750
144A,5.25%, 7/15/30		10,000		9,222
144A,4.50%, 2/15/31		6,000		5,205
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A,4.25%, 2/1/27		9,000		8,347
MPT Operating Partnership LP / MPT Finance Corp. 5.00%, 10/15/27		12,000		9,606
3.50%, 3/15/31		7,000		4,331
Office Properties Income Trust, 3.45%, 10/15/31		5,000		2,731


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A,7.50%, 6/1/25	$	5,000	$	5,037
144A,5.875%, 10/1/28		5,000		4,735
144A,4.875%, 5/15/29		5,000		4,457
RHP Hotel Properties LP / RHP Finance Corp., 144A,4.50%, 2/15/29		5,000		4,520
RLJ Lodging Trust LP, 144A,4.00%, 9/15/29		5,000		4,325
SBA Communications Corp. 3.875%, 2/15/27		12,000		11,310
3.125%, 2/1/29		12,000		10,469
Service Properties Trust 4.65%, 3/15/24		5,000		5,019
7.50%, 9/15/25		6,000		6,060
4.95%, 2/15/27		7,000		6,127
4.95%, 10/1/29		5,000		3,900
Starwood Property Trust, Inc. 144A,3.75%, 12/31/24		5,000		4,863
4.75%, 3/15/25		5,000		4,934
144A,4.375%, 1/15/27		2,000		1,840
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A,10.50%, 2/15/28		12,000		11,850
144A,4.75%, 4/15/28		3,000		2,490
144A,6.50%, 2/15/29		6,000		4,043
XHR LP, 144A,4.875%, 6/1/29		2,000		1,795

(Cost $179,158)				161,543

REITS — 0.2%
Brandywine Operating Partnership LP, 3.95%, 11/15/27		6,000		5,203
Necessity Retail REIT Inc/The / American Finance Operating Partner LP, 144A,4.50%, 9/30/28		6,000		4,889

(Cost $9,849)				10,092

Venture Capital — 0.4%
Compass Group Diversified Holdings LLC, 144A,5.25%, 4/15/29		8,000		7,328
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 6.25%, 5/15/26		9,000		8,539
5.25%, 5/15/27		5,000		4,539

(Cost $22,377)				20,406

Industrial — 13.3%
Aerospace/Defense — 2.5%
Bombardier, Inc. 144A,7.125%, 6/15/26		9,000		9,019
144A,7.875%, 4/15/27		9,000		9,045
144A,7.45%, 5/1/34		5,000		5,675
Howmet Aerospace, Inc. 6.875%, 5/1/25		9,000		9,124
3.00%, 1/15/29		5,000		4,412
5.95%, 2/1/37		5,000		4,925


	Principal Amount		Value
Aerospace/Defense (Continued)
Spirit AeroSystems, Inc. 4.60%, 6/15/28	$	5,000	$	4,280
144A,9.375%, 11/30/29		3,000		3,244
144A,9.75%, 11/15/30		12,000		12,636
TransDigm, Inc. 144A,6.25%, 3/15/26		20,000		19,894
7.50%, 3/15/27		12,000		12,045
144A,6.75%, 8/15/28		12,000		12,033
4.875%, 5/1/29		16,000		14,579
144A,6.875%, 12/15/30		9,000		9,034
Triumph Group, Inc., 7.75%, 8/15/25		6,000		5,886

(Cost $136,085)				135,831

Building Materials — 1.6%
ACProducts Holdings, Inc., 144A,6.375%, 5/15/29		3,000		1,883
Builders FirstSource, Inc. 144A,5.00%, 3/1/30		5,000		4,685
144A,4.25%, 2/1/32		7,000		6,037
Cornerstone Building Brands, Inc., 144A,6.125%, 1/15/29		4,000		3,150
CP Atlas Buyer, Inc., 144A,7.00%, 12/1/28		2,000		1,654
Emerald Debt Merger Sub LLC, 144A,6.625%, 12/15/30		13,000		12,984
Griffon Corp., 5.75%, 3/1/28		5,000		4,750
James Hardie International Finance DAC, 144A,5.00%, 1/15/28		7,000		6,598
JELD-WEN, Inc., 144A,4.875%, 12/15/27		3,000		2,782
Masonite International Corp., 144A,3.50%, 2/15/30		5,000		4,233
New Enterprise Stone & Lime Co., Inc., 144A,5.25%, 7/15/28		5,000		4,664
Oscar AcquisitionCo LLC / Oscar Finance, Inc., 144A,9.50%, 4/15/30		4,000		3,660
Smyrna Ready Mix Concrete LLC 144A,6.00%, 11/1/28		5,000		4,775
144A,8.875%, 11/15/31		5,000		5,081
Standard Industries, Inc. 144A,4.75%, 1/15/28		9,000		8,494
144A,4.375%, 7/15/30		8,000		7,032
144A,3.375%, 1/15/31		4,000		3,300
Summit Materials LLC / Summit Materials Finance Corp., 144A,5.25%, 1/15/29		5,000		4,678

(Cost $94,656)				90,440

Electrical Components & Equipment — 0.4%
Energizer Holdings, Inc., 144A,4.375%, 3/31/29		7,000		6,052
WESCO Distribution, Inc., 144A,7.25%, 6/15/28		18,000		18,382

(Cost $24,860)				24,434


	Principal Amount		Value
Electronics — 0.6%
Coherent Corp., 144A,5.00%, 12/15/29	$	5,000	$	4,562
Imola Merger Corp., 144A,4.75%, 5/15/29		9,000		8,188
Sensata Technologies BV, 144A,4.00%, 4/15/29		10,000		9,025
Sensata Technologies, Inc., 144A,3.75%, 2/15/31		9,000		7,630
TTM Technologies, Inc., 144A,4.00%, 3/1/29		6,000		5,342

(Cost $36,778)				34,747

Engineering & Construction — 0.5%
AECOM, 5.125%, 3/15/27		5,000		4,875
Artera Services LLC, 144A,9.033%, 12/4/25		5,000		4,600
Brand Industrial Services, Inc., 144A,10.375%, 8/1/30		6,000		6,215
Cellnex Finance Co. SA, 144A,3.875%, 7/7/41		6,000		4,427
Global Infrastructure Solutions, Inc., 144A,7.50%, 4/15/32		3,000		2,633
Railworks Holdings LP / Railworks Rally, Inc., 144A,8.25%, 11/15/28		2,000		1,980
TopBuild Corp.,144A,4.125%, 2/15/32		5,000		4,325

(Cost $31,978)				29,055

Environmental Control — 0.9%
Clean Harbors, Inc. 144A,4.875%, 7/15/27		5,000		4,825
144A,5.125%, 7/15/29		5,000		4,725
Covanta Holding Corp., 5.00%, 9/1/30		6,000		4,912
GFL Environmental, Inc. 144A,4.25%, 6/1/25		5,000		4,912
144A,3.75%, 8/1/25		5,000		4,844
144A,4.00%, 8/1/28		8,000		7,180
144A,3.50%, 9/1/28		5,000		4,492
144A,4.75%, 6/15/29		5,000		4,600
Madison IAQ LLC, 144A,5.875%, 6/30/29		9,000		7,549

(Cost $53,341)				48,039

Hand/Machine Tools — 0.1%
Werner FinCo LP / Werner FinCo, Inc., 144A,11.50%, 6/15/28
(Cost $4,016)		4,000		4,108

Machinery-Construction & Mining — 0.1%
Vertiv Group Corp., 144A,4.125%, 11/15/28
(Cost $4,909)		5,000		4,538

Machinery-Diversified — 0.7%
Chart Industries, Inc., 144A,9.50%, 1/1/31		7,000		7,489
GrafTech Finance, Inc., 144A,4.625%, 12/15/28		5,000		3,364


	Principal Amount		Value
Machinery-Diversified (Continued)
Mueller Water Products, Inc., 144A,4.00%, 6/15/29	$	5,000	$	4,437
SPX FLOW, Inc., 144A,8.75%, 4/1/30		5,000		4,800
Titan Acquisition Ltd. / Titan Co-Borrower LLC, 144A,7.75%, 4/15/26		5,000		4,966
TK Elevator Holdco GmbH, 144A,7.625%, 7/15/28		5,000		4,763
TK Elevator US Newco, Inc., 144A,5.25%, 7/15/27		9,000		8,573

(Cost $37,821)				38,392

Metal Fabricate/Hardware — 0.2%
Advanced Drainage Systems, Inc., 144A,6.375%, 6/15/30		7,000		6,877
Roller Bearing Co. of America, Inc., 144A,4.375%, 10/15/29		5,000		4,496

(Cost $11,555)				11,373

Miscellaneous Manufacturing — 0.6%
Amsted Industries, Inc., 144A,5.625%, 7/1/27		5,000		4,787
Calderys Financing LLC, 144A,11.25%, 6/1/28		5,000		5,105
FXI Holdings, Inc., 144A,12.25%, 11/15/26		5,000		4,400
Gates Global LLC / Gates Corp., 144A,6.25%, 1/15/26		5,000		4,953
Hillenbrand, Inc. 5.75%, 6/15/25		7,000		6,948
3.75%, 3/1/31		2,000		1,664
LSB Industries, Inc., 144A,6.25%, 10/15/28		5,000		4,663

(Cost $33,245)				32,520

Packaging & Containers — 4.3%
ARD Finance SA, 144A,6.50%, 6/30/27, 6.50% Cash 7.25% PIK, PIK		5,000		2,606
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A,6.00%, 6/15/27		7,000		6,790
144A,4.00%, 9/1/29		7,000		5,600
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A,4.125%, 8/15/26		10,000		8,854
144A,5.25%, 8/15/27		7,000		5,180
144A,5.25%, 8/15/27		5,000		3,688
Ball Corp. 5.25%, 7/1/25		4,000		3,984
4.875%, 3/15/26		7,000		6,876
6.00%, 6/15/29		8,000		7,992
2.875%, 8/15/30		12,000		9,960
3.125%, 9/15/31		5,000		4,134
Berry Global, Inc., 144A,5.625%, 7/15/27		5,000		4,894
Cascades, Inc./Cascades USA, Inc., 144A,5.375%, 1/15/28		4,000		3,780


	Principal Amount		Value
Packaging & Containers (Continued)
Clearwater Paper Corp., 144A,4.75%, 8/15/28	$	5,000	$	4,489
Clydesdale Acquisition Holdings, Inc., 144A,8.75%, 4/15/30		7,000		6,300
Crown Americas LLC / Crown Americas Capital Corp. V, 4.25%, 9/30/26		9,000		8,651
Crown Cork & Seal Co., Inc., 7.375%, 12/15/26		5,000		5,168
Graphic Packaging International LLC 4.125%, 8/15/24		20,000		19,750
144A,3.50%, 3/1/29		5,000		4,325
Intelligent Packaging Ltd Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC, 144A,6.00%, 9/15/28		5,000		4,532
LABL, Inc. 144A,6.75%, 7/15/26		7,000		6,650
144A,10.50%, 7/15/27		5,000		4,569
144A,8.25%, 11/1/29		4,000		3,230
Mauser Packaging Solutions Holding Co. 144A,7.875%, 8/15/26		12,000		11,910
144A,9.25%, 4/15/27		10,000		9,175
OI European Group BV, 144A,4.75%, 2/15/30		5,000		4,513
Owens-Brockway Glass Container, Inc., 144A,6.625%, 5/13/27		6,000		5,968
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc., 144A,4.375%, 10/15/28		7,000		6,396
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A,4.00%, 10/15/27		9,000		8,303
Sealed Air Corp. 144A,5.50%, 9/15/25		12,000		11,940
144A,6.875%, 7/15/33		5,000		5,019
Sealed Air Corp./Sealed Air Corp., 144A,6.125%, 2/1/28		6,000		5,925
Trident TPI Holdings, Inc., 144A,12.75%, 12/31/28		4,000		4,240
TriMas Corp., 144A,4.125%, 4/15/29		5,000		4,375
Trivium Packaging Finance BV 144A,5.50%, 8/15/26		9,000		8,685
144A,8.50%, 8/15/27		5,000		4,569

(Cost $247,066)				233,020

Transportation — 0.5%
Cargo Aircraft Management, Inc., 144A,4.75%, 2/1/28		5,000		4,426
First Student Bidco, Inc. / First Transit Parent, Inc., 144A,4.00%, 7/31/29		5,000		4,338
Navios South American Logistics, Inc. / Navios Logistics Finance US, Inc., 144A,10.75%, 7/1/25		5,000		4,903
Rand Parent LLC, 144A,8.50%, 2/15/30		5,000		4,725
Watco Cos. LLC / Watco Finance Corp., 144A,6.50%, 6/15/27		4,000		3,877


	Principal Amount		Value
Transportation (Continued)
XPO CNW, Inc., 6.70%, 5/1/34	$	3,000	$	2,995

(Cost $26,605)				25,264

Trucking & Leasing — 0.3%
AerCap Global Aviation Trust, 144A,6.50%, 6/15/45		5,000		5,012
Fortress Transportation and Infrastructure Investors LLC 144A,6.50%, 10/1/25		5,000		4,981
144A,5.50%, 5/1/28		5,000		4,706

(Cost $14,894)				14,699

Technology — 5.0%
Computers — 1.6%
Ahead DB Holdings LLC, 144A,6.625%, 5/1/28		2,000		1,727
ASGN, Inc., 144A,4.625%, 5/15/28		5,000		4,662
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 144A,6.00%, 11/1/29		4,000		3,380
Crowdstrike Holdings, Inc., 3.00%, 2/15/29		7,000		6,155
McAfee Corp., 144A,7.375%, 2/15/30		9,000		7,785
NCR Atleos Corp., 144A,9.50%, 4/1/29		7,000		7,240
NCR Voyix Corp. 144A,5.00%, 10/1/28		5,000		4,571
144A,5.125%, 4/15/29		9,000		8,291
Presidio Holdings, Inc., 144A,8.25%, 2/1/28		8,000		7,800
Seagate HDD Cayman 4.875%, 6/1/27		5,000		4,858
4.091%, 6/1/29		6,000		5,403
144A,9.625%, 12/1/32		7,000		7,875
5.75%, 12/1/34		5,000		4,600
Unisys Corp., 144A,6.875%, 11/1/27		5,000		4,218
Virtusa Corp., 144A,7.125%, 12/15/28		2,000		1,575
Western Digital Corp., 4.75%, 2/15/26		8,000		7,727

(Cost $92,881)				87,867

Office/Business Equipment — 0.3%
Pitney Bowes, Inc., 144A,6.875%, 3/15/27		6,000		5,370
Xerox Corp., 6.75%, 12/15/39		7,000		5,296
Xerox Holdings Corp., 144A,5.50%, 8/15/28		5,000		4,195

(Cost $17,416)				14,861


	Principal Amount		Value
Semiconductors — 0.5%
Amkor Technology, Inc., 144A,6.625%, 9/15/27	$	7,000	$	7,026
ams-OSRAM AG, 144A,12.25%, 3/30/29		4,000		4,089
Entegris Escrow Corp., 144A,5.95%, 6/15/30		5,000		4,856
Entegris, Inc., 144A,4.375%, 4/15/28		5,000		4,675
ON Semiconductor Corp., 144A,3.875%, 9/1/28		7,000		6,346

(Cost $28,411)				26,992

Software — 2.6%
AthenaHealth Group, Inc., 144A,6.50%, 2/15/30		13,000		11,297
Boxer Parent Co., Inc., 144A,9.125%, 3/1/26		5,000		5,025
Camelot Finance SA, 144A,4.50%, 11/1/26		7,000		6,676
Central Parent, Inc. / CDK Global, Inc., 144A,7.25%, 6/15/29		5,000		4,994
Clarivate Science Holdings Corp., 144A,4.875%, 7/1/29		9,000		8,073
Cloud Software Group, Inc. 144A,6.50%, 3/31/29		22,000		20,240
144A,9.00%, 9/30/29		22,000		19,910
Consensus Cloud Solutions, Inc., 144A,6.50%, 10/15/28		3,000		2,715
Fair Isaac Corp., 144A,4.00%, 6/15/28		9,000		8,325
Open Text Corp., 144A,3.875%, 12/1/29		10,000		8,800
Open Text Holdings, Inc., 144A,4.125%, 2/15/30		9,000		7,997
PTC, Inc., 144A,3.625%, 2/15/25		6,000		5,865
Rackspace Technology Global, Inc. 144A,3.50%, 2/15/28		3,000		1,290
144A,5.375%, 12/1/28		3,000		930
ROBLOX Corp., 144A,3.875%, 5/1/30		5,000		4,319
Rocket Software, Inc., 144A,6.50%, 2/15/29		3,000		2,445
SS&C Technologies, Inc., 144A,5.50%, 9/30/27		9,000		8,736
Twilio, Inc., 3.875%, 3/15/31		5,000		4,350
Veritas US, Inc. / Veritas Bermuda Ltd., 144A,7.50%, 9/1/25		10,000		7,800
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 144A,3.875%, 2/1/29		5,000		4,325

(Cost $154,954)				144,112

Utilities — 1.8%
Electric — 1.6%
Algonquin Power & Utilities Corp., 4.75%, 1/18/82		4,000		3,290


	Principal Amount		Value
Electric (Continued)
Atlantica Sustainable Infrastructure PLC, 144A,4.125%, 6/15/28	$	5,000	$	4,469
Calpine Corp. 144A,5.25%, 6/1/26		10,000		9,865
144A,5.125%, 3/15/28		7,000		6,621
144A,4.625%, 2/1/29		5,000		4,545
144A,5.00%, 2/1/31		5,000		4,434
144A,3.75%, 3/1/31		8,000		6,860
Clearway Energy Operating LLC 144A,4.75%, 3/15/28		9,000		8,444
144A,3.75%, 2/15/31		7,000		5,862
Edison International, 8.125%, 6/15/53		5,000		5,047
NextEra Energy Operating Partners LP, 144A,3.875%, 10/15/26		13,000		12,074
Pattern Energy Operations LP / Pattern Energy Operations, Inc., 144A,4.50%, 8/15/28		6,000		5,497
PG&E Corp., 5.25%, 7/1/30		5,000		4,725
Pike Corp., 144A,5.50%, 9/1/28		5,000		4,579

(Cost $90,837)				86,312

Gas — 0.2%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.875%, 8/20/26
(Cost $8,598)		9,000		8,820

TOTAL CORPORATE BONDS (Cost $5,717,412)				5,322,915


	Number of Shares
SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) (Cost $6,105)		6,105		6,105

CASH EQUIVALENTS — 1.4%
DWS Government Money Market Series “Institutional Shares”, 5.31% (c) (Cost $75,146)		75,146		75,146


TOTAL INVESTMENTS — 98.9%
(Cost $5,798,663)			$	5,404,166
Other assets and liabilities, net (e) — 1.1%				61,180

NET ASSETS — 100.0%			$	5,465,346

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:


	Principal Amount		Value
MUNICIPAL BONDS — 98.1%
Arizona — 1.7%
City of Mesa AZ Utility System Revenue, Multiple Utility Revenue, Series A, 5.00%, 7/1/43	$	500,000	$	531,498
City of Phoenix Civic Improvement Corp., Intergovernmental, Series A, 5.00%, 7/1/45		705,000		760,795
Salt River Project Agricultural Improvement & Power District, Electric, Power & Light Revenue, Series A, 5.00%, 1/1/47		500,000		532,046
Series A, 3.00%, 1/1/49		65,000		48,270

(Cost $1,979,240)				1,872,609

California — 18.3%
Bay Area Toll Authority, Highway Revenue Tolls, Sub-Series S-8, 3.00%, 4/1/54		535,000		383,696
Series F-2, 2.60%, 4/1/56		160,000		104,897
City of Los Angeles Department of Airports, Private Airport & Marina Revenue, Series A, 5.00%, 5/15/36		35,000		39,019
5.00%, 5/15/37		45,000		49,779
Series A, 5.00%, 5/15/38		300,000		329,132
5.00%, 5/15/39		40,000		43,720
5.00%, 5/15/40		55,000		59,934
Series D, AMT, 5.00%, 5/15/43		125,000		128,991
Series A, AMT, 4.00%, 5/15/44		400,000		383,472
Series E, 5.00%, 5/15/44		25,000		26,450
Series F, AMT, 5.00%, 5/15/44		200,000		205,988
Series B, 5.00%, 5/15/45		260,000		283,703
Series C, AMT, 5.00%, 5/15/45		50,000		51,685
Series A, AMT, 5.00%, 5/15/46		600,000		623,234
Series B, 5.00%, 5/15/48		250,000		270,487
Series E, 5.00%, 5/15/48		20,000		21,222
Series F, AMT, 3.00%, 5/15/49		330,000		239,254
Series F, AMT, 4.00%, 5/15/49		200,000		185,119
Series D, AMT, 5.00%, 5/15/49		100,000		101,955
Series C, AMT, 4.00%, 5/15/50		500,000		463,897
Series A, AMT, 5.00%, 5/15/51		135,000		139,388
City of Sacramento CA Transient Occupancy Tax Revenue, Hotel Occupancy Tax, Series A, 5.00%, 6/1/48		25,000		25,702
City of San Francisco CA Public Utilities Commission Water Revenue, Water Revenue, Series D, 3.00%, 11/1/50		340,000		259,813
Series C, 4.00%, 11/1/50		600,000		596,378
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Sales Tax Revenue, Series A, 4.00%, 6/1/39		40,000		41,307
Series A, 5.00%, 7/1/44		430,000		456,871


	Principal Amount		Value
California (Continued)
Los Angeles Department of Water & Power Power System Revenue, Electric, Power & Light Revenue, Series B, 5.00%, 7/1/40	$	260,000	$	285,366
Series D, 5.00%, 7/1/44		125,000		133,662
Series A, 5.00%, 7/1/45		60,000		63,653
Series C, 5.00%, 7/1/49		635,000		671,844
Los Angeles Department of Water & Power Water System Revenue, Water Revenue, Series A, 5.00%, 7/1/41		270,000		296,405
Series B, 5.00%, 7/1/43		315,000		334,738
Series A, 5.00%, 7/1/50		210,000		225,317
Los Angeles Department of Water & Power, Electric, Power & Light Revenue, Series B, 5.00%, 7/1/45		45,000		48,731
Series B, 5.00%, 7/1/48		500,000		539,502
Series A, 5.00%, 7/1/51		1,000,000		1,078,906
Metropolitan Water District of Southern California, Water Revenue, Series C, 5.00%, 7/1/39		25,000		27,695
Series C, 5.00%, 7/1/40		100,000		110,253
Series A, 5.00%, 10/1/45		225,000		241,686
Riverside County Transportation Commission, Highway Revenue Tolls, 4.00%, 6/1/40		50,000		48,328
Series B-1, 4.00%, 6/1/46		10,000		9,372
Series B-1, 3.00%, 6/1/49		600,000		437,635
Sacramento County Sanitation Districts Financing Authority, Intergovernmental, 5.00%, 12/1/33		30,000		35,323
Sacramento Municipal Utility District, Electric, Power & Light Revenue, Series H, 5.00%, 8/15/50		40,000		42,828
San Diego County Regional Airport Authority, Private Airport & Marina Revenue, Series A, 5.00%, 7/1/49		200,000		210,272
Series B, AMT, 4.00%, 7/1/51		250,000		228,463
Series A, 5.00%, 7/1/51		500,000		532,673
Series B, AMT, 5.00%, 7/1/51		500,000		512,609
Series A, 5.00%, 7/1/56		1,300,000		1,382,600
San Francisco City & County Airport Commission-San Francisco International Airport, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 5/1/37		515,000		540,860
Series A, AMT, 5.00%, 5/1/39		50,000		51,925
AMT, 5.00%, 5/1/43		320,000		327,411
Series A, AMT, 5.00%, 5/1/44		810,000		830,945
Series E, AMT, 5.00%, 5/1/45		1,225,000		1,254,446
Series D, AMT, 5.00%, 5/1/48		75,000		76,214
Series E, 5.00%, 5/1/48		25,000		26,063
Series D, AMT, 5.25%, 5/1/48		870,000		894,768
Series A, AMT, 4.00%, 5/1/49		1,000,000		921,371
Series A, AMT, 5.00%, 5/1/49		400,000		407,308
Series E, AMT, 5.00%, 5/1/50		370,000		376,504
Series F, 5.00%, 5/1/50		900,000		944,333


	Principal Amount		Value
California (Continued)
San Francisco Municipal Transportation Agency, Transit Revenue, Series C, 4.00%, 3/1/51	$	40,000	$	40,120
Series C, 5.00%, 3/1/51		500,000		523,090
Southern California Public Power Authority, Natural Gas Revenue, Series A, 5.00%, 11/1/33		470,000		498,172
State of California Department of Water Resources, Water Revenue, Series BB, 5.00%, 12/1/34		25,000		28,746
Series BB, 5.00%, 12/1/35		45,000		51,415

(Cost $23,371,675)				20,806,645

Colorado — 3.7%
Arkansas River Power Authority, Electric, Power & Light Revenue, Series A, 5.00%, 10/1/43		215,000		217,510
City & County of Denver Co. Airport System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 12/1/35		250,000		264,279
Sub-Series A, AMT, 5.00%, 12/1/36		300,000		331,845
Series A, AMT, 5.00%, 12/1/37		20,000		20,856
Series A, AMT, 5.00%, 12/1/38		320,000		332,530
Series A, AMT, 4.00%, 12/1/43		650,000		611,120
Series A, AMT, 5.00%, 12/1/43		325,000		333,432
Series A, AMT, 5.00%, 12/1/48		700,000		711,135
Sub-Series B, 5.00%, 12/1/48		40,000		41,302
Series D, 5.00%, 11/15/53		600,000		622,854
City & County of Denver Co. Dedicated Excise Tax Revenue, Hotel Occupancy Tax, Series A, 4.00%, 8/1/51		700,000		660,030
City of Colorado Springs CO Utilities System Revenue, Multiple Utility Revenue, Series B, 4.00%, 11/15/51		100,000		96,553

(Cost $4,592,251)				4,243,446

Connecticut — 0.3%
State of Connecticut Special Tax Revenue, Fuel Sales Tax Revenue, 5.00%, 5/1/34		25,000		28,108
5.00%, 5/1/37		100,000		110,238
5.00%, 5/1/38		100,000		109,117
5.00%, 5/1/40		120,000		129,642

(Cost $417,075)				377,105

Delaware — 0.3%
Delaware River & Bay Authority, Highway Revenue Tolls, 4.00%, 1/1/44
(Cost $324,010)		330,000		319,420

District of Columbia — 4.4%
District of Columbia Water & Sewer Authority, Water Revenue, Series B, 5.00%, 10/1/49		250,000		259,527


	Principal Amount		Value
District of Columbia (Continued)
District of Columbia, Income Tax Revenue, Series A, 4.00%, 3/1/39	$	110,000	$	111,108
Series C, 4.00%, 5/1/45		500,000		491,390
Series C, 5.00%, 5/1/45		170,000		182,084
Metropolitan Washington Airports Authority Aviation Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 10/1/46		850,000		884,289
Series A, AMT, 5.00%, 10/1/48		175,000		178,069
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Highway Revenue Tolls, Series B, 4.00%, 10/1/44		1,000,000		926,967
Series B, 5.00%, 10/1/47		500,000		511,308
Series B, 4.00%, 10/1/49		300,000		269,446
Series B, 3.00%, 10/1/50		600,000		437,623
Series B, 4.00%, 10/1/53		900,000		793,111

(Cost $5,828,824)				5,044,922

Florida — 9.3%
Broward County FL Water & Sewer Utility Revenue, Water Revenue, Series A, 4.00%, 10/1/47		240,000		239,398
Central Florida Expressway Authority, Highway Revenue Tolls, Series D, 5.00%, 7/1/35		40,000		45,167
City of Gainesville FL Utilities System Revenue, Multiple Utility Revenue, Series A, 5.00%, 10/1/44		380,000		400,409
Series A, 5.00%, 10/1/47		215,000		225,195
City of Tampa FL Water & Wastewater System Revenue, Water Revenue, Series A, 5.00%, 10/1/54		1,000,000		1,055,595
County of Broward FL Airport System Revenue, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 10/1/44		100,000		93,336
Series A, AMT, 4.00%, 10/1/49		150,000		135,347
County of Broward Fl Port Facilities Revenue, Private Airport & Marina Revenue, Series B, 4.00%, 9/1/49		55,000		49,981
County of Broward FL Port Facilities Revenue, Private Airport & Marina Revenue, Series B, AMT, 4.00%, 9/1/44		500,000		479,143
County of Miami-Dade FL Aviation Revenue, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 10/1/44		400,000		365,243
Series A, AMT, 5.00%, 10/1/44		1,000,000		1,022,439
Series A, AMT, 5.00%, 10/1/49		380,000		385,270
County of Miami-Dade FL Transit System, Sales Tax Revenue, Series A, 4.00%, 7/1/49		500,000		483,374
Series A, 4.00%, 7/1/50		90,000		86,685
County of Miami-Dade Fl Water & Sewer System Revenue, Water Revenue, 4.00%, 10/1/51		100,000		92,215


	Principal Amount		Value
Florida (Continued)
County of Miami-Dade FL Water & Sewer System Revenue, Water Revenue, Series B, 4.00%, 10/1/44	$	475,000	$	472,378
4.00%, 10/1/46		255,000		250,511
4.00%, 10/1/48		400,000		386,235
4.00%, 10/1/48		40,000		38,504
Series B, 4.00%, 10/1/49		500,000		477,503
4.00%, 10/1/51		275,000		260,853
County of Miami-Dade Seaport Department, Private Airport & Marina Revenue, Series A, 5.25%, 10/1/52		300,000		312,593
County of Osceola Fl Transportation Revenue, Highway Revenue Tolls, Series A-1, 4.00%, 10/1/54		400,000		326,747
Greater Orlando Aviation Authority, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 10/1/44		165,000		169,552
Series A, AMT, 4.00%, 10/1/49		500,000		454,657
Series A, AMT, 4.00%, 10/1/52		300,000		269,383
Sub-Series A, AMT, 5.00%, 10/1/52		605,000		611,126
Series A, AMT, 3.25%, 10/1/54		250,000		184,905
Hillsborough County Aviation Authority, Private Airport & Marina Revenue, Series F, 5.00%, 10/1/48		195,000		203,563
Hillsborough County Aviation Authority, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 10/1/52		500,000		448,971
Putnam County Development Authority, Electric, Power & Light Revenue, 5.00%, 3/15/42		40,000		40,734
State of Florida Department of Transportation Turnpike System Revenue, Highway Revenue Tolls, Series C, 3.00%, 7/1/46		200,000		155,870
Tampa-Hillsborough County Expressway Authority, Highway Revenue Tolls, Series B, 4.00%, 7/1/42		400,000		391,848

(Cost $11,906,417)				10,614,730

Georgia — 2.9%
City of Atlanta GA Department of Aviation, Private Airport & Marina Revenue, Series B, AMT, 4.00%, 7/1/49		200,000		181,960
Development Authority of Burke County, Electric, Power & Light Revenue, Series C, 4.125%, 11/1/45		25,000		21,885
Series D, 4.125%, 11/1/45		355,000		310,761
Georgia Ports Authority, Private Airport & Marina Revenue, 4.00%, 7/1/51		765,000		751,004
Georgia Ports Authority, Private Airport & Marina Revenue, 4.00%, 7/1/52		320,000		310,139
Main Street Natural Gas, Inc., Natural Gas Revenue, Series A, 5.00%, 5/15/43		30,000		30,420


	Principal Amount		Value
Georgia (Continued)
Municipal Electric Authority of Georgia, Nuclear Revenue, Series A, 5.00%, 1/1/62	$	500,000	$	507,347
Series A, 4.50%, 7/1/63		400,000		392,853
Series A, 5.50%, 7/1/63		750,000		776,481

(Cost $3,388,248)				3,282,850

Hawaii — 0.8%
State of Hawaii Airports System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/43		400,000		409,583
State of Hawaii Airports System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/51		500,000		516,120

(Cost $968,011)				925,703

Illinois — 6.3%
Chicago O’hare International Airport, Private Airport & Marina Revenue, Series A, 4.50%, 1/1/48		570,000		559,357
Series A, 5.00%, 1/1/48		200,000		203,222
Series A, AMT, 5.00%, 1/1/55		500,000		509,350
Chicago O’Hare International Airport, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 1/1/43		115,000		108,319
Series B, 5.00%, 1/1/48		1,285,000		1,317,379
Series B, 4.00%, 1/1/53		130,000		122,565
Series A, AMT, 4.375%, 1/1/53		25,000		23,687
Series B, 5.00%, 1/1/53		500,000		509,435
Chicago Transit Authority Sales Tax Receipts Fund, Sales Tax Revenue, Series A, 5.00%, 12/1/57		1,200,000		1,200,913
City of Chicago IL Waterworks Revenue, Water Revenue, Series A, 5.50%, 11/1/62		200,000		216,019
Illinois Finance Authority, Water Revenue, 4.00%, 7/1/38		25,000		25,167
Illinois State Toll Highway Authority, Highway Revenue Tolls, Series A, 5.00%, 1/1/41		30,000		32,599
Series A, 4.00%, 1/1/44		700,000		674,804
Series A, 5.00%, 1/1/44		800,000		842,892
Series A, 5.00%, 1/1/45		775,000		824,291

(Cost $7,644,903)				7,169,999

Louisiana — 0.7%
East Baton Rouge Sewerage Commission, Sewer Revenue, Series A, 4.00%, 2/1/45		245,000		237,756
Jefferson Sales Tax District, Sales Tax Revenue, Series B, 4.00%, 12/1/42		115,000		112,868
Louisiana Stadium & Exposition District, Hotel Occupancy Tax, Series A, 5.00%, 7/1/48		450,000		475,650

(Cost $883,545)				826,274


	Principal Amount		Value
Maine — 0.0%
Maine Turnpike Authority, Highway Revenue Tolls, 5.00%, 7/1/47
(Cost $44,970)	$	40,000	$	41,662

Maryland — 0.6%
Maryland State Transportation Authority, Highway Revenue Tolls, 4.00%, 7/1/50 (Cost $744,507)		650,000		626,465

Massachusetts — 1.7%
Commonwealth of Massachusetts, Hotel Occupancy Tax, 5.50%, 1/1/34		185,000		212,725
Massachusetts Bay Transportation Authority Sales Tax Revenue, Sales Tax Revenue, Series B-1, 5.00%, 7/1/50		35,000		36,215
Series A-1, 4.00%, 7/1/51		205,000		197,318
Massachusetts Port Authority, Private Airport & Marina Revenue, Series C, AMT, 5.00%, 7/1/44		400,000		412,021
Series E, AMT, 5.00%, 7/1/46		500,000		517,032
Series E, AMT, 5.00%, 7/1/51		505,000		518,710

(Cost $2,112,787)				1,894,021

Michigan — 1.4%
Lansing Board of Water & Light, Electric, Power & Light Revenue, Series A, 5.00%, 7/1/44		600,000		630,471
Series A, 5.00%, 7/1/48		90,000		93,525
State of Michigan Trunk Line Revenue, Fuel Sales Tax Revenue, Series B, 4.00%, 11/15/45		800,000		799,747

(Cost $1,662,708)				1,523,743

Nevada — 1.6%
City of Reno NV, Sales Tax Revenue, Series A, 4.00%, 6/1/58		145,000		127,303
County of Clark NV, Fuel Sales Tax Revenue, 4.00%, 7/1/40		500,000		499,104
County of Washoe NV, Fuel Sales Tax Revenue, 5.00%, 2/1/42		50,000		52,371
Las Vegas Convention & Visitors Authority, Hotel Occupancy Tax, Series B, 5.00%, 7/1/43		840,000		874,165
Series B, 4.00%, 7/1/49		290,000		273,844

(Cost $1,896,160)				1,826,787

New Jersey — 1.7%
New Jersey Turnpike Authority, Highway Revenue Tolls, Series G, 4.00%, 1/1/43		550,000		543,077
Series A, 4.00%, 1/1/48		45,000		43,946
Series A, 5.00%, 1/1/48		740,000		774,163
Series B, 5.25%, 1/1/52		405,000		442,469
South Jersey Transportation Authority, Highway Revenue Tolls, Series A, 4.625%, 11/1/47		100,000		100,669

(Cost $1,927,400)				1,904,324


	Principal Amount		Value
New York — 18.5%
Long Island Power Authority, Electric, Power & Light Revenue, 5.00%, 9/1/38	$	90,000	$	95,548
Metropolitan Transportation Authority, Transit Revenue, Series C-1, 4.00%, 11/15/35		30,000		30,148
Series C-1, 4.00%, 11/15/38		180,000		176,617
Series D, 4.00%, 11/15/42		430,000		404,580
Series A, Sub-Series A-2, 5.00%, 11/15/44		100,000		102,505
Series E, 4.00%, 11/15/45		1,000,000		924,637
Series C-1, 4.75%, 11/15/45		500,000		504,872
Sub-Series A, 5.00%, 11/15/45		75,000		76,685
Series D, 4.00%, 11/15/46		790,000		725,194
Series D-2, 4.00%, 11/15/48		630,000		579,504
Series A-1-GROUP 1, 5.00%, 11/15/48		600,000		617,997
Series D-3, 4.00%, 11/15/49		140,000		128,267
Series A-1, 4.00%, 11/15/50		35,000		32,371
Series D-3, 4.00%, 11/15/50		250,000		228,470
Series C-1, 5.00%, 11/15/50		700,000		719,467
Series A-1, 4.00%, 11/15/52		550,000		493,267
Series B, 5.00%, 11/15/52		115,000		117,012
Series C-1, 5.25%, 11/15/55		500,000		517,051
New York City Municipal Water Finance Authority, Water Revenue, Series FF, 5.00%, 6/15/39		35,000		37,097
Series EE-2, 4.00%, 6/15/40		30,000		30,173
Series AA, 5.00%, 6/15/40		95,000		102,232
Sub-Series EE-2, 5.00%, 6/15/40		535,000		572,673
4.00%, 6/15/42		400,000		401,043
Series AA-2, 4.00%, 6/15/42		100,000		100,339
Series BB2, 4.00%, 6/15/42		40,000		40,111
Series CC-2, 4.00%, 6/15/42		25,000		25,074
Series BB-1, 5.00%, 6/15/44		140,000		151,776
Series BB-1, 4.00%, 6/15/45		255,000		252,586
Series BB-1, 4.00%, 6/15/49		200,000		195,843
Series CC-1, 4.00%, 6/15/49		200,000		195,843
Series FF-1, 4.00%, 6/15/49		15,000		14,688
Series BB-1, 5.00%, 6/15/49		270,000		283,547
Series DD-1, 5.00%, 6/15/49		400,000		417,202
Series DD-1, 5.25%, 6/15/49		70,000		73,789
Series BB-1, 4.00%, 6/15/50		285,000		278,546
Series GG-1, 4.00%, 6/15/50		305,000		298,093
Sub-Series DD-1, 4.00%, 6/15/50		600,000		586,412
Series AA-1, 5.00%, 6/15/50		140,000		148,611
Series AA-1, 3.00%, 6/15/51		300,000		220,646
Series CC-1, 5.00%, 6/15/51		250,000		266,091
Series CC-1, 5.00%, 6/15/52		100,000		106,698
New York Power Authority, Electric, Power & Light Revenue, Series A, 4.00%, 11/15/45		35,000		34,636
Series A, 4.00%, 11/15/47		115,000		112,723
Series A, 4.00%, 11/15/50		75,000		73,215
Series A, 4.00%, 11/15/55		1,050,000		1,011,752
Series A, 3.25%, 11/15/60		1,150,000		850,898
Series A, 4.00%, 11/15/60		675,000		642,678
New York State Environmental Facilities Corp., Water Revenue, Series A, 5.00%, 6/15/51		500,000		535,406


	Principal Amount		Value
New York (Continued)
Port Authority of New York & New Jersey, Private Airport & Marina Revenue, Series 224, 4.00%, 7/15/51	$	15,000	$	14,592
Triborough Bridge & Tunnel Authority Sales Tax Revenue, Sales Tax Revenue, Series A, 4.00%, 5/15/48		360,000		346,671
Series A, 4.00%, 5/15/57		1,000,000		940,564
Series A, 4.25%, 5/15/58		600,000		585,320
Series A, 4.50%, 5/15/63		450,000		452,114
Triborough Bridge & Tunnel Authority, Fuel Sales Tax Revenue, Series D-2, 5.50%, 5/15/52		650,000		720,354
Triborough Bridge & Tunnel Authority, Miscellaneous Taxes, Series C-1A, 4.00%, 5/15/46		600,000		590,567
Series C-3, 3.00%, 5/15/51		600,000		439,916
Series A-1, 5.00%, 5/15/51		2,000,000		2,116,922
Series C-1A, 5.00%, 5/15/51		225,000		238,903

(Cost $23,206,143)				20,980,536

North Carolina — 0.2%
County of Union NC Enterprise System Revenue, Water Revenue, 3.00%, 6/1/51
(Cost $241,524)		300,000		223,765

Ohio — 0.6%
Franklin County Convention Facilities Authority, Industrial Revenue, 5.00%, 12/1/51		100,000		91,288
Northeast Ohio Regional Sewer District, Sewer Revenue, 4.00%, 11/15/43		60,000		60,088
Ohio Turnpike & Infrastructure Commission, Highway Revenue Tolls, Series A, 4.00%, 2/15/46		10,000		9,628
Series A, 5.00%, 2/15/46		275,000		293,908
Ohio Water Development Authority, Intergovernmental, 5.00%, 6/1/46		225,000		242,909

(Cost $788,764)				697,821

Oklahoma — 0.3%
Oklahoma Turnpike Authority Highway Revenue Tolls, 5.50%, 1/1/53
(Cost $332,745)		300,000		331,724

Oregon — 0.8%
Port of Portland OR Airport Revenue, Private Airport & Marina Revenue, Series 25B, AMT, 5.00%, 7/1/44		315,000		323,369
Series 28, AMT, 4.00%, 7/1/47		500,000		460,312
State of Oregon Department of Transportation, Fuel Sales Tax Revenue, Series A, 4.00%, 11/15/42		60,000		60,253

(Cost $882,228)				843,934

Pennsylvania — 6.7%
Allegheny County Airport Authority, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 1/1/46		700,000		644,461
Series A, AMT, 5.00%, 1/1/51		500,000		510,994
Series A, AMT, 4.00%, 1/1/56		500,000		433,511


	Principal Amount		Value
Pennsylvania (Continued)
Chester County Industrial Development Authority, Recreational Revenue, 4.00%, 12/1/51	$	245,000	$	233,816
City of Philadelphia PA Water & Wastewater, Water Revenue, Series A, 5.00%, 10/1/43		25,000		25,999
Series A, 5.00%, 11/1/45		515,000		542,923
Series A, 5.00%, 10/1/48		35,000		36,295
Series A, 5.00%, 11/1/50		500,000		525,073
Pennsylvania Turnpike Commission, Fran. Tax & Bus. LIC Fees, Series B, 5.00%, 12/1/43		115,000		118,868
Series A, 5.25%, 12/1/44		565,000		596,776
Series A, 5.00%, 12/1/48		480,000		492,578
Pennsylvania Turnpike Commission, Highway Revenue Tolls, Series A, 5.00%, 12/1/44		230,000		240,203
Series A, 4.00%, 12/1/46		20,000		19,372
Series B, 4.00%, 12/1/46		390,000		377,753
Series C, 5.00%, 12/1/46		45,000		47,627
Series A, 5.00%, 12/1/47		55,000		58,338
Sub-Series A, 4.00%, 12/1/49		285,000		276,756
Series A, 5.00%, 12/1/49		15,000		15,635
Series A, 4.00%, 12/1/50		255,000		239,438
Series B, 5.00%, 12/1/50		1,705,000		1,797,669
Series A, 4.00%, 12/1/51		65,000		61,525
Series B, 4.00%, 12/1/51		300,000		283,497
Series B, 5.00%, 12/1/51		15,000		15,852

(Cost $8,448,997)				7,594,959

South Carolina — 1.0%
South Carolina Ports Authority, Private Airport & Marina Revenue, Series B, 4.00%, 7/1/49		200,000		180,987
South Carolina Public Service Authority, Electric, Power & Light Revenue, Series A, 4.00%, 12/1/42		475,000		445,506
Series A, 4.00%, 12/1/52		600,000		530,477

(Cost $1,261,941)				1,156,970

Tennessee — 1.9%
Metropolitan Government of Nashville & Davidson County TN Electric Revenue, Electric, Power & Light Revenue, Series A, 5.00%, 5/15/46		245,000		263,342
Metropolitan Nashville Airport Authority, Private Airport & Marina Revenue, Series B, AMT, 5.00%, 7/1/49		125,000		127,283
Series B, AMT, 4.00%, 7/1/54		550,000		478,364
Series A, 5.00%, 7/1/54		805,000		826,819
Series B, AMT, 5.00%, 7/1/54		500,000		507,583

(Cost $2,497,484)				2,203,391

Texas — 6.3%
Central Texas Regional Mobility Authority, Highway Revenue Tolls, Series E, 5.00%, 1/1/45		100,000		102,931
Series B, 5.00%, 1/1/46		300,000		308,910
Series B, 4.00%, 1/1/51		50,000		45,515


	Principal Amount		Value
Texas (Continued)
City of Austin TX Electric Utility Revenue, Electric, Power & Light Revenue, Series B, 5.00%, 11/15/44	$	125,000	$	132,071
Series B, 5.00%, 11/15/49		125,000		130,931
City of Austin TX Water & Wastewater System Revenue, Water Revenue, Series C, 5.00%, 11/15/50		305,000		321,869
City of Dallas TX Waterworks & Sewer System Revenue, Water Revenue, Series C, 4.00%, 10/1/49		110,000		107,573
City of Georgetown TX Utility System Revenue, Multiple Utility Revenue, 4.25%, 8/15/47		500,000		492,525
City of Houston TX Airport System Revenue, Private Airport & Marina Revenue, Sub-Series A, AMT, 4.00%, 7/1/46		575,000		528,784
City of Houston TX Combined Utility System, Water Revenue, Series C, 4.00%, 11/15/43		165,000		163,132
Series D, 5.00%, 11/15/43		30,000		31,508
Series C, 3.00%, 11/15/47		145,000		109,139
Series C, 4.00%, 11/15/49		55,000		53,080
City of Lubbock TX Electric Light & Power System Revenue, Electric, Power & Light Revenue, 4.00%, 4/15/51		400,000		369,607
City of San Antonio TX Electric & Gas Systems Revenue, Electric, Power & Light Revenue, Series A, 5.00%, 2/1/46		10,000		10,596
Dallas Fort Worth International Airport, Private Airport & Marina Revenue, 4.00%, 11/1/34		60,000		62,180
4.00%, 11/1/35		85,000		87,440
Harris County Toll Road Authority, Highway Revenue Tolls, Series A, 4.00%, 8/15/48		555,000		539,558
4.00%, 8/15/50		670,000		648,185
Harris County-Houston Sports Authority, Hotel Occupancy Tax, Series A, 3.125%, 11/15/56		110,000		79,533
Lower Colorado River Authority, Intergovernmental, 5.00%, 5/15/47		250,000		262,967
North Fort Bend Water Authority, Water Revenue, Series A, 4.00%, 12/15/58		200,000		177,005
North Texas Tollway Authority, Highway Revenue Tolls, Series A, 4.00%, 1/1/37		25,000		25,286
Series A, 5.00%, 1/1/38		65,000		69,369
Series A, 5.00%, 1/1/43		385,000		401,458
Series A, 5.00%, 1/1/48		500,000		518,509
4.25%, 1/1/49		30,000		28,742
Series B, 3.00%, 1/1/51		250,000		178,729
San Antonio Water System, Water Revenue, Series A, 5.00%, 5/15/46		25,000		26,684
Series A, 4.00%, 5/15/51		335,000		318,678
Texas Water Development Board, Water Revenue, 4.00%, 10/15/45		320,000		315,504
4.00%, 4/15/51		525,000		505,263


	Principal Amount		Value
Texas (Continued)
West Harris County Regional Water Authority, Water Revenue, 3.00%, 12/15/58	$	85,000	$	57,054

(Cost $8,198,547)				7,210,315

Utah — 2.2%
City of Salt Lake City UT Airport Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/43		400,000		409,584
Series A, AMT, 5.00%, 7/1/48		750,000		761,012
Series A, AMT, 5.25%, 7/1/48		225,000		231,064
Intermountain Power Agency, Electric, Power & Light Revenue, Series A, 5.00%, 7/1/42		1,000,000		1,093,572

(Cost $2,560,000)				2,495,232

Virginia — 1.3%
Hampton Roads Transportation Accountability Commission, Appropriations, Series A, 4.00%, 7/1/45		275,000		275,657
Series A, 5.00%, 7/1/50		40,000		42,145
Series A, 4.00%, 7/1/55		700,000		672,275
Series A, 5.00%, 7/1/60		500,000		525,741

(Cost $1,756,923)				1,515,818

Washington — 2.2%
Central Puget Sound Regional Transit Authority, Sales Tax Revenue, Series S-1, 4.00%, 11/1/40		20,000		20,203
Series S-1, 4.00%, 11/1/46		700,000		685,446
County of King WA Sewer Revenue, Sewer Revenue, Series A, 4.00%, 1/1/52		500,000		481,783
Energy Northwest, Nuclear Revenue, Series A, 5.00%, 7/1/38		300,000		324,487
Port of Seattle WA, Private Airport & Marina Revenue, AMT, 5.00%, 4/1/44		500,000		514,980
Series B, AMT, 5.00%, 8/1/47		500,000		518,103

(Cost $2,762,543)				2,545,002

West Virginia — 0.2%
West Virginia Parkways Authority, Highway Revenue Tolls, 5.00%, 6/1/47
(Cost $310,870)		250,000		266,987

Wisconsin — 0.2%
Wisconsin Health & Educational Facilities Authority, Electric, Power & Light Revenue, 5.00%, 4/1/44 (Cost $265,629)		245,000		252,041

TOTAL MUNICIPAL BONDS (Cost $123,207,069)				111,619,200


TOTAL INVESTMENTS — 98.1% (Cost $123,207,069)			$	111,619,200
Other assets and liabilities, net — 1.9%				2,113,517

NET ASSETS — 100.0%			$	113,732,717


	Number of Shares		Value
COMMON STOCKS — 98.2%
Australia — 8.5%
BHP Group Ltd.		13,247	$	406,673
Coles Group Ltd.		3,496		35,535
Fortescue Ltd.		4,495		74,480
IGO Ltd.		1,768		10,058
Medibank Pvt Ltd.		7,029		16,126
Rio Tinto Ltd.		983		81,498
Santos Ltd.		8,440		38,669
Telstra Group Ltd.		10,338		26,185
Wesfarmers Ltd.		2,947		102,898
Woodside Energy Group Ltd.		5,032		103,431

(Cost $888,670)				895,553

Austria — 0.2%
OMV AG
(Cost $20,462)		386		16,489

Belgium — 0.2%
Ageas SA/NV
(Cost $21,248)		423		18,221

Brazil — 2.2%
Ambev SA		12,517		34,742
B3 SA — Brasil Bolsa Balcao		15,415		41,567
BB Seguridade Participacoes SA		1,870		11,867
CPFL Energia SA		475		3,568
Engie Brasil Energia SA		565		4,983
TIM SA		2,258		7,893
Vale SA		8,875		132,884

(Cost $229,307)				237,504

Canada — 3.9%
BCE, Inc.		183		7,211
Brookfield Asset Management Ltd., Class A		937		32,833
Canadian Tire Corp. Ltd., Class A		135		14,054
Great-West Lifeco, Inc.		741		23,703
IGM Financial, Inc.		242		6,013
Lundin Mining Corp.		1,715		11,890
Manulife Financial Corp.		4,730		92,727
Quebecor, Inc., Class B		411		9,127
Sun Life Financial, Inc.		1,528		77,220
Suncor Energy, Inc.		3,393		111,961
TELUS Corp.		1,301		23,298

(Cost $384,250)				410,037

Chile — 0.2%
Antofagasta PLC		1,018		18,152
Cia Sud Americana de Vapores SA		46,532		2,712
Enel Chile SA		69,910		4,430

(Cost $29,533)				25,294

China — 5.7%
China Coal Energy Co. Ltd., Class H		5,027		4,261
China Communications Services Corp. Ltd., Class H		6,134		2,615
China Construction Bank Corp., Class A		1,500		1,344
China Construction Bank Corp., Class H		251,308		145,438
China Feihe Ltd., 144A		10,000		5,864


	Number of Shares		Value
China (Continued)
China Hongqiao Group Ltd.		5,933	$	4,839
China Merchants Bank Co. Ltd., Class A		3,200		12,901
China Merchants Bank Co. Ltd., Class H		10,172		35,555
China Pacific Insurance Group Co. Ltd., Class A		1,200		4,048
China Pacific Insurance Group Co. Ltd., Class H		7,200		15,211
China Petroleum & Chemical Corp., Class A		5,000		3,830
China Petroleum & Chemical Corp., Class H		64,655		33,278
China Railway Group Ltd., Class H		11,350		4,984
China Shenhua Energy Co. Ltd., Class A		1,156		5,098
China Shenhua Energy Co. Ltd., Class H		8,945		29,262
China State Construction Engineering Corp. Ltd., Class A		4,800		3,341
China Tower Corp. Ltd., Class H, 144A		113,030		11,722
COSCO SHIPPING Holdings Co. Ltd., Class A		2,000		2,803
COSCO SHIPPING Holdings Co. Ltd., Class H		8,151		7,514
CRRC Corp. Ltd., Class H		10,902		4,397
Daqin Railway Co. Ltd., Class A		2,300		2,338
ENN Energy Holdings Ltd.		2,063		14,316
Gree Electric Appliances, Inc. of Zhuhai, Class A		400		1,846
Guanghui Energy Co. Ltd., Class A		1,300		1,322
Henan Shuanghui Investment & Development Co. Ltd., Class A		600		2,193
Huaibei Mining Holdings Co. Ltd., Class A		600		1,331
Hunan Valin Steel Co. Ltd., Class A		1,600		1,239
Industrial & Commercial Bank of China Ltd., Class A		9,500		6,399
Industrial & Commercial Bank of China Ltd., Class H		170,212		81,507
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		1,253		681
Jiangsu Expressway Co. Ltd., Class H		2,966		2,670
Jiangxi Copper Co. Ltd., Class H		3,278		4,650
LB Group Co. Ltd., Class A		500		1,208
Lenovo Group Ltd.		19,695		24,334
Livzon Pharmaceutical Group, Inc., Class A		107		525
Longfor Group Holdings Ltd., 144A		5,148		9,122
New China Life Insurance Co. Ltd., Class A		300		1,313
New China Life Insurance Co. Ltd., Class H		2,455		4,872
People’s Insurance Co. Group of China Ltd., Class H		21,542		6,978
PICC Property & Casualty Co. Ltd., Class H		18,026		20,933
Postal Savings Bank of China Co. Ltd., Class A		4,926		3,028
Postal Savings Bank of China Co. Ltd., Class H, 144A		21,672		9,628


	Number of Shares		Value
China (Continued)
Qifu Technology, Inc., ADR		279	$	4,330
Shaanxi Coal Industry Co. Ltd., Class A		1,800		4,910
Shanghai Baosight Software Co. Ltd., Class B		1,400		2,635
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		1,806		2,618
Shanxi Coking Coal Energy Group Co. Ltd., Class A		700		954
Shanxi Lu’an Environmental Energy Development Co. Ltd., Class A		600		1,838
Sichuan Road & Bridge Group Co. Ltd., Class A		1,500		1,622
Sinopharm Group Co. Ltd., Class H		3,378		8,382
TBEA Co. Ltd., Class A		1,000		1,951
Tianqi Lithium Corp., Class A		300		2,104
Tongwei Co. Ltd., Class A		700		2,402
Uni-President China Holdings Ltd.		3,016		1,931
Xinjiang Daqo New Energy Co. Ltd., Class A		275		1,186
Yankuang Energy Group Co. Ltd., Class A		600		1,727
Yankuang Energy Group Co. Ltd., Class H		5,905		10,978
Youngor Group Co. Ltd., Class A		1,100		1,044
Zangge Mining Co. Ltd., Class A		300		1,005
Zhongsheng Group Holdings Ltd.		2,158		5,167
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		1,800		1,626

(Cost $769,715)				599,148

Czech Republic — 0.3%
CEZ AS		421		18,657
Komercni Banka AS		190		5,893
Moneta Money Bank AS, 144A		933		3,654

(Cost $23,273)				28,204

Denmark — 0.5%
A.P. Moller — Maersk A/S, Class A		8		12,422
A.P. Moller — Maersk A/S, Class B		13		20,547
Tryg A/S		894		19,324

(Cost $79,025)				52,293

Egypt — 0.0%
Eastern Co. SAE
(Cost $2,753)		2,931		2,457

Finland — 1.4%
Elisa OYJ		369		16,540
Kesko OYJ, Class B		733		14,040
Kone OYJ, Class B		903		40,189
Orion OYJ, Class B		279		11,093
Stora Enso OYJ, Class R		1,555		20,207
UPM-Kymmene OYJ		1,375		48,128

(Cost $164,960)				150,197

France — 9.8%
Amundi SA, 144A		155		9,555
AXA SA		4,719		147,233


	Number of Shares		Value
France (Continued)
Bouygues SA		500	$	19,045
Cie Generale des Etablissements Michelin SCA		1,806		60,712
Danone SA		1,702		109,510
La Francaise des Jeux SAEM, 144A		274		9,926
Sanofi SA		2,970		276,939
TotalEnergies SE		5,965		405,214

(Cost $979,350)				1,038,134

Germany — 5.8%
Allianz SE		1,054		265,195
Bayerische Motoren Werke AG		829		86,463
Deutsche Post AG		2,589		121,582
Mercedes-Benz Group AG		2,094		136,126
Wacker Chemie AG		49		6,004

(Cost $569,999)				615,370

Greece — 0.3%
Hellenic Telecommunications Organization SA		484		7,113
JUMBO SA		311		8,158
Motor Oil Hellas Corinth Refineries SA		177		4,789
OPAP SA		450		7,218

(Cost $25,583)				27,278

Hong Kong — 2.9%
Beijing Enterprises Holdings Ltd.		1,330		4,410
Bosideng International Holdings Ltd.		8,446		3,547
China Everbright Environment Group Ltd.		9,888		3,254
China Gas Holdings Ltd.		7,380		6,765
China Medical System Holdings Ltd.		3,469		6,671
China Resources Gas Group Ltd.		2,361		7,406
China Resources Land Ltd.		8,498		31,118
China State Construction International Holdings Ltd.		5,170		5,997
China Taiping Insurance Holdings Co. Ltd.		3,936		3,568
Chow Tai Fook Jewellery Group Ltd.		5,025		7,296
CK Asset Holdings Ltd.		5,195		24,644
CK Infrastructure Holdings Ltd.		1,651		8,181
CLP Holdings Ltd.		4,234		32,933
GCL Technology Holdings Ltd.		56,065		7,465
Guangdong Investment Ltd.		7,997		5,550
Hang Lung Properties Ltd.		5,139		6,869
Henderson Land Development Co. Ltd.		3,929		10,690
HKT Trust & HKT Ltd. (a)		9,898		10,557
Kingboard Holdings Ltd.		1,732		4,169
Kingboard Laminates Holdings Ltd.		2,763		2,406
Orient Overseas International Ltd.		360		4,330
Power Assets Holdings Ltd.		3,631		18,945
Sino Land Co. Ltd.		9,321		9,392
SITC International Holdings Co. Ltd.		3,500		5,288
Sun Hung Kai Properties Ltd.		3,739		36,694
Swire Properties Ltd.		3,065		5,957
Want Want China Holdings Ltd.		12,284		7,188
WH Group Ltd., 144A		21,474		13,802
Xinyi Glass Holdings Ltd.		4,488		5,166


	Number of Shares		Value
Hong Kong (Continued)
Yuexiu Property Co. Ltd.		3,748	$	3,417

(Cost $406,970)				303,675

Hungary — 0.1%
Richter Gedeon Nyrt
(Cost $9,034)		360		9,071

India — 1.1%
Coal India Ltd.		4,026		16,518
GAIL India Ltd.		5,914		9,354
HCL Technologies Ltd.		2,515		40,439
Oil & Natural Gas Corp. Ltd.		8,211		19,195
Petronet LNG Ltd.		1,953		4,749
Power Grid Corp. of India Ltd.		12,442		31,175

(Cost $90,809)				121,430

Indonesia — 1.6%
Aneka Tambang Tbk		20,266		2,274
PT Adaro Energy Indonesia Tbk		36,118		6,101
PT Astra International Tbk		52,469		18,268
PT Bank Mandiri Persero Tbk		97,152		36,643
PT Bank Rakyat Indonesia Persero Tbk		177,654		60,421
PT Indofood Sukses Makmur Tbk		11,419		4,730
PT Telkom Indonesia Persero Tbk		127,987		31,027
PT United Tractors Tbk		4,171		5,889

(Cost $136,203)				165,353

Ireland — 0.2%
Smurfit Kappa Group PLC
(Cost $26,041)		679		25,782

Israel — 0.9%
Bank Hapoalim BM		3,298		27,905
Bank Leumi Le-Israel BM		4,048		30,381
ICL Group Ltd.		2,102		10,578
Israel Discount Bank Ltd., Class A		3,192		15,402
Mizrahi Tefahot Bank Ltd.		396		14,142

(Cost $113,978)				98,408

Italy — 1.1%
Assicurazioni Generali SpA		2,671		55,387
Snam SpA		5,349		26,981
Terna—Rete Elettrica Nazionale		3,678		29,681

(Cost $104,324)				112,049

Japan — 4.9%
AGC, Inc.		500		18,162
Daiwa House Industry Co. Ltd.		1,500		42,605
Iida Group Holdings Co. Ltd.		400		5,980
Isuzu Motors Ltd.		1,500		19,841
Japan Tobacco, Inc.		3,100		79,704
Mitsui Chemicals, Inc.		400		11,710
Mitsui OSK Lines Ltd.		900		24,723
MS&AD Insurance Group Holdings, Inc.		1,135		42,480
Nippon Yusen KK		1,269		34,112
Nomura Real Estate Holdings, Inc.		300		7,314
Obayashi Corp.		1,700		14,345
Sekisui House Ltd.		1,575		32,270
SoftBank Corp.		7,500		91,242


	Number of Shares		Value
Japan (Continued)
Sompo Holdings, Inc.		777	$	35,514
SUMCO Corp.		900		13,494
Sumitomo Metal Mining Co. Ltd.		650		18,871
Tosoh Corp.		700		9,314
Yamaha Motor Co. Ltd.		800		20,439

(Cost $481,300)				522,120

Kazakhstan — 0.0%
Polymetal International PLC* (b)
(Cost $33,157)		1,987		0

Kuwait — 0.1%
Mobile Telecommunications Co. KSCP
(Cost $9,444)		4,965		7,864

Malaysia — 1.0%
Kuala Lumpur Kepong Bhd		1,200		5,635
Malayan Banking Bhd		14,411		27,773
MISC Bhd		3,500		5,401
Petronas Chemicals Group Bhd		7,700		11,931
Petronas Gas Bhd		2,100		7,599
Public Bank Bhd		38,200		35,007
RHB Bank Bhd		3,931		4,598
Sime Darby Bhd		7,500		3,976

(Cost $99,073)				101,920

Mexico — 1.0%
Arca Continental SAB de CV		1,419		14,487
Banco del Bajio SA, 144A		1,919		6,085
Coca-Cola Femsa SAB de CV		1,368		11,496
Grupo Aeroportuario del Centro Norte SAB de CV		725		6,582
Grupo Aeroportuario del Pacifico SAB de CV, Class B		1,030		15,686
Grupo Mexico SAB de CV, Series B		8,328		38,165
Kimberly-Clark de Mexico SAB de CV, Class A		3,800		7,687
Orbia Advance Corp. SAB de CV		2,594		5,538
Promotora y Operadora de Infraestructura SAB de CV		525		5,166

(Cost $92,945)				110,892

Netherlands — 2.7%
ASR Nederland NV		415		19,140
Koninklijke Ahold Delhaize NV		2,510		72,739
Koninklijke KPN NV		8,800		30,217
NN Group NV		678		25,810
Randstad NV		292		17,364
Stellantis NV		5,769		125,274

(Cost $258,056)				290,544

New Zealand — 0.1%
Spark New Zealand Ltd.
(Cost $14,432)		4,796		15,359

Norway — 0.6%
Aker BP ASA		828		23,821
Gjensidige Forsikring ASA		434		7,332
Orkla ASA		1,810		13,373


	Number of Shares		Value
Norway (Continued)
Yara International ASA		431	$	14,647

(Cost $78,955)				59,173

Philippines — 0.2%
International Container Terminal Services, Inc.		2,730		10,617
Manila Electric Co.		760		4,930
Metropolitan Bank & Trust Co.		4,810		4,330

(Cost $18,848)				19,877

Poland — 0.4%
Cyfrowy Polsat SA*		565		1,817
ORLEN SA		1,553		22,978
Powszechny Zaklad Ubezpieczen SA		1,571		17,953

(Cost $47,447)				42,748

Qatar — 0.4%
Dukhan Bank		5,044		5,350
Industries Qatar QSC		3,942		13,534
Mesaieed Petrochemical Holding Co.		11,780		5,432
Ooredoo QPSC		1,936		5,472
Qatar Electricity & Water Co. QSC		1,214		5,628
Qatar Fuel QSC		1,620		7,083

(Cost $52,270)				42,499

Russia — 0.0%
Alrosa PJSC* (b)		14,479		0
Inter RAO UES PJSC* (b)		188,952		0
LUKOIL PJSC* (b)		2,350		0
MMC Norilsk Nickel PJSC* (b)		361		0
Mobile TeleSystems PJSC, ADR* (b)		2,615		0
Novolipetsk Steel PJSC* (b)		8,593		0
PhosAgro PJSC* (b)		258		0
PhosAgro PJSC, GDR* (b)		2		0
PhosAgro PJSC, GDR* (b)		4		0
Polyus PJSC* (b)		192		0
Severstal PAO* (b)		1,174		0
Tatneft PJSC* (b)		7,791		0

(Cost $520,076)				0

Saudi Arabia — 1.6%
Jarir Marketing Co.		1,500		5,829
Nahdi Medical Co.		95		3,439
Riyad Bank		3,839		27,323
SABIC Agri-Nutrients Co.		626		22,961
Saudi Arabian Oil Co., 144A		6,866		60,762
Saudi Telecom Co.		5,303		54,352

(Cost $179,495)				174,666

Singapore — 2.8%
DBS Group Holdings Ltd.		4,700		111,777
Jardine Cycle & Carriage Ltd.		300		6,411
Oversea-Chinese Banking Corp. Ltd.		8,808		82,761
Singapore Exchange Ltd.		2,341		16,541
Singapore Technologies Engineering Ltd.		4,000		11,119
United Overseas Bank Ltd.		3,300		67,306

(Cost $281,193)				295,915


	Number of Shares		Value
South Africa — 1.3%
Exxaro Resources Ltd.		615	$	6,093
FirstRand Ltd.		13,419		47,749
Kumba Iron Ore Ltd.		162		5,063
Nedbank Group Ltd.		1,224		13,810
Sanlam Ltd.		4,700		16,843
Standard Bank Group Ltd.		3,558		37,593
Woolworths Holdings Ltd.		2,377		8,467

(Cost $141,895)				135,618

South Korea — 1.2%
DB Insurance Co. Ltd.		116		7,526
Kia Corp.		697		46,407
Korea Zinc Co. Ltd.		22		8,381
KT Corp.		190		4,941
KT&G Corp.		275		18,800
Kumho Petrochemical Co. Ltd.		41		4,068
LG Uplus Corp.		580		4,720
Samsung Fire & Marine Insurance Co. Ltd.		79		15,921
Samsung Life Insurance Co. Ltd.		216		11,719

(Cost $114,325)				122,483

Spain — 2.6%
Endesa SA		831		17,395
Iberdrola SA		15,725		194,652
Redeia Corp. SA		1,064		17,855
Repsol SA		3,312		50,737

(Cost $246,923)				280,639

Sweden — 1.6%
Boliden AB		718		19,178
Skanska AB, Class B		895		14,392
SKF AB, Class B		903		16,985
Tele2 AB, Class B		1,413		11,092
Volvo AB, Class A		550		13,006
Volvo AB, Class B		3,938		91,415

(Cost $159,586)				166,068

Switzerland — 12.4%
Adecco Group AG		437		21,143
Baloise Holding AG		121		18,633
Glencore PLC		27,400		153,247
Helvetia Holding AG		100		13,766
Holcim AG		1,358		100,419
Kuehne + Nagel International AG		140		40,766
Novartis AG		5,350		523,710
Partners Group Holding AG		59		78,198
SGS SA		395		33,751
Swiss Re AG		799		94,873
Swisscom AG		68		39,914
Zurich Insurance Group AG		382		192,373

(Cost $1,139,048)				1,310,793

Taiwan — 5.5%
Acer, Inc.		7,095		7,994
ASE Technology Holding Co. Ltd.		7,900		32,369
Compal Electronics, Inc.		10,834		10,716
CTBC Financial Holding Co. Ltd.		46,509		40,718


	Number of Shares		Value
Taiwan (Continued)
Hon Hai Precision Industry Co. Ltd.		32,484	$	105,542
Largan Precision Co. Ltd.		273		20,886
Lite-On Technology Corp.		5,462		19,232
MediaTek, Inc.		3,964		119,910
Micro-Star International Co. Ltd.		1,752		10,291
Nan Ya Printed Circuit Board Corp.		566		4,493
Nien Made Enterprise Co. Ltd.		541		5,905
Novatek Microelectronics Corp.		1,550		25,354
Pegatron Corp.		5,396		14,025
Realtek Semiconductor Corp.		1,317		18,950
Shanghai Commercial & Savings Bank Ltd.		9,786		14,128
SinoPac Financial Holdings Co. Ltd.		27,325		16,531
Synnex Technology International Corp.		3,543		7,814
Unimicron Technology Corp.		3,559		20,165
United Microelectronics Corp.		30,123		47,151
Vanguard International Semiconductor Corp.		2,532		6,468
WPG Holdings Ltd.		3,911		9,715
Yuanta Financial Holding Co. Ltd.		26,739		22,254
Zhen Ding Technology Holding Ltd.		1,772		5,871

(Cost $515,604)				586,482

Thailand — 0.3%
Intouch Holdings PCL, NVDR		2,000		3,966
PTT Exploration & Production PCL		600		2,584
PTT Exploration & Production PCL, NVDR		3,000		12,920
SCB X PCL, NVDR		2,300		6,489
TMBThanachart Bank PCL, NVDR		65,000		2,846

(Cost $27,815)				28,805

Turkey — 0.3%
Akbank TAS		8,378		9,768
Ford Otomotiv Sanayi AS		180		5,247
Turkiye Is Bankasi AS, Class C		9,410		6,992
Yapi ve Kredi Bankasi AS		7,973		5,306

(Cost $20,645)				27,313

United Arab Emirates — 0.7%
Abu Dhabi Islamic Bank PJSC		3,824		10,621
Abu Dhabi National Oil Co. for Distribution PJSC		8,386		8,678
Emaar Properties PJSC		17,442		36,050
Emirates NBD Bank PJSC		4,918		23,571

(Cost $59,342)				78,920

United Kingdom — 9.5%
Admiral Group PLC		675		23,080
Anglo American PLC		3,313		89,838
Barratt Developments PLC		2,524		16,417
Hargreaves Lansdown PLC		923		8,394
Imperial Brands PLC		2,275		53,180
Kingfisher PLC		5,029		13,968
National Grid PLC		9,757		126,916
Rio Tinto PLC		2,934		200,535
Schroders PLC		2,153		10,946
SSE PLC		2,829		65,629


	Number of Shares		Value
United Kingdom (Continued)
St James’s Place PLC		1,423	$	11,684
Tesco PLC		18,922		68,461
Unilever PLC		6,526		311,421

(Cost $1,149,092)				1,000,469

United States — 0.1%
Southern Copper Corp.
(Cost $12,854)		219		15,753

TOTAL COMMON STOCKS
(Cost $10,829,307)				10,388,867

PREFERRED STOCKS — 0.5%
Brazil — 0.2%
Cia Energetica de Minas Gerais		3,555		7,979
Gerdau SA		3,074		13,618

(Cost $20,493)				21,597

Germany — 0.3%
Bayerische Motoren Werke AG		155		14,730
Porsche Automobil Holding SE		408		19,970

(Cost $37,576)				34,700

TOTAL PREFERRED STOCKS (Cost $58,069)				56,297

EXCHANGE-TRADED FUNDS — 0.5%
WisdomTree Emerging Markets High Dividend Fund		250		9,745
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (c)		1,650		38,792

(Cost $46,581)				48,537

CASH EQUIVALENTS — 0.0%
DWS Government Money Market Series “Institutional Shares”, 5.31% (d) (Cost $5,143)		5,143		5,143


TOTAL INVESTMENTS — 99.2% (Cost $10,939,100)			$	10,498,844
Other assets and liabilities, net — 0.8%				84,118

NET ASSETS — 100.0%			$	10,582,962

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:

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


	Number of Shares		Value
COMMON STOCKS — 98.7%
Australia — 12.3%
BHP Group Ltd.		2,201,605	$	67,587,562
Coles Group Ltd.		716,768		7,285,631
Fortescue Ltd.		904,872		14,993,388
Medibank Pvt Ltd.		1,466,260		3,363,826
Pilbara Minerals Ltd.		1,523,770		3,677,623
Rio Tinto Ltd.		198,749		16,477,841
Santos Ltd.		1,737,037		7,958,542
Telstra Group Ltd.		2,141,027		5,422,904
Wesfarmers Ltd.		607,166		21,199,943
Woodside Energy Group Ltd.		1,014,730		20,857,324

(Cost $161,507,711)				168,824,584

Austria — 0.2%
OMV AG
(Cost $3,915,599)		78,448		3,351,030

Belgium — 0.3%
Ageas SA/NV
(Cost $3,895,816)		84,246		3,629,035

Chile — 0.3%
Antofagasta PLC
(Cost $3,711,648)		210,745		3,757,777

Denmark — 0.8%
A.P. Moller — Maersk A/S, Class A (a)		1,658		2,574,417
A.P. Moller — Maersk A/S, Class B		2,552		4,033,513
Tryg A/S		185,633		4,012,497

(Cost $14,343,486)				10,620,427

Finland — 2.2%
Elisa OYJ		75,177		3,369,614
Kesko OYJ, Class B		145,072		2,778,748
Kone OYJ, Class B		182,000		8,100,089
Orion OYJ, Class B		57,158		2,272,585
Stora Enso OYJ, Class R		308,413		4,007,828
UPM-Kymmene OYJ		285,460		9,991,813

(Cost $31,255,062)				30,520,677

France — 14.3%
Amundi SA, 144A		33,631		2,073,256
AXA SA		964,889		30,104,550
Bouygues SA		102,353		3,898,658
Cie Generale des Etablissements Michelin SCA		363,035		12,204,075
Danone SA		344,424		22,160,993
La Francaise des Jeux SAEM, 144A		55,000		1,992,349
Sanofi SA		608,316		56,722,690
TotalEnergies SE		977,570		66,408,194

(Cost $176,526,709)				195,564,765

Germany — 7.3%
Allianz SE		215,362		54,186,746
Bayerische Motoren Werke AG		170,048		17,735,714
Deutsche Post AG		529,660		24,873,341
Evonik Industries AG		118,530		2,217,977
Wacker Chemie AG		10,638		1,303,480

(Cost $87,189,920)				100,317,258


	Number of Shares		Value
Hong Kong — 2.8%
CK Asset Holdings Ltd.		1,030,326	$	4,887,594
CK Infrastructure Holdings Ltd.		348,877		1,728,684
CLP Holdings Ltd.		872,030		6,782,815
Hang Lung Properties Ltd.		1,000,183		1,336,941
Henderson Land Development Co. Ltd.		757,159		2,060,053
HKT Trust & HKT Ltd. (b)		2,106,022		2,246,157
Power Assets Holdings Ltd.		730,157		3,809,572
Sino Land Co. Ltd.		1,883,708		1,898,107
SITC International Holdings Co. Ltd.		699,199		1,056,368
Sun Hung Kai Properties Ltd.		768,235		7,539,430
Swire Properties Ltd.		650,197		1,263,715
WH Group Ltd., 144A		4,400,000		2,828,060
Xinyi Glass Holdings Ltd.		935,662		1,076,988

(Cost $45,713,997)				38,514,484

Ireland — 0.4%
Smurfit Kappa Group PLC
(Cost $4,955,943)		138,780		5,269,517

Israel — 1.1%
Bank Hapoalim BM		677,582		5,733,092
Bank Leumi Le-Israel BM		812,061		6,094,655
Mizrahi Tefahot Bank Ltd.		82,397		2,942,671

(Cost $16,178,891)				14,770,418

Italy — 1.7%
Assicurazioni Generali SpA		539,808		11,193,654
Snam SpA		1,081,821		5,456,875
Terna—Rete Elettrica Nazionale		755,082		6,093,344

(Cost $20,201,774)				22,743,873

Japan — 7.7%
AGC, Inc.		103,300		3,752,298
Daiwa House Industry Co. Ltd.		317,171		9,008,699
Iida Group Holdings Co. Ltd.		82,400		1,231,806
Isuzu Motors Ltd.		311,600		4,121,715
Japan Tobacco, Inc. (a)		641,400		16,491,098
Mitsui Chemicals, Inc.		91,200		2,669,960
Mitsui OSK Lines Ltd.		183,900		5,051,699
MS&AD Insurance Group Holdings, Inc.		229,200		8,578,237
Nippon Yusen KK (a)		259,000		6,962,262
Obayashi Corp.		347,100		2,928,990
Sekisui House Ltd.		318,824		6,532,404
SoftBank Corp.		1,536,700		18,694,862
Sompo Holdings, Inc.		158,000		7,221,605
SUMCO Corp.		187,200		2,806,702
Sumitomo Metal Mining Co. Ltd.		132,200		3,838,079
Tosoh Corp.		139,020		1,849,713
Yamaha Motor Co. Ltd.		159,100		4,064,807

(Cost $94,218,990)				105,804,936

Netherlands — 4.4%
ASR Nederland NV		83,254		3,839,742
Koninklijke Ahold Delhaize NV		513,754		14,888,398
Koninklijke KPN NV		1,789,945		6,146,121
NN Group NV		146,417		5,573,874
Randstad NV		58,336		3,468,949
Stellantis NV		1,181,570		25,657,886

(Cost $51,170,080)				59,574,970


	Number of Shares		Value
New Zealand — 0.2%
Spark New Zealand Ltd.
(Cost $2,901,997)		973,391	$	3,117,300

Norway — 0.9%
Aker BP ASA		168,083		4,835,653
Gjensidige Forsikring ASA		111,828		1,889,253
Orkla ASA		374,828		2,769,446
Yara International ASA		87,896		2,987,002

(Cost $14,977,207)				12,481,354

Singapore — 4.5%
DBS Group Holdings Ltd.		968,100		23,023,748
Oversea-Chinese Banking Corp. Ltd.		1,809,907		17,006,020
Singapore Exchange Ltd.		458,250		3,237,897
Singapore Technologies Engineering Ltd.		834,500		2,319,792
United Overseas Bank Ltd.		675,800		13,783,363
Wilmar International Ltd.		1,026,800		2,792,810

(Cost $59,818,447)				62,163,630

Spain — 3.6%
Enagas SA		133,648		2,449,833
Endesa SA		168,786		3,533,157
Iberdrola SA		3,226,317		39,937,072
Redeia Corp. SA		215,485		3,616,080

(Cost $45,877,533)				49,536,142

Sweden — 2.2%
Boliden AB		146,141		3,903,565
Skanska AB, Class B		181,622		2,920,483
Tele2 AB, Class B		310,855		2,440,242
Volvo AB, Class A		109,359		2,586,082
Volvo AB, Class B		804,391		18,672,670

(Cost $28,510,197)				30,523,042

Switzerland — 16.8%
Adecco Group AG		85,258		4,124,897
Baloise Holding AG		24,072		3,706,792
Glencore PLC		5,599,199		31,316,160
Helvetia Holding AG		21,131		2,908,839
Holcim AG		278,737		20,611,568
Kuehne + Nagel International AG		29,014		8,448,444
Novartis AG		706,607		69,169,557
Partners Group Holding AG		12,170		16,130,096
SGS SA		80,120		6,845,973
Swiss Re AG		161,141		19,133,814
Swisscom AG		13,797		8,098,429
Zurich Insurance Group AG		78,092		39,326,648

(Cost $193,683,217)				229,821,217

United Kingdom — 14.7%
Admiral Group PLC		138,775		4,745,180
Anglo American PLC		677,441		18,369,944
Barratt Developments PLC		514,326		3,345,411
Hargreaves Lansdown PLC		189,303		1,721,633
Imperial Brands PLC		454,012		10,612,887
Kingfisher PLC		998,196		2,772,486
National Grid PLC		1,968,844		25,610,026
Rio Tinto PLC		602,132		41,154,936
Schroders PLC		444,307		2,258,883


	Number of Shares		Value
United Kingdom (Continued)
SSE PLC		582,267	$	13,507,751
Tesco PLC		3,800,386		13,750,131
Unilever PLC		1,336,208		63,763,876

(Cost $205,108,897)				201,613,144

TOTAL COMMON STOCKS (Cost $1,265,663,121)				1,352,519,580

PREFERRED STOCKS — 0.5%
Germany — 0.5%
Bayerische Motoren Werke AG		33,519		3,185,473
Porsche Automobil Holding SE		81,094		3,969,288

(Cost $7,711,423)				7,154,761

SECURITIES LENDING COLLATERAL — 1.9%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 5.27% (c)(d) (Cost $25,355,004)		25,355,004		25,355,004

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 5.31% (c) (Cost $2,013,070)		2,013,070		2,013,070


TOTAL INVESTMENTS — 101.2% (Cost $1,300,742,618)			$	1,387,042,415
Other assets and liabilities, net — (1.2%)				(16,448,637	)

NET ASSETS — 100.0%			$	1,370,593,778

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2023 is as follows:

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

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 November 30, 2023, the Trust consists of forty-four investment series of exchange-traded funds (“ETFs”) (each a “Fund” and collectively, the “Funds”) in operation and trading. These financial statements report on the Funds listed below:

DBX Advisors LLC (“DBX” or the “Advisor”), an indirect, wholly-owned subsidiary of DWS Group GmbH & Co. KGaA (“DWS Group”), serves as investment advisor to the Funds and has overall responsibility for the general management and administration of the Funds, subject to the supervision of the Funds’ Board of Trustees (“Board”).

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF and Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF offer shares that are listed and traded on the Cboe Bats BZX Exchange. Inc. (“Cboe”). Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF offer shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value, (“NAV”) only in large specified lots consisting of 50,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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

The J.P. Morgan ESG EMBI Global Diversified Sovereign Index is designed to apply environmental, social and governance (“ESG”) considerations to a broader parent index. The Underlying Index generally aims to keep the broad characteristics of its parent index, the J.P. Morgan EMBI Global Diversified Sovereign Index, resulting in a broad emerging markets sovereign debt market exposure with ESG aspects.

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

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

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

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

Each Fund is a diversified series of the Trust. In addition, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF may change their diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

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

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

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

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.

Municipal 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.

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.

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

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

Futures contracts are generally valued at the settlement prices established each day on the exchange on which they are traded and are categorized as Level 1.

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the 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; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

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

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

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

Investment Transactions and Investment Income Investment transactions are recorded as of the date that the securities are purchased or sold (trade date). Realized gains and losses from the sale or disposition of securities are calculated on the identified cost-method. Dividend income is net of any foreign taxes withheld at source. Certain dividends from foreign securities may be recorded subsequent to the ex-dividend date as soon as the Fund is informed of such dividends. Interest income is recorded on the accrual basis. All premiums and discounts are amortized/accreted for both tax and financial reporting purposes.

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

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended November 30, 2023, the Funds did not incur any interest or penalties.

At May 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.

As of May 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:

The tax character of current year distributions will be determined at the end of the current fiscal year.

Foreign Taxes The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, capital gains on investments, certain foreign currency transactions or other corporate events. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of November 30, 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 Prior to August 1, 2023, the Bank of New York Mellon served as securities lending agent for Xtrackers Bloomberg US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF. Effective August 1, 2023, National Financial Services LLC (Fidelity Agency Lending), serves as securities lending agent for Xtrackers Bloomberg US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF and may lend securities of the Funds to certain financial institutions under the terms if its securities lending agreement. Prior to September 26, 2023, the Bank of New York Mellon served as securities lending agent for Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF and Xtrackers MSCI All World ex US High Dividend Yield Equity ETF. Effective September 27, 2023, Deutsche Bank AG, serves as securities lending agent for Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF and Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and may lend securities of the Funds to certain financial institutions under the terms if its securities lending agreement. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their

market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of either cash or liquid, unencumbered assets having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended November 30, 2023, the Funds invested the cash collateral into a joint trading account in DWS Government & Agency Securities Portfolio, an affiliated money market fund managed by DWS Investment Management Americas, Inc. DWS Investment Management Americas, Inc. receives a management/ administration fee (0.10% annualized effective rate as of November 30, 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 lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of November 30, 2023, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2023, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF utilized futures in order to simulate investment in the Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

At the time each Fund enters into a futures contract, each Fund deposits and maintains as collateral an initial margin with the broker, as required by the exchange on which the transaction is affected. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in the value of the contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Risks may arise from the potential inability of a counterparty to meet the terms of the contract. The credit/counterparty risk for exchange-traded futures contracts is generally less than privately negotiated futures contracts, since the clearinghouse, which is the issuer or counterparty to each exchange-traded future, provides a guarantee of performance. The guarantee is supported by a daily payment system (i.e., margin requirements).

Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on

the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

A summary of the open futures contracts as of November 30, 2023 is included in a table following the Funds’ Schedule of Investments.

The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2023 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2023 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

For the period ended November 30, 2023 the average monthly volume of derivatives was as follows:

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

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

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

Effective October 1, 2023 the Advisor for the Xtrackers MSCI EAFE High Dividend Yield Equity ETF has contractually agreed through September 30, 2024 to waive a portion of its fees and or reimburse fund expenses to the extent necessary to prevent the operating expenses of the fund (excluding interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) from exceeding 0.09% of the fund’s average daily net assets. This agreement may only be terminated by the fund’s Board (and may not be terminated by the Advisor) prior to that time. For the period ended November 30, 2023, the Advisor waived $239,875 of expenses to the Fund.

The Advisor for Xtrackers MSCI All World ex US High Dividend Yield Equity ETF has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. For the period ended November 30, 2023, the Advisor waived $29 of the expenses of the Fund.

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period ended November 30, 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 period ended November 30, 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 period ended November 30, 2023, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

As of November 30, 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.

Investing in emerging markets may involve special risks and considerations not typically associated with investing in developed markets. These risks include revaluation of currencies, high rates of inflation or deflation, repatriation restrictions on income and capital, and future adverse political, social and economic developments. Moreover, securities issued in these markets may be less liquid, subject to government ownership controls or delayed settlements, and may have prices that are more volatile or less easily assessed than those of comparable securities of issuers in developed markets. There is also substantially less publicly available information about emerging market issuers than there is about issuers in developed countries. Therefore, disclosure of certain material information may not be made, and less information may be available to the Funds and other investors than would be the case if the Funds’ investments were restricted to securities of issuers in developed countries. Investments in emerging markets are often considered speculative.

High-yield debt securities or junk bonds are generally regarded as speculative with respect to the issuer’s continuing ability to meet principal and interest payments. A fund’s performance could be hurt if an issuer of a debt security suffers an adverse change in financial condition that results in the issuer not making timely payments of interest or principal, a security downgrade or an inability to meet a financial obligation. High-yield debt securities’ total return and yield may generally be expected to fluctuate more than the total return and yield of investment-grade debt securities. A real or perceived economic downturn or an increase in market interest

rates could cause a decline in the value of high-yield debt securities, result in increased redemptions and/or result in increased portfolio turnover, which could result in a decline in NAV of a fund, reduce liquidity for certain investments and/or increase costs. High-yield debt securities are often thinly traded and can be more difficult to sell and value accurately than investment-grade debt securities as there may be no established secondary market. Investments in high-yield debt securities could increase liquidity risk for a fund. In addition, the market for high-yield debt securities can experience sudden and sharp volatility which is generally associated more with investments in stocks.

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Bloomberg US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the 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 Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2023.

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 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 possible loss of principal. Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. In certain situations, it may be difficult or impossible to sell an investment at an acceptable price. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile and less liquid than the markets of more mature economies, and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Investments in lower-quality (“junk bonds”) and non-rated securities present greater risk of loss than investments in higher-quality securities. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer’s ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. Incorporation of ESG criteria in a fund’s investment strategy does not guarantee a return or protect against a loss, limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. Stocks may decline in value. Dividends are not guaranteed. If the dividend-paying stocks held by the Fund reduce or stop paying dividends, the Fund’s ability to generate income may be adversely affected. Performance of the Funds may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in these Funds should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the Funds. Please read the prospectus for more information.

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

War, terrorism, 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.

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

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

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

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

Copyright © 2024 DWS Group. All rights reserved. Xtrackers^TM is a trademark of DWS Investment GmbH. All other trademarks, servicemarks or registered trademarks are the property of their respective owners.


Financials			21.9%
Materials			18.8%
Consumer Staples			11.8%
Health Care			9.4%
Industrials			8.4%
Utilities			8.3%
Consumer Discretionary			7.9%
Energy			7.6%
Communication Services			3.6%
Real Estate			2.1%
Information Technology			0.2%

Total			100.0%


	Beginning Account Value June 1, 2023		Ending Account Value November 30, 2023		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF
Actual	$	1,000.00	$	1,010.80		0.15	%	$	0.75
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.25		0.15	%	$	0.76
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF
Actual	$	1,000.00	$	1,031.70		0.35	%	$	1.78
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.25		0.35	%	$	1.77
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF
Actual	$	1,000.00	$	1,053.50		0.20	%	$	1.03
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.00		0.20	%	$	1.01
Xtrackers Municipal Infrastructure Revenue Bond ETF
Actual	$	1,000.00	$	1,016.60		0.15	%	$	0.76
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.25		0.15	%	$	0.76
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
Actual	$	1,000.00	$	1,083.80		0.20	%	$	1.04
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.00		0.20	%	$	1.01
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Actual	$	1,000.00	$	1,088.40		0.16	%	$	0.84
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.20		0.16	%	$	0.81


	Value ($) at 5/31/2023		Purchases Cost ($)		Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2023		Value ($) at 11/30/2023
CASH EQUIVALENTS — 0.6%
DWS Government Money Market Series “Institutional Shares”, 5.31% (c)
		29,514		416,098		(404,697	)		—		—		1,189		—		40,915		40,915


	Page
Portfolio Summary
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF		1
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		2
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		3
Xtrackers Municipal Infrastructure Revenue Bond ETF		4
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		5
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		6
Fees and Expenses		7
Schedule of Investments
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF		8
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		17
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		21
Xtrackers Municipal Infrastructure Revenue Bond ETF		38
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		45
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		52
Statements of Assets and Liabilities		56
Statements of Operations		58
Statements of Changes in Net Assets		60
Financial Highlights		63
Notes to Financial Statements		66
Other Information		76
Additional Information		77


United States			86.7%
Canada			3.9%
United Kingdom			3.4%
Japan			2.2%
Other			3.8%

Total			100.0%


United States			84.6%
Canada			5.1%
United Kingdom			2.1%
Other			8.2%

Total			100.0%


Consumer, Cyclical			20.3%
Communications			14.9%
Consumer, Non-cyclical			14.0%
Industrial			13.7%
Energy			13.2%
Financial			10.9%
Basic Materials			6.0%
Technology			5.1%
Utilities			1.8%
Diversified			0.1%

Total			100.0%


Airport			31.1%
Transportation			26.7%
General			14.6%
Water			14.2%
Power			11.0%
Utilities			2.3%
Development			0.1%

Total			100.0%


Ten Largest Equity Holdings as of November 30, 2023 (27.4% of Net Assets)


Description	% of Net Assets
Novartis AG (Switzerland)		4.9%
BHP Group Ltd. (Australia)		3.8%
TotalEnergies SE (France)		3.8%
Unilever PLC (United Kingdom)		2.9%
Sanofi SA (France)		2.6%
Allianz SE (Germany)		2.5%
Rio Tinto PLC (United Kingdom)		1.9%
Iberdrola SA (Spain)		1.8%
Zurich Insurance Group AG (Switzerland)		1.8%
Glencore PLC (Switzerland)		1.4%


Financials			25.6%
Materials			15.4%
Energy			9.7%
Consumer Staples			8.6%
Health Care			8.0%
Consumer Discretionary			7.6%
Industrials			6.8%
Utilities			6.5%
Information Technology			5.6%
Communication Services			4.0%
Real Estate			2.2%

Total			100.0%


Switzerland			16.9%
United Kingdom			14.8%
France			14.4%
Australia			12.4%
Germany			7.9%
Japan			7.8%
Singapore			4.6%
Netherlands			4.4%
Spain			3.6%
Hong Kong			2.8%
Sweden			2.2%
Finland			2.2%
Other			6.0%

Total			100.0%


Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (a)	$	—	$	2,678,129	$	—	$	2,678,129
Short-Term Investments (a)		11,961		—		—		11,961

TOTAL	$	11,961	$	2,678,129	$	—	$	2,690,090


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation (Depreciation)
EURO STOXX 50 Futures	EUR	1	$	46,589	$	47,910	12/15/2023	$	1,321
MSCI Emerging Markets Index Future	USD	1		49,427		49,355	12/15/2023		(72	)

Total net unrealized appreciation								$	1,249


	Xtrackers Bloomberg US Investment Grade Corporate ESG ETF			Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF			Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF			Xtrackers Municipal Infrastructure Revenue Bond ETF
Assets
Investment in non-affiliated securities at value	$	2,661,206		$	6,432,878		$	5,322,915		$	111,619,200
Investment in affiliated securities at value		16,923			—			—			—
Investment in DWS Government Money Market Series		11,961			40,915			75,146			—
Investment in DWS Government & Agency Securities Portfolio*		—			—			6,105			—
Cash		—			—			—			1,264,325
Foreign currency at value		—			151			1			—
Receivables:
Investment securities sold		14,238			76,707			138,551			—
Interest		24,747			106,774			91,268			1,402,273
Securities lending income		—			—			10			—

Total assets	$	2,729,075		$	6,657,425		$	5,633,996		$	114,285,798


Liabilities
Payable upon return of securities loaned	$	—		$	—		$	6,105		$	—
Payables:
Investment securities purchased		17,285			83,099			161,670			539,665
Investment advisory fees		324			1,835			875			13,416

Total liabilities		17,609			84,934			168,650			553,081

Net Assets, at value	$	2,711,466		$	6,572,491		$	5,465,346		$	113,732,717


Net Assets Consist of
Paid-in capital	$	4,576,477		$	12,368,761		$	8,901,294		$	129,726,101
Distributable earnings (loss)		(1,865,011	)		(5,796,270	)		(3,435,948	)		(15,993,384	)

Net Assets, at value	$	2,711,466		$	6,572,491		$	5,465,346		$	113,732,717


Number of Common Shares outstanding		150,001			400,001			300,001			4,550,001

Net Asset Value	$	18.08		$	16.43		$	18.22		$	25.00

Investment in non-affiliated securities at cost	$	3,088,032		$	7,547,759		$	5,717,412		$	123,207,069

Investment in affiliated securities at cost	$	20,070		$	—		$	—		$	—

Value of securities loaned	$	—		$	—		$	5,837		$	—

Investment in DWS Government Money Market Series at cost	$	11,961		$	40,915		$	75,146		$	—

Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	—		$	6,105		$	—

Foreign currency at cost	$	—		$	151		$	1		$	—


	Xtrackers MSCI All World ex US High Dividend Yield Equity ETF			Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Assets
Investment in non-affiliated securities at value	$	10,454,909		$	1,359,674,341
Investment in affiliated securities at value		38,792			—
Investment in DWS Government Money Market Series		5,143			2,013,070
Investment in DWS Government & Agency Securities Portfolio*		—			25,355,004
Foreign currency at value		34,125			2,558,694
Deposit with broker for futures contracts		4,983			445,164
Receivables:
Investment securities sold		878,104			155,522,024
Variation margin on futures contracts		32			—
Dividends		27,672			3,221,769
Interest		16			2,054
Securities lending income		—			5,499
Foreign tax reclaim		42,096			3,919,964

Total assets	$	11,485,872		$	1,552,717,583


Liabilities
Payable upon return of securities loaned	$	—		$	25,355,004
Payables:
Investment securities purchased		892,342			109,648,823
Capital shares		—			47,018,621
Investment advisory fees		1,679			97,921
Variation margin on futures contracts		—			3,436
Deferred foreign tax		8,889			—

Total liabilities		902,910			182,123,805

Net Assets, at value	$	10,582,962		$	1,370,593,778


Net Assets Consist of
Paid-in capital	$	15,775,096		$	1,409,671,187
Distributable earnings (loss)		(5,192,134	)		(39,077,409	)

Net Assets, at value	$	10,582,962		$	1,370,593,778


Number of Common Shares outstanding		450,001			58,300,001

Net Asset Value	$	23.52		$	23.51


Investment in non-affiliated securities at cost	$	10,896,792		$	1,273,374,544

Investment in affiliated securities at cost	$	37,165		$	—

Value of securities loaned	$	—		$	24,092,456

Investment in DWS Government Money Market Series at cost	$	5,143		$	2,013,070

Investment in DWS Government & Agency Securities Portfolio at cost*	$	—		$	25,355,004

Foreign currency at cost	$	33,547		$	2,499,667


	Xtrackers Bloomberg US Investment Grade Corporate ESG ETF			Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF			Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF			Xtrackers Municipal Infrastructure Revenue Bond ETF
Investment Income
Unaffiliated interest income	$	48,285		$	227,446		$	214,562		$	1,717,135
Affiliated interest income		318			—			—			—
Unaffiliated dividend income		—			—			2,389			—
Income distributions from affiliated funds		195			1,189			1,586			—
Affiliated securities lending income		—			—			18			—

Total investment income		48,798			228,635			218,555			1,717,135


Expenses
Investment advisory fees		2,002			14,344			6,368			83,257
Other expenses		58			58			58			58

Total expenses		2,060			14,402			6,426			83,315

Less fees waived (see note 3):
Waiver		(4	)		(22	)		(31	)		—

Net expenses		2,056			14,380			6,395			83,315

Net investment income (loss)		46,742			214,255			212,160			1,633,820


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(10,938	)		(41,495	)		(26,491	)		(387,938	)
In-kind redemptions		—			(2,001,081	)		(703,434	)		—

Net realized gain (loss)		(10,938	)		(2,042,576	)		(729,925	)		(387,938	)

Net change in unrealized appreciation (depreciation) on:
Investments		(8,969	)		2,253,123			898,760			554,056
Investments in affiliates		148			—			—			—

Net change in unrealized appreciation (depreciation)		(8,821	)		2,253,123			898,760			554,056

Net realized and unrealized gain (loss) on investments		(19,759	)		210,547			168,835			166,118


Net Increase (Decrease) in Net Assets Resulting from Operations	$	26,983		$	424,802		$	380,995		$	1,799,938


	Xtrackers Bloomberg US Investment Grade Corporate ESG ETF						Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF
	For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023			For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	46,742		$	196,750		$	214,255		$	806,818
Net realized gain (loss)		(10,938	)		(623,784	)		(2,042,576	)		(1,582,453	)
Net change in net unrealized appreciation (depreciation)		(8,821	)		322,222			2,253,123			523,279

Net increase (decrease) in net assets resulting from operations		26,983			(104,812	)		424,802			(252,356	)

Distributions to Shareholders		(48,002	)		(203,344	)		(257,405	)		(867,961	)


Fund Shares Transactions
Proceeds from shares sold		—			—			—			1,664,481
Value of shares redeemed		—			(3,672,018	)		(10,863,956	)		(2,510,949	)

Net increase (decrease) in net assets resulting from fund share transactions		—			(3,672,018	)		(10,863,956	)		(846,468	)

Total net increase (decrease) in Net Assets		(21,019	)		(3,980,174	)		(10,696,559	)		(1,966,785	)

Net Assets
Beginning of period		2,732,485			6,712,659			17,269,050			19,235,835

End of period	$	2,711,466		$	2,732,485		$	6,572,491		$	17,269,050


Changes in Shares Outstanding
Shares outstanding, beginning of period		150,001			350,001			1,050,001			1,100,001
Shares sold		—			—			—			100,000
Shares redeemed		—			(200,000	)		(650,000	)		(150,000	)

Shares outstanding, end of period		150,001			150,001			400,001			1,050,001


	Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF						Xtrackers Municipal Infrastructure Revenue Bond ETF
	For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023			For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	212,160		$	1,118,319		$	1,633,820		$	3,544,209
Net realized gain (loss)		(729,925	)		(997,443	)		(387,938	)		(6,754,022	)
Net change in net unrealized appreciation (depreciation)		898,760			(114,921	)		554,056			665,530

Net increase (decrease) in net assets resulting from operations		380,995			5,955			1,799,938			(2,544,283	)

Distributions to Shareholders		(257,999	)		(1,154,340	)		(1,639,016	)		(3,631,610	)


Fund Shares Transactions
Proceeds from shares sold		—			—			1,261,391			8,803,399
Value of shares redeemed		(8,104,176	)		(7,412,053	)		—			(52,057,833	)

Net increase (decrease) in net assets resulting from fund share transactions		(8,104,176	)		(7,412,053	)		1,261,391			(43,254,434	)

Total net increase (decrease) in Net Assets		(7,981,180	)		(8,560,438	)		1,422,313			(49,430,327	)

Net Assets
Beginning of period		13,446,526			22,006,964			112,310,404			161,740,731

End of period	$	5,465,346		$	13,446,526		$	113,732,717		$	112,310,404


Changes in Shares Outstanding
Shares outstanding, beginning of period		750,001			1,150,001			4,500,001			6,250,001
Shares sold		—			—			50,000			350,000
Shares redeemed		(450,000	)		(400,000	)		—			(2,100,000	)

Shares outstanding, end of period		300,001			750,001			4,550,001			4,500,001


	Xtrackers MSCI All World ex US High Dividend Yield Equity ETF						Xtrackers MSCI EAFE High Dividend Yield Equity ETF
	For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023			For the Six Months Ended November 30, 2023 (Unaudited)			Year Ended May 31, 2023
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	226,494		$	524,523		$	21,188,757		$	57,160,160
Net realized gain (loss)		20,099			(329,402	)		1,508,560			(9,842,940	)
Net change in net unrealized appreciation (depreciation)		592,550			(535,997	)		87,978,932			(18,885,528	)

Net increase (decrease) in net assets resulting from operations		839,143			(340,876	)		110,676,249			28,431,692

Distributions to Shareholders		(448,403	)		(648,129	)		(50,748,208	)		(44,880,584	)


Fund Shares Transactions
Proceeds from shares sold		—			—			109,147,328			529,031,423
Value of shares redeemed		—			(1,083,943	)		(47,018,621	)		(219,450,948	)

Net increase (decrease) in net assets resulting from fund share transactions		—			(1,083,943	)		62,128,707			309,580,475

Total net increase (decrease) in Net Assets		390,740			(2,072,948	)		122,056,748			293,131,583

Net Assets
Beginning of period		10,192,222			12,265,170			1,248,537,030			955,405,447

End of period	$	10,582,962		$	10,192,222		$	1,370,593,778		$	1,248,537,030


Changes in Shares Outstanding
Shares outstanding, beginning of period		450,001			500,001			55,600,001			40,700,001
Shares sold		—			—			4,700,000			24,950,000
Shares redeemed		—			(50,000	)		(2,000,000	)		(10,050,000	)

Shares outstanding, end of period		450,001			450,001			58,300,001			55,600,001


Xtrackers Bloomberg US Investment Grade Corporate ESG ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2023 (Unaudited)			2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	18.22		$	19.18		$	21.93		$	22.02		$	23.04		$	23.84

Income (loss) from investment operations:
Net investment income (loss)(a)		0.31			0.59			0.52			0.53			0.73			0.83
Net realized and unrealized gain (loss)		(0.13	)		(0.97	)		(2.74	)		(0.10	)		(0.98	)		(0.32	)

Total from investment operations		0.18			(0.38	)		(2.22	)		0.43			(0.25	)		0.51

Less distributions from:
Net investment income		(0.32	)		(0.58	)		(0.53	)		(0.52	)		(0.77	)		(0.83	)
Net realized gains		—			—			—			—			—			(0.48	)

Total distributions		(0.32	)		(0.58	)		(0.53	)		(0.52	)		(0.77	)		(1.31	)

Net Asset Value, end of period	$	18.08		$	18.22		$	19.18		$	21.93		$	22.02		$	23.04

Total Return (%)(b)		1.08	**		(1.95	)		(10.36	)		1.95			(1.16	)		2.28

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		3			3			7			8			10			7
Ratio of expenses before fee waiver (%)		0.15	*		0.15			0.15			0.15			0.24			0.25
Ratio of expenses after fee waiver (%)		0.15	*		0.15			0.15			0.15			0.24			0.25
Ratio of net investment income (loss) (%)		3.50	*		3.20			2.42			2.34			3.18			3.53
Portfolio turnover rate (%)(c)		4	**		17			30			29			57			25

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF Selected Per Share Data	For the Six Months Ended 11/30/2023 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2023 (Unaudited)			2023			2022			2021			2020			2019
Net Asset Value, beginning of period	$	16.45		$	17.49		$	21.78		$	20.63		$	23.10		$	24.36

Income (loss) from investment operations:
Net investment income (loss)(a)		0.43			0.78			0.84			0.84			0.89			1.05
Net realized and unrealized gain (loss)		0.08			(0.99	)		(4.26	)		1.12			(2.37	)		(0.29	)

Total from investment operations		0.51			(0.21	)		(3.42	)		1.96			(1.48	)		0.76

Less distributions from:
Net investment income		(0.53	)		(0.83	)		(0.87	)		(0.81	)		(0.99	)		(1.04	)
Net realized gains		—			—			—			—			—			(0.98	)

Total distributions		(0.53	)		(0.83	)		(0.87	)		(0.81	)		(0.99	)		(2.02	)

Net Asset Value, end of period	$	16.43		$	16.45		$	17.49		$	21.78		$	20.63		$	23.10

Total Return (%)(b)		3.17	**		(1.11	)		(16.21	)		9.57			(6.79	)		3.31

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		7			17			19			30			14			7
Ratio of expenses before fee waiver (%)		0.35	*		0.35			0.35			0.35			0.44			0.45
Ratio of expenses after fee waiver (%)		0.35	*		0.35			0.35			0.35			0.44			0.45
Ratio of net investment income (loss) (%)		5.23	*		4.72			4.09			3.87			3.85			4.37
Portfolio turnover rate (%)(c)		6	**		20			24			35			26			31


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


	Short-Term		Long-Term		Total Amount
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	498,533	$	930,562	$	1,429,095
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		374,510		2,213,999		2,588,509
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		451,614		1,861,500		2,313,114
Xtrackers Municipal Infrastructure Revenue Bond ETF		2,273,188		2,007,173		4,280,361
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		999,902		3,611,579		4,611,481
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		28,086,660		72,771,617		100,858,277


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	3,139,609	$	(423,981	)	$	3,212	$	(427,193	)
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		20,392,739		(3,421,025	)		128,733		(3,549,758	)
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		14,551,819		(1,337,055	)		128,756		(1,465,811	)
Xtrackers Municipal Infrastructure Revenue Bond ETF		122,800,563		(12,141,925	)		170,397		(12,312,322	)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		11,860,968		(1,217,814	)		485,482		(1,703,296	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		1,349,139,956		(33,089,730	)		42,558,070		(75,647,800	)


Remaining Contractual Maturity of the Agreements, as of November 30, 2023

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF
Corporate Bonds	$	6,105	$	—	$	—	$	—	$	6,105

Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	6,105

Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Common Stocks	$	25,355,004	$	—	$	—	$	—	$	25,355,004

Gross amount of recognized liabilities and cash collateral for securities lending transactions									$	25,355,004


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

	Equity contracts	Unrealized appreciation on futures contracts*	$	1,321	Unrealized depreciation on futures contracts*	$	72

Xtrackers MSCI EAFE High Dividend Yield Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	177,770	Unrealized depreciation on futures contracts*	$	53,645


Net Realized Gain (Loss) from:

	Futures Contracts — Equity Contracts
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	8,022
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		(326,438	)

Net Change in Unrealized Appreciation (Depreciation) on:
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	(4,229	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		675,857


	Futures Contracts (Contract Value)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	114,814
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		13,120,939


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


	Expenses Waived
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	4
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		22
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		31
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		12
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		1,228


	Purchases		Sales
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	117,169	$	113,287
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		484,062		455,208
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		782,857		781,172
Xtrackers Municipal Infrastructure Revenue Bond ETF		4,042,847		2,429,841
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		1,073,159		1,238,092
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		132,016,022		136,566,823


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