DBX ETF TRUST

To our Shareholders: (Unaudited)

Dear shareholder,

We are pleased to provide this semi-annual report for five of our ETFs tracking the fixed income market for the period ended February 28, 2023.

The global economy showed signs of recovery during the reporting period, with financial markets paring some of the year-to-date losses, on the back of easing inflation and prospects of a slowdown in rate hikes. Owing to slowing inflation in the U.S. central banks across developed countries announced slower rate hikes in their fight against rising prices. However, the Bank of Japan (BoJ) continued to hold an accommodative stance on its monetary policy in its push to solidify the economic recovery. While the Russia-Ukraine war continued, concerns surrounding an energy crisis in Europe largely eased as the winter was not as cold as expected. Around the turn of the year, China’s resurgence, after dropping the zero-Covid policy, buoyed markets. In early 2023, developing markets continued to rally even though inflation seemed primed to stay resolute.

Global bond markets ended Q4 2022 on a mixed note, with government bond yields moving up toward the end of the quarter, reflecting market disappointment at the hawkish stance of major central banks, despite signs of easing inflation. The US Federal Reserve (Fed) raised rates four times during the reporting period, ending between 4.50% and 4.75%. The Bank of England (BoE) increased the rate twice to 3.5% at the end of Q4. Meanwhile, the BoJ modified its yield-curve-control policy. U.S. and European investment-grade and high-yield credit bonds outperformed government bonds during the quarter on improved risk sentiment. In the Eurozone, there were signs of slowing inflation toward the end of the quarter owing to a decline in energy prices. Nevertheless, the European Central Bank (ECB) continued to tighten its monetary policy.

Bond prices rose in January 2023 on softening inflation and expectations of an end to the global monetary tightening policy. The Bank of Canada raised the rate by 25bps¹, indicating a pause in its hiking cycle. In the U.S. and Europe, credit market bonds outperformed government bonds across high yield and investment grades. Moreover, risk sentiment improved as investors welcomed the news on moderating inflation and higher-than-expected growth in the Eurozone and China.

A rebound in economic activity resulted in higher bond yields globally in February 2023. Bonds declined for the month, negating much of the prior month’s returns. The Fed, the ECB, and the BoE announced rate hikes at the beginning of February. Of late, investors have been wary of an expected improvement in the near-term global economic situation, as this implies that the interest rate will likely remain high longer than expected in order to tame inflation.

We believe 2023 will be a year of tackling uncertainties that can plague the investment environment including inflation rates, interest rate hikes, changing economic growth prospects, and geopolitical developments. Although there is a chance of a recession in 2023, we believe it will likely be shallow and mild, given the absence of structural imbalances in the economy. Meanwhile we believe slowing demand and declining housing prices are likely to slow inflation and prompt the major central banks around the globe to pause or scale back further rate hikes.

Our team appreciates your trust and looks forward to serving your investment needs through innovative index-driven strategies.

Sincerely,

/s/ Freddi Klassen

Freddi Klassen

President and Chief Executive Officer

¹ Basis points (Bps) are a unit of measurement equal to 1/100th of 1 percent and a standard measure for interest rates.

Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results.

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

Quality * as of February 28, 2023


Description	% of Market Value
BBB		1.8%
BB		42.8%
B		42.1%
CCC		13.1%
CC		0.1%
NR		0.1%

Total		100.0%

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

Sector Diversification* as of February 28, 2023


Consumer, Cyclical			24.1%
Communications			20.8%
Consumer, Non-cyclical			15.3%
Energy			12.0%
Financial			10.3%
Industrial			6.7%
Basic Materials			4.7%
Technology			3.7%
Utilities			2.4%

Total			100.0%

Modified duration to worst as of February 28, 2023: 3.9 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.

* 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 8.

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

Quality* as of February 28, 2023


Description	% of Market Value
BBB		12.6%
BB		75.0%
B		11.9%
CCC		0.5%

Total		100.0%

Sector Diversification* as of February 28, 2023


Consumer, Cyclical			23.5%
Consumer, Non-cyclical			17.8%
Communications			16.2%
Industrial			10.3%
Energy			10.0%
Financial			9.9%
Technology			5.6%
Utilities			3.5%
Basic Materials			3.2%

Total			100.0%

Modified duration to worst as of February 28, 2023: 4.1 years

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

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 18.

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

Quality* as of February 28, 2023


Description	% of Market Value
BBB		6.9%
BB		60.0%
B		26.5%
CCC		6.6%

Total		100.0%

Sector Diversification* as of February 28, 2023


Consumer, Cyclical			24.6%
Communications			19.0%
Consumer, Non-cyclical			16.0%
Energy			10.9%
Financial			9.8%
Industrial			8.5%
Basic Materials			3.9%
Technology			4.5%
Utilities			2.8%

Total			100.0%

Modified duration to worst as of February 28, 2023: 4.0 years

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

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 28.

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

Quality* as of February 28, 2023


Description	% of Market Value
BBB		9.0%
BB		55.5%
B		29.1%
CCC		6.2%
CC		0.1%
NR		0.1%

Total		100.0%

Sector Diversification* as of February 28, 2023


Consumer, Cyclical			26.0%
Communications			18.3%
Consumer, Non-cyclical			15.1%
Financial			10.8%
Industrial			10.2%
Energy			9.8%
Basic Materials			4.1%
Technology			2.9%
Utilities			2.8%

Total			100.0%

Modified duration to worst as of February 28, 2023: 2.7 years

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

* 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 30.

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

Quality* as of February 28, 2023


Description	% of Market Value
BBB		7.0%
BB		60.4%
B		26.1%
CCC		6.5%

Total		100.0%

Sector Diversification* as of February 28, 2023


Consumer, Cyclical			24.6%
Communications			19.0%
Consumer, Non-cyclical			16.0%
Energy			10.9%
Financial			9.8%
Industrial			8.5%
Technology			4.5%
Basic Materials			3.9%
Utilities			2.8%

Total			100.0%

Modified duration to worst as of February 28, 2023: 4.0 years

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

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

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 40.

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

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six-month period and held for the entire period (September 1, 2022 to February 28, 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 181 (the number of days in the most recent six-month period), then divided by 365.

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


	Principal Amount		Value
CORPORATE BONDS — 97.7%
Basic Materials — 4.6%
Chemicals — 2.0%
ASP Unifrax Holdings, Inc.
144A, 5.25%, 9/30/28	$	31,000	$	24,085
144A, 7.50%, 9/30/29		10,000		6,812
Chemours Co.
5.375%, 5/15/27 (a)		13,000		11,854
144A, 5.75%, 11/15/28		25,000		21,986
144A, 4.625%, 11/15/29		31,000		25,174
Consolidated Energy Finance SA, 144A, 5.625%, 10/15/28		13,000		11,130
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		13,000		11,449
Methanex Corp., 5.25%, 12/15/29		26,000		23,882
NOVA Chemicals Corp.
144A, 5.00%, 5/1/25		17,000		16,227
144A, 5.25%, 6/1/27		35,000		31,547
144A, 4.25%, 5/15/29 (a)		13,000		10,777
Olympus Water US Holding Corp., 144A, 4.25%, 10/1/28		10,000		8,358
SCIH Salt Holdings, Inc.
144A, 4.875%, 5/1/28		38,000		32,893
144A, 6.625%, 5/1/29		19,000		15,447
Tronox, Inc., 144A, 4.625%, 3/15/29		37,000		30,194

(Cost $317,791)				281,815

Forest Products & Paper — 0.2%
Mercer International, Inc., 5.125%, 2/1/29
(Cost $32,783)		34,000		27,959

Iron/Steel — 0.6%
Mineral Resources Ltd.
144A, 8.125%, 5/1/27		18,000		17,987
144A, 8.00%, 11/1/27		32,000		31,869
144A, 8.50%, 5/1/30		16,000		16,039
United States Steel Corp., 6.875%, 3/1/29 (a)		19,000		19,029

(Cost $86,126)				84,924

Mining — 1.8%
Arconic Corp., 144A, 6.125%, 2/15/28		24,000		23,727
Constellium SE, 144A, 3.75%, 4/15/29		13,000		10,810
First Quantum Minerals Ltd.
144A, 7.50%, 4/1/25		46,000		44,661
144A, 6.875%, 3/1/26		40,000		38,200
144A, 6.875%, 10/15/27		54,000		50,711
FMG Resources August 2006 Pty Ltd., 144A, 6.125%, 4/15/32		28,000		26,500
Hudbay Minerals, Inc.
144A, 4.50%, 4/1/26		15,000		13,483
144A, 6.125%, 4/1/29		15,000		13,258
Kaiser Aluminum Corp.
144A, 4.625%, 3/1/28		15,000		12,937
144A, 4.50%, 6/1/31		15,000		11,892

(Cost $261,152)				246,179


	Principal Amount		Value
Communications — 20.3%
Advertising — 1.3%
Clear Channel Outdoor Holdings, Inc.
144A, 5.125%, 8/15/27	$	42,000	$	37,525
144A, 7.75%, 4/15/28		35,000		29,067
144A, 7.50%, 6/1/29		37,000		30,005
CMG Media Corp., 144A, 8.875%, 12/15/27		36,000		24,263
Outfront Media Capital LLC / Outfront Media Capital Corp.
144A, 4.25%, 1/15/29		17,000		13,998
144A, 4.625%, 3/15/30		20,000		16,473
Stagwell Global LLC, 144A, 5.625%, 8/15/29		29,000		24,894

(Cost $203,159)				176,225

Internet — 0.1%
Rakuten Group, Inc., 144A, 10.25%, 11/30/24 (Cost $19,759)		20,000		20,076

Media — 9.6%
Altice Financing SA
144A, 5.00%, 1/15/28		32,000		26,585
144A, 5.75%, 8/15/29		64,000		52,409
AMC Networks, Inc.
5.00%, 4/1/24		24,000		23,906
4.75%, 8/1/25		27,000		25,560
4.25%, 2/15/29		36,000		26,505
Audacy Capital Corp.
144A, 6.50%, 5/1/27		21,000		3,016
144A, 6.75%, 3/31/29		14,000		2,016
CCO Holdings LLC / CCO Holdings Capital Corp., 144A, 7.375%, 3/1/31		32,000		31,154
CSC Holdings LLC
5.25%, 6/1/24		35,000		33,944
144A, 5.50%, 4/15/27		48,000		41,809
144A, 5.375%, 2/1/28		37,000		30,895
144A, 7.50%, 4/1/28		43,000		28,837
144A, 6.50%, 2/1/29		56,000		47,531
144A, 5.75%, 1/15/30		72,000		41,111
144A, 4.125%, 12/1/30		41,000		29,400
144A, 4.625%, 12/1/30		85,000		45,762
144A, 3.375%, 2/15/31		37,000		25,348
144A, 4.50%, 11/15/31		53,000		37,694
144A, 5.00%, 11/15/31		18,000		9,603
DISH DBS Corp.
5.875%, 11/15/24		66,000		61,650
7.75%, 7/1/26		72,000		55,962
144A, 5.25%, 12/1/26		98,000		82,259
7.375%, 7/1/28		30,000		20,550
144A, 5.75%, 12/1/28		91,000		72,861
5.125%, 6/1/29		48,000		28,410
DISH Network Corp., 144A, 11.75%, 11/15/27		113,000		114,684
Gray Escrow II, Inc., 144A, 5.375%, 11/15/31		10,000		7,437


	Principal Amount		Value
Media (Continued)
Gray Television, Inc.
144A, 5.875%, 7/15/26	$	17,000	$	15,371
144A, 7.00%, 5/15/27		30,000		27,112
144A, 4.75%, 10/15/30		20,000		14,618
iHeartCommunications, Inc.
6.375%, 5/1/26		22,000		20,762
8.375%, 5/1/27		38,000		33,478
144A, 5.25%, 8/15/27		19,000		16,554
144A, 4.75%, 1/15/28		26,000		21,893
McGraw-Hill Education, Inc.
144A, 5.75%, 8/1/28		23,000		20,164
144A, 8.00%, 8/1/29		28,000		23,959
Sinclair Television Group, Inc.
144A, 5.50%, 3/1/30 (a)		13,000		9,627
144A, 4.125%, 12/1/30		26,000		20,207
Univision Communications, Inc., 144A, 7.375%, 6/30/30		31,000		29,433
UPC Holding BV, 144A, 5.50%, 1/15/28		20,000		17,618
Virgin Media Finance PLC, 144A, 5.00%, 7/15/30		25,000		20,398
VTR Finance NV, 144A, 6.375%, 7/15/28		18,000		7,776
Ziggo Bond Co. BV
144A, 6.00%, 1/15/27		16,000		14,896
144A, 5.125%, 2/28/30		13,000		10,518

(Cost $1,579,330)				1,331,282

Telecommunications — 9.3%
Altice France Holding SA
144A, 10.50%, 5/15/27		48,000		39,688
144A, 6.00%, 2/15/28		41,000		28,233
Altice France SA
144A, 8.125%, 2/1/27		64,000		59,805
144A, 5.50%, 1/15/28		41,000		33,813
144A, 5.125%, 1/15/29		15,000		11,533
144A, 5.125%, 7/15/29		79,000		61,074
144A, 5.50%, 10/15/29		67,000		52,336
C&W Senior Financing DAC, 144A, 6.875%, 9/15/27		43,000		39,000
CommScope Technologies LLC 144A, 6.00%, 6/15/25		53,000		50,856
144A, 5.00%, 3/15/27		19,000		14,494
CommScope, Inc.
144A, 6.00%, 3/1/26		48,000		46,297
144A, 8.25%, 3/1/27		35,000		29,845
144A, 7.125%, 7/1/28		30,000		23,397
144A, 4.75%, 9/1/29		43,000		35,193
Consolidated Communications, Inc.
144A, 5.00%, 10/1/28		12,000		8,114
144A, 6.50%, 10/1/28		30,000		22,125
Frontier Communications Holdings LLC
144A, 6.75%, 5/1/29		36,000		30,390
5.875%, 11/1/29		20,000		16,045
144A, 6.00%, 1/15/30		40,000		32,011
144A, 8.75%, 5/15/30		42,000		42,520
Hughes Satellite Systems Corp., 6.625%, 8/1/26 (a)		19,000		17,904


	Principal Amount		Value
Telecommunications (Continued)
Iliad Holding SASU
144A, 6.50%, 10/15/26	$	31,000	$	29,001
144A, 7.00%, 10/15/28		33,000		30,342
Intelsat Jackson Holdings SA, 144A, 6.50%, 3/15/30		107,000		93,069
Level 3 Financing, Inc.
144A, 3.40%, 3/1/27		35,000		29,473
144A, 4.625%, 9/15/27		35,000		25,978
144A, 4.25%, 7/1/28		32,000		21,885
144A, 3.625%, 1/15/29		22,000		14,144
144A, 3.75%, 7/15/29		22,000		13,860
144A, 3.875%, 11/15/29		30,000		22,834
Lumen Technologies, Inc.
144A, 5.125%, 12/15/26		22,000		16,136
144A, 4.00%, 2/15/27		20,000		15,379
144A, 4.50%, 1/15/29		35,000		18,544
Millicom International Cellular SA, 144A, 6.25%, 3/25/29		18,000		16,345
Sable International Finance Ltd., 144A, 5.75%, 9/7/27		17,000		15,669
Telecom Italia SpA, 144A, 5.303%, 5/30/24		65,000		63,357
VEON Holdings BV, 144A, 4.95%, 6/16/24		17,000		15,120
Viasat, Inc.
144A, 5.625%, 9/15/25		18,000		16,683
144A, 5.625%, 4/15/27		16,000		14,613
144A, 6.50%, 7/15/28		20,000		14,814
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28		45,000		36,827
Zayo Group Holdings, Inc.
144A, 4.00%, 3/1/27		53,000		40,863
144A, 6.125%, 3/1/28		38,000		23,986

(Cost $1,480,168)				1,283,595

Consumer, Cyclical — 23.6%
Airlines — 1.4%
American Airlines Group, Inc., 144A, 3.75%, 3/1/25		16,000		14,621
American Airlines, Inc.
144A, 11.75%, 7/15/25		80,000		87,707
144A, 7.25%, 2/15/28		25,000		24,477
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		31,000		28,845
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd., 144A, 8.00%, 9/20/25		40,000		40,210

(Cost $200,872)				195,860

Apparel — 0.4%
Hanesbrands, Inc.
144A, 4.875%, 5/15/26		34,000		31,432
144A, 9.00%, 2/15/31		23,000		23,286

(Cost $54,697)				54,718

Auto Manufacturers — 0.8%
Aston Martin Capital Holdings Ltd.,
144A, 10.50%, 11/30/25		45,000		44,941


	Principal Amount		Value
Auto Manufacturers (Continued)
Ford Motor Co., 9.625%, 4/22/30	$	16,000	$	18,422
Ford Motor Credit Co. LLC, 7.35%, 3/6/30		44,000		44,610

(Cost $109,219)				107,973

Auto Parts & Equipment — 1.4%
American Axle & Manufacturing, Inc.
6.50%, 4/1/27 (a)		13,000		12,031
6.875%, 7/1/28		10,000		8,983
5.00%, 10/1/29		24,000		19,384
Clarios Global LP / Clarios US Finance Co., 144A, 8.50%, 5/15/27		52,000		51,742
DanA, Inc.
5.375%, 11/15/27		10,000		9,238
5.625%, 6/15/28		20,000		18,123
4.25%, 9/1/30		10,000		8,089
Goodyear Tire & Rubber Co.
5.00%, 7/15/29		23,000		20,031
5.25%, 4/30/31 (a)		14,000		12,024
5.25%, 7/15/31 (a)		16,000		13,642
5.625%, 4/30/33 (a)		21,000		17,868

(Cost $210,156)				191,155

Distribution/Wholesale — 0.0%
Wesco Aircraft Holdings, Inc., 144A, 13.125%, 11/15/27 (Cost $13,429)		15,000		1,313

Entertainment — 2.6%
AMC Entertainment Holdings, Inc.
144A, 10.00%, 6/15/26		46,000		23,805
144A, 7.50%, 2/15/29		38,000		22,810
Caesars Entertainment, Inc. 144A, 8.125%, 7/1/27 (a)		46,000		46,474
144A, 4.625%, 10/15/29		46,000		39,386
Cinemark USA, Inc.
144A, 5.875%, 3/15/26		22,000		20,081
144A, 5.25%, 7/15/28		20,000		16,831
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26		53,000		49,701
Penn Entertainment, Inc.
144A, 5.625%, 1/15/27		10,000		9,283
144A, 4.125%, 7/1/29		10,000		8,124
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.
144A, 5.625%, 9/1/29		19,000		13,987
144A, 5.875%, 9/1/31		31,000		22,266
Scientific Games International, Inc.
144A, 7.00%, 5/15/28		19,000		18,561
144A, 7.25%, 11/15/29		21,000		20,659
Six Flags Entertainment Corp., 144A, 5.50%, 4/15/27		13,000		12,232
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.
144A, 5.125%, 10/1/29		19,000		17,017
144A, 7.125%, 2/15/31		20,000		19,931

(Cost $416,615)				361,148


	Principal Amount		Value
Food Service — 0.2%
TKC Holdings, Inc.
144A, 6.875%, 5/15/28	$	11,000	$	9,007
144A, 10.50%, 5/15/29		26,000		15,956

(Cost $35,325)				24,963

Home Builders — 0.5%
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, 4.625%, 4/1/30		10,000		8,060
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC
144A, 6.25%, 9/15/27		25,000		21,829
144A, 4.875%, 2/15/30		15,000		11,298
Mattamy Group Corp.
144A, 5.25%, 12/15/27		13,000		11,625
144A, 4.625%, 3/1/30		26,000		21,627

(Cost $83,925)				74,439

Home Furnishings — 0.2%
Tempur Sealy International, Inc., 144A, 3.875%, 10/15/31 (Cost $28,672)		31,000		25,017

Housewares — 0.2%
Scotts Miracle-Gro Co.
4.50%, 10/15/29 (a)		10,000		8,676
4.00%, 4/1/31		22,000		17,623
4.375%, 2/1/32		10,000		8,174

(Cost $37,822)				34,473

Leisure Time — 6.8%
Carnival Corp.
144A, 10.50%, 2/1/26		20,000		20,731
144A, 7.625%, 3/1/26 (a)		53,000		47,793
144A, 5.75%, 3/1/27		115,000		94,436
144A, 9.875%, 8/1/27		23,000		23,439
144A, 4.00%, 8/1/28		80,000		67,664
144A, 6.00%, 5/1/29		76,000		59,031
144A, 10.50%, 6/1/30		37,000		35,867
Carnival Holdings Bermuda Ltd.,
144A, 10.375%, 5/1/28		69,000		73,892
Life Time, Inc.
144A, 5.75%, 1/15/26		24,000		23,075
144A, 8.00%, 4/15/26		20,000		19,289
NCL Corp. Ltd.
144A, 3.625%, 12/15/24		14,000		13,160
144A, 5.875%, 3/15/26		45,000		38,978
144A, 5.875%, 2/15/27		26,000		24,140
144A, 8.375%, 2/1/28		25,000		25,492
144A, 7.75%, 2/15/29 (a)		25,000		21,787
Royal Caribbean Cruises Ltd.
144A, 4.25%, 7/1/26		18,000		15,811
144A, 5.50%, 8/31/26		38,000		34,433
144A, 5.375%, 7/15/27		36,000		31,660
144A, 11.625%, 8/15/27 (a)		35,000		37,378
3.70%, 3/15/28		22,000		17,586
144A, 5.50%, 4/1/28		63,000		54,968
144A, 8.25%, 1/15/29		26,000		26,938
144A, 9.25%, 1/15/29 (a)		26,000		27,595
144A, 7.25%, 1/15/30		25,000		25,138


	Principal Amount		Value
Leisure Time (Continued)
Viking Cruises Ltd.
144A, 13.00%, 5/15/25	$	35,000	$	37,235
144A, 5.875%, 9/15/27		32,000		27,481
144A, 7.00%, 2/15/29		13,000		11,193

(Cost $977,338)				936,190

Lodging — 2.7%
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 144A, 5.00%, 6/1/29		12,000		10,540
Marriott Ownership Resorts, Inc., 144A, 4.50%, 6/15/29		13,000		10,922
Melco Resorts Finance Ltd.
144A, 4.875%, 6/6/25		26,000		24,278
144A, 5.25%, 4/26/26		10,000		9,023
144A, 5.625%, 7/17/27		16,000		14,162
144A, 5.75%, 7/21/28		33,000		28,524
144A, 5.375%, 12/4/29		39,000		32,409
Station Casinos LLC
144A, 4.50%, 2/15/28		19,000		16,731
144A, 4.625%, 12/1/31		13,000		10,603
Studio City Finance Ltd.
144A, 6.00%, 7/15/25		28,000		25,257
144A, 6.50%, 1/15/28		27,000		22,960
144A, 5.00%, 1/15/29		32,000		24,640
Travel + Leisure Co., 144A, 4.50%, 12/1/29		17,000		14,293
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.
144A, 5.50%, 3/1/25		97,000		94,441
144A, 5.25%, 5/15/27		33,000		30,770

(Cost $397,341)				369,553

Retail — 6.4%
Asbury Automotive Group, Inc.
144A, 4.625%, 11/15/29		21,000		18,282
4.75%, 3/1/30		18,000		15,615
144A, 5.00%, 2/15/32		16,000		13,656
Bath & Body Works, Inc.
5.25%, 2/1/28		13,000		12,120
7.50%, 6/15/29 (a)		14,000		14,152
144A, 6.625%, 10/1/30		36,000		34,138
Carvana Co.
144A, 5.625%, 10/1/25		13,000		8,074
144A, 5.50%, 4/15/27		15,000		7,666
144A, 5.875%, 10/1/28		25,000		12,048
144A, 4.875%, 9/1/29		29,000		14,065
144A, 10.25%, 5/1/30		116,000		71,621
eG Global Finance PLC,
144A, 6.75%, 2/7/25		50,000		45,185
Ferrellgas LP / Ferrellgas Finance Corp.
144A, 5.375%, 4/1/26		17,000		15,322
144A, 5.875%, 4/1/29		35,000		28,577
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.
144A, 4.625%, 1/15/29		51,000		44,156
144A, 6.75%, 1/15/30		36,000		29,863


	Principal Amount		Value
Retail (Continued)
Gap, Inc.
144A, 3.625%, 10/1/29	$	19,000	$	13,955
144A, 3.875%, 10/1/31		29,000		20,839
Kohl’s Corp., 3.625%, 5/1/31		10,000		7,041
LBM Acquisition LLC, 144A, 6.25%, 1/15/29		31,000		22,223
Macy’s Retail Holdings LLC
144A, 5.875%, 4/1/29		13,000		11,826
144A, 5.875%, 3/15/30		11,000		9,711
144A, 6.125%, 3/15/32		21,000		18,086
Michaels Cos., Inc. 144A, 5.25%, 5/1/28		37,000		30,830
144A, 7.875%, 5/1/29		43,000		32,409
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		29,000		28,015
Nordstrom, Inc.
4.375%, 4/1/30		23,000		18,166
4.25%, 8/1/31		11,000		8,069
PetSmart, Inc. / PetSmart Finance Corp., 144A, 7.75%, 2/15/29		39,000		37,966
QVC, Inc.
4.85%, 4/1/24		16,000		15,051
4.45%, 2/15/25		15,000		12,149
4.75%, 2/15/27		15,000		9,620
4.375%, 9/1/28		23,000		12,848
Rite Aid Corp., 144A, 8.00%, 11/15/26		33,000		17,526
Sonic Automotive, Inc.
144A, 4.625%, 11/15/29		17,000		14,136
144A, 4.875%, 11/15/31		17,000		13,545
SRS Distribution, Inc.
144A, 6.125%, 7/1/29		12,000		10,048
144A, 6.00%, 12/1/29		31,000		25,934
Staples, Inc.
144A, 7.50%, 4/15/26		66,000		58,814
144A, 10.75%, 4/15/27 (a)		36,000		27,609
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31		28,000		23,329

(Cost $1,038,349)				884,285

Consumer, Non-cyclical — 15.0%
Agriculture — 0.4%
Vector Group Ltd.
144A, 10.50%, 11/1/26		22,000		22,072
144A, 5.75%, 2/1/29		33,000		28,549

(Cost $54,380)				50,621

Beverages — 0.1%
Primo Water Holdings, Inc., 144A, 4.375%, 4/30/29 (Cost $18,989)		19,000		16,292

Biotechnology — 0.1%
Grifols Escrow Issuer SA, 144A, 4.75%, 10/15/28 (Cost $18,074)		19,000		16,262


	Principal Amount		Value
Commercial Services — 3.8%
Allied Universal Holdco LLC / Allied Universal Finance Corp.
144A, 6.625%, 7/15/26	$	59,000	$	56,101
144A, 9.75%, 7/15/27		48,000		44,104
144A, 6.00%, 6/1/29		25,000		18,712
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		51,000		42,445
APX Group, Inc.
144A, 6.75%, 2/15/27		15,000		14,420
144A, 5.75%, 7/15/29		30,000		25,167
CoreCivic, Inc., 8.25%, 4/15/26 (a)		18,000		18,240
Garda World Security Corp.
144A, 4.625%, 2/15/27		14,000		12,484
144A, 9.50%, 11/1/27		26,000		25,021
144A, 6.00%, 6/1/29		11,000		9,038
Hertz Corp.
144A, 4.625%, 12/1/26		13,000		11,591
144A, 5.00%, 12/1/29		38,000		31,590
MPH Acquisition Holdings LLC
144A, 5.50%, 9/1/28		38,000		28,835
144A, 5.75%, 11/1/28 (a)		43,000		28,007
Prime Security Services Borrower LLC / Prime Finance, Inc., 144A, 6.25%, 1/15/28		33,000		30,628
Sabre GLBL, Inc.
144A, 9.25%, 4/15/25		20,000		19,706
144A, 7.375%, 9/1/25		47,000		44,054
144A, 11.25%, 12/15/27		17,000		17,000
Sotheby’s, 144A, 7.375%, 10/15/27 (a)		20,000		18,886
Verscend Escrow Corp., 144A, 9.75%, 8/15/26		29,000		29,135

(Cost $584,298)				525,164

Cosmetics/Personal Care — 0.4%
Coty, Inc.
144A, 5.00%, 4/15/26		24,000		22,857
144A, 6.50%, 4/15/26 (a)		14,000		13,734
Edgewell Personal Care Co., 144A, 4.125%, 4/1/29		13,000		11,099

(Cost $51,366)				47,690

Food — 1.7%
B&G Foods, Inc.
5.25%, 4/1/25		24,000		21,633
5.25%, 9/15/27		24,000		19,365
Performance Food Group, Inc., 144A, 4.25%, 8/1/29		26,000		22,726
Post Holdings, Inc.
144A, 5.625%, 1/15/28		50,000		47,795
144A, 5.50%, 12/15/29		42,000		38,383
144A, 4.625%, 4/15/30		42,000		36,457
144A, 4.50%, 9/15/31		45,000		37,947
Sigma Holdco BV, 144A, 7.875%, 5/15/26		19,000		15,158

(Cost $264,527)				239,464


	Principal Amount		Value
Healthcare-Services — 4.8%
CHS/Community Health Systems, Inc.
144A, 8.00%, 3/15/26	$	67,000	$	65,407
144A, 5.625%, 3/15/27		60,000		52,724
144A, 8.00%, 12/15/27		24,000		23,304
144A, 6.875%, 4/1/28		28,000		19,040
144A, 6.00%, 1/15/29		31,000		26,847
144A, 6.875%, 4/15/29		48,000		33,618
144A, 6.125%, 4/1/30		44,000		29,986
144A, 5.25%, 5/15/30		51,000		40,877
144A, 4.75%, 2/15/31		38,000		29,400
DaVitA, Inc.
144A, 4.625%, 6/1/30		102,000		84,173
144A, 3.75%, 2/15/31		48,000		36,416
Envision Healthcare Corp., 144A, 8.75%, 10/15/26		29,000		6,821
Legacy LifePoint Health LLC
144A, 6.75%, 4/15/25		25,000		23,919
144A, 4.375%, 2/15/27		32,000		27,040
LifePoint Health, Inc., 144A, 5.375%, 1/15/29		13,000		8,548
ModivCare, Inc., 144A, 5.875%, 11/15/25		13,000		12,211
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		46,000		39,201
Select Medical Corp., 144A, 6.25%, 8/15/26		32,000		30,597
Tenet Healthcare Corp., 6.125%, 10/1/28 (a)		79,000		73,146

(Cost $752,248)				663,275

Household Products/Wares — 0.2%
Central Garden & Pet Co., 144A, 4.125%, 4/30/31		10,000		8,201
Spectrum Brands, Inc., 144A, 3.875%, 3/15/31		23,000		18,230

(Cost $30,693)				26,431

Pharmaceuticals — 3.5%
AdaptHealth LLC
144A, 4.625%, 8/1/29		21,000		17,646
144A, 5.125%, 3/1/30		16,000		13,786
Bausch Health Americas, Inc.
144A, 9.25%, 4/1/26		38,000		28,453
144A, 8.50%, 1/31/27		25,000		13,179
Bausch Health Cos., Inc.
144A, 5.50%, 11/1/25		63,000		54,862
144A, 9.00%, 12/15/25		28,000		22,206
144A, 6.125%, 2/1/27		26,000		17,970
144A, 5.75%, 8/15/27		13,000		8,642
144A, 5.00%, 1/30/28		7,000		3,025
144A, 4.875%, 6/1/28		52,000		32,550
144A, 11.00%, 9/30/28		63,000		49,609
144A, 5.00%, 2/15/29		15,000		6,475
144A, 6.25%, 2/15/29		23,000		10,118
144A, 5.25%, 1/30/30		24,000		10,380
144A, 14.00%, 10/15/30		14,000		8,950
144A, 5.25%, 2/15/31		11,000		4,926
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		13,000		11,514


	Principal Amount		Value
Pharmaceuticals (Continued)
Elanco Animal Health, Inc., 6.65%, 8/28/28	$	19,000	$	18,190
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29		26,000		20,183
Mallinckrodt International Finance SA / Mallinckrodt CB LLC
144A, 10.00%, 4/15/25		27,000		24,204
144A, 11.50%, 12/15/28		19,000		17,061
Owens & Minor, Inc.
144A, 4.50%, 3/31/29		21,000		16,139
144A, 6.625%, 4/1/30		16,000		13,202
Teva Pharmaceutical Finance Netherlands III BV 7.125%, 1/31/25		26,000		26,353
3.15%, 10/1/26		10,000		8,764
6.75%, 3/1/28 (a)		32,000		30,790

(Cost $623,824)				489,177

Energy — 11.7%
Energy-Alternate Sources — 0.1%
TerraForm Power Operating LLC, 144A, 5.00%, 1/31/28 (Cost $10,593)		10,000		9,164

Oil & Gas — 5.7%
Ascent Resources Utica Holdings LLC / ARU Finance Corp.
144A, 7.00%, 11/1/26		16,000		15,544
144A, 5.875%, 6/30/29		10,000		8,710
Callon Petroleum Co.
144A, 8.00%, 8/1/28		17,000		16,687
144A, 7.50%, 6/15/30 (a)		25,000		23,510
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		29,000		30,096
CITGO Petroleum Corp., 144A, 6.375%, 6/15/26		17,000		16,434
CNX Resources Corp.
144A, 6.00%, 1/15/29		13,000		11,800
144A, 7.375%, 1/15/31		21,000		20,034
Comstock Resources, Inc.
144A, 6.75%, 3/1/29		42,000		38,691
144A, 5.875%, 1/15/30		40,000		34,457
Crescent Energy Finance LLC, 144A, 9.25%, 2/15/28		22,000		21,476
CVR Energy, Inc.
144A, 5.25%, 2/15/25		15,000		14,416
144A, 5.75%, 2/15/28		11,000		9,773
Energean PLC, 144A, 6.50%, 4/30/27		16,000		14,864
Hilcorp Energy I LP / Hilcorp Finance Co., 144A, 6.25%, 11/1/28		15,000		13,948
Kosmos Energy Ltd. 144A, 7.125%, 4/4/26		22,000		19,824
144A, 7.75%, 5/1/27		14,000		12,297
144A, 7.50%, 3/1/28		20,000		17,200
Leviathan Bond Ltd. 144A, REGS, 6.125%, 6/30/25		16,000		15,600
144A, REGS, 6.50%, 6/30/27		25,000		23,925
144A, REGS, 6.75%, 6/30/30		14,000		13,129


	Principal Amount		Value
Oil & Gas (Continued)
MEG Energy Corp., 144A, 5.875%, 2/1/29	$	16,000	$	14,940
Northern Oil and Gas, Inc., 144A, 8.125%, 3/1/28		19,000		18,352
Parkland Corp. 144A, 5.875%, 7/15/27		11,000		10,331
144A, 4.50%, 10/1/29		33,000		27,756
144A, 4.625%, 5/1/30		31,000		25,838
PBF Holding Co. LLC / PBF Finance Corp. 7.25%, 6/15/25		18,000		17,964
6.00%, 2/15/28		29,000		27,048
Permian Resources Operating LLC, 144A, 5.875%, 7/1/29		19,000		17,059
Puma International Financing SA, 144A, 5.125%, 10/6/24		50,000		48,312
Range Resources Corp., 8.25%, 1/15/29		16,000		16,435
SM Energy Co. 6.75%, 9/15/26		12,000		11,591
6.625%, 1/15/27		11,000		10,435
6.50%, 7/15/28		11,000		10,159
Transocean, Inc. 144A, 7.50%, 1/15/26		25,000		22,973
144A, 11.50%, 1/30/27		18,000		18,518
144A, 8.00%, 2/1/27		24,000		21,270
144A, 8.75%, 2/15/30		41,000		41,666
Tullow Oil PLC, 144A, 7.00%, 3/1/25		31,000		19,555
Vital Energy, Inc. 9.50%, 1/15/25		15,000		15,136
144A, 7.75%, 7/31/29		5,000		4,336

(Cost $824,673)				792,089

Oil & Gas Services — 1.2%
Archrock Partners LP / Archrock Partners Finance Corp. 144A, 6.875%, 4/1/27		16,000		15,537
144A, 6.25%, 4/1/28		21,000		19,760
CGG SA, 144A, 8.75%, 4/1/27		21,000		18,460
USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 4/1/26		19,000		18,309
6.875%, 9/1/27		29,000		27,496
Weatherford International Ltd. 144A, 6.50%, 9/15/28		13,000		12,786
144A, 8.625%, 4/30/30		51,000		50,991

(Cost $171,013)				163,339

Pipelines — 4.7%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 5.75%, 3/1/27		18,000		17,013
144A, 5.75%, 1/15/28		17,000		15,975
Buckeye Partners LP, 144A, 4.50%, 3/1/28		13,000		11,427
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 144A, 5.625%, 5/1/27		15,000		13,823


	Principal Amount		Value
Pipelines (Continued)
144A, 6.00%, 2/1/29	$	29,000	$	26,412
144A, 8.00%, 4/1/29		11,000		10,955
EQM Midstream Partners LP 144A, 6.00%, 7/1/25		19,000		18,357
144A, 7.50%, 6/1/27		13,000		12,737
144A, 6.50%, 7/1/27		24,000		22,759
5.50%, 7/15/28		40,000		35,740
144A, 4.50%, 1/15/29		21,000		17,539
144A, 7.50%, 6/1/30		13,000		12,402
144A, 4.75%, 1/15/31		47,000		38,265
Genesis Energy LP / Genesis Energy Finance Corp. 6.50%, 10/1/25		14,000		13,462
8.00%, 1/15/27		25,000		24,444
7.75%, 2/1/28		28,000		26,816
ITT Holdings LLC, 144A, 6.50%, 8/1/29		41,000		33,757
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		32,000		29,963
144A, 6.50%, 9/30/26		53,000		48,566
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 7.50%, 2/1/26		62,000		59,273
NuStar Logistics LP 6.00%, 6/1/26		25,000		23,781
5.625%, 4/28/27		15,000		13,972
6.375%, 10/1/30		15,000		14,004
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, 8.50%, 10/15/26		32,000		30,422
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 7.50%, 10/1/25		15,000		14,946
144A, 6.00%, 3/1/27		11,000		10,227
144A, 5.50%, 1/15/28		22,000		19,779
144A, 6.00%, 12/31/30		19,000		16,410
144A, 6.00%, 9/1/31		25,000		21,408

(Cost $707,924)				654,634

Financial — 10.0%
Banks — 0.4%
Freedom Mortgage Corp. 144A, 8.125%, 11/15/24		11,000		10,631
144A, 8.25%, 4/15/25		14,000		13,261
144A, 7.625%, 5/1/26		15,000		12,820
144A, 6.625%, 1/15/27		24,000		19,586

(Cost $60,668)				56,298

Diversified Financial Services — 4.1%
Coinbase Global, Inc. 144A, 3.375%, 10/1/28		37,000		24,274
144A, 3.625%, 10/1/31		34,000		20,394
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28		33,000		13,485
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28		26,000		21,968
LD Holdings Group LLC 144A, 6.50%, 11/1/25		11,000		8,161


	Principal Amount		Value
Diversified Financial Services (Continued)
144A, 6.125%, 4/1/28	$	26,000	$	15,408
Nationstar Mortgage Holdings, Inc. 144A, 6.00%, 1/15/27		15,000		13,816
144A, 5.50%, 8/15/28		32,000		27,215
144A, 5.125%, 12/15/30		31,000		24,046
144A, 5.75%, 11/15/31		16,000		12,568
Navient Corp. 6.75%, 6/25/25		13,000		12,831
6.75%, 6/15/26		10,000		9,643
5.00%, 3/15/27		19,000		16,911
4.875%, 3/15/28		13,000		11,063
5.50%, 3/15/29		34,000		28,797
NFP Corp., 144A, 6.875%, 8/15/28		67,000		57,141
OneMain Finance Corp. 7.125%, 3/15/26		45,000		43,783
6.625%, 1/15/28		30,000		27,966
3.875%, 9/15/28		15,000		11,940
5.375%, 11/15/29		32,000		26,993
4.00%, 9/15/30		32,000		24,470
PennyMac Financial Services, Inc. 144A, 5.375%, 10/15/25		17,000		15,507
144A, 4.25%, 2/15/29		17,000		13,322
144A, 5.75%, 9/15/31		23,000		18,360
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		21,000		19,365
144A, 5.75%, 6/15/27		11,000		9,662
144A, 5.50%, 4/15/29		29,000		24,037
VistaJet Malta Finance PLC / XO Management Holding, Inc., 144A, 7.875%, 5/1/27		13,000		12,412

(Cost $660,499)				565,538

Insurance — 0.7%
Acrisure LLC / Acrisure Finance, Inc. 144A, 7.00%, 11/15/25		32,000		29,934
144A, 10.125%, 8/1/26		20,000		19,936
144A, 6.00%, 8/1/29		13,000		10,586
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A, 6.75%, 10/15/27		12,000		10,916
AssuredPartners, Inc. 144A, 7.00%, 8/15/25		13,000		12,743
144A, 5.625%, 1/15/29		14,000		11,876

(Cost $102,575)				95,991

Real Estate — 0.7%
Kennedy-Wilson, Inc. 4.75%, 3/1/29		17,000		13,672
4.75%, 2/1/30		25,000		19,242
5.00%, 3/1/31		24,000		18,472
Realogy Group LLC / Realogy Co.-Issuer Corp. 144A, 5.75%, 1/15/29		24,000		17,315
144A, 5.25%, 4/15/30		35,000		24,015
WeWork Cos., Inc., 144A, 7.875%, 5/1/25		18,000		9,555

(Cost $132,734)				102,271


	Principal Amount		Value
Real Estate Investment Trusts — 4.0%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144A, 4.50%, 4/1/27	$	19,000	$	16,300
Diversified Healthcare Trust 9.75%, 6/15/25		13,000		12,625
4.75%, 2/15/28		13,000		8,474
4.375%, 3/1/31		22,000		15,299
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A, 4.75%, 6/15/29		27,000		21,982
MPT Operating Partnership LP / MPT Finance Corp. 5.00%, 10/15/27		57,000		46,839
4.625%, 8/1/29		29,000		21,714
3.50%, 3/15/31		44,000		30,205
Office Properties Income Trust 4.50%, 2/1/25		20,000		18,411
3.45%, 10/15/31		12,000		8,015
Service Properties Trust 4.35%, 10/1/24		32,000		30,664
7.50%, 9/15/25		26,000		25,797
4.75%, 10/1/26		15,000		13,029
4.95%, 2/15/27		21,000		18,121
5.50%, 12/15/27		16,000		14,435
3.95%, 1/15/28		7,000		5,601
4.95%, 10/1/29		22,000		17,378
4.375%, 2/15/30		10,000		7,651
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC 144A, 7.875%, 2/15/25		87,000		88,744
144A, 6.00%, 1/15/30		26,000		16,147
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A, 10.50%, 2/15/28		83,000		83,199
144A, 4.75%, 4/15/28		15,000		11,911
144A, 6.50%, 2/15/29		38,000		24,930

(Cost $598,331)				557,471

Venture Capital — 0.1%
Compass Group Diversified Holdings LLC, 144A, 5.25%, 4/15/29 (Cost $10,344)		10,000		8,733

Industrial — 6.6%
Aerospace/Defense — 2.5%
Bombardier, Inc. 144A, 7.50%, 3/15/25		24,000		24,002
144A, 7.125%, 6/15/26		41,000		40,318
144A, 7.875%, 4/15/27		70,000		69,669
144A, 6.00%, 2/15/28		30,000		28,135
144A, 7.50%, 2/1/29		26,000		25,510
Rolls-Royce PLC, 144A, 3.625%, 10/14/25		12,000		11,160
Spirit AeroSystems, Inc. 144A, 7.50%, 4/15/25		31,000		31,006
4.60%, 6/15/28		29,000		23,971
144A, 9.375%, 11/30/29		25,000		26,529
TransDigm, Inc. 7.50%, 3/15/27		16,000		15,814


	Principal Amount		Value
Aerospace/Defense (Continued)
4.875%, 5/1/29	$	34,000	$	29,187
Triumph Group, Inc. 144A, 6.25%, 9/15/24		13,000		12,992
7.75%, 8/15/25		11,000		10,529

(Cost $356,404)				348,822

Building Materials — 0.7%
JELD-WEN, Inc. 144A, 4.625%, 12/15/25		10,000		8,990
144A, 4.875%, 12/15/27		10,000		8,366
Smyrna Ready Mix Concrete LLC, 144A, 6.00%, 11/1/28		36,000		31,992
Standard Industries, Inc., 144A, 4.375%, 7/15/30		56,000		46,675

(Cost $108,190)				96,023

Electrical Components & Equipment — 0.3%
Energizer Holdings, Inc. 144A, 4.75%, 6/15/28		25,000		21,841
144A, 4.375%, 3/31/29		21,000		17,902

(Cost $44,666)				39,743

Engineering & Construction — 0.3%
IHS Holding Ltd. 144A, 5.625%, 11/29/26		17,000		14,569
144A, 6.25%, 11/29/28		20,000		16,475
Promontoria Holding 264 BV, 144A, 7.875%, 3/1/27		12,000		11,556

(Cost $42,385)				42,600

Environmental Control — 0.6%
Covanta Holding Corp. 144A, 4.875%, 12/1/29		10,000		8,459
5.00%, 9/1/30		10,000		8,296
GFL Environmental, Inc. 144A, 4.00%, 8/1/28		19,000		16,548
144A, 4.75%, 6/15/29		19,000		16,952
144A, 4.375%, 8/15/29		30,000		25,998

(Cost $86,339)				76,253

Machinery-Diversified — 0.3%
TK Elevator Holdco GmbH, 144A, 7.625%, 7/15/28		10,000		9,188
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27		41,000		37,179

(Cost $52,732)				46,367

Packaging & Containers — 1.5%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 144A, 4.00%, 9/1/29		28,000		22,491
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 4.125%, 8/15/26		31,000		28,240
144A, 5.25%, 8/15/27		40,000		32,894
144A, 5.25%, 8/15/27		34,000		27,960
LABL, Inc. 144A, 6.75%, 7/15/26		18,000		17,142


	Principal Amount		Value
Packaging & Containers (Continued)
144A, 10.50%, 7/15/27	$	28,000	$	26,202
144A, 5.875%, 11/1/28		13,000		11,285
144A, 8.25%, 11/1/29		11,000		8,920
OI European Group BV, 144A, 4.75%, 2/15/30		12,000		10,692
Owens-Brockway Glass Container, Inc., 144A, 6.625%, 5/13/27		16,000		15,576

(Cost $220,352)				201,402

Transportation — 0.1%
Seaspan Corp., 144A, 5.50%, 8/1/29 (Cost $25,234)		27,000		20,352

Trucking & Leasing — 0.3%
Fortress Transportation and Infrastructure Investors LLC 144A, 9.75%, 8/1/27		12,000		12,340
144A, 5.50%, 5/1/28		25,000		22,336

(Cost $37,620)				34,676

Technology — 3.6%
Computers — 1.4%
Diebold Nixdorf, Inc., 144A, 9.375%, 7/15/25		28,000		19,629
McAfee Corp., 144A, 7.375%, 2/15/30		70,000		55,559
NCR Corp. 144A, 5.00%, 10/1/28		32,000		27,540
144A, 5.125%, 4/15/29		32,000		27,364
144A, 5.25%, 10/1/30		11,000		9,100
Presidio Holdings, Inc., 144A, 8.25%, 2/1/28		15,000		14,270
Seagate HDD Cayman 4.125%, 1/15/31		5,000		4,153
144A, 9.625%, 12/1/32		15,600		17,072
Vericast Corp., 144A, 11.00%, 9/15/26		16,894		18,098

(Cost $213,865)				192,785

Office/Business Equipment — 0.3%
Xerox Holdings Corp. 144A, 5.00%, 8/15/25 (a)		19,000		17,707
144A, 5.50%, 8/15/28		29,000		24,390

(Cost $46,210)				42,097

Semiconductors — 0.1%
ams-OSRAM AG, 144A, 7.00%, 7/31/25 (Cost $11,291)		11,000		10,460

Software — 1.8%
AthenaHealth Group, Inc., 144A, 6.50%, 2/15/30		75,000		59,412
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		16,000		15,863
Clarivate Science Holdings Corp., 144A, 4.875%, 7/1/29		33,000		28,360
Cloud Software Group Holdings, Inc., 144A, 6.50%, 3/31/29		142,000		123,217


	Principal Amount		Value
Software (Continued)
MicroStrategy, Inc., 144A, 6.125%, 6/15/28 (a)	$	16,000	$	13,299
Rackspace Technology Global, Inc. 144A, 3.50%, 2/15/28		17,000		10,367
144A, 5.375%, 12/1/28		15,000		5,911

(Cost $282,832)				256,429

Utilities — 2.3%
Electric — 1.9%
Calpine Corp. 144A, 5.125%, 3/15/28		37,000		32,868
144A, 4.625%, 2/1/29		31,000		26,204
144A, 5.00%, 2/1/31		23,000		18,999
Drax Finco PLC, 144A, 6.625%, 11/1/25		25,000		24,653
NRG Energy, Inc. 5.75%, 1/15/28		21,000		19,733
144A, 5.25%, 6/15/29		20,000		17,779
144A, 3.625%, 2/15/31		46,000		35,702
144A, 3.875%, 2/15/32		13,000		10,097
PG&E Corp. 5.00%, 7/1/28		25,000		22,854
5.25%, 7/1/30		37,000		33,068
TransAlta Corp., 7.75%, 11/15/29		20,000		20,464

(Cost $290,758)				262,421

Gas — 0.4%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.50%, 5/20/25		18,000		17,129
5.875%, 8/20/26		18,000		16,983
5.75%, 5/20/27		28,000		25,930

(Cost $62,859)				60,042

TOTAL CORPORATE BONDS (Cost $15,143,518)				13,523,518


	Number of Shares
SECURITIES LENDING COLLATERAL — 3.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (b)(c)
(Cost $463,251)		463,251		463,251

CASH EQUIVALENTS — 1.9%
DWS Government Money Market Series “Institutional Shares”, 4.51% (b)
(Cost $266,481)		266,481		266,481


TOTAL INVESTMENTS — 102.9%
(Cost $15,873,250)			$	14,253,250
Other assets and liabilities, net — (2.9%)				(406,562	)

NET ASSETS — 100.0%			$	13,846,688

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 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 February 28, 2023 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.


	Principal Amount		Value
CORPORATE BONDS — 98.3%
Basic Materials — 3.2%
Chemicals — 1.6%
Ashland LLC, 144A, 3.375%, 9/1/31	$	791,000	$	630,870
Avient Corp. 144A, 5.75%, 5/15/25		1,132,000		1,110,967
144A, 7.125%, 8/1/30		1,241,000		1,245,672
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29		1,220,000		1,016,181
Methanex Corp., 5.125%, 10/15/27		1,277,000		1,201,440
NOVA Chemicals Corp., 144A, 4.875%, 6/1/24		1,808,000		1,773,645
Olin Corp. 5.125%, 9/15/27		909,000		865,009
5.625%, 8/1/29 (a)		1,028,000		980,584
5.00%, 2/1/30		966,000		880,134
Valvoline, Inc. 144A, 4.25%, 2/15/30 (a)		995,000		973,508
144A, 3.625%, 6/15/31		942,000		759,700

(Cost $12,018,014)				11,437,710

Iron/Steel — 0.3%
Cleveland-Cliffs, Inc. 144A, 6.75%, 3/15/26		1,496,000		1,512,636
5.875%, 6/1/27 (a)		1,036,000		1,006,660

(Cost $2,592,706)				2,519,296

Mining — 1.3%
Arconic Corp., 144A, 6.00%, 5/15/25		1,133,000		1,133,000
FMG Resources August 2006 Pty Ltd. 144A, 5.125%, 5/15/24		1,419,000		1,402,738
144A, 4.50%, 9/15/27		1,367,000		1,259,110
144A, 5.875%, 4/15/30		1,139,000		1,073,832
144A, 4.375%, 4/1/31		2,571,000		2,175,876
Nexa Resources SA 144A, 5.375%, 5/4/27		1,250,000		1,179,644
144A, 6.50%, 1/18/28		840,000		811,241

(Cost $9,544,978)				9,035,441

Communications — 15.9%

Advertising — 0.6%
Lamar Media Corp. 3.75%, 2/15/28		1,038,000		919,622
4.00%, 2/15/30		949,000		816,994
3.625%, 1/15/31		1,015,000		836,913
Outfront Media Capital LLC / Outfront Media Capital Corp. 144A, 6.25%, 6/15/25		729,000		723,924
144A, 5.00%, 8/15/27		1,074,000		965,757
144A, 4.25%, 1/15/29		30,000		24,702

(Cost $4,656,189)				4,287,912


Internet — 3.0%
Gen Digital, Inc. 144A, 5.00%, 4/15/25		1,950,000		1,888,673
144A, 6.75%, 9/30/27		1,621,000		1,595,092


	Principal Amount		Value
Internet (Continued)
144A, 7.125%, 9/30/30	$	1,052,000	$	1,028,267
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A, 5.25%, 12/1/27		995,000		942,554
144A, 3.50%, 3/1/29		1,365,000		1,148,300
Match Group Holdings II LLC 144A, 5.00%, 12/15/27		671,000		625,942
144A, 4.625%, 6/1/28		894,000		795,007
144A, 4.125%, 8/1/30		976,000		810,128
144A, 3.625%, 10/1/31		856,000		670,590
MercadoLibre, Inc. 2.375%, 1/14/26		700,000		624,050
3.125%, 1/14/31		1,205,000		930,260
Uber Technologies, Inc. 144A, 7.50%, 5/15/25		1,791,000		1,810,920
144A, 8.00%, 11/1/26		2,757,000		2,815,076
144A, 7.50%, 9/15/27		2,067,000		2,100,754
144A, 6.25%, 1/15/28		900,000		885,492
144A, 4.50%, 8/15/29		2,626,000		2,330,667
Ziff Davis, Inc., 144A, 4.625%, 10/15/30		793,000		669,609

(Cost $22,563,070)				21,671,381

Media — 9.4%
Cable One, Inc., 144A, 4.00%, 11/15/30 (a)		1,138,000		888,357
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.50%, 5/1/26		931,000		899,397
144A, 5.125%, 5/1/27		3,452,000		3,199,892
144A, 5.00%, 2/1/28		4,377,000		3,970,814
144A, 5.375%, 6/1/29		1,502,000		1,341,061
144A, 6.375%, 9/1/29		1,593,000		1,491,120
144A, 4.75%, 3/1/30		3,358,000		2,835,394
144A, 4.50%, 8/15/30		2,877,000		2,374,215
144A, 4.25%, 2/1/31		3,187,000		2,561,073
144A, 4.75%, 2/1/32		1,314,000		1,067,165
4.50%, 5/1/32		3,074,000		2,440,318
144A, 4.50%, 6/1/33		1,926,000		1,500,291
144A, 4.25%, 1/15/34		2,013,000		1,508,859
News Corp. 144A, 3.875%, 5/15/29		1,691,000		1,450,624
144A, 5.125%, 2/15/32		876,000		778,195
Nexstar MediA, Inc. 144A, 5.625%, 7/15/27		2,911,000		2,706,320
144A, 4.75%, 11/1/28		1,857,000		1,625,191
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26		1,751,000		1,549,858
144A, 5.00%, 8/1/27		2,626,000		2,411,955
144A, 4.00%, 7/15/28		3,093,000		2,647,299
144A, 5.50%, 7/1/29		2,464,000		2,226,101
144A, 4.125%, 7/1/30		2,685,000		2,184,587
144A, 3.875%, 9/1/31		2,651,000		2,063,565
TEGNA, Inc. 144A, 4.75%, 3/15/26		890,000		846,466
4.625%, 3/15/28		1,672,000		1,490,170
5.00%, 9/15/29		1,961,000		1,748,065


	Principal Amount		Value
Media (Continued)
Telenet Finance Luxembourg Notes SARL, 144A, 5.50%, 3/1/28	$	1,600,000	$	1,502,440
Univision Communications, Inc. 144A, 5.125%, 2/15/25		2,590,000		2,524,110
144A, 6.625%, 6/1/27		2,682,000		2,557,629
144A, 4.50%, 5/1/29		1,839,000		1,552,737
UPC Broadband Finco BV, 144A, 4.875%, 7/15/31		2,215,000		1,872,074
Videotron Ltd. 144A, 5.375%, 6/15/24		895,000		886,251
144A, 5.125%, 4/15/27		1,081,000		1,011,794
144A, 3.625%, 6/15/29 (a)		916,000		772,554
Virgin Media Secured Finance PLC 144A, 5.50%, 5/15/29		2,536,000		2,300,304
144A, 4.50%, 8/15/30		1,588,000		1,315,833
VZ Secured Financing BV, 144A, 5.00%, 1/15/32		37,000		30,470
Ziggo BV, 144A, 4.875%, 1/15/30		1,678,000		1,420,533

(Cost $73,885,188)				67,553,081

Telecommunications — 2.9%
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27		2,013,000		1,873,539
144A, 5.00%, 5/1/28		2,714,000		2,404,631
Hughes Satellite Systems Corp., 5.25%, 8/1/26		1,306,000		1,251,879
Millicom International Cellular SA 144A, 5.125%, 1/15/28		655,200		577,488
144A, 4.50%, 4/27/31		1,482,000		1,198,197
Sprint LLC 7.125%, 6/15/24		3,946,000		3,999,271
7.625%, 2/15/25		2,427,000		2,489,468
7.625%, 3/1/26		2,988,000		3,105,656
Vmed O2 UK Financing I PLC 144A, 4.25%, 1/31/31		2,372,000		1,905,338
144A, 4.75%, 7/15/31		2,451,000		2,032,124

(Cost $21,951,360)				20,837,591

Consumer, Cyclical — 23.1%

Airlines — 1.8%
Air CanadA, 144A, 3.875%, 8/15/26		2,066,000		1,863,617
Delta Air Lines, Inc. 2.90%, 10/28/24		1,550,000		1,476,232
7.375%, 1/15/26		1,659,000		1,708,252
4.375%, 4/19/28		712,000		650,412
3.75%, 10/28/29 (a)		742,000		634,463
United Airlines, Inc. 144A, 4.375%, 4/15/26		3,783,000		3,549,766
144A, 4.625%, 4/15/29		3,387,000		3,005,645

(Cost $13,700,355)				12,888,387


Auto Manufacturers — 4.6%
Allison Transmission, Inc. 144A, 4.75%, 10/1/27		689,000		639,881
144A, 5.875%, 6/1/29		786,000		745,501


	Principal Amount		Value
Auto Manufacturers (Continued)
144A, 3.75%, 1/30/31	$	1,774,000	$	1,474,709
Ford Motor Co. 4.346%, 12/8/26 (a)		2,637,000		2,520,332
3.25%, 2/12/32		4,426,000		3,350,078
6.10%, 8/19/32		2,935,000		2,737,627
Ford Motor Credit Co. LLC 3.81%, 1/9/24		556,000		544,133
5.584%, 3/18/24		1,195,000		1,188,027
3.664%, 9/8/24		573,000		550,209
4.063%, 11/1/24		1,086,000		1,045,482
2.30%, 2/10/25		954,000		877,838
4.687%, 6/9/25		458,000		438,409
5.125%, 6/16/25		1,336,000		1,291,231
4.134%, 8/4/25		1,357,000		1,279,013
3.375%, 11/13/25		1,803,000		1,661,681
GMTN, 4.389%, 1/8/26		1,056,000		997,012
6.95%, 3/6/26		1,043,000		1,044,131
4.542%, 8/1/26		573,000		531,444
2.70%, 8/10/26		1,345,000		1,175,564
4.271%, 1/9/27		827,000		751,453
4.95%, 5/28/27		1,145,000		1,069,069
4.125%, 8/17/27		954,000		851,868
3.815%, 11/2/27		573,000		503,687
7.35%, 11/4/27		1,317,000		1,337,545
2.90%, 2/16/28		573,000		477,615
2.90%, 2/10/29		573,000		466,932
5.113%, 5/3/29		1,285,000		1,175,775
4.00%, 11/13/30		1,460,000		1,222,122
3.625%, 6/17/31		1,129,000		895,716

(Cost $36,630,864)				32,844,084

Auto Parts & Equipment — 1.3%
Adient Global Holdings Ltd., 144A, 4.875%, 8/15/26		1,401,000		1,301,501
Clarios Global LP, 144A, 6.75%, 5/15/25		721,000		717,871
Clarios Global LP / Clarios US Finance Co., 144A, 6.25%, 5/15/26		1,603,000		1,575,148
Goodyear Tire & Rubber Co. 9.50%, 5/31/25		1,373,000		1,416,889
5.00%, 5/31/26 (a)		1,572,000		1,514,795
4.875%, 3/15/27 (a)		1,161,000		1,078,319
ZF North America Capital, Inc., 144A, 4.75%, 4/29/25		1,877,000		1,795,144

(Cost $9,730,080)				9,399,667

Distribution/Wholesale — 0.5%
American Builders & Contractors Supply Co., Inc. 144A, 4.00%, 1/15/28		1,179,000		1,056,325
144A, 3.875%, 11/15/29		704,000		581,568
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		2,154,000		1,854,620

(Cost $3,737,388)				3,492,513


	Principal Amount		Value
Entertainment — 4.9%
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25	$	6,533,000	$	6,483,008
144A, 7.00%, 2/15/30		3,400,000		3,429,495
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, 5.75%, 7/1/25		1,691,000		1,689,985
CDI Escrow Issuer, Inc., 144A, 5.75%, 4/1/30		2,067,000		1,922,114
Cedar Fair LP,5.25%, 7/15/29		863,000		788,147
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25		1,718,000		1,698,698
5.375%, 4/15/27		846,000		808,994
Churchill Downs, Inc. 144A, 5.50%, 4/1/27		1,095,000		1,041,307
144A, 4.75%, 1/15/28		1,192,000		1,085,864
International Game Technology PLC 144A, 6.50%, 2/15/25		1,255,000		1,259,355
144A, 4.125%, 4/15/26		1,369,000		1,277,996
144A, 6.25%, 1/15/27		1,317,000		1,292,583
144A, 5.25%, 1/15/29		1,330,000		1,235,590
Live Nation Entertainment, Inc. 144A, 4.875%, 11/1/24		858,000		833,152
144A, 6.50%, 5/15/27		2,037,000		2,003,500
144A, 4.75%, 10/15/27		1,819,000		1,634,326
144A, 3.75%, 1/15/28		836,000		729,000
Scientific Games International, Inc., 144A, 8.625%, 7/1/25		820,000		839,024
Six Flags Entertainment Corp., 144A, 4.875%, 7/31/24		1,881,000		1,848,684
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		1,033,000		1,031,265
WMG Acquisition Corp. 144A, 3.75%, 12/1/29		1,095,000		925,410
144A, 3.875%, 7/15/30		878,000		745,510
144A, 3.00%, 2/15/31		1,284,000		1,009,075

(Cost $37,511,885)				35,612,082

Food Service — 0.8%
Aramark Services, Inc. 144A, 5.00%, 4/1/25		1,145,000		1,111,876
144A, 6.375%, 5/1/25		2,620,000		2,606,088
144A, 5.00%, 2/1/28		2,010,000		1,851,009

(Cost $5,692,456)				5,568,973

Home Builders — 0.5%
Meritage Homes Corp. 6.00%, 6/1/25		785,000		781,947
144A, 3.875%, 4/15/29		746,000		647,908
Taylor Morrison Communities, Inc. 144A, 5.875%, 6/15/27		917,000		879,467
144A, 5.75%, 1/15/28		728,000		686,996
144A, 5.125%, 8/1/30		923,000		814,548

(Cost $4,125,394)				3,810,866

Home Furnishings — 0.2%
Tempur Sealy International, Inc., 144A, 4.00%, 4/15/29 (Cost $1,381,421)		1,373,000		1,175,164


	Principal Amount		Value
Housewares — 0.8%
Newell Brands, Inc. 4.875%, 6/1/25	$	1,106,000	$	1,072,975
4.45%, 4/1/26		3,383,000		3,205,342
6.375%, 9/15/27		846,000		842,366
6.625%, 9/15/29 (a)		817,000		811,032

(Cost $6,338,802)				5,931,715

Leisure Time — 0.4%
Royal Caribbean Cruises Ltd., 144A, 11.50%, 6/1/25		2,376,000		2,532,864
Viking Cruises Ltd., 144A, 13.00%, 5/15/25		500,000		531,922

(Cost $3,068,323)				3,064,786

Lodging — 3.8%
Boyd Gaming Corp. 4.75%, 12/1/27		1,751,000		1,643,244
144A, 4.75%, 6/15/31		1,538,000		1,359,434
Hilton Domestic Operating Co., Inc. 144A, 5.375%, 5/1/25		846,000		837,360
144A, 5.75%, 5/1/28		896,000		869,911
144A, 3.75%, 5/1/29		1,572,000		1,364,105
4.875%, 1/15/30		1,634,000		1,500,747
144A, 4.00%, 5/1/31		1,955,000		1,665,308
144A, 3.625%, 2/15/32		2,591,000		2,129,517
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc 144A, 5.00%, 6/1/29		1,464,000		1,285,840
144A, 4.875%, 7/1/31		860,000		723,776
Las Vegas Sands Corp. 3.20%, 8/8/24		3,010,000		2,898,139
2.90%, 6/25/25		746,000		691,755
3.50%, 8/18/26		1,785,000		1,633,791
3.90%, 8/8/29		1,299,000		1,130,914
MGM Resorts International 6.75%, 5/1/25		1,319,000		1,323,475
5.75%, 6/15/25		1,281,000		1,259,168
4.625%, 9/1/26		697,000		649,590
5.50%, 4/15/27		1,184,000		1,124,245
4.75%, 10/15/28		1,313,000		1,178,100
Travel + Leisure Co. 144A, 6.625%, 7/31/26		1,075,000		1,054,875
6.00%, 4/1/27		732,000		709,462

(Cost $28,327,802)				27,032,756

Retail — 3.1%
1011778 BC ULC / New Red Finance, Inc. 144A, 3.875%, 1/15/28		2,598,000		2,313,955
144A, 4.375%, 1/15/28		1,333,000		1,192,822
144A, 3.50%, 2/15/29		1,431,000		1,219,913
Asbury Automotive Group, Inc., 4.50%, 3/1/28		697,000		624,372
Bath & Body Works, Inc., 5.25%, 2/1/28		834,000		777,530
FirstCash, Inc. 144A, 4.625%, 9/1/28		909,000		790,594
144A, 5.625%, 1/1/30		972,000		861,167
Lithia Motors, Inc. 144A, 4.625%, 12/15/27		689,000		626,225


	Principal Amount		Value
Retail (Continued)
144A, 3.875%, 6/1/29	$	1,468,000	$	1,228,048
144A, 4.375%, 1/15/31		950,000		792,096
Murphy Oil USA, Inc. 4.75%, 9/15/29		859,000		767,727
144A, 3.75%, 2/15/31		875,000		708,895
Penske Automotive Group, Inc. 3.50%, 9/1/25		820,000		767,734
3.75%, 6/15/29		897,000		754,610
PetSmart, Inc. / PetSmart Finance Corp., 144A, 4.75%, 2/15/28		2,155,000		1,976,006
SRS Distribution, Inc., 144A, 4.625%, 7/1/28		1,136,000		995,023
Yum! Brands, Inc. 144A, 4.75%, 1/15/30		1,377,000		1,256,306
3.625%, 3/15/31		1,806,000		1,512,823
4.625%, 1/31/32		1,966,000		1,739,871
5.375%, 4/1/32		1,812,000		1,680,561

(Cost $25,030,164)				22,586,278

Toys/Games/Hobbies — 0.4%
Mattel, Inc. 144A, 3.375%, 4/1/26		971,000		892,072
144A, 5.875%, 12/15/27		1,095,000		1,070,527
144A, 3.75%, 4/1/29		1,127,000		975,988

(Cost $3,229,384)				2,938,587

Consumer, Non-cyclical — 17.5%
Agriculture — 0.3%
Darling Ingredients, Inc. 144A, 5.25%, 4/15/27		809,000		777,554
144A, 6.00%, 6/15/30		1,763,000		1,705,703

(Cost $2,594,645)				2,483,257

Commercial Services — 4.8%
ADT Security Corp., 144A, 4.125%, 8/1/29		1,876,000		1,610,977
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A, 4.75%, 4/1/28		900,000		799,562
144A, 5.375%, 3/1/29		1,050,000		946,218
Block, Inc. 2.75%, 6/1/26		1,893,000		1,690,943
3.50%, 6/1/31		1,728,000		1,397,701
Brink’s Co. 144A, 5.50%, 7/15/25		697,000		679,274
144A, 4.625%, 10/15/27		1,033,000		937,644
Gartner, Inc. 144A, 4.50%, 7/1/28		1,377,000		1,264,862
144A, 3.625%, 6/15/29		1,145,000		991,856
144A, 3.75%, 10/1/30		1,288,000		1,091,764
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		2,066,000		1,948,445
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.25%, 4/15/24		1,319,000		1,297,114
144A, 5.75%, 4/15/26		2,013,000		1,947,406
144A, 3.375%, 8/31/27		1,785,000		1,545,846
Service Corp. International 4.625%, 12/15/27		820,000		764,363
5.125%, 6/1/29		1,197,000		1,123,684


	Principal Amount		Value
Commercial Services (Continued)
3.375%, 8/15/30	$	1,660,000	$	1,350,344
4.00%, 5/15/31		1,421,000		1,201,754
United Rentals North AmericA, Inc. 5.50%, 5/15/27		836,000		820,200
3.875%, 11/15/27		1,519,000		1,402,645
4.875%, 1/15/28		2,847,000		2,716,323
5.25%, 1/15/30		1,389,000		1,310,959
4.00%, 7/15/30		1,119,000		987,792
3.875%, 2/15/31		1,721,000		1,475,027
3.75%, 1/15/32		1,589,000		1,335,411
Williams Scotsman International, Inc. 144A, 6.125%, 6/15/25		1,122,000		1,102,519
144A, 4.625%, 8/15/28		769,000		696,130

(Cost $37,334,901)				34,436,763

Cosmetics/Personal Care — 0.2%
Edgewell Personal Care Co., 144A, 5.50%, 6/1/28 (Cost $1,300,935)		1,269,000		1,186,363

Food — 3.0%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.25%, 3/15/26		1,333,000		1,224,703
144A, 7.50%, 3/15/26		1,125,000		1,146,092
144A, 4.625%, 1/15/27		2,443,000		2,299,144
144A, 5.875%, 2/15/28		1,214,000		1,176,311
144A, 6.50%, 2/15/28		1,313,000		1,306,330
144A, 3.50%, 3/15/29		2,380,000		2,020,025
144A, 4.875%, 2/15/30		1,706,000		1,532,548
Lamb Weston Holdings, Inc. 144A, 4.875%, 5/15/28		846,000		798,174
144A, 4.125%, 1/31/30		1,712,000		1,504,136
144A, 4.375%, 1/31/32		1,204,000		1,060,466
Performance Food Group, Inc., 144A, 5.50%, 10/15/27		1,825,000		1,732,272
Pilgrim’s Pride Corp. 144A, 5.875%, 9/30/27		1,268,000		1,242,220
4.25%, 4/15/31		84,000		70,435
Post Holdings, Inc., 144A, 5.75%, 3/1/27		791,000		770,832
US Foods, Inc. 144A, 6.25%, 4/15/25		1,818,000		1,813,766
144A, 4.75%, 2/15/29		1,536,000		1,385,725
144A, 4.625%, 6/1/30		859,000		750,987

(Cost $23,209,590)				21,834,166

Healthcare-Products — 1.0%
Avantor Funding, Inc. 144A, 4.625%, 7/15/28		2,713,000		2,496,693
144A, 3.875%, 11/1/29		1,343,000		1,163,293
Hologic, Inc. 144A, 4.625%, 2/1/28		825,000		770,039
144A, 3.25%, 2/15/29		1,633,000		1,409,696
Teleflex, Inc. 4.625%, 11/15/27		809,000		763,777
144A, 4.25%, 6/1/28		892,000		805,913

(Cost $8,176,661)				7,409,411


	Principal Amount		Value
Healthcare-Services — 4.7%
Catalent Pharma Solutions, Inc. 144A, 5.00%, 7/15/27	$	816,000	$	787,322
144A, 3.125%, 2/15/29		985,000		851,119
144A, 3.50%, 4/1/30 (a)		1,119,000		973,054
Charles River Laboratories International, Inc. 144A, 4.25%, 5/1/28		809,000		730,616
144A, 3.75%, 3/15/29		906,000		787,405
144A, 4.00%, 3/15/31		846,000		724,283
Encompass Health Corp. 4.50%, 2/1/28		1,414,000		1,299,777
4.75%, 2/1/30		1,418,000		1,255,956
4.625%, 4/1/31		714,000		611,238
IQVIA, Inc. 144A, 5.00%, 10/15/26		1,819,000		1,739,055
144A, 5.00%, 5/15/27		1,920,000		1,828,819
Molina Healthcare, Inc. 144A, 4.375%, 6/15/28		1,377,000		1,251,968
144A, 3.875%, 11/15/30		1,142,000		963,301
144A, 3.875%, 5/15/32		1,356,000		1,114,686
Tenet Healthcare Corp. 4.625%, 7/15/24		1,148,000		1,130,424
4.625%, 9/1/24		300,000		295,749
4.875%, 1/1/26		3,769,000		3,593,296
6.25%, 2/1/27		2,643,000		2,576,469
5.125%, 11/1/27		2,644,000		2,491,071
4.625%, 6/15/28		945,000		855,875
4.25%, 6/1/29		2,483,000		2,176,598
4.375%, 1/15/30		2,500,000		2,194,500
144A, 6.125%, 6/15/30		3,554,000		3,390,187

(Cost $35,854,325)				33,622,768

Household Products/Wares — 0.3%
Central Garden & Pet Co., 4.125%, 10/15/30		870,000		725,702
Spectrum Brands, Inc., 5.75%, 7/15/25		1,059,000		1,039,342

(Cost $1,847,527)				1,765,044

Pharmaceuticals — 3.2%
Jazz Securities DAC, 144A, 4.375%, 1/15/29		2,663,000		2,360,949
Organon & Co. / Organon Foreign Debt Co.-Issuer BV 144A, 4.125%, 4/30/28		3,677,000		3,248,997
144A, 5.125%, 4/30/31		3,502,000		2,976,543
Perrigo Finance Unlimited Co. 3.90%, 12/15/24


	Beginning Account Value September 1, 2022		Ending Account Value February 28, 2023		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers High Beta High Yield Bond ETF
Actual	$	1,000.00	$	1,029.80		0.20	%	$	1.01
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80		0.20	%	$	1.00
Xtrackers Low Beta High Yield Bond ETF
Actual	$	1,000.00	$	1,017.60		0.20	%	$	1.00
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80		0.20	%	$	1.00
Xtrackers Risk Managed USD High Yield Strategy ETF⁽²⁾
Actual	$	1,000.00	$	1,028.50		0.15	%	$	0.75
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.05		0.15	%	$	0.75
Xtrackers Short Duration High Yield Bond ETF
Actual	$	1,000.00	$	1,034.20		0.20	%	$	1.01
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.80		0.20	%	$	1.00
Xtrackers USD High Yield Corporate Bond ETF
Actual	$	1,000.00	$	1,022.90		0.15	%	$	0.75
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.05		0.15	%	$	0.75


	Value ($) at 8/31/2022		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)		Income ($)		Capital Gain Distributions ($)		Number of Shares at 2/28/2023		Value ($) at 2/28/2023
SECURITIES LENDING COLLATERAL — 3.3%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (b)(c)
		263,774		199,477	(d)		—			—		—		5,790		—		463,251		463,251

CASH EQUIVALENTS — 1.9%
DWS Government Money Market Series “Institutional Shares”, 4.51% (b)
		35,828		973,062			(742,409	)		—		—		3,574		—		266,481		266,481

		299,602		1,172,539			(742,409	)		—		—		9,364		—		729,732		729,732


	Page
Shareholder Letter		1
Portfolio Summary
Xtrackers High Beta High Yield Bond ETF		2
Xtrackers Low Beta High Yield Bond ETF		3
Xtrackers Risk Managed USD High Yield Strategy ETF		4
Xtrackers Short Duration High Yield Bond ETF		5
Xtrackers USD High Yield Corporate Bond ETF		6
Fees and Expenses		7
Schedule of Investments
Xtrackers High Beta High Yield Bond ETF		8
Xtrackers Low Beta High Yield Bond ETF		18
Xtrackers Risk Managed USD High Yield Strategy ETF		28
Xtrackers Short Duration High Yield Bond ETF		30
Xtrackers USD High Yield Corporate Bond ETF		40
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
Liquidity Risk Management		74
Board Consideration in Approval of Investment Advisory Contracts		75
Additional Information		78


United States			80.8%
Canada			5.4%
Luxembourg			3.0%
France			2.3%
Other			8.5%

Total			100.0%


United States			84.1%
Canada			5.2%
Netherlands			2.2%
Other			8.5%

Total			100.0%


Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (a)	$	—	$	13,523,518	$	—	$	13,523,518
Short-Term Investments (a)		729,732		—		—		729,732

TOTAL	$	729,732	$	13,523,518	$	—	$	14,253,250