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		1,537,000		1,472,884
4.375%, 3/15/26		1,134,000		1,066,833
4.40%, 6/15/30		1,278,000		1,099,195
Prestige Brands, Inc. 144A, 5.125%, 1/15/28		597,000		561,345
144A, 3.75%, 4/1/31		1,077,000		876,167
Teva Pharmaceutical Finance Netherlands III BV 6.00%, 4/15/24		1,862,000		1,860,073
7.125%, 1/31/25		1,860,000		1,885,212


	Principal Amount		Value
Pharmaceuticals (Continued)
3.15%, 10/1/26	$	6,159,000	$	5,397,932

(Cost $24,226,220)				22,806,130

Energy — 9.8%
Oil & Gas — 5.1%
Antero Resources Corp. 144A, 7.625%, 2/1/29		820,000		826,927
144A, 5.375%, 3/1/30		970,000		884,573
Apache Corp., 4.25%, 1/15/30		1,004,000		887,866
Chesapeake Energy Corp. 144A, 5.50%, 2/1/26		746,000		731,957
144A, 5.875%, 2/1/29		900,000		841,936
144A, 6.75%, 4/15/29		1,637,000		1,587,604
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25		1,761,000		1,701,240
MEG Energy Corp., 144A, 7.125%, 2/1/27		1,207,000		1,226,366
Murphy Oil Corp. 5.75%, 8/15/25		444,000		439,989
5.875%, 12/1/27		979,000		936,709
6.375%, 7/15/28		719,000		694,777
Occidental Petroleum Corp. 2.90%, 8/15/24		978,000		933,324
5.875%, 9/1/25		1,293,000		1,291,209
5.50%, 12/1/25		682,000		676,629
5.55%, 3/15/26		1,378,000		1,369,257
8.50%, 7/15/27		857,000		920,371
6.375%, 9/1/28		1,015,000		1,026,617
8.875%, 7/15/30		2,031,000		2,310,222
6.625%, 9/1/30		2,387,000		2,456,044
6.125%, 1/1/31		2,029,000		2,039,084
7.50%, 5/1/31		1,390,000		1,485,590
7.875%, 9/15/31		849,000		923,088
Range Resources Corp. 4.875%, 5/15/25		1,269,000		1,239,416
144A, 4.75%, 2/15/30 (a)		870,000		779,524
Southwestern Energy Co. 5.375%, 2/1/29		1,197,000		1,120,940
5.375%, 3/15/30		2,101,000		1,925,609
4.75%, 2/1/32		2,011,000		1,731,149
Sunoco LP / Sunoco Finance Corp. 6.00%, 4/15/27		1,095,000		1,077,151
4.50%, 5/15/29		1,465,000		1,287,170
4.50%, 4/30/30		1,300,000		1,127,750

(Cost $39,482,268)				36,480,088

Pipelines — 4.7%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 7.875%, 5/15/26		946,000		956,405
144A, 5.375%, 6/15/29		1,313,000		1,183,026
Buckeye Partners LP 144A, 4.125%, 3/1/25		746,000		700,132
3.95%, 12/1/26		1,084,000		959,615
4.125%, 12/1/27		717,000		621,292
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A, 5.50%, 6/15/31		2,482,000		2,176,165


	Principal Amount		Value
Pipelines (Continued)
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 5.75%, 4/1/25 (a)	$	746,000	$	724,419
DT Midstream, Inc. 144A, 4.125%, 6/15/29		1,982,000		1,696,522
144A, 4.375%, 6/15/31		1,738,000		1,457,443
EnLink Midstream LLC 144A, 5.625%, 1/15/28		810,000		772,339
5.375%, 6/1/29		925,000		859,910
144A, 6.50%, 9/1/30		1,205,000		1,188,437
EnLink Midstream Partners LP 4.15%, 6/1/25		629,000		603,840
4.85%, 7/15/26		872,000		827,602
EQM Midstream Partners LP, 4.125%, 12/1/26		846,000		753,724
Hess Midstream Operations LP 144A, 5.625%, 2/15/26		1,186,000		1,154,933
144A, 5.125%, 6/15/28		980,000		900,054
144A, 4.25%, 2/15/30		1,291,000		1,091,398
144A, 5.50%, 10/15/30		727,000		658,793
NuStar Logistics LP, 5.75%, 10/1/25		1,143,000		1,103,488
Rockies Express Pipeline LLC 144A, 3.60%, 5/15/25		689,000		637,886
144A, 4.95%, 7/15/29		961,000		836,839
Venture Global Calcasieu Pass LLC 144A, 3.875%, 8/15/29		2,389,000		2,062,770
144A, 6.25%, 1/15/30		1,650,000		1,629,499
144A, 4.125%, 8/15/31		2,122,000		1,822,533
144A, 3.875%, 11/1/33		2,189,000		1,787,209
Western Midstream Operating LP 3.35%, 2/1/25		1,090,000		1,034,256
4.65%, 7/1/26		867,000		824,578
4.50%, 3/1/28		789,000		728,100
4.75%, 8/15/28		640,000		592,681
4.30%, 2/1/30		2,160,000		1,915,785

(Cost $37,753,425)				34,261,673

Financial — 9.8%
Diversified Financial Services — 2.8%
LPL Holdings, Inc. 144A, 4.625%, 11/15/27		689,000		641,399
144A, 4.00%, 3/15/29		1,550,000		1,364,069
144A, 4.375%, 5/15/31		704,000		609,720
Navient Corp.
MTN, 6.125%, 3/25/24		1,348,000		1,339,467
5.875%, 10/25/24		896,000		874,159
6.75%, 6/25/25		975,000		962,325
NFP Corp., 144A, 4.875%, 8/15/28		946,000		828,996
OneMain Finance Corp. 6.125%, 3/15/24		1,949,000		1,923,746
6.875%, 3/15/25		2,174,000		2,133,814
3.50%, 1/15/27		1,343,000		1,129,276
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. 144A, 2.875%, 10/15/26		1,965,000		1,686,324
144A, 3.625%, 3/1/29		1,282,000		1,034,510


	Principal Amount		Value
Diversified Financial Services (Continued)
144A, 3.875%, 3/1/31	$	2,263,000	$	1,765,755
144A, 4.00%, 10/15/33		1,466,000		1,083,422
SLM Corp. 4.20%, 10/29/25		806,000		738,935
3.125%, 11/2/26		906,000		782,576
Synchrony Financial, 7.25%, 2/2/33		1,313,000		1,263,250

(Cost $22,410,818)				20,161,743

Insurance — 0.7%
Acrisure LLC / Acrisure Finance, Inc., 144A, 4.25%, 2/15/29		1,201,000		981,997
HUB International Ltd. 144A, 7.00%, 5/1/26		2,925,000		2,877,686
144A, 5.625%, 12/1/29		939,000		807,379

(Cost $4,708,171)				4,667,062

Real Estate — 0.4%
Howard Hughes Corp. 144A, 5.375%, 8/1/28		1,285,000		1,165,893
144A, 4.125%, 2/1/29		1,217,000		1,015,175
144A, 4.375%, 2/1/31		1,119,000		912,835

(Cost $3,499,976)				3,093,903

Real Estate Investment Trusts — 4.6%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144A, 5.75%, 5/15/26		1,628,000		1,500,495
HAT Holdings I LLC / HAT Holdings II LLC 144A, 6.00%, 4/15/25		673,000		646,742
144A, 3.375%, 6/15/26		1,727,000		1,499,943
Iron Mountain, Inc. 144A, 4.875%, 9/15/27		1,751,000		1,613,782
144A, 5.25%, 3/15/28		1,396,000		1,286,477
144A, 5.00%, 7/15/28		866,000		785,739
144A, 4.875%, 9/15/29		1,751,000		1,534,112
144A, 5.25%, 7/15/30		2,352,000		2,053,625
144A, 4.50%, 2/15/31		1,919,000		1,590,654
144A, 5.625%, 7/15/32		1,050,000		909,647
iStar, Inc. 4.75%, 10/1/24		1,297,000		1,295,031
4.25%, 8/1/25		820,000		816,519
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A, 4.25%, 2/1/27		1,122,000		955,026
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/1/26 (a)		861,000		766,080
3.50%, 3/15/31		30,000		20,594
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A, 7.50%, 6/1/25		1,219,000		1,223,752
144A, 5.875%, 10/1/28		1,287,000		1,146,211
144A, 4.875%, 5/15/29		1,313,000		1,098,546
RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27		1,205,000		1,108,962
144A, 4.50%, 2/15/29		1,103,000		961,114


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
RLJ Lodging Trust LP 144A, 3.75%, 7/1/26	$	896,000	$	811,595
144A, 4.00%, 9/15/29		841,000		694,060
SBA Communications Corp. 3.875%, 2/15/27		2,797,000		2,533,259
3.125%, 2/1/29		2,455,000		2,029,303
Starwood Property Trust, Inc. 144A, 3.75%, 12/31/24		697,000		656,726
4.75%, 3/15/25		809,000		766,818
144A, 3.625%, 7/15/26		742,000		649,857
144A, 4.375%, 1/15/27		911,000		790,316
XHR LP 144A, 6.375%, 8/15/25		746,000		724,277
144A, 4.875%, 6/1/29		892,000		762,767

(Cost $35,627,613)				33,232,029

Venture Capital — 1.3%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 4.75%, 9/15/24		2,188,000		2,128,421
6.375%, 12/15/25		1,313,000		1,297,178
6.25%, 5/15/26		2,111,000		2,050,214
5.25%, 5/15/27		2,496,000		2,311,467
4.375%, 2/1/29		1,272,000		1,100,201

(Cost $8,995,835)				8,887,481

Industrial — 10.1%
Aerospace/Defense — 3.6%
Howmet Aerospace, Inc. 5.125%, 10/1/24		2,123,000		2,101,558
6.875%, 5/1/25		1,155,000		1,176,321
3.00%, 1/15/29		1,144,000		983,503
Rolls-Royce PLC 144A, 3.625%, 10/14/25		1,770,000		1,646,100
144A, 5.75%, 10/15/27		1,788,000		1,727,950
TransDigm, Inc. 144A, 8.00%, 12/15/25		2,121,000		2,169,635
144A, 6.25%, 3/15/26		7,617,000		7,525,916
6.375%, 6/15/26		1,750,000		1,699,010
5.50%, 11/15/27		4,856,000		4,477,999
4.625%, 1/15/29		1,900,000		1,634,774
Triumph Group, Inc., 144A, 8.875%, 6/1/24		983,000		1,027,077

(Cost $26,911,469)				26,169,843

Building Materials — 1.1%
Builders FirstSource, Inc. 144A, 5.00%, 3/1/30		957,000		863,178
144A, 4.25%, 2/1/32		2,316,000		1,946,671
144A, 6.375%, 6/15/32		1,226,000		1,178,442
Standard Industries, Inc. 144A, 5.00%, 2/15/27		1,463,000		1,353,142
144A, 4.75%, 1/15/28		1,722,000		1,548,403
Summit Materials LLC / Summit Materials Finance Corp., 144A, 5.25%, 1/15/29		1,205,000		1,109,944

(Cost $8,492,807)				7,999,780


	Principal Amount		Value
Electrical Components & Equipment — 0.7%
WESCO Distribution, Inc. 144A, 7.125%, 6/15/25	$	2,497,000	$	2,525,428
144A, 7.25%, 6/15/28		2,376,000		2,409,599

(Cost $5,037,325)				4,935,027

Electronics — 0.8%
Sensata Technologies BV 144A, 5.625%, 11/1/24		637,000		630,896
144A, 5.00%, 10/1/25		1,144,000		1,114,032
144A, 4.00%, 4/15/29		1,887,000		1,666,400
144A, 5.875%, 9/1/30		846,000		803,198
Sensata Technologies, Inc. 144A, 4.375%, 2/15/30		831,000		736,013
144A, 3.75%, 2/15/31		1,258,000		1,049,889

(Cost $6,670,680)				6,000,428

Environmental Control — 0.9%
Clean Harbors, Inc., 144A, 6.375%, 2/1/31		861,000		855,989
GFL Environmental, Inc. 144A, 4.25%, 6/1/25		809,000		775,208
144A, 3.75%, 8/1/25		1,319,000		1,242,940
144A, 5.125%, 12/15/26		896,000		858,712
144A, 3.50%, 9/1/28		1,289,000		1,127,617
Stericycle, Inc. 144A, 5.375%, 7/15/24		1,033,000		1,018,078
144A, 3.875%, 1/15/29		860,000		738,045

(Cost $7,043,675)				6,616,589

Miscellaneous Manufacturing — 0.1%
Hillenbrand, Inc., 5.75%, 6/15/25 (Cost $809,785)		797,000		787,886

Packaging & Containers — 2.7%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A, 6.00%, 6/15/27		955,000		925,271
144A, 3.25%, 9/1/28		1,168,000		981,697
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc., 144A, 5.25%, 4/30/25		1,044,000		1,010,331
Ball Corp. 5.25%, 7/1/25		1,841,000		1,809,641
4.875%, 3/15/26		1,119,000		1,082,369
6.875%, 3/15/28		1,371,000		1,385,944
2.875%, 8/15/30		2,261,000		1,807,104
3.125%, 9/15/31		1,563,000		1,253,237
Berry Global, Inc., 144A, 5.625%, 7/15/27		969,000		933,724
Crown Americas LLC, 5.25%, 4/1/30 (a)		861,000		802,153
Graphic Packaging International LLC 144A, 3.50%, 3/15/28		801,000		701,532
144A, 3.75%, 2/1/30		670,000		571,661
OI European Group BV, 144A, 4.75%, 2/15/30		670,000		596,967
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27		1,793,000		1,565,737


	Principal Amount		Value
Packaging & Containers (Continued)
Sealed Air Corp. 144A, 5.125%, 12/1/24	$	599,000	$	589,081
144A, 5.50%, 9/15/25		647,000		637,295
144A, 4.00%, 12/1/27		919,000		821,197
144A, 5.00%, 4/15/29		634,000		584,973
Silgan Holdings, Inc., 4.125%, 2/1/28		1,027,000		939,859

(Cost $20,658,633)				18,999,773

Trucking & Leasing — 0.2%
Fortress Transportation and Infrastructure Investors LLC, 144A, 6.50%, 10/1/25 (Cost $1,113,975)		1,150,000		1,126,891

Technology — 5.5%
Computers — 1.5%
NCR Corp. 144A, 5.75%, 9/1/27		826,000		801,288
144A, 6.125%, 9/1/29		912,000		888,156
Presidio Holdings, Inc., 144A, 4.875%, 2/1/27		873,000		795,961
Seagate HDD Cayman 4.875%, 3/1/24		996,000		982,454
4.75%, 1/1/25		815,000		787,706
4.875%, 6/1/27		932,000		878,457
4.091%, 6/1/29		831,000		717,735
Western Digital Corp. 4.75%, 2/15/26		3,958,000		3,740,706
2.85%, 2/1/29		918,000		722,457
3.10%, 2/1/32		895,000		645,633

(Cost $11,338,853)				10,960,553

Semiconductors — 0.9%
Entegris Escrow Corp. 144A, 4.75%, 4/15/29		2,801,000		2,549,031
144A, 5.95%, 6/15/30		1,581,000		1,472,463
Entegris, Inc. 144A, 4.375%, 4/15/28		689,000		609,771
144A, 3.625%, 5/1/29 (a)		689,000		571,946
ON Semiconductor Corp., 144A, 3.875%, 9/1/28		1,222,000		1,075,122

(Cost $6,499,428)				6,278,333

Software — 3.1%
Clarivate Science Holdings Corp., 144A, 3.875%, 7/1/28		1,598,000		1,375,701
Fair Isaac Corp. 144A, 5.25%, 5/15/26		847,000		824,605
144A, 4.00%, 6/15/28		1,481,000		1,346,348
MSCI, Inc. 144A, 4.00%, 11/15/29		1,905,000		1,685,735
144A, 3.625%, 9/1/30		1,459,000		1,243,287
144A, 3.875%, 2/15/31		1,801,000		1,552,822
144A, 3.625%, 11/1/31		1,068,000		894,124
144A, 3.25%, 8/15/33		1,199,000		946,796
Open Text Corp. 144A, 6.90%, 12/1/27		202,000		204,202
144A, 3.875%, 2/15/28		1,550,000		1,337,805
144A, 3.875%, 12/1/29		1,480,000		1,210,225
Open Text Holdings, Inc. 144A, 4.125%, 2/15/30		1,535,000		1,265,576


	Principal Amount		Value
Software (Continued)
144A, 4.125%, 12/1/31	$	1,119,000	$	891,519
PTC, Inc. 144A, 3.625%, 2/15/25		861,000		819,642
144A, 4.00%, 2/15/28		865,000		786,545
ROBLOX Corp., 144A, 3.875%, 5/1/30		1,726,000		1,420,515
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		3,458,000		3,257,444
Twilio, Inc. 3.625%, 3/15/29		939,000		789,739
3.875%, 3/15/31		799,000		655,040

(Cost $25,044,071)				22,507,670

Utilities — 3.4%
Electric — 3.1%
Calpine Corp. 144A, 5.25%, 6/1/26		786,000		754,248
144A, 4.50%, 2/15/28		2,089,000		1,882,300
144A, 3.75%, 3/1/31		1,649,000		1,340,459
Clearway Energy Operating LLC 144A, 4.75%, 3/15/28		1,389,000		1,276,179
144A, 3.75%, 2/15/31		1,640,000		1,325,899
DPL, Inc., 4.125%, 7/1/25		727,000		682,737
FirstEnergy Corp.
Series B, 4.15%, 7/15/27		2,457,000		2,294,580
2.65%, 3/1/30		1,129,000		937,307
Series B, 2.25%, 9/1/30		789,000		629,977
NextEra Energy Operating Partners LP 144A, 4.25%, 7/15/24		1,434,000		1,387,237
144A, 3.875%, 10/15/26		912,000		826,363
144A, 4.50%, 9/15/27		870,000		794,849
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26		1,919,000		1,834,839
144A, 5.625%, 2/15/27		2,239,000		2,124,166
144A, 5.00%, 7/31/27		2,259,000		2,104,157
144A, 4.375%, 5/1/29		2,180,000		1,885,577

(Cost $24,031,171)				22,080,874

Gas — 0.3%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.625%, 5/20/24		1,372,000		1,342,611
5.50%, 5/20/25		1,206,000		1,147,679

(Cost $2,525,428)				2,490,290

TOTAL CORPORATE BONDS
(Cost $758,916,033)				706,970,088


	Number of Shares
SECURITIES LENDING COLLATERAL — 1.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (b)(c) (Cost $12,621,919)		12,621,919		12,621,919

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 is as follows:


	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 98.9%
Xtrackers High Beta High Yield Bond ETF (a)(b)		24,823	$	981,313
Xtrackers USD High Yield Corporate Bond ETF (b)		1,259,049		42,996,523

TOTAL EXCHANGE-TRADED FUNDS (Cost $48,462,184)				43,977,836

SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (c)(d) (Cost $40,500)		40,500		40,500

CASH EQUIVALENTS — 1.1%
DWS Government Money Market Series “Institutional Shares”, 4.51% (c) (Cost $480,896)		480,896		480,896


TOTAL INVESTMENTS — 100.1% (Cost $48,983,580)			$	44,499,232
Other assets and liabilities, net — (0.1%)				(43,689	)

NET ASSETS — 100.0%			$	44,455,543

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 is as follows:


	Principal Amount		Value
CORPORATE BONDS — 98.3%
Basic Materials — 4.1%
Chemicals — 1.4%
Avient Corp., 144A, 5.75%, 5/15/25	$	150,000	$	147,213
Chemours Co., 5.375%, 5/15/27 (a)		75,000		68,389
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		138,000		121,534
Methanex Corp., 5.125%, 10/15/27		100,000		94,083
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24		178,000		174,618
144A, 5.00%, 5/1/25		97,000		92,587
144A, 5.25%, 6/1/27		179,000		161,342
Olin Corp., 5.125%, 9/15/27		167,000		158,918

(Cost $1,047,410)				1,018,684

Iron/Steel — 0.7%
Cleveland-Cliffs, Inc. 144A, 6.75%, 3/15/26		155,000		156,724
5.875%, 6/1/27 (a)		100,000		97,168
Mineral Resources Ltd. 144A, 8.125%, 5/1/27		170,000		169,878
144A, 8.00%, 11/1/27		116,000		115,524

(Cost $548,789)				539,294

Mining — 2.0%
Arconic Corp. 144A, 6.00%, 5/15/25		169,000		169,000
144A, 6.125%, 2/15/28		120,000		118,636
First Quantum Minerals Ltd. 144A, 6.50%, 3/1/24		6,000		5,946
144A, 7.50%, 4/1/25		276,000		267,965
144A, 6.875%, 3/1/26		194,000		185,270
144A, 6.875%, 10/15/27		250,000		234,775
FMG Resources August 2006 Pty Ltd. 144A, 5.125%, 5/15/24		137,000		135,430
144A, 4.50%, 9/15/27		100,000		92,107
Hudbay Minerals, Inc., 144A, 4.50%, 4/1/26		85,000		76,403
Nexa Resources SA 144A, 5.375%, 5/4/27		128,000		120,796
144A, 6.50%, 1/18/28		111,000		107,200

(Cost $1,545,204)				1,513,528

Communications — 17.9%
Advertising — 0.7%
Clear Channel Outdoor Holdings, Inc., 144A, 5.125%, 8/15/27		214,000		191,199
CMG Media Corp., 144A, 8.875%, 12/15/27		182,000		122,662
Lamar Media Corp., 3.75%, 2/15/28		100,000		88,596
Outfront Media Capital LLC / Outfront Media Capital Corp. 144A, 6.25%, 6/15/25		65,000		64,547
144A, 5.00%, 8/15/27		119,000		107,007

(Cost $593,522)				574,011


	Principal Amount		Value
Internet — 1.8%
Gen Digital, Inc. 144A, 5.00%, 4/15/25	$	160,000	$	154,968
144A, 6.75%, 9/30/27		152,000		149,571
Go Daddy Operating Co. LLC / GD Finance Co., Inc., 144A, 5.25%, 12/1/27		100,000		94,729
Match Group Holdings II LLC, 144A, 5.00%, 12/15/27		50,000		46,642
MercadoLibre, Inc., 2.375%, 1/14/26		50,000		44,575
Rakuten Group, Inc., 144A, 10.25%, 11/30/24		165,000		165,627
Uber Technologies, Inc. 144A, 7.50%, 5/15/25		225,000		227,503
144A, 8.00%, 11/1/26		244,000		249,140
144A, 7.50%, 9/15/27		176,000		178,874
144A, 6.25%, 1/15/28		80,000		78,710

(Cost $1,395,078)				1,390,339

Media — 8.1%
Altice Financing SA, 144A, 5.00%, 1/15/28		200,000		166,156
AMC Networks, Inc. 5.00%, 4/1/24		68,000		67,733
4.75%, 8/1/25		160,000		151,468
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.50%, 5/1/26		100,000		96,606
144A, 5.125%, 5/1/27		599,000		555,254
144A, 5.00%, 2/1/28		420,000		381,024
CSC Holdings LLC 5.25%, 6/1/24		142,000		137,717
144A, 5.50%, 4/15/27		237,000		206,432
144A, 5.375%, 2/1/28		170,000		141,950
DISH DBS Corp. 5.00%, 3/15/23		209,000		208,666
5.875%, 11/15/24		390,000		364,295
7.75%, 7/1/26		312,000		242,504
144A, 5.25%, 12/1/26		505,000		423,884
DISH Network Corp., 144A, 11.75%, 11/15/27		615,000		624,167
Gray Television, Inc. 144A, 5.875%, 7/15/26		143,000		129,301
144A, 7.00%, 5/15/27		127,000		114,773
iHeartCommunications, Inc. 6.375%, 5/1/26		162,000		152,886
8.375%, 5/1/27		226,000		199,106
144A, 5.25%, 8/15/27		101,000		87,999
144A, 4.75%, 1/15/28		50,000		42,101
Nexstar Media, Inc., 144A, 5.625%, 7/15/27		295,000		274,258
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26		270,000		238,984
144A, 5.00%, 8/1/27		168,000		154,306
TEGNA, Inc., 144A, 4.75%, 3/15/26		102,000		97,011
Univision Communications, Inc. 144A, 5.125%, 2/15/25		250,000		243,640
144A, 6.625%, 6/1/27		244,000		232,685


	Principal Amount		Value
Media (Continued)
UPC Holding BV, 144A, 5.50%, 1/15/28	$	100,000	$	88,090
Videotron Ltd. 144A, 5.375%, 6/15/24		121,000		119,817
144A, 5.125%, 4/15/27		80,000		74,878
Ziggo Bond Co. BV, 144A, 6.00%, 1/15/27		106,000		98,683

(Cost $6,525,605)				6,116,374

Telecommunications — 7.3%
Altice France Holding SA 144A, 10.50%, 5/15/27		289,000		238,954
144A, 6.00%, 2/15/28		170,000		117,062
Altice France SA 144A, 8.125%, 2/1/27		259,000		242,025
144A, 5.50%, 1/15/28		235,000		193,807
C&W Senior Financing DAC, 144A, 6.875%, 9/15/27		225,000		204,068
CommScope Technologies LLC 144A, 6.00%, 6/15/25		215,000		206,301
144A, 5.00%, 3/15/27		118,000		90,016
CommScope, Inc. 144A, 6.00%, 3/1/26		268,000		258,492
144A, 8.25%, 3/1/27		192,000		163,722
Frontier Communications Holdings LLC, 144A, 5.875%, 10/15/27		188,000		174,975
Hughes Satellite Systems Corp. 5.25%, 8/1/26		150,000		143,784
6.625%, 8/1/26 (a)		126,000		118,735
Iliad Holding SASU, 144A, 6.50%, 10/15/26		221,000		206,746
Level 3 Financing, Inc. 144A, 3.40%, 3/1/27		127,000		106,946
144A, 4.625%, 9/15/27		186,000		138,053
Lumen Technologies, Inc. 144A, 5.125%, 12/15/26		120,000		88,013
144A, 4.00%, 2/15/27		204,000		156,866
Millicom International Cellular SA, 144A, 5.125%, 1/15/28		65,700		57,907
Sable International Finance Ltd., 144A, 5.75%, 9/7/27		84,000		77,424
Sprint LLC 7.875%, 9/15/23		714,000		721,230
7.125%, 6/15/24		550,000		557,425
7.625%, 2/15/25		120,000		123,089
7.625%, 3/1/26		315,000		327,403
Telecom Italia SpA, 144A, 5.303%, 5/30/24		259,000		252,455
VEON Holdings BV, 144A, 4.95%, 6/16/24		113,000		100,501
Viasat, Inc. 144A, 5.625%, 9/15/25		236,000		218,737
144A, 5.625%, 4/15/27		14,000		12,786
Zayo Group Holdings, Inc., 144A, 4.00%, 3/1/27		256,000		197,376

(Cost $5,832,466)				5,494,898


	Principal Amount		Value
Consumer, Cyclical — 25.6%
Airlines — 2.5%
Air Canada, 144A, 3.875%, 8/15/26	$	203,000	$	183,114
American Airlines Group, Inc., 144A, 3.75%, 3/1/25		85,000		77,675
American Airlines, Inc. 144A, 11.75%, 7/15/25		480,000		526,240
144A, 7.25%, 2/15/28		90,000		88,119
Delta Air Lines, Inc. 2.90%, 10/28/24		140,000		133,337
7.375%, 1/15/26		122,000		125,622
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		201,252		187,260
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 144A, 8.00%, 9/20/25		150,000		150,863
144A, 8.00%, 9/20/25		70,000		70,367
United Airlines, Inc., 144A, 4.375%, 4/15/26		385,000		361,264

(Cost $2,007,301)				1,903,861

Apparel — 0.2%
Hanesbrands, Inc., 144A, 4.875%, 5/15/26 (Cost $183,839)		177,000		163,631

Auto Manufacturers — 3.6%
Allison Transmission, Inc., 144A, 4.75%, 10/1/27		61,000		56,651
Aston Martin Capital Holdings Ltd., 144A, 10.50%, 11/30/25		180,000		179,763
Ford Motor Co., 4.346%, 12/8/26 (a)		300,000		286,727
Ford Motor Credit Co. LLC 5.584%, 3/18/24		130,000		129,242
3.664%, 9/8/24		213,000		204,528
4.063%, 11/1/24		215,000		206,979
2.30%, 2/10/25		161,000		148,147
4.687%, 6/9/25		97,000		92,851
5.125%, 6/16/25		186,000		179,767
4.134%, 8/4/25		125,000		117,816
3.375%, 11/13/25		210,000		193,540
GMTN, 4.389%, 1/8/26		180,000		169,945
4.542%, 8/1/26		82,000		76,053
2.70%, 8/10/26		151,000		131,978
4.271%, 1/9/27		113,000		102,677
4.95%, 5/28/27		159,000		148,456
4.125%, 8/17/27		107,000		95,545
3.815%, 11/2/27		35,000		30,766
7.35%, 11/4/27		128,000		129,997
2.90%, 2/16/28		50,000		41,677

(Cost $2,853,207)				2,723,105

Auto Parts & Equipment — 1.9%
Adient Global Holdings Ltd., 144A, 4.875%, 8/15/26		134,000		124,483
American Axle & Manufacturing, Inc., 6.50%, 4/1/27 (a)		111,000		102,723


	Principal Amount		Value
Auto Parts & Equipment (Continued)
Clarios Global LP, 144A, 6.75%, 5/15/25	$	66,000	$	65,713
Clarios Global LP / Clarios US Finance Co. 144A, 6.25%, 5/15/26		187,000		183,751
144A, 8.50%, 5/15/27		331,000		329,361
Dana, Inc., 5.375%, 11/15/27		46,000		42,493
Goodyear Tire & Rubber Co. 9.50%, 5/31/25		143,000		147,571
5.00%, 5/31/26 (a)		152,000		146,469
4.875%, 3/15/27 (a)		118,000		109,597
ZF North America Capital, Inc., 144A, 4.75%, 4/29/25		182,000		174,063

(Cost $1,476,574)				1,426,224

Distribution/Wholesale — 0.1%
American Builders & Contractors Supply Co., Inc., 144A, 4.00%, 1/15/28 (Cost $104,078)		115,000		103,034

Entertainment — 4.3%
AMC Entertainment Holdings, Inc., 144A, 10.00%, 6/15/26		247,000		127,823
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25		497,000		493,197
144A, 8.125%, 7/1/27 (a)		325,000		328,347
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, 5.75%, 7/1/25		169,000		168,899
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25		192,000		189,843
5.375%, 4/15/27		97,000		92,757
Churchill Downs, Inc. 144A, 5.50%, 4/1/27		102,000		96,998
144A, 4.75%, 1/15/28		120,000		109,315
Cinemark USA, Inc., 144A, 5.875%, 3/15/26		78,000		71,196
International Game Technology PLC 144A, 6.50%, 2/15/25		108,000		108,375
144A, 4.125%, 4/15/26		127,000		118,558
144A, 6.25%, 1/15/27		143,000		140,349
Live Nation Entertainment, Inc. 144A, 4.875%, 11/1/24		137,000		133,032
144A, 6.50%, 5/15/27		163,000		160,319
144A, 4.75%, 10/15/27		175,000		157,233
144A, 3.75%, 1/15/28		80,000		69,761
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26		224,000		210,058
Penn Entertainment, Inc., 144A, 5.625%, 1/15/27		68,000		63,124
Scientific Games International, Inc., 144A, 8.625%, 7/1/25		102,000		104,366
Six Flags Entertainment Corp. 144A, 4.875%, 7/31/24		195,000		191,650
144A, 5.50%, 4/15/27 (a)		56,000		52,693


	Principal Amount		Value
Entertainment (Continued)
Vail Resorts, Inc., 144A, 6.25%, 5/15/25	$	100,000	$	99,832

(Cost $3,461,831)				3,287,725

Food Service — 0.8%
Aramark Services, Inc. 144A, 5.00%, 4/1/25		50,000		48,554
144A, 6.375%, 5/1/25		434,000		431,695
144A, 5.00%, 2/1/28		150,000		138,135

(Cost $627,557)				618,384

Home Builders — 0.5%
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 144A, 6.25%, 9/15/27		90,000		78,586
Mattamy Group Corp., 144A, 5.25%, 12/15/27		97,000		86,740
Meritage Homes Corp., 6.00%, 6/1/25		78,000		77,697
Taylor Morrison Communities, Inc. 144A, 5.875%, 6/15/27		85,000		81,521
144A, 5.75%, 1/15/28		80,000		75,494

(Cost $404,876)				400,038

Housewares — 0.7%
Newell Brands, Inc. 4.875%, 6/1/25		68,000		65,970
4.45%, 4/1/26		346,000		327,830
6.375%, 9/15/27		125,000		124,463

(Cost $560,324)				518,263

Leisure Time — 4.0%
Carnival Corp. 144A, 10.50%, 2/1/26		140,000		145,116
144A, 7.625%, 3/1/26		289,000		260,606
144A, 5.75%, 3/1/27		619,000		508,310
144A, 9.875%, 8/1/27		93,000		94,774
Life Time, Inc. 144A, 5.75%, 1/15/26		176,000		169,220
144A, 8.00%, 4/15/26		80,000		77,158
NCL Corp. Ltd. 144A, 3.625%, 12/15/24		94,000		88,360
144A, 5.875%, 3/15/26		257,000		222,608
144A, 5.875%, 2/15/27		197,000		182,907
144A, 8.375%, 2/1/28		60,000		61,181
Royal Caribbean Cruises Ltd. 144A, 11.50%, 6/1/25		251,000		267,571
144A, 4.25%, 7/1/26		194,000		170,404
144A, 5.50%, 8/31/26		169,000		153,138
144A, 5.375%, 7/15/27		134,000		117,847
144A, 11.625%, 8/15/27		192,000		205,046
Viking Cruises Ltd. 144A, 13.00%, 5/15/25		152,000		161,704
144A, 5.875%, 9/15/27		139,000		119,369

(Cost $3,167,961)				3,005,319


	Principal Amount		Value
Lodging — 3.8%
Boyd Gaming Corp., 4.75%, 12/1/27 (a)	$	156,000	$	146,400
Hilton Domestic Operating Co., Inc., 144A, 5.375%, 5/1/25		81,000		80,173
Las Vegas Sands Corp. 3.20%, 8/8/24		313,000		301,368
2.90%, 6/25/25		100,000		92,729
3.50%, 8/18/26		180,000		164,752
Melco Resorts Finance Ltd. 144A, 4.875%, 6/6/25		200,000		186,750
144A, 5.25%, 4/26/26		85,000		76,694
144A, 5.625%, 7/17/27		100,000		88,509
MGM Resorts International 6.00%, 3/15/23		222,000		222,200
6.75%, 5/1/25		181,000		181,614
5.75%, 6/15/25		101,000		99,279
4.625%, 9/1/26		78,000		72,694
5.50%, 4/15/27		101,000		95,903
Station Casinos LLC, 144A, 4.50%, 2/15/28		100,000		88,057
Studio City Finance Ltd. 144A, 6.00%, 7/15/25		80,000		72,164
144A, 6.50%, 1/15/28		90,000		76,532
Travel + Leisure Co. 3.90%, 3/1/23		88,000		88,000
144A, 6.625%, 7/31/26		110,000		107,941
6.00%, 4/1/27		73,000		70,752
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 144A, 4.25%, 5/30/23		109,000		108,773
144A, 5.50%, 3/1/25		295,000		287,217
144A, 5.25%, 5/15/27 (a)		153,000		142,662

(Cost $2,891,055)				2,851,163

Retail — 2.9%
1011778 BC ULC / New Red Finance, Inc. 144A, 3.875%, 1/15/28		282,000		251,168
144A, 4.375%, 1/15/28		140,000		125,278
Bath & Body Works, Inc., 5.25%, 2/1/28		80,000		74,583
Carvana Co. 144A, 5.625%, 10/1/25		92,000		57,137
144A, 5.50%, 4/15/27		101,000		51,618
eG Global Finance PLC 144A, 6.75%, 2/7/25		110,000		99,407
144A, 8.50%, 10/30/25		133,000		119,893
Ferrellgas LP / Ferrellgas Finance Corp., 144A, 5.375%, 4/1/26		110,000		99,146
Lithia Motors, Inc., 144A, 4.625%, 12/15/27		75,000		68,167
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		186,000		179,680
Penske Automotive Group, Inc., 3.50%, 9/1/25		70,000		65,538
PetSmart, Inc. / PetSmart Finance Corp., 144A, 4.75%, 2/15/28		210,000		192,557


	Principal Amount		Value
Retail (Continued)
QVC, Inc. 4.85%, 4/1/24	$	116,000	$	109,119
4.45%, 2/15/25		138,000		111,768
4.75%, 2/15/27		74,000		47,459
Rite Aid Corp., 144A, 8.00%, 11/15/26		144,000		76,478
Staples, Inc. 144A, 7.50%, 4/15/26		349,000		311,001
144A, 10.75%, 4/15/27 (a)		170,000		130,374

(Cost $2,447,227)				2,170,371

Toys/Games/Hobbies — 0.3%
Mattel, Inc. 144A, 3.375%, 4/1/26		102,000		93,709
144A, 5.875%, 12/15/27		110,000		107,541

(Cost $211,494)				201,250

Consumer, Non-cyclical — 14.8%
Agriculture — 0.2%
Darling Ingredients, Inc., 144A, 5.25%, 4/15/27		60,000		57,668
Vector Group Ltd., 144A, 10.50%, 11/1/26		94,000		94,308

(Cost $153,838)				151,976

Commercial Services — 4.4%
ADT Security Corp., 4.125%, 6/15/23		118,000		117,399
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A, 6.625%, 7/15/26		355,000		337,557
144A, 9.75%, 7/15/27		177,000		162,635
APX Group, Inc., 144A, 6.75%, 2/15/27		132,000		126,892
Block, Inc., 2.75%, 6/1/26		169,000		150,961
Brink’s Co. 144A, 5.50%, 7/15/25		60,000		58,474
144A, 4.625%, 10/15/27		100,000		90,769
Garda World Security Corp. 144A, 4.625%, 2/15/27		96,000		85,602
144A, 9.50%, 11/1/27		107,000		102,969
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		203,000		191,449
Hertz Corp., 144A, 4.625%, 12/1/26		85,000		75,790
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.25%, 4/15/24		112,000		110,142
144A, 5.75%, 4/15/26		243,000		235,082
144A, 3.375%, 8/31/27		186,000		161,080
144A, 6.25%, 1/15/28		214,000		198,621
Sabre GLBL, Inc. 144A, 9.25%, 4/15/25		70,000		68,972
144A, 7.375%, 9/1/25		240,000		224,958
144A, 11.25%, 12/15/27		85,000		84,999
Service Corp. International, 4.625%, 12/15/27		100,000		93,215


	Principal Amount		Value
Commercial Services (Continued)
Sotheby’s, 144A, 7.375%, 10/15/27 (a)	$	128,000	$	120,868
United Rentals North America, Inc. 5.50%, 5/15/27		110,000		107,921
3.875%, 11/15/27		70,000		64,638
4.875%, 1/15/28		332,000		316,761
Williams Scotsman International, Inc., 144A, 6.125%, 6/15/25		70,000		68,785

(Cost $3,499,952)				3,356,539

Cosmetics/Personal Care — 0.3%
Coty, Inc. 144A, 5.00%, 4/15/26		149,000		141,901
144A, 6.50%, 4/15/26		93,000		91,233

(Cost $244,547)				233,134

Food — 2.3%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.25%, 3/15/26		127,000		116,682
144A, 7.50%, 3/15/26		102,000		103,912
144A, 4.625%, 1/15/27		211,000		198,575
144A, 5.875%, 2/15/28		150,000		145,343
144A, 6.50%, 2/15/28		130,000		129,340
B&G Foods, Inc. 5.25%, 4/1/25		169,000		152,329
5.25%, 9/15/27		95,000		76,654
Performance Food Group, Inc., 144A, 5.50%, 10/15/27		161,000		152,820
Pilgrim’s Pride Corp., 144A, 5.875%, 9/30/27		189,000		185,157
Post Holdings, Inc. 144A, 5.75%, 3/1/27		108,000		105,246
144A, 5.625%, 1/15/28		150,000		143,386
Sigma Holdco BV, 144A, 7.875%, 5/15/26		75,000		59,834
US Foods, Inc., 144A, 6.25%, 4/15/25		152,000		151,646

(Cost $1,778,878)				1,720,924

Healthcare-Products — 0.2%
Hologic, Inc., 144A, 4.625%, 2/1/28		70,000		65,337
Teleflex, Inc., 4.625%, 11/15/27		80,000		75,528

(Cost $141,921)				140,865

Healthcare-Services — 4.1%
Catalent Pharma Solutions, Inc., 144A, 5.00%, 7/15/27		115,000		110,958
CHS/Community Health Systems, Inc. 144A, 8.00%, 3/15/26		359,000		350,466
144A, 5.625%, 3/15/27		329,000		289,104
144A, 8.00%, 12/15/27		130,000		126,231
Encompass Health Corp., 4.50%, 2/1/28		130,000		119,499
Envision Healthcare Corp., 144A, 8.75%, 10/15/26		165,000		38,811


	Principal Amount		Value
Healthcare-Services (Continued)
IQVIA, Inc. 144A, 5.00%, 10/15/26	$	155,000	$	148,188
144A, 5.00%, 5/15/27		217,000		206,695
Legacy LifePoint Health LLC 144A, 6.75%, 4/15/25		76,000		72,712
144A, 4.375%, 2/15/27		84,000		70,980
ModivCare, Inc., 144A, 5.875%, 11/15/25		87,000		81,722
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		247,000		210,490
Select Medical Corp., 144A, 6.25%, 8/15/26		207,000		197,922
Tenet Healthcare Corp. 4.625%, 7/15/24		90,000		88,622
4.625%, 9/1/24		131,000		129,144
4.875%, 1/1/26		368,000		350,844
6.25%, 2/1/27		280,000		272,952
5.125%, 11/1/27		250,000		235,540

(Cost $3,258,458)				3,100,880

Household Products/Wares — 0.1%
Spectrum Brands, Inc., 5.75%, 7/15/25 (Cost $59,168)		60,000		58,886

Pharmaceuticals — 3.2%
Bausch Health Americas, Inc. 144A, 9.25%, 4/1/26		130,000		97,338
144A, 8.50%, 1/31/27		116,000		61,152
Bausch Health Cos., Inc. 144A, 5.50%, 11/1/25		296,000		257,763
144A, 9.00%, 12/15/25		160,000		126,892
144A, 6.125%, 2/1/27		177,000		122,333
144A, 5.75%, 8/15/27		79,000		52,518
144A, 5.00%, 1/30/28		75,000		32,415
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		100,000		88,566
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25		100,000		96,344
Mallinckrodt International Finance SA / Mallinckrodt CB LLC, 144A, 10.00%, 4/15/25		94,000		84,265
Perrigo Finance Unlimited Co. 3.90%, 12/15/24		120,000		114,994
4.375%, 3/15/26		125,000		117,596
Prestige Brands, Inc., 144A, 5.125%, 1/15/28		42,000		39,492
Teva Pharmaceutical Finance Netherlands III BV 2.80%, 7/21/23		200,000		197,940
6.00%, 4/15/24		230,000		229,762
7.125%, 1/31/25		171,000		173,318
3.15%, 10/1/26		617,000		540,757

(Cost $2,710,869)				2,433,445


	Principal Amount		Value
Energy — 9.6%
Oil & Gas — 4.3%
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144A, 7.00%, 11/1/26	$	102,000	$	99,096
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		108,000		112,082
Chesapeake Energy Corp., 144A, 5.50%, 2/1/26		85,000		83,400
Crescent Energy Finance LLC 144A, 7.25%, 5/1/26		120,000		111,164
144A, 9.25%, 2/15/28		70,000		68,332
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25		167,000		161,333
CVR Energy, Inc. 144A, 5.25%, 2/15/25		108,000		103,797
144A, 5.75%, 2/15/28		55,000		48,866
Energean PLC, 144A, 6.50%, 4/30/27		100,000		92,900
Kosmos Energy Ltd. 144A, 7.125%, 4/4/26		100,000		90,107
144A, 7.75%, 5/1/27		85,000		74,658
Leviathan Bond Ltd. 144A, REGS, 6.125%, 6/30/25		102,000		99,450
144A, REGS, 6.50%, 6/30/27		108,000		103,356
MEG Energy Corp., 144A, 7.125%, 2/1/27		100,000		101,604
Murphy Oil Corp., 5.875%, 12/1/27		68,000		65,063
Occidental Petroleum Corp. 2.90%, 8/15/24		110,000		104,975
5.875%, 9/1/25		110,000		109,848
5.50%, 12/1/25		100,000		99,212
5.55%, 3/15/26		114,000		113,277
8.50%, 7/15/27		114,000		122,430
Parkland Corp., 144A, 5.875%, 7/15/27		98,000		92,038
PBF Holding Co. LLC / PBF Finance Corp. 7.25%, 6/15/25		50,000		49,900
6.00%, 2/15/28		120,000		111,924
Puma International Financing SA, 144A, 5.00%, 1/24/26		200,000		182,250
Range Resources Corp., 4.875%, 5/15/25		111,000		108,412
SM Energy Co. 6.75%, 9/15/26		75,000		72,445
6.625%, 1/15/27		46,000		43,637
Sunoco LP / Sunoco Finance Corp., 6.00%, 4/15/27		110,000		108,207
Transocean, Inc. 144A, 7.50%, 1/15/26		85,000		78,108
144A, 11.50%, 1/30/27		136,000		139,911
144A, 8.00%, 2/1/27		116,000		102,806
Tullow Oil PLC, 144A, 7.00%, 3/1/25		138,000		87,052
Vital Energy, Inc., 9.50%, 1/15/25		88,000		88,795

(Cost $3,299,449)				3,230,435


	Principal Amount		Value
Oil & Gas Services — 0.5%
Archrock Partners LP / Archrock Partners Finance Corp., 144A, 6.875%, 4/1/27	$	85,000	$	82,542
CGG SA, 144A, 8.75%, 4/1/27 (a)		85,000		74,720
USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 4/1/26		133,000		128,164
6.875%, 9/1/27		124,000		117,569

(Cost $420,785)				402,995

Pipelines — 4.8%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 7.875%, 5/15/26		105,000		106,155
144A, 5.75%, 3/1/27		119,000		112,477
144A, 5.75%, 1/15/28		120,000		112,768
Buckeye Partners LP 4.15%, 7/1/23		75,000		74,521
144A, 4.125%, 3/1/25		100,000		93,851
3.95%, 12/1/26		130,000		115,083
4.125%, 12/1/27		60,000		51,991
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 5.75%, 4/1/25 (a)		80,000		77,686
144A, 5.625%, 5/1/27		110,000		101,366
EnLink Midstream LLC, 144A, 5.625%, 1/15/28		100,000		95,351
EnLink Midstream Partners LP 4.15%, 6/1/25		20,000		19,200
4.85%, 7/15/26		91,000		86,367
EQM Midstream Partners LP 144A, 6.00%, 7/1/25		63,000		60,866
4.125%, 12/1/26		92,000		81,965
144A, 7.50%, 6/1/27		85,000		83,282
144A, 6.50%, 7/1/27		151,000		143,192
Genesis Energy LP / Genesis Energy Finance Corp. 6.50%, 10/1/25		75,000		72,117
8.00%, 1/15/27		176,000		172,085
7.75%, 2/1/28		110,000		105,349
Hess Midstream Operations LP, 144A, 5.625%, 2/15/26		177,000		172,363
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		212,000		198,502
144A, 6.50%, 9/30/26		261,000		239,163
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 7.50%, 2/1/26		351,000		335,560
NuStar Logistics LP 5.75%, 10/1/25		110,000		106,197
6.00%, 6/1/26		106,000		100,832
5.625%, 4/28/27		69,000		64,272
Rockies Express Pipeline LLC, 144A, 3.60%, 5/15/25		54,000		49,994
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, 8.50%, 10/15/26		138,000		131,193


	Principal Amount		Value
Pipelines (Continued)
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 7.50%, 10/1/25	$	63,000	$	62,773
144A, 6.00%, 3/1/27		79,000		73,452
144A, 5.50%, 1/15/28		156,000		140,250
Western Midstream Operating LP 3.35%, 2/1/25		123,000		116,710
4.65%, 7/1/26		83,000		78,939

(Cost $3,801,012)				3,635,872

Financial — 10.6%
Banks — 0.3%
Freedom Mortgage Corp. 144A, 8.25%, 4/15/25		61,000		57,779
144A, 7.625%, 5/1/26		90,000		76,923
144A, 6.625%, 1/15/27		107,000		87,319

(Cost $249,642)				222,021

Diversified Financial Services — 3.4%
LD Holdings Group LLC, 144A, 6.50%, 11/1/25		98,000		72,705
LPL Holdings, Inc., 144A, 4.625%, 11/15/27		80,000		74,473
Nationstar Mortgage Holdings, Inc., 144A, 6.00%, 1/15/27		122,000		112,367
Navient Corp. MTN, 6.125%, 3/25/24		130,000		129,177
5.875%, 10/25/24		91,000		88,782
6.75%, 6/25/25		92,000		90,804
6.75%, 6/15/26		104,000		100,289
5.00%, 3/15/27		108,000		96,125
OneMain Finance Corp. 5.625%, 3/15/23		259,000		258,905
6.125%, 3/15/24		260,000		256,631
6.875%, 3/15/25		165,000		161,950
7.125%, 3/15/26		273,000		265,618
3.50%, 1/15/27		128,000		107,630
6.625%, 1/15/28		159,000		148,221
PennyMac Financial Services, Inc., 144A, 5.375%, 10/15/25		104,000		94,867
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 144A, 2.875%, 10/15/26		205,000		175,927
SLM Corp. 4.20%, 10/29/25		84,000		77,010
3.125%, 11/2/26		97,000		83,786
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		122,000		112,504
144A, 5.75%, 6/15/27		85,000		74,658

(Cost $2,776,020)				2,582,429

Insurance — 0.8%
Acrisure LLC / Acrisure Finance, Inc. 144A, 7.00%, 11/15/25		179,000		167,440
144A, 10.125%, 8/1/26		50,000		49,840
AssuredPartners, Inc., 144A, 7.00%, 8/15/25		97,000		95,084
HUB International Ltd., 144A, 7.00%, 5/1/26		274,000		269,568

(Cost $597,951)				581,932


	Principal Amount		Value
Real Estate — 0.1%
WeWork Cos., Inc., 144A, 7.875%, 5/1/25 (Cost $100,332)	$	115,000	$	61,048

Real Estate Investment Trusts — 5.0%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 144A, 5.75%, 5/15/26		180,000		165,902
144A, 4.50%, 4/1/27		136,000		116,675
Diversified Healthcare Trust 9.75%, 6/15/25		106,000		102,940
4.75%, 2/15/28		80,000		52,148
HAT Holdings I LLC / HAT Holdings II LLC, 144A, 3.375%, 6/15/26		205,000		178,048
Iron Mountain, Inc., 144A, 4.875%, 9/15/27		169,000		155,756
iStar, Inc. 4.75%, 10/1/24		116,000		115,824
4.25%, 8/1/25		107,000		106,546
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A, 4.25%, 2/1/27		132,000		112,356
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/1/26 (a)		127,000		112,999
5.00%, 10/15/27 (a)		213,000		175,028
Office Properties Income Trust, 4.50%, 2/1/25		100,000		92,057
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 144A, 7.50%, 6/1/25		100,000		100,390
RHP Hotel Properties LP / RHP Finance Corp., 4.75%, 10/15/27		110,000		101,233
RLJ Lodging Trust LP, 144A, 3.75%, 7/1/26		92,000		83,333
SBA Communications Corp., 3.875%, 2/15/27		250,000		226,427
Service Properties Trust 4.50%, 6/15/23		80,000		80,021
4.35%, 10/1/24		125,000		119,783
7.50%, 9/15/25		136,000		134,939
4.75%, 10/1/26		83,000		72,096
4.95%, 2/15/27		80,000		69,034
5.50%, 12/15/27		65,000		58,642
3.95%, 1/15/28		70,000		56,007
Starwood Property Trust, Inc. 144A, 3.75%, 12/31/24		73,000		68,782
4.75%, 3/15/25		70,000		66,350
144A, 3.625%, 7/15/26		73,000		63,935
144A, 4.375%, 1/15/27		85,000		73,740
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, 7.875%, 2/15/25		400,000		408,016
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 144A, 10.50%, 2/15/28		450,000		451,078
XHR LP, 144A, 6.375%, 8/15/25		92,000		89,321

(Cost $3,968,188)				3,809,406


	Principal Amount		Value
Venture Capital — 1.0%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 4.75%, 9/15/24	$	200,000	$	194,554
6.375%, 12/15/25		115,000		113,614
6.25%, 5/15/26		192,000		186,472
5.25%, 5/15/27		265,000		245,408

(Cost $760,106)				740,048

Industrial — 10.0%
Aerospace/Defense — 4.7%
Bombardier, Inc. 144A, 7.50%, 3/15/25		159,000		159,010
144A, 7.125%, 6/15/26		210,000		206,505
144A, 7.875%, 4/15/27		332,000		330,430
144A, 6.00%, 2/15/28		120,000		112,541
Howmet Aerospace, Inc. 5.125%, 10/1/24		198,000		196,000
6.875%, 5/1/25		114,000		116,104
Rolls-Royce PLC 144A, 3.625%, 10/14/25		201,000		186,930
144A, 5.75%, 10/15/27		145,000		140,130
Spirit AeroSystems, Inc., 144A, 7.50%, 4/15/25		160,000		160,028
TransDigm, Inc. 144A, 8.00%, 12/15/25		186,000		190,265
144A, 6.25%, 3/15/26		730,000		721,271
6.375%, 6/15/26		161,000		156,309
7.50%, 3/15/27		93,000		91,921
5.50%, 11/15/27		510,000		470,301
Triumph Group, Inc. 144A, 8.875%, 6/1/24		174,000		181,802
144A, 6.25%, 9/15/24		71,000		70,956
7.75%, 8/15/25		93,000		89,020

(Cost $3,604,804)				3,579,523

Building Materials — 0.7%
InterCement Financial Operations BV, 144A, 5.75%, 7/17/24		120,000		91,197
JELD-WEN, Inc. 144A, 4.625%, 12/15/25		68,000		61,134
144A, 4.875%, 12/15/27		75,000		62,745
Standard Industries, Inc. 144A, 5.00%, 2/15/27		100,000		92,491
144A, 4.75%, 1/15/28		233,000		209,511

(Cost $534,096)				517,078

Electrical Components & Equipment — 0.4%
WESCO Distribution, Inc., 144A, 7.125%, 6/15/25 (Cost $270,097)		264,000		267,006

Electronics — 0.2%
Sensata Technologies BV 144A, 5.625%, 11/1/24		66,000		65,368
144A, 5.00%, 10/1/25		118,000		114,909

(Cost $193,021)				180,277

Engineering & Construction — 0.2%
IHS Holding Ltd., 144A, 5.625%, 11/29/26		80,000		68,560


	Principal Amount		Value
Engineering & Construction (Continued)
Promontoria Holding 264 BV, 144A, 7.875%, 3/1/27	$	70,000	$	67,408

(Cost $135,583)				135,968

Environmental Control — 0.5%
GFL Environmental, Inc. 144A, 4.25%, 6/1/25		54,000		51,744
144A, 3.75%, 8/1/25		130,000		122,504
144A, 5.125%, 12/15/26		130,000		124,590
Stericycle, Inc., 144A, 5.375%, 7/15/24		87,000		85,743

(Cost $398,900)				384,581

Machinery-Diversified — 0.3%
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27 (Cost $256,092)		265,000		240,302

Miscellaneous Manufacturing — 0.1%
Hillenbrand, Inc., 5.75%, 6/15/25 (Cost $95,751)		94,000		92,925

Packaging & Containers — 2.7%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC, 144A, 6.00%, 6/15/27		100,000		96,887
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 4/30/25		95,000		91,936
144A, 4.125%, 8/15/26		226,000		205,881
144A, 5.25%, 8/15/27		169,000		138,976
144A, 5.25%, 8/15/27		147,000		120,885
Ball Corp. 4.00%, 11/15/23		185,000		182,679
5.25%, 7/1/25		164,000		161,206
4.875%, 3/15/26		139,000		134,450
Berry Global, Inc., 144A, 5.625%, 7/15/27		90,000		86,724
LABL, Inc. 144A, 6.75%, 7/15/26		155,000		147,609
144A, 10.50%, 7/15/27		105,000		98,257
Owens-Brockway Glass Container, Inc., 144A, 6.625%, 5/13/27		100,000		97,351
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27		175,000		152,819
Sealed Air Corp. 144A, 5.125%, 12/1/24		100,000		98,344
144A, 5.50%, 9/15/25		60,000		59,100
144A, 4.00%, 12/1/27		65,000		58,083
Silgan Holdings, Inc., 4.125%, 2/1/28		100,000		91,515

(Cost $2,070,614)				2,022,702

Trucking & Leasing — 0.2%
Fortress Transportation and Infrastructure Investors LLC 144A, 6.50%, 10/1/25		141,000		138,166
144A, 9.75%, 8/1/27		42,000		43,190

(Cost $184,210)				181,356


	Principal Amount		Value
Technology — 2.9%
Computers — 1.4%
Diebold Nixdorf, Inc., 144A, 9.375%, 7/15/25	$	118,000	$	82,720
NCR Corp., 144A, 5.75%, 9/1/27		100,000		97,008
Presidio Holdings, Inc. 144A, 4.875%, 2/1/27		100,000		91,175
144A, 8.25%, 2/1/28		90,000		85,621
Seagate HDD Cayman 4.75%, 6/1/23		110,000		109,465
4.875%, 3/1/24		89,000		87,790
4.75%, 1/1/25		81,000		78,287
4.875%, 6/1/27		81,000		76,347
Western Digital Corp., 4.75%, 2/15/26		398,000		376,150

(Cost $1,095,597)				1,084,563

Office/Business Equipment — 0.2%
Xerox Holdings Corp., 144A, 5.00%, 8/15/25 (a) (Cost $129,149)		130,000		121,150

Semiconductors — 0.1%
ams-OSRAM AG, 144A, 7.00%, 7/31/25 (a) (Cost $78,458)		76,000		72,271

Software — 1.2%
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		122,000		120,956
Fair Isaac Corp., 144A, 5.25%, 5/15/26		80,000		77,885
Open Text Corp., 144A, 3.875%, 2/15/28		160,000		138,096
PTC, Inc. 144A, 3.625%, 2/15/25		92,000		87,581
144A, 4.00%, 2/15/28		80,000		72,744
Rackspace Technology Global, Inc., 144A, 3.50%, 2/15/28		95,000		57,934
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		360,000		339,121

(Cost $905,518)				894,317

Utilities — 2.8%
Electric — 2.2%
Calpine Corp. 144A, 5.25%, 6/1/26		71,000		68,132
144A, 4.50%, 2/15/28		220,000		198,232
DPL, Inc., 4.125%, 7/1/25		80,000		75,129
FirstEnergy Corp., Series B, 4.15%, 7/15/27		287,000		268,028
NextEra Energy Operating Partners LP 144A, 4.25%, 7/15/24		150,000		145,109
144A, 3.875%, 10/15/26		80,000		72,488
144A, 4.50%, 9/15/27		87,000		79,485
NRG Energy, Inc., 5.75%, 1/15/28		150,000		140,948


	Principal Amount		Value
Electric (Continued)
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26	$	173,000	$	165,413
144A, 5.625%, 2/15/27		200,000		189,742
144A, 5.00%, 7/31/27		280,000		260,807

(Cost $1,718,993)				1,663,513

Gas — 0.6%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.625%, 5/20/24		121,000		118,408
5.50%, 5/20/25		175,000		166,537
5.875%, 8/20/26		116,000		109,445
5.75%, 5/20/27		46,000		42,599

(Cost $466,083)				436,989

TOTAL CORPORATE BONDS (Cost $77,843,480)				74,356,852


	Number of Shares
SECURITIES LENDING COLLATERAL — 2.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (b)(c) (Cost $1,537,895)		1,537,895		1,537,895

CASH EQUIVALENTS — 1.5%
DWS Government Money Market Series “Institutional Shares”, 4.51% (b) (Cost $1,112,435)		1,112,435		1,112,435


TOTAL INVESTMENTS — 101.8% (Cost $80,493,810)			$	77,007,182
Other assets and liabilities, net — (1.8%)				(1,375,784	)

NET ASSETS — 100.0%			$	75,631,398

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 is as follows:


	Principal Amount		Value
CORPORATE BONDS — 98.0%
Basic Materials — 3.9%
Chemicals — 1.8%
Ashland LLC, 144A, 3.375%, 9/1/31	$	1,924,000	$	1,534,505
ASP Unifrax Holdings, Inc. 144A, 5.25%, 9/30/28		3,420,000		2,657,087
144A, 7.50%, 9/30/29 (a)		1,710,000		1,164,886
Avient Corp. 144A, 5.75%, 5/15/25		2,779,000		2,727,365
144A, 7.125%, 8/1/30		3,099,000		3,110,668
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29		2,993,000		2,492,974
Chemours Co. 5.375%, 5/15/27 (a)		2,115,000		1,928,571
144A, 5.75%, 11/15/28		3,420,000		3,007,710
144A, 4.625%, 11/15/29		2,652,000		2,153,646
Consolidated Energy Finance SA, 144A, 5.625%, 10/15/28		2,244,000		1,921,203
INEOS Finance PLC, 144A, 6.75%, 5/15/28		1,817,000		1,775,909
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		2,138,000		1,882,901
Methanex Corp. 5.125%, 10/15/27		2,993,000		2,815,904
5.25%, 12/15/29		2,993,000		2,749,190
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24		4,489,000		4,403,702
144A, 5.00%, 5/1/25		2,138,000		2,040,745
144A, 5.25%, 6/1/27		4,489,000		4,046,160
144A, 4.25%, 5/15/29 (a)		2,458,000		2,037,621
Olin Corp. 5.125%, 9/15/27		2,138,000		2,034,531
5.625%, 8/1/29 (a)		2,861,000		2,729,036
5.00%, 2/1/30		2,203,000		2,007,180
SCIH Salt Holdings, Inc. 144A, 4.875%, 5/1/28		4,703,000		4,070,917
144A, 6.625%, 5/1/29		2,993,000		2,433,379
Tronox, Inc., 144A, 4.625%, 3/15/29		4,596,000		3,750,543
Valvoline, Inc. 144A, 4.25%, 2/15/30 (a)		2,552,000		2,496,877
144A, 3.625%, 6/15/31		2,287,000		1,844,410

(Cost $74,690,042)				65,817,620

Forest Products & Paper — 0.1%
Mercer International, Inc., 5.125%, 2/1/29 (Cost $3,748,089)		3,728,000		3,065,590

Iron/Steel — 0.5%
Cleveland-Cliffs, Inc. 144A, 6.75%, 3/15/26		3,544,000		3,583,409
5.875%, 6/1/27 (a)		2,373,000		2,305,797
Mineral Resources Ltd. 144A, 8.125%, 5/1/27		2,993,000		2,990,851
144A, 8.00%, 11/1/27		2,672,000		2,661,045
144A, 8.50%, 5/1/30		2,672,000		2,678,627


	Principal Amount		Value
Iron/Steel (Continued)
United States Steel Corp., 6.875%, 3/1/29 (a)	$	2,062,000	$	2,065,134

(Cost $16,812,040)				16,284,863

Mining — 1.5%
Arconic Corp. 144A, 6.00%, 5/15/25		2,993,000		2,993,000
144A, 6.125%, 2/15/28		3,848,000		3,804,248
First Quantum Minerals Ltd. 144A, 7.50%, 4/1/25		5,771,000		5,603,005
144A, 6.875%, 3/1/26		4,275,000		4,082,625
144A, 6.875%, 10/15/27		6,413,000		6,022,448
FMG Resources August 2006 Pty Ltd. 144A, 5.125%, 5/15/24		3,206,000		3,169,259
144A, 4.50%, 9/15/27		2,565,000		2,362,558
144A, 5.875%, 4/15/30		2,993,000		2,821,755
144A, 4.375%, 4/1/31		6,413,000		5,427,418
144A, 6.125%, 4/15/32		3,420,000		3,236,825
Hudbay Minerals, Inc. 144A, 4.50%, 4/1/26		2,565,000		2,305,563
144A, 6.125%, 4/1/29		2,565,000		2,267,152
Kaiser Aluminum Corp. 144A, 4.625%, 3/1/28		2,138,000		1,843,919
144A, 4.50%, 6/1/31		2,351,000		1,863,802
Nexa Resources SA 144A, 5.375%, 5/4/27		2,993,000		2,824,541
144A, 6.50%, 1/18/28		2,138,000		2,064,801

(Cost $56,678,697)				52,692,919

Communications — 18.6%
Advertising — 0.9%
Clear Channel Outdoor Holdings, Inc. 144A, 5.125%, 8/15/27		5,344,000		4,774,624
144A, 7.75%, 4/15/28		4,275,000		3,550,399
144A, 7.50%, 6/1/29		4,489,000		3,640,310
CMG Media Corp., 144A, 8.875%, 12/15/27		4,339,000		2,924,334
Lamar Media Corp. 3.75%, 2/15/28		2,544,000		2,253,872
4.00%, 2/15/30 (a)		2,351,000		2,023,976
3.625%, 1/15/31		2,351,000		1,938,505
Outfront Media Capital LLC / Outfront Media Capital Corp. 144A, 6.25%, 6/15/25		1,710,000		1,698,092
144A, 5.00%, 8/15/27		2,779,000		2,498,919
144A, 4.25%, 1/15/29		2,138,000		1,760,429
144A, 4.625%, 3/15/30		2,138,000		1,761,006
Stagwell Global LLC, 144A, 5.625%, 8/15/29		4,703,000		4,037,055

(Cost $39,257,920)				32,861,521

Internet — 1.6%
Gen Digital, Inc. 144A, 5.00%, 4/15/25		4,703,000		4,555,091
144A, 6.75%, 9/30/27		3,848,000		3,786,499
144A, 7.125%, 9/30/30		2,565,000		2,507,134


	Principal Amount		Value
Internet (Continued)
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A, 5.25%, 12/1/27	$	2,565,000	$	2,429,799
144A, 3.50%, 3/1/29		3,420,000		2,877,058
Match Group Holdings II LLC 144A, 5.00%, 12/15/27		1,924,000		1,794,803
144A, 4.625%, 6/1/28		2,138,000		1,901,258
144A, 4.125%, 8/1/30		2,138,000		1,774,645
144A, 3.625%, 10/1/31		2,138,000		1,674,909
MercadoLibre, Inc. 2.375%, 1/14/26		1,710,000		1,524,465
3.125%, 1/14/31		2,993,000		2,310,596
Rakuten Group, Inc., 144A, 10.25%, 11/30/24 (a)		3,776,000		3,790,347
Uber Technologies, Inc. 144A, 7.50%, 5/15/25		4,275,000		4,322,548
144A, 8.00%, 11/1/26		6,413,000		6,548,090
144A, 7.50%, 9/15/27		5,130,000		5,213,773
144A, 6.25%, 1/15/28		2,138,000		2,103,535
144A, 4.50%, 8/15/29		6,413,000		5,691,762
Ziff Davis, Inc., 144A, 4.625%, 10/15/30		1,967,000		1,660,935

(Cost $60,024,345)				56,467,247

Media — 10.2%
Altice Financing SA 144A, 5.00%, 1/15/28		5,130,000		4,261,901
144A, 5.75%, 8/15/29		8,764,000		7,176,796
AMC Networks, Inc. 5.00%, 4/1/24		1,710,000		1,703,296
4.75 %, 8/1/25		3,420,000		3,237,637
4.25%, 2/15/29		4,275,000		3,147,426
Audacy Capital Corp. 144A, 6.50%, 5/1/27		1,997,000		286,813
144A, 6.75%, 3/31/29		2,270,000		326,914
Cable One, Inc., 144A, 4.00%, 11/15/30 (a)		2,779,000		2,169,371
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.50%, 5/1/26		4,001,000		3,865,186
144A, 5.125%, 5/1/27		14,655,000		13,584,709
144A, 5.00%, 2/1/28		11,337,000		10,284,926
144A, 5.375%, 6/1/29		7,142,000		6,376,735
144A, 6.375%, 9/1/29		6,835,000		6,397,868
144A, 4.75%, 3/1/30		13,669,000		11,541,694
144A, 4.50%, 8/15/30		12,116,000		9,998,608
144A, 4.25%, 2/1/31		13,177,000		10,589,037
144A, 4.75%, 2/1/32		5,499,000		4,466,013
4.50%, 5/1/32		12,371,000		9,820,811
144A, 4.50%, 6/1/33		7,644,000		5,954,428
144A, 4.25%, 1/15/34		8,550,000		6,408,717
CSC Holdings LLC 5.25%, 6/1/24		3,206,000		3,109,307
144A, 5.50%, 4/15/27		5,600,000		4,877,717
144A, 5.375%, 2/1/28		4,275,000		3,569,625
144A, 7.50%, 4/1/28		4,471,000		2,998,364
144A, 6.50%, 2/1/29		7,481,000		6,349,686
144A, 5.75%, 1/15/30		9,619,000		5,492,299


	Principal Amount		Value
Media (Continued)
144A, 4.125%, 12/1/30	$	4,703,000	$	3,372,380
144A, 4.625%, 12/1/30		9,940,000		5,351,447
144A, 3.375%, 2/15/31		4,275,000		2,928,717
144A, 4.50%, 11/15/31		6,413,000		4,561,020
144A, 5.00%, 11/15/31		2,138,000		1,140,570
DISH DBS Corp. 5.875%, 11/15/24		8,802,000		8,221,860
7.75%, 7/1/26		8,789,000		6,831,294
144A, 5.25%, 12/1/26		12,229,000		10,264,717
7.375%, 7/1/28		4,436,000		3,038,660
144A, 5.75%, 12/1/28		11,085,000		8,875,482
5.125%, 6/1/29		6,542,000		3,872,046
DISH Network Corp., 144A, 11.75%, 11/15/27		13,157,000		13,353,105
Gray Television, Inc. 144A, 5.875%, 7/15/26		2,993,000		2,706,277
144A, 7.00%, 5/15/27		3,206,000		2,897,342
144A, 4.75%, 10/15/30		3,420,000		2,499,678
iHeartCommunications, Inc. 6.375%, 5/1/26		3,420,252		3,227,829
8.375%, 5/1/27		4,790,124		4,220,099
144A, 5.25%, 8/15/27		3,206,000		2,793,310
144A, 4.75%, 1/15/28		2,138,000		1,800,244
McGraw-Hill Education, Inc. 144A, 5.75%, 8/1/28		3,578,000		3,136,859
144A, 8.00%, 8/1/29		3,005,000		2,571,318
News Corp. 144A, 3.875%, 5/15/29		4,275,000		3,667,309
144A, 5.125%, 2/15/32		2,138,000		1,899,292
Nexstar Media, Inc. 144A, 5.625%, 7/15/27		7,327,000		6,811,820
144A, 4.75%, 11/1/28		4,275,000		3,741,352
Sinclair Television Group, Inc. 144A, 5.50%, 3/1/30 (a)		2,138,000		1,583,275
144A, 4.125%, 12/1/30		3,206,000		2,491,671
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26		4,223,000		3,737,893
144A, 5.00%, 8/1/27		6,413,000		5,890,276
144A, 4.00%, 7/15/28		8,550,000		7,317,945
144A, 5.50%, 7/1/29		5,365,000		4,847,009
144A, 4.125%, 7/1/30		6,413,000		5,217,786
144A, 3.875%, 9/1/31		6,413,000		4,991,943
TEGNA, Inc. 144A, 4.75%, 3/15/26		2,351,000		2,236,001
4.625%, 3/15/28		4,275,000		3,810,094
5.00%, 9/15/29		4,703,000		4,192,325
Telenet Finance Luxembourg Notes SARL, 144A, 5.50%, 3/1/28		4,200,000		3,943,905
Univision Communications, Inc. 144A, 5.125%, 2/15/25		6,325,000		6,164,092
144A, 6.625%, 6/1/27		6,413,000		6,115,613
144A, 4.50%, 5/1/29		4,489,000		3,790,231
144A, 7.375%, 6/30/30		3,845,000		3,650,587
UPC Broadband Finco BV, 144A, 4.875%, 7/15/31		5,344,000		4,516,642
UPC Holding BV, 144A, 5.50%, 1/15/28		1,964,000		1,730,088


	Principal Amount		Value
Media (Continued)
Videotron Ltd. 144A, 5.375%, 6/15/24	$	2,135,000	$	2,114,130
144A, 5.125%, 4/15/27		2,605,500		2,438,696
144A, 3.625%, 6/15/29		2,171,000		1,831,021
Virgin Media Finance PLC, 144A, 5.00%, 7/15/30		3,954,000		3,226,069
Virgin Media Secured Finance PLC 144A, 5.50%, 5/15/29		6,092,000		5,525,810
144A, 4.50%, 8/15/30		3,912,000		3,241,522
VTR Finance NV, 144A, 6.375%, 7/15/28		2,065,000		892,136
Ziggo Bond Co. BV 144A, 6.00%, 1/15/27		2,714,000		2,526,666
144A, 5.125%, 2/28/30		2,138,000		1,729,781
Ziggo BV, 144A, 4.875%, 1/15/30		4,237,000		3,586,887

(Cost $439,808,410)				365,120,005

Telecommunications — 5.9%
Altice France Holding SA 144A, 10.50%, 5/15/27		6,678,000		5,521,571
144A, 6.00%, 2/15/28		4,701,000		3,237,109
Altice France SA 144A, 8.125%, 2/1/27		7,481,000		6,990,695
144A, 5.50%, 1/15/28		4,703,000		3,878,611
144A, 5.125%, 1/15/29		2,031,000		1,561,531
144A, 5.125%, 7/15/29		10,688,000		8,262,798
144A, 5.50%, 10/15/29		8,550,000		6,678,653
C&W Senior Financing DAC, 144A, 6.875%, 9/15/27		5,216,000		4,730,756
CommScope Technologies LLC 144A, 6.00%, 6/15/25		5,564,000		5,338,877
144A, 5.00%, 3/15/27		3,206,000		2,445,675
CommScope, Inc. 144A, 6.00%, 3/1/26		6,413,000		6,185,480
144A, 8.25%, 3/1/27		4,275,000		3,645,367
144A, 7.125%, 7/1/28		2,993,000		2,334,272
144A, 4.75%, 9/1/29		5,344,000		4,373,743
Consolidated Communications, Inc. 144A, 5.00%, 10/1/28		1,710,000		1,156,311
144A, 6.50%, 10/1/28		3,206,000		2,364,425
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27		4,916,000		4,575,420
144A, 5.00%, 5/1/28		6,626,000		5,870,702
144A, 6.75%, 5/1/29		4,275,000		3,608,869
5.875%, 11/1/29		3,206,685		2,572,547
144A, 6.00%, 1/15/30		4,274,000		3,420,375
144A, 8.75%, 5/15/30		5,130,000		5,193,497
Hughes Satellite Systems Corp. 5.25%, 8/1/26		3,206,000		3,073,143
6.625%, 8/1/26 (a)		3,205,500		3,020,671
Iliad Holding SASU 144A, 6.50%, 10/15/26		5,130,000		4,799,133
144A, 7.00%, 10/15/28		3,848,000		3,538,032
Intelsat Jackson Holdings SA, 144A, 6.50%, 3/15/30		12,825,000		11,155,185
Level 3 Financing, Inc. 144A, 3.40%, 3/1/27		3,206,000		2,699,754


	Principal Amount		Value
Telecommunications (Continued)
144A, 4.625%, 9/15/27	$	4,275,000	$	3,172,990
144A, 4.25%, 7/1/28		5,130,000		3,508,510
144A, 3.625%, 1/15/29		3,591,000		2,308,708
144A, 3.875%, 11/15/29		3,206,000		2,440,199
Lumen Technologies, Inc. 144A, 5.125%, 12/15/26 (a)		3,052,000		2,238,459
144A, 4.00%, 2/15/27		5,344,000		4,109,269
144A, 4.50%, 1/15/29		4,135,000		2,190,826
Millicom International Cellular SA 144A, 5.125%, 1/15/28		1,731,600		1,526,217
144A, 6.25%, 3/25/29		2,597,400		2,358,537
144A, 4.50%, 4/27/31		3,452,000		2,790,942
Sable International Finance Ltd., 144A, 5.75%, 9/7/27		2,116,000		1,950,350
Sprint LLC 7.125%, 6/15/24		10,688,000		10,832,288
7.625%, 2/15/25		6,413,000		6,578,062
7.625%, 3/1/26		6,413,000		6,665,518
Telecom Italia SpA, 144A, 5.303%, 5/30/24		6,473,000		6,309,427
Viasat, Inc. 144A, 5.625%, 9/15/25		2,993,000		2,774,062
144A, 5.625%, 4/15/27		2,565,000		2,342,614
144A, 6.50%, 7/15/28		1,710,000		1,266,606
Vmed O2 UK Financing I PLC 144A, 4.25%, 1/31/31		5,771,000		4,635,627
144A, 4.75%, 7/15/31		5,985,000		4,962,164
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28		5,985,000		4,898,034
Zayo Group Holdings, Inc. 144A, 4.00%, 3/1/27		6,316,000		4,869,636
144A, 6.125%, 3/1/28		4,617,000		2,914,343

(Cost $247,154,139)				209,876,590

Consumer, Cyclical — 24.1%
Airlines — 1.6%
Air Canada, 144A, 3.875%, 8/15/26		5,160,000		4,654,533
American Airlines Group, Inc., 144A, 3.75%, 3/1/25		2,138,000		1,953,760
American Airlines, Inc. 144A, 11.75%, 7/15/25		11,041,000		12,104,624
144A, 7.25%, 2/15/28		3,000,000		2,937,300
Delta Air Lines, Inc. 2.90%, 10/28/24		3,848,000		3,664,864
7.375%, 1/15/26		3,664,000		3,772,775
4.375%, 4/19/28 (a)		1,754,000		1,602,279
3.75%, 10/28/29 (a)		2,026,000		1,732,375
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		5,152,858		4,794,605
Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd. 144A, 8.00%, 9/20/25		2,374,195		2,387,847
144A, 8.00%, 9/20/25		2,207,366		2,218,955


	Principal Amount		Value
Airlines (Continued)
United Airlines, Inc. 144A, 4.375%, 4/15/26	$	8,550,000	$	8,022,866
144A, 4.625%, 4/15/29		8,550,000		7,587,324

(Cost $61,771,838)				57,434,107

Apparel — 0.2%
Hanesbrands, Inc. 144A, 4.875%, 5/15/26		3,848,000		3,557,361
144A, 9.00%, 2/15/31		2,565,000		2,596,934

(Cost $6,581,781)				6,154,295

Auto Manufacturers — 3.9%
Allison Transmission, Inc. 144A, 4.75%, 10/1/27		1,710,000		1,588,094
144A, 5.875%, 6/1/29		2,138,000		2,027,839
144A, 3.75%, 1/30/31		4,275,000		3,553,765
Aston Martin Capital Holdings Ltd., 144A, 10.50%, 11/30/25		4,890,000		4,883,570
Ford Motor Co. 4.346%, 12/8/26 (a)		6,513,000		6,224,848
9.625%, 4/22/30		1,817,000		2,092,081
3.25%, 2/12/32		10,674,000		8,079,242
6.10%, 8/19/32		7,481,000		6,977,916
Ford Motor Credit Co. LLC 5.584%, 3/18/24		5,250,000		5,219,366
3.664%, 9/8/24		3,253,000		3,123,612
4.063%, 11/1/24		6,025,000		5,800,212
2.30%, 2/10/25		5,159,000		4,747,136
4.687%, 6/9/25		2,410,000		2,306,912
5.125%, 6/16/25		7,029,000		6,793,457
4.134%, 8/4/25		5,623,000		5,299,846
3.375%, 11/13/25		8,435,000		7,773,865
GMTN, 4.389%, 1/8/26		4,820,000		4,550,755
6.95%, 3/6/26		5,241,000		5,246,685
4.542%, 8/1/26		3,059,000		2,837,152
2.70%, 8/10/26		6,025,000		5,266,001
4.271%, 1/9/27		3,615,000		3,284,766
4.95%, 5/28/27		6,025,000		5,625,452
4.125%, 8/17/27		5,021,000		4,483,469
3.815%, 11/2/27		3,012,000		2,647,653
7.35%, 11/4/27		6,025,000		6,118,990
2.90%, 2/16/28		3,012,000		2,510,604
2.90%, 2/10/29		3,012,000		2,454,449
5.113%, 5/3/29		5,973,000		5,465,295
7.35%, 3/6/30		4,619,000		4,683,065
4.00%, 11/13/30		6,627,000		5,547,263
3.625%, 6/17/31		4,016,000		3,186,179

(Cost $156,171,960)				140,399,539

Auto Parts & Equipment — 1.4%
Adient Global Holdings Ltd., 144A, 4.875%, 8/15/26		3,450,000		3,204,981
American Axle & Manufacturing, Inc. 6.50%, 4/1/27 (a)		2,137,000		1,977,655
6.875%, 7/1/28 (a)		1,710,000		1,536,178
5.00%, 10/1/29		2,565,000		2,071,722
Clarios Global LP, 144A, 6.75%, 5/15/25		1,890,000		1,881,796


	Principal Amount		Value
Auto Parts & Equipment (Continued)
Clarios Global LP / Clarios US Finance Co. 144A, 6.25%, 5/15/26	$	3,848,000	$	3,781,141
144A, 8.50%, 5/15/27		7,447,000		7,410,117
Dana, Inc. 5.375%, 11/15/27		1,710,000		1,579,630
5.625%, 6/15/28		1,710,000		1,549,482
4.25%, 9/1/30		1,710,000		1,383,193
Goodyear Tire & Rubber Co. 9.50%, 5/31/25		3,420,000		3,529,323
5.00%, 5/31/26 (a)		3,848,000		3,707,971
4.875%, 3/15/27 (a)		2,993,000		2,779,854
5.00%, 7/15/29		3,611,000		3,144,820
5.25%, 4/30/31 (a)		2,351,000		2,019,239
5.25%, 7/15/31 (a)		2,565,000		2,187,047
5.625%, 4/30/33 (a)		1,924,000		1,637,016
ZF North America Capital, Inc., 144A, 4.75%, 4/29/25		4,606,000		4,405,132

(Cost $54,523,827)				49,786,297

Distribution/Wholesale — 0.2%
American Builders & Contractors Supply Co., Inc. 144A, 4.00%, 1/15/28		2,993,000		2,681,578
144A, 3.875%, 11/15/29		1,710,000		1,412,614
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		5,344,000		4,601,249

(Cost $10,007,875)				8,695,441

Entertainment — 3.7%
AMC Entertainment Holdings, Inc. 144A, 10.00%, 6/15/26		6,137,635		3,176,226
144A, 7.50%, 2/15/29		4,061,000		2,437,676
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25		15,899,000		15,777,336
144A, 8.125%, 7/1/27 (a)		6,887,000		6,957,919
144A, 4.625%, 10/15/29		5,130,000		4,392,357
144A, 7.00%, 2/15/30		8,150,000		8,220,701
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, 5.75%, 7/1/25		4,478,000		4,475,313
CDI Escrow Issuer, Inc., 144A, 5.75%, 4/1/30		5,130,000		4,770,413
Cedar Fair LP, 5.25%, 7/15/29 (a)		2,138,000		1,952,558
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op 144A, 5.50%, 5/1/25		4,275,000		4,226,970
5.375%, 4/15/27		2,138,000		2,044,479
Churchill Downs, Inc. 144A, 5.50%, 4/1/27		2,565,000		2,439,225
144A, 4.75%, 1/15/28		2,993,000		2,726,504
Cinemark USA, Inc. 144A, 5.875%, 3/15/26		1,731,000		1,580,014
144A, 5.25%, 7/15/28		3,270,000		2,751,868


	Principal Amount		Value
Entertainment (Continued)
International Game Technology PLC 144A, 6.50%, 2/15/25	$	2,993,000	$	3,003,386
144A, 4.125%, 4/15/26		3,206,000		2,992,881
144A, 6.25%, 1/15/27		3,206,000		3,146,561
144A, 5.25%, 1/15/29		3,206,000		2,978,422
Live Nation Entertainment, Inc. 144A, 4.875%, 11/1/24		2,458,000		2,386,816
144A, 6.50%, 5/15/27		5,130,000		5,045,635
144A, 4.75%, 10/15/27		4,061,000		3,648,707
144A, 3.75%, 1/15/28		2,138,000		1,864,357
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26		5,023,000		4,710,368
Penn Entertainment, Inc. 144A, 5.625%, 1/15/27		1,710,000		1,587,385
144A, 4.125%, 7/1/29		1,710,000		1,389,301
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 144A, 5.625%, 9/1/29		3,206,000		2,360,065
144A, 5.875%, 9/1/31		3,206,000		2,302,726
Scientific Games International, Inc. 144A, 8.625%, 7/1/25		2,351,000		2,405,542
144A, 7.00%, 5/15/28		2,993,000		2,923,862
144A, 7.25%, 11/15/29		2,138,000		2,103,258
Six Flags Entertainment Corp. 144A, 4.875%, 7/31/24		4,059,000		3,989,266
144A, 5.50%, 4/15/27 (a)		2,138,000		2,011,740
Vail Resorts, Inc., 144A, 6.25%, 5/15/25		2,605,000		2,600,626
WMG Acquisition Corp. 144A, 3.75%, 12/1/29		2,309,000		1,951,390
144A, 3.875%, 7/15/30		2,287,000		1,941,892
144A, 3.00%, 2/15/31		3,420,000		2,687,722
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. 144A, 5.125%, 10/1/29		3,206,000		2,871,390
144A, 7.125%, 2/15/31		2,150,000		2,142,593

(Cost $147,126,646)				132,975,450

Food Service — 0.5%
Aramark Services, Inc. 144A, 5.00%, 4/1/25		2,358,000		2,289,786
144A, 6.375%, 5/1/25		6,413,000		6,378,947
144A, 5.00%, 2/1/28		4,916,000		4,527,145
TKC Holdings, Inc. 144A, 6.875%, 5/15/28		1,817,000		1,487,760
144A, 10.50%, 5/15/29		2,886,000		1,771,109

(Cost $18,583,737)				16,454,747

Home Builders — 0.5%
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, 4.625%, 4/1/30		1,710,000		1,378,298
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC 144A, 6.25%, 9/15/27		2,565,000		2,239,704
144A, 4.875%, 2/15/30		2,138,000		1,610,281
Mattamy Group Corp. 144A, 5.25%, 12/15/27		2,138,000		1,911,853
144A, 4.625%, 3/1/30		2,565,000		2,133,593


	Principal Amount		Value
Home Builders (Continued)
Meritage Homes Corp. 6.00%, 6/1/25	$	1,710,000	$	1,703,350
144A, 3.875%, 4/15/29		1,924,000		1,671,013
Taylor Morrison Communities, Inc. 144A, 5.875%, 6/15/27		2,138,000		2,050,492
144A, 5.75%, 1/15/28		1,924,000		1,815,632
144A, 5.125%, 8/1/30		2,138,000		1,886,785

(Cost $21,490,147)				18,401,001

Home Furnishings — 0.2%
Tempur Sealy International, Inc. 144A, 4.00%, 4/15/29		3,420,000		2,927,212
144A, 3.875%, 10/15/31		3,420,000		2,759,940

(Cost $6,765,285)				5,687,152

Housewares — 0.5%
Newell Brands, Inc. 4.875%, 6/1/25		2,138,000		2,074,159
4.45%, 4/1/26		8,486,000		8,040,358
6.375%, 9/15/27		2,138,000		2,128,817
6.625%, 9/15/29 (a)		2,138,000		2,122,382
Scotts Miracle-Gro Co. 4.50%, 10/15/29		1,760,000		1,526,994
4.00%, 4/1/31		2,031,000		1,626,861
4.375%, 2/1/32		1,710,000		1,397,754

(Cost $20,953,052)				18,917,325

Leisure Time — 3.5%
Carnival Corp. 144A, 10.50%, 2/1/26		3,313,000		3,434,057
144A, 7.625%, 3/1/26		6,199,000		5,589,948
144A, 5.75%, 3/1/27		14,963,000		12,287,316
144A, 9.875%, 8/1/27		3,848,000		3,921,420
144A, 4.00%, 8/1/28		10,284,000		8,698,207
144A, 6.00%, 5/1/29		8,550,000		6,640,982
144A, 10.50%, 6/1/30 (a)		4,275,000		4,144,078
Carnival Holdings Bermuda Ltd., 144A, 10.375%, 5/1/28		8,679,000		9,294,341
Life Time, Inc. 144A, 5.75%, 1/15/26		3,954,000		3,801,672
144A, 8.00%, 4/15/26		2,031,000		1,958,839
NCL Corp. Ltd. 144A, 3.625%, 12/15/24		2,549,000		2,396,060
144A, 5.875%, 3/15/26		6,233,000		5,398,900
144A, 5.875%, 2/15/27		4,874,000		4,525,314
144A, 8.375%, 2/1/28		1,580,000		1,611,110
144A, 7.75%, 2/15/29 (a)		2,565,000		2,235,397
Royal Caribbean Cruises Ltd. 144A, 11.50%, 6/1/25		6,357,000		6,776,689
144A, 4.25%, 7/1/26		2,779,000		2,440,990
144A, 5.50%, 8/31/26 (a)		4,544,000		4,117,500
144A, 5.375%, 7/15/27		4,512,000		3,968,093
144A, 11.625%, 8/15/27 (a)		5,344,000		5,707,125
3.70%, 3/15/28		2,138,000		1,709,064
144A, 5.50%, 4/1/28		6,568,000		5,730,580
144A, 8.25%, 1/15/29		4,867,000		5,042,660
144A, 9.25%, 1/15/29 (a)		4,462,000		4,735,644
144A, 7.25%, 1/15/30		1,400,000		1,407,714


	Principal Amount		Value
Leisure Time (Continued)
Viking Cruises Ltd. 144A, 13.00%, 5/15/25	$	2,886,000	$	3,070,257
144A, 5.875%, 9/15/27		3,527,000		3,028,882
144A, 7.00%, 2/15/29 (a)		2,138,000		1,840,858

(Cost $136,371,608)				125,513,697

Lodging — 3.1%
Boyd Gaming Corp. 4.75%, 12/1/27 (a)		4,274,000		4,010,978
144A, 4.75%, 6/15/31		3,848,000		3,401,238
Hilton Domestic Operating Co., Inc. 144A, 5.375%, 5/1/25		2,138,000		2,116,166
144A, 5.75%, 5/1/28		2,138,000		2,075,748
144A, 3.75%, 5/1/29		3,420,000		2,967,710
4.875%, 1/15/30		4,275,000		3,926,374
144A, 4.00%, 5/1/31		4,703,000		4,006,109
144A, 3.625%, 2/15/32		6,413,000		5,270,781
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc 144A, 5.00%, 6/1/29		3,634,000		3,191,763
144A, 4.875%, 7/1/31		2,138,000		1,799,341
Las Vegas Sands Corp. 3.20%, 8/8/24		7,481,000		7,202,983
2.90%, 6/25/25		2,138,000		1,982,537
3.50%, 8/18/26		4,275,000		3,912,860
3.90%, 8/8/29		3,206,000		2,791,154
Marriott Ownership Resorts, Inc., 144A, 4.50%, 6/15/29		2,138,000		1,796,198
Melco Resorts Finance Ltd. 144A, 4.875%, 6/6/25		4,275,000		3,991,781
144A, 5.25%, 4/26/26 (a)		2,138,000		1,929,084
144A, 5.625%, 7/17/27 (a)		2,565,000		2,270,263
144A, 5.75%, 7/21/28		3,634,000		3,141,123
144A, 5.375%, 12/4/29		4,916,000		4,085,243
MGM Resorts International 6.75%, 5/1/25		3,206,000		3,216,878
5.75%, 6/15/25		2,886,000		2,836,815
4.625%, 9/1/26		1,710,000		1,593,685
5.50%, 4/15/27		2,886,000		2,740,348
4.75%, 10/15/28		3,206,000		2,876,609
Station Casinos LLC 144A, 4.50%, 2/15/28		2,953,000		2,600,321
144A, 4.625%, 12/1/31		2,138,000		1,743,817
Studio City Finance Ltd. 144A, 6.00%, 7/15/25		2,138,000		1,928,578
144A, 6.50%, 1/15/28		2,138,000		1,818,070
144A, 5.00%, 1/15/29		4,703,000		3,621,381
Travel + Leisure Co. 144A, 6.625%, 7/31/26		2,779,000		2,726,974
6.00%, 4/1/27		1,710,000		1,657,349
144A, 4.50%, 12/1/29		2,779,000		2,336,486
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. 144A, 5.50%, 3/1/25		8,641,000		8,413,039
144A, 5.25%, 5/15/27 (a)		4,282,000		3,992,678

(Cost $120,739,983)				109,972,462


	Principal Amount		Value
Retail — 4.6%
1011778 BC ULC / New Red Finance, Inc. 144A, 3.875%, 1/15/28	$	6,626,000	$	5,901,566
144A, 4.375%, 1/15/28		3,206,000		2,868,857
144A, 3.50%, 2/15/29		3,206,000		2,733,082
Asbury Automotive Group, Inc. 4.50%, 3/1/28		1,731,000		1,550,629
144A, 4.625%, 11/15/29		3,420,000		2,977,332
4.75%, 3/1/30		1,902,000		1,649,956
144A, 5.00%, 2/15/32		2,565,000		2,189,190
Bath & Body Works, Inc. 5.25%, 2/1/28		2,138,000		1,993,236
7.50%, 6/15/29 (a)		2,138,000		2,161,176
144A, 6.625%, 10/1/30		4,275,000		4,053,876
Carvana Co. 144A, 5.625%, 10/1/25		2,138,000		1,327,805
144A, 5.50%, 4/15/27		2,565,000		1,310,897
144A, 5.875%, 10/1/28		2,565,000		1,236,134
144A, 4.875%, 9/1/29		3,206,000		1,554,910
144A, 10.25%, 5/1/30		14,001,000		8,644,588
eG Global Finance PLC 144A, 6.75%, 2/7/25		3,206,000		2,897,262
144A, 8.50%, 10/30/25		2,715,000		2,447,452
Ferrellgas LP / Ferrellgas Finance Corp. 144A, 5.375%, 4/1/26		2,779,000		2,504,787
144A, 5.875%, 4/1/29		3,527,000		2,879,743
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 144A, 4.625%, 1/15/29		4,275,000		3,701,295
144A, 6.75%, 1/15/30		5,344,000		4,433,008
FirstCash, Inc. 144A, 4.625%, 9/1/28		2,138,000		1,859,504
144A, 5.625%, 1/1/30		2,351,000		2,082,925
Gap, Inc. 144A, 3.625%, 10/1/29		3,206,000		2,354,694
144A, 3.875%, 10/1/31		3,206,000		2,303,816
Kohl’s Corp., 3.625%, 5/1/31		2,138,000		1,505,334
LBM Acquisition LLC, 144A, 6.25%, 1/15/29		3,506,000		2,513,413
Lithia Motors, Inc. 144A, 4.625%, 12/15/27		1,710,000		1,554,202
144A, 3.875%, 6/1/29		3,420,000		2,860,984
144A, 4.375%, 1/15/31		2,351,000		1,960,229
Macy’s Retail Holdings LLC 144A, 5.875%, 4/1/29		2,138,000		1,944,917
144A, 5.875%, 3/15/30		1,817,000		1,604,048
144A, 6.125%, 3/15/32		1,817,000		1,564,873
Michaels Cos., Inc. 144A, 5.25%, 5/1/28		3,634,000		3,028,049
144A, 7.875%, 5/1/29		5,558,000		4,189,037
Murphy Oil USA, Inc. 4.75%, 9/15/29		2,138,000		1,910,827
144A, 3.75%, 2/15/31		2,138,000		1,732,134
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		4,703,000		4,543,192
Nordstrom, Inc. 4.375%, 4/1/30		2,138,000		1,688,646
4.25%, 8/1/31		1,817,000		1,332,806


	Principal Amount		Value
Retail (Continued)
Penske Automotive Group, Inc. 3.50%, 9/1/25	$	2,351,000	$	2,201,151
3.75%, 6/15/29		2,138,000		1,798,614
PetSmart, Inc. / PetSmart Finance Corp. 144A, 4.75%, 2/15/28		5,130,000		4,703,902
144A, 7.75%, 2/15/29		4,916,000		4,785,700
QVC, Inc. 4.85%, 4/1/24		2,565,000		2,412,844
4.45%, 2/15/25		2,565,000		2,077,419
4.75%, 2/15/27		2,458,000		1,576,414
4.375%, 9/1/28		2,138,000		1,194,276
Rite Aid Corp., 144A, 8.00%, 11/15/26		3,634,000		1,930,017
Sonic Automotive, Inc. 144A, 4.625%, 11/15/29		2,779,000		2,310,780
144A, 4.875%, 11/15/31		2,138,000		1,703,494
SRS Distribution, Inc. 144A, 4.625%, 7/1/28		2,779,000		2,434,129
144A, 6.125%, 7/1/29		1,924,000		1,611,105
144A, 6.00%, 12/1/29		3,634,000		3,040,186
Staples, Inc. 144A, 7.50%, 4/15/26		8,550,000		7,619,076
144A, 10.75%, 4/15/27 (a)		4,060,000		3,113,634
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31		2,779,000		2,315,436
Yum! Brands, Inc. 144A, 4.75%, 1/15/30		3,420,000		3,120,237
3.625%, 3/15/31		4,489,000		3,760,278
4.625%, 1/31/32		4,703,000		4,162,061
5.375%, 4/1/32		4,275,000		3,964,899

(Cost $199,793,501)				165,386,063

Toys/Games/Hobbies — 0.2%
Mattel, Inc. 144A, 3.375%, 4/1/26		2,565,000		2,356,504
144A, 5.875%, 12/15/27		2,565,000		2,507,672
144A, 3.75%, 4/1/29		2,565,000		2,221,303

(Cost $7,802,262)				7,085,479

Consumer, Non-cyclical — 15.7%
Agriculture — 0.3%
Darling Ingredients, Inc. 144A, 5.25%, 4/15/27		2,138,000		2,054,896
144A, 6.00%, 6/15/30		4,275,000		4,136,062
Vector Group Ltd. 144A, 10.50%, 11/1/26		2,373,000		2,380,785
144A, 5.75%, 2/1/29		3,741,000		3,236,401

(Cost $12,639,039)				11,808,144

Beverages — 0.1%
Primo Water Holdings, Inc., 144A, 4.375%, 4/30/29
(Cost $3,148,028)		3,206,000		2,749,017

Biotechnology — 0.1%
Grifols Escrow Issuer SA, 144A, 4.75%, 10/15/28 (Cost $2,841,141)		3,014,000		2,579,683


	Principal Amount		Value
Commercial Services — 4.1%
ADT Security Corp., 144A, 4.125%, 8/1/29	$	4,275,000	$	3,671,071
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A, 6.625%, 7/15/26		8,294,000		7,886,474
144A, 9.75%, 7/15/27		4,489,000		4,124,673
144A, 6.00%, 6/1/29		4,104,000		3,071,680
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		5,237,000		4,358,535
APX Group, Inc. 144A, 6.75%, 2/15/27		2,565,000		2,465,744
144A, 5.75%, 7/15/29		3,420,000		2,869,072
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A, 4.75%, 4/1/28		2,138,000		1,899,405
144A, 5.375%, 3/1/29 (a)		2,565,000		2,311,476
Block, Inc. 2.75%, 6/1/26		4,275,000		3,818,691
3.50%, 6/1/31		4,275,000		3,457,855
Brink’s Co. 144A, 5.50%, 7/15/25		1,710,000		1,666,510
144A, 4.625%, 10/15/27		2,565,000		2,328,225
Garda World Security Corp. 144A, 4.625%, 2/15/27		2,437,000		2,173,036
144A, 9.50%, 11/1/27		2,584,000		2,486,659
144A, 6.00%, 6/1/29		2,138,000		1,756,645
Gartner, Inc. 144A, 4.50%, 7/1/28		3,420,000		3,141,488
144A, 3.625%, 6/15/29		2,565,000		2,221,931
144A, 3.75%, 10/1/30		3,420,000		2,898,938
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		5,130,000		4,838,103
Hertz Corp. 144A, 4.625%, 12/1/26		2,138,000		1,906,346
144A, 5.00%, 12/1/29		4,275,000		3,553,829
MPH Acquisition Holdings LLC 144A, 5.50%, 9/1/28		4,489,000		3,406,365
144A, 5.75%, 11/1/28 (a)		4,975,000		3,240,367
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.25%, 4/15/24		3,206,000		3,152,804
144A, 5.75%, 4/15/26		5,767,000		5,579,082
144A, 3.375%, 8/31/27		4,275,000		3,702,237
144A, 6.25%, 1/15/28		5,557,500		5,158,110
Sabre GLBL, Inc. 144A, 9.25%, 4/15/25		3,313,000		3,264,344
144A, 7.375%, 9/1/25		3,634,000		3,406,233
144A, 11.25%, 12/15/27		2,373,000		2,372,988
Service Corp. International 4.625%, 12/15/27		2,351,000		2,191,485
5.125%, 6/1/29		3,206,000		3,009,633
3.375%, 8/15/30		3,634,000		2,956,114
4.00%, 5/15/31		3,420,000		2,892,328
Sotheby’s, 144A, 7.375%, 10/15/27 (a)		3,270,000		3,087,796


	Principal Amount		Value
Commercial Services (Continued)
United Rentals North America, Inc. 5.50%, 5/15/27	$	2,138,000	$	2,097,592
3.875%, 11/15/27		3,206,000		2,960,420
4.875%, 1/15/28		7,136,000		6,808,458
5.25%, 1/15/30		3,206,000		3,025,871
4.00%, 7/15/30		3,206,000		2,830,080
3.875%, 2/15/31		4,703,000		4,030,827
3.75%, 1/15/32		3,206,000		2,694,354
Williams Scotsman International, Inc. 144A, 6.125%, 6/15/25		2,251,000		2,211,916
144A, 4.625%, 8/15/28		2,138,000		1,935,403

(Cost $164,004,607)				144,921,193

Cosmetics/Personal Care — 0.3%
Coty, Inc. 144A, 5.00%, 4/15/26		3,848,000		3,664,662
144A, 6.50%, 4/15/26 (a)		2,022,000		1,983,582
Edgewell Personal Care Co. 144A, 5.50%, 6/1/28		3,206,000		2,997,225
144A, 4.125%, 4/1/29		2,138,000		1,825,425

(Cost $11,310,963)				10,470,894

Food — 2.3%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 3.25%, 3/15/26		3,318,000		3,048,435
144A, 7.50%, 3/15/26		2,565,000		2,613,088
144A, 4.625%, 1/15/27		5,771,000		5,431,175
144A, 5.875%, 2/15/28		3,206,000		3,106,470
144A, 6.50%, 2/15/28		2,120,000		2,109,230
144A, 3.50%, 3/15/29		6,369,000		5,405,689
144A, 4.875%, 2/15/30		4,275,000		3,840,353
B&G Foods, Inc. 5.25%, 4/1/25		3,848,000		3,468,407
5.25%, 9/15/27		2,351,000		1,896,987
Lamb Weston Holdings, Inc. 144A, 4.875%, 5/15/28		2,138,000		2,017,136
144A, 4.125%, 1/31/30		4,147,000		3,643,489
144A, 4.375%, 1/31/32		2,993,000		2,636,192
Performance Food Group, Inc. 144A, 5.50%, 10/15/27		4,532,000		4,301,729
144A, 4.25%, 8/1/29		4,275,000		3,736,628
Pilgrim’s Pride Corp., 144A, 5.875%, 9/30/27		3,414,000		3,344,588
Post Holdings, Inc. 144A, 5.75%, 3/1/27		1,963,000		1,912,950
144A, 5.625%, 1/15/28		4,023,000		3,845,606
144A, 5.50%, 12/15/29		5,276,000		4,821,677
144A, 4.625%, 4/15/30		6,336,000		5,499,870
144A, 4.50%, 9/15/31		4,882,000		4,116,790
Sigma Holdco BV, 144A, 7.875%, 5/15/26		2,084,000		1,662,584
US Foods, Inc. 144A, 6.25%, 4/15/25		4,275,000		4,265,044
144A, 4.75%, 2/15/29		3,848,000		3,471,531
144A, 4.625%, 6/1/30		2,138,000		1,869,161

(Cost $90,916,765)				82,064,809


	Principal Amount		Value
Healthcare-Products — 0.5%
Avantor Funding, Inc. 144A, 4.625%, 7/15/28	$	6,626,000	$	6,097,709
144A, 3.875%, 11/1/29		3,420,000		2,962,370
Hologic, Inc. 144A, 4.625%, 2/1/28		1,710,000		1,596,081
144A, 3.25%, 2/15/29		4,061,000		3,505,678
Teleflex, Inc. 4.625%, 11/15/27		2,138,000		2,018,486
144A, 4.25%, 6/1/28		2,138,000		1,931,662

(Cost $20,176,847)				18,111,986

Healthcare-Services — 4.6%
Catalent Pharma Solutions, Inc. 144A, 5.00%, 7/15/27		2,138,000		2,062,860
144A, 3.125%, 2/15/29		2,351,000		2,031,452
144A, 3.50%, 4/1/30 (a)		2,779,000		2,416,549
Charles River Laboratories International, Inc. 144A, 4.25%, 5/1/28		2,138,000		1,930,849
144A, 3.75%, 3/15/29		2,138,000		1,858,136
144A, 4.00%, 3/15/31		2,138,000		1,830,398
CHS/Community Health Systems, Inc. 144A, 8.00%, 3/15/26		8,981,000		8,767,522
144A, 5.625%, 3/15/27		8,123,000		7,137,964
144A, 8.00%, 12/15/27		2,992,000		2,905,262
144A, 6.875%, 4/1/28		3,232,000		2,197,808
144A, 6.00%, 1/15/29		3,848,000		3,332,438
144A, 6.875%, 4/15/29 (a)		5,927,000		4,151,184
144A, 6.125%, 4/1/30		5,267,000		3,589,460
144A, 5.25%, 5/15/30		6,562,000		5,259,509
144A, 4.75%, 2/15/31		4,522,000		3,498,581
DaVita, Inc. 144A, 4.625%, 6/1/30		11,757,000		9,702,170
144A, 3.75%, 2/15/31		6,413,000		4,865,319
Encompass Health Corp. 4.50%, 2/1/28		3,420,000		3,143,732
4.75%, 2/1/30		3,420,000		3,029,175
4.625%, 4/1/31		1,710,000		1,463,888
Envision Healthcare Corp., 144A, 8.75%, 10/15/26		4,050,000		952,641
IQVIA, Inc. 144A, 5.00%, 10/15/26		4,489,000		4,291,708
144A, 5.00%, 5/15/27		4,703,000		4,479,655
Legacy LifePoint Health LLC 144A, 6.75%, 4/15/25		2,565,000		2,454,038
144A, 4.375%, 2/15/27		2,565,000		2,167,425
LifePoint Health, Inc., 144A, 5.375%, 1/15/29		2,138,000		1,405,735
ModivCare, Inc., 144A, 5.875%, 11/15/25		2,171,000		2,039,283
Molina Healthcare, Inc. 144A, 4.375%, 6/15/28		3,420,000		3,109,464
144A, 3.875%, 11/15/30		2,779,000		2,344,146
144A, 3.875%, 5/15/32		3,206,000		2,635,460
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		5,429,000		4,626,525


	Principal Amount		Value
Healthcare-Services (Continued)
Select Medical Corp., 144A, 6.25%, 8/15/26	$	5,237,000	$	5,007,331
Tenet Healthcare Corp. 4.625%, 7/15/24		3,000,000		2,954,070
4.875%, 1/1/26		8,978,000		8,559,462
6.25%, 2/1/27		5,910,000		5,761,231
5.125%, 11/1/27		6,673,000		6,287,034
4.625%, 6/15/28		2,657,000		2,406,412
6.125%, 10/1/28 (a)		11,523,000		10,669,146
4.25%, 6/1/29		6,201,000		5,435,797
4.375%, 1/15/30		5,222,000		4,583,872
144A, 6.125%, 6/15/30		8,667,000		8,267,516

(Cost $188,637,696)				165,612,207

Household Products/Wares — 0.2%
Central Garden & Pet Co. 4.125%, 10/15/30		2,138,000		1,783,391
144A, 4.125%, 4/30/31		1,710,000		1,402,429
Spectrum Brands, Inc. 5.75%, 7/15/25		1,879,000		1,844,121
144A, 3.875%, 3/15/31		2,138,000		1,694,589

(Cost $7,780,551)				6,724,530

Pharmaceuticals — 3.2%
AdaptHealth LLC 144A, 4.625%, 8/1/29		2,138,000		1,796,561
144A, 5.125%, 3/1/30		2,565,000		2,210,119
Bausch Health Americas, Inc. 144A, 9.25%, 4/1/26		3,167,000		2,371,314
144A, 8.50%, 1/31/27		2,747,000		1,448,136
Bausch Health Cos., Inc. 144A, 5.50%, 11/1/25		7,182,000		6,254,229
144A, 9.00%, 12/15/25		4,101,000		3,252,415
144A, 6.125%, 2/1/27		4,275,000		2,954,645
144A, 5.75%, 8/15/27		2,138,000		1,421,301
144A, 5.00%, 1/30/28		1,852,000		800,437
144A, 4.875%, 6/1/28		6,840,000		4,281,532
144A, 11.00%, 9/30/28		7,584,000		5,971,999
144A, 5.00%, 2/15/29		1,932,000		833,959
144A, 6.25%, 2/15/29		3,509,000		1,543,630
144A, 5.25%, 1/30/30		3,329,000		1,439,793
144A, 5.25%, 2/15/31		1,978,000		885,857
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		2,138,000		1,893,535
Elanco Animal Health, Inc., 6.65%, 8/28/28		3,127,000		2,993,696
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25		2,565,000		2,471,224
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29		2,565,000		1,991,081
Jazz Securities DAC, 144A, 4.375%, 1/15/29		6,413,000		5,685,605
Mallinckrodt International Finance SA / Mallinckrodt CB LLC 144A, 10.00%, 4/15/25 (a)		2,116,000		1,896,852
144A, 11.50%, 12/15/28		2,779,000		2,495,389


	Principal Amount		Value
Pharmaceuticals (Continued)
Organon & Co. / Organon Foreign Debt Co.-Issuer BV 144A, 4.125%, 4/30/28	$	8,978,000	$	7,932,961
144A, 5.125%, 4/30/31		8,550,000		7,267,115
Owens & Minor, Inc. 144A, 4.50%, 3/31/29 (a)		2,138,000		1,643,128
144A, 6.625%, 4/1/30		2,565,000		2,116,484
Perrigo Finance Unlimited Co. 3.90%, 12/15/24		2,993,000		2,868,147
4.375%, 3/15/26		2,993,000		2,815,725
4.40%, 6/15/30		3,206,000		2,757,449
Prestige Brands, Inc. 144A, 5.125%, 1/15/28		1,710,000		1,607,873
144A, 3.75%, 4/1/31		2,565,000		2,086,692
Teva Pharmaceutical Finance Netherlands III BV 6.00%, 4/15/24		5,336,000		5,330,477
7.125%, 1/31/25		4,270,000		4,327,880
3.15%, 10/1/26		14,963,000		13,114,022
6.75%, 3/1/28 (a)		5,343,000		5,140,981

(Cost $144,606,143)				115,902,243

Energy — 10.6%
Oil & Gas — 5.2%
Antero Resources Corp. 144A, 7.625%, 2/1/29		1,740,000		1,754,698
144A, 5.375%, 3/1/30		2,565,000		2,339,103
Apache Corp., 4.25%, 1/15/30 (a)		2,419,000		2,139,191
Ascent Resources Utica Holdings LLC / ARU Finance Corp. 144A, 7.00%, 11/1/26		2,552,000		2,479,332
144A, 5.875%, 6/30/29		1,710,000		1,489,470
Callon Petroleum Co. 144A, 8.00%, 8/1/28		2,779,000		2,727,797
144A, 7.50%, 6/15/30 (a)		2,565,000		2,412,126
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		2,230,000		2,314,294
Chesapeake Energy Corp. 144A, 5.50%, 2/1/26		2,138,000		2,097,752
144A, 5.875%, 2/1/29		2,138,000		2,000,067
144A, 6.75%, 4/15/29		4,061,000		3,938,459
CNX Resources Corp. 144A, 6.00%, 1/15/29		2,138,000		1,940,684
144A, 7.375%, 1/15/31		2,138,000		2,039,652
Comstock Resources, Inc. 144A, 6.75%, 3/1/29		5,232,000		4,819,849
144A, 5.875%, 1/15/30		4,125,000		3,553,337
Crescent Energy Finance LLC 144A, 7.25%, 5/1/26		2,993,000		2,772,625
144A, 9.25%, 2/15/28		1,710,000		1,669,259
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25		4,313,000		4,166,638
CVR Energy, Inc. 144A, 5.25%, 2/15/25		2,565,000		2,465,170
144A, 5.75%, 2/15/28		1,710,000		1,519,292


	Principal Amount		Value
Oil & Gas (Continued)
Energean PLC, 144A, 6.50%, 4/30/27	$	1,954,000	$	1,815,258
Kosmos Energy Ltd. 144A, 7.125%, 4/4/26		2,779,000		2,504,074
144A, 7.75%, 5/1/27		1,701,000		1,494,031
144A, 7.50%, 3/1/28		1,924,000		1,654,659
Leviathan Bond Ltd. 144A,REGS, 6.125%, 6/30/25		2,563,429		2,499,343
144A,REGS, 6.50%, 6/30/27		2,564,289		2,454,025
144A,REGS, 6.75%, 6/30/30		2,349,059		2,202,919
MEG Energy Corp. 144A, 7.125%, 2/1/27		2,317,000		2,354,176
144A, 5.875%, 2/1/29		2,565,000		2,395,018
Murphy Oil Corp. 5.875%, 12/1/27		2,322,000		2,221,694
6.375%, 7/15/28		1,932,000		1,866,911
Northern Oil and Gas, Inc., 144A, 8.125%, 3/1/28		3,093,000		2,987,529
Occidental Petroleum Corp. 2.90%, 8/15/24		2,582,000		2,464,051
5.875%, 9/1/25		2,593,000		2,589,409
5.50%, 12/1/25		1,987,000		1,971,352
5.55%, 3/15/26		3,642,000		3,618,892
8.50%, 7/15/27		2,092,000		2,246,693
6.375%, 9/1/28		2,470,000		2,498,269
8.875%, 7/15/30		4,275,000		4,862,727
6.625%, 9/1/30		6,197,000		6,376,248
6.125%, 1/1/31		4,885,000		4,909,278
7.50%, 5/1/31		3,717,000		3,972,618
7.875%, 9/15/31		2,072,000		2,252,813
Parkland Corp. 144A, 5.875%, 7/15/27		2,138,000		2,007,927
144A, 4.50%, 10/1/29		3,420,000		2,876,545
144A, 4.625%, 5/1/30		3,420,000		2,850,519
PBF Holding Co. LLC / PBF Finance Corp. 7.25%, 6/15/25		2,858,000		2,852,298
6.00%, 2/15/28		3,533,000		3,295,229
Permian Resources Operating LLC, 144A, 5.875%, 7/1/29		2,992,000		2,686,277
Puma International Financing SA 144A, 5.125%, 10/6/24 (a)		2,567,000		2,480,364
144A, 5.00%, 1/24/26		3,110,000		2,833,984
Range Resources Corp. 4.875%, 5/15/25		3,206,000		3,131,260
8.25%, 1/15/29		2,565,000		2,634,807
144A,4.75%, 2/15/30 (a)		2,138,000		1,915,659
SM Energy Co. 6.75%, 9/15/26		1,792,000		1,730,960
6.625%, 1/15/27 (a)		1,782,000		1,690,468
6.50%, 7/15/28		1,710,000		1,579,262
Southwestern Energy Co. 5.375%, 2/1/29		2,974,000		2,785,025
5.375%, 3/15/30		5,130,000		4,701,748
4.75%, 2/1/32		4,916,000		4,231,889
Sunoco LP / Sunoco Finance Corp. 6.00%, 4/15/27		2,565,000		2,523,191
4.50%, 5/15/29		3,420,000		3,004,860
4.50%, 4/30/30		3,418,000		2,965,115


	Principal Amount		Value
Oil & Gas (Continued)
Transocean, Inc. 144A, 7.50%, 1/15/26	$	2,637,000	$	2,423,179
144A, 11.50%, 1/30/27		3,253,000		3,346,556
144A, 8.00%, 2/1/27		2,760,000		2,446,064
144A, 8.75%, 2/15/30		4,200,000		4,268,176
Tullow Oil PLC, 144A, 7.00%, 3/1/25		3,420,000		2,157,387
Vital Energy, Inc., 9.50%, 1/15/25		1,948,000		1,965,600

(Cost $201,002,699)				186,235,131

Oil & Gas Services — 0.6%
Archrock Partners LP / Archrock Partners Finance Corp. 144A, 6.875%, 4/1/27		2,138,000		2,076,169
144A,6.25%, 4/1/28		3,420,000		3,218,018
CGG SA, 144A, 8.75%, 4/1/27 (a)		2,138,000		1,879,431
USA Compression Partners LP / USA Compression Finance Corp. 6.875%, 4/1/26		3,099,000		2,986,311
6.875%, 9/1/27		3,206,000		3,039,737
Weatherford International Ltd. 144A, 6.50%, 9/15/28		2,138,000		2,102,808
144A, 8.625%, 4/30/30		6,840,000		6,838,735

(Cost $23,470,765)				22,141,209

Pipelines — 4.8%
Antero Midstream Partners LP / Antero Midstream Finance Corp. 144A, 7.875%, 5/15/26		2,351,000		2,376,859
144A, 5.75%, 3/1/27		2,779,000		2,626,669
144A, 5.75%, 1/15/28		2,779,000		2,611,510
144A, 5.375%, 6/15/29		3,206,000		2,888,638
Buckeye Partners LP 144A, 4.125%, 3/1/25		2,138,000		2,006,544
3.95%, 12/1/26		2,565,000		2,270,676
4.125%, 12/1/27		1,710,000		1,481,742
144A, 4.50%, 3/1/28		2,138,000		1,879,323
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A, 5.50%, 6/15/31		5,985,000		5,247,520
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 5.75%, 4/1/25		2,138,000		2,076,150
144A, 5.625%, 5/1/27		2,565,000		2,363,668
144A, 6.00%, 2/1/29		2,993,000		2,725,950
144A, 8.00%, 4/1/29		1,924,000		1,916,169
DT Midstream, Inc. 144A, 4.125%, 6/15/29		4,703,000		4,025,602
144A, 4.375%, 6/15/31		4,275,000		3,584,908
EnLink Midstream LLC 144A, 5.625%, 1/15/28		2,138,000		2,038,594
5.375%, 6/1/29		2,132,000		1,981,976
144A, 6.50%, 9/1/30		2,993,000		2,951,861
EnLink Midstream Partners LP 4.15%, 6/1/25		1,802,000		1,729,920
4.85%, 7/15/26		2,099,000		1,992,130


	Principal Amount		Value
Pipelines (Continued)
EQM Midstream Partners LP 144A, 6.00%, 7/1/25	$	1,710,000	$	1,652,088
4.125%, 12/1/26		2,138,000		1,904,801
144A, 7.50%, 6/1/27		2,138,000		2,094,780
144A, 6.50%, 7/1/27		3,848,000		3,649,020
5.50%, 7/15/28		3,634,000		3,246,997
144A, 4.50%, 1/15/29		3,420,000		2,856,416
144A, 7.50%, 6/1/30		2,138,000		2,039,712
144A, 4.75%, 1/15/31		4,703,000		3,828,924
Genesis Energy LP / Genesis Energy Finance Corp. 6.50%, 10/1/25		2,286,000		2,198,122
8.00%, 1/15/27		4,195,000		4,101,682
7.75%, 2/1/28		2,904,000		2,781,221
Hess Midstream Operations LP 144A, 5.625%, 2/15/26		3,399,000		3,309,963
144A, 5.125%, 6/15/28		2,351,000		2,159,212
144A, 4.25%, 2/15/30		3,206,000		2,710,320
144A, 5.50%, 10/15/30		1,710,000		1,549,568
ITT Holdings LLC, 144A, 6.50%, 8/1/29		5,216,000		4,294,515
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		5,344,000		5,003,748
144A, 6.50%, 9/30/26		6,412,000		5,875,540
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 7.50%, 2/1/26		8,764,000		8,378,479
NuStar Logistics LP 5.75%, 10/1/25		2,565,000		2,476,332
6.00%, 6/1/26		2,138,000		2,033,763
5.625%, 4/28/27		2,351,000		2,189,907
6.375%, 10/1/30		2,565,000		2,394,762
Rockies Express Pipeline LLC 144A, 3.60%, 5/15/25		1,710,000		1,583,143
144A, 4.95%, 7/15/29		2,351,000		2,047,251
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, 8.50%, 10/15/26		3,356,000		3,190,459
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 7.50%, 10/1/25		2,565,000		2,555,766
144A, 6.00%, 3/1/27		1,838,000		1,708,921
144A, 5.50%, 1/15/28		3,206,000		2,882,323
144A, 6.00%, 12/31/30		3,100,000		2,677,377
144A, 6.00%, 9/1/31		1,999,000		1,711,752
Venture Global Calcasieu Pass LLC 144A, 3.875%, 8/15/29		5,344,000		4,614,250
144A, 6.25%, 1/15/30		4,275,000		4,221,883
144A, 4.125%, 8/15/31		5,344,000		4,589,828
144A, 3.875%, 11/1/33		5,344,000		4,363,109
Western Midstream Operating LP 3.35%, 2/1/25		3,124,000		2,964,235
4.65%, 7/1/26		2,027,000		1,927,819
4.50%, 3/1/28		1,710,000		1,578,011
4.75%, 8/15/28		1,710,000		1,583,568
4.30%, 2/1/30		5,130,000		4,549,989

(Cost $191,647,928)				172,255,965


	Principal Amount		Value
Financial — 9.6%
Banks — 0.2%
Freedom Mortgage Corp. 144A, 8.25%, 4/15/25	$	2,306,000	$	2,184,243
144A, 7.625%, 5/1/26		2,195,000		1,876,067
144A, 6.625%, 1/15/27		2,400,000		1,958,556

(Cost $6,874,806)				6,018,866

Diversified Financial Services — 3.4%
Coinbase Global, Inc. 144A, 3.375%, 10/1/28		4,275,000		2,804,678
144A, 3.625%, 10/1/31		4,275,000		2,564,310
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28		4,275,000		1,746,880
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28		4,245,000		3,586,649
LD Holdings Group LLC 144A, 6.50%, 11/1/25		2,138,000		1,586,152
144A, 6.125%, 4/1/28		2,565,000		1,520,019
LPL Holdings, Inc. 144A, 4.625%, 11/15/27		1,710,000		1,591,862
144A, 4.00%, 3/15/29		3,848,000		3,386,411
144A, 4.375%, 5/15/31		1,710,000		1,480,995
Nationstar Mortgage Holdings, Inc. 144A, 6.00%, 1/15/27		2,565,000		2,362,468
144A, 5.50%, 8/15/28		3,634,000		3,090,608
144A, 5.125%, 12/15/30		2,779,000		2,155,615
144A, 5.75%, 11/15/31		2,565,000		2,014,795
Navient Corp.
MTN, 6.125%, 3/25/24		3,634,000		3,610,997
5.875%, 10/25/24		2,138,000		2,085,885
6.75%, 6/25/25		2,138,000		2,110,206
6.75%, 6/15/26		2,138,000		2,061,708
5.00%, 3/15/27		2,993,000		2,663,905
4.875%, 3/15/28		2,138,000		1,819,523
5.50%, 3/15/29		3,206,000		2,715,367
NFP Corp. 144A, 4.875%, 8/15/28		2,351,000		2,060,221
144A, 6.875%, 8/15/28		8,869,000		7,563,927
OneMain Finance Corp. 6.125%, 3/15/24 (a)		5,431,000		5,360,628
6.875%, 3/15/25		5,338,000		5,239,327
7.125%, 3/15/26		6,840,000		6,655,045
3.50%, 1/15/27		3,206,000		2,695,800
6.625%, 1/15/28		3,208,000		2,990,522
3.875%, 9/15/28		2,564,000		2,040,970
5.375%, 11/15/29		3,165,000		2,669,741
4.00%, 9/15/30		3,599,000		2,752,110
PennyMac Financial Services, Inc. 144A, 5.375%, 10/15/25		2,778,000		2,534,057
144A, 4.25%, 2/15/29		2,779,000		2,177,705
144A, 5.75%, 9/15/31		2,138,000		1,706,664
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. 144A, 2.875%, 10/15/26		4,916,000		4,218,813
144A, 3.625%, 3/1/29		3,206,000		2,587,081


	Principal Amount		Value
Diversified Financial Services (Continued)
144A, 3.875%, 3/1/31	$	5,344,000	$	4,169,773
144A, 4.00%, 10/15/33		3,634,000		2,685,645
SLM Corp. 4.20%, 10/29/25		2,138,000		1,960,104
3.125%, 11/2/26		2,138,000		1,846,740
Synchrony Financial, 7.25%, 2/2/33		3,206,000		3,084,524
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		3,420,000		3,153,805
144A, 5.75%, 6/15/27		2,138,000		1,877,865
144A, 5.50%, 4/15/29		2,993,000		2,480,748

(Cost $144,255,898)				121,470,848

Insurance — 0.6%
Acrisure LLC / Acrisure Finance, Inc. 144A, 7.00%, 11/15/25		3,954,000		3,698,656
144A, 10.125%, 8/1/26		1,710,000		1,704,532
144A, 4.25%, 2/15/29		2,993,000		2,447,227
144A, 6.00%, 8/1/29		2,138,000		1,740,978
AssuredPartners, Inc. 144A, 7.00%, 8/15/25		2,138,000		2,095,762
144A, 5.625%, 1/15/29		2,351,000		1,994,356
HUB International Ltd. 144A, 7.00%, 5/1/26		7,139,000		7,023,521
144A, 5.625%, 12/1/29		2,351,000		2,021,456

(Cost $24,657,722)				22,726,488

Real Estate — 0.6%
Howard Hughes Corp. 144A, 5.375%, 8/1/28		3,206,000		2,908,836
144A, 4.125%, 2/1/29		2,779,000		2,318,135
144A, 4.375%, 2/1/31		2,779,000		2,266,997
Kennedy-Wilson, Inc. 4.75%, 3/1/29		2,565,000		2,062,886
4.75%, 2/1/30		2,565,000		1,974,248
5.00%, 3/1/31		2,565,000		1,974,158
Realogy Group LLC / Realogy Co.-Issuer Corp. 144A, 5.75%, 1/15/29		3,848,000		2,776,197
144A, 5.25%, 4/15/30		4,275,000		2,933,184
WeWork Cos., Inc., 144A, 7.875%, 5/1/25		2,860,000		1,518,227

(Cost $26,881,098)				20,732,868

Real Estate Investment Trusts — 4.2%
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL 144A, 5.75%, 5/15/26		4,042,000		3,725,430
144A, 4.50%, 4/1/27		3,206,000		2,750,443
Diversified Healthcare Trust 9.75%, 6/15/25		2,138,000		2,076,276
4.75%, 2/15/28		2,138,000		1,393,665
4.375%, 3/1/31		2,138,000		1,486,769
HAT Holdings I LLC / HAT Holdings II LLC 144A, 6.00%, 4/15/25		1,710,000		1,643,283
144A, 3.375%, 6/15/26		4,275,000		3,712,944


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Iron Mountain, Inc. 144A, 4.875%, 9/15/27	$	4,275,000	$	3,939,988
144A, 5.25%, 3/15/28		3,527,000		3,250,289
144A, 5.00%, 7/15/28		2,138,000		1,939,850
144A, 4.875%, 9/15/29		4,275,000		3,745,477
144A, 5.25%, 7/15/30		5,558,000		4,852,912
144A, 4.50%, 2/15/31		4,703,000		3,898,305
144A, 5.625%, 7/15/32		2,565,000		2,222,136
iStar, Inc. 4.75%, 10/1/24		3,358,000		3,352,903
4.25%, 8/1/25		2,221,000		2,211,571
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp. 144A, 4.25%, 2/1/27		2,787,000		2,372,244
144A, 4.75%, 6/15/29		2,779,000		2,262,507
MPT Operating Partnership LP / MPT Finance Corp. 5.25%, 8/1/26 (a)		2,138,000		1,902,297
5.00%, 10/15/27 (a)		5,985,000		4,918,049
4.625%, 8/1/29		3,848,000		2,881,267
3.50%, 3/15/31		5,558,000		3,815,456
Office Properties Income Trust 4.50%, 2/1/25		2,779,000		2,558,251
3.45%, 10/15/31		1,710,000		1,142,075
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A, 7.50%, 6/1/25		2,779,000		2,789,832
144A, 5.875%, 10/1/28		3,099,000		2,759,990
144A, 4.875%, 5/15/29		3,206,000		2,682,360
RHP Hotel Properties LP / RHP Finance Corp. 4.75%, 10/15/27		2,990,500		2,752,157
144A, 4.50%, 2/15/29		2,565,000		2,235,047
RLJ Lodging Trust LP 144A, 3.75%, 7/1/26		2,138,000		1,936,595
144A, 4.00%, 9/15/29		2,138,000		1,764,449
SBA Communications Corp. 3.875%, 2/15/27		6,395,000		5,791,989
3.125%, 2/1/29		6,412,000		5,300,159
Service Properties Trust 4.35%, 10/1/24		3,527,000		3,379,801
7.50%, 9/15/25		3,420,000		3,393,324
4.75%, 10/1/26		1,924,000		1,671,244
4.95%, 2/15/27		1,710,000		1,475,593
5.50%, 12/15/27		1,924,000		1,735,809
3.95%, 1/15/28		1,710,000		1,368,171
4.95%, 10/1/29		1,817,000		1,435,296
4.375%, 2/15/30		1,710,000		1,308,310
Starwood Property Trust, Inc. 144A, 3.75%, 12/31/24		1,710,000		1,611,192
4.75%, 3/15/25		2,137,000		2,025,576
144A, 3.625%, 7/15/26		1,710,000		1,497,649
144A, 4.375%, 1/15/27		2,138,000		1,854,769
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC 144A, 7.875%, 2/15/25		9,970,000		10,169,806
144A, 6.00%, 1/15/30		2,957,000		1,836,391


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A, 10.50%, 2/15/28	$	11,000,000	$	11,026,345
144A, 4.75%, 4/15/28		2,521,000		2,001,775
144A, 6.50%, 2/15/29		4,665,000		3,060,480
XHR LP 144A, 6.375%, 8/15/25		2,138,000		2,075,744
144A, 4.875%, 6/1/29		2,138,000		1,828,247

(Cost $171,455,362)				150,822,487

Venture Capital — 0.6%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 4.75%, 9/15/24		4,701,000		4,572,992
6.375%, 12/15/25		3,195,000		3,156,500
6.25%, 5/15/26		5,336,000		5,182,350
5.25%, 5/15/27		6,205,000		5,746,256
4.375%, 2/1/29		3,205,000		2,772,125

(Cost $22,892,973)				21,430,223

Industrial — 8.3%
Aerospace/Defense — 3.0%
Bombardier, Inc. 144A, 7.50%, 3/15/25		4,764,000		4,764,302
144A, 7.125%, 6/15/26		5,130,000		5,044,611
144A, 7.875%, 4/15/27		8,770,000		8,728,531
144A, 6.00%, 2/15/28		3,403,000		3,191,487
144A, 7.50%, 2/1/29		2,680,000		2,629,531
Howmet Aerospace, Inc. 5.125%, 10/1/24		4,582,000		4,535,722
6.875%, 5/1/25		2,565,000		2,612,350
3.00%, 1/15/29		2,993,000		2,573,097
Rolls-Royce PLC 144A, 3.625%, 10/14/25		4,275,000		3,975,750
144A, 5.75%, 10/15/27		4,275,000		4,131,424
Spirit AeroSystems, Inc. 144A, 7.50%, 4/15/25		5,130,000		5,130,898
4.60%, 6/15/28 (a)		2,993,000		2,474,014
144A, 9.375%, 11/30/29		3,848,000		4,083,305
TransDigm, Inc. 144A, 8.00%, 12/15/25		3,895,000		3,984,312
144A, 6.25%, 3/15/26		18,809,000		18,584,081
6.375%, 6/15/26		4,061,000		3,942,675
7.50%, 3/15/27		2,438,000		2,409,719
5.50%, 11/15/27		11,370,000		10,484,936
4.625%, 1/15/29		5,130,000		4,413,891
4.875%, 5/1/29		3,205,000		2,751,280
Triumph Group, Inc. 144A, 8.875%, 6/1/24		2,539,000		2,652,848
144A, 6.25%, 9/15/24		2,569,000		2,567,394
7.75%, 8/15/25		2,171,000		2,078,092

(Cost $113,315,483)				107,744,250

Building Materials — 0.9%
Builders FirstSource, Inc. 144A, 5.00%, 3/1/30		2,351,000		2,120,515
144A, 4.25%, 2/1/32		5,558,000		4,671,674
144A, 6.375%, 6/15/32 (a)		2,993,000		2,876,897


	Principal Amount		Value
Building Materials (Continued)
JELD-WEN, Inc. 144A, 4.625%, 12/15/25	$	1,710,000	$	1,537,330
144A, 4.875%, 12/15/27		1,710,000		1,430,586
Smyrna Ready Mix Concrete LLC, 144A, 6.00%, 11/1/28		4,703,000		4,179,392
Standard Industries, Inc. 144A, 5.00%, 2/15/27		3,634,000		3,361,120
144A, 4.75%, 1/15/28		4,275,000		3,844,032
144A, 4.375%, 7/15/30		6,840,000		5,701,003
Summit Materials LLC / Summit Materials Finance Corp., 144A, 5.25%, 1/15/29		3,039,000		2,799,268

(Cost $37,104,257)				32,521,817

Electrical Components & Equipment — 0.5%
Energizer Holdings, Inc. 144A, 4.75%, 6/15/28		2,496,000		2,180,568
144A, 4.375%, 3/31/29		3,383,000		2,884,007
WESCO Distribution, Inc. 144A, 7.125%, 6/15/25		6,413,000		6,486,012
144A, 7.25%, 6/15/28		5,665,000		5,745,108

(Cost $18,362,213)				17,295,695

Electronics — 0.4%
Sensata Technologies BV 144A, 5.625%, 11/1/24		1,710,000		1,693,615
144A, 5.00%, 10/1/25		2,993,000		2,914,597
144A, 4.00%, 4/15/29		4,275,000		3,775,231
144A, 5.875%, 9/1/30		2,138,000		2,029,831
Sensata Technologies, Inc. 144A, 4.375%, 2/15/30		1,924,000		1,704,078
144A, 3.75%, 2/15/31		3,206,000		2,675,630

(Cost $16,521,691)				14,792,982

Engineering & Construction — 0.2%
IHS Holding Ltd. 144A, 5.625%, 11/29/26		2,141,000		1,834,837
144A, 6.25%, 11/29/28		2,138,000		1,761,177
Promontoria Holding 264 BV, 144A, 7.875%, 3/1/27		1,710,000		1,646,689

(Cost $5,233,779)				5,242,703

Environmental Control — 0.7%
Clean Harbors, Inc., 144A, 6.375%, 2/1/31		2,171,000		2,158,366
Covanta Holding Corp., 5.00%, 9/1/30		1,710,000		1,418,638
GFL Environmental, Inc. 144A, 4.25%, 6/1/25		2,138,000		2,048,696
144A, 3.75%, 8/1/25		3,206,000		3,021,126
144A, 5.125%, 12/15/26		2,138,000		2,049,025
144A, 4.00%, 8/1/28		3,206,000		2,792,263
144A, 3.50%, 9/1/28		3,206,000		2,804,609
144A, 4.75%, 6/15/29		3,206,000		2,860,473
144A, 4.375%, 8/15/29		2,351,000		2,037,353
Stericycle, Inc. 144A, 5.375%, 7/15/24		2,565,000		2,527,947
144A, 3.875%, 1/15/29		2,138,000		1,834,814

(Cost $28,116,016)				25,553,310


	Principal Amount		Value
Machinery-Diversified — 0.2%
TK Elevator Holdco GmbH, 144A, 7.625%, 7/15/28	$	1,712,000	$	1,573,004
TK Elevator US Newco, Inc., 144A, 5.25%, 7/15/27		6,669,000		6,047,456

(Cost $8,532,246)				7,620,460

Miscellaneous Manufacturing — 0.1%
Hillenbrand, Inc., 5.75%, 6/15/25 (Cost $1,869,964)		1,840,000		1,818,960

Packaging & Containers — 2.0%
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A, 6.00%, 6/15/27		2,565,000		2,485,151
144A, 3.25%, 9/1/28		2,538,000		2,133,175
144A, 4.00%, 9/1/29		4,489,000		3,605,767
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 5.25%, 4/30/25		2,633,000		2,548,086
144A, 4.125%, 8/15/26		5,405,000		4,923,847
144A, 5.25%, 8/15/27 (a)		4,275,000		3,515,525
144A, 5.25%, 8/15/27		3,420,000		2,812,420
Ball Corp. 5.25%, 7/1/25		4,275,000		4,202,181
4.875%, 3/15/26		3,206,000		3,101,052
6.875%, 3/15/28		3,206,000		3,240,945
2.875%, 8/15/30		5,558,000		4,442,231
3.125%, 9/15/31		3,634,000		2,913,796
Berry Global, Inc., 144A, 5.625%, 7/15/27		2,138,000		2,060,166
Crown Americas LLC, 5.25%, 4/1/30 (a)		2,171,000		2,022,619
Graphic Packaging International LLC 144A, 3.50%, 3/15/28		1,924,000		1,685,078
144A, 3.75%, 2/1/30		1,710,000		1,459,015
LABL, Inc. 144A, 6.75%, 7/15/26		2,993,000		2,850,282
144A, 10.50%, 7/15/27		2,950,000		2,760,551
144A, 5.875%, 11/1/28		2,138,000		1,856,051
144A, 8.25%, 11/1/29		1,967,000		1,595,018
OI European Group BV, 144A, 4.75%, 2/15/30		1,710,000		1,523,601
Owens-Brockway Glass Container, Inc., 144A, 6.625%, 5/13/27		2,616,000		2,546,702
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27		4,275,000		3,733,144
Sealed Air Corp. 144A, 5.125%, 12/1/24		1,817,000		1,786,912
144A, 5.50%, 9/15/25		1,710,000		1,684,350
144A, 4.00%, 12/1/27		1,817,000		1,623,630
144A, 5.00%, 4/15/29		1,817,000		1,676,491
Silgan Holdings, Inc., 4.125%, 2/1/28		2,475,000		2,264,996

(Cost $81,767,973)				73,052,782


	Principal Amount		Value
Transportation — 0.1%
Seaspan Corp., 144A, 5.50%, 8/1/29 (Cost $3,127,301)	$	3,206,000	$	2,416,645

Trucking & Leasing — 0.2%
Fortress Transportation and Infrastructure Investors LLC 144A, 6.50%, 10/1/25		2,779,000		2,723,156
144A, 9.75%, 8/1/27		1,710,000		1,758,445
144A, 5.50%, 5/1/28		4,275,000		3,819,538

(Cost $8,927,925)				8,301,139

Technology — 4.5%
Computers — 1.4%
Diebold Nixdorf, Inc., 144A, 9.375%, 7/15/25		3,070,000		2,152,132
McAfee Corp., 144A, 7.375%, 2/15/30		8,636,000		6,854,444
NCR Corp. 144A, 5.75%, 9/1/27		2,138,000		2,074,038
144A, 5.00%, 10/1/28		2,779,000		2,391,708
144A, 5.125%, 4/15/29		5,130,000		4,386,765
144A, 6.125%, 9/1/29		2,138,000		2,082,102
144A, 5.25%, 10/1/30		1,924,000		1,591,721
Presidio Holdings, Inc. 144A, 4.875%, 2/1/27		2,244,000		2,045,975
144A, 8.25%, 2/1/28		2,351,000		2,236,606
Seagate HDD Cayman 4.875%, 3/1/24		1,935,000		1,908,684
4.75%, 1/1/25		2,049,000		1,980,379
4.875%, 6/1/27		2,159,000		2,034,967
4.091%, 6/1/29		2,114,000		1,825,862
144A,9.625%, 12/1/32		2,890,815		3,163,493
Western Digital Corp. 4.75%, 2/15/26		9,833,000		9,293,168
2.85%, 2/1/29		2,138,000		1,682,585
3.10%, 2/1/32		2,138,000		1,542,306

(Cost $54,091,426)				49,246,935

Office/Business Equipment — 0.2%
Xerox Holdings Corp. 144A, 5.00%, 8/15/25 (a)		3,206,000		2,987,737
144A, 5.50%, 8/15/28		3,206,000		2,696,407

(Cost $6,544,681)				5,684,144

Semiconductors — 0.5%
ams-OSRAM AG, 144A, 7.00%, 7/31/25 (a)		1,924,000		1,829,609
Entegris Escrow Corp. 144A, 4.75%, 4/15/29		6,600,000		6,006,285
144A, 5.95%, 6/15/30		3,826,000		3,563,341
Entegris, Inc. 144A, 4.375%, 4/15/28		1,710,000		1,513,366
144A, 3.625%, 5/1/29 (a)		1,944,000		1,613,734
ON Semiconductor Corp., 144A, 3.875%, 9/1/28		3,039,000		2,673,727

(Cost $18,040,585)				17,200,062


	Principal Amount		Value
Software — 2.4%
AthenaHealth Group, Inc., 144A, 6.50%, 2/15/30	$	10,047,000	$	7,958,753
Boxer Parent Co., Inc., 144A, 7.125%, 10/2/25		2,605,000		2,582,712
Clarivate Science Holdings Corp. 144A, 3.875%, 7/1/28		3,938,000		3,390,182
144A, 4.875%, 7/1/29		3,939,000		3,385,122
Cloud Software Group Holdings, Inc., 144A, 6.50%, 3/31/29		17,101,000		14,838,928
Fair Isaac Corp. 144A, 5.25%, 5/15/26		1,710,000		1,664,788
144A, 4.00%, 6/15/28		3,848,000		3,498,140
MicroStrategy, Inc., 144A, 6.125%, 6/15/28 (a)		2,138,000		1,777,084
MSCI, Inc. 144A, 4.00%, 11/15/29		4,275,000		3,782,948
144A, 3.625%, 9/1/30		3,848,000		3,279,073
144A, 3.875%, 2/15/31		4,275,000		3,685,905
144A, 3.625%, 11/1/31		2,565,000		2,147,405
144A, 3.25%, 8/15/33		2,993,000		2,363,437
Open Text Corp. 144A, 3.875%, 2/15/28		3,848,000		3,321,209
144A, 3.875%, 12/1/29		3,634,000		2,971,594
Open Text Holdings, Inc. 144A, 4.125%, 2/15/30		3,848,000		3,172,598
144A, 4.125%, 12/1/31		2,772,000		2,208,480
PTC, Inc. 144A, 3.625%, 2/15/25		2,138,000		2,035,301
144A, 4.00%, 2/15/28		2,138,000		1,944,083
Rackspace Technology Global, Inc. 144A, 3.50%, 2/15/28		2,351,000		1,433,722
144A, 5.375%, 12/1/28		2,351,000		926,487
ROBLOX Corp., 144A, 3.875%, 5/1/30		4,275,000		3,518,368
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		8,550,000		8,054,119
Twilio, Inc. 3.625%, 3/15/29		2,138,000		1,798,150
3.875%, 3/15/31		2,138,000		1,752,786

(Cost $100,642,576)				87,491,374

Utilities — 2.7%
Electric — 2.4%
Calpine Corp. 144A, 5.25%, 6/1/26		1,796,000		1,723,447
144A, 4.50%, 2/15/28		5,344,000		4,815,227
144A, 5.125%, 3/15/28		5,985,000		5,316,593
144A, 4.625%, 2/1/29		2,779,000		2,349,043
144A, 5.00%, 2/1/31		3,634,000		3,001,782
144A, 3.75%, 3/1/31		3,848,000		3,128,010
Clearway Energy Operating LLC 144A, 4.75%, 3/15/28		3,634,000		3,338,828
144A, 3.75%, 2/15/31		3,954,000		3,196,710
DPL, Inc., 4.125%, 7/1/25		1,858,000		1,744,876
Drax Finco PLC, 144A, 6.625%, 11/1/25		1,700,000		1,676,438
FirstEnergy Corp. Series B, 4.15%, 7/15/27		6,413,000		5,989,069
2.65%, 3/1/30		2,565,000		2,129,489


	Principal Amount		Value
Electric (Continued)
Series B, 2.25%, 9/1/30	$	1,924,000	$	1,536,218
NextEra Energy Operating Partners LP 144A, 4.25%, 7/15/24		2,993,000		2,895,398
144A, 3.875%, 10/15/26		2,138,000		1,937,242
144A, 4.50%, 9/15/27		2,351,000		2,147,921
NRG Energy, Inc. 5.75%, 1/15/28		3,510,000		3,298,186
144A, 3.375%, 2/15/29		2,138,000		1,738,474
144A, 5.25%, 6/15/29		3,134,000		2,786,048
144A, 3.625%, 2/15/31		4,403,000		3,417,279
PG&E Corp. 5.00%, 7/1/28		4,275,000		3,908,077
5.25%, 7/1/30		4,275,000		3,820,738
TransAlta Corp.,7.75%, 11/15/29		1,737,000		1,777,298
Vistra Operations Co. LLC 144A, 5.50%, 9/1/26		4,275,000		4,087,512
144A, 5.625%, 2/15/27		5,558,000		5,272,941
144A, 5.00%, 7/31/27		5,558,000		5,177,027
144A, 4.375%, 5/1/29		5,344,000		4,622,258

(Cost $98,138,496)				86,832,129

Gas — 0.3%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.625%, 5/20/24		2,886,000		2,824,182
5.50%, 5/20/25		2,993,000		2,848,261
5.875%, 8/20/26		2,886,000		2,722,912
5.75%, 5/20/27		2,244,000		2,078,089

(Cost $11,496,467)				10,473,444

TOTAL CORPORATE BONDS (Cost $3,977,891,294)				3,503,117,032

SECURITIES LENDING COLLATERAL — 2.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (b)(c) (Cost $97,081,967)		97,081,967		97,081,967

CASH EQUIVALENTS — 1.3%
DWS Government Money Market Series “Institutional Shares”, 4.51% (b) (Cost $45,273,491)		45,273,491		45,273,491


TOTAL INVESTMENTS — 102.0%
(Cost $4,120,246,752)			$	3,645,472,490
Other assets and liabilities, net — (2.0%)				(71,801,512	)

NET ASSETS — 100.0%			$	3,573,670,978

A summary of the Fund’s transactions with affiliated investments during the period ended February 28, 2023 is as follows:

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

As of February 28, 2023, the Trust consists of thirty-eight 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, each a diversified series of the Trust:

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

Each Fund offers shares that are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Unlike conventional mutual funds, each Fund issues and redeems shares on a continuous basis, at net asset value (“NAV”), only in large specified lots consisting of 50,000 shares, except for Xtrackers Risk Managed USD High Yield Strategy ETF which lots consist of 25,000 shares and Xtrackers USD High Yield Corporate Bond ETF which lots consist of 100,000 shares, each called a “Creation Unit”, to authorized participants who have entered into agreements with the Funds’ distributor. Shares are not individually redeemable securities of the Funds, and owners of the shares may acquire those shares from the Funds, or tender such shares for redemption to the Funds, in Creation Units only.

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

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

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

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

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

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

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

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

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

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

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

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

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as

Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include,

but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; length of time of a halt in trading of the security; movement in the security’s proxy index; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

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

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

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

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

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

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended February 28, 2023, the Funds did not incur any interest or penalties.

At August 31, 2022, for Federal income tax purposes, the Funds have capital loss carryforwards available as shown in the table below, to the extent provided by regulations, to offset future capital gains for an unlimited period. To the extent that these loss carryforwards are used to offset future capital gains, it is probable that the capital gains so offset will not be distributed to shareholders.

As of August 31, 2022, the aggregate cost of investments for federal income tax purposes, the net unrealized appreciation or (depreciation) and the aggregated gross unrealized appreciation (depreciation) on investments were as follows:

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, and foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories. Receivables and payables related to foreign taxes as of February 28, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

Foreign Currency Translations The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the prevailing exchange rates at period end. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the acquisition and disposition of foreign currencies, and the difference between the amount of net investment income accrued and the U.S. dollar amount actually received. The portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed, but is included with net realized and unrealized gain/appreciation and loss/depreciation on investments.

Securities Lending The Funds may lend securities to certain financial institutions under the terms of their securities lending agreement. During the term of the loans the Funds continue to receive interest and dividends generated by the securities and to participate in any changes in their market value. The Funds require the borrowers of the securities to maintain collateral with the Funds consisting of cash and/or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities having a value at least equal to the value of the securities loaned. When the collateral falls below specified amounts, the lending agent will use its best effort

to obtain additional collateral on the next business day to meet required amounts under the securities lending agreement. During the period ended February 28, 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 (0.07% annualized effective rate as of February 28, 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 February 28, 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.

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

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

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

The Advisor for Xtrackers High Beta High Yield Bond ETF has contractually agreed, until December 21, 2023, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the period ended February 28, 2023, the Advisor waived $9,644 of expenses to the Fund.

The Advisor for Xtrackers Low Beta High Yield Bond ETF has contractually agreed, until December 21, 2023, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.20% of the fund’s average daily net assets. For the period ended February 28, 2023, the Advisor waived $256,179 of expenses to the Fund.

The Advisor for Xtrackers Risk Managed USD High Yield Strategy ETF has contractually agreed, until November 14, 2024, to waive a portion of its management fees in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. For the period ended February 28, 2023, the Advisor waived $35,853 of the expenses of the Fund which were attributable to the Fund’s investments in affiliated funds.

The Advisor for Xtrackers USD High Yield Corporate Bond ETF has contractually agreed, until December 21, 2023, to waive a portion of its unitary advisory fee to the extent necessary to prevent the operating expenses (except for interest expense, taxes, brokerage expenses, distribution fees or expenses, litigation expenses and other extraordinary expenses) of the fund from exceeding 0.15% of the fund’s average daily net assets. For the period ended February 28, 2023, the Advisor waived $947,982 of expenses to the Fund.

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period ended February 28, 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, Lending Agent and Transfer Agent for each Fund.

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

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

For the period ended February 28, 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 February 28, 2023, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

Transactions with Affiliates. The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment advisor, common officers, or common trustees. During the period ended February 28, 2023, the Funds engaged in securities purchases and securities sales with an affiliated fund in compliance with Rule 17a-7 under the 1940 Act as follows:

As of February 28, 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.

During the period ended February 28, 2023, the Advisor agreed to reimburse the following Funds for losses due to trades executed incorrectly. The amount compensated was less than 0.01% of the Funds average net assets, thus having no impact on the Funds total return.

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

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers USD High Yield Corporate Bond ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the 1940 Act or 25 percent of adjusted total net assets. The Fund had no outstanding loans at February 28, 2023.

Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Risk Managed USD High Yield Strategy ETF, Xtrackers Short Duration High Yield Bond ETF and Xtrackers USD High Yield Corporate Bond ETF

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940 (the “1940 Act”), your Fund has adopted a liquidity risk management program (the “Program”), and the Board has designated DBX Advisors LLC (the “Advisor”) as Program administrator. The Program is designed to assess and manage your Fund’s liquidity risk (the risk that the Fund would be unable to meet requests to redeem shares of the Fund without significant dilution of remaining investors’ interests in the Fund). The Advisor has designated a committee (the “Committee”) composed of personnel from multiple departments within an affiliate of the Advisor that is responsible for the implementation and ongoing administration of the Program, which includes assessing the Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, every investment held by a Fund is classified on a daily basis into one of four liquidity categories based on estimations of the investment’s ability to be sold during designated timeframes in current market conditions without significantly changing the investment’s market value.

In February 2023, as required by the Program and the Liquidity Rule, the Advisor provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the period from December 1, 2021 through November 30, 2022 (the “Reporting Period”). During the Reporting Period, your Fund was primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). As a result, your Fund is not required to adopt, and has not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, your Fund did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). Your Fund did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, the Advisor stated that it believes the Program has operated adequately and effectively to manage the Fund’s liquidity risk during the Reporting Period. The Advisor also reported that there were no material changes made to the Program during the Reporting Period.

Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF, and Xtrackers USD High Yield Corporate Bond ETF

After discussions at the meeting of the Board of Trustees (“Board” or “Trustees”) held on February 15-16, 2023 (the “Meeting”), the Trustees, all of whom are the Independent Trustees (those not affiliated with DBX ETF Trust (the “Trust”) or its service providers), unanimously approved the continuance of the Investment Advisory Agreement with respect to Xtrackers High Beta High Yield Bond ETF, Xtrackers Low Beta High Yield Bond ETF, Xtrackers Short Duration High Yield Bond ETF, and Xtrackers USD High Yield Corporate Bond ETF, (each a “Fund,” and collectively, the “Funds”). The Independent Trustees were advised throughout the review and Meeting by K&L Gates LLP (“Independent Trustee Counsel”).

Before reaching their decision to approve the Investment Advisory Agreement for another annual period, the Independent Trustees evaluated the materials furnished to them in advance of the Meeting from DBX Advisors LLC (“DBX” or the “Advisor”) for purposes of reviewing the agreement’s terms, including statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”) regarding (a) fee and expense information for each Fund (including the fee and expense components and any amounts waived or reimbursed) as compared to a peer group of other exchange-traded funds (“ETFs”) selected pursuant to Broadridge’s proprietary methodology (each, a “Peer Group”) and (b) each Fund’s tracking error as compared to its underlying index over the previous five years (or since inception, if shorter). The Independent Trustees met with representatives of the Advisor on February 13, 2023 to review financial reports and other information provided by the Advisor and inquire further with regard to the financial information provided, and asked questions of the Advisor during this meeting. The Independent Trustees also took into consideration the discussions they had with management before and during the Meeting and among themselves during their Executive Sessions held on February 15 and February 16, 2023.

The Independent Trustees also noted that they had received and should take into consideration a substantial amount of information furnished throughout the year at regular Board meetings, which information included, among other things, an analysis of each Fund’s investment performance, tracking error and related financial information, presentations given by DBX, as well as its periodic reports on brokerage commissions, portfolio execution and other services provided to the Funds.

In reaching its decision to continue in effect the Investment Advisory Agreement for another annual period, the Board considered all factors it believed relevant, including (1) the nature, extent and quality of the services provided to the Funds and their shareholders; (2) the financial resources of DBX and its resulting ability to perform its obligations under the Investment Advisory Agreement; (3) the competitiveness of the advisory fee; (4) the total cost of the services provided by and the profits realized by the Advisor from its relationship with the Funds; (5) the extent to which economies of scale have been realized, and if the Funds’ shareholders have benefitted from those economies; and (6) fall out benefits, if any, enjoyed by the Advisor.

The Board reached a determination, with the assistance of Independent Trustee Counsel and Vedder Price P.C. (“Trust Counsel”) and through the exercise of its business judgment, that approval of the Investment Advisory Agreement and the compensation to be received thereunder is in the best interests of each Fund and its shareholders as well as consistent with the Board’s duties under state and federal law. The Board reached this conclusion based on multiple factors.

The Board considered the following in determining whether to approve the Investment Advisory Agreement:

Nature, Extent and Quality of Services. The Board reviewed in detail the nature, extent and quality of services provided and the risks incurred by the Advisor under the Investment Advisory Agreement. In doing so, the Board considered the information it had received from and the discussions it had with the Advisor continuously during the prior year, in addition to the information the Advisor had provided in response to the Board’s requests prior to the Meeting. The Board considered that these services include, among other things, furnishing a continuous investment program for the Funds, including arranging for, or implementing, the purchase and sale of portfolio securities, the provision of general corporate services such as portfolio management compliance services and the preparation and filing of certain reports on behalf of the Trust. The Board also considered, among other things,

the professional experience, qualifications and performance of the senior management and key professional personnel of the Advisor, including portfolio management.

The Board considered that the Advisor provides, at its own expense, office facilities and equipment for use by the Funds and supervisory persons responsible for supervising and monitoring the Trust’s service providers. The Board also considered that the Advisor pays or arranges for the compensation of officers of the Trust who are also officers or employees of the Advisor or one of its DWS Group affiliates, except as may otherwise be determined by the Board. In addition, the Board considered that the Advisor arranges for the provision of transfer agency, custody, fund administration and accounting, and other non-distribution services necessary for the Funds’ operations. The Board also considered that in addition to managing the Funds’ portfolios directly, the Advisor provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with the creation and redemption of creation units and assistance in meeting legal, compliance and regulatory requirements applicable to the Funds.

The Board considered the information regarding each Fund’s tracking error compared to its underlying index that had been provided by the Advisor and by Broadridge. The Board took note of the detailed information provided by the Advisor throughout the year with respect to each Fund’s tracking error and the sources thereof. The Trustees noted that tracking error for each Fund during the year was in an expected range.

Based on its review, the Board concluded that the nature, extent, and quality of services provided by the Advisor under the Investment Advisory Agreement are reasonable and appropriate in relation to the fees paid to the Advisor, taking special consideration of the fact that the advisory fee is a unitary fee and, as a result, a portion of the unitary advisory fee will be used to compensate the Funds’ service providers. The Board considered the staffing of the Advisor, including the training, qualifications and experience of investment personnel in managing the Funds. The Board also considered the expertise of the Advisor in supervising third party service providers to the Funds, such as the administrator and the custodian, noting the Advisor’s extensive work with these service providers (including onsite due diligence sessions) to conduct such supervision. The Board further considered the compliance program of the Advisor, which supports the Funds’ compliance program.

Advisor’s Financial Resources. In connection with the assessment of the ability of the Advisor to perform its duties under the Investment Advisory Agreement, the Board considered the Advisor’s financial condition and whether it has the resources necessary to carry out its functions. The Board concluded that the Advisor has the financial resources necessary to perform its obligations under the Investment Advisory Agreement.

Reasonableness of Advisory Fee. The Board compared each Fund’s advisory fee and total expenses to those of the other ETFs in its Peer Group. The Board noted that due to the special characteristics of certain Funds, there were limitations faced by Broadridge in providing comparable funds in the Peer Groups and the information in the Broadridge reports accordingly may or may not provide meaningful direct comparisons to the Funds. The Board also noted that the advisory fees and total expenses (after waivers/reimbursements) for the Funds were below or equal to the average and/or median of the ETFs in each Fund’s respective Peer Group compiled by Broadridge.

The Board accordingly noted that each Fund’s fee is competitive with the fees of applicable peer ETFs.

The Board considered that the fee for each of the Funds is a unitary fee pursuant to which the Advisor pays all of the Funds’ costs (subject to certain specified exceptions). The Board considered that each Fund’s fee had been priced to scale when it was established. The Board also considered that each Fund’s portfolio is managed on a day-to-day basis by the Advisor and that the Advisor also provides oversight of day-to-day operations, including monitoring tracking error, providing services in connection with creation and redemption units and assistance in meeting legal and regulatory requirements applicable to the Funds. Based on its review, the Board concluded that the advisory fee for each Fund is reasonable in light of the services provided.

Costs of Services and Profitability. The Board considered the expenses of the Advisor in developing and rendering services provided to the Funds and the information provided by the Advisor to the Board regarding the Funds’ profitability. The Board considered that the Advisor had provided extensive information about the Advisor’s profitability and the Advisor’s methodology in determining profitability. While the Advisor had provided

information about the Advisor’s expenses relating to marketing the Funds, the Board considered the Advisor’s profitability without accounting for such expenses. The Board determined that, although only some of the Funds were profitable as of this time, the Advisor’s profitability with respect to each profitable Fund was not excessive. The Board considered whether the Advisor would benefit in other ways from its relationships with the Funds and concluded that there were no material fall-out benefits likely to accrue to the Advisor related to the operation of the Funds.

Economies of Scale. The Board considered that certain Funds had attracted a substantial amount of assets, but determined that those Funds were not experiencing economies of scale beyond what was reflected in each Fund’s unitary fee, which the Board noted was very competitive. The Board considered that the other Funds were not experiencing economies of scale at this time and determined to revisit this matter after the Funds had attracted more assets.

Given all the information available to it and considering all material factors, the Board concluded that the Investment Advisory Agreement was fair and reasonable and it was unanimously approved.

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

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

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

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

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

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

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

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

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

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

The Index Marks, trademarks and trade names, the Index and the Intellectual Property are licensed under an Agreement for use by DBX Advisors LLC (“Licensee”) and the Xtrackers Risk Managed USD High Yield Strategy ETF (the “Fund”). Such Index Marks, trademarks, trade names, Index and Intellectual Property have been created and developed by NorthCrest Asset Management LLC without regard to Licensee or the Fund, their business, and/ or any prospective investor in the Fund.

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


	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


	Number of Shares		Value
CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares”, 4.51% (b)
(Cost $5,136,544)	$	5,136,544	$	5,136,544

TOTAL INVESTMENTS — 100.7% (Cost $776,674,496)			$	724,728,551
Other assets and liabilities, net — (0.7%)				(5,274,014	)

NET ASSETS — 100.0%			$	719,454,537


	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
CORPORATE BONDS — 0.0%
Financial — 0.0%
Deutsche Bank AG, 5.882%, 7/08/31 (d)
	1,552,065		—			(1,467,170	)		(398,114	)		313,219		15,533		—		—		—
Deutsche Bank AG, 3.729%, 1/14/32 (d)
	3,038,749		—			(2,883,343	)		(973,927	)		818,521		24,591		—		—		—
Deutsche Bank AG, 3.742%, 1/07/33 (d)
	2,794,732		46,341			(2,703,931	)		(903,636	)		766,494		24,328		—		—		—

SECURITIES LENDING COLLATERAL — 1.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (b)(c)
	9,125,075		3,496,844	(e)		—			—			—		94,983		—		12,621,919		12,621,919

CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares”, 4.51% (b)
	10,573,885		65,991,983			(71,429,324	)		—			—		129,915		—		5,136,544		5,136,544

	27,084,506		69,535,168			(78,483,768	)		(2,275,677	)		1,898,234		289,350		—		17,758,463		17,758,463


	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
EXCHANGE-TRADED FUNDS — 98.9%
Xtrackers High Beta High Yield Bond ETF (b)
		1,090,918		36,451			(144,949	)		(6,740	)		5,633		39,071		—		24,823		981,313

Xtrackers USD High Yield Corporate Bond ETF (b)
		48,129,309		1,612,879			(6,752,957	)		(263,746	)		271,038		1,351,080		—		1,259,049		42,996,523

SECURITIES LENDING COLLATERAL — 0.1%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (c)(d)
		—		40,500	(e)		—			—			—		1,006		—		40,500		40,500

CASH EQUIVALENTS — 1.1%
DWS Government Money Market Series “Institutional Shares”, 4.51% (c)
		374,305		447,743			(341,152	)		—			—		6,881		—		480,896		480,896

		49,594,532		2,137,573			(7,239,058	)		(270,486	)		276,671		1,398,038		—		1,805,268		44,499,232


	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 — 2.0%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 4.39% (b)(c)
	821,382		716,513(d	)		—			—		—		17,474		—		1,537,895		1,537,895
CASH EQUIVALENTS — 1.5%
DWS Government Money Market Series “Institutional Shares”, 4.51% (b)
	589,978		6,872,767			(6,350,310	)		—		—		10,233		—		1,112,435		1,112,435

	1,411,360		7,589,280			(6,350,310	)		—		—		27,707		—		2,650,330		2,650,330


	Xtrackers High Beta High Yield Bond ETF			Xtrackers Low Beta High Yield Bond ETF			Xtrackers Risk Managed USD High Yield Strategy ETF			Xtrackers Short Duration High Yield Bond ETF
Assets
Investment in non-affiliated securities at value	$	13,523,518		$	706,970,088		$	—		$	74,356,852
Investment in affiliated securities at value		—			—			43,977,836			—
Investment in DWS Government Money Market Series		266,481			5,136,544			480,896			1,112,435
Investment in DWS Government & Agency Securities Portfolio*		463,251			12,621,919			40,500			1,537,895
Foreign currency at value		3			400			—			26
Receivables:
Investment securities sold		405,649			27,345,804			—			4,182,965
Dividends		—			—			211			—
Interest		261,560			9,588,271			1,606			1,253,629
Securities lending income		1,046			11,902			151			3,151

Total assets	$	14,921,508		$	761,674,928		$	44,501,200		$	82,446,953


Liabilities
Payable upon return of securities loaned	$	463,251		$	12,621,919		$	40,500		$	1,537,895
Payables:
Investment securities purchased		609,437			29,488,166			—			5,266,737
Investment advisory fees		2,132			110,306			5,157			10,923

Total liabilities		1,074,820			42,220,391			45,657			6,815,555

Net Assets, at value	$	13,846,688		$	719,454,537		$	44,455,543		$	75,631,398


Net Assets Consist of
Paid-in capital	$	26,949,152		$	864,467,855		$	49,186,402		$	83,429,405
Distributable earnings (loss)		(13,102,464	)		(145,013,318	)		(4,730,859	)		(7,798,007	)

Net Assets, at value	$	13,846,688		$	719,454,537		$	44,455,543		$	75,631,398


Number of Common Shares outstanding		350,001			16,100,001			2,000,001			1,750,001

Net Asset Value	$	39.56		$	44.69		$	22.23		$	43.22


Investment in non-affiliated securities at cost	$	15,143,518		$	758,916,033		$	—		$	77,843,480

Investment in affiliated securities at cost	$	—		$	—		$	48,462,184		$	—

Value of securities loaned	$	616,139		$	12,173,331		$	39,532		$	2,102,499

Investment in DWS Government Money Market Series at cost	$	266,481		$	5,136,544		$	480,896		$	1,112,435

Investment in DWS Government & Agency Securities Portfolio at cost*	$	463,251		$	12,621,919		$	40,500		$	1,537,895

Non-cash collateral for securities on loan	$	180,599		$	—		$	—		$	649,843

Foreign currency at cost	$	3		$	380		$	—		$	25


	Xtrackers USD High Yield Corporate Bond ETF
Assets
Investment in non-affiliated securities at value	$	3,503,117,032
Investment in DWS Government Money Market Series		45,273,491
Investment in DWS Government & Agency Securities Portfolio*		97,081,967
Cash		5,017,280
Foreign currency at value		4,400
Receivables:
Investment securities sold		351,399,371
Capital shares		58,087,616
Interest		57,241,407
Securities lending income		177,744
Due from authorized participant		239,267

Total assets	$	4,117,639,575


Liabilities
Payable upon return of securities loaned	$	97,081,967
Payables:
Investment securities purchased		132,084,331
Capital shares		314,356,153
Investment advisory fees		446,146

Total liabilities		543,968,597

Net Assets, at value	$	3,573,670,978


Net Assets Consist of
Paid-in capital	$	4,289,536,067
Distributable earnings (loss)		(715,865,089	)

Net Assets, at value	$	3,573,670,978


Number of Common Shares outstanding		104,587,501

Net Asset Value	$	34.17


Investment in non-affiliated securities at cost	$	3,977,891,294

Value of securities loaned	$	103,098,822

Investment in DWS Government Money Market Series at cost	$	45,273,491

Investment in DWS Government & Agency Securities Portfolio at cost*	$	97,081,967

Non-cash collateral for securities on loan	$	10,253,077

Foreign currency at cost	$	4,283


	Xtrackers USD High Yield Corporate Bond ETF
Investment Income
Unaffiliated interest income	$	106,057,600
Affiliated interest income		78,645
Income distributions from affiliated funds		481,399
Affiliated securities lending income		1,122,676

Total investment income		107,740,320


Expenses
Investment advisory fees		3,791,927
Other expenses		4,150

Total expenses		3,796,077

Less fees waived (see note 3):
Waiver		(956,263	)

Net expenses		2,839,814

Net investment income (loss)		104,900,506


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(87,766,008	)
Investments in affiliates		(1,921,217	)
In-kind redemptions		(13,690,619	)
In-kind redemptions in affiliates		(1,359,709	)
Foreign currency transactions		(8	)
Payments by Affiliates (see note 6)		2,717

Net realized gain (loss)		(104,734,844	)

Net change in unrealized appreciation (depreciation) on:
Investments		96,838,929
Investments in affiliates		2,890,881
Foreign currency translations		115

Net change in unrealized appreciation (depreciation)		99,729,925

Net realized and unrealized gain (loss) on investments and foreign currency transactions		(5,004,919	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	99,895,587


	Xtrackers High Beta High Yield Bond ETF						Xtrackers Low Beta High Yield Bond ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022			For the Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	451,645		$	1,081,103		$	24,771,072		$	41,041,591
Net realized gain (loss)		(565,727	)		(1,209,094	)		(57,116,328	)		(42,727,027	)
Net change in net unrealized appreciation (depreciation)		569,874			(2,372,970	)		51,700,298			(114,546,857	)

Net increase (decrease) in net assets resulting from operations		455,792			(2,500,961	)		19,355,042			(116,232,293	)

Distributions to Shareholders		(462,643	)		(1,152,992	)		(28,052,910	)		(42,567,833	)


Fund Shares Transactions
Proceeds from shares sold		1,901,083			6,992,436			127,263,390			1,268,329,518
Value of shares redeemed		—			(10,724,660	)		(839,777,690	)		(419,246,955	)

Net increase (decrease) in net assets resulting from fund share transactions		1,901,083			(3,732,224	)		(712,514,300	)		849,082,563

Total net increase (decrease) in Net Assets		1,894,232			(7,386,177	)		(721,212,168	)		690,282,437

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

End of period	$	13,846,688		$	11,952,456		$	719,454,537		$	1,440,666,705


Changes in Shares Outstanding
Shares outstanding, beginning of period		300,001			400,001			31,950,001			14,700,001
Shares sold		50,000			150,000			2,800,000			26,250,000
Shares redeemed		—			(250,000	)		(18,650,000	)		(9,000,000	)

Shares outstanding, end of period		350,001			300,001			16,100,001			31,950,001


	Xtrackers Risk Managed USD High Yield Strategy ETF						Xtrackers Short Duration High Yield Bond ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Period February 10, 2022⁽¹⁾ to August 31, 2022			For the Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	1,362,226		$	1,028,437		$	2,084,413		$	3,795,682
Net realized gain (loss)		(270,486	)		128,548			(3,285,240	)		(396,537	)
Net change in net unrealized appreciation (depreciation)		276,671			(4,761,019	)		3,469,672			(8,681,574	)

Net increase (decrease) in net assets resulting from operations		1,368,411			(3,604,034	)		2,268,845			(5,282,429	)

Distributions to Shareholders		(1,520,051	)		(844,002	)		(2,186,584	)		(3,956,845	)


Fund Shares Transactions
Proceeds from shares sold		1,679,445			56,938,197			15,127,847			23,388,169
Value of shares redeemed		(6,660,868	)		(2,901,580	)		(25,657,884	)		(4,697,674	)

Net increase (decrease) in net assets resulting from fund share transactions		(4,981,423	)		54,036,617			(10,530,037	)		18,690,495

Total net increase (decrease) in Net Assets		(5,133,063	)		49,588,581			(10,447,776	)		9,451,221

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

End of period	$	44,455,543		$	49,588,606		$	75,631,398		$	86,079,174


Changes in Shares Outstanding
Shares outstanding, beginning of period		2,225,001			1			2,000,001			1,600,001
Shares sold		75,000			2,350,000			350,000			500,000
Shares redeemed		(300,000	)		(125,000	)		(600,000	)		(100,000	)

Shares outstanding, end of period		2,000,001			2,225,001			1,750,001			2,000,001


	Xtrackers USD High Yield Corporate Bond ETF
	For the Six Months Ended February 28, 2023 (Unaudited)			Year Ended August 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	104,900,506		$	222,522,218
Net realized gain (loss)		(104,734,844	)		(182,677,275	)
Net change in net unrealized appreciation (depreciation)		99,729,925			(602,952,647	)

Net increase (decrease) in net assets resulting from operations		99,895,587			(563,107,704	)

Distributions to Shareholders		(107,567,701	)		(242,753,834	)


Fund Shares Transactions
Proceeds from shares sold		4,379,593,376			4,826,710,036
Value of shares redeemed		(4,413,501,475	)		(7,072,094,189	)

Net increase (decrease) in net assets resulting from fund share transactions		(33,908,099	)		(2,245,384,153	)

Total net increase (decrease) in Net Assets		(41,580,213	)		(3,051,245,691	)

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

End of period	$	3,573,670,978		$	3,615,251,191


Changes in Shares Outstanding
Shares outstanding, beginning of period		105,187,501			165,387,501
Shares sold		128,400,000			129,000,000
Shares redeemed		(129,000,000	)		(189,200,000	)

Shares outstanding, end of period		104,587,501			105,187,501


Xtrackers High Beta High Yield Bond ETF Selected Per Share Data	For the Six Months Ended 2/28/2023 (Unaudited)			Years Ended August 31,												Period Ended 8/31/2018(a)
	For the Six Months Ended 2/28/2023 (Unaudited)			2022			2021			2020			2019			Period Ended 8/31/2018(a)
Net Asset Value, beginning of period	$	39.84		$	48.35		$	46.55		$	48.61		$	49.17		$	50.00

Income (loss) from investment operations:
Net investment income (loss)(b)		1.37			2.51			2.60			3.01	(c)		3.32			2.07
Net realized and unrealized gain (loss)		(0.22	)(d)		(8.37	)		2.65			(1.95	)(c)		(0.58	)		(1.11	)

Total from investment operations		1.15			(5.86	)		5.25			1.06			2.74			0.96

Less distributions from:
Net investment income		(1.43	)		(2.65	)		(3.45	)		(3.12	)		(3.30	)		(1.79	)

Total distributions		(1.43	)		(2.65	)		(3.45	)		(3.12	)		(3.30	)		(1.79	)

Net Asset Value, end of period	$	39.56		$	39.84		$	48.35		$	46.55		$	48.61		$	49.17

Total Return (%)		2.98	**(e)		(12.56	)(e)		11.67	(e)		2.46	(e)		5.90	(e)		2.01	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		14			12			19			7			151			148
Ratio of expenses before fee waiver (%)		0.35	*		0.35			0.35			0.35			0.35			0.35	*
Ratio of expenses after fee waiver (%)		0.20	*		0.20			0.20			0.20			0.31			0.35	*
Ratio of net investment income (loss) (%)		7.03	*		5.61			5.45			6.50	(c)		6.91			6.71	*
Portfolio turnover rate (%)(f)		29	**		55			98			98			51			34	**

Xtrackers Low Beta High Yield Bond ETF Selected Per Share Data	For the Six Months Ended 2/28/2023 (Unaudited)			Years Ended August 31,												Period Ended 8/31/2018(a)
	For the Six Months Ended 2/28/2023 (Unaudited)			2022			2021			2020			2019			Period Ended 8/31/2018(a)
Net Asset Value, beginning of period	$	45.09		$	51.05		$	50.50		$	50.62		$	49.16		$	50.00

Income (loss) from investment operations:
Net investment income (loss)(b)		1.08			1.69			1.45			2.02	(c)		2.29			1.37
Net realized and unrealized gain (loss)		(0.30	)		(5.87	)		1.07			0.12	(c)		1.44			(1.05	)

Total from investment operations		0.78			(4.18	)		2.52			2.14			3.73			0.32

Less distributions from:
Net investment income		(1.18	)		(1.78	)		(1.97	)		(2.26	)		(2.27	)		(1.16	)

Total distributions		(1.18	)		(1.78	)		(1.97	)		(2.26	)		(2.27	)		(1.16	)

Net Asset Value, end of period	$	44.69		$	45.09		$	51.05		$	50.50		$	50.62		$	49.16

Total Return (%)		1.76	**(e)		(8.36	)(e)		5.12	(e)		4.42	(e)		7.84	(e)		0.68	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		719			1,441			750			38			144			138
Ratio of expenses before fee waiver (%)		0.25	*		0.25			0.25			0.25			0.25			0.25	*
Ratio of expenses after fee waiver (%)		0.20	*		0.20			0.20			0.20			0.24			0.25	*
Ratio of net investment income (loss) (%)		4.83	*		3.53			2.89			4.09	(c)		4.66			4.44	*
Portfolio turnover rate (%)(f)		25	**		68			88			111			55			52	**


Xtrackers Risk Managed USD High Yield Strategy ETF Selected Per Share Data	For the Six Months Ended 2/28/2023 (Unaudited)			Period Ended 8/31/2022(a)
Net Asset Value, beginning of period	$	22.29		$	25.00

Income (loss) from investment operations:
Net investment income (loss)(b)		0.63			0.58
Net realized and unrealized gain (loss)		0.00	(c)		(2.84	)

Total from investment operations		0.63			(2.26	)

Less distributions from:
Net investment income		(0.69	)		(0.45	)

Total distributions		(0.69	)		(0.45	)

Net Asset Value, end of period	$	22.23		$	22.29

Total Return (%)(d)		2.85	**		(9.12	)**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		44			50
Ratio of expenses before fee waiver (%)(e)		0.30	*		0.30	*
Ratio of expenses after fee waiver (%)(e)		0.15	*		0.15	*
Ratio of net investment income (loss) (%)		5.70	*		4.54	*
Portfolio turnover rate (%)(f)		0	**		0	**

Xtrackers Short Duration High Yield Bond ETF Selected Per Share Data	For the Six Months Ended 2/28/2023 (Unaudited)			Years Ended August 31,												Period Ended 8/31/2018(g)
	For the Six Months Ended 2/28/2023 (Unaudited)			2022			2021			2020			2019			Period Ended 8/31/2018(g)
Net Asset Value, beginning of period	$	43.04		$	47.89		$	46.57		$	49.13		$	49.69		$	50.00

Income (loss) from investment operations:
Net investment income (loss)(b)		1.23			2.04			2.34			2.69	(h)		2.83			1.76
Net realized and unrealized gain (loss)		0.21			(4.76	)		1.67			(2.47	)(h)		(0.54	)		(0.59	)

Total from investment operations		1.44			(2.72	)		4.01			0.22			2.29			1.17

Less distributions from:
Net investment income		(1.26	)		(2.13	)		(2.69	)		(2.78	)		(2.85	)		(1.48	)

Total distributions		(1.26	)		(2.13	)		(2.69	)		(2.78	)		(2.85	)		(1.48	)

Net Asset Value, end of period	$	43.22		$	43.04		$	47.89		$	46.57		$	49.13		$	49.69

Total Return (%)		3.42	**(d)		(5.84	)(d)		8.86	(d)		0.61	(d)		4.79	(d)		2.41	**

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		76			86			77			37			22			40
Ratio of expenses before fee waiver (%)		0.20	*		0.20			0.20			0.20			0.20			0.20	*
Ratio of expenses after fee waiver (%)		0.20	*		0.20			0.20			0.20			0.20			0.20	*
Ratio of net investment income (loss) (%)		5.79	*		4.48			4.95			6.13	(h)		5.78			5.56	*
Portfolio turnover rate (%)(f)		26	**		46			52			150			45			37	**


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


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


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


Remaining Contractual Maturity of the Agreements, as of February 28, 2023

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers High Beta High Yield Bond ETF
Corporate Bonds	$	463,251	$	—	$	3,521	$	177,078	$	643,850

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	643,850

Xtrackers Low Beta High Yield Bond ETF
Corporate Bonds	$	12,621,919	$	—	$	—	$	—	$	12,621,919

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	12,621,919

Xtrackers Risk Managed USD HighYield Strategy ETF
Exchange-Traded Funds	$	40,500	$	—	$	—	$	—	$	40,500

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	40,500

Xtrackers Short Duration High Yield Bond ETF
Corporate Bonds	$	1,537,895	$	—	$	12,671	$	637,172	$	2,187,738

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	2,187,738

Xtrackers USD High Yield Corporate Bond ETF
Corporate Bonds	$	97,081,967	$	—	$	199,916	$	10,053,161	$	107,335,044

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	107,335,044


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


	Expenses Waived
Xtrackers High Beta High Yield Bond ETF	$	59
Xtrackers Low Beta High Yield Bond ETF		2,456
Xtrackers Risk Managed USD High Yield Strategy ETF		124
Xtrackers Short Duration High Yield Bond ETF		182
Xtrackers USD High Yield Corporate Bond ETF		8,281


	Purchases		Sales
Xtrackers High Beta High Yield Bond ETF	$	3,673,829	$	3,608,659
Xtrackers Low Beta High Yield Bond ETF		249,681,752		252,271,277
Xtrackers Risk Managed USD High Yield Strategy ETF		—		13,731,175
Xtrackers Short Duration High Yield Bond ETF		18,722,546		19,369,864
Xtrackers USD High Yield Corporate Bond ETF		536,776,092		553,063,496


	Securities Purchased		Securities Sold		Net Realized Gain (Loss) on Securities Sold
Xtrackers High Beta High Yield Bond ETF	$	464,803	$	803,881	$	(68,088	)
Xtrackers Low Beta High Yield Bond ETF		803,881		464,803		(60,226	)


Investment advisor DBX Advisors LLC 875 Third Avenue New York, NY 10022	Administrator, custodian, fund accounting agent, lending 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