DBX ETF Trust

To our Shareholders: (Unaudited)

Dear Shareholder,

We are pleased to provide this semi-annual report on six of our ETFs tracking the fixed income market for the period ended November 30, 2022.

The global economy continued to face significant challenges during the reporting period, with high inflation, interest rate hikes, the Russia-Ukraine war, energy supply shortages, and rising COVID-19 cases in China. To tame soaring inflation, major central banks around the world increased interest rates, even at the cost of weakening their economies. Global bond markets faced a tough time as investors remained wary about growth prospects. After recovering from the pandemic, the U.S. economy was constrained by high inflation and supply-chain disruptions. Russia’s war in Ukraine and lockdowns in China adversely affected economic activity. U.S. GDP¹ contracted in the first and second quarters, considered by some to be a recession. Concerns were eased in the third quarter as GDP growth moved into positive territory. However, they were heightened again on the prospect of further interest rate hikes by the Federal Reserve (Fed) due to inflationary pressures and a potential recession. The Fed raised the policy rate by 75 bps² in June, July, September, and November.

The Eurozone economy was impacted by the ongoing Russia-Ukraine war as the region remained dependent on Russian energy supplies. Sanctions against Russia led to higher inflation and growing concerns that Russia would stop gas supplies during the winter. That said, the economy grew 0.8% sequentially in the second quarter and 0.2% in the third quarter. Eurozone CPI³ reached an all-time high of 10.7% year over year in October, while in Germany, inflation reached 10.4% due to rising energy prices. Political events in the UK took center stage with a new prime minister and a fiscal reversal as the Bank of England ended its gilt-purchasing program.

Emerging-market bonds declined due to monetary tightening and economic growth concerns, with most currencies weakening against the U.S. dollar. Local-currency bonds were slightly more resilient than hard-currency bonds. Global bond markets started strong in October, with the UK as the frontrunner. U.S. Treasuries underperformed other major markets despite better-than-expected employment numbers and lower-than-expected inflation. The U.S. 10-year yield increased from 3.83% to 4.05%, while the 2-year rose from 4.28% to 4.49%. Bonds saw a solid recovery in November. Government bond yields were generally lower, and credit spreads tightened across markets. Credit-market returns were significantly positive, thanks to emerging-market high yields, and U.S. and sterling investment grade.

We believe the global economy is expected to see slower growth and lower inflation in 2023. The U.S. economy is likely to closely miss a recession, while the Eurozone is likely to shrink, and emerging markets recover fairly. Corporate and government bonds are expected to see better days next year. U.S. high yield will likely deliver more returns than Treasuries. The European Central Bank is expected to raise rates further to curb inflation, which, unlike in the U.S. has not yet peaked. Emerging markets should see stable spreads over Treasuries and strong return potential given their current attractive yields.

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 The gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country’s borders in a specific time period.

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

3 Consumer price index (CPI) is a price index, the price of a weighted average market basket of consumer goods and services purchased by households.

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

Quality* as of November 30, 2022


Description	% of Market Value
AAA		3.2%
AA		12.9%
A		43.7%
BBB		40.2%

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.

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 9 .

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

Quality* as of November 30, 2022


Description	% of Market Value
AA		8.3%
A		11.4%
BBB		34.6%
BB		22.0%
B		19.4%
CCC		3.8%
CC		0.5%

Total		100.0%

Country Diversification* as of November 30, 2022


Saudi Arabia			5.7%
Panama			4.6%
Philippines			4.1%
Uruguay			4.0%
Qatar			4.0%
Brazil			3.8%
Turkey			3.8%
Dominican Republic			3.7%
Indonesia			3.6%
Oman			3.4%
Peru			3.3%
Colombia			3.3%
Mexico			3.3%
Bahrain			3.3%
United Arab Emirates			3.1%
Romania			3.1%
Egypt			2.9%
Chile			2.8%
South Africa			2.6%
Hungary			2.3%
Argentina			2.0%
Other			27.3%

Total			100.0%

Modified duration to worst as of November 30, 2022: 7.1 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 percentage of total investments excluding securities lending collateral and cash equivalents.

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

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

Quality* as of November 30, 2022


Description	% of Market Value
BBB		7.1%
BB		57.3%
B		26.3%
CCC		9.2%
CC		0.1%

Total		100.0%

Sector Diversification* as of November 30, 2022


Consumer, Cyclical			19.8%
Communications			17.0%
Consumer, Non-cyclical			14.5%
Energy			14.0%
Industrial			12.0%
Financial			10.6%
Basic Materials			5.9%
Technology			4.5%
Utilities			1.6%
Diversified			0.1%

Total			100.0%

Modified duration to worst as of November 30, 2022: 4.2 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 26.

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

Quality* as of November 30, 2022


Description	% of Market Value
AAA		6.4%
AA		56.7%
A		35.0%
BBB		1.9%

Total		100.0%

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

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

Ten Largest Equity Holdings

as of November 30, 2022 (28.9% of Net Assets)


Description	% of Net Assets
Novartis AG (Switzerland)		4.9%
BHP Group Ltd. (Australia)		4.1%
TotalEnergies SE (France)		4.1%
Unilever PLC (United Kingdom)		3.3%
Sanofi (France)		2.7%
Allianz SE (Germany)		2.3%
Rio Tinto PLC (United Kingdom)		2.0%
Zurich Insurance Group AG (Switzerland)		1.9%
GSK PLC (United Kingdom)		1.8%
Iberdrola SA (Spain)		1.8%

Country Diversification* as of November 30, 2022


United Kingdom			13.3%
France			9.9%
Switzerland			9.8%
Taiwan			7.2%
Australia			7.0%
Japan			6.9%
Germany			6.0%
China			5.4%
Hong Kong			3.4%
Canada			3.3%
Brazil			2.8%
Spain			2.7%
Netherlands			2.3%
Italy			2.2%
India			2.1%
Other			15.7%

Total			100.0%

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

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

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

Ten Largest Equity Holdings

as of November 30, 2022 (38.6% of Net Assets)


Description	% of Net Assets
BHP Group Ltd. (Australia)		5.1%
Novartis AG (Switzerland)		5.0%
Unilever PLC (United Kingdom)		5.0%
Sanofi (France)		4.6%
Allianz SE (Germany)		3.9%
Rio Tinto PLC (United Kingdom)		3.4%
Zurich Insurance Group AG (Switzerland)		3.2%
GSK PLC (United Kingdom)		3.1%
Iberdrola SA (Spain)		3.0%
AXA SA (France)		2.3%

Country Diversification* as of November 30, 2022


United Kingdom			21.1%
Switzerland			12.5%
Japan			11.8%
Germany			10.2%
Australia			10.0%
France			9.8%
Spain			3.8%
Italy			3.8%
Singapore			3.5%
Netherlands			3.4%
Hong Kong			3.2%
Other			6.9%

Total			100.0%

Portfolio holdings and characteristics are subject to change. For more complete details about the Fund’s investment portfolio see page 59.

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

The examples in the tables are based on an investment of $1,000 invested at the beginning of the six month period and held for the entire period (June 1, 2022 to November 30, 2022).

The first line in the following tables provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

The second line in the following tables provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses (which is not the Funds’ actual return). The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only, and do not reflect any transactional costs. Therefore the second line in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

(1) Expenses are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183 (the number of days in the most recent six-month period), then divided by 365.


	Principal Amount		Value
CORPORATE BONDS — 97.8%
Basic Materials — 1.9%
Chemicals — 1.3%
Air Products and Chemicals, Inc., 2.80%, 5/15/50	$	4,000	$	2,847
Dow Chemical Co. 7.375%, 11/1/29		10,000		11,071
2.10%, 11/15/30 (a)		10,000		8,009
3.60%, 11/15/50		5,000		3,598
DuPont de Nemours, Inc., 5.419%, 11/15/48		8,000		7,754
Ecolab, Inc., 2.70%, 12/15/51		5,000		3,244
Linde, Inc., 2.00%, 8/10/50		5,000		2,900
LYB International Finance III LLC, 2.25%, 10/1/30		10,000		8,011
LyondellBasell Industries NV, 4.625%, 2/26/55		8,000		6,368
Nutrien Ltd. 2.95%, 5/13/30		10,000		8,624
5.00%, 4/1/49		6,000		5,535
PPG Industries, Inc., 1.20%, 3/15/26		6,000		5,352
Sherwin-Williams Co., 4.50%, 6/1/47		13,000		11,345

(Cost $106,859)				84,658

Forest Products & Paper — 0.1%
International Paper Co., 4.80%, 6/15/44 (Cost $8,639)		8,000		7,128

Iron/Steel — 0.2%
Steel Dynamics, Inc. 2.80%, 12/15/24		2,000		1,906
3.25%, 1/15/31		12,000		10,274

(Cost $14,715)				12,180

Mining — 0.3%
Newmont Corp. 2.25%, 10/1/30		10,000		8,109
4.875%, 3/15/42		5,000		4,593
Rio Tinto Finance USA Ltd., 2.75%, 11/2/51		5,000		3,412

(Cost $19,824)				16,114

Communications — 9.9%
Advertising — 0.1%
Interpublic Group of Cos., Inc., 2.40%, 3/1/31 (Cost $5,101)		5,000		3,963

Internet — 2.4%
Alibaba Group Holding Ltd. 3.40%, 12/6/27		5,000		4,602
4.50%, 11/28/34		15,000		13,414
3.25%, 2/9/61		5,000		3,084
Alphabet, Inc. 1.998%, 8/15/26		22,000		20,506


	Principal Amount		Value
Internet (Continued)
2.05%, 8/15/50	$	5,000	$	3,149
2.25%, 8/15/60		5,000		3,042
Amazon.com, Inc. 5.20%, 12/3/25		13,000		13,308
1.00%, 5/12/26		10,000		8,924
1.65%, 5/12/28		5,000		4,357
1.50%, 6/3/30		12,000		9,781
2.10%, 5/12/31		10,000		8,356
2.875%, 5/12/41		10,000		7,666
3.10%, 5/12/51		10,000		7,354
3.25%, 5/12/61		10,000		7,202
4.10%, 4/13/62		10,000		8,514
Baidu, Inc., 1.625%, 2/23/27		10,000		8,558
Booking Holdings, Inc., 3.60%, 6/1/26		8,000		7,741
eBay, Inc. 1.90%, 3/11/25		5,000		4,695
4.00%, 7/15/42		7,000		5,629

(Cost $179,171)				149,882

Media — 2.2%
Comcast Corp. 2.937%, 11/1/56		20,000		12,893
2.987%, 11/1/63		45,000		28,622
Discovery Communications LLC 5.20%, 9/20/47		5,000		3,900
4.65%, 5/15/50		5,000		3,632
4.00%, 9/15/55		6,000		3,857
Fox Corp. 3.05%, 4/7/25		11,000		10,550
5.576%, 1/25/49		5,000		4,528
Paramount Global 4.95%, 1/15/31		4,000		3,612
5.85%, 9/1/43		6,000		5,079
4.95%, 5/19/50		7,000		5,263
TWDC Enterprises 18 Corp., MTN, 2.95%, 6/15/27 (a)		13,000		12,216
Walt Disney Co. 1.75%, 8/30/24		4,000		3,807
3.70%, 3/23/27		11,000		10,657
2.65%, 1/13/31		10,000		8,622
2.75%, 9/1/49		8,000		5,459
4.70%, 3/23/50		10,000		9,426
3.60%, 1/13/51		5,000		3,934
3.80%, 5/13/60		7,000		5,595

(Cost $170,688)				141,652

Telecommunications — 5.2%
AT&T, Inc. 4.10%, 2/15/28		10,000		9,669
3.50%, 6/1/41		75,000		57,547
Bell Telephone Co. of Canada or Bell Canada, Series US-4, 3.65%, 3/17/51		3,000		2,245
British Telecommunications PLC, 5.125%, 12/4/28		10,000		9,832


	Principal Amount		Value
Telecommunications (Continued)
Cisco Systems, Inc., 5.50%, 1/15/40	$	7,000	$	7,376
Corning, Inc. 5.35%, 11/15/48		4,000		3,759
4.375%, 11/15/57		3,000		2,430
Deutsche Telekom International Finance BV, 8.75%, 6/15/30		10,000		11,928
Motorola Solutions, Inc., 2.30%, 11/15/30		10,000		7,929
Orange SA, 5.50%, 2/6/44		6,000		6,046
Rogers Communications, Inc. 4.50%, 3/15/43		8,000		6,625
4.30%, 2/15/48		2,000		1,566
3.70%, 11/15/49		5,000		3,592
Telefonica Europe BV, 8.25%, 9/15/30		25,000		28,266
TELUS Corp., 3.70%, 9/15/27		10,000		9,554
Verizon Communications, Inc. 3.376%, 2/15/25		5,000		4,886
4.016%, 12/3/29		8,000		7,553
2.55%, 3/21/31		11,000		9,171
2.355%, 3/15/32		20,000		16,106
4.40%, 11/1/34		25,000		23,143
4.272%, 1/15/36		17,000		15,248
4.812%, 3/15/39		20,000		18,822
2.875%, 11/20/50		15,000		9,755
3.55%, 3/22/51		5,000		3,711
2.987%, 10/30/56		9,000		5,712
3.00%, 11/20/60		6,000		3,762
3.70%, 3/22/61		12,000		8,671
Vodafone Group PLC 4.125%, 5/30/25		15,000		14,825
4.375%, 2/19/43		16,000		13,468
5.25%, 5/30/48		6,000		5,424
4.25%, 9/17/50		5,000		3,966

(Cost $381,438)				332,587

Consumer, Cyclical — 6.3%
Apparel — 0.3%
NIKE, Inc. 2.75%, 3/27/27		8,000		7,529
3.625%, 5/1/43		11,000		9,362
VF Corp., 2.40%, 4/23/25		5,000		4,703

(Cost $25,367)				21,594

Auto Manufacturers — 1.0%
American Honda Finance Corp., MTN, 2.15%, 9/10/24		30,000		28,663
Cummins, Inc., 1.50%, 9/1/30		11,000		8,808
Toyota Motor Credit Corp. 3.65%, 1/8/29		20,000		18,959
1.90%, 9/12/31		7,000		5,600

(Cost $69,348)				62,030


	Principal Amount		Value
Auto Parts & Equipment — 0.3%
Aptiv PLC / Aptiv Corp., 3.25%, 3/1/32	$	10,000	$	8,429
Lear Corp., 3.50%, 5/30/30		10,000		8,550

(Cost $20,654)				16,979

Entertainment — 0.3%
Warnermedia Holdings, Inc. 144A, 4.279%, 3/15/32		10,000		8,503
144A, 5.141%, 3/15/52		10,000		7,757
144A, 5.391%, 3/15/62		8,000		6,197

(Cost $25,018)				22,457

Home Builders — 0.2%
MDC Holdings, Inc. 6.00%, 1/15/43		10,000		8,061
3.966%, 8/6/61		2,000		1,114
NVR, Inc., 3.00%, 5/15/30		5,000		4,250

(Cost $15,953)				13,425

Home Furnishings — 0.1%
Whirlpool Corp., 2.40%, 5/15/31 (Cost $6,016)		6,000		4,767

Leisure Time — 0.1%
Harley-Davidson, Inc., 3.50%, 7/28/25 (a) (Cost $5,207)		5,000		4,772

Retail — 3.9%
AutoNation, Inc., 3.50%, 11/15/24		5,000		4,797
Costco Wholesale Corp., 1.75%, 4/20/32		10,000		8,057
Dollar General Corp., 3.875%, 4/15/27		8,000		7,713
Dollar Tree, Inc. 4.00%, 5/15/25		5,000		4,900
2.65%, 12/1/31		7,000		5,727
Home Depot, Inc. 3.00%, 4/1/26		8,000		7,668
2.70%, 4/15/30		28,000		24,815
3.90%, 6/15/47		2,000		1,692
4.50%, 12/6/48		5,000		4,663
2.375%, 3/15/51		5,000		3,151
2.75%, 9/15/51		5,000		3,399
Kohl’s Corp., 3.625%, 5/1/31		10,000		7,161
Lowe’s Cos., Inc. 3.65%, 4/5/29		14,000		13,112
2.625%, 4/1/31		15,000		12,630
2.80%, 9/15/41		5,000		3,532
4.375%, 9/15/45		6,000		5,023
4.55%, 4/5/49		4,000		3,472
3.00%, 10/15/50		5,000		3,349
McDonald’s Corp. MTN, 1.45%, 9/1/25		10,000		9,246
MTN, 2.125%, 3/1/30		21,000		17,892
MTN, 4.45%, 9/1/48		5,000		4,457
MTN, 3.625%, 9/1/49		10,000		7,790


	Principal Amount		Value
Retail (Continued)
Starbucks Corp. 4.00%, 11/15/28	$	2,000	$	1,938
2.55%, 11/15/30		2,000		1,712
4.50%, 11/15/48		5,000		4,442
3.50%, 11/15/50		5,000		3,771
Target Corp. 2.50%, 4/15/26		7,000		6,603
4.00%, 7/1/42		6,000		5,321
2.95%, 1/15/52		3,000		2,128
TJX Cos., Inc., 2.25%, 9/15/26		8,000		7,432
Walgreens Boots Alliance, Inc. 3.80%, 11/18/24		5,000		4,910
4.10%, 4/15/50		5,000		3,769
Walmart, Inc. 2.85%, 7/8/24		10,000		9,757
1.05%, 9/17/26		15,000		13,335
1.50%, 9/22/28		5,000		4,337
1.80%, 9/22/31		16,000		13,221

(Cost $291,062)				246,922

Toys/Games/Hobbies — 0.1%
Hasbro, Inc., 3.90%, 11/19/29 (Cost $6,063)		6,000		5,414

Consumer, Non-cyclical — 16.2%
Agriculture — 0.2%
Archer-Daniels-Midland Co., 4.50%, 3/15/49		8,000		7,524
Bunge Ltd. Finance Corp., 2.75%, 5/14/31		4,000		3,325

(Cost $14,075)				10,849

Beverages — 1.2%
Coca-Cola Co., 4.20%, 3/25/50		10,000		9,453
Fomento Economico Mexicano SAB de CV, 3.50%, 1/16/50		10,000		7,112
Keurig Dr Pepper, Inc., 2.55%, 9/15/26		30,000		27,600
PepsiCo, Inc. 2.75%, 3/19/30		21,000		18,725
1.95%, 10/21/31		10,000		8,245
2.75%, 10/21/51		10,000		7,246

(Cost $95,211)				78,381

Biotechnology — 1.6%
Amgen, Inc. 3.625%, 5/22/24		10,000		9,846
4.40%, 5/1/45		25,000		21,605
3.375%, 2/21/50		5,000		3,648
4.663%, 6/15/51		4,000		3,605
3.00%, 1/15/52		3,000		2,000
2.77%, 9/1/53		5,000		3,108
Baxalta, Inc., 5.25%, 6/23/45		10,000		9,639
Biogen, Inc. 4.05%, 9/15/25		10,000		9,750
3.25%, 2/15/51		5,000		3,494


	Principal Amount		Value
Biotechnology (Continued)
Gilead Sciences, Inc. 2.95%, 3/1/27	$	15,000	$	14,046
1.65%, 10/1/30		2,000		1,613
4.00%, 9/1/36		9,000		8,087
4.75%, 3/1/46		5,000		4,607
4.15%, 3/1/47		6,000		5,077
2.80%, 10/1/50		1,000		662

(Cost $124,043)				100,787

Commercial Services — 0.6%
Equifax, Inc., 2.60%, 12/15/25		8,000		7,466
Moody’s Corp., 5.25%, 7/15/44		6,000		5,860
PayPal Holdings, Inc. 2.85%, 10/1/29		5,000		4,380
3.25%, 6/1/50		5,000		3,562
Quanta Services, Inc., 2.90%, 10/1/30		5,000		4,176
RELX Capital, Inc., 4.00%, 3/18/29		5,000		4,719
S&P Global, Inc., 2.30%, 8/15/60		5,000		2,903
Verisk Analytics, Inc., 3.625%, 5/15/50		5,000		3,582

(Cost $47,088)				36,648

Cosmetics/Personal Care — 0.8%
Colgate-Palmolive Co., MTN, 4.00%, 8/15/45		3,000		2,743
Estee Lauder Cos., Inc., 2.00%, 12/1/24		20,000		19,001
Procter & Gamble Co. 2.85%, 8/11/27		11,000		10,397
3.60%, 3/25/50		5,000		4,302
Unilever Capital Corp. 1.75%, 8/12/31		10,000		8,007
Series 30Y, 2.625%, 8/12/51 (a)		5,000		3,363

(Cost $55,500)				47,813

Food — 2.0%
Campbell Soup Co., 4.15%, 3/15/28		5,000		4,850
Conagra Brands, Inc. 4.30%, 5/1/24		7,000		6,917
5.40%, 11/1/48		5,000		4,781
General Mills, Inc. 3.20%, 2/10/27		6,000		5,737
3.00%, 2/1/51		7,000		4,865
Hershey Co., 2.65%, 6/1/50		4,000		2,720
J M Smucker Co., 2.125%, 3/15/32		10,000		7,857
Kellogg Co., 2.10%, 6/1/30		5,000		4,085
Kraft Heinz Foods Co. 4.25%, 3/1/31		5,000		4,756


	Principal Amount		Value
Food (Continued)
4.625%, 10/1/39	$	5,000	$	4,497
5.20%, 7/15/45		10,000		9,454
4.875%, 10/1/49		5,000		4,518
Kroger Co. 4.50%, 1/15/29		12,000		11,662
4.45%, 2/1/47		3,000		2,592
3.95%, 1/15/50		3,000		2,404
McCormick & Co., Inc., 3.40%, 8/15/27		5,000		4,706
Mondelez International, Inc., 2.75%, 4/13/30		5,000		4,346
Sysco Corp. 3.75%, 10/1/25		5,000		4,857
3.25%, 7/15/27		17,000		15,843
6.60%, 4/1/50		5,000		5,670
Tyson Foods, Inc., 4.55%, 6/2/47		10,000		8,865

(Cost $145,303)				125,982

Healthcare-Products — 0.4%
Baxter International, Inc., 2.60%, 8/15/26		7,000		6,454
Danaher Corp., 2.60%, 10/1/50		5,000		3,337
DH Europe Finance II SARL, 2.60%, 11/15/29		5,000		4,428
PerkinElmer, Inc., 3.625%, 3/15/51		5,000		3,619
Thermo Fisher Scientific, Inc. 2.00%, 10/15/31		4,000		3,290
4.10%, 8/15/47		5,000		4,451

(Cost $32,956)				25,579

Healthcare-Services — 2.4%
Aetna, Inc., 3.875%, 8/15/47		5,000		3,933
Centene Corp., 2.45%, 7/15/28		25,000		21,202
Elevance Health, Inc. 1.50%, 3/15/26		20,000		18,033
2.25%, 5/15/30		10,000		8,395
3.125%, 5/15/50		12,000		8,518
HCA, Inc. 5.625%, 9/1/28		6,000		6,003
4.125%, 6/15/29		2,000		1,837
5.50%, 6/15/47		7,000		6,360
5.25%, 6/15/49		3,000		2,643
Humana, Inc., 3.125%, 8/15/29		13,000		11,504
Laboratory Corp. of America Holdings, 3.60%, 2/1/25		10,000		9,704
Quest Diagnostics, Inc. 2.95%, 6/30/30		5,000		4,358
2.80%, 6/30/31		3,000		2,538
UnitedHealth Group, Inc. 5.30%, 2/15/30		25,000		25,906
4.375%, 3/15/42		10,000		9,085


	Principal Amount		Value
Healthcare-Services (Continued)
4.75%, 5/15/52	$	6,000	$	5,679
4.95%, 5/15/62		10,000		9,639

(Cost $171,627)				155,337

Household Products/Wares — 0.1%
Kimberly-Clark Corp. 2.75%, 2/15/26		5,000		4,750
2.875%, 2/7/50		7,000		4,962

(Cost $12,375)				9,712

Pharmaceuticals — 6.9%
AbbVie, Inc. 3.80%, 3/15/25		20,000		19,588
3.60%, 5/14/25		25,000		24,354
4.70%, 5/14/45		17,000		15,646
4.45%, 5/14/46		11,000		9,707
4.875%, 11/14/48		3,000		2,825
4.25%, 11/21/49		12,000		10,320
AmerisourceBergen Corp., 4.30%, 12/15/47		6,000		5,095
Astrazeneca Finance LLC, 0.70%, 5/28/24		12,000		11,299
AstraZeneca PLC 1.375%, 8/6/30		5,000		4,011
6.45%, 9/15/37		10,000		11,412
4.375%, 11/16/45		4,000		3,693
3.00%, 5/28/51		3,000		2,184
Becton Dickinson and Co., 4.669%, 6/6/47		10,000		9,119
Bristol-Myers Squibb Co. 0.75%, 11/13/25		5,000		4,509
3.40%, 7/26/29		6,000		5,626
1.45%, 11/13/30		20,000		15,989
3.55%, 3/15/42		7,000		5,844
4.25%, 10/26/49		18,000		16,061
Cardinal Health, Inc., 3.41%, 6/15/27		13,000		12,226
Cigna Corp. 4.375%, 10/15/28		26,000		25,366
4.80%, 7/15/46		10,000		9,146
4.90%, 12/15/48		4,000		3,704
3.40%, 3/15/51		8,000		5,851
CVS Health Corp. 3.875%, 7/20/25		27,000		26,549
4.30%, 3/25/28		3,000		2,918
3.25%, 8/15/29		19,000		17,198
4.78%, 3/25/38		10,000		9,274
5.125%, 7/20/45		13,000		12,164
5.05%, 3/25/48		8,000		7,419
Eli Lilly & Co. 2.75%, 6/1/25		5,000		4,797
3.95%, 3/15/49		5,000		4,543
2.25%, 5/15/50		5,000		3,270
GlaxoSmithKline Capital PLC, 3.375%, 6/1/29		12,000		11,217
GlaxoSmithKline Capital, Inc., 3.875%, 5/15/28		5,000		4,847


	Principal Amount		Value
Pharmaceuticals (Continued)
Johnson & Johnson 2.625%, 1/15/25	$	10,000	$	9,659
5.95%, 8/15/37		10,000		11,425
3.70%, 3/1/46		11,000		9,496
3.50%, 1/15/48		3,000		2,507
2.45%, 9/1/60		5,000		3,232
McKesson Corp., 1.30%, 8/15/26		5,000		4,400
Merck & Co., Inc. 2.15%, 12/10/31		10,000		8,319
3.60%, 9/15/42		10,000		8,437
4.15%, 5/18/43		5,000		4,562
3.70%, 2/10/45		8,000		6,751
4.00%, 3/7/49		3,000		2,658
Novartis Capital Corp. 2.00%, 2/14/27		15,000		13,755
2.75%, 8/14/50		7,000		4,987
Sanofi, 3.625%, 6/19/28		3,000		2,891
Zoetis, Inc. 2.00%, 5/15/30		3,000		2,468
4.70%, 2/1/43		2,000		1,865
4.45%, 8/20/48		3,000		2,652

(Cost $513,824)				437,835

Energy — 3.9%
Oil & Gas — 0.4%
Marathon Petroleum Corp. 3.80%, 4/1/28		2,000		1,866
4.50%, 4/1/48		6,000		4,874
Phillips 66 2.15%, 12/15/30		5,000		4,067
5.875%, 5/1/42		5,000		5,286
4.875%, 11/15/44		3,000		2,821
Valero Energy Corp. 2.85%, 4/15/25		2,000		1,903
2.15%, 9/15/27		4,000		3,547
3.65%, 12/1/51		5,000		3,682

(Cost $34,101)				28,046

Oil & Gas Services — 0.3%
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 4.08%, 12/15/47		6,000		4,803
Halliburton Co., 2.92%, 3/1/30		18,000		15,621
NOV, Inc., 3.95%, 12/1/42		2,000		1,436

(Cost $22,807)				21,860

Pipelines — 3.2%
Boardwalk Pipelines LP, 3.40%, 2/15/31		5,000		4,249
Cheniere Corpus Christi Holdings LLC, 5.125%, 6/30/27		10,000		10,021
Enbridge, Inc. 3.70%, 7/15/27		25,000		23,616
3.40%, 8/1/51		5,000		3,531


	Principal Amount		Value
Pipelines (Continued)
Enterprise Products Operating LLC 3.95%, 2/15/27	$	12,000	$	11,618
2.80%, 1/31/30		10,000		8,665
3.30%, 2/15/53		10,000		6,910
Series E, 5.25%, 8/16/77		12,000		9,804
5.375%, 2/15/78		10,000		7,579
MPLX LP 1.75%, 3/1/26		15,000		13,457
2.65%, 8/15/30		5,000		4,126
4.90%, 4/15/58		8,000		6,496
ONEOK, Inc. 2.75%, 9/1/24		20,000		19,234
4.35%, 3/15/29		10,000		9,322
5.20%, 7/15/48		5,000		4,281
Sabine Pass Liquefaction LLC 5.00%, 3/15/27		10,000		9,884
4.50%, 5/15/30		5,000		4,737
TransCanada PipeLines Ltd. 4.10%, 4/15/30		2,000		1,871
2.50%, 10/12/31		10,000		8,132
7.625%, 1/15/39		13,000		15,310
4.875%, 5/15/48		3,000		2,718
Williams Cos., Inc. 4.00%, 9/15/25		1,000		976
3.50%, 11/15/30		5,000		4,457
2.60%, 3/15/31		12,000		9,896

(Cost $228,321)				200,890

Financial — 33.5%
Banks — 22.3%
Banco Santander SA, 2.958%, 3/25/31		20,000		15,847
Bank of America Corp.
MTN, 2.015%, 2/13/26		15,000		13,915
MTN, 1.197%, 10/24/26		20,000		17,758
1.734%, 7/22/27		20,000		17,535
MTN, 1.898%, 7/23/31		15,000		11,713
Series N, 2.651%, 3/11/32		10,000		8,126
2.687%, 4/22/32		30,000		24,355
2.299%, 7/21/32		10,000		7,842
MTN, 2.676%, 6/19/41		10,000		6,979
MTN, 4.33%, 3/15/50		8,000		6,864
MTN, 4.083%, 3/20/51		10,000		8,230
MTN, 2.831%, 10/24/51		10,000		6,421
Series N, 3.483%, 3/13/52		18,000		13,324
2.972%, 7/21/52		10,000		6,607
Bank of Montreal, MTN, 1.25%, 9/15/26		15,000		13,183
Bank of New York Mellon Corp., MTN, 3.95%, 11/18/25		30,000		29,596
Bank of Nova Scotia, 4.50%, 12/16/25		5,000		4,939
Barclays PLC 5.20%, 5/12/26		10,000		9,705
2.667%, 3/10/32		40,000		30,649
Canadian Imperial Bank of Commerce, 0.95%, 10/23/25		15,000		13,478


	Principal Amount		Value
Banks (Continued)
Citigroup, Inc. 3.875%, 3/26/25	$	5,000	$	4,889
3.30%, 4/27/25		5,000		4,847
4.40%, 6/10/25		10,000		9,840
3.106%, 4/8/26		25,000		23,716
4.45%, 9/29/27		35,000		33,736
4.125%, 7/25/28		20,000		18,924
2.976%, 11/5/30		5,000		4,278
2.666%, 1/29/31		20,000		16,657
2.572%, 6/3/31		20,000		16,419
2.561%, 5/1/32		5,000		4,010
4.75%, 5/18/46		5,000		4,332
4.65%, 7/23/48		5,000		4,512
Citizens Financial Group, Inc., 2.85%, 7/27/26		10,000		9,307
Cooperatieve Rabobank UA, 5.25%, 5/24/41		10,000		10,301
Credit Suisse Group AG 3.75%, 3/26/25		10,000		8,868
4.55%, 4/17/26		15,000		13,220
Deutsche Bank AG, 3.70%, 5/30/24 (b)		10,000		9,834
Deutsche Bank AG/New York NY 3.961%, 11/26/25 (b)		15,000		14,178
3.035%, 5/28/32 (b)		15,000		11,321
Discover Bank, 2.70%, 2/6/30		10,000		8,042
Fifth Third Bancorp, 4.337%, 4/25/33		15,000		13,661
Goldman Sachs Group, Inc. MTN, 3.85%, 7/8/24		10,000		9,869
3.50%, 1/23/25		10,000		9,726
3.50%, 11/16/26		20,000		19,045
1.542%, 9/10/27		25,000		21,609
1.948%, 10/21/27		7,000		6,138
3.80%, 3/15/30		10,000		9,107
2.615%, 4/22/32		7,000		5,662
2.65%, 10/21/32		20,000		16,064
6.25%, 2/1/41		10,000		10,779
MTN, 4.80%, 7/8/44		5,000		4,626
5.15%, 5/22/45		5,000		4,750
4.75%, 10/21/45		10,000		9,246
HSBC Holdings PLC 1.589%, 5/24/27		10,000		8,578
4.041%, 3/13/28		25,000		22,973
6.50%, 9/15/37		10,000		9,717
6.10%, 1/14/42		20,000		20,669
HSBC USA, Inc., 3.50%, 6/23/24		44,000		43,023
ING Groep NV, 3.95%, 3/29/27		10,000		9,504
JPMorgan Chase & Co. 3.625%, 5/13/24		15,000		14,776
4.023%, 12/5/24		10,000		9,880
2.083%, 4/22/26		40,000		37,167
3.20%, 6/15/26		10,000		9,532
1.578%, 4/22/27		15,000		13,248


	Principal Amount		Value
Banks (Continued)
2.739%, 10/15/30	$	10,000	$	8,497
2.522%, 4/22/31		30,000		24,912
2.956%, 5/13/31		30,000		24,880
4.912%, 7/25/33		15,000		14,486
3.109%, 4/22/41		5,000		3,749
3.157%, 4/22/42		5,000		3,721
3.964%, 11/15/48		10,000		8,124
3.109%, 4/22/51		10,000		6,954
3.328%, 4/22/52		12,000		8,662
KeyCorp MTN, 4.10%, 4/30/28		5,000		4,788
MTN, 2.55%, 10/1/29		5,000		4,236
Lloyds Banking Group PLC, 1.627%, 5/11/27		35,000		30,236
Mitsubishi UFJ Financial Group, Inc. 3.287%, 7/25/27		20,000		18,507
4.05%, 9/11/28		12,000		11,392
3.741%, 3/7/29		5,000		4,614
Mizuho Financial Group, Inc., 2.564%, 9/13/31		15,000		11,471
Morgan Stanley Series F, 3.875%, 4/29/24		15,000		14,761
GMTN, 3.70%, 10/23/24		5,000		4,895
0.79%, 5/30/25		30,000		27,791
MTN, 2.72%, 7/22/25		5,000		4,770
2.188%, 4/28/26		10,000		9,304
MTN, 3.125%, 7/27/26		5,000		4,694
GMTN, 4.35%, 9/8/26		5,000		4,890
GMTN, 2.699%, 1/22/31		30,000		25,225
GMTN, 2.239%, 7/21/32		10,000		7,809
2.484%, 9/16/36		10,000		7,429
4.30%, 1/27/45		5,000		4,344
4.375%, 1/22/47		15,000		13,105
GMTN, 5.597%, 3/24/51		5,000		5,230
NatWest Group PLC 4.269%, 3/22/25		5,000		4,859
1.642%, 6/14/27		30,000		25,783
PNC Financial Services Group, Inc. 3.90%, 4/29/24		20,000		19,746
2.20%, 11/1/24		10,000		9,546
3.45%, 4/23/29		5,000		4,609
Royal Bank of Canada, GMTN, 2.25%, 11/1/24		30,000		28,593
Santander Holdings USA, Inc., 4.40%, 7/13/27		10,000		9,622
Sumitomo Mitsui Financial Group, Inc. 3.784%, 3/9/26		5,000		4,822
2.632%, 7/14/26		5,000		4,603
3.364%, 7/12/27		30,000		27,845
3.05%, 1/14/42		5,000		3,572
Toronto-Dominion Bank MTN, 1.20%, 6/3/26		10,000		8,841
MTN, 1.25%, 9/10/26		10,000		8,794
Truist Bank, 3.20%, 4/1/24		5,000		4,894
Truist Financial Corp. MTN, 3.70%, 6/5/25		15,000		14,616
MTN, 1.95%, 6/5/30 (a)		10,000		8,180


	Principal Amount		Value
Banks (Continued)
US Bancorp 2.40%, 7/30/24	$	20,000	$	19,331
Series DMTN, 3.00%, 7/30/29		5,000		4,444
MTN, 1.375%, 7/22/30		6,000		4,697
Westpac Banking Corp. 3.35%, 3/8/27		15,000		14,254
2.15%, 6/3/31		10,000		8,315
4.11%, 7/24/34		15,000		12,818

(Cost $1,607,517)				1,413,906

Diversified Financial Services — 4.7%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust 2.875%, 8/14/24		20,000		18,942
2.45%, 10/29/26		10,000		8,739
3.30%, 1/30/32		12,000		9,485
Air Lease Corp. 0.80%, 8/18/24		15,000		13,811
1.875%, 8/15/26		15,000		13,156
Ally Financial, Inc. 4.625%, 3/30/25		30,000		29,578
8.00%, 11/1/31		10,000		10,714
American Express Co. 1.65%, 11/4/26		15,000		13,354
4.05%, 12/3/42		3,000		2,634
BlackRock, Inc., 3.20%, 3/15/27		15,000		14,494
Charles Schwab Corp. 4.625%, 3/22/30		10,000		9,914
1.65%, 3/11/31		10,000		7,884
CI Financial Corp., 3.20%, 12/17/30		5,000		3,877
CME Group, Inc. 3.75%, 6/15/28		8,000		7,747
5.30%, 9/15/43		5,000		5,215
Intercontinental Exchange, Inc. 3.75%, 12/1/25		10,000		9,793
3.00%, 9/15/60		10,000		6,606
Mastercard, Inc. 2.00%, 3/3/25		14,000		13,323
3.80%, 11/21/46		8,000		6,943
Nasdaq, Inc., 1.65%, 1/15/31		8,000		6,194
Nomura Holdings, Inc., 2.679%, 7/16/30		10,000		8,011
ORIX Corp., 3.25%, 12/4/24		5,000		4,826
Radian Group, Inc., 4.50%, 10/1/24		10,000		9,525
Raymond James Financial, Inc., 4.65%, 4/1/30		15,000		14,712
Synchrony Financial 4.375%, 3/19/24		10,000		9,855
5.15%, 3/19/29		10,000		9,598
Visa, Inc. 3.15%, 12/14/25		5,000		4,821
2.75%, 9/15/27		5,000		4,688
4.15%, 12/14/35		13,000		12,552


	Principal Amount		Value
Diversified Financial Services (Continued)
3.65%, 9/15/47	$	4,000	$	3,408
2.00%, 8/15/50		5,000		3,135

(Cost $335,824)				297,534

Insurance — 2.9%
Aflac, Inc., 3.60%, 4/1/30		5,000		4,623
Allstate Corp. 4.20%, 12/15/46		5,000		4,272
Series B, 5.75%, 8/15/53		5,000		4,616
American International Group, Inc. 3.40%, 6/30/30		5,000		4,481
Series A-9, 5.75%, 4/1/48		10,000		9,390
4.375%, 6/30/50		3,000		2,602
Arch Capital Group Ltd., 3.635%, 6/30/50		5,000		3,552
AXIS Specialty Finance LLC, 4.90%, 1/15/40		5,000		4,108
Chubb INA Holdings, Inc. 3.35%, 5/3/26		10,000		9,686
4.35%, 11/3/45		5,000		4,454
Equitable Holdings, Inc., 4.35%, 4/20/28		10,000		9,563
Hartford Financial Services Group, Inc., 2.90%, 9/15/51		5,000		3,275
Lincoln National Corp., 3.35%, 3/9/25		13,000		12,567
Manulife Financial Corp., 4.15%, 3/4/26		5,000		4,922
Marsh & McLennan Cos., Inc. 4.375%, 3/15/29		10,000		9,770
2.25%, 11/15/30		5,000		4,127
MetLife, Inc. 4.125%, 8/13/42		6,000		5,191
4.60%, 5/13/46		5,000		4,671
Principal Financial Group, Inc., 2.125%, 6/15/30		10,000		8,263
Progressive Corp. 2.45%, 1/15/27		15,000		13,833
4.125%, 4/15/47		3,000		2,564
Prudential Financial, Inc. MTN, 2.10%, 3/10/30		8,000		6,645
5.20%, 3/15/44		10,000		9,534
3.905%, 12/7/47		12,000		9,747
Travelers Cos., Inc., 3.75%, 5/15/46		9,000		7,174
Voya Financial, Inc. 3.65%, 6/15/26		5,000		4,749
4.70%, 1/23/48		5,000		3,744
Willis North America, Inc. 2.95%, 9/15/29		5,000		4,266
5.05%, 9/15/48		5,000		4,290

(Cost $209,827)				180,679

Real Estate Investment Trusts — 3.4%
Alexandria Real Estate Equities, Inc., 3.375%, 8/15/31		20,000		17,620


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
American Tower Corp. 3.80%, 8/15/29	$	2,000	$	1,834
2.90%, 1/15/30		20,000		17,174
AvalonBay Communities, Inc., 2.05%, 1/15/32 (a)		5,000		3,986
Boston Properties LP, 3.40%, 6/21/29		10,000		8,651
Brixmor Operating Partnership LP, 3.65%, 6/15/24		10,000		9,706
Crown Castle, Inc. 3.65%, 9/1/27		2,000		1,872
3.80%, 2/15/28		6,000		5,613
2.25%, 1/15/31		16,000		12,979
2.10%, 4/1/31		4,000		3,177
Digital Realty Trust LP, 3.60%, 7/1/29		6,000		5,447
Equinix, Inc. 2.625%, 11/18/24		25,000		23,815
2.95%, 9/15/51		5,000		3,218
ERP Operating LP, 4.50%, 7/1/44		8,000		7,050
Healthpeak Properties, Inc., 3.00%, 1/15/30		5,000		4,318
Host Hotels & Resorts LP, Series J, 2.90%, 12/15/31		6,000		4,659
Kilroy Realty LP, 2.65%, 11/15/33		8,000		5,705
Kimco Realty Corp., 4.25%, 4/1/45		7,000		5,471
Prologis LP, 4.375%, 2/1/29		20,000		19,314
Realty Income Corp. 3.25%, 1/15/31		5,000		4,384
2.85%, 12/15/32		5,000		4,146
Regency Centers LP, 3.60%, 2/1/27		10,000		9,410
Ventas Realty LP, 4.40%, 1/15/29		12,000		11,300
Welltower, Inc. 3.625%, 3/15/24		10,000		9,803
4.25%, 4/15/28		10,000		9,482
Weyerhaeuser Co., 4.00%, 4/15/30		9,000		8,219

(Cost $252,911)				218,353

Venture Capital — 0.2%
Morgan Stanley Direct Lending Fund, 4.50%, 2/11/27
(Cost $9,201)		10,000		9,271

Industrial — 6.6%
Building Materials — 0.7%
Carrier Global Corp. 2.493%, 2/15/27		3,000		2,723
3.577%, 4/5/50		6,000		4,405
Johnson Controls International PLC, 4.50%, 2/15/47		8,000		6,753


	Principal Amount		Value
Building Materials (Continued)
Martin Marietta Materials, Inc. 3.45%, 6/1/27	$	3,000	$	2,816
2.40%, 7/15/31		8,000		6,527
Masco Corp., 2.00%, 10/1/30		5,000		3,925
Owens Corning, 4.30%, 7/15/47		7,000		5,590
Vulcan Materials Co., 3.50%, 6/1/30		10,000		8,952

(Cost $50,629)				41,691

Electrical Components & Equipment — 0.0%
Emerson Electric Co., 2.75%, 10/15/50
(Cost $5,130)		5,000		3,371

Electronics — 0.4%
Agilent Technologies, Inc., 2.30%, 3/12/31		5,000		4,107
Amphenol Corp., 2.20%, 9/15/31 (a)		6,000		4,837
Flex Ltd., 4.875%, 5/12/30		3,000		2,793
Fortive Corp., 3.15%, 6/15/26		5,000		4,716
Vontier Corp., 2.95%, 4/1/31		10,000		7,283

(Cost $29,151)				23,736

Environmental Control — 0.4%
Republic Services, Inc. 2.30%, 3/1/30		5,000		4,255
3.05%, 3/1/50		5,000		3,572
Waste Connections, Inc. 2.60%, 2/1/30		5,000		4,318
2.20%, 1/15/32		5,000		4,030
Waste Management, Inc. 3.15%, 11/15/27		3,000		2,811
1.50%, 3/15/31		10,000		7,942

(Cost $33,560)				26,928

Hand/Machine Tools — 0.1%
Stanley Black & Decker, Inc., 4.00%, 3/15/60
(Cost $5,246)		6,000		5,177

Machinery-Construction & Mining — 0.5%
Caterpillar Financial Services Corp.
MTN, 0.45%, 5/17/24		20,000		18,819
MTN, 0.80%, 11/13/25		5,000		4,504
Caterpillar, Inc. 3.803%, 8/15/42		5,000		4,378
3.25%, 9/19/49		7,000		5,442

(Cost $37,085)				33,143

Machinery-Diversified — 1.0%
CNH Industrial Capital LLC, 1.875%, 1/15/26		7,000		6,380
Deere & Co., 3.90%, 6/9/42		8,000		7,339


	Principal Amount		Value
Machinery-Diversified (Continued)
John Deere Capital Corp.
MTN, 2.05%, 1/9/25	$	10,000	$	9,522
MTN, 3.45%, 3/13/25		10,000		9,784
MTN, 2.00%, 6/17/31		7,000		5,737
Otis Worldwide Corp., 3.112%, 2/15/40		15,000		11,342
Rockwell Automation, Inc., 1.75%, 8/15/31		8,000		6,412
Xylem, Inc., 2.25%, 1/30/31		7,000		5,760

(Cost $70,630)				62,276

Miscellaneous Manufacturing — 0.7%
3M Co. MTN, 3.25%, 2/14/24		5,000		4,917
MTN, 4.00%, 9/14/48		10,000		8,420
Carlisle Cos., Inc., 2.20%, 3/1/32		10,000		7,701
Eaton Corp., 4.15%, 11/2/42		8,000		7,032
Parker-Hannifin Corp., 3.25%, 6/14/29		10,000		9,053
Teledyne Technologies, Inc., 1.60%, 4/1/26 (a)		5,000		4,479

(Cost $50,879)				41,602

Packaging & Containers — 0.2%
Sonoco Products Co., 3.125%, 5/1/30		2,000		1,736
WRKCo, Inc. 3.00%, 9/15/24		10,000		9,578
3.75%, 3/15/25		5,000		4,855

(Cost $17,711)				16,169

Transportation — 2.5%
Canadian National Railway Co. 2.75%, 3/1/26		5,000		4,731
2.45%, 5/1/50		5,000		3,240
Canadian Pacific Railway Co. 2.90%, 2/1/25		10,000		9,582
2.05%, 3/5/30		9,000		7,457
3.10%, 12/2/51		3,000		2,113
CSX Corp. 2.40%, 2/15/30		15,000		12,855
3.80%, 11/1/46		15,000		12,077
FedEx Corp. 3.25%, 4/1/26		5,000		4,794
4.25%, 5/15/30		5,000		4,701
2.40%, 5/15/31		5,000		4,096
5.25%, 5/15/50 (a)		15,000		13,851
Kansas City Southern/Old, 3.50%, 5/1/50		5,000		3,660
Norfolk Southern Corp. 2.90%, 8/25/51		5,000		3,358
4.05%, 8/15/52		16,000		13,313
Ryder System, Inc., MTN, 2.90%, 12/1/26		5,000		4,590


	Principal Amount		Value
Transportation (Continued)
Union Pacific Corp. 2.40%, 2/5/30	$	11,000	$	9,525
2.375%, 5/20/31		10,000		8,509
2.891%, 4/6/36		5,000		4,038
3.839%, 3/20/60		9,000		7,161
3.55%, 5/20/61		5,000		3,732
United Parcel Service, Inc. 2.50%, 9/1/29		10,000		8,813
4.45%, 4/1/30		7,000		6,968
3.75%, 11/15/47		7,000		5,929

(Cost $198,522)				159,093

Trucking & Leasing — 0.1%
GATX Corp., 4.00%, 6/30/30
(Cost $6,859)		6,000		5,409

Technology — 10.7%
Computers — 3.3%
Apple, Inc. 2.75%, 1/13/25		10,000		9,680
3.20%, 5/13/25		12,000		11,672
2.45%, 8/4/26		9,000		8,440
3.20%, 5/11/27		10,000		9,613
1.65%, 2/8/31		6,000		4,923
1.70%, 8/5/31		10,000		8,147
4.45%, 5/6/44		12,000		11,810
3.85%, 8/4/46		15,000		13,104
3.75%, 11/13/47		15,000		12,902
2.95%, 9/11/49		2,000		1,475
2.65%, 2/8/51		10,000		6,874
2.80%, 2/8/61		8,000		5,387
Dell International LLC / EMC Corp. 6.02%, 6/15/26		15,000		15,329
5.30%, 10/1/29		20,000		19,703
Hewlett Packard Enterprise Co. 4.90%, 10/15/25		10,000		9,993
1.75%, 4/1/26		7,000		6,363
6.35%, 10/15/45		3,000		3,084
HP, Inc., 3.40%, 6/17/30		10,000		8,604
International Business Machines Corp. 3.50%, 5/15/29		15,000		13,978
1.95%, 5/15/30		10,000		8,251
4.00%, 6/20/42		12,000		10,167
4.25%, 5/15/49		5,000		4,273
NetApp, Inc., 1.875%, 6/22/25		5,000		4,612
Western Digital Corp., 2.85%, 2/1/29		5,000		3,980

(Cost $244,033)				212,364

Office/Business Equipment — 0.3%
CDW LLC / CDW Finance Corp. 5.50%, 12/1/24		10,000		9,991
4.125%, 5/1/25		10,000		9,635

(Cost $20,314)				19,626


	Principal Amount		Value
Semiconductors — 2.9%
Analog Devices, Inc., 2.95%, 10/1/51	$	5,000	$	3,579
Applied Materials, Inc. 4.35%, 4/1/47		3,000		2,804
2.75%, 6/1/50		3,000		2,115
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.875%, 1/15/27		18,000		17,061
Broadcom, Inc. 144A,3.137%, 11/15/35		12,000		8,924
144A,3.187%, 11/15/36		15,000		11,006
144A,4.926%, 5/15/37		6,000		5,272
Intel Corp. 3.70%, 7/29/25		15,000		14,732
2.60%, 5/19/26		10,000		9,438
3.15%, 5/11/27		6,000		5,700
4.10%, 5/11/47		12,000		9,939
3.05%, 8/12/51		6,000		4,056
3.10%, 2/15/60		7,000		4,543
4.95%, 3/25/60 (a)		7,000		6,377
Lam Research Corp. 4.875%, 3/15/49		2,000		1,947
2.875%, 6/15/50		5,000		3,545
Marvell Technology, Inc., 1.65%, 4/15/26		6,000		5,308
Micron Technology, Inc., 2.703%, 4/15/32		10,000		7,758
NVIDIA Corp. 2.85%, 4/1/30		12,000		10,612
3.70%, 4/1/60		4,000		3,063
NXP BV / NXP Funding LLC / NXP USA, Inc. 3.15%, 5/1/27		5,000		4,545
2.50%, 5/11/31		12,000		9,540
QUALCOMM, Inc. 3.45%, 5/20/25		5,000		4,887
1.65%, 5/20/32		10,000		7,825
3.25%, 5/20/50 (a)		5,000		3,765
Texas Instruments, Inc., 4.15%, 5/15/48		5,000		4,511
TSMC Arizona Corp., 2.50%, 10/25/31		12,000		9,966

(Cost $216,317)				182,818

Software — 4.2%
Activision Blizzard, Inc. 3.40%, 9/15/26		7,000		6,727
2.50%, 9/15/50		2,000		1,278
Adobe, Inc., 2.15%, 2/1/27		7,000		6,439
Autodesk, Inc., 2.40%, 12/15/31		5,000		4,071
Broadridge Financial Solutions, Inc., 2.60%, 5/1/31		5,000		4,119
Electronic Arts, Inc., 1.85%, 2/15/31		5,000		4,018
Fidelity National Information Services, Inc., 2.25%, 3/1/31		7,000		5,599


	Principal Amount		Value
Software (Continued)
Fiserv, Inc. 4.20%, 10/1/28	$	15,000	$	14,327
3.50%, 7/1/29		10,000		9,031
Microsoft Corp. 2.40%, 8/8/26		10,000		9,410
3.30%, 2/6/27		15,000		14,522
3.50%, 2/12/35		10,000		9,316
3.70%, 8/8/46		8,000		7,101
2.921%, 3/17/52		10,000		7,434
3.95%, 8/8/56		2,000		1,764
2.675%, 6/1/60		5,000		3,374
3.041%, 3/17/62		3,000		2,188
Oracle Corp. 3.40%, 7/8/24		10,000		9,778
2.50%, 4/1/25		15,000		14,197
2.95%, 5/15/25		5,000		4,768
2.80%, 4/1/27		5,000		4,572
2.95%, 4/1/30		9,000		7,734
2.875%, 3/25/31		17,000		14,249
4.30%, 7/8/34		20,000		17,721
4.00%, 7/15/46		10,000		7,461
4.00%, 11/15/47		10,000		7,482
3.60%, 4/1/50		7,000		4,882
3.95%, 3/25/51		10,000		7,360
3.85%, 4/1/60		10,000		6,761
4.10%, 3/25/61		8,000		5,705
Roper Technologies, Inc., 3.80%, 12/15/26		13,000		12,551
Salesforce, Inc. 0.625%, 7/15/24		10,000		9,387
3.70%, 4/11/28		5,000		4,845
3.05%, 7/15/61 (a)		8,000		5,388
VMware, Inc. 4.70%, 5/15/30		6,000		5,651
2.20%, 8/15/31		5,000		3,835

(Cost $318,338)				265,045

Utilities — 8.8%
Electric — 6.4%
AEP Texas, Inc., 5.25%, 5/15/52		8,000		7,848
Avangrid, Inc., 3.20%, 4/15/25		15,000		14,393
Baltimore Gas and Electric Co. 3.50%, 8/15/46		15,000		11,462
2.90%, 6/15/50		11,000		7,549
CenterPoint Energy Houston Electric LLC
Series Z, 2.40%, 9/1/26		5,000		4,606
Series AC, 4.25%, 2/1/49		7,000		6,175
Series AF, 3.35%, 4/1/51		5,000		3,786
Commonwealth Edison Co. 2.55%, 6/15/26		15,000		14,058
2.20%, 3/1/30		20,000		16,960
4.00%, 3/1/48		5,000		4,198
3.00%, 3/1/50		6,000		4,258
Series 130, 3.125%, 3/15/51		15,000		10,617
Connecticut Light and Power Co., Series A, 2.05%, 7/1/31		10,000		8,174


	Principal Amount		Value
Electric (Continued)
Consolidated Edison Co. of New York, Inc.
Series 20A, 3.35%, 4/1/30	$	10,000	$	9,074
2.40%, 6/15/31		12,000		9,967
Series 06-A, 5.85%, 3/15/36		10,000		10,282
Series 20B, 3.95%, 4/1/50		10,000		8,200
3.20%, 12/1/51 (a)		5,000		3,561
4.625%, 12/1/54		5,000		4,336
Series C, 3.00%, 12/1/60		5,000		3,211
3.60%, 6/15/61		10,000		7,421
Entergy Mississippi LLC, 3.50%, 6/1/51		5,000		3,687
Entergy Texas, Inc., 1.75%, 3/15/31		10,000		7,898
Eversource Energy
Series L, 2.90%, 10/1/24		15,000		14,453
3.45%, 1/15/50		13,000		9,648
Exelon Corp. 3.40%, 4/15/26		10,000		9,586
4.05%, 4/15/30		25,000		23,607
ITC Holdings Corp., 3.35%, 11/15/27		10,000		9,212
National Rural Utilities Cooperative Finance Corp.
Series D, 1.00%, 10/18/24		10,000		9,302
2.75%, 4/15/32		10,000		8,374
5.25%, 4/20/46		6,000		5,394
NSTAR Electric Co., 3.10%, 6/1/51		2,000		1,407
Ohio Power Co., Series Q, 1.625%, 1/15/31		15,000		11,669
Oncor Electric Delivery Co. LLC 0.55%, 10/1/25		12,000		10,693
3.70%, 11/15/28		25,000		23,727
2.75%, 5/15/30		12,000		10,541
3.10%, 9/15/49		14,000		10,122
PECO Energy Co., 3.05%, 3/15/51		7,000		4,940
PPL Electric Utilities Corp., 3.00%, 10/1/49		10,000		6,856
Public Service Electric and Gas Co.
MTN, 2.25%, 9/15/26		5,000		4,579
MTN, 1.90%, 8/15/31		15,000		12,165
MTN, 3.80%, 3/1/46		13,000		10,635
MTN, 2.05%, 8/1/50		5,000		2,861
San Diego Gas & Electric Co.
Series VVV, 1.70%, 10/1/30		10,000		8,031
Series RRR, 3.75%, 6/1/47		10,000		7,908
Sempra Energy 3.40%, 2/1/28		8,000		7,442
4.125%, 4/1/52		5,000		3,885

(Cost $494,826)				408,758

Gas — 1.5%
Atmos Energy Corp. 3.00%, 6/15/27		7,000		6,585
1.50%, 1/15/31		6,000		4,700
3.375%, 9/15/49		8,000		5,937
2.85%, 2/15/52		4,000		2,674


	Principal Amount		Value
Gas (Continued)
ONE Gas, Inc., 2.00%, 5/15/30	$	16,000	$	13,106
Piedmont Natural Gas Co., Inc., 2.50%, 3/15/31		15,000		12,392
Southern California Gas Co. 3.20%, 6/15/25		10,000		9,627
Series TT, 2.60%, 6/15/26		10,000		9,314
Series XX, 2.55%, 2/1/30		10,000		8,624
Series VV, 4.30%, 1/15/49		20,000		16,642
Southwest Gas Corp., 3.18%, 8/15/51		8,000		4,918

(Cost $118,664)				94,519

Water — 0.9%
American Water Capital Corp. 3.40%, 3/1/25		10,000		9,747
2.95%, 9/1/27		10,000		9,287
2.80%, 5/1/30		2,000		1,748
2.30%, 6/1/31		10,000		8,267
3.45%, 5/1/50		11,000		8,212
3.25%, 6/1/51		13,000		9,528
Essential Utilities, Inc. 2.40%, 5/1/31		8,000		6,475
3.351%, 4/15/50		5,000		3,470

(Cost $74,502)				56,734

TOTAL CORPORATE BONDS (Cost $7,256,030)				6,204,445


	Number of Shares
SECURITIES LENDING COLLATERAL — 0.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (c)(d) (Cost $42,954)		42,954		42,954

CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares”, 3.74% (c) (Cost $43,689)		43,689		43,689


TOTAL INVESTMENTS — 99.2% (Cost $7,342,673)			$	6,291,088
Other assets and liabilities, net — 0.8%				52,742

NET ASSETS — 100.0%			$	6,343,830

A summary of the Fund’s transactions with affiliated investments during the period ended November 30, 2022 is as follows:

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

The following is a summary of the inputs used as of November 30, 2022 in valuing the Fund’s investments. For information on the Fund’s policy regarding the valuation of investments, please refer to the Security Valuation section of Note 2 in the accompanying Notes to Financial Statements.


	Principal Amount		Value
SOVEREIGN BONDS — 97.9%
Argentina — 2.0%
Argentine Republic Government International Bond 1.00%, 7/9/29	$	55,589	$	14,592
Step Up Coupon, 0.50% to 7/9/23, 0.75% to 7/9/27, 1.75% to 7/9/30		325,000		86,775
Step Up Coupon, 1.50% to 7/9/23, 3.625% to 7/9/24, 4.125% to 7/9/27, 4.75% to 7/9/28, 5.00% to 7/9/35		410,000		100,963
Step Up Coupon, 3.85% to 7/9/23, 4.25% to 7/9/24, 5.00% to 7/9/38		230,000		70,244
Step Up Coupon, 3.50% to 7/9/29, 4.875% to 7/9/41		210,000		58,800
Step Up Coupon, 1.50% to 7/9/23, 3.625% to 7/9/24, 4.125% to 7/9/27, 4.375% to 7/9/28, 5.00% to 7/9/46		44,000		10,872

(Cost $617,993)				342,246

Armenia — 1.2%
Republic of Armenia International Bond, REGS, 7.15%, 3/26/25 (Cost $211,892)		200,000		201,280

Azerbaijan — 1.1%
Republic of Azerbaijan International Bond, REGS, 4.75%, 3/18/24 (Cost $207,687)		200,000		197,065

Bahrain — 3.2%
Bahrain Government International Bond REGS, 7.00%, 1/26/26		200,000		205,070
REGS, 6.00%, 9/19/44		200,000		155,290
CBB International Sukuk Programme Co WLL REGS, 4.50%, 3/30/27		200,000		193,930

(Cost $613,011)				554,290

Bolivia — 0.3%
Bolivian Government International Bond, REGS, 4.50%, 3/20/28
(Cost $64,932)		75,000		58,747

Brazil — 3.8%
Brazilian Government International Bond 4.625%, 1/13/28		200,000		192,410
4.50%, 5/30/29		100,000		93,375
3.875%, 6/12/30 (a)		100,000		87,642
8.25%, 1/20/34		75,000		85,485
7.125%, 1/20/37		50,000		53,219
5.625%, 1/7/41		50,000		43,763
5.00%, 1/27/45		71,000		56,179
5.625%, 2/21/47		50,000		41,750

(Cost $745,581)				653,823

Cayman Islands — 1.0%
Sharjah Sukuk Program Ltd., REGS, 3.20%, 7/13/31 (Cost $199,672)		200,000		168,188


	Principal Amount		Value
Chile — 2.8%
Chile Government International Bond 2.55%, 7/27/33	$	150,000	$	120,375
3.10%, 5/7/41		150,000		110,887
4.34%, 3/7/42		150,000		128,888
3.86%, 6/21/47		150,000		120,000

(Cost $619,136)				480,150

China — 1.1%
China Government International Bond, REGS, 3.50%, 10/19/28 (Cost $227,427)		200,000		195,875

Colombia — 3.2%
Colombia Government International Bond 8.125%, 5/21/24 (a)		75,000		76,925
3.875%, 4/25/27		80,000		70,200
3.00%, 1/30/30		80,000		60,500
3.25%, 4/22/32		100,000		71,875
6.125%, 1/18/41		80,000		62,950
5.625%, 2/26/44		100,000		71,300
5.00%, 6/15/45		125,000		83,872
5.20%, 5/15/49		90,000		60,750

(Cost $672,442)				558,372

Costa Rica — 1.3%
Costa Rica Government International Bond REGS, 6.125%, 2/19/31		130,000		126,344
REGS, 7.158%, 3/12/45		100,000		95,000

(Cost $203,213)				221,344

Dominican Republic — 3.6%
Dominican Republic International Bond REGS, 6.875%, 1/29/26		100,000		101,450
REGS, 6.00%, 7/19/28		100,000		96,562
REGS, 4.50%, 1/30/30		100,000		85,261
REGS, 5.30%, 1/21/41		150,000		115,594
REGS, 7.45%, 4/30/44		150,000		140,438
REGS, 6.85%, 1/27/45		100,000		87,468

(Cost $712,403)				626,773

Ecuador — 1.6%
Ecuador Government International Bond REGS, 7/31/30, Zero Coupon		36,000		13,340
Step Up Coupon, 144A, 5.50% to 7/31/23, 6.00% to 7/31/24, 6.90% to 7/31/30		130,000		79,362
Step Up Coupon, 144A, 2.50% to 7/31/23, 3.50% to 7/31/24, 5.50% to 7/31/25, 6.90% to 7/31/35		232,000		102,284
Step up Coupon, REGS, 2.50% to 7/31/23, 3.50% to 7/31/24, 5.50% to 7/31/25, 6.90% to 7/31/35		80,000		35,270
Step Up Coupon, 144A, 1.50% to 7/31/23, 2.50% to 7/31/24, 5.00% to 7/31/26, 5.50% to 7/31/27, 6.00% to 7/31/28, 6.50% to 7/31/29, 6.90% to 7/31/40		119,000		47,786


	Principal Amount		Value
Ecuador (Continued)
Step up Coupon, REGS, 1.50% to 7/31/23, 2.50% to 7/31/24, 5.00% to 7/31/26, 5.50% to 7/31/27, 6.00% to 7/31/28, 6.50% to 7/31/29, 6.90% to 7/31/40	$	10,000	$	4,016

(Cost $400,970)				282,058

Egypt — 2.8%
Egypt Government International Bond REGS, 7.50%, 1/31/27		200,000		179,750
REGS, 7.600%, 3/1/29		200,000		164,500
REGS, 5.875%, 2/16/31		200,000		142,458

(Cost $561,266)				486,708

El Salvador — 0.5%
El Salvador Government International Bond REGS, 6.375%, 1/18/27		40,000		16,861
REGS, 8.625%, 2/28/29		60,000		25,894
REGS, 7.65%, 6/15/35		130,000		49,481

(Cost $199,635)				92,236

Gabon — 1.1%
Gabon Government International Bond, REGS, 6.95%, 6/16/25 (Cost $175,168)		200,000		196,000

Ghana — 1.2%
Ghana Government International Bond REGS, 10.75%, 10/14/30		200,000		140,000
REGS, 7.875%, 2/11/35		200,000		70,338

(Cost $436,755)				210,338

Guatemala — 0.7%
Guatemala Government Bond REGS, 4.90%, 6/1/30		75,000		70,937
REGS, 6.125%, 6/1/50		50,000		46,041

(Cost $143,335)				116,978

Hungary — 2.2%
Hungary Government International Bond 5.375%, 3/25/24		90,000		89,981
REGS, 2.125%, 9/22/31		200,000		149,401
7.625%, 3/29/41		24,000		26,155
REGS, 3.125%, 9/21/51		200,000		120,741

(Cost $486,121)				386,278

Indonesia — 3.6%
Indonesia Government International Bond REGS, 4.75%, 1/8/26		60,000		60,019
3.85%, 10/15/30 (a)		50,000		47,062
REGS, 8.50%, 10/12/35		150,000		189,041
REGS, 6.625%, 2/17/37		150,000		166,313
REGS, 7.75%, 1/17/38		100,000		120,625
3.05%, 3/12/51 (a)		50,000		35,625

(Cost $735,943)				618,685

Ivory Coast (Cote D’Ivoire) — 0.7%
Ivory Coast Government International Bond, REGS, 5.75%, 12/31/32 (Cost $124,099)		125,389		122,060


	Principal Amount		Value
Jamaica — 1.7%
Jamaica Government International Bond 6.75%, 4/28/28 (a)	$	181,000	$	191,509
7.875%, 7/28/45		93,000		102,420

(Cost $309,259)				293,929

Jordan — 1.1%
Jordan Government International Bond, REGS, 5.75%, 1/31/27 (Cost $204,854)		200,000		194,199

Kazakhstan — 1.2%
Kazakhstan Government International Bond, REGS, 6.50%, 7/21/45 (Cost $292,209)		200,000		208,352

Kenya — 1.0%
Republic of Kenya Government International Bond, REGS, 7.25%, 2/28/28 (Cost $198,973)		200,000		178,000

Kuwait — 1.1%
Kuwait International Government Bond, REGS, 3.50%, 3/20/27 (Cost $212,985)		200,000		192,752

Malaysia — 1.0%
Malaysia Sovereign Sukuk Bhd REGS, 3.043%, 4/22/25		100,000		96,719
Malaysia Wakala Sukuk Bhd REGS, 2.07%, 4/28/31		80,000		69,000

(Cost $179,087)				165,719

Mexico — 3.2%
Mexico Government International Bond 3.25%, 4/16/30 (a)		100,000		89,375
MTN, 8.30%, 8/15/31		50,000		58,380
Series A, MTN, 7.50%, 4/8/33		50,000		56,008
Series A, MTN, 6.75%, 9/27/34		40,000		42,950
6.05%, 1/11/40		96,000		96,510
MTN, 4.75%, 3/8/44		90,000		76,095
5.55%, 1/21/45		40,000		37,404
4.60%, 1/23/46		25,000		20,516
4.60%, 2/10/48		30,000		24,375
4.50%, 1/31/50		25,000		20,040
GMTN, 5.75%, 10/12/10		40,000		34,769

(Cost $670,879)				556,422

Mongolia — 1.3%
Mongolia Government International Bond REGS, 8.75%, 3/9/24		200,000		188,770
REGS, 5.125%, 4/7/26		50,000		41,750

(Cost $256,617)				230,520

Morocco — 1.0%
Morocco Government International Bond, REGS, 5.50%, 12/11/42 (Cost $244,874)		200,000		172,023


	Principal Amount		Value
Oman — 3.3%
Oman Government International Bond REGS, 5.375%, 3/8/27	$	200,000	$	195,750
REGS, 5.625%, 1/17/28		200,000		196,750
REGS, 6.75%, 1/17/48		200,000		184,500

(Cost $529,892)				577,000

Panama — 4.5%
Panama Government International Bond 3.75%, 3/16/25		50,000		48,763
7.125%, 1/29/26		100,000		106,645
3.875%, 3/17/28		150,000		142,532
9.375%, 4/1/29		25,000		30,000
3.16%, 1/23/30		50,000		43,525
6.70%, 1/26/36		100,000		106,440
4.30%, 4/29/53		50,000		37,406
4.50%, 4/1/56		150,000		113,063
3.87%, 7/23/60		175,000		117,338
4.50%, 1/19/63		50,000		36,750

(Cost $1,017,765)				782,462

Paraguay — 1.4%
Paraguay Government International Bond, REGS, 3.849%, 6/28/33 (Cost $239,269)		270,000		234,367

Peru — 3.2%
Peruvian Government International Bond 7.35%, 7/21/25		25,000		26,469
4.125%, 8/25/27		25,000		24,438
2.783%, 1/23/31		100,000		84,750
8.75%, 11/21/33		100,000		124,562
3.00%, 1/15/34		100,000		81,400
6.55%, 3/14/37		40,000		43,125
3.30%, 3/11/41		75,000		56,325
5.625%, 11/18/50		50,000		50,312
2.78%, 12/1/60		115,000		69,791

(Cost $735,304)				561,172

Philippines — 4.0%
Philippine Government International Bond 3.00%, 2/1/28		100,000		92,875


Materials			20.4%
Financials			20.3%
Consumer Staples			13.2%
Health Care			12.8%
Consumer Discretionary			9.6%
Utilities			9.2%
Industrials			7.4%
Communication Services			3.1%
Real Estate			3.0%
Energy			0.8%
Information Technology			0.2%

Total			100.0%


	Beginning Account Value June 1, 2022		Ending Account Value November 30, 2022		Annualized Expense Ratio			Expenses Paid During the Period Per $1,000⁽¹⁾
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF
Actual	$	1,000.00	$	960.10		0.15	%	$	0.74
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.32		0.15	%	$	0.76
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF
Actual	$	1,000.00	$	969.30		0.35	%	$	1.73
Hypothetical (5% return before expenses)	$	1,000.00	$	1,023.31		0.35	%	$	1.78
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF
Actual	$	1,000.00	$	973.10		0.20	%	$	0.99
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.07		0.20	%	$	1.01
Xtrackers Municipal Infrastructure Revenue Bond ETF
Actual	$	1,000.00	$	960.60		0.15	%	$	0.74
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.32		0.15	%	$	0.76
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
Actual	$	1,000.00	$	949.30		0.20	%	$	0.98
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.07		0.20	%	$	1.01
Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Actual	$	1,000.00	$	954.40		0.20	%	$	0.98
Hypothetical (5% return before expenses)	$	1,000.00	$	1,024.07		0.20	%	$	1.01


	Page
Shareholder Letter		1
Portfolio Summary
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF		2
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		3
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		4
Xtrackers Municipal Infrastructure Revenue Bond ETF		5
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		6
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		7
Fees and Expenses		8
Schedule of Investments
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF		9
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		21
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		26
Xtrackers Municipal Infrastructure Revenue Bond ETF		45
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		52
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		59
Statements of Assets and Liabilities		62
Statements of Operations		64
Statements of Changes in Net Assets		66
Financial Highlights		69
Notes to Financial Statements		72
Additional Information		82


United States			86.9%
United Kingdom			4.1%
Canada			3.3%
Other			5.7%

Total			100.0%


Financial			34.2%
Consumer, Non-cyclical			16.6%
Technology			11.0%
Communications			10.1%
Utilities			9.0%
Industrial			6.8%
Consumer, Cyclical			6.4%
Energy			4.0%
Basic Materials			1.9%

Total			100.0%


Airport			31.5%
Transportation			29.8%
Water			14.4%
General			11.5%
Power			9.7%
Utilities			3.0%
Development			0.1%

Total			100.0%


Financials			22.8%
Materials			18.8%
Health Care			9.7%
Consumer Staples			9.6%
Consumer Discretionary			7.8%
Energy			7.0%
Industrials			6.7%
Utilities			6.3%
Information Technology			5.2%
Communication Services			3.3%
Real Estate			2.8%

Total			100.0%


	Value ($) at 5/31/2022		Purchases Cost ($)			Sales Proceeds ($)			Net Realized Gain/(Loss) ($)		Net Change in Unrealized Appreciation (Depreciation) ($)			Income ($)		Capital Gain Distributions ($)		Number of Shares at 11/30/2022		Value ($) at 11/30/2022
CORPORATE BONDS — 0.6%
Financial — 0.6%
Deutsche Bank AG, 3.700%, 5/30/24 (b)
		10,033		17			—			—		(216	)		184		—		10,000		9,834
Deutsche Bank AG/New York NY, 3.961%, 11/26/25 (b)
		—		13,898			—			—		280			48		—		15,000		14,178
Deutsche Bank AG/New York NY, 3.035%, 5/28/32 (b)
		12,535		—			(4	)		—		(1,210	)		226		—		15,000		11,321

SECURITIES LENDING COLLATERAL — 0.7%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (c)(d)
		30,582		12,372	(e)		—			—		—			376		—		42,954		42,954

CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares”, 3.74% (c)
		19,380		162,430			(138,121)			—		—			284		—		43,689		43,689

		72,530		188,717			(138,125	)		—		(1,146	)		1,118		—		126,643		121,976


Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds (a)	$	—	$	6,204,445	$	—	$	6,204,445
Short-Term Investments (a)		86,643		—		—		86,643

TOTAL	$	86,643	$	6,204,445	$	—	$	6,291,088