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%

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
3.75%, 1/14/29		100,000		95,250
9.50%, 2/2/30		160,000		200,000
3.95%, 1/20/40		50,000		42,187
3.70%, 3/1/41		100,000		81,625
3.70%, 2/2/42		150,000		122,062
4.20%, 3/29/47		75,000		65,063

(Cost $846,408)				699,062

Poland — 0.8%
Republic of Poland Government International Bond, 3.25%, 4/6/26 (Cost $155,888)		150,000		143,073

Qatar — 3.9%
Qatar Government International Bond REGS, 4.00%, 3/14/29		200,000		196,125
144A, 9.75%, 6/15/30		160,000		214,400
144A, 6.40%, 1/20/40		60,000		69,000


	Principal Amount		Value
Qatar (Continued)
REGS, 5.103%, 4/23/48	$	200,000	$	200,750

(Cost $805,523)				680,275

Romania — 3.0%
Romanian Government International Bond REGS, 4.375%, 8/22/23		100,000		99,504
REGS, 4.875%, 1/22/24		100,000		99,663
REGS, 3.00%, 2/14/31		100,000		80,104
REGS, 6.00%, 5/25/34		50,000		47,266
144A, 6.125%, 1/22/44		70,000		63,934
REGS, 6.125%, 1/22/44		50,000		45,667
REGS, 5.125%, 6/15/48		40,000		32,019
REGS, 4.00%, 2/14/51		90,000		60,139

(Cost $635,556)				528,296

Saudi Arabia — 5.6%
KSA Sukuk Ltd. REGS, 2.25%, 5/17/31		300,000		254,438
Saudi Government International Bond REGS, 4.375%, 4/16/29		200,000		197,625
REGS, 2.75%, 2/3/32		200,000		173,988
REGS, 2.25%, 2/2/33		200,000		161,875
REGS, 5.00%, 4/17/49		200,000		186,699

(Cost $1,181,320)				974,625

South Africa — 2.5%
Republic of South Africa Government International Bond 4.30%, 10/12/28		200,000		181,523
5.65%, 9/27/47		150,000		114,937
6.30%, 6/22/48		130,000		107,738
5.75%, 9/30/49		40,000		30,800

(Cost $476,386)				434,998

Sri Lanka — 0.5%
Sri Lanka Government International Bond REGS, 6.85%, 3/14/24 (b)		100,000		31,494
144A, 7.85%, 3/14/29 (b)		75,000		23,292
REGS, 7.55%, 3/28/30 (b)		100,000		31,191

(Cost $216,207)				85,977

Trinidad and Tobago — 0.9%
Trinidad & Tobago Government International Bond, REGS, 4.50%, 8/4/26 (a) (Cost $154,566)		150,000		147,230

Turkey — 3.7%
Turkey Government International Bond 5.75%, 3/22/24		25,000		24,969
6.35%, 8/10/24		50,000		50,000
7.375%, 2/5/25		55,000		55,550
4.75%, 1/26/26		70,000		63,700
4.25%, 4/14/26		50,000		44,500
4.875%, 10/9/26		100,000		89,500
5.125%, 2/17/28		85,000		73,525
6.125%, 10/24/28		100,000		89,000
11.875%, 1/15/30		50,000		58,875
8.00%, 2/14/34		15,000		14,850
6.875%, 3/17/36		50,000		42,000


	Principal Amount		Value
Turkey (Continued)
7.25%, 3/5/38	$	50,000	$	44,375

(Cost $674,067)				650,844

Ukraine — 0.8%
Ukraine Government International Bond REGS, 7.75%, 9/1/27*		100,000		23,303
REGS, 7.75%, 9/1/29*		250,000		60,151
144A, 9.75%, 11/1/30*		30,000		7,315
REGS, 9.75%, 11/1/30*		200,000		48,764

(Cost $590,090)				139,533

United Arab Emirates — 3.1%
Abu Dhabi Government International Bond REGS, 3.125%, 10/11/27		200,000		191,852
REGS, 4.125%, 10/11/47		200,000		174,579
REGS, 3.875%, 4/16/50		200,000		166,806

(Cost $697,938)				533,237

Uruguay — 4.0%
Uruguay Government International Bond 4.375%, 10/27/27		77,000		78,116
4.375%, 1/23/31		124,000		124,310
7.875%, 1/15/33		42,000		53,025
7.625%, 3/21/36		54,000		69,390
4.125%, 11/20/45		37,000		34,410
5.10%, 6/18/50		201,000		200,749
4.975%, 4/20/55		132,000		128,205

(Cost $818,673)				688,205


	Principal Amount		Value
Uzbekistan — 1.1%
Republic of Uzbekistan International Bond, REGS, 4.75%, 2/20/24 (Cost $206,297)	$	200,000	$	195,288

TOTAL SOVEREIGN BONDS
(Cost $20,909,567)				17,017,054


	Number of Shares
SECURITIES LENDING COLLATERAL — 2.4%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (c)(d)
(Cost $416,538)		416,538		416,538

CASH EQUIVALENTS — 0.3%
DWS Government Money Market Series “Institutional Shares”, 3.74% (c)
(Cost $46,933)		46,933		46,933


TOTAL INVESTMENTS — 100.6% (Cost $21,373,038)			$	17,480,525
Other assets and liabilities, net — (0.6%)				(97,480	)

NET ASSETS — 100.0%			$	17,383,045

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


	Principal Amount		Value
CORPORATE BONDS — 98.1%
Basic Materials — 5.8%
Chemicals — 3.0%
Ashland LLC, 6.875%, 5/15/43	$	10,000	$	9,837
ASP Unifrax Holdings, Inc., 144A, 5.25%, 9/30/28		30,000		24,866
Avient Corp., 144A, 5.75%, 5/15/25		50,000		48,625
Axalta Coating Systems LLC, 144A, 3.375%, 2/15/29		10,000		8,219
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, 144A, 4.75%, 6/15/27 (a)		10,000		9,225
Cerdia Finanz GmbH, 144A, 10.50%, 2/15/27		17,000		13,858
Chemours Co., 144A, 5.75%, 11/15/28		25,000		22,034
Consolidated Energy Finance SA, 144A, 5.625%, 10/15/28		21,000		18,454
Cornerstone Chemical Co., 144A, 6.75%, 8/15/24 (a)		10,000		8,137
CVR Partners LP / CVR Nitrogen Finance Corp., 144A, 6.125%, 6/15/28		12,000		10,860
Diamond BC BV, 144A, 4.625%, 10/1/29		10,000		7,625
Element Solutions, Inc., 144A, 3.875%, 9/1/28		21,000		18,007
HB Fuller Co., 4.25%, 10/15/28		21,000		18,716
Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 144A, 9.00%, 7/1/28		12,000		9,945
INEOS Quattro Finance 2 PLC, 144A, 3.375%, 1/15/26		15,000		13,313
Ingevity Corp., 144A, 3.875%, 11/1/28		10,000		8,550
Iris Holding, Inc., 144A, 10.00%, 12/15/28		10,000		8,750
LSF11 A5 HoldCo LLC, 144A, 6.625%, 10/15/29		10,000		8,175
Methanex Corp. 5.25%, 12/15/29		20,000		17,915
5.65%, 12/1/44		10,000		7,625
NOVA Chemicals Corp. 144A, 4.875%, 6/1/24		50,000		48,656
144A, 5.25%, 6/1/27		20,000		18,075
Olympus Water US Holding Corp. 144A, 4.25%, 10/1/28		10,000		8,188
144A, 6.25%, 10/1/29		10,000		7,300
Rain CII Carbon LLC / CII Carbon Corp., 144A, 7.25%, 4/1/25		10,000		9,000
Rayonier AM Products, Inc., 144A, 5.50%, 6/1/24 (a)		20,000		19,700
SCIH Salt Holdings, Inc., 144A, 6.625%, 5/1/29		15,000		12,600
SCIL IV LLC / SCIL USA Holdings LLC, 144A, 5.375%, 11/1/26		15,000		12,603


	Principal Amount		Value
Chemicals (Continued)
SK Invictus Intermediate II SARL, 144A, 5.00%, 10/30/29	$	10,000	$	8,009
SPCM SA, 144A, 3.125%, 3/15/27		10,000		8,600
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. 144A, 5.375%, 9/1/25		15,000		12,169
144A, 5.125%, 4/1/29		10,000		6,463
Tronox, Inc., 144A, 4.625%, 3/15/29		25,000		20,063
Valvoline, Inc., 144A, 3.625%, 6/15/31		30,000		24,750
Venator Finance Sarl / Venator Materials LLC, 144A, 5.75%, 7/15/25		10,000		3,575
Vibrantz Technologies, Inc., 144A, 9.00%, 2/15/30		15,000		11,400
WR Grace Holdings LLC 144A, 5.625%, 10/1/24		20,000		19,600
144A, 4.875%, 6/15/27		15,000		13,477
144A, 5.625%, 8/15/29		10,000		8,260

(Cost $638,851)				565,224

Forest Products & Paper — 0.3%
Ahlstrom-Munksjo Holding 3 Oy, 144A, 4.875%, 2/4/28		10,000		8,050
Clearwater Paper Corp., 144A, 4.75%, 8/15/28		10,000		8,700
Domtar Corp., 144A, 6.75%, 10/1/28		10,000		8,750
Glatfelter Corp., 144A, 4.75%, 11/15/29		10,000		6,600
Mercer International, Inc., 5.125%, 2/1/29		25,000		21,588
Sylvamo Corp., 144A, 7.00%, 9/1/29		10,000		9,450

(Cost $73,930)				63,138

Iron/Steel — 0.9%
ATI, Inc., 5.125%, 10/1/31		20,000		16,950
Big River Steel LLC / BRS Finance Corp., 144A, 6.625%, 1/31/29		15,000		14,479
Carpenter Technology Corp., 6.375%, 7/15/28		20,000		18,900
Cleveland-Cliffs, Inc. 5.875%, 6/1/27 (a)		10,000		9,480
6.25%, 10/1/40		10,000		8,212
Commercial Metals Co., 4.375%, 3/15/32		23,000		19,345
Infrabuild Australia Pty Ltd., 144A, 12.00%, 10/1/24		7,000		6,807
Mineral Resources Ltd. 144A, 8.125%, 5/1/27		21,000		21,319
144A, 8.00%, 11/1/27		45,000		46,229
United States Steel Corp. 6.875%, 3/1/29 (a)		10,000		9,631
6.65%, 6/1/37		10,000		8,925

(Cost $190,347)				180,277


	Principal Amount		Value
Mining — 1.6%
Arconic Corp., 144A, 6.125%, 2/15/28	$	18,000	$	16,875
Coeur Mining, Inc., 144A, 5.125%, 2/15/29 (a)		10,000		7,887
Compass Minerals International, Inc., 144A, 6.75%, 12/1/27		10,000		9,480
Constellium SE 144A, 5.625%, 6/15/28		10,000		9,225
144A, 3.75%, 4/15/29 (a)		15,000		12,375
Eldorado Gold Corp., 144A, 6.25%, 9/1/29		10,000		8,345
FMG Resources August 2006 Pty Ltd. 144A, 5.125%, 5/15/24		89,000		88,444
144A, 4.375%, 4/1/31		23,000		19,493
144A, 6.125%, 4/15/32		36,000		32,940
Hudbay Minerals, Inc., 144A, 6.125%, 4/1/29		20,000		18,050
JW Aluminum Continuous Cast Co., 144A, 10.25%, 6/1/26		15,000		15,263
Kaiser Aluminum Corp., 144A, 4.50%, 6/1/31		15,000		12,741
Novelis Corp. 144A, 4.75%, 1/30/30		30,000		27,119
144A, 3.875%, 8/15/31		20,000		16,500

(Cost $316,885)				294,737

Communications — 16.7%
Advertising — 0.8%
Advantage Sales & Marketing, Inc., 144A, 6.50%, 11/15/28		20,000		15,728
Clear Channel Outdoor Holdings, Inc. 144A, 7.75%, 4/15/28		32,000		24,032
144A, 7.50%, 6/1/29		21,000		15,645
CMG Media Corp., 144A, 8.875%, 12/15/27		20,000		15,383
Lamar Media Corp. 3.75%, 2/15/28		10,000		8,925
3.625%, 1/15/31		25,000		20,875
National CineMedia LLC, 144A, 5.875%, 4/15/28		10,000		3,500
Outfront Media Capital LLC / Outfront Media Capital Corp., 144A, 5.00%, 8/15/27		36,000		32,895
Stagwell Global LLC, 144A, 5.625%, 8/15/29		20,000		17,225

(Cost $191,802)				154,208

Internet — 1.2%
ANGI Group LLC, 144A, 3.875%, 8/15/28		10,000		7,537
Arches Buyer, Inc. 144A, 4.25%, 6/1/28		15,000		12,375
144A, 6.125%, 12/1/28		15,000		12,183
Cablevision Lightpath LLC, 144A, 5.625%, 9/15/28		10,000		7,637
Cogent Communications Group, Inc., 144A, 3.50%, 5/1/26		15,000		13,706


	Principal Amount		Value
Internet (Continued)
Endurance International Group Holdings, Inc., 144A, 6.00%, 2/15/29	$	10,000	$	6,750
Gen Digital, Inc. 144A, 5.00%, 4/15/25		28,000		27,447
144A, 6.75%, 9/30/27		15,000		15,102
Go Daddy Operating Co. LLC / GD Finance Co., Inc. 144A, 5.25%, 12/1/27		10,000		9,513
144A, 3.50%, 3/1/29		20,000		17,000
ION Trading Technologies SARL, 144A, 5.75%, 5/15/28		10,000		8,188
Match Group Holdings II LLC, 144A, 4.625%, 6/1/28		20,000		18,000
Millennium Escrow Corp., 144A, 6.625%, 8/1/26		10,000		7,250
Northwest Fiber LLC / Northwest Fiber Finance Sub, Inc., 144A, 4.75%, 4/30/27		10,000		8,906
Photo Holdings Merger Sub, Inc., 144A, 8.50%, 10/1/26		14,000		8,785
Rakuten Group, Inc. 144A, 5.125%, Perpetual (b)		26,000		19,240
144A, 6.25%, Perpetual (a)(b)		15,000		9,153
Ziff Davis, Inc., 144A, 4.625%, 10/15/30		14,000		12,285

(Cost $256,791)				221,057

Media — 7.7%
AMC Networks, Inc. 5.00%, 4/1/24		25,000		23,930
4.75%, 8/1/25		13,000		11,650
4.25%, 2/15/29 (a)		10,000		7,504
Audacy Capital Corp., 144A, 6.75%, 3/31/29		10,000		2,357
Cable One, Inc., 144A, 4.00%, 11/15/30		10,000		8,107
CCO Holdings LLC / CCO Holdings Capital Corp. 144A, 5.125%, 5/1/27		91,000		85,727
144A, 5.00%, 2/1/28		10,000		9,226
144A, 6.375%, 9/1/29		10,000		9,537
144A, 4.75%, 3/1/30		27,000		23,335
144A, 4.25%, 2/1/31		46,000		37,490
4.50%, 5/1/32		46,000		38,031
144A, 4.25%, 1/15/34		32,000		24,978
CSC Holdings LLC 5.25%, 6/1/24		30,000		29,016
144A, 5.50%, 4/15/27		23,000		21,131
144A, 5.375%, 2/1/28		18,000		16,205
144A, 6.50%, 2/1/29		20,000		18,275
144A, 4.625%, 12/1/30		42,000		26,687
144A, 4.50%, 11/15/31		20,000		15,400
144A, 5.00%, 11/15/31		63,000		40,162
Cumulus Media New Holdings, Inc., 144A, 6.75%, 7/1/26		10,000		8,450


	Principal Amount		Value
Media (Continued)
Diamond Sports Group LLC / Diamond Sports Finance Co. 144A, 5.375%, 8/15/26	$	40,000	$	6,378
144A, 6.625%, 8/15/27		25,000		1,017
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 144A, 5.875%, 8/15/27		70,000		64,581
DISH DBS Corp. 5.875%, 11/15/24		55,000		52,539
7.75%, 7/1/26		70,000		58,982
144A, 5.25%, 12/1/26		46,000		39,721
144A, 5.75%, 12/1/28		41,000		33,614
GCI LLC, 144A, 4.75%, 10/15/28		13,000		11,202
Gray Escrow II, Inc., 144A, 5.375%, 11/15/31		25,000		19,199
Gray Television, Inc., 144A, 7.00%, 5/15/27		40,000		36,875
iHeartCommunications, Inc. 8.375%, 5/1/27		20,000		17,806
144A, 4.75%, 1/15/28		46,000		39,790
LCPR Senior Secured Financing DAC, 144A, 5.125%, 7/15/29		21,000		17,430
Liberty Interactive LLC, 8.25%, 2/1/30		10,000		5,163
McGraw-Hill Education, Inc. 144A, 5.75%, 8/1/28		10,000		8,938
144A, 8.00%, 8/1/29		10,000		8,450
News Corp., 144A, 3.875%, 5/15/29		35,000		31,281
Nexstar Media, Inc., 144A, 5.625%, 7/15/27		46,000		43,825
Paramount Global, 6.375%, 3/30/62		25,000		20,825
Radiate Holdco LLC / Radiate Finance, Inc., 144A, 6.50%, 9/15/28		23,000		12,506
Scripps Escrow II, Inc., 144A, 5.375%, 1/15/31 (a)		20,000		16,377
Sinclair Television Group, Inc., 144A, 5.50%, 3/1/30		20,000		15,400
Sirius XM Radio, Inc. 144A, 3.125%, 9/1/26		46,000		41,714
144A, 5.00%, 8/1/27		18,000		16,853
144A, 4.00%, 7/15/28		27,000		23,869
144A, 5.50%, 7/1/29		17,000		15,834
144A, 4.125%, 7/1/30		10,000		8,471
144A, 3.875%, 9/1/31		18,000		14,805
Spanish Broadcasting System, Inc., 144A, 9.75%, 3/1/26		10,000		5,985
TEGNA, Inc. 4.625%, 3/15/28		18,000		17,066
5.00%, 9/15/29		23,000		21,620
Univision Communications, Inc. 144A, 6.625%, 6/1/27		46,000		44,965
144A, 4.50%, 5/1/29		18,000		15,435
UPC Broadband Finco BV, 144A, 4.875%, 7/15/31		10,000		8,576


	Principal Amount		Value
Media (Continued)
UPC Holding BV, 144A, 5.50%, 1/15/28	$	41,000	$	36,951
Urban One, Inc., 144A, 7.375%, 2/1/28		10,000		8,521
Videotron Ltd. 144A, 5.375%, 6/15/24		10,000		9,950
144A, 5.125%, 4/15/27		10,000		9,513
144A, 3.625%, 6/15/29 (a)		10,000		8,537
Virgin Media Finance PLC, 144A, 5.00%, 7/15/30		18,000		15,068
Virgin Media Secured Finance PLC, 144A, 5.50%, 5/15/29		46,000		42,728
Virgin Media Vendor Financing Notes IV DAC, 144A, 5.00%, 7/15/28		5,000		4,299
VZ Secured Financing BV, 144A, 5.00%, 1/15/32		32,000		26,560
Ziggo Bond Co. BV, 144A, 6.00%, 1/15/27		10,000		9,175
Ziggo BV, 144A, 4.875%, 1/15/30		36,000		30,780

(Cost $1,672,805)				1,456,372

Telecommunications — 7.0%
Altice France Holding SA 144A, 10.50%, 5/15/27		25,000		19,875
144A, 6.00%, 2/15/28		35,000		23,625
Altice France SA 144A, 8.125%, 2/1/27		30,000		28,725
144A, 5.50%, 1/15/28		56,000		46,830
144A, 5.125%, 7/15/29		10,000		7,919
Avaya, Inc., 144A, 6.125%, 9/15/28		20,000		9,000
British Telecommunications PLC, 144A, 4.875%, 11/23/81		20,000		16,100
CommScope Technologies LLC 144A, 6.00%, 6/15/25		35,000		32,865
144A, 5.00%, 3/15/27		15,000		11,547
CommScope, Inc. 144A, 6.00%, 3/1/26		25,000		24,125
144A, 8.25%, 3/1/27		10,000		8,619
144A, 7.125%, 7/1/28		22,000		17,160
144A, 4.75%, 9/1/29		45,000		38,122
Connect Finco SARL / Connect US Finco LLC, 144A, 6.75%, 10/1/26		46,000		43,700
Consolidated Communications, Inc., 144A, 6.50%, 10/1/28		15,000		12,417
Embarq Corp., 7.995%, 6/1/36		30,000		12,850
Frontier Communications Holdings LLC 144A, 5.875%, 10/15/27		15,000		14,348
144A, 6.75%, 5/1/29		25,000		21,022
144A, 6.00%, 1/15/30		15,000		12,349
GoTo Group, Inc., 144A, 5.50%, 9/1/27		15,000		8,850
Hughes Satellite Systems Corp., 5.25%, 8/1/26		18,000		17,370


	Principal Amount		Value
Telecommunications (Continued)
Iliad Holding SASU 144A, 6.50%, 10/15/26	$	18,000	$	17,100
144A, 7.00%, 10/15/28		18,000		17,038
Intelsat Jackson Holdings SA, 144A, 6.50%, 3/15/30		55,000		50,600
Intrado Corp., 144A, 8.50%, 10/15/25		10,000		8,696
Level 3 Financing, Inc. 144A, 4.25%, 7/1/28		25,000		19,500
144A, 3.75%, 7/15/29		15,000		11,025
Ligado Networks LLC 144A, 15.50%, 11/1/23 PIK		45,081		13,975
144A, 17.50%, 5/1/24 PIK		32,116		6,423
Lumen Technologies, Inc. 144A, 5.125%, 12/15/26		40,000		34,400
144A, 4.00%, 2/15/27		25,000		21,437
Series P, 7.60%, 9/15/39		10,000		6,909
Series U, 7.65%, 3/15/42		10,000		6,675
Nokia OYJ, 6.625%, 5/15/39		15,000		14,335
SoftBank Group Corp., REGS, 3.125%, 1/6/25		200,000		184,750
Sprint Capital Corp. 6.875%, 11/15/28		32,000		33,972
8.75%, 3/15/32		27,000		32,204
Sprint LLC 7.125%, 6/15/24		18,000		18,387
7.625%, 2/15/25		27,000		28,015
7.625%, 3/1/26		46,000		48,439
Switch Ltd. 144A, 3.75%, 9/15/28		25,000		25,187
144A, 4.125%, 6/15/29		30,000		30,412
Telecom Italia Capital SA 6.375%, 11/15/33		18,000		14,873
6.00%, 9/30/34		22,000		17,078
7.20%, 7/18/36		27,000		22,515
7.721%, 6/4/38		10,000		8,450
Telesat Canada / Telesat LLC 144A, 5.625%, 12/6/26		10,000		4,775
144A, 6.50%, 10/15/27		14,000		4,445
United States Cellular Corp., 6.70%, 12/15/33		10,000		8,775
Viasat, Inc. 144A, 5.625%, 9/15/25		27,000		25,178
144A, 6.50%, 7/15/28		15,000		11,614
Vmed O2 UK Financing I PLC 144A, 4.25%, 1/31/31		25,000		20,132
144A, 4.75%, 7/15/31		20,000		16,500
Vodafone Group PLC 7.00%, 4/4/79		40,000		39,752
4.125%, 6/4/81		19,000		14,393
5.125%, 6/4/81		25,000		18,125
Windstream Escrow LLC / Windstream Escrow Finance Corp., 144A, 7.75%, 8/15/28		30,000		26,400
Zayo Group Holdings, Inc., 144A, 6.125%, 3/1/28		25,000		13,688

(Cost $1,552,256)				1,323,590


	Principal Amount		Value
Consumer, Cyclical — 19.5%
Airlines — 1.6%
Air Canada, 144A, 3.875%, 8/15/26	$	30,000	$	27,600
Allegiant Travel Co., 144A, 7.25%, 8/15/27		12,000		11,640
American Airlines Inc/AAdvantage Loyalty IP Ltd. 144A, 5.50%, 4/20/26		55,000		53,551
144A, 5.75%, 4/20/29		42,000		39,314
American Airlines, Inc., 144A, 11.75%, 7/15/25		36,000		40,136
Delta Air Lines, Inc.,7.375%, 1/15/26		55,000		57,026
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 144A, 5.75%, 1/20/26		20,000		19,055
United Airlines Holdings, Inc., 4.875%, 1/15/25 (a)		50,000		48,261

(Cost $298,641)				296,583

Apparel — 0.3%
Crocs, Inc., 144A, 4.125%, 8/15/31		15,000		12,112
Hanesbrands, Inc., 144A, 4.625%, 5/15/24		42,000		40,648
Wolverine World Wide, Inc., 144A, 4.00%, 8/15/29		10,000		7,475

(Cost $62,981)				60,235

Auto Manufacturers — 2.6%
Allison Transmission, Inc. 144A, 5.875%, 6/1/29		15,000		14,212
144A, 3.75%, 1/30/31		20,000		16,848
Aston Martin Capital Holdings Ltd., 144A, 10.50%, 11/30/25		30,000		28,965
Ford Motor Co. 4.346%, 12/8/26		22,000		21,010
6.625%, 10/1/28		22,000		22,055
9.625%, 4/22/30		25,000		28,813
7.45%, 7/16/31		66,000		69,877
6.10%, 8/19/32		25,000		24,125
4.75%, 1/15/43		10,000		7,453
5.291%, 12/8/46		15,000		11,922
Ford Motor Credit Co. LLC 5.125%, 6/16/25		180,000		174,650
4.95%, 5/28/27		31,000		29,405
Mclaren Finance PLC, 144A, 7.50%, 8/1/26		22,000		18,095
PM General Purchaser LLC, 144A, 9.50%, 10/1/28		10,000		8,813
Wabash National Corp., 144A, 4.50%, 10/15/28		10,000		8,500

(Cost $510,961)				484,743

Auto Parts & Equipment — 1.3%
Adient Global Holdings Ltd., 144A, 4.875%, 8/15/26		20,000		18,729
American Axle & Manufacturing, Inc., 6.50%, 4/1/27		30,000		28,350


	Principal Amount		Value
Auto Parts & Equipment (Continued)
Clarios Global LP / Clarios US Finance Co., 144A, 8.50%, 5/15/27	$	60,000	$	58,917
Cooper-Standard Automotive, Inc., 144A, 5.625%, 11/15/26		10,000		4,237
Dana, Inc. 5.375%, 11/15/27		25,000		23,125
4.25%, 9/1/30		10,000		8,100
Dealer Tire LLC / DT Issuer LLC, 144A, 8.00%, 2/1/28		10,000		8,654
Dornoch Debt Merger Sub, Inc., 144A, 6.625%, 10/15/29		13,000		8,710
Goodyear Tire & Rubber Co. 5.00%, 5/31/26		10,000		9,650
5.25%, 4/30/31 (a)		20,000		17,171
5.625%, 4/30/33 (a)		16,000		13,735
Real Hero Merger Sub 2, Inc., 144A, 6.25%, 2/1/29		12,000		8,340
Titan International, Inc., 7.00%, 4/30/28		10,000		9,450
ZF North America Capital, Inc., 144A, 4.75%, 4/29/25		30,000		28,800

(Cost $271,285)				245,968

Distribution/Wholesale — 0.6%
American Builders & Contractors Supply Co., Inc., 144A, 4.00%, 1/15/28		45,000		40,950
BCPE Empire Holdings, Inc., 144A, 7.625%, 5/1/27		14,000		12,722
G-III Apparel Group Ltd., 144A, 7.875%, 8/15/25		10,000		9,713
H&E Equipment Services, Inc., 144A, 3.875%, 12/15/28		23,000		20,005
IAA, Inc., 144A, 5.50%, 6/15/27		10,000		9,850
KAR Auction Services, Inc., 144A, 5.125%, 6/1/25		5,000		4,863
Univar Solutions USA Inc., 144A, 5.125%, 12/1/27		20,000		19,200
Wesco Aircraft Holdings, Inc., 144A, 9.00%, 11/15/26		2		1

(Cost $126,444)				117,304

Entertainment — 2.8%
Affinity Gaming, 144A, 6.875%, 12/15/27		12,000		10,335
Allen Media LLC / Allen Media Co.-Issuer, Inc., 144A, 10.50%, 2/15/28		10,000		4,325
AMC Entertainment Holdings, Inc., 144A, 7.50%, 2/15/29		15,000		8,662
Caesars Entertainment, Inc. 144A, 6.25%, 7/1/25		50,000		49,515
144A, 8.125%, 7/1/27		50,000		50,297
Caesars Resort Collection LLC / CRC Finco, Inc., 144A, 5.75%, 7/1/25		50,000		49,548
CDI Escrow Issuer, Inc., 144A, 5.75%, 4/1/30		25,000		23,316


	Principal Amount		Value
Entertainment (Continued)
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.375%, 4/15/27	$	25,000	$	24,062
Churchill Downs, Inc., 144A, 4.75%, 1/15/28		10,000		9,251
Cinemark USA, Inc., 144A, 5.25%, 7/15/28		20,000		16,175
International Game Technology PLC 144A, 6.50%, 2/15/25		65,000		65,490
144A, 6.25%, 1/15/27		20,000		19,975
Lions Gate Capital Holdings LLC, 144A, 5.50%, 4/15/29		20,000		13,100
Merlin Entertainments Ltd., 144A, 5.75%, 6/15/26		19,000		17,955
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp., 144A, 4.875%, 5/1/29		18,000		15,633
Mohegan Tribal Gaming Authority, 144A, 8.00%, 2/1/26		15,000		14,159
Penn Entertainment, Inc., 144A, 5.625%, 1/15/27		22,000		20,405
Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. 144A, 5.625%, 9/1/29		10,000		7,925
144A, 5.875%, 9/1/31		10,000		7,669
Resorts World Las Vegas LLC / RWLV Capital, Inc., 144A, 4.625%, 4/16/29		20,000		14,000
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 144A, 6.625%, 3/1/30		15,000		12,638
Scientific Games International, Inc., 144A, 7.25%, 11/15/29		22,000		21,607
Six Flags Entertainment Corp., 144A, 4.875%, 7/31/24		15,000		14,572
Speedway Motorsports LLC / Speedway Funding II, Inc., 144A, 4.875%, 11/1/27		15,000		13,238
WMG Acquisition Corp., 144A, 3.00%, 2/15/31		25,000		20,769
Wynn Resorts Finance LLC / Wynn Resorts Capital Corp., 144A, 5.125%, 10/1/29		12,000		10,440

(Cost $590,297)				535,061

Food Service — 0.4%
Aramark Services, Inc. 144A, 5.00%, 4/1/25		49,000		48,020
144A, 5.00%, 2/1/28		16,000		15,017
TKC Holdings, Inc., 144A, 10.50%, 5/15/29		15,000		8,587

(Cost $80,739)				71,624

Home Builders — 1.2%
Ashton Woods USA LLC / Ashton Woods Finance Co., 144A, 4.625%, 4/1/30		15,000		11,662


	Principal Amount		Value
Home Builders (Continued)
Beazer Homes USA, Inc., 5.875%, 10/15/27	$	10,000	$	8,790
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 144A, 4.875%, 2/15/30		22,000		17,557
Century Communities, Inc. 6.75%, 6/1/27		10,000		9,625
144A, 3.875%, 8/15/29		10,000		8,120
Empire Communities Corp., 144A, 7.00%, 12/15/25		15,000		13,275
K Hovnanian Enterprises, Inc., 144A, 10.50%, 2/15/26		18,000		17,460
KB Home, 4.00%, 6/15/31		22,000		17,600
M/I Homes, Inc., 4.95%, 2/1/28		22,000		19,250
Mattamy Group Corp., 144A, 5.25%, 12/15/27		10,000		9,024
Meritage Homes Corp., 6.00%, 6/1/25		20,000		19,850
Shea Homes LP / Shea Homes Funding Corp., 4.75%, 2/15/28		10,000		8,650
Taylor Morrison Communities, Inc., 144A, 5.75%, 1/15/28		45,000		41,963
Thor Industries, Inc., 144A, 4.00%, 10/15/29		10,000		7,975
TRI Pointe Group, Inc. / TRI Pointe Homes, Inc., 5.875%, 6/15/24		20,000		19,900

(Cost $257,962)				230,701

Home Furnishings — 0.1%
Tempur Sealy International, Inc., 144A, 3.875%, 10/15/31
(Cost $30,067)		30,000		23,363

Housewares — 0.6%
CD&R Smokey Buyer, Inc., 144A, 6.75%, 7/15/25		10,000		8,962
Newell Brands, Inc. 4.45%, 4/1/26		42,000		39,848
6.625%, 9/15/29 (a)		14,000		13,837
5.625%, 4/1/36		10,000		8,610
5.75%, 4/1/46		11,000		8,525
Scotts Miracle-Gro Co., 4.00%, 4/1/31		20,000		15,350
SWF Escrow Issuer Corp., 144A, 6.50%, 10/1/29 (a)		10,000		6,050

(Cost $117,709)				101,182

Leisure Time — 1.3%
Life Time, Inc., 144A, 5.75%, 1/15/26		30,000		28,997
MajorDrive Holdings IV LLC, 144A, 6.375%, 6/1/29		10,000		7,850
NCL Corp. Ltd. 144A, 3.625%, 12/15/24		35,000		30,716
144A, 5.875%, 3/15/26		40,000		33,285


	Principal Amount		Value
Leisure Time (Continued)
Royal Caribbean Cruises Ltd. 144A, 11.50%, 6/1/25	$	25,000	$	26,875
144A, 5.50%, 8/31/26		15,000		13,088
144A, 5.375%, 7/15/27		26,000		21,580
144A, 11.625%, 8/15/27		20,000		20,373
144A, 5.50%, 4/1/28		45,000		36,956
Viking Cruises Ltd., 144A, 5.875%, 9/15/27		15,000		12,619
VOC Escrow Ltd., 144A, 5.00%, 2/15/28		20,000		17,300

(Cost $268,906)				249,639

Lodging — 1.8%
Boyd Gaming Corp., 144A, 4.75%, 6/15/31		10,000		8,760
Genting New York LLC / GENNY Capital, Inc., 144A, 3.30%, 2/15/26		11,000		9,674
Hilton Domestic Operating Co., Inc. 144A, 5.75%, 5/1/28		20,000		19,650
4.875%, 1/15/30		28,000		25,988
144A, 4.00%, 5/1/31		45,000		38,021
144A, 3.625%, 2/15/32		25,000		20,708
Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc, 144A, 5.00%, 6/1/29		26,000		22,644
Las Vegas Sands Corp., 3.90%, 8/8/29		40,000		34,176
Marriott Ownership Resorts, Inc., 4.75%, 1/15/28		18,000		15,885
MGM Resorts International, 4.75%, 10/15/28		25,000		22,188
Station Casinos LLC, 144A, 4.50%, 2/15/28		15,000		13,275
Travel + Leisure Co., 6.00%, 4/1/27		50,000		47,125
Wyndham Hotels & Resorts, Inc., 144A, 4.375%, 8/15/28		20,000		17,900
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 144A, 5.50%, 3/1/25		45,000		43,326

(Cost $358,837)				339,320

Office Furnishings — 0.1%
Steelcase, Inc., 5.125%, 1/18/29
(Cost $14,448)		15,000		13,232

Retail — 4.7%
1011778 BC ULC / New Red Finance, Inc. 144A, 3.875%, 1/15/28		24,000		21,535
144A, 3.50%, 2/15/29		25,000		21,437
144A, 4.00%, 10/15/30		42,000		35,280
99 Escrow Issuer, Inc., 144A, 7.50%, 1/15/26		10,000		5,825
Asbury Automotive Group, Inc., 144A, 4.625%, 11/15/29		30,000		26,325
At Home Group, Inc., 144A, 7.125%, 7/15/29		15,000		8,850


	Principal Amount		Value
Retail (Continued)
Bath & Body Works, Inc. 144A, 6.625%, 10/1/30	$	40,000	$	37,600
6.875%, 11/1/35		26,000		23,595
BCPE Ulysses Intermediate, Inc., 144A, 7.75 %, 4/1/27, 7.75% Cash or 8.50% PIK, PIK		10,000		6,725
Beacon Roofing Supply, Inc., 144A, 4.125%, 5/15/29		15,000		12,689
Brinker International, Inc., 144A, 5.00%, 10/1/24		25,000		24,187
Carvana Co. 144A, 5.875%, 10/1/28		5,000		1,805
144A, 4.875%, 9/1/29		20,000		6,850
144A, 10.25%, 5/1/30		30,000		13,050
eG Global Finance PLC, 144A, 6.75%, 2/7/25		15,000		13,650
Ferrellgas LP / Ferrellgas Finance Corp., 144A, 5.875%, 4/1/29		25,000		21,127
Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. 144A, 4.625%, 1/15/29		15,000		13,318
144A, 6.75%, 1/15/30		28,000		23,610
FirstCash, Inc., 144A, 5.625%, 1/1/30		10,000		9,146
Gap, Inc. 144A, 3.625%, 10/1/29		10,000		7,698
144A, 3.875%, 10/1/31		10,000		7,565
GPS Hospitality Holding Co. LLC / GPS Finco, Inc., 144A, 7.00%, 8/15/28		10,000		6,928
Group 1 Automotive, Inc., 144A, 4.00%, 8/15/28		10,000		8,600
Guitar Center, Inc., 144A, 8.50%, 1/15/26		15,000		13,310
IRB Holding Corp., 144A, 7.00%, 6/15/25		20,000		20,154
LBM Acquisition LLC, 144A, 6.25%, 1/15/29		10,000		6,951
LCM Investments Holdings II LLC, 144A, 4.875%, 5/1/29		21,000		17,668
Lithia Motors, Inc. 144A, 4.625%, 12/15/27		15,000		13,950
144A, 4.375%, 1/15/31		13,000		11,027
LSF9 Atlantis Holdings LLC / Victra Finance Corp., 144A, 7.75%, 2/15/26		17,000		15,682
Macy’s Retail Holdings LLC 144A, 5.875%, 3/15/30		5,000		4,525
144A, 6.125%, 3/15/32		10,000		8,725
4.50%, 12/15/34		10,000		7,237
5.125%, 1/15/42		15,000		10,500
Michaels Cos., Inc., 144A, 7.875%, 5/1/29		35,000		20,869
Murphy Oil USA, Inc., 144A, 3.75%, 2/15/31		25,000		20,625
NMG Holding Co, Inc. / Neiman Marcus Group LLC, 144A, 7.125%, 4/1/26		25,000		24,199


	Principal Amount		Value
Retail (Continued)
Nordstrom, Inc., 4.375%, 4/1/30 (a)	$	40,000	$	32,275
Park River Holdings, Inc. 144A, 5.625%, 2/1/29		8,000		5,520
144A, 6.75%, 8/1/29		10,000		7,000
Party City Holdings, Inc., 144A, 8.75%, 2/15/26		10,000		3,819
Penske Automotive Group, Inc., 3.50%, 9/1/25		10,000		9,545
PetSmart, Inc. / PetSmart Finance Corp. 144A, 4.75%, 2/15/28		25,000		22,901
144A, 7.75%, 2/15/29		12,000		11,160
QVC, Inc. 4.45%, 2/15/25		50,000		43,225
5.95%, 3/15/43		5,000		2,622
Sally Holdings LLC / Sally Capital, Inc., 5.625%, 12/1/25		11,000		10,556
Sizzling Platter LLC / Sizzling Platter Finance Corp., 144A, 8.50%, 11/28/25		10,000		8,963
Sonic Automotive, Inc. 144A, 4.625%, 11/15/29		10,000		8,288
144A, 4.875%, 11/15/31		10,000		8,113
Specialty Building Products Holdings LLC / SBP Finance Corp., 144A, 6.375%, 9/30/26		18,000		14,918
SRS Distribution, Inc., 144A, 6.00%, 12/1/29		25,000		20,500
Staples, Inc., 144A, 7.50%, 4/15/26		52,000		46,502
Suburban Propane Partners LP/Suburban Energy Finance Corp., 144A, 5.00%, 6/1/31		20,000		17,125
Superior Plus LP / Superior General Partner, Inc., 144A, 4.50%, 3/15/29		18,000		15,323
White Cap Buyer LLC, 144A, 6.875%, 10/15/28		13,000		11,326
Yum! Brands, Inc. 144A, 4.75%, 1/15/30		10,000		9,141
5.375%, 4/1/32		20,000		18,575
5.35%, 11/1/43		10,000		8,088

(Cost $1,027,543)				888,302

Toys/Games/Hobbies — 0.1%
Mattel, Inc. 144A, 3.375%, 4/1/26		10,000		9,215
144A, 5.875%, 12/15/27		5,000		4,896
5.45%, 11/1/41		10,000		8,036

(Cost $24,299)				22,147

Consumer, Non-cyclical — 14.2%
Agriculture — 0.1%
Darling Ingredients, Inc. 144A, 5.25%, 4/15/27		9,000		8,730
144A, 6.00%, 6/15/30		20,000		19,500

(Cost $29,930)				28,230


	Principal Amount		Value
Beverages — 0.1%
Primo Water Holdings, Inc., 144A, 4.375%, 4/30/29	$	15,000	$	12,916
Triton Water Holdings, Inc., 144A, 6.25%, 4/1/29		10,000		7,819

(Cost $24,407)				20,735

Biotechnology — 0.1%
Emergent BioSolutions, Inc., 144A, 3.875%, 8/15/28		5,000		2,250
Grifols Escrow Issuer SA, 144A, 4.75%, 10/15/28		20,000		16,850

(Cost $23,199)				19,100

Commercial Services — 5.0%
ADT Security Corp., 144A, 4.125%, 8/1/29		20,000		17,300
Adtalem Global Education, Inc., 144A, 5.50%, 3/1/28		10,000		9,350
Albion Financing 2SARL, 144A, 8.75%, 4/15/27		17,000		14,429
Allied Universal Holdco LLC / Allied Universal Finance Corp. 144A, 6.625%, 7/15/26		35,000		33,425
144A, 9.75%, 7/15/27		16,000		14,518
Allied Universal Holdco LLC / Allied Universal Finance Corp. / Atlas Luxco 4 SARL, 144A, 4.625%, 6/1/28		18,000		15,210
AMN Healthcare, Inc., 144A, 4.625%, 10/1/27		20,000		18,500
APi Group DE, Inc., 144A, 4.125%, 7/15/29		10,000		8,342
Aptim Corp., 144A, 7.75%, 6/15/25		10,000		7,141
APX Group, Inc., 144A, 5.75%, 7/15/29		18,000		15,469
ASGN, Inc., 144A, 4.625%, 5/15/28		10,000		8,950
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 144A, 4.75%, 4/1/28		10,000		8,835
144A, 5.375%, 3/1/29 (a)		20,000		17,650
Block, Inc., 3.50%, 6/1/31		26,000		21,179
Brink’s Co., 144A, 4.625%, 10/15/27		10,000		9,150
Cimpress PLC, 144A, 7.00%, 6/15/26		15,000		10,558
CoreLogic, Inc., 144A, 4.50%, 5/1/28		12,000		8,910
Deluxe Corp., 144A, 8.00%, 6/1/29		15,000		12,450
Garda World Security Corp. 144A, 4.625%, 2/15/27		10,000		9,005
144A, 6.00%, 6/1/29		12,000		9,660
Gartner, Inc. 144A, 4.50%, 7/1/28		35,000		33,038
144A, 3.75%, 10/1/30		25,000		21,750


	Principal Amount		Value
Commercial Services (Continued)
Grand Canyon University, 5.125%, 10/1/28	$	20,000	$	18,631
Herc Holdings, Inc., 144A, 5.50%, 7/15/27		30,000		28,125
Hertz Corp. 144A, 4.625%, 12/1/26		10,000		8,702
144A, 5.00%, 12/1/29		10,000		7,875
Metis Merger Sub LLC, 144A, 6.50%, 5/15/29		20,000		16,300
MPH Acquisition Holdings LLC 144A, 5.50%, 9/1/28		16,000		12,860
144A, 5.75%, 11/1/28 (a)		15,000		10,744
Neptune Bidco US, Inc., 144A, 9.29%, 4/15/29		35,000		33,798
NESCO Holdings II, Inc., 144A, 5.50%, 4/15/29		18,000		15,880
Paysafe Finance PLC / Paysafe Holdings US Corp., 144A, 4.00%, 6/15/29 (a)		11,000		8,181
PECF USS Intermediate Holding III Corp., 144A, 8.00%, 11/15/29		12,000		7,200
Prime Security Services Borrower LLC / Prime Finance, Inc. 144A, 5.25%, 4/15/24		60,000		59,550
144A, 5.75%, 4/15/26		30,000		29,850
144A, 3.375%, 8/31/27		20,000		17,697
144A, 6.25%, 1/15/28		25,000		23,375
PROG Holdings, Inc., 144A, 6.00%, 11/15/29		10,000		8,749
Rent-A-Center, Inc., 144A, 6.375%, 2/15/29 (a)		17,000		14,068
RR Donnelley & Sons Co., 144A, 8.50%, 4/15/29		15,000		16,087
Sabre GLBL, Inc., 144A, 7.375%, 9/1/25		25,000		23,875
Service Corp. International 4.625%, 12/15/27		10,000		9,392
4.00%, 5/15/31		40,000		34,472
Signal Parent, Inc., 144A, 6.125%, 4/1/29		10,000		4,275
StoneMor, Inc., 144A, 8.50%, 5/15/29		10,000		8,200
TriNet Group, Inc., 144A, 3.50%, 3/1/29		10,000		8,363
United Rentals North America, Inc. 4.875%, 1/15/28		50,000		47,853
5.25%, 1/15/30		15,000		14,100
3.875%, 2/15/31		38,000		32,810
3.75%, 1/15/32		27,000		22,410
Verscend Escrow Corp., 144A, 9.75%, 8/15/26		25,000		25,089
WASH Multifamily Acquisition, Inc., 144A, 5.75%, 4/15/26		24,000		22,500
Williams Scotsman International, Inc., 144A, 6.125%, 6/15/25		17,000		17,000
WW International, Inc., 144A, 4.50%, 4/15/29		10,000		5,853
ZipRecruiter, Inc., 144A, 5.00%, 1/15/30		10,000		8,191

(Cost $1,030,583)				946,874


	Principal Amount		Value
Cosmetics/Personal Care — 0.3%
Coty, Inc., 144A, 6.50%, 4/15/26 (a)	$	25,000	$	24,000
Edgewell Personal Care Co. 144A, 5.50%, 6/1/28		22,000		20,570
144A, 4.125%, 4/1/29		10,000		8,650

(Cost $55,930)				53,220

Food — 1.9%
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC 144A, 4.625%, 1/15/27		46,000		42,550
144A, 5.875%, 2/15/28		13,000		12,472
144A, 3.50%, 3/15/29		18,000		15,039
B&G Foods, Inc., 5.25%, 4/1/25		10,000		8,853
Chobani LLC / Chobani Finance Corp., Inc. 144A, 7.50%, 4/15/25		10,000		9,800
144A, 4.625%, 11/15/28		10,000		8,870
H-Food Holdings LLC / Hearthside Finance Co., Inc., 144A, 8.50%, 6/1/26		10,000		5,838
Ingles Markets, Inc., 144A, 4.00%, 6/15/31		10,000		8,400
Lamb Weston Holdings, Inc., 144A, 4.125%, 1/31/30		36,000		32,353
Performance Food Group, Inc. 144A, 5.50%, 10/15/27		30,000		29,100
144A, 4.25%, 8/1/29		15,000		13,493
Post Holdings, Inc. 144A, 5.625%, 1/15/28		46,000		44,115
144A, 5.50%, 12/15/29		13,000		11,984
144A, 4.625%, 4/15/30		15,000		13,235
144A, 4.50%, 9/15/31		18,000		15,300
Safeway, Inc., 7.25%, 2/1/31		10,000		10,007
Sigma Holdco BV, 144A, 7.875%, 5/15/26		12,000		8,550
Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed, 144A, 4.625%, 3/1/29		10,000		8,325
TreeHouse Foods, Inc.,4.00%, 9/1/28		10,000		8,550
United Natural Foods, Inc., 144A, 6.75%, 10/15/28		10,000		9,750
US Foods, Inc., 144A, 4.75%, 2/15/29		39,000		35,246

(Cost $378,287)				351,830

Healthcare-Products — 1.1%
Avantor Funding, Inc., 144A, 4.625%, 7/15/28		46,000		42,550
Hologic, Inc., 144A, 3.25%, 2/15/29		30,000		26,508
Medline Borrower LP 144A, 3.875%, 4/1/29		93,000		80,423
144A, 5.25%, 10/1/29		52,000		42,640
Teleflex, Inc., 4.625%, 11/15/27		25,000		23,758

(Cost $245,881)				215,879


	Principal Amount		Value
Healthcare-Services — 3.7%
Acadia Healthcare Co., Inc., 144A, 5.00%, 4/15/29	$	20,000	$	18,467
AHP Health Partners, Inc., 144A, 5.75%, 7/15/29		10,000		7,950
Air Methods Corp., 144A, 8.00%, 5/15/25		10,000		2,286
Akumin, Inc., 144A, 7.00%, 11/1/25		16,000		12,402
Catalent Pharma Solutions, Inc. 144A, 5.00%, 7/15/27		35,000		33,435
144A, 3.50%, 4/1/30 (a)		20,000		16,551
Charles River Laboratories International, Inc., 144A, 4.00%, 3/15/31		20,000		17,300
CHS/Community Health Systems, Inc. 144A, 8.00%, 3/15/26		23,000		21,275
144A, 5.625%, 3/15/27		46,000		39,215
144A, 6.875%, 4/1/28		20,000		10,100
144A, 6.00%, 1/15/29		16,000		13,360
144A, 6.875%, 4/15/29		36,000		19,620
144A, 6.125%, 4/1/30		10,000		5,250
144A, 5.25%, 5/15/30		15,000		11,503
144A, 4.75%, 2/15/31		10,000		7,369
DaVita, Inc. 144A, 4.625%, 6/1/30		39,000		31,765
144A, 3.75%, 2/15/31		20,000		14,700
Encompass Health Corp. 4.50%, 2/1/28		17,000		15,300
4.75%, 2/1/30		10,000		8,891
4.625%, 4/1/31		10,000		8,651
Global Medical Response, Inc., 144A, 6.50%, 10/1/25		10,000		7,800
IQVIA, Inc., 144A, 5.00%, 5/15/27		40,000		38,200
Legacy LifePoint Health LLC 144A, 6.75%, 4/15/25		10,000		9,200
144A, 4.375%, 2/15/27		10,000		8,275
LifePoint Health, Inc., 144A, 5.375%, 1/15/29		20,000		11,700
ModivCare Escrow Issuer, Inc., 144A, 5.00%, 10/1/29		10,000		8,459
Molina Healthcare, Inc. 144A, 4.375%, 6/15/28		20,000		18,250
144A, 3.875%, 11/15/30		10,000		8,650
144A, 3.875%, 5/15/32		10,000		8,487
Radiology Partners, Inc., 144A, 9.25%, 2/1/28		10,000		6,010
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 144A, 9.75%, 12/1/26		10,000		8,014
Select Medical Corp., 144A, 6.25%, 8/15/26		15,000		14,593
Surgery Center Holdings, Inc., 144A, 6.75%, 7/1/25		20,000		19,400
Syneos Health, Inc., 144A, 3.625%, 1/15/29		15,000		11,775
Team Health Holdings, Inc., 144A, 6.375%, 2/1/25		11,000		6,545


	Principal Amount		Value
Healthcare-Services (Continued)
Tenet Healthcare Corp. 4.625%, 7/15/24	$	10,000	$	9,806
144A, 4.625%, 9/1/24		25,000		24,375
144A, 4.875%, 1/1/26		25,000		23,800
144A, 6.125%, 10/1/28		30,000		26,625
144A, 4.25%, 6/1/29		15,000		13,031
144A, 4.375%, 1/15/30		40,000		35,043
144A, 6.125%, 6/15/30		15,000		14,213
6.875%, 11/15/31		25,000		22,000
Toledo Hospital (The), 6.015%, 11/15/48		10,000		7,307
US Acute Care Solutions LLC, 144A, 6.375%, 3/1/26		15,000		13,650
US Renal Care, Inc., 144A, 10.625%, 7/15/27		10,000		4,197

(Cost $807,525)				694,795

Household Products/Wares — 0.3%
ACCO Brands Corp., 144A, 4.25%, 3/15/29		10,000		8,375
Central Garden & Pet Co., 4.125%, 10/15/30		10,000		8,375
Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc., 144A, 5.00%, 12/31/26		25,000		22,875
Spectrum Brands, Inc., 144A, 3.875%, 3/15/31		20,000		15,050

(Cost $60,288)				54,675

Pharmaceuticals — 1.6%
1375209 BC Ltd., 144A, 9.00%, 1/30/28		4,000		3,940
AdaptHealth LLC, 144A, 5.125%, 3/1/30		20,000		17,100
Bausch Health Americas, Inc. 144A, 9.25%, 4/1/26		25,000		15,938
144A, 8.50%, 1/31/27		8,000		3,980
Bausch Health Cos., Inc. 144A, 5.50%, 11/1/25		16,000		13,500
144A, 6.125%, 2/1/27		10,000		6,663
144A, 5.00%, 1/30/28		3,000		1,320
144A, 4.875%, 6/1/28		20,000		12,300
144A, 11.00%, 9/30/28		12,000		9,255
144A, 5.00%, 2/15/29		2,000		870
144A, 6.25%, 2/15/29		3,000		1,305
144A, 7.25%, 5/30/29		4,000		1,740
144A, 5.25%, 1/30/30		13,000		5,655
144A, 5.25%, 2/15/31		4,000		1,720
BellRing Brands, Inc., 144A, 7.00%, 3/15/30		10,000		9,688
Cheplapharm Arzneimittel GmbH, 144A, 5.50%, 1/15/28		10,000		8,400
Elanco Animal Health, Inc., 6.40%, 8/28/28		10,000		9,285
Embecta Corp., 144A, 5.00%, 2/15/30		10,000		8,575
Herbalife Nutrition Ltd / HLF Financing, Inc., 144A, 7.875%, 9/1/25		12,000		10,948


	Principal Amount		Value
Pharmaceuticals (Continued)
HLF Financing Sarl LLC / Herbalife International, Inc., 144A, 4.875%, 6/1/29	$	12,000	$	8,664
Jazz Securities DAC, 144A, 4.375%, 1/15/29		15,000		13,556
Lannett Co., Inc., 144A, 7.75%, 4/15/26		7,000		1,925
Mallinckrodt International Finance SA / Mallinckrodt CB LLC 144A, 11.50%, 12/15/28		15,000		12,975
144A, 10.00%, 6/15/29		10,000		5,200
Option Care Health, Inc., 144A, 4.375%, 10/31/29		10,000		8,544
Organon & Co. / Organon Foreign Debt Co.-Issuer BV 144A, 4.125%, 4/30/28		15,000		13,575
144A, 5.125%, 4/30/31		59,000		52,652
Owens & Minor, Inc., 144A, 4.50%, 3/31/29 (a)		20,000		16,175
P&L Development LLC / PLD Finance Corp., 144A, 7.75%, 11/15/25		3,000		2,438
Perrigo Finance Unlimited Co., 4.40%, 6/15/30		20,000		17,195
Prestige Brands, Inc., 144A, 5.125%, 1/15/28		10,000		9,450

(Cost $387,493)				304,531

Diversified — 0.1%
Holding Companies-Diversified — 0.1%
Stena International SA, 144A, 6.125%, 2/1/25
(Cost $14,996)		15,000		13,991

Energy — 13.8%
Coal — 0.0%
SunCoke Energy, Inc., 144A, 4.875%, 6/30/29
(Cost $8,568)		10,000		8,425

Energy-Alternate Sources — 0.2%
Sunnova Energy Corp., 144A, 5.875%, 9/1/26 (a)		10,000		8,967
TerraForm Power Operating LLC 144A, 5.00%, 1/31/28		18,000		16,830
144A, 4.75%, 1/15/30		18,000		16,200

(Cost $45,997)				41,997

Oil & Gas — 6.9%
Aethon United BR LP / Aethon United Finance Corp., 144A, 8.25%, 2/15/26		28,000		28,035
Antero Resources Corp., 144A, 7.625%, 2/1/29		24,000		24,480
Apache Corp. 5.10%, 9/1/40		45,000		37,237
5.35%, 7/1/49		12,000		9,631
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 144A, 7.00%, 11/1/26		25,000		24,719


	Principal Amount		Value
Oil & Gas (Continued)
Callon Petroleum Co. 144A, 8.00%, 8/1/28	$	10,000	$	9,903
144A, 7.50%, 6/15/30		10,000		9,450
Calumet Specialty Products Partners LP / Calumet Finance Corp., 144A, 11.00%, 4/15/25		25,000		26,531
Chesapeake Energy Corp., 144A, 6.75%, 4/15/29		30,000		29,813
CNX Resources Corp. 144A, 7.25%, 3/14/27		2,000		1,997
144A, 6.00%, 1/15/29		15,000		14,175
Colgate Energy Partners III LLC, 144A, 5.875%, 7/1/29		15,000		13,875
Comstock Resources, Inc., 144A, 6.75%, 3/1/29		45,000		43,650
Crescent Energy Finance LLC, 144A, 7.25%, 5/1/26		15,000		14,555
CrownRock LP / CrownRock Finance, Inc., 144A, 5.625%, 10/15/25		35,000		34,037
CVR Energy, Inc., 144A, 5.25%, 2/15/25		30,000		28,834
Earthstone Energy Holdings LLC, 144A, 8.00%, 4/15/27		10,000		9,653
Encino Acquisition Partners Holdings LLC, 144A, 8.50%, 5/1/28		15,000		14,475
Endeavor Energy Resources LP / EER Finance, Inc., 144A, 5.75%, 1/30/28		20,000		19,784
Ensign Drilling, Inc., 144A, 9.25%, 4/15/24		10,000		9,300
Gulfport Energy Corp., 8.00%, 5/17/26		20,000		20,035
Hilcorp Energy I LP / Hilcorp Finance Co. 144A, 5.75%, 2/1/29		20,000		18,403
144A, 6.25%, 4/15/32		15,000		13,837
Ithaca Energy North Sea PLC, 144A, 9.00%, 7/15/26		10,000		9,975
Laredo Petroleum, Inc., 9.50%, 1/15/25		40,000		40,200
Matador Resources Co., 5.875%, 9/15/26		30,000		29,432
Moss Creek Resources Holdings, Inc., 144A, 7.50%, 1/15/26		20,000		18,708
Murphy Oil Corp. 5.75%, 8/15/25		26,000		26,014
6.125%, 12/1/42		13,000		10,238
Nabors Industries Ltd., 144A, 7.25%, 1/15/26		35,000		33,819
Nabors Industries, Inc., 144A, 7.375%, 5/15/27		20,000		19,550
Neptune Energy Bondco PLC, 144A, 6.625%, 5/15/25		27,000		26,460
Northern Oil and Gas, Inc., 144A, 8.125%, 3/1/28		10,000		9,788
Occidental Petroleum Corp. 3.50%, 8/15/29		15,000		13,669
6.625%, 9/1/30		40,000		41,830
6.45%, 9/15/36		40,000		40,412
6.60%, 3/15/46		12,000		12,255
4.10%, 2/15/47		40,000		31,700


	Principal Amount		Value
Oil & Gas (Continued)
Parkland Corp. 144A, 5.875%, 7/15/27	$	10,000	$	9,613
144A, 4.625%, 5/1/30		25,000		21,009
Patterson-UTI Energy, Inc. 3.95%, 2/1/28		10,000		8,820
5.15%, 11/15/29		10,000		8,984
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 2/15/28		20,000		18,355
Precision Drilling Corp., 144A, 7.125%, 1/15/26		20,000		19,650
Range Resources Corp., 4.875%, 5/15/25		50,000		48,578
Rockcliff Energy II LLC, 144A, 5.50%, 10/15/29		10,000		9,163
SM Energy Co., 6.50%, 7/15/28		20,000		19,350
Southwestern Energy Co. 5.70%, 1/23/25		16,000		15,920
5.375%, 2/1/29		24,000		22,710
5.375%, 3/15/30		30,000		28,356
4.75%, 2/1/32		28,000		24,710
Strathcona Resources Ltd., 144A, 6.875%, 8/1/26		10,000		8,550
Sunoco LP / Sunoco Finance Corp. 6.00%, 4/15/27		30,000		29,775
4.50%, 5/15/29		24,000		20,901
Transocean Guardian Ltd., 144A, 5.875%, 1/15/24		54,279		53,330
Transocean, Inc. 144A, 7.50%, 1/15/26		25,000		21,233
144A, 11.50%, 1/30/27		15,000		15,248
144A, 8.00%, 2/1/27		10,000		8,225
6.80%, 3/15/38		15,000		9,628
Vermilion Energy, Inc., 144A, 6.875%, 5/1/30		10,000		9,300
Viper Energy Partners LP, 144A, 5.375%, 11/1/27		25,000		23,813
W&T Offshore, Inc., 144A, 9.75%, 11/1/23		20,000		19,835

(Cost $1,295,364)				1,295,515

Oil & Gas Services — 1.2%
Archrock Partners LP / Archrock Partners Finance Corp. 144A, 6.875%, 4/1/27		10,000		9,625
144A, 6.25%, 4/1/28		20,000		18,569
Bristow Group, Inc., 144A, 6.875%, 3/1/28		15,000		14,025
CGG SA, 144A, 8.75%, 4/1/27 (a)		13,000		11,096
CSI Compressco LP / CSI Compressco Finance, Inc., 144A, 7.50%, 4/1/25		10,000		9,225
Enerflex Ltd., 144A, 9.00%, 10/15/27		14,000		13,902
KCA Deutag UK Finance PLC, 144A, 9.875%, 12/1/25		16,000		15,240


	Principal Amount		Value
Oil & Gas Services (Continued)
Oceaneering International, Inc., 4.65%, 11/15/24	$	19,000	$	18,508
Transocean Proteus Ltd., 144A, 6.25%, 12/1/24		11,250		11,053
USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 4/1/26		40,000		38,550
Weatherford International Ltd. 144A, 11.00%, 12/1/24		6,000		6,174
144A, 8.625%, 4/30/30		40,000		38,435
Welltec International ApS, 144A, 8.25%, 10/15/26		15,000		15,064

(Cost $224,329)				219,466

Pipelines — 5.5%
Antero Midstream Partners LP / Antero Midstream Finance Corp., 144A, 5.75%, 1/15/28		50,000		47,500
Blue Racer Midstream LLC / Blue Racer Finance Corp., 144A, 7.625%, 12/15/25		15,000		15,173
Buckeye Partners LP 4.125%, 12/1/27		35,000		30,984
144A, 4.50%, 3/1/28		25,000		22,375
Cheniere Energy, Inc., 4.625%, 10/15/28		40,000		37,050
CNX Midstream Partners LP, 144A, 4.75%, 4/15/30		12,000		9,960
CQP Holdco LP / BIP-V Chinook Holdco LLC, 144A, 5.50%, 6/15/31		20,000		18,452
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. 5.75%, 4/1/25		60,000		58,500
144A, 6.00%, 2/1/29		15,000		13,875
DT Midstream, Inc., 144A, 4.375%, 6/15/31		30,000		25,806
EnLink Midstream LLC 5.375%, 6/1/29		25,000		23,813
144A, 6.50%, 9/1/30		15,000		15,178
EnLink Midstream Partners LP 4.15%, 6/1/25		12,000		11,475
5.60%, 4/1/44		20,000		16,650
5.45%, 6/1/47		10,000		8,148
EQM Midstream Partners LP 144A, 6.50%, 7/1/27		40,000		39,500
5.50%, 7/15/28		25,000		23,226
144A, 4.50%, 1/15/29		15,000		13,219
144A, 4.75%, 1/15/31		25,000		21,156
6.50%, 7/15/48		10,000		7,875
Genesis Energy LP / Genesis Energy Finance Corp. 8.00%, 1/15/27		20,000		19,171
7.75%, 2/1/28		25,000		23,985
Global Partners LP / GLP Finance Corp., 7.00%, 8/1/27		15,000		14,250
Harvest Midstream I LP, 144A, 7.50%, 9/1/28		15,000		14,475


	Principal Amount		Value
Pipelines (Continued)
Hess Midstream Operations LP 144A, 5.625%, 2/15/26	$	50,000	$	49,375
144A, 4.25%, 2/15/30		30,000		25,691
Holly Energy Partners LP / Holly Energy Finance Corp., 144A, 5.00%, 2/1/28		25,000		22,781
Howard Midstream Energy Partners LLC, 144A, 6.75%, 1/15/27		10,000		9,321
ITT Holdings LLC, 144A, 6.50%, 8/1/29		20,000		17,284
New Fortress Energy, Inc. 144A, 6.75%, 9/15/25		10,000		9,817
144A, 6.50%, 9/30/26		25,000		24,226
NGL Energy Operating LLC / NGL Energy Finance Corp., 144A, 7.50%, 2/1/26		40,000		36,300
NGL Energy Partners LP / NGL Energy Finance Corp., 7.50%, 11/1/23		20,000		19,223
NuStar Logistics LP, 5.625%, 4/28/27		40,000		37,700
Rockies Express Pipeline LLC, 144A, 4.95%, 7/15/29		35,000		31,675
Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 144A, 8.50%, 10/15/26		25,000		24,031
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. 144A, 5.50%, 1/15/28		25,000		22,750
144A, 6.00%, 12/31/30		20,000		18,150
Venture Global Calcasieu Pass LLC 144A, 3.875%, 8/15/29		25,000		21,688
144A, 4.125%, 8/15/31		10,000		8,675
144A, 3.875%, 11/1/33		20,000		16,325
Western Midstream Operating LP 4.75%, 8/15/28		25,000		23,188
4.30%, 2/1/30		50,000		44,750
5.45%, 4/1/44		25,000		20,656
5.30%, 3/1/48		15,000		12,511
5.50%, 2/1/50		15,000		12,375

(Cost $1,093,402)				1,040,288

Financial — 10.3%
Banks — 0.5%
Credit Suisse AG, 144A, 6.50%, 8/8/23		25,000		23,437
Freedom Mortgage Corp. 144A, 8.25%, 4/15/25		30,000		26,850
144A, 7.625%, 5/1/26		15,000		12,975
Intesa Sanpaolo SpA 144A, 4.198%, 6/1/32		18,000		13,205
144A, 4.95%, 6/1/42		14,000		9,185
Pacific Western Bank, 3.25%, 5/1/31		10,000		9,217
Popular, Inc., 6.125%, 9/14/23		6,000		6,045

(Cost $111,125)				100,914


	Principal Amount		Value
Diversified Financial Services — 3.9%
Advisor Group Holdings, Inc., 144A, 10.75%, 8/1/27	$	15,000	$	15,335
AerCap Holdings NV, 5.875%, 10/10/79 (a)		10,000		9,265
AG Issuer LLC, 144A, 6.25%, 3/1/28		10,000		9,375
AG TTMT Escrow Issuer LLC, 144A, 8.625%, 9/30/27		10,000		10,087
Ally Financial, Inc., 5.75%, 11/20/25		30,000		29,582
Armor Holdco, Inc., 144A, 8.50%, 11/15/29		10,000		7,525
Burford Capital Global Finance LLC, 144A, 6.875%, 4/15/30		10,000		9,100
Castlelake Aviation Finance DAC, 144A, 5.00%, 4/15/27		14,000		11,970
Cobra AcquisitionCo LLC, 144A, 6.375%, 11/1/29		10,000		6,600
Coinbase Global, Inc. 144A, 3.375%, 10/1/28		15,000		8,803
144A, 3.625%, 10/1/31		5,000		2,712
Curo Group Holdings Corp., 144A, 7.50%, 8/1/28		20,000		8,450
Enact Holdings, Inc., 144A, 6.50%, 8/15/25		20,000		19,500
Finance of America Funding LLC, 144A, 7.875%, 11/15/25		7,000		4,262
Global Aircraft Leasing Co. Ltd., 144A, 6.50%, 9/15/24, 6.50% Cash or 7.25% PIK, PIK		38,304		32,080
goeasy Ltd., 144A, 5.375%, 12/1/24		25,000		23,875
Home Point Capital, Inc., 144A, 5.00%, 2/1/26		10,000		6,075
Jane Street Group / JSG Finance, Inc., 144A, 4.50%, 11/15/29		10,000		8,800
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 144A, 5.00%, 8/15/28		20,000		16,806
LD Holdings Group LLC 144A, 6.50%, 11/1/25		15,000		9,825
144A, 6.125%, 4/1/28		5,000		2,575
LPL Holdings, Inc., 144A, 4.00%, 3/15/29		25,000		21,922
Midcap Financial Issuer Trust 144A, 6.50%, 5/1/28		20,000		17,550
144A, 5.625%, 1/15/30		12,000		9,540
Nationstar Mortgage Holdings, Inc. 144A, 6.00%, 1/15/27		20,000		18,282
144A, 5.50%, 8/15/28		31,000		26,118
Navient Corp., MTN, 5.625%, 8/1/33		25,000		18,171
NFP Corp. 144A, 4.875%, 8/15/28		14,000		12,250
144A, 6.875%, 8/15/28		45,000		38,287
OneMain Finance Corp. 6.875%, 3/15/25		120,000		116,850
7.125%, 3/15/26		10,000		9,713
5.375%, 11/15/29		20,000		16,804


	Principal Amount		Value
Diversified Financial Services (Continued)
PennyMac Financial Services, Inc. 144A, 4.25%, 2/15/29	$	5,000	$	3,931
144A, 5.75%, 9/15/31		15,000		12,050
PHH Mortgage Corp., 144A, 7.875%, 3/15/26		14,000		12,320
PRA Group, Inc., 144A, 5.00%, 10/1/29		11,000		9,020
Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. 144A, 2.875%, 10/15/26		18,000		15,440
144A, 3.625%, 3/1/29		10,000		8,125
144A, 3.875%, 3/1/31		20,000		15,571
144A, 4.00%, 10/15/33		20,000		14,850
SLM Corp., 4.20%, 10/29/25		10,000		9,225
StoneX Group, Inc., 144A, 8.625%, 6/15/25		10,000		10,141
United Wholesale Mortgage LLC 144A, 5.50%, 11/15/25		10,000		9,316
144A, 5.75%, 6/15/27		10,000		8,900
144A, 5.50%, 4/15/29		15,000		12,488
VistaJet Malta Finance PLC / XO Management Holding, Inc. 144A, 7.875%, 5/1/27		16,000		14,560
144A, 6.375%, 2/1/30		20,000		16,475

(Cost $810,487)				730,501

Insurance — 1.5%
Acrisure LLC / Acrisure Finance, Inc. 144A, 7.00%, 11/15/25		32,000		30,246
144A, 4.25%, 2/15/29		16,000		13,120
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 144A, 5.875%, 11/1/29		10,000		8,565
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 144A, 6.75%, 10/15/27		37,000		34,202
AmWINS Group, Inc., 144A, 4.875%, 6/30/29		15,000		13,013
AssuredPartners, Inc., 144A, 5.625%, 1/15/29		20,000		17,100
BroadStreet Partners, Inc., 144A, 5.875%, 4/15/29		14,000		11,970
Genworth Holdings, Inc., 6.609%, 11/15/36		5,000		3,025
Global Atlantic Fin Co., 144A, 4.70%, 10/15/51		15,000		11,342
HUB International Ltd., 144A, 7.00%, 5/1/26		46,000		45,669
Liberty Mutual Group, Inc. 144A, 7.80%, 3/15/37		10,000		11,100
144A, 4.125%, 12/15/51		10,000		7,875
144A, 4.30%, 2/1/61		10,000		5,825
MBIA, Inc., 5.70%, 12/1/34		10,000		8,525
MGIC Investment Corp., 5.25%, 8/15/28		30,000		27,525


	Principal Amount		Value
Insurance (Continued)
Ohio National Financial Services, Inc., 144A, 6.05%, 1/24/30	$	12,000	$	11,256
USI, Inc., 144A, 6.875%, 5/1/25		30,000		29,625

(Cost $318,230)				289,983

Real Estate — 0.8%
Cushman & Wakefield US Borrower LLC, 144A, 6.75%, 5/15/28		20,000		19,150
Five Point Operating Co. LP / Five Point Capital Corp., 144A, 7.875%, 11/15/25		10,000		8,550
Howard Hughes Corp. 144A, 5.375%, 8/1/28		32,000		29,050
144A, 4.375%, 2/1/31		10,000		8,278
Hunt Cos., Inc., 144A, 5.25%, 4/15/29		19,000		15,865
Kennedy-Wilson, Inc. 4.75%, 3/1/29		15,000		12,225
4.75%, 2/1/30		10,000		7,928
5.00%, 3/1/31		10,000		7,961
Newmark Group, Inc., 6.125%, 11/15/23		10,000		10,025
Realogy Group LLC / Realogy Co.-Issuer Corp. 144A, 5.75%, 1/15/29		15,000		11,212
144A, 5.25%, 4/15/30		15,000		11,100
WeWork Cos. LLC / WW Co.-Obligor, Inc., 144A, 5.00%, 7/10/25		10,000		4,550
WeWork Cos., Inc., 144A, 7.875%, 5/1/25		12,000		6,240

(Cost $185,015)				152,134

Real Estate Investment Trusts — 3.3%
Apollo Commercial Real Estate Finance, Inc., 144A, 4.625%, 6/15/29		10,000		8,025
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144A, 5.75%, 5/15/26		45,000		43,401
Diversified Healthcare Trust 9.75%, 6/15/25		16,000		15,360
4.375%, 3/1/31		15,000		10,491
Global Net Lease, Inc. / Global Net Lease Operating Partnership LP, 144A, 3.75%, 12/15/27		10,000		8,250
HAT Holdings I LLC / HAT Holdings II LLC, 144A, 3.75%, 9/15/30		20,000		14,350
Iron Mountain, Inc. 144A, 4.875%, 9/15/27		75,000		70,710
144A, 5.25%, 7/15/30		25,000		22,547
144A, 4.50%, 2/15/31		25,000		20,997
144A, 5.625%, 7/15/32		30,000		26,652
iStar, Inc., 4.75%, 10/1/24		25,000		24,719
Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp., 144A, 4.25%, 2/1/27		20,000		17,500


	Principal Amount		Value
Real Estate Investment Trusts (Continued)
MPT Operating Partnership LP / MPT Finance Corp. 5.00%, 10/15/27 (a)	$	25,000	$	21,470
3.50%, 3/15/31		25,000		17,750
Office Properties Income Trust, 3.45%, 10/15/31		20,000		12,758
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer 144A, 7.50%, 6/1/25		10,000		10,087
144A, 5.875%, 10/1/28		11,000		10,215
144A, 4.875%, 5/15/29		10,000		8,587
RHP Hotel Properties LP / RHP Finance Corp., 144A, 4.50%, 2/15/29		10,000		8,775
Rithm Capital Corp., 144A, 6.25%, 10/15/25		20,000		18,100
RLJ Lodging Trust LP 144A, 3.75%, 7/1/26		10,000		9,125
144A, 4.00%, 9/15/29		10,000		8,410
SBA Communications Corp. 3.875%, 2/15/27		25,000		23,222
3.125%, 2/1/29		25,000		21,050
Service Properties Trust 4.50%, 6/15/23		25,000		24,906
4.65%, 3/15/24		10,000		9,675
7.50%, 9/15/25		12,000		11,640
4.95%, 2/15/27		15,000		12,391
4.95%, 10/1/29		25,000		18,365
Starwood Property Trust, Inc. 144A, 3.75%, 12/31/24		10,000		9,475
4.75%, 3/15/25		10,000		9,625
144A, 4.375%, 1/15/27		10,000		9,050
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 144A, 7.875%, 2/15/25		30,000		30,272
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC 144A, 4.75%, 4/15/28		13,000		10,923
144A, 6.50%, 2/15/29		23,000		16,963
XHR LP, 144A, 4.875%, 6/1/29		10,000		8,450

(Cost $684,057)				624,286

Venture Capital — 0.3%
Compass Group Diversified Holdings LLC, 144A, 5.25%, 4/15/29		18,000		15,826
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 6.25%, 5/15/26		35,000		34,354
5.25%, 5/15/27		10,000		9,237

(Cost $64,618)				59,417

Industrial — 11.8%
Aerospace/Defense — 2.4%
Bombardier, Inc. 144A, 7.50%, 3/15/25		10,000		10,034
144A, 7.125%, 6/15/26		20,000		19,800
144A, 7.875%, 4/15/27		45,000		44,390
144A, 7.45%, 5/1/34		10,000		9,815


	Principal Amount		Value
Aerospace/Defense (Continued)
Howmet Aerospace, Inc. 5.125%, 10/1/24	$	60,000	$	59,532
6.875%, 5/1/25		20,000		20,531
3.00%, 1/15/29		30,000		25,409
5.95%, 2/1/37		11,000		10,325
Spirit AeroSystems, Inc. 144A, 7.50%, 4/15/25		22,000		21,873
4.60%, 6/15/28		22,000		17,208
144A, 9.375%, 11/30/29		15,000		15,690
TransDigm, Inc. 144A, 8.00%, 12/15/25		40,000		40,910
144A, 6.25%, 3/15/26		27,000		26,867
6.375%, 6/15/26		25,000		24,569
7.50%, 3/15/27		50,000		50,375
4.875%, 5/1/29		35,000		30,888
Triumph Group, Inc., 144A, 6.25%, 9/15/24		25,000		23,875

(Cost $457,709)				452,091

Building Materials — 1.2%
Builders FirstSource, Inc. 144A, 5.00%, 3/1/30		25,000		22,308
144A, 4.25%, 2/1/32		15,000		12,244
Cornerstone Building Brands, Inc., 144A, 6.125%, 1/15/29		23,000		15,747
CP Atlas Buyer, Inc., 144A, 7.00%, 12/1/28		10,000		7,400
Griffon Corp., 5.75%, 3/1/28		20,000		18,703
JELD-WEN, Inc., 144A, 4.875%, 12/15/27		15,000		11,754
Masonite International Corp., 144A, 3.50%, 2/15/30		20,000		15,650
New Enterprise Stone & Lime Co., Inc., 144A, 5.25%, 7/15/28		20,000		18,100
Oscar AcquisitionCo LLC / Oscar Finance, Inc., 144A, 9.50%, 4/15/30		12,000		10,620
Smyrna Ready Mix Concrete LLC, 144A, 6.00%, 11/1/28		25,000		22,375
Standard Industries, Inc. 144A, 4.75%, 1/15/28		20,000		18,181
144A, 4.375%, 7/15/30		17,000		13,967
144A, 3.375%, 1/15/31		17,000		13,079
Summit Materials LLC / Summit Materials Finance Corp., 144A, 5.25%, 1/15/29		27,000		24,955
Victors Merger Corp., 144A, 6.375%, 5/15/29		10,000		6,500

(Cost $261,335)				231,583

Electrical Components & Equipment — 0.3%
Energizer Holdings, Inc., 144A, 4.375%, 3/31/29		25,000		21,344
WESCO Distribution, Inc., 144A, 7.25%, 6/15/28		40,000		40,400

(Cost $64,404)				61,744


	Principal Amount		Value
Electronics — 1.2%
Atkore, Inc., 144A, 4.25%, 6/1/31	$	10,000	$	8,513
Coherent Corp., 144A, 5.00%, 12/15/29		20,000		17,737
Imola Merger Corp., 144A, 4.75%, 5/15/29		49,000		44,115
Sensata Technologies BV 144A, 5.625%, 11/1/24		100,000		100,000
144A, 4.00%, 4/15/29		22,000		19,305
Sensata Technologies, Inc., 144A, 3.75%, 2/15/31		20,000		16,688
TTM Technologies, Inc., 144A, 4.00%, 3/1/29		12,000		10,290

(Cost $230,942)				216,648

Engineering & Construction — 0.5%
AECOM, 5.125%, 3/15/27		25,000		24,447
Artera Services LLC, 144A, 9.033%, 12/4/25		15,000		12,445
Brand Industrial Services, Inc., 144A, 8.50%, 7/15/25		16,000		12,800
Cellnex Finance Co. SA, 144A, 3.875%, 7/7/41		12,000		8,223
Global Infrastructure Solutions, Inc., 144A, 7.50%, 4/15/32		10,000		7,875
Railworks Holdings LP / Railworks Rally, Inc., 144A, 8.25%, 11/15/28		10,000		9,325
TopBuild Corp., 144A, 4.125%, 2/15/32		10,000		8,050
Tutor Perini Corp., 144A, 6.875%, 5/1/25 (a)		15,000		13,013

(Cost $110,922)				96,178

Environmental Control — 0.8%
Clean Harbors, Inc. 144A, 4.875%, 7/15/27		11,000		10,367
144A, 5.125%, 7/15/29		5,000		4,600
Covanta Holding Corp., 5.00%, 9/1/30		18,000		15,469
GFL Environmental, Inc. 144A, 3.75%, 8/1/25		45,000		42,244
144A, 4.00%, 8/1/28		18,000		15,502
144A, 3.50%, 9/1/28		10,000		8,945
144A, 4.75%, 6/15/29		22,000		19,360
Madison IAQ LLC, 144A, 5.875%, 6/30/29		30,000		22,197
Stericycle, Inc., 144A, 3.875%, 1/15/29		10,000		8,725

(Cost $170,388)				147,409

Machinery-Construction & Mining — 0.3%
Terex Corp., 144A, 5.00%, 5/15/29		18,000		16,200
Vertiv Group Corp., 144A, 4.125%, 11/15/28		20,000		17,200


	Principal Amount		Value
Machinery-Construction & Mining (Continued)
Weir Group PLC, 144A, 2.20%, 5/13/26	$	25,000	$	22,109

(Cost $60,272)				55,509

Machinery-Diversified — 0.2%
GrafTech Finance, Inc., 144A, 4.625%, 12/15/28		15,000		12,581
Mueller Water Products, Inc., 144A, 4.00%, 6/15/29		10,000		8,650
SPX FLOW, Inc., 144A, 8.75%, 4/1/30		11,000		9,160
Titan Acquisition Ltd. / Titan Co-Borrower LLC, 144A, 7.75%, 4/15/26		16,000		14,244

(Cost $45,408)				44,635

Metal Fabricate/Hardware — 0.1%
Advanced Drainage Systems, Inc., 144A, 6.375%, 6/15/30		15,000		14,444
Roller Bearing Co. of America, Inc., 144A, 4.375%, 10/15/29		10,000		8,812

(Cost $23,964)				23,256

Miscellaneous Manufacturing — 0.4%
Amsted Industries, Inc., 144A, 5.625%, 7/1/27		10,000		9,500
FXI Holdings, Inc. 144A, 7.875%, 11/1/24		10,000		8,336
144A, 12.25%, 11/15/26		10,000		8,225
Gates Global LLC / Gates Corp., 144A, 6.25%, 1/15/26		25,000		24,125
Hillenbrand, Inc. 5.75%, 6/15/25		15,000		15,057
3.75%, 3/1/31		10,000		8,200

(Cost $78,645)				73,443

Packaging & Containers — 3.7%
ARD Finance SA, 144A, 6.50%, 6/30/27, 6.50% Cash or 7.25% PIK, PIK		18,000		13,410
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC 144A, 6.00%, 6/15/27		15,000		14,641
144A, 4.00%, 9/1/29		26,000		20,923
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc. 144A, 4.125%, 8/15/26		22,000		19,415
144A, 5.25%, 8/15/27 (a)		35,000		26,243
144A, 5.25%, 8/15/27		26,000		19,760
Ball Corp. 5.25%, 7/1/25		20,000		19,985
4.875%, 3/15/26		16,000		15,560
6.875%, 3/15/28		30,000		30,984
2.875%, 8/15/30		30,000		24,150
3.125%, 9/15/31		22,000		17,545
Berry Global, Inc., 144A, 5.625%, 7/15/27		25,000		24,250
Cascades, Inc./Cascades USA, Inc., 144A, 5.375%, 1/15/28		8,000		7,160


	Principal Amount		Value
Packaging & Containers (Continued)
Clydesdale Acquisition Holdings, Inc. 144A, 6.625%, 4/15/29	$	10,000	$	9,700
144A, 8.75%, 4/15/30		20,000		18,050
Crown Americas LLC / Crown Americas Capital Corp. V,4.25%, 9/30/26		30,000		28,500
Crown Americas LLC / Crown Americas Capital Corp. VI, 4.75%, 2/1/26		20,000		19,468
Crown Cork & Seal Co., Inc., 7.375%, 12/15/26		10,000		10,250
Graham Packaging Co., Inc., 144A, 7.125%, 8/15/28		10,000		8,500
Graphic Packaging International LLC 4.125%, 8/15/24		46,000		44,850
144A, 3.50%, 3/1/29		10,000		8,575
144A, 3.75%, 2/1/30		10,000		8,550
Intelligent Packaging Ltd Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC, 144A, 6.00%, 9/15/28		10,000		8,150
LABL, Inc. 144A, 10.50%, 7/15/27		10,000		9,250
144A, 5.875%, 11/1/28		25,000		22,250
Mauser Packaging Solutions Holding Co. 144A, 5.50%, 4/15/24		25,000		24,783
144A, 7.25%, 4/15/25		35,000		31,937
OI European Group BV, 144A, 4.75%, 2/15/30		10,000		8,650
Owens-Brockway Glass Container, Inc. 144A, 5.875%, 8/15/23		16,000		15,960
144A, 6.625%, 5/13/27		13,000		12,541
Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc., 144A, 4.375%, 10/15/28		15,000		13,050
Pactiv Evergreen Group Issuer, Inc. /Pactiv Evergreen Group Issuer LLC, 144A, 4.00%, 10/15/27		20,000		17,646
Sealed Air Corp., 144A, 5.50%, 9/15/25		57,000		56,573
Silgan Holdings, Inc., 4.125%, 2/1/28		20,000		18,879
Trident TPI Holdings, Inc., 144A, 6.625%, 11/1/25		10,000		8,650
TriMas Corp., 144A, 4.125%, 4/15/29		10,000		8,563
Trivium Packaging Finance BV, 144A, 5.50%, 8/15/26		40,000		37,700

(Cost $761,387)				705,051

Transportation — 0.4%
Cargo Aircraft Management, Inc., 144A, 4.75%, 2/1/28		10,000		8,966
Carriage Purchaser, Inc., 144A, 7.875%, 10/15/29		10,000		7,375
First Student Bidco, Inc. / First Transit Parent, Inc., 144A, 4.00%, 7/31/29		25,000		20,812
Navios South American Logistics, Inc. / Navios Logistics Finance US, Inc., 144A, 10.75%, 7/1/25		10,000		9,431


	Principal Amount		Value
Transportation (Continued)
Watco Cos. LLC / Watco Finance Corp., 144A, 6.50%, 6/15/27	$	13,000	$	12,696
XPO Logistics, Inc., 144A, 6.25%, 5/1/25		11,000		11,193

(Cost $77,059)				70,473

Trucking & Leasing — 0.3%
AerCap Global Aviation Trust, 144A, 6.50%, 6/15/45		10,000		9,325
Fortress Transportation and Infrastructure Investors LLC 144A, 6.50%, 10/1/25		23,000		22,333
144A, 5.50%, 5/1/28		18,000		15,694

(Cost $50,924)				47,352

Technology — 4.4%
Computers — 1.5%
Ahead DB Holdings LLC, 144A, 6.625%, 5/1/28		10,000		8,175
Booz Allen Hamilton, Inc., 144A, 3.875%, 9/1/28		35,000		31,174
Condor Merger Sub, Inc., 144A, 7.375%, 2/15/30		30,000		24,750
Conduent Business Services LLC / Conduent State & Local Solutions, Inc., 144A, 6.00%, 11/1/29		7,000		5,766
Crowdstrike Holdings, Inc., 3.00%, 2/15/29		15,000		12,745
Diebold Nixdorf, Inc., 144A, 9.375%, 7/15/25		20,000		14,200
Exela Intermediate LLC / Exela Finance, Inc., 144A, 11.50%, 7/15/26		15,000		2,400
NCR Corp. 144A, 5.125%, 4/15/29		40,000		34,500
144A, 6.125%, 9/1/29		25,000		24,375
Presidio Holdings, Inc., 144A, 8.25%, 2/1/28		17,000		15,373
Seagate HDD Cayman 4.875%, 3/1/24		13,000		12,805
4.875%, 6/1/27 (a)		10,000		9,425
4.091%, 6/1/29		14,000		11,655
4.125%, 1/15/31		12,000		9,525
144A, 9.625%, 12/1/32		20,625		22,172
5.75%, 12/1/34		10,000		8,412
Unisys Corp., 144A, 6.875%, 11/1/27		11,000		7,944
Vericast Corp., 144A, 11.00%, 9/15/26		10,000		10,375
Virtusa Corp., 144A, 7.125%, 12/15/28		10,000		7,513

(Cost $317,413)				273,284

Office/Business Equipment — 0.2%
Pitney Bowes, Inc., 144A, 6.875%, 3/15/27		12,000		9,480
Xerox Corp., 6.75%, 12/15/39		16,000		12,560


	Principal Amount		Value
Office/Business Equipment (Continued)
Xerox Holdings Corp., 144A, 5.50%, 8/15/28	$	25,000	$	20,182

(Cost $53,685)				42,222

Semiconductors — 0.3%
Amkor Technology, Inc., 144A, 6.625%, 9/15/27		15,000		14,925
Entegris Escrow Corp., 144A, 5.95%, 6/15/30		20,000		18,750
Entegris, Inc. 144A, 4.375%, 4/15/28		10,000		8,875
144A, 3.625%, 5/1/29 (a)		10,000		8,459
ON Semiconductor Corp., 144A, 3.875%, 9/1/28		15,000		13,219

(Cost $70,002)				64,228

Software — 2.4%
AthenaHealth Group, Inc., 144A, 6.50%, 2/15/30		50,000		37,625
Black Knight InfoServ LLC, 144A, 3.625%, 9/1/28		12,000		10,852
Boxer Parent Co., Inc. 144A, 7.125%, 10/2/25		12,000		11,730
144A, 9.125%, 3/1/26		10,000		9,573
Camelot Finance SA, 144A, 4.50%, 11/1/26		15,000		14,258
Castle US Holding Corp., 144A, 9.50%, 2/15/28		10,000		5,120
Central Parent, Inc. / CDK Global, Inc., 144A, 7.25%, 6/15/29		10,000		9,797
Clarivate Science Holdings Corp., 144A, 4.875%, 7/1/29		34,000		29,282
Cloud Software Group Holdings, Inc., 144A, 6.50%, 3/31/29		68,000		59,659
Consensus Cloud Solutions, Inc., 144A, 6.50%, 10/15/28		16,000		14,560
Fair Isaac Corp., 144A, 4.00%, 6/15/28		20,000		18,400
MSCI, Inc. 144A, 4.00%, 11/15/29		10,000		8,887
144A, 3.875%, 2/15/31		20,000		17,476
144A, 3.625%, 11/1/31		15,000		12,488
144A, 3.25%, 8/15/33		20,000		15,817
Open Text Corp., 144A, 3.875%, 12/1/29		22,000		17,655
Open Text Holdings, Inc., 144A, 4.125%, 2/15/30		45,000		36,563
PTC, Inc., 144A, 3.625%, 2/15/25		25,000		23,875
Rackspace Technology Global, Inc., 144A, 5.375%, 12/1/28		20,000		9,266
ROBLOX Corp., 144A, 3.875%, 5/1/30		10,000		8,233
Rocket Software, Inc., 144A, 6.50%, 2/15/29		10,000		7,913
SS&C Technologies, Inc., 144A, 5.50%, 9/30/27		20,000		19,231


	Principal Amount		Value
Software (Continued)
Twilio, Inc., 3.875%, 3/15/31	$	25,000	$	20,500
Veritas US, Inc. / Veritas Bermuda Ltd., 144A, 7.50%, 9/1/25		40,000		29,025

(Cost $523,514)				447,785

Utilities — 1.5%
Electric — 1.2%
Algonquin Power & Utilities Corp., 4.75%, 1/18/82		15,000		12,337
Atlantica Sustainable Infrastructure PLC, 144A, 4.125%, 6/15/28		10,000		8,875
Calpine Corp. 144A, 5.25%, 6/1/26		21,000		20,213
144A, 5.125%, 3/15/28		25,000		22,625
144A, 4.625%, 2/1/29		20,000		17,346
144A, 5.00%, 2/1/31		5,000		4,331
144A, 3.75%, 3/1/31		17,000		14,089
Clearway Energy Operating LLC 144A, 4.75%, 3/15/28		50,000		46,774
144A, 3.75%, 2/15/31		21,000		17,782
NextEra Energy Operating Partners LP, 144A, 4.50%, 9/15/27		34,000		32,173
Pattern Energy Operations LP / Pattern Energy Operations, Inc., 144A, 4.50%, 8/15/28		20,000		18,036
Pike Corp., 144A, 5.50%, 9/1/28		10,000		8,897

(Cost $242,089)				223,478


	Principal Amount		Value
Gas — 0.3%
AmeriGas Partners LP / AmeriGas Finance Corp. 5.625%, 5/20/24	$	50,000	$	49,375
5.875%, 8/20/26		20,000		19,275

(Cost $70,748)				68,650

TOTAL CORPORATE BONDS
(Cost $20,505,307)				18,549,812


	Number of Shares
SECURITIES LENDING COLLATERAL — 1.5%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (c)(d)
(Cost $281,919)		281,919		281,919

CASH EQUIVALENTS — 0.7%
DWS Government Money Market Series “Institutional Shares”, 3.74% (c)
(Cost $135,144)		135,144		135,144


TOTAL INVESTMENTS — 100.3%
(Cost $20,922,370)			$	18,966,875
Other assets and liabilities, net — (0.3%)				(48,364	)

NET ASSETS — 100.0%			$	18,918,511

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


	Principal Amount		Value
MUNICIPAL BONDS — 98.5%
Arizona — 1.6%
City of Mesa AZ Utility System Revenue, Multiple Utility Revenue, Series A, 5.00%, 7/1/43	$	500,000	$	539,676
City of Phoenix Civic Improvement Corp., Intergovernmental, Series A, 5.00%, 7/1/45		705,000		771,855
Salt River Project Agricultural Improvement & Power District, Electric, Power & Light Revenue, Series A, 5.00%, 1/1/33		35,000		38,673
Series A, 5.00%, 1/1/36		15,000		16,336
Series A, 5.00%, 1/1/47		500,000		540,205
Series A, 3.00%, 1/1/49		65,000		49,825

(Cost $2,069,470)				1,956,570

California — 18.6%
Bay Area Toll Authority, Highway Revenue Tolls, Sub-Series S-8, 3.00%, 4/1/54		535,000		398,216
City of Los Angeles Department of Airports, Private Airport & Marina Revenue, Series A, 5.00%, 5/15/35		25,000		27,921
Series A, 5.00%, 5/15/36		35,000		38,942
5.00%, 5/15/37		45,000		49,857
Series A, 5.00%, 5/15/38		300,000		331,444
5.00%, 5/15/39		40,000		44,030
5.00%, 5/15/40		55,000		60,300
Series D, AMT, 5.00%, 5/15/43		125,000		129,292
Series A, AMT, 4.00%, 5/15/44		1,225,000		1,142,873
Series C, AMT, 5.00%, 5/15/44		200,000		205,106
Series E, 5.00%, 5/15/44		25,000		26,694
Series F, AMT, 5.00%, 5/15/44		200,000		206,447
Series B, 5.00%, 5/15/45		260,000		283,360
Series C, AMT, 5.00%, 5/15/45		50,000		51,792
Series A, AMT, 5.00%, 5/15/46		600,000		621,828
Series B, 5.00%, 5/15/48		250,000		271,210
Series E, 5.00%, 5/15/48		20,000		21,343
Series F, AMT, 3.00%, 5/15/49		330,000		239,356
Series F, AMT, 4.00%, 5/15/49		500,000		453,618
Series D, AMT, 5.00%, 5/15/49		100,000		102,424
Series C, AMT, 4.00%, 5/15/50		500,000		459,722
Series A, AMT, 5.00%, 5/15/51		135,000		139,130
City of Sacramento CA Transient Occupancy Tax Revenue, Hotel Occupancy Tax, Series A, 5.00%, 6/1/48		25,000		26,115
City of San Francisco CA Public Utilities Commission Water Revenue, Water Revenue, Series D, 3.00%, 11/1/50		340,000		246,391
Series C, 4.00%, 11/1/50		1,000,000		953,894
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, Sales Tax Revenue, Series A, 4.00%, 6/1/39		40,000		41,067


	Principal Amount		Value
California (Continued)
Series A, 5.00%, 7/1/44	$	430,000	$	461,979
Los Angeles Department of Water & Power Power System Revenue, Electric, Power & Light Revenue, Series D, 5.00%, 7/1/34		45,000		49,863
Series B, 5.00%, 7/1/40		260,000		287,949
Series D, 5.00%, 7/1/44		125,000		135,322
Series A, 5.00%, 7/1/45		60,000		64,550
Series C, 5.00%, 7/1/49		635,000		683,175
Los Angeles Department of Water & Power Water System Revenue, Water Revenue, Series A, 5.00%, 7/1/41		270,000		298,598
Series B, 5.00%, 7/1/43		315,000		338,708
Series A, 5.00%, 7/1/48		210,000		222,872
Series A, 5.00%, 7/1/50		210,000		227,395
Los Angeles Department of Water & Power, Electric, Power & Light Revenue, Series B, 5.00%, 7/1/45		45,000		49,116
Series B, 5.00%, 7/1/48		500,000		545,173
Series A, 5.00%, 7/1/51		1,000,000		1,087,173
Metropolitan Water District of Southern California, Water Revenue, Series C, 5.00%, 7/1/39		25,000		28,128
Series C, 5.00%, 7/1/40		100,000		111,884
Series A, 5.00%, 10/1/45		225,000		246,631
Riverside County Transportation Commission, Highway Revenue Tolls, 4.00%, 6/1/40		50,000		47,811
Series B-1, 4.00%, 6/1/46		10,000		9,255
Series B-1, 3.00%, 6/1/49		800,000		587,264
Sacramento County Sanitation Districts Financing Authority, Intergovernmental, 5.00%, 12/1/33		30,000		34,842
Sacramento Municipal Utility District, Electric, Power & Light Revenue, Series H, 5.00%, 8/15/50		40,000		43,331
San Diego County Regional Airport Authority, Private Airport & Marina Revenue, Series A, 5.00%, 7/1/49		200,000		207,243
Series B, AMT, 4.00%, 7/1/51		250,000		222,646
Series A, 5.00%, 7/1/51		500,000		521,611
Series B, AMT, 5.00%, 7/1/51		500,000		510,490
Series A, 5.00%, 7/1/56		1,300,000		1,355,624
San Francisco City & County Airport Commission-San Francisco International Airport, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 5/1/37		515,000		539,924
Series A, AMT, 5.00%, 5/1/39		50,000		52,049
AMT, 5.00%, 5/1/43		320,000		327,864
Series A, AMT, 5.00%, 5/1/44		810,000		831,411
Series E, AMT, 5.00%, 5/1/45		1,225,000		1,255,346
Series D, AMT, 5.00%, 5/1/48		75,000		76,327
Series E, 5.00%, 5/1/48		25,000		25,817
Series D, AMT, 5.25%, 5/1/48		870,000		896,121
Series A, AMT, 4.00%, 5/1/49		1,000,000		907,294


	Principal Amount		Value
California (Continued)
Series A, AMT, 5.00%, 5/1/49	$	200,000	$	203,943
Series E, AMT, 5.00%, 5/1/50		370,000		376,999
Series F, 5.00%, 5/1/50		900,000		932,672
San Francisco City & County Public Utilities Commission Wastewater Revenue, Sewer Revenue, Series A, 4.00%, 10/1/43		110,000		109,886
San Francisco Municipal Transportation Agency, Transit Revenue, Series C, 4.00%, 3/1/51		40,000		37,428
Series C, 5.00%, 3/1/51		500,000		535,181
Southern California Public Power Authority, Natural Gas Revenue, Series A, 5.00%, 11/1/33		570,000		609,625
State of California Department of Water Resources, Water Revenue, Series BB, 5.00%, 12/1/33		45,000		52,277
Series BB, 5.00%, 12/1/34		25,000		28,927
Series BB, 5.00%, 12/1/35		45,000		51,852

(Cost $26,200,341)				22,801,948

Colorado — 4.1%
Arkansas River Power Authority, Electric, Power & Light Revenue, Series A, 5.00%, 10/1/43		215,000		216,467
City & County of Denver Co. Airport System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 12/1/32		285,000		302,640
Series A, AMT, 5.00%, 12/1/34		350,000		367,464
Series A, AMT, 5.00%, 12/1/35		1,000,000		1,045,972
Sub-Series A, AMT, 5.00%, 12/1/36		300,000		324,542
Series A, AMT, 5.00%, 12/1/37		20,000		20,805
Series A, AMT, 5.00%, 12/1/38		320,000		332,068
Series A, AMT, 4.00%, 12/1/43		650,000		601,738
Series A, AMT, 5.00%, 12/1/43		325,000		331,867
Series A, AMT, 5.00%, 12/1/48		700,000		710,279
Sub-Series B, 5.00%, 12/1/48		40,000		41,432
City & County of Denver Co. Dedicated Excise Tax Revenue, Hotel Occupancy Tax, Series A, 4.00%, 8/1/51		700,000		681,818
City of Colorado Springs CO Utilities System Revenue, Multiple Utility Revenue, Series B, 4.00%, 11/15/51		100,000		95,697

(Cost $5,585,039)				5,072,789

Connecticut — 0.3%
State of Connecticut Special Tax Revenue, Fuel Sales Tax Revenue, 5.00%, 5/1/34		25,000		28,247
5.00%, 5/1/37		100,000		111,217
5.00%, 5/1/38		100,000		110,886
5.00%, 5/1/40		120,000		131,989

(Cost $427,672)				382,339


	Principal Amount		Value
District of Columbia — 4.2%
District of Columbia Water & Sewer Authority, Water Revenue, Series B, 5.00%, 10/1/49	$	250,000	$	263,842
District of Columbia, Income Tax Revenue, Series A, 4.00%, 3/1/39		110,000		111,605
Series A, 4.00%, 3/1/40		105,000		106,108
Series C, 5.00%, 5/1/45		170,000		184,329
Metropolitan Washington Airports Authority Aviation Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 10/1/46		850,000		875,766
Series A, AMT, 5.00%, 10/1/48		175,000		178,390
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Highway Revenue Tolls, Series B, 4.00%, 10/1/44		1,000,000		897,468
Series B, 5.00%, 10/1/47		500,000		509,281
Series B, 4.00%, 10/1/49		300,000		261,519
Series B, 3.00%, 10/1/50		800,000		573,929
Series B, 4.00%, 10/1/53		1,350,000		1,156,663

(Cost $6,198,095)				5,118,900

Florida — 8.8%
Broward County FL Water & Sewer Utility Revenue, Water Revenue, Series A, 4.00%, 10/1/47		240,000		232,694
Central Florida Expressway Authority, Highway Revenue Tolls, Series D, 5.00%, 7/1/35		40,000		44,896
City of Gainesville FL Utilities System Revenue, Multiple Utility Revenue, Series A, 5.00%, 10/1/44		380,000		402,731
Series A, 5.00%, 10/1/47		215,000		224,483
City of Tampa FL Water & Wastewater System Revenue, Water Revenue, Series A, 5.00%, 10/1/54		1,000,000		1,082,293
County of Broward FL Airport System Revenue, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 10/1/44		100,000		91,915
Series A, AMT, 4.00%, 10/1/49		150,000		135,125
County of Broward Fl Port Facilities Revenue, Private Airport & Marina Revenue, Series B, 4.00%, 9/1/49		55,000		46,964
County of Broward FL Port Facilities Revenue, Private Airport & Marina Revenue, Series B, AMT, 4.00%, 9/1/44		500,000		447,600
County of Miami-Dade FL Aviation Revenue, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 10/1/44		400,000		357,985
Series A, AMT, 5.00%, 10/1/44		1,000,000		1,018,465
Series A, AMT, 5.00%, 10/1/49		380,000		384,569


	Principal Amount		Value
Florida (Continued)
County of Miami-Dade FL Transit System, Sales Tax Revenue, Series A, 4.00%, 7/1/49	$	500,000	$	465,454
Series A, 4.00%, 7/1/50		90,000		83,602
County of Miami-Dade Fl Water & Sewer System Revenue, Water Revenue, 4.00%, 10/1/51		100,000		90,186
County of Miami-Dade FL Water & Sewer System Revenue, Water Revenue, Series B, 4.00%, 10/1/44		475,000		463,136
4.00%, 10/1/46		255,000		244,224
4.00%, 10/1/48		400,000		379,928
4.00%, 10/1/48		40,000		37,993
Series B, 3.00%, 10/1/49		495,000		369,944
Series B, 4.00%, 10/1/49		500,000		477,073
4.00%, 10/1/51		275,000		257,623
Greater Orlando Aviation Authority, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 10/1/44		165,000		169,601
Series A, AMT, 4.00%, 10/1/49		500,000		454,697
Series A, AMT, 4.00%, 10/1/52		500,000		450,391
Sub-Series A, AMT, 5.00%, 10/1/52		605,000		608,167
Series A, AMT, 3.25%, 10/1/54		250,000		186,797
Hillsborough County Aviation Authority, Private Airport & Marina Revenue, Series F, 5.00%, 10/1/48		195,000		204,876
Hillsborough County Aviation Authority, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 10/1/52		500,000		450,391
Putnam County Development Authority, Electric, Power & Light Revenue, 5.00%, 3/15/42		40,000		42,814
State of Florida Department of Transportation Turnpike System Revenue, Highway Revenue Tolls, Series C, 3.00%, 7/1/46		425,000		336,600
Tampa-Hillsborough County Expressway Authority, Highway Revenue Tolls, Series B, 4.00%, 7/1/42		600,000		593,554

(Cost $12,591,928)				10,836,771

Georgia — 2.3%
City of Atlanta GA Department of Aviation, Private Airport & Marina Revenue, Series B, AMT, 4.00%, 7/1/49		200,000		181,399
Development Authority of Burke County, Electric, Power & Light Revenue, Series C, 4.125%, 11/1/45		25,000		22,703
Series D, 4.125%, 11/1/45		355,000		322,380
Georgia Ports Authority, Private Airport & Marina Revenue, 4.00%, 7/1/51		765,000		725,075
Georgia Ports Authority, Private Airport & Marina Revenue, 4.00%, 7/1/52		320,000		302,701
Main Street Natural Gas, Inc., Natural Gas Revenue, Series A, 5.00%, 5/15/43		30,000		30,192


	Principal Amount		Value
Georgia (Continued)
Municipal Electric Authority of Georgia, Nuclear Revenue, Series A, 5.00%, 1/1/62	$	500,000	$	509,967
Series A, 5.50%, 7/1/63		750,000		771,020

(Cost $3,007,988)				2,865,437

Hawaii — 0.8%
State of Hawaii Airports System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/43		400,000		408,119
State of Hawaii Airports System Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/51		500,000		511,464

(Cost $977,822)				919,583

Illinois — 6.5%
Chicago O’hare International Airport, Private Airport & Marina Revenue, Series A, 5.00%, 1/1/48		200,000		202,859
Series A, AMT, 5.00%, 1/1/55		500,000		502,317
Chicago O’Hare International Airport, Private Airport & Marina Revenue, Series A, 4.00%, 1/1/35		55,000		54,996
Series A, 5.00%, 1/1/35		650,000		701,756
Series A, 4.00%, 1/1/36		280,000		279,957
Series A, AMT, 4.00%, 1/1/43		115,000		105,691
Series B, 4.00%, 1/1/44		175,000		164,984
Series B, 5.00%, 1/1/48		1,285,000		1,317,014
Series B, 4.00%, 1/1/53		130,000		122,081
Series A, AMT, 4.375%, 1/1/53		25,000		23,485
Series B, 5.00%, 1/1/53		500,000		511,137
Chicago Transit Authority Sales Tax Receipts Fund, Sales Tax Revenue, Series A, 5.00%, 12/1/57		800,000		818,888
Illinois Finance Authority, Water Revenue, 4.00%, 7/1/38		25,000		25,466
Illinois State Toll Highway Authority, Highway Revenue Tolls, Series A, 5.00%, 1/1/41		30,000		32,005
Series A, 5.00%, 1/1/42		550,000		573,521
Series A, 4.00%, 1/1/44		850,000		824,338
Series A, 5.00%, 1/1/44		800,000		839,725
Series A, 5.00%, 1/1/45		775,000		818,739

(Cost $8,726,096)				7,918,959

Louisiana — 0.3%
East Baton Rouge Sewerage Commission, Sewer Revenue, Series A, 4.00%, 2/1/45		245,000		236,038
Jefferson Sales Tax District, Sales Tax Revenue, Series B, 4.00%, 12/1/42		115,000		112,815

(Cost $413,337)				348,853

Maine — 0.0%
Maine Turnpike Authority, Highway Revenue Tolls, 5.00%, 7/1/47 (Cost $45,991)		40,000		42,623


	Principal Amount		Value
Maryland — 0.5%
Maryland State Transportation Authority, Highway Revenue Tolls, 4.00%, 7/1/50 (Cost $757,982)	$	650,000	$	629,412

Massachusetts — 1.6%
Commonwealth of Massachusetts, Hotel Occupancy Tax, 5.50%, 1/1/34		185,000		217,656
Massachusetts Bay Transportation Authority Sales Tax Revenue, Sales Tax Revenue, Series B-1, 5.00%, 7/1/50		35,000		37,139
Series A-1, 4.00%, 7/1/51		205,000		196,576
Massachusetts Port Authority, Private Airport & Marina Revenue, Series C, AMT, 5.00%, 7/1/44		400,000		414,960
Series E, AMT, 5.00%, 7/1/46		500,000		521,305
Series E, AMT, 5.00%, 7/1/51		505,000		522,445

(Cost $2,147,376)				1,910,081

Michigan — 1.6%
Lansing Board of Water & Light, Electric, Power & Light Revenue, Series A, 5.00%, 7/1/44		600,000		638,324
Series A, 5.00%, 7/1/48		90,000		95,341
State of Michigan Trunk Line Revenue, Fuel Sales Tax Revenue, Series B, 4.00%, 11/15/45		1,300,000		1,277,016

(Cost $2,222,712)				2,010,681

Nevada — 1.5%
City of Reno NV, Sales Tax Revenue, Series A, 4.00%, 6/1/58		145,000		128,968
County of Clark NV, Fuel Sales Tax Revenue, 4.00%, 7/1/40		500,000		495,384
County of Washoe NV, Fuel Sales Tax Revenue, 5.00%, 2/1/42		50,000		53,553
Las Vegas Convention & Visitors Authority, Hotel Occupancy Tax, Series B, 5.00%, 7/1/43		840,000		871,702
Series B, 4.00%, 7/1/49		290,000		261,917

(Cost $1,913,611)				1,811,524

New Jersey — 2.0%
New Jersey Turnpike Authority, Highway Revenue Tolls, Series G, 4.00%, 1/1/33		130,000		133,871
Series B, 5.00%, 1/1/34		130,000		141,627
Series G, 4.00%, 1/1/35		75,000		76,451
Series G, 5.00%, 1/1/37		40,000		42,899
Series B, 5.00%, 1/1/40		100,000		106,348
Series G, 4.00%, 1/1/43		1,010,000		991,589
Series A, 4.00%, 1/1/48		45,000		43,000
Series A, 5.00%, 1/1/48		740,000		781,367


	Principal Amount		Value
New Jersey (Continued)
South Jersey Transportation Authority, Highway Revenue Tolls, Series A, 4.625%, 11/1/47	$	100,000	$	99,217

(Cost $2,527,904)				2,416,369

New York — 16.3%
Long Island Power Authority, Electric, Power & Light Revenue, 5.00%, 9/1/34		50,000		54,313
5.00%, 9/1/38		190,000		202,466
Metropolitan Transportation Authority, Transit Revenue, Series D, 5.00%, 11/15/32		25,000		25,760
Series C-1, 5.00%, 11/15/33		30,000		30,808
Series C-1, 5.00%, 11/15/34		50,000		51,142
Series C-1, 4.00%, 11/15/35		30,000		27,959
Series C-1, 4.00%, 11/15/37		155,000		141,610
Series C-1, 4.00%, 11/15/38		180,000		162,640
Series D, 4.00%, 11/15/42		430,000		374,376
Series A, Sub-Series A-2, 5.00%, 11/15/44		100,000		104,709
Series E, 4.00%, 11/15/45		1,000,000		851,685
Series C-1, 4.75%, 11/15/45		500,000		487,424
Sub-Series A, 5.00%, 11/15/45		75,000		73,750
Series A, 4.00%, 11/15/46		150,000		137,032
Series D, 4.00%, 11/15/46		790,000		669,322
Series D-2, 4.00%, 11/15/48		630,000		528,486
Series A-1-GROUP 1, 5.00%, 11/15/48		600,000		588,665
Series D-3, 4.00%, 11/15/49		140,000		116,769
Series A-1, 4.00%, 11/15/50		35,000		31,431
Series D-3, 4.00%, 11/15/50		250,000		207,419
Series C-1, 5.00%, 11/15/50		700,000		686,851
Series A-1, 4.00%, 11/15/52		775,000		636,257
Series B, 5.00%, 11/15/52		115,000		112,664
Series A-1-GROUP 2, 4.00%, 11/15/54		345,000		305,219
Series C-1, 5.25%, 11/15/55		250,000		252,504
New York City Municipal Water Finance Authority, Water Revenue, Series FF, 5.00%, 6/15/39		35,000		37,380
Series AA, 4.00%, 6/15/40		490,000		490,583
Series EE-2, 4.00%, 6/15/40		30,000		30,033
Series AA, 5.00%, 6/15/40		95,000		102,648
Series FF, 5.00%, 6/15/40		100,000		106,451
Sub-Series EE-2, 5.00%, 6/15/40		535,000		575,359
4.00%, 6/15/42		400,000		399,498
Series AA-2, 4.00%, 6/15/42		100,000		99,875
Series BB2, 4.00%, 6/15/42		40,000		39,950
Series CC-2, 4.00%, 6/15/42		25,000		24,969
Series BB-1, 5.00%, 6/15/44		140,000		152,188
Series BB-1, 4.00%, 6/15/45		255,000		247,265
Series BB-1, 4.00%, 6/15/49		200,000		190,849
Series CC-1, 4.00%, 6/15/49		200,000		190,849
Series FF-1, 4.00%, 6/15/49		15,000		14,314
Series BB-1, 5.00%, 6/15/49		270,000		287,257
Series DD-1, 5.00%, 6/15/49		400,000		420,485
Series DD-1, 5.25%, 6/15/49		70,000		74,734
Series BB-1, 4.00%, 6/15/50		285,000		271,066


	Principal Amount		Value
New York (Continued)
Series GG-1, 4.00%, 6/15/50	$	305,000	$	290,088
Sub-Series DD-1, 4.00%, 6/15/50		600,000		570,666
Series AA-1, 5.00%, 6/15/50		140,000		149,393
Series AA-1, 3.00%, 6/15/51		300,000		228,419
Series CC-1, 5.00%, 6/15/51		250,000		267,374
New York Power Authority, Electric, Power & Light Revenue, Series A, 4.00%, 11/15/45		35,000		34,229
Series A, 4.00%, 11/15/47		115,000		110,970
Series A, 4.00%, 11/15/50		75,000		72,130
Series A, 4.00%, 11/15/55		500,000		473,230
Series A, 3.25%, 11/15/60		1,760,000		1,304,506
Series A, 4.00%, 11/15/60		525,000		490,491
New York State Dormitory Authority, Income Tax Revenue, Series A, 4.00%, 3/15/37		225,000		227,352
New York State Environmental Facilities Corp., Water Revenue, Series A, 5.00%, 6/15/51		500,000		546,380
Port Authority of New York & New Jersey, Private Airport & Marina Revenue, Series 224, 4.00%, 7/15/51		15,000		14,216
Triborough Bridge & Tunnel Authority Sales Tax Revenue, Sales Tax Revenue, Series A, 4.00%, 5/15/57		1,000,000		933,481
Triborough Bridge & Tunnel Authority, Miscellaneous Taxes, Series C-1A, 4.00%, 5/15/46		600,000		578,036
Series C-3, 3.00%, 5/15/51		895,000		676,051
Series A-1, 5.00%, 5/15/51		2,000,000		2,126,055
Series C-1A, 5.00%, 5/15/51		225,000		240,051

(Cost $23,313,011)				19,950,132

Ohio — 1.2%
Franklin County Convention Facilities Authority, Industrial Revenue, 5.00%, 12/1/51		100,000		96,883
Northeast Ohio Regional Sewer District, Sewer Revenue, 4.00%, 11/15/43		60,000		59,722
Ohio Turnpike & Infrastructure Commission, Highway Revenue Tolls, Series A, 4.00%, 2/15/46		10,000		9,684
Series A, 5.00%, 2/15/46		275,000		300,528
Ohio Water Development Authority Water Pollution Control Loan Fund, Water Revenue, Series A, 5.00%, 12/1/50		750,000		806,985
Ohio Water Development Authority, Intergovernmental, 5.00%, 6/1/46		225,000		247,611

(Cost $1,725,589)				1,521,413

Oregon — 1.0%
Port of Portland OR Airport Revenue, Private Airport & Marina Revenue, Series 25B, AMT, 5.00%, 7/1/44		315,000		323,514
Series 28, AMT, 4.00%, 7/1/47		500,000		450,077


	Principal Amount		Value
Oregon (Continued)
Series TWENTY-SEVEN-A, AMT, 4.00%, 7/1/50	$	500,000	$	443,740
State of Oregon Department of Transportation, Fuel Sales Tax Revenue, Series A, 4.00%, 11/15/42		60,000		60,186

(Cost $1,399,378)				1,277,517

Pennsylvania — 6.4%
Allegheny County Airport Authority, Private Airport & Marina Revenue, Series A, AMT, 4.00%, 1/1/46		700,000		633,425
Series A, AMT, 5.00%, 1/1/51		500,000		509,649
Series A, AMT, 4.00%, 1/1/56		500,000		432,114
Chester County Industrial Development Authority, Recreational Revenue, 4.00%, 12/1/51		245,000		227,494
City of Philadelphia PA Water & Wastewater, Water Revenue, Series A, 5.00%, 10/1/43		25,000		26,270
Series A, 5.00%, 11/1/45		515,000		546,409
Series A, 5.00%, 10/1/48		35,000		36,422
Series A, 5.00%, 11/1/50		500,000		526,172
Pennsylvania Turnpike Commission, Fran. Tax & Bus. LIC Fees, Series B, 5.00%, 12/1/43		115,000		119,260
Series A, 5.25%, 12/1/44		565,000		602,641
Series A, 5.00%, 12/1/48		480,000		500,017
Pennsylvania Turnpike Commission, Highway Revenue Tolls, Series A, 3.00%, 12/1/42		160,000		125,363
Series A, 5.00%, 12/1/44		230,000		244,207
Series A, 4.00%, 12/1/46		20,000		19,084
Series B, 4.00%, 12/1/46		390,000		372,146
Series C, 5.00%, 12/1/46		45,000		47,337
Series A, 5.00%, 12/1/47		55,000		57,763
Sub-Series A, 4.00%, 12/1/49		285,000		273,605
Series A, 5.00%, 12/1/49		15,000		15,619
Series A, 4.00%, 12/1/50		255,000		225,850
Series B, 5.00%, 12/1/50		1,705,000		1,782,144
Series B, 3.00%, 12/1/51		200,000		143,283
Series A, 4.00%, 12/1/51		65,000		61,894
Series B, 4.00%, 12/1/51		300,000		267,829
Series B, 5.00%, 12/1/51		15,000		15,730

(Cost $8,962,801)				7,811,727

South Carolina — 0.8%
South Carolina Public Service Authority, Electric, Power & Light Revenue, Series A, 4.00%, 12/1/42		475,000		436,686
Series A, 4.00%, 12/1/52		600,000		514,774

(Cost $1,082,512)				951,460

Tennessee — 1.8%
Metropolitan Government of Nashville & Davidson County TN Electric Revenue, Electric, Power & Light Revenue, Series A, 5.00%, 5/15/46		245,000		267,415


	Principal Amount		Value
Tennessee (Continued)
Metropolitan Nashville Airport Authority, Private Airport & Marina Revenue, Series B, AMT, 5.00%, 7/1/49	$	125,000	$	127,600
Series B, AMT, 4.00%, 7/1/54		550,000		476,766
Series A, 5.00%, 7/1/54		805,000		832,908
Series B, AMT, 5.00%, 7/1/54		500,000		505,781

(Cost $2,534,957)				2,210,470

Texas — 8.3%
Central Texas Regional Mobility Authority, Highway Revenue Tolls, Series E, 5.00%, 1/1/45		100,000		104,481
Series B, 5.00%, 1/1/46		300,000		312,783
Series B, 4.00%, 1/1/51		50,000		45,667
City of Austin TX Electric Utility Revenue, Electric, Power & Light Revenue, Series B, 5.00%, 11/15/44		125,000		133,223
Series B, 5.00%, 11/15/49		125,000		132,594
City of Austin TX Water & Wastewater System Revenue, Water Revenue, Series C, 5.00%, 11/15/50		305,000		328,941
City of Dallas TX Waterworks & Sewer System Revenue, Water Revenue, Series C, 4.00%, 10/1/49		110,000		109,809
City of Georgetown TX Utility System Revenue, Multiple Utility Revenue, 4.25%, 8/15/47		1,000,000		984,384
City of Houston TX Airport System Revenue, Private Airport & Marina Revenue, Sub-Series A, AMT, 4.00%, 7/1/46		575,000		525,032
City of Houston TX Combined Utility System, Water Revenue, Series C, 4.00%, 11/15/43		165,000		159,702
Series D, 5.00%, 11/15/43		30,000		31,847
Series C, 3.00%, 11/15/47		145,000		108,979
Series C, 4.00%, 11/15/49		55,000		51,705
City of Lubbock TX Electric Light & Power System Revenue, Electric, Power & Light Revenue, 4.00%, 4/15/51		400,000		367,571
City of San Antonio TX Electric & Gas Systems Revenue, Electric, Power & Light Revenue, 5.00%, 2/1/35		100,000		109,850
Series A, 5.00%, 2/1/46		10,000		10,563
City of San Antonio TX Electric & Gas Systems, Electric, Power & Light Revenue, 5.00%, 2/1/34		220,000		243,336
Dallas Fort Worth International Airport, Private Airport & Marina Revenue, 4.00%, 11/1/34		60,000		60,585
4.00%, 11/1/35		85,000		85,682
Series A, 4.00%, 11/1/35		70,000		70,562
Harris County Toll Road Authority, Highway Revenue Tolls, Series A, 4.00%, 8/15/48		555,000		534,579


	Principal Amount		Value
Texas (Continued)
4.00%, 8/15/50	$	670,000	$	640,580
Harris County-Houston Sports Authority, Hotel Occupancy Tax, Series A, 3.125%, 11/15/56		110,000		79,603
Lower Colorado River Authority, Intergovernmental, 5.00%, 5/15/47		250,000		261,777
North Fort Bend Water Authority, Water Revenue, Series A, 4.00%, 12/15/58		25,000		23,302
North Texas Tollway Authority, Highway Revenue Tolls, Series A, 4.00%, 1/1/36		225,000		227,349
Series A, 4.00%, 1/1/37		25,000		25,086
Series A, 5.00%, 1/1/38		65,000		69,670
Series A, 5.00%, 1/1/39		30,000		31,744
Series A, 5.00%, 1/1/43		885,000		926,006
Series A, 5.00%, 1/1/48		2,075,000		2,153,436
4.25%, 1/1/49		30,000		29,007
Series B, 3.00%, 1/1/51		250,000		183,753
San Antonio Water System, Water Revenue, Series A, 5.00%, 5/15/46		25,000		27,136
Series A, 4.00%, 5/15/51		335,000		327,058
Texas Water Development Board, Water Revenue, 4.00%, 10/15/45		320,000		317,634
4.00%, 4/15/51		225,000		215,072
West Harris County Regional Water Authority, Water Revenue, 3.00%, 12/15/58		85,000		58,105

(Cost $11,426,088)				10,108,193

Utah — 2.2%
City of Salt Lake City UT Airport Revenue, Private Airport & Marina Revenue, Series A, AMT, 5.00%, 7/1/43		400,000		408,119
Series A, AMT, 5.00%, 7/1/48		1,000,000		1,011,308
Series A, AMT, 5.25%, 7/1/48		225,000		231,048
Intermountain Power Agency, Electric, Power & Light Revenue, Series A, 5.00%, 7/1/42		1,000,000		1,102,590

(Cost $2,841,802)				2,753,065

Virginia — 1.2%
Hampton Roads Transportation Accountability Commission, Appropriations, Series A, 4.00%, 7/1/45		275,000		271,024
Series A, 5.00%, 7/1/50		40,000		43,176
Series A, 4.00%, 7/1/55		700,000		672,106
Series A, 5.00%, 7/1/60		500,000		537,291

(Cost $1,791,271)				1,523,597

Washington — 2.4%
Central Puget Sound Regional Transit Authority, Sales Tax Revenue, Series S-1, 5.00%, 11/1/32		50,000		58,273


	Principal Amount		Value
Washington (Continued)
Series S-1, 4.00%, 11/1/40	$	20,000	$	19,974
Series S-1, 4.00%, 11/1/46		1,000,000		980,644
County of King WA Sewer Revenue, Sewer Revenue, Series A, 4.00%, 1/1/52		500,000		481,212
Energy Northwest, Nuclear Revenue, Series A, 5.00%, 7/1/38		300,000		328,446
Port of Seattle WA, Private Airport & Marina Revenue, AMT, 5.00%, 4/1/44		500,000		513,057
Series B, AMT, 5.00%, 8/1/47		500,000		515,499

(Cost $3,219,375)				2,897,105

West Virginia — 0.2%
West Virginia Parkways Authority, Highway Revenue Tolls, 5.00%, 6/1/47 (Cost $318,467)		250,000		267,706

Wisconsin — 0.2%
Wisconsin Health & Educational Facilities Authority, Electric, Power & Light Revenue, 5.00%, 4/1/44 (Cost $269,523)		245,000		257,227


	Principal Amount		Value
Puerto Rico — 1.8%
Puerto Rico Highway & Transportation Authority, Fuel Sales Tax Revenue, Series CC, 5.25%, 7/1/36	$	540,000	$	535,528
Series N, 5.25%, 7/1/36		855,000		847,920
Puerto Rico Highway & Transportation Authority, Highway Revenue Tolls, Series L, 5.25%, 7/1/35		705,000		699,081
Series L, 5.25%, 7/1/41		65,000		64,343

(Cost $2,346,247)				2,146,872

TOTAL MUNICIPAL BONDS
(Cost $137,044,385)				120,719,323


TOTAL INVESTMENTS — 98.5% (Cost $137,044,385)			$	120,719,323
Other assets and liabilities, net — 1.5%				1,838,857

NET ASSETS — 100.0%			$	122,558,180


	Number of Shares		Value
COMMON STOCKS — 97.9%
Australia — 6.9%
BHP Group Ltd.		13,312	$	405,813
Coles Group Ltd.		3,526		40,025
Fortescue Metals Group Ltd.		4,453		57,795
Medibank Pvt Ltd.		7,029		13,792
Rio Tinto Ltd.		977		71,724
Wesfarmers Ltd.		2,975		96,769

(Cost $759,097)				685,918

Austria — 0.2%
OMV AG (Cost $20,462)		386		19,936

Belgium — 0.2%
Ageas SA/NV (Cost $21,248)		423		16,755

Brazil — 2.5%
Ambev SA		12,517		37,893
Atacadao SA		1,663		5,050
B3 SA — Brasil Bolsa Balcao		16,228		39,283
TIM SA		2,424		5,992
Vale SA		9,986		162,756

(Cost $233,953)				250,974

Canada — 3.3%
BCE, Inc.		215		10,159
Canadian Tire Corp. Ltd., Class A		148		16,631
Great-West Lifeco, Inc.		741		17,534
iA Financial Corp., Inc.		289		16,178
IGM Financial, Inc.		242		6,967
Lundin Mining Corp.		1,715		10,474
Manulife Financial Corp.		4,975		88,917
Quebecor, Inc., Class B (a)		432		9,238
Restaurant Brands International, Inc.		772		50,869
Sun Life Financial, Inc.		1,530		71,935
TELUS Corp.		1,197		25,287

(Cost $322,172)				324,189

Chile — 0.2%
Antofagasta PLC		1,018		17,076
Cia Cervecerias Unidas SA		396		2,384
Cia Sud Americana de Vapores SA		46,532		3,764

(Cost $29,666)				23,224

China — 5.4%
360 DigiTech, Inc., ADR		279		4,378
Anhui Conch Cement Co. Ltd., Class A		500		2,018
Anhui Conch Cement Co. Ltd., Class H		3,297		11,933
Baoshan Iron & Steel Co. Ltd., Class A		3,600		2,866
China Coal Energy Co. Ltd., Class H		5,027		4,611
China Communications Services Corp. Ltd., Class H		6,134		2,106
China Conch Venture Holdings Ltd.		4,169		9,475
China Construction Bank Corp., Class A		2,400		1,894
China Construction Bank Corp., Class H		251,144		151,545
China Hongqiao Group Ltd.		5,933		5,496
China Lesso Group Holdings Ltd.		2,634		3,202
China Medical System Holdings Ltd.		3,469		5,031


	Number of Shares		Value
China (Continued)
China Pacific Insurance Group Co. Ltd., Class A		1,200	$	4,123
China Pacific Insurance Group Co. Ltd., Class H		7,200		16,253
China Railway Group Ltd., Class H		11,350		6,383
China Railway Signal & Communication Corp. Ltd., Class A		1,593		1,057
China Shenhua Energy Co. Ltd., Class A		1,156		4,986
China Shenhua Energy Co. Ltd., Class H		8,945		27,504
China State Construction Engineering Corp. Ltd., Class A		7,000		5,811
China Vanke Co. Ltd., Class A		1,700		4,476
China Vanke Co. Ltd., Class H		4,525		9,310
COSCO SHIPPING Holdings Co. Ltd., Class A		2,000		3,566
COSCO SHIPPING Holdings Co. Ltd., Class H		8,151		8,803
CRRC Corp. Ltd., Class H		10,902		4,469
Daan Gene Co. Ltd., Class A		400		1,012
Daqin Railway Co. Ltd., Class A		2,800		2,708
Foxconn Industrial Internet Co. Ltd., Class A		1,500		1,938
Gemdale Corp., Class A		800		1,321
Gree Electric Appliances, Inc. of Zhuhai, Class A		600		2,725
Haitian International Holdings Ltd.		1,544		3,976
Henan Shuanghui Investment & Development Co. Ltd., Class A		600		2,140
Hengli Petrochemical Co. Ltd., Class A		944		2,239
Huaibei Mining Holdings Co. Ltd., Class A		600		1,217
Huaxin Cement Co. Ltd., Class A		459		1,006
Hunan Valin Steel Co. Ltd., Class A		1,600		1,084
Industrial & Commercial Bank of China Ltd., Class A		9,500		5,767
Industrial & Commercial Bank of China Ltd., Class H		148,480		74,378
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A		1,253		743
Jiangsu Expressway Co. Ltd., Class H		2,966		2,675
LB Group Co. Ltd., Class A		500		1,262
Lenovo Group Ltd.		19,695		16,603
Livzon Pharmaceutical Group, Inc., Class A		107		571
New China Life Insurance Co. Ltd., Class A		300		1,215
New China Life Insurance Co. Ltd., Class H		2,455		5,731
People’s Insurance Co. Group of China Ltd., Class H		21,542		7,231
PICC Property & Casualty Co. Ltd., Class H		18,026		18,152
Pingdingshan Tianan Coal Mining Co. Ltd., Class A		600		1,044
Postal Savings Bank of China Co. Ltd., Class A		5,226		3,290
Postal Savings Bank of China Co. Ltd., Class H, 144A		20,047		12,020
Shaanxi Coal Industry Co. Ltd., Class A		1,800		5,125
Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class B		3,640		2,927
Shanghai Pharmaceuticals Holding Co. Ltd., Class H		2,072		3,435


	Number of Shares		Value
China (Continued)
Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A		459	$	472
Shanxi Coking Coal Energy Group Co. Ltd., Class A		700		1,300
Shanxi Taigang Stainless Steel Co. Ltd., Class A		1,500		955
Sichuan Chuantou Energy Co. Ltd., Class A		700		1,179
Sinopharm Group Co. Ltd., Class H		3,378		7,980
Tianshan Aluminum Group Co. Ltd., Class A		1,000		1,009
Topsports International Holdings Ltd., 144A		5,059		3,221
Uni-President China Holdings Ltd.		3,016		2,643
Want Want China Holdings Ltd.		12,284		8,341
Yankuang Energy Group Co. Ltd., Class A		400		2,291
Yankuang Energy Group Co. Ltd., Class H		3,937		13,038
Youngor Group Co. Ltd., Class A		1,100		1,002
Zangge Mining Co. Ltd., Class A		300		1,304
Zhuzhou Kibing Group Co. Ltd., Class A		800		1,116
Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A		2,000		1,649

(Cost $704,328)				532,331

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

Czech Republic — 0.1%
CEZ AS (Cost $14,318)		421		14,314

Denmark — 0.4%
A.P. Moller — Maersk A/S, Class A		8		16,645
A.P. Moller — Maersk A/S, Class B		13		27,625

(Cost $60,910)				44,270

Egypt — 0.0%
Eastern Co. SAE (Cost $2,753)		2,931		1,541

Finland — 1.3%
Elisa OYJ		369		18,906
Kesko OYJ, Class B		733		15,464
Kone OYJ, Class B		889		43,489
UPM-Kymmene OYJ		1,396		50,266

(Cost $134,517)				128,125

France — 9.7%
Amundi SA, 144A		155		8,538
AXA SA		4,879		135,740
Bouygues SA		590		17,958
Cie Generale des Etablissements Michelin SCA		1,746		48,045
Danone SA		1,675		86,371
Sanofi		2,985		265,797
TotalEnergies SE		6,500		403,638

(Cost $1,009,324)				966,087

Germany — 5.6%
Allianz SE		1,070		225,138
BASF SE		2,416		120,688


	Number of Shares		Value
Germany (Continued)
Bayerische Motoren Werke AG		863	$	76,694
Covestro AG, 144A		501		19,690
Deutsche Post AG		2,625		102,248
Evonik Industries AG		550		10,604

(Cost $633,858)				555,062

Greece — 0.2%
Hellenic Telecommunications Organization SA		516		7,837
JUMBO SA		283		4,426
OPAP SA		512		6,974

(Cost $21,701)				19,237

Hong Kong — 3.4%
Beijing Enterprises Holdings Ltd.		1,330		4,209
Bosideng International Holdings Ltd.		8,446		4,155
China Everbright Environment Group Ltd.		9,888		4,522
China Merchants Port Holdings Co. Ltd.		3,566		5,181
China Overseas Land & Investment Ltd.		10,115		27,343
China Resources Cement Holdings Ltd.		6,269		3,381
China Resources Gas Group Ltd.		2,361		8,318
China Resources Land Ltd.		8,498		39,194
China State Construction International Holdings Ltd.		5,170		6,193
China Taiping Insurance Holdings Co. Ltd.		3,936		3,994
CK Asset Holdings Ltd.		5,195		30,982
CK Infrastructure Holdings Ltd.		1,651		8,313
COSCO SHIPPING Ports Ltd.		4,660		3,516
Guangdong Investment Ltd.		7,997		7,336
Hang Lung Properties Ltd.		5,139		9,468
Henderson Land Development Co. Ltd.		3,929		12,936
HKT Trust & HKT Ltd. (c)		9,898		12,021
Kingboard Holdings Ltd.		1,732		5,680
Kingboard Laminates Holdings Ltd.		2,763		2,896
Nine Dragons Paper Holdings Ltd.		3,932		3,118
Orient Overseas International Ltd.		360		6,743
Power Assets Holdings Ltd.		3,631		18,677
Sino Land Co. Ltd.		8,754		10,890
SITC International Holdings Co. Ltd.		3,661		7,992
Sun Hung Kai Properties Ltd.		3,812		45,761
Swire Properties Ltd.		3,195		7,155
Wharf Real Estate Investment Co. Ltd.		4,361		20,114
Xinyi Glass Holdings Ltd.		4,718		9,042
Yuexiu Property Co. Ltd.		3,672		4,629

(Cost $412,420)				333,759

India — 2.1%
Bajaj Auto Ltd.		177		8,152
Bharat Petroleum Corp. Ltd.		2,220		9,300
Coal India Ltd.		4,026		11,235
GAIL India Ltd.		5,914		6,881
HCL Technologies Ltd.		2,814		38,729
Hero MotoCorp Ltd.		290		10,156
Indian Oil Corp. Ltd.		7,526		7,084
ITC Ltd.		7,772		32,448
NTPC Ltd.		10,129		21,418
Oil & Natural Gas Corp. Ltd.		6,546		11,342
Petronet LNG Ltd.		2,143		5,596


	Number of Shares		Value
India (Continued)
Power Grid Corp. of India Ltd.		8,107	$	22,299
Tata Steel Ltd.		18,912		24,999

(Cost $185,117)				209,639

Indonesia — 1.3%
PT Adaro Energy Indonesia Tbk		36,118		8,885
PT Astra International Tbk		52,469		20,179
PT Bank Mandiri Persero Tbk		48,576		32,499
PT Bank Rakyat Indonesia Persero Tbk		179,490		56,820
PT Indofood Sukses Makmur Tbk		11,419		4,682
PT United Tractors Tbk		4,550		8,908

(Cost $104,299)				131,973

Israel — 0.5%
Bank Leumi Le-Israel BM		4,048		36,053
ICL Group Ltd.		1,849		15,048

(Cost $55,152)				51,101

Italy — 2.2%
Assicurazioni Generali SpA		2,893		50,461
Enel SpA		21,424		113,252
Snam SpA		5,286		26,495
Terna — Rete Elettrica Nazionale		3,678		27,683

(Cost $323,495)				217,891

Japan — 6.8%
AGC, Inc.		500		16,483
Aisin Corp.		400		10,792
Asahi Kasei Corp.		3,300		24,098
Daiwa House Industry Co. Ltd.		1,600		36,222
Honda Motor Co. Ltd.		4,300		103,417
Iida Group Holdings Co. Ltd.		400		6,286
Japan Tobacco, Inc.		3,100		62,549
Kajima Corp.		1,100		12,219
Mitsui Chemicals, Inc.		500		11,108
Mitsui OSK Lines Ltd. (a)		900		21,703
MS&AD Insurance Group Holdings, Inc.		1,178		34,612
Nippon Yusen KK (a)		1,269		27,619
Nomura Real Estate Holdings, Inc.		300		7,138
Obayashi Corp.		1,700		12,475
Sekisui House Ltd.		1,575		28,974
SoftBank Corp.		7,500		80,488
Sompo Holdings, Inc.		800		34,737
Sumitomo Metal Mining Co. Ltd.		600		19,973
Tokio Marine Holdings, Inc.		4,820		97,650
Tosoh Corp.		700		8,142
Yamaha Motor Co. Ltd.		800		19,579

(Cost $710,919)				676,264

Kuwait — 0.1%
Mobile Telecommunications Co. KSCP (Cost $11,182)		5,865		11,176

Malaysia — 1.1%
Inari Amertron Bhd		8,500		5,084
Kuala Lumpur Kepong Bhd		1,200		5,639
Malayan Banking Bhd		12,411		24,082
MISC Bhd		3,500		5,666
Petronas Chemicals Group Bhd		6,600		12,673


	Number of Shares		Value
Malaysia (Continued)
Petronas Gas Bhd		2,100	$	7,933
Public Bank Bhd		38,200		38,651
RHB Bank Bhd		3,890		4,915
Sime Darby Bhd		7,500		3,626

(Cost $99,174)				108,269

Mexico — 0.7%
Arca Continental SAB de CV		1,229		10,215
Coca-Cola Femsa SAB de CV		1,286		8,734
Grupo Mexico SAB de CV, Series B		8,173		33,192
Kimberly-Clark de Mexico SAB de CV, Class A		4,267		7,224
Orbia Advance Corp. SAB de CV		2,594		5,052

(Cost $54,930)				64,417

Netherlands — 2.3%
Koninklijke Ahold Delhaize NV		2,747		78,673
NN Group NV		723		30,239
OCI NV		274		11,449
Randstad NV		310		17,555
Stellantis NV*		5,743		88,061

(Cost $231,497)				225,977

New Zealand — 0.2%
Spark New Zealand Ltd. (Cost $14,433)		4,796		15,341

Norway — 0.7%
Aker BP ASA		857		29,368
Gjensidige Forsikring ASA		526		9,981
Orkla ASA		2,021		14,180
Yara International ASA		431		19,451

(Cost $84,912)				72,980

Peru — 0.1%
Southern Copper Corp. (a) (Cost $12,854)		219		13,363

Philippines — 0.1%
Globe Telecom, Inc.		72		2,928
PLDT, Inc.		240		7,434

(Cost $9,822)				10,362

Poland — 0.3%
Cyfrowy Polsat SA		565		2,314
LPP SA		3		6,321
Polski Koncern Naftowy ORLEN SA		1,654		23,790

(Cost $38,307)				32,425

Qatar — 0.2%
Industries Qatar QSC		3,942		16,118
Mesaieed Petrochemical Holding Co.		11,780		7,537

(Cost $28,584)				23,655

Russia — 0.0%
Alrosa PJSC*(b)		14,479		0
Inter RAO UES PJSC*(b)		188,952		0
LUKOIL PJSC (b)		2,350		0
MMC Norilsk Nickel PJSC*(b)		361		0
Mobile TeleSystems PJSC, ADR*(b)		2,615		0


	Number of Shares		Value
Russia (Continued)
Novolipetsk Steel PJSC (b)		8,593	$	0
PhosAgro PJSC*(b)		258		0
PhosAgro PJSC, GDR*(b)		2		0
PhosAgro PJSC, GDR*(b)		4		0
Polyus PJSC*(b)		192		0
Severstal PAO (b)		1,174		0
Tatneft PJSC (b)		7,791		0

(Cost $520,076)				0

Saudi Arabia — 0.8%
Advanced Petrochemical Co.		355		3,924
Jarir Marketing Co.		150		6,584
SABIC Agri-Nutrients Co.		553		21,212
Saudi Industrial Investment Group		1,007		5,475
Saudi Telecom Co.		3,957		40,473

(Cost $82,034)				77,668

Singapore — 1.9%
Oversea-Chinese Banking Corp. Ltd.		8,908		80,870
Singapore Exchange Ltd.		2,141		14,140
Singapore Technologies Engineering Ltd.		4,000		10,012
United Overseas Bank Ltd.		3,100		70,583
Venture Corp. Ltd.		700		8,838

(Cost $167,384)				184,443

South Africa — 1.5%
African Rainbow Minerals Ltd.		318		5,425
Anglo American Platinum Ltd.		144		14,551
Exxaro Resources Ltd.		615		8,173
FirstRand Ltd.		13,028		51,322
Impala Platinum Holdings Ltd.		2,221		27,394
Kumba Iron Ore Ltd. (a)		162		4,609
Mr Price Group Ltd.		653		6,501
Sanlam Ltd.		4,700		15,529
SPAR Group Ltd. (a)		455		3,565
Vodacom Group Ltd.		1,655		12,244

(Cost $167,562)				149,313

South Korea — 1.5%
Cheil Worldwide, Inc.		229		4,211
DB Insurance Co. Ltd.		116		5,462
Kia Corp.		678		35,266
KT&G Corp.		286		21,664
Kumho Petrochemical Co. Ltd.		55		6,235
LG Uplus Corp.		580		5,321
POSCO Holdings, Inc.		205		46,554
S-1 Corp.		52		2,531
Samsung Fire & Marine Insurance Co. Ltd.		79		12,310
Samsung Life Insurance Co. Ltd.		216		12,021

(Cost $155,324)				151,575

Spain — 2.6%
Endesa SA		831		15,145
Iberdrola SA		15,734		174,641
Red Electrica Corp. SA		1,064		18,400
Repsol SA		3,588		54,677

(Cost $251,550)				262,863


	Number of Shares		Value
Sweden — 0.7%
Boliden AB		718	$	26,118
Securitas AB, Class B (a)		1,360		10,889
SKF AB, Class B		993		16,142
Tele2 AB, Class B		1,474		12,830

(Cost $83,289)				65,979

Switzerland — 9.7%
Adecco Group AG		437		14,609
Baloise Holding AG		126		18,819
Holcim AG		1,456		74,515
Kuehne + Nagel International AG		143		34,311
Novartis AG		5,564		488,511
SGS SA		17		39,255
Swiss Re AG		793		70,098
Swisscom AG		68		36,271
Zurich Insurance Group AG		393		186,817

(Cost $937,227)				963,206

Taiwan — 7.1%
Acer, Inc.		8,095		6,443
ASE Technology Holding Co. Ltd.		8,774		27,595
Asia Cement Corp.		6,100		8,152
Asustek Computer, Inc.		1,751		15,071
Cathay Financial Holding Co. Ltd.		20,584		29,006
Compal Electronics, Inc.		10,834		7,589
CTBC Financial Holding Co. Ltd.		46,509		34,612
Formosa Plastics Corp.		11,000		32,104
Fubon Financial Holding Co. Ltd.		19,746		38,846
Hon Hai Precision Industry Co. Ltd.		32,978		107,239
Largan Precision Co. Ltd.		251		18,639
Lite-On Technology Corp.		5,462		11,594
MediaTek, Inc.		4,021		95,368
Micro-Star International Co. Ltd.		1,752		6,973
Nan Ya Plastics Corp.		12,000		29,859
Nien Made Enterprise Co. Ltd.		541		5,094
Novatek Microelectronics Corp.		1,450		14,005
Pegatron Corp.		5,396		10,825
Powerchip Semiconductor Manufacturing Corp.		7,000		7,542
President Chain Store Corp.		1,584		13,966
Quanta Computer, Inc.		7,159		16,586
Realtek Semiconductor Corp.		1,000		10,257
Shanghai Commercial & Savings Bank Ltd.		10,348		17,009
Shin Kong Financial Holding Co. Ltd.		33,815		9,749
SinoPac Financial Holdings Co. Ltd.		27,350		16,106
Synnex Technology International Corp.		3,738		7,051
Taishin Financial Holding Co. Ltd.		28,280		13,863
United Microelectronics Corp.		31,000		45,940
Vanguard International Semiconductor Corp.		2,000		5,326
Wan Hai Lines Ltd.		2,000		4,925
WPG Holdings Ltd.		4,864		7,633
Yuanta Financial Holding Co. Ltd.		26,344		19,264
Zhen Ding Technology Holding Ltd.		1,771		6,848

(Cost $731,226)				701,079

Thailand — 0.4%
Intouch Holdings PCL, NVDR		3,100		6,483
Osotspa PCL, NVDR		4,000		3,204


	Number of Shares		Value
Thailand (Continued)
PTT Exploration & Production PCL, NVDR		3,500	$	18,659
Ratch Group PCL, NVDR		3,000		3,488
Srisawad Corp. PCL, NVDR		1,900		2,438
Thai Union Group PCL, NVDR		7,600		3,685

(Cost $35,041)				37,957

Turkey — 0.1%
Eregli Demir ve Celik Fabrikalari TAS (Cost $6,942)		3,950		9,062

United Arab Emirates — 0.4%
Abu Dhabi Islamic Bank PJSC		3,824		9,995
Abu Dhabi National Oil Co. for Distribution PJSC		8,386		10,411
Emirates NBD Bank PJSC		4,918		17,741

(Cost $30,078)				38,147

United Kingdom — 13.1%
3i Group PLC		2,582		41,465
Anglo American PLC		3,342		135,618
BAE Systems PLC		8,222		80,546
Coca-Cola Europacific Partners PLC		534		28,350
GSK PLC		10,620		177,923
Hargreaves Lansdown PLC		923		9,273
Imperial Brands PLC		2,379		60,204
Kingfisher PLC		5,029		14,440
National Grid PLC		9,555		115,440
Next PLC		334		23,229
Persimmon PLC		862		13,058
Rio Tinto PLC		2,936		195,279
Schroders PLC		1,858		9,789
St James’s Place PLC		1,423		19,480
Tesco PLC		19,418		52,609
Unilever PLC		6,659		328,628

(Cost $1,468,287)				1,305,331

TOTAL COMMON STOCKS (Cost $11,014,581)				9,727,178

PREFERRED STOCKS — 0.6%
Brazil — 0.2%
Cia Energetica de Minas Gerais		3,555		7,760
Gerdau SA		3,056		18,346

(Cost $20,979)				26,106

Germany — 0.4%
Bayerische Motoren Werke AG		155		13,191
Porsche Automobil Holding SE		395		23,727

(Cost $36,918)				36,918

TOTAL PREFERRED STOCKS (Cost $57,897)				63,024

RIGHTS — 0.0%
Taiwan — 0.0%
Shanghai Commercial & Savings Bank Ltd.*, expires 12/22/22
(Cost $0)		685		306


	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 0.2%
WisdomTree Emerging Markets High Dividend Fund		100	$	3,716
Xtrackers MSCI EAFE High Dividend Yield Equity ETF (d)		700		15,330

TOTAL EXCHANGE-TRADED FUNDS (Cost $17,536)				19,046

SECURITIES LENDING COLLATERAL — 0.2%
DWS Government & Agency Securities Portfolio “DWS Government Cash Institutional Shares”, 3.69% (e)(f) (Cost $21,137)		21,137		21,137

CASH EQUIVALENTS — 0.1%
DWS Government Money Market Series “Institutional Shares”, 3.74% (e) (Cost $5,647)		5,647		5,647


TOTAL INVESTMENTS — 99.0% (Cost $11,116,798)			$	9,836,338
Other assets and liabilities, net — 1.0%				96,284

NET ASSETS — 100.0%			$	9,932,622

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

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


	Number of Shares		Value
COMMON STOCKS — 98.3%
Australia — 9.8%
BHP Group Ltd.		1,822,385	$	55,554,956
Coles Group Ltd.		658,403		7,473,808
Fortescue Metals Group Ltd.		834,626		10,832,435
Medibank Pvt Ltd.		1,357,281		2,663,286
Rio Tinto Ltd.		182,940		13,430,089
Wesfarmers Ltd.		558,874		18,178,683

(Cost $110,417,722)				108,133,257

Austria — 0.3%
OMV AG (Cost $3,699,335)		72,614		3,750,314

Belgium — 0.3%
Ageas SA/NV (Cost $3,766,173)		79,502		3,149,126

Chile — 0.3%
Antofagasta PLC
(Cost $3,381,600)		194,353		3,260,044

Denmark — 0.8%
A.P. Moller — Maersk A/S, Class A		1,461		3,039,831
A.P. Moller — Maersk A/S, Class B		2,541		5,399,498

(Cost $10,742,044)				8,439,329

Finland — 1.5%
Elisa OYJ		70,143		3,593,805
Kesko OYJ, Class B		134,575		2,839,201
UPM-Kymmene OYJ		263,143		9,474,956

(Cost $15,727,331)				15,907,962

France — 9.7%
Amundi SA, 144A		29,861		1,644,932
AXA SA		921,317		25,632,100
Bouygues SA		113,356		3,450,156
Cie Generale des Etablissements Michelin SCA		333,833		9,186,218
Danone SA		316,478		16,319,152
Sanofi		562,208		50,061,339

(Cost $110,382,547)				106,293,897

Germany — 9.5%
Allianz SE		201,324		42,360,390
BASF SE		452,680		22,612,944
Bayerische Motoren Werke AG		163,382		14,519,615
Covestro AG, 144A		95,222		3,742,392
Deutsche Post AG		488,547		19,029,722
Evonik Industries AG		103,425		1,994,055

(Cost $109,861,262)				104,259,118

Hong Kong — 3.1%
CK Asset Holdings Ltd.		984,736		5,872,713
CK Infrastructure Holdings Ltd.		310,816		1,564,931
Hang Lung Properties Ltd.		997,874		1,838,374
Henderson Land Development Co. Ltd.		715,425		2,355,573
HKT Trust & HKT Ltd. (a)		1,868,643		2,269,520
Power Assets Holdings Ltd.		684,123		3,518,998
Sino Land Co. Ltd.		1,624,726		2,021,150
SITC International Holdings Co. Ltd.		662,752		1,446,838


	Number of Shares		Value
Hong Kong (Continued)
Sun Hung Kai Properties Ltd.		714,254	$	8,574,159
Swire Properties Ltd.		577,507		1,293,296
Wharf Real Estate Investment Co. Ltd.		823,112		3,796,301

(Cost $38,269,784)				34,551,853

Israel — 0.6%
Bank Leumi Le-Israel BM (Cost $7,375,839)		760,718		6,775,313

Italy — 3.7%
Assicurazioni Generali SpA		547,493		9,549,524
Enel SpA		4,008,521		21,189,943
Snam SpA		993,878		4,981,652
Terna — Rete Elettrica Nazionale		693,564		5,220,279

(Cost $50,825,040)				40,941,398

Japan — 11.7%
AGC, Inc.		95,200		3,138,312
Aisin Corp.		74,900		2,020,915
Asahi Kasei Corp.		617,974		4,512,796
Daiwa House Industry Co. Ltd.		295,271		6,684,543
Honda Motor Co. Ltd.		803,200		19,317,322
Iida Group Holdings Co. Ltd.		74,200		1,166,121
Japan Tobacco, Inc.		591,500		11,934,701
Kajima Corp.		204,000		2,266,017
Mitsui Chemicals, Inc.		91,800		2,039,415
Mitsui OSK Lines Ltd. (b)		169,500		4,087,484
MS&AD Insurance Group Holdings, Inc.		219,400		6,446,467
Nippon Yusen KK (b)		238,900		5,199,508
Obayashi Corp.		311,600		2,286,645
Sekisui House Ltd.		303,624		5,585,515
SoftBank Corp.		1,415,300		15,188,561
Sompo Holdings, Inc.		154,100		6,691,213
Sumitomo Metal Mining Co. Ltd.		121,600		4,047,814
Taisei Corp.		89,900		2,683,342
Tokio Marine Holdings, Inc.		904,828		18,331,294
Tosoh Corp.		127,920		1,487,847
Yamaha Motor Co. Ltd.		146,600		3,587,781

(Cost $131,009,911)				128,703,613

Netherlands — 3.4%
Koninklijke Ahold Delhaize NV		515,408		14,761,143
NN Group NV		137,556		5,753,197
Stellantis NV*		1,084,481		16,628,946

(Cost $36,293,359)				37,143,286

New Zealand — 0.3%
Spark New Zealand Ltd. (Cost $2,725,519)		921,936		2,948,965

Norway — 1.7%
Aker BP ASA		155,800		5,339,089
Gjensidige Forsikring ASA		98,565		1,870,245
Norsk Hydro ASA		662,970		4,825,759
Orkla ASA		370,218		2,597,539
Yara International ASA		81,617		3,683,392

(Cost $19,847,871)				18,316,024


	Number of Shares		Value
Portugal — 0.3%
Jeronimo Martins SGPS SA (Cost $2,885,355)		139,586	$	3,046,965

Singapore — 3.4%
Oversea-Chinese Banking Corp. Ltd.		1,668,707		15,149,029
Singapore Exchange Ltd.		423,050		2,793,989
Singapore Technologies Engineering Ltd.		768,900		1,924,635
United Overseas Bank Ltd.		581,800		13,246,851
Venture Corp. Ltd.		136,700		1,725,834
Wilmar International Ltd.		946,700		2,832,569

(Cost $34,401,462)				37,672,907

Spain — 3.8%
Enagas SA		122,596		2,174,960
Endesa SA		156,582		2,853,677
Iberdrola SA		2,978,683		33,062,281
Red Electrica Corp. SA		200,012		3,458,803

(Cost $42,278,154)				41,549,721

Sweden — 0.9%
Boliden AB		134,896		4,906,896
Securitas AB, Class B (b)		242,651		1,942,792
Tele2 AB, Class B		280,802		2,444,161

(Cost $11,218,034)				9,293,849

Switzerland — 12.4%
Adecco Group AG		78,861		2,636,288
Baloise Holding AG		22,566		3,370,393
Holcim AG		273,238		13,983,820
Kuehne + Nagel International AG		26,753		6,419,035
Novartis AG		625,135		54,885,902
Swiss Re AG		148,652		13,140,353
Swisscom AG		12,767		6,809,960
Zurich Insurance Group AG		74,161		35,253,232

(Cost $132,136,138)				136,498,983


	Number of Shares		Value
United Kingdom — 20.8%
Anglo American PLC		626,292	$	25,414,880
BAE Systems PLC		1,542,820		15,113,996
Coca-Cola Europacific Partners PLC		101,151		5,370,107
GSK PLC		2,004,352		33,580,076
Hargreaves Lansdown PLC		175,066		1,758,789
Imperial Brands PLC		444,978		11,260,892
Kingfisher PLC		974,826		2,798,979
National Grid PLC		1,803,493		21,789,228
Next PLC		63,655		4,427,114
Rio Tinto PLC		554,199		36,860,756
Schroders PLC		360,436		1,898,972
St James’s Place PLC		267,992		3,668,649
Tesco PLC		3,677,573		9,963,640
Unilever PLC		1,111,903		54,873,414

(Cost $228,451,673)				228,779,492

TOTAL COMMON STOCKS (Cost $1,105,696,153)				1,079,415,416

PREFERRED STOCKS — 0.6%
Germany — 0.6%
Bayerische Motoren Werke AG		29,276		2,491,405
Porsche Automobil Holding SE		75,425		4,530,765

(Cost $7,022,170)				7,022,170

CASH EQUIVALENTS — 0.4%
DWS Government Money Market Series “Institutional Shares”, 3.74% (c) (Cost $4,328,208)		4,328,208		4,328,208


TOTAL INVESTMENTS — 99.3% (Cost $1,117,046,531)			$	1,090,765,794
Other assets and liabilities, net — 0.7%				7,648,978

NET ASSETS — 100.0%			$	1,098,414,772

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

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

As of November 30, 2022, 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:

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

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

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

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

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

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

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

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

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

Xtrackers Bloomberg US Investment Grade Corporate ESG ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF, Xtrackers Municipal Infrastructure Revenue Bond ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF are diversified series of the Trust. Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF is non-diversified and is not limited by the 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. In addition, each Fund, with the exception of Xtrackers Bloomberg US Investment Grade Corporate ESG ETF , Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF and Xtrackers Municipal Infrastructure Revenue Bond ETF, may change its diversification status over time and then change it back again, without shareholder approval, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index each Fund tracks.

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

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

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

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

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

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

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

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

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

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

Securities and other assets for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued in a manner that is intended to reflect their fair value as determined in accordance with procedures approved by the Pricing Committee and are generally categorized as Level 3. In accordance with the Funds’ valuation procedures, factors considered in determining value may include, but are not limited to, the type of the security; the size of the holding; the initial cost of the security; the existence of any contractual restrictions on the security’s disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers and/or

pricing services; information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange traded securities); an analysis of the company’s or issuer’s financial statements; an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold; and with respect to debt securities, the maturity, coupon, creditworthiness, currency denomination and the movement of the market in which the security is normally traded. The value determined under these procedures may differ from published values for the same securities.

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

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

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

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

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

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

The Funds recognize interest and penalties, if any, related to uncertain tax positions as income tax expense on the Statements of Operations. For the period ended November 30, 2022, the Funds did not incur any interest or penalties.

At May 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 May 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, foreign taxes on capital gains from sales of investments and foreign currency transactions are included in their respective net realized gain (loss) categories, and deferred foreign taxes on unrealized gains are included in net change in unrealized appreciation (depreciation). Receivables and payables related to foreign taxes as of November 30, 2022, 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, except the Xtrackers Municipal Infrastructure Revenue Bond ETF, 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 November 30, 2022, 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 November 30, 2022) on the cash collateral invested in DWS Government & Agency Securities Portfolio. The Funds receive compensation for lending their securities either in the form of fees or by earning interest on invested cash collateral, net of borrower rebates and fees paid to a lending agent. Either the Fund or the borrower may terminate the loan at any time and the borrower, after notice, is required to return borrowed securities within a standard time period. There may be risks of delay and costs in recovery of securities or even loss of rights in the collateral should the borrower of the securities fail financially. If the Funds are not able to recover securities lent, the Funds may sell the collateral and purchase a replacement investment in the market, incurring the risk that the value of the replacement security is greater than the value of the collateral. The Funds are also subject to all investment risks associated with the reinvestment of any cash collateral received, including, but not limited to, interest rate, credit and liquidity risk associated with such investments.

As of November 30, 2022, the Funds listed below had securities on loan. The value of the related collateral exceeded the value of the securities loaned at period end.

Futures Contracts Each Fund may enter into futures contracts. These futures contracts will be used to simulate investment in the respective Underlying Index, to facilitate trading or to reduce transaction costs. Each Fund will enter into futures contracts that are traded on a U.S. or non-U.S. exchange. No Fund will use futures for speculative purposes. Futures contracts provide for the future sale by one party and purchase by another party of a specified amount of a specific instrument or index at a specified future time and at a specified price. For the period ended November 30, 2022, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and Xtrackers MSCI EAFE High Dividend Yield Equity ETF utilized futures in order to simulate investment in the Underlying Index. To the extent required by law, liquid assets committed to futures contracts will be maintained.

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

Use of long futures contracts subjects each Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional value of the futures contracts. Use of short futures contracts subjects each Fund to unlimited risk of loss. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of unfavorable positions.

A summary of the open futures contracts as of November 30, 2022 is included in a table following the Funds’ Schedule of Investments.

The following tables summarize the value of the Funds’ derivative instruments held as of November 30, 2022 and the related location in the accompanying Statement of Assets and Liabilities, presented by primary underlying risk exposure:

Additionally, the amount of realized and unrealized gains and losses on derivative instruments recognized in the Funds’ earnings during the period ended November 30, 2022 and the related location in the accompanying Statement of Operations is summarized in the following tables by primary underlying risk exposure:

For the period ended November 30, 2022 the average monthly volume of derivatives was as follows:

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

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

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

The Advisor for Xtrackers MSCI All World ex US High Dividend Yield Equity ETF has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Fund’s investments in affiliated funds. For the period ended November 30, 2022, the Advisor waived $24 of the expenses of the Fund.

The Advisor for the Funds below has contractually agreed to waive a portion of its unitary advisory fee in an amount equal to the acquired fund’s fees and expenses attributable to the Funds’ investments in affiliated cash management vehicles. For the period ended November 30, 2022, 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 November 30, 2022, the cost of investments purchased and proceeds from sale of investments (excluding in-kind transactions and short-term investments) were as follows:

For the period ended November 30, 2022, the cost of in-kind purchases and proceeds from in-kind sales were as follows:

As of November 30, 2022, 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.

From time to time, the Funds may have a concentration of several shareholder accounts holding a significant percentage of shares outstanding. Investment activities of these shareholders could have a material impact on the Fund. At November 30, 2022, there was one affiliated shareholder account for each of the funds listed below holding a significant percentage of the shares outstanding:

During the period ended November 30, 2022, the Advisor agreed to reimburse Xtrackers J.P Morgan ESG USD High Yield Corporate Bond ETF $33 for a loss due to a FX trade executed incorrectly. The amount compensated was less than 0.01% of the Fund’s average net assets, thus having no impact on the Fund’s total return.

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

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

The Trust has entered into a senior unsecured credit facility with a syndication of banks which allows the Xtrackers Bloomberg US Investment Grade Corporate ESG ETF , Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF, Xtrackers MSCI All World ex US High Dividend Yield Equity ETF and certain other funds managed by the Advisor to borrow up to $105 million. Each Fund may borrow money under this credit facility to the extent necessary for temporary or emergency purposes, including the funding of shareholder redemption requests, trade settlements, and as necessary to distribute to shareholders any income necessary to maintain each Funds’ status as a regulated investment company. Borrowings are charged an interest rate of 1.25% per annum plus the greater of the Federal Funds Effective Rate or the Secured Overnight Financing Rate (SOFR) plus .10%. Each Fund may borrow up to the lesser of 33 percent of its net assets as permitted by the Act or 25 percent of adjusted total net assets. The Funds had no outstanding loans at November 30, 2022.

A novel coronavirus known as COVID-19, declared a pandemic by the World Health Organization, which at times has caused significant uncertainty, market volatility, decreased economic and other activity, increased government activity, including economic stimulus measures, and supply chain interruptions. The full effects, duration and costs of the COVID-19 pandemic are impossible to predict, and the circumstances surrounding the COVID-19 pandemic will continue to evolve, including the risk of future increased rates of infection due to significant portions of the population remaining unvaccinated and/or the lack of effectiveness of current vaccines against new variants. The pandemic has affected and may continue to affect certain countries, industries, economic sectors, companies and investment products more than others, may exacerbate existing economic, political, or social tensions and may increase the probability of an economic recession or depression. The Funds’ and their investments may be adversely affected by the effects of the COVID-19 pandemic. Management will continue to monitor the impact COVID-19 has on the Funds and reflect the consequences as appropriate in the Funds’ accounting and financial reporting.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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%


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%


	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


Contract Description	Currency	Number of Contracts	Notional Amount		Contract Value		Expiration Date	Unrealized Appreciation
EURO STOXX 50 Futures	EUR	2	$	74,365	$	81,651	12/16/2022	$	7,286
MINI TOPIX Index Futures	JPY	3		40,584		42,783	12/08/2022		2,199

Total unrealized appreciation								$	9,485


	Xtrackers Bloomberg US Investment Grade Corporate ESG ETF			Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF			Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF			Xtrackers Municipal Infrastructure Revenue Bond ETF
Assets
Investment in non-affiliated securities at value	$	6,169,112		$	17,017,054		$	18,549,812		$	120,719,323
Investment in affiliated securities at value		35,333			—			—			—
Investment in DWS Government Money Market Series		43,689			46,933			135,144			—
Investment in DWS Government & Agency Securities Portfolio*		42,954			416,538			281,919			—
Cash		—			—			—			287,791
Foreign currency at value		—			3			—			—
Receivables:
Investment securities sold		166,049			197,950			92,850			—
Interest		56,979			269,919			308,664			1,613,866
Securities lending income		142			900			752			—

Total assets	$	6,514,258		$	17,949,297		$	19,369,141		$	122,620,980


Liabilities
Payable upon return of securities loaned	$	42,954		$	416,538		$	281,919		$	—
Payables:
Investment securities purchased		126,713			144,901			165,645			47,633
Investment advisory fees		761			4,813			3,066			15,167

Total liabilities		170,428			566,252			450,630			62,800

Net Assets, at value	$	6,343,830		$	17,383,045		$	18,918,511		$	122,558,180


Net Assets Consist of
Paid-in capital	$	8,619,113		$	23,534,149		$	22,919,254		$	145,321,401
Distributable earnings (loss)		(2,275,283	)		(6,151,104	)		(4,000,743	)		(22,763,221	)

Net Assets, at value	$	6,343,830		$	17,383,045		$	18,918,511		$	122,558,180


Number of Common Shares outstanding		350,001			1,050,001			1,050,001			5,000,001

Net Asset Value	$	18.13		$	16.56		$	18.02		$	24.51


Investment in non-affiliated securities at cost	$	7,217,099		$	20,909,567		$	20,505,307		$	137,044,385


Investment in affiliated securities at cost	$	38,931		$	—		$	—		$	—


Value of securities loaned	$	49,670		$	405,221		$	298,933		$	—


Investment in DWS Government Money Market Series at cost	$	43,689		$	46,933		$	135,144		$	—

Investment in DWS Government & Agency Securities Portfolio at cost*	$	42,954		$	416,538		$	281,919		$	—

Non-cash collateral for securities on loan	$	7,809		$	—		$	26,192		$	—

Foreign currency at cost	$	—		$	3		$	—		$	—


	Xtrackers MSCI All World ex US High Dividend Yield Equity ETF			Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Assets
Investment in non-affiliated securities at value	$	9,794,224		$	1,086,437,586
Investment in affiliated securities at value		15,330			—
Investment in DWS Government Money Market Series		5,647			4,328,208
Investment in DWS Government & Agency Securities Portfolio*		21,137			—
Foreign currency at value		64,642			3,777,385
Deposit with broker for futures contracts		10,509			702,331
Receivables:
Investment securities sold		1,175,626			148,583,202
Capital shares		—			11,368,915
Variation margin on futures contracts		536			150,350
Dividends		31,621			3,661,553
Interest		40			5,190
Securities lending income		132			5,590
Foreign tax reclaim		42,327			2,482,979

Total assets	$	11,161,771		$	1,261,503,289


Liabilities
Payable upon return of securities loaned	$	21,137		$	—
Payables:
Investment securities purchased		1,203,894			110,257,069
Capital shares		—			52,663,739
Investment advisory fees		1,549			167,709
Deferred foreign tax payable		2,569			—

Total liabilities		1,229,149			163,088,517


Net Assets, at value	$	9,932,622		$	1,098,414,772


Net Assets Consist of
Paid-in capital	$	15,830,795		$	1,217,306,388
Distributable earnings (loss)		(5,898,173	)		(118,891,616	)


Net Assets, at value	$	9,932,622		$	1,098,414,772


Number of Common Shares outstanding		450,001			51,100,001

Net Asset Value	$	22.07		$	21.50


Investment in non-affiliated securities at cost	$	11,075,997		$	1,112,718,323

Investment in affiliated securities at cost	$	14,017		$	—

Value of securities loaned	$	89,450		$	15,611,677

Investment in DWS Government Money Market Series at cost	$	5,647		$	4,328,208

Investment in DWS Government & Agency Securities Portfolio at cost*	$	21,137		$	—

Non-cash collateral for securities on loan	$	73,284		$	16,589,380

Foreign currency at cost	$	58,915		$	3,778,237


	Xtrackers MSCI All World ex US High Dividend Yield Equity ETF			Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Investment Income
Unaffiliated dividend income*	$	255,621		$	18,358,875
Income distributions from affiliated funds		1,206			13,218
Affiliated securities lending income		1,621			61,881

Total investment income		258,448			18,433,974


Expenses
Investment advisory fees		9,923			921,841
Other expenses		58			1,150

Total expenses		9,981			922,991

Less fees waived (see note 3):
Waiver		(28	)		(281	)

Net expenses		9,953			922,710

Net investment income (loss)		248,495			17,511,264


Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments		(148,624	)		(14,323,834	)
Investments in affiliates		(5,061	)		—
In-kind redemptions		(8,755	)		13,241,413
Futures contracts		(1,892	)		(515,382	)
Foreign currency transactions		(7,943	)		(472,809	)

Net realized gain (loss)		(172,275	)		(2,070,612	)

Net change in unrealized appreciation (depreciation) on:
Investments**		(774,581	)		(43,709,721	)
Investments in affiliates		1,001			—
Futures contracts		4,693			715,524
Foreign currency translations		2,361			101,634

Net change in unrealized appreciation (depreciation)		(766,526	)		(42,892,563	)

Net realized and unrealized gain (loss) on investments, futures and foreign currency transactions		(938,801	)		(44,963,175	)


Net Increase (Decrease) in Net Assets Resulting from Operations	$	(690,306	)	$	(27,451,911	)

* Unaffiliated foreign tax withheld	$	23,446		$	712,273
** Net of change in deferred foreign taxes	$	(24	)	$	—


	Xtrackers Bloomberg US Investment Grade Corporate ESG ETF						Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF
	For the Six Months Ended November 30, 2022 (Unaudited)			Year Ended May 31, 2022			For the Six Months Ended November 30, 2022 (Unaudited)			Year Ended May 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	98,498		$	175,650		$	390,454		$	1,159,925
Net realized gain (loss)		(59,121	)		73,762			(968,669	)		(1,696,232	)
Net change in net unrealized appreciation (depreciation)		(308,211	)		(1,009,974	)		(1,230	)		(4,349,089	)

Net increase (decrease) in net assets resulting from operations		(268,834	)		(760,562	)		(579,445	)		(4,885,396	)


Distributions to Shareholders		(99,995	)		(180,073	)		(424,004	)		(1,220,031	)


Fund Shares Transactions
Proceeds from shares sold		—			1,097,308			—			—
Value of shares redeemed		—			(1,119,611	)		(849,341	)		(5,144,046	)

Net increase (decrease) in net assets resulting from fund share transactions		—			(22,303	)		(849,341	)		(5,144,046	)

Total net increase (decrease) in Net Assets		(368,829	)		(962,938	)		(1,852,790	)		(11,249,473	)

Net Assets
Beginning of period		6,712,659			7,675,597			19,235,835			30,485,308

End of period	$	6,343,830		$	6,712,659		$	17,383,045		$	19,235,835


Changes in Shares Outstanding
Shares outstanding, beginning of period		350,001			350,001			1,100,001			1,400,001
Shares sold		—			50,000			—			—
Shares redeemed		—			(50,000	)		(50,000	)		(300,000	)

Shares outstanding, end of period		350,001			350,001			1,050,001			1,100,001


	Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF						Xtrackers Municipal Infrastructure Revenue Bond ETF
	For the Six Months Ended November 30, 2022 (Unaudited)			Year Ended May 31, 2022			For the Six Months Ended November 30, 2022 (Unaudited)			Year Ended May 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	622,071		$	1,163,039		$	1,920,164		$	3,538,149
Net realized gain (loss)		(383,857	)		(158,672	)		(5,063,819	)		(1,453,152	)
Net change in net unrealized appreciation (depreciation)		(777,159	)		(2,204,323	)		(3,517,607	)		(19,965,660	)

Net increase (decrease) in net assets resulting from operations		(538,945	)		(1,199,956	)		(6,661,262	)		(17,880,663	)


Distributions to Shareholders		(655,985	)		(1,190,482	)		(1,995,009	)		(3,438,355	)


Fund Shares Transactions
Proceeds from shares sold		—			7,440,810			8,803,399			45,128,404
Value of shares redeemed		(1,893,523	)		—			(39,329,679	)		—

Net increase (decrease) in net assets resulting from fund share transactions		(1,893,523	)		7,440,810			(30,526,280	)		45,128,404

Total net increase (decrease) in Net Assets		(3,088,453	)		5,050,372			(39,182,551	)		23,809,386

Net Assets
Beginning of period		22,006,964			16,956,592			161,740,731			137,931,345

End of period	$	18,918,511		$	22,006,964		$	122,558,180		$	161,740,731


Changes in Shares Outstanding
Shares outstanding, beginning of period		1,150,001			800,001			6,250,001			4,700,001
Shares sold		—			350,000			350,000			1,550,000
Shares redeemed		(100,000	)		—			(1,600,000	)		—

Shares outstanding, end of period		1,050,001			1,150,001			5,000,001			6,250,001


	Xtrackers MSCI All World ex US High Dividend Yield Equity ETF						Xtrackers MSCI EAFE High Dividend Yield Equity ETF
	For the Six Months Ended November 30, 2022 (Unaudited)			Year Ended May 31, 2022			For the Six Months Ended November 30, 2022 (Unaudited)			Year Ended May 31, 2022
Increase (Decrease) in Net Assets from Operations
Net investment income (loss)	$	248,495		$	1,166,348		$	17,511,264		$	41,752,472
Net realized gain (loss)		(172,275	)		607,009			(2,070,612	)		2,815,309
Net change in net unrealized appreciation (depreciation)		(766,526	)		(3,066,821	)		(42,892,563	)		(58,165,110	)

Net increase (decrease) in net assets resulting from operations		(690,306	)		(1,293,464	)		(27,451,911	)		(13,597,329	)


Distributions to Shareholders		(558,299	)		(1,163,325	)		(36,201,525	)		(37,386,297	)


Fund Shares Transactions
Proceeds from shares sold		—			7,568,045			314,840,950			442,165,658
Value of shares redeemed		(1,083,943	)		(15,475,443	)		(108,178,189	)		(174,417,168	)

Net increase (decrease) in net assets resulting from fund share transactions		(1,083,943	)		(7,907,398	)		206,662,761			267,748,490

Total net increase (decrease) in Net Assets		(2,332,548	)		(10,364,187	)		143,009,325			216,764,864

Net Assets
Beginning of period		12,265,170			22,629,357			955,405,447			738,640,583

End of period	$	9,932,622		$	12,265,170		$	1,098,414,772		$	955,405,447


Changes in Shares Outstanding
Shares outstanding, beginning of period		500,001			850,001			40,700,001			29,550,001
Shares sold		—			300,000			15,550,000			18,750,000
Shares redeemed		(50,000	)		(650,000	)		(5,150,000	)		(7,600,000	)

Shares outstanding, end of period		450,001			500,001			51,100,001			40,700,001


Xtrackers Bloomberg US Investment Grade Corporate ESG ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2022 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	19.18		$	21.93		$	22.02		$	23.04		$	23.84		$	24.09

Income (loss) from investment operations:
Net investment income (loss)(a)		0.28			0.52			0.53			0.73			0.83			0.78
Net realized and unrealized gain (loss)		(1.04	)		(2.74	)		(0.10	)		(0.98	)		(0.32	)		(0.28	)

Total from investment operations		(0.76	)		(2.22	)		0.43			(0.25	)		0.51			0.50

Less distributions from:
Net investment income		(0.29	)		(0.53	)		(0.52	)		(0.77	)		(0.83	)		(0.75	)
Net realized gains		—			—			—			—			(0.48	)		—

Total distributions		(0.29	)		(0.53	)		(0.52	)		(0.77	)		(1.31	)		(0.75	)

Net Asset Value, end of period	$	18.13		$	19.18		$	21.93		$	22.02		$	23.04		$	23.84

Total Return (%)		(3.99	)**(b)		(10.36	)(b)		1.95	(b)		(1.16	)(b)		2.28	(b)		2.05

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		6			7			8			10			7			10
Ratio of expenses before fee waiver (%)		0.15	*		0.15			0.15			0.24			0.25			0.25
Ratio of expenses after fee waiver (%)		0.15	*		0.15			0.15			0.24			0.25			0.25
Ratio of net investment income (loss) (%)		3.07	*		2.42			2.34			3.18			3.53			3.22
Portfolio turnover rate (%)(c)		10	**		30			29			57			25			33

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF Selected Per Share Data	For the Six Months Ended 11/30/2022 (Unaudited)			Years Ended May 31,
	For the Six Months Ended 11/30/2022 (Unaudited)			2022			2021			2020			2019			2018
Net Asset Value, beginning of period	$	17.49		$	21.78		$	20.63		$	23.10		$	24.36		$	24.91

Income (loss) from investment operations:
Net investment income (loss)(a)		0.37			0.84			0.84			0.89			1.05			0.99
Net realized and unrealized gain (loss)		(0.91	)		(4.26	)		1.12			(2.37	)		(0.29	)		(0.48	)

Total from investment operations		(0.54	)		(3.42	)		1.96			(1.48	)		0.76			0.51

Less distributions from:
Net investment income		(0.39	)		(0.87	)		(0.81	)		(0.99	)		(1.04	)		(1.02	)
Net realized gains		—			—			—			—			(0.98	)		(0.04	)

Total distributions		(0.39	)		(0.87	)		(0.81	)		(0.99	)		(2.02	)		(1.06	)

Net Asset Value, end of period	$	16.56		$	17.49		$	21.78		$	20.63		$	23.10		$	24.36

Total Return (%)		(3.07	)**(b)		(16.21	)(b)		9.57	(b)		(6.79	)(b)		3.31	(b)		2.03

Ratios to Average Net Assets and Supplemental Data
Net Assets, end of period ($ millions)		17			19			30			14			7			9
Ratio of expenses before fee waiver (%)		0.35	*		0.35			0.35			0.44			0.45			0.45
Ratio of expenses after fee waiver (%)		0.35	*		0.35			0.35			0.44			0.45			0.45
Ratio of net investment income (loss) (%)		4.49	*		4.09			3.87			3.85			4.37			3.94
Portfolio turnover rate (%)(c)		13	**		24			35			26			31			48


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


	Short-Term		Long-Term		Total Amount
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	471,020	$	703,228	$	1,174,248
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		137,402		1,148,772		1,286,174
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		231,199		1,462,338		1,693,537
Xtrackers Municipal Infrastructure Revenue Bond ETF		1,035,516		618,932		1,654,448
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		956,319		3,348,718		4,305,037
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		23,591,338		46,769,706		70,361,044


	Aggregate Tax Cost		Net Unrealized Appreciation (Depreciation)			Aggregate Gross Unrealized Appreciation		Aggregate Gross Unrealized (Depreciation)
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	7,423,285	$	(746,598	)	$	8,375	$	(754,973	)
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		23,357,586		(3,920,458	)		157,800		(4,078,258	)
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		23,490,333		(1,219,166	)		253,275		(1,472,441	)
Xtrackers Municipal Infrastructure Revenue Bond ETF		171,386,094		(12,807,883	)		232,457		(13,040,340	)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		13,300,104		(708,288	)		745,711		(1,453,999	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		964,698,113		(9,119,486	)		43,591,807		(52,711,293	)


Remaining Contractual Maturity of the Agreements, as of November 30, 2022

Securities Lending Transactions	Overnight and Continuous		<30 Days		Between 30 & 90 days		>90 days		Total
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF
Corporate Bonds	$	42,954	$	—	$	—	$	7,809	$	50,763

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	50,763

Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF
Corporate Bonds	$	416,538	$	—	$	—	$	—	$	416,538

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	416,538

Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF
Corporate Bonds	$	281,919	$	—	$	—	$	26,192	$	308,111

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	308,111

Xtrackers MSCI All World ex US High Dividend Yield Equity ETF
Common Stocks	$	21,137	$	—	$	—	$	73,284	$	94,421

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	94,421

Xtrackers MSCI EAFE High Dividend Yield Equity ETF
Common Stocks	$	—	$	—	$	—	$	16,589,380	$	16,589,380

Gross amount of recognized liabilities and non-cash collateral for securities lending transactions									$	16,589,380


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

	Equity contracts	Unrealized appreciation on futures contracts*	$	9,485	Unrealized depreciation on futures contracts*	$	—
Xtrackers MSCI EAFE High Dividend Yield Equity ETF

	Equity contracts	Unrealized appreciation on futures contracts*	$	940,961	Unrealized depreciation on futures contracts*	$	—


Net Realized Gain (Loss) from:

	Futures Contracts — Equity Contracts
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	(1,892	)
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		(515,382	)


Net Change in Unrealized Appreciation (Depreciation) on:

	Futures Contracts — Equity Contracts
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	4,693
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		715,524


	Futures Contracts (Contract Value)
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF	$	144,467
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		7,593,696


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


	Expenses Waived
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	8
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		72
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		65
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		4
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		281


	Purchases		Sales
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF	$	607,425	$	647,569
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		2,227,669		2,967,687
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		3,015,436		3,139,813
Xtrackers Municipal Infrastructure Revenue Bond ETF		10,110,657		22,734,345
Xtrackers MSCI All World ex US High Dividend Yield Equity ETF		1,434,310		1,871,310
Xtrackers MSCI EAFE High Dividend Yield Equity ETF		165,590,014		126,562,870


	Approximate Percent of Outstanding Shares Held
Xtrackers Bloomberg US Investment Grade Corporate ESG ETF		67	%
Xtrackers J.P. Morgan ESG Emerging Markets Sovereign ETF		46	%
Xtrackers J.P. Morgan ESG USD High Yield Corporate Bond ETF		37	%


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